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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-23117
JPMorgan Trust IV
(Exact name of registrant as specified in charter)
277 Park Avenue
New York, NY 10172
(Address of principal executive offices) (Zip code)
Gregory S. Samuels
277 Park Avenue
New York, NY 10172
(Name and Address of Agent for Service)
Registrant’s telephone number, including area code: (800) 480-4111
Date of fiscal year end: Last Day of February
Date of reporting period: March 1, 2020 through February 28, 2021
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. Section 3507.
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ITEM 1. REPORTS TO STOCKHOLDERS.
a.) The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1).
b.) A copy of the notice transmitted to shareholders in reliance on Rule 30e-3 under the 1940 Act that contains disclosures specified by paragraph (c)(3) of that rule is included in the Annual Report. Not Applicable. Notices do not incorporate disclosures from the
shareholder reports.
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Annual Report
J.P. Morgan Money Market Funds
February 28, 2021
JPMorgan Prime Money Market Fund
JPMorgan Institutional Tax Free Money Market Fund
JPMorgan Securities Lending Money Market Fund
JPMorgan Liquid Assets Money Market Fund
JPMorgan U.S. Government Money Market Fund
JPMorgan U.S. Treasury Plus Money Market Fund
JPMorgan Federal Money Market Fund
JPMorgan 100% U.S. Treasury Securities Money Market Fund
JPMorgan Tax Free Money Market Fund
JPMorgan Municipal Money Market Fund
JPMorgan California Municipal Money Market Fund
JPMorgan New York Municipal Money Market Fund
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Letter to Shareholders | 1 | |||
Fund Facts: | ||||
2 | ||||
3 | ||||
4 | ||||
5 | ||||
6 | ||||
7 | ||||
8 | ||||
9 | ||||
10 | ||||
11 | ||||
12 | ||||
13 | ||||
Schedules of Portfolio Investments | 14 | |||
Financial Statements | 82 | |||
Financial Highlights | 114 | |||
Notes to Financial Statements | 146 | |||
Report of Independent Registered Public Accounting Firm | 162 | |||
Trustees | 163 | |||
Officers | 166 | |||
Schedule of Shareholder Expenses | 167 | |||
Tax Letter | 173 | |||
Privacy Policy — Located at the back of this Annual Report |
The following disclosure applies to the JPMorgan Liquid Assets Money Market Fund, JPMorgan Tax Free Money Market Fund, JPMorgan Municipal Money Market Fund, JPMorgan California Municipal Money Market Fund and JPMorgan New York Municipal Money Market Fund.
You could lose money by investing in a Fund. Although each Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. A Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in a Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Funds’ sponsor has no legal obligation to provide financial support to the Funds, and you should not expect that the sponsor will provide financial support to the Funds at any time.
The following disclosure applies to the JPMorgan Prime Money Market Fund, JPMorgan Institutional Tax Free Money Market Fund and JPMorgan Securities Lending Money Market Fund.
You could lose money by investing in a Fund. Because the share price of each Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. A Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in a Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Funds’ sponsor has no legal obligation to provide financial support to the Funds, and you should not expect that the sponsor will provide financial support to the Funds at any time.
Any gain resulting from the sale or exchange of Fund shares will be taxable as long-term or short-term gain, depending upon how long you have held your shares.
The following disclosure applies to the JPMorgan U.S. Government Money Market Fund, JPMorgan U.S. Treasury Plus Money Market Fund, JPMorgan Federal Money Market Fund and the JPMorgan 100% U.S. Treasury Securities Money Market Fund.
You could lose money by investing in a Fund. Although each Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in a Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Funds’ sponsor has no legal obligation to provide financial support to the Funds, and you should not expect that the sponsor will provide financial support to the Funds at any time.
Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of a Fund or the securities markets. References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Such views are not meant as investment advice and may not be relied on as an indication of trading intent on behalf of any Fund.
Prospective investors should refer to the Funds’ prospectuses for a discussion of the Funds’ investment objectives, strategies and risks. Call J.P. Morgan Funds Service Center at 1-800-480-4111 (retail investors) or 1-800-766-7722 (institutional investors) for a prospectus containing more complete information about a Fund, including management fees and other expenses. Please read it carefully before investing.
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APRIL 10, 2021 (Unaudited)
Dear Shareholders,
Financial markets recovered from the initial shock of the pandemic in 2020 and entered 2021 bolstered by continued central bank support, increasing amounts of government stimulus spending and investor optimism over the rollout of multiple vaccines against the novel corona virus.
“Throughout the past year of unprecedented challenges — and opportunities — JPMorgan Global Liquidity has continued to commit JPMorgan’s global resources and expertise to seeking to deliver effective short-term fixed income strategies.” |
The investment environment at the end of February 2021 looked entirely different from twelve months earlier when the World Health Organization first declared a pandemic. The emergence of COVID-19 caused the deepest downturn in economic activity since World War II. At the height of financial market uncertainty in early March 2020, demand for liquidity strained short-term credit markets and spread into broader financial markets.
In response to an accelerating sell-off in financial markets, the U.S. Federal Reserve (the “Fed”) unveiled an array of facilities designed to restore liquidity and maintain the flow of credit to the public and private sectors, in addition to cutting interest rates. The central bank created the Commercial Paper Funding Facility and the Money Market Mutual Fund Liquidity Facility and reinstated its Term Asset-Backed Securities Lending Facility. These actions — plus a $2.3 trillion stimulus package from the U.S. Congress — resulted in improved liquidity for front-end fixed income markets.
In the second quarter of 2020, the return of investor confidence was evident as a rotation of assets from government money market funds and other sources found their way back to prime money market funds. The prime money market funds’ combined total assets under management rebounded to pre-pandemic levels. Additionally, as interest rates continued to
drift lower, the yield spread between prime money market funds and government money market funds became a larger consideration for investors.
Over the second half of 2020 and into the first months of 2021, financial markets largely recovered, led by rising equity prices, particularly in emerging markets and the U.S. Within fixed income markets, high yield bonds (also known as “junk bonds”) generally outperformed investment grade bonds for the twelve months ended February 28, 2021.
Subsequent to the end of the twelve month period, the federal government enacted the $1.9 trillion American Rescue Plan and shortly afterward, the Biden administration proposed a $2 trillion American Jobs Act. The potential economic impacts of massive government spending along with an expanded vaccination effort have bolstered investor expectations for a surge of economic activity that is generally expected by economists to lift corporate profits and job growth this year. This investor optimism has helped push the Standard & Poor’s 500 Index above 4,000 points for the first time. However, the path to a fully re-opened economy contains a range of uncertainties, including the threat of new strains of the corona virus, potential supply chain imbalances, inflationary pressures and the direction of long-term interest rates.
Throughout the past year of unprecedented challenges — and opportunities — JPMorgan Global Liquidity has continued to employ JPMorgan’s global resources and expertise to seeking to deliver effective short-term fixed income strategies.
On behalf of JPMorgan Global Liquidity, we thank you for your continued partnership and trust in our company and our product.
Sincerely yours,
John T. Donohue
CEO Asset Management Americas & Head of Global Liquidity
J.P. Morgan Asset Management
FEBRUARY 28, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 1 |
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JPMorgan Prime Money Market Fund
FUND FACTS
TWELVE MONTHS ENDED FEBRUARY 28, 2021 (Unaudited)
Objective† | Seeks current income while seeking to maintain liquidity and a low volatility of principal | |
Primary Investments | High quality, short-term, U.S. dollar-denominated money market instruments | |
Suggested investment time frame | Short-term | |
Share classes offered | Academy, Agency, Capital, Class C, Empower^, IM, Institutional Class, Morgan, Premier and Reserve | |
Net Assets as of February 28, 2021 | $74.6 Billion | |
Weighted Average Maturity^^ | 54 calendar days | |
Weighted Average Life^^^ | 84 calendar days |
MATURITY SCHEDULE*^^ | ||||
2–7 calendar days | 43.9 | % | ||
8–30 calendar days | 6.4 | |||
31–60 calendar days | 13.0 | |||
61–90 calendar days | 15.0 | |||
91–180 calendar days | 17.9 | |||
181+ calendar days | 3.8 |
7-DAY SEC YIELD AS OF FEBRUARY 28, 2021(1) | ||||
Academy Shares | 0.10 | % | ||
Agency Shares | 0.01 | |||
Capital Shares | 0.10 | |||
Class C Shares | 0.01 | |||
Empower Shares | 0.06 | |||
IM Shares | 0.10 | |||
Institutional Class Shares | 0.09 | |||
Morgan Shares | 0.01 | |||
Premier Shares | 0.01 | |||
Reserve Shares | 0.01 |
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111 (retail investors) or 1-800-766-7722 (institutional investors).
An investment in a money market fund is not insured by the FDIC or any other government agency.
† | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
^ | Commenced operations on February 23, 2021. |
^^ | The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made and may utilize the interest rate reset date for variable or floating rate securities. |
^^^ | The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made. |
* | Percentages indicated are based upon total investments as of February 26, 2021, the last business day of the reporting period. |
(1) | The yields for Academy Shares, Agency Shares, Capital Shares, Class C Shares, Empower Shares, IM Shares, Institutional Class Shares, Morgan Shares, Premier Shares and Reserve Shares reflect the reimbursements and/or waivers of certain expenses. Without these reimbursements and/or waivers, the yields would have been 0.02%, (0.09)%, 0.01%, (3.72)%, 0.00%, 0.07%, (0.04)%, (0.31)%, (0.24)% and (4.15)% for Academy Shares, Agency Shares, Capital Shares, Class C Shares, Empower Shares, IM Shares, Institutional Class Shares, Morgan Shares, Premier Shares and Reserve Shares, respectively. |
An unaudited, uncertified list of prior-day portfolio holdings of the JPMorgan Prime Money Market Fund is available upon request. Please contact your J.P. Morgan representative to obtain further information regarding this facility and information on holdings. |
2 | J.P. MORGAN MONEY MARKET FUNDS | FEBRUARY 28, 2021 |
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JPMorgan Institutional Tax Free Money Market Fund
FUND FACTS
TWELVE MONTHS ENDED FEBRUARY 28, 2021 (Unaudited)
Objective† | Aims to provide current income, while seeking to maintain liquidity and a low volatility of principal | |
Primary Investments | High quality short-term municipal securities, the interest on which is excluded from federal income taxes | |
Suggested investment time frame | Short-term | |
Share classes offered | Agency, Capital, IM and Institutional Class | |
Net Assets as of February 28, 2021 | $1.2 Billion | |
Weighted Average Maturity^ | 40 calendar days | |
Weighted Average Life^^ | 46 calendar days |
MATURITY SCHEDULE*^ | ||||
2–7 calendar days | 65.1 | % | ||
8–30 calendar days | 5.1 | |||
31–60 calendar days | 3.0 | |||
61–90 calendar days | 11.6 | |||
91–180 calendar days | 9.1 | |||
181+ calendar days | 6.1 |
7-DAY SEC YIELD AS OF FEBRUARY 28, 2021(1) | ||||
Agency Shares | 0.01 | % | ||
Capital Shares | 0.03 | |||
IM Shares | 0.03 | |||
Institutional Class Shares | 0.03 |
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-766-7722 (institutional investors).
An investment in a money market fund is not insured by the FDIC or any other government agency.
† | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
^ | The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made and may utilize the interest rate reset date for variable or floating rate securities. |
^^ | The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made. |
* | Percentages indicated are based upon total investments as of February 26, 2021, the last business day of the reporting period. |
(1) | The yields for Agency Shares, Capital Shares, IM Shares and Institutional Class Shares reflect the reimbursements and/or waivers of certain expenses. Without these reimbursements and/or waivers, the yields would have been (0.21)%, (0.10)%, 0.02% and (0.09)% for Agency Shares, Capital Shares, IM Shares and Institutional Class Shares, respectively. |
An unaudited, uncertified list of prior-day portfolio holdings of the JPMorgan Institutional Tax Free Money Market Fund is available upon request. Please contact your J.P. Morgan representative to obtain further information regarding this facility and information on holdings. |
FEBRUARY 28, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 3 |
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JPMorgan Securities Lending Money Market Fund
FUND FACTS
TWELVE MONTHS ENDED FEBRUARY 28, 2021 (Unaudited)
Objective† | Seeks current income while seeking to maintain liquidity and a low volatility of principal | |
Primary Investments | High quality, short-term, U.S. dollar-denominated money market instruments | |
Suggested investment time frame | Short-term | |
Share classes offered | Agency SL | |
Net Assets as of February 28, 2021 | $2.2 Billion | |
Weighted Average Maturity^ | 44 calendar days | |
Weighted Average Life^^ | 57 calendar days |
MATURITY SCHEDULE*^ | ||||
2–7 calendar days | 48.9 | % | ||
8–30 calendar days | 10.8 | |||
31–60 calendar days | 8.1 | |||
61–90 calendar days | 9.8 | |||
91–180 calendar days | 22.4 |
7-DAY SEC YIELD AS OF FEBRUARY 28, 2021(1) | ||||
Agency SL Shares | 0.15 | % |
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-766-7722 (institutional investors).
An investment in a money market fund is not insured by the FDIC or any other government agency.
† | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
^ | The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made and may utilize the interest rate reset date for variable or floating rate securities. |
^^ | The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made. |
* | Percentages indicated are based upon total investments as of February 26, 2021, the last business day of the reporting period. |
(1) | The yield for Agency SL Shares reflects the reimbursements and/or waivers of certain expenses. Without these reimbursements and/or waivers, the yield would have been 0.05% for Agency SL Shares. |
An unaudited, uncertified list of prior-day portfolio holdings of the JPMorgan Securities Lending Money Market Fund is available upon request. Please contact your J.P. Morgan representative to obtain further information regarding this facility and information on holdings. |
4 | J.P. MORGAN MONEY MARKET FUNDS | FEBRUARY 28, 2021 |
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JPMorgan Liquid Assets Money Market Fund
FUND FACTS
TWELVE MONTHS ENDED FEBRUARY 28, 2021 (Unaudited)
Objective† | Seeks current income with liquidity and stability of principal | |
Primary Investments | High quality, short-term instruments including corporate notes, U.S. government securities, asset-backed securities, repurchase agreements, commercial paper, funding agreements, certificates of deposit, municipal obligations and bank obligations | |
Suggested investment time frame | Short-term | |
Share classes offered | Agency, Capital, Class C, E*Trade^, Institutional Class, Investor, Morgan, Premier and Reserve Shares | |
Net Assets as of February 28, 2021 | $12.1 Billion | |
Weighted Average Maturity^^ | 51 calendar days | |
Weighted Average Life^^^ | 84 calendar days |
MATURITY SCHEDULE*^^ | ||||
2–7 calendar days | 42.9 | % | ||
8–30 calendar days | 8.8 | |||
31–60 calendar days | 12.4 | |||
61–90 calendar days | 17.1 | |||
91–180 calendar days | 15.8 | |||
181+ calendar days | 3.0 |
7-DAY SEC YIELD AS OF FEBRUARY 28, 2021(1) | ||||
Agency Shares | 0.04 | % | ||
Capital Shares | 0.04 | |||
Class C Shares | 0.04 | |||
Institutional Class Shares | 0.04 | |||
Investor Shares | 0.04 | |||
Morgan Shares | 0.04 | |||
Premier Shares | 0.04 | |||
Reserve Shares | 0.04 |
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111 (retail investors) or 1-800-766-7722 (institutional investors).
An investment in a money market fund is not insured by the FDIC or any other government agency. Although the Fund strives to preserve the value of the investment at $1.00 per share, it is possible to lose money by investing in the Fund.
† | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
^ | E*Trade Shares had no assets from the close of business on October 19, 2016. |
^^ | The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made and may utilize the interest rate reset date for variable or floating rate securities. |
^^^ | The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made. |
* | Percentages indicated are based upon total investments as of February 26, 2021, the last business day of the reporting period. |
(1) | The yields for Agency Shares, Capital Shares, Class C Shares, Institutional Class Shares, Investor Shares, Morgan Shares, Premier Shares and Reserve Shares reflect the reimbursements and/or waivers of certain expenses. Without these reimbursements and/or waivers, the yields would have been (0.08)%, 0.02%, (0.92)%, (0.03)%, (0.27)%, (0.39)%, (0.23)% and (0.47)% for Agency Shares, Capital Shares, Class C Shares, Institutional Class Shares, Investor Shares, Morgan Shares, Premier Shares and Reserve Shares, respectively. |
An unaudited, uncertified list of prior-day portfolio holdings of the JPMorgan Liquid Assets Money Market Fund is available upon request. Please contact your J.P. Morgan representative to obtain further information regarding this facility and information on holdings. |
FEBRUARY 28, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 5 |
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JPMorgan U.S. Government Money Market Fund
FUND FACTS
TWELVE MONTHS ENDED FEBRUARY 28, 2021 (Unaudited)
Objective† | Seeks high current income with liquidity and stability of principal | |
Primary Investments | High quality, short-term securities issued or guaranteed by the U.S. government or by U.S. government agencies or instrumentalities and repurchase agreements collateralized by such obligations | |
Suggested investment time frame | Short-term | |
Share classes offered | Academy, Agency, Capital, E*Trade, Empower^, IM, Institutional Class, Investor, Morgan, Premier, Reserve and Service Shares | |
Net Assets as of February 28, 2021 | $219.1 Billion | |
Weighted Average Maturity^^ | 51 calendar days | |
Weighted Average Life^^^ | 84 calendar days |
MATURITY SCHEDULE*^^ | ||||
2–7 calendar days | 44.6 | % | ||
8–30 calendar days | 11.9 | |||
31–60 calendar days | 13.1 | |||
61–90 calendar days | 12.5 | |||
91–180 calendar days | 10.7 | |||
181+ calendar days | 7.2 |
7-DAY SEC YIELD AS OF FEBRUARY 28, 2021(1) | ||||
Academy Shares | 0.04 | % | ||
Agency Shares | 0.01 | |||
Capital Shares | 0.04 | |||
E*Trade Shares | 0.01 | |||
Empower Shares | 0.02 | |||
IM Shares | 0.04 | |||
Institutional Class Shares | 0.03 | |||
Investor Shares | 0.01 | |||
Morgan Shares | 0.01 | |||
Premier Shares | 0.01 | |||
Reserve Shares | 0.01 | |||
Service Shares | 0.01 |
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111 (retail investors) or 1-800-766-7722 (institutional investors).
An investment in a money market fund is not insured by the FDIC or any other government agency. Although the Fund strives to preserve the value of the investment at $1.00 per share, it is possible to lose money by investing in the Fund.
† | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
^ | Commenced operations on February 23, 2021. |
^^ | The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made and may utilize the interest rate reset date for variable or floating rate securities. |
^^^ | The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made. |
* | Percentages indicated are based upon total investments as of February 26, 2021, the last business day of the reporting period. |
(1) | The yields for Academy Shares, Agency Shares, Capital Shares, E*Trade Shares, Empower Shares, IM Shares, Institutional Class Shares, Investor Shares, Morgan Shares, Premier Shares, Reserve Shares and Service Shares reflect the reimbursements and/or waivers of certain expenses. Without these reimbursements and/or waivers, the yields would have been (0.09)%, (0.19)%, (0.09)%, (0.94)%, 0.00%, (0.04)%, (0.14)%, (0.39)%, (0.49)%, (0.34)%, (0.59)% and (0.94)% for Academy Shares, Agency Shares, Capital Shares, E*Trade Shares, Empower Shares, IM Shares, Institutional Class Shares, Investor Shares, Morgan Shares, Premier Shares, Reserve Shares and Service Shares, respectively. |
An unaudited, uncertified list of prior-day portfolio holdings of the JPMorgan U.S. Government Money Market Fund is available upon request. Please contact your J.P. Morgan representative to obtain further information regarding this facility and information on holdings. |
6 | J.P. MORGAN MONEY MARKET FUNDS | FEBRUARY 28, 2021 |
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JPMorgan U.S. Treasury Plus Money Market Fund
FUND FACTS
TWELVE MONTHS ENDED FEBRUARY 28, 2021 (Unaudited)
Objective† | Seeks current income with liquidity and stability of principal | |
Primary Investments | Direct obligations of the U.S. Treasury including Treasury bills, bonds and notes and other obligations issued or guaranteed by the U.S. Treasury and repurchase agreements collateralized by U.S. Treasury securities | |
Suggested investment time frame | Short-term | |
Share classes offered | Academy^, Agency, Capital, Class C, Empower^^, IM, Institutional Class, Investor, Morgan, Premier and Reserve Shares | |
Net Assets as of February 28, 2021 | $30.0 Billion | |
Weighted Average Maturity^^^ | 52 calendar days | |
Weighted Average Life^^^^ | 91 calendar days |
MATURITY SCHEDULE*^^^ | ||||
2–7 calendar days | 28.7 | % | ||
8–30 calendar days | 24.3 | |||
31–60 calendar days | 16.1 | |||
61–90 calendar days | 12.4 | |||
91–180 calendar days | 13.8 | |||
181+ calendar days | 4.7 |
7-DAY SEC YIELD AS OF FEBRUARY 28, 2021(1) | ||||
Academy Shares | 0.03 | % | ||
Agency Shares | 0.01 | |||
Capital Shares | 0.03 | |||
Class C Shares | 0.01 | |||
Empower Shares | 0.02 | |||
IM Shares | 0.03 | |||
Institutional Class Shares | 0.02 | |||
Investor Shares | 0.01 | |||
Morgan Shares | 0.01 | |||
Premier Shares | 0.01 | |||
Reserve Shares | 0.01 |
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111 (retail investors) or 1-800-766-7722 (institutional investors).
An investment in a money market fund is not insured by the FDIC or any other government agency. Although the Fund strives to preserve the value of the investment at $1.00 per share, it is possible to lose money by investing in the Fund.
† | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
^ | Commenced operations on September 30, 2020. |
^^ | Commenced operations on February 23, 2021. |
^^^ | The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made and may utilize the interest rate reset date for variable or floating rate securities. |
^^^^ | The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made. |
* | Percentages indicated are based upon total investments as of February 26, 2021, the last business day of the reporting period. |
(1) | The yields for Academy Shares, Agency Shares, Capital Shares, Class C Shares, Empower Shares, IM Shares, Institutional Class Shares, Investor Shares, Morgan Shares, Premier Shares and Reserve Shares reflect the reimbursements and/or waivers of certain expenses. Without these reimbursements and/or waivers, the yields would have been (0.14)%, (0.21)%, (0.11)%, (1.05)%, 0.00%, (0.05)%, (0.16)%, (0.40)%, (0.51)%, (0.36)% and (0.60)% for Academy Shares, Agency Shares, Capital Shares, Class C Shares, Empower Shares, IM Shares, Institutional Class Shares, Investor Shares, Morgan Shares, Premier Shares and Reserve Shares, respectively. |
An unaudited, uncertified list of prior-day portfolio holdings of the JPMorgan U.S. Treasury Plus Money Market Fund is available upon request. Please contact your J.P. Morgan representative to obtain further information regarding this facility and information on holdings. |
FEBRUARY 28, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 7 |
Table of Contents
JPMorgan Federal Money Market Fund
FUND FACTS
TWELVE MONTHS ENDED FEBRUARY 28, 2021 (Unaudited)
Objective† | Aims to provide current income while still preserving capital and maintaining liquidity | |
Primary Investments | Direct obligations of the U.S. Treasury including Treasury bills, bonds and notes as well as debt obligations issued or guaranteed by U.S. government agencies or instrumentalities | |
Suggested investment time frame | Short-term | |
Share classes offered | Agency, Institutional Class, Morgan and Premier Shares | |
Net Assets as of February 28, 2021 | $2.9 Billion | |
Weighted Average Maturity^ | 49 calendar days | |
Weighted Average Life^^ | 93 calendar days |
MATURITY SCHEDULE*^ | ||||
2-7 calendar days | 20.8 | % | ||
8–30 calendar days | 15.7 | |||
31–60 calendar days | 22.6 | |||
61–90 calendar days | 30.3 | |||
91–180 calendar days | 9.7 | |||
181+ calendar days | 0.9 |
7-DAY SEC YIELD AS OF FEBRUARY 28, 2021(1) | ||||
Agency Shares | 0.01 | % | ||
Institutional Class Shares | 0.01 | |||
Morgan Shares | 0.01 | |||
Premier Shares | 0.01 |
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111 (retail investors) or 1-800-766-7722 (institutional investors).
An investment in a money market fund is not insured by the FDIC or any other government agency. Although the Fund strives to preserve the value of the investment at $1.00 per share, it is possible to lose money by investing in the Fund.
† | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
^ | The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made and may utilize the interest rate reset date for variable or floating rate securities. |
^^ | The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made. |
* | Percentages indicated are based upon total investments as of February 26, 2021, the last business day of the reporting period. |
(1) | The yields for Agency Shares, Institutional Class Shares, Morgan Shares and Premier Shares reflect the reimbursements and/or waivers of certain expenses. Without these reimbursements and/or waivers, the yields would have been (0.21)%, (0.16)%, (0.54)% and (0.36)% for Agency Shares, Institutional Class Shares, Morgan Shares and Premier Shares, respectively. |
An unaudited, uncertified list of prior-day portfolio holdings of the JPMorgan Federal Money Market Fund is available upon request. Please contact your J.P. Morgan representative to obtain further information regarding this facility and information on holdings. |
8 | J.P. MORGAN MONEY MARKET FUNDS | FEBRUARY 28, 2021 |
Table of Contents
JPMorgan 100% U.S. Treasury Securities Money Market Fund
FUND FACTS
TWELVE MONTHS ENDED FEBRUARY 28, 2021 (Unaudited)
Objective† | Aims to provide the highest possible level of current income while still maintaining liquidity and providing maximum safety of principal | |
Primary Investments | Direct obligations of the U.S. Treasury including Treasury bills, bonds and notes | |
Suggested investment time frame | Short-term | |
Share classes offered | Academy^ Agency, Capital, Empower^^, IM, Institutional Class, Morgan, Premier and Reserve Shares | |
Net Assets as of February 28, 2021 | $93.8 Billion | |
Weighted Average Maturity^^^ | 50 calendar days | |
Weighted Average Life^^^^ | 83 calendar days |
MATURITY SCHEDULE*^^^ | ||||
2–7 calendar days | 20.3 | % | ||
8–30 calendar days | 23.2 | |||
31–60 calendar days | 23.0 | |||
61–90 calendar days | 19.5 | |||
91–180 calendar days | 13.0 | |||
181+ calendar days | 1.0 |
7-DAY SEC YIELD AS OF FEBRUARY 28, 2021(1) | ||||
Academy Shares | 0.01 | % | ||
Agency Shares | 0.01 | |||
Capital Shares | 0.01 | |||
Empower Shares | 0.01 | |||
IM Shares | 0.01 | |||
Institutional Class Shares | 0.01 | |||
Morgan Shares | 0.01 | |||
Premier Shares | 0.01 | |||
Reserve Shares | 0.01 |
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111 (retail investors) or 1-800-766-7722 (institutional investors).
An investment in a money market fund is not insured by the FDIC or any other government agency. Although the Fund strives to preserve the value of the investment at $1.00 per share, it is possible to lose money by investing in the Fund.
† | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
^ | Commenced operations on September 30, 2020. |
^^ | Commenced operations on February 23, 2021. |
^^^ | The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made and may utilize the interest rate reset date for variable or floating rate securities. |
^^^^ | The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made. |
* | Percentages indicated are based upon total investments as of February 26, 2021, the last business day of the reporting period. |
(1) | The yields for Academy Shares, Agency Shares, Capital Shares, Empower Shares, IM Shares, Institutional Class Shares, Morgan Shares, Premier Shares and Reserve Shares reflect the reimbursements and/or waivers of certain expenses. Without these reimbursements and/or waivers, the yields would have been (0.14)%, (0.20)%, (0.10)%, 0.00%, (0.06)%, (0.15)%, (0.50)%, (0.35) and (0.60)% for Academy Shares, Agency Shares, Capital Shares, Empower Shares, IM Shares, Institutional Class Shares, Morgan Shares, Premier Shares and Reserve Shares, respectively. |
An unaudited, uncertified list of prior-day portfolio holdings of the JPMorgan 100% U.S. Treasury Securities Money Market Fund is available upon request. Please contact your J.P. Morgan representative to obtain further information regarding this facility and information on holdings. |
FEBRUARY 28, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 9 |
Table of Contents
JPMorgan Tax Free Money Market Fund
FUND FACTS
TWELVE MONTHS ENDED FEBRUARY 28, 2021 (Unaudited)
Objective† | Aims to provide the highest possible level of current income which is excluded from gross income, while still preserving capital and maintaining liquidity* | |
Primary Investments | High quality short-term municipal securities, the interest on which is excluded from federal income taxes | |
Suggested investment time frame | Short-term | |
Share classes offered | Agency, Institutional Class, Morgan, Premier and Reserve Shares | |
Net Assets as of February 28, 2021 | $9.3 Billion | |
Weighted Average Maturity^ | 32 calendar days | |
Weighted Average Life^^ | 31 calendar days |
MATURITY SCHEDULE**^ | ||||
2-7 calendar days | 75.0 | % | ||
8–30 calendar days | 2.6 | |||
31–60 calendar days | 3.8 | |||
61–90 calendar days | 5.3 | |||
91–180 calendar days | 10.6 | |||
181+ calendar days | 2.7 |
7-DAY SEC YIELD AS OF FEBRUARY 28, 2021(1) | ||||
Agency Shares | 0.01 | % | ||
Institutional Class Shares | 0.03 | |||
Morgan Shares | 0.01 | |||
Premier Shares | 0.01 | |||
Reserve Shares | 0.01 |
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111 (retail investors) or 1-800-766-7722 (institutional investors).
An investment in a money market fund is not insured by the FDIC or any other government agency. Although the Fund strives to preserve the value of the investment at $1.00 per share, it is possible to lose money by investing in the Fund.
† | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
^ | The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made and may utilize the interest rate reset date for variable or floating rate securities. |
^^ | The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made. |
* | A portion of the Fund’s income distributions may be subject to the Alternative Minimum Tax (AMT), and some investors may be subject to certain state and local taxes. |
** | Percentages indicated are based upon total investments as of February 26, 2021, the last business day of the reporting period. |
(1) | The yields for Agency Shares, Institutional Class Shares, Morgan Shares, Premier Shares and Reserve Shares reflect the reimbursements and/or waivers of certain expenses. Without these reimbursements and/or waivers, the yields would have been (0.14)%, (0.09)%, (0.44)%, (0.29)% and (0.55)% for Agency Shares, Institutional Class Shares, Morgan Shares, Premier Shares and Reserve Shares, respectively. |
An unaudited, uncertified list of prior-day portfolio holdings of the JPMorgan Tax Free Money Market Fund is available upon request. Please contact your J.P. Morgan representative to obtain further information regarding this facility and information on holdings. |
10 | J.P. MORGAN MONEY MARKET FUNDS | FEBRUARY 28, 2021 |
Table of Contents
JPMorgan Municipal Money Market Fund
FUND FACTS
TWELVE MONTHS ENDED FEBRUARY 28, 2021 (Unaudited)
Objective† | Seeks as high a level of current interest income exempt from federal income tax as is consistent with liquidity and stability of principal* | |
Primary Investments | High quality short-term municipal securities, the interest on which is excluded from federal income taxes | |
Suggested investment time frame | Short-term | |
Share classes offered | Agency, E*Trade^, Institutional Class, Morgan, Premier and Service Shares | |
Net Assets as of February 28, 2021 | $1.0 Billion | |
Weighted Average Maturity^^ | 31 calendar days | |
Weighted Average Life^^^ | 32 calendar days |
MATURITY SCHEDULE**^^ | ||||
2–7 calendar days | 77.9 | % | ||
8–30 calendar days | 1.4 | |||
31–60 calendar days | 1.8 | |||
61–90 calendar days | 4.9 | |||
91–180 calendar days | 9.7 | |||
181+ calendar days | 4.3 |
7-DAY SEC YIELD AS OF FEBRUARY 28, 2021(1) | ||||
Agency Shares | 0.01 | % | ||
Institutional Class Shares | 0.03 | |||
Morgan Shares | 0.01 | |||
Premier Shares | 0.01 | |||
Service Shares | 0.01 |
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111 (retail investors) or 1-800-766-7722 (institutional investors).
An investment in a money market fund is not insured by the FDIC or any other government agency. Although the Fund strives to preserve the value of the investment at $1.00 per share, it is possible to lose money by investing in the Fund.
† | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
^ | E*Trade Shares had no assets from the close of business on September 21, 2016. |
^^ | The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made and may utilize the interest rate reset date for variable or floating rate securities. |
^^^ | The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made. |
* | A portion of the Fund’s income distributions may be subject to the Alternative Minimum Tax (AMT), and some investors may be subject to certain state and local taxes. |
** | Percentages indicated are based upon total investments as of February 26, 2021, the last business day of the reporting period. |
(1) | The yields for Agency Shares, Institutional Class Shares, Morgan Shares, Premier Shares and Service Shares reflect the reimbursements and/or waivers of certain expenses. Without these reimbursements and/or waivers, the yields would have been (0.13)%, (0.08)%, (0.43)%, (0.28)% and (0.88)% for Agency Shares, Institutional Class Shares, Morgan Shares, Premier Shares and Service Shares, respectively. |
An unaudited, uncertified list of prior-day portfolio holdings of the JPMorgan Municipal Money Market Fund is available upon request. Please contact your J.P. Morgan representative to obtain further information regarding this facility and information on holdings. |
FEBRUARY 28, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 11 |
Table of Contents
JPMorgan California Municipal Money Market Fund
FUND FACTS
TWELVE MONTHS ENDED FEBRUARY 28, 2021 (Unaudited)
| ||
Objective† | Aims to provide the highest possible level of current income which is exempt from federal and California personal income taxes, while still preserving capital and maintaining liquidity* | |
Primary Investment | California short-term municipal obligations | |
Suggested investment time frame | Short-term | |
Share classes offered | Agency, E*Trade^, Institutional Class, Morgan, Premier and Service | |
Net Assets as of February 28, 2021 | $299.6 Million | |
Weighted Average Maturity^^ | 31 calendar days | |
Weighted Average Life^^^ | 31 calendar days |
MATURITY SCHEDULE**^^ | ||||
2–7 calendar days | 70.9 | % | ||
8–30 calendar days | 3.4 | |||
31–60 calendar days | 3.3 | |||
61–90 calendar days | 9.6 | |||
91–180 calendar days | 9.4 | |||
181+ calendar days | 3.4 |
7-DAY SEC YIELD AS OF FEBRUARY 28, 2021(1) | ||||
Agency Shares | 0.01 | % | ||
Institutional Class Shares | 0.03 | |||
Morgan Shares | 0.01 | |||
Premier Shares | 0.01 | |||
Service Shares | 0.01 |
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111 (retail investors) or 1-800-766-7722 (institutional investors).
An investment in a money market fund is not insured by the FDIC or any other government agency. Although the Fund strives to preserve the value of the investment at $1.00 per share, it is possible to lose money by investing in the Fund.
† | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
^ | E*Trade Shares had no assets from the close of business on September 21, 2016. |
^^ | The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made and may utilize the interest rate reset date for variable or floating rate securities. |
^^^ | The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made. |
* | A portion of the Fund’s income distributions may be subject to the Alternative Minimum Tax (AMT), and some investors may be subject to certain state and local taxes. |
** | Percentages indicated are based upon total investments as of February 26, 2021, the last business day of the reporting period. |
(1) | The yields for Agency Shares, Institutional Class Shares, Morgan Shares, Premier Shares and Service Shares reflect the reimbursements and/or waivers of certain expenses. Without these reimbursements and/or waivers, the yields would have been (0.22)%, (0.17)%, (0.52)%, (0.37)% and (0.97)% for Agency Shares, Institutional Class Shares, Morgan Shares, Premier Shares and Service Shares, respectively. |
An unaudited, uncertified list of prior-day portfolio holdings of the JPMorgan California Municipal Money Market Fund is available upon request. Please contact your J.P. Morgan representative to obtain further information regarding this facility and information on holdings. |
12 | J.P. MORGAN MONEY MARKET FUNDS | FEBRUARY 28, 2021 |
Table of Contents
JPMorgan New York Municipal Money Market Fund
FUND FACTS
TWELVE MONTHS ENDED FEBRUARY 28, 2021 (Unaudited)
| ||
Objective† | Aims to provide the highest possible level of current income which is excluded from gross income and exempt from New York State and New York City personal income taxes, while still preserving capital and maintaining liquidity* | |
Primary Investment | New York short-term municipal obligations | |
Suggested investment time frame. | Short-term | |
Share classes offered | Agency, E*Trade^, Institutional Class, Morgan, Premier, Reserve and Service | |
Net Assets as of February 28, 2021 | $762.5 Million | |
Weighted Average Maturity^^ | 29 calendar days | |
Weighted Average Life^^^ | 29 calendar days |
MATURITY SCHEDULE**^^ | ||||
2–7 calendar days | 76.4 | % | ||
8–30 calendar days | 0.3 | |||
61–90 calendar days | 8.9 | |||
91–180 calendar days | 13.3 | |||
181+ calendar days | 1.1 |
7-DAY SEC YIELD AS OF FEBRUARY 28, 2021(1) | ||||
Agency Shares | 0.01 | % | ||
Institutional Class Shares | 0.03 | |||
Morgan Shares | 0.01 | |||
Premier Shares | 0.01 | |||
Reserve Shares | 0.01 | |||
Service Shares | 0.01 |
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111 (retail investors) or 1-800-766-7722 (institutional investors).
An investment in a money market fund is not insured by the FDIC or any other government agency. Although the Fund strives to preserve the value of the investment at $1.00 per share, it is possible to lose money by investing in the Fund.
† | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
^ | E*Trade Shares had no assets from the close of business on September 21, 2016. |
^^ | The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made and may utilize the interest rate reset date for variable or floating rate securities. |
^^^ | The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made. |
* | A portion of the Fund’s income distributions may be subject to the Alternative Minimum Tax (AMT), and some investors may be subject to certain state and local taxes. |
** | Percentages indicated are based upon total investments as of February 26, 2021, the last business day of the reporting period. |
(1) | The yields for Agency Shares, Institutional Class Shares, Morgan Shares, Premier Shares, Reserve Shares and Service Shares reflect the reimbursements and/or waivers of certain expenses. Without these reimbursements and/or waivers, the yields would have been (0.10)%, (0.05)%, (0.43)%, (0.25)%, (0.50)% and (0.85)% for Agency Shares, Institutional Class Shares, Morgan Shares, Premier Shares, Reserve Shares and Service Shares, respectively. |
An unaudited, uncertified list of prior-day portfolio holdings of the JPMorgan New York Municipal Money Market Fund is available upon request. Please contact your J.P. Morgan representative to obtain further information regarding this facility and information on holdings. |
FEBRUARY 28, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 13 |
Table of Contents
JPMorgan Prime Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2021
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Repurchase Agreements — 13.8% |
| |||||||
Barclays Capital, Inc., 0.28%, dated 2/26/2021, due 4/2/2021, repurchase price $400,110, collateralized by Collateralized Mortgage Obligations, 0.00% - 48.02%, due 10/25/2021 -1/18/2063 and FNMA Connecticut Avenue Securities, 1.84% - 11.88%, due 2/26/2024 - 1/25/2051, with a value of $432,000. | 400,000 | 400,000 | ||||||
Barclays Capital, Inc., 0.29%, dated 2/26/2021, due 4/2/2021, repurchase price $175,050, collateralized by Collateralized Mortgage Obligations, 0.63% - 7.03%, due 5/15/2028 -3/25/2061 and FNMA Connecticut Avenue Securities, 2.13% - 5.23%, due 8/27/2029 -6/27/2050, with a value of $189,000. | 175,000 | 175,000 | ||||||
BMO Capital Markets Corp., 0.17%, dated 2/26/2021, due 3/1/2021, repurchase price $100,001, collateralized by Asset-Backed Securities, 0.00% - 3.33%, due 11/15/2024 - 1/25/2047, Collateralized Mortgage Obligations, 1.15%, due 12/15/2036 and Corporate Notes and Bonds, 0.40% - 9.63%, due 1/15/2022 - 1/1/2999, with a value of $105,198. | 100,000 | 100,000 | ||||||
BMO Capital Markets Corp., 0.17%, dated 2/26/2021, due 3/1/2021, repurchase price $110,002, collateralized by Asset-Backed Securities, 0.00% - 3.63%, due 1/19/2024 - 6/25/2038, Collateralized Mortgage Obligations, 1.15%, due 12/15/2036, Corporate Notes and Bonds, 0.84% - 12.00%, due 3/22/2022 -2/1/2061 and Sovereign Government Securities, 1.25% - 1.75%, due 7/18/2022 - 1/28/2031, with a value of $116,616. | 110,000 | 110,000 | ||||||
BMO Capital Markets Corp., 0.17%, dated 2/26/2021, due 3/1/2021, repurchase price $150,002, collateralized by Asset-Backed Securities, 0.00% - 2.68%, due 8/25/2034 - 1/25/2047 and Corporate Notes and Bonds, 0.38% - 13.00%, due 4/8/2021 - 1/1/2999, with a value of $159,213. | 150,000 | 150,000 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
BMO Capital Markets Corp., 0.21%, dated 2/26/2021, due 3/5/2021, repurchase price $175,007, collateralized by Asset-Backed Securities, 0.00% - 5.25%, due 4/20/2022 - 1/25/2043, Collateralized Mortgage Obligations, 0.00% - 3.50%, due 2/18/2030 - 12/12/2049, Corporate Notes and Bonds, 0.57% - 15.50%, due 2/8/2022 - 10/1/2049, FHLMC, 0.00%, due 7/15/2032 and Sovereign Government Securities, 1.25% - 2.75%, due 7/22/2021 - 1/28/2031, with a value of $186,809. | 175,000 | 175,000 | ||||||
BMO Capital Markets Corp., 0.22%, dated 2/26/2021, due 3/5/2021, repurchase price $105,004, collateralized by Asset-Backed Securities, 0.00% - 6.13%, due 9/15/2022 - 1/25/2047, Corporate Notes and Bonds, 0.46% - 6.00%, due 9/10/2021 - 11/15/2050 and Sovereign Government Securities, 1.38% - 2.00%, due 5/17/2022 - 2/24/2023, with a value of $110,446. | 105,000 | 105,000 | ||||||
BMO Capital Markets Corp., 0.30%, dated 2/26/2021, due 3/5/2021, repurchase price $40,002, collateralized by Asset-Backed Securities, 0.00% - 2.60%, due 1/25/2035 - 6/25/2038, Corporate Notes and Bonds, 0.84% - 8.00%, due 3/22/2022 - 12/1/2057, GNMA, 2.17% - 5.00%, due 4/20/2035 - 3/20/2070 and Sovereign Government Securities, 1.63% -1.75%, due 7/18/2022 - 1/22/2025, with a value of $42,302. | 40,000 | 40,000 | ||||||
BMO Capital Markets Corp., 0.32%, dated 2/26/2021, due 3/5/2021, repurchase price $40,002, collateralized by Asset-Backed Securities, 0.00% - 6.13%, due 10/25/2032 - 1/25/2047, Collateralized Mortgage Obligations, 0.00% - 5.25%, due 4/25/2032 - 10/19/2048, Corporate Notes and Bonds, 0.40% - 5.75%, due 7/13/2021 - 2/15/2041, FHLMC, 4.50%, due 7/1/2045, FNMA, 1.50% - 6.10%, due 11/1/2030 - 3/25/2048, GNMA, 2.60% - 5.50%, due 9/20/2033 - 4/20/2069 and Sovereign Government Securities, 1.75%, due 7/18/2022, with a value of $42,090. | 40,000 | 40,000 |
SEE NOTES TO FINANCIAL STATEMENTS.
14 | J.P. MORGAN MONEY MARKET FUNDS | FEBRUARY 28, 2021 |
Table of Contents
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Repurchase Agreements — continued |
| |||||||
BNP Paribas SA, 0.24%, dated 2/26/2021, due 3/2/2021, repurchase price $200,005, collateralized by Asset-Backed Securities, 0.50% - 6.07%, due 10/15/2022 - 1/28/2070, Corporate Notes and Bonds, 0.00% - 9.50%, due 4/15/2021 - 1/1/2999, Sovereign Government Securities, 1.86% - 7.63%, due 11/14/2024 - 12/1/2032 and U.S. Treasury Securities, 0.00%, due 5/15/2021 - 8/15/2050, with a value of $213,104. | 200,000 | 200,000 | ||||||
Bofa Securities, Inc., 0.17%, dated 2/26/2021, due 3/1/2021, repurchase price $200,003, collateralized by Common Stocks, 0.00%, due 1/1/2999, with a value of $216,000. | 200,000 | 200,000 | ||||||
Bofa Securities, Inc., 0.17%, dated 2/26/2021, due 3/1/2021, repurchase price $250,004, collateralized by Common Stocks, 0.00%, due 1/1/2999, with a value of $270,000. | 250,000 | 250,000 | ||||||
Bofa Securities, Inc., 0.17%, dated 2/26/2021, due 3/1/2021, repurchase price $250,004, collateralized by Common Stocks, 0.00%, due 1/1/2999, with a value of $270,000. | 250,000 | 250,000 | ||||||
Bofa Securities, Inc., 0.35%, dated 2/26/2021, due 4/2/2021, repurchase price $250,085, collateralized by Common Stocks, 0.00%, due 1/1/2999, with a value of $270,000. | 250,000 | 250,000 | ||||||
Bofa Securities, Inc., 0.40%, dated 2/26/2021, due 3/1/2021, repurchase price $200,007, collateralized by Asset-Backed Securities, 0.42% - 6.36%, due 9/25/2021 - 5/28/2069 and Collateralized Mortgage Obligations, 2.31% - 4.88%, due 10/7/2031 - 8/16/2047, with a value of $215,712. | 200,000 | 200,000 | ||||||
Bofa Securities, Inc., 0.47%, dated 2/26/2021, due 4/15/2021, repurchase price $345,216, collateralized by Corporate Notes and Bonds, 0.00% -9.75%, due 6/1/2021 - 1/1/2999, with a value of $372,600. | 345,000 | 345,000 | ||||||
Bofa Securities, Inc., 0.45%, dated 2/26/2021, due 4/26/2021, repurchase price $300,221, collateralized by Common Stocks, 0.00%, due 1/1/2049 - 1/1/2999 and Preferred Stocks, 4.75% - 6.50%, due 3/15/2021 - 7/1/2023, with a value of $324,000. | 300,000 | 300,000 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Credit Suisse Securities USA LLC, 0.25%, dated 2/26/2021, due 3/2/2021, repurchase price $100,003, collateralized by Asset-Backed Securities, 0.00% - 9.35%, due 3/20/2023 - 2/25/2060 and Collateralized Mortgage Obligations, 0.00% - 6.56%, due 10/12/2032 -11/25/2054, with a value of $109,410. | 100,000 | 100,000 | ||||||
Credit Suisse Securities USA LLC, 0.47%, dated 2/26/2021, due 4/2/2021, repurchase price $150,068, collateralized by Asset-Backed Securities, 0.00% - 5.47%, due 8/25/2025 - 3/25/2059 and Collateralized Mortgage Obligations, 0.00% - 45.63%, due 9/25/2034 -5/25/2065, with a value of $162,802. | 150,000 | 150,000 | ||||||
Goldman Sachs & Co. LLC, 0.44%, dated 2/26/2021, due 5/24/2021, repurchase price $500,532, collateralized by Asset-Backed Securities, 0.00% - 8.94%, due 1/2/2024 - 10/25/2066 and Corporate Notes and Bonds, 0.00% - 10.00%, due 6/28/2021 - 8/19/2035, with a value of $535,020. | 500,000 | 500,000 | ||||||
HSBC Securities USA, Inc., 0.17%, dated 2/26/2021, due 3/1/2021, repurchase price $20,000, collateralized by Asset-Backed Securities, 0.55%, due 6/15/2039 and Municipal Debt Securities, 0.00%, due 8/1/2031, with a value of $21,200. | 20,000 | 20,000 | ||||||
HSBC Securities USA, Inc., 0.17%, dated 2/26/2021, due 3/1/2021, repurchase price $25,000, collateralized by Corporate Notes and Bonds, 2.95% - 6.63%, due 4/1/2022 - 4/15/2050, with a value of $26,250. | 25,000 | 25,000 | ||||||
ING Financial Markets LLC, 0.20%, dated 2/26/2021, due 3/1/2021, repurchase price $43,001, collateralized by Corporate Notes and Bonds, 5.75% - 7.63%, due 11/30/2025 - 2/1/2029 and Sovereign Government Securities, 6.49% - 6.63%, due 1/23/2027 - 2/17/2045, with a value of $46,441. | 43,000 | 43,000 | ||||||
ING Financial Markets LLC, 0.20%, dated 2/26/2021, due 3/1/2021, repurchase price $50,001, collateralized by Common Stocks, 0.00%, due 1/1/2999, with a value of $54,001. | 50,000 | 50,000 |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 15 |
Table of Contents
JPMorgan Prime Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2021 (continued)
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Repurchase Agreements — continued |
| |||||||
ING Financial Markets LLC, 0.20%, dated 2/26/2021, due 3/1/2021, repurchase price $79,001, collateralized by Corporate Notes and Bonds, 5.50% - 9.25%, due 8/1/2024 - 2/1/2029 and Sovereign Government Securities, 6.50% - 6.63%, due 3/13/2027 - 2/17/2045, with a value of $85,322. | 79,000 | 79,000 | ||||||
ING Financial Markets LLC, 0.23%, dated 2/26/2021, due 3/1/2021, repurchase price $100,002, collateralized by Corporate Notes and Bonds, 5.75% -7.63%, due 1/20/2026 - 2/1/2029 and Sovereign Government Securities, 6.00% - 7.69%, due 3/13/2027 - 1/23/2050, with a value of $108,023. | 100,000 | 100,000 | ||||||
ING Financial Markets LLC, 0.29%, dated 2/26/2021, due 5/3/2021, repurchase price $25,013, collateralized by Corporate Notes and Bonds, 5.75%, due 1/20/2026 and Sovereign Government Securities, 6.49%, due 1/23/2027, with a value of $27,019. | 25,000 | 25,000 | ||||||
ING Financial Markets LLC, 0.29%, dated 2/26/2021, due 5/10/2021, repurchase price $20,012, collateralized by Corporate Notes and Bonds, 5.38% - 8.63%, due 1/20/2026 - 2/1/2029 and Sovereign Government Securities, 6.49%, due 1/23/2027, with a value of $21,615. | 20,000 | 20,000 | ||||||
Mitsubishi UFJ Trust & Banking Corp., 0.20%, dated 2/26/2021, due 3/4/2021, repurchase price $1,000,033, collateralized by Corporate Notes and Bonds, 0.00% - 4.15%, due 5/13/2022 -5/1/2030, with a value of $1,043,060. | 1,000,000 | 1,000,000 | ||||||
Societe Generale SA, 0.18%, dated 2/26/2021, due 3/1/2021, repurchase price $736,011, collateralized by Asset-Backed Securities, 2.70% - 8.00%, due 2/15/2027 - 5/15/2034, Collateralized Mortgage Obligations, 2.90% - 3.00%, due 10/17/2050 - 1/18/2052, Corporate Notes and Bonds, 0.40% - 8.63%, due 3/9/2021 - 1/1/2999, FNMA Connecticut Avenue Securities, 3.13%, due 10/25/2029, Sovereign Government Securities, 0.78% - 8.75%, due 2/7/2022 - 4/1/2056 and U.S. Treasury Securities, 0.63%, due 4/15/2023 -8/15/2030, with a value of $773,248. | 736,000 | 736,000 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Societe Generale SA, 0.27%, dated 2/26/2021, due 3/1/2021, repurchase price $610,014, collateralized by Asset-Backed Securities, 0.23% - 2.15%, due 12/25/2035 - 11/25/2046, Collateralized Mortgage Obligations, 0.29% - 5.97%, due 1/12/2034 - 8/17/2049, Corporate Notes and Bonds, 2.98% - 11.13%, due 12/1/2021 - 2/15/2031, FNMA Connecticut Avenue Securities, 0.78% -3.78%, due 9/25/2029 - 3/25/2050 and Sovereign Government Securities, 2.63% -11.88%, due 7/26/2022 - 1/1/2999, with a value of $658,815. | 610,000 | 610,000 | ||||||
Societe Generale SA, 0.30%, dated 2/26/2021, due 3/2/2021, repurchase price $200,007, collateralized by Asset-Backed Securities, 0.29% - 0.67%, due 12/25/2035 - 2/25/2037, Collateralized Mortgage Obligations, 0.29% - 4.93%, due 1/12/2034 - 6/25/2047, Corporate Notes and Bonds, 3.10% - 11.13%, due 1/31/2023 - 1/1/2999, FNMA Connecticut Avenue Securities, 2.07% - 3.13%, due 10/25/2029 - 10/25/2049 and Sovereign Government Securities, 4.25% - 11.88%, due 4/18/2023 - 1/1/2999, with a value of $216,013. | 200,000 | 200,000 | ||||||
Societe Generale SA, 0.30%, dated 2/26/2021, due 3/3/2021, repurchase price $365,015, collateralized by Asset-Backed Securities, 0.29% - 6.94%, due 11/18/2028 - 4/25/2037, Collateralized Mortgage Obligations, 0.29% - 4.93%, due 1/12/2034 - 8/17/2049, Corporate Notes and Bonds, 2.30% - 11.50%, due 6/1/2021 - 1/1/2999, FNMA Connecticut Avenue Securities, 2.03% - 3.88%, due 7/25/2024 - 8/25/2050 and Sovereign Government Securities, 2.63% - 11.88%, due 7/26/2022 - 3/11/2061, with a value of $394,208. | 365,000 | 365,000 |
SEE NOTES TO FINANCIAL STATEMENTS.
16 | J.P. MORGAN MONEY MARKET FUNDS | FEBRUARY 28, 2021 |
Table of Contents
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Repurchase Agreements — continued |
| |||||||
Societe Generale SA, 0.32%, dated 2/26/2021, due 4/1/2021, repurchase price $486,147, collateralized by Asset-Backed Securities, 0.29% - 5.02%, due 4/1/2028 - 10/25/2037, Collateralized Mortgage Obligations, 0.29% - 6.27%, due 7/25/2036 - 8/17/2049, Corporate Notes and Bonds, 0.58% - 12.00%, due 3/9/2021 - 1/1/2999, FNMA Connecticut Avenue Securities, 1.98% - 3.13%, due 7/25/2024 - 2/25/2050 and Sovereign Government Securities, 4.63% - 11.88%, due 9/26/2022 - 3/11/2061, with a value of $523,753. | 486,000 | 486,000 | ||||||
Societe Generale SA, 0.41%, dated 2/26/2021, due 4/30/2021, repurchase price $165,117, collateralized by Asset-Backed Securities, 0.36% - 1.13%, due 12/25/2035 - 10/25/2037, Collateralized Mortgage Obligations, 0.29% - 4.83%, due 12/25/2036 - 10/13/2048, Corporate Notes and Bonds, 0.40% - 11.50%, due 3/9/2021 - 1/1/2999, FNMA Connecticut Avenue Securities, 2.07% - 3.78%, due 7/25/2024 - 3/25/2050 and Sovereign Government Securities, 2.63% - 11.88%, due 7/26/2022 - 1/1/2999, with a value of $177,328. | 165,000 | 165,000 | ||||||
TD Securities (USA) LLC, 0.23%, dated 2/26/2021, due 3/1/2021, repurchase price $50,001, collateralized by Corporate Notes and Bonds, 2.20% - 4.50%, due 2/13/2022 - 7/1/2040, with a value of $52,501. | 50,000 | 50,000 | ||||||
TD Securities (USA) LLC, 0.17%, dated 2/26/2021, due 3/2/2021, repurchase price $1,150,022, collateralized by Asset-Backed Securities, 1.94% - 3.19%, due 4/20/2024 - 7/15/2031, Corporate Notes and Bonds, 0.37% - 7.80%, due 8/15/2021 - 8/15/2060 and Municipal Debt Securities, 2.97% - 7.62%, due 7/1/2039 - 10/1/2046, with a value of $1,208,502. | 1,150,000 | 1,150,000 | ||||||
TD Securities (USA) LLC, 0.22%, dated 2/26/2021, due 3/4/2021, repurchase price $500,018, collateralized by Corporate Notes and Bonds, 0.65% -6.35%, due 5/19/2022 - 8/15/2052, with a value of $525,022. | 500,000 | 500,000 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
UBS Securities LLC, 0.24%, dated 2/26/2021, due 3/5/2021, repurchase price $300,014, collateralized by Asset-Backed Securities, 0.14%, due 1/1/2049, Certificates of Deposit, 0.00% - 0.46%, due 2/11/2022 - 12/2/2022, Commercial Paper, 0.00%, due 9/17/2021, Corporate Notes and Bonds, 0.75% - 12.00%, due 4/15/2021 - 1/1/2999, FFCB, 1.32%, due 9/9/2030, FHLMC, 0.00%, due 3/15/2022 - 3/15/2031, Tennessee Valley Authority, 0.00% - 7.13%, due 7/15/2026 - 5/1/2030 and U.S. Treasury Securities, 0.00% - 4.38%, due 3/2/2021 - 8/15/2047, with a value of $322,401. | 300,000 | 300,000 | ||||||
Wells Fargo Securities LLC, 0.22%, dated 2/26/2021, due 3/4/2021, repurchase price $104,004, collateralized by Commercial Paper, 0.00%, due 3/5/2021 -11/24/2021, with a value of $109,205. | 104,000 | 104,000 | ||||||
Wells Fargo Securities LLC, 0.44%, dated 2/26/2021, due 3/18/2021, repurchase price $250,061, collateralized by Commercial Paper, 0.00%, due 3/3/2021 -12/14/2021 and Corporate Notes and Bonds, 0.21% - 6.50%, due 4/22/2021 - 2/25/2060, with a value of $262,789. | 250,000 | 250,000 | ||||||
|
| |||||||
Total Repurchase Agreements | 10,318,000 | |||||||
|
| |||||||
Corporate Notes — 1.1% |
| |||||||
Banks — 1.1% |
| |||||||
Bank of America NA 0.23%, 7/6/2021 | 115,000 | 115,028 | ||||||
Barclays Bank plc (United Kingdom) | ||||||||
(OBFR + 0.10%), 0.17%, 3/5/2021 (b) (c) | 200,000 | 200,000 | ||||||
(OBFR + 0.10%), 0.17%, 3/5/2021 (b) (c) | 255,000 | 255,000 | ||||||
(OBFR + 0.22%), 0.29%, 3/5/2021 (b) (c) | 235,000 | 235,000 | ||||||
|
| |||||||
Total Corporate Notes | 805,028 | |||||||
|
| |||||||
Municipal Bonds — 0.3% |
| |||||||
Alaska — 0.1% |
| |||||||
Alaska Housing Finance Corp., State Capital Project Series 2018A, Rev., VRDO, 0.11%, 3/5/2021 (d) | 65,000 | 65,000 | ||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 17 |
Table of Contents
JPMorgan Prime Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2021 (continued)
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
New York — 0.2% |
| |||||||
New York State Dormitory Authority, State Personal Income Tax, General Purpose Series 2020B, Rev., RAN, 5.00%, 3/31/2021 | 110,000 | 110,449 | ||||||
|
| |||||||
Total Municipal Bonds | 175,449 | |||||||
|
| |||||||
Short-Term Investments — 84.3% |
| |||||||
Certificates of Deposit — 39.8% |
| |||||||
Banco Del Estado De Chile (Chile) 0.27%, 4/26/2021 | 100,000 | 100,018 | ||||||
Bank of Montreal (Canada) | ||||||||
(ICE LIBOR USD 3 Month + 0.03%), 0.22%, 3/1/2021 (b) | 100,000 | 100,020 | ||||||
(ICE LIBOR USD 3 Month + 0.05%), 0.29%, 4/7/2021 (b) | 161,000 | 161,055 | ||||||
(ICE LIBOR USD 3 Month + 0.04%), 0.26%, 4/12/2021 (b) | 200,000 | 200,052 | ||||||
0.26%, 4/21/2021 | 250,000 | 250,050 | ||||||
(ICE LIBOR USD 3 Month + 0.00%), 0.22%, 4/26/2021 (b) | 50,000 | 50,003 | ||||||
(ICE LIBOR USD 3 Month + 0.01%), 0.22%, 5/4/2021 (b) | 125,000 | 124,989 | ||||||
(ICE LIBOR USD 3 Month + 0.01%), 0.22%, 5/4/2021 (b) | 115,000 | 114,989 | ||||||
(ICE LIBOR USD 3 Month + 0.02%), 0.22%, 5/11/2021 (b) | 320,000 | 320,000 | ||||||
0.23%, 5/26/2021 | 200,000 | 200,044 | ||||||
0.24%, 6/14/2021 | 50,000 | 50,014 | ||||||
0.24%, 7/14/2021 | 25,000 | 25,008 | ||||||
0.24%, 7/20/2021 | 100,000 | 100,033 | ||||||
Bank of Nova Scotia (The) (Canada) | ||||||||
(ICE LIBOR USD 1 Month + 0.17%), 0.29%, 3/24/2021 (b) | 165,000 | 165,089 | ||||||
(ICE LIBOR USD 3 Month + 0.08%), 0.30%, 4/23/2021 (b) | 70,000 | 70,028 | ||||||
(ICE LIBOR USD 3 Month + 0.08%), 0.29%, 4/29/2021 (b) | 25,000 | 25,010 | ||||||
(ICE LIBOR USD 3 Month + 0.10%), 0.29%, 5/14/2021 (b) | 200,000 | 200,053 | ||||||
0.20%, 2/18/2022 | 140,000 | 139,972 | ||||||
BNP Paribas SA (France) | ||||||||
0.40%, 3/3/2021 | 553,000 | 553,025 | ||||||
(ICE LIBOR USD 3 Month + 0.03%), 0.27%, 4/7/2021 (b) | 94,000 | 94,011 | ||||||
0.24%, 4/26/2021 | 300,000 | 300,055 | ||||||
0.24%, 5/24/2021 | 100,000 | 100,024 | ||||||
0.24%, 5/25/2021 | 75,000 | 75,019 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Certificates of Deposit — continued |
| |||||||
0.25%, 6/14/2021 | 101,000 | 101,031 | ||||||
0.25%, 7/6/2021 | 150,000 | 150,052 | ||||||
Canadian Imperial Bank of Commerce (Canada) | ||||||||
0.07%, 3/2/2021 | 300,000 | 299,999 | ||||||
(ICE LIBOR USD 3 Month + 0.11%), 0.34%, 3/10/2021 (b) | 260,000 | 260,092 | ||||||
(ICE LIBOR USD 3 Month + 0.05%), 0.27%, 3/31/2021 (b) | 330,000 | 330,137 | ||||||
0.42%, 7/7/2021 | 330,000 | 330,354 | ||||||
0.20%, 2/18/2022 | 250,000 | 249,980 | ||||||
China Construction Bank Corp. (China) | ||||||||
0.19%, 3/16/2021 | 40,000 | 40,001 | ||||||
0.18%, 3/25/2021 | 50,000 | 49,999 | ||||||
Cooperatieve Rabobank UA (Netherlands) | ||||||||
(ICE LIBOR USD 1 Month + 0.10%), 0.21%, 3/1/2021 (b) | 50,000 | 50,004 | ||||||
(ICE LIBOR USD 3 Month + 0.09%), 0.32%, 3/2/2021 (b) | 200,000 | 200,042 | ||||||
(ICE LIBOR USD 3 Month + 0.04%), 0.24%, 3/31/2021 (b) | 175,000 | 175,000 | ||||||
(ICE LIBOR USD 3 Month + 0.04%), 0.27%, 4/8/2021 (b) | 50,000 | 50,015 | ||||||
(ICE LIBOR USD 3 Month + 0.04%), 0.26%, 4/12/2021 (b) | 50,000 | 50,013 | ||||||
(ICE LIBOR USD 3 Month + 0.00%), 0.22%, 4/28/2021 (b) | 100,000 | 100,000 | ||||||
(ICE LIBOR USD 3 Month + 0.08%), 0.29%, 4/30/2021 (b) | 170,000 | 170,051 | ||||||
(ICE LIBOR USD 3 Month + 0.15%), 0.34%, 5/6/2021 (b) | 45,000 | 45,015 | ||||||
(ICE LIBOR USD 3 Month + 0.32%), 0.51%, 5/6/2021 (b) | 133,000 | 133,078 | ||||||
(ICE LIBOR USD 3 Month + 0.01%), 0.21%, 5/10/2021 (b) | 100,000 | 100,000 | ||||||
(ICE LIBOR USD 3 Month + 0.04%), 0.23%, 5/17/2021 (b) | 430,000 | 430,061 | ||||||
0.25%, 7/30/2021 (e) | 250,000 | 249,817 | ||||||
Credit Agricole Corporate and Investment Bank (France) | ||||||||
0.39%, 3/16/2021 | 102,000 | 102,015 | ||||||
(ICE LIBOR USD 3 Month + 0.11%), 0.34%, 4/8/2021 (b) | 162,000 | 162,023 | ||||||
Credit Industriel et Commercial (France) | ||||||||
(ICE LIBOR USD 3 Month + 0.04%), 0.28%, 4/6/2021 (b) | 100,000 | 100,024 | ||||||
(ICE LIBOR USD 3 Month + 0.05%), 0.29%, 4/6/2021 (b) | 75,000 | 75,022 |
SEE NOTES TO FINANCIAL STATEMENTS.
18 | J.P. MORGAN MONEY MARKET FUNDS | FEBRUARY 28, 2021 |
Table of Contents
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Short-Term Investments — continued |
| |||||||
Certificates of Deposit — continued |
| |||||||
(ICE LIBOR USD 3 Month + 0.01%), 0.23%, 4/26/2021 (b) | 161,000 | 161,011 | ||||||
(ICE LIBOR USD 3 Month + 0.00%), 0.22%, 4/28/2021 (b) | 132,000 | 132,000 | ||||||
0.26%, 6/2/2021 | 125,000 | 125,043 | ||||||
0.26%, 6/4/2021 | 140,000 | 140,048 | ||||||
0.24%, 6/11/2021 | 125,000 | 125,038 | ||||||
0.25%, 7/6/2021 | 200,000 | 200,074 | ||||||
0.27%, 7/23/2021 | 506,000 | 506,231 | ||||||
0.24%, 10/12/2021 (e) | 360,000 | 359,449 | ||||||
0.24%, 10/18/2021 (e) | 225,000 | 224,647 | ||||||
0.23%, 10/28/2021 (e) | 175,000 | 174,713 | ||||||
Credit Suisse AG (Switzerland) | ||||||||
0.39%, 4/8/2021 | 100,000 | 100,031 | ||||||
0.39%, 4/9/2021 | 75,000 | 75,024 | ||||||
0.38%, 4/12/2021 | 300,000 | 300,099 | ||||||
0.29%, 5/11/2021 | 200,000 | 200,066 | ||||||
0.29%, 5/17/2021 | 300,000 | 300,105 | ||||||
0.28%, 6/4/2021 | 190,000 | 190,071 | ||||||
0.28%, 6/25/2021 | 275,000 | 275,118 | ||||||
0.27%, 7/14/2021 | 300,000 | 300,117 | ||||||
0.24%, 2/22/2022 | 395,000 | 394,965 | ||||||
DNB Bank ASA (Norway) (ICE LIBOR USD 3 Month + 0.15%), 0.34%, 5/6/2021 (b) | 100,000 | 100,033 | ||||||
DZ Bank AG (Germany) 0.22%, 5/28/2021 (e) | 100,000 | 99,957 | ||||||
ING Bank NV 0.25%, 10/8/2021 | 178,000 | 178,000 | ||||||
KBC Bank NV (Belgium) | ||||||||
0.21%, 4/8/2021 (e) | 320,000 | 319,945 | ||||||
0.21%, 6/14/2021 (e) | 280,000 | 279,824 | ||||||
0.21%, 7/27/2021 (e) | 190,000 | 189,833 | ||||||
Korea Development Bank (South Korea) | ||||||||
0.24%, 7/7/2021 | 25,000 | 25,008 | ||||||
0.22%, 7/15/2021 | 25,000 | 25,005 | ||||||
0.20%, 7/22/2021 | 30,000 | 30,004 | ||||||
Landesbank Hessen-Thueringen Girozentrale (Germany) 0.23%, 4/1/2021 | 100,000 | 100,012 | ||||||
Mitsubishi UFJ Trust & Banking Corp. (Japan) | ||||||||
0.25%, 7/7/2021 | 75,000 | 75,021 | ||||||
0.24%, 7/8/2021 | 55,000 | 55,013 | ||||||
0.21%, 8/3/2021 | 100,000 | 100,012 | ||||||
0.20%, 8/4/2021 | 50,000 | 50,004 | ||||||
Mizuho Bank Ltd. (Japan) | ||||||||
0.24%, 3/15/2021 | 50,000 | 50,003 | ||||||
0.23%, 4/27/2021 (e) | 100,000 | 99,966 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Certificates of Deposit — continued |
| |||||||
0.28%, 5/17/2021 | 105,000 | 105,031 | ||||||
0.23%, 7/8/2021 | 20,000 | 20,004 | ||||||
0.20%, 7/19/2021 | 100,000 | 100,009 | ||||||
0.20%, 8/6/2021 | 360,000 | 360,014 | ||||||
0.20%, 8/10/2021 | 250,000 | 250,006 | ||||||
0.20%, 8/25/2021 | 400,000 | 399,980 | ||||||
MUFG Bank Ltd. (Japan) | ||||||||
0.23%, 7/7/2021 | 78,000 | 78,018 | ||||||
0.20%, 7/22/2021 | 150,000 | 150,014 | ||||||
0.21%, 7/27/2021 | 280,000 | 280,035 | ||||||
0.19%, 8/9/2021 | 50,000 | 50,002 | ||||||
0.19%, 8/11/2021 | 150,000 | 150,007 | ||||||
National Australia Bank Ltd. (Australia) | ||||||||
0.37%, 3/8/2021 (e) | 220,000 | 219,994 | ||||||
0.38%, 3/23/2021 (e) | 435,000 | 434,973 | ||||||
0.19%, 4/8/2021 (e) | 220,000 | 219,970 | ||||||
0.40%, 4/30/2021 (e) | 171,000 | 170,963 | ||||||
0.25%, 7/22/2021 (e) | 250,000 | 249,829 | ||||||
Natixis SA (France) | ||||||||
(ICE LIBOR USD 1 Month + 0.17%), 0.28%, 3/19/2021 (b) | 185,000 | 185,042 | ||||||
0.39%, 4/8/2021 | 50,000 | 50,016 | ||||||
0.29%, 5/3/2021 | 160,000 | 160,049 | ||||||
(ICE LIBOR USD 3 Month + 0.03%), 0.23%, 5/12/2021 (b) | 400,000 | 400,028 | ||||||
0.26%, 6/3/2021 | 420,000 | 420,130 | ||||||
0.30%, 9/2/2021 | 30,000 | 30,018 | ||||||
0.23%, 10/7/2021 | 155,000 | 155,038 | ||||||
Nordea Bank Abp (Finland) | ||||||||
0.07%, 3/1/2021 | 400,000 | 400,000 | ||||||
(ICE LIBOR USD 3 Month + 0.10%), 0.33%, 3/1/2021 (b) | 350,000 | 350,124 | ||||||
(ICE LIBOR USD 3 Month + 0.10%), 0.33%, 3/8/2021 (b) | 300,000 | 300,113 | ||||||
(ICE LIBOR USD 3 Month + 0.12%), 0.35%, 3/17/2021 (b) | 234,000 | 234,109 | ||||||
(ICE LIBOR USD 3 Month + 0.10%), 0.32%, 4/13/2021 (b) | 50,000 | 50,026 | ||||||
(ICE LIBOR USD 3 Month + 0.00%), 0.22%, 4/30/2021 (b) | 163,000 | 162,970 | ||||||
(ICE LIBOR USD 3 Month + 0.00%), 0.20%, 5/4/2021 (b) | 51,900 | 51,890 | ||||||
(ICE LIBOR USD 3 Month + 0.10%), 0.29%, 5/14/2021 (b) | 287,000 | 287,076 | ||||||
(ICE LIBOR USD 3 Month + 0.10%), 0.28%, 5/21/2021 (b) | 146,000 | 146,042 |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 19 |
Table of Contents
JPMorgan Prime Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2021 (continued)
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Short-Term Investments — continued |
| |||||||
Certificates of Deposit — continued |
| |||||||
Norinchukin Bank (The) (Japan) | ||||||||
0.07%, 3/5/2021 | 300,000 | 299,999 | ||||||
0.23%, 4/9/2021 | 199,000 | 199,026 | ||||||
Oversea-Chinese Banking Corp. Ltd. (Singapore) | ||||||||
0.20%, 3/1/2021 | 100,000 | 100,001 | ||||||
(SOFR + 0.17%), 0.20%, 3/1/2021 (b) | 50,000 | 50,010 | ||||||
(ICE LIBOR USD 1 Month + 0.14%), 0.25%, 3/24/2021 (b) | 125,000 | 125,025 | ||||||
Royal Bank of Canada (Canada) | ||||||||
(ICE LIBOR USD 3 Month + 0.12%), 0.34%, 3/16/2021 (b) | 70,000 | 70,028 | ||||||
(ICE LIBOR USD 3 Month + 0.12%), 0.36%, 3/24/2021 (b) | 103,000 | 103,045 | ||||||
(ICE LIBOR USD 3 Month + 0.11%), 0.33%, 4/11/2021 (b) | 100,000 | 100,046 | ||||||
(ICE LIBOR USD 3 Month + 0.01%), 0.22%, 4/27/2021 (b) | 50,000 | 50,000 | ||||||
(ICE LIBOR USD 3 Month + 0.07%), 0.28%, 4/29/2021 (b) | 132,000 | 132,049 | ||||||
(ICE LIBOR USD 3 Month + 0.30%), 0.49%, 5/4/2021 (b) | 100,000 | 100,056 | ||||||
(ICE LIBOR USD 3 Month + 0.21%), 0.41%, 5/5/2021 (b) | 83,000 | 83,034 | ||||||
Skandinaviska Enskilda Banken AB (Sweden) | ||||||||
0.20%, 3/9/2021 | 150,000 | 150,005 | ||||||
0.23%, 3/18/2021 | 135,000 | 135,011 | ||||||
0.22%, 5/10/2021 | 100,000 | 100,022 | ||||||
0.22%, 5/10/2021 | 86,000 | 86,019 | ||||||
0.25%, 5/11/2021 | 325,000 | 325,091 | ||||||
0.24%, 5/20/2021 | 100,000 | 100,027 | ||||||
0.22%, 5/27/2021 | 120,000 | 120,027 | ||||||
0.24%, 6/14/2021 | 200,000 | 200,062 | ||||||
0.20%, 2/18/2022 | 50,000 | 50,000 | ||||||
Societe Generale SA (France) 0.23%, 4/5/2021 | 172,000 | 172,021 | ||||||
Standard Chartered Bank (United Kingdom) | ||||||||
0.23%, 7/6/2021 | 78,000 | 78,017 | ||||||
0.21%, 7/19/2021 | 190,000 | 190,030 | ||||||
Sumitomo Mitsui Banking Corp. (Japan) | ||||||||
0.24%, 3/9/2021 | 100,000 | 100,005 | ||||||
(ICE LIBOR USD 3 Month + 0.04%), 0.28%, 4/7/2021 (b) | 80,000 | 80,014 | ||||||
(ICE LIBOR USD 3 Month + 0.00%), 0.24%, 4/15/2021 (b) | 60,000 | 60,000 | ||||||
(ICE LIBOR USD 3 Month + 0.00%), 0.20%, 5/4/2021 (b) | 300,000 | 300,000 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Certificates of Deposit — continued |
| |||||||
(ICE LIBOR USD 3 Month + 0.00%), 0.20%, 5/5/2021 (b) | 300,000 | 300,000 | ||||||
0.25%, 7/6/2021 | 155,000 | 155,043 | ||||||
0.26%, 7/6/2021 | 140,000 | 140,044 | ||||||
0.23%, 7/7/2021 | 65,000 | 65,013 | ||||||
0.20%, 7/14/2021 | 93,150 | 93,159 | ||||||
0.20%, 7/28/2021 | 200,000 | 200,016 | ||||||
0.19%, 8/18/2021 | 400,000 | 400,004 | ||||||
0.19%, 8/19/2021 | 53,000 | 53,000 | ||||||
Sumitomo Mitsui Trust Bank Ltd. (Luxembourg) | ||||||||
0.26%, 3/11/2021 (e) | 150,000 | 149,994 | ||||||
0.27%, 4/21/2021 (e) | 200,000 | 199,960 | ||||||
0.21%, 7/12/2021 | 200,000 | 200,026 | ||||||
0.23%, 7/12/2021 (e) | 250,000 | 249,797 | ||||||
0.22%, 7/15/2021 (e) | 60,000 | 59,950 | ||||||
0.22%, 7/22/2021 (e) | 100,000 | 99,911 | ||||||
0.22%, 7/27/2021 (e) | 100,000 | 99,908 | ||||||
0.22%, 8/9/2021 (e) | 200,000 | 199,800 | ||||||
Sumitomo Trust and Banking Co. (United Kingdom) | ||||||||
0.27%, 4/22/2021 (e) | 95,000 | 94,980 | ||||||
0.21%, 8/24/2021 (e) | 250,000 | 249,727 | ||||||
Svenska Handelsbanken AB (Sweden) | ||||||||
(ICE LIBOR USD 3 Month + 0.11%), 0.33%, 3/16/2021 (b) | 100,000 | 100,043 | ||||||
(ICE LIBOR USD 3 Month + 0.12%), 0.34%, 3/16/2021 (b) | 51,000 | 51,022 | ||||||
(ICE LIBOR USD 3 Month + 0.12%), 0.36%, 3/18/2021 (b) | 175,000 | 175,082 | ||||||
(ICE LIBOR USD 3 Month + 0.10%), 0.34%, 4/15/2021 (b) | 125,000 | 125,061 | ||||||
(ICE LIBOR USD 3 Month + 0.09%), 0.31%, 4/20/2021 (b) | 215,000 | 215,100 | ||||||
(ICE LIBOR USD 3 Month + 0.01%), 0.23%, 4/26/2021 (b) | 95,000 | 95,000 | ||||||
(ICE LIBOR USD 3 Month + 0.05%), 0.26%, 4/30/2021 (b) | 185,000 | 185,061 | ||||||
(ICE LIBOR USD 3 Month + 0.13%), 0.32%, 5/7/2021 (b) | 140,000 | 140,041 | ||||||
0.39%, 7/7/2021 | 100,000 | 100,089 | ||||||
Toronto-Dominion Bank (The) (Canada) | ||||||||
(US Federal Funds Effective Rate (continuous series) + 0.35%), 0.42%, 3/1/2021 (b) | 120,000 | 120,079 | ||||||
(ICE LIBOR USD 3 Month + 0.11%), 0.34%, 3/10/2021 (b) | 140,000 | 140,049 |
SEE NOTES TO FINANCIAL STATEMENTS.
20 | J.P. MORGAN MONEY MARKET FUNDS | FEBRUARY 28, 2021 |
Table of Contents
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Short-Term Investments — continued |
| |||||||
Certificates of Deposit — continued |
| |||||||
(ICE LIBOR USD 1 Month + 0.18%), 0.29%, 3/21/2021 (b) | 50,000 | 50,033 | ||||||
(ICE LIBOR USD 3 Month + 0.07%), 0.29%, 4/28/2021 (b) | 170,000 | 170,055 | ||||||
(ICE LIBOR USD 3 Month + 0.02%), 0.22%, 5/12/2021 (b) | 250,000 | 250,000 | ||||||
(ICE LIBOR USD 3 Month + 0.09%), 0.27%, 5/19/2021 (b) | 156,000 | 156,039 | ||||||
0.24%, 6/14/2021 | 200,000 | 200,077 | ||||||
0.41%, 7/6/2021 | 170,000 | 170,172 | ||||||
Westpac Banking Corp. (Australia) | ||||||||
(ICE LIBOR USD 3 Month + 0.01%), 0.23%, 4/26/2021 (b) | 49,000 | 48,996 | ||||||
(ICE LIBOR USD 3 Month + 0.01%), 0.21%, 5/10/2021 (b) | 150,000 | 149,986 | ||||||
(ICE LIBOR USD 3 Month + 0.01%), 0.21%, 5/11/2021 (b) | 60,000 | 59,994 | ||||||
Woori Bank (South Korea) | ||||||||
0.20%, 6/1/2021 | 100,000 | 100,001 | ||||||
0.20%, 6/1/2021 | 57,000 | 57,001 | ||||||
|
| |||||||
Total Certificates of Deposit |
| 29,733,379 | ||||||
|
| |||||||
Time Deposits — 23.8% |
| |||||||
Agricultural Bank of China Ltd. 0.09%, 3/1/2021 | 200,000 | 200,000 | ||||||
Australia and New Zealand Banking Group Ltd. | ||||||||
0.09%, 3/2/2021 | 800,000 | 800,000 | ||||||
0.09%, 3/3/2021 | 750,000 | 750,000 | ||||||
Canadian Imperial Bank of Commerce | ||||||||
0.06%, 3/1/2021 | 125,000 | 125,000 | ||||||
0.07%, 3/1/2021 | 500,000 | 500,000 | ||||||
Cooperatieve Rabobank UA 0.06%, 3/1/2021 | 500,000 | 500,000 | ||||||
Credit Agricole Corporate and Investment Bank | ||||||||
0.07%, 3/1/2021 | 600,000 | 600,000 | ||||||
0.07%, 3/1/2021 | 455,000 | 455,000 | ||||||
0.07%, 3/1/2021 | 225,877 | 225,877 | ||||||
0.09%, 3/1/2021 | 350,000 | 350,000 | ||||||
0.13%, 3/4/2021 | 150,000 | 150,000 | ||||||
0.13%, 3/5/2021 | 500,000 | 500,000 | ||||||
DBS Bank Ltd. 0.11%, 3/3/2021 | 100,000 | 100,000 | ||||||
DNB Bank ASA | ||||||||
0.07%, 3/1/2021 | 1,000,000 | 1,000,000 | ||||||
0.07%, 3/2/2021 | 500,000 | 500,000 | ||||||
Erste Group Bank AG 0.07%, 3/1/2021 | 900,000 | 900,000 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Time Deposits — continued |
| |||||||
ING Bank NV (Netherlands) | ||||||||
0.08%, 3/3/2021 | 800,000 | 800,000 | ||||||
0.08%, 3/4/2021 | 825,000 | 825,000 | ||||||
KBC Bank NV 0.07%, 3/1/2021 | 2,300,000 | 2,300,000 | ||||||
Landesbank Hessen-Thueringen Girozentrale 0.08%, 3/1/2021 | 400,000 | 400,000 | ||||||
Mizuho Bank Ltd. 0.07%, 3/1/2021 | 1,000,000 | 1,000,000 | ||||||
National Bank of Canada | ||||||||
0.08%, 3/1/2021 | 500,000 | 500,000 | ||||||
0.08%, 3/5/2021 | 500,000 | 500,000 | ||||||
Natixis SA 0.05%, 3/1/2021 | 500,000 | 500,000 | ||||||
Nordea Bank Abp 0.05%, 3/1/2021 | 500,000 | 500,000 | ||||||
Royal Bank of Canada 0.07%, 3/1/2021 | 750,000 | 750,000 | ||||||
Skandinaviska Enskilda Banken AB 0.07%, 3/1/2021 | 1,000,000 | 1,000,000 | ||||||
Societe Generale SA 0.07%, 3/1/2021 | 250,000 | 250,000 | ||||||
Svenska Handelsbanken AB 0.07%, 3/1/2021 | 800,000 | 800,000 | ||||||
|
| |||||||
Total Time Deposits |
| 17,780,877 | ||||||
|
| |||||||
Commercial Paper — 19.7% |
| |||||||
Alpine Securitization Ltd. (Switzerland) | ||||||||
0.40%, 4/6/2021 (c) (e) | 75,000 | 74,986 | ||||||
0.31%, 5/5/2021 (c) (e) | 125,000 | 124,959 | ||||||
0.21%, 10/12/2021 (c) | 50,000 | 50,005 | ||||||
Atlantic Asset Securitization LLC | ||||||||
0.21%, 3/16/2021 (c) (e) | 150,000 | 149,990 | ||||||
0.21%, 7/20/2021 (e) | 25,000 | 24,983 | ||||||
Autobahn Funding Co., LLC 0.07%, 3/1/2021 (c) (e) | 25,000 | 25,000 | ||||||
Bank of Nova Scotia (The) (Canada) | ||||||||
(ICE LIBOR USD 3 Month + 0.00%), 0.22%, 4/28/2021 (b) (c) | 125,000 | 125,000 | ||||||
0.21%, 2/23/2022 (c) (e) | 175,000 | 174,630 | ||||||
Bedford Row Funding Corp. | ||||||||
(ICE LIBOR USD 1 Month + 0.22%), 0.29%, 3/1/2021 (b) (c) | 110,000 | 110,057 | ||||||
(ICE LIBOR USD 3 Month + 0.10%), 0.34%, 3/3/2021 (b) (c) | 175,000 | 175,049 | ||||||
(ICE LIBOR USD 3 Month + 0.02%), 0.23%, 4/27/2021 (b) (c) | 25,000 | 24,996 | ||||||
0.22%, 5/6/2021 (c) (e) | 125,000 | 124,966 | ||||||
(ICE LIBOR USD 3 Month + 0.04%), 0.22%, 5/19/2021 (b) (c) | 115,000 | 115,021 | ||||||
(ICE LIBOR USD 3 Month + 0.10%), 0.29%, 5/25/2021 (b) (c) | 50,000 | 50,014 |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 21 |
Table of Contents
JPMorgan Prime Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2021 (continued)
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Short-Term Investments — continued |
| |||||||
Commercial Paper — continued |
| |||||||
0.25%, 6/7/2021 (c) (e) | 65,000 | 64,972 | ||||||
0.25%, 6/14/2021 (c) (e) | 43,000 | 42,980 | ||||||
BNP Paribas SA (France) | ||||||||
0.23%, 4/9/2021 (e) | 110,000 | 109,986 | ||||||
0.25%, 6/8/2021 (e) | 300,000 | 299,886 | ||||||
0.23%, 10/7/2021 (e) | 108,000 | 107,877 | ||||||
BNZ International Funding Ltd. (New Zealand) | ||||||||
0.22%, 3/15/2021 (c) (e) | 40,000 | 39,999 | ||||||
0.20%, 7/21/2021 (c) (e) | 90,000 | 89,950 | ||||||
BPCE SA (France) | ||||||||
0.46%, 3/19/2021 (c) (e) | 315,000 | 314,982 | ||||||
0.27%, 7/15/2021 (c) (e) | 176,000 | 175,894 | ||||||
Concord Minutemen Capital Co., LLC Series A, 0.08%, 3/1/2021 (c) (e) | 200,000 | 199,999 | ||||||
Cooperatieve Rabobank UA (Netherlands) 0.07%, 3/1/2021 (e) | 1,005,000 | 1,004,994 | ||||||
DBS Bank Ltd. (Singapore) | ||||||||
0.22%, 4/23/2021 (c) (e) | 200,000 | 199,961 | ||||||
0.20%, 7/20/2021 (c) (e) | 100,000 | 99,932 | ||||||
Dexia Credit Local SA (France) | ||||||||
0.24%, 3/30/2021 (c) (e) | 100,000 | 99,991 | ||||||
0.23%, 4/26/2021 (c) (e) | 325,000 | 324,937 | ||||||
DNB Bank ASA (Norway) | ||||||||
(ICE LIBOR USD 1 Month + 0.18%), 0.30%, 3/21/2021 (b) (c) | 60,000 | 60,056 | ||||||
(ICE LIBOR USD 3 Month + 0.03%), 0.28%, 4/14/2021 (b) (c) | 260,000 | 260,045 | ||||||
(ICE LIBOR USD 3 Month + 0.07%), 0.29%, 4/22/2021 (b) (c) | 155,000 | 155,052 | ||||||
(ICE LIBOR USD 3 Month + 0.01%), 0.23%, 4/27/2021 (b) (c) | 250,000 | 250,000 | ||||||
(ICE LIBOR USD 3 Month + 0.01%), 0.23%, 4/28/2021 (b) (c) | 100,000 | 100,000 | ||||||
(ICE LIBOR USD 3 Month + 0.01%), 0.22%, 4/28/2021 (b) (c) | 405,000 | 405,000 | ||||||
0.35%, 5/5/2021 (c) | 70,000 | 70,022 | ||||||
(ICE LIBOR USD 3 Month + 0.04%), 0.24%, 5/6/2021 (b) (c) | 90,000 | 90,023 | ||||||
0.22%, 5/24/2021 (c) (e) | 330,000 | 329,914 | ||||||
Exxon Mobil Corp. 0.21%, 4/28/2021 (e) | 150,000 | 149,982 | ||||||
Federation des Caisses Desjardins du Quebec (Canada) 0.20%, 7/12/2021 (c) (e) | 75,000 | 74,957 | ||||||
First Abu Dhabi Bank PJSC (United Arab Emirates) | ||||||||
0.26%, 5/24/2021 (c) (e) | 150,000 | 149,953 | ||||||
0.24%, 7/8/2021 (c) (e) | 260,000 | 259,856 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Commercial Paper — continued |
| |||||||
0.23%, 7/13/2021 (c) (e) | 305,000 | 304,822 | ||||||
0.23%, 7/20/2021 (c) (e) | 235,000 | 234,853 | ||||||
0.22%, 7/26/2021 (c) (e) | 300,000 | 299,800 | ||||||
FMS Wertmanagement (Germany) | ||||||||
0.21%, 4/8/2021 (c) (e) | 80,000 | 79,992 | ||||||
0.21%, 4/9/2021 (c) (e) | 125,000 | 124,987 | ||||||
0.22%, 4/16/2021 (c) (e) | 75,000 | 74,990 | ||||||
0.18%, 4/27/2021 (c) (e) | 150,000 | 149,970 | ||||||
HSBC Bank plc (United Kingdom) 0.24%, 4/7/2021 (c) (e) | 344,000 | 343,926 | ||||||
Industrial & Commercial Bank of China Ltd. (China) 0.07%, 3/1/2021 (c) (e) | 99,518 | 99,517 | ||||||
ING US Funding LLC (Netherlands) 0.22%, 10/12/2021 (c) (e) | 170,000 | 169,848 | ||||||
LMA-Americas LLC | ||||||||
0.23%, 4/1/2021 (c) (e) | 103,500 | 103,486 | ||||||
0.23%, 7/8/2021 (c) (e) | 55,000 | 54,966 | ||||||
0.21%, 8/19/2021 (c) (e) | 100,800 | 100,717 | ||||||
0.20%, 9/7/2021 (c) (e) | 50,000 | 49,954 | ||||||
LVMH Moet Hennessy Louis Vuitton SE (France) 0.25%, 4/23/2021 (c) (e) | 43,000 | 42,993 | ||||||
Macquarie Bank Ltd. (Australia) | ||||||||
0.23%, 3/10/2021 (c) (e) | 140,000 | 139,995 | ||||||
0.24%, 4/28/2021 (c) (e) | 200,000 | 199,949 | ||||||
(ICE LIBOR USD 3 Month + 0.00%), 0.20%, 5/12/2021 (b) (c) | 100,000 | 100,000 | ||||||
(ICE LIBOR USD 3 Month + 0.00%), 0.20%, 5/12/2021 (b) (c) | 150,000 | 150,000 | ||||||
Matchpoint Finance plc (Ireland) Series A, 0.26%, 4/22/2021 (c) (e) | 50,000 | 49,989 | ||||||
Mitsubishi UFJ Trust & Banking Corp. (Japan) 0.20%, 8/2/2021 (c) (e) | 100,000 | 99,925 | ||||||
National Australia Bank Ltd. (Australia) | ||||||||
(ICE LIBOR USD 1 Month + 0.22%), 0.35%, 3/1/2021 (b) (c) | 50,000 | 50,025 | ||||||
(ICE LIBOR USD 1 Month + 0.22%), 0.34%, 3/10/2021 (b) (c) | 125,000 | 125,082 | ||||||
(ICE LIBOR USD 3 Month + 0.00%), 0.20%, 5/4/2021 (b) (c) | 79,000 | 79,000 | ||||||
(ICE LIBOR USD 3 Month + 0.00%), 0.20%, 5/10/2021 (b) (c) | 350,000 | 350,000 | ||||||
(ICE LIBOR USD 3 Month + 0.02%), 0.21%, 5/18/2021 (b) (c) | 100,000 | 100,000 | ||||||
Nieuw Amsterdam Receivables Corp. 0.19%, 4/9/2021 (c) (e) | 50,000 | 49,991 |
SEE NOTES TO FINANCIAL STATEMENTS.
22 | J.P. MORGAN MONEY MARKET FUNDS | FEBRUARY 28, 2021 |
Table of Contents
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Short-Term Investments — continued |
| |||||||
Commercial Paper — continued |
| |||||||
Old Line Funding LLC | ||||||||
0.08%, 3/2/2021 (c) (e) | 200,000 | 199,998 | ||||||
0.24%, 5/3/2021 (c) (e) | 200,000 | 199,948 | ||||||
Oversea-Chinese Banking Corp. Ltd. (Singapore) 0.18%, 9/20/2021 (c) (e) | 100,000 | 99,888 | ||||||
Royal Bank of Canada (Canada) (ICE LIBOR USD 3 Month + 0.04%), 0.28%, 4/6/2021 (b) | 270,000 | 270,046 | ||||||
Sheffield Receivables Co. LLC (United Kingdom) 0.25%, 3/26/2021 (c) (e) | 100,000 | 99,989 | ||||||
Skandinaviska Enskilda Banken AB (Sweden) 0.20%, 8/11/2021 (c) (e) | 89,850 | 89,777 | ||||||
Societe Generale SA (France) | ||||||||
0.30%, 6/2/2021 (c) (e) | 200,000 | 199,934 | ||||||
0.25%, 7/6/2021 (c) (e) | 70,000 | 69,963 | ||||||
0.19%, 8/23/2021 (c) (e) | 65,000 | 64,942 | ||||||
State of Netherlands (Netherlands) 0.09%, 3/1/2021 (c) (e) | 140,000 | 139,999 | ||||||
Svenska Handelsbanken AB (Sweden) | ||||||||
(ICE LIBOR USD 3 Month + 0.00%), 0.22%, 4/26/2021 (b) (c) | 94,000 | 94,000 | ||||||
0.30%, 4/27/2021 (c) | 165,000 | 165,074 | ||||||
(ICE LIBOR USD 3 Month + 0.00%), 0.21%, 5/4/2021 (b) (c) | 62,000 | 62,004 | ||||||
Toronto-Dominion Bank (The) (Canada) | ||||||||
(US Federal Funds Effective Rate (continuous series) + 0.35%), 0.43%, 3/1/2021 (b) (c) | 50,000 | 50,033 | ||||||
(ICE LIBOR USD 3 Month + 0.23%), 0.44%, 5/1/2021 (b) (c) | 80,000 | 80,034 | ||||||
(ICE LIBOR USD 3 Month + 0.18%), 0.38%, 5/5/2021 (b) (c) | 100,000 | 100,036 | ||||||
(ICE LIBOR USD 3 Month + 0.01%), 0.21%, 5/10/2021 (b) (c) | 400,000 | 400,000 | ||||||
Total Capital Canada Ltd. (France) 0.20%, 8/4/2021 (c) (e) | 150,000 | 149,872 | ||||||
Toyota Finance Australia Ltd. (Australia) 0.17%, 5/7/2021 (e) | 80,000 | 79,971 | ||||||
UBS AG (Switzerland) | ||||||||
(ICE LIBOR USD 3 Month + 0.10%), 0.34%, 4/6/2021 (b) (c) | 131,000 | 131,021 | ||||||
0.30%, 7/15/2021 (c) (e) | 543,000 | 542,614 | ||||||
0.30%, 10/4/2021 (c) (e) | 225,000 | 224,695 | ||||||
United Overseas Bank Ltd. (Singapore) 0.25%, 7/2/2021 (c) (e) | 150,000 | 149,912 | ||||||
Versailles Commercial Paper LLC 0.20%, 4/21/2021 (e) | 50,000 | 49,989 | ||||||
Victory Receivables Corp. 0.21%, 7/19/2021 (c) (e) | 25,000 | 24,985 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Commercial Paper — continued |
| |||||||
Westpac Banking Corp. (Australia) | ||||||||
0.37%, 3/4/2021 (c) (e) | 200,000 | 199,997 | ||||||
(ICE LIBOR USD 3 Month + 0.02%), 0.24%, 4/12/2021 (b) (c) | 20,000 | 20,000 | ||||||
(ICE LIBOR USD 3 Month + 0.00%), 0.20%, 4/28/2021 (b) (c) | 103,000 | 102,981 | ||||||
|
| |||||||
Total Commercial Paper | 14,671,335 | |||||||
|
| |||||||
U.S. Treasury Obligations — 1.0% |
| |||||||
U.S. Treasury Bills | ||||||||
0.10%, 3/2/2021 (e) | 350,000 | 350,000 | ||||||
0.09%, 4/6/2021 (e) | 400,000 | 399,983 | ||||||
|
| |||||||
Total U.S. Treasury Obligations |
| 749,983 | ||||||
|
| |||||||
Total Short-Term Investments | 62,935,574 | |||||||
|
| |||||||
Total Investments — 99.5% | 74,234,051 | |||||||
Other Assets Less | 410,222 | |||||||
|
| |||||||
NET ASSETS — 100.0% | 74,644,273 | |||||||
|
|
Percentages indicated are based on net assets.
Abbreviations | ||
FFCB | Federal Farm Credit Bank | |
FHLMC | Federal Home Loan Mortgage Corp. | |
FNMA | Federal National Mortgage Association | |
GNMA | Government National Mortgage Association | |
ICE | Intercontinental Exchange | |
LIBOR | London Interbank Offered Rate | |
OBFR | Overnight Bank Funding Right | |
PJSC | Public Joint Stock Company | |
RAN | Revenue Anticipation Note | |
Rev. | Revenue | |
SOFR | Secured Overnight Financing Rate | |
USD | United States Dollar | |
VRDO | Variable Rate Demand Obligation | |
(a) | The date shown represents the earliest of the next put date, next demand date or final maturity date. | |
(b) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of February 28, 2021. | |
(c) | Securities exempt from registration under Rule 144A or section 4 (a)(2), of the Securities Act of 1933, as amended. | |
(d) | 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 February 28, 2021. | |
(e) | The rate shown is the effective yield as of February 28, 2021. |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 23 |
Table of Contents
JPMorgan Institutional Tax Free Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2021
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — 61.1% |
| |||||||
Alaska — 1.0% |
| |||||||
Alaska Housing Finance Corp., Home Mortgage Series 2007A, Rev., VRDO, LIQ: FHLB, 0.03%, 3/5/2021 (b) | 2,680 | 2,680 | ||||||
City of Valdez, Exxon Pipeline Co. Project | ||||||||
Series 1993-A, Rev., VRDO, 0.01%, 3/1/2021 (b) | 4,750 | 4,750 | ||||||
Series 1993-B, Rev., VRDO, 0.01%, 3/1/2021 (b) | 4,685 | 4,685 | ||||||
|
| |||||||
12,115 | ||||||||
|
| |||||||
Arizona — 0.3% |
| |||||||
Tender Option Bond Trust Receipts/Certificates Series 2019-XG0231, Rev., VRDO, LOC: Bank of America NA, 0.11%, 3/5/2021 (b) (c) | 4,065 | 4,065 | ||||||
|
| |||||||
California — 1.1% |
| |||||||
RBC Municipal Products, Inc. Trust, Floater Certificates Series G-26, Rev., VRDO, LOC: Royal Bank of Canada, 0.18%, 3/5/2021 (b) (c) | 5,000 | 5,000 | ||||||
Tender Option Bond Trust Receipts/Certificates | ||||||||
Series 2019-XM0741, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.06%, 3/5/2021 (b) (c) | 5,215 | 5,215 | ||||||
Series 2020-XM0837, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.06%, 3/5/2021 (b) (c) | 2,600 | 2,600 | ||||||
|
| |||||||
12,815 | ||||||||
|
| |||||||
Colorado — 1.0% |
| |||||||
State of Colorado Rev., TRAN, 4.00%, 6/25/2021 | 2,035 | 2,060 | ||||||
Tender Option Bond Trust Receipts/Certificates | ||||||||
Series 2019-XF2849, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.06%, 3/5/2021 (b) (c) | 4,000 | 4,000 | ||||||
Series 2020-XF1209, GO, VRDO, LIQ: Royal Bank of Canada, 0.06%, 3/5/2021 (b) (c) | 2,000 | 2,000 | ||||||
Series 2018-XG0195, COP, VRDO, LIQ: Bank of America NA, 0.12%, 3/5/2021 (b) (c) | 3,615 | 3,615 | ||||||
|
| |||||||
11,675 | ||||||||
|
| |||||||
Connecticut — 1.7% |
| |||||||
Tender Option Bond Trust Receipts/Certificates Series 2019-G-110, Rev., VRDO, LOC: Royal Bank of Canada, 0.21%, 3/5/2021 (b) (c) | 10,000 | 10,000 | ||||||
Town of Groton Series 2020B, GO, BAN, 2.00%, 4/29/2021 | 7,045 | 7,061 | ||||||
Town of North Haven GO, BAN, 1.50%, 11/4/2021 | 3,000 | 3,027 | ||||||
|
| |||||||
20,088 | ||||||||
|
|
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Florida — 3.2% |
| |||||||
Tender Option Bond Trust Receipts/Certificates | ||||||||
Series 2018-G-41, Rev., VRDO, LOC: Royal Bank of Canada, 0.23%, 3/1/2021 (b) (c) | 5,665 | 5,665 | ||||||
Series 2020-XF2882, Rev., VRDO, AGM-CR, LOC: Barclays Bank plc, 0.07%, 3/5/2021 (b) (c) | 2,800 | 2,800 | ||||||
Series 2020-XG0295, Rev., VRDO, LIQ: Bank of America NA, 0.07%, 3/5/2021 (b) (c) | 6,000 | 6,000 | ||||||
Series 2020-XX1136, Rev., VRDO, LOC: Barclays Bank plc, 0.07%, 3/5/2021 (b) (c) | 2,375 | 2,375 | ||||||
Series 2020-YX1128, Rev., VRDO, LOC: Barclays Bank plc, 0.07%, 3/5/2021 (b) (c) | 3,870 | 3,870 | ||||||
Series 2019-G113, Rev., VRDO, LOC: Royal Bank of Canada, 0.23%, 3/5/2021 (b) (c) | 17,500 | 17,500 | ||||||
|
| |||||||
38,210 | ||||||||
|
| |||||||
Georgia — 0.8% |
| |||||||
Tender Option Bond Trust Receipts/Certificates | ||||||||
Series 2020-ZF0871, Rev., VRDO, LIQ: TD Bank NA, 0.07%, 3/5/2021 (b) (c) | 4,765 | 4,765 | ||||||
Series 2020-ZF0872, Rev., VRDO, LIQ: TD Bank NA, 0.07%, 3/5/2021 (b) (c) | 2,000 | 2,000 | ||||||
Series 2020-ZF0873, Rev., VRDO, LIQ: TD Bank NA, 0.07%, 3/5/2021 (b) (c) | 3,000 | 3,000 | ||||||
|
| |||||||
9,765 | ||||||||
|
| |||||||
Illinois — 0.7% |
| |||||||
Illinois Finance Authority, University of Chicago Medical Center (The) Series 2011B, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.08%, 3/5/2021 (b) | 2,330 | 2,330 | ||||||
Tender Option Bond Trust Receipts/Certificates | ||||||||
Series 2020-XG0299, Rev., VRDO, LOC: Barclays Bank plc, 0.07%, 3/5/2021 (b) (c) | 2,500 | 2,500 | ||||||
Series 2020-XL0145, Rev., VRDO, LOC: Barclays Bank plc, 0.07%, 3/5/2021 (b) (c) | 3,425 | 3,425 | ||||||
|
| |||||||
8,255 | ||||||||
|
| |||||||
Iowa — 1.2% |
| |||||||
Iowa Finance Authority, Single Family Mortgage Series 2018B, Rev., VRDO, GNMA/FNMA/FHLMC, LIQ: TD Bank NA, 0.03%, 3/5/2021 (b) | 6,665 | 6,665 | ||||||
Tender Option Bond Trust Receipts/Certificates Series 2018-ZM0582, Rev., VRDO, LIQ: Barclays Bank plc, 0.06%, 3/5/2021 (b) (c) | 7,500 | 7,500 | ||||||
|
| |||||||
14,165 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
24 | J.P. MORGAN MONEY MARKET FUNDS | FEBRUARY 28, 2021 |
Table of Contents
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Kentucky — 1.2% |
| |||||||
RBC Municipal Products, Inc. Trust, Floater Certificates Series G-116, Rev., VRDO, LOC: Royal Bank of Canada, 0.23%, 3/5/2021 (b) (c) | 12,000 | 12,000 | ||||||
Tender Option Bond Trust Receipts/Certificates Series 2020-XM0881, Rev., VRDO, AGM, LIQ: Royal Bank of Canada, 0.07%, 3/5/2021 (b) (c) | 2,800 | 2,800 | ||||||
|
| |||||||
14,800 | ||||||||
|
| |||||||
Louisiana — 0.7% |
| |||||||
Tender Option Bond Trust Receipts/Certificates | ||||||||
Series 2020-XF1202, Rev., VRDO, LOC: TD Bank NA, 0.06%, 3/5/2021 (b) (c) | 5,740 | 5,740 | ||||||
Series 2019-XM0738, Rev., VRDO, LOC: Royal Bank of Canada, 0.07%, 3/5/2021 (b) (c) | 3,245 | 3,245 | ||||||
|
| |||||||
8,985 | ||||||||
|
| |||||||
Maine — 0.7% |
| |||||||
City of Auburn, Edward Little High School Project GO, BAN, 8.00%, 5/17/2021 | 8,000 | 8,132 | ||||||
|
| |||||||
Maryland — 2.1% |
| |||||||
City of Baltimore Series 2015-ZF2095, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.10%, 3/5/2021 (b) (c) | 6,665 | 6,665 | ||||||
RBC Municipal Products, Inc. Trust, Floater Certificates Series G-28, Rev., VRDO, LOC: Royal Bank of Canada, 0.23%, 3/5/2021 (b) (c) | 10,115 | 10,115 | ||||||
Tender Option Bond Trust Receipts/Certificates | ||||||||
Series 2018-ZM0621, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.08%, 3/5/2021 (b) (c) | 4,000 | 4,000 | ||||||
Series 2018-G-42, Rev., VRDO, LOC: Royal Bank of Canada, 0.23%, 3/5/2021 (b) (c) | 5,000 | 5,000 | ||||||
|
| |||||||
25,780 | ||||||||
|
| |||||||
Massachusetts — 1.2% |
| |||||||
City of Beverly GO, BAN, 2.00%, 3/26/2021 | 700 | 701 | ||||||
City of Somerville Series A, GO, BAN, 2.00%, 6/4/2021 | 550 | 553 | ||||||
City of Westfield GO, BAN, 1.75%, 6/11/2021 | 3,479 | 3,493 | ||||||
Tender Option Bond Trust Receipts/Certificates | ||||||||
Series 2020-XM0915, GO, VRDO, LIQ: Wells Fargo Bank NA, 0.06%, 3/5/2021 (b) (c) | 6,750 | 6,750 | ||||||
Series 2020-ZF0968, Rev., VRDO, FHA, LIQ: TD Bank NA, 0.07%, 3/5/2021 (b) (c) | 3,335 | 3,335 | ||||||
|
| |||||||
14,832 | ||||||||
|
|
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Michigan — 1.9% | ||||||||
Central Michigan University Series 2008A, Rev., VRDO, LOC: TD Bank NA, 0.03%, 3/5/2021 (b) | 4,430 | 4,430 | ||||||
L’Anse Creuse Public Schools GO, VRDO, Q-SBLF, LOC: TD Bank NA, 0.03%, 3/5/2021 (b) | 18,040 | 18,040 | ||||||
|
| |||||||
22,470 | ||||||||
|
| |||||||
Mississippi — 1.0% |
| |||||||
Mississippi Business Finance Corp., Gulf Opportunity Zone Industrial Development, Chevron USA, Inc. Project Series 2009E, Rev., VRDO, 0.01%, 3/1/2021 (b) | 11,725 | 11,725 | ||||||
|
| |||||||
Missouri — 1.7% |
| |||||||
Industrial Development Authority of the City of St. Louis Missouri (The), Mid-America Transplant Services Project Rev., VRDO, LOC: BMO Harris Bank NA, 0.04%, 3/1/2021 (b) | 4,345 | 4,345 | ||||||
Missouri Highway and Transportation Commission, Senior Lien Series 2010C, Rev., 5.00%, 2/1/2022 | 2,000 | 2,088 | ||||||
RBC Municipal Products, Inc. Trust, Floater Certificates Series C17, Rev., VRDO, LOC: Royal Bank of Canada, 0.08%, 3/5/2021 (b) (c) | 4,000 | 4,000 | ||||||
Tender Option Bond Trust Receipts/Certificates | ||||||||
Series 2018-XG0184, Rev., VRDO, LOC: Citibank NA, 0.08%, 3/5/2021 (b) (c) | 5,000 | 5,000 | ||||||
Series C-16, Rev., VRDO, LOC: Royal Bank of Canada, 0.09%, 3/5/2021 (b) (c) | 4,950 | 4,950 | ||||||
|
| |||||||
20,383 | ||||||||
|
| |||||||
Nebraska — 0.2% |
| |||||||
County of Washington Series 2010B, Rev., VRDO, 0.06%, 3/5/2021 (b) | 2,800 | 2,800 | ||||||
|
| |||||||
Nevada — 0.1% |
| |||||||
Tender Option Bond Trust Receipts/Certificates Series 2020-XM0866, Rev., VRDO, LOC: Royal Bank of Canada, 0.07%, 3/5/2021 (b) (c) | 1,000 | 1,000 | ||||||
|
| |||||||
New Jersey — 8.1% |
| |||||||
Borough of Beachwood, General Improvement Water Utility Series 2020A, GO, BAN, 2.00%, 3/4/2021 | 5,000 | 5,001 | ||||||
Borough of Roselle GO, BAN, 1.50%, 7/23/2021 | 8,034 | 8,074 | ||||||
City of Wildwood, Water and Sewer Utility GO, BAN, 2.00%, 10/15/2021 | 5,000 | 5,055 |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 25 |
Table of Contents
JPMorgan Institutional Tax Free Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2021 (continued)
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
New Jersey — continued |
| |||||||
County of Cumberland GO, BAN, 2.00%, 10/7/2021 | 2,380 | 2,405 | ||||||
County of Mercer, Capital Improvement, Open Space Farmland Preservation Series 2020A, GO, BAN, 2.00%, 6/10/2021 | 965 | 970 | ||||||
Hudson County Improvement Authority, County Guaranteed Pooled Notes | ||||||||
Series 2020B-1, Rev., GTD, 2.50%, 5/11/2021 | 7,000 | 7,032 | ||||||
Series 2020C-1A, Rev., GTD, 1.50%, 9/2/2021 | 9,488 | 9,551 | ||||||
Township of Florence Series 2021A, GO, BAN, 1.50%, 1/13/2022 | 4,803 | 4,856 | ||||||
Township of Lacey Series 2020A, GO, BAN, 2.00%, 5/20/2021 | 8,051 | 8,072 | ||||||
Township of Lumberton Series 2020A, GO, BAN, 1.75%, 5/3/2021 | 5,237 | 5,249 | ||||||
Township of Readington GO, BAN, 1.50%, 4/29/2021 | 12,984 | 13,010 | ||||||
Township of Robbinsville Series 2020A, GO, BAN, 1.25%, 7/20/2021 | 2,375 | 2,382 | ||||||
Township of South Brunswick Series 2020A, GO, BAN, 2.00%, 9/28/2021 | 15,468 | 15,628 | ||||||
Township of Woodbridge, General Sewer Utility GO, BAN, 2.00%, 10/15/2021 | 10,145 | 10,259 | ||||||
|
| |||||||
97,544 | ||||||||
|
| |||||||
New York — 15.9% |
| |||||||
Albany City School District Series 2020B, GO, BAN, 1.25%, 7/30/2021 | 4,272 | 4,288 | ||||||
City of New York, Fiscal Year 2012 Subseries G-7, GO, VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 0.03%, 3/1/2021 (b) | 3,910 | 3,910 | ||||||
City of New York, Fiscal Year 2017 Subseries 2017A-7, GO, VRDO, LOC: Bank of the West, 0.04%, 3/1/2021 (b) | 6,200 | 6,200 | ||||||
County of Broome Series 2020A, GO, BAN, 2.00%, 4/30/2021 | 3,255 | 3,264 | ||||||
Evans-Brant Central School District Series 2020B, GO, BAN, 1.25%, 6/25/2021 | 4,000 | 4,009 | ||||||
Frontier Central School District GO, BAN, 1.25%, 7/22/2021 | 2,568 | 2,577 | ||||||
Geneva City School District GO, BAN, 1.25%, 6/25/2021 | 5,000 | 5,014 | ||||||
Gorham-Middlesex Central School District Series 2020A, GO, BAN, 1.25%, 6/24/2021 | 5,000 | 5,011 | ||||||
Metropolitan Transportation Authority Subseries E-3, Rev., VRDO, LOC: PNC Bank NA, 0.05%, 3/5/2021 (b) | 784 | 784 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
New York — continued |
| |||||||
Metropolitan Transportation Authority, Dedicated Tax Fund Series 2008B-3C, Rev., VRDO, LOC: PNC Bank NA, 0.05%, 3/5/2021 (b) | 11,490 | 11,490 | ||||||
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2013 Subseries C-5, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.04%, 3/5/2021 (b) | 17,920 | 17,920 | ||||||
New York City Water and Sewer System, Fiscal Year 2003 Subseries F-1-A, Rev., VRDO, LIQ: Barclays Bank plc, 0.04%, 3/5/2021 (b) | 13,795 | 13,795 | ||||||
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2014 Series AA, Subseries AA-5, Rev., VRDO, LIQ: Mizuho Bank Ltd., 0.03%, 3/1/2021 (b) | 9,800 | 9,800 | ||||||
New York State Dormitory Authority Rev., VRDO, LOC: Manufacturers & Trader Trust Co., 0.08%, 3/5/2021 (b) | 12,465 | 12,465 | ||||||
Series 2016A, Rev., 5.00%, 3/15/2021 | 10,000 | 10,018 | ||||||
New York State Dormitory Authority, City University System, CONS Fifth General Resolution Series 2008D, Rev., VRDO, LOC: TD Bank NA, 0.03%, 3/5/2021 (b) | 2,755 | 2,755 | ||||||
New York State Dormitory Authority, State Personal Income Tax, General Purpose Series 2020B, Rev., RAN, 5.00%, 3/31/2021 | 2,755 | 2,766 | ||||||
North Colonie Central School District GO, BAN, 1.25%, 7/16/2021 | 3,500 | 3,512 | ||||||
Orchard Park Central School District GO, BAN, 1.50%, 5/5/2021 | 5,000 | 5,011 | ||||||
Tender Option Bond Trust Receipts/Certificates | ||||||||
Series 2016-XF2282, Rev., VRDO, LIQ: Citibank NA, 0.05%, 3/5/2021 (b) (c) | 7,400 | 7,400 | ||||||
Series 2018-XF2704, Rev., VRDO, LIQ: Barclays Bank plc, 0.06%, 3/5/2021 (b) (c) | 4,000 | 4,000 | ||||||
Series 2018-XM0692, Rev., VRDO, LIQ: Royal Bank of Canada, 0.06%, 3/5/2021 (b) (c) | 1,600 | 1,600 | ||||||
Series 2016-ZF0381, Rev., VRDO, LIQ: TD Bank NA, 0.07%, 3/5/2021 (b) (c) | 4,370 | 4,370 | ||||||
Series 2016-ZF0464, Rev., VRDO, LOC: Royal Bank of Canada, 0.07%, 3/5/2021 (b) (c) | 8,000 | 8,000 | ||||||
Series 2020-XF2903, Rev., VRDO, LOC: Barclays Bank plc, 0.07%, 3/5/2021 (b) (c) | 11,600 | 11,600 |
SEE NOTES TO FINANCIAL STATEMENTS.
26 | J.P. MORGAN MONEY MARKET FUNDS | FEBRUARY 28, 2021 |
Table of Contents
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
New York — continued |
| |||||||
Series 2020-XF2909, Rev., VRDO, LOC: Barclays Bank plc, 0.07%, 3/5/2021 (b) (c) | 4,000 | 4,000 | ||||||
Series 2020-XF2917, Rev., VRDO, LOC: Barclays Bank plc, 0.07%, 3/5/2021 (b) (c) | 2,475 | 2,475 | ||||||
Series 2020-XX1127, Rev., VRDO, AGM, LOC: Barclays Bank plc, 0.07%, 3/5/2021 (b) (c) | 5,220 | 5,220 | ||||||
Town of Vestal GO, BAN, 2.00%, 5/7/2021 | 8,418 | 8,443 | ||||||
Union Springs Central School District GO, BAN, 1.75%, 4/30/2021 | 9,900 | 9,923 | ||||||
|
| |||||||
191,620 | ||||||||
|
| |||||||
North Carolina — 0.5% |
| |||||||
Tender Option Bond Trust Receipts/Certificates | ||||||||
Series 2018-XG0170, Rev., VRDO, LIQ: Royal Bank of Canada, 0.06%, 3/5/2021 (b) (c) | 3,000 | 3,000 | ||||||
Series 2019-ZF2813, Rev., VRDO, LIQ: Barclays Bank plc, 0.08%, 3/5/2021 (b) (c) | 3,415 | 3,415 | ||||||
|
| |||||||
6,415 | ||||||||
|
| |||||||
Ohio — 0.7% |
| |||||||
Tender Option Bond Trust Receipts/Certificates Series 2019-E132, Rev., VRDO, LOC: Royal Bank of Canada, 0.06%, 3/5/2021 (b) (c) | 7,935 | 7,935 | ||||||
|
| |||||||
Oklahoma — 0.1% |
| |||||||
Tender Option Bond Trust Receipts/Certificates Series 2020-XF2884, Rev., VRDO, LOC: Barclays Bank plc, 0.07%, 3/5/2021 (b) (c) | 1,370 | 1,370 | ||||||
|
| |||||||
Pennsylvania — 1.5% |
| |||||||
Pennsylvania Economic Development Financing Authority, Exempt Facilities, PPL Energy Supply, LLC Project Series 2009C, Rev., VRDO, LOC: MUFG Union Bank NA, 0.07%, 3/5/2021 (b) | 5,000 | 5,000 | ||||||
RBC Municipal Products, Inc. Trust, Floater Certificates Series 2018-G-43, Rev., VRDO, LOC: Royal Bank of Canada, 0.23%, 3/5/2021 (b) (c) | 5,000 | 5,000 | ||||||
Tender Option Bond Trust Receipts/Certificates | ||||||||
Series 2020-XF2885, Rev., VRDO, LOC: Barclays Bank plc, 0.07%, 3/5/2021 (b) (c) | 1,250 | 1,250 | ||||||
Series 2020-XM0876, Rev., VRDO, LIQ: Royal Bank of Canada, 0.07%, 3/5/2021 (b) (c) | 1,875 | 1,875 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Pennsylvania — continued |
| |||||||
Series 2018-XF2654, Rev., VRDO, LIQ: Bank of America NA, 0.08%, 3/5/2021 (b) (c) | 4,420 | 4,420 | ||||||
|
| |||||||
17,545 | ||||||||
|
| |||||||
Rhode Island — 1.7% |
| |||||||
City of East Providence, Anticipation Notes Series 2021-1, GO, BAN, 2.00%, 6/17/2021 | 7,250 | 7,289 | ||||||
Tender Option Bond Trust Receipts/Certificates | ||||||||
Series 2019-ZF2826, Rev., VRDO, GNMA/FNMA/FHLMC, LIQ: Barclays Bank plc, 0.07%, 3/5/2021 (b) (c) | 3,570 | 3,570 | ||||||
Series 2018-ZM0631, Rev., VRDO, LIQ: Royal Bank of Canada, 0.09%, 3/5/2021 (b) (c) | 6,035 | 6,035 | ||||||
Series 2018-ZM0632, Rev., VRDO, LIQ: Royal Bank of Canada, 0.09%, 3/5/2021 (b) (c) | 4,050 | 4,050 | ||||||
|
| |||||||
20,944 | ||||||||
|
| |||||||
South Carolina — 1.4% |
| |||||||
County Square Redevelopment Corp., Installment Purchase Rev., BAN, 2.00%, 3/24/2021 (d) | 3,000 | 3,003 | ||||||
Greenville County School District Series 2020C, GO, SCSDE, 3.00%, 6/1/2021 | 825 | 831 | ||||||
South Carolina Public Service Authority Series 2019A, Rev., VRDO, LOC: Bank of America NA, 0.08%, 3/5/2021 (b) | 4,870 | 4,870 | ||||||
Tender Option Bond Trust Receipts/Certificates Series 2019-G-109, Rev., VRDO, LOC: Royal Bank of Canada, 0.23%, 3/5/2021 (b) (c) | 5,000 | 5,000 | ||||||
Town of Lexington Rev., RAN, 2.25%, 10/27/2021 | 2,450 | 2,483 | ||||||
|
| |||||||
16,187 | ||||||||
|
| |||||||
Tennessee — 0.5% |
| |||||||
Tender Option Bond Trust Receipts/Certificates Series 2015-XF1023, Rev., VRDO, LOC: Barclays Bank plc, 0.07%, 3/5/2021 (b) (c) | 5,905 | 5,905 | ||||||
|
| |||||||
Texas — 7.2% |
| |||||||
Collin County Housing Finance Corp., Multi-Family Housing Rev., VRDO, LOC: Northern Trust Co., 0.11%, 3/5/2021 (b) | 12,305 | 12,305 | ||||||
Lower Neches Valley Authority Industrial Development Corp., ExxonMobil Project | ||||||||
Series 2001A-2, Rev., VRDO, 0.01%, 3/1/2021 (b) | 2,500 | 2,500 | ||||||
Series 2002A, Rev., VRDO, 0.01%, 3/1/2021 (b) | 11,300 | 11,300 | ||||||
Series A-3, Rev., VRDO, 0.01%, 3/1/2021 (b) | 300 | 300 |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 27 |
Table of Contents
JPMorgan Institutional Tax Free Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2021 (continued)
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Texas — continued |
| |||||||
RBC Municipal Products, Inc. Trust, Floater Certificates Series E141, Rev., VRDO, LOC: | ||||||||
Royal Bank of Canada, 0.06%, 3/5/2021 (b) (c) | 3,000 | 3,000 | ||||||
Series 2019-G112, Rev., VRDO, LOC: Royal Bank of Canada, 0.23%, 3/5/2021 (b) (c) | 9,000 | 9,000 | ||||||
State of Texas, Veterans Series 2015 A, GO, VRDO, LIQ: State Street Bank & Trust, 0.06%, 3/5/2021 (b) | 5,780 | 5,780 | ||||||
State of Texas, Veterans Housing Assistance Program | ||||||||
GO, VRDO, LIQ: FHLB, 0.06%, 3/5/2021 (b) | 10,000 | 10,000 | ||||||
Series 2008 B, GO, VRDO, LIQ: State Street Bank & Trust, 0.06%, 3/5/2021 (b) | 18,945 | 18,945 | ||||||
State of Texas, Veterans Land Board Series 2013A, GO, VRDO, LIQ: State Street Bank & Trust, 0.06%, 3/5/2021 (b) | 3,020 | 3,020 | ||||||
Tender Option Bond Trust Receipts/Certificates | ||||||||
Series 2018-ZF2662, GO, VRDO, PSF-GTD, LIQ: Morgan Stanley Bank, 0.06%, 3/5/2021 (b) (c) | 3,840 | 3,840 | ||||||
Series 2018-ZF2721, GO, VRDO, LIQ: Morgan Stanley Bank, 0.06%, 3/5/2021 (b) (c) | 3,335 | 3,335 | ||||||
Series 2018-XF0645, Rev., VRDO, LIQ: TD Bank NA, 0.07%, 3/5/2021 (b) (c) | 4,000 | 4,000 | ||||||
|
| |||||||
87,325 | ||||||||
|
| |||||||
Utah — 0.5% |
| |||||||
Tender Option Bond Trust Receipts/Certificates | ||||||||
Series 2018-ZM0652, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.06%, 3/5/2021 (b) (c) | 3,425 | 3,425 | ||||||
Series 2018-XG0171, Rev., VRDO, LIQ: Royal Bank of Canada, 0.07%, 3/5/2021 (b) (c) | 3,000 | 3,000 | ||||||
|
| |||||||
6,425 | ||||||||
|
| |||||||
Vermont — 0.3% |
| |||||||
Vermont Educational and Health Buildings Financing Agency, Southwestern Vermont Medical Center Series 2008A, Rev., VRDO, LOC: TD Bank NA, 0.02%, 3/1/2021 (b) | 3,875 | 3,875 | ||||||
|
| |||||||
Virginia — 0.7% |
| |||||||
Tender Option Bond Trust Receipts/Certificates | ||||||||
Series 2020-XF0955, Rev., VRDO, LIQ: TD Bank NA, 0.07%, 3/5/2021 (b) (c) | 5,335 | 5,335 | ||||||
Series 2020-ZF0997, Rev., VRDO, LIQ: Bank of America NA, 0.07%, 3/5/2021 (b) (c) | 1,840 | 1,840 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Virginia — continued |
| |||||||
Series 2020-ZF0998, Rev., VRDO, LIQ: Bank of America NA, 0.07%, 3/5/2021 (b) (c) | 1,660 | 1,660 | ||||||
|
| |||||||
8,835 | ||||||||
|
| |||||||
Wisconsin — 0.2% |
| |||||||
Tender Option Bond Trust Receipts/Certificates Series 2020-XL0148, Rev., VRDO, AGM, LOC: Barclays Bank plc, 0.07%, 3/5/2021 (b) (c) | 2,250 | 2,250 | ||||||
|
| |||||||
Total Municipal Bonds |
| 736,235 | ||||||
|
| |||||||
SHARES (000) | ||||||||
Variable Rate Demand Preferred Shares — 7.5% |
| |||||||
New York — 1.8% |
| |||||||
Nuveen New York AMT-Free Quality Municipal Income Fund | ||||||||
Series 2, LIQ: Royal Bank of Canada, 0.08%, 3/5/2021 # (c) | 6,600 | 6,600 | ||||||
Series 3, LIQ: Sumitomo Mitsui Banking Corp., 0.08%, 3/5/2021 # (c) | 15,000 | 15,000 | ||||||
|
| |||||||
21,600 | ||||||||
|
| |||||||
Other — 5.7% |
| |||||||
Nuveen AMT-Free Municipal Credit Income Fund | ||||||||
Series 6, LIQ: Sumitomo Mitsui Banking Corp., 0.08%, 3/5/2021 # (c) | 19,000 | 19,000 | ||||||
Series 5, LIQ: Societe Generale, 0.08%, 3/5/2021 # (c) | 20,000 | 20,000 | ||||||
Nuveen AMT-Free Quality Municipal Income Fund | ||||||||
Series 5-1000, LOC: Sumitomo Mitsui Banking Corp., 0.08%, 3/5/2021 # (c) | 5,000 | 5,000 | ||||||
Series 3, LIQ: TD Bank NA, 0.09%, 3/5/2021 # (c) | 5,000 | 5,000 | ||||||
Series 4-4895, LIQ: Barclays Bank plc, 0.09%, 3/5/2021 # (c) | 20,000 | 20,000 | ||||||
|
| |||||||
69,000 | ||||||||
|
| |||||||
Total Variable Rate Demand Preferred Shares | 90,600 | |||||||
|
| |||||||
PRINCIPAL AMOUNT ($000) | ||||||||
Short-Term Investments — 27.8% |
| |||||||
Commercial Paper — 27.8% |
| |||||||
Alachua County Health Facilities Authority Series 08-A, 0.10%, 5/4/2021 | 5,000 | 5,000 |
SEE NOTES TO FINANCIAL STATEMENTS.
28 | J.P. MORGAN MONEY MARKET FUNDS | FEBRUARY 28, 2021 |
Table of Contents
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Short-Term Investments — continued |
| |||||||
Commercial Paper — continued |
| |||||||
Board of Regents of the University of Texas System | ||||||||
Series A, 0.09%, 3/5/2021 | 1,000 | 1,000 | ||||||
Series A, 0.10%, 4/5/2021 | 5,000 | 5,000 | ||||||
0.12%, 4/22/2021 | 5,000 | 5,000 | ||||||
Series A, 0.09%, 5/10/2021 | 10,000 | 10,000 | ||||||
Series A, 0.10%, 5/20/2021 | 3,500 | 3,500 | ||||||
California Statewide Communities Development Authority | ||||||||
Series 9B-3, 0.24%, 3/10/2021 | 5,000 | 5,000 | ||||||
0.21%, 6/9/2021 | 15,000 | 15,003 | ||||||
Series D, 0.22%, 6/9/2021 | 3,000 | 3,001 | ||||||
Series B-5, 0.16%, 7/13/2021 | 5,000 | 5,001 | ||||||
Series B-6, 0.17%, 8/3/2021 | 1,000 | 1,000 | ||||||
Series D, 0.18%, 8/5/2021 | 6,000 | 6,001 | ||||||
Series 9B-1, 0.18%, 8/10/2021 | 5,000 | 5,001 | ||||||
Series 9B-4, 0.19%, 9/2/2021 | 5,000 | 5,000 | ||||||
Series 9B-1, 0.16%, 9/8/2021 | 10,000 | 10,001 | ||||||
City of Dallas Series D-1, 0.14%, 3/8/2021 | 6,400 | 6,400 | ||||||
City of Garland Series 2015, 0.10%, 3/26/2021 | 4,500 | 4,500 | ||||||
City of Houston | ||||||||
Series B-1, 0.09%, 3/2/2021 | 4,000 | 4,000 | ||||||
Series B-4, 0.18%, 3/2/2021 | 6,000 | 6,001 | ||||||
Series H-2, 0.08%, 3/4/2021 | 10,000 | 10,000 | ||||||
Series H-2, 0.09%, 3/4/2021 | 4,000 | 4,000 | ||||||
Series E-1, 0.08%, 3/9/2021 | 5,000 | 5,000 | ||||||
City of Jacksonville, Health Care Facilities, Tax Exempt Series 2016, 0.17%, 8/3/2021 | 11,000 | 11,000 | ||||||
County of Harris | ||||||||
Series A-1, 0.11%, 3/3/2021 | 4,226 | 4,226 | ||||||
Series D, 0.11%, 3/3/2021 | 5,536 | 5,536 | ||||||
0.11%, 3/4/2021 | 13,870 | 13,871 | ||||||
Series J-1, 0.11%, 3/23/2021 | 350 | 350 | ||||||
County of Hillsborough | ||||||||
Series A, 0.09%, 3/25/2021 | 2,200 | 2,200 | ||||||
Series A, 0.13%, 3/25/2021 | 10,000 | 10,000 | ||||||
County of Montgomery, Tax Exempt Series 10-A, 0.09%, 5/5/2021 | 8,000 | 8,000 | ||||||
County of York Series 2000, 0.09%, 3/1/2021 | 23,000 | 23,000 | ||||||
Health and Educational Facilities Authority of the State of Missouri Series 14-C, 0.20%, 4/7/2021 | 10,000 | 10,001 | ||||||
Indiana Finance Authority, Tax Exempt Series D-2, 0.13%, 7/6/2021 | 8,000 | 8,001 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Commercial Paper — continued |
| |||||||
Los Angeles County Metropolitan Transportation Authority Series R, 0.10%, 3/4/2021 | 5,682 | 5,682 | ||||||
Louisville And Jefferson County Metropolitan Sewer | ||||||||
Series A-1, 0.10%, 5/7/2021 | 15,000 | 15,001 | ||||||
Series A-1, 0.10%, 5/11/2021 | 8,000 | 8,000 | ||||||
Lower Colorado River Authority Series B, 0.13%, 6/4/2021 | 1,735 | 1,735 | ||||||
Maryland Health & Higher Educational Facilities Authority Series B, 0.09%, 5/21/2021 | 9,000 | 9,000 | ||||||
Municipal Improvement Corp. of Los Angeles Series A-1, 0.09%, 3/5/2021 | 13,750 | 13,750 | ||||||
Regents of the University of Michigan Series B, 0.09%, 5/21/2021 | 600 | 600 | ||||||
Salt River Project Agricultural Improvement and Power District Series C, 0.11%, 3/8/2021 | 10,000 | 10,000 | ||||||
San Francisco City and County Public Utilities Commission Series A-1, 0.12%, 4/7/2021 | 6,000 | 6,000 | ||||||
Southwestern Illinois Development Authority Series 17-B, 0.14%, 3/4/2021 | 5,000 | 5,000 | ||||||
Stafford County and Staunton Industrial Development Series 8-A1, 0.08%, 3/5/2021 | 9,000 | 9,000 | ||||||
State of California Series A-8, 0.12%, 4/1/2021 | 6,200 | 6,200 | ||||||
State of California Department of Water Resources | ||||||||
Series 1, 0.10%, 3/2/2021 | 6,478 | 6,478 | ||||||
Series 1, 0.10%, 3/3/2021 | 10,631 | 10,631 | ||||||
University of California | ||||||||
Series A, 0.10%, 3/10/2021 | 2,000 | 2,000 | ||||||
Series A, 0.12%, 4/6/2021 | 500 | 500 | ||||||
University of Houston Series A, 0.18%, 3/3/2021 | 488 | 488 | ||||||
University of Minnesota Series 07-C, 0.16%, 3/3/2021 | 4,500 | 4,500 | ||||||
|
| |||||||
Total Commercial Paper |
| 335,159 | ||||||
|
| |||||||
Total Short-Term Investments |
| 335,159 | ||||||
|
| |||||||
Total Investments — 96.4% |
| 1,161,994 | ||||||
Other Assets Less |
| 43,257 | ||||||
|
| |||||||
NET ASSETS — 100.0% |
| 1,205,251 | ||||||
|
|
Percentages indicated are based on net assets.
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 29 |
Table of Contents
JPMorgan Institutional Tax Free Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2021 (continued)
Abbreviations | ||
AGM | Insured by Assured Guaranty Municipal Corp. | |
AMT | Alternative Minimum Tax | |
BAN | Bond Anticipation Note | |
CONS | Consolidated Bonds | |
COP | Certificate of Participation | |
CR | Custodial Receipts | |
FHA | Federal Housing Administration | |
FHLB | Federal Home Loan Bank | |
FHLMC | Federal Home Loan Mortgage Corp. | |
FNMA | Federal National Mortgage Association | |
GNMA | Government National Mortgage Association | |
GO | General Obligation | |
GTD | Guaranteed | |
LIQ | Liquidity Agreement | |
LOC | Letter of Credit | |
PSF-GTD | Permanent School Fund Guaranteed | |
Q-SBLF | Qualified School Bond Loan Fund | |
RAN | Revenue Anticipation Note |
Rev. | Revenue | |
SCSDE | South Carolina School District Enhancement | |
TRAN | Tax & Revenue Anticipation Note | |
VRDO | Variable Rate Demand Obligation |
(a) | The date shown represents the earliest of the next put date, next demand date or final maturity date. | |
(b) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of February 28, 2021. | |
(c) | Securities exempt from registration under Rule 144A or section 4 (a)(2), of the Securities Act of 1933, as amended. | |
(d) | Security is prerefunded or escrowed to maturity. | |
# | Variable Rate Demand Preferred Shares of a closed-end investment company which has a weekly demand feature. The interest rate shown is the rate in effect as of February 28, 2021. |
SEE NOTES TO FINANCIAL STATEMENTS.
30 | J.P. MORGAN MONEY MARKET FUNDS | FEBRUARY 28, 2021 |
Table of Contents
JPMorgan Securities Lending Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2021
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Repurchase Agreements — 2.9% |
| |||||||
Agency Joint Trading Account II, J.P. Morgan Investment Management Inc., as agent, 0.02%, dated 2/26/2021, due 3/1/21, repurchase price $52,084. (b) | 52,084 | 52,084 | ||||||
Societe Generale SA, 0.30%, dated 2/26/2021, due 3/3/2021, repurchase price $10,000, collateralized by Asset-Backed Securities, 0.29% - 5.02%, due 7/15/2030 - 10/25/2036, Collateralized Mortgage Obligations, 0.29% - 3.24%, due 12/15/2036 - 12/25/2036, Corporate Notes and Bonds, 4.25% - 8.20%, due 2/1/2025 - 1/1/2999, FNMA Connecticut Avenue Securities, 0.78% - 3.78%, due 9/25/2029 - 3/25/2050 and Sovereign Government Securities, 4.00% - 11.88%, due 7/26/2022 - 3/11/2061, with a value of $10,801. | 10,000 | 10,000 | ||||||
|
| |||||||
Total Repurchase Agreements |
| 62,084 | ||||||
|
| |||||||
Municipal Bonds — 1.9% |
| |||||||
Alaska — 0.5% |
| |||||||
Alaska Housing Finance Corp., State Capital Project Series 2019A, Rev., VRDO, 0.10%, 3/5/2021 (c) | 10,000 | 10,000 | ||||||
|
| |||||||
Colorado — 0.5% |
| |||||||
Colorado Housing and Finance Authority, Single Family Mortgage Series 2021C2, Class I, Rev., VRDO, GNMA COLL, LIQ: FHLB, 0.09%, 3/5/2021 (c) | 10,000 | 10,000 | ||||||
|
| |||||||
Michigan — 0.4% |
| |||||||
Michigan Finance Authority, Federally Taxable Series 2019D, Rev., VRDO, LOC: PNC Bank NA, 0.09%, 3/5/2021 (c) | 9,700 | 9,700 | ||||||
|
| |||||||
New York — 0.5% |
| |||||||
New York State Dormitory Authority, State Personal Income Tax, General Purpose Series 2020B, Rev., RAN, 5.00%, 3/31/2021 | 5,000 | 5,020 | ||||||
Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels Series 2018E, Rev., VRDO, LOC: Bank of America NA, 0.09%, 3/5/2021 (c) | 7,790 | 7,790 | ||||||
|
| |||||||
12,810 | ||||||||
|
| |||||||
Total Municipal Bonds | 42,510 | |||||||
|
|
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Short-Term Investments — 95.2% |
| |||||||
Commercial Paper — 53.4% |
| |||||||
Alpine Securitization Ltd. 0.27%, 7/6/2021 (d) (e) | 50,000 | 49,969 | ||||||
Australia & New Zealand Banking Group Ltd. (Australia) 0.25%, 6/23/2021 (d) (e) | 50,000 | 49,974 | ||||||
Banco Del Estado De Chile (Chile) 0.28%, 4/19/2021 (d) (e) | 14,000 | 13,997 | ||||||
Barclays Bank plc (United Kingdom) 0.09%, 3/1/2021 (d) (e) | 97,000 | 96,999 | ||||||
Barton Capital LLC 0.25%, 7/9/2021 (d) (e) | 50,000 | 49,973 | ||||||
Barton Capital SA 0.10%, 3/1/2021 (d) (e) | 40,000 | 40,000 | ||||||
BPCE SA (France) 0.46%, 3/19/2021 (d) (e) | 25,000 | 24,999 | ||||||
China Construction Bank Corp. (China) 0.09%, 3/1/2021 (d) (e) | 100,000 | 99,999 | ||||||
Cooperatieve Rabobank UA (Netherlands) 0.07%, 3/1/2021 (e) | 85,000 | 84,999 | ||||||
DBS Bank Ltd. (Singapore) 0.23%, 6/8/2021 (d) (e) | 30,000 | 29,987 | ||||||
DNB Bank ASA (Norway) | ||||||||
(ICE LIBOR USD 1 Month + 0.18%), 0.30%, 3/21/2021 (d) (f) | 25,000 | 25,023 | ||||||
(ICE LIBOR USD 3 Month + 0.07%), 0.29%, 4/22/2021 (d) (f) | 20,000 | 20,007 | ||||||
0.35%, 5/5/2021 (d) | 15,000 | 15,005 | ||||||
Federation des Caisses Desjardins du Quebec (Canada) 0.08%, 3/1/2021 (d) (e) | 53,000 | 53,000 | ||||||
Industrial & Commercial Bank of China Ltd. (China) 0.07%, 3/1/2021 (d) (e) | 95,000 | 94,999 | ||||||
KEB Hana Bank (South Korea) 0.25%, 6/1/2021 (d) (e) | 10,000 | 9,997 | ||||||
Kookmin Bank (South Korea) 0.26%, 3/29/2021 (d) (e) | 6,000 | 5,999 | ||||||
Landesbank Baden-Wurttemberg (Germany) 0.10%, 3/3/2021 (e) | 67,000 | 66,999 | ||||||
National Australia Bank Ltd. (Australia) (ICE LIBOR USD 1 Month + 0.22%), 0.34%, 3/24/2021 (d) (f) | 80,000 | 80,049 | ||||||
Standard Chartered Bank (United Kingdom) 0.24%, 7/6/2021 (d) (e) | 25,000 | 24,986 | ||||||
State of Netherlands (Netherlands) 0.09%, 3/1/2021 (d) (e) | 75,000 | 74,999 | ||||||
Sumitomo Mitsui Trust Bank Ltd. (Japan) 0.22%, 7/6/2021 (d) (e) | 10,000 | 9,994 | ||||||
Svenska Handelsbanken AB (Sweden) (ICE LIBOR USD 3 Month + 0.15%), 0.35%, 5/6/2021 (d) (f) | 75,000 | 75,024 | ||||||
Toronto-Dominion Bank (The) (Canada) | ||||||||
(US Federal Funds Effective Rate (continuous series) + 0.36%), 0.44%, 3/1/2021 (d) (f) | 50,000 | 50,040 |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 31 |
Table of Contents
JPMorgan Securities Lending Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2021 (continued)
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Short-Term Investments — continued |
| |||||||
Commercial Paper — continued |
| |||||||
(ICE LIBOR USD 3 Month + 0.23%), 0.44%, 5/1/2021 (d) (f) | 10,000 | 10,004 | ||||||
|
| |||||||
Total Commercial Paper |
| 1,157,021 | ||||||
|
| |||||||
Certificates of Deposit — 28.6% |
| |||||||
Banco Del Estado De Chile (Chile) 0.28%, 4/19/2021 | 10,925 | 10,927 | ||||||
Bank of Montreal (Canada) 0.24%, 7/20/2021 | 85,000 | 85,028 | ||||||
Bank of Nova Scotia (The) (Canada) (ICE LIBOR USD 3 Month + 0.08%), 0.26%, 5/19/2021 (f) | 35,000 | 35,008 | ||||||
Canadian Imperial Bank of Commerce (Canada) | ||||||||
(ICE LIBOR USD 3 Month + 0.11%), 0.34%, 3/10/2021 (f) | 12,000 | 12,004 | ||||||
0.42%, 7/7/2021 | 35,000 | 35,038 | ||||||
Cooperatieve Rabobank UA (Netherlands) (ICE LIBOR USD 3 Month + 0.15%), 0.34%, 5/6/2021 (f) | 15,000 | 15,005 | ||||||
Credit Suisse AG (Switzerland) 0.25%, 7/16/2021 | 40,000 | 40,012 | ||||||
Mitsubishi UFJ Trust & Banking Corp. (Japan) 0.24%, 7/8/2021 | 25,000 | 25,006 | ||||||
Mizuho Bank Ltd. (Japan) 0.24%, 4/20/2021 | 40,000 | 40,007 | ||||||
Natixis SA (France) (US Federal Funds Effective Rate (continuous series) + 0.21%), 0.28%, 3/1/2021 (f) | 12,000 | 12,002 | ||||||
0.43%, 3/23/2021 | 16,500 | 16,504 | ||||||
Nordea Bank Abp (Finland) (ICE LIBOR USD 3 Month + 0.10%), 0.33%, 3/8/2021 (f) | 75,000 | 75,028 | ||||||
Oversea-Chinese Banking Corp. Ltd. (Singapore) 0.25%, 6/28/2021 | 75,000 | 75,025 | ||||||
Royal Bank of Canada (Canada) (ICE LIBOR USD 3 Month + 0.30%), 0.49%, 5/4/2021 (f) | 10,000 | 10,006 | ||||||
Skandinaviska Enskilda Banken AB (Sweden) (ICE LIBOR USD 3 Month + 0.04%), 0.24%, 5/12/2021 (f) | 23,000 | 23,006 | ||||||
Sumitomo Mitsui Banking Corp. (Japan) 0.25%, 4/20/2021 | 80,000 | 80,016 | ||||||
Toronto-Dominion Bank (The) (Canada) (ICE LIBOR USD 3 Month + 0.09%), 0.27%, 5/19/2021 (f) | 30,000 | 30,008 | ||||||
|
| |||||||
Total Certificates of Deposit |
| 619,630 | ||||||
|
| |||||||
Time Deposits — 13.2% |
| |||||||
Credit Agricole Corporate and Investment Bank 0.07%, 3/1/2021 | 100,000 | 100,000 | ||||||
First Abu Dhabi Bank PJSC 0.07%, 3/1/2021 | 100,000 | 100,000 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Time Deposits — continued |
| |||||||
ING Bank NV (Netherlands) 0.06%, 3/1/2021 | 27,000 | 27,000 | ||||||
Mizuho Bank Ltd. 0.07%, 3/1/2021 | 60,000 | 60,000 | ||||||
|
| |||||||
Total Time Deposits |
| 287,000 | ||||||
|
| |||||||
Total Short-Term Investments |
| 2,063,651 | ||||||
|
| |||||||
Total Investments — 100.0% |
| 2,168,245 | ||||||
Other Assets Less |
| 342 | ||||||
|
| |||||||
NET ASSETS — 100.0% |
| 2,168,587 | ||||||
|
|
Percentages indicated are based on net assets.
Abbreviations | ||
COLL | Collateral | |
FHLB | Federal Home Loan Bank | |
FHLMC | Federal Home Loan Mortgage Corp. | |
FNMA | Federal National Mortgage Association | |
GNMA | Government National Mortgage Association | |
ICE | Intercontinental Exchange | |
LIBOR | London Interbank Offered Rate | |
LIQ | Liquidity Agreement | |
LOC | Letter of Credit | |
MTA | Metropolitan Transportation Authority | |
PJSC | Public Joint Stock Company | |
RAN | Revenue Anticipation Note | |
Rev. | Revenue | |
USD | United States Dollar | |
VRDO | Variable Rate Demand Obligation | |
(a) | The date shown represents the earliest of the next put date, next demand date or final maturity date. | |
(b) | Agency Joint Trading Account II — At February 28, 2021, certain Funds had undivided interests in the Agency Joint Trading Account II with a maturity date of March 1, 2021, as follows (amounts in thousands): |
Fund | Principal Amount | Repurchase Price | Collateral Value Allocation | |||||||
JPMorgan Securities Lending Money Market Fund | $52,084 | $ | 52,084 | $ | 53,129 |
SEE NOTES TO FINANCIAL STATEMENTS.
32 | J.P. MORGAN MONEY MARKET FUNDS | FEBRUARY 28, 2021 |
Table of Contents
Repurchase Agreements — At February 28, 2021, the Principal Amounts of certain Funds’ interests in the Agency Joint Trading Account II were as follows (amounts in thousands):
Counterparty | Interest Rate | JPMorgan Securities Lending Money Market Fund | ||||||
Bofa Securities, Inc. | 0.02 | % | $ | 38,340 | ||||
Citibank NA | 0.02 | % | 6,510 | |||||
Citigroup Global Markets Holdings, Inc. | 0.02 | % | 7,234 | |||||
|
| |||||||
Total | $ | 52,084 | ||||||
|
|
At February 28, 2021, the Agency Joint Trading Account II was fully collateralized by:
Issuer | Interest Rates | Maturity Dates | ||||||
FHLMC | 1.50% - 5.00% | 2/1/2026 - 1/1/2050 | ||||||
FNMA | 2.01% - 6.10% | 11/1/2022 - 1/1/2049 | ||||||
GNMA | 2.00% - 5.00% | 12/20/2035 - 2/20/2051 | ||||||
U.S. Treasury Securities | 0.63% - 2.25% | 11/15/2027 - 2/15/2050 |
(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 February 28, 2021. | |
(d) | Securities exempt from registration under Rule 144A or section 4 (a)(2), of the Securities Act of 1933, as amended. | |
(e) | The rate shown is the effective yield as of February 28, 2021. | |
(f) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of February 28, 2021. | |
(g) | Amount rounds to less than 0.1% of net assets. |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 33 |
Table of Contents
JPMorgan Liquid Assets Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2021
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Repurchase Agreements — 12.2% |
| |||||||
Barclays Capital, Inc., 0.28%, dated 2/26/2021, due 4/2/2021, repurchase price $30,008, collateralized by Collateralized Mortgage Obligations, 1.18% - 3.42%, due 12/15/2037 - 8/17/2057, with a value of $32,400. | 30,000 | 30,000 | ||||||
Barclays Capital, Inc., 0.29%, dated 2/26/2021, due 4/2/2021, repurchase price $25,007, collateralized by Collateralized Mortgage Obligations, 2.95% - 3.41%, due 10/17/2050 - 8/17/2057, with a value of $27,000. | 25,000 | 25,000 | ||||||
BMO Capital Markets Corp., 0.17%, dated 2/26/2021, due 3/1/2021, repurchase price $50,001, collateralized by Corporate Notes and Bonds, 2.79% - 8.25%, due 9/6/2024 - 1/1/2999 and U.S. Treasury Securities, 0.00%, due 5/6/2021, with a value of $52,289. | 50,000 | 50,000 | ||||||
BMO Capital Markets Corp., 0.17%, dated 2/26/2021, due 3/1/2021, repurchase price $50,001, collateralized by Asset-Backed Securities, 3.09% - 5.25%, due 12/15/2025 - 10/1/2030 and Corporate Notes and Bonds, 1.00% - 8.25%, due 10/17/2023 - 1/1/2999, with a value of $52,543. | 50,000 | 50,000 | ||||||
BMO Capital Markets Corp., 0.21%, dated 2/26/2021, due 3/5/2021, repurchase price $50,002, collateralized by Asset-Backed Securities, 0.00% - 3.75%, due 9/14/2026 - 1/25/2047, Corporate Notes and Bonds, 0.25% - 11.50%, due 1/6/2023 - 12/15/2067, GNMA, 3.27%, due 11/15/2059 and Sovereign Government Securities, 1.75%, due 7/18/2022, with a value of $53,044. | 50,000 | 50,000 | ||||||
BMO Capital Markets Corp., 0.22%, dated 2/26/2021, due 3/5/2021, repurchase price $25,001, collateralized by Asset-Backed Securities, 0.00% - 3.63%, due 1/19/2024 - 1/25/2047, Collateralized Mortgage Obligations, 3.50%, due 5/25/2058, Corporate Notes and Bonds, 0.55% - 11.50%, due 9/7/2021 -1/1/2999, FHLMC, 2.50% - 3.00%, due 3/15/2041 - 11/25/2050, FNMA, 3.50%, due 3/25/2045, GNMA, 5.50%, due 4/20/2036 and Sovereign Government Securities, 2.50%, due 1/24/2023, with a value of $26,511. | 25,000 | 25,000 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
BNP Paribas SA, 0.24%, dated 2/26/2021, due 3/2/2021, repurchase price $80,002, collateralized by Asset-Backed Securities, 0.47% - 1.87%, due 12/25/2035 -1/28/2070, with a value of $88,004. | 80,000 | 80,000 | ||||||
BNP Paribas SA, 0.39%, dated 2/26/2021, due 4/2/2021, repurchase price $100,038, collateralized by Asset-Backed Securities, 0.42% - 8.14%, due 3/25/2023 - 1/28/2070 and Corporate Notes and Bonds, 10.75%, due 3/13/2025, with a value of $110,168. | 100,000 | 100,000 | ||||||
Bofa Securities, Inc., 0.40%, dated 2/26/2021, due 3/1/2021, repurchase price $50,002, collateralized by Asset-Backed Securities, 0.00% - 4.75%, due 12/15/2026 - 5/28/2069, with a value of $53,000. | 50,000 | 50,000 | ||||||
Bofa Securities, Inc., 0.47%, dated 2/26/2021, due 4/15/2021, repurchase price $100,063, collateralized by Corporate Notes and Bonds, 0.00% - 8.25%, due 9/26/2024 - 1/15/2030, with a value of $108,000. | 100,000 | 100,000 | ||||||
Credit Suisse Securities USA LLC, 0.47%, dated 2/26/2021, due 4/2/2021, repurchase price $50,023, collateralized by Asset-Backed Securities, 0.00% - 5.98%, due 10/21/2030 - 1/25/2060 and Collateralized Mortgage Obligations, 0.00% - 4.72%, due 7/15/2022 - 1/25/2065, with a value of $54,333. | 50,000 | 50,000 | ||||||
ING Financial Markets LLC, 0.20%, dated 2/26/2021, due 3/1/2021, repurchase price $25,000, collateralized by Corporate Notes and Bonds, 4.30% - 8.63%, due 2/1/2026 - 2/1/2061 and Sovereign Government Securities, 6.49%, due 1/23/2027, with a value of $27,000. | 25,000 | 25,000 | ||||||
ING Financial Markets LLC, 0.20%, dated 2/26/2021, due 3/1/2021, repurchase price $37,001, collateralized by Corporate Notes and Bonds, 3.25% - 7.38%, due 1/20/2026 - 10/1/2040 and Sovereign Government Securities, 6.49%, due 1/23/2027, with a value of $39,961. | 37,000 | 37,000 |
SEE NOTES TO FINANCIAL STATEMENTS.
34 | J.P. MORGAN MONEY MARKET FUNDS | FEBRUARY 28, 2021 |
Table of Contents
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Repurchase Agreements — continued |
| |||||||
Societe Generale SA, 0.18%, dated 2/26/2021, due 3/1/2021, repurchase price $64,001, collateralized by Asset-Backed Securities, 3.45% - 3.60%, due 3/22/2029 - 6/1/2029, Collateralized Mortgage Obligations, 2.90%, due 10/17/2050, Corporate Notes and Bonds, 0.40% - 7.50%, due 3/9/2021 -8/16/2077 and Sovereign Government Securities, 3.40% - 6.75%, due 2/7/2022 - 4/15/2070, with a value of $67,217. | 64,000 | 64,000 | ||||||
Societe Generale SA, 0.27%, dated 2/26/2021, due 3/1/2021, repurchase price $160,004, collateralized by Asset-Backed Securities, 0.41% - 6.94%, due 1/2/2024 - 11/25/2046, Collateralized Mortgage Obligations, 0.29% - 4.83%, due 5/25/2035 - 4/15/2050, Corporate Notes and Bonds, 3.38% - 11.13%, due 11/10/2021 - 9/21/2050, FNMA Connecticut Avenue Securities, 0.78% - 3.13%, due 7/25/2024 - 10/25/2049 and Sovereign Government Securities, 2.63% -10.13%, due 6/27/2022 - 1/1/2999, with a value of $172,659. | 160,000 | 160,000 | ||||||
Societe Generale SA, 0.30%, dated 2/26/2021, due 3/3/2021, repurchase price $75,003, collateralized by Asset-Backed Securities, 0.27% - 5.02%, due 7/15/2030 - 4/25/2037, Collateralized Mortgage Obligations, 0.29% - 3.24%, due 12/25/2035 - 12/25/2036, Corporate Notes and Bonds, 2.25% - 10.75%, due 7/15/2022 - 3/26/2079, FNMA Connecticut Avenue Securities, 2.07% -3.23%, due 7/25/2024 - 3/25/2050 and Sovereign Government Securities, 4.00% - 8.75%, due 7/26/2022 - 3/11/2061, with a value of $80,828. | 75,000 | 75,000 | ||||||
Societe Generale SA, 0.32%, dated 2/26/2021, due 4/1/2021, repurchase price $90,027, collateralized by Asset-Backed Securities, 0.29% - 6.64%, due 1/2/2024 - 10/25/2037, Collateralized Mortgage Obligations, 0.29% - 6.27%, due 10/25/2035 - 6/25/2047, Corporate Notes and Bonds, 1.15% - 11.50%, due 3/9/2021 - 1/1/2999, FNMA Connecticut Avenue Securities, 2.07% - 3.23%, due 10/25/2029 - 3/25/2050 and Sovereign Government Securities, 2.63% - 10.13%, due 1/5/2023 - 1/1/2999, with a value of $96,719. | 90,000 | 90,000 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Societe Generale SA, 0.41%, dated 2/26/2021, due 4/30/2021, repurchase price $25,018, collateralized by Asset-Backed Securities, 0.36% - 0.45%, due 9/25/2036 - 4/25/2037, Corporate Notes and Bonds, 3.25% - 8.50%, due 10/1/2025 - 1/1/2999, FNMA Connecticut Avenue Securities, 2.07% - 3.28%, due 7/25/2024 - 9/26/2050 and Sovereign Government Securities, 4.00% - 8.75%, due 6/27/2022 - 3/11/2061, with a value of $27,028. | 25,000 | 25,000 | ||||||
TD Securities (USA) LLC, 0.17%, dated 2/26/2021, due 3/2/2021, repurchase price $300,006, collateralized by Corporate Notes and Bonds, 0.41% -6.50%, due 2/13/2022 - 9/15/2059 and U.S. Treasury Securities, 0.00%, due 5/15/2034 - 11/15/2043, with a value of $313,649. | 300,000 | 300,000 | ||||||
Wells Fargo Securities LLC, 0.22%, dated 2/26/2021, due 3/4/2021, repurchase price $46,002, collateralized by Sovereign Government Securities, 1.63% - 2.95%, due 2/15/2023 - 5/5/2045, with a value of $48,302. | 46,000 | 46,000 | ||||||
Wells Fargo Securities LLC, 0.44%, dated 2/26/2021, due 3/18/2021, repurchase price $50,012, collateralized by Sovereign Government Securities, 1.63% - 7.69%, due 2/15/2023 - 1/23/2050, with a value of $52,573. | 50,000 | 50,000 | ||||||
|
| |||||||
Total Repurchase Agreements |
| 1,482,000 | ||||||
|
| |||||||
Corporate Notes — 2.0% |
| |||||||
Banks — 2.0% |
| |||||||
Bank of America NA 0.23%, 7/6/2021 | 35,000 | 35,000 | ||||||
Barclays Bank plc (United Kingdom) | ||||||||
(OBFR + 0.10%), 0.17%, 3/5/2021 (b) (c) | 100,000 | 100,000 | ||||||
(OBFR + 0.10%), 0.17%, 3/5/2021 (b) (c) | 40,000 | 40,000 | ||||||
(OBFR + 0.22%), 0.29%, 3/5/2021 (b) (c) | 65,000 | 65,000 | ||||||
|
| |||||||
Total Corporate Notes |
| 240,000 | ||||||
|
| |||||||
Municipal Bonds — 0.2% |
| |||||||
New York — 0.2% |
| |||||||
New York State Dormitory Authority, State Personal Income Tax, General Purpose Series 2020B, Rev., RAN, 5.00%, 3/31/2021 (Cost $20,073) | 20,000 | 20,073 | ||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 35 |
Table of Contents
JPMorgan Liquid Assets Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2021 (continued)
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Short-Term Investments — 85.5% |
| |||||||
Certificates of Deposit — 36.8% |
| |||||||
Banco Del Estado De Chile (Chile) 0.28%, 4/19/2021 | 75,000 | 75,000 | ||||||
Bank of Montreal (Canada) | ||||||||
(ICE LIBOR USD 3 Month + 0.05%), 0.29%, 4/7/2021 (b) | 30,000 | 30,000 | ||||||
(ICE LIBOR USD 3 Month + 0.01%), 0.22%, 5/4/2021 (b) | 20,000 | 20,000 | ||||||
(ICE LIBOR USD 3 Month + 0.02%), 0.22%, 5/11/2021 (b) | 125,000 | 125,000 | ||||||
0.25%, 5/18/2021 | 50,000 | 50,000 | ||||||
0.24%, 7/20/2021 | 25,000 | 25,000 | ||||||
Bank of Nova Scotia (The) (Canada) | ||||||||
(ICE LIBOR USD 1 Month + 0.17%), 0.29%, 3/24/2021 (b) | 25,000 | 25,000 | ||||||
(ICE LIBOR USD 3 Month + 0.08%), 0.30%, 4/23/2021 (b) | 10,000 | 10,000 | ||||||
(ICE LIBOR USD 3 Month + 0.10%), 0.29%, 5/14/2021 (b) | 50,000 | 50,000 | ||||||
BNP Paribas SA (France) | ||||||||
0.40%, 3/3/2021 | 50,000 | 50,000 | ||||||
(ICE LIBOR USD 3 Month + 0.03%), 0.27%, 4/7/2021 (b) | 18,000 | 18,000 | ||||||
0.24%, 4/26/2021 | 35,000 | 35,000 | ||||||
0.25%, 6/14/2021 | 15,000 | 15,000 | ||||||
0.25%, 7/6/2021 | 25,000 | 25,000 | ||||||
Canadian Imperial Bank of Commerce (Canada) | ||||||||
(ICE LIBOR USD 3 Month + 0.11%), 0.34%, 3/10/2021 (b) | 50,000 | 50,000 | ||||||
(ICE LIBOR USD 3 Month + 0.05%), 0.27%, 3/31/2021 (b) | 64,000 | 64,000 | ||||||
(ICE LIBOR USD 3 Month + 0.01%), 0.21%, 5/10/2021 (b) | 100,000 | 100,000 | ||||||
0.42%, 7/7/2021 | 50,000 | 50,000 | ||||||
China Construction Bank Corp. (China) 0.19%, 3/16/2021 | 25,000 | 25,000 | ||||||
Cooperatieve Rabobank UA (Netherlands) | ||||||||
(ICE LIBOR USD 3 Month + 0.09%), 0.32%, 3/2/2021 (b) | 50,000 | 50,000 | ||||||
(ICE LIBOR USD 3 Month + 0.04%), 0.24%, 3/31/2021 (b) | 50,000 | 50,000 | ||||||
(ICE LIBOR USD 3 Month + 0.10%), 0.32%, 4/12/2021 (b) | 10,000 | 10,000 | ||||||
(ICE LIBOR USD 3 Month + 0.08%), 0.29%, 4/30/2021 (b) | 29,000 | 29,000 | ||||||
(ICE LIBOR USD 3 Month + 0.15%), 0.34%, 5/6/2021 (b) | 8,000 | 8,000 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Certificates of Deposit — continued |
| |||||||
(ICE LIBOR USD 3 Month + 0.32%), 0.51%, 5/6/2021 (b) | 13,000 | 13,000 | ||||||
(ICE LIBOR USD 3 Month + 0.04%), 0.23%, 5/17/2021 (b) | 70,000 | 70,000 | ||||||
0.25%, 7/30/2021 (d) | 50,000 | 49,948 | ||||||
Credit Agricole Corporate and Investment Bank (France) 0.39%, 3/16/2021 | 17,000 | 17,000 | ||||||
Credit Industriel et Commercial (France) | ||||||||
(ICE LIBOR USD 3 Month + 0.05%), 0.29%, 4/6/2021 (b) | 25,000 | 25,000 | ||||||
(ICE LIBOR USD 3 Month + 0.01%), 0.23%, 4/26/2021 (b) | 26,000 | 26,000 | ||||||
(ICE LIBOR USD 3 Month + 0.00%), 0.22%, 4/28/2021 (b) | 23,000 | 23,000 | ||||||
0.25%, 7/6/2021 | 50,000 | 50,000 | ||||||
0.27%, 7/23/2021 | 50,000 | 50,000 | ||||||
0.24%, 10/12/2021 (d) | 70,000 | 69,895 | ||||||
Credit Suisse AG (Switzerland) | ||||||||
0.38%, 4/12/2021 | 50,000 | 50,000 | ||||||
0.29%, 5/17/2021 | 50,000 | 50,000 | ||||||
0.27%, 7/15/2021 | 40,000 | 40,000 | ||||||
0.35%, 12/2/2021 | 30,000 | 30,000 | ||||||
0.24%, 2/22/2022 | 75,000 | 75,000 | ||||||
DNB Bank ASA (Norway) (ICE LIBOR USD 3 Month + 0.15%), 0.34%, 5/6/2021 (b) | 16,000 | 16,000 | ||||||
ING Bank NV 0.25%, 10/8/2021 | 30,000 | 30,000 | ||||||
KBC Bank NV (Belgium) 0.21%, 4/8/2021 (d) | 25,000 | 24,994 | ||||||
Landesbank Hessen-Thueringen Girozentrale (Germany) 0.10%, 3/2/2021 | 150,000 | 150,000 | ||||||
Mitsubishi UFJ Trust & Banking Corp. (Japan) | ||||||||
0.28%, 6/18/2021 | 70,000 | 70,000 | ||||||
0.24%, 7/8/2021 | 10,000 | 10,000 | ||||||
0.19%, 8/4/2021 | 50,000 | 50,000 | ||||||
0.20%, 8/4/2021 | 10,000 | 10,000 | ||||||
Mizuho Bank Ltd. (Japan) | ||||||||
0.28%, 5/17/2021 | 60,000 | 60,000 | ||||||
0.23%, 7/8/2021 | 60,000 | 60,000 | ||||||
0.20%, 7/19/2021 | 20,000 | 20,000 | ||||||
0.20%, 8/6/2021 | 40,000 | 40,000 | ||||||
0.20%, 8/10/2021 | 35,000 | 35,000 | ||||||
MUFG Bank Ltd. (Japan) | ||||||||
0.25%, 4/21/2021 | 25,000 | 25,000 | ||||||
0.23%, 7/7/2021 | 15,000 | 15,000 | ||||||
0.23%, 7/8/2021 | 90,000 | 90,000 | ||||||
0.20%, 7/22/2021 | 15,000 | 15,000 |
SEE NOTES TO FINANCIAL STATEMENTS.
36 | J.P. MORGAN MONEY MARKET FUNDS | FEBRUARY 28, 2021 |
Table of Contents
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Short-Term Investments — continued |
| |||||||
Certificates of Deposit — continued |
| |||||||
0.19%, 8/9/2021 | 50,000 | 50,000 | ||||||
0.19%, 8/11/2021 | 50,000 | 50,000 | ||||||
National Australia Bank Ltd. (Australia) | ||||||||
0.37%, 3/8/2021 (d) | 200,000 | 199,986 | ||||||
0.38%, 3/23/2021 (d) | 15,000 | 14,996 | ||||||
0.19%, 4/8/2021 (d) | 15,000 | 14,997 | ||||||
0.40%, 4/30/2021 (d) | 29,000 | 28,981 | ||||||
Natixis SA (France) | ||||||||
(ICE LIBOR USD 1 Month + 0.17%), 0.28%, 3/19/2021 (b) | 50,000 | 50,000 | ||||||
0.39%, 4/8/2021 | 5,000 | 5,000 | ||||||
0.29%, 5/3/2021 | 30,000 | 30,000 | ||||||
(ICE LIBOR USD 3 Month + 0.03%), 0.23%, 5/12/2021 (b) | 25,000 | 25,000 | ||||||
0.26%, 6/3/2021 | 30,000 | 30,000 | ||||||
0.30%, 8/13/2021 | 75,000 | 75,000 | ||||||
0.30%, 9/2/2021 | 50,000 | 50,000 | ||||||
0.23%, 10/7/2021 | 30,000 | 30,000 | ||||||
Nordea Bank Abp (Finland) | ||||||||
(ICE LIBOR USD 3 Month + 0.10%), 0.33%, 3/1/2021 (b) | 50,000 | 50,000 | ||||||
(ICE LIBOR USD 3 Month + 0.10%), 0.33%, 3/8/2021 (b) | 100,000 | 100,000 | ||||||
(ICE LIBOR USD 3 Month + 0.12%), 0.35%, 3/17/2021 (b) | 40,000 | 40,000 | ||||||
(ICE LIBOR USD 3 Month + 0.10%), 0.32%, 4/13/2021 (b) | 25,000 | 25,000 | ||||||
(ICE LIBOR USD 3 Month + 0.00%), 0.22%, 4/30/2021 (b) | 29,000 | 29,000 | ||||||
(ICE LIBOR USD 3 Month + 0.10%), 0.29%, 5/14/2021 (b) | 50,000 | 50,000 | ||||||
(ICE LIBOR USD 3 Month + 0.10%), 0.28%, 5/21/2021 (b) | 21,000 | 21,000 | ||||||
Norinchukin Bank (The) (Japan) 0.23%, 4/9/2021 | 17,000 | 17,000 | ||||||
Oversea-Chinese Banking Corp. Ltd. (Singapore) (ICE LIBOR USD 1 Month + 0.14%), 0.25%, 3/24/2021 (b) | 25,000 | 25,000 | ||||||
Royal Bank of Canada (Canada) | ||||||||
(ICE LIBOR USD 3 Month + 0.12%), 0.36%, 3/24/2021 (b) | 17,000 | 17,000 | ||||||
(ICE LIBOR USD 3 Month + 0.11%), 0.33%, 4/11/2021 (b) | 15,000 | 15,000 | ||||||
(ICE LIBOR USD 3 Month + 0.07%), 0.28%, 4/29/2021 (b) | 22,000 | 22,000 | ||||||
(ICE LIBOR USD 3 Month + 0.30%), 0.49%, 5/4/2021 (b) | 15,000 | 15,000 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Certificates of Deposit — continued |
| |||||||
(ICE LIBOR USD 3 Month + 0.21%), 0.41%, 5/5/2021 (b) | 13,000 | 13,000 | ||||||
Skandinaviska Enskilda Banken AB (Sweden) | ||||||||
0.23%, 3/18/2021 | 25,000 | 25,000 | ||||||
0.22%, 5/10/2021 | 50,000 | 50,000 | ||||||
0.22%, 5/10/2021 | 13,000 | 13,000 | ||||||
0.25%, 5/11/2021 | 75,000 | 75,000 | ||||||
0.25%, 6/1/2021 | 25,000 | 25,000 | ||||||
0.24%, 6/16/2021 | 50,000 | 50,000 | ||||||
Societe Generale SA (France) 0.23%, 4/5/2021 | 26,000 | 26,000 | ||||||
Standard Chartered Bank (United Kingdom) | ||||||||
0.23%, 7/6/2021 | 15,000 | 15,000 | ||||||
0.21%, 7/19/2021 | 25,000 | 25,000 | ||||||
Sumitomo Mitsui Banking Corp. (Japan) | ||||||||
0.24%, 3/9/2021 | 35,000 | 35,000 | ||||||
(ICE LIBOR USD 3 Month + 0.04%), 0.28%, 4/7/2021 (b) | 15,000 | 15,000 | ||||||
(ICE LIBOR USD 3 Month + 0.00%), 0.20%, 5/5/2021 (b) | 100,000 | 100,000 | ||||||
0.25%, 7/6/2021 | 30,000 | 30,000 | ||||||
0.26%, 7/6/2021 | 50,000 | 50,000 | ||||||
0.23%, 7/7/2021 | 12,000 | 12,000 | ||||||
Sumitomo Mitsui Trust Bank Ltd. (Japan) 0.27%, 5/13/2021 | 25,000 | 25,000 | ||||||
Svenska Handelsbanken AB (Sweden) | ||||||||
(ICE LIBOR USD 3 Month + 0.11%), 0.33%, 3/16/2021 (b) | 17,000 | 17,000 | ||||||
(ICE LIBOR USD 3 Month + 0.12%), 0.34%, 3/16/2021 (b) | 9,000 | 9,000 | ||||||
(ICE LIBOR USD 3 Month + 0.12%), 0.36%, 3/18/2021 (b) | 12,000 | 12,000 | ||||||
(ICE LIBOR USD 3 Month + 0.09%), 0.31%, 4/20/2021 (b) | 35,000 | 35,000 | ||||||
(ICE LIBOR USD 3 Month + 0.01%), 0.23%, 4/26/2021 (b) | 17,000 | 17,000 | ||||||
(ICE LIBOR USD 3 Month + 0.05%), 0.26%, 4/30/2021 (b) | 25,000 | 25,000 | ||||||
(ICE LIBOR USD 3 Month + 0.13%), 0.32%, 5/7/2021 (b) | 50,000 | 50,000 | ||||||
(ICE LIBOR USD 3 Month + 0.02%), 0.22%, 5/11/2021 (b) | 50,000 | 50,000 | ||||||
Toronto-Dominion Bank (The) (Canada) | ||||||||
(US Federal Funds Effective Rate (continuous series) + 0.35%), 0.42%, 3/1/2021 (b) | 20,000 | 20,000 |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 37 |
Table of Contents
JPMorgan Liquid Assets Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2021 (continued)
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Short-Term Investments — continued |
| |||||||
Certificates of Deposit — continued |
| |||||||
(ICE LIBOR USD 3 Month + 0.11%), 0.34%, 3/10/2021 (b) | 5,000 | 5,000 | ||||||
(ICE LIBOR USD 1 Month + 0.18%), 0.29%, 3/21/2021 (b) | 25,000 | 25,000 | ||||||
(ICE LIBOR USD 3 Month + 0.07%), 0.29%, 4/28/2021 (b) | 30,000 | 30,000 | ||||||
(ICE LIBOR USD 3 Month + 0.09%), 0.27%, 5/19/2021 (b) | 26,000 | 26,000 | ||||||
0.41%, 7/6/2021 | 29,000 | 29,000 | ||||||
Westpac Banking Corp. (Australia) (ICE LIBOR USD 3 Month + 0.01%), 0.21%, 5/10/2021 (b) | 100,000 | 100,000 | ||||||
|
| |||||||
Total Certificates of Deposit |
| 4,462,797 | ||||||
|
| |||||||
Commercial Paper — 25.1% |
| |||||||
Alpine Securitization Ltd. (Switzerland) 0.31%, 5/5/2021 (c) (d) | 25,000 | 24,986 | ||||||
Bank of Nova Scotia (The) (Canada) (ICE LIBOR USD 3 Month + 0.00%), 0.22%, 4/28/2021 (b) (c) | 50,000 | 50,000 | ||||||
Bedford Row Funding Corp. | ||||||||
(ICE LIBOR USD 3 Month + 0.10%), 0.34%, 3/3/2021 (b) (c) | 100,000 | 100,000 | ||||||
(ICE LIBOR USD 3 Month + 0.02%), 0.23%, 4/27/2021 (b) (c) | 20,000 | 20,000 | ||||||
0.25%, 6/7/2021 (c) (d) | 25,000 | 24,983 | ||||||
0.25%, 6/14/2021 (c) (d) | 6,000 | 5,996 | ||||||
0.29%, 8/13/2021 (c) (d) | 50,000 | 49,933 | ||||||
BNP Paribas SA (France) 0.23%, 4/9/2021 (d) | 25,000 | 24,994 | ||||||
BNZ International Funding Ltd. (New Zealand) 0.22%, 3/15/2021 (c) (d) | 25,000 | 24,998 | ||||||
BPCE SA (France) | ||||||||
0.46%, 3/19/2021 (c) (d) | 10,000 | 9,998 | ||||||
0.27%, 7/15/2021 (c) (d) | 26,000 | 25,973 | ||||||
Caisse d’Amortissement de la Dette Sociale (France) 0.40%, 3/25/2021 (c) (d) | 75,000 | 74,980 | ||||||
Canadian Imperial Bank of Commerce (Canada) (ICE LIBOR USD 3 Month + 0.05%), 0.24%, 5/9/2021 (b) (c) | 80,000 | 80,000 | ||||||
DBS Bank Ltd. (Singapore) 0.22%, 4/23/2021 (c) (d) | 45,000 | 44,985 | ||||||
DBS Group Holdings Ltd. (Singapore) 0.24%, 4/23/2021 (d) | 200,000 | 199,929 | ||||||
Dexia Credit Local SA (France) 0.23%, 4/26/2021 (c) (d) | 50,000 | 49,982 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Commercial Paper — continued |
| |||||||
DNB Bank ASA (Norway) | ||||||||
(ICE LIBOR USD 3 Month + 0.03%), 0.28%, 4/14/2021 (b) (c) | 50,000 | 50,000 | ||||||
(ICE LIBOR USD 3 Month + 0.07%), 0.29%, 4/22/2021 (b) (c) | 21,000 | 21,000 | ||||||
(ICE LIBOR USD 3 Month + 0.01%), 0.23%, 4/26/2021 (b) (c) | 17,000 | 17,000 | ||||||
(ICE LIBOR USD 3 Month + 0.01%), 0.22%, 4/28/2021 (b) (c) | 71,000 | 71,001 | ||||||
First Abu Dhabi Bank PJSC (United Arab Emirates) | ||||||||
0.23%, 7/13/2021 (c) (d) | 25,000 | 24,979 | ||||||
0.23%, 7/20/2021 (c) (d) | 75,000 | 74,932 | ||||||
0.22%, 7/26/2021 (c) (d) | 100,000 | 99,910 | ||||||
0.21%, 8/5/2021 (c) (d) | 90,000 | 89,918 | ||||||
HSBC Bank plc (United Kingdom) | ||||||||
0.24%, 4/7/2021 (c) (d) | 52,000 | 51,987 | ||||||
0.20%, 5/14/2021 (d) | 15,000 | 14,994 | ||||||
ING US Funding LLC (Netherlands) 0.22%, 10/12/2021 (c) (d) | 30,000 | 29,959 | ||||||
LMA-Americas LLC | ||||||||
0.23%, 3/1/2021 (c) (d) | 120,550 | 120,550 | ||||||
0.27%, 6/3/2021 (c) (d) | 40,000 | 39,972 | ||||||
0.23%, 7/8/2021 (c) (d) | 50,000 | 49,959 | ||||||
Macquarie Bank Ltd. (Australia) | ||||||||
0.23%, 3/10/2021 (c) (d) | 25,000 | 24,999 | ||||||
0.25%, 5/11/2021 (c) (d) | 75,000 | 74,963 | ||||||
Matchpoint Finance plc (Ireland) Series A, 0.23%, 7/12/2021 (c) (d) | 50,000 | 49,957 | ||||||
National Australia Bank Ltd. (Australia) | ||||||||
(ICE LIBOR USD 3 Month + 0.00%), 0.20%, 5/4/2021 (b) (c) | 14,000 | 14,000 | ||||||
(ICE LIBOR USD 3 Month + 0.00%), 0.20%, 5/10/2021 (b) (c) | 100,000 | 100,000 | ||||||
Nieuw Amsterdam Receivables Corp. 0.15%, 4/19/2021 (c) (d) | 25,000 | 24,995 | ||||||
NRW Bank (Germany) | ||||||||
0.07%, 3/1/2021 (c) (d) | 200,000 | 200,000 | ||||||
0.07%, 3/2/2021 (c) (d) | 180,000 | 180,000 | ||||||
Royal Bank of Canada (Canada) (SOFR + 0.25%), 0.28%, 3/1/2021 (b) (c) | 50,000 | 50,000 | ||||||
Shinhan Bank (South Korea) Series A, 0.21%, 7/21/2021 (c) (d) | 18,200 | 18,185 | ||||||
Societe Generale SA (France) 0.19%, 8/23/2021 (c) (d) | 25,000 | 24,977 | ||||||
State of Netherlands (Netherlands) 0.09%, 3/1/2021 (c) (d) | 50,000 | 50,000 |
SEE NOTES TO FINANCIAL STATEMENTS.
38 | J.P. MORGAN MONEY MARKET FUNDS | FEBRUARY 28, 2021 |
Table of Contents
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Short-Term Investments — continued |
| |||||||
Commercial Paper — continued |
| |||||||
Svenska Handelsbanken AB (Sweden) | ||||||||
(ICE LIBOR USD 3 Month + 0.11%), 0.33%, 3/15/2021 (b) (c) | 25,000 | 25,000 | ||||||
0.33%, 4/12/2021 (c) | 25,000 | 25,000 | ||||||
0.30%, 4/27/2021 (c) | 28,000 | 28,000 | ||||||
(ICE LIBOR USD 3 Month + 0.00%), 0.21%, 5/4/2021 (b) (c) | 11,000 | 11,000 | ||||||
Toronto-Dominion Bank (The) (Canada) | ||||||||
(ICE LIBOR USD 3 Month + 0.23%), 0.44%, 5/1/2021 (b) (c) | 13,000 | 13,000 | ||||||
(ICE LIBOR USD 3 Month + 0.18%), 0.38%, 5/5/2021 (b) (c) | 16,000 | 16,000 | ||||||
(ICE LIBOR USD 3 Month + 0.01%), 0.21%, 5/10/2021 (b) (c) | 100,000 | 100,000 | ||||||
(ICE LIBOR USD 3 Month + 0.02%), 0.22%, 5/10/2021 (b) (c) | 50,000 | 50,000 | ||||||
Toyota Credit Canada, Inc. (Canada) 0.25%, 6/15/2021 (d) | 50,000 | 49,963 | ||||||
Toyota Finance Australia Ltd. (Australia) | ||||||||
0.28%, 3/23/2021 (d) | 120,000 | 119,979 | ||||||
0.17%, 5/7/2021 (d) | 25,000 | 24,992 | ||||||
UBS AG (Switzerland) | ||||||||
(ICE LIBOR USD 3 Month + 0.10%), 0.34%, 4/6/2021 (b) (c) | 24,000 | 24,000 | ||||||
0.30%, 7/15/2021 (c) (d) | 85,000 | 84,904 | ||||||
0.30%, 10/4/2021 (c) (d) | 50,000 | 49,909 | ||||||
Westpac Banking Corp. (Australia) | ||||||||
0.37%, 3/4/2021 (c) (d) | 35,000 | 34,999 | ||||||
(ICE LIBOR USD 3 Month + 0.00%), 0.20%, 4/28/2021 (b) (c) | 14,000 | 14,000 | ||||||
|
| |||||||
Total Commercial Paper |
| 3,050,720 | ||||||
|
| |||||||
Time Deposits — 22.8% |
| |||||||
Australia and New Zealand Banking Group Ltd. 0.09%, 3/3/2021 | 300,000 | 300,000 | ||||||
Bank of Nova Scotia (The) 0.07%, 3/1/2021 | 450,000 | 450,000 | ||||||
Canadian Imperial Bank of Commerce 0.07%, 3/1/2021 | 250,000 | 250,000 | ||||||
Credit Agricole Corporate and Investment Bank | ||||||||
0.07%, 3/1/2021 | 216,774 | 216,774 | ||||||
0.13%, 3/4/2021 | 50,000 | 50,000 | ||||||
Erste Group Bank AG 0.07%, 3/1/2021 | 400,000 | 400,000 | ||||||
First Abu Dhabi Bank PJSC 0.07%, 3/1/2021 | 120,000 | 120,000 | ||||||
ING Bank NV (Netherlands) 0.08%, 3/4/2021 | 355,000 | 355,000 | ||||||
Mizuho Bank Ltd. 0.07%, 3/1/2021 | 330,000 | 330,000 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Time Deposits — continued |
| |||||||
National Bank of Canada 0.08%, 3/4/2021 | 300,000 | 300,000 | ||||||
|
| |||||||
Total Time Deposits |
| 2,771,774 | ||||||
|
| |||||||
U.S. Treasury Obligations — 0.8% |
| |||||||
U.S. Treasury Bills 0.09%, 4/6/2021 (d) | 100,000 | 99,991 | ||||||
|
| |||||||
Total Short-Term Investments |
| 10,385,282 | ||||||
|
| |||||||
Total Investments — 99.9% |
| 12,127,355 | ||||||
Other Assets Less |
| 16,534 | ||||||
|
| |||||||
NET ASSETS — 100.0% |
| 12,143,889 | ||||||
|
|
Percentages indicated are based on net assets.
Abbreviations | ||
FHLMC | Federal Home Loan Mortgage Corp. | |
FNMA | Federal National Mortgage Association | |
GNMA | Government National Mortgage Association | |
ICE | Intercontinental Exchange | |
LIBOR | London Interbank Offered Rate | |
OBFR | Overnight Bank Funding Right | |
PJSC | Public Joint Stock Company | |
RAN | Revenue Anticipation Note | |
Rev. | Revenue | |
SOFR | Secured Overnight Financing Rate | |
USD | United States Dollar | |
(a) | The date shown represents the earliest of the next put date, next demand date or final maturity date. | |
(b) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of February 28, 2021. | |
(c) | Securities exempt from registration under Rule 144A or section 4 (a)(2), of the Securities Act of 1933, as amended. | |
(d) | The rate shown is the effective yield as of February 28, 2021. | |
* | The cost of securities is substantially the same for federal income tax purposes. |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 39 |
Table of Contents
JPMorgan U.S. Government Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2021
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Repurchase Agreements - 33.0% |
| |||||||
Agency Joint Trading Account I, J.P. Morgan Investment Management Inc., as agent, 0.02% - 0.03%, dated 2/26/2021, due 3/1/2021, repurchase price $2,650,005. (b) | 2,650,000 | 2,650,000 | ||||||
Agency Joint Trading Account II, J.P. Morgan Investment Management Inc., as agent, 0.02%, dated 2/26/2021, due 3/1/2021, repurchase price $1,993,296. (c) | 1,993,293 | 1,993,293 | ||||||
Agency Joint Trading Account III J.P. Morgan Investment Management Inc., as agent, 0.03%, dated 2/26/2021, due 3/1/2021, repurchase price $90,831. (d) | 90,831 | 90,831 | ||||||
Bank of America NA, 0.02%, dated 2/26/2021, due 3/1/2021, repurchase price $750,001, collateralized by GNMA, 3.00%, due 9/20/2046, with a value of $765,000. | 750,000 | 750,000 | ||||||
Bank of Montreal, 0.02%, dated 2/26/2021, due 3/1/2021, repurchase price $515,001, collateralized by FNMA, 1.50% - 4.50%, due 8/1/2032 - 2/1/2051, GNMA, 0.56% - 2.50%, due 1/20/2049 - 11/20/2069 and U.S. Treasury Securities, 0.00%, due 3/25/2021, with a value of $528,689. | 515,000 | 515,000 | ||||||
Bank of Montreal, 0.12%, dated 2/26/2021, due 3/5/2021, repurchase price $400,009, collateralized by FHLB, 1.13% - 2.75%, due 3/12/2021 - 3/13/2026, FHLMC, 0.00%, due 7/15/2032 and FNMA, 0.00% - 4.00%, due 3/1/2030 - 3/1/2051, with a value of $408,143. | 400,000 | 400,000 | ||||||
Bank of Nova Scotia (The), 0.02%, dated 2/26/2021, due 3/1/2021, repurchase price $1,500,003, collateralized by FHLMC, 2.00% - 7.00%, due 5/1/2021 - 2/1/2051, FNMA, 2.00% - 8.00%, due 6/1/2025 - 1/1/2051, GNMA, 1.63% - 5.00%, due 9/20/2039 - 2/20/2051 and U.S. Treasury Securities, 0.38%, due 4/30/2025, with a value of $1,530,000. | 1,500,000 | 1,500,000 | ||||||
Bank of Nova Scotia (The), 0.04%, dated 2/26/2021, due 3/2/2021, repurchase price $1,000,004, collateralized by FHLMC, 1.89% - 4.50%, due 6/1/2030 - 10/1/2050, FNMA, 1.97% - 4.50%, due 7/1/2028 - 2/1/2051 and U.S. Treasury Securities, 0.13% - 3.13%, due 2/28/2021 - 11/15/2030, with a value of $1,020,000. | 1,000,000 | 1,000,000 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Barclays Capital, Inc., 0.01%, dated 2/26/2021, due 3/1/2021, repurchase price $2,000,002, collateralized by U.S. Treasury Securities, 0.00%, due 5/15/2021 - 2/15/2051, with a value of $2,040,000. | 2,000,000 | 2,000,000 | ||||||
BMO Capital Markets Corp., 0.10%, dated 2/26/2021, due 3/5/2021, repurchase price $300,006, collateralized by FFCB, 1.20% - 3.07%, due 2/26/2029 - 11/28/2033, FHLB, 1.13% - 1.88%, due 7/7/2021 - 7/14/2021, FHLMC, 0.75% - 3.50%, due 7/21/2032 - 3/25/2051, FNMA, 1.25% - 3.50%, due 8/17/2021 - 1/25/2051, GNMA, 0.00% - 6.50%, due 7/20/2029 - 1/20/2071 and U.S. Treasury Securities, 0.00% - 3.13%, due 2/28/2021 - 8/15/2042, with a value of $306,911. | 300,000 | 300,000 | ||||||
BMO Capital Markets Corp., 0.10%, dated 2/26/2021, due 3/5/2021, repurchase price $500,010, collateralized by FFCB, 0.19%, due 7/13/2022, FHLMC, 0.00% - 7.25%, due 5/15/2023 - 3/25/2051, FNMA, 0.50% - 6.50%, due 5/6/2021 - 3/25/2051 and GNMA, 0.50% - 8.50%, due 11/15/2021 - 11/20/2070, with a value of $512,806. | 500,000 | 500,000 | ||||||
BMO Capital Markets Corp., 0.13%, dated 2/26/2021, due 3/5/2021, repurchase price $500,013, collateralized by FFCB, 3.00%, due 12/6/2023, FHLB, 0.00% - 1.13%, due 4/21/2021 - 2/26/2027, FHLMC, 0.00% - 7.25%, due 8/15/2029 - 3/25/2051, FNMA, 0.50% - 6.50%, due 1/7/2025 - 3/25/2051, GNMA, 0.50% - 8.50%, due 11/15/2021 - 12/20/2070 and U.S. Treasury Securities, 0.00% - 4.38%, due 2/28/2021 - 2/15/2051, with a value of $512,559. | 500,000 | 500,000 | ||||||
BMO Capital Markets Corp., 0.13%, dated 2/26/2021, due 3/5/2021, repurchase price $600,015, collateralized by FHLB, 1.88%, due 7/7/2021, FHLMC, 0.50% - 6.00%, due 6/16/2023 - 8/15/2054, FNMA, 1.25% - 6.30%, due 5/6/2021 - 1/25/2051, GNMA, 0.51% - 14.88%, due 11/15/2021 - 1/20/2071 and U.S. Treasury Securities, 0.08% - 2.50%, due 1/15/2022 - 1/31/2023, with a value of $615,031. | 600,000 | 600,000 |
SEE NOTES TO FINANCIAL STATEMENTS.
40 | J.P. MORGAN MONEY MARKET FUNDS | FEBRUARY 28, 2021 |
Table of Contents
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Repurchase Agreements — continued |
| |||||||
BNP Paribas SA, 0.12%, dated 2/26/2021, due 3/1/2021, repurchase price $1,000,010, collateralized by FFCB, 2.99% - 3.46%, due 7/18/2034 - 3/9/2038, FHLB, 3.93% - 5.37%, due 9/9/2024 - 5/25/2035, FHLMC, 0.38% - 7.50%, due 5/5/2023 - 10/1/2050, FNMA, 0.00% - 6.50%, due 6/22/2021 - 10/1/2050, GNMA, 0.77% - 6.50%, due 12/15/2034 - 1/20/2051 and U.S. Treasury Securities, 0.00% - 8.13%, due 4/30/2021 - 8/15/2050, with a value of $1,020,700. | 1,000,000 | 1,000,000 | ||||||
BNP Paribas SA, 0.11%, dated 2/26/2021, due 3/4/2021, repurchase price $400,007, collateralized by FHLB, 5.50%, due 7/15/2036, FHLMC, 0.38% - 7.50%, due 5/5/2023 - 2/25/2051, FNMA, 2.50% - 4.50%, due 7/1/2036 - 2/1/2057, GNMA, 2.00% - 6.50%, due 4/15/2024 - 1/20/2051 and U.S. Treasury Securities, 0.00% - 3.38%, due 3/25/2021 - 2/15/2050, with a value of $408,142. | 400,000 | 400,000 | ||||||
BNP Paribas SA, 0.06%, dated 2/26/2021, due 3/5/2021, repurchase price $1,000,012, collateralized by FFCB, 4.16%, due 10/25/2033, FHLMC, 0.00% - 7.00%, due 3/15/2029 - 1/1/2049, FNMA, 2.00% - 5.00%, due 2/1/2036 - 3/1/2051, GNMA, 1.63% - 5.50%, due 4/15/2038 - 2/20/2051 and U.S. Treasury Securities, 0.00% - 4.50%, due 2/28/2021 - 11/15/2048, with a value of $1,020,304. | 1,000,000 | 1,000,000 | ||||||
BNP Paribas SA, 0.06%, dated 2/26/2021, due 3/5/2021, repurchase price $1,500,018, collateralized by FHLB, 3.94%, due 8/8/2033, FHLMC, 0.00% - 6.00%, due 8/1/2029 - 2/25/2051, FNMA, 2.50% - 6.63%, due 1/11/2022 - 1/1/2051, GNMA, 0.78% - 8.00%, due 6/15/2028 - 2/20/2051 and U.S. Treasury Securities, 0.00% - 8.13%, due 2/28/2021 - 5/15/2049, with a value of $1,530,466. | 1,500,000 | 1,500,000 | ||||||
BNP Paribas SA, 0.09%, dated 2/26/2021, due 3/5/2021, repurchase price $500,009, collateralized by FFCB, 3.98%, due 4/5/2038, FHLMC, 2.00% - 6.25%, due 7/15/2032 - 2/25/2051, FNMA, 2.50% - 5.50%, due 6/1/2030 - 12/1/2050, GNMA, 0.77% - 6.50%, due 10/15/2031 - 8/20/2049 and U.S. Treasury Securities, 0.00% - 8.13%, due 4/15/2021 - 8/15/2050, with a value of $510,245. | 500,000 | 500,000 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
BNP Paribas SA, 0.09%, dated 2/26/2021, due 3/5/2021, repurchase price $1,000,018, collateralized by FHLB, 3.54% - 3.75%, due 2/14/2034 - 5/28/2036, FHLMC, 1.96% - 4.50%, due 5/1/2032 - 2/25/2051, FNMA, 2.00% - 5.50%, due 6/22/2021 - 3/1/2051, GNMA, 2.00% - 5.00%, due 9/15/2027 - 2/20/2051 and U.S. Treasury Securities, 0.00% - 6.13%, due 4/15/2021 - 8/15/2046, with a value of $1,020,190. | 1,000,000 | 1,000,000 | ||||||
BNP Paribas SA, 0.09%, dated 2/26/2021, due 3/5/2021, repurchase price $1,400,025, collateralized by FFCB, 3.65%, due 4/22/2039, FHLB, 4.13%, due 5/25/2035, FHLMC, 0.00% - 6.50%, due 4/1/2022 - 2/1/2051, FNMA, 0.00% - 6.63%, due 1/11/2022 - 2/1/2057, GNMA, 0.74% - 6.50%, due 2/15/2033 - 10/20/2067 and U.S. Treasury Securities, 0.00% - 8.00%, due 2/28/2021 - 2/15/2050, with a value of $1,428,469. | 1,400,000 | 1,400,000 | ||||||
BNP Paribas SA, 0.09%, dated 2/26/2021, due 3/5/2021, repurchase price $1,500,026, collateralized by FFCB, 3.46%, due 3/9/2038, FHLB, 3.93%, due 7/11/2033, FHLMC, 0.00% - 4.50%, due 5/5/2023 - 2/1/2051, FNMA, 0.49% - 6.00%, due 1/11/2022 - 2/1/2051, GNMA, 0.82% - 6.50%, due 7/15/2032 - 2/20/2051 and U.S. Treasury Securities, 0.00% - 8.13%, due 3/25/2021 - 2/15/2050, with a value of $1,530,287. | 1,500,000 | 1,500,000 | ||||||
BNP Paribas SA, 0.09%, dated 2/26/2021, due 3/5/2021, repurchase price $3,250,057, collateralized by FFCB, 3.65%, due 4/22/2039, FHLMC, 0.00% - 7.50%, due 7/1/2022 - 2/1/2051, FNMA, 0.88% - 7.00%, due 6/1/2023 - 11/1/2050, GNMA, 1.63% - 9.50%, due 3/15/2023 - 2/20/2051 and U.S. Treasury Securities, 0.00% - 8.13%, due 3/2/2021 - 2/15/2050, with a value of $3,315,530. | 3,250,000 | 3,250,000 |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 41 |
Table of Contents
JPMorgan U.S. Government Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2021 (continued)
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Repurchase Agreements — continued |
| |||||||
BNP Paribas SA, 0.10%, dated 2/26/2021, due 3/5/2021, repurchase price $500,010, collateralized by FHLB, 3.75% - 4.00%, due 10/24/2029 - 2/14/2034, FHLMC, 2.00% - 4.50%, due 8/1/2031 - 2/25/2051, FNMA, 2.50% - 6.03%, due 1/11/2022 - 2/1/2051, GNMA, 2.00% - 5.50%, due 8/15/2033 - 2/20/2051 and U.S. Treasury Securities, 0.00% - 8.13%, due 3/18/2021 - 8/15/2050, with a value of $510,383. | 500,000 | 500,000 | ||||||
BNP Paribas SA, 0.11%, dated 2/26/2021, due 3/5/2021, repurchase price $750,016, collateralized by FFCB, 3.88% - 3.98%, due 3/8/2038 - 4/5/2038, FHLB, 3.54% - 5.25%, due 12/9/2022 - 5/28/2036, FHLMC, 0.38% - 5.00%, due 4/20/2023 - 2/25/2051, FNMA, 2.33% - 4.50%, due 1/11/2022 - 8/1/2050, GNMA, 1.63% - 7.50%, due 9/15/2023 - 11/20/2050 and U.S. Treasury Securities, 0.00% - 8.13%, due 2/28/2021 - 8/15/2050, with a value of $765,248. | 750,000 | 750,000 | ||||||
BNP Paribas SA, 0.12%, dated 2/26/2021, due 3/5/2021, repurchase price $1,000,023, collateralized by FHLB, 0.68% - 4.00%, due 2/24/2026 - 9/1/2028, FHLMC, 0.00% - 4.50%, due 5/5/2023 - 2/25/2051, FNMA, 2.00% - 9.00%, due 1/11/2022 - 3/1/2051, GNMA, 0.41% - 6.50%, due 5/15/2023 - 10/20/2050 and U.S. Treasury Securities, 0.00% - 8.13%, due 5/15/2021 - 11/15/2049, with a value of $1,020,682. | 1,000,000 | 1,000,000 | ||||||
BNP Paribas SA, 0.11%, dated 2/26/2021, due 3/19/2021, repurchase price $500,032, collateralized by FFCB, 2.99%, due 7/18/2034, FHLMC, 0.00% - 7.00%, due 7/1/2022 - 9/1/2050, FNMA, 0.88% - 8.00%, due 6/1/2023 - 8/1/2050, GNMA, 0.78% - 6.50%, due 9/15/2024 - 10/20/2067 and U.S. Treasury Securities, 0.00% - 3.38%, due 3/15/2021 - 8/15/2050, with a value of $510,148. | 500,000 | 500,000 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
BNP Paribas SA, 0.07%, dated 2/26/2021, due 5/10/2021, repurchase price $750,106, collateralized by FHLMC, 2.00% - 4.50%, due 9/1/2032 - 2/25/2051, FNMA, 2.50% - 3.50%, due 6/22/2021 - 3/1/2051, GNMA, 2.25% - 6.50%, due 10/15/2031 - 2/20/2051 and U.S. Treasury Securities, 0.00% - 3.38%, due 3/25/2021 - 11/15/2049, with a value of $765,397. | 750,000 | 750,000 | ||||||
BNP Paribas SA, 0.11%, dated 2/26/2021, due 5/19/2021, repurchase price $500,125, collateralized by FHLB, 3.54% - 4.00%, due 12/24/2030 - 5/28/2036, FHLMC, 2.00% - 4.00%, due 10/1/2043 - 2/25/2051, FNMA, 2.63% - 4.50%, due 1/11/2022 - 6/1/2050, GNMA, 0.41% - 5.50%, due 6/15/2029 - 5/20/2050 and U.S. Treasury Securities, 0.00% - 8.13%, due 3/25/2021 - 11/15/2048, with a value of $510,305. | 500,000 | 500,000 | ||||||
BNP Paribas SA, 0.12%, dated 2/26/2021, due 6/1/2021, repurchase price $1,300,412, collateralized by FHLMC, 2.00% - 4.00%, due 12/1/2035 - 9/1/2050, FNMA, 2.50% - 5.00%, due 12/1/2035 - 3/1/2052, GNMA, 0.74% - 6.50%, due 5/15/2024 - 2/20/2051 and U.S. Treasury Securities, 0.00% - 3.63%, due 3/25/2021 - 11/15/2049, with a value of $1,327,712. | 1,300,000 | 1,300,000 | ||||||
Canadian Imperial Bank of Commerce, 0.01%, dated 2/26/2021, due 3/1/2021, repurchase price $350,000, collateralized by U.S. Treasury Securities, 0.00% - 3.63%, due 4/30/2022 - 2/15/2048, with a value of $357,000. | 350,000 | 350,000 | ||||||
Canadian Imperial Bank of Commerce, 0.02%, dated 2/26/2021, due 3/1/2021, repurchase price $475,001, collateralized by FHLMC, 2.00% - 4.50%, due 6/1/2028 - 1/1/2051, FNMA, 0.00% - 5.50%, due 7/1/2021 - 2/1/2051 and GNMA, 2.25% - 4.70%, due 12/20/2047 - 1/20/2068, with a value of $484,501. | 475,000 | 475,000 | ||||||
Credit Agricole Corporate and Investment Bank, 0.02%, dated 2/26/2021, due 3/1/2021, repurchase price $1,000,002, collateralized by U.S. Treasury Securities, 0.13% - 2.63%, due 10/31/2021 - 12/31/2025, with a value of $1,020,000. | 1,000,000 | 1,000,000 |
SEE NOTES TO FINANCIAL STATEMENTS.
42 | J.P. MORGAN MONEY MARKET FUNDS | FEBRUARY 28, 2021 |
Table of Contents
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Repurchase Agreements — continued |
| |||||||
Daiwa Capital Markets America, Inc., 0.02%, dated 2/26/2021, due 3/1/2021, repurchase price $3,000,005, collateralized by FFCB, 0.09% - 1.20%, due 3/17/2021 - 2/26/2029, FHLMC, 0.38% - 5.50%, due 7/1/2024 - 2/1/2051, FNMA, 1.50% - 7.00%, due 3/1/2022 - 3/1/2052, GNMA, 2.00% - 5.00%, due 10/15/2033 - 2/20/2051 and U.S. Treasury Securities, 0.00% - 8.00%, due 3/9/2021 - 2/15/2051, with a value of $3,060,005. | 3,000,000 | 3,000,000 | ||||||
Fixed Income Clearing Corp., 0.01%, dated 2/26/2021, due 3/1/2021, repurchase price $3,000,003, collateralized by U.S. Treasury Securities, 0.13% - 4.50%, due 4/15/2022 - 8/15/2039, with a value of $3,060,000. | 3,000,000 | 3,000,000 | ||||||
Fixed Income Clearing Corp., 0.01%, dated 2/26/2021, due 3/1/2021, repurchase price $6,000,005, collateralized by U.S. Treasury Securities, 0.75% - 5.00%, due 5/15/2037 - 5/15/2050, with a value of $6,120,000. | 6,000,000 | 6,000,000 | ||||||
Fixed Income Clearing Corp., 0.02%, dated 2/26/2021, due 3/1/2021, repurchase price $1,000,002, collateralized by U.S. Treasury Securities, 0.00% - 2.63%, due 5/31/2021 - 7/15/2021, with a value of $1,020,000. | 1,000,000 | 1,000,000 | ||||||
Goldman Sachs & Co. LLC, 0.02%, dated 2/26/2021, due 3/1/2021, repurchase price $2,000,003, collateralized by FHLMC, 1.50% - 6.50%, due 6/1/2024 - 2/1/2051, FNMA, 2.00% - 6.00%, due 8/1/2025 - 8/1/2056 and GNMA, 1.72% - 6.50%, due 8/15/2023 - 1/15/2061, with a value of $2,040,000. | 2,000,000 | 2,000,000 | ||||||
ING Financial Markets LLC, 0.12%, dated 2/26/2021, due 3/15/2021, repurchase price $300,017, collateralized by FHLMC, 2.00% - 4.50%, due 11/1/2029 - 1/1/2051, FNMA, 1.76% - 5.50%, due 5/1/2032 - 9/1/2057 and U.S. Treasury Securities, 0.00%, due 1/27/2022, with a value of $306,091. | 300,000 | 300,000 | ||||||
ING Financial Markets LLC, 0.12%, dated 2/26/2021, due 3/15/2021, repurchase price $350,020, collateralized by FHLMC, 2.00% - 5.50%, due 11/1/2029 - 1/1/2051, FNMA, 1.50% - 5.00%, due 2/1/2035 - 9/1/2057 and U.S. Treasury Securities, 0.00%, due 1/27/2022, with a value of $357,106. | 350,000 | 350,000 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
ING Financial Markets LLC, 0.08%, dated 2/26/2021, due 3/16/2021, repurchase price $300,012, collateralized by FHLMC, 2.00% - 4.50%, due 11/1/2040 - 1/1/2051, FNMA, 1.50% - 5.50%, due 4/1/2032 - 1/1/2057 and U.S. Treasury Securities, 0.00%, due 1/27/2022, with a value of $306,019. | 300,000 | 300,000 | ||||||
ING Financial Markets LLC, 0.08%, dated 2/26/2021, due 3/24/2021, repurchase price $400,023, collateralized by FHLMC, 2.40% - 5.50%, due 5/1/2041 - 1/1/2051, FNMA, 1.50% - 5.00%, due 4/1/2032 - 7/1/2056 and U.S. Treasury Securities, 0.00%, due 1/27/2022, with a value of $408,032. | 400,000 | 400,000 | ||||||
ING Financial Markets LLC, 0.08%, dated 2/26/2021, due 3/26/2021, repurchase price $200,012, collateralized by FHLMC, 2.00% - 5.50%, due 9/1/2029 - 1/1/2051, FNMA, 1.50% - 5.00%, due 10/1/2028 - 7/1/2056 and U.S. Treasury Securities, 0.00%, due 1/27/2022, with a value of $204,014. | 200,000 | 200,000 | ||||||
Metropolitan Life Insurance Co., 0.02%, dated 2/26/2021, due 3/1/2021, repurchase price $1,000,002, collateralized by U.S. Treasury Securities, 0.00%, due 8/15/2027 - 11/15/2050, with a value of $1,020,002. | 1,000,000 | 1,000,000 | ||||||
Mitsubishi UFJ Trust & Banking Corp., 0.03%, dated 2/26/2021, due 3/2/2021, repurchase price $1,300,004, collateralized by GNMA, 0.00% - 5.00%, due 8/15/2038 - 12/20/2050, with a value of $1,323,742. | 1,300,000 | 1,300,000 | ||||||
Natixis SA, 0.10%, dated 2/26/2021, due 3/5/2021, repurchase price $1,500,029, collateralized by U.S. Treasury Securities, 0.00% - 7.63%, due 3/31/2021 - 11/15/2050, with a value of $1,530,404. | 1,500,000 | 1,500,000 | ||||||
Natixis SA, 0.10%, dated 2/26/2021, due 3/5/2021, repurchase price $2,000,039, collateralized by FFCB, 2.00% - 3.98%, due 12/19/2033 - 1/26/2043, FHLB, 3.74% - 4.15%, due 4/9/2031 - 6/1/2038, FHLMC, 0.00% - 5.50%, due 12/11/2025 - 6/1/2050, FNMA, 0.00% - 5.50%, due 7/15/2028 - 10/25/2058, GNMA, 0.41% - 5.50%, due 9/16/2031 - 12/20/2050, Tennessee Valley Authority, 4.25%, due 9/15/2065 and U.S. Treasury Securities, 0.00% - 7.63%, due 3/31/2021 - 11/15/2050, with a value of $2,044,016. | 2,000,000 | 2,000,000 |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 43 |
Table of Contents
JPMorgan U.S. Government Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2021 (continued)
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Repurchase Agreements — continued |
| |||||||
Nomura Securities International, Inc., 0.01%, dated 2/26/2021, due 3/1/2021, repurchase price $300,000, collateralized by U.S. Treasury Securities, 0.00% - 2.38%, due 4/30/2021 - 2/15/2041, with a value of $306,000. | 300,000 | 300,000 | ||||||
Nomura Securities International, Inc., 0.02%, dated 2/26/2021, due 3/1/2021, repurchase price $7,500,013, collateralized by FHLB, 1.88%, due 6/11/2021, FHLMC, 0.25% - 8.00%, due 6/8/2022 - 3/25/2051, FNMA, 1.43% - 6.50%, due 5/1/2021 - 1/1/2059, GNMA, 2.00% - 5.00%, due 4/20/2031 - 5/20/2069, Tennessee Valley Authority, 0.00%, due 9/15/2024 and U.S. Treasury Securities, 0.00% - 5.38%, due 3/2/2021 - 2/15/2050, with a value of $7,650,013. | 7,500,000 | 7,500,000 | ||||||
Norinchukin Bank (The), 0.09%, dated 2/26/2021, due 3/23/2021, repurchase price $500,031, collateralized by U.S. Treasury Securities, 0.38% - 6.75%, due 8/15/2026 - 1/15/2027, with a value of $509,778. | 500,000 | 500,000 | ||||||
Norinchukin Bank (The), 0.09%, dated 2/26/2021, due 3/25/2021, repurchase price $500,034, collateralized by U.S. Treasury Securities, 0.38% - 6.75%, due 8/15/2026 - 1/15/2027, with a value of $509,778. | 500,000 | 500,000 | ||||||
Norinchukin Bank (The), 0.10%, dated 2/26/2021, due 3/26/2021, repurchase price $500,039, collateralized by U.S. Treasury Securities, 0.38% - 6.75%, due 8/15/2026 - 1/15/2027, with a value of $509,778. | 500,000 | 500,000 | ||||||
Norinchukin Bank (The), 0.11%, dated 2/26/2021, due 3/24/2021, repurchase price $200,016, collateralized by U.S. Treasury Securities, 0.38% - 6.75%, due 8/15/2026 - 1/15/2027, with a value of $203,911. | 200,000 | 200,000 | ||||||
Norinchukin Bank (The), 0.09%, dated 2/26/2021, due 4/16/2021, repurchase price $300,037, collateralized by U.S. Treasury Securities, 0.38% - 6.75%, due 8/15/2026 - 1/15/2027, with a value of $305,867. | 300,000 | 300,000 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
RBC Capital Markets LLC, 0.10%, dated 2/26/2021, due 3/5/2021, repurchase price $2,000,039, collateralized by FFCB, 1.13% - 3.00%, due 7/15/2023 - 6/1/2029, FHLB, 0.55% - 1.10%, due 11/25/2025 - 2/25/2028, FHLMC, 0.33% - 5.19%, due 12/1/2021 - 2/1/2051, FNMA, 1.50% - 6.60%, due 1/1/2026 - 2/1/2051, GNMA, 0.66% - 6.00%, due 2/15/2033 - 8/20/2065 and U.S. Treasury Securities, 0.00% - 3.88%, due 2/28/2021 - 2/15/2051, with a value of $2,053,847. | 2,000,000 | 2,000,000 | ||||||
Royal Bank of Canada, 0.01%, dated 2/26/2021, due 3/1/2021, repurchase price $2,650,002, collateralized by GNMA, 1.00% - 6.56%, due 11/20/2026 - 2/20/2051, with a value of $2,703,015. | 2,650,000 | 2,650,000 | ||||||
Sumitomo Mitsui Banking Corp., 0.01%, dated 2/26/2021, due 3/1/2021, repurchase price $1,150,001, collateralized by U.S. Treasury Securities, 0.63% - 2.88%, due 8/31/2023 - 5/15/2030, with a value of $1,173,001. | 1,150,000 | 1,150,000 | ||||||
Sumitomo Mitsui Banking Corp., 0.02%, dated 2/26/2021, due 3/1/2021, repurchase price $2,000,003, collateralized by GNMA, 3.50% - 4.00%, due 2/20/2046 - 4/20/2048, with a value of $2,040,003. | 2,000,000 | 2,000,000 | ||||||
Treasury Joint Trading Account III J.P. Morgan Investment Management Inc., as agent, 0.01%, dated 2/26/2021, due 3/1/2021, repurchase price $889,412.(e) | 889,411 | 889,411 | ||||||
|
| |||||||
Total Repurchase Agreements |
| 72,313,535 | ||||||
|
| |||||||
U.S. Government Agency Securities — 28.1% |
| |||||||
FFCB | ||||||||
DN, 0.01%, 3/1/2021 (f) | 2,609 | 2,609 | ||||||
(SOFR + 0.07%), 0.10%, 3/1/2021 (g) | 105,000 | 105,000 | ||||||
(SOFR + 0.08%), 0.11%, 3/1/2021 (g) | 200,000 | 200,000 | ||||||
(SOFR + 0.09%), 0.12%, 3/1/2021 (g) | 275,000 | 275,000 | ||||||
(US Treasury 3 Month Bill Money Market Yield + 0.09%), 0.12%, 3/1/2021 (g) | 200,000 | 199,979 | ||||||
(US Federal Funds Effective Rate (continuous series) + 0.06%), 0.13%, 3/1/2021 (g) | 475,000 | 475,000 | ||||||
(ICE LIBOR USD 1 Month + 0.04%), 0.16%, 3/1/2021 (g) | 450,000 | 450,000 |
SEE NOTES TO FINANCIAL STATEMENTS.
44 | J.P. MORGAN MONEY MARKET FUNDS | FEBRUARY 28, 2021 |
Table of Contents
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
U.S. Government Agency Securities — continued |
| |||||||
(Federal Reserve Bank Prime Loan Rate US - 3.08%), 0.17%, 3/1/2021 (g) | 250,000 | 250,000 | ||||||
(Federal Reserve Bank Prime Loan Rate US - 3.00%), 0.25%, 3/1/2021 (g) | 175,000 | 175,000 | ||||||
(Federal Reserve Bank Prime Loan Rate US - 2.98%), 0.28%, 3/1/2021 (g) | 255,000 | �� | 255,012 | |||||
(SOFR + 0.30%), 0.33%, 3/1/2021 (g) | 1,000,000 | 1,000,000 | ||||||
(SOFR + 0.35%), 0.38%, 3/1/2021 (g) | 1,500,000 | 1,500,000 | ||||||
(ICE LIBOR USD 1 Month + 0.03%), 0.14%, 3/3/2021 (g) | 350,000 | 350,000 | ||||||
(ICE LIBOR USD 1 Month - 0.02%), 0.10%, 3/4/2021 (g) | 300,000 | 300,000 | ||||||
(ICE LIBOR USD 1 Month + 0.04%), 0.16%, 3/7/2021 (g) | 400,000 | 400,000 | ||||||
(ICE LIBOR USD 1 Month - 0.01%), 0.11%, 3/14/2021 (g) | 250,000 | 249,998 | ||||||
(ICE LIBOR USD 1 Month + 0.05%), 0.15%, 3/16/2021 (g) | 50,000 | 50,000 | ||||||
DN, 0.13%, 4/7/2021 (f) | 10,000 | 9,999 | ||||||
DN, 0.09%, 6/4/2021 (f) | 10,000 | 9,998 | ||||||
DN, 0.09%, 6/10/2021 (f) | 14,000 | 13,997 | ||||||
DN, 0.09%, 7/9/2021 (f) | 8,000 | 7,997 | ||||||
DN, 0.14%, 7/20/2021 (f) | 5,000 | 4,997 | ||||||
DN, 0.14%, 7/28/2021 (f) | 10,000 | 9,994 | ||||||
DN, 0.14%, 8/3/2021 (f) | 4,000 | 3,998 | ||||||
DN, 0.13%, 8/11/2021 (f) | 30,000 | 29,982 | ||||||
DN, 0.13%, 8/17/2021 (f) | 33,000 | 32,980 | ||||||
DN, 0.10%, 8/19/2021 (f) | 15,000 | 14,993 | ||||||
DN, 0.07%, 9/8/2021 (f) | 35,000 | 34,987 | ||||||
DN, 0.13%, 9/9/2021 (f) | 25,000 | 24,983 | ||||||
DN, 0.13%, 9/14/2021 (f) | 199,000 | 198,858 | ||||||
DN, 0.13%, 9/28/2021 (f) | 35,000 | 34,973 | ||||||
DN, 0.12%, 10/13/2021 (f) | 30,000 | 29,977 | ||||||
DN, 0.13%, 10/21/2021 (f) | 75,000 | 74,937 | ||||||
DN, 0.08%, 12/23/2021 (f) | 154,000 | 153,898 | ||||||
DN, 0.09%, 1/27/2022 (f) | 20,000 | 19,983 | ||||||
FHLB | ||||||||
DN, 0.00%, 3/1/2021 | 15,000 | 15,000 | ||||||
(SOFR + 0.02%), 0.05%, 3/1/2021 (g) | 625,000 | 625,000 | ||||||
(ICE LIBOR USD 3 Month - 0.12%), 0.07%, 3/1/2021 (g) | 400,000 | 400,000 | ||||||
(ICE LIBOR USD 1 Month - 0.03%), 0.08%, 3/1/2021 (g) | 90,000 | 89,998 | ||||||
(ICE LIBOR USD 1 Month - 0.03%), 0.08%, 3/1/2021 (g) | 250,000 | 250,000 | ||||||
(SOFR + 0.06%), 0.08%, 3/1/2021 (g) | 500,000 | 500,000 | ||||||
(ICE LIBOR USD 1 Month - 0.03%), 0.08%, 3/1/2021 (g) | 500,000 | 500,000 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
(ICE LIBOR USD 1 Month - 0.01%), 0.11%, 3/1/2021 (g) | 279,900 | 279,896 | ||||||
(SOFR + 0.08%), 0.11%, 3/1/2021 (g) | 1,135,000 | 1,135,000 | ||||||
(ICE LIBOR USD 1 Month - 0.02%), 0.11%, 3/1/2021 (g) | 1,000,000 | 1,000,000 | ||||||
(SOFR + 0.08%), 0.11%, 3/1/2021 (g) | 274,800 | 274,800 | ||||||
(ICE LIBOR USD 1 Month - 0.01%), 0.11%, 3/1/2021 (g) | 1,000,000 | 1,000,000 | ||||||
(ICE LIBOR USD 1 Month + 0.04%), 0.16%, 3/1/2021 (g) | 900,000 | 900,000 | ||||||
(SOFR + 0.20%), 0.23%, 3/1/2021 (g) | 250,000 | 250,000 | ||||||
(SOFR + 0.24%), 0.27%, 3/1/2021 (g) | 200,000 | 200,000 | ||||||
DN, 0.08%, 3/4/2021 (f) | 250,000 | 249,998 | ||||||
DN, 0.08%, 3/5/2021 (f) | 167,560 | 167,559 | ||||||
(ICE LIBOR USD 1 Month - 0.01%), 0.10%, 3/5/2021 (g) | 62,750 | 62,749 | ||||||
DN, 0.08%, 3/8/2021 (f) | 220,000 | 219,997 | ||||||
(ICE LIBOR USD 1 Month + 0.00%), 0.12%, 3/10/2021 (g) | 225,000 | 225,000 | ||||||
(ICE LIBOR USD 1 Month + 0.00%), 0.11%, 3/12/2021 (g) | 100,000 | 100,000 | ||||||
(ICE LIBOR USD 1 Month + 0.00%), 0.11%, 3/12/2021 (g) | 850,000 | 850,000 | ||||||
(ICE LIBOR USD 1 Month + 0.00%), 0.11%, 3/14/2021 (g) | 500,000 | 500,000 | ||||||
DN, 0.08%, 3/16/2021 (f) | 221,000 | 220,993 | ||||||
(ICE LIBOR USD 1 Month - 0.04%), 0.07%, 3/17/2021 (g) | 1,250,000 | 1,250,000 | ||||||
DN, 0.08%, 3/17/2021 (f) | 193,000 | 192,993 | ||||||
(ICE LIBOR USD 1 Month + 0.02%), 0.13%, 3/19/2021 (g) | 630,320 | 630,326 | ||||||
(ICE LIBOR USD 1 Month - 0.04%), 0.07%, 3/21/2021 (g) | 350,000 | 350,000 | ||||||
(ICE LIBOR USD 1 Month - 0.03%), 0.08%, 3/24/2021 (g) | 250,000 | 250,000 | ||||||
(ICE LIBOR USD 1 Month - 0.03%), 0.08%, 3/24/2021 (g) | 898,000 | 897,994 | ||||||
(ICE LIBOR USD 3 Month - 0.14%), 0.10%, 4/14/2021 (g) | 150,000 | 149,996 | ||||||
(ICE LIBOR USD 3 Month - 0.13%), 0.11%, 4/14/2021 (g) | 125,000 | 124,999 | ||||||
(ICE LIBOR USD 3 Month - 0.13%), 0.11%, 4/14/2021 (g) | 100,000 | 100,000 | ||||||
(SOFR + 0.02%), 0.05%, 5/3/2021 (g) | 1,000,000 | 1,000,000 | ||||||
DN, 0.06%, 5/3/2021 (f) | 250,000 | 249,983 | ||||||
DN, 0.06%, 5/4/2021 (f) | 550,000 | 549,963 | ||||||
(SOFR + 0.02%), 0.05%, 5/5/2021 (g) | 375,000 | 375,000 | ||||||
(ICE LIBOR USD 3 Month - 0.13%), 0.07%, 5/14/2021 (g) | 250,000 | 250,000 |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 45 |
Table of Contents
JPMorgan U.S. Government Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2021 (continued)
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
U.S. Government Agency Securities — continued |
| |||||||
DN, 0.04%, 5/20/2021 (f) | 1,800,000 | 1,799,840 | ||||||
(ICE LIBOR USD 3 Month - 0.13%), 0.06%, 5/20/2021 (g) | 400,000 | 400,000 | ||||||
DN, 0.04%, 5/21/2021 (f) | 200,000 | 199,982 | ||||||
DN, 0.04%, 5/24/2021 (f) | 2,750,000 | 2,749,743 | ||||||
(ICE LIBOR USD 3 Month - 0.12%), 0.06%, 5/24/2021 (g) | 350,000 | 350,000 | ||||||
0.14%, 5/24/2021 | 250,000 | 249,993 | ||||||
DN, 0.04%, 5/25/2021 (f) | 1,000,000 | 999,906 | ||||||
DN, 0.09%, 5/26/2021 (f) | 299,000 | 298,936 | ||||||
DN, 0.04%, 5/27/2021 (f) | 1,250,000 | 1,249,879 | ||||||
DN, 0.04%, 6/1/2021 (f) (h) | 1,125,000 | 1,124,886 | ||||||
DN, 0.06%, 6/3/2021 (f) | 125,000 | 124,988 | ||||||
0.09%, 6/7/2021 | 250,000 | 249,999 | ||||||
DN, 0.06%, 6/8/2021 (f) (h) | 1,000,000 | 999,899 | ||||||
DN, 0.09%, 6/9/2021 (f) | 1,017,900 | 1,017,646 | ||||||
DN, 0.09%, 6/11/2021 (f) | 1,000,000 | 999,745 | ||||||
0.14%, 6/15/2021 | 500,000 | 500,000 | ||||||
DN, 0.09%, 6/18/2021 (f) | 444,000 | 443,879 | ||||||
0.14%, 6/18/2021 | 500,000 | 500,000 | ||||||
0.12%, 7/6/2021 | 500,000 | 499,998 | ||||||
1.13%, 7/14/2021 | 338,210 | 339,447 | ||||||
0.13%, 9/1/2021 | 34,850 | 34,847 | ||||||
0.13%, 9/10/2021 | 141,370 | 141,357 | ||||||
0.14%, 9/28/2021 | 300,000 | 299,979 | ||||||
0.13%, 10/13/2021 | 100,000 | 99,986 | ||||||
0.14%, 11/3/2021 | 120,000 | 120,000 | ||||||
0.14%, 11/3/2021 | 500,000 | 499,992 | ||||||
0.11%, 12/2/2021 | 500,000 | 499,967 | ||||||
FHLMC | ||||||||
(SOFR + 0.27%), 0.30%, 3/1/2021 (g) | 1,250,000 | 1,250,000 | ||||||
(SOFR + 0.28%), 0.31%, 3/1/2021 (g) | 1,000,000 | 1,000,000 | ||||||
(SOFR + 0.30%), 0.33%, 3/1/2021 (g) | 2,500,000 | 2,500,168 | ||||||
0.04%, 5/25/2021 | 3,000,000 | 3,000,000 | ||||||
FNMA | ||||||||
(SOFR + 0.05%), 0.08%, 3/1/2021 (g) | 349,800 | 349,800 | ||||||
(SOFR + 0.17%), 0.20%, 3/1/2021 (g) | 249,750 | 249,750 | ||||||
(SOFR + 0.20%), 0.23%, 3/1/2021 (g) | 1,950,000 | 1,950,000 | ||||||
(SOFR + 0.23%), 0.26%, 3/1/2021 (g) | 840,000 | 840,000 | ||||||
(SOFR + 0.24%), 0.27%, 3/1/2021 (g) | 1,000,000 | 1,000,000 | ||||||
(SOFR + 0.26%), 0.29%, 3/1/2021 (g) | 1,000,000 | 1,000,000 | ||||||
(SOFR + 0.28%), 0.31%, 3/1/2021 (g) | 1,000,000 | 1,000,000 | ||||||
(SOFR + 0.32%), 0.35%, 3/1/2021 (g) | 2,450,000 | 2,450,000 | ||||||
(SOFR + 0.35%), 0.38%, 3/1/2021 (g) | 2,500,000 | 2,500,000 | ||||||
(SOFR + 0.35%), 0.38%, 3/1/2021 (g) | 750,000 | 750,000 | ||||||
1.25%, 5/6/2021 | 400,375 | 401,194 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
FNMA ACES (SOFR + 0.20%), 0.23%, 3/1/2021 (g) | 1,200,000 | 1,200,000 | ||||||
|
| |||||||
Total U.S. Government Agency Securities |
| 61,572,179 | ||||||
|
| |||||||
U.S. Treasury Obligations — 3.6% |
| |||||||
U.S. Treasury Floating Rate Notes | ||||||||
(US Treasury 3 Month Bill Money Market Yield + 0.06%), 0.09%, 3/1/2021 (g) | 250,000 | 249,982 | ||||||
(US Treasury 3 Month Bill Money Market Yield + 0.14%), 0.17%, 3/1/2021 (g) | 25,450 | 25,447 | ||||||
U.S. Treasury Notes | ||||||||
2.25%, 4/30/2021 | 2,550,000 | 2,559,220 | ||||||
1.13%, 7/31/2021 | 124,500 | 125,018 | ||||||
1.75%, 7/31/2021 | 300,000 | 302,127 | ||||||
2.13%, 8/15/2021 | 100,000 | 100,907 | ||||||
2.75%, 8/15/2021 | 275,000 | 278,278 | ||||||
1.13%, 8/31/2021 | 250,000 | 251,322 | ||||||
1.50%, 8/31/2021 | 750,000 | 755,372 | ||||||
2.88%, 11/15/2021 | 1,000,000 | 1,019,898 | ||||||
1.38%, 1/31/2022 | 130,000 | 131,534 | ||||||
1.88%, 1/31/2022 | 130,000 | 132,132 | ||||||
1.13%, 2/28/2022 | 1,362,000 | 1,376,034 | ||||||
1.75%, 2/28/2022 | 100,000 | 101,652 | ||||||
1.88%, 2/28/2022 | 500,000 | 508,887 | ||||||
|
| |||||||
Total U.S. Treasury Obligations |
| 7,917,810 | ||||||
|
| |||||||
Short-Term Investments — 37.6% |
| |||||||
U.S. Treasury Obligations — 37.6% |
| |||||||
U.S. Treasury Bills | ||||||||
0.11%, 3/4/2021 (f) | 2,450,000 | 2,449,977 | ||||||
0.09%, 3/9/2021 (f) | 27,200 | 27,199 | ||||||
0.11%, 3/11/2021 (f) | 8,050,000 | 8,049,760 | ||||||
0.09%, 3/16/2021 (f) | 800 | 800 | ||||||
0.10%, 3/18/2021 (f) | 8,535,950 | 8,535,541 | ||||||
0.10%, 4/1/2021 (f) | 8,740,800 | 8,740,085 | ||||||
0.10%, 4/6/2021 (f) | 4,900,000 | 4,899,495 | ||||||
0.09%, 4/8/2021 (f) | 771,000 | 770,927 | ||||||
0.09%, 4/13/2021 (f) | 5,500,000 | 5,499,391 | ||||||
0.10%, 4/20/2021 (f) | 1,500,000 | 1,499,792 | ||||||
0.10%, 4/22/2021 (f) | 7,357,500 | 7,356,464 | ||||||
0.10%, 4/29/2021 (f) | 2,756,000 | 2,755,571 | ||||||
0.09%, 5/4/2021 (f) | 158,350 | 158,325 | ||||||
0.09%, 5/11/2021 (f) | 3,200,000 | 3,199,432 | ||||||
0.11%, 5/13/2021 (f) | 3,000,000 | 2,999,331 | ||||||
0.10%, 5/20/2021 (f) | 900,000 | 899,800 |
SEE NOTES TO FINANCIAL STATEMENTS.
46 | J.P. MORGAN MONEY MARKET FUNDS | FEBRUARY 28, 2021 |
Table of Contents
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Short-Term Investments �� continued |
| |||||||
U.S. Treasury Obligations — continued |
| |||||||
0.09%, 6/3/2021 (f) | 5,600,100 | 5,598,784 | ||||||
0.09%, 6/10/2021 (f) | 5,500,000 | 5,498,611 | ||||||
0.09%, 6/17/2021 (f) | 312,000 | 311,916 | ||||||
0.05%, 6/29/2021 (f) | 2,000,000 | 1,999,669 | ||||||
0.10%, 7/22/2021 (f) | 200,700 | 200,624 | ||||||
0.05%, 8/12/2021 (f) | 1,400,000 | 1,399,681 | ||||||
0.05%, 8/26/2021 (f) | 3,485,000 | 3,484,114 | ||||||
0.07%, 2/24/2022 (f) | 5,998,500 | 5,994,196 | ||||||
|
| |||||||
Total U.S. Treasury Obligations | 82,329,485 | |||||||
|
| |||||||
Total Short-Term Investments | 82,329,485 | |||||||
|
| |||||||
Total Investments — 102.3% | 224,133,009 | |||||||
Liabilities in Excess of | (5,003,133 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% |
| 219,129,876 | ||||||
|
|
Percentages indicated are based on net assets.
Abbreviations | ||
ACES | Alternative Credit Enhancement Securities | |
DN | Discount Notes | |
FFCB | Federal Farm Credit Bank | |
FHLB | Federal Home Loan Bank | |
FHLMC | Federal Home Loan Mortgage Corp. | |
FNMA | Federal National Mortgage Association | |
GNMA | Government National Mortgage Association | |
ICE | Intercontinental Exchange | |
LIBOR | London Interbank Offered Rate | |
SOFR | Secured Overnight Financing Rate | |
USD | United States Dollar | |
(a) | The date shown represents the earliest of the next put date, next demand date or final maturity date. | |
(b) | Agency Joint Trading Account I — At February 28, 2021, certain Funds had undivided interests in the Agency Joint Trading Account I with a maturity date of March 1, 2021, as follows (amounts in thousands): |
Fund | Principal Amount | Repurchase Price | Collateral Value Allocation | |||||||
JPMorgan U.S. Government Money Market Fund | $2,650,000 | $ | 2,650,005 | $ | 2,703,053 |
Repurchase Agreements — At February 28, 2021, the Principal Amounts of certain Funds’ interests in the Agency Joint Trading Account I were as follows (amounts in thousands):
Counterparty | Interest Rate | JPMorgan U.S. Government Money Market Fund | ||||||
BNP Paribas SA | 0.03 | % | $ | 900,000 | ||||
Credit Agricole Corporate and Investment Bank | 0.02 | % | 1,000,000 | |||||
TD Securities (USA) LLC | 0.02 | % | 750,000 | |||||
|
| |||||||
Total | $ | 2,650,000 | ||||||
|
|
At February 28, 2021, the Agency Joint Trading Account I was fully collateralized by:
Issuer | Interest Rates | Maturity Dates | ||||||
FHLMC | 0.00% - 7.00% | 4/1/2022 - 2/1/2051 | ||||||
FNMA | 1.38% - 4.50% | 6/22/2021 - 2/1/2057 | ||||||
GNMA | 1.63% - 6.50% | 5/15/2025 - 2/20/2051 | ||||||
U.S. Treasury Securities | 0.00% - 6.38% | 3/15/2021 - 2/15/2050 |
(c) Agency Joint Trading Account II — At February 28, 2021, certain Funds had undivided interests in the Agency Joint Trading Account II with a maturity date of March 1, 2021, as follows (amounts in thousands):
Fund | Principal Amount | Repurchase Price | Collateral Value Allocation | |||||||
JPMorgan U.S. Government Money Market Fund | $1,993,293 | $ | 1,993,296 | $ | 2,033,271 |
Repurchase Agreements — At February 28, 2021, the Principal Amounts of certain Funds’ interests in the Agency Joint Trading Account II were as follows (amounts in thousands):
Counterparty | Interest Rate | JPMorgan U.S. Government Money Market Fund | ||||||
Bofa Securities, Inc. | 0.02 | % | $ | 1,467,285 | ||||
Citibank NA | 0.02 | % | 249,162 | |||||
Citigroup Global Markets Holdings, Inc. | 0.02 | % | 276,846 | |||||
|
| |||||||
Total | $ | 1,993,293 | ||||||
|
|
At February 28, 2021, the Agency Joint Trading Account II was fully collateralized by:
Issuer | Interest Rates | Maturity Dates | ||||||
FHLMC | 1.50% - 5.00% | 2/1/2026 - 1/1/2050 | ||||||
FNMA | 2.01% - 6.10% | 11/1/2022 - 1/1/2049 | ||||||
GNMA | 2.00% - 5.00% | 12/20/2035 - 2/20/2051 | ||||||
U.S. Treasury Securities | 0.63% - 2.25% | 11/15/2027 - 2/15/2050 |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 47 |
Table of Contents
JPMorgan U.S. Government Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2021 (continued)
(d) Agency Joint Trading Account III — At February 28, 2021, certain Funds had undivided interests in the Agency Joint Trading Account III with a maturity date of March 1, 2021, as follows (amounts in thousands):
Fund | Principal Amount | Repurchase Price | Collateral Value Allocation | |||||||
JPMorgan U.S. Government Money Market Fund | $90,831 | $ | 90,831 | $ | 92,670 |
Repurchase Agreements — At February 28, 2021, the Principal Amounts of certain Funds’ interests in the Agency Joint Trading Account III were as follows (amounts in thousands):
Counterparty | Interest Rate | JPMorgan U.S. Government Money Market Fund | ||||||
BNP Paribas SA | 0.03 | % | $ | 90,831 |
At February 28, 2021, the Agency Joint Trading Account III was fully collateralized by:
Issuer | Interest Rates | Maturity Dates | ||||||
FHLMC | 0.38% - 7.50% | 4/1/2022 - 6/1/2050 | ||||||
FNMA | 1.50% - 6.50% | 9/1/2022 - 8/1/2058 |
(e) Treasury Joint Trading Account III — At February 28, 2021, certain Funds had undivided interests in the Treasury Joint Trading Account III with a maturity date of March 1, 2021, as follows (amounts in thousands):
Fund | Principal Amount | Repurchase Price | Collateral Value Allocation | |||||||
JPMorgan U.S. Government Money Market Fund | $889,411 | $ | 889,412 | $ | 907,200 |
Repurchase Agreements — At February 28, 2021, the Principal Amounts of certain Funds’ interests in the Treasury Joint Trading Account III were as follows (amounts in thousands):
Counterparty | Interest Rate | JPMorgan U.S. Government Money Market Fund | ||||||
Credit Agricole Corporate and Investment Bank | 0.01 | % | $ | 508,235 | ||||
Societe Generale SA | 0.01 | % | 381,176 | |||||
|
| |||||||
Total | $ | 889,411 | ||||||
|
|
At February 28, 2021, the Treasury Joint Trading Account III was fully collateralized by:
Issuer | Interest Rates | Maturity Dates | ||||||
U.S. Treasury Securities | 0.00% - 7.50% | 2/28/2021 - 2/15/2051 |
(f) | The rate shown is the effective yield as of February 28, 2021. | |
(g) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of February 28, 2021. | |
(h) | All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. | |
* | The cost of securities is substantially the same for federal income tax purposes. |
SEE NOTES TO FINANCIAL STATEMENTS.
48 | J.P. MORGAN MONEY MARKET FUNDS | FEBRUARY 28, 2021 |
Table of Contents
JPMorgan U.S. Treasury Plus Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2021
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Repurchase Agreements — 19.7% |
| |||||||
Bofa Securities, Inc., 0.01%, dated 2/26/2021, due 3/1/2021, repurchase price $587,192, collateralized by U.S. Treasury Securities, 0.00%, due 2/15/2039 - 8/15/2050, with a value of $598,936. | 587,192 | 587,192 | ||||||
Deutsche Bank Securities, Inc., 0.01%, dated 2/26/2021, due 3/1/2021, repurchase price $250,664, collateralized by U.S. Treasury Securities, 0.00%, due 2/15/2031 - 8/15/2049, with a value of $255,677. | 250,664 | 250,664 | ||||||
J.P. Morgan Securities LLC, 0.01%, dated 2/26/2021, due 3/1/2021, repurchase price $250,000, collateralized by U.S. Treasury Securities, 2.00%, due 2/15/2025, with a value of $255,000. | 250,000 | 250,000 | ||||||
Natixis SA, 0.10%, dated 2/26/2021, due 3/5/2021, repurchase price $500,010, collateralized by U.S. Treasury Securities, 0.00% - 7.63%, due 5/15/2021 - 8/15/2050, with a value of $510,135. | 500,000 | 500,000 | ||||||
Natwest Markets Securities, Inc., 0.01%, dated 2/26/2021, due 3/1/2021, repurchase price $500,000, collateralized by U.S. Treasury Securities, 0.13% - 2.88%, due 5/31/2022 - 11/30/2027, with a value of $510,000. | 500,000 | 500,000 | ||||||
Nomura Securities International, Inc., 0.01%, dated 2/26/2021, due 3/1/2021, repurchase price $550,000, collateralized by U.S. Treasury Securities, 0.00% - 4.75%, due 3/4/2021 - 2/15/2050, with a value of $561,001. | 550,000 | 550,000 | ||||||
Norinchukin Bank (The), 0.13%, dated 2/26/2021, due 3/8/2021, repurchase price $250,009, collateralized by U.S. Treasury Securities, 2.00% - 2.38%, due 11/15/2026 - 5/15/2027, with a value of $253,609. | 250,000 | 250,000 | ||||||
Norinchukin Bank (The), 0.13%, dated 2/26/2021, due 3/15/2021, repurchase price $250,015, collateralized by U.S. Treasury Securities, 2.00% - 2.38%, due 11/15/2026 - 5/15/2027, with a value of $253,609. | 250,000 | 250,000 | ||||||
Norinchukin Bank (The), 0.09%, dated 2/26/2021, due 4/16/2021, repurchase price $200,025, collateralized by U.S. Treasury Securities, 2.00% - 2.38%, due 11/15/2026 - 5/15/2027, with a value of $202,888. | 200,000 | 200,000 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Societe Generale SA, 0.07%, dated 2/26/2021, due 5/5/2021, repurchase price $500,066, collateralized by U.S. Treasury Securities, 0.00% - 8.13%, due 3/30/2021 - 2/15/2050, with a value of $510,000. | 500,000 | 500,000 | ||||||
Treasury Joint Trading Account I, J.P. Morgan Investment Management Inc., as agent, 0.01%, dated 2/26/2021, due 3/1/2021, repurchase price $1,550,001.(b) | 1,550,000 | 1,550,000 | ||||||
Treasury Joint Trading Account III, J.P. Morgan Investment Management Inc., as agent, 0.01%, dated 2/26/2021, due 3/1/21, repurchase price $531,260.(c) | 531,260 | 531,260 | ||||||
|
| |||||||
Total Repurchase Agreements |
| 5,919,116 | ||||||
|
| |||||||
U.S. Treasury Obligations - 17.2% |
| |||||||
U.S. Treasury Floating Rate Notes | ||||||||
(US Treasury 3 Month Bill Money Market Yield + 0.06%), 0.09%, 3/1/2021 (d) | 800,000 | 799,943 | ||||||
(US Treasury 3 Month Bill Money Market Yield + 0.06%), 0.09%, 3/1/2021 (d) | 350,000 | 350,001 | ||||||
(US Treasury 3 Month Bill Money Market Yield + 0.11%), 0.14%, 3/1/2021 (d) | 328,000 | 328,333 | ||||||
(US Treasury 3 Month Bill Money Market Yield + 0.14%), 0.17%, 3/1/2021 (d) | 1,250,000 | 1,249,951 | ||||||
(US Treasury 3 Month Bill Money Market Yield + 0.15%), 0.18%, 3/1/2021 (d) | 500,000 | 500,065 | ||||||
(US Treasury 3 Month Bill Money Market Yield + 0.22%), 0.25%, 3/1/2021 (d) | 400,000 | 399,944 | ||||||
(US Treasury 3 Month Bill Money Market Yield + 0.30%), 0.33%, 3/1/2021 (d) | 300,000 | 300,106 | ||||||
U.S. Treasury Notes | ||||||||
1.25%, 3/31/2021 | 250,000 | 250,249 | ||||||
2.25%, 3/31/2021 | 124,000 | 124,224 | ||||||
2.63%, 5/15/2021 | 199,000 | 200,044 | ||||||
1.88%, 1/31/2022 | 20,000 | 20,327 | ||||||
2.50%, 2/15/2022 | 80,000 | 81,849 | ||||||
1.13%, 2/28/2022 | 219,675 | 221,933 | ||||||
1.75%, 2/28/2022 | 177,250 | 180,170 | ||||||
1.88%, 2/28/2022 | 168,500 | 171,492 | ||||||
|
| |||||||
Total U.S. Treasury Obligations |
| 5,178,631 | ||||||
|
| |||||||
Short-Term Investments – 63.4% |
| |||||||
U.S. Treasury Obligations – 63.4% |
| |||||||
U.S. Treasury Bills | ||||||||
0.09%, 3/9/2021 (e) | 189,000 | 188,996 | ||||||
0.10%, 3/11/2021 (e) | 1,964,200 | 1,964,144 | ||||||
0.08%, 3/16/2021 (e) | 908,000 | 907,970 |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 49 |
Table of Contents
JPMorgan U.S. Treasury Plus Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2021 (continued)
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Short-Term Investments — continued |
| |||||||
U.S. Treasury Obligations — continued |
| |||||||
0.10%, 3/18/2021 (e) | 2,750,000 | 2,749,865 | ||||||
0.09%, 3/25/2021 (e) | 1,000,000 | 999,940 | ||||||
0.07%, 3/30/2021 (e) | 633,200 | 633,167 | ||||||
0.09%, 4/1/2021 (e) | 1,484,250 | 1,484,138 | ||||||
0.09%, 4/6/2021 (e) | 99,250 | 99,241 | ||||||
0.10%, 4/13/2021 (e) | 1,573,250 | 1,573,072 | ||||||
0.10%, 4/20/2021 (e) | 484,000 | 483,933 | ||||||
0.09%, 5/4/2021 (e) | 400,000 | 399,936 | ||||||
0.09%, 5/11/2021 (e) | 633,600 | 633,488 | ||||||
0.04%, 5/13/2021 (e) | 500,000 | 499,959 | ||||||
0.09%, 5/25/2021 (e) | 522,670 | 522,559 | ||||||
0.06%, 5/27/2021 (e) | 999,460 | 999,314 | ||||||
0.08%, 6/3/2021 (e) | 1,433,800 | 1,433,521 | ||||||
0.09%, 6/10/2021 (e) | 742,000 | 741,813 | ||||||
0.05%, 6/17/2021 (e) | 200,000 | 199,970 | ||||||
0.05%, 6/29/2021 (e) | 263,800 | 263,756 | ||||||
0.10%, 7/1/2021 (e) | 199,250 | 199,183 | ||||||
0.06%, 7/20/2021 (e) | 490,000 | 489,895 | ||||||
0.06%, 8/19/2021 (e) | 829,000 | 828,764 | ||||||
0.05%, 8/26/2021 (e) | 400,000 | 399,901 | ||||||
0.08%, 2/24/2022 (e) | 340,000 | 339,762 | ||||||
|
| |||||||
Total U.S. Treasury Obligations |
| 19,036,287 | ||||||
|
| |||||||
Total Short-Term Investments |
| 19,036,287 | ||||||
|
| |||||||
Total Investments — 100.3% |
| 30,134,034 | ||||||
Liabilities in Excess of |
| (86,693 | ) | |||||
|
| |||||||
NET ASSETS — 100.0% |
| 30,047,341 | ||||||
|
|
Percentages indicated are based on net assets.
(a) | The date shown represents the earliest of the next put date, next demand date or final maturity date. | |
(b) | Treasury Joint Trading Account I — At February 28, 2021, certain Funds had undivided interests in the Treasury Joint Trading Account I with a maturity date of March 1, 2021, as follows (amounts in thousands): |
Fund | Principal Amount | Repurchase Price | Collateral Value Allocation | |||||||
JPMorgan U.S. Treasury Plus Money Market Fund | $1,550,000 | $ | 1,550,001 | $ | 1,581,001 |
Repurchase Agreements — At February 28, 2021, the Principal Amounts of certain Funds’ interests in the Treasury Joint Trading Account I were as follows (amounts in thousands):
Counterparty | Interest Rate | JPMorgan U.S. Treasury Plus Money Market Fund | ||||||
BNP Paribas SA | 0.01 | % | $ | 673,913 | ||||
Citibank NA | 0.01 | % | 112,319 | |||||
Wells Fargo Securities LLC | 0.01 | % | 763,768 | |||||
|
| |||||||
Total | $ | 1,550,000 | ||||||
|
|
At February 28, 2021, the Treasury Joint Trading Account I was fully collateralized by:
Issuer | Interest Rates | Maturity Dates | ||||||
U.S. Treasury Securities | 0.00% - 8.00% | 2/28/2021 - 8/15/2050 |
(c) Treasury Joint Trading Account III — At February 28, 2021, certain Funds had undivided interests in the Treasury Joint Trading Account III with a maturity date of March 1, 2021, as follows (amounts in thousands):
Fund | Principal Amount | Repurchase Price | Collateral Value Allocation | |||||||||
JPMorgan U.S. Treasury Plus Money Market Fund | $ | 531,260 | $ | 531,260 | $ | 541,886 |
Repurchase Agreements — At February 28, 2021, the Principal Amounts of certain Funds’ interests in the Treasury Joint Trading Account III were as follows (amounts in thousands):
Counterparty | Interest Rate | JPMorgan U.S. Treasury Plus Money Market Fund | ||||||
Credit Agricole Corporate and Investment Bank | 0.01 | % | $ | 303,577 | ||||
Societe Generale SA | 0.01 | % | 227,683 | |||||
|
| |||||||
Total | $ | 531,260 | ||||||
|
|
At February 28, 2021, the Treasury Joint Trading Account III was fully collateralized by:
Issuer | Interest Rates | Maturity Dates | ||||||
U.S. Treasury Securities | 0.00% - 7.50% | 2/28/2021 - 2/15/2051 |
(d) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of February 28, 2021. | |
(e) | The rate shown is the effective yield as of February 28, 2021. | |
* | The cost of securities is substantially the same for federal income tax purposes. |
SEE NOTES TO FINANCIAL STATEMENTS.
50 | J.P. MORGAN MONEY MARKET FUNDS | FEBRUARY 28, 2021 |
Table of Contents
JPMorgan Federal Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2021
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
U.S. Government Agency Securities — 28.2% |
| |||||||
FFCB | ||||||||
(SOFR + 0.08%), 0.11%, 3/1/2021 (b) | 20,000 | 20,000 | ||||||
(SOFR + 0.08%), 0.11%, 3/1/2021 (b) | 12,000 | 12,000 | ||||||
(SOFR + 0.09%), 0.12%, 3/1/2021 (b) | 20,000 | 20,000 | ||||||
(SOFR + 0.24%), 0.27%, 3/1/2021 (b) | 25,000 | 24,999 | ||||||
(SOFR + 0.32%), 0.35%, 3/1/2021 (b) | 25,000 | 25,000 | ||||||
(US Treasury 3 Month Bill Money Market Yield + 0.30%), 0.33%, 3/5/2021 (b) | 30,000 | 30,000 | ||||||
(ICE LIBOR USD 3 Month - 0.12%), 0.09%, 4/27/2021 (b) | 25,000 | 25,000 | ||||||
DN, 0.11%, 6/11/2021 (c) | 25,000 | 24,993 | ||||||
FHLB | ||||||||
(SOFR + 0.02%), 0.05%, 3/1/2021 (b) | 25,000 | 25,000 | ||||||
(SOFR + 0.08%), 0.11%, 3/1/2021 (b) | 25,000 | 25,000 | ||||||
(SOFR + 0.08%), 0.11%, 3/1/2021 (b) | 25,000 | 25,000 | ||||||
(SOFR + 0.14%), 0.16%, 3/1/2021 (b) | 72,000 | 72,000 | ||||||
(SOFR + 0.24%), 0.27%, 3/1/2021 (b) | 50,000 | 50,000 | ||||||
DN, 0.05%, 3/12/2021 (c) | 73,159 | 73,158 | ||||||
(ICE LIBOR USD 1 Month - 0.04%), 0.07%, 3/21/2021 (b) | 50,000 | 50,000 | ||||||
DN, 0.08%, 4/8/2021 (c) | 10,000 | 9,999 | ||||||
DN, 0.07%, 5/4/2021 (c) | 75,000 | 74,991 | ||||||
(SOFR + 0.02%), 0.05%, 5/5/2021 (b) | 25,000 | 25,000 | ||||||
DN, 0.07%, 5/11/2021 (c) | 100,000 | 99,987 | ||||||
DN, 0.10%, 5/12/2021 (c) | 60,000 | 59,988 | ||||||
DN, 0.10%, 5/14/2021 (c) | 50,000 | 49,990 | ||||||
|
| |||||||
Total U.S. Government Agency Securities |
| 822,105 | ||||||
|
| |||||||
U.S. Treasury Obligations — 12.6% |
| |||||||
U.S. Treasury Floating Rate Notes | ||||||||
(US Treasury 3 Month Bill Money Market Yield + 0.06%), 0.09%, 3/1/2021 (b) | 25,000 | 24,998 | ||||||
(US Treasury 3 Month Bill Money Market Yield + 0.14%), 0.17%, 3/1/2021 (b) | 100,000 | 100,005 | ||||||
(US Treasury 3 Month Bill Money Market Yield + 0.22%), 0.25%, 3/1/2021 (b) | 90,000 | 90,005 | ||||||
(US Treasury 3 Month Bill Money Market Yield + 0.30%), 0.33%, 3/1/2021 (b) | 50,000 | 50,081 | ||||||
U.S. Treasury Notes | ||||||||
1.75%, 7/31/2021 | 75,000 | 75,532 | ||||||
1.38%, 1/31/2022 | 25,000 | 25,295 | ||||||
|
| |||||||
Total U.S. Treasury Obligations |
| 365,916 | ||||||
|
|
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Short-Term Investments — 57.1% |
| |||||||
U.S. Treasury Obligations — 57.1% |
| |||||||
U.S. Treasury Bills | ||||||||
0.08%, 3/9/2021 (c) | 50,000 | 49,999 | ||||||
0.09%, 3/18/2021 (c) | 175,000 | 174,993 | ||||||
0.09%, 3/25/2021 (c) | 100,000 | 99,994 | ||||||
0.10%, 3/30/2021 (c) | 35,000 | 34,997 | ||||||
0.09%, 4/1/2021 (c) | 100,000 | 99,992 | ||||||
0.08%, 4/6/2021 (c) | 225,000 | 224,983 | ||||||
0.10%, 4/13/2021 (c) | 100,000 | 99,989 | ||||||
0.09%, 4/15/2021 (c) | 100,000 | 99,989 | ||||||
0.09%, 4/22/2021 (c) | 50,000 | 49,994 | ||||||
0.09%, 5/4/2021 (c) | 150,000 | 149,977 | ||||||
0.08%, 5/6/2021 (c) | 130,441 | 130,422 | ||||||
0.04%, 5/13/2021 (c) | 100,000 | 99,993 | ||||||
0.06%, 5/25/2021 (c) | 75,000 | 74,990 | ||||||
0.04%, 5/27/2021 (c) | 100,000 | 99,991 | ||||||
0.06%, 6/3/2021 (c) | 100,000 | 99,984 | ||||||
0.06%, 6/15/2021 (c) | 50,000 | 49,991 | ||||||
0.06%, 7/20/2021 (c) | 25,000 | 24,995 | ||||||
|
| |||||||
Total U.S. Treasury Obligations |
| 1,665,273 | ||||||
|
| |||||||
Total Short-Term Investments |
| 1,665,273 | ||||||
|
| |||||||
Total Investments — 97.9% |
| 2,853,294 | ||||||
Other Assets Less |
| 61,813 | ||||||
|
| |||||||
NET ASSETS — 100.0% |
| 2,915,107 | ||||||
|
|
Percentages indicated are based on net assets.
Abbreviations | ||
DN | Discount Notes | |
FFCB | Federal Farm Credit Bank | |
FHLB | Federal Home Loan Bank | |
ICE | Intercontinental Exchange | |
LIBOR | London Interbank Offered Rate | |
SOFR | Secured Overnight Financing Rate | |
USD | United States Dollar | |
(a) | The date shown represents the earliest of the next put date, next demand date or final maturity date. | |
(b) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of February 28, 2021. | |
(c) | The rate shown is the effective yield as of February 28, 2021. | |
* | The cost of securities is substantially the same for federal income tax purposes. |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 51 |
Table of Contents
JPMorgan 100% U.S. Treasury Securities Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2021
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
U.S. Treasury Obligations — 18.4% |
| |||||||
U.S. Treasury Floating Rate Notes | ||||||||
(US Treasury 3 Month Bill Money Market Yield + 0.06%), 0.09%, 3/1/2021 (b) | 1,856,190 | 1,856,008 | ||||||
(US Treasury 3 Month Bill Money Market Yield + 0.11%), 0.14%, 3/1/2021 (b) | 150,000 | 149,954 | ||||||
(US Treasury 3 Month Bill Money Market Yield + 0.14%), 0.17%, 3/1/2021 (b) | 4,863,000 | 4,863,050 | ||||||
(US Treasury 3 Month Bill Money Market Yield + 0.15%), 0.18%, 3/1/2021 (b) | 2,629,000 | 2,629,311 | ||||||
(US Treasury 3 Month Bill Money Market Yield + 0.22%), 0.25%, 3/1/2021 (b) | 2,461,000 | 2,461,402 | ||||||
(US Treasury 3 Month Bill Money Market Yield + 0.30%), 0.33%, 3/1/2021 (b) | 1,813,000 | 1,814,814 | ||||||
U.S. Treasury Notes | ||||||||
1.25%, 3/31/2021 | 250,000 | 250,249 | ||||||
1.38%, 4/30/2021 | 467,000 | 467,986 | ||||||
2.25%, 4/30/2021 | 888,848 | 892,064 | ||||||
1.75%, 7/31/2021 | 600,000 | 604,254 | ||||||
2.75%, 8/15/2021 | 400,000 | 404,964 | ||||||
1.13%, 8/31/2021 | 200,000 | 201,059 | ||||||
1.38%, 1/31/2022 | 275,000 | 278,252 | ||||||
2.00%, 2/15/2022 | 200,000 | 203,667 | ||||||
1.75%, 2/28/2022 | 119,550 | 121,520 | ||||||
2.38%, 3/15/2022 | 100,000 | 102,370 | ||||||
|
| |||||||
Total U.S. Treasury Obligations | 17,300,924 | |||||||
|
| |||||||
Short-Term Investments — 81.2% |
| |||||||
U.S. Treasury Obligations — 81.2% |
| |||||||
U.S. Treasury Bills | ||||||||
0.06%, 3/2/2021 (c) | 282,000 | 282,000 | ||||||
0.09%, 3/4/2021 (c) | 4,900,000 | 4,899,962 | ||||||
0.08%, 3/9/2021 (c) | 1,901,000 | 1,900,968 | ||||||
0.09%, 3/11/2021 (c) | 5,600,000 | 5,599,864 | ||||||
0.08%, 3/16/2021 (c) | 3,775,000 | 3,774,876 | ||||||
0.08%, 3/18/2021 (c) | 4,925,000 | 4,924,822 | ||||||
0.08%, 3/23/2021 (c) | 2,000,000 | 1,999,908 | ||||||
0.09%, 3/25/2021 (c) | 3,525,000 | 3,524,798 | ||||||
0.10%, 3/30/2021 (c) | 465,000 | 464,964 | ||||||
0.05%, 4/1/2021 (c) | 3,350,000 | 3,349,871 | ||||||
0.08%, 4/6/2021 (c) | 4,125,000 | 4,124,674 | ||||||
0.09%, 4/13/2021 (c) | 4,245,000 | 4,244,540 | ||||||
0.09%, 4/15/2021 (c) | 1,375,000 | 1,374,849 | ||||||
0.08%, 4/20/2021 (c) | 4,644,900 | 4,644,386 | ||||||
0.09%, 4/22/2021 (c) | 2,575,000 | 2,574,667 | ||||||
0.09%, 4/27/2021 (c) | 500,000 | 499,929 | ||||||
0.08%, 4/29/2021 (c) | 950,000 | 949,871 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
U.S. Treasury Obligations — continued |
| |||||||
0.08%, 5/4/2021 (c) | 2,700,000 | 2,699,620 | ||||||
0.09%, 5/6/2021 (c) | 3,700,000 | 3,699,426 | ||||||
0.04%, 5/13/2021 (c) | 940,000 | 939,933 | ||||||
0.08%, 5/18/2021 (c) | 250,000 | 249,959 | ||||||
0.09%, 5/20/2021 (c) | 4,900,000 | 4,899,010 | ||||||
0.05%, 5/25/2021 (c) | 650,000 | 649,928 | ||||||
0.06%, 5/27/2021 (c) | 2,750,000 | 2,749,616 | ||||||
0.04%, 6/1/2021 (c) | 850,000 | 849,905 | ||||||
0.06%, 6/3/2021 (c) | 1,980,000 | 1,979,690 | ||||||
0.08%, 6/22/2021 (c) | 150,000 | 149,963 | ||||||
0.02%, 6/29/2021 (c) | 1,335,000 | 1,334,785 | ||||||
0.08%, 7/6/2021 (c) | 1,500,000 | 1,499,590 | ||||||
0.05%, 7/20/2021 (c) | 2,050,000 | 2,049,585 | ||||||
0.09%, 7/29/2021 (c) | 500,000 | 499,812 | ||||||
0.05%, 8/5/2021 (c) | 1,250,000 | 1,249,755 | ||||||
0.05%, 8/12/2021 (c) | 500,000 | 499,885 | ||||||
0.05%, 8/19/2021 (c) | 1,000,000 | 999,747 | ||||||
|
| |||||||
Total U.S. Treasury Obligations |
| 76,135,158 | ||||||
|
| |||||||
Total Short-Term Investments |
| 76,135,158 | ||||||
|
| |||||||
Total Investments — 99.6% |
| 93,436,082 | ||||||
Other Assets Less |
| 378,778 | ||||||
|
| |||||||
NET ASSETS — 100.0% |
| 93,814,860 | ||||||
|
|
Percentages indicated are based on net assets.
(a) | The date shown represents the earliest of the next put date, next demand date or final maturity date. | |
(b) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of February 28, 2021. | |
(c) | The rate shown is the effective yield as of February 28, 2021. | |
* | The cost of securities is substantially the same for federal income tax purposes. |
SEE NOTES TO FINANCIAL STATEMENTS.
52 | J.P. MORGAN MONEY MARKET FUNDS | FEBRUARY 28, 2021 |
Table of Contents
JPMorgan Tax Free Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2021
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — 75.5% | ||||||||
Alabama — 0.1% |
| |||||||
Mobile County IDA, PCR, ExxonMobil Project Rev., VRDO, 0.01%, 3/1/2021 (b) | 1,325 | 1,325 | ||||||
Mobile Downtown Redevelopment Authority, Gulf Opportunity Zone, Austal USA LLC Project Series 2011A, Rev., VRDO, LOC: Bank of America NA, 0.04%, 3/5/2021 (b) (c) | 6,970 | 6,970 | ||||||
|
| |||||||
8,295 | ||||||||
|
| |||||||
Alaska — 0.6% |
| |||||||
Alaska Housing Finance Corp., Governmental Purpose Series 2009-A, Rev., VRDO, LIQ: FHLB, 0.02%, 3/5/2021 (b) | 21,225 | 21,225 | ||||||
Alaska Housing Finance Corp., Home Mortgage | ||||||||
Series 2009B, Rev., VRDO, LIQ: Wells Fargo Bank NA, 0.02%, 3/5/2021 (b) | 14,875 | 14,875 | ||||||
Series 2007A, Rev., VRDO, LIQ: FHLB, 0.03%, 3/5/2021 (b) | 13,720 | 13,720 | ||||||
City of Valdez, Exxon Pipeline Co. Project | ||||||||
Series 1993-A, Rev., VRDO, 0.01%, 3/1/2021 (b) | 410 | 410 | ||||||
Series 1993-C, Rev., VRDO, 0.01%, 3/1/2021 (b) | 6,290 | 6,290 | ||||||
|
| |||||||
56,520 | ||||||||
|
| |||||||
Arizona — 0.5% |
| |||||||
Salt River Pima-Maricopa Indian Community Rev., VRDO, LOC: Bank of America NA, 0.04%, 3/5/2021 (b) | 25,825 | 25,825 | ||||||
Tender Option Bond Trust Receipts/Certificates Series E-147, VRDO, 0.06%, 3/5/2021 (b) | 21,000 | 21,000 | ||||||
|
| |||||||
46,825 | ||||||||
|
| |||||||
Arkansas — 0.9% |
| |||||||
City of Osceola, Plum Point Energy Associates Rev., VRDO, LOC: Goldman Sachs & Co. LLC, 0.05%, 3/5/2021 (b) | 80,000 | 80,000 | ||||||
|
| |||||||
California — 1.1% |
| |||||||
Alameda County Industrial Development Authority, Plyproperties Project Series 1997A, Rev., VRDO, LOC: Wells Fargo Bank NA, 0.06%, 3/5/2021 (b) | 500 | 500 | ||||||
California Health Facilities Financing Authority, Health Facility, Catholic Healthcare West Series 2011C, Rev., VRDO, LOC: Bank of Montreal, 0.02%, 3/5/2021 (b) | 7,425 | 7,425 | ||||||
City of Vacaville, Multi-Family Housing, Sycamores Apartments Series 1999A, Rev., VRDO, FNMA, LIQ: FNMA, 0.03%, 3/5/2021 (b) | 2,400 | 2,400 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
California — continued |
| |||||||
County of Sacramento, Special Facilities Apartment, Cessna Aircraft Co. Project Rev., VRDO, LOC: Bank of America NA, 0.07%, 3/5/2021 (b) | 7,075 | 7,075 | ||||||
Modesto Public Financing Authority Rev., VRDO, LOC: Bank of the West, 0.03%, 3/5/2021 (b) | 6,555 | 6,555 | ||||||
San Francisco City and County Airport Commission International Airport Series 2010A-1, Rev., VRDO, AMT, LOC: Bank of America NA, 0.05%, 3/5/2021 (b) | 14,655 | 14,655 | ||||||
Santa Clara County Housing Authority, Multi-Family Housing, Timberwood Apartments Series 2005B, Rev., VRDO, LOC: Union Bank of California, 0.14%, 3/5/2021 (b) | 9,320 | 9,320 | ||||||
Tender Option Bond Trust Receipts/Certificates | ||||||||
Series 2017-XG0121, Rev., VRDO, LIQ: Bank of America NA, 0.05%, 3/5/2021 (b) (c) | 6,515 | 6,515 | ||||||
Series 2020-XF2867, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.05%, 3/5/2021 (b) (c) | 8,000 | 8,000 | ||||||
Series 2018-XF2737, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.06%, 3/5/2021 (b) (c) | 7,125 | 7,125 | ||||||
Series 2018-XM0647, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.06%, 3/5/2021 (b) (c) | 8,970 | 8,970 | ||||||
Series 2018-ZF0679, Rev., VRDO, LIQ: Bank of America NA, 0.06%, 3/5/2021 (b) (c) | 2,350 | 2,350 | ||||||
University of California Series 2013AL-1, Rev., VRDO, 0.02%, 3/1/2021 (b) | 19,420 | 19,420 | ||||||
|
| |||||||
100,310 | ||||||||
|
| |||||||
Colorado — 1.8% |
| |||||||
City of Colorado Springs, Utilities System Improvement | ||||||||
Series 2008-A, Rev., VRDO, LIQ: U.S. Bank NA, 0.03%, 3/5/2021 (b) | 11,035 | 11,035 | ||||||
Series 2009C, Rev., VRDO, LIQ: Sumitomo Mitsui Banking Corp., 0.03%, 3/5/2021 (b) | 17,020 | 17,020 | ||||||
Colorado Housing and Finance Authority, Single Family Mortgage Series 2019D, Class I, Rev., VRDO, AMT, LIQ: Royal Bank of Canada, 0.06%, 3/5/2021 (b) | 47,500 | 47,500 | ||||||
County of Arapahoe, Multi-Family Rental Housing, Hunter’s Run Rev., VRDO, LOC: FHLMC, 0.07%, 3/5/2021 (b) | 13,345 | 13,345 |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 53 |
Table of Contents
JPMorgan Tax Free Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2021 (continued)
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued | ||||||||
Colorado — continued |
| |||||||
Tender Option Bond Trust Receipts/Certificates | ||||||||
Series 2020-XF2905, GO, VRDO, AGM, LOC: Barclays Bank plc, 0.07%, 3/5/2021 (b) (c) | 5,200 | 5,200 | ||||||
Series 2020-XX1130, Rev., VRDO, LOC: Barclays Bank plc, 0.07%, 3/5/2021 (b) (c) | 3,880 | 3,880 | ||||||
Series 2016-ZF0467, Rev., VRDO, LOC: Royal Bank of Canada, 0.10%, 3/5/2021 (b) (c) | 17,700 | 17,700 | ||||||
University of Colorado Hospital Authority, Health System | ||||||||
Series 2018 B, Rev., VRDO, LIQ: TD Bank NA, 0.03%, 3/5/2021 (b) | 25,000 | 25,000 | ||||||
Series 2018 C, Rev., VRDO, LIQ: TD Bank NA, 0.03%, 3/5/2021 (b) | 30,000 | 30,000 | ||||||
|
| |||||||
170,680 | ||||||||
|
| |||||||
Connecticut — 1.5% |
| |||||||
Connecticut Housing Finance Authority, Housing Mortgage Finance Program | ||||||||
Series 2016A, Subseries A-3, Rev., VRDO, LIQ: Royal Bank of Canada, 0.03%, 3/5/2021 (b) | 10,000 | 10,000 | ||||||
Subseries B-3, Rev., VRDO, LIQ: Royal Bank of Canada, 0.03%, 3/5/2021 (b) | 10,000 | 10,000 | ||||||
Series 2016E-3, Rev., VRDO, LIQ: Landesbank Hessen-Thueringen, 0.03%, 3/5/2021 (b) | 12,415 | 12,415 | ||||||
Subseries A-2, Rev., VRDO, AMT, LIQ: U.S. Bank NA, 0.05%, 3/5/2021 (b) | 8,835 | 8,835 | ||||||
Series D, Subseries D-3, Rev., VRDO, AMT, LIQ: Sumitomo Mitsui Banking Corp., 0.06%, 3/5/2021 (b) | 32,045 | 32,045 | ||||||
Connecticut Innovations, Inc., ISO New England Inc., Project Rev., VRDO, LOC: TD Bank NA, 0.03%, 3/5/2021 (b) | 17,835 | 17,835 | ||||||
Tender Option Bond Trust Receipts/Certificates Series G-3, GO, VRDO, LOC: Royal Bank of Canada, 0.06%, 3/5/2021 (b) (c) | 5,000 | 5,000 | ||||||
Town of Groton Series 2020A, GO, BAN, 2.00%, 4/29/2021 | 45,000 | 45,065 | ||||||
|
| |||||||
141,195 | ||||||||
|
| |||||||
District of Columbia — 2.7% |
| |||||||
District of Columbia, Medlantic/Helix Issue, Tranche II Series 1998A, Rev., VRDO, LOC: TD Bank NA, 0.03%, 3/5/2021 (b) | 20,785 | 20,785 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
District of Columbia — continued |
| |||||||
Metropolitan Washington Airports Authority, Airport System | ||||||||
Series 2009D-2, Rev., VRDO, LOC: TD Bank NA, 0.02%, 3/1/2021 (b) | 6,010 | 6,010 | ||||||
Series 2010D, Rev., VRDO, AMT, LOC: Barclays Bank plc, 0.06%, 3/5/2021 (b) | 52,150 | 52,150 | ||||||
Subseries A-1, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.06%, 3/5/2021 (b) | 54,580 | 54,580 | ||||||
Subseries A-3, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.06%, 3/5/2021 (b) | 29,100 | 29,100 | ||||||
RBC Municipal Products, Inc. Trust, Floater Certificates Series E-108, GO, VRDO, LOC: Royal Bank of Canada, 0.06%, 3/5/2021 (b) (c) | 50,000 | 50,000 | ||||||
Tender Option Bond Trust Receipts/Certificates | ||||||||
Series 2019-XF0853, Rev., VRDO, LOC: TD Bank NA, 0.07%, 3/5/2021 (b) (c) | 23,950 | 23,950 | ||||||
Series 2019-XG0267, Rev., VRDO, LOC: Bank of America NA, 0.08%, 3/5/2021 (b) (c) | 18,545 | 18,545 | ||||||
|
| |||||||
255,120 | ||||||||
|
| |||||||
Florida — 5.0% |
| |||||||
Alachua County Housing Finance Authority, Multi-Family, Santa Fe Apartments Project Series 2008, Rev., VRDO, LOC: FNMA, 0.04%, 3/5/2021 (b) | 1,350 | 1,350 | ||||||
City of Jacksonville, Florida Power and Light Co., Project Rev., VRDO, 0.04%, 3/1/2021 (b) | 12,925 | 12,925 | ||||||
City of Jacksonville, Health Care Facilities, Baptist Health | ||||||||
Series 2019C, Rev., VRDO, 0.03%, 3/5/2021 (b) | 46,225 | 46,225 | ||||||
Series 2019C, Rev., VRDO, 0.03%, 3/5/2021 (b) | 45,315 | 45,315 | ||||||
County of Broward, Florida Power and Light Co., Project Series 2018A, Rev., VRDO, AMT, 0.06%, 3/1/2021 (b) | 12,500 | 12,500 | ||||||
County of Escambia, Gulf Power Co., Project Rev., VRDO, 0.03%, 3/1/2021 (b) | 11,100 | 11,100 | ||||||
County of Martin, Florida Power and Light Co., Project Rev., VRDO, 0.03%, 3/1/2021 (b) | 39,600 | 39,600 | ||||||
County of St. Lucie Rev., VRDO, 0.04%, 3/1/2021 (b) | 93,900 | 93,900 | ||||||
Florida Gulf Coast University Financing Corp., Housing Project Series A, Rev., VRDO, LOC: TD Bank NA, 0.03%, 3/5/2021 (b) | 14,850 | 14,850 |
SEE NOTES TO FINANCIAL STATEMENTS.
54 | J.P. MORGAN MONEY MARKET FUNDS | FEBRUARY 28, 2021 |
Table of Contents
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued | ||||||||
Florida — continued |
| |||||||
Florida Housing Finance Agency, Multi-Family, Sun Pointe Cove Apartments Rev., VRDO, FNMA, LIQ: FNMA, 0.05%, 3/5/2021 (b) | 8,500 | 8,500 | ||||||
Florida Housing Finance Corp., Kings Terrace LLC Series 2013B, Rev., VRDO, LIQ: FHLMC, 0.04%, 3/5/2021 (b) | 12,000 | 12,000 | ||||||
Highlands County Health Facilities Authority, Adventist Health System | ||||||||
Series 2012I-2, Rev., VRDO, 0.02%, 3/5/2021 (b) | 41,950 | 41,950 | ||||||
Series 2007A, Rev., VRDO, 0.03%, 3/5/2021 (b) | 15,450 | 15,450 | ||||||
Hillsborough County Industrial Development Authority Series 2020B, Rev., VRDO, LOC: TD Bank NA, 0.03%, 3/1/2021 (b) | 2,700 | 2,700 | ||||||
Lee County Industrial Development Authority, Florida Power and Light Co., Project Series 2016B, Rev., VRDO, AMT, 0.06%, 3/1/2021 (b) | 19,120 | 19,120 | ||||||
Orange County Health Facilities Authority, Orlando Health, Inc. Series E, Rev., VRDO, LOC: TD Bank NA, 0.03%, 3/5/2021 (b) | 34,225 | 34,225 | ||||||
Orange County Housing Finance Authority Rev., VRDO, FNMA, LIQ: FNMA, 0.03%, 3/5/2021 (b) | 8,900 | 8,900 | ||||||
Palm Beach County Multi-Family Housing Finance Authority, Renaissance Apartments Series A, Rev., VRDO, AMT, LOC: FNMA, 0.06%, 3/5/2021 (b) | 8,090 | 8,090 | ||||||
Sunshine State Governmental Financing Commission Series 2010A, Rev., VRDO, LOC: MUFG Union Bank NA, 0.04%, 3/5/2021 (b) | 14,905 | 14,905 | ||||||
Tender Option Bond Trust Receipts/Certificates | ||||||||
Series 2018-ZM0615, Rev., VRDO, LIQ: Citibank NA, 0.06%, 3/5/2021 (b) (c) | 7,500 | 7,500 | ||||||
Series 2019-XX1109, Rev., VRDO, LIQ: Barclays Bank plc, 0.06%, 3/5/2021 (b) (c) | 4,375 | 4,375 | ||||||
Series 2019-XG0252, Rev., VRDO, AMBAC, LOC: Bank of America NA, 0.08%, 3/5/2021 (b) (c) | 9,600 | 9,600 | ||||||
|
| |||||||
465,080 | ||||||||
|
| |||||||
Georgia — 0.2% |
| |||||||
Griffin-Spaulding County Development Authority, Industrial Development, Norcom, Inc. Project Rev., VRDO, LOC: Bank of America NA, 0.10%, 3/5/2021 (b) | 1,170 | 1,170 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Georgia — continued |
| |||||||
Tender Option Bond Trust Receipts/Certificates | ||||||||
Series 2018-ZF2614, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.06%, 3/5/2021 (b) (c) | 6,500 | 6,500 | ||||||
Series 2017-ZF0589, Rev., VRDO, LIQ: Bank of America NA, 0.07%, 3/5/2021 (b) (c) | 3,750 | 3,750 | ||||||
Series 2018-ZF0656, Rev., VRDO, LIQ: Bank of America NA, 0.07%, 3/5/2021 (b) (c) | 7,500 | 7,500 | ||||||
|
| |||||||
18,920 | ||||||||
|
| |||||||
Hawaii — 0.2% |
| |||||||
RBC Municipal Products, Inc. Trust, Floater Certificates Series G-13, GO, VRDO, LOC: Royal Bank of Canada, 0.06%, 3/5/2021 (b) (c) | 20,000 | 20,000 | ||||||
|
| |||||||
Illinois — 3.7% |
| |||||||
Chicago Midway International Airport, Second Lien Series 2004D, Rev., VRDO, LOC: | ||||||||
Bank of Montreal, 0.03%, 3/5/2021 (b) | 1,815 | 1,815 | ||||||
Series 2004C-1, Rev., VRDO, AMT, LOC: Bank of Montreal, 0.05%, 3/5/2021 (b) | 36,115 | 36,115 | ||||||
Series 2004C-2, Rev., VRDO, AMT, LOC: Bank of Montreal, 0.06%, 3/5/2021 (b) | 21,300 | 21,300 | ||||||
City of Galesburg, Knox College Project Rev., VRDO, LOC: PNC Bank NA, 0.04%, 3/5/2021 (b) | 4,300 | 4,300 | ||||||
County of Kane, Glenwood School for Boys Rev., VRDO, LOC: Northern Trust Co., 0.03%, 3/5/2021 (b) | 3,450 | 3,450 | ||||||
County of Lake, A L Hansen Manufacturing Co. Project Rev., VRDO, LOC: BMO Harris Bank NA, 0.07%, 3/5/2021 (b) | 620 | 620 | ||||||
County of Lake, Multi-Family Housing, Whispering Oaks Apartments Project Rev., VRDO, LIQ: FHLMC, 0.03%, 3/5/2021 (b) | 21,500 | 21,500 | ||||||
County of Will, ExxonMobil Project | ||||||||
Rev., VRDO, 0.02%, 3/1/2021 (b) | 4,830 | 4,830 | ||||||
Rev., VRDO, 0.02%, 3/1/2021 (b) | 1,725 | 1,725 | ||||||
Illinois Development Finance Authority, Fenwick High School Project Rev., VRDO, LOC: PNC Bank NA, 0.06%, 3/5/2021 (b) | 8,700 | 8,700 | ||||||
Illinois Development Finance Authority, St. Ignatius College Prep, 1994 Rev., VRDO, LOC: PNC Bank NA, 0.05%, 3/5/2021 (b) | 4,100 | 4,100 | ||||||
Illinois Educational Facilities Authority, Columbia College Chicago Rev., VRDO, LOC: BMO Harris Bank NA, 0.04%, 3/5/2021 (b) | 3,990 | 3,990 |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 55 |
Table of Contents
JPMorgan Tax Free Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2021 (continued)
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued | ||||||||
Illinois — continued |
| |||||||
Illinois Educational Facilities Authority, The Adler Planetarium Rev., VRDO, LOC: PNC Bank NA, 0.06%, 3/5/2021 (b) | 18,100 | 18,100 | ||||||
Illinois Finance Authority, Bradley University Series 2008A, Rev., VRDO, LOC: PNC Bank NA, 0.04%, 3/5/2021 (b) | 17,660 | 17,660 | ||||||
Series 2008B, Rev., VRDO, LOC: PNC Bank NA, 0.04%, 3/5/2021 (b) | 12,790 | 12,790 | ||||||
Illinois Finance Authority, Chicago Symphony Orchestra Rev., VRDO, LOC: PNC Bank NA, 0.04%, 3/5/2021 (b) | 43,015 | 43,015 | ||||||
Illinois Finance Authority, College 2005 Rev., VRDO, LOC: U.S. Bank NA, 0.03%, 3/5/2021 (b) | 3,975 | 3,975 | ||||||
Illinois Finance Authority, Hospital Sisters Services, Inc., Obligated Group Series 2012G, Rev., VRDO, LOC: Bank of Montreal, 0.04%, 3/5/2021 (b) | 20,945 | 20,945 | ||||||
Illinois Finance Authority, Northwestern Memorial Hospital Series 2008A-1, Rev., VRDO, 0.03%, 3/5/2021 (b) | 13,740 | 13,740 | ||||||
Illinois Finance Authority, University of Chicago Medical Center (The) Series 2011B, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.08%, 3/5/2021 (b) | 38,820 | 38,820 | ||||||
Illinois Finance Authority, Wbez Alliance, Inc., Project (The) Rev., VRDO, LOC: BMO Harris Bank NA, 0.03%, 3/5/2021 (b) | 15,000 | 15,000 | ||||||
Illinois Finance Authority, Youth Hostels Project Rev., VRDO, LOC: BMO Harris Bank NA, 0.04%, 3/5/2021 (b) | 3,205 | 3,205 | ||||||
Illinois Housing Development Authority Series 2020C, Rev., VRDO, GNMA/FNMA/FHLMC, LIQ: FHLMC, 0.04%, 3/5/2021 (b) | 25,000 | 25,000 | ||||||
Illinois Housing Development Authority, Homeowner Mortgage Series C-3, Rev., VRDO, AMT, LIQ: FHLB, 0.06%, 3/5/2021 (b) | 4,900 | 4,900 | ||||||
Southwestern Illinois Development Authority, Molinero Inc., Project Rev., VRDO, LOC: BMO Harris Bank NA, 0.04%, 3/5/2021 (b) | 4,995 | 4,995 | ||||||
Tender Option Bond Trust Receipts/Certificates Series 2020-XL0145, Rev., VRDO, LOC: Barclays Bank plc, 0.07%, 3/5/2021 (b) (c) | 3,420 | 3,420 | ||||||
Village of Justice, Multi-Family Housing, Candlewood Apartments Project Rev., VRDO, LOC: FNMA, 0.10%, 3/5/2021 (b) | 8,700 | 8,700 | ||||||
|
| |||||||
346,710 | ||||||||
|
|
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Indiana — 0.5% |
| |||||||
Indiana Finance Authority, Duke Energy Indiana, Inc. Project Series 2009A-5, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.01%, 3/1/2021 (b) | 950 | 950 | ||||||
Indiana Finance Authority, Parkview Health System Obligated Group Series 2009-C, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.06%, 3/5/2021 (b) | 1,875 | 1,875 | ||||||
Indiana Finance Authority, Stadium Project Series 2005A-1, Rev., VRDO, LIQ: Bank of America NA, 0.04%, 3/5/2021 (b) | 21,275 | 21,275 | ||||||
Indiana State Finance Authority, Lease Appropriation, Stadium Project Series 2008A, Rev., VRDO, 0.03%, 3/5/2021 (b) | 16,785 | 16,785 | ||||||
|
| |||||||
40,885 | ||||||||
|
| |||||||
Iowa — 1.9% |
| |||||||
County of Louisa, Pollution Control, Midwest Power System, Inc. Rev., VRDO, 0.06%, 3/5/2021 (b) | 33,500 | 33,500 | ||||||
Iowa Finance Authority, Archer-Daniel’s-Midland Co., Project Rev., VRDO, 0.05%, 3/5/2021 (b) | 20,145 | 20,145 | ||||||
Iowa Finance Authority, Midwestern Disaster Area, Archer-Daniels-Midland Co. Project Rev., VRDO, 0.04%, 3/5/2021 (b) | 71,525 | 71,525 | ||||||
Iowa Finance Authority, Midwestern Disaster Area, Chrisbro III, Inc. Project Rev., VRDO, LOC: Great Western Bank, 0.05%, 3/5/2021 (b) | 5,410 | 5,410 | ||||||
Iowa Finance Authority, Multi-Family Housing Series A, Rev., VRDO, AMT, LIQ: Wells Fargo Bank NA, 0.06%, 3/5/2021 (b) | 11,130 | 11,130 | ||||||
Iowa Finance Authority, Single Family Mortgage-Backed Securities Program | ||||||||
Series 2019B, Rev., VRDO, GNMA/FNMA/FHLMC, LIQ: U.S. Bank NA, 0.02%, 3/5/2021 (b) | 10,000 | 10,000 | ||||||
Rev., VRDO, GNMA/FNMA/FHLMC, LIQ: TD Bank NA, 0.03%, 3/5/2021 (b) | 4,100 | 4,100 | ||||||
Series 2019E, Rev., VRDO, GNMA/FNMA/FHLMC, LIQ: TD Bank NA, 0.03%, 3/5/2021 (b) | 7,660 | 7,660 | ||||||
Series 2020B, Rev., VRDO, GNMA/FNMA/FHLMC, LIQ: TD Bank NA, 0.03%, 3/5/2021 (b) | 15,500 | 15,500 | ||||||
|
| |||||||
178,970 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
56 | J.P. MORGAN MONEY MARKET FUNDS | FEBRUARY 28, 2021 |
Table of Contents
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued | ||||||||
Kansas — 0.7% |
| |||||||
RBC Municipal Products, Inc. Trust, Floater Certificates Series G-23, GO, VRDO, LOC: Royal Bank of Canada, 0.06%, 3/5/2021 (b) (c) | 12,500 | 12,500 | ||||||
Wyandotte County-Kansas City Unified Government Series 2020-I, GO, 1.20%, 4/1/2021 | 50,395 | 50,395 | ||||||
|
| |||||||
62,895 | ||||||||
|
| |||||||
Kentucky — 0.3% |
| |||||||
City of Shelbyville, Nifco North America Project Rev., VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 0.08%, 3/5/2021 (b) | 9,525 | 9,525 | ||||||
Louisville and Jefferson County Metropolitan Government, Norton Healthcare, Inc. Series 2013C, Rev., VRDO, LOC: PNC Bank NA, 0.06%, 3/5/2021 (b) | 20,900 | 20,900 | ||||||
|
| |||||||
30,425 | ||||||||
|
| |||||||
Louisiana — 0.2% |
| |||||||
Parish of East Baton Rouge, ExxonMobil Project Rev., VRDO, 0.02%, 3/1/2021 (b) | 5,100 | 5,100 | ||||||
Parish of St. Bernard, Mobil Oil Rev., VRDO, 0.02%, 3/1/2021 (b) | 8,000 | 8,000 | ||||||
|
| |||||||
13,100 | ||||||||
|
| |||||||
Maine — 0.5% |
| |||||||
Maine State Housing Authority, Mortgage Purchase | 20,000 | 20,000 | ||||||
Series G, Rev., VRDO, AMT, LIQ: Bank of America NA, 0.05%, 3/5/2021 (b) | 10,055 | 10,055 | ||||||
Series 2015E-3, Rev., VRDO, AMT, LIQ: Citibank NA, 0.08%, 3/5/2021 (b) | 18,765 | 18,765 | ||||||
|
| |||||||
48,820 | ||||||||
|
| |||||||
Maryland — 1.0% | ||||||||
County of Baltimore, Consolidated Public Improvement GO, BAN, 4.00%, 3/22/2021 | 30,000 | 30,056 | ||||||
Maryland Community Development Administration, Department of Housing and Community Development, Multi-Family, Monteverde Apartments Series 2008-E, Rev., VRDO, AMT, LOC: FHLMC, 0.03%, 3/5/2021 (b) | 6,900 | 6,900 | ||||||
Maryland Community Development Administration, Department of Housing and Community Development, Residential Series 2006G, Rev., VRDO, AMT, LIQ: State Street Bank & Trust, 0.06%, 3/5/2021 (b) | 17,495 | 17,495 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Maryland — continued | ||||||||
Maryland Health and Higher Educational Facilities Authority, Pooled Loan Program Series 1994-D, Rev., VRDO, LOC: Bank of America NA, 0.05%, 3/5/2021 (b) | 800 | 800 | ||||||
Tender Option Bond Trust Receipts/Certificates | ||||||||
Series 2018-XF2581, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.06%, 3/5/2021 (b) (c) | 6,485 | 6,485 | ||||||
Series 2018-ZM0618, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.06%, 3/5/2021 (b) (c) | 3,350 | 3,350 | ||||||
Series 2019-ZF2799, Rev., VRDO, LIQ: Barclays Bank plc, 0.06%, 3/5/2021 (b) (c) | 13,485 | 13,485 | ||||||
Series 2018-XG0177, Rev., VRDO, LOC: Barclays Bank plc, 0.07%, 3/5/2021 (b) (c) | 3,750 | 3,750 | ||||||
Series 2018-XF0605, Rev., VRDO, LIQ: Bank of America NA, 0.08%, 3/5/2021 (b) (c) | 3,300 | 3,300 | ||||||
Series 2018-ZM0596, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.08%, 3/5/2021 (b) (c) | 7,500 | 7,500 | ||||||
|
| |||||||
93,121 | ||||||||
|
| |||||||
Massachusetts — 0.8% | ||||||||
City of Somerville Series A, GO, BAN, 2.00%, 6/4/2021 | 10,000 | 10,041 | ||||||
Massachusetts Development Finance Agency, First Mortgage Brookhaven Series 2005B, Rev., VRDO, LOC: Bank of America NA, 0.04%, 3/5/2021 (b) | 1,400 | 1,400 | ||||||
Massachusetts Health and Educational Facilities Authority, Capital Asset Program | ||||||||
Series M-2, Rev., VRDO, LOC: Bank of America NA, 0.04%, 3/5/2021 (b) | 1,620 | 1,620 | ||||||
Series M-4A, Rev., VRDO, LOC: Bank of America NA, 0.04%, 3/5/2021 (b) | 1,355 | 1,355 | ||||||
Massachusetts Housing Finance Agency, Single Family Housing Series 208, Rev., VRDO, LIQ: Royal Bank of Canada, 0.03%, 3/5/2021 (b) | 3,400 | 3,400 | ||||||
Tender Option Bond Trust Receipts/Certificates Series 2018-XF2692, Rev., VRDO, LIQ: Citibank NA, 0.04%, 3/5/2021 (b) (c) | 4,190 | 4,190 | ||||||
Town of Acton GO, BAN, 1.25%, 3/16/2021 | 13,627 | 13,630 | ||||||
Town of Grafton, Unlimited Tax GO, BAN, 1.50%, 5/14/2021 | 17,015 | 17,037 | ||||||
Town of Seekonk GO, BAN, 1.25%, 9/10/2021 | 9,708 | 9,759 | ||||||
Town of Swampscott GO, BAN, 1.25%, 3/11/2022 (d) | 6,455 | 6,524 | ||||||
|
| |||||||
68,956 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 57 |
Table of Contents
JPMorgan Tax Free Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2021 (continued)
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued | ||||||||
Michigan — 2.2% |
| |||||||
Michigan State Housing Development Authority, Rental Housing | ||||||||
Series 2016D, Rev., VRDO, AMT, LOC: Bank of America NA, 0.06%, 3/5/2021 (b) | 18,940 | 18,940 | ||||||
Series 2018C, Rev., VRDO, AMT, LOC: Bank of America NA, 0.06%, 3/5/2021 (b) | 20,540 | 20,540 | ||||||
Series 2016C, Rev., VRDO, AMT, LIQ: Royal Bank of Canada, 0.07%, 3/5/2021 (b) | 54,455 | 54,455 | ||||||
Michigan State Housing Development Authority, Single Family Mortgage Series 2007E, Rev., VRDO, AMT, LIQ: Royal Bank of Canada, 0.07%, 3/5/2021 (b) | 31,920 | 31,920 | ||||||
Rib Floater Trust Various States Series 2018-009, Rev., VRDO, LOC: Barclays Bank plc, 0.07%, 3/5/2021 (b) (c) | 40,950 | 40,950 | ||||||
Tender Option Bond Trust Receipts/Certificates | ||||||||
Series 2016-XF0394, Rev., VRDO, LIQ: Bank of America NA, 0.06%, 3/5/2021 (b) (c) | 11,580 | 11,580 | ||||||
Series 2017-XF0597, Rev., VRDO, LIQ: Royal Bank of Canada, 0.06%, 3/5/2021 (b) (c) | 3,000 | 3,000 | ||||||
Series 2017-XG0158, Rev., VRDO, LIQ: Bank of America NA, 0.06%, 3/5/2021 (b) (c) | 4,075 | 4,075 | ||||||
Series 2018-XG0186, Rev., VRDO, LIQ: Bank of America NA, 0.06%, 3/5/2021 (b) (c) | 21,540 | 21,540 | ||||||
|
| |||||||
207,000 | ||||||||
|
| |||||||
Minnesota — 0.9% |
| |||||||
City of Minneapolis, Health Care System, Fairview Health Services Series 2018C, Rev., VRDO, LOC: Wells Fargo Bank NA, 0.01%, 3/1/2021 (b) | 8,605 | 8,605 | ||||||
Minnesota Housing Finance Agency, Residential Housing Finance | ||||||||
Series 2017F, Rev., VRDO, AMT, GNMA/FNMA/FHLMC, LIQ: Royal Bank of Canada, 0.03%, 3/5/2021 (b) | 32,800 | 32,800 | ||||||
Series 2016F, Rev., VRDO, AMT, GNMA/FNMA/FHLMC COLL, LIQ: FHLB, 0.06%, 3/5/2021 (b) | 37,535 | 37,535 | ||||||
Series 2017-C, Rev., VRDO, AMT, GNMA/FNMA/FHLMC COLL, LIQ: FHLB, 0.06%, 3/5/2021 (b) | 4,800 | 4,800 | ||||||
|
| |||||||
83,740 | ||||||||
|
| |||||||
Mississippi — 0.9% | ||||||||
County of Jackson, Chevron USA, Inc. Project Rev., VRDO, 0.02%, 3/1/2021 (b) | 120 | 120 | ||||||
Mississippi Business Finance Corp., Gulf Opportunity Zone Industrial Development, Chevron USA, Inc. Project | ||||||||
Series 2009E, Rev., VRDO, 0.01%, 3/1/2021 (b) | 9,900 | 9,900 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Mississippi — continued | ||||||||
Series 2010 H, Rev., VRDO, 0.01%, 3/1/2021 (b) | 3,200 | 3,200 | ||||||
Series 2010 I, Rev., VRDO, 0.01%, 3/1/2021 (b) | 6,200 | 6,200 | ||||||
Series 2010G, Rev., VRDO, 0.01%, 3/1/2021 (b) | 20,755 | 20,755 | ||||||
Series 2011A, Rev., VRDO, 0.01%, 3/1/2021 (b) | 10,435 | 10,435 | ||||||
Series 2011C, Rev., VRDO, 0.01%, 3/1/2021 (b) | 12,670 | 12,670 | ||||||
Series 2011D, Rev., VRDO, 0.01%, 3/1/2021 (b) | 15,925 | 15,925 | ||||||
|
| |||||||
79,205 | ||||||||
|
| |||||||
Missouri — 1.8% |
| |||||||
Health and Educational Facilities Authority of the State of Missouri, BJC Health System Series C, Rev., VRDO, LIQ: BJC Health System, 0.02%, 3/5/2021 (b) | 5,125 | 5,125 | ||||||
Series 2008A, Rev., VRDO, LIQ: U.S. Bank NA, 0.03%, 3/5/2021 (b) | 51,600 | 51,600 | ||||||
Series 2008B, Rev., VRDO, LIQ: BJC Health System, 0.03%, 3/5/2021 (b) | 42,675 | 42,675 | ||||||
Series D, Rev., VRDO, 0.03%, 3/5/2021 (b) | 3,965 | 3,965 | ||||||
Missouri Development Finance Board, Cultural Facilities, Kauffman Center For The Performing Arts Project Series 2007A, Rev., VRDO, LIQ: PNC Bank NA, 0.01%, 3/1/2021 (b) | 7,125 | 7,125 | ||||||
RBC Municipal Products, Inc. Trust, Floater Certificates Series C17, Rev., VRDO, LOC: Royal Bank of Canada, 0.08%, 3/5/2021 (b) (c) | 10,000 | 10,000 | ||||||
Tender Option Bond Trust Receipts/Certificates | ||||||||
Series 2020-XG0300, Rev., VRDO, LOC: Bank of America NA, 0.07%, 3/5/2021 (b) (c) | 7,500 | 7,500 | ||||||
Series 2020-XG0303, Rev., VRDO, AGM, LOC: Barclays Bank plc, 0.07%, 3/5/2021 (b) (c) | 12,605 | 12,605 | ||||||
Series C-16, Rev., VRDO, LOC: Royal Bank of Canada, 0.09%, 3/5/2021 (b) (c) | 25,050 | 25,050 | ||||||
|
| |||||||
165,645 | ||||||||
|
| |||||||
Nebraska — 0.1% |
| |||||||
Tender Option Bond Trust Receipts/Certificates Series 2018-XF2558, Rev., VRDO, LIQ: TD Bank NA, 0.06%, 3/5/2021 (b) (c) | 8,000 | 8,000 | ||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
58 | J.P. MORGAN MONEY MARKET FUNDS | FEBRUARY 28, 2021 |
Table of Contents
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued | ||||||||
Nevada — 0.6% |
| |||||||
Clark County, Industrial Development, Southwest Gas Corp. Project Series 2009A, Rev., VRDO, LOC: Bank of America NA, 0.04%, 3/5/2021 (b) | 16,555 | 16,555 | ||||||
County of Clark Series 2008A, GO, VRDO, AMT, LIQ: State Street Bank & Trust, 0.06%, 3/5/2021 (b) | 20,000 | 20,000 | ||||||
Nevada Housing Division, Multi-Unit Housing Series A, Rev., VRDO, LOC: FNMA, 0.04%, 3/5/2021 (b) | 7,250 | 7,250 | ||||||
Tender Option Bond Trust Receipts/Certificates Series 2019-G98, GO, VRDO, LOC: Royal Bank of Canada, 0.06%, 3/5/2021 (b) (c) | 4,750 | 4,750 | ||||||
Series 2026-XM0866, Rev., VRDO, LOC: Royal Bank of Canada, 0.07%, 3/5/2021 (b) (c) | 5,000 | 5,000 | ||||||
|
| |||||||
53,555 | ||||||||
|
| |||||||
New Jersey — 3.1% |
| |||||||
Borough of Beachwood, General Improvement Water Utility | ||||||||
Series 2020A, GO, BAN, 2.00%, 3/4/2021 | 10,039 | 10,040 | ||||||
Series 2021A, GO, BAN, 1.00%, 3/3/2022 | 15,326 | 15,453 | ||||||
City of Clifton, Sewer Utility GO, BAN, 1.25%, 9/29/2021 | 38,334 | 38,547 | ||||||
City of North Wildwood GO, BAN, 1.25%, 8/20/2021 | 20,326 | 20,417 | ||||||
City of Vineland GO, BAN, 1.25%, 11/10/2021 | 16,400 | 16,508 | ||||||
City of Wildwood, Water and Sewer Utility GO, BAN, 2.00%, 10/15/2021 | 23,233 | 23,476 | ||||||
County of Middlesex GO, BAN, 2.00%, 6/3/2021 | 6,000 | 6,025 | ||||||
County of Sussex GO, BAN, 1.75%, 6/17/2021 | 7,428 | 7,457 | ||||||
Rib Floater Trust Various States Series 2018-020, Rev., VRDO, LIQ: Barclays Bank plc, 0.10%, 3/5/2021 (b) (c) | 38,865 | 38,865 | ||||||
Tender Option Bond Trust Receipts/Certificates Series 2018-XX1093, Rev., VRDO, LOC: Barclays Bank plc, 0.06%, 3/5/2021 (b) (c) | 3,600 | 3,600 | ||||||
Town of Dover Series 2020A, GO, BAN, 1.25%, 5/27/2021 | 21,090 | 21,133 | ||||||
Township of Maple Shade, General Capital, Water and Sewer System GO, BAN, 1.25%, 9/1/2021 | 12,000 | 12,058 | ||||||
Township of Monroe, Middlesex County, General Improvement, Water and Sewer System GO, BAN, 1.25%, 6/8/2021 | 12,830 | 12,858 | ||||||
Township of Toms River GO, BAN, 1.50%, 6/16/2021 | 10,294 | 10,324 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
New Jersey — continued |
| |||||||
Township of Union GO, BAN, 2.00%, 1/27/2022 | 25,123 | 25,545 | ||||||
Township of Woodbridge, General Sewer Utility GO, BAN, 2.00%, 10/15/2021 | 24,360 | 24,621 | ||||||
|
| |||||||
286,927 | ||||||||
|
| |||||||
New York — 18.4% | ||||||||
Albany City School District Series 2020B, GO, BAN, 1.25%, 7/30/2021 | 48,000 | 48,168 | ||||||
Amsterdam City School District GO, BAN, 1.25%, 6/25/2021 | 28,968 | 29,034 | ||||||
Berne-Knox-Westerlo Central School District GO, BAN, 1.25%, 7/9/2021 | 17,800 | 17,850 | ||||||
City of Buffalo GO, BAN, 1.50%, 4/28/2021 | 34,800 | 34,832 | ||||||
City of Geneva GO, BAN, 1.50%, 5/6/2021 | 15,213 | 15,223 | ||||||
City of New York Series 2008L, Subseries L-5, GO, VRDO, LIQ: Bank of America NA, 0.01%, 3/1/2021 (b) | 5,650 | 5,650 | ||||||
City of New York, Fiscal Year 2012 | ||||||||
Series 2012G, Subseries G-6, GO, VRDO, LOC: Mizuho Bank Ltd., 0.01%, 3/1/2021 (b) | 3,850 | 3,850 | ||||||
Series D, Subseries D-3A, GO, VRDO, LIQ: Bank of New York Mellon Corp. (The), 0.02%, 3/1/2021 (b) | 2,725 | 2,725 | ||||||
Subseries G-7, GO, VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 0.03%, 3/1/2021 (b) | 8,990 | 8,990 | ||||||
City of New York, Fiscal Year 2013 | 13,660 | 13,660 | ||||||
City of New York, Fiscal Year 2014 Series D, Subseries D-4, GO, VRDO, LOC: TD Bank NA, 0.03%, 3/1/2021 (b) | 2,350 | 2,350 | ||||||
Subseries D-5, GO, VRDO, LOC: PNC Bank NA, 0.05%, 3/5/2021 (b) | 26,550 | 26,550 | ||||||
City of New York, Fiscal Year 2017 | 4,000 | 4,000 | ||||||
County of Broome Series 2020A, GO, BAN, 3.00%, 4/30/2021 | 29,720 | 29,807 | ||||||
County of Ulster GO, BAN, 1.25%, 11/18/2021 | 19,290 | 19,421 | ||||||
East Syracuse-Minoa Central School District GO, BAN, 2.00%, 7/15/2021 | 19,000 | 19,123 | ||||||
Evans-Brant Central School District Series 2020B, GO, BAN, 1.25%, 6/25/2021 | 21,425 | 21,463 | ||||||
Frontier Central School District GO, BAN, 1.25%, 7/22/2021 | 20,000 | 20,065 |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 59 |
Table of Contents
JPMorgan Tax Free Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2021 (continued)
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued | ||||||||
New York — continued | ||||||||
Geneva City School District GO, BAN, 1.25%, 6/25/2021 | 20,130 | 20,176 | ||||||
Gorham-Middlesex Central School District Series 2020A, GO, BAN, 1.25%, 6/24/2021 | 22,900 | 22,941 | ||||||
Highland Falls-Fort Montgomery Central School District GO, BAN, 1.25%, 6/25/2021 | 17,615 | 17,647 | ||||||
Metropolitan Transportation Authority Subseries E-3, Rev., VRDO, LOC: Bank of America NA, 0.01%, 3/1/2021 (b) | 7,455 | 7,455 | ||||||
Subseries E-1, Rev., VRDO, LOC: U.S. Bank NA, 0.02%, 3/1/2021 (b) | 1,615 | 1,615 | ||||||
Subseries E-1, Rev., VRDO, LOC: PNC Bank NA, 0.05%, 3/5/2021 (b) | 9,165 | 9,165 | ||||||
Subseries E-4, Rev., VRDO, LOC: PNC Bank NA, 0.05%, 3/5/2021 (b) | 25,775 | 25,775 | ||||||
Metropolitan Transportation Authority, Dedicated Tax Fund Series 2008A-2B, Rev., VRDO, LOC: PNC Bank NA, 0.05%, 3/5/2021 (b) | 74,555 | 74,555 | ||||||
Monticello Central School District GO, BAN, 1.00%, 6/30/2021 | 30,000 | 30,074 | ||||||
New York City Housing Development Corp., Multi-Family Mortgage, Susans Court Series 2007A, Rev., VRDO, LOC: Citibank NA, 0.07%, 3/5/2021 (b) | 20,450 | 20,450 | ||||||
New York City Housing Development Corp., Multi-Family Mortgage, Susans Court, Murray Street Series 2005A, Rev., VRDO, LOC: FNMA, 0.07%, 3/5/2021 (b) | 44,250 | 44,250 | ||||||
New York City Housing Development Corp., Multi-Family Mortgage, Susans Court, Westport Development Series 2004A, Rev., VRDO, LOC: FNMA, 0.07%, 3/5/2021 (b) | 65,000 | 65,000 | ||||||
New York City Housing Development Corp., Multi-Family Rental Housing, West 89th Street Development Series A, Rev., VRDO, LOC: FNMA, 0.05%, 3/5/2021 (b) | 3,830 | 3,830 | ||||||
New York City Municipal Water Finance Authority, Water and Sewer System, Fiscal Year 2012 | ||||||||
Series B, Subseries B-1, Rev., VRDO, LIQ: U.S. Bank NA, 0.02%, 3/1/2021 (b) | 11,100 | 11,100 | ||||||
Series B, Subseries B-2, Rev., VRDO, LIQ: State Street Bank & Trust, 0.02%, 3/1/2021 (b) | 4,205 | 4,205 | ||||||
Series B, Subseries B-4, Rev., VRDO, LIQ: State Street Bank & Trust, 0.02%, 3/1/2021 (b) | 5,240 | 5,240 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
New York — continued | ||||||||
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2001 Subseries F-1, Rev., VRDO, LIQ: Mizuho Bank Ltd., 0.01%, 3/1/2021 (b) | 28,235 | 28,235 | ||||||
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2008 Series 2008BB-2, Rev., VRDO, LIQ: Bank of America NA, 0.01%, 3/1/2021 (b) | 8,720 | 8,720 | ||||||
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2014 | ||||||||
Series 2014AA-4, Rev., VRDO, LIQ: Bank of Montreal, 0.03%, 3/1/2021 (b) | 2,400 | 2,400 | ||||||
Series AA, Subseries AA1, Rev., VRDO, LIQ: TD Bank NA, 0.03%, 3/1/2021 (b) | 27,665 | 27,665 | ||||||
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2015 Series BB, Rev., VRDO, LIQ: Mizuho Bank Ltd., 0.02%, 3/1/2021 (b) | 34,465 | 34,465 | ||||||
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2016 Series AA-2, Rev., VRDO, LIQ: PNC Bank NA, 0.05%, 3/5/2021 (b) | 4,555 | 4,555 | ||||||
New York City Transitional Finance Authority, Future Tax Secured Subseries D-4, Rev., VRDO, LIQ: Mizuho Bank Ltd., 0.05%, 3/5/2021 (b) | 2,625 | 2,625 | ||||||
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2003 Subseries A-4, Rev., VRDO, LIQ: TD Bank NA, 0.03%, 3/1/2021 (b) | 3,090 | 3,090 | ||||||
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2014 Subseries D-3, Rev., VRDO, LIQ: Mizuho Bank Ltd., 0.03%, 3/1/2021 (b) | 1,635 | 1,635 | ||||||
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2015 Subseries A-3, Rev., VRDO, LIQ: Mizuho Bank Ltd., 0.03%, 3/1/2021 (b) | 14,370 | 14,370 | ||||||
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2016 Subseries A-4, Rev., VRDO, LIQ: Bank of America NA, 0.01%, 3/1/2021 (b) | 9,805 | 9,805 | ||||||
New York City Trust for Cultural Resources, Metropolitan Museum of Art Series 2006A-1, Rev., VRDO, 0.03%, 3/5/2021 (b) | 17,175 | 17,175 |
SEE NOTES TO FINANCIAL STATEMENTS.
60 | J.P. MORGAN MONEY MARKET FUNDS | FEBRUARY 28, 2021 |
Table of Contents
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued | ||||||||
New York — continued | ||||||||
New York City Water and Sewer System, Fiscal Year 2012 Subseries A-2, Rev., VRDO, LIQ: Mizuho Bank Ltd., 0.01%, 3/1/2021 (b) | 2,510 | 2,510 | ||||||
New York State Dormitory Authority, City University System, CONS Fifth General Resolution Series 2008D, Rev., VRDO, LOC: TD Bank NA, 0.03%, 3/5/2021 (b) | 17,080 | 17,080 | ||||||
New York State Dormitory Authority, State Personal Income Tax, General Purpose Series 2020B, Rev., RAN, 5.00%, 3/31/2021 | 69,500 | 69,754 | ||||||
New York State Energy Research and Development Authority, Consolidated Edison Co., Inc. Project | ||||||||
Subseries A-3, Rev., VRDO, LOC: Mizuho Bank Ltd., 0.03%, 3/5/2021 (b) | 920 | 920 | ||||||
Subseries C-1, Rev., VRDO, LOC: Mizuho Bank Ltd., 0.06%, 3/5/2021 (b) | 13,100 | 13,100 | ||||||
Subseries C-2, Rev., VRDO, LOC: Mizuho Bank Ltd., 0.06%, 3/5/2021 (b) | 1,010 | 1,010 | ||||||
New York State Housing Finance Agency Series 2002A, Rev., VRDO, LOC: FNMA, 0.05%, 3/5/2021 (b) | 7,000 | 7,000 | ||||||
Series A, Rev., VRDO, LOC: FNMA, 0.05%, 3/5/2021 (b) | 1,600 | 1,600 | ||||||
New York State Housing Finance Agency, 250 West 93rd Street Housing Series 2005A, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 0.07%, 3/5/2021 (b) | 30,775 | 30,775 | ||||||
New York State Housing Finance Agency, 29 Flatbush Avenue Housing Series 2010A, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 0.05%, 3/5/2021 (b) | 12,255 | 12,255 | ||||||
New York State Housing Finance Agency, 330 Reverdale Avenue Apartments Series 2008A, Rev., VRDO, LOC: Bank of America NA, 0.05%, 3/5/2021 (b) | 10,750 | 10,750 | ||||||
New York State Housing Finance Agency, 360 West 43rd Street Series A, Rev., VRDO, LOC: FNMA, 0.05%, 3/5/2021 (b) | 2,400 | 2,400 | ||||||
New York State Housing Finance Agency, 455 West 37th Street Housing Series 2007A, Rev., VRDO, AMT, LOC: Landesbank Hessen-Thueringen, 0.02%, 3/1/2021 (b) | 4,510 | 4,510 | ||||||
New York State Housing Finance Agency, Historic Front Street Series 2003A, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 0.04%, 3/5/2021 (b) | 9,200 | 9,200 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
New York — continued | ||||||||
New York State Housing Finance Agency, Tribeca Green Series 2003A, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 0.05%, 3/5/2021 (b) | 36,500 | 36,500 | ||||||
New York State Housing Finance Agency, West 23rd Street Housing Series 2002A, Rev., VRDO, LOC: FNMA, 0.06%, 3/5/2021 (b) | 31,700 | 31,700 | ||||||
New York State Housing Finance Agency, Weyant Green Apartments Series 2007A, Rev., VRDO, LOC: FNMA, 0.05%, 3/5/2021 (b) | 100 | 100 | ||||||
New York State Housing Finance Agency, Worth Street | ||||||||
Series A, Rev., VRDO, LOC: FNMA, 0.05%, 3/5/2021 (b) | 3,400 | 3,400 | ||||||
Series A, Rev., VRDO, LOC: FNMA, 0.05%, 3/5/2021 (b) | 2,100 | 2,100 | ||||||
North Colonie Central School District GO, BAN, 1.25%, 7/16/2021 | 97,710 | 98,002 | ||||||
North Rose-Wolcott Central School District GO, BAN, 1.25%, 6/29/2021 | 22,265 | 22,314 | ||||||
North Tonawanda City School District GO, BAN, 1.25%, 8/20/2021 | 14,940 | 15,006 | ||||||
Pearl River Union Free School District GO, BAN, 1.25%, 7/23/2021 | 28,345 | 28,440 | ||||||
Phoenix Central School District GO, BAN, 1.25%, 7/8/2021 | 32,667 | 32,761 | ||||||
RBC Municipal Products, Inc. Trust, Floater Certificates | ||||||||
Series E-24, Rev., VRDO, LOC: Royal Bank of Canada, 0.04%, 3/1/2021 (b) (c) | 17,605 | 17,605 | ||||||
Series E-137, Rev., VRDO, LOC: Royal Bank of Canada, 0.06%, 3/5/2021 (b) (c) | 12,800 | 12,800 | ||||||
Series E-146, Rev., VRDO, LOC: Royal Bank of Canada, 0.06%, 3/5/2021 (b) (c) | 41,225 | 41,225 | ||||||
Series E-86, GO, VRDO, LOC: Royal Bank of Canada, 0.06%, 3/5/2021 (b) (c) | 19,165 | 19,165 | ||||||
Series E-87, GO, VRDO, LOC: Royal Bank of Canada, 0.06%, 3/5/2021 (b) (c) | 14,600 | 14,600 | ||||||
Series E-88, GO, VRDO, LOC: Royal Bank of Canada, 0.06%, 3/5/2021 (b) (c) | 25,835 | 25,835 | ||||||
Series E-99, Rev., VRDO, LOC: Royal Bank of Canada, 0.06%, 3/5/2021 (b) (c) | 27,000 | 27,000 | ||||||
Schalmont Central School District Series 2020A, GO, BAN, 1.00%, 9/2/2021 | 17,458 | 17,520 | ||||||
Schoharie Central School District GO, BAN, 1.25%, 6/25/2021 | 17,335 | 17,358 |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 61 |
Table of Contents
JPMorgan Tax Free Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2021 (continued)
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued | ||||||||
New York — continued | ||||||||
Solvay Union Free School District GO, BAN, 1.25%, 6/30/2021 | 25,842 | 25,910 | ||||||
Tender Option Bond Trust Receipts/Certificates Series E-118, GO, VRDO, LOC: Royal Bank of Canada, 0.04%, 3/1/2021 (b) (c) | 4,900 | 4,900 | ||||||
Series 2021-XL0164, Rev., VRDO, LIQ: Wells Fargo Bank NA, 0.05%, 3/5/2021 (b) (c) | 9,335 | 9,335 | ||||||
Series 2018-E-129, Rev., VRDO, LOC: Royal Bank of Canada, 0.06%, 3/5/2021 (b) (c) | 35,000 | 35,000 | ||||||
Series 2020-XG0276, Rev., VRDO, LOC: Bank of America NA, 0.06%, 3/5/2021 (b) (c) | 12,955 | 12,955 | ||||||
Series 2020-YX1158, Rev., VRDO, LIQ: Barclays Bank plc, 0.06%, 3/5/2021 (b) (c) | 6,740 | 6,740 | ||||||
Series 2018-XF0685, Rev., VRDO, LIQ: TD Bank NA, 0.07%, 3/5/2021 (b) (c) | 12,875 | 12,875 | ||||||
Series 2020-XF2878, Rev., VRDO, LOC: Barclays Bank plc, 0.07%, 3/5/2021 (b) (c) | 16,730 | 16,730 | ||||||
Series 2020-XF2888, Rev., VRDO, LOC: Barclays Bank plc, 0.07%, 3/5/2021 (b) (c) | 9,560 | 9,560 | ||||||
Series 2020-XF2903, Rev., VRDO, LOC: Barclays Bank plc, 0.07%, 3/5/2021 (b) (c) | 24,630 | 24,630 | ||||||
Series 2018-E-126, Rev., VRDO, LOC: Royal Bank of Canada, 0.08%, 3/5/2021 (b) (c) | 35,000 | 35,000 | ||||||
Union Endicott Central School District GO, BAN, 1.25%, 6/25/2021 | 18,079 | 18,120 | ||||||
William Floyd Union Free School District of the Mastics-Moriches-Shirley GO, BAN, 1.50%, 5/13/2021 | 17,600 | 17,618 | ||||||
|
| |||||||
1,716,647 | ||||||||
|
| |||||||
North Carolina — 1.7% |
| |||||||
City of Raleigh, Downtown Improvement Project Series 2005-B-1, COP, VRDO, LIQ: PNC Bank NA, 0.06%, 3/5/2021 (b) | 23,300 | 23,300 | ||||||
City of Raleigh, Downtown Improvement Projects Series 2005-B-2, COP, VRDO, LIQ: PNC Bank NA, 0.06%, 3/5/2021 (b) | 31,335 | 31,335 | ||||||
City of Raleigh, Enterprise System Series 2008A, Rev., VRDO, LIQ: Bank of America NA, 0.03%, 3/5/2021 (b) | 19,395 | 19,395 | ||||||
North Carolina Medical Care Commission, Moses Cone Health System Series 2001B, Rev., VRDO, LIQ: Bank of Montreal, 0.01%, 3/1/2021 (b) | 9,900 | 9,900 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
North Carolina — continued |
| |||||||
Person County Industrial Facilities and Pollution Control Financing Authority, Recovery Zone Facility, CertainTeed Gypsum, Inc. Rev., VRDO, LOC: Credit Industriel et Commercial, 0.05%, 3/5/2021 (b) | 74,800 | 74,800 | ||||||
|
| |||||||
158,730 | ||||||||
|
| |||||||
Ohio — 1.5% |
| |||||||
Akron Bath Copley Joint Township Hospital District, Concordia Lutheran Obligated Group Series 2018B, Rev., VRDO, LOC: BMO Harris Bank NA, 0.04%, 3/5/2021 (b) | 7,800 | 7,800 | ||||||
City of Blue Ash, Economic Development, Ursuline Academy of Cincinnati Project Rev., VRDO, LOC: PNC Bank NA, 0.05%, 3/5/2021 (b) | 200 | 200 | ||||||
Columbus Regional Airport Authority, Flightsafety International Inc., Project Series B, Rev., VRDO, AMT, 0.07%, 3/5/2021 (b) | 15,040 | 15,040 | ||||||
County of Hamilton, Hospital Facilities, The Elizabeth Gamble Deaconess Home Association | ||||||||
Series 2002A, Rev., VRDO, LOC: Northern Trust Co., 0.04%, 3/5/2021 (b) | 11,750 | 11,750 | ||||||
Series 2002B, Rev., VRDO, LOC: PNC Bank NA, 0.06%, 3/5/2021 (b) | 8,500 | 8,500 | ||||||
County of Montgomery, Hospital Facilities, Premier Health Partners Obligated Group Series 2019B, Rev., VRDO, LOC: PNC Bank NA, 0.04%, 3/5/2021 (b) | 29,425 | 29,425 | ||||||
Ohio Higher Educational Facility Commission, Hospital, Cleveland Clinic Health System Series 2013-B-2, Rev., VRDO, LIQ: Bank of New York Mellon Corp. (The), 0.02%, 3/1/2021 (b) | 2,750 | 2,750 | ||||||
State of Ohio, University Hospitals Health System, Inc. Series 2018 B, Rev., VRDO, LOC: PNC Bank NA, 0.04%, 3/5/2021 (b) | 5,470 | 5,470 | ||||||
Tender Option Bond Trust Receipts/Certificates Series 2019-E132, Rev., VRDO, LOC: Royal Bank of Canada, 0.06%, 3/5/2021 (b) (c) | 40,000 | 40,000 | ||||||
Series 2019-E-134, Rev., VRDO, LOC: Royal Bank of Canada, 0.06%, 3/5/2021 (b) (c) | 12,365 | 12,365 | ||||||
Series G-30, GO, VRDO, LOC: Royal Bank of Canada, 0.06%, 3/5/2021 (b) (c) | 3,905 | 3,905 | ||||||
Series 2020-XF2889, Rev., VRDO, LOC: Barclays Bank plc, 0.07%, 3/5/2021 (b) (c) | 4,705 | 4,705 | ||||||
|
| |||||||
141,910 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
62 | J.P. MORGAN MONEY MARKET FUNDS | FEBRUARY 28, 2021 |
Table of Contents
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued | ||||||||
Oklahoma — 0.1% |
| |||||||
Oklahoma Development Finance Authority Series E-140, Rev., VRDO, LOC: Royal Bank of Canada, 0.06%, 3/5/2021 (b) (c) | 12,400 | 12,400 | ||||||
|
| |||||||
Oregon — 0.1% |
| |||||||
Port of Portland, Special Obligation, Horizon Air Industries, Inc. Rev., VRDO, LOC: Bank of America NA, 0.06%, 3/1/2021 (b) | 5,190 | 5,190 | ||||||
Tender Option Bond Trust Receipts/Certificates Series 2018-ZM0637, Rev., VRDO, LIQ: Royal Bank of Canada, 0.06%, 3/5/2021 (b) (c) | 7,500 | 7,500 | ||||||
|
| |||||||
12,690 | ||||||||
|
| |||||||
Other — 1.1% |
| |||||||
FHLMC, Multi-Family VRD Certificates | ||||||||
Series M015, Class A, Rev., VRDO, LIQ: FHLMC, 0.07%, 3/5/2021 (b) (c) | 1,380 | 1,380 | ||||||
Series M019, Class A, Rev., VRDO, LIQ: FHLMC, 0.07%, 3/5/2021 (b) (c) | 31,568 | 31,568 | ||||||
Series M020, Class A, Rev., VRDO, LIQ: FHLMC, 0.07%, 3/5/2021 (b) (c) | 5,545 | 5,545 | ||||||
Series M021, Class A, Rev., VRDO, LIQ: FHLMC, 0.07%, 3/5/2021 (b) (c) | 37,500 | 37,500 | ||||||
Series M025, Class A, Rev., VRDO, LIQ: FHLMC, 0.50%, 3/5/2021 (b) (c) | 18,835 | 18,835 | ||||||
Series M026, Class A, Rev., VRDO, LIQ: FHLMC, 0.50%, 3/5/2021 (b) (c) | 8,710 | 8,710 | ||||||
|
| |||||||
103,538 | ||||||||
|
| |||||||
Pennsylvania — 5.6% |
| |||||||
Allegheny County Higher Education Building Authority, Carnegie Mellon University Series 2018A, Rev., VRDO, LIQ: Bank of New York Mellon Corp. (The), 0.01%, 3/1/2021 (b) | 3,450 | 3,450 | ||||||
Bucks County Industrial Development Authority, Grand View Hospital Project Series A, Rev., VRDO, LOC: TD Bank NA, 0.03%, 3/5/2021 (b) | 385 | 385 | ||||||
Butler County Hospital Authority, Concordia Lutheran Obligated Group Series 2012A, Rev., VRDO, LOC: BMO Harris Bank NA, 0.04%, 3/5/2021 (b) | 5,000 | 5,000 | ||||||
County of Allegheny Series C-50, GO, VRDO, LOC: PNC Bank NA, 0.04%, 3/5/2021 (b) | 33,775 | 33,775 | ||||||
Series C-51, GO, VRDO, LOC: PNC Bank NA, 0.04%, 3/5/2021 (b) | 12,000 | 12,000 | ||||||
Delaware Valley Regional Finance Authority, Local Government Bonds Series 2020A, Rev., VRDO, LOC: TD Bank NA, 0.03%, 3/5/2021 (b) | 10,000 | 10,000 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Pennsylvania — continued |
| |||||||
Series 2020D, Rev., VRDO, LOC: TD Bank NA, 0.03%, 3/5/2021 (b) | 13,275 | 13,275 | ||||||
Montgomery County Redevelopment Authority, Multi-Family Housing, Brookside Manors Apartments Project Series 2001A, Rev., VRDO, LOC: FNMA, 0.04%, 3/5/2021 (b) | 18,110 | 18,110 | ||||||
Montgomery County Redevelopment Authority, Multi-Family Housing, Kingswood Apartments Project Series 2001A, Rev., VRDO, LOC: FNMA, 0.10%, 3/5/2021 (b) | 17,080 | 17,080 | ||||||
Pennsylvania Economic Development Financing Authority, Exempt Facilities, PPL Energy Supply, LLC Project Series 2009C, Rev., VRDO, LOC: MUFG Union Bank NA, 0.07%, 3/5/2021 (b) | 15,000 | 15,000 | ||||||
Pennsylvania Higher Educational Facilities Authority, Susquehanna University Project Series 2001 H9, Rev., VRDO, LOC: PNC Bank NA, 0.04%, 3/5/2021 (b) | 3,300 | 3,300 | ||||||
Pennsylvania Housing Finance Agency Series 2004-86B, Rev., VRDO, AMT, LIQ: TD Bank NA, 0.04%, 3/5/2021 (b) | 11,290 | 11,290 | ||||||
Pennsylvania Turnpike Commission Series 2019-2, Rev., VRDO, LOC: TD Bank NA, 0.03%, 3/5/2021 (b) | 25,050 | 25,050 | ||||||
Philadelphia Gas Works Co., 1998 General Ordinance Series B, Rev., VRDO, LOC: TD Bank NA, 0.03%, 3/5/2021 (b) | 18,115 | 18,115 | ||||||
Series D, Rev., VRDO, LOC: TD Bank NA, 0.03%, 3/5/2021 (b) | 3,560 | 3,560 | ||||||
Series E, Rev., VRDO, LOC: TD Bank NA, 0.03%, 3/5/2021 (b) | 24,770 | 24,770 | ||||||
RBC Municipal Products, Inc. Trust, Floater Certificates | ||||||||
Series E-111, Rev., VRDO, LOC: Royal Bank of Canada, 0.04%, 3/1/2021 (b) (c) | 96,265 | 96,265 | ||||||
Series E-111, Rev., VRDO, LOC: Royal Bank of Canada, 0.04%, 3/1/2021 (b) (c) | 49,370 | 49,370 | ||||||
Series E-101, Rev., VRDO, LOC: Royal Bank of Canada, 0.06%, 3/5/2021 (b) (c) | 113,050 | 113,050 | ||||||
Series 2019-ZF2779, Rev., VRDO, LIQ: Barclays Bank plc, 0.06%, 3/5/2021 (b) (c) | 5,070 | 5,070 | ||||||
Series 2018-XG0201, Rev., VRDO, GTD , LOC: Barclays Bank plc, 0.07%, 3/5/2021 (b) (c) | 45,000 | 45,000 | ||||||
|
| |||||||
522,915 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 63 |
Table of Contents
JPMorgan Tax Free Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2021 (continued)
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued | ||||||||
Rhode Island — 0.2% |
| |||||||
Rhode Island Health and Educational Building Corp., Educational Institution, International Institute of Rhode Island Rev., VRDO, LOC: Bank of America NA, 0.06%, 3/5/2021 (b) | 1,300 | 1,300 | ||||||
Rhode Island Housing and Mortgage Finance Corp., Multi-Family Housing, Sutterfield Project Rev., VRDO, AMT, LOC: FHLMC, 0.08%, 3/5/2021 (b) | 7,000 | 7,000 | ||||||
Rhode Island Industrial Facilities Corp., Marine Terminal, ExxonMobil Project Rev., VRDO, 0.01%, 3/1/2021 (b) | 400 | 400 | ||||||
Tender Option Bond Trust Receipts/Certificates Series 2018-XF2559, Rev., VRDO, LIQ: Citibank NA, 0.06%, 3/5/2021 (b) (c) | 9,000 | 9,000 | ||||||
|
| |||||||
17,700 | ||||||||
|
| |||||||
South Carolina — 1.9% |
| |||||||
County Square Redevelopment Corp., Greenville County, South Carolina Project Rev., BAN, 0.15%, 3/3/2022 | 11,000 | 11,203 | ||||||
County Square Redevelopment Corp., Installment Purchase Rev., BAN, 2.00%, 3/24/2021 (e) | 13,500 | 13,511 | ||||||
South Carolina Association of Governmental Organizations Series 2020A, COP, SCSDE, 1.50%, 3/1/2021 | 64,610 | 64,610 | ||||||
South Carolina Public Service Authority Series 2019A, Rev., VRDO, LOC: Bank of America NA, 0.08%, 3/5/2021 (b) | 39,350 | 39,350 | ||||||
Tender Option Bond Trust Receipts/Certificates Series 2019-BAML5004, Rev., VRDO, LOC: Bank of America NA, 0.08%, 3/5/2021 (b) (c) | 47,735 | 47,735 | ||||||
|
| |||||||
176,409 | ||||||||
|
| |||||||
South Dakota — 0.1% |
| |||||||
South Dakota Housing Development Authority Rev., VRDO, LIQ: FHLB, 0.02%, 3/5/2021 (b) (c) | 8,400 | 8,400 | ||||||
Series 2020D, Rev., VRDO, LIQ: FHLB, 0.03%, 3/5/2021 (b) | 3,850 | 3,850 | ||||||
|
| |||||||
12,250 | ||||||||
|
| |||||||
Tennessee — 0.9% |
| |||||||
Clarksville Public Building Authority, Pooled Financing, Tennessee Municipal Bond Fund Rev., VRDO, LOC: Bank of America NA, 0.02%, 3/1/2021 (b) | 12,070 | 12,070 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Tennessee — continued |
| |||||||
Metropolitan Government Nashville and Davidson County Health and Educational Facilities Series 2006-XCII & 2006A, Rev., VRDO, LOC: U.S. Bank NA, 0.08%, 3/5/2021 (b) | 10,000 | 10,000 | ||||||
Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Multi-Family Housing, Arbor Crest Rev., VRDO, LOC: FNMA, 0.04%, 3/5/2021 (b) | 12,750 | 12,750 | ||||||
Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Multi-Family Housing, Arbor Knoll Series A, Rev., VRDO, LOC: FNMA, 0.04%, 3/5/2021 (b) | 13,400 | 13,400 | ||||||
Montgomery County Public Building Authority, Pooled Financing Rev., VRDO, LOC: Bank of America NA, 0.02%, 3/1/2021 (b) | 8,565 | 8,565 | ||||||
Rev., VRDO, LOC: Bank of America NA, 0.03%, 3/5/2021 (b) | 8,055 | 8,055 | ||||||
Tender Option Bond Trust Receipts/Certificates | ||||||||
Series 2020-XF0994, Rev., VRDO, LIQ: Royal Bank of Canada, 0.06%, 3/5/2021 (b) (c) | 4,335 | 4,335 | ||||||
Series 2018-XF2576, Rev., VRDO, LOC: Barclays Bank plc, 0.07%, 3/5/2021 (b) (c) | 15,390 | 15,390 | ||||||
|
| |||||||
84,565 | ||||||||
|
| |||||||
Texas — 4.3% |
| |||||||
Bexar County Housing Finance Authority, Multi-Family Housing, Altamonte Apartment Projects Rev., VRDO, LOC: FNMA, 0.09%, 3/5/2021 (b) | 9,200 | 9,200 | ||||||
Calhoun Port Authority |
| |||||||
Series 2011A, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.08%, 3/5/2021 (b) (c) | 32,300 | 32,300 | ||||||
Series 2011B, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.08%, 3/5/2021 (b) (c) | 35,000 | 35,000 | ||||||
City of Austin, Texas Hotel Occupancy Tax, Subordinate Lien Subseries A, Rev., VRDO, LOC: Citibank NA, 0.03%, 3/5/2021 (b) | 14,910 | 14,910 | ||||||
Series 2008B, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.05%, 3/5/2021 (b) | 12,610 | 12,610 | ||||||
Gulf Coast Authority, Gulf Coast Waste Disposal Authority, Environment Facilities, ExxonMobil Corp. Rev., VRDO, 0.02%, 3/1/2021 (b) | 13,300 | 13,300 | ||||||
Series A, Rev., VRDO, 0.02%, 3/1/2021 (b) | 5,000 | 5,000 |
SEE NOTES TO FINANCIAL STATEMENTS.
64 | J.P. MORGAN MONEY MARKET FUNDS | FEBRUARY 28, 2021 |
Table of Contents
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued | ||||||||
Texas — continued |
| |||||||
Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System | ||||||||
Series 2014D, Rev., VRDO, 0.04%, 3/5/2021 (b) | 35,200 | 35,200 | ||||||
Series 2019F, Rev., VRDO, 0.04%, 3/5/2021 (b) | 39,000 | 39,000 | ||||||
Harris County Industrial Development Corp., Exxon Corp. Project Series 1984B, Rev., VRDO, 0.02%, 3/1/2021 (b) | 5,900 | 5,900 | ||||||
Rev., VRDO, 0.03%, 3/1/2021 (b) | 8,000 | 8,000 | ||||||
Lower Neches Valley Authority Industrial Development Corp., ExxonMobil Project Subseries B-2, Rev., VRDO, 0.02%, 3/1/2021 (b) | 10,550 | 10,550 | ||||||
Lower Neches Valley Authority Industrial Development Corp., ExxonMobil Project Series 2001A-2, Rev., VRDO, 0.01%, 3/1/2021 (b) | 2,565 | 2,565 | ||||||
Series 2002A, Rev., VRDO, 0.01%, 3/1/2021 (b) | 4,425 | 4,425 | ||||||
Series A-3, Rev., VRDO, 0.01%, 3/1/2021 (b) | 100 | 100 | ||||||
Series 2002B, Rev., VRDO, 0.02%, 3/1/2021 (b) | 4,040 | 4,040 | ||||||
Subseries B-4, Rev., VRDO, 0.02%, 3/1/2021 (b) | 7,345 | 7,345 | ||||||
RBC Municipal Products, Inc. Trust, Floater Certificates | ||||||||
Series E141, Rev., VRDO, LOC: Royal Bank of Canada, 0.06%, 3/5/2021 (b) (c) | 25,000 | 25,000 | ||||||
Series E-145, Rev., VRDO, LOC: Royal Bank of Canada, 0.06%, 3/5/2021 (b) (c) | 14,000 | 14,000 | ||||||
Series G-20, GO, VRDO, LOC: Royal Bank of Canada, 0.06%, 3/5/2021 (b) (c) | 10,000 | 10,000 | ||||||
Series G-34, GO, VRDO, PSF-GTD, LOC: Royal Bank of Canada, 0.06%, 3/5/2021 (b) (c) | 5,400 | 5,400 | ||||||
State of Texas Rev., TRAN, 4.00%, 8/26/2021 | 8,840 | 9,005 | ||||||
State of Texas, Veterans Housing Assistance Program GO, VRDO, LIQ: FHLB, 0.06%, 3/5/2021 (b) | 25,000 | 25,000 | ||||||
Series 2001-C2, GO, VRDO, LIQ: State Street Bank & Trust, 0.06%, 3/5/2021 (b) | 775 | 775 | ||||||
Series 2007A, GO, VRDO, AMT, LIQ: State Street Bank & Trust, 0.06%, 3/5/2021 (b) | 225 | 225 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., Texas Health Resources System Series 2012 B, Rev., VRDO, 0.03%, 3/5/2021 (b) | 36,275 | 36,275 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Texas — continued |
| |||||||
Tender Option Bond Trust Receipts/Certificates Series 2018-G-84, GO, VRDO, PSF-GTD, LOC: Royal Bank of Canada, 0.06%, 3/5/2021 (b) (c) | 7,125 | 7,125 | ||||||
Series 2018-G-85, GO, VRDO, PSF-GTD, LOC: Royal Bank of Canada, 0.06%, 3/5/2021 (b) (c) | 6,175 | 6,175 | ||||||
Series 2018-XG0193, Rev., VRDO, GNMA COLL, LIQ: Royal Bank of Canada, 0.06%, 3/5/2021 (b) (c) | 4,000 | 4,000 | ||||||
Series 2018-ZF2570, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.06%, 3/5/2021 (b) (c) | 5,995 | 5,995 | ||||||
Series G-21, GO, VRDO, LOC: Royal Bank of Canada, 0.06%, 3/5/2021 (b) (c) | 5,000 | 5,000 | ||||||
Series G-31, GO, VRDO, LOC: Royal Bank of Canada, 0.06%, 3/5/2021 (b) (c) | 3,000 | 3,000 | ||||||
Series 2020-YX1132, Rev., VRDO, LOC: Barclays Bank plc, 0.07%, 3/5/2021 (b) (c) | 5,005 | 5,005 | ||||||
Texas Transportation Commission State Highway Fund Series 2014-B1, Rev., VRDO, LIQ: Sumitomo Mitsui Banking Corp., 0.03%, 3/5/2021 (b) | 2,425 | 2,425 | ||||||
|
| |||||||
403,850 | ||||||||
|
| |||||||
Utah — 0.6% |
| |||||||
Central Utah Water Conservancy District, Limited Tax Series 2008A, Rev., VRDO, LIQ: Landesbank Hessen-Thueringen, 0.07%, 3/5/2021 (b) | 20,800 | 20,800 | ||||||
County of Utah Hospital, IHC Health Services, Inc. Series 2018C, Rev., VRDO, LIQ: TD Bank NA, 0.01%, 3/1/2021 (b) | 2,430 | 2,430 | ||||||
County of Utah, IHC Health Services, Inc. Series 2002B, Rev., VRDO, LIQ: U.S. Bank NA, 0.03%, 3/5/2021 (b) | 8,725 | 8,725 | ||||||
Utah Water Finance Agency Series B-2, Rev., VRDO, LIQ: Helaba, 0.07%, 3/5/2021 (b) | 25,000 | 25,000 | ||||||
|
| |||||||
56,955 | ||||||||
|
| |||||||
Virginia — 1.9% |
| |||||||
Fairfax County Industrial Development Authority, Virginia Health Care, Inova Health System Project | ||||||||
Series 2016C, Rev., VRDO, 0.03%, 3/5/2021 (b) | 4,350 | 4,350 | ||||||
Series 2018C, Rev., VRDO, 0.03%, 3/5/2021 (b) | 2,435 | 2,435 |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 65 |
Table of Contents
JPMorgan Tax Free Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2021 (continued)
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued | ||||||||
Virginia — continued |
| |||||||
Roanoke Economic Development Authority, Carilion Clinic Obligated Group | ||||||||
Rev., VRDO, LOC: Wells Fargo Bank NA, 0.03%, 3/5/2021 (b) | 250 | 250 | ||||||
Series 2020B, Rev., VRDO, LIQ: PNC Bank NA, 0.04%, 3/5/2021 (b) | 43,890 | 43,890 | ||||||
Roanoke Economic Development Authority, Carilion Health System Obligated Group Series 2005A, Rev., VRDO, LIQ: PNC Bank NA, 0.04%, 3/5/2021 (b) | 79,470 | 79,470 | ||||||
Tender Option Bond Trust Receipts/Certificates Series 2018-XL0069, Rev., VRDO, LIQ: Barclays Bank plc, 0.06%, 3/5/2021 (b) (c) | 12,400 | 12,400 | ||||||
Series 2018-ZF2713, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.06%, 3/5/2021 (b) (c) | 5,000 | 5,000 | ||||||
Series 2018-ZF2714, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.06%, 3/5/2021 (b) (c) | 7,000 | 7,000 | ||||||
Series 2020-XF2923, Rev., VRDO, LIQ: Barclays Bank plc, 0.06%, 3/5/2021 (b) (c) | 8,600 | 8,600 | ||||||
Series 2018-XF0606, Rev., VRDO, LIQ: Bank of America NA, 0.07%, 3/5/2021 (b) (c) | 8,500 | 8,500 | ||||||
Series 2018-ZM0583, Rev., VRDO, LIQ: Bank of America NA, 0.07%, 3/5/2021 (b) (c) | 5,415 | 5,415 | ||||||
|
| |||||||
177,310 | ||||||||
|
| |||||||
Washington — 1.8% |
| |||||||
Port of Seattle, Subordinate Lien Rev., VRDO, LOC: Bank of America NA, 0.08%, 3/5/2021 (b) | 19,135 | 19,135 | ||||||
Port of Tacoma, Subordinate Lien Rev., VRDO, AMT, LOC: PNC Bank NA, 0.06%, 3/5/2021 (b) | 29,700 | 29,700 | ||||||
Series 2019A, Rev., VRDO, AMT, LOC: PNC Bank NA, 0.06%, 3/5/2021 (b) | 18,500 | 18,500 | ||||||
Port of Vancouver, United Grain Corp. of Oregon Project Rev., VRDO, LOC: Bank of America NA, 0.03%, 3/5/2021 (b) | 22,000 | 22,000 | ||||||
Tender Option Bond Trust Receipts/Certificates Series 2018-XF2718, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.06%, 3/5/2021 (b) (c) | 8,800 | 8,800 | ||||||
Series 2018-ZF2682, Rev., VRDO, GTD, LIQ: Morgan Stanley Bank, 0.06%, 3/5/2021 (b) (c) | 7,000 | 7,000 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Washington — continued |
| |||||||
Washington State Housing Finance Commission, Multi-Family Housing, Seasons Apartments Project Rev., VRDO, AMT, LOC: FNMA, 0.06%, 3/5/2021 (b) | 32,635 | 32,635 | ||||||
Washington State Housing Finance Commission, Multi-family Merrill Gardens Queen Anne Project Series 2004A, Rev., VRDO, LOC: FNMA, 0.06%, 3/5/2021 (b) | 27,180 | 27,180 | ||||||
|
| |||||||
164,950 | ||||||||
|
| |||||||
West Virginia — 0.1% |
| |||||||
West Virginia Hospital Finance Authority, University Health System Series 2018 C, Rev., VRDO, LOC: TD Bank NA, 0.03%, 3/5/2021 (b) | 11,275 | 11,275 | ||||||
|
| |||||||
Wisconsin — 0.7% |
| |||||||
Green Bay Redevelopment Authority Rev., VRDO, AMT, LOC: Wells Fargo Bank NA, 0.08%, 3/5/2021 (b) (c) | 40,000 | 40,000 | ||||||
Tender Option Bond Trust Receipts/Certificates Series 2020-XL0147, Rev., VRDO, AGM, LOC: Barclays Bank plc, 0.07%, 3/5/2021 (b) (c) | 5,320 | 5,320 | ||||||
Wisconsin Housing and Economic Development Authority Series 2007 F, Rev., VRDO, AMT, LOC: Bank of America NA, 0.05%, 3/5/2021 (b) | 9,035 | 9,035 | ||||||
Wisconsin Housing and Economic Development Authority, Home Ownership Series 2019 B, Rev., VRDO, FNMA COLL, LIQ: FHLB, 0.03%, 3/5/2021 (b) | 8,000 | 8,000 | ||||||
Wisconsin Housing and Economic Development Authority, Wisconsin Multifamily Housing Bonds Series 2007A, Rev., VRDO, LIQ: FHLB, 0.06%, 3/5/2021 (b) | 6,270 | 6,270 | ||||||
|
| |||||||
68,625 | ||||||||
|
| |||||||
Wyoming — 0.7% |
| |||||||
County of Lincoln, Wyoming Pollution Control, ExxonMobile Project Rev., VRDO, AMT, 0.03%, 3/1/2021 (b) | 12,770 | 12,770 | ||||||
County of Sublette, Wyoming Pollution Control, ExxonMobile Project Rev., VRDO, 0.02%, 3/1/2021 (b) | 5,200 | 5,200 | ||||||
Rev., VRDO, AMT, 0.03%, 3/1/2021 (b) | 11,775 | 11,775 | ||||||
Wyoming Community Development Authority Series 2019-2, Rev., VRDO, LIQ: Royal Bank of Canada, 0.03%, 3/5/2021 (b) | 9,000 | 9,000 | ||||||
Series 2019-4, Rev., VRDO, LIQ: Bank of America NA, 0.03%, 3/5/2021 (b) | 10,000 | 10,000 |
SEE NOTES TO FINANCIAL STATEMENTS.
66 | J.P. MORGAN MONEY MARKET FUNDS | FEBRUARY 28, 2021 |
Table of Contents
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued | ||||||||
Wyoming — continued |
| |||||||
Wyoming Community Development Authority, Composite Reoffering Housing | ||||||||
Series 2007-11, Rev., VRDO, AMT, LIQ: FHLB, 0.08%, 3/5/2021 (b) | 5,695 | 5,695 | ||||||
Series 2007-6, Rev., VRDO, AMT, LIQ: FHLB, 0.08%, 3/5/2021 (b) | 5,865 | 5,865 | ||||||
Series 2007-8, Rev., VRDO, AMT, LIQ: FHLB, 0.08%, 3/5/2021 (b) | 5,965 | 5,965 | ||||||
|
| |||||||
66,270 | ||||||||
|
| |||||||
Total Municipal Bonds | 7,039,888 | |||||||
|
| |||||||
SHARES (000) | ||||||||
Variable Rate Demand Preferred Shares — 9.3% |
| |||||||
California — 1.8% |
| |||||||
Nuveen California Quality Municipal Income Fund | ||||||||
Series 3, LIQ: TD Bank NA, 0.10%, 3/5/2021 # (c) | 26,800 | 26,800 | ||||||
Series 4, LIQ: Royal Bank of Canada, 0.10%, 3/5/2021 # (c) | 58,500 | 58,500 | ||||||
Series 7, LIQ: Royal Bank of Canada, 0.10%, 3/5/2021 # (c) | 21,000 | 21,000 | ||||||
Series 1-1362, LIQ: Societe Generale, 0.12%, 3/5/2021 # (c) | 59,200 | 59,200 | ||||||
|
| |||||||
165,500 | ||||||||
|
| |||||||
New York — 0.6% |
| |||||||
Nuveen New York AMT-Free Quality Municipal Income Fund | ||||||||
Series 1, LIQ: Societe Generale, 0.08%, 3/5/2021 # (c) | 18,600 | 18,600 | ||||||
Series 5, LIQ: TD Bank NA, 0.08%, 3/5/2021 # (c) | 40,000 | 40,000 | ||||||
|
| |||||||
58,600 | ||||||||
|
| |||||||
Other — 6.9% |
| |||||||
BlackRock MuniYield Investment Fund LIQ: TD Bank NA, 0.12%, 3/5/2021 # (c) | 27,400 | 27,400 | ||||||
Nuveen AMT-Free Municipal Credit Income Fund Series 6, LIQ: Sumitomo Mitsui Banking Corp. 0.08%, 3/5/2021 # (c) | 114,300 | 114,300 | ||||||
Series 5, LIQ: Societe Generale, 0.08%, 3/5/2021 # (c) | 127,000 | 127,000 | ||||||
Nuveen AMT-Free Quality Municipal Income Fund Series 3, LIQ: TD Bank NA, 0.09%, 3/5/2021 # (c) | 173,500 | 173,500 |
INVESTMENTS (a) | SHARES (000) | VALUE ($000) | ||||||
Other — continued |
| |||||||
Nuveen Quality Municipal Income Fund Series 1-2118, LIQ: Barclays Bank plc, 0.12%, 3/5/2021 # (c) | 51,600 | 51,600 | ||||||
Series 2-2525, LIQ: Barclays Bank plc, 0.12%, 3/5/2021 # (c) | 151,900 | 151,900 | ||||||
|
| |||||||
645,700 | ||||||||
|
| |||||||
Total Variable Rate Demand Preferred Shares | 869,800 | |||||||
|
| |||||||
PRINCIPAL AMOUNT ($000) | ||||||||
Short-Term Investments — 15.4% |
| |||||||
Commercial Paper — 15.4% |
| |||||||
Alachua County Health Facilities Authority Series 08-A, 0.10%, 5/4/2021 | 26,240 | 26,240 | ||||||
Board of Regents of the University of Texas System | ||||||||
Series A, 0.23%, 3/9/2021 | 20,000 | 20,000 | ||||||
Series A, 0.10%, 4/5/2021 | 20,000 | 20,000 | ||||||
Series A, 0.09%, 4/12/2021 | 25,000 | 25,000 | ||||||
0.12%, 4/22/2021 | 20,000 | 20,000 | ||||||
Series A, 0.13%, 5/3/2021 | 25,000 | 25,000 | ||||||
Series A, 0.09%, 5/10/2021 | 15,000 | 15,000 | ||||||
Series A, 0.10%, 5/20/2021 | 19,600 | 19,600 | ||||||
Series A, 0.13%, 6/24/2021 | 25,000 | 25,000 | ||||||
California Statewide Communities Development Authority | ||||||||
Series 08-B, 0.24%, 3/9/2021 | 10,000 | 10,000 | ||||||
Series 9B-3, 0.24%, 3/10/2021 | 15,000 | 15,000 | ||||||
Series 9B-2, 0.24%, 3/11/2021 | 50,000 | 50,000 | ||||||
0.21%, 6/9/2021 | 9,800 | 9,800 | ||||||
Series 9B-3, 0.23%, 7/8/2021 | 19,000 | 19,000 | ||||||
Series B-5, 0.16%, 7/13/2021 | 15,400 | 15,400 | ||||||
Series 08-C, 0.18%, 8/4/2021 | 26,865 | 26,865 | ||||||
Series D, 0.18%, 8/5/2021 | 23,500 | 23,500 | ||||||
0.18%, 8/10/2021 | 30,000 | 30,000 | ||||||
Series 9B-4, 0.19%, 9/2/2021 | 20,000 | 20,000 | ||||||
City & County of Honolulu Series B-1, 0.16%, 7/7/2021 | 25,000 | 25,000 | ||||||
City of Houston Series H-2, 0.08%, 3/4/2021 | 15,000 | 15,000 | ||||||
City of Jacksonville, Health Care Facilities, Tax Exempt Series 2016, 0.17%, 8/3/2021 | 110,000 | 110,000 | ||||||
City of Rochester Series 2014, 0.14%, 3/5/2021 | 25,000 | 25,000 |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 67 |
Table of Contents
JPMorgan Tax Free Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2021 (continued)
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Short-Term Investments — continued |
| |||||||
Commercial Paper — continued |
| |||||||
City of Rochester, Health Care Mayo Clinic | ||||||||
Series 08-C, 0.10%, 4/5/2021 | 88,000 | 88,000 | ||||||
Series 2011, 0.17%, 8/3/2021 | 50,000 | 50,000 | ||||||
City of San Antonio, Electric and Gas Systems | ||||||||
Series B, 0.09%, 3/24/2021 | 7,600 | 7,600 | ||||||
Series C, 0.09%, 3/24/2021 | 21,000 | 21,000 | ||||||
County of Harris, Tax Exempt 0.11%, 3/4/2021 | 35,000 | 35,000 | ||||||
County of Montgomery, Tax Exempt Series 10-A, 0.09%, 5/5/2021 | 22,000 | 22,000 | ||||||
County of York | ||||||||
Series 00B1, 0.09%, 3/1/2021 | 28,000 | 28,000 | ||||||
Series 00B3, 0.09%, 3/1/2021 | 25,200 | 25,200 | ||||||
Health and Educational Facilities Authority of the State of Missouri | ||||||||
Series 14-C, 0.20%, 4/7/2021 | 30,000 | 30,000 | ||||||
Series 14-D, 0.21%, 5/5/2021 | 50,000 | 50,000 | ||||||
Series 14-E, 0.21%, 5/5/2021 | 50,000 | 50,000 | ||||||
Series 14-B, 0.15%, 6/2/2021 | 50,000 | 50,000 | ||||||
Indiana Finance Authority, Tax Exempt | ||||||||
Series D-2, 0.14%, 5/4/2021 | 74,000 | 74,000 | ||||||
Series D-2, 0.13%, 7/6/2021 | 35,815 | 35,815 | ||||||
Los Angeles County Capital Asset Leasing Corp. Series C, 0.11%, 5/4/2021 | 4,000 | 4,000 | ||||||
Los Angeles County Metropolitan Transportation Authority Series R, 0.10%, 3/4/2021 | 10,000 | 10,000 | ||||||
Maryland Health & Higher Educational Facilities Authority Series B, 0.09%, 5/21/2021 | 13,260 | 13,260 | ||||||
Norfolk Va Industrial Development Authority 0.11%, 3/3/2021 | 20,000 | 20,000 | ||||||
Omaha Public Power District Series A, 0.13%, 5/7/2021 | 15,000 | 15,000 | ||||||
Salt River Project Agricultural Improvement and Power District Series C, 0.11%, 3/8/2021 | 18,000 | 18,000 | ||||||
Southwestern Illinois Development Authority | ||||||||
Series 17-B, 0.14%, 3/4/2021 | 10,000 | 10,000 | ||||||
Series 17-B, 0.10%, 4/5/2021 | 49,870 | 49,870 | ||||||
Stafford County and Staunton Industrial Development Series 8-A1, 0.08%, 3/5/2021 | 12,570 | 12,570 | ||||||
State Building Product, Inc. Series 8, 0.13%, 3/11/2021 | 48,500 | 48,500 | ||||||
State of Wisconsin | ||||||||
Series 06-A, 0.18%, 3/3/2021 | 19,574 | 19,574 | ||||||
Series 13-A, 0.18%, 3/3/2021 | 29,415 | 29,415 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Series 16-A, 0.18%, 3/3/2021 | 24,515 | 24,515 | ||||||
|
| |||||||
Total Commercial Paper | 1,431,724 | |||||||
|
| |||||||
Total Short-Term Investments | 1,431,724 | |||||||
|
| |||||||
Total Investments — 100.2% | 9,341,412 | |||||||
Liabilities in Excess of | (14,471 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | 9,326,941 | |||||||
|
|
Percentages indicated are based on net assets.
Abbreviations | ||
AGM | Insured by Assured Guaranty Municipal Corp. | |
AMBAC | Insured by American Municipal Bond Assurance Corp. | |
AMT | Alternative Minimum Tax | |
BAN | Bond Anticipation Note | |
COLL | Collateral | |
CONS | Consolidated Bonds | |
COP | Certificate of Participation | |
FHLB | Federal Home Loan Bank | |
FHLMC | Federal Home Loan Mortgage Corp. | |
FNMA | Federal National Mortgage Association | |
GNMA | Government National Mortgage Association | |
GO | General Obligation | |
GTD | Guaranteed | |
IDA | Industrial Development Authority | |
LIQ | Liquidity Agreement | |
LOC | Letter of Credit | |
PCR | Pollution Control Revenue | |
PSF-GTD | Permanent School Fund Guaranteed | |
RAN | Revenue Anticipation Note | |
Rev. | Revenue | |
SCSDE | South Carolina School District Enhancement | |
TRAN | Tax & Revenue Anticipation Note | |
VRDO | Variable Rate Demand Obligation | |
(a) | The date shown represents the earliest of the next put date, next demand date or final maturity date. | |
(b) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of February 28, 2021. | |
(c) | Securities exempt from registration under Rule 144A or section 4 (a)(2), of the Securities Act of 1933, as amended. | |
(d) | All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. | |
(e) | Security is prerefunded or escrowed to maturity. | |
# | Variable Rate Demand Preferred Shares of a closed-end investment company which has a weekly demand feature. The interest rate shown is the rate in effect as of February 28, 2021. | |
* | The cost of securities is substantially the same for federal income tax purposes. |
SEE NOTES TO FINANCIAL STATEMENTS.
68 | J.P. MORGAN MONEY MARKET FUNDS | FEBRUARY 28, 2021 |
Table of Contents
JPMorgan Municipal Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2021
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — 80.1% |
| |||||||
Alaska — 1.8% |
| |||||||
Alaska Housing Finance Corp., Home Mortgage Series 2002A, Rev., VRDO, AMT, LIQ: FHLB, 0.03%, 3/1/2021 (b) | 18,980 | 18,980 | ||||||
|
| |||||||
Arizona — 0.3% |
| |||||||
Tender Option Bond Trust Receipts/Certificates Series 2020-YX1154, Rev., VRDO, LOC: Barclays Bank plc, 0.09%, 3/5/2021 (b) (c) | 3,125 | 3,125 | ||||||
|
| |||||||
California — 2.1% |
| |||||||
San Diego Housing Authority, Multi-Family Housing Series 2006B, Rev., VRDO, LOC: Citibank NA, 0.10%, 3/5/2021 (b) | 1,050 | 1,050 | ||||||
Tender Option Bond Trust Receipts/Certificates Series 2019-XM0741, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.06%, 3/5/2021 (b) (c) | 900 | 900 | ||||||
University of California Series 2013AL-3, Rev., VRDO, 0.03%, 3/1/2021 (b) | 20,000 | 20,000 | ||||||
|
| |||||||
21,950 | ||||||||
|
| |||||||
Colorado — 5.6% |
| |||||||
Colorado Housing and Finance Authority, Multi-Family, Greentree Village Apartments Project Rev., VRDO, LOC: U.S. Bank NA, 0.08%, 3/5/2021 (b) | 2,595 | 2,595 | ||||||
County of Arapahoe, Multi-Family Rental Housing, Hunter’s Run Rev., VRDO, LOC: FHLMC, 0.07%, 3/5/2021 (b) | 325 | 325 | ||||||
RBC Municipal Products, Inc. Trust, Floater Certificates Series 2019-G114, Rev., VRDO, LOC: Royal Bank of Canada, 0.28%, 3/5/2021 (b) (c) | 3,000 | 3,000 | ||||||
Tender Option Bond Trust Receipts/Certificates | ||||||||
Series 2020-XF1209, GO, VRDO, LIQ: Royal Bank of Canada, 0.06%, 3/5/2021 (b) (c) | 5,330 | 5,330 | ||||||
Series 2016-ZF0467, Rev., VRDO, LOC: Royal Bank of Canada, 0.10%, 3/5/2021 (b) (c) | 35,195 | 35,195 | ||||||
Series 2018-XG0197, Rev., VRDO, LOC: Bank of America NA, 0.11%, 3/5/2021 (b) (c) | 3,250 | 3,250 | ||||||
Series 2019-XF0757, Rev., VRDO, LOC: Bank of America NA, 0.11%, 3/5/2021 (b) (c) | 2,895 | 2,895 | ||||||
University of Colorado, Enterprise System Series 2020A-1, Rev., VRDO, LIQ: TD Bank NA, 0.03%, 3/5/2021 (b) | 5,160 | 5,160 | ||||||
|
| |||||||
57,750 | ||||||||
|
|
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Florida — 9.8% | ||||||||
Alachua County Housing Finance Authority, Multi-Family, Santa Fe Apartments Project Rev., VRDO, LOC: Citibank NA, 0.07%, 3/5/2021 (b) | 3,030 | 3,030 | ||||||
City of Jacksonville, Florida Power and Light Co., Project Rev., VRDO, 0.04%, 3/1/2021 (b) | 11,470 | 11,470 | ||||||
Collier County Housing Finance Authority, Multi-Family Housing-Sawgrass Pines Apartments Rev., VRDO, LOC: FNMA, 0.06%, 3/5/2021 (b) | 5,700 | 5,700 | ||||||
County of Broward, Florida Power and Light Co., Project Rev., VRDO, 0.06%, 3/1/2021 (b) | 9,200 | 9,200 | ||||||
Series 2018A, Rev., VRDO, AMT, 0.06%, 3/1/2021 (b) | 7,950 | 7,950 | ||||||
County of St. Lucie, Florida Power and Light Co., Project Rev., VRDO, 0.06%, 3/1/2021 (b) | 8,450 | 8,450 | ||||||
Florida Housing Finance Corp., Multi-Family Mortgage, Boynton Bay Apartments Series I, Rev., VRDO, LOC: Citibank NA, 0.07%, 3/5/2021 (b) | 13,730 | 13,730 | ||||||
Hillsborough County, Housing Finance Authority, Multi-Family Housing, Brandywine Apartments Rev., VRDO, LOC: Citibank NA, 0.07%, 3/5/2021 (b) | 5,825 | 5,825 | ||||||
Miami-Dade County Industrial Development Authority, Solid Waste Disposal, Florida Power and Light Co., Project Rev., VRDO, 0.06%, 3/1/2021 (b) | 1,600 | 1,600 | ||||||
RBC Municipal Products, Inc. Trust, Floater Certificates Series G-115, Rev., VRDO, LOC: Royal Bank of Canada, 0.28%, 3/5/2021 (b) (c) | 8,000 | 8,000 | ||||||
Sumter County Industrial Development Authority, Solid Waste Disposal, American Cement Co., LLC Project Series 2007, Rev., VRDO, LOC: Bank of America NA, 0.08%, 3/5/2021 (b) | 15,900 | 15,900 | ||||||
Tender Option Bond Trust Receipts/Certificates Series 2019-ZF0826, Rev., VRDO, LOC: Royal Bank of Canada, 0.12%, 3/5/2021 (b) (c) | 2,800 | 2,800 | ||||||
Series G-25, Rev., VRDO, LOC: Royal Bank of Canada, 0.28%, 3/5/2021 (b) (c) | 7,600 | 7,600 | ||||||
|
| |||||||
101,255 | ||||||||
|
| |||||||
Georgia — 0.7% |
| |||||||
Development Authority of Douglas County, Pandosia LLC Project Series A, Rev., VRDO, LOC: Wells Fargo Bank NA, 0.06%, 3/5/2021 (b) | 1,980 | 1,980 |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 69 |
Table of Contents
JPMorgan Municipal Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2021 (continued)
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Georgia — continued |
| |||||||
Development Authority of Monroe County (The), Florida Power and Light Co., Project Rev., VRDO, AMT, 0.06%, 3/1/2021 (b) | 3,575 | 3,575 | ||||||
Valdosta-Lowndes County Industrial Development Authority, Steeda Autosports Project Rev., VRDO, LOC: Bank of America NA, 0.10%, 3/5/2021 (b) | 1,530 | 1,530 | ||||||
|
| |||||||
7,085 | ||||||||
|
| |||||||
Idaho — 0.7% |
| |||||||
Idaho Housing and Finance Association, Single Family Mortgage Series 2016A-3, Class I, Rev., VRDO, AMT, LIQ: Barclays Bank plc, 0.06%, 3/5/2021 (b) | 6,805 | 6,805 | ||||||
|
| |||||||
Illinois — 1.3% |
| |||||||
County of Will, ExxonMobil Project Rev., VRDO, 0.02%, 3/1/2021 (b) | 1,945 | 1,945 | ||||||
Illinois Development Finance Authority, Jewish Council Youth Services Rev., VRDO, LOC: BMO Harris Bank NA, 0.04%, 3/5/2021 (b) | 450 | 450 | ||||||
Illinois Development Finance Authority, Toyal America, Inc. Rev., VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 0.14%, 3/5/2021 (b) | 6,000 | 6,000 | ||||||
Tender Option Bond Trust Receipts/Certificates Series 2018-XM0686, Rev., VRDO, LOC: Bank of America NA, 0.11%, 3/5/2021 (b) (c) | 4,680 | 4,680 | ||||||
|
| |||||||
13,075 | ||||||||
|
| |||||||
Indiana — 3.1% |
| |||||||
City of Indianapolis, Multi-Family Housing, Nora Commons Series 2004B, Rev., VRDO, LOC: U.S. Bank NA, 0.08%, 3/5/2021 (b) | 610 | 610 | ||||||
Indiana Development Finance Authority, Archer-Daniel’s Midland Co. Rev., VRDO, 0.05%, 3/5/2021 (b) | 22,690 | 22,690 | ||||||
Indiana Finance Authority, Solid Waste Disposal, Four-Leaf Clover Dairy LLC Rev., VRDO, LOC: Bank of America NA, 0.09%, 3/5/2021 (b) | 4,100 | 4,100 | ||||||
Indiana Finance Authority, Solid Waste Disposal, New Holland Dairy Leasing Rev., VRDO, LOC: Bank of America NA, 0.09%, 3/5/2021 (b) | 1,860 | 1,860 | ||||||
Tender Option Bond Trust Receipts/Certificates Series 2016-ZF0280, Rev., VRDO, LIQ: TD Bank NA, 0.07%, 3/5/2021 (b) (c) | 2,500 | 2,500 | ||||||
|
| |||||||
31,760 | ||||||||
|
|
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Iowa — 1.4% |
| |||||||
County of Louisa, Pollution Control, Midwest Power System, Inc. Rev., VRDO, 0.06%, 3/5/2021 (b) | 500 | 500 | ||||||
Iowa Finance Authority, Single Family Mortgage-Backed Securities Program Series 2019E, Rev., VRDO, GNMA/FNMA/FHLMC, LIQ: TD Bank NA, 0.03%, 3/5/2021 (b) | 115 | 115 | ||||||
Iowa Finance Authority, Solid Waste Facilities, Midamerican Energy Co. Project Rev., VRDO, AMT, 0.09%, 3/5/2021 (b) | 14,240 | 14,240 | ||||||
|
| |||||||
14,855 | ||||||||
|
| |||||||
Kentucky — 0.2% |
| |||||||
Tender Option Bond Trust Receipts/Certificates Series 2017-XG0113, Rev., VRDO, LOC: Barclays Bank plc, 0.07%, 3/5/2021 (b) (c) | 1,870 | 1,870 | ||||||
|
| |||||||
Maine — 1.0% |
| |||||||
Maine State Housing Authority, Mortgage Purchase Series 2017D-2, Rev., VRDO, AMT, LIQ: TD Bank NA, 0.05%, 3/5/2021 (b) | 5,000 | 5,000 | ||||||
Series 2015E-3, Rev., VRDO, AMT, LIQ: Citibank NA, 0.08%, 3/5/2021 (b) | 5,100 | 5,100 | ||||||
|
| |||||||
10,100 | ||||||||
|
| |||||||
Maryland — 4.6% |
| |||||||
Maryland Community Development Administration, Department of Housing and Community Development, Residential Series 2006G, Rev., VRDO, AMT, LIQ: State Street Bank & Trust, 0.06%, 3/5/2021 (b) | 2,935 | 2,935 | ||||||
Series 2006J, Rev., VRDO, AMT, LIQ: State Street Bank & Trust, 0.06%, 3/5/2021 (b) | 44,735 | 44,735 | ||||||
|
| |||||||
47,670 | ||||||||
|
| |||||||
Massachusetts — 0.7% |
| |||||||
Town of North Reading GO, BAN, 2.00%, 5/28/2021 | 6,913 | 6,935 | ||||||
|
| |||||||
Michigan — 0.4% |
| |||||||
Michigan State Housing Development Authority, Jackson Project Rev., VRDO, LOC: FHLB, 0.07%, 3/1/2021 (b) | 4,365 | 4,365 | ||||||
|
| |||||||
Minnesota — 0.2% |
| |||||||
Minnesota Housing Finance Agency, Residential Housing Finance Series 2016F, Rev., VRDO, AMT, GNMA/FNMA/FHLMC COLL, LIQ: FHLB, 0.06%, 3/5/2021 (b) | 2,345 | 2,345 | ||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
70 | J.P. MORGAN MONEY MARKET FUNDS | FEBRUARY 28, 2021 |
Table of Contents
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Mississippi — 2.1% |
| |||||||
Mississippi Business Finance Corp., Gulf Opportunity Zone Industrial Development, Chevron USA, Inc. Project | ||||||||
Series 2007B, Rev., VRDO, 0.01%, 3/1/2021 (b) | 13,875 | 13,875 | ||||||
Series 2009C, Rev., VRDO, 0.01%, 3/1/2021 (b) | 1,485 | 1,485 | ||||||
Series 2011D, Rev., VRDO, 0.01%, 3/1/2021 (b) | 6,155 | 6,155 | ||||||
|
| |||||||
21,515 | ||||||||
|
| |||||||
Missouri — 2.1% | ||||||||
Rib Floater Trust Various States Series 2017-010, Rev., VRDO, LOC: Barclays Bank plc, 0.07%, 3/5/2021 (b) (c) | 21,845 | 21,845 | ||||||
|
| |||||||
Nebraska — 0.3% |
| |||||||
Nebraska Investment Finance Authority, Multi-Family Housing, Irvington Heights Apartment Project Series A, Rev., VRDO, LOC: Citibank NA, 0.08%, 3/5/2021 (b) | 3,450 | 3,450 | ||||||
|
| |||||||
Nevada — 1.4% |
| |||||||
County of Clark, Southwest Gas Corp. Project, Southwest Gas Corp. Project Series 2008A, Rev., VRDO, AMT, LOC: MUFG Union Bank NA, 0.05%, 3/5/2021 (b) | 15,000 | 15,000 | ||||||
|
| |||||||
New Jersey — 7.5% |
| |||||||
Borough of Carteret GO, BAN, 1.00%, 6/4/2021 | 6,697 | 6,710 | ||||||
Borough of Harrington Park GO, BAN, 2.00%, 5/20/2021 | 2,930 | 2,940 | ||||||
Borough of Palisades Park GO, BAN, 1.50%, 3/19/2021 | 3,972 | 3,974 | ||||||
Borough of Tenafly GO, BAN, 1.25%, 5/28/2021 | 8,910 | 8,922 | ||||||
Burlington County Bridge Commission, Governmental Leasing Program Series 2020AB, Rev., 3.50%, 4/15/2021 | 6,545 | 6,554 | ||||||
Tender Option Bond Trust Receipts/Certificates Series 2020-XF0957, Rev., VRDO, LOC: Royal Bank of Canada, 0.10%, 3/5/2021 (b) (c) | 2,500 | 2,500 | ||||||
Township of Cedar Grove GO, BAN, 2.00%, 7/14/2021 | 10,000 | 10,053 | ||||||
Township of Galloway GO, BAN, 1.25%, 8/11/2021 | 7,590 | 7,616 | ||||||
Township of Lyndhurst | ||||||||
GO, BAN, 2.00%, 5/6/2021 | 4,500 | 4,503 | ||||||
GO, BAN, 1.00%, 9/8/2021 | 9,000 | 9,028 | ||||||
GO, BAN, 1.00%, 10/8/2021 | 800 | 804 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
New Jersey — continued | ||||||||
GO, BAN, 1.00%, 2/4/2022 | 4,000 | 4,025 | ||||||
GO, BAN, 1.00%, 3/11/2022 (d) | 1,500 | 1,511 | ||||||
Township of Sparta GO, BAN, 1.25%, 10/1/2021 | 3,418 | 3,435 | ||||||
Township of Tewksbury GO, 2.00%, 5/20/2021 | 4,722 | 4,732 | ||||||
|
| |||||||
77,307 | ||||||||
|
| |||||||
New York — 14.4% |
| |||||||
Alfred Almond Central School District GO, BAN, 1.25%, 9/15/2021 | 2,000 | 2,009 | ||||||
City of Middletown Series 2020B, GO, BAN, 1.25%, 8/26/2021 | 3,050 | 3,062 | ||||||
County of Broome GO, TAN, 1.50%, 4/30/2021 | 18,100 | 18,133 | ||||||
County of Westchester, Various Purpose Series 2020A, GO, BAN, 1.50%, 4/30/2021 | 6,500 | 6,507 | ||||||
Kenmore-Tonawanda Union Free School District GO, BAN, 1.25%, 8/13/2021 | 1,164 | 1,168 | ||||||
Malone Central School District GO, BAN, 1.25%, 8/13/2021 | 1,505 | 1,511 | ||||||
New York City Housing Development Corp. Series 199A, Rev., VRDO, FNMA, LOC: FNMA, 0.07%, 3/5/2021 (b) | 19,200 | 19,200 | ||||||
New York City Housing Development Corp., Multi-Family Franklin AVE Apartments Series 2005A, Rev., VRDO, LOC: Citibank NA, 0.07%, 3/5/2021 (b) | 1,265 | 1,265 | ||||||
New York City Housing Development Corp., Multi-Family Mortgage, Susans Court Series 2007A, Rev., VRDO, LOC: Citibank NA, 0.07%, 3/5/2021 (b) | 1,150 | 1,150 | ||||||
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2001 Subseries F-1, Rev., VRDO, LIQ: Mizuho Bank Ltd., 0.01%, 3/1/2021 (b) | 975 | 975 | ||||||
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2009 Series 2009BB-1, Rev., VRDO, LIQ: Landesbank Hessen-Thueringen, 0.03%, 3/1/2021 (b) | 10,000 | 10,000 | ||||||
New York State Housing Finance Agency, 23rd Chelsea Associates LLC Series 2001A, Rev., VRDO, LOC: FNMA, 0.06%, 3/5/2021 (b) | 2,900 | 2,900 | ||||||
New York State Housing Finance Agency, 250 West 93rd Street Housing Series 2005A, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 0.07%, 3/5/2021 (b) | 1,610 | 1,610 |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 71 |
Table of Contents
JPMorgan Municipal Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2021 (continued)
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
New Jersey — continued | ||||||||
New York State Housing Finance Agency, 455 West 37th Street Housing Series 2007A, Rev., VRDO, AMT, LOC: Landesbank Hessen-Thueringen, 0.02%, 3/1/2021 (b) | 22,370 | 22,370 | ||||||
New York State Housing Finance Agency, West 23rd Street Housing Series 2002A, Rev., VRDO, LOC: FNMA, 0.06%, 3/5/2021 (b) | 10,000 | 10,000 | ||||||
Skaneateles Central School District GO, BAN, 1.25%, 8/18/2021 | 1,338 | 1,343 | ||||||
South Colonie Central School District GO, BAN, 1.25%, 8/13/2021 | 2,406 | 2,414 | ||||||
Southold Union Free School District GO, TAN, 1.25%, 6/25/2021 | 3,800 | 3,809 | ||||||
Springville-Griffith Institute Central School District GO, BAN, 1.25%, 8/20/2021 | 2,272 | 2,281 | ||||||
Tender Option Bond Trust Receipts/Certificates | ||||||||
Series 2020-XF0992, Rev., VRDO, LIQ: TD Bank NA, 0.05%, 3/5/2021 (b) (c) | 3,085 | 3,085 | ||||||
Series 2015-ZF0264, Rev., VRDO, LIQ: TD Bank NA, 0.06%, 3/5/2021 (b) (c) | 6,265 | 6,265 | ||||||
Series 2018-XF0634, Rev., VRDO, LIQ: TD Bank NA, 0.06%, 3/5/2021 (b) (c) | 7,440 | 7,440 | ||||||
Village of Freeport Series 2020F, GO, BAN, 1.00%, 4/29/2021 | 3,171 | 3,174 | ||||||
Village of Pelham Series 2020A, GO, BAN, 1.25%, 9/17/2021 | 1,500 | 1,507 | ||||||
Voorheesville Central School District GO, BAN, 1.25%, 8/20/2021 | 5,604 | 5,627 | ||||||
Wantagh Union Free School District GO, TAN, 1.25%, 6/25/2021 | 6,500 | 6,518 | ||||||
West Genesee Central School District Series 2020C, GO, BAN, 1.00%, 7/23/2021 | 4,300 | 4,310 | ||||||
|
| |||||||
149,633 | ||||||||
|
| |||||||
North Carolina — 1.0% |
| |||||||
Union County Industrial Facilities and Pollution Control Financing Authority, Darnel, Inc. Project Series 2007, Rev., VRDO, LOC: Truist Bank, 0.08%, 3/5/2021 (b) | 10,000 | 10,000 | ||||||
|
| |||||||
Ohio — 1.9% |
| |||||||
City of Brecksville, Various Purpose Improvement, Limited Tax GO, BAN, 2.00%, 6/3/2021 | 585 | 586 | ||||||
City of Strongsville, Various Purpose Improvement, Limited Tax GO, BAN, 2.00%, 6/10/2021 | 1,600 | 1,605 | ||||||
Fairborn City School District GO, BAN, 2.00%, 4/15/2021 | 9,800 | 9,821 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Other — continued | ||||||||
Ohio Housing Finance Agency Rev., VRDO, AMT, GNMA/FNMA/FHLMC, LIQ: TD Bank NA, 0.04%, 3/5/2021 (b) | 6,070 | 6,070 | ||||||
Tender Option Bond Trust Receipts/Certificates Series 2019-E132, Rev., VRDO, LOC: Royal Bank of Canada, 0.06%, 3/5/2021 (b) (c) | 2,065 | 2,065 | ||||||
|
| |||||||
20,147 | ||||||||
|
| |||||||
Oregon — 1.0% |
| |||||||
Marion County Housing Authority, Residence At Marian Rev., VRDO, LOC: U.S. Bank NA, 0.07%, 3/5/2021 (b) | 230 | 230 | ||||||
Port of Portland, Special Obligation, Horizon Air Industries, Inc. Rev., VRDO, LOC: Bank of America NA, 0.06%, 3/1/2021 (b) | 9,685 | 9,685 | ||||||
|
| |||||||
9,915 | ||||||||
|
| |||||||
Other — 2.2% |
| |||||||
FHLMC, Multi-Family VRD Certificates | ||||||||
Series M015, Class A, Rev., VRDO, LIQ: FHLMC, 0.07%, 3/5/2021 (b) (c) | 3,620 | 3,620 | ||||||
Series M021, Class A, Rev., VRDO, LIQ: FHLMC, 0.07%, 3/5/2021 (b) (c) | 9,745 | 9,745 | ||||||
Series M025, Class A, Rev., VRDO, LIQ: FHLMC, 0.50%, 3/5/2021 (b) (c) | 4,350 | 4,350 | ||||||
Series M026, Class A, Rev., VRDO, LIQ: FHLMC, 0.50%, 3/5/2021 (b) (c) | 4,675 | 4,675 | ||||||
|
| |||||||
22,390 | ||||||||
|
| |||||||
Pennsylvania — 2.4% |
| |||||||
Delaware Valley Regional Finance Authority, Local Government Bonds Series 2020D, Rev., VRDO, LOC: TD Bank NA, 0.03%, 3/5/2021 (b) | 2,460 | 2,460 | ||||||
Pennsylvania Housing Finance Agency, Single Family Mortgage Series 2004-83C, Rev., VRDO, AMT, LIQ: TD Bank NA, 0.04%, 3/5/2021 (b) | 5,710 | 5,710 | ||||||
Series 2005-89, Rev., VRDO, AMT, LIQ: TD Bank NA, 0.04%, 3/5/2021 (b) | 7,695 | 7,695 | ||||||
Series 2006-93B, Rev., VRDO, AMT, LIQ: Wells Fargo Bank NA, 0.06%, 3/5/2021 (b) | 5,025 | 5,025 | ||||||
Tender Option Bond Trust Receipts/Certificates Series 2018-XL0061, Rev., VRDO, LOC: Citibank NA, 0.08%, 3/5/2021 (b) (c) | 4,490 | 4,490 | ||||||
|
| |||||||
25,380 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
72 | J.P. MORGAN MONEY MARKET FUNDS | FEBRUARY 28, 2021 |
Table of Contents
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
South Carolina — 1.8% |
| |||||||
Charleston County School District, Phase IV Projects, Sales Tax Series 2020B, GO, BAN, SCSDE, 5.00%, 5/12/2021 | 6,360 | 6,413 | ||||||
South Carolina Public Service Authority Series 2019A, Rev., VRDO, LOC: Bank of America NA, 0.08%, 3/5/2021 (b) | 5,020 | 5,020 | ||||||
South Carolina State Housing Finance and Development Authority, Multi-Family, Rental Housing, Rocky Creek Apartments Projects Rev., VRDO, LOC: Wells Fargo Bank NA, 0.06%, 3/5/2021 (b) | 5,265 | 5,265 | ||||||
Tender Option Bond Trust Receipts/Certificates Series 2019-ZF0824, Rev., VRDO, LOC: Bank of America NA, 0.11%, 3/5/2021 (b) (c) | 2,325 | 2,325 | ||||||
|
| |||||||
19,023 | ||||||||
|
| |||||||
Tennessee — 1.1% |
| |||||||
Tender Option Bond Trust Receipts/Certificates | ||||||||
Series 2018-XL0062, Rev., VRDO, LOC: Citibank NA, 0.08%, 3/5/2021 (b) (c) | 4,420 | 4,420 | ||||||
Series 2020-YX1139, Rev., VRDO, LOC: Barclays Bank plc, 0.09%, 3/5/2021 (b) (c) | 3,795 | 3,795 | ||||||
Series 2019-XG0268, Rev., VRDO, LOC: Bank of America NA, 0.10%, 3/5/2021 (b) (c) | 3,475 | 3,475 | ||||||
|
| |||||||
11,690 | ||||||||
|
| |||||||
Texas — 4.6% | ||||||||
Calhoun Port Authority Series 2011B, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.08%, 3/5/2021 (b) (c) | 10,000 | 10,000 | ||||||
City of Austin, Texas Hotel Occupancy Tax, Subordinate Lien Series 2008B, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.05%, 3/5/2021 (b) | 300 | 300 | ||||||
Gilmer Industrial Development Corp., Duoline Technologies LP Series 2008A, Rev., VRDO, LOC: Wells Fargo Bank NA, 0.13%, 3/5/2021 (b) | 5,650 | 5,650 | ||||||
Gulf Coast Authority, Gulf Coast Waste Disposal Authority, Environment Facilities, ExxonMobil Corp. Rev., VRDO, 0.02%, 3/1/2021 (b) | 3,900 | 3,900 | ||||||
Port of Port Arthur Navigation District, Fina Oil and Chemical Co. Project Rev., VRDO, 0.10%, 3/5/2021 (b) | 18,425 | 18,425 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Texas — continued | ||||||||
State of Texas, Veterans Housing Assistance Program GO, VRDO, AMT, LIQ: State Street Bank & Trust, 0.06%, 3/5/2021 (b) | 910 | 910 | ||||||
GO, VRDO, AMT, LIQ: State Street Bank & Trust, 0.06%, 3/5/2021 (b) | 250 | 250 | ||||||
Series 2010C, GO, VRDO, LIQ: State Street Bank & Trust, 0.06%, 3/5/2021 (b) | 405 | 405 | ||||||
GO, VRDO, AMT, LIQ: State Street Bank & Trust, 0.09%, 3/5/2021 (b) | 6,525 | 6,525 | ||||||
Texas Department of Housing and Community Affairs, Single Family Mortgage Series 2004 D, Rev., VRDO, AMT, GNMA/FNMA/FHLMC, LIQ: Texas Comptroller, 0.06%, 3/5/2021 (b) | 1,825 | 1,825 | ||||||
|
| |||||||
48,190 | ||||||||
|
| |||||||
Virginia — 1.9% |
| |||||||
Arlington County Industrial Development Authority, Multi-Family, Gates Ballston Apartments Rev., VRDO, LOC: PNC Bank NA, 0.08%, 3/5/2021 (b) | 14,590 | 14,590 | ||||||
Prince William County Industrial Development Authority, Sewer Disposal Facilities, Dale Service Corp. Project Rev., VRDO, LOC: Wells Fargo Bank NA, 0.08%, 3/5/2021 (b) | 650 | 650 | ||||||
Tender Option Bond Trust Receipts/Certificates Series 2018-ZM0629, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.06%, 3/5/2021 (b) (c) | 4,865 | 4,865 | ||||||
|
| |||||||
20,105 | ||||||||
|
| |||||||
Washington — 0.5% |
| |||||||
King County Housing Authority, Overlake Tod Housing LP Series 2001B, Rev., VRDO, LOC: Bank of America NA, 0.07%, 3/5/2021 (b) | 4,900 | 4,900 | ||||||
|
| |||||||
Total Municipal Bonds | 830,415 | |||||||
|
| |||||||
SHARES (000) | ||||||||
Variable Rate Demand Preferred Shares — 10.1% |
| |||||||
California — 1.0% |
| |||||||
Nuveen California Quality Municipal Income Fund Series 4, LIQ: Royal Bank of Canada, 0.10%, 3/5/2021 # (c) | 10,000 | 10,000 | ||||||
|
| |||||||
Other — 8.1% |
| |||||||
BlackRock MuniYield Quality Fund III, Inc. LIQ: TD Bank NA, 0.12%, 3/5/2021 # (c) | 30,000 | 30,000 |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 73 |
Table of Contents
JPMorgan Municipal Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2021 (continued)
INVESTMENTS (a) | SHARES (000) | VALUE ($000) | ||||||
Variable Rate Demand Preferred Shares — continued |
| |||||||
Other — continued |
| |||||||
Nuveen AMT-Free Quality Municipal Income Fund Series 4-4895, LIQ: Barclays Bank plc, 0.09%, 3/5/2021 # (c) | 10,000 | 10,000 | ||||||
Nuveen Quality Municipal Income Fund | ||||||||
Series 2-2525, LIQ: Barclays Bank plc, 0.12%, 3/5/2021 # (c) | 20,000 | 20,000 | ||||||
Series 3-1277, LIQ: Barclays Bank plc, 0.12%, 3/5/2021 # (c) | 24,200 | 24,200 | ||||||
|
| |||||||
84,200 | ||||||||
|
| |||||||
Pennsylvania — 1.0% |
| |||||||
BlackRock MuniYield Pennsylvania Quality Fund LIQ: TD Bank NA, 0.11%, 3/5/2021 # (c) | 10,000 | 10,000 | ||||||
|
| |||||||
Total Variable Rate Demand Preferred Shares | 104,200 | |||||||
|
| |||||||
PRINCIPAL AMOUNT ($000) | ||||||||
Short-Term Investments — 9.8% |
| |||||||
Commercial Paper — 9.8% |
| |||||||
California Statewide Communities Development Authority | ||||||||
Series 08-B, 0.24%, 3/9/2021 | 3,000 | 3,000 | ||||||
Series 9B-3, 0.24%, 3/10/2021 | 7,500 | 7,500 | ||||||
Series 08-B, 0.27%, 4/1/2021 | 2,000 | 2,000 | ||||||
Series B-5, 0.16%, 7/13/2021 | 4,150 | 4,150 | ||||||
Series 9B-1, 0.18%, 8/10/2021 | 6,000 | 6,000 | ||||||
Series 9B-4, 0.19%, 9/2/2021 | 5,000 | 5,000 | ||||||
Series 9B-1, 0.16%, 9/8/2021 | 10,000 | 10,000 | ||||||
Series D, 0.16%, 9/8/2021 | 4,000 | 4,000 | ||||||
City of Atlanta, Airport Third Lien | ||||||||
Series K-2, 0.17%, 7/6/2021 | 1,000 | 1,000 | ||||||
Series K-2, 0.18%, 7/6/2021 | 1,773 | 1,773 | ||||||
Series K-2, 0.22%, 7/6/2021 | 5,650 | 5,650 | ||||||
Series K-4, 0.22%, 7/6/2021 | 2,500 | 2,500 | ||||||
Series K-2, 0.24%, 7/6/2021 | 3,207 | 3,207 | ||||||
Series J-2, 0.14%, 8/4/2021 | 4,454 | 4,454 | ||||||
City of Houston, Airport System | ||||||||
Series A, 0.10%, 3/5/2021 | 20,000 | 20,000 | ||||||
Series A, 0.12%, 5/13/2021 | 5,000 | 5,000 | ||||||
County of Harris, Tax Exempt | ||||||||
Series C, 0.11%, 3/3/2021 | 6,100 | 6,100 | ||||||
Series C, 0.09%, 3/4/2021 | 750 | 750 | ||||||
Series C, 0.11%, 3/4/2021 | 4,060 | 4,060 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Commercial Paper — continued | ||||||||
Truckee Meadows Water Authority | ||||||||
Series 06-B, 0.11%, 3/3/2021 | 5,666 | 5,666 | ||||||
|
| |||||||
Total Commercial Paper | 101,810 | |||||||
|
| |||||||
Total Short-Term Investments | 101,810 | |||||||
|
| |||||||
Total Investments — 100.0% | 1,036,425 | |||||||
Other Assets Less | 344 | |||||||
|
| |||||||
NET ASSETS — 100.0% | 1,036,769 | |||||||
|
|
Percentages indicated are based on net assets.
Abbreviations | ||
AMT | Alternative Minimum Tax | |
BAN | Bond Anticipation Note | |
COLL | Collateral | |
FHLB | Federal Home Loan Bank | |
FHLMC | Federal Home Loan Mortgage Corp. | |
FNMA | Federal National Mortgage Association | |
GNMA | Government National Mortgage Association | |
GO | General Obligation | |
LIQ | Liquidity Agreement | |
LOC | Letter of Credit | |
Rev. | Revenue | |
SCSDE | South Carolina School District Enhancement | |
TAN | Tax Anticipation Note | |
VRDO | Variable Rate Demand Obligation | |
(a) | The date shown represents the earliest of the next put date, next demand date or final maturity date. | |
(b) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of February 28, 2021. | |
(c) | Securities exempt from registration under Rule 144A or section 4 (a)(2), of the Securities Act of 1933, as amended. | |
(d) | All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. | |
(e) | Amount rounds to less than 0.1% of net assets. | |
# | Variable Rate Demand Preferred Shares of a closed-end investment company which has a weekly demand feature. The interest rate shown is the rate in effect as of February 28, 2021. | |
* | The cost of securities is substantially the same for federal income tax purposes. |
SEE NOTES TO FINANCIAL STATEMENTS.
74 | J.P. MORGAN MONEY MARKET FUNDS | FEBRUARY 28, 2021 |
Table of Contents
JPMorgan California Municipal Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2021
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — 76.4% |
| |||||||
California — 76.4% |
| |||||||
Alameda County Industrial Development Authority, Plyproperties Project Series 1997A, Rev., VRDO, LOC: Wells Fargo Bank NA, 0.06%, 3/5/2021 (b) | 2,860 | 2,860 | ||||||
Alameda Public Financing Authority, Multi-Family Housing, Eagle Village/Parrot Village Series 2005A, Rev., VRDO, LOC: FNMA, 0.04%, 3/5/2021 (b) | 600 | 600 | ||||||
California Educational Facilities Authority, Stanford University Series U-5, Rev., 5.00%, 5/1/2021 | 3,670 | 3,697 | ||||||
California Health Facilities Financing Authority, Stanford Hospital and Clinics Series 2008B-2, Rev., VRDO, 0.30%, 3/2/2021 (b) | 7,000 | 7,000 | ||||||
California Housing Finance, Home Mortgage Series 2005A-R, Rev., VRDO, AMT, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 0.08%, 3/5/2021 (b) | 2,265 | 2,265 | ||||||
California Infrastructure and Economic Development Bank, Industrial Development, Silva Corks USA LLC Project Series 2006, Rev., VRDO, LOC: Bank of America NA, 0.09%, 3/5/2021 (b) | 1,615 | 1,615 | ||||||
California Municipal Finance Authority, Recovery Zone Facility, Chevron USA, Inc., Project Series 2010A, Rev., VRDO, 0.01%, 3/1/2021 (b) | 4,235 | 4,235 | ||||||
California Statewide Communities Development Authority, Rady Children’s Hospital Series 2008B, Rev., VRDO, LOC: Wells Fargo Bank NA, 0.01%, 3/1/2021 (b) | 6,970 | 6,970 | ||||||
City of Los Angeles Rev., TRAN, 4.00%, 6/24/2021 | 7,200 | 7,284 | ||||||
City of Los Angeles, Multi-Family Housing Series I, Rev., VRDO, LOC: Citibank NA, 0.08%, 3/5/2021 (b) | 1,300 | 1,300 | ||||||
City of San Jose, Multi-Family Housing, Almaden Lake Village Apartments | ||||||||
Series 1997A, Rev., VRDO, LOC: FNMA, 0.12%, 3/5/2021 (b) | 8,500 | 8,500 | ||||||
Series 2000A, Rev., VRDO, LOC: FNMA, 0.12%, 3/5/2021 (b) | 2,000 | 2,000 | ||||||
County of Los Angeles Series 2020-21A, Rev., TRAN, 4.00%, 6/30/2021 | 4,530 | 4,586 | ||||||
County of Riverside Rev., TRAN, 4.00%, 6/30/2021 | 8,450 | 8,554 | ||||||
County of Riverside, Teeter Plan Obligation Notes, Tax-Exempt Series 2020A, Rev., 0.50%, 10/21/2021 | 2,000 | 2,003 | ||||||
County of Santa Cruz Rev., TRAN, 3.00%, 7/9/2021 | 300 | 303 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
California — continued | ||||||||
County of Ventura Rev., TRAN, 4.00%, 6/30/2021 | 110 | 111 | ||||||
Daly City Housing Development Finance Agency, Multi-Family, Serramonte Del Rey Series A, Rev., VRDO, LOC: FNMA, 0.07%, 3/5/2021 (b) | 7,200 | 7,200 | ||||||
Eastern Municipal Water District, Water and Wastewater System Series 2018A, Rev., VRDO, LIQ: Bank of America NA, 0.02%, 3/1/2021 (b) | 2,620 | 2,620 | ||||||
Livermore Valley Joint Unified School District, Election of 2016 GO, 5.00%, 8/1/2021 | 500 | 510 | ||||||
Los Angeles Community College District Series I, GO, 4.00%, 8/1/2021 | 175 | 178 | ||||||
Los Angeles Department of Water and Power Series 2021A-2, Rev., VRDO, LIQ: TD Bank NA, 0.02%, 3/1/2021 (b) | 2,620 | 2,620 | ||||||
Los Angeles Department of Water and Power, Power System | ||||||||
Series 2021A-1, Rev., VRDO, LIQ: Royal Bank of Canada, 0.01%, 3/1/2021 (b) | 5,000 | 5,000 | ||||||
Series B, Subseries B-4, Rev., VRDO, LIQ: Citibank NA, 0.02%, 3/1/2021 (b) | 4,700 | 4,700 | ||||||
Metropolitan Water District of Southern California, Waterworks | ||||||||
Series 2017A, Rev., VRDO, LIQ: PNC Bank NA, 0.02%, 3/1/2021 (b) | 2,290 | 2,290 | ||||||
Series 2018A-1, Rev., VRDO, LIQ: TD Bank NA, 0.02%, 3/1/2021 (b) | 3,835 | 3,835 | ||||||
Series B-3, Rev., VRDO, LIQ: PNC Bank NA, 0.02%, 3/1/2021 (b) | 1,700 | 1,700 | ||||||
Modesto Public Financing Authority Rev., VRDO, LOC: Bank of the West, 0.03%, 3/5/2021 (b) | 2,950 | 2,950 | ||||||
Otay Water District Rev., 5.00%, 9/1/2021 | 100 | 102 | ||||||
RBC Municipal Products, Inc. Trust, Floater Certificates Series G-11806, VRDO, LOC: Royal Bank of Canada, 0.18%, 4/1/2021 (b) (c) | 2,000 | 2,000 | ||||||
San Diego County Water Authority Series 2005A, COP, NATL-RE, 5.25%, 5/1/2021 (d) | 6,725 | 6,777 | ||||||
San Diego County Water Authority, Subordinate Lien Series 2016S-1, Rev., 3.00%, 5/1/2021 | 5,000 | 5,017 | ||||||
San Diego Housing Authority Series 2017A, Rev., VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 0.06%, 3/5/2021 (b) | 2,150 | 2,150 | ||||||
San Diego Public Facilities Financing Authority Series 2016A, Rev., 5.00%, 5/15/2021 | 250 | 252 | ||||||
San Diego Unified School District Series 2020-21A, Rev., TRAN, 5.00%, 6/30/2021 | 965 | 980 |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 75 |
Table of Contents
JPMorgan California Municipal Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2021 (continued)
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued | ||||||||
California — continued | ||||||||
Santa Clara County Financing Authority, Multiple Facilities Projects Series 2015P, Rev., 5.00%, 5/15/2021 | 5,770 | 5,821 | ||||||
Santa Rosa Rancheria Tachi-Yokut Tribe Enterprise Series A, Rev., VRDO, LOC: Citibank NA, 0.08%, 3/5/2021 (b) | 1,640 | 1,640 | ||||||
Sequoia Union High School District Rev., TRAN, 1.50%, 6/30/2021 | 680 | 683 | ||||||
State of California Department of Water Resources, Power Supply Series 2011N, Rev., 5.00%, 5/1/2021 (d) | 425 | 428 | ||||||
Tender Option Bond Trust Receipts/Certificates | ||||||||
Series 2018-G-92, GO, VRDO, LOC: Royal Bank of Canada, 0.04%, 3/5/2021 (b) (c) | 1,500 | 1,500 | ||||||
Series 2016-XX1040, VRDO, LIQ: Barclays Bank plc, 0.05%, 3/5/2021 (b) (c) | 4,160 | 4,160 | ||||||
Series 2017-XF2443, GO, VRDO, LIQ: Morgan Stanley Bank, 0.05%, 3/5/2021 (b) (c) | 2,500 | 2,500 | ||||||
Series 2017-XG0121, Rev., VRDO, LIQ: Bank of America NA, 0.05%, 3/5/2021 (b) (c) | 2,000 | 2,000 | ||||||
Series 2018-XF2700, GO, VRDO, LIQ: Barclays Bank plc, 0.05%, 3/5/2021 (b) (c) | 5,675 | 5,675 | ||||||
Series 2018-XM0696, Rev., VRDO, LIQ: Bank of America NA, 0.05%, 3/5/2021 (b) (c) | 4,590 | 4,590 | ||||||
Series 2019-ZF2844, COP, VRDO, LIQ: Citibank NA, 0.05%, 3/5/2021 (b) (c) | 5,435 | 5,435 | ||||||
Series 2016-XF2322, Rev., VRDO, LIQ: Wells Fargo Bank NA, 0.06%, 3/5/2021 (b) (c) | 7,500 | 7,500 | ||||||
Series 2018-XM0712, GO, VRDO, LIQ: Morgan Stanley Bank, 0.06%, 3/5/2021 (b) (c) | 2,230 | 2,230 | ||||||
Series 2018-ZF0679, Rev., VRDO, LIQ: Bank of America NA, 0.06%, 3/5/2021 (b) (c) | 5,265 | 5,265 | ||||||
Series 2018-ZF2744, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.06%, 3/5/2021 (b) (c) | 6,900 | 6,900 | ||||||
Series 2018-ZF2771, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.06%, 3/5/2021 (b) (c) | 4,750 | 4,750 | ||||||
Series 2018-ZM0585, GO, VRDO, LIQ: Wells Fargo Bank NA, 0.06%, 3/5/2021 (b) (c) | 3,750 | 3,750 | ||||||
Series 2019-XM0741, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.06%, 3/5/2021 (b) (c) | 1,670 | 1,670 | ||||||
Series 2020-XG0304, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.06%, 3/5/2021 (b) (c) | 4,260 | 4,260 | ||||||
Series 2020-XM0837, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.06%, 3/5/2021 (b) (c) | 4,800 | 4,800 | ||||||
Series 2020-YX1149, Rev., VRDO, LIQ: Barclays Bank plc, 0.06%, 3/5/2021 (b) (c) | 5,775 | 5,775 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
California — continued | ||||||||
Series 2020-XL0155, Rev., VRDO, LOC: Barclays Bank plc, 0.07%, 3/5/2021 (b) (c) | 4,250 | 4,250 | ||||||
Series 2020-YX1153, Rev., VRDO, LOC: Barclays Bank plc, 0.07%, 3/5/2021 (b) (c) | 7,105 | 7,105 | ||||||
Series 2020-XF2876, Rev., VRDO, LOC: Barclays Bank plc, 0.08%, 3/5/2021 (b) (c) | 9,195 | 9,195 | ||||||
Series 2020-YX1131, Rev., VRDO, LOC: Barclays Bank plc, 0.08%, 3/5/2021 (b) (c) | 4,380 | 4,380 | ||||||
Series 2019-XM0750, Rev., VRDO, LIQ: Bank of America NA, 0.09%, 3/5/2021 (b) (c) | 3,000 | 3,000 | ||||||
University of California Series 2013AL-3, Rev., VRDO, 0.03%, 3/1/2021 (b) | 5,000 | 5,000 | ||||||
|
| |||||||
Total Municipal Bonds | 229,026 | |||||||
|
| |||||||
SHARES (000) | ||||||||
Variable Rate Demand Preferred Shares — 5.3% |
| |||||||
California — 5.3% |
| |||||||
BlackRock MuniYield California Quality Fund, Inc. Series W-7-1665, LIQ: TD Bank NA, 0.10%, 3/5/2021 # (c) | 5,000 | 5,000 | ||||||
Nuveen California Quality Municipal Income Fund Series 4, LIQ: Royal Bank of Canada, 0.10%, 3/5/2021 # (c) | 4,000 | 4,000 | ||||||
Series 1-1362, LIQ: Societe Generale, 0.12%, 3/5/2021 # (c) | 7,000 | 7,000 | ||||||
|
| |||||||
Total Variable Rate Demand Preferred Shares | 16,000 | |||||||
|
| |||||||
PRINCIPAL AMOUNT ($000) | ||||||||
Short-Term Investments — 18.0% |
| |||||||
Commercial Paper — 18.0% |
| |||||||
California Statewide Communities Development Authority 0.21%, 6/9/2021 | 5,000 | 5,000 | ||||||
Series D, 0.16%, 9/8/2021 | 8,000 | 8,000 | ||||||
City and County of San Francisco Series B-4, 0.24%, 3/2/2021 | 3,190 | 3,190 | ||||||
City of Los Angeles, Wastewater System Series A-2, 0.11%, 3/18/2021 | 3,000 | 3,000 | ||||||
Los Angeles County Capital Asset Leasing Corp. Series B, 0.11%, 5/4/2021 | 5,750 | 5,750 | ||||||
Series C, 0.11%, 5/4/2021 | 1,000 | 1,000 | ||||||
Municipal Improvement Corp. of Los Angeles | ||||||||
Series A-3, 0.10%, 3/4/2021 | 3,000 | 3,000 | ||||||
Series A-1, 0.09%, 3/5/2021 | 5,600 | 5,600 | ||||||
Series A-1, 0.11%, 3/5/2021 | 3,750 | 3,750 |
SEE NOTES TO FINANCIAL STATEMENTS.
76 | J.P. MORGAN MONEY MARKET FUNDS | FEBRUARY 28, 2021 |
Table of Contents
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Short-Term Investments — continued |
| |||||||
Commercial Paper — continued |
| |||||||
San Francisco City and County Public Utilities Commission Series A-1, 0.12%, 4/7/2021 | 4,000 | 4,000 | ||||||
State of California Series A-4, 0.10%, 4/13/2021 | 4,000 | 4,000 | ||||||
State of California Department of Water Resources Series 1, 0.10%, 3/4/2021 | 500 | 500 | ||||||
West Basin Financing Corp. 0.09%, 3/24/2021 | 7,000 | 7,000 | ||||||
|
| |||||||
Total Commercial Paper | 53,790 | |||||||
|
| |||||||
Total Short-Term Investments | 53,790 | |||||||
|
| |||||||
Total Investments — 99.7% | 298,816 | |||||||
Other Assets Less Liabilities — 0.3% | 817 | |||||||
|
| |||||||
NET ASSETS — 100.0% | 299,633 | |||||||
|
|
Percentages indicated are based on net assets.
Abbreviations
AMT | Alternative Minimum Tax | |
COP | Certificate of Participation | |
FNMA | Federal National Mortgage Association | |
GO | General Obligation | |
LIQ | Liquidity Agreement | |
LOC | Letter of Credit | |
NATL | Insured by National Public Finance Guarantee Corp. | |
RE | Reinsured | |
Rev. | Revenue | |
TRAN | Tax & Revenue Anticipation Note | |
VRDO | Variable Rate Demand Obligation |
(a) | The date shown represents the earliest of the next put date, next demand date or final maturity date. | |
(b) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of February 28, 2021. | |
(c) | Securities exempt from registration under Rule 144A or section 4 (a)(2), of the Securities Act of 1933, as amended. | |
(d) | Security is prerefunded or escrowed to maturity. | |
# | Variable Rate Demand Preferred Shares of a closed-end investment company which has a weekly demand feature. The interest rate shown is the rate in effect as of February 28, 2021. | |
* | The cost of securities is substantially the same for federal income tax purposes. |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 77 |
Table of Contents
JPMorgan New York Municipal Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2021
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — 85.2% |
| |||||||
New York — 85.2% |
| |||||||
Albany Industrial Development Agency, Civic Facility, Living Resources Corp., Project Series 2007A, Rev., VRDO, LOC: HSBC Bank USA NA, 0.05%, 3/5/2021 (b) | 2,380 | 2,380 | ||||||
Alfred Almond Central School District GO, BAN, 1.25%, 9/15/2021 | 2,000 | 2,009 | ||||||
Amherst Development Corp., Student Housing Facility, South Lake Village Project Series 2010B, Rev., VRDO, LOC: HSBC Bank USA NA, 0.09%, 3/5/2021 (b) | 12,105 | 12,105 | ||||||
Baldwinsville Central School District GO, BAN, 1.25%, 6/29/2021 | 3,480 | 3,487 | ||||||
Bethlehem Central School District Series 2020B, GO, BAN, 1.25%, 7/16/2021 | 3,705 | 3,714 | ||||||
Build NYC Resource Corp., Natural Resources Defense Council, Inc. Series 2008A, Rev., VRDO, LOC: Bank of America NA, 0.02%, 3/5/2021 (b) | 4,585 | 4,585 | ||||||
Canajoharie Central School District GO, BAN, 1.25%, 6/29/2021 | 1,687 | 1,691 | ||||||
Chenango Valley Central School District GO, BAN, 1.25%, 6/25/2021 | 12,720 | 12,746 | ||||||
City of New York, Fiscal Year 2006 Series I, Subseries I-4, GO, VRDO, LOC: TD Bank NA, 0.03%, 3/1/2021 (b) | 2,700 | 2,700 | ||||||
City of New York, Fiscal Year 2012 Subseries G-7, GO, VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 0.03%, 3/1/2021 (b) | 11,035 | 11,035 | ||||||
City of New York, Fiscal Year 2013 | ||||||||
Series 2013F-3, GO, VRDO, LIQ: Bank of America NA, 0.01%, 3/1/2021 (b) | 1,500 | 1,500 | ||||||
Subseries A-3, GO, VRDO, LOC: Mizuho Bank Ltd., 0.04%, 3/1/2021 (b) | 125 | 125 | ||||||
City of New York, Fiscal Year 2017 | ||||||||
Series A, Subseries A-5, GO, VRDO, LIQ: Landesbank Hessen-Thueringen, 0.02%, 3/1/2021 (b) | 3,550 | 3,550 | ||||||
Subseries A-6, GO, VRDO, LIQ: Landesbank Hessen-Thueringen, 0.04%, 3/1/2021 (b) | 1,475 | 1,475 | ||||||
County of Madison GO, BAN, 1.75%, 4/30/2021 | 16,000 | 16,018 | ||||||
County of Otsego GO, RAN, 1.50%, 5/28/2021 | 8,000 | 8,010 | ||||||
County of Westchester, Various Purpose | ||||||||
Series 2020A, GO, BAN, 1.50%, 4/30/2021 | 27,353 | 27,383 | ||||||
Series 2020B, GO, BAN, 1.50%, 4/30/2021 | 9,474 | 9,482 | ||||||
East Bloomfield Central School District Series 2020B, GO, BAN, 1.25%, 6/24/2021 | 5,000 | 5,012 | ||||||
Erie County Industrial Development Agency (The), Canisius High School Rev., VRDO, LOC: Manufacturers & Trader Trust Co., 0.08%, 3/5/2021 (b) | 10,450 | 10,450 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
New York — continued |
| |||||||
Erie County Industrial Development Agency (The), Our Lady Victory Corp. Series 2007A, Rev., VRDO, LOC: HSBC Bank USA NA, 0.06%, 3/5/2021 (b) | 1,800 | 1,800 | ||||||
Franklin County Civic Development Corp., Alice Hyde Medical Center Project Series 2013A, Rev., VRDO, LOC: | ||||||||
HSBC Bank USA NA, 0.05%, 3/5/2021 (b) | 11,230 | 11,230 | ||||||
Geneva City School District | ||||||||
GO, RAN, 1.25%, 6/23/2021 | 7,000 | 7,013 | ||||||
GO, BAN, 1.25%, 6/30/2021 | 4,900 | 4,911 | ||||||
Greenport Union Free School District GO, TAN, 1.25%, 6/25/2021 | 3,500 | 3,508 | ||||||
Lancaster Central School District Series 2020C, GO, BAN, 1.25%, 6/11/2021 | 6,000 | 6,012 | ||||||
Metropolitan Transportation Authority | ||||||||
Series 2012G-2, Rev., VRDO, LOC: TD Bank NA, 0.03%, 3/5/2021 (b) | 150 | 150 | ||||||
Subseries E-1, Rev., VRDO, LOC: PNC Bank NA, 0.05%, 3/5/2021 (b) | 1,910 | 1,910 | ||||||
Metropolitan Transportation Authority, Dedicated Tax Fund | ||||||||
Series 2008A-2B, Rev., VRDO, LOC: PNC Bank NA, 0.05%, 3/5/2021 (b) | 6,135 | 6,135 | ||||||
Series 2008B-3C, Rev., VRDO, LOC: PNC Bank NA, 0.05%, 3/5/2021 (b) | 13,510 | 13,510 | ||||||
Monroe County Water Authority, Water System Rev., 5.00%, 3/1/2021 | 75 | 75 | ||||||
Moravia Central School District GO, BAN, 1.25%, 8/6/2021 | 9,500 | 9,529 | ||||||
Nassau County Industrial Development Agency, Clinton Plaza Senior Housing Project Rev., VRDO, LOC: FNMA, 0.06%, 3/5/2021 (b) | 6,000 | 6,000 | ||||||
Nassau Health Care Corp., Nassau County Guaranteed Subseries 2009D-1, Rev., VRDO, GTD, LOC: Bank of America NA, 0.02%, 3/5/2021 (b) | 700 | 700 | ||||||
New York City Housing Development Corp., Multi-Family Franklin AVE Apartments Series 2005A, Rev., VRDO, LOC: Citibank NA, 0.07%, 3/5/2021 (b) | 1,055 | 1,055 | ||||||
New York City Housing Development Corp., Multi-Family Mortgage, 3462 Third AVE Realty LLC Series 2008A, Rev., VRDO, LOC: Bank of America NA, 0.06%, 3/5/2021 (b) | 4,445 | 4,445 | ||||||
New York City Housing Development Corp., Multi-Family Mortgage, Boricua Village Apartments Site Series C, Rev., VRDO, LOC: Citibank NA, 0.05%, 3/5/2021 (b) | 6,665 | 6,665 |
SEE NOTES TO FINANCIAL STATEMENTS.
78 | J.P. MORGAN MONEY MARKET FUNDS | FEBRUARY 28, 2021 |
Table of Contents
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
New York — continued |
| |||||||
New York City Housing Development Corp., Multi-Family Mortgage, Susans Court Series 2007A, Rev., VRDO, LOC: Citibank NA, 0.07%, 3/5/2021 (b) | 2,400 | 2,400 | ||||||
New York City Housing Development Corp., Multi-Family Rental Housing, West 89th Street Development Series A, Rev., VRDO, LOC: FNMA, 0.05%, 3/5/2021 (b) | 9,100 | 9,100 | ||||||
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2001 Subseries F-1, Rev., VRDO, LIQ: Mizuho Bank Ltd., 0.01%, 3/1/2021 (b) | 4,760 | 4,760 | ||||||
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2014 Series AA, Subseries AA1, Rev., VRDO, LIQ: TD Bank NA, 0.03%, 3/1/2021 (b) | 4,355 | 4,355 | ||||||
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2016 Series AA-2, Rev., VRDO, LIQ: PNC Bank NA, 0.05%, 3/5/2021 (b) | 500 | 500 | ||||||
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2017 Series 2017BB, Rev., VRDO, LIQ: Bank of Montreal, 0.03%, 3/1/2021 (b) | 1,175 | 1,175 | ||||||
New York City Transitional Finance Authority, Future Tax Secured Subseries D-4, Rev., VRDO, LIQ: Mizuho Bank Ltd., 0.05%, 3/5/2021 (b) | 465 | 465 | ||||||
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2013 Subseries C-5, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.04%, 3/5/2021 (b) | 22,730 | 22,730 | ||||||
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2015 Subseries A-3, Rev., VRDO, LIQ: Mizuho Bank Ltd., 0.03%, 3/1/2021 (b) | 160 | 160 | ||||||
New York City Trust for Cultural Resources, Metropolitan Museum of Art Series 2006A-1, Rev., VRDO, 0.03%, 3/5/2021 (b) | 14,820 | 14,820 | ||||||
New York City Water and Sewer System, Fiscal Year 2000 Series 2000C, Rev., VRDO, LIQ: Sumitomo Mitsui Banking Corp., 0.03%, 3/5/2021 (b) | 500 | 500 | ||||||
New York City Water and Sewer System, Fiscal Year 2003 Subseries F-1-A, Rev., VRDO, LIQ: Barclays Bank plc, 0.04%, 3/5/2021 (b) | 6,695 | 6,695 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
New York — continued |
| |||||||
New York City Water and Sewer System, Fiscal Year 2012 Subseries A-2, Rev., VRDO, LIQ: Mizuho Bank Ltd., 0.01%, 3/1/2021 (b) | 6,000 | 6,000 | ||||||
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2008 Series 2008-BB-5, Rev., VRDO, LIQ: Bank of America NA, 0.01%, 3/1/2021 (b) | 225 | 225 | ||||||
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2013 Series AA, Subseries AA-1, Rev., VRDO, LIQ: PNC Bank NA, 0.05%, 3/5/2021 (b) | 2,895 | 2,895 | ||||||
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2015 Series 2015BB-3, Rev., VRDO, LIQ: Sumitomo Mitsui Banking Corp., 0.03%, 3/5/2021 (b) | 3,245 | 3,245 | ||||||
New York State Dormitory Authority, Catholic Health System Series 2019B, Rev., VRDO, LOC: Manufacturers & Trader Trust Co., 0.08%, 3/5/2021 (b) | 18,000 | 18,000 | ||||||
New York State Dormitory Authority, Cornell University Series 2019B, Rev., VRDO, LIQ: U.S. Bank NA, 0.01%, 3/1/2021 (b) | 400 | 400 | ||||||
New York State Dormitory Authority, Highland Community Development Corp. Series 1994B, Rev., VRDO, LOC: HSBC Bank USA NA, 0.04%, 3/5/2021 (b) | 2,350 | 2,350 | ||||||
New York State Dormitory Authority, Remarketing Series A, Rev., VRDO, LOC: FNMA, 0.03%, 3/5/2021 (b) | 3,980 | 3,980 | ||||||
New York State Housing Finance Agency, 250 West 93rd Street Housing Series 2005A, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 0.07%, 3/5/2021 (b) | 7,365 | 7,365 | ||||||
New York State Housing Finance Agency, 29 Flatbush Avenue Housing | ||||||||
Series 2010A, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 0.05%, 3/5/2021 (b) | 6,625 | 6,625 | ||||||
Series 2010A, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 0.05%, 3/5/2021 (b) | 800 | 800 | ||||||
New York State Housing Finance Agency, 350 West 43rd Street Housing Series 2001A, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 0.02%, 3/1/2021 (b) | 230 | 230 | ||||||
New York State Housing Finance Agency, 455 West 37th Street Housing Series 2007A, Rev., VRDO, AMT, LOC: Landesbank Hessen-Thueringen, 0.02%, 3/1/2021 (b) | 1,320 | 1,320 | ||||||
New York State Housing Finance Agency, Historic Front Street Series 2003A, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 0.04%, 3/5/2021 (b) | 2,850 | 2,850 |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 79 |
Table of Contents
JPMorgan New York Municipal Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2021 (continued)
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
New York — continued |
| |||||||
New York State Housing Finance Agency, Housing, 160 Madison Avenue Series 2014A, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 0.01%, 3/1/2021 (b) | 4,725 | 4,725 | ||||||
New York State Housing Finance Agency, Tribeca Green Series 2003A, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 0.05%, 3/5/2021 (b) | 3,060 | 3,060 | ||||||
New York State Housing Finance Agency, Worth Street Series A, Rev., VRDO, LOC: FNMA, 0.05%, 3/5/2021 (b) | 1,600 | 1,600 | ||||||
Onondaga County Industrial Development Agency, Civic Facility, Syracuse Home Association Project Rev., VRDO, LOC: HSBC Bank USA NA, 0.07%, 3/5/2021 (b) | 4,055 | 4,055 | ||||||
Orchard Park Central School District GO, BAN, 1.50%, 5/5/2021 | 5,700 | 5,705 | ||||||
Peru Central School District GO, BAN, 1.00%, 6/23/2021 | 4,000 | 4,007 | ||||||
RBC Municipal Products, Inc. Trust, Floater Certificates (Canada) | ||||||||
Series 2018-G5, GO, VRDO, LOC: Royal Bank of Canada, 0.06%, 3/5/2021 (b) (c) | 6,000 | 6,000 | ||||||
Series E-137, Rev., VRDO, LOC: Royal Bank of Canada, 0.06%, 3/5/2021 (b) (c) | 10,000 | 10,000 | ||||||
Series E-146, Rev., VRDO, LOC: Royal Bank of Canada, 0.06%, 3/5/2021 (b) (c) | 2,500 | 2,500 | ||||||
Southwestern Central School District Series 2020A, GO, BAN, 1.25%, 7/21/2021 | 1,249 | 1,252 | ||||||
Sweet Home Central School District GO, BAN, 1.00%, 7/8/2021 | 5,000 | 5,013 | ||||||
Tender Option Bond Trust Receipts/Certificates | ||||||||
Series E-118, GO, VRDO, LOC: Royal Bank of Canada, 0.04%, 3/1/2021 (b) (c) | 10,000 | 10,000 | ||||||
Series 2018-XF2646, Rev., VRDO, LIQ: Citibank NA, 0.05%, 3/5/2021 (b) (c) | 4,540 | 4,540 | ||||||
Series 2019-ZF2777, Rev., VRDO, LIQ: Citibank NA, 0.05%, 3/5/2021 (b) (c) | 6,000 | 6,000 | ||||||
Series 2019-ZF2778, Rev., VRDO, LIQ: Citibank NA, 0.05%, 3/5/2021 (b) (c) | 5,000 | 5,000 | ||||||
Series 2020-ZF2918, Rev., VRDO, LIQ: Wells Fargo Bank NA, 0.05%, 3/5/2021 (b) (c) | 2,430 | 2,430 | ||||||
Series 2020-ZF2919, Rev., VRDO, LIQ: Wells Fargo Bank NA, 0.05%, 3/5/2021 (b) (c) | 2,500 | 2,500 | ||||||
Series 2016-ZM0129, Rev., VRDO, LIQ: Royal Bank of Canada, 0.06%, 3/5/2021 (b) (c) | 4,240 | 4,240 | ||||||
Series 2017-ZM0544, Rev., VRDO, LIQ: Bank of America NA, 0.06%, 3/5/2021 (b) (c) | 2,220 | 2,220 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
New York — continued |
| |||||||
Series 2018-XF0635, Rev., VRDO, LIQ: TD Bank NA, 0.06%, 3/5/2021 (b) (c) | 6,185 | 6,185 | ||||||
Series 2018-XF2656, Rev., VRDO, LIQ: Bank of America NA, 0.06%, 3/5/2021 (b) (c) | 2,400 | 2,400 | ||||||
Series 2018-XM0692, Rev., VRDO, LIQ: Royal Bank of Canada, 0.06%, 3/5/2021 (b) (c) | 8,000 | 8,000 | ||||||
Series 2018-ZF2740, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.06%, 3/5/2021 (b) (c) | 2,600 | 2,600 | ||||||
Series 2018-ZM0661, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.06%, 3/5/2021 (b) (c) | 5,000 | 5,000 | ||||||
Series 2018-ZM0682, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.06%, 3/5/2021 (b) (c) | 5,000 | 5,000 | ||||||
Series 2019-XF0829, Rev., VRDO, LOC: Royal Bank of Canada, 0.06%, 3/5/2021 (b) (c) | 4,015 | 4,015 | ||||||
Series 2019-XF0838, Rev., VRDO, LIQ: Bank of America NA, 0.06%, 3/5/2021 (b) (c) | 1,600 | 1,600 | ||||||
Series 2019-XF0847, Rev., VRDO, LOC: Royal Bank of Canada, 0.06%, 3/5/2021 (b) (c) | 5,075 | 5,075 | ||||||
Series 2019-ZF0832, Rev., VRDO, LOC: Bank of America NA, 0.06%, 3/5/2021 (b) (c) | 945 | 945 | ||||||
Series 2020-XF0947, Rev., VRDO, LIQ: TD Bank NA, 0.06%, 3/5/2021 (b) (c) | 7,750 | 7,750 | ||||||
Series 2020-XG0272, Rev., VRDO, LIQ: Bank of America NA, 0.06%, 3/5/2021 (b) (c) | 5,340 | 5,340 | ||||||
Series 2020-XG0277, Rev., VRDO, AGM, LOC: Bank of America NA, 0.06%, 3/5/2021 (b) (c) | 13,260 | 13,260 | ||||||
Series 2020-XM0852, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.06%, 3/5/2021 (b) (c) | 13,500 | 13,500 | ||||||
Series 2020-YX1145, Rev., VRDO, LIQ: Barclays Bank plc, 0.06%, 3/5/2021 (b) (c) | 10,000 | 10,000 | ||||||
Series 2020-ZF0929, Rev., VRDO, LOC: Bank of America NA, 0.06%, 3/5/2021 (b) (c) | 3,755 | 3,755 | ||||||
Series 2020-ZM0807, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.06%, 3/5/2021 (b) (c) | 5,950 | 5,950 | ||||||
Series 2016-ZF0464, Rev., VRDO, LOC: Royal Bank of Canada, 0.07%, 3/5/2021 (b) (c) | 15,000 | 15,000 | ||||||
Series 2017-XF0598, Rev., VRDO, LIQ: TD Bank NA, 0.07%, 3/5/2021 (b) (c) | 3,000 | 3,000 | ||||||
Series 2017-XF2481, Rev., VRDO, LOC: Barclays Bank plc, 0.07%, 3/5/2021 (b) (c) | 2,160 | 2,160 | ||||||
Series 2018-XF0685, Rev., VRDO, LIQ: TD Bank NA, 0.07%, 3/5/2021 (b) (c) | 7,125 | 7,125 | ||||||
Series 2019-XF0858, Rev., VRDO, LIQ: Bank of America NA, 0.07%, 3/5/2021 (b) (c) | 2,800 | 2,800 |
SEE NOTES TO FINANCIAL STATEMENTS.
80 | J.P. MORGAN MONEY MARKET FUNDS | FEBRUARY 28, 2021 |
Table of Contents
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
New York — continued |
| |||||||
Series 2020-XF2910, Rev., VRDO, AGM, LOC: Barclays Bank plc, 0.07%, 3/5/2021 (b) (c) | 7,730 | 7,730 | ||||||
Series 2020-XL0153, Rev., VRDO, LOC: Barclays Bank plc, 0.07%, 3/5/2021 (b) (c) | 2,500 | 2,500 | ||||||
Series 2020-XF2914, Rev., VRDO, LOC: Barclays Bank plc, 0.08%, 3/5/2021 (b) (c) | 22,640 | 22,640 | ||||||
Town of Bedford Series 2020B, GO, BAN, 1.50%, 3/15/2021 | 700 | 700 | ||||||
Town of Big Flats GO, BAN, 1.75%, 3/19/2021 | 1,760 | 1,761 | ||||||
Triborough Bridge and Tunnel Authority | ||||||||
Series 2001C, Rev., VRDO, LOC: State Street Bank & Trust, 0.01%, 3/1/2021 (b) | 680 | 680 | ||||||
Series 2002F, Rev., VRDO, LOC: Citibank NA, 0.02%, 3/1/2021 (b) | 7,440 | 7,440 | ||||||
Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels Series 2003 B-1, Rev., VRDO, LOC: Bank of America NA, 0.01%, 3/1/2021 (b) | 7,065 | 7,065 | ||||||
Trust for Cultural Resources of The City of New York (The) Series 2006A-2, Rev., VRDO, 0.03%, 3/5/2021 (b) | 125 | 125 | ||||||
Victor Central School District Series 2020B, GO, BAN, 1.25%, 9/17/2021 | 2,560 | 2,573 | ||||||
Village of Bronxville Series 2020A, GO, BAN, 1.50%, 4/30/2021 | 7,198 | 7,199 | ||||||
Village of Pelham Series 2020A, GO, BAN, 1.25%, 9/17/2021 | 1,506 | 1,513 | ||||||
Village of Springville GO, BAN, 1.25%, 11/23/2021 | 2,000 | 2,011 | ||||||
Wantagh Union Free School District GO, TAN, 1.50%, 6/25/2021 | 6,750 | 6,774 | ||||||
Waterloo Central School District GO, BAN, 1.25%, 6/25/2021 | 11,717 | 11,741 | ||||||
West Genesee Central School District | ||||||||
Series 2020A, GO, BAN, 2.00%, 6/30/2021 | 1,960 | 1,969 | ||||||
Series 2020B, GO, BAN, 2.00%, 7/23/2021 | 1,601 | 1,609 | ||||||
|
| |||||||
Total Municipal Bonds |
| 649,387 | ||||||
|
| |||||||
SHARES (000) | ||||||||
Variable Rate Demand Preferred Shares — 11.6% |
| |||||||
New York — 11.6% |
| |||||||
BlackRock MuniYield New York Quality Fund, Inc. Series W7-2477, LIQ: TD Bank NA, 0.11%, 3/5/2021 # (c) | 40,000 | 40,000 |
INVESTMENTS (a) | SHARES (000) | VALUE ($000) | ||||||
New York — continued |
| |||||||
Nuveen New York AMT-Free Quality Municipal Income Fund Series 3, LIQ: Sumitomo Mitsui Banking Corp., 0.08%, 3/5/2021 # (c) | 28,200 | 28,200 | ||||||
Nuveen New York Quality Municipal Income Fund Series 1, LIQ: TD Bank NA, 0.11%, 3/5/2021 # (c) | 20,500 | 20,500 | ||||||
|
| |||||||
Total Variable Rate Demand Preferred Shares |
| 88,700 | ||||||
|
| |||||||
Total Investments — 96.8% |
| 738,087 | ||||||
Other Assets Less Liabilities — 3.2% |
| 24,411 | ||||||
|
| |||||||
NET ASSETS — 100.0% |
| 762,498 | ||||||
|
|
Percentages indicated are based on net assets.
Abbreviations
AGM | Insured by Assured Guaranty Municipal Corp. | |
AMT | Alternative Minimum Tax | |
BAN | Bond Anticipation Note | |
FNMA | Federal National Mortgage Association | |
GO | General Obligation | |
GTD | Guaranteed | |
LIQ | Liquidity Agreement | |
LOC | Letter of Credit | |
MTA | Metropolitan Transportation Authority | |
RAN | Revenue Anticipation Note | |
Rev. | Revenue | |
TAN | Tax Anticipation Note | |
VRDO | Variable Rate Demand Obligation | |
(a) | The date shown represents the earliest of the next put date, next demand date or final maturity date. | |
(b) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of February 28, 2021. | |
(c) | Securities exempt from registration under Rule 144A or section 4 (a)(2), of the Securities Act of 1933, as amended. | |
# | Variable Rate Demand Preferred Shares of a closed-end investment company which has a weekly demand feature. The interest rate shown is the rate in effect as of February 28, 2021. | |
* | The cost of securities is substantially the same for federal income tax purposes. |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 81 |
Table of Contents
STATEMENTS OF ASSETS AND LIABILITIES
AS OF FEBRUARY 28, 2021
(Amounts in thousands, except per share amounts)
JPMorgan Prime Money Market Fund | JPMorgan Institutional Tax Free Money Market Fund | JPMorgan Securities Lending Money Market Fund | ||||||||||
ASSETS: |
| |||||||||||
Investments in non-affiliates, at value | $ | 63,916,051 | $ | 1,161,994 | $ | 2,106,161 | ||||||
Repurchase agreements, at value | 10,318,000 | — | 62,084 | |||||||||
Cash | 400,002 | — | (a) | 1 | ||||||||
Receivables: | ||||||||||||
Investment securities sold | — | 41,180 | — | |||||||||
Interest from non-affiliates | 22,995 | 2,500 | 733 | |||||||||
Interest from affiliates | 3 | — | — | |||||||||
|
|
|
|
|
| |||||||
Total Assets | 74,657,051 | 1,205,674 | 2,168,979 | |||||||||
|
|
|
|
|
| |||||||
LIABILITIES: |
| |||||||||||
Payables: | ||||||||||||
Distributions | 3,404 | 30 | 249 | |||||||||
Investment securities purchased | — | 140 | — | |||||||||
Accrued liabilities: | ||||||||||||
Investment advisory fees | 3,442 | 75 | 29 | |||||||||
Administration fees | 2,503 | 55 | 25 | |||||||||
Distribution fees | — | (a) | — | — | ||||||||
Service fees | 292 | — | — | |||||||||
Custodian and accounting fees | 516 | 37 | 43 | |||||||||
Trustees’ and Chief Compliance Officer’s fees | 15 | — | — | (a) | ||||||||
Other | 2,606 | 86 | 46 | |||||||||
|
|
|
|
|
| |||||||
Total Liabilities | 12,778 | 423 | 392 | |||||||||
|
|
|
|
|
| |||||||
Net Assets | $ | 74,644,273 | $ | 1,205,251 | $ | 2,168,587 | ||||||
|
|
|
|
|
|
(a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
82 | J.P. MORGAN MONEY MARKET FUNDS | FEBRUARY 28, 2021 |
Table of Contents
JPMorgan Prime Money Market Fund | JPMorgan Institutional Tax Free Money Market Fund | JPMorgan Securities Lending Money Market Fund | ||||||||||
NET ASSETS: |
| |||||||||||
Paid-in-Capital | $ | 74,641,130 | $ | 1,205,115 | $ | 2,168,130 | ||||||
Total distributable earnings (loss) | 3,143 | 136 | 457 | |||||||||
|
|
|
|
|
| |||||||
Total Net Assets | $ | 74,644,273 | $ | 1,205,251 | $ | 2,168,587 | ||||||
|
|
|
|
|
| |||||||
Net Assets: |
| |||||||||||
Academy | $ | 1,011,973 | $ | — | $ | — | ||||||
Agency | 1,492,906 | 23,163 | — | |||||||||
Agency SL | — | — | 2,168,587 | |||||||||
Capital | 42,867,638 | 37,889 | — | |||||||||
Class C | 734 | — | — | |||||||||
Empower | 25 | — | — | |||||||||
IM | 7,515,957 | 665,960 | — | |||||||||
Institutional Class | 19,063,596 | 478,239 | — | |||||||||
Morgan | 1,353,316 | — | — | |||||||||
Premier | 1,337,044 | — | — | |||||||||
Reserve | 1,084 | — | — | |||||||||
|
|
|
|
|
| |||||||
Total | $ | 74,644,273 | $ | 1,205,251 | $ | 2,168,587 | ||||||
|
|
|
|
|
| |||||||
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized): |
| |||||||||||
Academy | 1,011,360 | — | — | |||||||||
Agency | 1,491,652 | 23,151 | — | |||||||||
Agency SL | — | — | 2,168,369 | |||||||||
Capital | 42,845,400 | 37,868 | — | |||||||||
Class C | 734 | — | — | |||||||||
Empower | 25 | — | — | |||||||||
IM | 7,511,687 | 665,608 | — | |||||||||
Institutional Class | 19,053,190 | 477,993 | — | |||||||||
Morgan | 1,351,890 | — | — | |||||||||
Premier | 1,336,167 | — | — | |||||||||
Reserve | 1,083 | — | — | |||||||||
Net Asset Value offering and redemption price per share | ||||||||||||
Academy | $ | 1.0006 | $ | — | $ | — | ||||||
Agency | 1.0008 | 1.0005 | — | |||||||||
Agency SL | — | — | 1.0001 | |||||||||
Capital | 1.0005 | 1.0006 | — | |||||||||
Class C | 1.0005 | — | — | |||||||||
Empower | 1.0005 | — | — | |||||||||
IM | 1.0006 | 1.0005 | — | |||||||||
Institutional Class | 1.0005 | 1.0005 | — | |||||||||
Morgan | 1.0011 | — | — | |||||||||
Premier | 1.0007 | — | — | |||||||||
Reserve | 1.0009 | — | — | |||||||||
|
|
|
|
|
| |||||||
Cost of investments in non-affiliates | $ | 63,907,823 | $ | 1,161,886 | $ | 2,105,735 | ||||||
Cost of repurchase agreements | 10,318,000 | — | 62,084 |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 83 |
Table of Contents
STATEMENTS OF ASSETS AND LIABILITIES
AS OF FEBRUARY 28, 2021 (continued)
(Amounts in thousands, except per share amounts)
JPMorgan Liquid Market Fund | JPMorgan U.S. Government Money Market Fund | U.S. Treasury Plus Money Market Fund | ||||||||||
ASSETS: |
| |||||||||||
Investments in non-affiliates, at value | $ | 10,645,355 | $ | 151,819,474 | $ | 24,214,918 | ||||||
Repurchase agreements, at value | 1,482,000 | 72,313,535 | 5,919,116 | |||||||||
Cash | 15,001 | 1,586,455 | 650,962 | |||||||||
Receivables: | ||||||||||||
Investment securities sold | — | — | 49,965 | |||||||||
Fund shares sold | — | 147,139 | — | |||||||||
Interest from non-affiliates | 3,695 | 47,530 | 4,896 | |||||||||
Interest from affiliates | — | 9 | 4 | |||||||||
|
|
|
|
|
| |||||||
Total Assets | 12,146,051 | 225,914,142 | 30,839,861 | |||||||||
|
|
|
|
|
| |||||||
LIABILITIES: |
| |||||||||||
Payables: | ||||||||||||
Distributions | 253 | 2,299 | 236 | |||||||||
Investment securities purchased | — | 5,506,308 | 790,208 | |||||||||
Investment securities purchased—delayed delivery securities | — | 1,124,887 | — | |||||||||
Fund shares redeemed | — | 134,310 | — | |||||||||
Accrued liabilities: | ||||||||||||
Investment advisory fees | 770 | 6,741 | 760 | |||||||||
Administration fees | 548 | 5,046 | 591 | |||||||||
Service fees | 275 | 642 | 130 | |||||||||
Custodian and accounting fees | 87 | 728 | 160 | |||||||||
Trustees’ and Chief Compliance Officer’s fees | 1 | 24 | 1 | |||||||||
Other | 228 | 3,281 | 434 | |||||||||
|
|
|
|
|
| |||||||
Total Liabilities | 2,162 | 6,784,266 | 792,520 | |||||||||
|
|
|
|
|
| |||||||
Net Assets | $ | 12,143,889 | $ | 219,129,876 | $ | 30,047,341 | ||||||
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
84 | J.P. MORGAN MONEY MARKET FUNDS | FEBRUARY 28, 2021 |
Table of Contents
JPMorgan Liquid Assets Money Market Fund | JPMorgan U.S. Government Money Market Fund | JPMorgan U.S. Treasury Plus Money Market Fund | ||||||||||
NET ASSETS: |
| |||||||||||
Paid-in-Capital | $ | 12,144,211 | $ | 219,133,360 | $ | 30,048,153 | ||||||
Total distributable earnings (loss) | (322 | ) | (3,484 | ) | (812 | ) | ||||||
|
|
|
|
|
| |||||||
Total Net Assets | $ | 12,143,889 | $ | 219,129,876 | $ | 30,047,341 | ||||||
|
|
|
|
|
| |||||||
Net Assets: |
| |||||||||||
Academy | $ | — | $ | 3,689,489 | $ | 17,600 | ||||||
Agency | 1,234,800 | 16,148,773 | 1,865,281 | |||||||||
Capital | 4,806,805 | 143,184,525 | 13,539,346 | |||||||||
Class C | 33,821 | — | 393,546 | |||||||||
E*Trade | — | 404,756 | — | |||||||||
Empower | — | 500,028 | 25 | |||||||||
IM | — | 7,317,310 | 24,276 | |||||||||
Institutional Class | 3,055,814 | 39,608,624 | 12,055,194 | |||||||||
Investor | 6,189 | 842,931 | 16,604 | |||||||||
Morgan | 627,541 | 1,870,723 | 436,183 | |||||||||
Premier | 2,373,258 | 5,020,827 | 1,694,724 | |||||||||
Reserve | 5,661 | 27,414 | 4,562 | |||||||||
Service | — | 514,476 | — | |||||||||
|
|
|
|
|
| |||||||
Total | $ | 12,143,889 | $ | 219,129,876 | $ | 30,047,341 | ||||||
|
|
|
|
|
| |||||||
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized): |
| |||||||||||
Academy | — | 3,689,474 | 17,600 | |||||||||
Agency | 1,234,818 | 16,148,833 | 1,865,334 | |||||||||
Capital | 4,806,827 | 143,186,414 | 13,539,527 | |||||||||
Class C | 33,822 | — | 393,553 | |||||||||
E*Trade | — | 404,758 | — | |||||||||
Empower | — | 500,028 | 25 | |||||||||
IM | — | 7,317,469 | 24,276 | |||||||||
Institutional Class | 3,055,866 | 39,609,891 | 12,055,697 | |||||||||
Investor | 6,189 | 842,960 | 16,605 | |||||||||
Morgan | 627,555 | 1,870,696 | 436,209 | |||||||||
Premier | 2,373,299 | 5,020,874 | 1,694,762 | |||||||||
Reserve | 5,662 | 27,414 | 4,562 | |||||||||
Service | — | 514,529 | — | |||||||||
Net Asset Value offering and redemption price per share (all classes) | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||
|
|
|
|
|
| |||||||
Cost of investments in non-affiliates | $ | 10,645,355 | $ | 151,819,474 | $ | 24,214,918 | ||||||
Cost of repurchase agreements | 1,482,000 | 72,313,535 | 5,919,116 |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 85 |
Table of Contents
STATEMENTS OF ASSETS AND LIABILITIES
AS OF FEBRUARY 28, 2021 (continued)
(Amounts in thousands, except per share amounts)
JPMorgan Federal Money Market Fund | JPMorgan 100% U.S. Treasury Securities Money Market Fund | JPMorgan Tax Free Money Market Fund | ||||||||||
ASSETS: |
| |||||||||||
Investments in non-affiliates, at value | $ | 2,853,294 | $ | 93,436,082 | $ | 9,341,412 | ||||||
Cash | 81,129 | 2,081,399 | 1 | |||||||||
Receivables: | ||||||||||||
Investment securities sold | — | — | 1,216 | |||||||||
Investment securities sold—delayed delivery securities | — | — | 4,635 | |||||||||
Fund shares sold | 81,134 | — | — | |||||||||
Interest from non-affiliates | 277 | 15,312 | 14,066 | |||||||||
Interest from affiliates | — | (a) | 11 | — | ||||||||
|
|
|
|
|
| |||||||
Total Assets | 3,015,834 | 95,532,804 | 9,361,330 | |||||||||
|
|
|
|
|
| |||||||
LIABILITIES: |
| |||||||||||
Payables: | ||||||||||||
Distributions | 8 | 273 | 140 | |||||||||
Investment securities purchased | 25,323 | 1,707,235 | 26,656 | |||||||||
Investment securities purchased—delayed delivery securities | — | — | 6,524 | |||||||||
Fund shares redeemed | 75,041 | — | — | |||||||||
Accrued liabilities: | ||||||||||||
Investment advisory fees | 94 | 3,360 | 494 | |||||||||
Administration fees | 71 | 2,494 | 355 | |||||||||
Service fees | — | 25 | 35 | |||||||||
Custodian and accounting fees | 17 | 447 | 61 | |||||||||
Trustees’ and Chief Compliance Officer’s fees | — | (a) | 5 | 1 | ||||||||
Other | 173 | 4,105 | 123 | |||||||||
|
|
|
|
|
| |||||||
Total Liabilities | 100,727 | 1,717,944 | 34,389 | |||||||||
|
|
|
|
|
| |||||||
Net Assets | $ | 2,915,107 | $ | 93,814,860 | $ | 9,326,941 | ||||||
|
|
|
|
|
|
(a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
86 | J.P. MORGAN MONEY MARKET FUNDS | FEBRUARY 28, 2021 |
Table of Contents
JPMorgan Federal Money Market Fund | JPMorgan 100% U.S. Treasury Securities Money Market Fund | JPMorgan Tax Free Money Market Fund | ||||||||||
NET ASSETS: |
| |||||||||||
Paid-in-Capital | $ | 2,915,285 | $ | 93,815,320 | $ | 9,326,957 | ||||||
Total distributable earnings (loss) | (178 | ) | (460 | ) | (16 | ) | ||||||
|
|
|
|
|
| |||||||
Total Net Assets | $ | 2,915,107 | $ | 93,814,860 | $ | 9,326,941 | ||||||
|
|
|
|
|
| |||||||
Net Assets: |
| |||||||||||
Academy | $ | — | $ | 17,600 | $ | — | ||||||
Agency | 318,757 | 4,187,912 | 372,457 | |||||||||
Capital | — | 58,366,269 | — | |||||||||
Empower | — | 25 | — | |||||||||
IM | — | 227 | — | |||||||||
Institutional Class | 2,344,288 | 24,097,829 | 6,858,653 | |||||||||
Morgan | 53,546 | 2,251,619 | 22,830 | |||||||||
Premier | 198,516 | 1,999,999 | 498,856 | |||||||||
Reserve | — | 2,893,380 | 1,574,145 | |||||||||
|
|
|
|
|
| |||||||
Total | $ | 2,915,107 | $ | 93,814,860 | $ | 9,326,941 | ||||||
|
|
|
|
|
| |||||||
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized): |
| |||||||||||
Academy | — | 17,600 | — | |||||||||
Agency | 318,804 | 4,187,932 | 372,452 | |||||||||
Capital | — | 58,366,487 | — | |||||||||
Empower | — | 25 | — | |||||||||
IM | — | 227 | — | |||||||||
Institutional Class | 2,344,681 | 24,097,933 | 6,858,410 | |||||||||
Morgan | 53,554 | 2,251,628 | 22,830 | |||||||||
Premier | 198,540 | 2,000,007 | 498,787 | |||||||||
Reserve | — | 2,893,390 | 1,574,024 | |||||||||
Net Asset Value offering and redemption price per share (all classes) | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||
|
|
|
|
|
| |||||||
Cost of investments in non-affiliates | $ | 2,853,294 | $ | 93,436,082 | $ | 9,341,412 |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 87 |
Table of Contents
STATEMENTS OF ASSETS AND LIABILITIES
AS OF FEBRUARY 28, 2021 (continued)
(Amounts in thousands, except per share amounts)
JPMorgan Municipal Money Market Fund | JPMorgan California Municipal Money Market Fund | JPMorgan New York Municipal Money Market Fund | ||||||||||
ASSETS: |
| |||||||||||
Investments in non-affiliates, at value | $ | 1,036,425 | $ | 298,816 | $ | 738,087 | ||||||
Cash | 16 | 1 | 5 | |||||||||
Receivables: | ||||||||||||
Investment securities sold | 1,065 | — | 22,836 | |||||||||
Interest from non-affiliates | 1,711 | 952 | 1,750 | |||||||||
|
|
|
|
|
| |||||||
Total Assets | 1,039,217 | 299,769 | 762,678 | |||||||||
|
|
|
|
|
| |||||||
LIABILITIES: |
| |||||||||||
Payables: | ||||||||||||
Distributions | 7 | 3 | 9 | |||||||||
Investment securities purchased | 352 | — | — | |||||||||
Investment securities purchased—delayed delivery securities | 1,510 | — | — | |||||||||
Accrued liabilities: | ||||||||||||
Investment advisory fees | 60 | 7 | 41 | |||||||||
Administration fees | 43 | 5 | 29 | |||||||||
Service fees | 8 | 2 | 25 | |||||||||
Custodian and accounting fees | 15 | 13 | 16 | |||||||||
Other | 453 | 106 | 60 | |||||||||
|
|
|
|
|
| |||||||
Total Liabilities | 2,448 | 136 | 180 | |||||||||
|
|
|
|
|
| |||||||
Net Assets | $ | 1,036,769 | $ | 299,633 | $ | 762,498 | ||||||
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
88 | J.P. MORGAN MONEY MARKET FUNDS | FEBRUARY 28, 2021 |
Table of Contents
JPMorgan Municipal Money Market Fund | JPMorgan | JPMorgan New York Municipal Money Market Fund | ||||||||||
NET ASSETS: |
| |||||||||||
Paid-in-Capital | $ | 1,036,614 | $ | 299,655 | $ | 762,522 | ||||||
Total distributable earnings (loss) | 155 | (22 | ) | (24 | ) | |||||||
|
|
|
|
|
| |||||||
Total Net Assets | $ | 1,036,769 | $ | 299,633 | $ | 762,498 | ||||||
|
|
|
|
|
| |||||||
Net Assets: |
| |||||||||||
Agency | $ | 60,879 | $ | 21,715 | $ | 72,812 | ||||||
E*Trade | — | — | — | |||||||||
Institutional Class | 834,116 | 156,740 | 532,580 | |||||||||
Morgan | 43,853 | 7,122 | 59,934 | |||||||||
Premier | 69,237 | 101,991 | 91,945 | |||||||||
Reserve | — | — | 1,498 | |||||||||
Service | 28,684 | 12,065 | 3,729 | |||||||||
|
|
|
|
|
| |||||||
Total | $ | 1,036,769 | $ | 299,633 | $ | 762,498 | ||||||
|
|
|
|
|
| |||||||
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized): |
| |||||||||||
Agency | 60,869 | 21,709 | 72,812 | |||||||||
E*Trade | — | — | — | |||||||||
Institutional Class | 833,986 | 156,701 | 532,583 | |||||||||
Morgan | 43,846 | 7,120 | 59,934 | |||||||||
Premier | 69,225 | 101,963 | 91,940 | |||||||||
Reserve | — | — | 1,498 | |||||||||
Service | 28,679 | 12,062 | 3,730 | |||||||||
Net Asset Value offering and redemption price per share (all classes) | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||
|
|
|
|
|
| |||||||
Cost of investments in non-affiliates | $ | 1,036,425 | $ | 298,816 | $ | 738,087 |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 89 |
Table of Contents
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED FEBRUARY 28, 2021
(Amounts in thousands)
JPMorgan Prime Money Market Fund | JPMorgan | JPMorgan Securities Lending Money Market Fund | ||||||||||
INVESTMENT INCOME: |
| |||||||||||
Interest income from non-affiliates | $ | 351,318 | $ | 6,571 | $ | 16,646 | ||||||
Interest income from affiliates | 470 | — | — | |||||||||
|
|
|
|
|
| |||||||
Total investment income | 351,788 | 6,571 | 16,646 | |||||||||
|
|
|
|
|
| |||||||
EXPENSES: |
| |||||||||||
Investment advisory fees | 57,696 | 1,323 | 2,474 | |||||||||
Administration fees | 35,622 | 813 | 1,521 | |||||||||
Distribution fees (See Note 4) | 11 | — | — | |||||||||
Service fees (See Note 4) | 54,451 | 562 | — | |||||||||
Custodian and accounting fees | 1,891 | 151 | 190 | |||||||||
Interest expense to affiliates | — | 3 | — | (a) | ||||||||
Professional fees | 772 | 65 | 78 | |||||||||
Trustees’ and Chief Compliance Officer’s fees | 251 | 30 | 35 | |||||||||
Printing and mailing costs | 36 | 11 | 11 | |||||||||
Registration and filing fees | 2,158 | 143 | 51 | |||||||||
Transfer agency fees (See Note 2.F.) | 2,058 | 134 | 95 | |||||||||
Other | 488 | 19 | 43 | |||||||||
|
|
|
|
|
| |||||||
Total expenses | 155,434 | 3,254 | 4,498 | |||||||||
|
|
|
|
|
| |||||||
Less fees waived | (25,071 | ) | (472 | ) | (2,643 | ) | ||||||
Less expense reimbursements | (48 | ) | (5 | ) | — | |||||||
|
|
|
|
|
| |||||||
Net expenses | 130,315 | 2,777 | 1,855 | |||||||||
|
|
|
|
|
| |||||||
Net investment income (loss) | 221,473 | 3,794 | 14,791 | |||||||||
|
|
|
|
|
| |||||||
REALIZED/UNREALIZED GAINS (LOSSES): | ||||||||||||
Net realized gain (loss) on transactions from investments in non-affiliates | (4,387 | ) | 38 | 32 | ||||||||
Change in net unrealized appreciation/depreciation on investments in non-affiliates | (13,881 | ) | 27 | (388 | ) | |||||||
|
|
|
|
|
| |||||||
Net realized/unrealized gains (losses) | (18,268 | ) | 65 | (356 | ) | |||||||
|
|
|
|
|
| |||||||
Change in net assets resulting from operations | $ | 203,205 | $ | 3,859 | $ | 14,435 | ||||||
|
|
|
|
|
|
(a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
90 | J.P. MORGAN MONEY MARKET FUNDS | FEBRUARY 28, 2021 |
Table of Contents
JPMorgan Liquid Assets Money Market Fund | JPMorgan | JPMorgan U.S. Treasury Plus Money Market Fund | ||||||||||
INVESTMENT INCOME: |
| |||||||||||
Interest income from non-affiliates | $ | 60,557 | $ | 537,402 | $ | 90,106 | ||||||
Interest income from affiliates | 18 | 6,408 | 1,035 | |||||||||
Income from interfund lending (net) | 112 | — | — | |||||||||
|
|
|
|
|
| |||||||
Total investment income | 60,687 | 543,810 | 91,141 | |||||||||
|
|
|
|
|
| |||||||
EXPENSES: |
| |||||||||||
Investment advisory fees | 9,783 | 153,971 | 24,578 | |||||||||
Administration fees | 6,054 | 95,588 | 15,219 | |||||||||
Distribution fees (See Note 4) | 1,049 | 8,441 | 3,094 | |||||||||
Service fees (See Note 4) | 19,345 | 151,695 | 30,404 | |||||||||
Custodian and accounting fees | 361 | 2,579 | 521 | |||||||||
Interest expense to affiliates | 3 | — | — | |||||||||
Professional fees | 173 | 1,877 | 350 | |||||||||
Trustees’ and Chief Compliance Officer’s fees | 63 | 617 | 119 | |||||||||
Printing and mailing costs | 87 | 595 | 15 | |||||||||
Registration and filing fees | 622 | 803 | 331 | |||||||||
Transfer agency fees (See Note 2.F.) | 331 | 3,590 | 664 | |||||||||
Other | 1 | 1,084 | 277 | |||||||||
|
|
|
|
|
| |||||||
Total expenses | 37,872 | 420,840 | 75,572 | |||||||||
|
|
|
|
|
| |||||||
Less fees waived | (7,167 | ) | (104,389 | ) | (22,157 | ) | ||||||
Less expense reimbursements | (4 | ) | — | — | (a) | |||||||
|
|
|
|
|
| |||||||
Net expenses | 30,701 | 316,451 | 53,415 | |||||||||
|
|
|
|
|
| |||||||
Net investment income (loss) | 29,986 | 227,359 | 37,726 | |||||||||
|
|
|
|
|
| |||||||
REALIZED/UNREALIZED GAINS (LOSSES): | ||||||||||||
Net realized gain (loss) on transactions from investments in non-affiliates | (105 | ) | 2,189 | 147 | ||||||||
|
|
|
|
|
| |||||||
Change in net assets resulting from operations | $ | 29,881 | $ | 229,548 | $ | 37,873 | ||||||
|
|
|
|
|
|
(a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 91 |
Table of Contents
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED FEBRUARY 28, 2021 (continued)
(Amounts in thousands)
JPMorgan Federal Money Market Fund | JPMorgan 100% U.S. Treasury Securities Money Market Fund | JPMorgan Tax Free Money Market Fund | ||||||||||
INVESTMENT INCOME: |
| |||||||||||
Interest income from non-affiliates | $ | 10,876 | $ | 295,179 | $ | 57,201 | ||||||
Interest income from affiliates | 45 | 2,211 | — | |||||||||
|
|
|
|
|
| |||||||
Total investment income | 10,921 | 297,390 | 57,201 | |||||||||
|
|
|
|
|
| |||||||
EXPENSES: |
| |||||||||||
Investment advisory fees | 2,813 | 84,928 | 8,713 | |||||||||
Administration fees | 1,749 | 52,344 | 5,406 | |||||||||
Distribution fees (See Note 4) | 53 | 8,543 | 3,420 | |||||||||
Service fees (See Note 4) | 4,224 | 93,200 | 15,441 | |||||||||
Custodian and accounting fees | 85 | 1,873 | 267 | |||||||||
Interest expense to affiliates | 1 | — | 11 | |||||||||
Professional fees | 75 | 1,055 | 166 | |||||||||
Trustees’ and Chief Compliance Officer’s fees | 36 | 347 | 60 | |||||||||
Printing and mailing costs | 92 | 336 | 28 | |||||||||
Registration and filing fees | 118 | 4,194 | 50 | |||||||||
Transfer agency fees (See Note 2.F.) | 87 | 2,106 | 200 | |||||||||
Other | 90 | 536 | 100 | |||||||||
|
|
|
|
|
| |||||||
Total expenses | 9,423 | 249,462 | 33,862 | |||||||||
|
|
|
|
|
| |||||||
Less fees waived | (3,028 | ) | (63,706 | ) | (10,209 | ) | ||||||
Less expense reimbursements | — | — | (a) | — | ||||||||
|
|
|
|
|
| |||||||
Net expenses | 6,395 | 185,756 | 23,653 | |||||||||
|
|
|
|
|
| |||||||
Net investment income (loss) | 4,526 | 111,634 | 33,548 | |||||||||
|
|
|
|
|
| |||||||
REALIZED/UNREALIZED GAINS (LOSSES): | ||||||||||||
Net realized gain (loss) on transactions from investments in non-affiliates | 103 | 349 | 326 | |||||||||
|
|
|
|
|
| |||||||
Change in net assets resulting from operations | $ | 4,629 | $ | 111,983 | $ | 33,874 | ||||||
|
|
|
|
|
|
(a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
92 | J.P. MORGAN MONEY MARKET FUNDS | FEBRUARY 28, 2021 |
Table of Contents
JPMorgan Municipal Money Market Fund | JPMorgan | JPMorgan New York Municipal Money Market Fund | ||||||||||
INVESTMENT INCOME: |
| |||||||||||
Interest income from non-affiliates | $ | 7,257 | $ | 2,303 | $ | 8,409 | ||||||
|
|
|
|
|
| |||||||
Total investment income | 7,257 | 2,303 | 8,409 | |||||||||
|
|
|
|
|
| |||||||
EXPENSES: |
| |||||||||||
Investment advisory fees | 977 | 382 | 1,047 | |||||||||
Administration fees | 607 | 235 | 652 | |||||||||
Distribution fees (See Note 4) | 311 | 120 | 98 | |||||||||
Service fees (See Note 4) | 1,731 | 874 | 2,117 | |||||||||
Custodian and accounting fees | 71 | 57 | 79 | |||||||||
Interest expense to affiliates | 4 | 1 | 5 | |||||||||
Professional fees | 65 | 53 | 67 | |||||||||
Trustees’ and Chief Compliance Officer’s fees | 29 | 27 | 30 | |||||||||
Printing and mailing costs | 57 | 3 | 4 | |||||||||
Registration and filing fees | 137 | 67 | 91 | |||||||||
Transfer agency fees (See Note 2.F.) | 39 | 14 | 55 | |||||||||
Other | 21 | 10 | 18 | |||||||||
|
|
|
|
|
| |||||||
Total expenses | 4,049 | 1,843 | 4,263 | |||||||||
|
|
|
|
|
| |||||||
Less fees waived | (1,156 | ) | (741 | ) | (1,023 | ) | ||||||
|
|
|
|
|
| |||||||
Net expenses | 2,893 | 1,102 | 3,240 | |||||||||
|
|
|
|
|
| |||||||
Net investment income (loss) | 4,364 | 1,201 | 5,169 | |||||||||
|
|
|
|
|
| |||||||
REALIZED/UNREALIZED GAINS (LOSSES): | ||||||||||||
Net realized gain (loss) on transactions from investments in non-affiliates | 240 | 4 | 35 | |||||||||
|
|
|
|
|
| |||||||
Change in net assets resulting from operations | $ | 4,604 | $ | 1,205 | $ | 5,204 | ||||||
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 93 |
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED
(Amounts in thousands)
JPMorgan Prime Money Market Fund | JPMorgan Institutional Tax Free Money Market Fund | |||||||||||||||
Year Ended February 28, 2021 | Year Ended February 29, 2020 | Year Ended February 28, 2021 | Year Ended February 29, 2020 | |||||||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 221,473 | $ | 1,144,375 | $ | 3,794 | $ | 11,832 | ||||||||
Net realized gain (loss) | (4,387 | ) | 218 | 38 | 51 | |||||||||||
Change in net unrealized appreciation/depreciation | (13,881 | ) | 13,052 | 27 | 114 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | 203,205 | 1,157,645 | 3,859 | 11,997 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Academy (a) | (5,115 | ) | (457 | ) | — | — | ||||||||||
Agency | (6,701 | ) | (49,744 | ) | (109 | ) | (618 | ) | ||||||||
Capital | (125,957 | ) | (597,060 | ) | (969 | ) | (2,326 | ) | ||||||||
Class C | — | (b) | (13 | ) | — | — | ||||||||||
Empower (c) | — | (b) | — | — | — | |||||||||||
IM | (21,519 | ) | (117,603 | ) | (1,844 | ) | (5,287 | ) | ||||||||
Institutional Class | (54,268 | ) | (289,111 | ) | (885 | ) | (3,653 | ) | ||||||||
Morgan | (3,813 | ) | (48,418 | ) | — | — | ||||||||||
Premier | (4,287 | ) | (41,832 | ) | — | — | ||||||||||
Reserve | (7 | ) | (183 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (221,667 | ) | (1,144,421 | ) | (3,807 | ) | (11,884 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL TRANSACTIONS: |
| |||||||||||||||
Change in net assets resulting from capital transactions | 11,621,607 | 15,946,055 | 234,831 | 26,906 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS: |
| |||||||||||||||
Change in net assets | 11,603,145 | 15,959,279 | 234,883 | 27,019 | ||||||||||||
Beginning of period | 63,041,128 | 47,081,849 | 970,368 | 943,349 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 74,644,273 | $ | 63,041,128 | $ | 1,205,251 | $ | 970,368 | ||||||||
|
|
|
|
|
|
|
|
(a) | Commencement of offering of class of shares effective May 15, 2019 for JPMorgan Prime Money Market Fund. |
(b) | Amount rounds to less than one thousand. |
(c) | Commencement of offering of class of shares effective February 23, 2021 for JPMorgan Prime Money Market Fund. |
SEE NOTES TO FINANCIAL STATEMENTS.
94 | J.P. MORGAN MONEY MARKET FUNDS | FEBRUARY 28, 2021 |
Table of Contents
JPMorgan Securities Lending Money Market Fund | JPMorgan Liquid Assets Money Market Fund | |||||||||||||||
Year Ended February 28, 2021 | Year Ended February 29, 2020 | Year Ended February 28, 2021 | Year Ended February 29, 2020 | |||||||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 14,791 | $ | 75,333 | $ | 29,986 | $ | 154,259 | ||||||||
Net realized gain (loss) | 32 | 10 | (105 | ) | 25 | |||||||||||
Change in net unrealized appreciation/depreciation | (388 | ) | 331 | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | 14,435 | 75,674 | 29,881 | 154,284 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Agency | — | — | (4,177 | ) | (16,604 | ) | ||||||||||
Agency SL | (14,799 | ) | (75,337 | ) | — | — | ||||||||||
Capital | — | — | (8,499 | ) | (30,328 | ) | ||||||||||
Class C | — | — | (23 | ) | (277 | ) | ||||||||||
Institutional Class | — | — | (10,443 | ) | (62,194 | ) | ||||||||||
Investor | — | — | (5 | ) | (127 | ) | ||||||||||
Morgan | — | — | (1,023 | ) | (6,659 | ) | ||||||||||
Premier | — | — | (5,822 | ) | (38,021 | ) | ||||||||||
Reserve | — | — | (5 | ) | (65 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (14,799 | ) | (75,337 | ) | (29,997 | ) | (154,275 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL TRANSACTIONS: |
| |||||||||||||||
Change in net assets resulting from capital transactions | (1,286,873 | ) | 589,948 | 1,377,345 | 5,465,305 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS: |
| |||||||||||||||
Change in net assets | (1,287,237 | ) | 590,285 | 1,377,229 | 5,465,314 | |||||||||||
Beginning of period | 3,455,824 | 2,865,539 | 10,766,660 | 5,301,346 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 2,168,587 | $ | 3,455,824 | $ | 12,143,889 | $ | 10,766,660 | ||||||||
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 95 |
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
JPMorgan U.S. Government Money Market Fund | JPMorgan U.S. Treasury Plus Money Market Fund | |||||||||||||||
Year Ended February 28, 2021 | Year Ended February 29, 2020 | Year Ended February 28, 2021 | Year Ended February 29, 2020 | |||||||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 227,359 | $ | 2,820,670 | $ | 37,726 | $ | 552,404 | ||||||||
Net realized gain (loss) | 2,189 | (82 | ) | 147 | (198 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | 229,548 | 2,820,588 | 37,873 | 552,206 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Academy (a) (b) | (943 | ) | (216 | ) | — | (c) | — | |||||||||
Agency | (14,865 | ) | (230,142 | ) | (1,871 | ) | (38,568 | ) | ||||||||
Capital | (155,537 | ) | (1,543,302 | ) | (18,293 | ) | (146,413 | ) | ||||||||
Class C | — | — | (66 | ) | (3,629 | ) | ||||||||||
E*Trade | (91 | ) | (3,113 | ) | — | — | ||||||||||
Eagle Class (d) | — | (16,148 | ) | — | — | |||||||||||
Eagle Private Wealth Class (e) | — | — | (c) | — | — | |||||||||||
Empower (f) | (3 | ) | — | — | (c) | — | ||||||||||
IM | (11,890 | ) | (130,326 | ) | (59 | ) | (10,160 | ) | ||||||||
Institutional Class | (40,132 | ) | (768,011 | ) | (16,365 | ) | (322,365 | ) | ||||||||
Investor | (408 | ) | (15,053 | ) | (14 | ) | (518 | ) | ||||||||
Morgan | (1,050 | ) | (28,533 | ) | (280 | ) | (11,478 | ) | ||||||||
Premier | (2,239 | ) | (64,204 | ) | (777 | ) | (19,186 | ) | ||||||||
Reserve | (9 | ) | (268 | ) | (2 | ) | (88 | ) | ||||||||
Service | (192 | ) | (21,354 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (227,359 | )�� | (2,820,670 | ) | (37,727 | ) | (552,405 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL TRANSACTIONS: |
| |||||||||||||||
Change in net assets resulting from capital transactions | 59,925,595 | 13,842,318 | (1,070,505 | ) | 1,434,312 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS: |
| |||||||||||||||
Change in net assets | 59,927,784 | 13,842,236 | (1,070,359 | ) | 1,434,113 | |||||||||||
Beginning of period | 159,202,092 | 145,359,856 | 31,117,700 | 29,683,587 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 219,129,876 | $ | 159,202,092 | $ | 30,047,341 | $ | 31,117,700 | ||||||||
|
|
|
|
|
|
|
|
(a) | Commencement of offering of class of shares effective May 15, 2019 for JPMorgan U.S. Government Money Market Fund. |
(b) | Commencement of offering of class of shares effective September 30, 2020 for JPMorgan U.S. Treasury Plus Money Market Fund. |
(c) | Amount rounds to less than one thousand. |
(d) | Liquidated on November 25, 2019 for JPMorgan U.S. Government Money Market Fund. |
(e) | Liquidated on December 9, 2019 for JPMorgan U.S. Government Money Market Fund. |
(f) | Commencement of offering of class of shares effective February 23, 2021. |
SEE NOTES TO FINANCIAL STATEMENTS.
96 | J.P. MORGAN MONEY MARKET FUNDS | FEBRUARY 28, 2021 |
Table of Contents
JPMorgan Federal Money Market Fund | JPMorgan 100% U.S. Treasury Securities Money Market Fund | |||||||||||||||
Year Ended February 28, 2021 | Year Ended February 29, 2020 | Year Ended February 28, 2021 | Year Ended February 29, 2020 | |||||||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 4,526 | $ | 51,909 | $ | 111,634 | $ | 1,071,524 | ||||||||
Net realized gain (loss) | 103 | 119 | 349 | 711 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | 4,629 | 52,028 | 111,983 | 1,072,235 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Academy (a) | — | — | — | (b) | — | |||||||||||
Agency | (416 | ) | (3,685 | ) | (4,948 | ) | (66,255 | ) | ||||||||
Capital | — | — | (68,689 | ) | (546,192 | ) | ||||||||||
Empower (c) | — | — | — | (b) | — | |||||||||||
IM (d) | — | — | (139 | ) | (25 | ) | ||||||||||
Institutional Class | (4,032 | ) | (45,076 | ) | (34,267 | ) | (364,514 | ) | ||||||||
Morgan | (26 | ) | (515 | ) | (1,042 | ) | (29,187 | ) | ||||||||
Premier | (165 | ) | (2,733 | ) | (1,692 | ) | (38,642 | ) | ||||||||
Reserve | — | — | (858 | ) | (27,410 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (4,639 | ) | (52,009 | ) | (111,635 | ) | (1,072,225 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL TRANSACTIONS: |
| |||||||||||||||
Change in net assets resulting from capital transactions | (153,564 | ) | (681,168 | ) | 27,696,843 | 16,533,512 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS: |
| |||||||||||||||
Change in net assets | (153,574 | ) | (681,149 | ) | 27,697,191 | 16,533,522 | ||||||||||
Beginning of period | 3,068,681 | 3,749,830 | 66,117,669 | 49,584,147 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 2,915,107 | $ | 3,068,681 | $ | 93,814,860 | $ | 66,117,669 | ||||||||
|
|
|
|
|
|
|
|
(a) | Commencement of offering of class of shares effective September 30, 2020 for JPMorgan 100% U.S. Treasury Securities Money Market Fund. |
(b) | Amount rounds to less than one thousand. |
(c) | Commencement of offering of class of shares effective February 23, 2021 for JPMorgan 100% U.S. Treasury Securities Money Market Fund. |
(d) | Commencement of offering of class of shares effective January 15, 2020 for JPMorgan 100% U.S. Treasury Securities Money Market Fund. |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 97 |
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
JPMorgan Tax Free Money Market Fund | JPMorgan Municipal Money Market Fund | |||||||||||||||
Year Ended February 28, 2021 | Year Ended February 29, 2020 | Year Ended February 28, 2021 | Year Ended February 29, 2020 | |||||||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 33,548 | $ | 159,638 | $ | 4,364 | $ | 30,385 | ||||||||
Net realized gain (loss) | 326 | 33 | 240 | 113 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | 33,874 | 159,671 | 4,604 | 30,498 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Agency | (2,119 | ) | (9,975 | ) | (392 | ) | (1,494 | ) | ||||||||
Eagle Class (a) | — | — | — | (1,387 | ) | |||||||||||
Institutional Class | (27,418 | ) | (128,036 | ) | (3,533 | ) | (25,445 | ) | ||||||||
Morgan | (38 | ) | (91 | ) | (97 | ) | (185 | ) | ||||||||
Premier | (1,861 | ) | (9,288 | ) | (326 | ) | (1,279 | ) | ||||||||
Reserve | (2,180 | ) | (12,603 | ) | — | — | ||||||||||
Service | — | — | (93 | ) | (749 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (33,616 | ) | (159,993 | ) | (4,441 | ) | (30,539 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL TRANSACTIONS: |
| |||||||||||||||
Change in net assets resulting from capital transactions | (3,194,896 | ) | (4,045,909 | ) | (1,003,518 | ) | (1,058,068 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS: |
| |||||||||||||||
Change in net assets | (3,194,638 | ) | (4,046,231 | ) | (1,003,355 | ) | (1,058,109 | ) | ||||||||
Beginning of period | 12,521,579 | 16,567,810 | 2,040,124 | 3,098,233 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 9,326,941 | $ | 12,521,579 | $ | 1,036,769 | $ | 2,040,124 | ||||||||
|
|
|
|
|
|
|
|
(a) | Liquidated on November 25, 2019 for JPMorgan Municipal Money Market Fund. |
SEE NOTES TO FINANCIAL STATEMENTS.
98 | J.P. MORGAN MONEY MARKET FUNDS | FEBRUARY 28, 2021 |
Table of Contents
JPMorgan California Municipal Money Market Fund | JPMorgan New York Municipal Money Market Fund | |||||||||||||||
Year Ended February 28, 2021 | Year Ended February 29, 2020 | Year Ended February 28, 2021 | Year Ended February 29, 2020 | |||||||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 1,201 | $ | 4,781 | $ | 5,169 | $ | 21,721 | ||||||||
Net realized gain (loss) | 4 | 248 | 35 | 242 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | 1,205 | 5,029 | 5,204 | 21,963 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Agency (a) | (96 | ) | (124 | ) | (616 | ) | (2,365 | ) | ||||||||
Eagle Class (b) | — | (24 | ) | — | (60 | ) | ||||||||||
Institutional Class (a) | (768 | ) | (2,358 | ) | (3,505 | ) | (10,243 | ) | ||||||||
Morgan | (14 | ) | (18 | ) | (148 | ) | (1,002 | ) | ||||||||
Premier | (315 | ) | (2,220 | ) | (1,128 | ) | (7,987 | ) | ||||||||
Reserve | — | — | (2 | ) | (10 | ) | ||||||||||
Service | (29 | ) | (270 | ) | (12 | ) | (91 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (1,222 | ) | (5,014 | ) | (5,411 | ) | (21,758 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL TRANSACTIONS: |
| |||||||||||||||
Change in net assets resulting from capital transactions | (277,067 | ) | 187,235 | (1,939,822 | ) | 1,727,911 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS: |
| |||||||||||||||
Change in net assets | (277,084 | ) | 187,250 | (1,940,029 | ) | 1,728,116 | ||||||||||
Beginning of period | 576,717 | 389,467 | 2,702,527 | 974,411 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 299,633 | $ | 576,717 | $ | 762,498 | $ | 2,702,527 | ||||||||
|
|
|
|
|
|
|
|
(a) | Commencement of offering of class of shares effective March 1, 2019. |
(b) | Liquidated on November 25, 2019. |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 99 |
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
JPMorgan Prime Money Market Fund | JPMorgan Institutional Tax Free Money Market Fund | |||||||||||||||
Year Ended February 28, 2021 | Year Ended February 29, 2020 | Year Ended February 28, 2021 | Year Ended February 29, 2020 | |||||||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Academy (a) | ||||||||||||||||
Proceeds from shares issued | $ | 10,812,924 | $ | 150,020 | $ | — | $ | — | ||||||||
Distributions reinvested | 4,954 | 457 | — | — | ||||||||||||
Cost of shares redeemed | (9,958,527 | ) | — | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Academy capital transactions | 859,351 | 150,477 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Agency | ||||||||||||||||
Proceeds from shares issued | 193,502,553 | 214,440,317 | 92,536 | 141,665 | ||||||||||||
Distributions reinvested | 905 | 6,895 | — | — | (b) | |||||||||||
Cost of shares redeemed | (194,527,084 | ) | (214,403,768 | ) | (111,100 | ) | (117,118 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Agency capital transactions | (1,023,626 | ) | 43,444 | (18,564 | ) | 24,547 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Capital | ||||||||||||||||
Proceeds from shares issued | 209,438,972 | 203,523,806 | 910,083 | 1,037,579 | ||||||||||||
Distributions reinvested | 50,747 | 212,739 | 5 | 14 | ||||||||||||
Cost of shares redeemed | (200,291,129 | ) | (196,787,160 | ) | (1,100,429 | ) | (882,404 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Capital capital transactions | 9,198,590 | 6,949,385 | (190,341 | ) | 155,189 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class C | ||||||||||||||||
Proceeds from shares issued | 144 | — | — | — | ||||||||||||
Distributions reinvested | — | (b) | 13 | — | — | |||||||||||
Cost of shares redeemed | (216 | ) | (425 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class C capital transactions | (72 | ) | (412 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Empower (c) | ||||||||||||||||
Proceeds from shares issued | 25 | — | — | — | ||||||||||||
Distributions reinvested | — | (b) | — | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Empower capital transactions | 25 | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
IM | ||||||||||||||||
Proceeds from shares issued | 63,328,864 | 53,762,592 | 10,095,234 | 5,668,758 | ||||||||||||
Distributions reinvested | 424 | 2,352 | 1 | — | (b) | |||||||||||
Cost of shares redeemed | (61,356,133 | ) | (50,121,236 | ) | (9,820,586 | ) | (5,752,779 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from IM capital transactions | 1,973,155 | 3,643,708 | 274,649 | (84,021 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Institutional Class | ||||||||||||||||
Proceeds from shares issued | 109,426,840 | 85,497,068 | 3,710,832 | 2,757,931 | ||||||||||||
Distributions reinvested | 9,243 | 48,602 | 12 | 1 | ||||||||||||
Cost of shares redeemed | (105,976,352 | ) | (81,633,030 | ) | (3,541,757 | ) | (2,826,741 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Institutional Class capital transactions | 3,459,731 | 3,912,640 | 169,087 | (68,809 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Morgan | ||||||||||||||||
Proceeds from shares issued | 361,658,306 | 613,721,690 | — | — | ||||||||||||
Distributions reinvested | 289 | 3,561 | — | — | ||||||||||||
Cost of shares redeemed | (363,184,162 | ) | (613,239,003 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Morgan capital transactions | (1,525,567 | ) | 486,248 | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Premier | ||||||||||||||||
Proceeds from shares issued | 64,986,438 | 69,228,079 | — | — | ||||||||||||
Distributions reinvested | 156 | 1,244 | — | — | ||||||||||||
Cost of shares redeemed | (66,295,646 | ) | (68,467,754 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Premier capital transactions | (1,309,052 | ) | 761,569 | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Reserve | ||||||||||||||||
Proceeds from shares issued | 223,787 | 2,424,770 | — | — | ||||||||||||
Distributions reinvested | 1 | 23 | — | — | ||||||||||||
Cost of shares redeemed | (234,716 | ) | (2,425,797 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Reserve capital transactions | (10,928 | ) | (1,004 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total change in net assets resulting from capital transactions | $ | 11,621,607 | $ | 15,946,055 | $ | 234,831 | $ | 26,906 | ||||||||
|
|
|
|
|
|
|
|
(a) | Commencement of offering of class of shares effective May 15, 2019 for JPMorgan Prime Money Market Fund. |
(b) | Amount rounds to less than one thousand. |
(c) | Commencement of offering of class of shares effective February 23, 2021 for JPMorgan Prime Money Market Fund. |
SEE NOTES TO FINANCIAL STATEMENTS.
100 | J.P. MORGAN MONEY MARKET FUNDS | FEBRUARY 28, 2021 |
Table of Contents
JPMorgan Prime Money Market Fund | JPMorgan Institutional Tax Free Money Market Fund | |||||||||||||||
Year Ended February 28, 2021 | Year Ended February 29, 2020 | Year Ended February 28, 2021 | Year Ended February 29, 2020 | |||||||||||||
SHARE TRANSACTIONS: |
| |||||||||||||||
Academy (a) |
| |||||||||||||||
Issued | 10,806,224 | 149,975 | — | — | ||||||||||||
Reinvested | 4,950 | 457 | — | — | ||||||||||||
Redeemed | (9,950,246 | ) | — | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Academy Shares | 860,928 | 150,432 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Agency |
| |||||||||||||||
Issued | 193,317,779 | 214,348,639 | 92,498 | 141,661 | ||||||||||||
Reinvested | 904 | 6,892 | — | — | (b) | |||||||||||
Redeemed | (194,342,963 | ) | (214,312,930 | ) | (111,041 | ) | (117,115 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Agency Shares | (1,024,280 | ) | 42,601 | (18,543 | ) | 24,546 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Capital |
| |||||||||||||||
Issued | 209,314,230 | 203,471,472 | 909,700 | 1,037,557 | ||||||||||||
Reinvested | 50,715 | 212,670 | 5 | 14 | ||||||||||||
Redeemed | (200,185,491 | ) | (196,736,156 | ) | (1,099,996 | ) | (882,346 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Capital Shares | 9,179,454 | 6,947,986 | (190,291 | ) | 155,225 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class C |
| |||||||||||||||
Issued | 144 | — | — | — | ||||||||||||
Reinvested | — | (b) | 13 | — | — | |||||||||||
Redeemed | (216 | ) | (425 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class C Shares | (72 | ) | (412 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Empower (c) |
| |||||||||||||||
Issued | 25 | — | — | — | ||||||||||||
Reinvested | — | (b) | — | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Empower Shares | 25 | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
IM |
| |||||||||||||||
Issued | 63,290,845 | 53,745,178 | 10,089,303 | 5,668,624 | ||||||||||||
Reinvested | 424 | 2,351 | 1 | — | (b) | |||||||||||
Redeemed | (61,318,187 | ) | (50,104,592 | ) | (9,815,078 | ) | (5,752,627 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in IM Shares | 1,973,082 | 3,642,937 | 274,226 | (84,003 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Institutional Class |
| |||||||||||||||
Issued | 109,359,201 | 85,474,302 | 3,708,890 | 2,757,820 | ||||||||||||
Reinvested | 9,237 | 48,585 | 12 | 1 | ||||||||||||
Redeemed | (105,914,893 | ) | (81,611,351 | ) | (3,540,013 | ) | (2,826,628 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Institutional Class Shares | 3,453,545 | 3,911,536 | 168,889 | (68,807 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Morgan |
| |||||||||||||||
Issued | 361,242,207 | 613,432,479 | — | — | ||||||||||||
Reinvested | 288 | 3,560 | — | — | ||||||||||||
Redeemed | (362,768,920 | ) | (612,952,228 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Morgan Shares | (1,526,425 | ) | 483,811 | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Premier |
| |||||||||||||||
Issued | 64,934,609 | 69,204,821 | — | — | ||||||||||||
Reinvested | 156 | 1,244 | — | — | ||||||||||||
Redeemed | (66,243,682 | ) | (68,444,952 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Premier Shares | (1,308,917 | ) | 761,113 | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Reserve |
| |||||||||||||||
Issued | 223,644 | 2,423,689 | — | — | ||||||||||||
Reinvested | 1 | 23 | — | — | ||||||||||||
Redeemed | (234,570 | ) | (2,424,725 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Reserve Shares | (10,925 | ) | (1,013 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
|
(a) | Commencement of offering of class of shares effective May 15, 2019 for JPMorgan Prime Money Market Fund. |
(b) | Amount rounds to less than one thousand. |
(c) | Commencement of offering of class of shares effective February 23, 2021 for JPMorgan Prime Money Market Fund. |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 101 |
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
JPMorgan Securities Lending Money Market Fund | JPMorgan Liquid Assets Money Market Fund | |||||||||||||||
Year Ended February 28, 2021 | Year Ended February 29, 2020 | Year Ended February 28, 2021 | Year Ended February 29, 2020 | |||||||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Agency | ||||||||||||||||
Proceeds from shares issued | $ | — | $ | — | $ | 2,558,142 | $ | 2,393,073 | ||||||||
Distributions reinvested | — | — | 1,694 | 2,765 | ||||||||||||
Cost of shares redeemed | — | — | (2,777,765 | ) | (1,485,097 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Agency capital transactions | — | — | (217,929 | ) | 910,741 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Agency SL | ||||||||||||||||
Proceeds from shares issued | 28,133,590 | 24,507,300 | — | — | ||||||||||||
Distributions reinvested | — | 1 | — | — | ||||||||||||
Cost of shares redeemed | (29,420,463 | ) | (23,917,353 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Agency SL capital transactions | (1,286,873 | ) | 589,948 | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Capital | ||||||||||||||||
Proceeds from shares issued | — | — | 8,655,873 | 3,670,986 | ||||||||||||
Distributions reinvested | — | — | 3,477 | 12,365 | ||||||||||||
Cost of shares redeemed | — | — | (6,148,396 | ) | (1,945,970 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Capital capital transactions | — | — | 2,510,954 | 1,737,381 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Class C | ||||||||||||||||
Proceeds from shares issued | — | — | 65,821 | 13,606 | ||||||||||||
Distributions reinvested | — | — | 23 | 275 | ||||||||||||
Cost of shares redeemed | — | — | (50,447 | ) | (17,530 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class C capital transactions | — | — | 15,397 | (3,649 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Institutional Class | ||||||||||||||||
Proceeds from shares issued | — | — | 4,789,318 | 4,691,517 | ||||||||||||
Distributions reinvested | — | — | 2,591 | 21,795 | ||||||||||||
Cost of shares redeemed | — | — | (5,148,812 | ) | (4,018,108 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Institutional Class capital transactions | — | — | (356,903 | ) | 695,204 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Investor | ||||||||||||||||
Proceeds from shares issued | — | — | 4,376 | 3,928 | ||||||||||||
Distributions reinvested | — | — | 5 | 127 | ||||||||||||
Cost of shares redeemed | — | — | (6,096 | ) | (4,298 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Investor capital transactions | — | — | (1,715 | ) | (243 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Morgan | ||||||||||||||||
Proceeds from shares issued | — | — | 774,116 | 622,663 | ||||||||||||
Distributions reinvested | — | — | 1,010 | 6,392 | ||||||||||||
Cost of shares redeemed | — | — | (690,894 | ) | (393,322 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Morgan capital transactions | — | — | 84,232 | 235,733 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Premier | ||||||||||||||||
Proceeds from shares issued | — | — | 5,412,304 | 4,742,192 | ||||||||||||
Distributions reinvested | — | — | 2,611 | 11,491 | ||||||||||||
Cost of shares redeemed | — | — | (6,073,471 | ) | (2,862,793 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Premier capital transactions | — | — | (658,556 | ) | 1,890,890 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Reserve | ||||||||||||||||
Proceeds from shares issued | — | — | 3,931 | 410 | ||||||||||||
Distributions reinvested | — | — | 5 | 64 | ||||||||||||
Cost of shares redeemed | — | — | (2,071 | ) | (1,226 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Reserve capital transactions | — | — | 1,865 | (752 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total change in net assets resulting from capital transactions | $ | (1,286,873 | ) | $ | 589,948 | $ | 1,377,345 | $ | 5,465,305 | |||||||
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
102 | J.P. MORGAN MONEY MARKET FUNDS | FEBRUARY 28, 2021 |
Table of Contents
JPMorgan Securities Lending Money Market Fund | JPMorgan Liquid Assets Money Market Fund | |||||||||||||||
Year Ended February 28, 2021 | Year Ended February 29, 2020 | Year Ended February 28, 2021 | Year Ended February 29, 2020 | |||||||||||||
SHARE TRANSACTIONS: |
| |||||||||||||||
Agency |
| |||||||||||||||
Issued | — | — | 2,558,142 | 2,393,073 | ||||||||||||
Reinvested | — | — | 1,694 | 2,765 | ||||||||||||
Redeemed | — | — | (2,777,765 | ) | (1,485,097 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Agency Shares | — | — | (217,929 | ) | 910,741 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Agency SL |
| |||||||||||||||
Issued | 28,129,071 | 24,504,701 | — | — | ||||||||||||
Reinvested | — | 1 | — | — | ||||||||||||
Redeemed | (29,415,847 | ) | (23,914,801 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Agency SL Shares | (1,286,776 | ) | 589,901 | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Capital |
| |||||||||||||||
Issued | — | — | 8,655,873 | 3,670,986 | ||||||||||||
Reinvested | — | — | 3,477 | 12,365 | ||||||||||||
Redeemed | — | — | (6,148,396 | ) | (1,945,970 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Capital Shares | — | — | 2,510,954 | 1,737,381 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Class C |
| |||||||||||||||
Issued | — | — | �� | 65,821 | 13,606 | |||||||||||
Reinvested | — | — | 23 | 275 | ||||||||||||
Redeemed | — | — | (50,447 | ) | (17,530 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class C Shares | — | — | 15,397 | (3,649 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Institutional Class |
| |||||||||||||||
Issued | — | — | 4,789,318 | 4,691,517 | ||||||||||||
Reinvested | — | — | 2,591 | 21,795 | ||||||||||||
Redeemed | — | — | (5,148,812 | ) | (4,018,108 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Institutional Class Shares | — | — | (356,903 | ) | 695,204 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Investor |
| |||||||||||||||
Issued | — | — | 4,376 | 3,928 | ||||||||||||
Reinvested | — | — | 5 | 127 | ||||||||||||
Redeemed | — | — | (6,096 | ) | (4,298 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Investor Shares | — | — | (1,715 | ) | (243 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Morgan |
| |||||||||||||||
Issued | — | — | 774,116 | 622,661 | ||||||||||||
Reinvested | — | — | 1,010 | 6,392 | ||||||||||||
Redeemed | — | — | (690,894 | ) | (393,322 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Morgan Shares | — | — | 84,232 | 235,731 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Premier |
| |||||||||||||||
Issued | — | — | 5,412,304 | 4,742,192 | ||||||||||||
Reinvested | — | — | 2,611 | 11,491 | ||||||||||||
Redeemed | — | — | (6,073,471 | ) | (2,862,793 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Premier Shares | — | — | (658,556 | ) | 1,890,890 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Reserve |
| |||||||||||||||
Issued | — | — | 3,931 | 410 | ||||||||||||
Reinvested | — | — | 5 | 64 | ||||||||||||
Redeemed | — | — | (2,071 | ) | (1,226 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Reserve Shares | — | — | 1,865 | (752 | ) | |||||||||||
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 103 |
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
JPMorgan U.S. Government Money Market Fund | JPMorgan U.S. Treasury Plus Money Market Fund | |||||||||||||||
Year Ended February 28, 2021 | Year Ended February 29, 2020 | Year Ended February 28, 2021 | Year Ended February 29, 2020 | |||||||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Academy (a) (b) | ||||||||||||||||
Proceeds from shares issued | $ | 12,944,824 | $ | 85,020 | $ | 17,600 | $ | — | ||||||||
Distributions reinvested | 681 | 6 | — | (c) | — | |||||||||||
Cost of shares redeemed | (9,341,057 | ) | — | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Academy capital transactions | 3,604,448 | 85,026 | 17,600 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Agency | ||||||||||||||||
Proceeds from shares issued | 1,600,808,292 | 1,276,267,711 | 152,635,506 | 170,809,933 | ||||||||||||
Distributions reinvested | 512 | 9,104 | 241 | 3,887 | ||||||||||||
Cost of shares redeemed | (1,598,792,375 | ) | (1,273,257,104 | ) | (152,514,765 | ) | (171,083,496 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Agency capital transactions | 2,016,429 | 3,019,711 | 120,982 | (269,676 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Capital | ||||||||||||||||
Proceeds from shares issued | 1,460,504,688 | 1,239,463,988 | 165,049,187 | 76,540,607 | ||||||||||||
Distributions reinvested | 78,945 | 689,238 | 6,742 | 33,856 | ||||||||||||
Cost of shares redeemed | (1,403,663,957 | ) | (1,227,280,092 | ) | (161,462,580 | ) | (73,053,662 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Capital capital transactions | 56,919,676 | 12,873,134 | 3,593,349 | 3,520,801 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Class C | ||||||||||||||||
Proceeds from shares issued | — | — | 368,506 | 222,137 | ||||||||||||
Distributions reinvested | — | — | 66 | 3,629 | ||||||||||||
Cost of shares redeemed | — | — | (267,852 | ) | (308,170 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class C capital transactions | — | — | 100,720 | (82,404 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
E*Trade | ||||||||||||||||
Proceeds from shares issued | 347,481 | 228,719 | — | — | ||||||||||||
Distributions reinvested | 91 | 3,113 | — | — | ||||||||||||
Cost of shares redeemed | (241,169 | ) | (208,477 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from E*Trade capital transactions | 106,403 | 23,355 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Eagle Class (d) | ||||||||||||||||
Proceeds from shares issued | — | 543,448 | — | — | ||||||||||||
Distributions reinvested | — | 14,518 | — | — | ||||||||||||
Cost of shares redeemed | — | (4,416,056 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Eagle Class capital transactions | — | (3,858,090 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Eagle Private Wealth Class (e) | ||||||||||||||||
Distributions reinvested | — | — | (c) | — | — | |||||||||||
Cost of shares redeemed | — | (21 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Eagle Private Wealth Class capital transactions | — | (21 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Empower (f) | ||||||||||||||||
Proceeds from shares issued | 500,025 | — | 25 | — | ||||||||||||
Distributions reinvested | 3 | — | — | (c) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Empower capital transactions | 500,028 | — | 25 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
IM | ||||||||||||||||
Proceeds from shares issued | 55,334,290 | 53,182,765 | 162,293 | 1,226,373 | ||||||||||||
Distributions reinvested | 1,164 | 40,503 | — | 6,783 | ||||||||||||
Cost of shares redeemed | (55,462,128 | ) | (51,888,343 | ) | (175,446 | ) | (2,647,217 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from IM capital transactions | (126,674 | ) | 1,334,925 | (13,153 | ) | (1,414,061 | ) | |||||||||
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
104 | J.P. MORGAN MONEY MARKET FUNDS | FEBRUARY 28, 2021 |
Table of Contents
JPMorgan U.S. Government Money Market Fund | JPMorgan U.S. Treasury Plus Money Market Fund | |||||||||||||||
Year Ended February 28, 2021 | Year Ended February 29, 2020 | Year Ended February 28, 2021 | Year Ended February 29, 2020 | |||||||||||||
CAPITAL TRANSACTIONS: (continued) | ||||||||||||||||
Institutional Class | ||||||||||||||||
Proceeds from shares issued | 499,546,688 | 358,725,290 | 111,052,658 | 89,228,169 | ||||||||||||
Distributions reinvested | 10,718 | 510,121 | 4,900 | 221,403 | ||||||||||||
Cost of shares redeemed | (503,195,206 | ) | (357,857,934 | ) | (115,889,477 | ) | (90,328,833 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Institutional Class capital transactions | (3,637,800 | ) | 1,377,477 | (4,831,919 | ) | (879,261 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Investor | ||||||||||||||||
Proceeds from shares issued | 716,851 | 317,919 | 309,268 | 170,196 | ||||||||||||
Distributions reinvested | 408 | 15,053 | — | (c) | 11 | |||||||||||
Cost of shares redeemed | (559,132 | ) | (775,851 | ) | (322,601 | ) | (168,853 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Investor capital transactions | 158,127 | (442,879 | ) | (13,333 | ) | 1,354 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Morgan | ||||||||||||||||
Proceeds from shares issued | 290,553,607 | 311,978,401 | 95,567,595 | 166,379,043 | ||||||||||||
Distributions reinvested | 384 | 7,869 | 27 | 855 | ||||||||||||
Cost of shares redeemed | (290,747,454 | ) | (311,582,589 | ) | (95,866,297 | ) | (166,279,543 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Morgan capital transactions | (193,463 | ) | 403,681 | (298,675 | ) | 100,355 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Premier | ||||||||||||||||
Proceeds from shares issued | 161,795,078 | 163,482,618 | 28,900,319 | 27,622,521 | ||||||||||||
Distributions reinvested | 310 | 5,220 | 350 | 6,993 | ||||||||||||
Cost of shares redeemed | (160,870,362 | ) | (162,337,604 | ) | (28,645,366 | ) | (27,171,290 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Premier capital transactions | 925,026 | 1,150,234 | 255,303 | 458,224 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Reserve | ||||||||||||||||
Proceeds from shares issued | 457,562 | 13,945 | 333,712 | 1,498 | ||||||||||||
Distributions reinvested | 9 | 268 | 2 | 87 | ||||||||||||
Cost of shares redeemed | (450,986 | ) | (12,851 | ) | (335,118 | ) | (2,605 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Reserve capital transactions | 6,585 | 1,362 | (1,404 | ) | (1,020 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Service | ||||||||||||||||
Proceeds from shares issued | 216,977 | 335,160 | — | — | ||||||||||||
Distributions reinvested | 192 | 21,353 | — | — | ||||||||||||
Cost of shares redeemed | (570,359 | ) | (2,482,110 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Service capital transactions | (353,190 | ) | (2,125,597 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total change in net assets resulting from capital transactions | $ | 59,925,595 | $ | 13,842,318 | $ | (1,070,505 | ) | $ | 1,434,312 | |||||||
|
|
|
|
|
|
|
|
(a) | Commencement of offering of class of shares effective May 15, 2019 for JPMorgan U.S. Government Money Market Fund. |
(b) | Commencement of offering of class of shares effective September 30, 2020 for JPMorgan U.S. Treasury Plus Money Market Fund. |
(c) | Amount rounds to less than one thousand. |
(d) | Liquidated on November 25, 2019 for JPMorgan U.S. Government Money Market Fund. |
(e) | Liquidated on December 9, 2019 for JPMorgan U.S. Government Money Market Fund. |
(f) | Commencement of offering of class of shares effective February 23, 2021. |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 105 |
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
JPMorgan U.S. Government Money Market Fund | JPMorgan U.S. Treasury Plus Money Market Fund | |||||||||||||||
Year Ended February 28, 2021 | Year Ended February 29, 2020 | Year Ended February 28, 2021 | Year Ended February 29, 2020 | |||||||||||||
SHARE TRANSACTIONS: |
| |||||||||||||||
Academy (a) (b) |
| |||||||||||||||
Issued | 12,944,824 | 85,020 | 17,600 | — | ||||||||||||
Reinvested | 681 | 6 | — | (c) | — | |||||||||||
Redeemed | (9,341,057 | ) | — | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Academy Shares | 3,604,448 | 85,026 | 17,600 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Agency |
| |||||||||||||||
Issued | 1,600,808,292 | 1,276,267,274 | 152,635,506 | 170,809,890 | ||||||||||||
Reinvested | 512 | 9,104 | 241 | 3,887 | ||||||||||||
Redeemed | (1,598,792,375 | ) | (1,273,256,883 | ) | (152,514,765 | ) | (171,083,444 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Agency Shares | 2,016,429 | 3,019,495 | 120,982 | (269,667 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Capital |
| |||||||||||||||
Issued | 1,460,504,688 | 1,239,463,766 | 165,049,187 | 76,540,547 | ||||||||||||
Reinvested | 78,945 | 689,238 | 6,742 | 33,856 | ||||||||||||
Redeemed | (1,403,663,957 | ) | (1,227,279,800 | ) | (161,462,580 | ) | (73,053,452 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Capital Shares | 56,919,676 | 12,873,204 | 3,593,349 | 3,520,951 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Class C |
| |||||||||||||||
Issued | — | — | 368,506 | 222,129 | ||||||||||||
Reinvested | — | — | 66 | 3,629 | ||||||||||||
Redeemed | — | — | (267,852 | ) | (308,159 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class C Shares | — | — | 100,720 | (82,401 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
E*Trade |
| |||||||||||||||
Issued | 347,481 | 228,715 | — | — | ||||||||||||
Reinvested | 91 | 3,114 | — | — | ||||||||||||
Redeemed | (241,169 | ) | (208,471 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in E*Trade Shares | 106,403 | 23,358 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Eagle Class (d) |
| |||||||||||||||
Issued | — | 543,315 | — | — | ||||||||||||
Reinvested | — | 14,518 | — | — | ||||||||||||
Redeemed | — | (4,416,055 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Eagle Class Shares | — | (3,858,222 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Eagle Private Wealth Class (e) |
| |||||||||||||||
Reinvested | — | — | (c) | — | — | |||||||||||
Redeemed | — | (20 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Eagle Private Wealth Class Shares | — | (20 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Empower (f) |
| |||||||||||||||
Issued | 500,025 | — | 25 | — | ||||||||||||
Reinvested | 3 | — | — | (c) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Empower Shares | 500,028 | — | 25 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
IM |
| |||||||||||||||
Issued | 55,334,290 | 53,182,729 | 162,293 | 1,226,280 | ||||||||||||
Reinvested | 1,164 | 40,503 | — | 6,783 | ||||||||||||
Redeemed | (55,462,128 | ) | (51,888,257 | ) | (175,446 | ) | (2,647,216 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in IM Shares | (126,674 | ) | 1,334,975 | (13,153 | ) | (1,414,153 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Institutional Class |
| |||||||||||||||
Issued | 499,546,688 | 358,725,178 | 111,052,658 | 89,227,998 | ||||||||||||
Reinvested | 10,718 | 510,121 | 4,900 | 221,403 | ||||||||||||
Redeemed | (503,195,206 | ) | (357,857,535 | ) | (115,889,477 | ) | (90,328,769 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Institutional Class Shares | (3,637,800 | ) | 1,377,764 | (4,831,919 | ) | (879,368 | ) | |||||||||
|
|
|
| �� |
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
106 | J.P. MORGAN MONEY MARKET FUNDS | FEBRUARY 28, 2021 |
Table of Contents
JPMorgan U.S. Government Money Market Fund | JPMorgan U.S. Treasury Plus Money Market Fund | |||||||||||||||
Year Ended February 28, 2021 | Year Ended February 29, 2020 | Year Ended February 28, 2021 | Year Ended February 29, 2020 | |||||||||||||
SHARE TRANSACTIONS: (continued) |
| |||||||||||||||
Investor |
| |||||||||||||||
Issued | 716,851 | 317,915 | 309,268 | 170,195 | ||||||||||||
Reinvested | 408 | 15,053 | — | (c) | 11 | |||||||||||
Redeemed | (559,132 | ) | (775,846 | ) | (322,601 | ) | (168,852 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Investor Shares | 158,127 | (442,878 | ) | (13,333 | ) | 1,354 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Morgan |
| |||||||||||||||
Issued | 290,553,607 | 311,978,292 | 95,567,595 | 166,379,004 | ||||||||||||
Reinvested | 384 | 7,869 | 27 | 855 | ||||||||||||
Redeemed | (290,747,454 | ) | (311,582,523 | ) | (95,866,297 | ) | (166,279,491 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Morgan Shares | (193,463 | ) | 403,638 | (298,675 | ) | 100,368 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Premier |
| |||||||||||||||
Issued | 161,795,078 | 163,482,569 | 28,900,319 | 27,622,517 | ||||||||||||
Reinvested | 310 | 5,220 | 350 | 6,993 | ||||||||||||
Redeemed | (160,870,362 | ) | (162,337,574 | ) | (28,645,366 | ) | (27,171,261 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Premier Shares | 925,026 | 1,150,215 | 255,303 | 458,249 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Reserve |
| |||||||||||||||
Issued | 457,562 | 13,945 | 333,712 | 1,498 | ||||||||||||
Reinvested | 9 | 267 | 2 | 87 | ||||||||||||
Redeemed | (450,986 | ) | (12,851 | ) | (335,118 | ) | (2,605 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Reserve Shares | 6,585 | 1,361 | (1,404 | ) | (1,020 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Service |
| |||||||||||||||
Issued | 216,977 | 335,116 | — | — | ||||||||||||
Reinvested | 192 | 21,353 | — | — | ||||||||||||
Redeemed | (570,359 | ) | (2,482,066 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Service Shares | (353,190 | ) | (2,125,597 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
|
(a) | Commencement of offering of class of shares effective May 15, 2019 for JPMorgan U.S. Government Money Market Fund. |
(b) | Commencement of offering of class of shares effective September 30, 2020 for JPMorgan U.S. Treasury Plus Money Market Fund. |
(c) | Amount rounds to less than one thousand. |
(d) | Liquidated on November 25, 2019 for JPMorgan U.S. Government Money Market Fund. |
(e) | Liquidated on December 9, 2019 for JPMorgan U.S. Government Money Market Fund. |
(f) | Commencement of offering of class of shares effective February 23, 2021. |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 107 |
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
JPMorgan Federal Money Market Fund | JPMorgan 100% U.S. Treasury Securities Money Market Fund | |||||||||||||||
Year Ended February 28, 2021 | Year Ended February 29, 2020 | Year Ended February 28, 2021 | Year Ended February 29, 2020 | |||||||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Academy (a) | ||||||||||||||||
Proceeds from shares issued | $ | — | $ | — | $ | 49,400 | $ | — | ||||||||
Distributions reinvested | — | — | — | (b) | — | |||||||||||
Cost of shares redeemed | — | — | (31,800 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Academy capital transactions | — | — | 17,600 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Agency | ||||||||||||||||
Proceeds from shares issued | 2,560,354 | 2,960,215 | 463,009,206 | 388,303,998 | ||||||||||||
Distributions reinvested | 121 | 686 | 589 | 7,638 | ||||||||||||
Cost of shares redeemed | (2,484,434 | ) | (2,866,309 | ) | (463,019,159 | ) | (386,681,435 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Agency capital transactions | 76,041 | 94,592 | (9,364 | ) | 1,630,201 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Capital | ||||||||||||||||
Proceeds from shares issued | — | — | 382,146,647 | 298,441,950 | ||||||||||||
Distributions reinvested | — | — | 26,787 | 225,598 | ||||||||||||
Cost of shares redeemed | — | — | (356,770,899 | ) | (289,232,259 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Capital capital transactions | — | — | 25,402,535 | 9,435,289 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Empower (c) | ||||||||||||||||
Proceeds from shares issued | — | — | 25 | — | ||||||||||||
Distributions reinvested | — | — | — | (b) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Empower capital transactions | — | — | 25 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
IM | ||||||||||||||||
Proceeds from shares issued | — | — | 431,773 | 18,801 | ||||||||||||
Distributions reinvested | — | — | 139 | 25 | ||||||||||||
Cost of shares redeemed | — | — | (443,570 | ) | (6,941 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from IM capital transactions | — | — | (11,658 | ) | 11,885 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Institutional Class | ||||||||||||||||
Proceeds from shares issued | 12,654,908 | 9,696,291 | 113,569,290 | 71,922,177 | ||||||||||||
Distributions reinvested | 1,394 | 15,541 | 8,195 | 68,397 | ||||||||||||
Cost of shares redeemed | (12,884,383 | ) | (10,556,887 | ) | (111,762,217 | ) | (67,566,674 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Institutional Class capital transactions | (228,081 | ) | (845,055 | ) | 1,815,268 | 4,423,900 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Morgan | ||||||||||||||||
Proceeds from shares issued | 88,923 | 50,871 | 75,789,478 | 84,584,237 | ||||||||||||
Distributions reinvested | 24 | 480 | 786 | 21,565 | ||||||||||||
Cost of shares redeemed | (70,128 | ) | (45,913 | ) | (75,562,104 | ) | (84,591,494 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Morgan capital transactions | 18,819 | 5,438 | 228,160 | 14,308 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Premier | ||||||||||||||||
Proceeds from shares issued | 1,306,694 | 1,131,836 | 12,237,468 | 20,764,723 | ||||||||||||
Distributions reinvested | 60 | 765 | 244 | 7,211 | ||||||||||||
Cost of shares redeemed | (1,327,097 | ) | (1,068,744 | ) | (12,774,776 | ) | (20,294,193 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Premier capital transactions | (20,343 | ) | 63,857 | (537,064 | ) | 477,741 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Reserve | ||||||||||||||||
Proceeds from shares issued | — | — | 16,083,935 | 18,891,281 | ||||||||||||
Distributions reinvested | — | — | 16 | 437 | ||||||||||||
Cost of shares redeemed | — | — | (15,292,610 | ) | (18,351,530 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Reserve capital transactions | — | — | 791,341 | 540,188 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total change in net assets resulting from capital transactions | $ | (153,564 | ) | $ | (681,168 | ) | $ | 27,696,843 | $ | 16,533,512 | ||||||
|
|
|
|
|
|
|
|
(a) | Commencement of offering of class of shares effective September 30, 2020 for JPMorgan 100% U.S. Treasury Securities Money Market Fund. |
(b) | Amount rounds to less than one thousand. |
(c) | Commencement of offering of class of shares effective February 23, 2021 for JPMorgan 100% U.S. Treasury Securities Money Market Fund. |
(d) | Commencement of offering of class of shares effective January 15, 2020 for JPMorgan 100% U.S. Treasury Securities Money Market Fund. |
SEE NOTES TO FINANCIAL STATEMENTS.
108 | J.P. MORGAN MONEY MARKET FUNDS | FEBRUARY 28, 2021 |
Table of Contents
JPMorgan Federal Money Market Fund | JPMorgan 100% U.S. Treasury Securities Money Market Fund | |||||||||||||||
Year Ended February 28, 2021 | Year Ended February 29, 2020 | Year Ended February 28, 2021 | Year Ended February 29, 2020 | |||||||||||||
SHARE TRANSACTIONS: |
| |||||||||||||||
Academy (a) |
| |||||||||||||||
Issued | — | — | 49,400 | — | ||||||||||||
Reinvested | — | — | — | (b) | — | |||||||||||
Redeemed | — | — | (31,800 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Academy Shares | — | — | 17,600 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Agency |
| |||||||||||||||
Issued | 2,560,350 | 2,960,176 | 463,009,202 | 388,303,998 | ||||||||||||
Reinvested | 121 | 686 | 589 | 7,638 | ||||||||||||
Redeemed | (2,484,420 | ) | (2,866,254 | ) | (463,019,159 | ) | (386,681,435 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Agency Shares | 76,051 | 94,608 | (9,368 | ) | 1,630,201 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Capital |
| |||||||||||||||
Issued | — | — | 382,146,647 | 298,441,950 | ||||||||||||
Reinvested | — | — | 26,787 | 225,598 | ||||||||||||
Redeemed | — | — | (356,770,851 | ) | (289,232,259 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Capital Shares | — | — | 25,402,583 | 9,435,289 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Empower (c) |
| |||||||||||||||
Issued | — | — | 25 | — | ||||||||||||
Reinvested | — | — | — | (b) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Empower Shares | — | — | 25 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
IM (d) |
| |||||||||||||||
Issued | — | — | 431,781 | 18,794 | ||||||||||||
Reinvested | — | — | 131 | 32 | ||||||||||||
Redeemed | — | — | (443,570 | ) | (6,941 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in IM Shares | — | — | (11,658 | ) | 11,885 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Institutional Class |
| |||||||||||||||
Issued | 12,654,869 | 9,696,225 | 113,569,217 | 71,922,177 | ||||||||||||
Reinvested | 1,394 | 15,541 | 8,195 | 68,397 | ||||||||||||
Redeemed | (12,884,348 | ) | (10,556,853 | ) | (111,762,217 | ) | (67,566,674 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Institutional Class Shares | (228,085 | ) | (845,087 | ) | 1,815,195 | 4,423,900 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Morgan |
| |||||||||||||||
Issued | 88,890 | 50,870 | 75,789,478 | 84,584,237 | ||||||||||||
Reinvested | 24 | 480 | 786 | 21,565 | ||||||||||||
Redeemed | (70,095 | ) | (45,908 | ) | (75,562,098 | ) | (84,591,494 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Morgan Shares | 18,819 | 5,442 | 228,166 | 14,308 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Premier |
| |||||||||||||||
Issued | 1,306,688 | 1,131,835 | 12,237,468 | 20,764,723 | ||||||||||||
Reinvested | 60 | 765 | 244 | 7,211 | ||||||||||||
Redeemed | (1,327,097 | ) | (1,068,731 | ) | (12,774,774 | ) | (20,294,193 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Premier Shares | (20,349 | ) | 63,869 | (537,062 | ) | 477,741 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Reserve |
| |||||||||||||||
Issued | — | — | 16,083,935 | 18,891,281 | ||||||||||||
Reinvested | — | — | 16 | 437 | ||||||||||||
Redeemed | — | — | (15,292,590 | ) | (18,351,530 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Reserve Shares | — | — | 791,361 | 540,188 | ||||||||||||
|
|
|
|
|
|
|
|
(a) | Commencement of offering of class of shares effective September 30, 2020 for JPMorgan 100% U.S. Treasury Securities Money Market Fund. |
(b) | Amount rounds to less than one thousand. |
(c) | Commencement of offering of class of shares effective February 23, 2021 for JPMorgan 100% U.S. Treasury Securities Money Market Fund. |
(d) | Commencement of offering of class of shares effective January 15, 2020 for JPMorgan 100% U.S. Treasury Securities Money Market Fund. |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 109 |
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
JPMorgan Tax Free Money Market Fund | JPMorgan Municipal Money Market Fund | |||||||||||||||
Year Ended February 28, 2021 | Year Ended February 29, 2020 | Year Ended February 28, 2021 | Year Ended February 29, 2020 | |||||||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Agency | ||||||||||||||||
Proceeds from shares issued | $ | 848,146 | $ | 871,757 | $ | 218,883 | $ | 212,906 | ||||||||
Distributions reinvested | 253 | 330 | 104 | 160 | ||||||||||||
Cost of shares redeemed | (1,258,223 | ) | (1,153,739 | ) | (270,871 | ) | (227,454 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Agency capital transactions | (409,824 | ) | (281,652 | ) | (51,884 | ) | (14,388 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Eagle Class (a) | ||||||||||||||||
Proceeds from shares issued | — | — | — | 142,010 | ||||||||||||
Distributions reinvested | — | — | — | 1,270 | ||||||||||||
Cost of shares redeemed | — | — | — | (708,765 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Eagle Class capital transactions | — | — | — | (565,485 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Institutional Class | ||||||||||||||||
Proceeds from shares issued | 29,765,334 | 33,994,016 | 6,326,892 | 10,468,155 | ||||||||||||
Distributions reinvested | 1,990 | 14,858 | 2,091 | 18,565 | ||||||||||||
Cost of shares redeemed | (32,082,322 | ) | (37,237,476 | ) | (7,183,133 | ) | (10,802,030 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Institutional Class capital transactions | (2,314,998 | ) | (3,228,602 | ) | (854,150 | ) | (315,310 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Morgan | ||||||||||||||||
Proceeds from shares issued | 67,584 | 8,331 | 86,688 | 34,138 | ||||||||||||
Distributions reinvested | 38 | 90 | 97 | 185 | ||||||||||||
Cost of shares redeemed | (55,634 | ) | (7,463 | ) | (78,412 | ) | (14,749 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Morgan capital transactions | 11,988 | 958 | 8,373 | 19,574 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Premier | ||||||||||||||||
Proceeds from shares issued | 1,033,554 | 1,170,039 | 128,703 | 167,754 | ||||||||||||
Distributions reinvested | 71 | 189 | 49 | 95 | ||||||||||||
Cost of shares redeemed | (1,382,269 | ) | (1,385,434 | ) | (194,794 | ) | (161,846 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Premier capital transactions | (348,644 | ) | (215,206 | ) | (66,042 | ) | 6,003 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Reserve | ||||||||||||||||
Proceeds from shares issued | 8,608,499 | 10,411,802 | — | — | ||||||||||||
Distributions reinvested | 5 | 17 | — | — | ||||||||||||
Cost of shares redeemed | (8,741,922 | ) | (10,733,226 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Reserve capital transactions | (133,418 | ) | (321,407 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Service | ||||||||||||||||
Proceeds from shares issued | — | — | — | 36,138 | ||||||||||||
Distributions reinvested | — | — | 92 | 749 | ||||||||||||
Cost of shares redeemed | — | — | (39,907 | ) | (225,349 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Service capital transactions | — | — | (39,815 | ) | (188,462 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total change in net assets resulting from capital transactions | $ | (3,194,896 | ) | $ | (4,045,909 | ) | $ | (1,003,518 | ) | $ | (1,058,068 | ) | ||||
|
|
|
|
|
|
|
|
(a) | Liquidated on November 25, 2019 for JPMorgan Municipal Money Market Fund. |
SEE NOTES TO FINANCIAL STATEMENTS.
110 | J.P. MORGAN MONEY MARKET FUNDS | FEBRUARY 28, 2021 |
Table of Contents
JPMorgan Tax Free Money Market Fund | JPMorgan Municipal Money Market Fund | |||||||||||||||
Year Ended February 28, 2021 | Year Ended February 29, 2020 | Year Ended February 28, 2021 | Year Ended February 29, 2020 | |||||||||||||
SHARE TRANSACTIONS: |
| |||||||||||||||
Agency |
| |||||||||||||||
Issued | 848,146 | 871,757 | 218,883 | 212,902 | ||||||||||||
Reinvested | 253 | 330 | 104 | 160 | ||||||||||||
Redeemed | (1,258,223 | ) | (1,153,739 | ) | (270,864 | ) | (227,454 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Agency Shares | (409,824 | ) | (281,652 | ) | (51,877 | ) | (14,392 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Eagle Class (a) |
| |||||||||||||||
Issued | — | — | — | 142,010 | ||||||||||||
Reinvested | — | — | — | 1,270 | ||||||||||||
Redeemed | — | — | — | (708,738 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Eagle Class Shares | — | — | — | (565,458 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Institutional Class |
| |||||||||||||||
Issued | 29,765,334 | 33,994,016 | 6,326,873 | 10,468,118 | ||||||||||||
Reinvested | 1,990 | 14,858 | 2,091 | 18,565 | ||||||||||||
Redeemed | (32,082,322 | ) | (37,237,476 | ) | (7,183,133 | ) | (10,802,030 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Institutional Class Shares | (2,314,998 | ) | (3,228,602 | ) | (854,169 | ) | (315,347 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Morgan |
| |||||||||||||||
Issued | 67,584 | 8,331 | 86,688 | 34,138 | ||||||||||||
Reinvested | 38 | 90 | 97 | 185 | ||||||||||||
Redeemed | (55,634 | ) | (7,463 | ) | (78,412 | ) | (14,748 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Morgan Shares | 11,988 | 958 | 8,373 | 19,575 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Premier |
| |||||||||||||||
Issued | 1,033,554 | 1,170,039 | 128,703 | 167,753 | ||||||||||||
Reinvested | 71 | 189 | 49 | 95 | ||||||||||||
Redeemed | (1,382,269 | ) | (1,385,434 | ) | (194,788 | ) | (161,846 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Premier Shares | (348,644 | ) | (215,206 | ) | (66,036 | ) | 6,002 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Reserve |
| |||||||||||||||
Issued | 8,608,499 | 10,411,802 | — | — | ||||||||||||
Reinvested | 5 | 17 | — | — | ||||||||||||
Redeemed | (8,741,922 | ) | (10,733,226 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Reserve Shares | (133,418 | ) | (321,407 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Service |
| |||||||||||||||
Issued | — | — | — | 36,138 | ||||||||||||
Reinvested | — | — | 92 | 749 | ||||||||||||
Redeemed | — | — | (39,901 | ) | (225,334 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Service Shares | — | — | (39,809 | ) | (188,447 | ) | ||||||||||
|
|
|
|
|
|
|
|
(a) | Liquidated on November 25, 2019 for JPMorgan Municipal Money Market Fund. |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 111 |
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
JPMorgan California Municipal Money Market Fund | JPMorgan New York Municipal Money Market Fund | |||||||||||||||
Year Ended February 28, 2021 | Year Ended February 29, 2020 | Year Ended February 28, 2021 | Year Ended February 29, 2020 | |||||||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Agency (a) | ||||||||||||||||
Proceeds from shares issued | $ | 89,722 | $ | 66,539 | $ | 181,856 | $ | 715,020 | ||||||||
Distributions reinvested | — | (b) | — | (b) | — | (b) | — | (b) | ||||||||
Cost of shares redeemed | (92,897 | ) | (41,639 | ) | (371,702 | ) | (452,366 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Agency capital transactions | (3,175 | ) | 24,900 | (189,846 | ) | 262,654 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Eagle Class (c) | ||||||||||||||||
Proceeds from shares issued | — | 8,563 | — | 18,662 | ||||||||||||
Distributions reinvested | — | 22 | — | 56 | ||||||||||||
Cost of shares redeemed | — | (18,855 | ) | — | (53,610 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Eagle Class capital transactions | — | (10,270 | ) | — | (34,892 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Institutional Class (a) | ||||||||||||||||
Proceeds from shares issued | 372,860 | 996,142 | 1,320,304 | 4,204,905 | ||||||||||||
Distributions reinvested | 4 | — | (b) | 105 | 145 | |||||||||||
Cost of shares redeemed | (503,841 | ) | (708,396 | ) | (2,413,099 | ) | (2,579,748 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Institutional Class capital transactions | (130,977 | ) | 287,746 | (1,092,690 | ) | 1,625,302 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Morgan | ||||||||||||||||
Proceeds from shares issued | 33,813 | 2,313 | 27,493 | 32,103 | ||||||||||||
Distributions reinvested | 14 | 18 | 143 | 959 | ||||||||||||
Cost of shares redeemed | (29,152 | ) | (1,474 | ) | (29,866 | ) | (103,021 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Morgan capital transactions | 4,675 | 857 | (2,230 | ) | (69,959 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Premier | ||||||||||||||||
Proceeds from shares issued | 483,690 | 1,046,355 | 894,945 | 2,924,871 | ||||||||||||
Distributions reinvested | 78 | 996 | 325 | 4,126 | ||||||||||||
Cost of shares redeemed | (615,018 | ) | (1,073,578 | ) | (1,546,070 | ) | (2,955,568 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Premier capital transactions | (131,250 | ) | (26,227 | ) | (650,800 | ) | (26,571 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Reserve | ||||||||||||||||
Proceeds from shares issued | — | — | 4,281 | 3,749 | ||||||||||||
Distributions reinvested | — | — | 2 | 10 | ||||||||||||
Cost of shares redeemed | — | — | (3,908 | ) | (4,206 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Reserve capital transactions | — | — | 375 | (447 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Service | ||||||||||||||||
Proceeds from shares issued | 2 | 23,376 | 1 | 21,226 | ||||||||||||
Distributions reinvested | 29 | 269 | 12 | 91 | ||||||||||||
Cost of shares redeemed | (16,371 | ) | (113,416 | ) | (4,644 | ) | (49,493 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Service capital transactions | (16,340 | ) | (89,771 | ) | (4,631 | ) | (28,176 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total change in net assets resulting from capital transactions | $ | (277,067 | ) | $ | 187,235 | $ | (1,939,822 | ) | $ | 1,727,911 | ||||||
|
|
|
|
|
|
|
|
(a) | Commencement of offering of class of shares effective March 1, 2019. |
(b) | Amount rounds to less than one thousand. |
(c) | Liquidated on November 25, 2019. |
SEE NOTES TO FINANCIAL STATEMENTS.
112 | J.P. MORGAN MONEY MARKET FUNDS | FEBRUARY 28, 2021 |
Table of Contents
JPMorgan California Municipal Money Market Fund | JPMorgan New York Municipal Money Market Fund | |||||||||||||||
Year Ended February 28, 2021 | Year Ended February 29, 2020 | Year Ended February 28, 2021 | Year Ended February 29, 2020 | |||||||||||||
SHARE TRANSACTIONS: | ||||||||||||||||
Agency (a) | ||||||||||||||||
Issued | 89,714 | 66,522 | 181,854 | 715,020 | ||||||||||||
Reinvested | — | (b) | — | (b) | — | (b) | — | (b) | ||||||||
Redeemed | (92,894 | ) | (41,633 | ) | (371,696 | ) | (452,366 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Agency Shares | (3,180 | ) | 24,889 | (189,842 | ) | 262,654 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Eagle Class (c) | ||||||||||||||||
Issued | — | 8,557 | — | 18,661 | ||||||||||||
Reinvested | — | 22 | — | 56 | ||||||||||||
Redeemed | — | (18,844 | ) | — | (53,610 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Eagle Class Shares | — | (10,265 | ) | — | (34,893 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Institutional Class (a) | ||||||||||||||||
Issued | 372,851 | 995,953 | 1,320,271 | 4,204,902 | ||||||||||||
Reinvested | 4 | — | (b) | 105 | 145 | |||||||||||
Redeemed | (503,824 | ) | (708,283 | ) | (2,413,093 | ) | (2,579,747 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Institutional Class Shares | (130,969 | ) | 287,670 | (1,092,717 | ) | 1,625,300 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Morgan | ||||||||||||||||
Issued | 33,811 | 2,312 | 27,488 | 32,103 | ||||||||||||
Reinvested | 14 | 18 | 143 | 959 | ||||||||||||
Redeemed | (29,152 | ) | (1,473 | ) | (29,866 | ) | (103,008 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Morgan Shares | 4,673 | 857 | (2,235 | ) | (69,946 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Premier | ||||||||||||||||
Issued | 483,680 | 1,046,255 | 894,939 | 2,924,859 | ||||||||||||
Reinvested | 78 | 996 | 325 | 4,126 | ||||||||||||
Redeemed | (615,011 | ) | (1,073,445 | ) | (1,546,038 | ) | (2,955,566 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Premier Shares | (131,253 | ) | (26,194 | ) | (650,774 | ) | (26,581 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Reserve | ||||||||||||||||
Issued | — | — | 4,281 | 3,749 | ||||||||||||
Reinvested | — | — | 3 | 10 | ||||||||||||
Redeemed | — | — | (3,908 | ) | (4,206 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Reserve Shares | — | — | 376 | (447 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Service | ||||||||||||||||
Issued | — | 23,339 | 1 | 21,226 | ||||||||||||
Reinvested | 29 | 269 | 12 | 91 | ||||||||||||
Redeemed | (16,367 | ) | (113,330 | ) | (4,644 | ) | (49,493 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Service Shares | (16,338 | ) | (89,722 | ) | (4,631 | ) | (28,176 | ) | ||||||||
|
|
|
|
|
|
|
|
(a) | Commencement of offering of class of shares effective March 1, 2019. |
(b) | Amount rounds to less than one thousand. |
(c) | Liquidated on November 25, 2019. |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 113 |
Table of Contents
FOR THE PERIODS INDICATED
Per share operating performance | ||||||||||||||||||||||||||||
Investment operations | Distributions | |||||||||||||||||||||||||||
Net asset value, beginning of period | Net investment income (loss) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net investment income | Net realized gain | Total distributions | ||||||||||||||||||||||
JPMorgan Prime Money Market Fund* | ||||||||||||||||||||||||||||
Academy | ||||||||||||||||||||||||||||
Year Ended February 28, 2021 | $ | 1.0006 | $ | 0.0036 | $ | — | (d) | $ | 0.0036 | $ | (0.0036 | ) | $ | — | (d) | $ | (0.0036 | ) | ||||||||||
May 15, 2019 (e) through February 29, 2020 | 1.0003 | 0.0162 | 0.0003 | 0.0165 | (0.0162 | ) | — | (0.0162 | ) | |||||||||||||||||||
Agency | ||||||||||||||||||||||||||||
Year Ended February 28, 2021 | 1.0007 | 0.0028 | 0.0001 | 0.0029 | (0.0028 | ) | — | (d) | (0.0028 | ) | ||||||||||||||||||
Year Ended February 29, 2020 | 1.0003 | 0.0205 | 0.0004 | 0.0209 | (0.0205 | ) | — | (d) | (0.0205 | ) | ||||||||||||||||||
Year Ended February 28, 2019 | 1.0001 | 0.0204 | 0.0002 | 0.0206 | (0.0204 | ) | — | (d) | (0.0204 | ) | ||||||||||||||||||
Year Ended February 28, 2018 | 1.0004 | 0.0114 | (f) | (0.0004 | ) | 0.0110 | (0.0113 | ) | — | (d) | (0.0113 | ) | ||||||||||||||||
Year Ended February 28, 2017 | 1.0000 | 0.0036 | (f) | 0.0016 | 0.0052 | (0.0048 | ) | — | (d) | (0.0048 | ) | |||||||||||||||||
Capital | ||||||||||||||||||||||||||||
Year Ended February 28, 2021 | 1.0005 | 0.0036 | — | (d) | 0.0036 | (0.0036 | ) | — | (d) | (0.0036 | ) | |||||||||||||||||
Year Ended February 29, 2020 | 1.0003 | 0.0213 | 0.0002 | 0.0215 | (0.0213 | ) | — | (d) | (0.0213 | ) | ||||||||||||||||||
Year Ended February 28, 2019 | 1.0001 | 0.0212 | 0.0002 | 0.0214 | (0.0212 | ) | — | (d) | (0.0212 | ) | ||||||||||||||||||
Year Ended February 28, 2018 | 1.0004 | 0.0122 | (f) | (0.0004 | ) | 0.0118 | (0.0121 | ) | — | (d) | (0.0121 | ) | ||||||||||||||||
Year Ended February 28, 2017 | 1.0000 | 0.0047 | (f) | 0.0014 | 0.0061 | (0.0057 | ) | — | (d) | (0.0057 | ) | |||||||||||||||||
Class C | ||||||||||||||||||||||||||||
Year Ended February 28, 2021 | 1.0005 | 0.0006 | — | (d) | 0.0006 | (0.0006 | ) | — | (d) | (0.0006 | ) | |||||||||||||||||
Year Ended February 29, 2020 | 1.0003 | 0.0134 | 0.0002 | 0.0136 | (0.0134 | ) | — | (d) | (0.0134 | ) | ||||||||||||||||||
Year Ended February 28, 2019 | 1.0001 | 0.0133 | 0.0002 | 0.0135 | (0.0133 | ) | — | (d) | (0.0133 | ) | ||||||||||||||||||
Year Ended February 28, 2018 | 1.0004 | 0.0039 | (f) | — | (d) | 0.0039 | (0.0042 | ) | — | (d) | (0.0042 | ) | ||||||||||||||||
Year Ended February 28, 2017 | 1.0000 | 0.0001 | (f) | 0.0006 | 0.0007 | (0.0003 | ) | — | (d) | (0.0003 | ) | |||||||||||||||||
Empower | ||||||||||||||||||||||||||||
February 23, 2021 (e) through February 28, 2021 | 1.0005 | — | (d) | — | (d) | — | (d) | — | (d) | — | — | (d) | ||||||||||||||||
IM | ||||||||||||||||||||||||||||
Year Ended February 28, 2021 | 1.0006 | 0.0039 | — | (d) | 0.0039 | (0.0039 | ) | — | (d) | (0.0039 | ) | |||||||||||||||||
Year Ended February 29, 2020 | 1.0003 | 0.0216 | 0.0003 | 0.0219 | (0.0216 | ) | — | (d) | (0.0216 | ) | ||||||||||||||||||
Year Ended February 28, 2019 | 1.0001 | 0.0215 | 0.0002 | 0.0217 | (0.0215 | ) | — | (d) | (0.0215 | ) | ||||||||||||||||||
Year Ended February 28, 2018 | 1.0004 | 0.0124 | (f) | (0.0004 | ) | 0.0120 | (0.0123 | ) | — | (d) | (0.0123 | ) | ||||||||||||||||
Year Ended February 28, 2017 | 1.0000 | 0.0055 | (f) | 0.0007 | 0.0062 | (0.0058 | ) | — | (d) | (0.0058 | ) | |||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||
Year Ended February 28, 2021 | 1.0005 | 0.0033 | — | (d) | 0.0033 | (0.0033 | ) | — | (d) | (0.0033 | ) | |||||||||||||||||
Year Ended February 29, 2020 | 1.0003 | 0.0210 | 0.0002 | 0.0212 | (0.0210 | ) | — | (d) | (0.0210 | ) | ||||||||||||||||||
Year Ended February 28, 2019 | 1.0001 | 0.0209 | 0.0002 | 0.0211 | (0.0209 | ) | — | (d) | (0.0209 | ) | ||||||||||||||||||
Year Ended February 28, 2018 | 1.0004 | 0.0119 | (f) | (0.0004 | ) | 0.0115 | (0.0118 | ) | — | (d) | (0.0118 | ) | ||||||||||||||||
Year Ended February 28, 2017 | 1.0000 | 0.0044 | (f) | 0.0014 | 0.0058 | (0.0054 | ) | — | (d) | (0.0054 | ) |
(a) | Annualized for periods less than one year, unless otherwise noted. |
(b) | Not annualized for periods less than one year. |
(c) | Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
(d) | Amount rounds to less than $0.00005. |
(e) | Commencement of offering of class of shares. |
(f) | Calculated based upon average shares outstanding. |
(g) | Amount rounds to less than 0.005%. |
* | The JPMorgan Prime Money Market Fund began utilizing a floating NAV calculated to four decimal places on October 3, 2016. |
SEE NOTES TO FINANCIAL STATEMENTS.
114 | J.P. MORGAN MONEY MARKET FUNDS | FEBRUARY 28, 2021 |
Table of Contents
| Ratios/Supplemental data | |||||||||||||||||||||
Ratios to average net assets (a) | ||||||||||||||||||||||
Net asset value, end of period | Total return (b) | Net assets, end of period (000’s) | Net expenses (c) | Net investment income (loss) | Expenses reimbursements and | |||||||||||||||||
$ | 1.0006 | 0.36 | % | $ | 1,011,973 | 0.17 | % | 0.38 | % | 0.19 | % | |||||||||||
1.0006 | 1.66 | 150,519 | 0.18 | 1.69 | 0.26 | |||||||||||||||||
1.0008 | 0.29 | 1,492,906 | 0.24 | 0.30 | 0.29 | |||||||||||||||||
1.0007 | 2.11 | 2,517,667 | 0.26 | 2.05 | 0.30 | |||||||||||||||||
1.0003 | 2.08 | 2,474,137 | 0.26 | 2.09 | 0.31 | |||||||||||||||||
1.0001 | 1.10 | 1,494,001 | 0.26 | 1.14 | 0.31 | |||||||||||||||||
1.0004 | 0.52 | 1,002,964 | 0.26 | 0.36 | 0.31 | |||||||||||||||||
1.0005 | 0.36 | 42,867,638 | 0.16 | 0.31 | 0.19 | |||||||||||||||||
1.0005 | 2.17 | 33,683,247 | 0.18 | 2.09 | 0.20 | |||||||||||||||||
1.0003 | 2.16 | 26,725,832 | 0.18 | 2.13 | 0.21 | |||||||||||||||||
1.0001 | 1.18 | 24,654,174 | 0.18 | 1.22 | 0.21 | |||||||||||||||||
1.0004 | 0.61 | 20,091,103 | 0.17 | 0.47 | 0.21 | |||||||||||||||||
1.0005 | 0.06 | 734 | 0.46 | 0.06 | 4.90 | |||||||||||||||||
1.0005 | 1.37 | 806 | 0.97 | 1.38 | 3.88 | |||||||||||||||||
1.0003 | 1.36 | 1,218 | 0.97 | 1.30 | 2.80 | |||||||||||||||||
1.0001 | 0.39 | 2,012 | 0.97 | 0.39 | 2.27 | |||||||||||||||||
1.0004 | 0.07 | 4,289 | 0.60 | 0.01 | 1.20 | |||||||||||||||||
1.0005 | 0.00 | (g) | 25 | 0.12 | 0.10 | 0.19 | ||||||||||||||||
1.0006 | 0.39 | 7,515,957 | 0.13 | 0.35 | 0.14 | |||||||||||||||||
1.0006 | 2.21 | 5,541,728 | 0.15 | 2.12 | 0.15 | |||||||||||||||||
1.0003 | 2.19 | 1,896,262 | 0.16 | 2.13 | 0.16 | |||||||||||||||||
1.0001 | 1.21 | 2,032,079 | 0.16 | 1.24 | 0.16 | |||||||||||||||||
1.0004 | 0.62 | 2,010,581 | 0.16 | 0.55 | 0.17 | |||||||||||||||||
1.0005 | 0.33 | 19,063,596 | 0.19 | 0.30 | 0.24 | |||||||||||||||||
1.0005 | 2.14 | 15,607,982 | 0.21 | 2.07 | 0.25 | |||||||||||||||||
1.0003 | 2.13 | 11,691,618 | 0.21 | 2.12 | 0.26 | |||||||||||||||||
1.0001 | 1.15 | 8,567,374 | 0.21 | 1.19 | 0.26 | |||||||||||||||||
1.0004 | 0.58 | 6,081,787 | 0.20 | 0.44 | 0.26 |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 115 |
Table of Contents
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
Per share operating performance | ||||||||||||||||||||||||||||
Investment operations | Distributions | |||||||||||||||||||||||||||
Net asset value, beginning of period | Net investment income (loss) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net investment income | Net realized gain | Total distributions | ||||||||||||||||||||||
JPMorgan Prime Money Market Fund* (continued) | ||||||||||||||||||||||||||||
Morgan | ||||||||||||||||||||||||||||
Year Ended February 28, 2021 | $ | 1.0008 | $ | 0.0016 | $ | 0.0003 | $ | 0.0019 | $ | (0.0016 | ) | $ | — | (d) | $ | (0.0016 | ) | |||||||||||
Year Ended February 29, 2020 | 1.0003 | 0.0180 | 0.0005 | 0.0185 | (0.0180 | ) | — | (d) | (0.0180 | ) | ||||||||||||||||||
Year Ended February 28, 2019 | 1.0001 | 0.0179 | 0.0002 | 0.0181 | (0.0179 | ) | — | (d) | (0.0179 | ) | ||||||||||||||||||
Year Ended February 28, 2018 | 1.0004 | 0.0089 | (f) | (0.0005 | ) | 0.0084 | (0.0087 | ) | — | (d) | (0.0087 | ) | ||||||||||||||||
Year Ended February 28, 2017 | 1.0000 | 0.0014 | (f) | 0.0012 | 0.0026 | (0.0022 | ) | — | (d) | (0.0022 | ) | |||||||||||||||||
Premier | ||||||||||||||||||||||||||||
Year Ended February 28, 2021 | 1.0006 | 0.0019 | 0.0001 | 0.0020 | (0.0019 | ) | — | (d) | (0.0019 | ) | ||||||||||||||||||
Year Ended February 29, 2020 | 1.0003 | 0.0186 | 0.0003 | 0.0189 | (0.0186 | ) | — | (d) | (0.0186 | ) | ||||||||||||||||||
Year Ended February 28, 2019 | 1.0001 | 0.0185 | 0.0002 | 0.0187 | (0.0185 | ) | — | (d) | (0.0185 | ) | ||||||||||||||||||
Year Ended February 28, 2018 | 1.0004 | 0.0096 | (f) | (0.0005 | ) | 0.0091 | (0.0094 | ) | — | (d) | (0.0094 | ) | ||||||||||||||||
Year Ended February 28, 2017 | 1.0000 | 0.0020 | (f) | 0.0013 | 0.0033 | (0.0029 | ) | — | (d) | (0.0029 | ) | |||||||||||||||||
Reserve | ||||||||||||||||||||||||||||
Year Ended February 28, 2021 | 1.0007 | 0.0010 | 0.0002 | 0.0012 | (0.0010 | ) | — | (d) | (0.0010 | ) | ||||||||||||||||||
Year Ended February 29, 2020 | 1.0003 | 0.0161 | 0.0004 | 0.0165 | (0.0161 | ) | — | (d) | (0.0161 | ) | ||||||||||||||||||
Year Ended February 28, 2019 | 1.0001 | 0.0160 | 0.0002 | 0.0162 | (0.0160 | ) | — | (d) | (0.0160 | ) | ||||||||||||||||||
Year Ended February 28, 2018 | 1.0004 | 0.0062 | (f) | 0.0004 | 0.0066 | (0.0069 | ) | — | (d) | (0.0069 | ) | |||||||||||||||||
Year Ended February 28, 2017 | 1.0000 | 0.0003 | (f) | 0.0013 | 0.0016 | (0.0012 | ) | — | (d) | (0.0012 | ) |
(a) | Annualized for periods less than one year, unless otherwise noted. |
(b) | Not annualized for periods less than one year. |
(c) | Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
(d) | Amount rounds to less than $0.00005. |
(e) | Commencement of offering of class of shares. |
(f) | Calculated based upon average shares outstanding. |
* | The JPMorgan Prime Money Market Fund began utilizing a floating NAV calculated to four decimal places on October 3, 2016. |
SEE NOTES TO FINANCIAL STATEMENTS.
116 | J.P. MORGAN MONEY MARKET FUNDS | FEBRUARY 28, 2021 |
Table of Contents
| Ratios/Supplemental data | |||||||||||||||||||||
Ratios to average net assets (a) | ||||||||||||||||||||||
Net asset value, end of period | Total return (b) | Net assets, end of period (000’s) | Net expenses (c) | Net investment income (loss) | Expenses reimbursements and | |||||||||||||||||
$ | 1.0011 | 0.19 | % | $ | 1,353,316 | 0.38 | % | 0.22 | % | 0.50 | % | |||||||||||
1.0008 | 1.87 | 2,880,586 | 0.51 | 1.78 | 0.51 | |||||||||||||||||
1.0003 | 1.82 | 2,395,205 | 0.52 | 1.88 | 0.53 | |||||||||||||||||
1.0001 | 0.84 | 739,866 | 0.52 | 0.89 | 0.56 | |||||||||||||||||
1.0004 | 0.26 | 534,288 | 0.52 | 0.14 | 0.54 | |||||||||||||||||
1.0007 | 0.20 | 1,337,044 | 0.35 | 0.22 | 0.44 | |||||||||||||||||
1.0006 | 1.91 | 2,646,576 | 0.45 | 1.83 | 0.45 | |||||||||||||||||
1.0003 | 1.89 | 1,884,553 | 0.45 | 1.90 | 0.46 | |||||||||||||||||
1.0001 | 0.91 | 1,093,169 | 0.45 | 0.96 | 0.46 | |||||||||||||||||
1.0004 | 0.33 | 687,368 | 0.45 | 0.20 | 0.46 | |||||||||||||||||
1.0009 | 0.12 | 1,084 | 0.53 | 0.33 | 2.00 | |||||||||||||||||
1.0007 | 1.66 | 12,017 | 0.70 | 1.59 | 0.94 | |||||||||||||||||
1.0003 | 1.64 | 13,024 | 0.70 | 1.57 | 0.85 | |||||||||||||||||
1.0001 | 0.66 | 15,846 | 0.70 | 0.62 | 0.76 | |||||||||||||||||
1.0004 | 0.16 | 99,446 | 0.58 | 0.03 | 0.71 |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 117 |
Table of Contents
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
Per share operating performance | ||||||||||||||||||||||||||||
Investment operations | Distributions | |||||||||||||||||||||||||||
Net asset value, beginning of period | Net investment income (loss) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net investment income | Net realized gain | Total distributions | ||||||||||||||||||||||
JPMorgan Institutional Tax Free Money Market Fund | ||||||||||||||||||||||||||||
Agency | ||||||||||||||||||||||||||||
Year Ended February 28, 2021 | $ | 1.0001 | $ | 0.0023 | $ | 0.0004 | $ | 0.0027 | $ | (0.0023 | ) | $ | — | (d) | $ | (0.0023 | ) | |||||||||||
Year Ended February 29, 2020 | 1.0000 | 0.0117 | 0.0001 | (e) | 0.0118 | (0.0117 | ) | — | (d) | (0.0117 | ) | |||||||||||||||||
March 1, 2018 (f) through February 28, 2019 | 1.0000 | 0.0123 | — | (d) | 0.0123 | (0.0123 | ) | — | (d) | (0.0123 | ) | |||||||||||||||||
Capital | ||||||||||||||||||||||||||||
Year Ended February 28, 2021 | 1.0000 | 0.0028 | 0.0006 | 0.0034 | (0.0028 | ) | — | (d) | (0.0028 | ) | ||||||||||||||||||
Year Ended February 29, 2020 | 1.0000 | 0.0125 | — | (d) | 0.0125 | (0.0125 | ) | — | (d) | (0.0125 | ) | |||||||||||||||||
March 1, 2018 (f) through February 28, 2019 | 1.0000 | 0.0131 | — | (d) | 0.0131 | (0.0131 | ) | — | (d) | (0.0131 | ) | |||||||||||||||||
IM | ||||||||||||||||||||||||||||
Year Ended February 28, 2021 | 1.0000 | 0.0030 | 0.0005 | 0.0035 | (0.0030 | ) | — | (d) | �� | (0.0030 | ) | |||||||||||||||||
Year Ended February 29, 2020 | 1.0000 | 0.0127 | — | (d) | 0.0127 | (0.0127 | ) | — | (d) | (0.0127 | ) | |||||||||||||||||
March 1, 2018 (f) through February 28, 2019 | 1.0000 | 0.0133 | — | (d) | 0.0133 | (0.0133 | ) | — | (d) | (0.0133 | ) | |||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||
Year Ended February 28, 2021 | 1.0000 | 0.0026 | 0.0005 | 0.0031 | (0.0026 | ) | — | (d) | (0.0026 | ) | ||||||||||||||||||
Year Ended February 29, 2020 | 1.0000 | 0.0122 | — | (d) | 0.0122 | (0.0122 | ) | — | (d) | (0.0122 | ) | |||||||||||||||||
March 1, 2018 (f) through February 28, 2019 | 1.0000 | 0.0128 | — | (d) | 0.0128 | (0.0128 | ) | — | (d) | (0.0128 | ) |
(a) | Annualized for periods less than one year, unless otherwise noted. |
(b) | Not annualized for periods less than one year. |
(c) | Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
(d) | Amount rounds to less than $0.00005. |
(e) | Net realized and unrealized gains (losses) on investments may appear disproportionate in relation to the classes due to rounding. |
(f) | Commencement of operations. |
(g) | Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated. |
SEE NOTES TO FINANCIAL STATEMENTS.
118 | J.P. MORGAN MONEY MARKET FUNDS | FEBRUARY 28, 2021 |
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| Ratios/Supplemental data | |||||||||||||||||||||
Ratios to average net assets (a) | ||||||||||||||||||||||
Net asset value, end of period | Total return (b) | Net assets, end of period (000’s) | Net expenses (c) | Net investment income (loss) | Expenses without waivers, reimbursements and earnings credits | |||||||||||||||||
$ | 1.0005 | 0.27 | % | $ | 23,163 | 0.24 | % | 0.25 | % | 0.36 | % | |||||||||||
1.0001 | 1.19 | 41,696 | 0.26 | 1.15 | 0.38 | |||||||||||||||||
1.0000 | 1.24 | 17,148 | 0.26 | (g) | 1.36 | (g) | 2.96 | (g) | ||||||||||||||
1.0006 | 0.34 | 37,889 | 0.18 | 0.41 | 0.22 | |||||||||||||||||
1.0000 | 1.26 | 228,168 | 0.18 | 1.18 | 0.24 | |||||||||||||||||
1.0000 | 1.32 | 72,933 | 0.18 | (g) | 1.42 | (g) | 0.40 | (g) | ||||||||||||||
1.0005 | 0.35 | 665,960 | 0.15 | 0.18 | 0.16 | |||||||||||||||||
1.0000 | 1.28 | 391,386 | 0.16 | 1.24 | 0.18 | |||||||||||||||||
1.0000 | 1.34 | 475,368 | 0.16 | (g) | 1.32 | (g) | 0.23 | (g) | ||||||||||||||
1.0005 | 0.31 | 478,239 | 0.20 | 0.23 | 0.26 | |||||||||||||||||
1.0000 | 1.23 | 309,118 | 0.21 | 1.20 | 0.28 | |||||||||||||||||
1.0000 | 1.29 | 377,900 | 0.21 | (g) | 1.40 | (g) | 0.37 | (g) |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 119 |
Table of Contents
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
Per share operating performance | ||||||||||||||||||||||||||||
Investment operations | Distributions | |||||||||||||||||||||||||||
Net asset value, beginning of period | Net investment income (loss) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net investment income | Net realized gain | Total distributions | ||||||||||||||||||||||
JPMorgan Securities Lending Money Market Fund | ||||||||||||||||||||||||||||
Agency SL | ||||||||||||||||||||||||||||
Year Ended February 28, 2021 | $ | 1.0002 | $ | 0.0045 | $ | (0.0001 | ) | $ | 0.0044 | $ | (0.0045 | ) | $ | — | (d) | $ | (0.0045 | ) | ||||||||||
Year Ended February 29, 2020 | 1.0001 | 0.0222 | 0.0001 | 0.0223 | (0.0222 | ) | — | (d) | (0.0222 | ) | ||||||||||||||||||
September 19, 2018 (e) through February 28, 2019 | 1.0000 | 0.0109 | 0.0001 | 0.0110 | (0.0109 | ) | — | (0.0109 | ) |
(a) | Annualized for periods less than one year, unless otherwise noted. |
(b) | Not annualized for periods less than one year. |
(c) | Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
(d) | Amount rounds to less than $0.00005. |
(e) | Commencement of operations. |
(f) | Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated. |
SEE NOTES TO FINANCIAL STATEMENTS.
120 | J.P. MORGAN MONEY MARKET FUNDS | FEBRUARY 28, 2021 |
Table of Contents
| Ratios/Supplemental data | |||||||||||||||||||||
Ratios to average net assets (a) | ||||||||||||||||||||||
Net asset value, end of period | Total return (b) | Net assets, end of period (000’s) | Net expenses (c) | Net investment income (loss) | Expenses without waivers, reimbursements and earnings credits | |||||||||||||||||
$ | 1.0001 | 0.44 | % | $ | 2,168,587 | 0.06 | % | 0.48 | % | 0.15 | % | |||||||||||
1.0002 | 2.25 | 3,455,824 | 0.06 | 2.20 | 0.16 | |||||||||||||||||
1.0001 | 1.10 | 2,865,539 | 0.06 | (f) | 2.53 | (f) | 0.23 | (f) |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 121 |
Table of Contents
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
Per share operating performance | ||||||||||||||||||||||||||||
Investment operations | Distributions | |||||||||||||||||||||||||||
Net asset value, beginning of period | Net investment income (loss) (b) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net investment income | Net realized gain | Total distributions | ||||||||||||||||||||||
JPMorgan Liquid Assets Money Market Fund | ||||||||||||||||||||||||||||
Agency | ||||||||||||||||||||||||||||
Year Ended February 28, 2021 | $ | 1.00 | $ | — | (e) | $ | — | (e) | $ | — | (e) | $ | — | (e) | $ | — | (e) | $ | — | (e) | ||||||||
Year Ended February 29, 2020 | 1.00 | 0.02 | — | (e) | 0.02 | (0.02 | ) | — | (e) | (0.02 | ) | |||||||||||||||||
Year Ended February 28, 2019 | 1.00 | 0.02 | — | (e) | 0.02 | (0.02 | ) | — | (e) | (0.02 | ) | |||||||||||||||||
Year Ended February 28, 2018 | 1.00 | 0.01 | — | (e) | 0.01 | (0.01 | ) | — | (e) | (0.01 | ) | |||||||||||||||||
Year Ended February 28, 2017 | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | |||||||||||||||
Capital | ||||||||||||||||||||||||||||
Year Ended February 28, 2021 | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | |||||||||||||||
Year Ended February 29, 2020 | 1.00 | 0.02 | — | (e) | 0.02 | (0.02 | ) | — | (e) | (0.02 | ) | |||||||||||||||||
Year Ended February 28, 2019 | 1.00 | 0.02 | — | (e) | 0.02 | (0.02 | ) | — | (e) | (0.02 | ) | |||||||||||||||||
Year Ended February 28, 2018 | 1.00 | 0.01 | — | (e) | 0.01 | (0.01 | ) | — | (e) | (0.01 | ) | |||||||||||||||||
Year Ended February 28, 2017 | 1.00 | 0.01 | — | (e) | 0.01 | (0.01 | ) | — | (e) | (0.01 | ) | |||||||||||||||||
Class C | ||||||||||||||||||||||||||||
Year Ended February 28, 2021 | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | |||||||||||||||
Year Ended February 29, 2020 | 1.00 | 0.01 | — | (e) | 0.01 | (0.01 | ) | — | (e) | (0.01 | ) | |||||||||||||||||
Year Ended February 28, 2019 | 1.00 | 0.01 | — | (e) | 0.01 | (0.01 | ) | — | (e) | (0.01 | ) | |||||||||||||||||
Year Ended February 28, 2018 | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | |||||||||||||||
Year Ended February 28, 2017 | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | |||||||||||||||
E*Trade (f) | ||||||||||||||||||||||||||||
For the Period Ended October 19, 2016 | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | |||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||
Year Ended February 28, 2021 | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | |||||||||||||||
Year Ended February 29, 2020 | 1.00 | 0.02 | — | (e) | 0.02 | (0.02 | ) | — | (e) | (0.02 | ) | |||||||||||||||||
Year Ended February 28, 2019 | 1.00 | 0.02 | — | (e) | 0.02 | (0.02 | ) | — | (e) | (0.02 | ) | |||||||||||||||||
Year Ended February 28, 2018 | 1.00 | 0.01 | — | (e) | 0.01 | (0.01 | ) | — | (e) | (0.01 | ) | |||||||||||||||||
Year Ended February 28, 2017 | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | |||||||||||||||
Investor | ||||||||||||||||||||||||||||
Year Ended February 28, 2021 | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | |||||||||||||||
Year Ended February 29, 2020 | 1.00 | 0.02 | — | (e) | 0.02 | (0.02 | ) | — | (e) | (0.02 | ) | |||||||||||||||||
Year Ended February 28, 2019 | 1.00 | 0.02 | — | (e) | 0.02 | (0.02 | ) | — | (e) | (0.02 | ) | |||||||||||||||||
Year Ended February 28, 2018 | 1.00 | 0.01 | — | (e) | 0.01 | (0.01 | ) | — | (e) | (0.01 | ) | |||||||||||||||||
Year Ended February 28, 2017 | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | |||||||||||||||
Morgan | ||||||||||||||||||||||||||||
Year Ended February 28, 2021 | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | |||||||||||||||
Year Ended February 29, 2020 | 1.00 | 0.02 | — | (e) | 0.02 | (0.02 | ) | — | (e) | (0.02 | ) | |||||||||||||||||
Year Ended February 28, 2019 | 1.00 | 0.02 | — | (e) | 0.02 | (0.02 | ) | — | (e) | (0.02 | ) | |||||||||||||||||
Year Ended February 28, 2018 | 1.00 | 0.01 | — | (e) | 0.01 | (0.01 | ) | — | (e) | (0.01 | ) | |||||||||||||||||
Year Ended February 28, 2017 | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) |
(a) | Annualized for periods less than one year, unless otherwise noted. |
(b) | Calculated based upon average shares outstanding. |
(c) | Not annualized for periods less than one year. |
(d) | Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
(e) | Amount rounds to less than $0.005. |
(f) | E*Trade Shares had no assets from the close of business on October 19, 2016. |
SEE NOTES TO FINANCIAL STATEMENTS.
122 | J.P. MORGAN MONEY MARKET FUNDS | FEBRUARY 28, 2021 |
Table of Contents
| Ratios/Supplemental data | |||||||||||||||||||||
Ratios to average net assets (a) | ||||||||||||||||||||||
Net asset value, end of period | Total return (c) | Net assets, end of period (000’s) | Net expenses (d) | Net investment income (loss) | Expenses | |||||||||||||||||
$ | 1.00 | 0.29 | % | $ | 1,234,800 | 0.24 | % | 0.27 | % | 0.29 | % | |||||||||||
1.00 | 2.07 | 1,452,745 | 0.26 | 1.94 | 0.31 | |||||||||||||||||
1.00 | 2.06 | 542,003 | 0.26 | 2.13 | 0.33 | |||||||||||||||||
1.00 | 1.11 | 158,527 | 0.26 | 1.16 | 0.34 | |||||||||||||||||
1.00 | 0.45 | 36,107 | 0.26 | 0.39 | 0.35 | |||||||||||||||||
1.00 | 0.35 | 4,806,805 | 0.18 | 0.25 | 0.19 | |||||||||||||||||
1.00 | 2.15 | 2,295,874 | 0.18 | 2.01 | 0.21 | |||||||||||||||||
1.00 | 2.14 | 558,492 | 0.18 | 2.16 | 0.23 | |||||||||||||||||
1.00 | 1.19 | 98,814 | 0.18 | 1.36 | 0.24 | |||||||||||||||||
1.00 | 0.53 | 105,366 | 0.18 | 0.38 | 0.22 | |||||||||||||||||
1.00 | 0.07 | 33,821 | 0.48 | 0.05 | 1.15 | |||||||||||||||||
1.00 | 1.34 | 18,423 | 0.97 | 1.35 | 1.18 | |||||||||||||||||
1.00 | 1.34 | 22,073 | 0.97 | 1.34 | 1.19 | |||||||||||||||||
1.00 | 0.40 | 22,267 | 0.97 | 0.38 | 1.20 | |||||||||||||||||
1.00 | 0.04 | 33,104 | 0.55 | 0.01 | 1.18 | |||||||||||||||||
1.00 | 0.01 | — | 0.54 | 0.01 | 1.08 | |||||||||||||||||
1.00 | 0.32 | 3,055,814 | 0.21 | 0.30 | 0.24 | |||||||||||||||||
1.00 | 2.12 | 3,412,753 | 0.21 | 2.07 | 0.26 | |||||||||||||||||
1.00 | 2.11 | 2,717,544 | 0.21 | 2.17 | 0.28 | |||||||||||||||||
1.00 | 1.16 | 988,333 | 0.21 | 1.21 | 0.29 | |||||||||||||||||
1.00 | 0.50 | 286,502 | 0.21 | 0.37 | 0.28 | |||||||||||||||||
1.00 | 0.17 | 6,189 | 0.34 | 0.16 | 0.58 | |||||||||||||||||
1.00 | 1.81 | 7,904 | 0.51 | 1.78 | 0.52 | |||||||||||||||||
1.00 | 1.81 | 8,147 | 0.51 | 1.79 | 0.54 | |||||||||||||||||
1.00 | 0.86 | 8,616 | 0.51 | 0.89 | 0.55 | |||||||||||||||||
1.00 | 0.21 | 3,933 | 0.51 | 0.07 | 0.53 | |||||||||||||||||
1.00 | 0.14 | 627,541 | 0.40 | 0.14 | 0.60 | |||||||||||||||||
1.00 | 1.73 | 543,317 | 0.59 | 1.69 | 0.63 | |||||||||||||||||
1.00 | 1.73 | 307,584 | 0.59 | 1.76 | 0.68 | |||||||||||||||||
1.00 | 0.78 | 156,049 | 0.59 | 0.78 | 0.70 | |||||||||||||||||
1.00 | 0.16 | 144,168 | 0.54 | 0.04 | 0.64 |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 123 |
Table of Contents
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
Per share operating performance | ||||||||||||||||||||||||||||
Investment operations | Distributions | |||||||||||||||||||||||||||
Net asset value, beginning of period | Net investment income (loss) (b) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net investment income | Net realized gain | Total distributions | ||||||||||||||||||||||
JPMorgan Liquid Assets Money Market Fund (continued) |
| |||||||||||||||||||||||||||
Premier | ||||||||||||||||||||||||||||
Year Ended February 28, 2021 | $ | 1.00 | $ | — | (e) | $ | — | (e) | $ | — | (e) | $ | — | (e) | $ | — | (e) | $ | — | (e) | ||||||||
Year Ended February 29, 2020 | 1.00 | 0.02 | — | (e) | 0.02 | (0.02 | ) | — | (e) | (0.02 | ) | |||||||||||||||||
Year Ended February 28, 2019 | 1.00 | 0.02 | — | (e) | 0.02 | (0.02 | ) | — | (e) | (0.02 | ) | |||||||||||||||||
Year Ended February 28, 2018 | 1.00 | 0.01 | — | (e) | 0.01 | (0.01 | ) | — | (e) | (0.01 | ) | |||||||||||||||||
Year Ended February 28, 2017 | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | |||||||||||||||
Reserve | ||||||||||||||||||||||||||||
Year Ended February 28, 2021 | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | |||||||||||||||
Year Ended February 29, 2020 | 1.00 | 0.02 | — | (e) | 0.02 | (0.02 | ) | — | (e) | (0.02 | ) | |||||||||||||||||
Year Ended February 28, 2019 | 1.00 | 0.02 | — | (e) | 0.02 | (0.02 | ) | — | (e) | (0.02 | ) | |||||||||||||||||
Year Ended February 28, 2018 | 1.00 | 0.01 | — | (e) | 0.01 | (0.01 | ) | — | (e) | (0.01 | ) | |||||||||||||||||
Year Ended February 28, 2017 | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) |
(a) | Annualized for periods less than one year, unless otherwise noted. |
(b) | Calculated based upon average shares outstanding. |
(c) | Not annualized for periods less than one year. |
(d) | Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
(e) | Amount rounds to less than $0.005. |
SEE NOTES TO FINANCIAL STATEMENTS.
124 | J.P. MORGAN MONEY MARKET FUNDS | FEBRUARY 28, 2021 |
Table of Contents
| Ratios/Supplemental data | |||||||||||||||||||||
Ratios to average net assets (a) | ||||||||||||||||||||||
Net asset value, end of period | Total return (c) | Net assets, end of period (000’s) | Net expenses (d) | Net investment income (loss) | Expenses | |||||||||||||||||
$ | 1.00 | 0.19 | % | $ | 2,373,258 | 0.35 | % | 0.19 | % | 0.44 | % | |||||||||||
1.00 | 1.87 | 3,031,847 | 0.45 | 1.77 | 0.46 | |||||||||||||||||
1.00 | 1.87 | 1,140,955 | 0.45 | 1.93 | 0.48 | |||||||||||||||||
1.00 | 0.92 | 353,810 | 0.45 | 0.95 | 0.49 | |||||||||||||||||
1.00 | 0.26 | 156,136 | 0.45 | 0.18 | 0.48 | |||||||||||||||||
1.00 | 0.11 | 5,661 | 0.40 | 0.11 | 0.88 | |||||||||||||||||
1.00 | 1.62 | 3,797 | 0.70 | 1.62 | 0.84 | |||||||||||||||||
1.00 | 1.61 | 4,548 | 0.70 | 1.59 | 0.74 | |||||||||||||||||
1.00 | 0.67 | 6,527 | 0.70 | 0.65 | 0.74 | |||||||||||||||||
1.00 | 0.12 | 7,672 | 0.55 | 0.02 | 0.73 |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 125 |
Table of Contents
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
Per share operating performance | ||||||||||||||||||||||||||||
Investment operations | Distributions | |||||||||||||||||||||||||||
Net asset value, beginning of period | Net investment income (loss) (b) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net investment income | Net realized gain | Total distributions | ||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund | ||||||||||||||||||||||||||||
Academy | ||||||||||||||||||||||||||||
Year Ended February 28, 2021 | $ | 1.00 | $ | — | (e) | $ | — | (e) | $ | — | (e) | $ | — | (e) | $ | — | $ | — | (e) | |||||||||
May 15, 2019 (f) through February 29, 2020 | 1.00 | 0.01 | — | (e) | 0.01 | (0.01 | ) | — | (0.01 | ) | ||||||||||||||||||
Agency |
| |||||||||||||||||||||||||||
Year Ended February 28, 2021 | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | — | (e) | ||||||||||||||||
Year Ended February 29, 2020 | 1.00 | 0.02 | — | (e) | 0.02 | (0.02 | ) | — | (0.02 | ) | ||||||||||||||||||
Year Ended February 28, 2019 | 1.00 | 0.02 | — | (e) | 0.02 | (0.02 | ) | — | (0.02 | ) | ||||||||||||||||||
Year Ended February 28, 2018 | 1.00 | 0.01 | — | (e) | 0.01 | (0.01 | ) | — | (e) | (0.01 | ) | |||||||||||||||||
Year Ended February 28, 2017 | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | |||||||||||||||
Capital |
| |||||||||||||||||||||||||||
Year Ended February 28, 2021 | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | — | (e) | ||||||||||||||||
Year Ended February 29, 2020 | 1.00 | 0.02 | — | (e) | 0.02 | (0.02 | ) | — | (0.02 | ) | ||||||||||||||||||
Year Ended February 28, 2019 | 1.00 | 0.02 | — | (e) | 0.02 | (0.02 | ) | — | (0.02 | ) | ||||||||||||||||||
Year Ended February 28, 2018 | 1.00 | 0.01 | — | (e) | 0.01 | (0.01 | ) | — | (e) | (0.01 | ) | |||||||||||||||||
Year Ended February 28, 2017 | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | |||||||||||||||
E*Trade |
| |||||||||||||||||||||||||||
Year Ended February 28, 2021 | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | — | (e) | ||||||||||||||||
Year Ended February 29, 2020 | 1.00 | 0.01 | — | (e) | 0.01 | (0.01 | ) | — | (0.01 | ) | ||||||||||||||||||
Year Ended February 28, 2019 | 1.00 | 0.01 | — | (e) | 0.01 | (0.01 | ) | — | (0.01 | ) | ||||||||||||||||||
Year Ended February 28, 2018 | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | |||||||||||||||
March 9, 2016 (f) through February 28, 2017 | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | |||||||||||||||
Empower |
| |||||||||||||||||||||||||||
February 23, 2021 (f) through February 28, 2021 | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | — | (e) | ||||||||||||||||
IM |
| |||||||||||||||||||||||||||
Year Ended February 28, 2021 | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | — | (e) | ||||||||||||||||
Year Ended February 29, 2020 | 1.00 | 0.02 | — | (e) | 0.02 | (0.02 | ) | — | (0.02 | ) | ||||||||||||||||||
Year Ended February 28, 2019 | 1.00 | 0.02 | — | (e) | 0.02 | (0.02 | ) | — | (0.02 | ) | ||||||||||||||||||
Year Ended February 28, 2018 | 1.00 | 0.01 | — | (e) | 0.01 | (0.01 | ) | — | (e) | (0.01 | ) | |||||||||||||||||
Year Ended February 28, 2017 | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | |||||||||||||||
Institutional Class |
| |||||||||||||||||||||||||||
Year Ended February 28, 2021 | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | — | (e) | ||||||||||||||||
Year Ended February 29, 2020 | 1.00 | 0.02 | — | (e) | 0.02 | (0.02 | ) | — | (0.02 | ) | ||||||||||||||||||
Year Ended February 28, 2019 | 1.00 | 0.02 | — | (e) | 0.02 | (0.02 | ) | — | (0.02 | ) | ||||||||||||||||||
Year Ended February 28, 2018 | 1.00 | 0.01 | — | (e) | 0.01 | (0.01 | ) | — | (e) | (0.01 | ) | |||||||||||||||||
Year Ended February 28, 2017 | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | |||||||||||||||
Investor |
| |||||||||||||||||||||||||||
Year Ended February 28, 2021 | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | — | (e) | ||||||||||||||||
Year Ended February 29, 2020 | 1.00 | 0.02 | — | (e) | 0.02 | (0.02 | ) | — | (0.02 | ) | ||||||||||||||||||
Year Ended February 28, 2019 | 1.00 | 0.02 | — | (e) | 0.02 | (0.02 | ) | — | (0.02 | ) | ||||||||||||||||||
Year Ended February 28, 2018 | 1.00 | 0.01 | — | (e) | 0.01 | (0.01 | ) | — | (e) | (0.01 | ) | |||||||||||||||||
Year Ended February 28, 2017 | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) |
(a) | Annualized for periods less than one year, unless otherwise noted. |
(b) | Calculated based upon average shares outstanding. |
(c) | Not annualized for periods less than one year. |
(d) | Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
(e) | Amount rounds to less than $0.005. |
(f) | Commencement of offering of class of shares. |
(g) | Amount rounds to less than 0.005%. |
SEE NOTES TO FINANCIAL STATEMENTS.
126 | J.P. MORGAN MONEY MARKET FUNDS | FEBRUARY 28, 2021 |
Table of Contents
| Ratios/Supplemental data | |||||||||||||||||||||
Ratios to average net assets (a) | ||||||||||||||||||||||
Net asset value, end of period | Total return (c) | Net assets, period | Net expenses (d) | Net investment income (loss) | Expenses without waivers, | |||||||||||||||||
$ | 1.00 | 0.14 | % | $ | 3,689,489 | 0.14 | % | 0.07 | % | 0.18 | % | |||||||||||
1.00 | 1.47 | 85,026 | 0.18 | 1.49 | 0.21 | |||||||||||||||||
1.00 | 0.09 | 16,148,773 | 0.20 | 0.08 | 0.28 | |||||||||||||||||
1.00 | 1.87 | 14,132,125 | 0.26 | 1.84 | 0.30 | |||||||||||||||||
1.00 | 1.82 | 11,112,454 | 0.26 | 1.79 | 0.31 | |||||||||||||||||
1.00 | 0.81 | 13,906,062 | 0.26 | 0.80 | 0.31 | |||||||||||||||||
1.00 | 0.22 | 12,887,975 | 0.25 | 0.22 | 0.31 | |||||||||||||||||
1.00 | 0.14 | 143,184,525 | 0.15 | 0.13 | 0.19 | |||||||||||||||||
1.00 | 1.95 | 86,263,432 | 0.18 | 1.91 | 0.20 | |||||||||||||||||
1.00 | 1.90 | 73,390,258 | 0.18 | 1.87 | 0.21 | |||||||||||||||||
1.00 | 0.89 | 92,747,537 | 0.18 | 0.88 | 0.21 | |||||||||||||||||
1.00 | 0.33 | 86,200,153 | 0.14 | 0.35 | 0.21 | |||||||||||||||||
1.00 | 0.03 | 404,756 | 0.25 | 0.02 | 1.03 | |||||||||||||||||
1.00 | 1.12 | 298,348 | 1.00 | 1.10 | 1.05 | |||||||||||||||||
1.00 | 1.07 | 274,993 | 1.00 | 1.04 | 1.06 | |||||||||||||||||
1.00 | 0.13 | 291,828 | 0.97 | 0.17 | 1.06 | |||||||||||||||||
1.00 | 0.02 | 66,010 | 0.56 | 0.01 | 1.07 | |||||||||||||||||
1.00 | 0.00 | (g) | 500,028 | 0.06 | 0.04 | 0.19 | ||||||||||||||||
1.00 | 0.17 | 7,317,310 | 0.12 | 0.16 | 0.14 | |||||||||||||||||
1.00 | 1.99 | 7,443,910 | 0.15 | 1.90 | 0.15 | |||||||||||||||||
1.00 | 1.92 | 6,108,975 | 0.16 | 1.95 | 0.16 | |||||||||||||||||
1.00 | 0.91 | 2,493,731 | 0.16 | 0.96 | 0.16 | |||||||||||||||||
1.00 | 0.33 | 589,694 | 0.14 | 0.34 | 0.16 | |||||||||||||||||
1.00 | 0.12 | 39,608,624 | 0.17 | 0.11 | 0.23 | |||||||||||||||||
1.00 | 1.92 | 43,246,064 | 0.21 | 1.89 | 0.25 | |||||||||||||||||
1.00 | 1.87 | 41,868,607 | 0.21 | 1.88 | 0.26 | |||||||||||||||||
1.00 | 0.86 | 32,544,047 | 0.21 | 0.85 | 0.26 | |||||||||||||||||
1.00 | 0.30 | 36,869,073 | 0.17 | 0.33 | 0.26 | |||||||||||||||||
1.00 | 0.05 | 842,931 | 0.24 | 0.04 | 0.48 | |||||||||||||||||
1.00 | 1.63 | 684,791 | 0.50 | 1.68 | 0.50 | |||||||||||||||||
1.00 | 1.57 | 1,127,675 | 0.50 | 1.60 | 0.50 | |||||||||||||||||
1.00 | 0.56 | 748,306 | 0.51 | 0.54 | 0.51 | |||||||||||||||||
1.00 | 0.03 | 919,604 | 0.42 | 0.02 | 0.51 |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 127 |
Table of Contents
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
Per share operating performance | ||||||||||||||||||||||||||||
Investment operations | Distributions | |||||||||||||||||||||||||||
Net asset value, beginning of period | Net investment income (loss) (b) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net investment income | Net realized gain | Total distributions | ||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund (continued) |
| |||||||||||||||||||||||||||
Morgan |
| |||||||||||||||||||||||||||
Year Ended February 28, 2021 | $ | 1.00 | $ | — | (e) | $ | — | (e) | $ | — | (e) | $ | — | (e) | $ | — | $ | — | (e) | |||||||||
Year Ended February 29, 2020 | 1.00 | 0.02 | — | (e) | 0.02 | (0.02 | ) | — | (0.02 | ) | ||||||||||||||||||
Year Ended February 28, 2019 | 1.00 | 0.01 | — | (e) | 0.01 | (0.01 | ) | — | (0.01 | ) | ||||||||||||||||||
Year Ended February 28, 2018 | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | |||||||||||||||
Year Ended February 28, 2017 | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | |||||||||||||||
Premier |
| |||||||||||||||||||||||||||
Year Ended February 28, 2021 | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | — | (e) | ||||||||||||||||
Year Ended February 29, 2020 | 1.00 | 0.02 | — | (e) | 0.02 | (0.02 | ) | — | (0.02 | ) | ||||||||||||||||||
Year Ended February 28, 2019 | 1.00 | 0.02 | — | (e) | 0.02 | (0.02 | ) | — | (0.02 | ) | ||||||||||||||||||
Year Ended February 28, 2018 | 1.00 | 0.01 | — | (e) | 0.01 | (0.01 | ) | — | (e) | (0.01 | ) | |||||||||||||||||
Year Ended February 28, 2017 | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | |||||||||||||||
Reserve |
| |||||||||||||||||||||||||||
Year Ended February 28, 2021 | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | — | (e) | ||||||||||||||||
Year Ended February 29, 2020 | 1.00 | 0.01 | — | (e) | 0.01 | (0.01 | ) | — | (0.01 | ) | ||||||||||||||||||
Year Ended February 28, 2019 | 1.00 | 0.01 | — | (e) | 0.01 | (0.01 | ) | — | (0.01 | ) | ||||||||||||||||||
Year Ended February 28, 2018 | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | |||||||||||||||
Year Ended February 28, 2017 | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | |||||||||||||||
Service |
| |||||||||||||||||||||||||||
Year Ended February 28, 2021 | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | — | (e) | ||||||||||||||||
Year Ended February 29, 2020 | 1.00 | 0.01 | — | (e) | 0.01 | (0.01 | ) | — | (0.01 | ) | ||||||||||||||||||
Year Ended February 28, 2019 | 1.00 | 0.01 | — | (e) | 0.01 | (0.01 | ) | — | (0.01 | ) | ||||||||||||||||||
Year Ended February 28, 2018 | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | |||||||||||||||
Year Ended February 28, 2017 | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) |
(a) | Annualized for periods less than one year, unless otherwise noted. |
(b) | Calculated based upon average shares outstanding. |
(c) | Not annualized for periods less than one year. |
(d) | Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
(e) | Amount rounds to less than $0.005. |
SEE NOTES TO FINANCIAL STATEMENTS.
128 | J.P. MORGAN MONEY MARKET FUNDS | FEBRUARY 28, 2021 |
Table of Contents
| Ratios/Supplemental data | |||||||||||||||||||||
Ratios to average net assets (a) | ||||||||||||||||||||||
Net asset value, end of period | Total return (c) | Net assets, period | Net expenses (d) | Net investment income (loss) | Expenses without waivers, | |||||||||||||||||
$ | 1.00 | 0.05 | % | $ | 1,870,723 | 0.25 | % | 0.05 | % | 0.59 | % | |||||||||||
1.00 | 1.54 | 2,064,159 | 0.59 | 1.50 | 0.60 | |||||||||||||||||
1.00 | 1.48 | 1,660,477 | 0.59 | 1.49 | 0.61 | |||||||||||||||||
1.00 | 0.48 | 1,231,217 | 0.59 | 0.44 | 0.61 | |||||||||||||||||
1.00 | 0.02 | 2,460,361 | 0.46 | 0.02 | 0.61 | |||||||||||||||||
1.00 | 0.06 | 5,020,827 | 0.22 | 0.05 | 0.43 | |||||||||||||||||
1.00 | 1.68 | 4,095,749 | 0.45 | 1.64 | 0.45 | |||||||||||||||||
1.00 | 1.62 | 2,945,521 | 0.45 | 1.59 | 0.46 | |||||||||||||||||
1.00 | 0.62 | 5,500,002 | 0.45 | 0.60 | 0.46 | |||||||||||||||||
1.00 | 0.06 | 7,765,009 | 0.42 | 0.06 | 0.46 | |||||||||||||||||
1.00 | 0.04 | 27,414 | 0.22 | 0.03 | 0.69 | |||||||||||||||||
1.00 | 1.42 | 20,829 | 0.70 | 1.41 | 0.71 | |||||||||||||||||
1.00 | 1.37 | 19,468 | 0.70 | 1.28 | 0.71 | |||||||||||||||||
1.00 | 0.37 | 59,334 | 0.70 | 0.33 | 0.71 | |||||||||||||||||
1.00 | 0.01 | 119,542 | 0.49 | 0.01 | 0.71 | |||||||||||||||||
1.00 | 0.03 | 514,476 | 0.29 | 0.03 | 1.03 | |||||||||||||||||
1.00 | 1.07 | 867,659 | 1.05 | 1.19 | 1.05 | |||||||||||||||||
1.00 | 1.02 | 2,993,274 | 1.05 | 1.08 | 1.05 | |||||||||||||||||
1.00 | 0.09 | 1,649,354 | 0.93 | 0.08 | 1.06 | |||||||||||||||||
1.00 | 0.01 | 2,439,027 | 0.50 | 0.01 | 1.06 |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 129 |
Table of Contents
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
Per share operating performance | ||||||||||||||||||||||||||||
Investment operations | Distributions | |||||||||||||||||||||||||||
Net asset value, beginning of period | Net investment income (loss) (b) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net investment income | Net realized gain | Total distributions | ||||||||||||||||||||||
JPMorgan U.S. Treasury Plus Money Market Fund | ||||||||||||||||||||||||||||
Academy | ||||||||||||||||||||||||||||
September 30, 2020 (e) through February 28, 2021 | $ | 1.00 | $ | — | (f) | $ | — | (f) | $ | — | (f) | $ | — | (f) | $ | — | $ | — | (f) | |||||||||
Agency | ||||||||||||||||||||||||||||
Year Ended February 28, 2021 | 1.00 | — | (f) | — | (f) | — | (f) | — | (f) | — | — | (f) | ||||||||||||||||
Year Ended February 29, 2020 | 1.00 | 0.02 | — | (f) | 0.02 | (0.02 | ) | — | (0.02 | ) | ||||||||||||||||||
Year Ended February 28, 2019 | 1.00 | 0.02 | — | (f) | 0.02 | (0.02 | ) | — | (0.02 | ) | ||||||||||||||||||
Year Ended February 28, 2018 | 1.00 | 0.01 | — | (f) | 0.01 | (0.01 | ) | — | (f) | (0.01 | ) | |||||||||||||||||
Year Ended February 28, 2017 | 1.00 | — | (f) | — | (f) | — | (f) | — | (f) | — | (f) | — | (f) | |||||||||||||||
Capital | ||||||||||||||||||||||||||||
Year Ended February 28, 2021 | 1.00 | — | (f) | — | (f) | — | (f) | — | (f) | — | — | (f) | ||||||||||||||||
Year Ended February 29, 2020 | 1.00 | 0.02 | — | (f) | 0.02 | (0.02 | ) | — | (0.02 | ) | ||||||||||||||||||
Year Ended February 28, 2019 | 1.00 | 0.02 | — | (f) | 0.02 | (0.02 | ) | — | (0.02 | ) | ||||||||||||||||||
September 22, 2017 (e) through February 28, 2018 | 1.00 | 0.01 | (0.01 | ) | — | (f) | — | (f) | — | (f) | — | (f) | ||||||||||||||||
Class C | ||||||||||||||||||||||||||||
Year Ended February 28, 2021 | 1.00 | — | (f) | — | (f) | — | (f) | — | (f) | — | — | (f) | ||||||||||||||||
Year Ended February 29, 2020 | 1.00 | 0.01 | — | (f) | 0.01 | (0.01 | ) | — | (0.01 | ) | ||||||||||||||||||
Year Ended February 28, 2019 | 1.00 | 0.01 | — | (f) | 0.01 | (0.01 | ) | — | (0.01 | ) | ||||||||||||||||||
Year Ended February 28, 2018 | 1.00 | — | (f) | — | (f) | — | (f) | — | (f) | — | (f) | — | (f) | |||||||||||||||
Year Ended February 28, 2017 | 1.00 | — | (f) | — | (f) | — | (f) | — | (f) | — | (f) | — | (f) | |||||||||||||||
Empower | ||||||||||||||||||||||||||||
February 23, 2021 (e) through February 28, 2021 | 1.00 | — | (f) | — | (f) | — | (f) | — | (f) | — | — | (f) | ||||||||||||||||
IM |
| |||||||||||||||||||||||||||
Year Ended February 28, 2021 | 1.00 | — | (f) | �� | (f) | — | (f) | — | (f) | — | — | (f) | ||||||||||||||||
Year Ended February 29, 2020 | 1.00 | 0.02 | — | (f) | 0.02 | (0.02 | ) | — | (0.02 | ) | ||||||||||||||||||
Year Ended February 28, 2019 | 1.00 | 0.02 | — | (f) | 0.02 | (0.02 | ) | — | (0.02 | ) | ||||||||||||||||||
Year Ended February 28, 2018 | 1.00 | 0.01 | — | (f) | 0.01 | (0.01 | ) | — | (f) | (0.01 | ) | |||||||||||||||||
Year Ended February 28, 2017 | 1.00 | — | (f) | — | (f) | — | (f) | — | (f) | — | (f) | — | (f) | |||||||||||||||
Institutional Class |
| |||||||||||||||||||||||||||
Year Ended February 28, 2021 | 1.00 | — | (f) | — | (f) | — | (f) | — | (f) | — | — | (f) | ||||||||||||||||
Year Ended February 29, 2020 | 1.00 | 0.02 | — | (f) | 0.02 | (0.02 | ) | — | (0.02 | ) | ||||||||||||||||||
Year Ended February 28, 2019 | 1.00 | 0.02 | — | (f) | 0.02 | (0.02 | ) | — | (0.02 | ) | ||||||||||||||||||
Year Ended February 28, 2018 | 1.00 | 0.01 | — | (f) | 0.01 | (0.01 | ) | — | (f) | (0.01 | ) | |||||||||||||||||
Year Ended February 28, 2017 | 1.00 | — | (f) | — | (f) | — | (f) | — | (f) | — | (f) | — | (f) | |||||||||||||||
Investor | ||||||||||||||||||||||||||||
Year Ended February 28, 2021 | 1.00 | — | (f) | — | (f) | — | (f) | — | (f) | — | — | (f) | ||||||||||||||||
Year Ended February 29, 2020 | 1.00 | 0.02 | — | (f) | 0.02 | (0.02 | ) | — | (0.02 | ) | ||||||||||||||||||
Year Ended February 28, 2019 | 1.00 | 0.02 | — | (f) | 0.02 | (0.02 | ) | — | (0.02 | ) | ||||||||||||||||||
Year Ended February 28, 2018 | 1.00 | 0.01 | — | (f) | 0.01 | (0.01 | ) | — | (f) | (0.01 | ) | |||||||||||||||||
Year Ended February 28, 2017 | 1.00 | — | (f) | — | (f) | — | (f) | — | (f) | — | (f) | — | (f) |
(a) | Annualized for periods less than one year, unless otherwise noted. |
(b) | Calculated based upon average shares outstanding. |
(c) | Not annualized for periods less than one year. |
(d) | Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
(e) | Commencement of offering of class of shares. |
(f) | Amount rounds to less than $0.005. |
(g) | Amount rounds to less than 0.005%. |
SEE NOTES TO FINANCIAL STATEMENTS.
130 | J.P. MORGAN MONEY MARKET FUNDS | FEBRUARY 28, 2021 |
Table of Contents
| Ratios/Supplemental data | |||||||||||||||||||||
Ratios to average net assets (a) | ||||||||||||||||||||||
Net asset value, end of period | Total return (c) | Net assets, period | Net expenses (d) | Net investment income (loss) | Expenses without waivers, | |||||||||||||||||
$ | 1.00 | 0.01 | % | $ | 17,600 | 0.07 | % | 0.03 | % | 0.23 | % | |||||||||||
1.00 | 0.09 | 1,865,281 | 0.20 | 0.09 | 0.29 | |||||||||||||||||
1.00 | 1.85 | 1,744,289 | 0.26 | 1.85 | 0.30 | |||||||||||||||||
1.00 | 1.83 | 2,013,982 | 0.26 | 1.90 | 0.30 | |||||||||||||||||
1.00 | 0.81 | 930,654 | 0.26 | 0.82 | 0.31 | |||||||||||||||||
1.00 | 0.18 | 837,723 | 0.26 | 0.17 | 0.31 | |||||||||||||||||
1.00 | 0.14 | 13,539,346 | 0.16 | 0.13 | 0.19 | |||||||||||||||||
1.00 | 1.94 | 9,945,933 | 0.18 | 1.89 | 0.20 | |||||||||||||||||
1.00 | 1.91 | 6,425,187 | 0.18 | 1.92 | 0.20 | |||||||||||||||||
1.00 | 0.47 | 3,501,095 | 0.18 | 1.17 | 0.21 | |||||||||||||||||
1.00 | 0.02 | 393,546 | 0.27 | 0.02 | 1.14 | |||||||||||||||||
1.00 | 1.13 | 292,824 | 0.97 | 1.16 | 1.15 | |||||||||||||||||
1.00 | 1.11 | 375,230 | 0.97 | 1.09 | 1.16 | |||||||||||||||||
1.00 | 0.15 | 417,056 | 0.90 | 0.13 | 1.16 | |||||||||||||||||
1.00 | 0.00 | (g) | 578,579 | 0.48 | 0.00 | (g) | 1.16 | |||||||||||||||
1.00 | 0.00 | (g) | 25 | 0.06 | 0.02 | 0.18 | ||||||||||||||||
1.00 | 0.17 | 24,276 | 0.12 | 0.19 | 0.14 | |||||||||||||||||
1.00 | 1.97 | 37,429 | 0.15 | 2.26 | 0.15 | |||||||||||||||||
1.00 | 1.93 | 1,451,488 | 0.15 | 1.87 | 0.15 | |||||||||||||||||
1.00 | 0.90 | 3,051,574 | 0.16 | 0.81 | 0.16 | |||||||||||||||||
1.00 | 0.28 | 7,449,646 | 0.16 | 0.29 | 0.16 | |||||||||||||||||
1.00 | 0.12 | 12,055,194 | 0.17 | 0.13 | 0.24 | |||||||||||||||||
1.00 | 1.90 | 16,887,054 | 0.21 | 1.88 | 0.25 | |||||||||||||||||
1.00 | 1.88 | 17,766,429 | 0.21 | 1.89 | 0.25 | |||||||||||||||||
1.00 | 0.86 | 13,500,900 | 0.21 | 0.84 | 0.26 | |||||||||||||||||
1.00 | 0.23 | 14,813,061 | 0.21 | 0.24 | 0.26 | |||||||||||||||||
1.00 | 0.04 | 16,604 | 0.27 | 0.05 | 0.54 | |||||||||||||||||
1.00 | 1.61 | 29,937 | 0.50 | 1.60 | 0.50 | |||||||||||||||||
1.00 | 1.58 | 28,583 | 0.51 | 1.57 | 0.51 | |||||||||||||||||
1.00 | 0.55 | 48,818 | 0.51 | 0.52 | 0.51 | |||||||||||||||||
1.00 | 0.02 | 71,303 | 0.42 | 0.02 | 0.51 |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 131 |
Table of Contents
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
Per share operating performance | ||||||||||||||||||||||||||||
Investment operations | Distributions | |||||||||||||||||||||||||||
Net asset value, beginning of period | Net investment income (loss) (b) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net investment income | Net realized gain | Total distributions | ||||||||||||||||||||||
JPMorgan U.S. Treasury Plus Money Market Fund (continued) | ||||||||||||||||||||||||||||
Morgan | ||||||||||||||||||||||||||||
Year Ended February 28, 2021 | $ | 1.00 | $ | — | (f) | $ | — | (f) | $ | — | (f) | $ | — | (f) | $ | — | $ | — | (f) | |||||||||
Year Ended February 29, 2020 | 1.00 | 0.02 | — | (f) | 0.02 | (0.02 | ) | — | (0.02 | ) | ||||||||||||||||||
Year Ended February 28, 2019 | 1.00 | 0.01 | — | (f) | 0.01 | (0.01 | ) | — | (0.01 | ) | ||||||||||||||||||
Year Ended February 28, 2018 | 1.00 | — | (f) | — | (f) | — | (f) | — | (f) | — | (f) | — | (f) | |||||||||||||||
Year Ended February 28, 2017 | 1.00 | — | (f) | — | (f) | — | (f) | — | (f) | — | (f) | — | (f) | |||||||||||||||
Premier | ||||||||||||||||||||||||||||
Year Ended February 28, 2021 | 1.00 | — | (f) | — | (f) | — | (f) | — | (f) | — | — | (f) | ||||||||||||||||
Year Ended February 29, 2020 | 1.00 | 0.02 | — | (f) | 0.02 | (0.02 | ) | — | (0.02 | ) | ||||||||||||||||||
Year Ended February 28, 2019 | 1.00 | 0.02 | — | (f) | 0.02 | (0.02 | ) | — | (0.02 | ) | ||||||||||||||||||
Year Ended February 28, 2018 | 1.00 | 0.01 | — | (f) | 0.01 | (0.01 | ) | — | (f) | (0.01 | ) | |||||||||||||||||
Year Ended February 28, 2017 | 1.00 | — | (f) | — | (f) | — | (f) | — | (f) | — | (f) | — | (f) | |||||||||||||||
Reserve | ||||||||||||||||||||||||||||
Year Ended February 28, 2021 | 1.00 | — | (f) | — | (f) | — | (f) | — | (f) | — | — | (f) | ||||||||||||||||
Year Ended February 29, 2020 | 1.00 | 0.01 | — | (f) | 0.01 | (0.01 | ) | — | (0.01 | ) | ||||||||||||||||||
Year Ended February 28, 2019 | 1.00 | 0.01 | — | (f) | 0.01 | (0.01 | ) | — | (0.01 | ) | ||||||||||||||||||
Year Ended February 28, 2018 | 1.00 | — | (f) | — | (f) | — | (f) | — | (f) | — | (f) | — | (f) | |||||||||||||||
Year Ended February 28, 2017 | 1.00 | — | (f) | — | (f) | — | (f) | — | (f) | — | (f) | — | (f) |
(a) | Annualized for periods less than one year, unless otherwise noted. |
(b) | Calculated based upon average shares outstanding. |
(c) | Not annualized for periods less than one year. |
(d) | Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
(e) | Commencement of offering of class of shares. |
(f) | Amount rounds to less than $0.005. |
(g) | Amount rounds to less than 0.005%. |
SEE NOTES TO FINANCIAL STATEMENTS.
132 | J.P. MORGAN MONEY MARKET FUNDS | FEBRUARY 28, 2021 |
Table of Contents
| Ratios/Supplemental data | |||||||||||||||||||||
Ratios to average net assets (a) | ||||||||||||||||||||||
Net asset value, end of period | Total return (c) | Net assets, period | Net expenses (d) | Net investment income (loss) | Expenses without waivers, | |||||||||||||||||
$ | 1.00 | 0.04 | % | $ | 436,183 | 0.28 | % | 0.05 | % | 0.59 | % | |||||||||||
1.00 | 1.52 | 734,856 | 0.59 | 1.49 | 0.60 | |||||||||||||||||
1.00 | 1.49 | 634,508 | 0.59 | 1.55 | 0.61 | |||||||||||||||||
1.00 | 0.47 | 283,619 | 0.59 | 0.48 | 0.62 | |||||||||||||||||
1.00 | 0.00 | (g) | 244,830 | 0.43 | 0.00 | (g) | 0.61 | |||||||||||||||
1.00 | 0.05 | 1,694,724 | 0.25 | 0.04 | 0.44 | |||||||||||||||||
1.00 | 1.66 | 1,439,412 | 0.45 | 1.60 | 0.45 | |||||||||||||||||
1.00 | 1.63 | 981,194 | 0.45 | 1.68 | 0.45 | |||||||||||||||||
1.00 | 0.61 | 611,645 | 0.45 | 0.61 | 0.46 | |||||||||||||||||
1.00 | 0.03 | 640,584 | 0.41 | 0.04 | 0.46 | |||||||||||||||||
1.00 | 0.03 | 4,562 | 0.34 | 0.03 | 0.74 | |||||||||||||||||
1.00 | 1.41 | 5,966 | 0.70 | 1.41 | 0.73 | |||||||||||||||||
1.00 | 1.38 | 6,986 | 0.70 | 1.34 | 0.71 | |||||||||||||||||
1.00 | 0.37 | 12,246 | 0.70 | 0.28 | 0.71 | |||||||||||||||||
1.00 | 0.00 | (g) | 109,454 | 0.40 | 0.00 | (g) | 0.71 |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 133 |
Table of Contents
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
Per share operating performance | ||||||||||||||||||||||||||||
Investment operations | Distributions | |||||||||||||||||||||||||||
Net asset value, beginning of period | Net investment income (loss) (a) | Net realized (losses) on | Total from investment operations | Net investment income | Net realized gain | Total distributions | ||||||||||||||||||||||
JPMorgan Federal Money Market Fund | ||||||||||||||||||||||||||||
Agency | ||||||||||||||||||||||||||||
Year Ended February 28, 2021 | $ | 1.00 | $ | — | (c) | $ | — | (c) | $ | — | (c) | $ | — | (c) | $ | — | (c) | $ | — | (c) | ||||||||
Year Ended February 29, 2020 | 1.00 | 0.02 | — | (c) | 0.02 | (0.02 | ) | — | (c) | (0.02 | ) | |||||||||||||||||
Year Ended February 28, 2019 | 1.00 | 0.02 | — | (c) | 0.02 | (0.02 | ) | — | (c) | (0.02 | ) | |||||||||||||||||
Year Ended February 28, 2018 | 1.00 | 0.01 | — | (c) | 0.01 | (0.01 | ) | — | (c) | (0.01 | ) | |||||||||||||||||
Year Ended February 28, 2017 | 1.00 | — | (c) | — | (c) | — | (c) | — | (c) | — | (c) | — | (c) | |||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||
Year Ended February 28, 2021 | 1.00 | — | (c) | — | (c) | — | (c) | — | (c) | — | (c) | — | (c) | |||||||||||||||
Year Ended February 29, 2020 | 1.00 | 0.02 | — | (c) | 0.02 | (0.02 | ) | — | (c) | (0.02 | ) | |||||||||||||||||
Year Ended February 28, 2019 | 1.00 | 0.02 | — | (c) | 0.02 | (0.02 | ) | — | (c) | (0.02 | ) | |||||||||||||||||
Year Ended February 28, 2018 | 1.00 | 0.01 | — | (c) | 0.01 | (0.01 | ) | — | (c) | (0.01 | ) | |||||||||||||||||
Year Ended February 28, 2017 | 1.00 | — | (c) | — | (c) | — | (c) | — | (c) | — | (c) | — | (c) | |||||||||||||||
Morgan | ||||||||||||||||||||||||||||
Year Ended February 28, 2021 | 1.00 | — | (c) | — | (c) | — | (c) | — | (c) | — | (c) | — | (c) | |||||||||||||||
Year Ended February 29, 2020 | 1.00 | 0.01 | 0.01 | 0.02 | (0.02 | ) | — | (c) | (0.02 | ) | ||||||||||||||||||
Year Ended February 28, 2019 | 1.00 | 0.01 | — | (c) | 0.01 | (0.01 | ) | — | (c) | (0.01 | ) | |||||||||||||||||
Year Ended February 28, 2018 | 1.00 | — | (c) | — | (c) | — | (c) | — | (c) | — | (c) | — | (c) | |||||||||||||||
Year Ended February 28, 2017 | 1.00 | — | (c) | — | (c) | — | (c) | — | (c) | — | (c) | — | (c) | |||||||||||||||
Premier | ||||||||||||||||||||||||||||
Year Ended February 28, 2021 | 1.00 | — | (c) | — | (c) | — | (c) | — | (c) | — | (c) | — | (c) | |||||||||||||||
Year Ended February 29, 2020 | 1.00 | 0.02 | — | (c) | 0.02 | (0.02 | ) | — | (c) | (0.02 | ) | |||||||||||||||||
Year Ended February 28, 2019 | 1.00 | 0.02 | — | (c) | 0.02 | (0.02 | ) | — | (c) | (0.02 | ) | |||||||||||||||||
Year Ended February 28, 2018 | 1.00 | 0.01 | — | (c) | 0.01 | (0.01 | ) | — | (c) | (0.01 | ) | |||||||||||||||||
Year Ended February 28, 2017 | 1.00 | — | (c) | — | (c) | — | (c) | — | (c) | — | (c) | — | (c) |
(a) | Calculated based upon average shares outstanding. |
(b) | Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
(c) | Amount rounds to less than $0.005. |
SEE NOTES TO FINANCIAL STATEMENTS.
134 | J.P. MORGAN MONEY MARKET FUNDS | FEBRUARY 28, 2021 |
Table of Contents
| Ratios/Supplemental data | |||||||||||||||||||||
Ratios to average net assets | ||||||||||||||||||||||
Net asset value, end of period | Total return | Net assets, end of period (000’s) | Net expenses (b) | Net investment income (loss) | Expenses | |||||||||||||||||
$ | 1.00 | 0.11 | % | $ | 318,757 | 0.20 | % | 0.10 | % | 0.30 | % | |||||||||||
1.00 | 1.85 | 242,716 | 0.26 | 1.79 | 0.30 | |||||||||||||||||
1.00 | 1.80 | 148,122 | 0.26 | 1.82 | 0.31 | |||||||||||||||||
1.00 | 0.80 | 127,451 | 0.26 | 0.77 | 0.33 | |||||||||||||||||
1.00 | 0.20 | 133,227 | 0.26 | 0.19 | 0.35 | |||||||||||||||||
1.00 | 0.13 | 2,344,288 | 0.17 | 0.14 | 0.25 | |||||||||||||||||
1.00 | 1.90 | 2,572,379 | 0.21 | 1.90 | 0.25 | |||||||||||||||||
1.00 | 1.85 | 3,417,418 | 0.21 | 1.85 | 0.26 | |||||||||||||||||
1.00 | 0.85 | 2,668,613 | 0.21 | 0.84 | 0.28 | |||||||||||||||||
1.00 | 0.25 | 2,767,271 | 0.21 | 0.25 | 0.30 | |||||||||||||||||
1.00 | 0.06 | 53,546 | 0.23 | 0.05 | 0.63 | |||||||||||||||||
1.00 | 1.51 | 34,728 | 0.59 | 1.48 | 0.67 | |||||||||||||||||
1.00 | 1.46 | 29,289 | 0.59 | 1.45 | 0.70 | |||||||||||||||||
1.00 | 0.46 | 32,224 | 0.59 | 0.44 | 0.69 | |||||||||||||||||
1.00 | 0.02 | 53,090 | 0.42 | 0.01 | 0.67 | |||||||||||||||||
1.00 | 0.08 | 198,516 | 0.24 | 0.08 | 0.45 | |||||||||||||||||
1.00 | 1.65 | 218,858 | 0.45 | 1.58 | 0.45 | |||||||||||||||||
1.00 | 1.60 | 155,001 | 0.45 | 1.54 | 0.47 | |||||||||||||||||
1.00 | 0.60 | 229,795 | 0.45 | 0.65 | 0.48 | |||||||||||||||||
1.00 | 0.04 | 109,282 | 0.41 | 0.04 | 0.50 |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 135 |
Table of Contents
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
Per share operating performance | ||||||||||||||||||||||||||||
Investment operations | Distributions | |||||||||||||||||||||||||||
Net asset value, beginning of period | Net investment income (loss) (b) | Net realized (losses) on | Total from investment operations | Net investment income | Net realized gain | Total distributions | ||||||||||||||||||||||
JPMorgan 100% U.S. Treasury Securities Money Market Fund | ||||||||||||||||||||||||||||
Academy | ||||||||||||||||||||||||||||
September 30, 2020 (e) through February 28, 2021 | $ | 1.00 | $ | — | (f) | $ | — | (f) | $ | — | (f) | $ | — | (f) | $ | — | $ | — | (f) | |||||||||
Agency | ||||||||||||||||||||||||||||
Year Ended February 28, 2021 | 1.00 | — | (f) | — | (f) | — | (f) | — | (f) | — | — | (f) | ||||||||||||||||
Year Ended February 29, 2020 | 1.00 | 0.02 | — | (f) | 0.02 | (0.02 | ) | — | (f) | (0.02 | ) | |||||||||||||||||
Year Ended February 28, 2019 | 1.00 | 0.02 | — | (f) | 0.02 | (0.02 | ) | — | (f) | (0.02 | ) | |||||||||||||||||
Year Ended February 28, 2018 | 1.00 | 0.01 | — | (f) | 0.01 | (0.01 | ) | — | (f) | (0.01 | ) | |||||||||||||||||
Year Ended February 28, 2017 | 1.00 | — | (f) | — | (f) | — | (f) | — | (f) | — | (f) | — | (f) | |||||||||||||||
Capital | ||||||||||||||||||||||||||||
Year Ended February 28, 2021 | 1.00 | — | (f) | — | (f) | — | (f) | — | (f) | — | — | (f) | ||||||||||||||||
Year Ended February 29, 2020 | 1.00 | 0.02 | — | (f) | 0.02 | (0.02 | ) | — | (f) | (0.02 | ) | |||||||||||||||||
Year Ended February 28, 2019 | 1.00 | 0.02 | — | (f) | 0.02 | (0.02 | ) | — | (f) | (0.02 | ) | |||||||||||||||||
Year Ended February 28, 2018 | 1.00 | 0.01 | — | (f) | 0.01 | (0.01 | ) | — | (f) | (0.01 | ) | |||||||||||||||||
Year Ended February 28, 2017 | 1.00 | — | (f) | — | (f) | — | (f) | — | (f) | — | (f) | — | (f) | |||||||||||||||
Empower | ||||||||||||||||||||||||||||
February 23, 2021 (e) through February 28, 2021 | 1.00 | — | (f) | — | (f) | — | (f) | — | (f) | — | — | (f) | ||||||||||||||||
IM | ||||||||||||||||||||||||||||
Year Ended February 28, 2021 | 1.00 | — | (f) | — | (f) | — | (f) | — | (f) | — | — | (f) | ||||||||||||||||
January 15, 2020 (e) through February 29, 2020 | 1.00 | — | (f) | — | (f) | — | (f) | — | (f) | — | — | (f) | ||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||
Year Ended February 28, 2021 | 1.00 | — | (f) | — | (f) | — | (f) | — | (f) | — | — | (f) | ||||||||||||||||
Year Ended February 29, 2020 | 1.00 | 0.02 | — | (f) | 0.02 | (0.02 | ) | — | (f) | (0.02 | ) | |||||||||||||||||
Year Ended February 28, 2019 | 1.00 | 0.02 | — | (f) | 0.02 | (0.02 | ) | — | (f) | (0.02 | ) | |||||||||||||||||
Year Ended February 28, 2018 | 1.00 | 0.01 | — | (f) | 0.01 | (0.01 | ) | — | (f) | (0.01 | ) | |||||||||||||||||
Year Ended February 28, 2017 | 1.00 | — | (f) | — | (f) | — | (f) | — | (f) | — | (f) | — | (f) | |||||||||||||||
Morgan | ||||||||||||||||||||||||||||
Year Ended February 28, 2021 | 1.00 | — | (f) | — | (f) | — | (f) | — | (f) | — | — | (f) | ||||||||||||||||
Year Ended February 29, 2020 | 1.00 | 0.01 | — | (f) | 0.01 | (0.01 | ) | — | (f) | (0.01 | ) | |||||||||||||||||
Year Ended February 28, 2019 | 1.00 | 0.01 | — | (f) | 0.01 | (0.01 | ) | — | (f) | (0.01 | ) | |||||||||||||||||
Year Ended February 28, 2018 | 1.00 | — | (f) | — | (f) | — | (f) | — | (f) | — | (f) | — | (f) | |||||||||||||||
Year Ended February 28, 2017 | 1.00 | — | (f) | — | (f) | — | (f) | — | (f) | — | (f) | — | (f) | |||||||||||||||
Premier | ||||||||||||||||||||||||||||
Year Ended February 28, 2021 | 1.00 | — | (f) | — | (f) | — | (f) | — | (f) | — | — | (f) | ||||||||||||||||
Year Ended February 29, 2020 | 1.00 | 0.02 | — | (f) | 0.02 | (0.02 | ) | — | (f) | (0.02 | ) | |||||||||||||||||
Year Ended February 28, 2019 | 1.00 | 0.02 | — | (f) | 0.02 | (0.02 | ) | — | (f) | (0.02 | ) | |||||||||||||||||
Year Ended February 28, 2018 | 1.00 | 0.01 | — | (f) | 0.01 | (0.01 | ) | — | (f) | (0.01 | ) | |||||||||||||||||
Year Ended February 28, 2017 | 1.00 | — | (f) | — | (f) | — | (f) | — | (f) | — | (f) | — | (f) | |||||||||||||||
Reserve | ||||||||||||||||||||||||||||
Year Ended February 28, 2021 | 1.00 | — | (f) | — | (f) | — | (f) | — | (f) | — | — | (f) | ||||||||||||||||
Year Ended February 29, 2020 | 1.00 | 0.01 | — | (f) | 0.01 | (0.01 | ) | — | (f) | (0.01 | ) | |||||||||||||||||
Year Ended February 28, 2019 | 1.00 | 0.01 | — | (f) | 0.01 | (0.01 | ) | — | (f) | (0.01 | ) | |||||||||||||||||
Year Ended February 28, 2018 | 1.00 | — | (f) | — | (f) | — | (f) | — | (f) | — | (f) | — | (f) | |||||||||||||||
Year Ended February 28, 2017 | 1.00 | — | (f) | — | (f) | — | (f) | — | (f) | — | (f) | — | (f) |
(a) | Annualized for periods less than one year, unless otherwise noted. |
(b) | Calculated based upon average shares outstanding. |
(c) | Not annualized for periods less than one year. |
(d) | Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
(e) | Commencement of offering of class of shares. |
(f) | Amount rounds to less than $0.005. |
(g) | Amount rounds to less than 0.005%. |
SEE NOTES TO FINANCIAL STATEMENTS.
136 | J.P. MORGAN MONEY MARKET FUNDS | FEBRUARY 28, 2021 |
Table of Contents
| Ratios/Supplemental data | |||||||||||||||||||||
Ratios to average net assets (a) | ||||||||||||||||||||||
Net asset value, end of period | Total return (c) | Net assets, end of period (000’s) | Net expenses (d) | Net investment income (loss) | Expenses | |||||||||||||||||
$ | 1.00 | 0.00 | %(g) | $ | 17,600 | 0.10 | % | 0.01 | % | 0.21 | % | |||||||||||
1.00 | 0.10 | 4,187,912 | 0.20 | 0.09 | 0.29 | |||||||||||||||||
1.00 | 1.82 | 4,197,262 | 0.26 | 1.76 | 0.30 | |||||||||||||||||
1.00 | 1.79 | 2,567,061 | 0.26 | 1.81 | 0.31 | |||||||||||||||||
1.00 | 0.79 | 1,981,066 | 0.26 | 0.80 | 0.31 | |||||||||||||||||
1.00 | 0.15 | 1,848,739 | 0.26 | 0.15 | 0.31 | |||||||||||||||||
1.00 | 0.13 | 58,366,269 | 0.16 | 0.11 | 0.19 | |||||||||||||||||
1.00 | 1.90 | 32,963,549 | 0.18 | 1.85 | 0.20 | |||||||||||||||||
1.00 | 1.88 | 23,528,259 | 0.18 | 1.88 | 0.21 | |||||||||||||||||
1.00 | 0.87 | 19,208,530 | 0.18 | 0.89 | 0.21 | |||||||||||||||||
1.00 | 0.23 | 11,630,048 | 0.18 | 0.23 | 0.21 | |||||||||||||||||
1.00 | 0.00 | (g) | 25 | 0.07 | 0.01 | 0.20 | ||||||||||||||||
1.00 | 0.16 | 227 | 0.13 | 0.11 | 0.14 | |||||||||||||||||
1.00 | 0.18 | 11,885 | 0.15 | 1.46 | 0.15 | |||||||||||||||||
1.00 | 0.12 | 24,097,829 | 0.18 | 0.11 | 0.24 | |||||||||||||||||
1.00 | 1.87 | 22,282,460 | 0.21 | 1.83 | 0.25 | |||||||||||||||||
1.00 | 1.84 | 17,858,556 | 0.21 | 1.87 | 0.26 | |||||||||||||||||
1.00 | 0.84 | 11,098,506 | 0.21 | 0.83 | 0.26 | |||||||||||||||||
1.00 | 0.20 | 9,414,776 | 0.21 | 0.21 | 0.26 | |||||||||||||||||
1.00 | 0.05 | 2,251,619 | 0.24 | 0.05 | 0.59 | |||||||||||||||||
1.00 | 1.49 | 2,023,440 | 0.59 | 1.47 | 0.60 | |||||||||||||||||
1.00 | 1.46 | 2,009,129 | 0.59 | 1.45 | 0.61 | |||||||||||||||||
1.00 | 0.45 | 1,617,985 | 0.59 | 0.46 | 0.61 | |||||||||||||||||
1.00 | 0.00 | (g) | 1,148,892 | 0.40 | 0.00 | (g) | 0.61 | |||||||||||||||
1.00 | 0.06 | 1,999,999 | 0.25 | 0.06 | 0.44 | |||||||||||||||||
1.00 | 1.63 | 2,537,050 | 0.45 | 1.62 | 0.45 | |||||||||||||||||
1.00 | 1.60 | 2,059,307 | 0.45 | 1.65 | 0.46 | |||||||||||||||||
1.00 | 0.59 | 848,906 | 0.45 | 0.59 | 0.46 | |||||||||||||||||
1.00 | 0.02 | 857,883 | 0.38 | 0.02 | 0.46 | |||||||||||||||||
1.00 | 0.04 | 2,893,380 | 0.25 | 0.03 | 0.69 | |||||||||||||||||
1.00 | 1.38 | 2,102,023 | 0.70 | 1.34 | 0.70 | |||||||||||||||||
1.00 | 1.35 | 1,561,835 | 0.70 | 1.42 | 0.71 | |||||||||||||||||
1.00 | 0.35 | 258,002 | 0.70 | 0.41 | 0.71 | |||||||||||||||||
1.00 | 0.00 | (g) | 75,190 | 0.41 | 0.00 | 0.71 |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 137 |
Table of Contents
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
Per share operating performance | ||||||||||||||||||||||||||||
Investment operations | Distributions | |||||||||||||||||||||||||||
Net asset value, beginning of period | Net investment income (loss) (a) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net investment income | Net realized gain | Total distributions | ||||||||||||||||||||||
JPMorgan Tax Free Money Market Fund |
| |||||||||||||||||||||||||||
Agency |
| |||||||||||||||||||||||||||
Year Ended February 28, 2021 | $ | 1.00 | $ | — | (c) | $ | — | (c) | $ | — | (c) | $ | — | (c) | $ | — | (c) | $ | — | (c) | ||||||||
Year Ended February 29, 2020 | 1.00 | 0.01 | — | (c) | 0.01 | (0.01 | ) | — | (c) | (0.01 | ) | |||||||||||||||||
Year Ended February 28, 2019 | 1.00 | 0.01 | — | (c) | 0.01 | (0.01 | ) | — | (c) | (0.01 | ) | |||||||||||||||||
Year Ended February 28, 2018 | 1.00 | 0.01 | — | (c) | 0.01 | (0.01 | ) | — | (c) | (0.01 | ) | |||||||||||||||||
Year Ended February 28, 2017 | 1.00 | — | (c) | — | (c) | — | (c) | — | (c) | — | (c) | — | (c) | |||||||||||||||
Institutional Class |
| |||||||||||||||||||||||||||
Year Ended February 28, 2021 | 1.00 | — | (c) | — | (c) | — | (c) | — | (c) | — | (c) | — | (c) | |||||||||||||||
Year Ended February 29, 2020 | 1.00 | 0.01 | — | (c) | 0.01 | (0.01 | ) | — | (c) | (0.01 | ) | |||||||||||||||||
Year Ended February 28, 2019 | 1.00 | 0.01 | — | (c) | 0.01 | (0.01 | ) | — | (c) | (0.01 | ) | |||||||||||||||||
Year Ended February 28, 2018 | 1.00 | 0.01 | — | (c) | 0.01 | (0.01 | ) | — | (c) | (0.01 | ) | |||||||||||||||||
Year Ended February 28, 2017 | 1.00 | — | (c) | — | (c) | — | (c) | — | (c) | — | (c) | — | (c) | |||||||||||||||
Morgan |
| |||||||||||||||||||||||||||
Year Ended February 28, 2021 | 1.00 | — | (c) | — | (c) | — | (c) | — | (c) | — | (c) | — | (c) | |||||||||||||||
Year Ended February 29, 2020 | 1.00 | 0.01 | — | (c) | 0.01 | (0.01 | ) | — | (c) | (0.01 | ) | |||||||||||||||||
Year Ended February 28, 2019 | 1.00 | 0.01 | — | (c) | 0.01 | (0.01 | ) | — | (c) | (0.01 | ) | |||||||||||||||||
Year Ended February 28, 2018 | 1.00 | — | (c) | — | (c) | — | (c) | — | (c) | — | (c) | — | (c) | |||||||||||||||
Year Ended February 28, 2017 | 1.00 | — | (c) | — | (c) | — | (c) | — | (c) | — | (c) | — | (c) | |||||||||||||||
Premier |
| |||||||||||||||||||||||||||
Year Ended February 28, 2021 | 1.00 | — | (c) | — | (c) | — | (c) | — | (c) | — | (c) | — | (c) | |||||||||||||||
Year Ended February 29, 2020 | 1.00 | 0.01 | — | (c) | 0.01 | (0.01 | ) | — | (c) | (0.01 | ) | |||||||||||||||||
Year Ended February 28, 2019 | 1.00 | 0.01 | — | (c) | 0.01 | (0.01 | ) | — | (c) | (0.01 | ) | |||||||||||||||||
Year Ended February 28, 2018 | 1.00 | — | (c) | — | (c) | — | (c) | — | (c) | — | (c) | — | (c) | |||||||||||||||
Year Ended February 28, 2017 | 1.00 | — | (c) | — | (c) | — | (c) | — | (c) | — | (c) | — | (c) | |||||||||||||||
Reserve |
| |||||||||||||||||||||||||||
Year Ended February 28, 2021 | 1.00 | — | (c) | — | (c) | — | (c) | — | (c) | — | (c) | — | (c) | |||||||||||||||
Year Ended February 29, 2020 | 1.00 | 0.01 | — | (c) | 0.01 | (0.01 | ) | — | (c) | (0.01 | ) | |||||||||||||||||
Year Ended February 28, 2019 | 1.00 | 0.01 | — | (c) | 0.01 | (0.01 | ) | — | (c) | (0.01 | ) | |||||||||||||||||
Year Ended February 28, 2018 | 1.00 | — | (c) | — | (c) | — | (c) | — | (c) | — | (c) | — | (c) | |||||||||||||||
Year Ended February 28, 2017 | 1.00 | — | (c) | — | (c) | — | (c) | — | (c) | — | (c) | — | (c) |
(a) | Calculated based upon average shares outstanding. |
(b) | Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
(c) | Amount rounds to less than $0.005. |
SEE NOTES TO FINANCIAL STATEMENTS.
138 | J.P. MORGAN MONEY MARKET FUNDS | FEBRUARY 28, 2021 |
Table of Contents
| Ratios/Supplemental data | |||||||||||||||||||||
Ratios to average net assets | ||||||||||||||||||||||
Net asset value, end of period | Total return | Net assets, end of period (000’s) | Net expenses (b) | Net investment income (loss) | Expenses without waivers, reimbursements and earnings credits | |||||||||||||||||
$ | 1.00 | 0.26 | % | $ | 372,457 | 0.23 | % | 0.33 | % | 0.29 | % | |||||||||||
1.00 | 1.17 | 782,269 | 0.26 | 1.17 | 0.30 | |||||||||||||||||
1.00 | 1.24 | 1,063,941 | 0.26 | 1.23 | 0.31 | |||||||||||||||||
1.00 | 0.68 | 831,137 | 0.26 | 0.70 | 0.31 | |||||||||||||||||
1.00 | 0.27 | 437,689 | 0.25 | 0.26 | 0.31 | |||||||||||||||||
1.00 | 0.29 | 6,858,653 | 0.20 | 0.33 | 0.24 | |||||||||||||||||
1.00 | 1.22 | 9,173,460 | 0.21 | 1.23 | 0.25 | |||||||||||||||||
1.00 | 1.29 | 12,402,297 | 0.21 | 1.27 | 0.26 | |||||||||||||||||
1.00 | 0.73 | 11,970,538 | 0.21 | 0.73 | 0.26 | |||||||||||||||||
1.00 | 0.32 | 10,567,571 | 0.20 | 0.31 | 0.26 | |||||||||||||||||
1.00 | 0.19 | 22,830 | 0.30 | 0.12 | 0.61 | |||||||||||||||||
1.00 | 0.84 | 10,842 | 0.59 | 0.83 | 0.64 | |||||||||||||||||
1.00 | 0.90 | 9,884 | 0.59 | 0.89 | 0.68 | |||||||||||||||||
1.00 | 0.35 | 9,555 | 0.59 | 0.34 | 0.66 | |||||||||||||||||
1.00 | 0.05 | 11,468 | 0.44 | 0.04 | 0.62 | |||||||||||||||||
1.00 | 0.21 | 498,856 | 0.29 | 0.26 | 0.44 | |||||||||||||||||
1.00 | 0.98 | 847,483 | 0.45 | 0.99 | 0.45 | |||||||||||||||||
1.00 | 1.04 | 1,062,712 | 0.45 | 1.03 | 0.46 | |||||||||||||||||
1.00 | 0.49 | 1,560,291 | 0.45 | 0.48 | 0.46 | |||||||||||||||||
1.00 | 0.12 | 1,713,414 | 0.38 | 0.10 | 0.46 | |||||||||||||||||
1.00 | 0.18 | 1,574,145 | 0.29 | 0.16 | 0.69 | |||||||||||||||||
1.00 | 0.73 | 1,707,525 | 0.70 | 0.72 | 0.70 | |||||||||||||||||
1.00 | 0.79 | 2,028,976 | 0.70 | 0.78 | 0.71 | |||||||||||||||||
1.00 | 0.24 | 2,511,847 | 0.70 | 0.23 | 0.71 | |||||||||||||||||
1.00 | 0.02 | 2,650,165 | 0.47 | 0.02 | 0.71 |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 139 |
Table of Contents
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
Per share operating performance | ||||||||||||||||||||||||||||
Investment operations | Distributions | |||||||||||||||||||||||||||
Net asset value, beginning of period | Net investment income (loss) (b) | Net realized gains | Total from investment operations | Net investment income | Net realized gain | Total distributions | ||||||||||||||||||||||
JPMorgan Municipal Money Market Fund |
| |||||||||||||||||||||||||||
Agency |
| |||||||||||||||||||||||||||
Year Ended February 28, 2021 | $ | 1.00 | $ | — | (e) | $ | — | (e) | $ | — | (e) | $ | — | (e) | $ | — | (e) | $ | — | (e) | ||||||||
Year Ended February 29, 2020 | 1.00 | 0.01 | — | (e) | 0.01 | (0.01 | ) | — | (e) | (0.01 | ) | |||||||||||||||||
Year Ended February 28, 2019 | 1.00 | 0.01 | — | (e) | 0.01 | (0.01 | ) | — | (e) | (0.01 | ) | |||||||||||||||||
Year Ended February 28, 2018 | 1.00 | 0.01 | — | (e) | 0.01 | (0.01 | ) | — | (e) | (0.01 | ) | |||||||||||||||||
Year Ended February 28, 2017 | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | |||||||||||||||
E*Trade (f) |
| |||||||||||||||||||||||||||
For the Period Ended September 21, 2016 | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | — | (e) | ||||||||||||||||
Institutional Class |
| |||||||||||||||||||||||||||
Year Ended February 28, 2021 | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | |||||||||||||||
Year Ended February 29, 2020 | 1.00 | 0.01 | — | (e) | 0.01 | (0.01 | ) | — | (e) | (0.01 | ) | |||||||||||||||||
Year Ended February 28, 2019 | 1.00 | 0.01 | — | (e) | 0.01 | (0.01 | ) | — | (e) | (0.01 | ) | |||||||||||||||||
Year Ended February 28, 2018 | 1.00 | 0.01 | — | (e) | 0.01 | (0.01 | ) | — | (e) | (0.01 | ) | |||||||||||||||||
Year Ended February 28, 2017 | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | |||||||||||||||
Morgan |
| |||||||||||||||||||||||||||
Year Ended February 28, 2021 | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | |||||||||||||||
Year Ended February 29, 2020 | 1.00 | 0.01 | — | (e) | 0.01 | (0.01 | ) | — | (e) | (0.01 | ) | |||||||||||||||||
Year Ended February 28, 2019 | 1.00 | 0.01 | — | (e) | 0.01 | (0.01 | ) | — | (e) | (0.01 | ) | |||||||||||||||||
Year Ended February 28, 2018 | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | |||||||||||||||
Year Ended February 28, 2017 | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | |||||||||||||||
Premier |
| |||||||||||||||||||||||||||
Year Ended February 28, 2021 | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | |||||||||||||||
Year Ended February 29, 2020 | 1.00 | 0.01 | — | (e) | 0.01 | (0.01 | ) | — | (e) | (0.01 | ) | |||||||||||||||||
Year Ended February 28, 2019 | 1.00 | 0.01 | — | (e) | 0.01 | (0.01 | ) | — | (e) | (0.01 | ) | |||||||||||||||||
Year Ended February 28, 2018 | 1.00 | 0.01 | — | (e) | 0.01 | (0.01 | ) | — | (e) | (0.01 | ) | |||||||||||||||||
Year Ended February 28, 2017 | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | |||||||||||||||
Service |
| |||||||||||||||||||||||||||
Year Ended February 28, 2021 | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | |||||||||||||||
Year Ended February 29, 2020 | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | |||||||||||||||
Year Ended February 28, 2019 | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | |||||||||||||||
Year Ended February 28, 2018 | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | |||||||||||||||
Year Ended February 28, 2017 | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) |
(a) | Annualized for periods less than one year, unless otherwise noted. |
(b) | Calculated based upon average shares outstanding. |
(c) | Not annualized for periods less than one year. |
(d) | Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
(e) | Amount rounds to less than $0.005. |
(f) | E*Trade Shares had no assets from the close of business on September 21, 2016. |
SEE NOTES TO FINANCIAL STATEMENTS.
140 | J.P. MORGAN MONEY MARKET FUNDS | FEBRUARY 28, 2021 |
Table of Contents
| Ratios/Supplemental data | |||||||||||||||||||||
Ratios to average net assets (a) | ||||||||||||||||||||||
Net asset value, end of period | Total return (c) | Net assets, end of period (000’s) | Net expenses (d) | Net income | Expenses without waivers, reimbursements and earnings credits | |||||||||||||||||
$ | 1.00 | 0.31 | % | $ | 60,879 | 0.25 | % | 0.38 | % | 0.31 | % | |||||||||||
1.00 | 1.20 | 112,747 | 0.26 | 1.20 | 0.34 | |||||||||||||||||
1.00 | 1.26 | 127,136 | 0.26 | 1.25 | 0.33 | |||||||||||||||||
1.00 | 0.73 | 140,809 | 0.26 | 0.76 | 0.35 | |||||||||||||||||
1.00 | 0.33 | 35,608 | 0.23 | 0.20 | 0.33 | |||||||||||||||||
1.00 | 0.01 | — | 0.41 | 0.01 | 1.07 | |||||||||||||||||
1.00 | 0.35 | 834,116 | 0.20 | 0.38 | 0.26 | |||||||||||||||||
1.00 | 1.25 | 1,688,150 | 0.21 | 1.24 | 0.29 | |||||||||||||||||
1.00 | 1.31 | 2,003,502 | 0.21 | 1.30 | 0.28 | |||||||||||||||||
1.00 | 0.78 | 1,575,116 | 0.21 | 0.83 | 0.31 | |||||||||||||||||
1.00 | 0.37 | 303,233 | 0.21 | 0.39 | 0.30 | |||||||||||||||||
1.00 | 0.22 | 43,853 | 0.35 | 0.16 | 0.62 | |||||||||||||||||
1.00 | 0.87 | 35,473 | 0.59 | 0.84 | 0.66 | |||||||||||||||||
1.00 | 0.93 | 15,899 | 0.59 | 0.92 | 0.65 | |||||||||||||||||
1.00 | 0.40 | 13,794 | 0.59 | 0.28 | 0.63 | |||||||||||||||||
1.00 | 0.08 | 312,787 | 0.49 | 0.07 | 0.64 | |||||||||||||||||
1.00 | 0.23 | 69,237 | 0.35 | 0.28 | 0.47 | |||||||||||||||||
1.00 | 1.01 | 135,261 | 0.45 | 1.00 | 0.50 | |||||||||||||||||
1.00 | 1.07 | 129,260 | 0.45 | 1.06 | 0.48 | |||||||||||||||||
1.00 | 0.54 | 116,319 | 0.45 | 0.57 | 0.51 | |||||||||||||||||
1.00 | 0.16 | 31,528 | 0.41 | 0.12 | 0.49 | |||||||||||||||||
1.00 | 0.16 | 28,684 | 0.44 | 0.21 | 1.06 | |||||||||||||||||
1.00 | 0.41 | 68,493 | 1.05 | 0.48 | 1.09 | |||||||||||||||||
1.00 | 0.47 | 256,953 | 1.05 | 0.46 | 1.08 | |||||||||||||||||
1.00 | 0.07 | 282,024 | 0.91 | 0.05 | 1.09 | |||||||||||||||||
1.00 | 0.03 | 363,754 | 0.54 | 0.01 | 1.09 |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 141 |
Table of Contents
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
Per share operating performance | ||||||||||||||||||||||||||||
Investment operations | Distributions | |||||||||||||||||||||||||||
Net asset value, beginning of period | Net investment income (loss) (b) | Net realized gains | Total from investment operations | Net investment income | Net realized gain | Total distributions | ||||||||||||||||||||||
JPMorgan California Municipal Money Market Fund |
| |||||||||||||||||||||||||||
Agency |
| |||||||||||||||||||||||||||
Year Ended February 28, 2021 | $ | 1.00 | $ | — | (e) | $ | — | (e) | $ | — | (e) | $ | — | (e) | $ | — | (e) | $ | — | (e) | ||||||||
March 1, 2019 (f) through February 29, 2020 | 1.00 | 0.01 | — | (e) | 0.01 | (0.01 | ) | — | (e) | (0.01 | ) | |||||||||||||||||
E*Trade (g) |
| |||||||||||||||||||||||||||
For the Period Ended September 21, 2016 | 1.00 | — | (e) | — | — | (e) | — | (e) | — | — | (e) | |||||||||||||||||
Institutional Class |
| |||||||||||||||||||||||||||
Year Ended February 28, 2021 | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | |||||||||||||||
March 1, 2019 (f) through February 29, 2020 | 1.00 | 0.01 | — | (e) | 0.01 | (0.01 | ) | — | (e) | (0.01 | ) | |||||||||||||||||
Morgan |
| |||||||||||||||||||||||||||
Year Ended February 28, 2021 | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | |||||||||||||||
Year Ended February 29, 2020 | 1.00 | 0.01 | — | (e) | 0.01 | (0.01 | ) | — | (e) | (0.01 | ) | |||||||||||||||||
Year Ended February 28, 2019 | 1.00 | 0.01 | — | (e) | 0.01 | (0.01 | ) | — | (e) | (0.01 | ) | |||||||||||||||||
Year Ended February 28, 2018 | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | |||||||||||||||
Year Ended February 28, 2017 | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | |||||||||||||||
Premier |
| |||||||||||||||||||||||||||
Year Ended February 28, 2021 | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | |||||||||||||||
Year Ended February 29, 2020 | 1.00 | 0.01 | — | (e) | 0.01 | (0.01 | ) | — | (e) | (0.01 | ) | |||||||||||||||||
Year Ended February 28, 2019 | 1.00 | 0.01 | — | (e) | 0.01 | (0.01 | ) | — | (e) | (0.01 | ) | |||||||||||||||||
Year Ended February 28, 2018 | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | |||||||||||||||
March 9, 2016 (f) through February 28, 2017 | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | |||||||||||||||
Service |
| |||||||||||||||||||||||||||
Year Ended February 28, 2021 | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | |||||||||||||||
Year Ended February 29, 2020 | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | |||||||||||||||
Year Ended February 28, 2019 | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | |||||||||||||||
Year Ended February 28, 2018 | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | |||||||||||||||
Year Ended February 28, 2017 | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) |
(a) | Annualized for periods less than one year, unless otherwise noted. |
(b) | Calculated based upon average shares outstanding. |
(c) | Not annualized for periods less than one year. |
(d) | Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
(e) | Amount rounds to less than $0.005. |
(f) | Commencement of offering of class of shares. |
(g) | E*Trade Shares had no assets from the close of business on September 21, 2016. |
SEE NOTES TO FINANCIAL STATEMENTS.
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| Ratios/Supplemental data | |||||||||||||||||||||
Ratios to average net assets (a) | ||||||||||||||||||||||
Net asset value, end of period | Total return (c) | Net assets, end of period (000’s) | Net expenses (d) | Net income (loss) | Expenses without waivers, reimbursements and earnings credits | |||||||||||||||||
$ | 1.00 | 0.23 | % | $ | 21,715 | 0.22 | % | 0.24 | % | 0.33 | % | |||||||||||
1.00 | 1.11 | 24,892 | 0.26 | 0.87 | 0.35 | |||||||||||||||||
1.00 | 0.01 | — | 0.38 | 0.01 | 1.07 | |||||||||||||||||
1.00 | 0.25 | 156,740 | 0.20 | 0.30 | 0.28 | |||||||||||||||||
1.00 | 1.15 | 287,724 | 0.21 | 1.03 | 0.30 | |||||||||||||||||
1.00 | 0.17 | 7,122 | 0.28 | 0.12 | 0.63 | |||||||||||||||||
1.00 | 0.77 | 2,447 | 0.59 | 0.70 | 0.69 | |||||||||||||||||
1.00 | 0.86 | 1,591 | 0.59 | 0.85 | 0.72 | |||||||||||||||||
1.00 | 0.38 | 1,310 | 0.59 | 0.27 | 0.75 | |||||||||||||||||
1.00 | 0.08 | 7,314 | 0.41 | 0.04 | 0.64 | |||||||||||||||||
1.00 | 0.19 | 101,991 | 0.27 | 0.20 | 0.48 | |||||||||||||||||
1.00 | 0.91 | 233,249 | 0.45 | 0.87 | 0.50 | |||||||||||||||||
1.00 | 1.00 | 259,463 | 0.45 | 0.97 | 0.52 | |||||||||||||||||
1.00 | 0.52 | 166,312 | 0.45 | 0.49 | 0.55 | |||||||||||||||||
1.00 | 0.15 | 139,487 | 0.45 | 0.21 | 0.57 | |||||||||||||||||
1.00 | 0.12 | 12,065 | 0.37 | 0.16 | 1.08 | |||||||||||||||||
1.00 | 0.32 | 28,405 | 1.05 | 0.37 | 1.10 | |||||||||||||||||
1.00 | 0.41 | 118,146 | 1.04 | 0.37 | 1.12 | |||||||||||||||||
1.00 | 0.08 | 125,615 | 0.89 | 0.04 | 1.15 | |||||||||||||||||
1.00 | 0.04 | 167,422 | 0.50 | 0.01 | 1.11 |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 143 |
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FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
Per share operating performance | ||||||||||||||||||||||||||||
Investment operations | Distributions | |||||||||||||||||||||||||||
Net asset value, beginning of period | Net investment income (loss) (b) | Net realized gains | Total from investment operations | Net investment income | Net realized gain | Total | ||||||||||||||||||||||
JPMorgan New York Municipal Money Market Fund |
| |||||||||||||||||||||||||||
Agency |
| |||||||||||||||||||||||||||
Year Ended February 28, 2021 | $ | 1.00 | $ | — | (e) | $ | — | (e) | $ | — | (e) | $ | — | (e) | $ | — | (e) | $ | — | (e) | ||||||||
March 1, 2019 (f) through February 29, 2020 | 1.00 | 0.01 | — | (e) | 0.01 | (0.01 | ) | — | (e) | (0.01 | ) | |||||||||||||||||
E*Trade (g) |
| |||||||||||||||||||||||||||
For the Period Ended September 21, 2016 | 1.00 | — | (e) | — | — | (e) | — | (e) | — | — | (e) | |||||||||||||||||
Institutional Class |
| |||||||||||||||||||||||||||
Year Ended February 28, 2021 | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | |||||||||||||||
March 1, 2019 (f) through February 29, 2020 | 1.00 | 0.01 | — | (e) | 0.01 | (0.01 | ) | — | (e) | (0.01 | ) | |||||||||||||||||
Morgan |
| |||||||||||||||||||||||||||
Year Ended February 28, 2021 | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | |||||||||||||||
Year Ended February 29, 2020 | 1.00 | 0.01 | — | (e) | 0.01 | (0.01 | ) | — | (e) | (0.01 | ) | |||||||||||||||||
Year Ended February 28, 2019 | 1.00 | 0.01 | — | (e) | 0.01 | (0.01 | ) | — | (e) | (0.01 | ) | |||||||||||||||||
Year Ended February 28, 2018 | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | |||||||||||||||
Year Ended February 28, 2017 | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | |||||||||||||||
Premier |
| |||||||||||||||||||||||||||
Year Ended February 28, 2021 | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | |||||||||||||||
Year Ended February 29, 2020 | 1.00 | 0.01 | — | (e) | 0.01 | (0.01 | ) | — | (e) | (0.01 | ) | |||||||||||||||||
Year Ended February 28, 2019 | 1.00 | 0.01 | — | (e) | 0.01 | (0.01 | ) | — | (e) | (0.01 | ) | |||||||||||||||||
Year Ended February 28, 2018 | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | |||||||||||||||
March 9, 2016 (f) through February 28, 2017 | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | |||||||||||||||
Reserve |
| |||||||||||||||||||||||||||
Year Ended February 28, 2021 | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | |||||||||||||||
Year Ended February 29, 2020 | 1.00 | 0.01 | — | (e) | 0.01 | (0.01 | ) | — | (e) | (0.01 | ) | |||||||||||||||||
Year Ended February 28, 2019 | 1.00 | 0.01 | — | (e) | 0.01 | (0.01 | ) | — | (e) | (0.01 | ) | |||||||||||||||||
Year Ended February 28, 2018 | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | |||||||||||||||
Year Ended February 28, 2017 | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | |||||||||||||||
Service |
| |||||||||||||||||||||||||||
Year Ended February 28, 2021 | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | |||||||||||||||
Year Ended February 29, 2020 | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | |||||||||||||||
Year Ended February 28, 2019 | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | |||||||||||||||
Year Ended February 28, 2018 | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | |||||||||||||||
Year Ended February 28, 2017 | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) |
(a) | Annualized for periods less than one year, unless otherwise noted. |
(b) | Calculated based upon average shares outstanding. |
(c) | Not annualized for periods less than one year. |
(d) | Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
(e) | Amount rounds to less than $0.005. |
(f) | Commencement of offering of class of shares. |
(g) | E*Trade Shares had no assets from the close of business on September 21, 2016. |
SEE NOTES TO FINANCIAL STATEMENTS.
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| Ratios/Supplemental data | |||||||||||||||||||||
Ratios to average net assets (a) | ||||||||||||||||||||||
Net asset value, end of period | Total return (c) | Net assets, end of period (000’s) | Net expenses (d) | Net income | Expenses without waivers, reimbursements and earnings credits | |||||||||||||||||
$ | 1.00 | 0.30 | % | $ | 72,812 | 0.25 | % | 0.44 | % | 0.30 | % | |||||||||||
1.00 | 1.15 | 262,677 | 0.26 | 1.06 | 0.31 | |||||||||||||||||
1.00 | 0.01 | — | 0.40 | 0.01 | 1.08 | |||||||||||||||||
1.00 | 0.34 | 532,580 | 0.21 | 0.41 | 0.25 | |||||||||||||||||
1.00 | 1.20 | 1,625,406 | 0.21 | 1.09 | 0.26 | |||||||||||||||||
1.00 | 0.23 | 59,934 | 0.32 | 0.20 | 0.64 | |||||||||||||||||
1.00 | 0.82 | 62,178 | 0.59 | 0.84 | 0.63 | |||||||||||||||||
1.00 | 0.89 | 132,127 | 0.59 | 0.88 | 0.66 | |||||||||||||||||
1.00 | 0.36 | 134,395 | 0.59 | 0.31 | 0.67 | |||||||||||||||||
1.00 | 0.06 | 303,713 | 0.47 | 0.06 | 0.66 | |||||||||||||||||
1.00 | 0.25 | 91,945 | 0.34 | 0.38 | 0.45 | |||||||||||||||||
1.00 | 0.96 | 742,781 | 0.45 | 0.95 | 0.47 | |||||||||||||||||
1.00 | 1.03 | 769,285 | 0.45 | 1.03 | 0.49 | |||||||||||||||||
1.00 | 0.50 | 485,365 | 0.45 | 0.58 | 0.51 | |||||||||||||||||
1.00 | 0.13 | 102,091 | 0.46 | 0.22 | 0.53 | |||||||||||||||||
1.00 | 0.21 | 1,498 | 0.34 | 0.20 | 0.70 | |||||||||||||||||
1.00 | 0.70 | 1,122 | 0.70 | 0.71 | 0.72 | |||||||||||||||||
1.00 | 0.78 | 1,569 | 0.70 | 0.75 | 0.74 | |||||||||||||||||
1.00 | 0.25 | 2,285 | 0.70 | 0.24 | 0.78 | |||||||||||||||||
1.00 | 0.02 | 2,607 | 0.39 | 0.01 | 0.73 | |||||||||||||||||
1.00 | 0.18 | 3,729 | 0.41 | 0.21 | 1.11 | |||||||||||||||||
1.00 | 0.36 | 8,363 | 1.05 | 0.45 | 1.08 | |||||||||||||||||
1.00 | 0.43 | 36,537 | 1.04 | 0.43 | 1.09 | |||||||||||||||||
1.00 | 0.06 | 49,027 | 0.90 | 0.05 | 1.11 | |||||||||||||||||
1.00 | 0.02 | 57,064 | 0.53 | 0.01 | 1.10 |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 145 |
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AS OF FEBRUARY 28, 2021
(Dollar values in thousands)
1. Organization
JPMorgan Trust I (“JPM I”), JPMorgan Trust II (“JPM II”) and JPMorgan Trust IV (“JPM IV”) (collectively, the “Trusts”) were formed on November 12, 2004 for JPM I and JPM II and November 11, 2015 for JPM IV, as Delaware statutory trusts, pursuant to Declarations of Trust dated November 5, 2004 and November 11, 2015, respectively, and are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as open-end management investment companies.
The following are 12 separate funds of the Trusts (each, a “Fund” and collectively, the “Funds”) covered by this report:
Classes Offered | Trust | Diversification Classification | ||||
JPMorgan Prime Money Market Fund | Academy(1), Agency, Capital, Class C, Empower(2), IM, Institutional Class, Morgan, Premier and Reserve | JPM I | Diversified | |||
JPMorgan Institutional Tax Free Money Market Fund | Agency, Capital, IM and Institutional Class | JPM IV | Diversified | |||
JPMorgan Securities Lending Money Market Fund | Agency SL | JPM IV | Diversified | |||
JPMorgan Liquid Assets Money Market Fund | Agency, Capital, Class C, E*Trade(3), Institutional Class, Investor, Morgan, Premier and Reserve | JPM II | Diversified | |||
JPMorgan U.S. Government Money Market Fund | Academy(1), Agency, Capital, E*Trade, Empower(2), IM, Institutional Class, Investor, Morgan, Premier, Reserve and Service | JPM II | Diversified | |||
JPMorgan U.S. Treasury Plus Money Market Fund | Academy(4), Agency, Capital, Class C, Empower(2), IM, Institutional Class, Investor, Morgan, Premier and Reserve | JPM II | Diversified | |||
JPMorgan Federal Money Market Fund | Agency, Institutional Class, Morgan and Premier | JPM I | Diversified | |||
JPMorgan 100% U.S. Treasury Securities Money Market Fund | Academy(4), Agency, Capital, Empower(2), IM(5), Institutional Class, Morgan, Premier and Reserve | JPM I | Diversified | |||
JPMorgan Tax Free Money Market Fund | Agency, Institutional Class, Morgan, Premier and Reserve | JPM I | Diversified | |||
JPMorgan Municipal Money Market Fund | Agency, E*Trade(6), Institutional Class, Morgan, Premier and Service | JPM II | Diversified | |||
JPMorgan California Municipal Money Market Fund | Agency(7), E*Trade(6), Institutional Class(7), Morgan, Premier and Service | JPM I | Diversified | |||
JPMorgan New York Municipal Money Market Fund | Agency(7), E*Trade(6), Institutional Class(7), Morgan, Premier, Reserve and Service | JPM I | Diversified |
(1) | Commenced operations on May 15, 2019. |
(2) | Commenced operations on February 23, 2021. |
(3) | No assets from the close of business on October 19, 2016. |
(4) | Commenced operations on September 30, 2020. |
(5) | Commenced operations on January 15, 2020. |
(6) | No assets from the close of business on September 21, 2016. |
(7) | Commenced operations on March 1, 2019. |
The investment objective of JPMorgan Prime Money Market Fund (“Prime Money Market Fund”) and JPMorgan Securities Lending Money Market Fund (“Securities Lending Money Market Fund”) is to seek current income while seeking to maintain liquidity and a low volatility of principal.
The investment objective of JPMorgan Institutional Tax Free Money Market Fund (“Institutional Tax Free Money Market Fund”) is to aim to provide current income, while seeking to maintain liquidity and a low volatility of principal.
The investment objective of JPMorgan Liquid Assets Money Market Fund (“Liquid Assets Money Market Fund”) and JPMorgan U.S. Treasury Plus Money Market Fund (“U.S. Treasury Plus Money Market Fund”) is to seek current income with liquidity and stability of principal.
The investment objective of JPMorgan U.S. Government Money Market Fund (“U.S. Government Money Market Fund”) is to seek high current income with liquidity and stability of principal.
The investment objective of JPMorgan Federal Money Market Fund (“Federal Money Market Fund”) is to aim to provide current income while still preserving capital and maintaining liquidity.
The investment objective of JPMorgan 100% U.S. Treasury Securities Money Market Fund (“100% U.S. Treasury Securities Money Market Fund”) is to aim to provide the highest possible level of current income while still maintaining liquidity and providing maximum safety of principal.
The investment objective of JPMorgan Tax Free Money Market Fund (“Tax Free Money Market Fund”) is to aim to provide the highest possible level of current income which is excluded from gross income, while still preserving capital and maintaining liquidity.
The investment objective of JPMorgan Municipal Money Market Fund (“Municipal Money Market Fund”) is to seek as high a level of current interest income exempt from federal income tax as is consistent with liquidity and stability of principal.
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The investment objective of JPMorgan California Municipal Money Market Fund (“California Municipal Money Market Fund”) is to aim to provide the highest possible level of current income which is exempt from federal and California personal income taxes, while still preserving capital and maintaining liquidity.
The investment objective of JPMorgan New York Municipal Money Market Fund (“New York Municipal Money Market Fund”) is to aim to provide the highest possible level of current income which is excluded from gross income and exempt from New York State and New York City personal income taxes, while still preserving capital and maintaining liquidity.
Liquid Assets Money Market Fund, Tax Free Money Market Fund, Municipal Money Market Fund, California Municipal Money Market Fund and New York Municipal Money Market Fund seek to qualify as retail money market funds in accordance with criteria established by the Securities and Exchange Commission (“SEC”). Under applicable SEC rules, these Funds are ordinarily permitted to utilize amortized cost accounting to value their portfolio securities and transact at a stable $1.00 share price. These Funds have adopted policies and procedures that allow the Boards of Trustees of the Trusts (the “Boards”) to impose a liquidity fee and/or redemption gate in the event that their weekly liquid assets fall below a designated threshold.
Prime Money Market Fund, Institutional Tax Free Money Market Fund and Securities Lending Money Market Fund do not seek to qualify as a retail or government money market fund and transact utilizing a floating net asset value (“NAV”) calculated to four decimal places. The Funds have adopted policies and procedures that allow the Boards to impose a liquidity fee and/or redemption gate in the event that their weekly liquid assets fall below a designated threshold.
U.S. Government Money Market Fund, U.S. Treasury Plus Money Market Fund, Federal Money Market Fund and 100% U.S. Treasury Securities Money Market Fund seek to qualify as Government money market funds in accordance with criteria established by the SEC. Under applicable SEC rules, these Funds are ordinarily permitted to utilize amortized cost accounting to value their portfolio securities and transact at a stable $1.00 share price.
Class C Shares provide for a contingent deferred sales charge (“CDSC”). No sales charges are assessed with respect to the Academy, Agency, Agency SL, Capital, E*Trade, Empower, IM, Institutional Class, Investor, Morgan, Premier, Reserve and Service Shares. Effective October 1, 2020, Class C Shares automatically convert to Morgan Shares after eight years. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements.
J.P. Morgan Investment Management Inc. (“JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), acts as Adviser (the “Adviser”) and Administrator (the “Administrator”) to the Funds.
2. Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
A. Valuation of Investments — Investments are valued in accordance with GAAP and the Funds’ valuation policies set forth by, and under the supervision and responsibility of, the Boards, which established the following approach to valuation, as described more fully below: securities and other debt instruments held by money market funds pursuant to Rule 2a-7 under the 1940 Act shall be valued using the amortized cost method provided that certain conditions are met, with the exception of the Prime Money Market Fund, Institutional Tax Free Money Market Fund and Securities Lending Money Market Fund.
The amortized cost method of valuation involves valuing a security at its cost initially and thereafter assuming a constant amortization to maturity of any discount or premium, regardless of the impact of fluctuating interest rates on the market value of the security. This method may result in periods during which value, as determined by amortized cost, is higher or lower than the price each Fund would receive if it sold the security. The market value of securities in the Funds can generally be expected to vary inversely with changes in prevailing interest rates.
The Administrator has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Boards with the oversight and monitoring of the valuation of the Funds’ investments. The Administrator implements the valuation policies of the Funds’ investments, as directed by the Boards. The AVC oversees and carries out the policies for the valuation of investments held in the Funds. 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. This includes also monitoring on a daily basis that the amortized cost valuation method fairly reflects the market-based net asset value (“NAV”) of the Funds. 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 Boards.
For Prime Money Market Fund, Institutional Tax Free Money Market Fund and Securities Lending Money Market Fund, fixed income instruments for which market quotations are not readily available are fair valued based on prices received from approved affiliated and unaffiliated pricing vendors
FEBRUARY 28, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 147 |
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NOTES TO FINANCIAL STATEMENTS
AS OF FEBRUARY 28, 2021 (continued)
(Dollar values in thousands)
or third party broker-dealers (collectively referred to as “Pricing Services”). The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.
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 Funds’ investments are summarized into the three broad levels listed below.
• | Level 1 — Quoted prices in active markets for identical securities. |
• | Level 2 — Other significant observable inputs (including, but not limited to, quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). |
• | Level 3 — Significant unobservable inputs (including the Funds’ own 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 securities are not necessarily an indication of the risk associated with investing in those securities. For example, certain money market securities are valued using amortized cost, in accordance with rules under the 1940 Act. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as level 2.
The following tables represent each valuation input as presented on the Schedules of Portfolio Investments (“SOIs”):
Prime Money Market Fund
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Total Investments in Securities (a) | $ | — | $ | 74,234,051 | $ | — | $ | 74,234,051 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Institutional Tax Free Money Market Fund |
| |||||||||||||||
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Total Investments in Securities (a) | $ | — | $ | 1,161,994 | $ | — | $ | 1,161,994 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Securities Lending Money Market Fund |
| |||||||||||||||
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Total Investments in Securities (a) | $ | — | $ | 2,168,245 | $ | — | $ | 2,168,245 | ||||||||
|
|
|
|
|
|
|
| |||||||||
The following is a summary of the inputs used as of February 28, 2021, in valuing the Funds’ assets and liabilities carried at amortized cost which approximates fair value:
Liquid Assets Money Market Fund |
| |||||||||||||||
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Total Investments in Securities (a) | $ | — | $ | 12,127,355 | $ | — | $ | 12,127,355 | ||||||||
|
|
|
|
|
|
|
| |||||||||
U.S. Government Money Market Fund |
| |||||||||||||||
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Total Investments in Securities (a) | $ | — | $ | 224,133,009 | $ | — | $ | 224,133,009 | ||||||||
|
|
|
|
|
|
|
|
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U.S. Treasury Plus Money Market Fund |
| |||||||||||||||
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Total Investments in Securities (a) | $ | — | $ | 30,134,034 | $ | — | $ | 30,134,034 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Federal Money Market Fund |
| |||||||||||||||
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Total Investments in Securities (a) | $ | — | $ | 2,853,294 | $ | — | $ | 2,853,294 | ||||||||
|
|
|
|
|
|
|
| |||||||||
100% U.S. Treasury Securities Money Market Fund |
| |||||||||||||||
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Total Investments in Securities (a) | $ | — | $ | 93,436,082 | $ | — | $ | 93,436,082 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Tax Free Money Market Fund |
| |||||||||||||||
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Total Investments in Securities (a) | $ | — | $ | 9,341,412 | $ | — | $ | 9,341,412 | ||||||||
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Municipal Money Market Fund |
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Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Total Investments in Securities (a) | $ | — | $ | 1,036,425 | $ | — | $ | 1,036,425 | ||||||||
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California Municipal Money Market Fund |
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Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Total Investments in Securities (a) | $ | — | $ | 298,816 | $ | — | $ | 298,816 | ||||||||
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New York Municipal Money Market Fund |
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Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Total Investments in Securities (a) | $ | — | $ | 738,087 | $ | — | $ | 738,087 | ||||||||
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(a) | Please refer to the SOIs for specifics of portfolio holdings. |
B. Restricted Securities — Certain securities held by the Funds may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the NAVs of the Funds.
As of February 28, 2021, the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A and/or Regulation S under the Securities Act.
C. Repurchase Agreements — Prime Money Market Fund, Securities Lending Money Market Fund, Liquid Assets Money Market Fund, U.S. Government Money Market Fund and U.S. Treasury Plus Money Market Fund may enter into repurchase agreement transactions that meet the credit guidelines of JPMIM. Repurchase agreements involve the purchase of securities subject to the seller’s agreement to repurchase the securities at a mutually agreed upon date and price. The Funds require that the collateral received in a repurchase agreement transaction be transferred to a custodian in a manner sufficient to enable the Funds to obtain collateral in the event of a counterparty default. If the counterparty defaults and the
FEBRUARY 28, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 149 |
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NOTES TO FINANCIAL STATEMENTS
AS OF FEBRUARY 28, 2021 (continued)
(Dollar values in thousands)
fair value of the collateral declines, realization of the collateral by the Funds may be delayed or limited. Repurchase agreement collateral may be held in segregated accounts maintained by JPMorgan Chase Bank, N.A. (“JPMCB”), a wholly-owned subsidiary of JPMorgan, or in segregated accounts maintained by an unaffiliated third-party custodian. Prime Money Market Fund, Liquid Assets Money Market Fund, Securities Lending Money Market Fund, U.S. Government Money Market Fund and U.S. Treasury Plus Money Market Fund may transfer uninvested cash into joint accounts, which are utilized by multiple accounts or funds managed by the Adviser or its affiliates, the daily aggregate balance of which is invested in one or more repurchase agreements. Under these joint accounts, the Funds maintain pro-rata credit exposure to the underlying repurchase agreements’ counterparties and collateral (collateral may also be held overnight in segregated custodial sub-accounts established in the name of each participating Fund).
The Funds’ repurchase agreements are not subject to master netting arrangements.
D. When-Issued Securities, Delayed Delivery Securities and Forward Commitments — Institutional Tax Free Money Market Fund, U.S. Government Money Market Fund, Tax Free Money Market Fund, Municipal Money Market Fund, California Municipal Money Market Fund and New York Municipal Money Market Fund purchased when-issued securities, including To Be Announced (“TBA”) securities, and entered into contracts to purchase or sell securities for a fixed price that may be settled a month or more after the trade date, or purchased delayed delivery securities which generally settle seven days after the trade date. When-issued securities are securities that have been authorized, but not issued in the market. A forward commitment involves entering into a contract to purchase or sell securities for a fixed price at a future date that may be settled a month or more after the trade date. A delayed delivery security is agreed upon in advance between the buyer and the seller of the security and is generally delivered beyond seven days of the agreed upon date. The purchase of securities on a when-issued, delayed delivery or forward commitment basis involves the risk that the value of the security to be purchased declines before the settlement date. The sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. The Funds may be exposed to credit risk if the counterparty fails to perform under the terms of the transaction. Interest income for securities purchased on a when-issued, delayed delivery or forward commitment basis is not accrued until the settlement date.
U.S. Government Money Market Fund, Tax Free Money Market Fund and Municipal Money Market Fund had when-issued securities, delayed delivery securities or forward commitments outstanding as of February 28, 2021, which are shown as a Receivable for Investment securities sold — delayed delivery securities and a Payable for Investment securities purchased — delayed delivery securities, respectively, on the Statements of Assets and Liabilities. The values of these securities held at February 28, 2021 are detailed on the SOIs.
E. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income is determined on the basis of coupon interest accrued using the effective interest method, which adjusts for amortization of premiums and accretion of discounts.
F. Allocation of Income and Expenses — Expenses directly attributable to a Fund are charged directly to that Fund, while the expenses attributable to more than one fund of the Trusts are allocated among the applicable funds. Investment income, realized and unrealized gains and losses and expenses, other than class-specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.
Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each share class of the Funds for the year ended February 28, 2021 are as follows:
Prime Money Market Fund | Institutional Tax Free Money Market Fund | Securities Lending Money Market Fund | Liquid Assets Money Market Fund | U.S. Government Money Market Fund | U.S. Treasury Plus Money Market Fund | Federal Money Market Fund | 100% U.S. Treasury Securities Money Market Fund | Tax Free Money Market Fund | Municipal Money Market Fund | California Municipal Money Market Fund | New York Municipal Money Market Fund | |||||||||||||||||||||||||||||||||||||
Academy | $ | 54 | n/a | n/a | n/a | $ | 23 | $ | — | (a) | n/a | $ | — | (a) | n/a | n/a | n/a | n/a | ||||||||||||||||||||||||||||||
Agency | 80 | $ | 23 | n/a | $ | 33 | 313 | 37 | $ | 8 | 98 | $ | 11 | $ | 2 | $ | 1 | $ | 3 | |||||||||||||||||||||||||||||
Agency SL | n/a | n/a | $ | 95 | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | |||||||||||||||||||||||||||||||||||
Capital | 979 | 31 | n/a | 57 | 2,244 | 274 | n/a | 1,198 | n/a | n/a | n/a | n/a | ||||||||||||||||||||||||||||||||||||
Class C | 26 | n/a | n/a | 4 | n/a | 10 | n/a | n/a | n/a | n/a | n/a | n/a | ||||||||||||||||||||||||||||||||||||
E*Trade | n/a | n/a | n/a | n/a | 7 | n/a | n/a | n/a | n/a | n/a | n/a | n/a | ||||||||||||||||||||||||||||||||||||
Empower | n/a | n/a | n/a | n/a | — | (a) | n/a | n/a | n/a | n/a | n/a | n/a | n/a | |||||||||||||||||||||||||||||||||||
IM | 121 | 47 | n/a | n/a | 155 | 1 | n/a | 2 | n/a | n/a | n/a | n/a | ||||||||||||||||||||||||||||||||||||
Institutional Class | 431 | 33 | n/a | 75 | 635 | 255 | 50 | 629 | 143 | 19 | 7 | 18 | ||||||||||||||||||||||||||||||||||||
Investor | n/a | n/a | n/a | 3 | 15 | 18 | n/a | n/a | n/a | n/a | n/a | n/a | ||||||||||||||||||||||||||||||||||||
Morgan | 258 | n/a | n/a | 86 | 98 | 27 | 22 | 82 | 9 | 5 | 1 | 22 | ||||||||||||||||||||||||||||||||||||
Premier | 81 | n/a | n/a | 64 | 91 | 38 | 7 | 51 | 16 | 12 | 5 | 9 | ||||||||||||||||||||||||||||||||||||
Reserve | 28 | n/a | n/a | 9 | 3 | 4 | n/a | 46 | 21 | n/a | n/a | — | (a) | |||||||||||||||||||||||||||||||||||
Service | n/a | n/a | n/a | n/a | 6 | n/a | n/a | n/a | n/a | 1 | — | (a) | 3 | |||||||||||||||||||||||||||||||||||
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Total | $ | 2,058 | $ | 134 | $ | 95 | $ | 331 | $ | 3,590 | $ | 664 | $ | 87 | $ | 2,106 | $ | 200 | $ | 39 | $ | 14 | $ | 55 | ||||||||||||||||||||||||
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(a) | Amount rounds to less than one thousand. |
150 | J.P. MORGAN MONEY MARKET FUNDS | FEBRUARY 28, 2021 |
Table of Contents
G. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of February 28, 2021, no liability for Federal income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each Fund’s Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.
H. Distributions to Shareholders — Distributions from net investment income, if any, are generally declared daily and paid monthly and are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax basis treatment.
The following amounts were reclassified within the capital accounts:
Paid-in-Capital | Accumulated undistributed (distributions in excess of) net investment income | Accumulated net realized gains (losses) | ||||||||||
Institutional Tax Free Money Market Fund | — | $ | — | (a) | $ | — | (a) | |||||
Federal Money Market Fund | — | 6 | (6 | ) | ||||||||
Tax Free Money Market Fund | — | — | (a) | — | (a) | |||||||
Municipal Money Market Fund | — | (11 | ) | 11 |
(a) | Amount rounds to less than one thousand. |
The reclassifications for the Funds relate primarily to callable bonds.
I. Recent Accounting Pronouncement — In March 2020, the FASB issued Accounting Standards Update No. 2020-04 (“ASU 2020-04”), Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASU 2020-04 provides optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the London Interbank Offered Rate (“LIBOR”) and other interbank-offered based reference rates as of the end of 2021. ASU 2020-04 became effective upon the issuance and its optional relief can be applied through December 31, 2022. Management is currently evaluating the impact, if any, to the Funds’ financial statements of applying ASU 2020-04.
3. Fees and Other Transactions with Affiliates
A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser manages the investments of each Fund and for such services is paid a fee. The investment advisory fee is accrued daily and paid monthly at an annual rate of 0.08% of each Fund’s respective average daily net assets.
The Adviser waived investment advisory fees and/or reimbursed expenses as outlined in Note 3.F.
B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to each Fund. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.07% of the first $150 billion of the average daily net assets of all money market funds in the J.P. Morgan Funds Complex covered by the Administration Agreement, plus 0.05% of the average daily net assets between $150 billion and $300 billion, plus 0.03% of the average daily net assets between $300 billion and $400 billion, plus 0.01% of the average daily net assets in excess of $400 billion. For the year ended February 28, 2021, the effective rate was 0.05% of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.
The Administrator waived administration fees as outlined in Note 3.F.
JPMCB serves as the Funds’ sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.
C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (“JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, serves as each Fund’s principal underwriter and promotes and arranges for the sale of each Fund’s shares.
FEBRUARY 28, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 151 |
Table of Contents
NOTES TO FINANCIAL STATEMENTS
AS OF FEBRUARY 28, 2021 (continued)
(Dollar values in thousands)
The Boards have adopted a Distribution Plan (the “Distribution Plan”) for Class C, E*Trade, Morgan, Reserve and Service Shares of the Funds, as applicable, pursuant to Rule 12b-1 under the 1940 Act. Academy, Agency, Agency SL, Capital, Empower, IM, Institutional Class, Investor and Premier Shares of the Funds do not participate in the Distribution Plan. The Distribution Plan provides that each Fund shall pay, with respect to the applicable share classes, distribution fees, including payments to JPMDS, at annual rates of the average daily net assets as shown in the table below:
Class C | E*Trade | Morgan | Reserve | Service | ||||||||||||||||
Prime Money Market Fund | 0.75 | % | n/a | n/a | 0.25 | % | n/a | |||||||||||||
Liquid Assets Money Market Fund | 0.75 | 0.60 | % | 0.10 | % | 0.25 | n/a | |||||||||||||
U.S. Government Money Market Fund | n/a | 0.60 | 0.10 | 0.25 | 0.60 | % | ||||||||||||||
U.S. Treasury Plus Money Market Fund | 0.75 | n/a | 0.10 | 0.25 | n/a | |||||||||||||||
Federal Money Market Fund | n/a | n/a | 0.10 | n/a | n/a | |||||||||||||||
100% U.S. Treasury Securities Money Market Fund | n/a | n/a | 0.10 | 0.25 | n/a | |||||||||||||||
Tax Free Money Market Fund | n/a | n/a | 0.10 | 0.25 | n/a | |||||||||||||||
Municipal Money Market Fund | n/a | 0.60 | 0.10 | n/a | 0.60 | |||||||||||||||
California Municipal Money Market Fund | n/a | 0.60 | 0.10 | n/a | 0.60 | |||||||||||||||
New York Municipal Money Market Fund | n/a | 0.60 | 0.10 | 0.25 | 0.60 |
JPMDS waived distribution fees as outlined in Note 3.F.
In addition, JPMDS is entitled to receive the CDSC from redemptions of Class C Shares. For the year ended February 28, 2021, JPMDS retained the following:
CDSC | ||||
Liquid Assets Money Market Fund | $ | —(a) | ||
U.S. Treasury Plus Money Market Fund | —(a) |
(a) | Amount rounds to less than one thousand. |
D. Service Fees — The Trusts, on behalf of the Funds, have entered into a Shareholder Servicing Agreement with JPMDS under which JPMDS provides certain support services to fund shareholders. For performing these services, JPMDS receives a fee with respect to all share classes, except Agency SL and IM Shares which do not charge a service fee, that is accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:
Academy | Agency | Capital | Class C | E*Trade | Empower | |||||||||||||||||||
Prime Money Market Fund | 0.05 | % | 0.15 | % | 0.05 | % | 0.25 | % | n/a | 0.05 | % | |||||||||||||
Institutional Tax Free Money Market Fund | n/a | 0.15 | 0.05 | n/a | n/a | n/a | ||||||||||||||||||
Liquid Assets Money Market Fund | n/a | 0.15 | 0.05 | 0.25 | 0.30 | % | n/a | |||||||||||||||||
U.S. Government Money Market Fund | 0.05 | 0.15 | 0.05 | n/a | 0.30 | 0.05 | ||||||||||||||||||
U.S. Treasury Plus Money Market Fund | 0.05 | 0.15 | 0.05 | 0.25 | n/a | 0.05 | ||||||||||||||||||
Federal Money Market Fund | n/a | 0.15 | n/a | n/a | n/a | n/a | ||||||||||||||||||
100% U.S. Treasury Securities Money Market Fund | 0.05 | 0.15 | 0.05 | n/a | n/a | 0.05 | ||||||||||||||||||
Tax Free Money Market Fund | n/a | 0.15 | n/a | n/a | n/a | n/a | ||||||||||||||||||
Municipal Money Market Fund | n/a | 0.15 | n/a | n/a | 0.30 | n/a | ||||||||||||||||||
California Municipal Money Market Fund | n/a | 0.15 | n/a | n/a | 0.30 | n/a | ||||||||||||||||||
New York Municipal Money Market Fund | n/a | 0.15 | n/a | n/a | 0.30 | n/a |
152 | J.P. MORGAN MONEY MARKET FUNDS | FEBRUARY 28, 2021 |
Table of Contents
Institutional Class | Investor | Morgan | Premier | Reserve | Service | |||||||||||||||||||
Prime Money Market Fund | 0.10 | % | n/a | 0.35 | % | 0.30 | % | 0.30 | % | n/a | ||||||||||||||
Institutional Tax Free Money Market Fund | 0.10 | n/a | n/a | n/a | n/a | n/a | ||||||||||||||||||
Securities Lending Money Market Fund | n/a | n/a | n/a | �� | n/a | n/a | n/a | |||||||||||||||||
Liquid Assets Money Market Fund | 0.10 | 0.35 | % | 0.35 | 0.30 | 0.30 | n/a | |||||||||||||||||
U.S. Government Money Market Fund | 0.10 | 0.35 | 0.35 | 0.30 | 0.30 | 0.30 | % | |||||||||||||||||
U.S. Treasury Plus Money Market Fund | 0.10 | 0.35 | 0.35 | 0.30 | 0.30 | n/a | ||||||||||||||||||
Federal Money Market Fund | 0.10 | n/a | 0.35 | 0.30 | n/a | n/a | ||||||||||||||||||
100% U.S. Treasury Securities Money Market Fund | 0.10 | n/a | 0.35 | 0.30 | 0.30 | n/a | ||||||||||||||||||
Tax Free Money Market Fund | 0.10 | n/a | 0.35 | 0.30 | 0.30 | n/a | ||||||||||||||||||
Municipal Money Market Fund | 0.10 | n/a | 0.35 | 0.30 | n/a | 0.30 | ||||||||||||||||||
California Municipal Money Market Fund | 0.10 | n/a | 0.35 | 0.30 | n/a | 0.30 | ||||||||||||||||||
New York Municipal Money Market Fund | 0.10 | n/a | 0.35 | 0.30 | 0.30 | 0.30 |
JPMDS has entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Funds. Pursuant to such contracts, JPMDS will pay all or a portion of such fees earned to financial intermediaries for performing such services.
JPMDS waived service fees as outlined in Note 3.F.
E. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Funds. For performing these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees on the Statements of Operations.
Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statements of Operations.
Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statements of Operations.
F. Waivers and Reimbursements — The Adviser, Administrator and JPMDS have contractually agreed to waive fees and/or reimburse the Funds, except IM Shares of Prime Money Market Fund, U.S. Government Money Market Fund, U.S. Treasury Plus Money Market Fund and the 100% U.S. Treasury Securities Money Market Fund, to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections and extraordinary expenses) exceed the percentages of the Funds’ respective average daily net assets as shown in the table below:
Academy | Agency | Agency SL | Capital | Class C | E*Trade | Empower | ||||||||||||||||||||||
Prime Money Market Fund | 0.18 | % | 0.26 | % | n/a | 0.18 | % | 0.97 | % | n/a | 0.18 | %(1) | ||||||||||||||||
Institutional Tax Free Money Market Fund | n/a | 0.26 | n/a | 0.18 | n/a | n/a | n/a | |||||||||||||||||||||
Securities Lending Money Market Fund | n/a | n/a | 0.06 | % | n/a | n/a | n/a | n/a | ||||||||||||||||||||
Liquid Assets Money Market Fund | n/a | 0.26 | n/a | 0.18 | 0.97 | 1.00 | % | n/a | ||||||||||||||||||||
U.S. Government Money Market Fund | 0.18 | 0.26 | n/a | 0.18 | n/a | 1.00 | 0.18 | (1) | ||||||||||||||||||||
U.S. Treasury Plus Money Market Fund | 0.18 | (2) | 0.26 | n/a | 0.18 | 0.97 | n/a | 0.18 | (1) | |||||||||||||||||||
Federal Money Market Fund | n/a | 0.26 | n/a | n/a | n/a | n/a | n/a | |||||||||||||||||||||
100% U.S. Treasury Securities Money Market Fund | 0.18 | (2) | 0.26 | n/a | 0.18 | n/a | n/a | 0.18 | (1) | |||||||||||||||||||
Tax Free Money Market Fund | n/a | 0.26 | n/a | n/a | n/a | n/a | n/a | |||||||||||||||||||||
Municipal Money Market Fund | n/a | 0.26 | n/a | n/a | n/a | 1.00 | n/a | |||||||||||||||||||||
California Municipal Money Market Fund | n/a | 0.26 | n/a | n/a | n/a | 1.00 | n/a | |||||||||||||||||||||
New York Municipal Money Market Fund | n/a | 0.26 | n/a | n/a | n/a | 1.00 | n/a |
FEBRUARY 28, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 153 |
Table of Contents
NOTES TO FINANCIAL STATEMENTS
AS OF FEBRUARY 28, 2021 (continued)
(Dollar values in thousands)
IM | Institutional Class | Investor | Morgan | Premier | Reserve | Service | ||||||||||||||||||||||
Prime Money Market Fund | n/a | 0.21 | % | n/a | 0.52 | % | 0.45 | % | 0.70 | % | n/a | |||||||||||||||||
Institutional Tax Free Money Market Fund | 0.16 | % | 0.21 | n/a | n/a | n/a | n/a | n/a | ||||||||||||||||||||
Securities Lending Money Market Fund | n/a | n/a | n/a | n/a | n/a | n/a | n/a | |||||||||||||||||||||
Liquid Assets Money Market Fund | n/a | 0.21 | 0.51 | % | 0.59 | 0.45 | 0.70 | n/a | ||||||||||||||||||||
U.S. Government Money Market Fund | n/a | 0.21 | 0.51 | 0.59 | 0.45 | 0.70 | 1.05 | % | ||||||||||||||||||||
U.S. Treasury Plus Money Market Fund | n/a | 0.21 | 0.51 | 0.59 | 0.45 | 0.70 | n/a | |||||||||||||||||||||
Federal Money Market Fund | n/a | 0.21 | n/a | 0.59 | 0.45 | n/a | n/a | |||||||||||||||||||||
100% U.S. Treasury Securities Money Market Fund | n/a | 0.21 | n/a | 0.59 | 0.45 | 0.70 | n/a | |||||||||||||||||||||
Tax Free Money Market Fund | n/a | 0.21 | n/a | 0.59 | 0.45 | 0.70 | n/a | |||||||||||||||||||||
Municipal Money Market Fund | n/a | 0.21 | n/a | 0.59 | 0.45 | n/a | 1.05 | |||||||||||||||||||||
California Municipal Money Market Fund | n/a | 0.21 | n/a | 0.59 | 0.45 | n/a | 1.05 | |||||||||||||||||||||
New York Municipal Money Market Fund | n/a | 0.21 | n/a | 0.59 | 0.45 | 0.70 | 1.05 |
(1) | The Share class commenced operations on February 23, 2021. The expense limitation agreements were in effect for the year ended February 28, 2021 and are in place until at least June 30, 2022. |
(2) | The Share class commenced operations on September 30, 2020. The expense limitation agreements were in effect for the year ended February 28, 2021 and are in place until at least September 30, 2021. |
Except as noted above, the expense limitation agreements were in effect for the year ended February 28, 2021 and the contractual expense limitation percentages in the table above are in place until at least June 30, 2021. In addition, the Funds’ service providers have voluntarily waived fees during the year ended February 28, 2021. However, the Funds’ service providers are under no obligation to do so and may discontinue such voluntary waivers at any time.
For the year ended February 28, 2021, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.
Contractual Waivers | ||||||||||||||||||||
Investment Advisory Fees | Administration Fees | Service Fees | Total | Contractual Reimbursements | ||||||||||||||||
Prime Money Market Fund | $ | 10 | $ | — | $ | 10,063 | $ | 10,073 | $ | 48 | ||||||||||
Institutional Tax Free Money Market Fund | 38 | 25 | 300 | 363 | 5 | |||||||||||||||
Securities Lending Money Market Fund | 1,586 | 1,057 | — | 2,643 | — | |||||||||||||||
Liquid Assets Money Market Fund | 12 | 7 | 2,175 | 2,194 | 4 | |||||||||||||||
U.S. Government Money Market Fund | 28 | — | 20,876 | 20,904 | — | |||||||||||||||
U.S. Treasury Plus Money Market Fund | 5 | — | 5,418 | 5,423 | — | (a) | ||||||||||||||
Federal Money Market Fund | 45 | 30 | 1,117 | 1,192 | — | |||||||||||||||
100% U.S. Treasury Securities Money Market Fund | 15 | — | 16,387 | 16,402 | — | (a) | ||||||||||||||
Tax Free Money Market Fund | — | — | 2,427 | 2,427 | — | |||||||||||||||
Municipal Money Market Fund | 106 | 71 | 405 | 582 | — | |||||||||||||||
California Municipal Money Market Fund | 77 | 51 | 122 | 250 | — | |||||||||||||||
New York Municipal Money Market Fund | 52 | 34 | 390 | 476 | — |
(a) | Amount rounds to less than one thousand. |
Voluntary Waivers | ||||||||||||||||||||||||
Investment Advisory Fees | Administration Fees | Distribution Fees | Service Fees | Transfer Agency Fees | Total | |||||||||||||||||||
Prime Money Market Fund | $ | 2,692 | $ | 1,795 | $ | 6 | $ | 10,027 | $ | 478 | $ | 14,998 | ||||||||||||
Institutional Tax Free Money Market Fund | 36 | 24 | — | 34 | 15 | 109 | ||||||||||||||||||
Liquid Assets Money Market Fund | — | — | 663 | 4,308 | 2 | 4,973 | ||||||||||||||||||
U.S. Government Money Market Fund | 12,245 | 8,163 | 7,907 | 54,201 | 969 | 83,485 | ||||||||||||||||||
U.S. Treasury Plus Money Market Fund | 2,783 | 1,855 | 2,742 | 9,207 | 147 | 16,734 | ||||||||||||||||||
Federal Money Market Fund | 173 | 115 | 48 | 1,477 | 23 | 1,836 | ||||||||||||||||||
100% U.S. Treasury Securities Money Market Fund | 5,171 | 3,447 | 7,899 | 30,268 | 519 | 47,304 | ||||||||||||||||||
Tax Free Money Market Fund | 91 | 61 | 3,022 | 4,605 | 3 | 7,782 | ||||||||||||||||||
Municipal Money Market Fund | — | (a) | — | (a) | 261 | 313 | — | 574 | ||||||||||||||||
California Municipal Money Market Fund | 3 | 2 | 102 | 384 | — | 491 | ||||||||||||||||||
New York Municipal Money Market Fund | — | — | 84 | 463 | — | 547 |
(a) | Amount rounds to less than one thousand. |
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G. Other — Certain officers of the Trusts are affiliated with the Adviser, the Administrator and JPMDS. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Funds for serving in their respective roles.
The Boards designated and appointed a Chief Compliance Officer to the Funds pursuant to Rule 38a-1 under the 1940 Act. Each Fund, along with affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the Statements of Operations.
Certain Funds earn interest on certain uninvested cash balances held at the custodian, which is included in the Interest income from affiliates on the Statements of Operations.
The Trusts adopted a Trustee Deferred Compensation Plan (the “Plan”) which allows the independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.
During the year ended February 28, 2021, Prime Money Market Fund, Securities Lending Money Market Fund, Liquid Assets Money Market Fund,
Tax Free Money Market Fund and California Municipal Money Market Fund purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.
The SEC has granted an exemptive order permitting the Funds to engage in principal transactions with J.P. Morgan Securities LLC, an affiliated broker, involving taxable money market instruments, subject to certain conditions.
The Funds are permitted to effect purchase and sale transactions with affiliated Funds under procedures adopted by the Boards. The procedures have been designed to seek to ensure that any such security transaction complies with certain conditions of Rule 17a-7 under the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the year ended February 28, 2021, the Funds below engaged in such transactions in the following amounts:
Purchases | Sales | Realized Gain (Loss) | ||||||||||
Institutional Tax Free Money Market Fund | $ | 1,626,595 | $ | 2,173,951 | $ | — | ||||||
Tax Free Money Market Fund | 2,641,458 | 1,090,795 | — | |||||||||
Municipal Money Market Fund | 428,392 | 1,063,010 | — | |||||||||
California Municipal Money Market Fund | 221,959 | 139,664 | — | |||||||||
New York Municipal Money Market Fund | 401,437 | 852,423 | — |
4. Class-Specific Expenses
The Funds’ class specific gross expenses for the year ended February 28, 2021 were as follows:
Distribution | Service | |||||||
Prime Money Market Fund | ||||||||
Academy | $ | — | $ | 663 | ||||
Agency | — | 3,286 | ||||||
Capital | — | 20,309 | ||||||
Class C | 5 | 2 | ||||||
Empower | — | — | (a) | |||||
Institutional Class | — | 18,248 | ||||||
Morgan | — | 6,145 | ||||||
Premier | — | 5,792 | ||||||
Reserve | 6 | 6 | ||||||
|
|
|
| |||||
$ | 11 | $ | 54,451 | |||||
|
|
|
| |||||
Institutional Tax Free Money Market Fund | ||||||||
Agency | $ | — | $ | 64 | ||||
Capital | — | 117 | ||||||
Institutional Class | — | 381 | ||||||
|
|
|
| |||||
$ | — | $ | 562 | |||||
|
|
|
|
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NOTES TO FINANCIAL STATEMENTS
AS OF FEBRUARY 28, 2021 (continued)
(Dollar values in thousands)
Distribution | Service | |||||||
Liquid Assets Money Market Fund | ||||||||
Agency | $ | — | $ | 2,322 | ||||
Capital | — | 1,688 | ||||||
Class C | 326 | 109 | ||||||
Institutional Class | — | 3,455 | ||||||
Investor | — | 12 | ||||||
Morgan | 712 | 2,490 | ||||||
Premier | — | 9,255 | ||||||
Reserve | 11 | 14 | ||||||
|
|
|
| |||||
$ | 1,049 | $ | 19,345 | |||||
|
|
|
| |||||
U.S. Government Money Market Fund | ||||||||
Academy | $ | — | $ | 709 | ||||
Agency | — | 27,356 | ||||||
Capital | — | 60,934 | ||||||
E*Trade | 2,262 | 1,131 | ||||||
Empower | — | 4 | ||||||
Institutional Class | — | 34,950 | ||||||
Investor | — | 3,195 | ||||||
Morgan | 2,255 | 7,893 | ||||||
Premier | — | 13,510 | ||||||
Reserve | 73 | 87 | ||||||
Service | 3,851 | 1,926 | ||||||
|
|
|
| |||||
$ | 8,441 | $ | 151,695 | |||||
|
|
|
| |||||
U.S. Treasury Plus Money Market Fund | ||||||||
Academy | $ | — | $ | — | (a) | |||
Agency | — | 3,041 | ||||||
Capital | — | 6,771 | ||||||
Class C | 2,566 | 855 | ||||||
Empower | — | — | (a) | |||||
Institutional Class | — | 12,436 | ||||||
Investor | — | 102 | ||||||
Morgan | 511 | 1,787 | ||||||
Premier | — | 5,391 | ||||||
Reserve | 17 | 21 | ||||||
|
|
|
| |||||
$ | 3,094 | $ | 30,404 | |||||
|
|
|
| |||||
Federal Money Market Fund | ||||||||
Agency | $ | — | $ | 576 | ||||
Institutional Class | — | 2,888 | ||||||
Morgan | 53 | 186 | ||||||
Premier | — | 574 | ||||||
|
|
|
| |||||
$ | 53 | $ | 4,224 | |||||
|
|
|
| |||||
100% U.S. Treasury Securities Money Market Fund | ||||||||
Academy | $ | — | $ | — | (a) | |||
Agency | — | 7,973 | ||||||
Capital | — | 31,504 | ||||||
Empower | — | — | (a) | |||||
Institutional Class | — | 30,269 | ||||||
Morgan | 2,260 | 7,909 | ||||||
Premier | — | 8,005 | ||||||
Reserve | 6,283 | 7,540 | ||||||
|
|
|
| |||||
$ | 8,543 | $ | 93,200 | |||||
|
|
|
|
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Distribution | Service | |||||||
Tax Free Money Market Fund | ||||||||
Agency | $ | — | $ | 947 | ||||
Institutional Class | — | 8,150 | ||||||
Morgan | 32 | 112 | ||||||
Premier | — | 2,166 | ||||||
Reserve | 3,388 | 4,066 | ||||||
|
|
|
| |||||
$ | 3,420 | $ | 15,441 | |||||
|
|
|
| |||||
Municipal Money Market Fund | ||||||||
Agency | $ | — | $ | 154 | ||||
Institutional Class | — | 904 | ||||||
Morgan | 58 | 201 | ||||||
Premier | — | 345 | ||||||
Service | 253 | 127 | ||||||
|
|
|
| |||||
$ | 311 | $ | 1,731 | |||||
|
|
|
| |||||
California Municipal Money Market Fund | ||||||||
Agency | $ | — | $ | 58 | ||||
Institutional Class | — | 254 | ||||||
Morgan | 12 | 42 | ||||||
Premier | — | 466 | ||||||
Service | 108 | 54 | ||||||
|
|
|
| |||||
$ | 120 | $ | 874 | |||||
|
|
|
| |||||
New York Municipal Money Market Fund | ||||||||
Agency | $ | — | $ | 204 | ||||
Institutional Class | — | 819 | ||||||
Morgan | 64 | 226 | ||||||
Premier | — | 849 | ||||||
Reserve | 3 | 4 | ||||||
Service | 31 | 15 | ||||||
|
|
|
| |||||
$ | 98 | $ | 2,117 | |||||
|
|
|
|
(a) | Amount rounds to less than one thousand. |
5. Federal Income Tax Matters
For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at February 28, 2021 were as follows:
Aggregate Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | |||||||||||||
Prime Money Market Fund | $ | 74,225,823 | $ | 8,547 | $ | 319 | $ | 8,228 | ||||||||
Institutional Tax Free Money Market Fund | 1,161,886 | 122 | 14 | 108 | ||||||||||||
Securities Lending Money Market Fund | 2,167,819 | 431 | 5 | 426 | ||||||||||||
U.S. Government Money Market Fund | 224,133,039 | — | 30 | (30 | ) | |||||||||||
U.S. Treasury Plus Money Market Fund | 30,134,166 | — | 132 | (132 | ) |
Estimated tax cost and unrealized appreciation (depreciation) in value of investments for Funds not listed equals their books cost and unrealized appreciation (depreciation) in value of investments.
The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to wash sale loss deferrals.
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NOTES TO FINANCIAL STATEMENTS
AS OF FEBRUARY 28, 2021 (continued)
(Dollar values in thousands)
The tax character of distributions paid during the year ended February 28, 2021 was as follows:
Ordinary Income* | Net Long-Term Capital Gains | Tax Exempt Income | Total Distributions Paid | |||||||||||||
Prime Money Market Fund | $ | 221,667 | $ | — | $ | — | $ | 221,667 | ||||||||
Institutional Tax Free Money Market Fund | 29 | 1 | 3,777 | 3,807 | ||||||||||||
Securities Lending Money Market Fund | 14,799 | — | — | 14,799 | ||||||||||||
Liquid Assets Money Market Fund | 29,997 | — | — | 29,997 | ||||||||||||
U.S. Government Money Market Fund | 227,359 | — | — | 227,359 | ||||||||||||
U.S. Treasury Plus Money Market Fund | 37,727 | — | — | 37,727 | ||||||||||||
Federal Money Market Fund | 4,639 | — | — | 4,639 | ||||||||||||
100% U.S. Treasury Securities Money Market Fund | 111,635 | — | — | 111,635 | ||||||||||||
Tax Free Money Market Fund | 134 | 26 | 33,456 | 33,616 | ||||||||||||
Municipal Money Market Fund | 89 | — | 4,352 | 4,441 | ||||||||||||
California Municipal Money Market Fund | 16 | 6 | 1,200 | 1,222 | ||||||||||||
New York Municipal Money Market Fund | 221 | 55 | 5,135 | 5,411 |
* | Short-term gain distributions are treated as ordinary income for income tax purposes. |
The tax character of distributions paid during the year ended February 29, 2020 was as follows:
Ordinary Income* | Long-Term Capital Gains | Tax Exempt Income | Total Distributions Paid | |||||||||||||
Prime Money Market Fund | $ | 1,144,421 | $ | — | $ | — | $ | 1,144,421 | ||||||||
Institutional Tax Free Money Market Fund | 93 | — | 11,791 | 11,884 | ||||||||||||
Securities Lending Money Market Fund | 75,337 | — | — | 75,337 | ||||||||||||
Liquid Assets Money Market Fund | 154,275 | — | — | 154,275 | ||||||||||||
U.S. Government Money Market Fund | 2,820,670 | — | — | 2,820,670 | ||||||||||||
U.S. Treasury Plus Money Market Fund | 552,405 | — | — | 552,405 | ||||||||||||
Federal Money Market Fund | 52,009 | — | — | 52,009 | ||||||||||||
100% U.S. Treasury Securities Money Market Fund | 1,072,186 | 39 | — | 1,072,225 | ||||||||||||
Tax Free Money Market Fund | 246 | 356 | 159,391 | 159,993 | ||||||||||||
Municipal Money Market Fund | 77 | 79 | 30,383 | 30,539 | ||||||||||||
California Municipal Money Market Fund | 154 | 90 | 4,770 | 5,014 | ||||||||||||
New York Municipal Money Market Fund | 265 | 20 | 21,473 | 21,758 |
* | Short-term gain distributions are treated as ordinary income for income tax purposes. |
As of February 28, 2021, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows:
Current Distributable Ordinary Income | Current Distributable Long-Term Capital Gain (Tax Basis Capital Loss Carryover) | Tax Exempt Income | Unrealized Appreciation (Depreciation) | |||||||||||||
Prime Money Market Fund | $ | 5,522 | $ | (4,388 | ) | $ | — | $ | 8,228 | |||||||
Institutional Tax Free Money Market Fund | 27 | — | 50 | 108 | ||||||||||||
Securities Lending Money Market Fund | 299 | — | — | 426 | ||||||||||||
Liquid Assets Money Market Fund | 391 | (106 | ) | — | — | |||||||||||
U.S. Government Money Market Fund | 2,340 | (2,096 | ) | — | (30 | ) | ||||||||||
U.S. Treasury Plus Money Market Fund | 200 | (154 | ) | — | (132 | ) | ||||||||||
Federal Money Market Fund | 14 | — | — | — | ||||||||||||
100% U.S. Treasury Securities Money Market Fund | 424 | — | — | — | ||||||||||||
Tax Free Money Market Fund | 85 | 178 | 419 | — | ||||||||||||
Municipal Money Market Fund | 164 | — | 93 | — | ||||||||||||
California Municipal Money Market Fund | — | (a) | — | 30 | — | |||||||||||
New York Municipal Money Market Fund | — | 1 | 81 | — |
(a) | Amount rounds to less than one thousand. |
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The cumulative timing differences primarily consist of distributions payable.
As of February 28, 2021, the following Funds had net capital loss carryforwards which are available to offset future realized gains:
Capital Loss Carryforward Character | ||||||||
Short-Term | Long-Term | |||||||
Prime Money Market Fund | $ | 4,388 | $ | — | ||||
Liquid Assets Money Market Fund | 106 | — | ||||||
U.S. Government Money Market Fund | 223 | 1,873 | ||||||
U.S. Treasury Plus Money Market Fund | — | 154 |
During the year ended February 28, 2021, the following Funds utilized capital loss carryforwards as follows:
Capital Loss Utilized | ||||||||
Short-Term | Long-Term | |||||||
U.S. Government Money Market Fund | $ | 2,186 | $ | — | ||||
U.S. Treasury Plus Money Market Fund | 191 | — |
7. Borrowings
The Funds rely upon an exemptive order granted by the SEC (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The Facility allows the Funds to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. The Interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPM II and may be relied upon by the Funds because the Funds and the series of JPM II are all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).
As of February 28, 2021, the Funds had no outstanding loans to another fund. Average loans made to another fund under the Facility for the year ended February 28, 2021, were as follows:
Average Loans | Number of Days Outstanding | Interest Earned | ||||||||||
Liquid Assets Money Market Fund | $ | 23,939 | 130 | $ | 112 |
Interest earned as a result of lending money to another fund for the year ended February 28, 2021, if any, is included in Income from interfund lending (net) on the Statements of Operations.
The Trusts and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 1, 2021.
The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended February 28, 2021.
8. Risks, Concentrations and Indemnifications
In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against each Fund. However, based on experience, the Funds expect the risk of loss to be remote.
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NOTES TO FINANCIAL STATEMENTS
AS OF FEBRUARY 28, 2021 (continued)
(Dollar values in thousands)
As of February 28, 2021, the following Funds had individual shareholder and/or omnibus accounts each owning more than 10% of the respective Fund’s outstanding shares as follows:
Number of individual shareholder and/or Affiliated Omnibus Accounts | % of the Fund | Number of individual shareholder and/or Non-Affiliated Omnibus Accounts | % of the Fund | |||||||||||||
Prime Money Market Fund | 1 | 51.6 | % | — | — | |||||||||||
Institutional Tax Free Money Market Fund | 1 | 95.6 | — | — | ||||||||||||
Securities Lending Money Market Fund | — | — | 1 | 100.0 | % | |||||||||||
Liquid Assets Money Market Fund | 1 | 63.3 | — | — | ||||||||||||
U.S. Government Money Market Fund | 1 | 26.8 | — | — | ||||||||||||
U.S. Treasury Plus Money Market Fund | 1 | 21.5 | 1 | 21.5 | ||||||||||||
Federal Money Market Fund | 1 | 50.0 | 1 | 24.5 | ||||||||||||
100% U.S. Treasury Securities Money Market Fund | 1 | 36.8 | 1 | 13.1 | ||||||||||||
Tax Free Money Market Fund | 1 | 33.2 | 1 | 58.8 | ||||||||||||
Municipal Money Market Fund | 2 | 88.6 | — | — | ||||||||||||
California Municipal Money Market Fund | 1 | 68.6 | 1 | 15.5 | ||||||||||||
New York Municipal Money Market Fund | 2 | 91.3 | — | — |
Significant shareholder transactions by these shareholders may impact the Funds’ performance and liquidity.
The Funds are subject to interest rate and credit risk. The value of debt securities may decline as interest rates increase. The Funds could lose money if the issuer of a fixed income security is unable to pay interest or repay principal when it is due. The Funds invest in floating rate loans and other floating rate debt securities. Although these investments are generally less sensitive to interest rate changes than other fixed rate instruments, the value of floating rate loans and other floating rate investments may decline if their interest rates do not rise as quickly, or as much, as general interest rates. Many factors can cause interest rates to rise. Some examples include central bank monetary policy, rising inflation rates and general economic conditions. The Funds may face a heightened level of interest rate risk due to certain changes in monetary policy. During periods when interest rates are low or there are negative interest rates, the Funds’ yield (and total return) also may be low or the Funds may be unable to maintain positive returns. The ability of the issuers of debt to meet their obligations may be affected by economic and political developments in a specific industry or region. The value of a Fund’s investments may be adversely affected if any of the issuers or counterparties it is invested in are subject to an actual or perceived deterioration in their credit quality.
Institutional Tax Free Money Market Fund, Tax Free Money Market Fund, Municipal Money Market Fund, California Municipal Money Market Fund
and New York Municipal Money Market Fund invest primarily in a portfolio of debt obligations issued by states, territories and possessions of the United States and by the District of Columbia, and by their political subdivisions and duly constituted authorities. California Municipal Money Market Fund and New York Municipal Money Market Fund primarily invest in issuers in the states of California and New York, respectively. An issuer’s ability to meet its payment obligations may be affected by economic or political developments in a specific state or region. These debt obligations may be insured by private insurers who guarantee the payment of principal and interest in the event of issuer default. The value of these investments may be impacted by changes to bond insurers’ ratings and the Funds’ ability to collect principal and interest, in the event of an issuer’s default, may be limited if the private insurer does not have the wherewithal to satisfy its obligation.
Institutional Tax Free Money Market Fund, Tax Free Money Market Fund, Municipal Money Market Fund, California Municipal Money Market Fund
and New York Municipal Money Market Fund invest in preferred securities. These securities are typically issued by corporations, generally in the form of interest bearing notes with preferred security characteristics and may include provisions that permit the issuer, in its discretion, to defer or omit distributions for a certain period of time.
The profitability of banks depends largely on the availability and cost of funds, which can change depending upon economic conditions. Banks are also exposed to losses if borrowers cannot repay their loans.
LIBOR is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. On March 5, 2021, the U.K. Financial Conduct Authority (“FCA”) publicly announced that (i) immediately after December 31, 2021, publication of the 1-week and 2-month U.S. Dollar LIBOR settings will permanently cease; (ii) immediately after June 30, 2023, publication of the overnight and 12-month U.S. Dollar LIBOR settings will permanently cease; and (iii) immediately after June 30, 2023, the 1-month, 3-month and 6-month U.S. Dollar LIBOR settings will cease to be provided or, subject to the FCA’s consideration of the case, be provided on a synthetic basis and no longer be representative of the underlying market and economic reality they are intended to measure and that representativeness will not be restored. There is no assurance that the dates announced by the FCA will not change or that the administrator of LIBOR and/or regulators will not take further action that could impact the availability, composition or characteristics of LIBOR or the currencies and/or tenors for which LIBOR is published. Public and private sector industry initiatives are currently underway to implement new or alternative reference rates to be used in place of LIBOR. There is no assurance that any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have
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the same volume or liquidity as did LIBOR prior to its discontinuance or unavailability, which may affect the value or liquidity or return on certain of a Fund’s instruments or investments comprising some or all of a Fund’s investments and result in costs incurred in connection with closing out positions and entering into new trades. These risks may also apply with respect to changes in connection with other interbank offering rates (e.g., Euribor) and a wide range of other index levels, rates and values that are treated as “benchmarks” and are the subject of recent regulatory reform.
The Funds are subject to infectious disease epidemics/pandemics risk. The worldwide outbreak of COVID-19, a novel coronavirus disease, has negatively affected economies, markets and individual companies throughout the world. The effects of this COVID-19 pandemic to public health, and business and market conditions, including exchange trading suspensions and closures may continue to have a significant negative impact on the performance of a Fund’s investments, increase a Fund’s volatility, exacerbate other pre-existing political, social and economic risks to the Funds and negatively impact broad segments of businesses and populations. The Funds’ operations may be interrupted as a result, which may have a significant negative impact on investment performance. In addition, governments, their regulatory agencies, or self-regulatory organizations may take actions in response to the pandemic that affect the instruments in which the Funds invest, or the issuers of such instruments, in ways that could also have a significant negative impact on a Fund’s investment performance. The full impact of this COVID-19 pandemic, or other future epidemics/pandemics, is currently unknown.
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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Boards of Trustees of JPMorgan Trust I, JPMorgan Trust II and JPMorgan Trust IV and Shareholders of JPMorgan Prime Money Market Fund, JPMorgan Institutional Tax Free Money Market Fund, JPMorgan Securities Lending Money Market Fund, JPMorgan Liquid Assets Money Market Fund, JPMorgan U.S. Government Money Market Fund, JPMorgan U.S. Treasury Plus Money Market Fund, JPMorgan Federal Money Market Fund, JPMorgan 100% U.S. Treasury Securities Money Market Fund, JPMorgan Tax Free Money Market Fund, JPMorgan Municipal Money Market Fund, JPMorgan California Municipal Money Market Fund and JPMorgan New York Municipal Money Market Fund
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of JPMorgan Prime Money Market Fund, JPMorgan Federal Money Market Fund, JPMorgan 100% U.S. Treasury Securities Money Market Fund, JPMorgan Tax Free Money Market Fund, JPMorgan California Municipal Money Market Fund and JPMorgan New York Municipal Money Market Fund (six of the funds constituting JPMorgan Trust I), JPMorgan Liquid Assets Money Market Fund, JPMorgan U.S. Government Money Market Fund, JPMorgan U.S. Treasury Plus Money Market Fund and JPMorgan Municipal Money Market Fund (four of the funds constituting JPMorgan Trust II) and JPMorgan Institutional Tax Free Money Market Fund and JPMorgan Securities Lending Money Market Fund (two of the funds constituting JPMorgan Trust IV) (hereafter collectively referred to as the “Funds”) as of February 28, 2021, the related statements of operations for the year ended February 28, 2021, the statements of changes in net assets for each of the two years in the period ended February 28, 2021, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of February 28, 2021, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended February 28, 2021 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2021 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers LLP
New York, New York
April 26, 2021
We have served as the auditor of one or more investment companies in the JPMorgan Funds complex since 1993.
162 | J.P. MORGAN MONEY MARKET FUNDS | FEBRUARY 28, 2021 |
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(Unaudited)
The Funds’ Statement of Additional Information includes additional information about the Funds’ Trustees and is available, without charge, upon request by calling 1-800-480-4111 (retail investors) or 1-800-766-7722 (institutional investors) or on the J.P. Morgan Funds’ website at www.jpmorganfunds.com.
Name (Year of Birth); Positions With the Funds (1) | Principal Occupation During Past 5 Years | Number of Funds in Fund Complex Overseen by Trustee (2) | Other Directorships Held During the Past 5 Years | |||
Independent Trustees | ||||||
John F. Finn (1947); Chair since 2020; Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1998. | Chairman, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (serving in various roles 1974-present). | 127 | Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014). | |||
Stephen P. Fisher (1959); Trustee of Trusts since 2018. | Retired; Chairman and Chief Executive Officer, NYLIFE Distributors LLC (registered broker-dealer) (serving in various roles 2008-2013); Chairman, NYLIM Service Company LLC (transfer agent) (2008-2017); New York Life Investment Management LLC (registered investment adviser) (serving in various roles 2005-2017); Chairman, IndexIQ Advisors LLC (registered investment adviser for ETFs) (2014-2017); President, MainStay VP Funds Trust (2007-2017), MainStay DefinedTerm Municipal Opportunities Fund (2011-2017) and MainStay Funds Trust (2007-2017) (registered investment companies). | 127 | Honors Program Advisory Board Member, The Zicklin School of Business, Baruch College, The City University of New York (2017-present). | |||
Kathleen M. Gallagher (1958); Trustee of the Trusts since 2018. | Retired; Chief Investment Officer — Benefit Plans, Ford Motor Company (serving in various roles 1985-2016). | 127 | Non-Executive Director, Legal & General Investment Management (Holdings) (2018-present); Non-Executive Director, Legal & General Investment Management America (financial services and insurance) (2017-present); Advisory Board Member, Fiduciary Solutions, State Street Global Advisors (2017-present); Member, Client Advisory Council, Financial Engines, LLC (registered investment adviser) (2011-2016); Director, Ford Pension Funds Investment Management Ltd. (2007-2016). | |||
Dennis P. Harrington* (1950); Trustee of Trusts since 2017. | Retired; Partner, Deloitte LLP (accounting firm) (serving in various roles 1984-2012). | 127 | None | |||
Frankie D. Hughes (1952); Trustee of Trusts since 2008. | President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014). | 127 | None |
FEBRUARY 28, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 163 |
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TRUSTEES
(Unaudited) (continued)
Name (Year of Birth); Positions With the Funds (1) | Principal Occupation During Past 5 Years | Number of Funds in Fund Complex Overseen by Trustee (2) | Other Directorships Held During the Past 5 Years | |||
Independent Trustees (continued) | ||||||
Raymond Kanner** (1953); Trustee of Trusts since 2017. | Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016). | 127 | Advisory Board Member, Penso Advisors LLC (2020-present); Advisory Board Member, Los Angeles Capital (2018-present); Advisory Board Member, State Street Global Advisors Global Fiduciary Solutions Board (2017-present); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA) (2016-2017); Advisory Board Member, Betterment for Business (robo advisor) (2016-2017); Advisory Board Member, BlueStar Indexes (index creator) (2013-2017); Director, Emerging Markets Growth Fund (registered investment company) (1997-2016); Member, Russell Index Client Advisory Board (2001-2015). | |||
Mary E. Martinez (1960); Vice Chair since 2021; Trustee of Trusts since 2013. | Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005). | 127 | None | |||
Marilyn McCoy (1948); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1999. | Vice President, Administration and Planning, Northwestern University (1985-present). | 127 | None | |||
Dr. Robert A. Oden, Jr. (1946); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1997. | Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002). | 127 | Trustee and Vice Chair, Trout Unlimited (2017-present); Trustee, American Museum of Fly Fishing (2013-present); Trustee, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American University in Cairo (1999-2014). | |||
Marian U. Pardo*** (1946); Trustee of Trusts since 2013. | Managing Director and Founder, Virtual Capital Management LLC (investment consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006). | 127 | President and Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present). |
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(1) | The Trustees serve for an indefinite term, subject to the Trusts’ current retirement policy, which is age 78 for all Trustees. |
(2) | A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees serves currently includes ten registered investment companies (127 funds). |
* | Two family members of Mr. Harrington are employed as a partner and managing director, respectively, of the Funds’ independent registered public accounting firm. Such firm has represented to the Board that those family members are not involved in the audit of the Funds’ financial statements and do not provide other services to the Funds. The Board has concluded that such association does not interfere with Mr. Harrington’s exercise of independent judgment as an Independent Trustee. |
** | A family member of Mr. Kanner is employed by JPMorgan Chase Bank, which is affiliated with JPMIM and JPMDS. In that capacity, this employee provides services to various JPMorgan affiliates including JPMIM and JPMDS and for which JPMIM and JPMDS bear some portion of the expense thereof. |
*** | In connection with prior employment with JPMorgan Chase, Ms. Pardo was the recipient of non-qualified pension plan payments from JPMorgan Chase in the amount of approximately $2,055 per month, which she irrevocably waived effective January 1, 2013, and deferred compensation payments from JPMorgan Chase in the amount of approximately $7,294 per year, which ended in January 2013. In addition, Ms. Pardo receives payments from a fully-funded qualified plan, which is not an obligation of JPMorgan Chase. |
The contact address for each of the Trustees is 277 Park Avenue, New York, NY 10172.
FEBRUARY 28, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 165 |
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(Unaudited)
Name (Year of Birth), Positions Held with the Trust (Since) | Principal Occupations During Past 5 Years | |
Brian S. Shlissel (1964), President and Principal Executive Officer (2016)* | Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since 2014. | |
Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2018) | Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016. Mr. Clemens has been with J.P. Morgan Investment Management Inc. since 2013. | |
Gregory S. Samuels (1980), Secretary (2019) (formerly Assistant Secretary since 2010)** | Executive Director and Assistant General Counsel, JPMorgan Chase. Mr. Samuels has been with JPMorgan Chase since 2010. | |
Stephen M. Ungerman (1953), Chief Compliance Officer (2005) | Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000. | |
Elizabeth A. Davin (1964), Assistant Secretary (2005)*** | Executive Director and Assistant General Counsel. Ms. Davin has been with JPMorgan Chase (formerly Bank One Corporation) since 2004. | |
Jessica K. Ditullio (1962), Assistant Secretary (2005)*** | Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990. | |
Anthony Geron (1971), Assistant Secretary (2018)** | Vice President and Assistant General Counsel, JPMorgan Chase since September 2018; Lead Director and Counsel, AXA Equitable Life Insurance Company from 2015 to 2018 and Senior Director and Counsel, AXA Equitable Life Insurance Company from 2014 to 2015. | |
Carmine Lekstutis (1980), Assistant Secretary (2011)** | Executive Director and Assistant General Counsel, JPMorgan Chase. Mr. Lekstutis has been with JPMorgan Chase since 2011. | |
Zachary E. Vonnegut-Gabovitch (1986), Assistant Secretary (2017)** | Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan, Lewis & Bockius (law firm) from 2012 to 2016. | |
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012) | Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.). Mr. D’Ambrosio has been with J.P. Morgan Investment Management Inc. since 2012. | |
Aleksandr Fleytekh (1972), Assistant Treasurer (2019) | Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2012. | |
Shannon Gaines (1977), Assistant Treasurer (2018)*** | Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since January 2014. | |
Jeffrey D. House (1972), Assistant Treasurer (2017)*** | Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since July 2006. | |
Michael Mannarino (1985), Assistant Treasurer (2020) | Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since 2014. | |
Joseph Parascondola (1963), Assistant Treasurer (2011)* | Executive Director, J.P. Morgan Investment Management Inc. since February 2020, formerly Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) from August 2006 to January 2020. | |
Gillian I. Sands (1969), Assistant Treasurer (2012) | Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2012. |
The contact address for each of the officers, unless otherwise noted, is 277 Park Avenue, New York, NY 10172.
* | The contact address for the officer is 575 Washington Boulevard, Jersey City, NJ 07310. |
** | The contact address for the officer is 4 New York Plaza, New York, NY 10004. |
*** | The contact address for the officer is 1111 Polaris Parkway, Columbus, OH 43240. |
166 | J.P. MORGAN MONEY MARKET FUNDS | FEBRUARY 28, 2021 |
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SCHEDULE OF SHAREHOLDER EXPENSES
(Unaudited)
Hypothetical $1,000 Investment
As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, September 1, 2020, and continued to hold your shares at the end of the reporting period, February 28, 2021.
Actual Expenses
For each Class of each Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading titled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads). Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.
Beginning Account Value September 1, 2020 | Ending Account Value February 28, 2021 | Expenses Paid During the Period | Annualized Expense Ratio | |||||||||||||
JPMorgan Prime Money Market Fund | ||||||||||||||||
Academy | ||||||||||||||||
Actual* | $ | 1,000.00 | $ | 1,000.40 | $ | 0.74 | 0.15 | % | ||||||||
Hypothetical* | 1,000.00 | 1,024.05 | 0.75 | 0.15 | ||||||||||||
Agency | ||||||||||||||||
Actual* | 1,000.00 | 1,000.00 | 1.09 | 0.22 | ||||||||||||
Hypothetical* | 1,000.00 | 1,023.70 | 1.10 | 0.22 | ||||||||||||
Capital | ||||||||||||||||
Actual* | 1,000.00 | 1,000.30 | 0.74 | 0.15 | ||||||||||||
Hypothetical* | 1,000.00 | 1,024.05 | 0.75 | 0.15 | ||||||||||||
Class C | ||||||||||||||||
Actual* | 1,000.00 | 999.80 | 1.14 | 0.23 | ||||||||||||
Hypothetical* | 1,000.00 | 1,023.65 | 1.15 | 0.23 | ||||||||||||
Empower | ||||||||||||||||
Actual** | 1,000.00 | 1,000.00 | 0.02 | 0.12 | ||||||||||||
Hypothetical** | 1,000.00 | 1,024.20 | 0.60 | 0.12 | ||||||||||||
IM | ||||||||||||||||
Actual* | 1,000.00 | 1,000.50 | 0.60 | 0.12 | ||||||||||||
Hypothetical* | 1,000.00 | 1,024.20 | 0.60 | 0.12 | ||||||||||||
Institutional Class | ||||||||||||||||
Actual* | 1,000.00 | 1,000.20 | 0.84 | 0.17 | ||||||||||||
Hypothetical* | 1,000.00 | 1,023.95 | 0.85 | 0.17 | ||||||||||||
Morgan | ||||||||||||||||
Actual* | 1,000.00 | 999.90 | 1.19 | 0.24 | ||||||||||||
Hypothetical* | 1,000.00 | 1,023.60 | 1.20 | 0.24 | ||||||||||||
Premier | ||||||||||||||||
Actual* | 1,000.00 | 999.90 | 1.19 | 0.24 | ||||||||||||
Hypothetical* | 1,000.00 | 1,023.60 | 1.20 | 0.24 |
FEBRUARY 28, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 167 |
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SCHEDULE OF SHAREHOLDER EXPENSES
(Unaudited) (continued)
Hypothetical $1,000 Investment
Beginning Account Value September 1, 2020 | Ending Account Value February 28, 2021 | Expenses Paid During the Period | Annualized Expense Ratio | |||||||||||||
JPMorgan Prime Money Market Fund (continued) | ||||||||||||||||
Reserve | ||||||||||||||||
Actual* | $ | 1,000.00 | $ | 999.90 | $ | 1.19 | 0.24 | % | ||||||||
Hypothetical* | 1,000.00 | 1,023.60 | 1.20 | 0.24 | ||||||||||||
JPMorgan Institutional Tax Free Money Market Fund | ||||||||||||||||
Agency | ||||||||||||||||
Actual* | 1,000.00 | 999.90 | 3.77 | 0.76 | ||||||||||||
Hypothetical* | 1,000.00 | 1,021.03 | 3.81 | 0.76 | ||||||||||||
Capital | ||||||||||||||||
Actual* | 1,000.00 | 1,000.10 | 3.27 | 0.66 | ||||||||||||
Hypothetical* | 1,000.00 | 1,021.52 | 3.31 | 0.66 | ||||||||||||
IM | ||||||||||||||||
Actual* | 1,000.00 | 1,000.10 | 1.39 | 0.28 | ||||||||||||
Hypothetical* | 1,000.00 | 1,023.41 | 1.40 | 0.28 | ||||||||||||
Institutional Class | ||||||||||||||||
Actual* | 1,000.00 | 999.90 | 2.33 | 0.47 | ||||||||||||
Hypothetical* | 1,000.00 | 1,022.46 | 2.36 | 0.47 | ||||||||||||
JPMorgan Securities Lending Money Market Fund | ||||||||||||||||
Agency SL | ||||||||||||||||
Actual* | 1,000.00 | 1,000.80 | 0.30 | 0.06 | ||||||||||||
Hypothetical* | 1,000.00 | 1,024.50 | 0.30 | 0.06 | ||||||||||||
JPMorgan Liquid Assets Money Market Fund | ||||||||||||||||
Agency | ||||||||||||||||
Actual* | 1,000.00 | 1,000.30 | 1.09 | 0.22 | ||||||||||||
Hypothetical* | 1,000.00 | 1,023.70 | 1.10 | 0.22 | ||||||||||||
Capital | ||||||||||||||||
Actual* | 1,000.00 | 1,000.50 | 0.89 | 0.18 | ||||||||||||
Hypothetical* | 1,000.00 | 1,023.90 | 0.90 | 0.18 | ||||||||||||
Class C | ||||||||||||||||
Actual* | 1,000.00 | 1,000.20 | 1.19 | 0.24 | ||||||||||||
Hypothetical* | 1,000.00 | 1,023.60 | 1.20 | 0.24 | ||||||||||||
Institutional Class | ||||||||||||||||
Actual* | 1,000.00 | 1,000.40 | 0.99 | 0.20 | ||||||||||||
Hypothetical* | 1,000.00 | 1,023.80 | 1.00 | 0.20 | ||||||||||||
Investor | ||||||||||||||||
Actual* | 1,000.00 | 1,000.20 | 0.99 | 0.20 | ||||||||||||
Hypothetical* | 1,000.00 | 1,023.80 | 1.00 | 0.20 | ||||||||||||
Morgan | ||||||||||||||||
Actual* | 1,000.00 | 1,000.20 | 1.04 | 0.21 | ||||||||||||
Hypothetical* | 1,000.00 | 1,023.75 | 1.05 | 0.21 | ||||||||||||
Premier | ||||||||||||||||
Actual* | 1,000.00 | 1,000.20 | 1.09 | 0.22 | ||||||||||||
Hypothetical* | 1,000.00 | 1,023.70 | 1.10 | 0.22 | ||||||||||||
Reserve | ||||||||||||||||
Actual* | 1,000.00 | 1,000.20 | 1.09 | 0.22 | ||||||||||||
Hypothetical* | 1,000.00 | 1,023.70 | 1.10 | 0.22 | ||||||||||||
JPMorgan U.S. Government Money Market Fund | ||||||||||||||||
Academy | ||||||||||||||||
Actual* | 1,000.00 | 1,000.10 | 0.60 | 0.12 | ||||||||||||
Hypothetical* | 1,000.00 | 1,024.20 | 0.60 | 0.12 | ||||||||||||
Agency | ||||||||||||||||
Actual* | 1,000.00 | 1,000.10 | 0.69 | 0.14 | ||||||||||||
Hypothetical* | 1,000.00 | 1,024.10 | 0.70 | 0.14 |
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Table of Contents
Beginning Account Value September 1, 2020 | Ending Account Value February 28, 2021 | Expenses Paid During the Period | Annualized Expense Ratio | |||||||||||||
JPMorgan U.S. Government Money Market Fund (continued) | ||||||||||||||||
Capital | ||||||||||||||||
Actual* | $ | 1,000.00 | $ | 1,000.10 | $ | 0.64 | 0.13 | % | ||||||||
Hypothetical* | 1,000.00 | 1,024.15 | 0.65 | 0.13 | ||||||||||||
E*Trade | ||||||||||||||||
Actual* | 1,000.00 | 1,000.10 | 0.69 | 0.14 | ||||||||||||
Hypothetical* | 1,000.00 | 1,024.10 | 0.70 | 0.14 | ||||||||||||
Empower | ||||||||||||||||
Actual** | 1,000.00 | 1,000.00 | 0.01 | 0.06 | ||||||||||||
Hypothetical** | 1,000.00 | 1,024.50 | 0.30 | 0.06 | ||||||||||||
IM | ||||||||||||||||
Actual* | 1,000.00 | 1,000.20 | 0.55 | 0.11 | ||||||||||||
Hypothetical* | 1,000.00 | 1,024.25 | 0.55 | 0.11 | ||||||||||||
Institutional Class | ||||||||||||||||
Actual* | 1,000.00 | 1,000.10 | 0.64 | 0.13 | ||||||||||||
Hypothetical* | 1,000.00 | 1,024.15 | 0.65 | 0.13 | ||||||||||||
Investor | ||||||||||||||||
Actual* | 1,000.00 | 1,000.10 | 0.69 | 0.14 | ||||||||||||
Hypothetical* | 1,000.00 | 1,024.10 | 0.70 | 0.14 | ||||||||||||
Morgan | ||||||||||||||||
Actual* | 1,000.00 | 1,000.10 | 0.69 | 0.14 | ||||||||||||
Hypothetical* | 1,000.00 | 1,024.10 | 0.70 | 0.14 | ||||||||||||
Premier | ||||||||||||||||
Actual* | 1,000.00 | 1,000.10 | 0.69 | 0.14 | ||||||||||||
Hypothetical* | 1,000.00 | �� | 1,024.10 | 0.70 | 0.14 | |||||||||||
Reserve | ||||||||||||||||
Actual* | 1,000.00 | 1,000.10 | 0.64 | 0.13 | ||||||||||||
Hypothetical* | 1,000.00 | 1,024.15 | 0.65 | 0.13 | ||||||||||||
Service | ||||||||||||||||
Actual* | 1,000.00 | 1,000.10 | 0.69 | 0.14 | ||||||||||||
Hypothetical* | 1,000.00 | 1,024.10 | 0.70 | 0.14 | ||||||||||||
JPMorgan U.S. Treasury Plus Money Market Fund | ||||||||||||||||
Academy | ||||||||||||||||
Actual*** | 1,000.00 | 1,000.10 | 0.29 | 0.07 | ||||||||||||
Hypothetical*** | 1,000.00 | 1,024.45 | 0.35 | 0.07 | ||||||||||||
Agency | ||||||||||||||||
Actual* | 1,000.00 | 1,000.00 | 0.74 | 0.15 | ||||||||||||
Hypothetical* | 1,000.00 | 1,024.05 | 0.75 | 0.15 | ||||||||||||
Capital | ||||||||||||||||
Actual* | 1,000.00 | 1,000.10 | 0.64 | 0.13 | ||||||||||||
Hypothetical* | 1,000.00 | 1,024.15 | 0.65 | 0.13 | ||||||||||||
Class C | ||||||||||||||||
Actual* | 1,000.00 | 1,000.00 | 0.69 | 0.14 | ||||||||||||
Hypothetical* | 1,000.00 | 1,024.10 | 0.70 | 0.14 | ||||||||||||
Empower | ||||||||||||||||
Actual** | 1,000.00 | 1,000.00 | 0.01 | 0.06 | ||||||||||||
Hypothetical** | 1,000.00 | 1,024.50 | 0.30 | 0.06 | ||||||||||||
IM | ||||||||||||||||
Actual* | 1,000.00 | 1,000.20 | 0.55 | 0.11 | ||||||||||||
Hypothetical* | 1,000.00 | 1,024.25 | 0.55 | 0.11 | ||||||||||||
Institutional Class | ||||||||||||||||
Actual* | 1,000.00 | 1,000.10 | 0.64 | 0.13 | ||||||||||||
Hypothetical* | 1,000.00 | 1,024.15 | 0.65 | 0.13 |
FEBRUARY 28, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 169 |
Table of Contents
SCHEDULE OF SHAREHOLDER EXPENSES
(Unaudited) (continued)
Hypothetical $1,000 Investment
Beginning Account Value September 1, 2020 | Ending Account Value February 28, 2021 | Expenses Paid During the Period | Annualized Expense Ratio | |||||||||||||
JPMorgan U.S. Treasury Plus Money Market Fund (continued) | ||||||||||||||||
Investor | ||||||||||||||||
Actual* | $ | 1,000.00 | $ | 1,000.00 | $ | 0.79 | 0.16 | % | ||||||||
Hypothetical* | 1,000.00 | 1,024.00 | 0.80 | 0.16 | ||||||||||||
Morgan | ||||||||||||||||
Actual* | 1,000.00 | 1,000.00 | 0.69 | 0.14 | ||||||||||||
Hypothetical* | 1,000.00 | 1,024.10 | 0.70 | 0.14 | ||||||||||||
Premier | ||||||||||||||||
Actual* | 1,000.00 | 1,000.00 | 0.69 | 0.14 | ||||||||||||
Hypothetical* | 1,000.00 | 1,024.10 | 0.70 | 0.14 | ||||||||||||
Reserve | ||||||||||||||||
Actual* | 1,000.00 | 1,000.00 | 0.69 | 0.14 | ||||||||||||
Hypothetical* | 1,000.00 | 1,024.10 | 0.70 | 0.14 | ||||||||||||
JPMorgan Federal Money Market Fund | ||||||||||||||||
Agency | ||||||||||||||||
Actual* | 1,000.00 | 1,000.10 | 0.64 | 0.13 | ||||||||||||
Hypothetical* | 1,000.00 | 1,024.15 | 0.65 | 0.13 | ||||||||||||
Institutional Class | ||||||||||||||||
Actual* | 1,000.00 | 1,000.10 | 0.64 | 0.13 | ||||||||||||
Hypothetical* | 1,000.00 | 1,024.15 | 0.65 | 0.13 | ||||||||||||
Morgan | ||||||||||||||||
Actual* | 1,000.00 | 1,000.10 | 0.64 | 0.13 | ||||||||||||
Hypothetical* | 1,000.00 | 1,024.15 | 0.65 | 0.13 | ||||||||||||
Premier | ||||||||||||||||
Actual* | 1,000.00 | 1,000.10 | 0.64 | 0.13 | ||||||||||||
Hypothetical* | 1,000.00 | 1,024.15 | 0.65 | 0.13 | ||||||||||||
JPMorgan 100% U.S. Treasury Securities Money Market Fund | ||||||||||||||||
Academy | ||||||||||||||||
Actual*** | 1,000.00 | 1,000.00 | 0.42 | 0.10 | ||||||||||||
Hypothetical*** | 1,000.00 | 1,024.30 | 0.50 | 0.10 | ||||||||||||
Agency | ||||||||||||||||
Actual* | 1,000.00 | 1,000.00 | 0.69 | 0.14 | ||||||||||||
Hypothetical* | 1,000.00 | 1,024.10 | 0.70 | 0.14 | ||||||||||||
Capital | ||||||||||||||||
Actual* | 1,000.00 | 1,000.00 | 0.69 | 0.14 | ||||||||||||
Hypothetical* | 1,000.00 | 1,024.10 | 0.70 | 0.14 | ||||||||||||
Empower | ||||||||||||||||
Actual** | 1,000.00 | 1,000.00 | 0.01 | 0.07 | ||||||||||||
Hypothetical** | 1,000.00 | 1,024.45 | 0.35 | 0.07 | ||||||||||||
IM | ||||||||||||||||
Actual* | 1,000.00 | 1,000.10 | 0.64 | 0.13 | ||||||||||||
Hypothetical* | 1,000.00 | 1,024.15 | 0.65 | 0.13 | ||||||||||||
Institutional Class | ||||||||||||||||
Actual* | 1,000.00 | 1,000.00 | 0.69 | 0.14 | ||||||||||||
Hypothetical* | 1,000.00 | 1,024.10 | 0.70 | 0.14 | ||||||||||||
Morgan | ||||||||||||||||
Actual* | 1,000.00 | 1,000.00 | 0.69 | 0.14 | ||||||||||||
Hypothetical* | 1,000.00 | 1,024.10 | 0.70 | 0.14 | ||||||||||||
Premier | ||||||||||||||||
Actual* | 1,000.00 | 1,000.00 | 0.69 | 0.14 | ||||||||||||
Hypothetical* | 1,000.00 | 1,024.10 | 0.70 | 0.14 | ||||||||||||
Reserve | ||||||||||||||||
Actual* | 1,000.00 | 1,000.00 | 0.69 | 0.14 | ||||||||||||
Hypothetical* | 1,000.00 | 1,024.10 | 0.70 | 0.14 |
170 | J.P. MORGAN MONEY MARKET FUNDS | FEBRUARY 28, 2021 |
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Beginning Account Value September 1, 2020 | Ending Account Value February 28, 2021 | Expenses Paid During the Period | Annualized Expense Ratio | |||||||||||||
JPMorgan Tax Free Money Market Fund | ||||||||||||||||
Agency | ||||||||||||||||
Actual* | $ | 1,000.00 | $ | 1,000.00 | $ | 0.94 | 0.19 | % | ||||||||
Hypothetical* | 1,000.00 | 1,023.85 | 0.95 | 0.19 | ||||||||||||
Institutional Class | ||||||||||||||||
Actual* | 1,000.00 | 1,000.10 | 0.89 | 0.18 | ||||||||||||
Hypothetical* | 1,000.00 | 1,023.90 | 0.90 | 0.18 | ||||||||||||
Morgan | ||||||||||||||||
Actual* | 1,000.00 | 1,000.00 | 0.94 | 0.19 | ||||||||||||
Hypothetical* | 1,000.00 | 1,023.85 | 0.95 | 0.19 | ||||||||||||
Premier | ||||||||||||||||
Actual* | 1,000.00 | 1,000.00 | 0.94 | 0.19 | ||||||||||||
Hypothetical* | 1,000.00 | 1,023.85 | 0.95 | 0.19 | ||||||||||||
Reserve | ||||||||||||||||
Actual* | 1,000.00 | 1,000.00 | 0.94 | 0.19 | ||||||||||||
Hypothetical* | 1,000.00 | 1,023.85 | 0.95 | 0.19 | ||||||||||||
JPMorgan Municipal Money Market Fund | ||||||||||||||||
Agency | ||||||||||||||||
Actual* | 1,000.00 | 1,000.10 | 1.14 | 0.23 | ||||||||||||
Hypothetical* | 1,000.00 | 1,023.65 | 1.15 | 0.23 | ||||||||||||
Institutional Class | ||||||||||||||||
Actual* | 1,000.00 | 1,000.30 | 0.99 | 0.20 | ||||||||||||
Hypothetical* | 1,000.00 | 1,023.80 | 1.00 | 0.20 | ||||||||||||
Morgan | ||||||||||||||||
Actual* | 1,000.00 | 1,000.10 | 1.14 | 0.23 | ||||||||||||
Hypothetical* | 1,000.00 | 1,023.65 | 1.15 | 0.23 | ||||||||||||
Premier | ||||||||||||||||
Actual* | 1,000.00 | 1,000.10 | 1.19 | 0.24 | ||||||||||||
Hypothetical* | 1,000.00 | 1,023.60 | 1.20 | 0.24 | ||||||||||||
Service | ||||||||||||||||
Actual* | 1,000.00 | 1,000.10 | 1.19 | 0.24 | ||||||||||||
Hypothetical* | 1,000.00 | 1,023.60 | 1.20 | 0.24 | ||||||||||||
JPMorgan California Municipal Money Market Fund | ||||||||||||||||
Agency | ||||||||||||||||
Actual* | 1,000.00 | 1,000.10 | 0.89 | 0.18 | ||||||||||||
Hypothetical* | 1,000.00 | 1,023.90 | 0.90 | 0.18 | ||||||||||||
Institutional Class | ||||||||||||||||
Actual* | 1,000.00 | 1,000.20 | 0.84 | 0.17 | ||||||||||||
Hypothetical* | 1,000.00 | 1,023.95 | 0.85 | 0.17 | ||||||||||||
Morgan | ||||||||||||||||
Actual* | 1,000.00 | 1,000.10 | 0.89 | 0.18 | ||||||||||||
Hypothetical* | 1,000.00 | 1,023.90 | 0.90 | 0.18 | ||||||||||||
Premier | ||||||||||||||||
Actual* | 1,000.00 | 1,000.10 | 0.89 | 0.18 | ||||||||||||
Hypothetical* | 1,000.00 | 1,023.90 | 0.90 | 0.18 | ||||||||||||
Service | ||||||||||||||||
Actual* | 1,000.00 | 1,000.10 | 0.89 | 0.18 | ||||||||||||
Hypothetical* | 1,000.00 | 1,023.90 | 0.90 | 0.18 | ||||||||||||
JPMorgan New York Municipal Money Market Fund | ||||||||||||||||
Agency | ||||||||||||||||
Actual* | 1,000.00 | 1,000.30 | 1.14 | 0.23 | ||||||||||||
Hypothetical* | 1,000.00 | 1,023.65 | 1.15 | 0.23 |
FEBRUARY 28, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 171 |
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SCHEDULE OF SHAREHOLDER EXPENSES
(Unaudited) (continued)
Hypothetical $1,000 Investment
Beginning Account Value September 1, 2020 | Ending Account Value February 28, 2021 | Expenses Paid During the Period | Annualized Expense Ratio | |||||||||||||
JPMorgan New York Municipal Money Market Fund (continued) |
| |||||||||||||||
Institutional Class | ||||||||||||||||
Actual* | $ | 1,000.00 | $ | 1,000.40 | $ | 1.04 | 0.21 | % | ||||||||
Hypothetical* | 1,000.00 | 1,023.75 | 1.05 | 0.21 | ||||||||||||
Morgan | ||||||||||||||||
Actual* | 1,000.00 | 1,000.30 | 1.14 | 0.23 | ||||||||||||
Hypothetical* | 1,000.00 | 1,023.65 | 1.15 | 0.23 | ||||||||||||
Premier | ||||||||||||||||
Actual* | 1,000.00 | 1,000.30 | 1.19 | 0.24 | ||||||||||||
Hypothetical* | 1,000.00 | 1,023.60 | 1.20 | 0.24 | ||||||||||||
Reserve | ||||||||||||||||
Actual* | 1,000.00 | 1,000.30 | 1.14 | 0.23 | ||||||||||||
Hypothetical* | 1,000.00 | 1,023.65 | 1.15 | 0.23 | ||||||||||||
Service | ||||||||||||||||
Actual* | 1,000.00 | 1,000.30 | 1.14 | 0.23 | ||||||||||||
Hypothetical* | 1,000.00 | 1,023.65 | 1.15 | 0.23 |
* | Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
** | Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 6/365 (to reflect the actual period). Commencement of operations was February 23, 2021. |
*** | Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 152/365 (to reflect the actual period). Commencement of operations was September 30, 2020. |
172 | J.P. MORGAN MONEY MARKET FUNDS | FEBRUARY 28, 2021 |
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(Unaudited)
(Dollar values in thousands)
Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Funds’ income and distributions for the taxable year ended February 28, 2021. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2021. The information necessary to complete your income tax returns
for the calendar year ending December 31, 2021 will be provided under separate cover.
Long-Term Capital Gain
Each fund listed below distributed the following amount, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended February 28, 2021:
Long-Term Capital Gain Distribution | ||||
JPMorgan Institutional Tax Free Money Market Fund | $ | 1 | ||
JPMorgan Tax Free Money Market Fund | 26 | |||
JPMorgan California Municipal Money Market Fund | 6 | |||
JPMorgan New York Municipal Money Market Fund | 55 |
Qualified Interest Income (QII) and Short-Term Capital Gain
Each fund listed below paid the following amount, or maximum allowable amount, of ordinary distributions treated as qualified interest income and short-term capital gains for the fiscal year ended February 28, 2021:
Qualified Interest Income | Short-Term Capital Gain | |||||||
JPMorgan Prime Money Market Fund | $ | 93,109 | $ | 194 | ||||
JPMorgan Liquid Assets Money Market Fund | 13,404 | 11 | ||||||
JPMorgan U.S. Government Money Market Fund | 227,359 | — | ||||||
JPMorgan U.S. Treasury Plus Money Market Fund | 37,727 | — | ||||||
JPMorgan Federal Money Market Fund | 4,527 | 112 | ||||||
JPMorgan 100% U.S. Treasury Securities Money Market Fund | 111,635 | — |
Tax-Exempt Income
Each fund listed below had the following amount, or maximum allowable amount, of dividends paid from investment income exempt from federal income tax for the fiscal year ended February 28, 2021:
Exempt Distributions Paid | ||||
JPMorgan Institutional Tax Free Money Market Fund | $ | 3,777 | ||
JPMorgan Tax Free Money Market Fund | 33,456 | |||
JPMorgan Municipal Money Market Fund | 4,352 | |||
JPMorgan California Municipal Money Market Fund | 1,200 | |||
JPMorgan New York Municipal Money Market Fund | 5,135 |
Treasury Income
Each fund listed below had the following percentage, or maximum allowable percentage, of income earned from direct U.S. Treasury Obligations for the fiscal year ended February 28, 2021:
Income from U.S. Treasury Obligations | ||||
JPMorgan Prime Money Market Fund | 1.9 | % | ||
JPMorgan Securities Lending Money Market Fund | 3.1 | |||
JPMorgan Liquid Assets Money Market Fund | 1.3 | |||
JPMorgan U.S. Government Money Market Fund | 19.1 | |||
JPMorgan U.S. Treasury Plus Money Market Fund | 59.2 | |||
JPMorgan Federal Money Market Fund | 33.5 | |||
JPMorgan 100% U.S. Treasury Securities Money Market Fund | 98.9 |
FEBRUARY 28, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 173 |
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Rev. January 2011
FACTS | WHAT DOES J.P. MORGAN FUNDS DO WITH YOUR PERSONAL INFORMATION? |
Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include:
◾ Social Security number and account balances
◾ transaction history and account transactions
◾ checking account information and wire transfer instructions
When you are no longer our customer, we continue to share your information as described in this notice. |
How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons J.P. Morgan Funds chooses to share; and whether you can limit this sharing. |
Reasons we can share your personal information | Does J.P. Morgan Funds share? | Can you limit this sharing? | ||
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No | ||
For marketing purposes — to offer our products and services to you | Yes | No | ||
For joint marketing with other financial companies | No | We don’t share | ||
For our affiliates’ everyday business purposes — information about your transactions and experiences | No | We don’t share | ||
For our affiliates’ everyday business purposes — information about your creditworthiness | No | We don’t share | ||
For nonaffiliates to market to you | No | We don’t share |
Questions? | Call 1-800-480-4111 or go to www.jpmorganfunds.com |
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Page 2 |
Who we are | ||
Who is providing this notice? | J.P. Morgan Funds |
What we do | ||
How does J.P. Morgan Funds protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We authorize our employees to access your information only when they need it to do their work and we require companies that work for us to protect your information. | |
How does J.P. Morgan Funds collect my personal information? | We collect your personal information, for example, when you:
◾ open an account or provide contact information
◾ give us your account information or pay us by check
◾ make a wire transfer
We also collect your personal information from others, such as credit bureaus, affiliates and other companies. | |
Why can’t I limit all sharing? | Federal law gives you the right to limit only
◾ sharing for affiliates’ everyday business purposes – information about your creditworthiness
◾ affiliates from using your information to market to you
◾ sharing for nonaffiliates to market to you
State laws and individual companies may give you additional rights to limit sharing. |
Definitions | ||
Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.
◾ J.P. Morgan Funds does not share with our affiliates. | |
Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies.
◾ J.P. Morgan Funds does not share with nonaffiliates so they can market to you. | |
Joint Marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.
◾ J.P. Morgan Funds doesn’t jointly market. |
Table of Contents
J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds.
Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 (retail investors) or 1-800-766-7722 (institutional investors) for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.
Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure, by visiting www.sipc.org or by calling SIPC at 202-371-8300.
Each Fund files a complete schedule of its portfolio holdings with the SEC each month on Form N-MFP. The Funds’ Form N-MFP reports are available on the SEC’s website at http://www.sec.gov. Each Fund’s monthly holdings can be found by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.
A description of each Fund’s policies and procedures with respect to the disclosure of each Fund’s holdings is available in the prospectuses and Statement of Additional Information.
A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 (retail investors) or 1-800-766-7722 (institutional investors) and on the Funds’ website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser. A copy of the Funds’ voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Funds’ website at www.jpmorganfunds.com no later than August 31 of each year. The Funds’ proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.
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J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.
© JPMorgan Chase & Co., 2021. All rights reserved. February 2021. | AN-MMKT-221 |
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Annual Report
J.P. Morgan SMA Funds
February 28, 2021
JPMorgan Core Focus SMA Fund
Table of Contents
Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when the Fund’s share price is lower than when you invested.
Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of the Fund or the securities markets. References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Such views are not meant as investment advice and may not be relied on as an indication of trading intent on behalf of the Fund.
Prospective investors should refer to the Fund’s prospectus for a discussion of the Fund’s investment objective, strategies and risks. Call J.P. Morgan Funds Service Center at 1-800-480-4111 for a prospectus containing more complete information about the Fund, including management fees and other expenses. Please read it carefully before investing.
Table of Contents
April 10, 2021 (Unaudited)
Dear Shareholders,
The dual advents of mass vaccinations and an exponential increase in U.S. government spending for pandemic relief and recovery have combined to accelerate an upward trend in financial markets that largely began in the second half of last year. The prospect of fully reopened economies and the expected surge in economic activity at the local, national and global scales has fueled broad investor demand for financial assets.
“It’s instructive that those who remained fully invested in the face of unprecedented uncertainty in 2020 were likely rewarded for their resilience and resolve in 2021.” — Andrea L. Lisher |
Equity markets generally led the long rebound in financial markets from the initial sell-off at the declaration of the pandemic in March 2020. For the twelve months ended February 28, 2021, the S&P 500 Index returned 31.3% and the Bloomberg Barclays U.S. Aggregate returned 1.4%.
Subsequent to the end of the twelve month period, the $1.9 trillion American Rescue Plan was signed into law and early debate began on the proposed $2 trillion American Jobs Plan. Investors responded in early April by pushing the S&P 500 to close above 4,000 points for the first time.
While the uncertainty and turbulence of 2020 has receded and this year has begun with broad expectations for a robust economic recovery, investor concerns have evolved with the
changing investment environment. The threat from new variants of COVID-19 and a late resurgence in infections across the globe serve as reminders that the pandemic remains a present danger. Additionally, the anticipated impact of unprecedented federal stimulus spending has led to more conventional investor worries about potential supply/demand imbalances in certain sectors of the economy as well as inflationary pressure and rising long-term interest rates.
It’s instructive that those who remained fully invested in the face of unprecedented uncertainty in 2020 were likely rewarded for their resilience and resolve in 2021. At the same time, J.P. Morgan Asset Management also has adapted to the challenges and opportunities presented over the past year to continually seek to deliver innovative and durable investment solutions grounded by our deep experience in risk management. We will continue to operate under the same fundamental practices and principles that have driven our success for more than a century and focus on the financial needs of our clients.
On behalf of J.P. Morgan Asset Management, thank you for entrusting us to manage your investment. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.
Sincerely yours,
Andrea L. Lisher
Head of Americas, Client
J.P. Morgan Asset Management
FEBRUARY 28, 2021 | J.P. MORGAN SMA FUNDS | 1 |
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JPMorgan Core Focus SMA Fund
TWELVE MONTHS ENDED FEBRUARY 28, 2021 (Unaudited)
REPORTING PERIOD RETURN: | ||||
Fund (SMA)* | 1.76% | |||
Bloomberg Barclays U.S. Aggregate Index | 1.38% | |||
Net Assets as of 2/28/2021 (In Thousands) | $20,935 | |||
Duration as of 2/28/2021 | 4.5 Years |
INVESTMENT OBJECTIVE**
The JPMorgan Core Focus SMA Fund (the “Fund”) seeks to maximize total return.
HOW DID THE MARKET PERFORM?
Financial markets largely recovered from a sharp sell-off in February and March of 2020, led by a sustained rally in equity markets. While bonds generally provided positive returns for the period, fixed income markets generally underperformed equity markets amid historically low interest rates.
Investors initially responded to the pandemic and the closure of large sectors of national economies by buying developed market government bonds as well as commodity gold. Yields on both 10-year and 30-year U.S. Treasury bonds briefly fell to record lows in March 2020. By the end of the first quarter of 2020, leading developed market equity indexes had fallen by 20% or more and crude oil prices had plummeted by 60%.
Central banks around the world responded by cutting interest rates, initiating or extending asset purchasing programs and working to ensure liquidity in capital markets. Governments also responded with massive stimulus and relief spending. At the start of the second half of 2020, U.S. equity led a broad rebound in both developed markets and emerging markets equity, which was interrupted in September and October 2020 as re-closings across parts of Asia and Europe in response to resurgent infections dented investor optimism.
However, the approvals of the first vaccines against COVID-19 in late 2020 reignited investor demand for equity amid expectations that mass vaccinations would lead to the re-opening of businesses, schools and other parts of national economies. Within fixed income markets, high yield bonds (also known as “junk bonds”) and emerging markets debt outperformed U.S investment grade debt and U.S. Treasury bonds.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
For the twelve months ended February 28, 2021, the Fund outperformed the Benchmark.
Relative to the Benchmark, the Fund’s security selection in both agency and non-agency mortgage-backed securities was a leading contributor to performance. The Fund’s security selection in corporate bonds, particularly in the industrials sector, and the Fund’s underweight position in longer-dated bonds also contributed to relative performance.
The Fund’s overweight positions in both the broader mortgage-backed securities sector and the structured product sector were leading detractors from relative performance.
HOW WAS THE FUND POSITIONED?
The Fund was invested primarily in a diversified portfolio of corporate bonds, U.S. government and agency securities, asset-backed securities, and mortgage-related and mortgage-backed securities.
PORTFOLIO COMPOSITION*** | ||||
Collateralized Mortgage Obligations | 31.9 | % | ||
Corporate Bonds | 27.4 | |||
Asset-Backed Securities | 25.3 | |||
Commercial Mortgage-Backed Securities | 7.7 | |||
Mortgage-Backed Securities | 2.0 | |||
U.S. Treasury Obligations | 0.1 | |||
Short-Term Investments | 5.6 |
* | The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America. |
** | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
*** | Percentages indicated are based on total investments as of February 28, 2021. The Fund’s portfolio composition is subject to change. |
2 | J.P. MORGAN SMA FUNDS | FEBRUARY 28, 2021 |
Table of Contents
AVERAGE ANNUAL TOTAL RETURNS AS OF FEBRUARY 28, 2021 | ||||||||||||
INCEPTION DATE OF FUND | 1 YEAR | SINCE INCEPTION | ||||||||||
SMA | March 1, 2018 | 1.76 | % | 5.07 | % |
LIFE OF FUND PERFORMANCE (3/1/18 TO 2/28/21)
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.
The Fund commenced operations on March 1, 2018.
The graph illustrates comparative performance for $10,000 invested in the JPMorgan Core Focus SMA Fund and the Bloomberg Barclays U.S. Aggregate Index from March 1, 2018 to February 28, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Bloomberg Barclays U.S. Aggregate Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of securities included in the benchmark, if applicable. These expenses are not identical to the expenses incurred by the Fund. The Bloomberg Barclays U.S. Aggregate Index is an unmanaged index that represents securities that are SEC-registered, taxable and dollar denominated. The Bloomberg Barclays U.S. Aggregate Index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
The Fund is offered as a component of the JPMorgan Core Focus SMA Managed Account Strategy (“SMA Strategy”) to participants in separately managed account programs. The SMA Strategy consists of a separately managed account that holds both the Fund and other securities and investments directly for the SMA clients. As a result, the Fund will not hold all of the core bond investments of the SMA Strategy but rather will invest in certain securities and investments that can be traded more efficiently if held by an investment company rather than directly. Since the Fund will be used as part of a SMA Strategy, it is not intended to be a stand-alone core bond investment strategy.
FEBRUARY 28, 2021 | J.P. MORGAN SMA FUNDS | 3 |
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JPMorgan Core Focus SMA Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2021
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Collateralized Mortgage Obligations — 31.9% |
| |||||||
FHLMC, REMIC |
| |||||||
Series 2488, Class GM, 6.00%, 8/15/2032 | 25 | 29 | ||||||
Series 4151, Class YC, 2.50%, 1/15/2033 | 178 | 183 | ||||||
Series 2740, Class PE, 5.50%, 1/15/2034 | 90 | 104 | ||||||
Series 2943, Class ZC, 5.00%, 2/15/2034 | 34 | 38 | ||||||
Series 2768, Class PK, 5.00%, 3/15/2034 | 32 | 34 | ||||||
Series 3237, Class CE, 5.50%, 11/15/2036 | 50 | 61 | ||||||
Series 3249, Class CB, 4.25%, 12/15/2036 | 43 | 47 | ||||||
Series 3258, Class XX, 5.50%, 12/15/2036 | 53 | 63 | ||||||
Series 4031, Class AB, 5.50%, 6/15/2037 | 111 | 127 | ||||||
Series 3404, Class DC, 5.50%, 1/15/2038 | 50 | 57 | ||||||
Series 3601, Class HB, 5.00%, 11/15/2039 | 25 | 28 | ||||||
Series 3626, Class ME, 5.00%, 1/15/2040 | 29 | 34 | ||||||
Series 3680, Class ZA, 4.50%, 6/15/2040 | 103 | 116 | ||||||
Series 3777, Class WA, 4.00%, 12/15/2040 | 87 | 94 | ||||||
Series 3772, Class NE, 4.50%, 12/15/2040 | 180 | 197 | ||||||
Series 3939, Class AZ, 4.00%, 3/15/2041 | 141 | 155 | ||||||
Series 4240, Class DK, 4.00%, 11/15/2042 | 57 | 64 | ||||||
Series 4283, Class EW, 4.50%, 12/15/2043 (a) | 84 | 92 | ||||||
FNMA, REMIC |
| |||||||
Series 2013-17, Class YM, 4.00%, 3/25/2033 | 72 | 81 | ||||||
Series 2003-32, Class UJ, 5.50%, 5/25/2033 | 21 | 23 | ||||||
Series 2003-82, Class Z, 5.50%, 8/25/2033 | 37 | 42 | ||||||
Series 2004-17, Class H, 5.50%, 4/25/2034 | 88 | 103 | ||||||
Series 2004-31, Class MZ, 4.25%, 5/25/2034 | 31 | 35 | ||||||
Series 2004-36, Class CB, 5.00%, 5/25/2034 | 23 | 25 | ||||||
Series 2004-91, Class BR, 5.50%, 12/25/2034 | 29 | 34 | ||||||
Series 2009-13, Class PM, 4.00%, 4/25/2035 | 69 | 72 | ||||||
Series 2005-29, Class WQ, 5.50%, 4/25/2035 | 104 | 121 | ||||||
Series 2005-109, Class GD, 6.00%, 10/25/2035 | 18 | 20 | ||||||
Series 2015-65, Class LD, 3.50%, 1/25/2036 | 147 | 163 | ||||||
Series 2005-122, Class PY, 6.00%, 1/25/2036 | 71 | 84 | ||||||
Series 2006-24, Class Z, 5.50%, 4/25/2036 | 95 | 108 | ||||||
Series 2007-36, Class PH, 5.50%, 4/25/2037 | 30 | 33 | ||||||
Series 2007-60, Class ZB, 4.75%, 5/25/2037 | 230 | 251 | ||||||
Series 2009-42, Class TZ, 4.50%, 3/25/2039 | 230 | 258 | ||||||
Series 2009-66, Class KE, 4.00%, 9/25/2039 | 52 | 57 | ||||||
Series 2009-105, Class DB, 4.50%, 12/25/2039 | 25 | 29 | ||||||
Series 2010-43, Class EM, 5.00%, 5/25/2040 | 21 | 25 | ||||||
Series 2010-87, Class PJ, 3.50%, 6/25/2040 | 19 | 20 | ||||||
Series 2010-59, Class EB, 5.00%, 6/25/2040 | 300 | 373 | ||||||
Series 2011-146, Class LX, 3.50%, 10/25/2040 | 200 | 215 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Series 2011-1, Class QA, 4.50%, 10/25/2040 | 29 | 30 | ||||||
Series 2010-133, Class GP, 4.00%, 11/25/2040 | 250 | 286 | ||||||
Series 2010-123, Class KU, 4.50%, 11/25/2040 | 124 | 138 | ||||||
Series 2010-129, Class PZ, 4.50%, 11/25/2040 | 252 | 258 | ||||||
Series 2010-136, Class CY, 4.00%, 12/25/2040 | 290 | 328 | ||||||
Series 2010-141, Class AL, 4.00%, 12/25/2040 | 134 | 142 | ||||||
Series 2010-154, Class KZ, 4.50%, 1/25/2041 | 46 | 56 | ||||||
Series 2011-55, Class BZ, 3.50%, 6/25/2041 | 176 | 193 | ||||||
Series 2011-115, Class UC, 4.00%, 11/25/2041 | 70 | 76 | ||||||
Series 2013-114, Class LM, 4.00%, 3/25/2042 | 200 | 224 | ||||||
Series 2012-120, Class PA, 3.50%, 10/25/2042 | 71 | 77 | ||||||
Series 2014-19, Class Z, 4.50%, 4/25/2044 | 273 | 318 | ||||||
Series 2015-61, Class PV, 3.50%, 5/25/2044 | 19 | 21 | ||||||
Series 2016-32, Class PA, 3.00%, 12/25/2045 | 126 | 135 | ||||||
GNMA |
| |||||||
Series 2003-46, Class HA, 4.50%, 6/20/2033 | 75 | 82 | ||||||
Series 2004-55, Class MC, 5.50%, 7/20/2034 | 18 | 20 | ||||||
Series 2005-16, Class CA, 5.00%, 2/20/2035 | 29 | 31 | ||||||
Series 2005-17, Class GE, 5.00%, 2/20/2035 | 129 | 145 | ||||||
Series 2008-25, Class AD, 4.50%, 3/20/2038 | 90 | 99 | ||||||
Series 2009-16, Class ZD, 6.00%, 3/20/2039 | 117 | 136 | ||||||
Series 2009-58, Class PA, 4.50%, 7/20/2039 | 143 | 158 | ||||||
Series 2010-69, Class ME, 3.00%, 4/20/2040 | 22 | 23 | ||||||
|
| |||||||
Total Collateralized Mortgage Obligations |
| 6,671 | ||||||
|
| |||||||
Corporate Bonds — 27.4% |
| |||||||
Aerospace & Defense — 0.8% | ||||||||
Boeing Co. (The) 4.51%, 5/1/2023 | 70 | 75 | ||||||
Northrop Grumman Corp. | 30 | 33 | ||||||
3.85%, 4/15/2045 | 20 | 22 | ||||||
Raytheon Technologies Corp. 4.15%, 5/15/2045 | 40 | 47 | ||||||
|
| |||||||
177 | ||||||||
|
| |||||||
Automobiles — 0.1% |
| |||||||
Hyundai Capital America 3.45%, 3/12/2021 (b) | 30 | 30 | ||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
4 | J.P. MORGAN SMA FUNDS | FEBRUARY 28, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Corporate Bonds — continued |
| |||||||
Banks — 1.9% |
| |||||||
Bank of America Corp. | 60 | 67 | ||||||
5.00%, 1/21/2044 | 55 | 72 | ||||||
(ICE LIBOR USD 3 Month + 1.19%), | 15 | 17 | ||||||
Citigroup, Inc. | 19 | 21 | ||||||
8.13%, 7/15/2039 | 30 | 50 | ||||||
Fifth Third Bancorp 3.65%, 1/25/2024 | 25 | 27 | ||||||
Mitsubishi UFJ Financial Group, Inc. (Japan) 3.78%, 3/2/2025 | 15 | 17 | ||||||
3.74%, 3/7/2029 | 55 | 62 | ||||||
Sumitomo Mitsui Financial Group, Inc. (Japan) 3.36%, 7/12/2027 | 25 | 28 | ||||||
Wells Fargo & Co. | ||||||||
4.65%, 11/4/2044 | 30 | 36 | ||||||
|
| |||||||
397 | ||||||||
|
| |||||||
Beverages — 0.8% |
| |||||||
Anheuser-Busch Cos. LLC (Belgium) 4.90%, 2/1/2046 | 25 | 30 | ||||||
Anheuser-Busch InBev Finance, Inc. (Belgium) 4.90%, 2/1/2046 | 10 | 12 | ||||||
Anheuser-Busch InBev Worldwide, Inc. (Belgium) 4.00%, 4/13/2028 | 15 | 17 | ||||||
4.95%, 1/15/2042 | 45 | 56 | ||||||
Constellation Brands, Inc. | 10 | 11 | ||||||
3.75%, 5/1/2050 | 5 | 6 | ||||||
Keurig Dr Pepper, Inc. | 15 | 18 | ||||||
5.09%, 5/25/2048 | 5 | 6 | ||||||
Molson Coors Beverage Co. 4.20%, 7/15/2046 | 15 | 16 | ||||||
|
| |||||||
172 | ||||||||
|
| |||||||
Biotechnology — 0.8% |
| |||||||
AbbVie, Inc. | 10 | 12 | ||||||
4.70%, 5/14/2045 | 15 | 18 | ||||||
4.45%, 5/14/2046 | 25 | 30 | ||||||
4.88%, 11/14/2048 | 15 | 19 | ||||||
Amgen, Inc. 2.20%, 2/21/2027 | 10 | 10 | ||||||
Biogen, Inc. 2.25%, 5/1/2030 | 30 | 30 | ||||||
3.15%, 5/1/2050 | 30 | 28 | ||||||
Gilead Sciences, Inc. 4.80%, 4/1/2044 | 15 | 19 | ||||||
|
| |||||||
166 | ||||||||
|
|
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Building Products — 0.1% |
| |||||||
Masco Corp. 4.45%, 4/1/2025 | 25 | 28 | ||||||
|
| |||||||
Capital Markets — 1.2% |
| |||||||
Credit Suisse USA, Inc. (Switzerland) 7.13%, 7/15/2032 | 15 | 23 | ||||||
Goldman Sachs Group, Inc. (The) | ||||||||
(ICE LIBOR USD 3 Month + 1.37%), 4.02%, 10/31/2038 (c) | 65 | 75 | ||||||
Macquarie Group Ltd. (Australia) | ||||||||
(ICE LIBOR USD 3 Month + 1.37%), 3.76%, 11/28/2028 (b) (c) | 20 | 22 | ||||||
Morgan Stanley | 35 | 38 | ||||||
3.95%, 4/23/2027 | 25 | 28 | ||||||
(ICE LIBOR USD 3 Month + 1.63%), 4.43%, 1/23/2030 (c) | 50 | 59 | ||||||
|
| |||||||
245 | ||||||||
|
| |||||||
Chemicals — 0.7% |
| |||||||
DuPont de Nemours, Inc. | 20 | 23 | ||||||
5.32%, 11/15/2038 | 20 | 26 | ||||||
Mosaic Co. (The) | 10 | 11 | ||||||
4.05%, 11/15/2027 | 10 | 11 | ||||||
Nutrien Ltd. (Canada) | 20 | 21 | ||||||
6.13%, 1/15/2041 | 20 | 28 | ||||||
Sherwin-Williams Co. (The) 2.30%, 5/15/2030 | 30 | 30 | ||||||
|
| |||||||
150 | ||||||||
|
| |||||||
Construction Materials — 0.2% |
| |||||||
Martin Marietta Materials, Inc. 3.45%, 6/1/2027 | 30 | 33 | ||||||
|
| |||||||
Consumer Finance — 0.6% |
| |||||||
Avolon Holdings Funding Ltd. (Ireland) 5.50%, 1/15/2023 (b) | 35 | 37 | ||||||
Capital One Financial Corp. | 15 | 17 | ||||||
3.75%, 3/9/2027 | 25 | 28 | ||||||
General Motors Financial Co., Inc. | 25 | 27 | ||||||
1.25%, 1/8/2026 | 15 | 15 | ||||||
|
| |||||||
124 | ||||||||
|
| |||||||
Diversified Financial Services — 0.3% |
| |||||||
ORIX Corp. (Japan) 3.70%, 7/18/2027 | 30 | 34 | ||||||
Shell International Finance BV (Netherlands) 5.50%, 3/25/2040 | 20 | 27 | ||||||
|
| |||||||
61 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN SMA FUNDS | 5 |
Table of Contents
JPMorgan Core Focus SMA Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2021 (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Corporate Bonds — continued |
| |||||||
Diversified Telecommunication Services — 1.4% |
| |||||||
AT&T, Inc. | 15 | 15 | ||||||
2.55%, 12/1/2033 (b) | 52 | 50 | ||||||
3.50%, 9/15/2053 (b) | 68 | 62 | ||||||
Deutsche Telekom International Finance BV (Germany) 8.75%, 6/15/2030 (d) | 25 | 38 | ||||||
Telefonica Emisiones SA (Spain) 7.05%, 6/20/2036 | 15 | 22 | ||||||
Verizon Communications, Inc. | 41 | 47 | ||||||
4.86%, 8/21/2046 | 46 | 57 | ||||||
|
| |||||||
291 | ||||||||
|
| |||||||
Electric Utilities — 1.5% |
| |||||||
Cleveland Electric Illuminating Co. (The) 5.95%, 12/15/2036 | 20 | 25 | ||||||
Duke Energy Corp. 3.75%, 9/1/2046 | 25 | 27 | ||||||
Emera US Finance LP (Canada) 3.55%, 6/15/2026 | 10 | 11 | ||||||
4.75%, 6/15/2046 | 20 | 23 | ||||||
Entergy Louisiana LLC 4.00%, 3/15/2033 | 40 | 47 | ||||||
Evergy, Inc. 2.90%, 9/15/2029 | 30 | 32 | ||||||
Fortis, Inc. (Canada) | ||||||||
3.06%, 10/4/2026 | 19 | 21 | ||||||
Indiana Michigan Power Co. | ||||||||
Series K, 4.55%, 3/15/2046 | 15 | 18 | ||||||
Metropolitan Edison Co. 3.50%, 3/15/2023 (b) | 15 | 16 | ||||||
NextEra Energy Capital Holdings, Inc. 2.25%, 6/1/2030 | 30 | 30 | ||||||
PNM Resources, Inc. 3.25%, 3/9/2021 | 15 | 15 | ||||||
PPL Capital Funding, Inc. 3.10%, 5/15/2026 | 20 | 22 | ||||||
Southern Co. (The) 3.25%, 7/1/2026 | 30 | 33 | ||||||
|
| |||||||
320 | ||||||||
|
| |||||||
Electrical Equipment — 0.1% |
| |||||||
Eaton Corp. 3.10%, 9/15/2027 | 25 | 28 | ||||||
|
| |||||||
Electronic Equipment, Instruments & Components — 0.4% |
| |||||||
Arrow Electronics, Inc. | 15 | 16 | ||||||
3.88%, 1/12/2028 | 15 | 17 | ||||||
Corning, Inc. | 20 | 26 | ||||||
4.38%, 11/15/2057 | 15 | 17 | ||||||
|
| |||||||
76 | ||||||||
|
|
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Energy Equipment & Services — 0.8% |
| |||||||
Baker Hughes a GE Co. LLC | 30 | 33 | ||||||
4.08%, 12/15/2047 | 30 | 33 | ||||||
Halliburton Co. | 2 | 2 | ||||||
4.50%, 11/15/2041 | 10 | 11 | ||||||
NOV, Inc. 3.60%, 12/1/2029 | 30 | 31 | ||||||
Schlumberger Holdings Corp. 4.00%, 12/21/2025 (b) | 15 | 17 | ||||||
4.30%, 5/1/2029 (b) | 30 | 34 | ||||||
|
| |||||||
161 | ||||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) — 2.4% |
| |||||||
American Tower Corp. | 30 | 33 | ||||||
3.95%, 3/15/2029 | 15 | 17 | ||||||
1.88%, 10/15/2030 | 50 | 48 | ||||||
Boston Properties LP 3.40%, 6/21/2029 | 25 | 27 | ||||||
Brixmor Operating Partnership LP 3.65%, 6/15/2024 | 25 | 27 | ||||||
Crown Castle International Corp. 4.45%, 2/15/2026 | 30 | 34 | ||||||
Duke Realty LP | ||||||||
4.00%, 9/15/2028 | 25 | 29 | ||||||
ERP Operating LP 3.00%, 7/1/2029 | 30 | 32 | ||||||
Healthcare Trust of America Holdings LP 3.75%, 7/1/2027 | 25 | 28 | ||||||
Host Hotels & Resorts LP 3.88%, 4/1/2024 | 15 | 16 | ||||||
Life Storage LP 4.00%, 6/15/2029 | 25 | 28 | ||||||
Mid-America Apartments LP 3.95%, 3/15/2029 | 25 | 29 | ||||||
National Retail Properties, Inc. 4.00%, 11/15/2025 | 20 | 22 | ||||||
Realty Income Corp. 3.65%, 1/15/2028 | 25 | 28 | ||||||
Simon Property Group LP 4.75%, 3/15/2042 | 10 | 12 | ||||||
UDR, Inc. | 20 | 23 | ||||||
3.00%, 8/15/2031 | 20 | 21 | ||||||
VEREIT Operating Partnership LP 4.88%, 6/1/2026 | 10 | 12 | ||||||
Welltower, Inc. | 25 | 28 | ||||||
6.50%, 3/15/2041 | 10 | 13 | ||||||
|
| |||||||
507 | ||||||||
|
| |||||||
Food & Staples Retailing — 0.3% |
| |||||||
Kroger Co. (The) 5.15%, 8/1/2043 | 30 | 39 | ||||||
Sysco Corp. 5.65%, 4/1/2025 | 25 | 29 | ||||||
|
| |||||||
68 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
6 | J.P. MORGAN SMA FUNDS | FEBRUARY 28, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Corporate Bonds — continued |
| |||||||
Food Products — 0.2% |
| |||||||
Conagra Brands, Inc. 5.30%, 11/1/2038 | 5 | 6 | ||||||
Mead Johnson Nutrition Co. (United Kingdom) 4.60%, 6/1/2044 | 20 | 25 | ||||||
Tyson Foods, Inc. 5.15%, 8/15/2044 | 10 | 13 | ||||||
|
| |||||||
44 | ||||||||
|
| |||||||
Gas Utilities — 0.0% (e) |
| |||||||
CenterPoint Energy Resources Corp. 0.70%, 3/2/2023 | 10 | 10 | ||||||
|
| |||||||
Health Care Equipment & Supplies — 0.5% |
| |||||||
Abbott Laboratories | 15 | 19 | ||||||
5.30%, 5/27/2040 | 15 | 21 | ||||||
Becton Dickinson and Co. | 10 | 11 | ||||||
2.82%, 5/20/2030 | 30 | 32 | ||||||
Boston Scientific Corp. 4.70%, 3/1/2049 | 10 | 13 | ||||||
|
| |||||||
96 | ||||||||
|
| |||||||
Health Care Providers & Services — 0.8% |
| |||||||
Anthem, Inc. 4.63%, 5/15/2042 | 20 | 25 | ||||||
CVS Health Corp. | 24 | 27 | ||||||
4.78%, 3/25/2038 | 27 | 33 | ||||||
HCA, Inc. | 20 | 23 | ||||||
5.25%, 6/15/2049 | 15 | 19 | ||||||
Quest Diagnostics, Inc. | ||||||||
2.80%, 6/30/2031 | 30 | 32 | ||||||
|
| |||||||
159 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure — 0.3% |
| |||||||
McDonald’s Corp. 4.70%, 12/9/2035 | 30 | 37 | ||||||
Starbucks Corp. 4.45%, 8/15/2049 | 15 | 18 | ||||||
|
| |||||||
55 | ||||||||
|
| |||||||
Industrial Conglomerates — 0.5% |
| |||||||
General Electric Co. 6.75%, 3/15/2032 | 70 | 95 | ||||||
|
| |||||||
Insurance — 1.3% |
| |||||||
American Financial Group, Inc. 3.50%, 8/15/2026 | 20 | 22 | ||||||
American International Group, Inc. 3.88%, 1/15/2035 | 25 | 28 | ||||||
4.38%, 1/15/2055 | 15 | 18 | ||||||
Athene Global Funding | 25 | 26 | ||||||
2.95%, 11/12/2026 (b) | 30 | 32 | ||||||
Athene Holding Ltd. 4.13%, 1/12/2028 | 10 | 11 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Insurance — continued |
| |||||||
Cincinnati Financial Corp. 6.92%, 5/15/2028 | 20 | 25 | ||||||
Lincoln National Corp. 4.35%, 3/1/2048 | 20 | 23 | ||||||
Markel Corp. | 20 | 22 | ||||||
5.00%, 5/20/2049 | 15 | 20 | ||||||
Principal Financial Group, Inc. 3.70%, 5/15/2029 | 5 | 6 | ||||||
Prudential Financial, Inc. 3.88%, 3/27/2028 | 30 | 35 | ||||||
|
| |||||||
268 | ||||||||
|
| |||||||
IT Services — 0.1% |
| |||||||
Fiserv, Inc. 2.65%, 6/1/2030 | 30 | 31 | ||||||
|
| |||||||
Media — 1.3% |
| |||||||
Charter Communications Operating LLC 4.91%, 7/23/2025 | 25 | 28 | ||||||
6.38%, 10/23/2035 | 20 | 27 | ||||||
5.75%, 4/1/2048 | 10 | 12 | ||||||
Comcast Corp. | 40 | 43 | ||||||
6.40%, 5/15/2038 | 30 | 44 | ||||||
4.50%, 1/15/2043 | 15 | 19 | ||||||
Cox Communications, Inc. 3.15%, 8/15/2024 (b) | 25 | 27 | ||||||
Discovery Communications LLC 3.63%, 5/15/2030 | 25 | 28 | ||||||
ViacomCBS, Inc. 4.95%, 1/15/2031 | 30 | 36 | ||||||
|
| |||||||
264 | ||||||||
|
| |||||||
Metals & Mining — 0.2% |
| |||||||
Glencore Funding LLC (Australia) 4.63%, 4/29/2024 (b) | 15 | 17 | ||||||
1.63%, 9/1/2025 (b) | 20 | 20 | ||||||
Newcrest Finance Pty. Ltd. (Australia) 3.25%, 5/13/2030 (b) | 10 | 11 | ||||||
|
| |||||||
48 | ||||||||
|
| |||||||
Multiline Retail — 0.1% |
| |||||||
Dollar General Corp. | 5 | 6 | ||||||
3.50%, 4/3/2030 | 20 | 22 | ||||||
|
| |||||||
28 | ||||||||
|
| |||||||
Multi-Utilities — 0.3% |
| |||||||
Ameren Corp. 1.75%, 3/15/2028 | 5 | 5 | ||||||
Dominion Energy, Inc. Series C, 4.05%, 9/15/2042 | 20 | 22 | ||||||
Sempra Energy 3.80%, 2/1/2038 | 25 | 28 | ||||||
|
| |||||||
55 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN SMA FUNDS | 7 |
Table of Contents
JPMorgan Core Focus SMA Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2021 (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Corporate Bonds — continued |
| |||||||
Oil, Gas & Consumable Fuels — 3.2% |
| |||||||
APT Pipelines Ltd. (Australia) 4.25%, 7/15/2027 (b) | 30 | 34 | ||||||
Boardwalk Pipelines LP 5.95%, 6/1/2026 | 20 | 24 | ||||||
Buckeye Partners LP 5.85%, 11/15/2043 | 10 | 10 | ||||||
Chevron USA, Inc. | 15 | 17 | ||||||
5.05%, 11/15/2044 | 30 | 40 | ||||||
CNOOC Petroleum North America ULC (China) 5.88%, 3/10/2035 | 20 | 25 | ||||||
Enbridge, Inc. (Canada) | 20 | 23 | ||||||
4.50%, 6/10/2044 | 15 | 17 | ||||||
Energy Transfer Operating LP 6.25%, 4/15/2049 | 15 | 18 | ||||||
Energy Transfer Partners LP 5.88%, 3/1/2022 | 15 | 16 | ||||||
Enterprise Products Operating LLC | 15 | 16 | ||||||
5.10%, 2/15/2045 | 25 | 31 | ||||||
Kinder Morgan Energy Partners LP 3.95%, 9/1/2022 | 25 | 26 | ||||||
Kinder Morgan, Inc. | 25 | 24 | ||||||
3.25%, 8/1/2050 | 10 | 9 | ||||||
Magellan Midstream Partners LP 4.20%, 10/3/2047 | 10 | 10 | ||||||
Marathon Petroleum Corp. 6.50%, 3/1/2041 | 15 | 20 | ||||||
MPLX LP | 15 | 17 | ||||||
4.50%, 4/15/2038 | 10 | 11 | ||||||
5.20%, 3/1/2047 | 15 | 17 | ||||||
ONEOK, Inc. | 30 | 31 | ||||||
4.45%, 9/1/2049 | 15 | 15 | ||||||
Phillips 66 4.88%, 11/15/2044 | 20 | 24 | ||||||
Pioneer Natural Resources Co. | ||||||||
1.90%, 8/15/2030 | 30 | 29 | ||||||
Plains All American Pipeline LP 3.55%, 12/15/2029 | 30 | 31 | ||||||
Spectra Energy Partners LP 4.50%, 3/15/2045 | 20 | 22 | ||||||
Suncor Energy, Inc. (Canada) 5.35%, 7/15/2033 | 20 | 24 | ||||||
Sunoco Logistics Partners Operations LP | 10 | 11 | ||||||
5.35%, 5/15/2045 | 30 | 32 | ||||||
TransCanada PipeLines Ltd. (Canada) 4.63%, 3/1/2034 | 15 | 17 | ||||||
Williams Cos., Inc. (The) 3.90%, 1/15/2025 | 20 | 22 | ||||||
|
| |||||||
663 | ||||||||
|
|
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Pharmaceuticals — 0.6% |
| |||||||
Mylan, Inc. 5.20%, 4/15/2048 | 10 | 12 | ||||||
Shire Acquisitions Investments Ireland DAC 3.20%, 9/23/2026 | 50 | 55 | ||||||
Utah Acquisition Sub, Inc. 3.95%, 6/15/2026 | 10 | 11 | ||||||
Zoetis, Inc. | 15 | 17 | ||||||
2.00%, 5/15/2030 | 15 | 15 | ||||||
4.70%, 2/1/2043 | 15 | 19 | ||||||
|
| |||||||
129 | ||||||||
|
| |||||||
Road & Rail — 0.7% |
| |||||||
Burlington Northern Santa Fe LLC 4.40%, 3/15/2042 | 30 | 37 | ||||||
CSX Corp. | 15 | 15 | ||||||
4.30%, 3/1/2048 | 20 | 24 | ||||||
ERAC USA Finance LLC 5.63%, 3/15/2042 (b) | 30 | 41 | ||||||
Norfolk Southern Corp. | 10 | 13 | ||||||
4.05%, 8/15/2052 | 15 | 17 | ||||||
|
| |||||||
147 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 0.4% |
| |||||||
Broadcom Corp. | 30 | 32 | ||||||
3.88%, 1/15/2027 | 25 | 28 | ||||||
Microchip Technology, Inc. 0.97%, 2/15/2024 (b) | 21 | 21 | ||||||
|
| |||||||
81 | ||||||||
|
| |||||||
Software — 0.3% |
| |||||||
Oracle Corp. 3.85%, 7/15/2036 | 50 | 57 | ||||||
|
| |||||||
Specialty Retail — 0.3% |
| |||||||
AutoZone, Inc. | 10 | 11 | ||||||
1.65%, 1/15/2031 | 20 | 19 | ||||||
O’Reilly Automotive, Inc. | 15 | 17 | ||||||
1.75%, 3/15/2031 | 15 | 14 | ||||||
|
| |||||||
61 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals — 0.2% |
| |||||||
Dell International LLC | 15 | 16 | ||||||
6.02%, 6/15/2026 (b) | 20 | 24 | ||||||
6.20%, 7/15/2030 (b) | 10 | 13 | ||||||
|
| |||||||
53 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
8 | J.P. MORGAN SMA FUNDS | FEBRUARY 28, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Corporate Bonds — continued |
| |||||||
Tobacco — 0.5% |
| |||||||
Altria Group, Inc. | 30 | 32 | ||||||
3.88%, 9/16/2046 | 15 | 15 | ||||||
BAT Capital Corp. (United Kingdom) | 5 | 5 | ||||||
3.56%, 8/15/2027 | 20 | 22 | ||||||
Reynolds American, Inc. (United Kingdom) 5.85%, 8/15/2045 | 25 | 30 | ||||||
|
| |||||||
104 | ||||||||
|
| |||||||
Trading Companies & Distributors — 0.7% |
| |||||||
Air Lease Corp. | 25 | 26 | ||||||
3.25%, 3/1/2025 | 10 | 10 | ||||||
3.25%, 10/1/2029 | 20 | 21 | ||||||
Aviation Capital Group LLC | 30 | 30 | ||||||
3.50%, 11/1/2027 (b) | 20 | 21 | ||||||
International Lease Finance Corp. 4.63%, 4/15/2021 | 35 | 35 | ||||||
|
| |||||||
143 | ||||||||
|
| |||||||
Wireless Telecommunication Services — 0.5% |
| |||||||
Rogers Communications, Inc. (Canada) 4.50%, 3/15/2043 | 10 | 12 | ||||||
T-Mobile USA, Inc. | 15 | 16 | ||||||
4.50%, 4/15/2050 (b) | 5 | 6 | ||||||
Vodafone Group plc (United Kingdom) | 20 | 22 | ||||||
4.38%, 5/30/2028 | 25 | 29 | ||||||
5.00%, 5/30/2038 | 11 | 14 | ||||||
|
| |||||||
99 | ||||||||
|
| |||||||
Total Corporate Bonds |
| 5,724 | ||||||
|
| |||||||
Asset-Backed Securities — 25.2% |
| |||||||
American Credit Acceptance Receivables Trust | ||||||||
Series 2020-1, Class B, 2.08%, 12/13/2023 (b) | 94 | 95 | ||||||
Business Jet Securities LLC |
| |||||||
Series 2018-2, Class A, 4.45%, 6/15/2033 (b) | 95 | 97 | ||||||
Series 2018-2, Class B, 5.44%, 6/15/2033 (b) | 105 | 107 | ||||||
Series 2019-1, Class A, 4.21%, 7/15/2034 (b) | 94 | 96 | ||||||
CarMax Auto Owner Trust |
| |||||||
Series 2020-1, Class B, 2.21%, 9/15/2025 | 112 | 116 | ||||||
CoreVest American Finance Trust |
| |||||||
Series 2019-2, Class B, 3.42%, 6/15/2052 ‡ (b) | 250 | 267 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Asset-Backed Securities — continued |
| |||||||
CPS Auto Receivables Trust |
| |||||||
Series 2019-C, Class B, 2.63%, 8/15/2023 (b) | 105 | 105 | ||||||
Credit Acceptance Auto Loan Trust |
| |||||||
Series 2018-2A, Class A, 3.47%, 5/17/2027 (b) | 33 | 32 | ||||||
Series 2020-1A, Class A, 2.01%, 2/15/2029 (b) | 250 | 256 | ||||||
Series 2020-3A, Class A, 1.24%, 10/15/2029 (b) | 250 | 253 | ||||||
DT Auto Owner Trust |
| |||||||
Series 2018-1A, Class D, 3.81%, 12/15/2023 (b) | 64 | 65 | ||||||
Series 2020-2A, Class A, 1.14%, 1/16/2024 (b) | 37 | 37 | ||||||
Series 2020-1A, Class B, 2.16%, 5/15/2024 (b) | 50 | 51 | ||||||
Series 2019-1A, Class C, 3.61%, 11/15/2024 (b) | 90 | 91 | ||||||
Series 2019-2A, Class C, 3.18%, 2/18/2025 (b) | 190 | 193 | ||||||
Exeter Automobile Receivables Trust |
| |||||||
Series 2019-4A, Class A, 2.18%, 1/17/2023 (b) | 5 | 5 | ||||||
Series 2019-3A, Class B, 2.58%, 8/15/2023 (b) | 140 | 141 | ||||||
Series 2020-1A, Class B, 2.26%, 4/15/2024 (b) | 40 | 41 | ||||||
First Investors Auto Owner Trust |
| |||||||
Series 2019-1A, Class B, 3.02%, 3/17/2025 (b) | 120 | 123 | ||||||
Flagship Credit Auto Trust |
| |||||||
Series 2016-2, Class C, 6.22%, 9/15/2022 (b) | 38 | 38 | ||||||
Series 2018-2, Class B, 3.56%, 5/15/2023 (b) | 132 | 133 | ||||||
Series 2019-1, Class A, 3.11%, 8/15/2023 (b) | 60 | 61 | ||||||
Series 2019-2, Class A, 2.83%, 10/16/2023 (b) | 90 | 91 | ||||||
Series 2017-4, Class C, 2.92%, 11/15/2023 (b) | 400 | 404 | ||||||
Series 2019-3, Class B, 2.48%, 8/15/2024 (b) | 225 | 231 | ||||||
Series 2019-1, Class D, 4.08%, 2/18/2025 (b) | 167 | 176 | ||||||
Ford Credit Auto Lease Trust |
| |||||||
Series 2019-A, Class A4, 2.98%, 6/15/2022 | 200 | 202 | ||||||
FREED ABS Trust |
| |||||||
Series 2020-FP1, Class A, 2.52%, 3/18/2027 (b) | 44 | 44 | ||||||
GLS Auto Receivables Issuer Trust |
| |||||||
Series 2019-1A, Class A, 3.37%, 1/17/2023 (b) | 2 | 2 |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN SMA FUNDS | 9 |
Table of Contents
JPMorgan Core Focus SMA Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2021 (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Asset-Backed Securities — continued |
| |||||||
Series 2019-2A, Class A, 3.06%, 4/17/2023 (b) | 11 | 12 | ||||||
Series 2019-3A, Class A, 2.58%, 7/17/2023 (b) | 32 | 32 | ||||||
GLS Auto Receivables Trust |
| |||||||
Series 2018-3A, Class B, 3.78%, 8/15/2023 (b) | 93 | 94 | ||||||
Goodgreen (Cayman Islands) |
| |||||||
Series 2018-1A, Class A, 3.93%, 10/15/2053 (a) (b) | 114 | 123 | ||||||
HERO Funding (Cayman Islands) |
| |||||||
Series 2017-3A, Class A2, 3.95%, 9/20/2048 (b) | 58 | 61 | ||||||
Hyundai Auto Lease Securitization Trust |
| |||||||
Series 2019-A, Class A3, 2.98%, 7/15/2022 (b) | 69 | 70 | ||||||
Lendmark Funding Trust |
| |||||||
Series 2019-1A, Class A, 3.00%, 12/20/2027 (b) | 175 | 180 | ||||||
Marlette Funding Trust |
| |||||||
Series 2019-1A, Class A, 3.44%, 4/16/2029 (b) | 40 | 40 | ||||||
Series 2020-1A, Class A, 2.24%, 3/15/2030 (b) | 62 | 63 | ||||||
Progress Residential Trust |
| |||||||
Series 2020-SFR2, Class A, 2.08%, 6/17/2037 (b) | 150 | 154 | ||||||
Prosper Marketplace Issuance Trust |
| |||||||
Series 2019-3A, Class A, 3.19%, 7/15/2025 (b) | 7 | 7 | ||||||
Santander Drive Auto Receivables Trust |
| |||||||
Series 2019-1, Class B, 3.21%, 9/15/2023 | 13 | 13 | ||||||
Springleaf Funding Trust |
| |||||||
Series 2015-BA, Class B, 3.80%, 5/15/2028 ‡ (b) | 100 | 101 | ||||||
Tesla Auto Lease Trust |
| |||||||
Series 2018-B, Class A, 3.71%, 8/20/2021 (b) | 14 | 14 | ||||||
Tidewater Auto Receivables Trust |
| |||||||
Series 2018-AA, Class C, 3.84%, 11/15/2024 (b) | 202 | 204 | ||||||
Towd Point Mortgage Trust |
| |||||||
Series 2017-6, Class A1, 2.75%, 10/25/2057 ‡ (a) (b) | 53 | 55 | ||||||
Vericrest Opportunity Loan Trust |
| |||||||
Series 2020-NPL2, Class A1A, 2.98%, 2/25/2050 ‡ (b) (d) | 90 | 90 | ||||||
VOLT XCI LLC |
| |||||||
Series 2020-NPL7, Class A1, 3.10%, 11/25/2050 ‡ (b) (d) | 209 | 209 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Westgate Resorts LLC |
| |||||||
Series 2018-1A, Class A, 3.38%, 12/20/2031 (b) | 90 | 91 | ||||||
Series 2018-1A, Class B, 3.58%, 12/20/2031 ‡ (b) | 90 | 90 | ||||||
World Omni Auto Receivables Trust |
| |||||||
Series 2017-B, Class A3, 1.95%, 2/15/2023 | 26 | 26 | ||||||
|
| |||||||
Total Asset-Backed Securities |
| 5,282 | ||||||
|
| |||||||
Commercial Mortgage-Backed Securities — 7.7% |
| |||||||
20 Times Square Trust | ||||||||
Series 2018-20TS, Class D, 3.10%, 5/15/2035 ‡ (a) (b) | 100 | 99 | ||||||
Series 2018-20TS, Class E, 3.10%, 5/15/2035 ‡ (a) (b) | 100 | 96 | ||||||
Citigroup Commercial Mortgage Trust |
| |||||||
Series 2013-GC11, Class A3, 2.82%, 4/10/2046 | 24 | 24 | ||||||
Series 2014-GC19, Class A3, 3.75%, 3/10/2047 | 8 | 9 | ||||||
Series 2014-GC23, Class A3, 3.36%, 7/10/2047 | 12 | 13 | ||||||
Commercial Mortgage Trust |
| |||||||
Series 2014-UBS2, Class A4, 3.69%, 3/10/2047 | 15 | 16 | ||||||
Series 2014-CR17, Class A4, 3.70%, 5/10/2047 | 29 | 31 | ||||||
Series 2014-UBS3, Class A3, 3.55%, 6/10/2047 | 24 | 26 | ||||||
FHLMC, Multi-Family Structured Pass-Through Certificates |
| |||||||
Series K731, Class AM, 3.60%, 2/25/2025 (a) | 200 | 219 | ||||||
Series K090, Class A2, 3.42%, 2/25/2029 | 120 | 137 | ||||||
FREMF Mortgage Trust |
| |||||||
Series 2013-K26, Class B, 3.60%, 12/25/2045 (a) (b) | 99 | 104 | ||||||
GPMT Ltd. (Cayman Islands) |
| |||||||
Series 2018-FL1, Class AS, 1.31%, 11/21/2035 ‡ (a) (b) | 150 | 150 | ||||||
GS Mortgage Securities Trust |
| |||||||
Series 2013-GC16, Class AS, 4.65%, 11/10/2046 | 111 | 120 | ||||||
Series 2013-GC16, Class B, 5.16%, 11/10/2046 (a) | 50 | 54 | ||||||
JPMBB Commercial Mortgage Securities Trust |
| |||||||
Series 2013-C15, Class C, 5.20%, 11/15/2045 (a) | 30 | 32 |
SEE NOTES TO FINANCIAL STATEMENTS.
10 | J.P. MORGAN SMA FUNDS | FEBRUARY 28, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Commercial Mortgage-Backed Securities — continued |
| |||||||
JPMorgan Chase Commercial Mortgage Securities Trust |
| |||||||
Series 2013-LC11, Class A4, 2.69%, 4/15/2046 | 14 | 14 | ||||||
Series 2011-C5, Class B, 5.42%, 8/15/2046 (a) (b) | 169 | 171 | ||||||
Morgan Stanley Bank of America Merrill Lynch Trust |
| |||||||
Series 2015-C27, Class A3, 3.47%, 12/15/2047 | 126 | 135 | ||||||
Wells Fargo Commercial Mortgage Trust |
| |||||||
Series 2015-NXS4, Class A3, 3.45%, 12/15/2048 | 127 | 140 | ||||||
WFRBS Commercial Mortgage Trust |
| |||||||
Series 2013-C13, Class A3, 2.75%, 5/15/2045 | 26 | 27 | ||||||
|
| |||||||
Total Commercial Mortgage-Backed Securities |
| 1,617 | ||||||
|
| |||||||
Mortgage-Backed Securities — 2.0% |
| |||||||
FNMA, Other | ||||||||
Pool # AM4660, 3.77%, 12/1/2025 | 130 | 146 | ||||||
Pool # AM5940, 3.24%, 6/1/2026 | 66 | 73 | ||||||
Pool # AM6428, 3.58%, 8/1/2029 | 85 | 93 | ||||||
Pool # AM6430, 3.58%, 8/1/2029 | 85 | 96 | ||||||
|
| |||||||
Total Mortgage-Backed Securities |
| 408 | ||||||
|
| |||||||
U.S. Treasury Obligations — 0.1% |
| |||||||
U.S. Treasury Bonds 2.00%, 2/15/2050 (Cost $35) | 30 | 29 | ||||||
|
| |||||||
SHARES (000) | ||||||||
Short-Term Investments — 5.6% |
| |||||||
Investment Companies — 5.6% |
| |||||||
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.09% (f) (g) (Cost $1,175) | 1,175 | 1,175 | ||||||
|
| |||||||
Total Investments — 99.9% | 20,906 | |||||||
Other Assets Less Liabilities — 0.1% | 29 | |||||||
|
| |||||||
NET ASSETS — 100.0% |
| 20,935 | ||||||
|
|
Percentages indicated are based on net assets.
Abbreviations | ||
ABS | Asset-Backed Securities | |
FHLMC | Federal Home Loan Mortgage Corp. | |
FNMA | Federal National Mortgage Association | |
GNMA | Government National Mortgage Association | |
ICE | Intercontinental Exchange | |
LIBOR | London Interbank Offered Rate | |
REMIC | Real Estate Mortgage Investment Conduit | |
USD | United States Dollar | |
(a) | 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 February 28, 2021. | |
(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, linked to the referenced benchmark. The interest rate shown is the current rate as of February 28, 2021. | |
(d) | Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of February 28, 2021. | |
(e) | Amount rounds to less than 0.1% of net assets. | |
(f) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
(g) | The rate shown is the current yield as of February 28, 2021. | |
‡ | Value determined using significant unobservable inputs. |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN SMA FUNDS | 11 |
Table of Contents
STATEMENT OF ASSETS AND LIABILITIES
AS OF FEBRUARY 28, 2021
(Amounts in thousands, except per share amounts)
JPMorgan Core Focus SMA Fund | ||||
ASSETS: | ||||
Investments in non-affiliates, at value | $ | 19,731 | ||
Investments in affiliates, at value | 1,175 | |||
Cash | — | (a) | ||
Receivables: | ||||
Interest from non-affiliates | 93 | |||
Dividends from affiliates | 1 | |||
Due from adviser | 8 | |||
|
| |||
Total Assets | 21,008 | |||
|
| |||
LIABILITIES: | ||||
Payables: | ||||
Investment securities purchased | 15 | |||
Accrued liabilities: | ||||
Custodian and accounting fees | 10 | |||
Other | 48 | |||
|
| |||
Total Liabilities | 73 | |||
|
| |||
Net Assets | $ | 20,935 | ||
|
| |||
NET ASSETS: |
| |||
Paid-in-Capital | $ | 19,765 | ||
Total distributable earnings (loss) | 1,170 | |||
|
| |||
Total Net Assets | $ | 20,935 | ||
|
| |||
Net Assets: | ||||
SMA | $ | 20,935 | ||
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized): | ||||
SMA | 2,010 | |||
Net Asset Value (b): | ||||
SMA — Offering and redemption price per share | $ | 10.42 | ||
Cost of investments in non-affiliates | $ | 18,663 | ||
Cost of investments in affiliates | 1,175 |
(a) | Amount rounds to less than one thousand. |
(b) | Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding. |
SEE NOTES TO FINANCIAL STATEMENTS.
12 | J.P. MORGAN SMA FUNDS | FEBRUARY 28, 2021 |
Table of Contents
STATEMENT OF OPERATIONS
FOR THE YEAR ENDED FEBRUARY 28, 2021
(Amounts in thousands)
JPMorgan Core Focus SMA Fund | ||||
INVESTMENT INCOME: |
| |||
Interest income from non-affiliates | $ | 745 | ||
Interest income from affiliates | 4 | |||
Dividend income from affiliates | 9 | |||
|
| |||
Total investment income | 758 | |||
|
| |||
EXPENSES: |
| |||
Administration fees | 19 | |||
Custodian and accounting fees | 48 | |||
Interest expense to affiliates | — | (a) | ||
Professional fees | 78 | |||
Trustees’ and Chief Compliance Officer’s fees | 25 | |||
Printing and mailing costs | 11 | |||
Registration and filing fees | — | (a) | ||
Transfer agency fees | — | (a) | ||
Other | 4 | |||
|
| |||
Total expenses | 185 | |||
|
| |||
Less fees waived | (20 | ) | ||
Less expense reimbursements | (165 | ) | ||
|
| |||
Net expenses | — | |||
|
| |||
Net investment income (loss) | 758 | |||
|
| |||
REALIZED/UNREALIZED GAINS (LOSSES): |
| |||
Net realized gain (loss) on transactions from: | ||||
Investments in non-affiliates | 253 | |||
Investments in affiliates | 2 | |||
|
| |||
Net realized gain (loss) | 255 | |||
|
| |||
Change in net unrealized appreciation/depreciation on: | ||||
Investments in non-affiliates | (558 | ) | ||
Investments in affiliates | (1 | ) | ||
|
| |||
Change in net unrealized appreciation/depreciation | (559 | ) | ||
|
| |||
Net realized/unrealized gains (losses) | (304 | ) | ||
|
| |||
Change in net assets resulting from operations | $ | 454 | ||
|
|
(a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN SMA FUNDS | 13 |
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED
(Amounts in thousands)
JPMorgan Core Focus SMA Fund | ||||||||
Year Ended February 28, 2021 | Year Ended February 29, 2020 | |||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: |
| |||||||
Net investment income (loss) | $ | 758 | $ | 935 | ||||
Net realized gain (loss) | 255 | 55 | ||||||
Change in net unrealized appreciation/depreciation | (559 | ) | 1,527 | |||||
|
|
|
| |||||
Change in net assets resulting from operations | 454 | 2,517 | ||||||
|
|
|
| |||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
SMA | (930 | ) | (946 | ) | ||||
|
|
|
| |||||
Total distributions to shareholders | (930 | ) | (946 | ) | ||||
|
|
|
| |||||
CAPITAL TRANSACTIONS: | ||||||||
Change in net assets resulting from capital transactions | (7,070 | ) | 946 | |||||
|
|
|
| |||||
NET ASSETS: |
| |||||||
Change in net assets | (7,546 | ) | 2,517 | |||||
Beginning of period | 28,481 | 25,964 | ||||||
|
|
|
| |||||
End of period | $ | 20,935 | $ | 28,481 | ||||
|
|
|
| |||||
CAPITAL TRANSACTIONS: | ||||||||
SMA |
| |||||||
Distributions reinvested | $ | 930 | $ | 946 | ||||
Cost of shares redeemed | (8,000 | ) | — | |||||
|
|
|
| |||||
Change in net assets resulting from SMA capital transactions | $ | (7,070 | ) | $ | 946 | |||
|
|
|
| |||||
SHARE TRANSACTIONS: | ||||||||
SMA |
| |||||||
Reinvested | 89 | 91 | ||||||
Redeemed | (760 | ) | — | |||||
|
|
|
| |||||
Change in SMA Shares | (671 | ) | 91 | |||||
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
14 | J.P. MORGAN SMA FUNDS | FEBRUARY 28, 2021 |
Table of Contents
THIS PAGE IS INTENTIONALLY LEFT BLANK
FEBRUARY 28, 2021 | J.P. MORGAN SMA FUNDS | 15 |
Table of Contents
FOR THE PERIODS INDICATED
| Per share operating performance | |||||||||||||||||||||||||||
Investment operations | Distributions | |||||||||||||||||||||||||||
Net asset value, beginning of period | Net investment income (loss) (b) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net investment income | Net realized gain | Total distributions | ||||||||||||||||||||||
JPMorgan Core Focus SMA Fund |
| |||||||||||||||||||||||||||
SMA |
| |||||||||||||||||||||||||||
Year Ended February 28, 2021 | $ | 10.62 | $ | 0.32 | $ | (0.13 | ) | $ | 0.19 | $ | (0.32 | ) | $ | (0.07 | ) | $ | (0.39 | ) | ||||||||||
Year Ended February 29, 2020 | 10.03 | 0.36 | 0.59 | 0.95 | (0.36 | ) | — | (g) | (0.36 | ) | ||||||||||||||||||
March 1, 2018 (h) through February 28, 2019 | 10.00 | 0.35 | 0.03 | 0.38 | (0.35 | ) | — | (0.35 | ) |
(a) | Annualized for periods less than one year, unless otherwise noted. |
(b) | Calculated based upon average shares outstanding. |
(c) | Not annualized for periods less than one year. |
(d) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
(e) | Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
(f) | The Fund’s expenses have been contractually capped at 0.00%. See Note 3.E. in the Notes to Financial Statements. The Fund is an integral part of a “separately managed account” strategy offered through programs sponsored by investment advisors and/or broker-dealers, some of which are unaffiliated with the Fund and the Investment Adviser. Participants in these programs pay a fee to the sponsor of the program. |
(g) | Amount rounds to less than $0.005. |
(h) | Commencement of operations. |
(i) | Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated. |
SEE NOTES TO FINANCIAL STATEMENTS.
16 | J.P. MORGAN SMA FUNDS | FEBRUARY 28, 2021 |
Table of Contents
| Ratios/Supplemental data | |||||||||||||||||||||||||
Ratios to average net assets (a) | ||||||||||||||||||||||||||
Net asset value, end of period | Total return (c)(d) | Net assets, end of period (000’s) | Net expenses (e)(f) | Net investment income (loss) | Expenses without waivers, reimbursements and earnings credits | Portfolio turnover rate (c) | ||||||||||||||||||||
$ | 10.42 | 1.85 | % | $ | 20,935 | — | % | 3.01 | % | 0.73 | % | 23 | % | |||||||||||||
10.62 | 9.62 | 28,481 | — | 3.43 | 0.74 | 25 | ||||||||||||||||||||
10.03 | 3.88 | 25,964 | — | (i) | 3.53 | (i) | 0.85 | (i) | 38 |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN SMA FUNDS | 17 |
Table of Contents
AS OF FEBRUARY 28, 2021
(Dollar values in thousands)
1. Organization
JPMorgan Trust IV (the “Trust”) was formed on November 11, 2015, as a Delaware statutory trust, pursuant to a Declaration of Trust dated November 11, 2015 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.
The following is a separate fund of the Trust (the “Fund”) covered by this report:
Diversification Classification | ||||
JPMorgan Core Focus SMA Fund | Diversified |
The investment objective of the Fund is to seek to maximize total return.
J.P. Morgan Investment Management Inc. (the “Adviser” or “JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), acts as Advisor (the “Advisor”) and Administrator (the “Administrator”) to the Fund.
Shares of the Fund may be purchased only by or on behalf of separately managed accounts where JPMIM serves as the investment adviser, sub-adviser or model portfolio provider for the account with the separately managed account sponsor or directly with the client. The Fund’s shares may not be purchased directly by individuals.
2. Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The Fund is an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
A. Valuation of Investments — Investments are valued in accordance with 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.
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.
Fixed income instruments are valued based on prices received from Pricing Services. The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market- based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.
Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s net asset values (“NAV”) per share as of the report date.
See the table on “Quantitative Information about Level 3 Fair Value Measurements” for information on the valuation techniques and inputs used to value level 3 securities held by the Fund at February 28, 2021.
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.
18 | J.P. MORGAN SMA FUNDS | FEBRUARY 28, 2021 |
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The various inputs that are used in determining the valuation of the Fund’s investments are summarized into the three broad levels listed below.
• | Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments. |
• | Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs. |
• | Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s assumptions in determining the fair value of investments). |
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.
The following table represents each valuation input as presented on the Schedule of Portfolio Investments (“SOI”):
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Investments in Securities |
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Asset-Backed Securities | $ | — | $ | 4,470 | $ | 812 | $ | 5,282 | ||||||||
Collateralized Mortgage Obligations | — | 6,671 | — | 6,671 | ||||||||||||
Commercial Mortgage-Backed Securities | — | 1,272 | 345 | 1,617 | ||||||||||||
Corporate Bonds | — | 5,724 | — | 5,724 | ||||||||||||
Mortgage-Backed Securities | — | 408 | — | 408 | ||||||||||||
U.S. Treasury Obligations | — | 29 | — | 29 | ||||||||||||
Short-Term Investments |
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Investment Companies | 1,175 | — | — | 1,175 | ||||||||||||
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Total Investments in Securities | $ | 1,175 | $ | 18,574 | $ | 1,157 | $ | 20,906 | ||||||||
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The following is a summary of investments for which significant unobservable inputs (level 3) were used in determining fair value:
Balance as of February 29, | Realized gain (loss) | Change in net unrealized appreciation (depreciation) | Net accretion (amortization) | Purchases1 | Sales2 | Transfers into Level 3 | Transfers out of Level 3 | Balance as of February 28, | ||||||||||||||||||||||||||||
Investments in Securities: | ||||||||||||||||||||||||||||||||||||
Asset-Backed Securities | $ | 956 | $ | — | $ | (9 | ) | $ | — | (a) | $ | 241 | $ | (376 | ) | $ | — | $ | — | $ | 812 | |||||||||||||||
Commercial Mortgage-Backed Securities | 430 | — | (17 | ) | 1 | — | (171 | ) | 102 | — | 345 | |||||||||||||||||||||||||
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Total | $ | 1,386 | $ | — | $ | (26 | ) | $ | 1 | $ | 241 | $ | (547 | ) | $ | 102 | $ | — | $ | 1,157 | ||||||||||||||||
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1 | Purchases include all purchases of securities and securities received in corporate actions. |
2 | Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions. |
(a) | Amount rounds to less than one thousand. |
The changes in net unrealized appreciation (depreciation) attributable to securities owned at February 28, 2021, which were valued using significant unobservable inputs (level 3) amounted to $(16). This amount is included in Change in net unrealized appreciation/depreciation on investments in non-affiliates on the Statement of Operations.
There were no significant transfers into or out of level 3 for the year ended February 28, 2021.
The significant unobservable inputs used in the fair value measurement of the Fund’s investments are listed below. Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. The impact is based on the relationship between each unobservable input and the fair value measurement. Significant increases (decreases) in enterprise multiples may increase (decrease) the fair value measurement. Significant increases (decreases) in the discount for lack of marketability, liquidity discount, probability of default, yield and default rate may decrease (increase) the fair value measurement. A significant change in the discount rate or prepayment rate (Constant Prepayment Rate or PSA Prepayment Model) may decrease or increase the fair value measurement.
FEBRUARY 28, 2021 | J.P. MORGAN SMA FUNDS | 19 |
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NOTES TO FINANCIAL STATEMENTS
AS OF FEBRUARY 28, 2021 (continued)
(Dollar values in thousands)
Quantitative Information about Level 3 Fair Value Measurements #
Fair Value at February 28, 2021 | Valuation Technique(s) | Unobservable Input | Range (Weighted Average) (a) | |||||||||
$ | 812 | Discounted Cash Flow | Constant Prepayment Rate | 0.00% - 30.00% (15.05%) | ||||||||
Yield (Discount Rate of Cash Flows) | 1.08% - 3.71% (2.77%) | |||||||||||
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Asset-Backed Securities | 812 | |||||||||||
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195 | Discounted Cash Flow | Yield (Discount Rate of Cash Flows) | 3.82% - 4.80% (4.31%) | |||||||||
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Commercial Mortgage-Backed Securities | 195 | |||||||||||
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Total | $ | 1,007 | ||||||||||
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# | The table above does not include certain level 3 investments that are valued by brokers and Pricing Services. At February 28, 2021, the value of these investments was $150. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note 2.A. |
(a) | Unobservable inputs were weighted by the relative fair value of the instruments. |
B. Restricted Securities — Certain securities held by the Fund may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the NAV of the Fund.
As of February 28, 2021, the Fund had no investments in restricted securities other than securities sold to the Fund under Rule 144A and/or Regulation S under the Securities Act.
C. 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. For the purposes of the financial statements, the Fund assumes the issuer listed in the table below to be an affiliated issuer. The Underlying Fund’s distributions may be reinvested into such Underlying Fund. Reinvestment amounts are included in the purchase cost amount in the table below.
For the year ended February 28, 2021 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at February 29, 2020 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at February 28, 2021 | Shares at February 28, 2021 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.09% (a) (b) | $ | 2,583 | $ | 18,673 | $ | 20,082 | $ | 2 | $ | (1 | ) | $ | 1,175 | 1,175 | $ | 9 | $ | — | ||||||||||||||||||
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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 February 28, 2021. |
D. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income is determined on the basis of coupon interest accrued using the effective interest method, which adjusts for amortization of premiums and accretion of discounts.
To the extent such information is publicly available, the Fund records distributions received in excess of income earned from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available and actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Fund adjusts the estimated amounts of the components of distributions (and consequently its net investment income) as necessary, once the issuers provide information about the actual composition of the distributions.
E. Allocation of Expenses — Expenses directly attributable to the Fund are charged directly to the Fund, while the expenses attributable to more than one fund of the Trust are allocated among the applicable funds.
F. Federal Income Taxes — The Fund is treated as a separate taxable entity for Federal income tax purposes. The Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Fund’s tax positions for all open tax years and has determined that as of February 28, 2021, no liability for Federal income tax is required in the Fund’s financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Fund’s Federal tax returns for the prior three fiscal years, or since inception if shorter, remain subject to examination by the Internal Revenue Service.
20 | J.P. MORGAN SMA FUNDS | FEBRUARY 28, 2021 |
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G. Distributions to Shareholders — Distributions from net investment income, if any, are generally declared daily and paid monthly. Net realized capital gains, if any, are distributed at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax basis treatment.
The following amounts were reclassified within the capital accounts:
Paid-in-Capital | Accumulated undistributed (distributions in excess of) net investment income | Accumulated net realized gains (losses) | ||||||||||
$ | (3 | ) | $ | 4 | $ | (1 | ) |
The reclassifications for the Fund relate primarily to callable bonds.
H. Recent Accounting Pronouncement — In March 2020, the FASB issued Accounting Standards Update No. 2020-04 (“ASU 2020-04”), Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASU 2020-04 provides optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the London Interbank Offered Rate (“LIBOR”) and other interbank-offered based reference rates as of the end of 2021. ASU 2020-04 became effective upon the issuance and its optional relief can be applied through December 31, 2022. Management is currently evaluating the impact, if any, to the Fund’s financial statements of applying ASU 2020-04.
3. Fees and Other Transactions with Affiliates
A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser does not charge an advisory fee to the Fund. It should be understood, however, that the Fund is an integral part of separately managed account programs. Participants in these programs pay a fee to the sponsor of the program. The Adviser is compensated by the separately managed account sponsors.
B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Fund. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of the Fund’s average daily net assets, plus 0.050% of the Fund’s average daily net assets between $10 billion and $20 billion, plus 0.025% of the Fund’s average daily net assets between $20 billion and $25 billion, plus 0.01% of the Fund’s average daily net assets in excess of $25 billion. For the year ended February 28, 2021, the effective rate was 0.075% of the Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.
The Administrator waived administration fees as outlined in Note 3.E.
JPMorgan Chase Bank, N.A. (“JPMCB”), a wholly-owned subsidiary of JPMorgan, serves as the Fund’s sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.
C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (“JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, serves as the Fund’s principal underwriter and promotes and arranges for the sale of the Fund’s shares. JPMDS receives no compensation in its capacity as the Fund’s underwriter.
D. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Fund. For performing these services, the Fund pays JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Fund for custody and accounting services are included in Custodian and accounting fees on the Statement of Operations.
Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statement of Operations.
Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statement of Operations.
E. Waivers and Reimbursements — No expenses or fees (excluding acquired fund fees and expenses, dividend expenses related to short sales, interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections and extraordinary expenses) are borne by the Fund pursuant to contractual arrangements with the Adviser through June 30, 2021.
For the year ended February 28, 2021, the Fund’s service providers waived fees and/or reimbursed expenses for the Fund as follows. None of these parties expect the Fund to repay any such waived fees and/or reimbursed expenses in future years.
Contractual Waivers Administration Fees | Contractual Reimbursements | |||||||
$ | 19 | $ | 165 |
FEBRUARY 28, 2021 | J.P. MORGAN SMA FUNDS | 21 |
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NOTES TO FINANCIAL STATEMENTS
AS OF FEBRUARY 28, 2021 (continued)
(Dollar values in thousands)
Additionally, the Fund may invest in one or more money market funds advised by the Adviser (affiliated money market funds). The Adviser, Administrator and/or JPMDS, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the Fund’s investment in such affiliated money market fund. None of these parties expect the Fund to repay any such waived fees and/or reimbursed expenses in future years.
The amount of these waivers resulting from investments in these money market funds for the year ended February 28, 2021 was $1.
F. Other — Certain officers of the Trust are affiliated with the Adviser, the Administrator and JPMDS. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Fund for serving in their respective roles.
The Board designated and appointed a Chief Compliance Officer to the Fund pursuant to Rule 38a-1 under the 1940 Act. The Fund, along with affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the Statement of Operations.
The Trust adopted a Trustee Deferred Compensation Plan (the “Plan”) which allows the independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.
During the year ended February 28, 2021, the Fund purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.
The Securities and Exchange Commission (“SEC”) has granted an exemptive order permitting the Fund to engage in principal transactions with J.P. Morgan Securities LLC, an affiliated broker, involving taxable money market instruments, subject to certain conditions.
4. Investment Transactions
During the year ended February 28, 2021, purchases and sales of investments (excluding short-term investments) were as follows:
Purchases (excluding U.S. Government) | Sales (excluding U.S. Government) | Purchases of U.S. Government | Sales of U.S. Government | |||||||||||||
$ | 3,479 | $ | 8,511 | $ | 1,673 | $ | 2,365 |
5. Federal Income Tax Matters
For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at February 28, 2021 were as follows:
Aggregate Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | |||||||||||||
$ | 19,850 | $ | 1,102 | $ | 46 | $ | 1,056 |
The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to callable bonds.
The tax character of distributions paid during the year ended February 28, 2021 was as follows:
Ordinary Income* | Net Long-Term Capital Gains | Total Distributions Paid | ||||||||||
$ | 772 | $ | 158 | $ | 930 |
* | Short-term gain distributions are treated as ordinary income for income tax purposes. |
The tax character of distributions paid during the year ended February 29, 2020 was as follows:
Ordinary Income* | Net Long-Term | Total Distributions Paid | ||||||||||
$ | 944 | $ | 2 | $ | 946 |
* | Short-term gain distributions are treated as ordinary income for income tax purposes. |
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As of February 28, 2021, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows:
Current Distributable Ordinary Income | Current Distributable Long-Term Capital Gain (Tax Basis Capital Loss Carryover) | Unrealized Appreciation (Depreciation) | ||||||||||
$ | 8 | $ | 124 | $ | 1,056 |
The cumulative timing differences primarily consist of callable bonds and trustee deferred compensation.
As of February 28, 2021, the Fund did not have any net capital loss carryforwards.
6. Borrowings
The Fund relies upon an exemptive order granted by the SEC (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The Facility allows the Fund to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. The Interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPMorgan Trust II and may be relied upon by the Fund because the Fund and the series of JPMorgan Trust II are all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).
The Fund had no borrowings outstanding from another fund during the year ended February 28, 2021.
The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Fund. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 1, 2021.
The Fund had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended February 28, 2021.
The Trust, along with certain other trusts for J.P. Morgan Funds (“Borrowers”), has entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25,000,000 in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the fund must remediate within three business days with respect to the $25,000,000 minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.
Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00%, which has increased to 1.25% pursuant to the amendment referenced below, plus the greater of the federal funds effective rate or one month LIBOR. The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. Effective August 11, 2020, this agreement has been amended and restated for a term of 364 days, unless extended, and to include the change to the interest rate charged for borrowing from the Credit Facility to 1.25%, as noted above, and an upfront fee of 0.075% of the Credit Facility to be charged and paid by all participating funds of the Credit Facility.
The Fund did not utilize the Credit Facility during the year ended February 28, 2021.
7. Risks, Concentrations and Indemnifications
In the normal course of business, the Fund enters into contracts that contain a variety of representations which provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against the Fund. However, based on experience, the Fund expects the risk of loss to be remote.
As of February 28, 2021, the Fund had one individual shareholder and/or affiliated omnibus account, which owned 100.0% of the Fund’s outstanding shares.
Significant shareholder transactions by this shareholder may impact the Fund’s performance and liquidity.
The Fund is subject to risks associated with securities with contractual cash flows including asset-backed and mortgage-related securities such as collateralized mortgage obligations, mortgage pass-through securities and commercial mortgage-backed securities, including securities backed by sub-prime mortgage loans. The value, liquidity and related income of these securities are sensitive to changes in economic conditions, including real estate value, pre-payments, delinquencies and/or defaults, and may be adversely affected by shifts in the market’s perception of the issuers and changes in interest rates.
FEBRUARY 28, 2021 | J.P. MORGAN SMA FUNDS | 23 |
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NOTES TO FINANCIAL STATEMENTS
AS OF FEBRUARY 28, 2021 (continued)
(Dollar values in thousands)
The Fund is subject to the risk that, should the Fund decide to sell an illiquid investment when a ready buyer is not available at a price the Fund deems to be representative of its value, the value of the Fund’s net assets could be adversely affected.
The Fund is subject to interest rate and credit risk. The value of debt securities may decline as interest rates increase. The Fund could lose money if the issuer of a fixed income security is unable to pay interest or repay principal when it is due. The Fund invests in floating rate loans and other floating rate debt securities. Although these investments are generally less sensitive to interest rate changes than other fixed rate instruments, the value of floating rate loans and other floating rate investments may decline if their interest rates do not rise as quickly, or as much, as general interest rates. Many factors can cause interest rates to rise. Some examples include central bank monetary policy, rising inflation rates and general economic conditions. The Fund may face a heightened level of interest rate risk due to certain changes in monetary policy. During periods when interest rates are low or there are negative interest rates, the Fund’s yield (and total return) also may be low or the Fund may be unable to maintain positive returns. The ability of the issuers of debt to meet their obligations may be affected by economic and political developments in a specific industry or region. The value of a Fund’s investments may be adversely affected if any of the issuers or counterparties it is invested in are subject to an actual or perceived deterioration in their credit quality.
LIBOR is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. On March 5, 2021, the U.K. Financial Conduct Authority (“FCA”) publicly announced that (i) immediately after December 31, 2021, publication of the 1-week and 2-month U.S. Dollar LIBOR settings will permanently cease; (ii) immediately after June 30, 2023, publication of the overnight and 12-month U.S. Dollar LIBOR settings will permanently cease; and (iii) immediately after June 30, 2023, the 1-month, 3-month and 6-month U.S. Dollar LIBOR settings will cease to be provided or, subject to the FCA’s consideration of the case, be provided on a synthetic basis and no longer be representative of the underlying market and economic reality they are intended to measure and that representativeness will not be restored. There is no assurance that the dates announced by the FCA will not change or that the administrator of LIBOR and/or regulators will not take further action that could impact the availability, composition or characteristics of LIBOR or the currencies and/or tenors for which LIBOR is published. Public and private sector industry initiatives are currently underway to implement new or alternative reference rates to be used in place of LIBOR. There is no assurance that any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR prior to its discontinuance or unavailability, which may affect the value or liquidity or return on certain of the Fund’s instruments or investments comprising some or all of the Fund’s investments and result in costs incurred in connection with closing out positions and entering into new trades. These risks may also apply with respect to changes in connection with other interbank offering rates (e.g., Euribor) and a wide range of other index levels, rates and values that are treated as “benchmarks” and are the subject of recent regulatory reform.
The Fund is subject to infectious disease epidemics/pandemics risk. The worldwide outbreak of COVID-19, a novel coronavirus disease, has negatively affected economies, markets and individual companies throughout the world. The effects of this COVID-19 pandemic to public health, and business and market conditions, including exchange trading suspensions and closures may continue to have a significant negative impact on the performance of the Fund’s investments, increase the Fund’s volatility, exacerbate other pre-existing political, social and economic risks to the Fund and negatively impact broad segments of businesses and populations. The Fund’s operations may be interrupted as a result, which may have a significant negative impact on investment performance. In addition, governments, their regulatory agencies, or self-regulatory organizations may take actions in response to the pandemic that affect the instruments in which the Fund invests, or the issuers of such instruments, in ways that could also have a significant negative impact on the Fund’s investment performance. The full impact of this COVID-19 pandemic, or other future epidemics/pandemics, is currently unknown.
24 | J.P. MORGAN SMA FUNDS | FEBRUARY 28, 2021 |
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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Trustees of JPMorgan Trust IV and Shareholders of JPMorgan Core Focus SMA Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of portfolio investments, of JPMorgan Core Focus SMA Fund (one of the funds constituting JPMorgan Trust IV, referred to hereafter as the “Fund”) as of February 28, 2021, the related statement of operations for the year ended February 28, 2021, the statements of changes in net assets for each of the two years in the period ended February 28, 2021, including the related notes, and the financial highlights for each of the two years in the period ended February 28, 2021 and for the period March 1, 2018 (commencement of operations) through February 28, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of February 28, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended February 28, 2021 and the financial highlights for each of the two years in the period ended February 28, 2021 and for the period March 1, 2018 (commencement of operations) through February 28, 2019 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2021 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
New York, New York
April 26, 2021
We have served as the auditor of one or more investment companies in the JPMorgan Funds complex since 1993.
FEBRUARY 28, 2021 | J.P. MORGAN SMA FUNDS | 25 |
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(Unaudited)
The Fund’s Statement of Additional Information includes additional information about the Fund’s Trustees and is available, without charge, upon request by calling 1-800-480-4111 or on the J.P. Morgan Funds’ website at www.jpmorganfunds.com.
Name (Year of Birth); Positions With the Fund (1) | Principal Occupation During Past 5 Years | Number of Funds in Fund Complex Overseen by Trustee (2) | Other Directorships Held During the Past 5 Years | |||
Independent Trustees | ||||||
John F. Finn (1947); Chair since 2020; Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1998. | Chairman, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (serving in various roles 1974-present). | 127 | Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014). | |||
Stephen P. Fisher (1959); Trustee of Trust since 2018. | Retired; Chairman and Chief Executive Officer, NYLIFE Distributors LLC (registered broker-dealer) (serving in various roles 2008-2013); Chairman, NYLIM Service Company LLC (transfer agent) (2008-2017); New York Life Investment Management LLC (registered investment adviser) (serving in various roles 2005-2017); Chairman, IndexIQ Advisors LLC (registered investment adviser for ETFs) (2014-2017); President, MainStay VP Funds Trust (2007-2017), MainStay DefinedTerm Municipal Opportunities Fund (2011-2017) and MainStay Funds Trust (2007-2017) (registered investment companies). | 127 | Honors Program Advisory Board Member, The Zicklin School of Business, Baruch College, The City University of New York (2017-present). | |||
Kathleen M. Gallagher (1958); Trustee of Trust since 2018. | Retired; Chief Investment Officer — Benefit Plans, Ford Motor Company (serving in various roles 1985-2016). | 127 | Non-Executive Director, Legal & General Investment Management (Holdings) (2018-present); Non-Executive Director, Legal & General Investment Management America (financial services and insurance) (2017-present); Advisory Board Member, Fiduciary Solutions, State Street Global Advisors (2017-present); Member, Client Advisory Council, Financial Engines, LLC (registered investment adviser) (2011-2016); Director, Ford Pension Funds Investment Management Ltd. (2007-2016). | |||
Dennis P. Harrington* (1950); Trustee of Trust since 2017. | Retired; Partner, Deloitte LLP (accounting firm) (serving in various roles 1984-2012). | 127 | None | |||
Frankie D. Hughes (1952); Trustee of Trust since 2008. | President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014). | 127 | None |
26 | J.P. MORGAN SMA FUNDS | FEBRUARY 28, 2021 |
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Name (Year of Birth); Positions With the Fund (1) | Principal Occupation During Past 5 Years | Number of Funds in Fund Complex Overseen by Trustee (2) | Other Directorships Held During the Past 5 Years | |||
Independent Trustees (continued) | ||||||
Raymond Kanner** (1953); Trustee of Trust since 2017. | Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016). | 127 | Advisory Board Member, Penso Advisors LLC (2020-present); Advisory Board Member, Los Angeles Capital (2018-present); Advisory Board Member, State Street Global Advisors Global Fiduciary Solutions Board (2017-present); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA) (2016-2017); Advisory Board Member, Betterment for Business (robo advisor) (2016-2017); Advisory Board Member, BlueStar Indexes (index creator) (2013-2017); Director, Emerging Markets Growth Fund (registered investment company) (1997-2016); Member, Russell Index Client Advisory Board (2001-2015). | |||
Mary E. Martinez (1960); Vice Chair since 2021; Trustee of Trust since 2013. | Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005). | 127 | None | |||
Marilyn McCoy (1948); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1999. | Vice President, Administration and Planning, Northwestern University (1985-present). | 127 | None | |||
Dr. Robert A. Oden, Jr. (1946); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1997. | Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002). | 127 | Trustee and Vice Chair, Trout Unlimited (2017-present); Trustee, American Museum of Fly Fishing (2013-present); Trustee, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American University in Cairo (1999-2014). | |||
Marian U. Pardo*** (1946); Trustee of Trust since 2013. | Managing Director and Founder, Virtual Capital Management LLC (investment consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006). | 127 | President and Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present). |
FEBRUARY 28, 2021 | J.P. MORGAN SMA FUNDS | 27 |
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TRUSTEES
(Unaudited) (continued)
(1) | The Trustees serve for an indefinite term, subject to the Trust’s current retirement policy, which is age 78 for all Trustees. |
(2) | A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees serves currently includes ten registered investment companies (127 funds). |
* | Two family members of Mr. Harrington are employed as a partner and managing director, respectively, of the Fund’s independent registered public accounting firm. Such firm has represented to the Board that those family members are not involved in the audit of the Fund’s financial statements and do not provide other services to the Funds. The Board has concluded that such association does not interfere with Mr. Harrington’s exercise of independent judgment as an Independent Trustee. |
** | A family member of Mr. Kanner is employed by JPMorgan Chase Bank, which is affiliated with JPMIM and JPMDS. In that capacity, this employee provides services to various JPMorgan affiliates including JPMIM and JPMDS and for which JPMIM and JPMDS bear some portion of the expense thereof. |
*** | In connection with prior employment with JPMorgan Chase, Ms. Pardo was the recipient of non-qualified pension plan payments from JPMorgan Chase in the amount of approximately $2,055 per month, which she irrevocably waived effective January 1, 2013, and deferred compensation payments from JPMorgan Chase in the amount of approximately $7,294 per year, which ended in January 2013. In addition, Ms. Pardo receives payments from a fully-funded qualified plan, which is not an obligation of JPMorgan Chase. |
The contact address for each of the Trustees is 277 Park Avenue, New York, NY 10172.
28 | J.P. MORGAN SMA FUNDS | FEBRUARY 28, 2021 |
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(Unaudited)
Name (Year of Birth), Positions Held with the Trust (Since) | Principal Occupations During Past 5 Years | |
Brian S. Shlissel (1964), President and Principal Executive Officer (2016)* | Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since 2014. | |
Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2018) | Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016. Mr. Clemens has been with J.P. Morgan Investment Management Inc. since 2013. | |
Gregory S. Samuels (1980), Secretary (2019) (formerly Assistant Secretary since 2010)** | Executive Director and Assistant General Counsel, JPMorgan Chase. Mr. Samuels has been with JPMorgan Chase since 2010. | |
Stephen M. Ungerman (1953), Chief Compliance Officer (2005) | Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000. | |
Elizabeth A. Davin (1964), Assistant Secretary (2005)*** | Executive Director and Assistant General Counsel. Ms. Davin has been with JPMorgan Chase (formerly Bank One Corporation) since 2004. | |
Jessica K. Ditullio (1962), Assistant Secretary (2005)*** | Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990. | |
Anthony Geron (1971), Assistant Secretary (2018)** | Vice President and Assistant General Counsel, JPMorgan Chase since September 2018; Lead Director and Counsel, AXA Equitable Life Insurance Company from 2015 to 2018 and Senior Director and Counsel, AXA Equitable Life Insurance Company from 2014 to 2015. | |
Carmine Lekstutis (1980), Assistant Secretary (2011)** | Executive Director and Assistant General Counsel, JPMorgan Chase. Mr. Lekstutis has been with JPMorgan Chase since 2011. | |
Zachary E. Vonnegut-Gabovitch (1986), Assistant Secretary (2017)** | Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan, Lewis & Bockius (law firm) from 2012 to 2016. | |
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012) | Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.). Mr. D’Ambrosio has been with J.P. Morgan Investment Management Inc. since 2012. | |
Aleksandr Fleytekh (1972), Assistant Treasurer (2019) | Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2012. | |
Shannon Gaines (1977), Assistant Treasurer (2018)*** | Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since January 2014. | |
Jeffrey D. House (1972), Assistant Treasurer (2017)*** | Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since July 2006. | |
Michael Mannarino (1985), Assistant Treasurer (2020) | Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since 2014. | |
Joseph Parascondola (1963), Assistant Treasurer (2011)* | Executive Director, J.P. Morgan Investment Management Inc. since February 2020, formerly Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) from August 2006 to January 2020. | |
Gillian I. Sands (1969), Assistant Treasurer (2012) | Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2012. |
The contact address for each of the officers, unless otherwise noted, is 277 Park Avenue, New York, NY 10172.
* | The contact address for the officer is 575 Washington Boulevard, Jersey City, NJ 07310. |
** | The contact address for the officer is 4 New York Plaza, New York, NY 10004. |
*** | The contact address for the officer is 1111 Polaris Parkway, Columbus, OH 43240. |
FEBRUARY 28, 2021 | J.P. MORGAN SMA FUNDS | 29 |
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SCHEDULE OF SHAREHOLDER EXPENSES
(Unaudited)
Hypothetical $1,000 Investment
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in the Fund at the beginning of the reporting period, September 1, 2020, and continued to hold your shares at the end of the reporting period, February 28, 2021.
Actual Expenses
For the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading titled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.
Beginning Account Value September 1, 2020 | Ending Account Value February 28, 2021 | Expenses Paid During the Period†* | Annualized Expense Ratio | |||||||||||||
JPMorgan Core Focus SMA Fund | ||||||||||||||||
SMA | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,003.50 | $ | 0.00 | 0.00 | % | ||||||||
Hypothetical | 1,000.00 | 1,024.79 | 0.00 | 0.00 |
† | Reflects the fact that no fees or expenses are borne by the Fund. The Fund is an integral part of “separately managed accounts” programs sponsored by investment advisers and/or broker-dealers unaffiliated with the Fund and the Adviser. Participants in these programs pay a fee to the sponsor of the program. |
* | Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
30 | J.P. MORGAN SMA FUNDS | FEBRUARY 28, 2021 |
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LIQUIDITY RISK MANAGEMENT PROGRAM
(Unaudited)
The Fund has adopted the J.P. Morgan Funds Liquidity Risk Management Program (the “Program”) under Rule 22e-4 under the 1940 Act (the “Liquidity Rule”). The Program seeks to assess, manage and review the Fund’s Liquidity Risk. “Liquidity Risk” is defined as the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund. Among other things, the Liquidity Rule requires that a written report be provided to the Board of Trustees (the “Board”) on an annual basis that addresses the operation of the Program and assesses the adequacy and effectiveness of its implementation, including the operation of any Highly Liquid Investment Minimum (“HLIM”) established for a J.P. Morgan Fund and any material changes to the Program.
The Board has appointed J.P. Morgan Asset Management’s Liquidity Risk Forum to be the program administrator for the Program (the “Program Administrator”). In addition to regular reporting at each of its quarterly meetings, on February 8, 2021, the Board reviewed the Program Administrator’s annual report (the “Report”) concerning the operation of the Program for the period from January 1, 2020 through December 31, 2020 (the “Program Reporting Period”). The Report addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including, where applicable, the operation of a J.P. Morgan Fund’s HLIM. There were no material changes to the Program during the Program Reporting Period.
The Report summarized the operation of the Program and the information and factors considered by the Program Administrator in assessing whether the Program has been adequately and effectively implemented with respect to the Fund. Such information and factors included, among other things: (1) the liquidity risk framework used to assess, manage, and periodically review the Fund’s Liquidity Risk and the results of this
assessment; (2) the methodology and inputs for classifying the investments of the Fund into one of four liquidity categories that reflect an estimate of the liquidity of those investments under current market conditions, including additional focus on particular asset classes and securities impacted by the COVID-19 pandemic; (3) whether the Fund invested primarily in “Highly Liquid Investments” (as defined under the Liquidity Rule), as well as whether an HLIM should be established for the Fund (and, for J.P. Morgan Funds that have adopted an HLIM, whether the HLIM continues to be appropriate or whether the J.P. Morgan Fund has invested below its HLIM) and the procedures for monitoring for any HLIM; (4) whether the Fund invested more than 15% of its assets in “Illiquid Investments” (as defined under the Liquidity Rule) and the procedures for monitoring for this limit; (5) the oversight of the liquidity vendor retained to perform liquidity classifications for the Program including during the COVID-19 pandemic; and (6) specific liquidity events arising during the Program Reporting Period, including the impact on Fund liquidity caused by the significant market volatility created in March 2020 by the COVID-19 pandemic. The Report further summarized that the Program Administrator instituted a stressed market protocol in March 2020 to: (1) review the results of the liquidity risk framework and daily liquidity classifications of the Fund’s investments; and (2) perform additional stress testing. The Report noted that the Fund was able to meet redemption requests without significant dilution to remaining shareholders during the Program Reporting Period, including during March 2020.
Based on this review, the Report concluded that: (1) the Program continues to be reasonably designed to effectively assess and manage the Fund’s Liquidity Risk; and (2) the Program has been adequately and effectively implemented with respect to the Fund during the Program Reporting Period.
FEBRUARY 28, 2021 | J.P. MORGAN SMA FUNDS | 31 |
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(Unaudited)
(Dollar values in thousands)
Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Fund’s income and distributions for the taxable year ended February 28, 2021. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2021. The information necessary to complete your income tax returns for the calendar year ending December 31, 2021 will be provided under separate cover.
Long-Term Capital Gain
The Fund distributed $158, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended February 28, 2021.
Treasury Income
The Fund had 1.24%, or maximum allowable percentage, of income earned from direct U.S. Treasury Obligations for the fiscal year ended February 28, 2021.
32 | J.P. MORGAN SMA FUNDS | FEBRUARY 28, 2021 |
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Rev. January 2011
FACTS | WHAT DOES J.P. MORGAN FUNDS DO WITH YOUR PERSONAL INFORMATION? |
Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include:
◾ Social Security number and account balances
◾ transaction history and account transactions
◾ checking account information and wire transfer instructions
When you are no longer our customer, we continue to share your information as described in this notice. |
How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons J.P. Morgan Funds chooses to share; and whether you can limit this sharing. |
Reasons we can share your personal information | Does J.P. Morgan Funds share? | Can you limit this sharing? | ||
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No | ||
For marketing purposes — to offer our products and services to you | Yes | No | ||
For joint marketing with other financial companies | No | We don’t share | ||
For our affiliates’ everyday business purposes — information about your transactions and experiences | No | We don’t share | ||
For our affiliates’ everyday business purposes — information about your creditworthiness | No | We don’t share | ||
For nonaffiliates to market to you | No | We don’t share |
Questions? | Call 1-800-480-4111 or go to www.jpmorganfunds.com |
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Page 2 |
Who we are | ||
Who is providing this notice? | J.P. Morgan Funds |
What we do | ||
How does J.P. Morgan Funds protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We authorize our employees to access your information only when they need it to do their work and we require companies that work for us to protect your information. | |
How does J.P. Morgan Funds collect my personal information? | We collect your personal information, for example, when you:
◾ open an account or provide contact information
◾ give us your account information or pay us by check
◾ make a wire transfer
We also collect your personal information from others, such as credit bureaus, affiliates and other companies. | |
Why can’t I limit all sharing? | Federal law gives you the right to limit only
◾ sharing for affiliates’ everyday business purposes – information about your creditworthiness
◾ affiliates from using your information to market to you
◾ sharing for nonaffiliates to market to you
State laws and individual companies may give you additional rights to limit sharing. |
Definitions | ||
Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.
◾ J.P. Morgan Funds does not share with our affiliates. | |
Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies.
◾ J.P. Morgan Funds does not share with nonaffiliates so they can market to you. | |
Joint Marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.
◾ J.P. Morgan Funds doesn’t jointly market. |
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FOR MORE INFORMATION:
INVESTMENT ADVISER
J.P. Morgan Investment Management Inc.
277 Park Avenue
New York, New York 10172
PLACEMENT AGENT
JPMorgan Institutional Investments, Inc.
277 Park Avenue
New York, New York 10172
This report is open and authorized for distribution only to qualified and accredited investors who have received a copy of the Fund’s Confidential Offering Memorandum. This document may not be copied, faxed or otherwise distributed to the general public.
Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure, by visiting www.sipc.org or by calling SIPC at 202-371-8300.
The Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC as an exhibit to its report on Form N-PORT. The Fund’s Form N-PORT reports are available on the SEC’s website at http://www.sec.gov.
A copy of proxy policies and procedures is available without charge upon request by calling 1-800-343-1113 and a description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Fund to the Adviser. A copy of the Fund’s voting record is available on the SEC’s website at www.sec.gov. The Fund’s proxy voting record will include, among other things, a brief description of the matter voted on for each portfolio security, and will state how each vote was cast, for example, for or against the proposal.
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J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.
© JPMorgan Chase & Co., 2021. All rights reserved. February 2021. | AN-CFSMA-221 |
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Annual Report
J.P. Morgan Municipal Bond Funds
February 28, 2021
JPMorgan High Yield Municipal Fund
JPMorgan Short-Intermediate Municipal Bond Fund
JPMorgan Sustainable Municipal Income Fund
(formerly known as JPMorgan Municipal Income Fund)
JPMorgan Tax Free Bond Fund
JPMorgan Ultra-Short Municipal Fund
Table of Contents
Letter to Shareholders | 1 | |||
Market Overview | 2 | |||
Fund Commentaries: | ||||
3 | ||||
5 | ||||
JPMorgan Sustainable Municipal Income Fund (formerly known as JPMorgan Municipal Income Fund) | 7 | |||
9 | ||||
11 | ||||
Schedules of Portfolio Investments | 13 | |||
Financial Statements | 110 | |||
Financial Highlights | 124 | |||
Notes to Financial Statements | 134 | |||
Report of Independent Registered Public Accounting Firm | 147 | |||
Trustees | 148 | |||
Officers | 151 | |||
Schedule of Shareholder Expenses | 152 | |||
Liquidity Risk Management Program | 154 | |||
Tax Letter | 155 | |||
Privacy Policy — Located at the back of this Annual Report |
Investments in a Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when a Fund’s share price is lower than when you invested.
Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of a Fund or the securities markets. References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Such views are not meant as investment advice and may not be relied on as an indication of trading intent on behalf of any Fund.
Prospective investors should refer to the Funds’ prospectuses for a discussion of the Funds’ investment objectives, strategies and risks. Call J.P. Morgan Funds Service Center at 1-800-480-4111 for a prospectus containing more complete information about a Fund, including management fees and other expenses. Please read it carefully before investing.
Table of Contents
April 10, 2021 (Unaudited)
Dear Shareholders,
The dual advents of mass vaccinations and an exponential increase in U.S. government spending for pandemic relief and recovery have combined to accelerate an upward trend in financial markets that largely began in the second half of last year. The prospect of fully reopened economies and the expected surge in economic activity at the local, national and global scales has fueled broad investor demand for financial assets.
“It’s instructive that those who remained fully invested in the face of unprecedented uncertainty in 2020 were likely rewarded for their resilience and resolve in 2021.” — Andrea L. Lisher |
Equity markets generally led the long rebound in financial markets from the initial sell-off at the declaration of the pandemic in March 2020. For the twelve months ended February 28, 2021, the S&P 500 Index returned 31.3% and the Bloomberg Barclays U.S. Aggregate returned 1.4%.
Subsequent to the end of the twelve month period, the $1.9 trillion American Rescue Plan was signed into law and early debate began on the proposed $2 trillion American Jobs Plan. Investors responded in early April by pushing the S&P 500 to close above 4,000 points for the first time.
While the uncertainty and turbulence of 2020 has receded and this year has begun with broad expectations for a robust economic recovery, investor concerns have evolved with the
changing investment environment. The threat from new variants of COVID-19 and a late resurgence in infections across the globe serve as reminders that the pandemic remains a present danger. Additionally, the anticipated impact of unprecedented federal stimulus spending has led to more conventional investor worries about potential supply/demand imbalances in certain sectors of the economy as well as inflationary pressure and rising long-term interest rates.
It’s instructive that those who remained fully invested in the face of unprecedented uncertainty in 2020 were likely rewarded for their resilience and resolve in 2021. At the same time, J.P. Morgan Asset Management also has adapted to the challenges and opportunities presented over the past year to continually seek to deliver innovative and durable investment solutions grounded by our deep experience in risk management. We will continue to operate under the same fundamental practices and principles that have driven our success for more than a century and focus on the financial needs of our clients.
On behalf of J.P. Morgan Asset Management, thank you for entrusting us to manage your investment. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.
Sincerely yours,
Andrea L. Lisher
Head of Americas, Client
J.P. Morgan Asset Management
FEBRUARY 28, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 1 |
Table of Contents
J.P. Morgan Municipal Bond Funds
TWELVE MONTHS ENDED FEBRUARY 28, 2021 (Unaudited)
Financial markets largely recovered from a sharp sell-off in February and March of 2020, led by a sustained rally in equity markets. While bonds generally provided positive returns for the period, fixed income markets underperformed equity markets amid historically low interest rates.
Investors initially responded to the pandemic and the closure of large sectors of national economies by buying developed market government bonds as well as commodity gold. Yields on both the 10-year and 30-year U.S. Treasury bonds briefly fell to record lows in March 2020. By the end of the first quarter of 2020, leading developed market equity indexes had fallen by 20% or more and crude oil prices had plummeted by 60%.
Central banks around the world responded by cutting interest rates, initiating or extending asset purchasing programs and working to ensure liquidity in capital markets. Governments also responded with massive stimulus and relief spending. At the start of the second half of 2020, U.S. equity led a broad rebound in both developed markets and emerging markets equity, which was interrupted in September and October 2020 as re-closings across parts of Asia and Europe in response to resurgent infections dented investor optimism.
However, the approvals of the first vaccines against COVID-19 in late 2020 reignited investor demand for equity amid expectations that mass vaccinations would lead to the re-opening of businesses, schools and other parts of national economies. Within the municipal bond market, the difference between yields on municipal bonds and U.S. Treasury bonds — known credit spreads — widened and the yield curve steepened as bond markets recovered from the sell at the beginning of the period. The yield curve shows the relationship between yields and maturity dates for a set of similar bonds at a given point in time.
For the twelve months ended February 28, 2021, the Bloomberg Barclays U.S. Aggregate Index returned 1.38% and the Bloomberg Barclays U.S. Municipal Index returned 1.06%.
2 | J.P. MORGAN MUNICIPAL BOND FUNDS | FEBRUARY 28, 2021 |
Table of Contents
JPMorgan High Yield Municipal Fund
FUND COMMENTARY
TWELVE MONTHS ENDED FEBRUARY 28, 2021 (Unaudited)
REPORTING PERIOD RETURN: | ||||
Fund (Class I Shares)* | (0.51)% | |||
Bloomberg Barclays U.S. Municipal Index | 1.06% | |||
Bloomberg Barclays High Yield Municipal Bond Index | 1.27% | |||
Net Assets as of 2/28/2021 (In Thousands) | $489,751 | |||
Duration as of 2/28/2021 | 7.6 Years |
INVESTMENT OBJECTIVE**
The JPMorgan High Yield Municipal Fund (the “Fund”) seeks a high level of current income exempt from federal income taxes.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
For the twelve months ended February 28, 2021, the Fund’s Class I Shares underperformed the Bloomberg Barclays U.S. Municipal Index (the “Benchmark”) and the Bloomberg Barclays High Yield Municipal Bond Index.
Relative to the Benchmark, the Fund’s overweight allocation to bonds rated BBB was a leading detractor from performance. The Fund’s lower quality bias and longer relative duration in the hospitals sector and its underweight allocation to the prerefunded sector also detracted from relative performance. Generally, bonds with longer duration will experience a greater decrease in price than shorter duration bonds when interest rates rise.
The Fund’s out-of-Benchmark allocation to bonds rated BB was a leading contributor to relative performance. The Fund’s security selection in the industrial development revenue/pollution control revenue sector and in unrated and below-investment-grade bonds in the local general obligation sector also contributed to relative performance.
HOW WAS THE FUND POSITIONED?
During the period, the Fund’s assets were invested in municipal bonds, with a small allocation to loan assignments. The Fund’s largest allocations were to bonds rated BBB and non-rated bonds while its smallest allocations were to bonds rated AAA and single-B. At the end of the reporting period, the Fund’s duration was 7.6 years compared with 5.3 years for the Benchmark.
CREDIT QUALITY ALLOCATIONS*** | ||||
AAA | 1.3 | % | ||
AA | 9.4 | |||
A | 11.1 | |||
BBB | 27.5 | |||
BB | 17.1 | |||
B | 2.3 | |||
NR | 31.3 |
J.P. Morgan Investment Management receives credit ratings on underlying securities of the portfolio from three major rating agencies — Standard & Poor’s (“S&P”), Moody’s and Fitch. When calculating credit quality breakdown, S&P is used as the primary independent rating agency source. Where an S&P rating is not available for a particular security, the Moody’s rating will be used, if available, and Fitch, if available, is used for securities not rated by Moody’s or S&P. Securities not rated by any of the three agencies are reflected as not rated (NR).
* | The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America. |
** | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
*** | Percentages indicated are based on total investments as of February 28, 2021. The Fund’s portfolio composition is subject to change. |
FEBRUARY 28, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 3 |
Table of Contents
JPMorgan High Yield Municipal Fund
FUND COMMENTARY
TWELVE MONTHS ENDED FEBRUARY 28, 2021 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF FEBRUARY 28, 2021 | ||||||||||||||
INCEPTION DATE OF CLASS | 1 YEAR | 5 YEAR | 10 YEAR | |||||||||||
CLASS A SHARES | September 17, 2007 | |||||||||||||
With Sales Charge* | (4.30 | )% | 3.06 | % | 3.81 | % | ||||||||
Without Sales Charge | (0.61 | ) | 3.86 | 4.22 | ||||||||||
CLASS C SHARES | September 17, 2007 | |||||||||||||
With CDSC** | (2.11 | ) | 3.33 | 3.81 | ||||||||||
Without CDSC | (1.11 | ) | 3.33 | 3.81 | ||||||||||
CLASS I SHARES | September 17, 2007 | (0.51 | ) | 3.96 | 4.33 | |||||||||
CLASS R6 SHARES | November 1, 2018 | (0.41 | ) | 4.01 | 4.36 |
* | Sales Charge for Class A Shares is 3.75%. |
** | Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE (2/28/11 TO 2/28/21)
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111. Effective November 1, 2018, the Fund’s investment strategies changed. The Fund’s past performance would have been different if the Fund were managed using the current strategies.
Returns for Class R6 Shares prior to its inception date are based on the performance of Class I Shares. The actual returns of Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class I Shares.
The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan High Yield Municipal Fund, the Bloomberg Barclays U.S. Municipal Index and the Bloomberg Barclays High Yield Municipal Bond Index from February 28, 2011 to February 28, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg Barclays U.S. Municipal Index and the Bloomberg Barclays High Yield Municipal Bond Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of
all dividends and capital gain distributions of securities included in the benchmarks, if applicable. The Bloomberg Barclays U.S. Municipal Index is a total return performance benchmark for the long-term, investment-grade tax-exempt bond market. The Bloomberg Barclays High Yield Municipal Bond Index is an unmanaged index made up of bonds that are non-investment grade, unrated, or rated below Ba1 by Moody’s Investors Service with a remaining maturity of at least one year. Investors cannot invest directly in an index.
Class I Shares have a $1,000,000 minimum initial investment.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C reflects Class A performance for the period after conversion.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
4 | J.P. MORGAN MUNICIPAL BOND FUNDS | FEBRUARY 28, 2021 |
Table of Contents
JPMorgan Short-Intermediate Municipal Bond Fund
FUND COMMENTARY
TWELVE MONTHS ENDED FEBRUARY 28, 2021 (Unaudited)
REPORTING PERIOD RETURN: | ||||
Fund (Class A Shares, without a sales charge)* | 0.43% | |||
Bloomberg Barclays U.S. 1-5 Year Blend (1-6) Municipal Bond Index | 1.64% | |||
Net Assets as of 2/28/2021 (In Thousands) | $1,604,249 | |||
Duration as of 2/28/2021 | 3.8 Years |
INVESTMENT OBJECTIVE**
The JPMorgan Short-Intermediate Municipal Bond Fund (the “Fund”) seeks as high a level of current income exempt from federal income tax as is consistent with relative stability of principal.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
For twelve months ended February 28, 2021, the Fund underperformed the Bloomberg Barclays U.S. 1-5 Year Blend (1-6) Municipal Bond Index (the “Benchmark”).
Relative to the Benchmark, the Fund’s allocations to bonds at the short end and long end of the yield curve were leading detractors from performance as interest rates fell on bonds of shorter maturities and rose on bonds of longer maturities. The yield curve shows the relationship between yields and maturity dates for a set of similar bonds at a given point in time. The Fund’s security selection in the transportation and hospital sectors and its underweight allocation to the industrial development revenue/pollution control revenue sector also detracted from relative performance.
The Fund’s overweight allocations to bonds rated single A and lower as well as to local general obligation bonds were leading contributors to relative performance. The Fund’s underweight allocation to the pre-refunded sector also contributed to relative performance.
HOW WAS THE FUND POSITIONED?
During the period, the Fund employed a bottom-up, security selection-based investment approach. The Fund’s portfolio managers sought to take advantage of opportunities stemming from increased volatility, supply pressures and headline credit risk while maintaining the Fund’s bias toward higher quality issuances.
CREDIT QUALITY ALLOCATIONS*** | ||||
AAA | 12.4 | % | ||
AA | 50.7 | |||
A | 22.4 | |||
BBB | 8.8 | |||
BB | 0.3 | |||
NR | 5.4 |
J.P. Morgan Investment Management receives credit ratings on underlying securities of the portfolio from three major rating agencies — Standard & Poor’s (“S&P”), Moody’s and Fitch. When calculating credit quality breakdown, S&P is used as the primary independent rating agency source. Where an S&P rating is not available for a particular security, the Moody’s rating will be used, if available, and Fitch, if available, is used for securities not rated by Moody’s or S&P. Securities not rated by any of the three agencies are reflected as not rated (NR).
* | The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America. |
** | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
*** | Percentages indicated are based on total investments as of February 28, 2021. The Fund’s portfolio composition is subject to change. |
FEBRUARY 28, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 5 |
Table of Contents
JPMorgan Short-Intermediate Municipal Bond Fund
FUND COMMENTARY
TWELVE MONTHS ENDED FEBRUARY 28, 2021 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF FEBRUARY 28, 2021 | ||||||||||||||
INCEPTION DATE OF CLASS | 1 YEAR | 5 YEAR | 10 YEAR | |||||||||||
CLASS A SHARES | May 4, 1998 | |||||||||||||
With Sales Charge* | (1.83 | )% | 1.04 | % | 1.14 | % | ||||||||
Without Sales Charge | 0.43 | 1.51 | 1.37 | |||||||||||
CLASS C SHARES | November 1, 2001 | |||||||||||||
With CDSC** | (1.09 | ) | 0.99 | 0.96 | ||||||||||
Without CDSC | (0.09 | ) | 0.99 | 0.96 | ||||||||||
CLASS I SHARES | June 19, 2009 | 0.87 | 1.98 | 1.86 | ||||||||||
CLASS R6 SHARES | October 1, 2018 | 0.92 | 1.99 | 1.86 |
* | Sales Charge for Class A Shares is 2.25%. |
** | Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE (2/28/11 TO 2/28/21)
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.
Returns for Class R6 Shares prior to its inception date are based on the performance of Class I Shares. The actual returns of Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class I Shares.
The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Short-Intermediate Municipal Bond Fund and the Bloomberg Barclays U.S. 1-5 Year Blend (1-6) Municipal Bond Index from February 28, 2011 to February 28, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg Barclays U.S. 1-5 Year Blend (1-6) Municipal Bond Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Bloomberg Barclays U.S. 1-5 Year Blend (1-6) Municipal Bond Index is an unmanaged index of
investment grade tax-exempt municipal bonds with maturities of 1–5.999 years. Investors cannot invest directly in an index.
Capital gain distributions are subject to federal income tax; a portion of the Fund’s income distributions may be subject to the alternative minimum tax and some investors may be subject to certain state and local taxes.
Class A Shares have a $1,000 minimum initial investment and carry a 2.25% sales charge.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C reflects Class A performance for the period after conversion.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
6 | J.P. MORGAN MUNICIPAL BOND FUNDS | FEBRUARY 28, 2021 |
Table of Contents
JPMorgan Sustainable Municipal Income Fund
(formerly known as JPMorgan Municipal Income Fund)
FUND COMMENTARY
TWELVE MONTHS ENDED FEBRUARY 28, 2021 (Unaudited)
REPORTING PERIOD RETURN: | ||||
Fund (Class I Shares)* | 1.25% | |||
Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index | 1.38% | |||
Net Assets as of 2/28/2021 (In Thousands) | $309,072 | |||
Duration as of 2/28/2021 | 5.2 Years |
INVESTMENT OBJECTIVE**
The JPMorgan Sustainable Municipal Income Fund (the “Fund”) seeks current income exempt from federal income taxes.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
For the twelve months ended February 28, 2021, the Fund’s Class I Shares underperformed the Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index (the “Benchmark”).
Relative to the Benchmark, the Fund’s longer duration was a leading detractor from performance as interest rates generally rose on bonds with maturities of ten years and longer. Generally, bonds with longer duration will experience a greater decrease in price than shorter duration bonds when interest rates rise. The Fund’s overweight allocation and security selection in the education sector and its security selection in the leasing sector also detracted from relative performance.
The Fund’s underweight position in bonds rated AA and its overweight position in bonds rated single A were leading contributors to relative performance. The Fund’s security selection in the housing sector and its underweight position in the state general obligation sector also contributed to relative performance.
HOW WAS THE FUND POSITIONED?
The Fund’s portfolio managers continued to emphasize higher yielding sectors, particularly the housing sector. At the end of the period, the Fund’s duration was 5.2 years and the Benchmark’s was 4.3 years.
CREDIT QUALITY ALLOCATIONS*** | ||||
AAA | 16.4 | % | ||
AA | 43.9 | |||
A | 22.3 | |||
BBB | 11.2 | |||
BB | 1.7 | |||
NR | 4.5 |
J.P. Morgan Investment Management receives credit ratings on underlying securities of the portfolio from three major rating agencies — Standard & Poor’s (“S&P”), Moody’s and Fitch. When calculating credit quality breakdown, S&P is used as the primary independent rating agency source. Where an S&P rating is not available for a particular security, the Moody’s rating will be used, if available, and Fitch, if available, is used for securities not rated by Moody’s or S&P. Securities not rated by any of the three agencies are reflected as not rated (NR).
* | The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America. |
** | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
*** | Percentages indicated are based on total investments as of February 28, 2021. The Fund’s portfolio composition is subject to change. |
FEBRUARY 28, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 7 |
Table of Contents
JPMorgan Sustainable Municipal Income Fund
(formerly known as JPMorgan Municipal Income Fund)
FUND COMMENTARY
TWELVE MONTHS ENDED FEBRUARY 28, 2021 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF FEBRUARY 28, 2021 | ||||||||||||||
INCEPTION DATE OF CLASS | 1 YEAR | 5 YEAR | 10 YEAR | |||||||||||
CLASS A SHARES | February 23, 1993 | |||||||||||||
With Sales Charge* | (2.69 | )% | 1.60 | % | 2.72 | % | ||||||||
Without Sales Charge | 1.09 | 2.38 | 3.11 | |||||||||||
CLASS C SHARES | November 4, 1997 | |||||||||||||
With CDSC** | (0.46 | ) | 1.83 | 2.65 | ||||||||||
Without CDSC | 0.54 | 1.83 | 2.65 | |||||||||||
CLASS I SHARES | February 9, 1993 | 1.25 | 2.63 | 3.37 | ||||||||||
CLASS R6 SHARES | November 6, 2017 | 1.46 | 2.70 | 3.40 |
* | Sales Charge for Class A Shares is 3.75%. |
** | Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE (2/28/11 TO 2/28/21)
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.
Returns for Class R6 Shares prior to its inception date are based on the performance of Class I Shares. The actual returns of Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class I Shares.
The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Sustainable Municipal Income Fund and the Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index from February 28, 2011 to February 28, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Bloomberg Barclays U.S. 1-15 Year Blend (1-17)
Municipal Bond Index represents the performance of municipal bonds with maturities from 1 to 17 years. Investors cannot invest directly in an index.
Capital gain distributions are subject to federal income tax; a portion of the Fund’s income distributions may be subject to the alternative minimum tax and some investors may be subject to certain state and local taxes.
Class I Shares have a $1,000,000 minimum initial investment.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C reflects Class A performance for the period after conversion.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
8 | J.P. MORGAN MUNICIPAL BOND FUNDS | FEBRUARY 28, 2021 |
Table of Contents
FUND COMMENTARY
TWELVE MONTHS ENDED FEBRUARY 28, 2021 (Unaudited)
REPORTING PERIOD RETURN: | ||||
Fund (Class A Shares, without a sales charge)* | 0.66% | |||
Bloomberg Barclays U.S. Municipal Index | 1.06% | |||
Net Assets as of 2/28/2021 (In Thousands) | $629,180 | |||
Duration as of 2/28/2021 | 6.9 Years |
INVESTMENT OBJECTIVE**
The JPMorgan Tax Free Bond Fund (the “Fund”) seeks as high a level of current income exempt from federal income tax as is consistent with relative stability of principal.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
For the twelve months ended February 28, 2021, the Fund underperformed the Bloomberg Barclays U.S. Municipal Index (the “Benchmark”).
Relative to the Benchmark, the Fund’s longer duration, particularly in the transportation and hospitals sectors, was a leading detractor from performance as interest rates rose on bonds with maturities of ten years and longer. Generally, bonds with longer duration will experience a larger decrease in price than bonds of shorter duration as interest rates rise. The Fund’s underweight allocation to the education sector also detracted from relative performance.
The Fund’s overweight allocation to bonds rated single A and lower were leading contributors to relative performance. The Fund’s overweight allocations to the leasing and electric sectors and its underweight allocation to the special tax sector, which includes bonds backed by sales and/or personal taxes, also contributed to relative performance.
HOW WAS THE FUND POSITIONED?
The Fund continued to employ a bottom-up, security selection-based investment approach and sought to take advantage of opportunities stemming from increased volatility, supply pressures and headline credit risk.
CREDIT QUALITY ALLOCATIONS*** | ||||
AAA | 13.1 | % | ||
AA | 41.7 | |||
A | 23.1 | |||
BBB | 14.9 | |||
BB | 1.8 | |||
B | 1.0 | |||
NR | 4.4 |
J.P. Morgan Investment Management receives credit ratings on underlying securities of the portfolio from three major rating agencies — Standard & Poor’s (“S&P”), Moody’s and Fitch. When calculating credit quality breakdown, S&P is used as the primary independent rating agency source. Where an S&P rating is not available for a particular security, the Moody’s rating will be used, if available, and Fitch, if available, is used for securities not rated by Moody’s or S&P. Securities not rated by any of the three agencies are reflected as not rated (NR).
* | The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America. |
** | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
*** | Percentages indicated are based on total investments as of February 28, 2021. The Fund’s portfolio composition is subject to change. |
FEBRUARY 28, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 9 |
Table of Contents
JPMorgan Tax Free Bond Fund
FUND COMMENTARY
TWELVE MONTHS ENDED FEBRUARY 28, 2021 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF FEBRUARY 28, 2021 | ||||||||||||||
INCEPTION DATE OF CLASS | 1 YEAR | 5 YEAR | 10 YEAR | |||||||||||
CLASS A SHARES | March 1, 1988 | |||||||||||||
With Sales Charge* | (3.09 | )% | 2.42 | % | 3.70 | % | ||||||||
Without Sales Charge | 0.66 | 3.21 | 4.10 | |||||||||||
CLASS C SHARES | July 1, 2008 | |||||||||||||
With CDSC** | (0.93 | ) | 2.59 | 3.55 | ||||||||||
Without CDSC | 0.07 | 2.59 | 3.55 | |||||||||||
CLASS I SHARES | February 1, 1995 | 0.88 | 3.43 | 4.30 | ||||||||||
CLASS R6 SHARES | October 1, 2018 | 0.93 | 3.45 | 4.31 |
* | Sales Charge for Class A Shares is 3.75%. |
** | Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE (2/28/11 TO 2/28/21)
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.
Returns for Class R6 Shares prior to its inception date are based on the performance of Class I Shares. The actual returns of Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class I Shares.
The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Tax Free Bond Fund and the Bloomberg Barclays U.S. Municipal Index from February 28, 2011 to February 28, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the Bloomberg Barclays U.S. Municipal Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Bloomberg Barclays U.S. Municipal Index is a total return performance benchmark for the long-term, investment-grade tax-exempt bond market. Investors cannot invest directly in an index.
Capital gain distributions are subject to federal income tax; a portion of the Fund’s income distributions may be subject to the alternative minimum tax and some investors may be subject to certain state and local taxes.
Class A Shares have a $1,000 minimum initial investment and carry a 3.75% sales charge.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C reflects Class A performance for the period after conversion.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
10 | J.P. MORGAN MUNICIPAL BOND FUNDS | FEBRUARY 28, 2021 |
Table of Contents
JPMorgan Ultra-Short Municipal Fund
FUND COMMENTARY
TWELVE MONTHS ENDED FEBRUARY 28, 2021 (Unaudited)
REPORTING PERIOD RETURN: | ||||
Fund (Class I Shares)* | 0.51% | |||
Bloomberg Barclays 1 Year Municipal Bond Index | 1.33% | |||
Net Assets as of 2/28/2021 (In Thousands) | $6,810,622 | |||
Duration as of 2/28/2021 | 0.8 Years |
INVESTMENT OBJECTIVE**
The JPMorgan Ultra-Short Municipal Fund (the “Fund”) seeks as high a level of current income exempt from federal income tax as is consistent with relative stability of principal.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
For the twelve months ended February 28, 2021, the Fund underperformed the Bloomberg Barclays 1 Year Municipal Bond Index (the “Benchmark”).
Relative to the Benchmark, the Fund’s security selection and overweight position in the hospitals sector was a leading detractor from performance. The Fund’s out-of-Benchmark allocation to variable rate demand notes, which do not benefit from changes in interest rates, also detracted from relative performance. The Fund’s underweight allocations to bonds rated single A and BBB, which outperformed higher rated bonds, also detracted from relative performance.
The Fund’s underweight allocation to pre-refunded bonds and its out-of-Benchmark allocation to bonds rated BB were leading contributors to relative performance.
HOW WAS THE FUND POSITIONED?
During the period, the Fund sought to maintain an average weighted maturity of two years or less, and the Fund’s investment adviser used a risk/reward analysis to identify investments that it believed would perform well over market cycles.
CREDIT QUALITY ALLOCATIONS*** | ||||
AAA | 16.3 | % | ||
AA | 38.6 | |||
A | 10.7 | |||
BBB | 5.1 | |||
BB | 0.2 | |||
NR | 29.1 |
J.P. Morgan Investment Management receives credit ratings on underlying securities of the portfolio from three major rating agencies — Standard & Poor’s (“S&P”), Moody’s and Fitch. When calculating credit quality breakdown, S&P is used as the primary independent rating agency source. Where an S&P rating is not available for a particular security, the Moody’s rating will be used, if available, and Fitch, if available, is used for securities not rated by Moody’s or S&P. Securities not rated by any of the three agencies are reflected as not rated (NR).
* | The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America. |
** | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
*** | Percentages indicated are based on total investments as of February 28, 2021. The Fund’s portfolio composition is subject to change. |
FEBRUARY 28, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 11 |
Table of Contents
JPMorgan Ultra-Short Municipal Fund
FUND COMMENTARY
TWELVE MONTHS ENDED FEBRUARY 28, 2021 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF FEBRUARY 28, 2021 | ||||||||||
INCEPTION DATE OF CLASS | 1 YEAR | SINCE INCEPTION | ||||||||
CLASS A SHARES | May 31, 2016 | |||||||||
With Sales Charge* | (1.93 | )% | 0.44 | % | ||||||
Without Sales Charge | 0.30 | 0.92 | ||||||||
CLASS I SHARES | May 31, 2016 | 0.51 | 1.12 |
* | Sales Charge for Class A Shares is 2.25%. |
LIFE OF FUND PERFORMANCE (5/31/16 TO 2/28/21)
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.
The Fund commenced operations on May 31, 2016.
The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Ultra-Short Municipal Fund and the Bloomberg Barclays 1 Year Municipal Bond Index from May 31, 2016 to February 28, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg Barclays 1 Year Municipal Bond Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of securities included in the benchmark, if applicable. The Bloomberg Barclays 1 Year Municipal Bond Index is an unmanaged index that includes bonds with a minimum credit rating of BAA3, are issued as part of a deal of at least $50 million, have an amount outstanding of at least $5 million, and have maturities of 1 to 2 years. Investors cannot invest directly in an index.
Capital gain distributions are subject to federal income tax; a portion of the Fund’s income distributions may be subject to the alternative minimum tax and some investors may be subject to certain state and local taxes.
Class I Shares have a $1,000,000 minimum initial investment.
Subsequent to the inception of the Fund on May 31, 2016 until August 31, 2016, the Fund did not experience any shareholder activity. If such shareholder activity had occurred, the Fund’s performance may have been impacted.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
12 | J.P. MORGAN MUNICIPAL BOND FUNDS | FEBRUARY 28, 2021 |
Table of Contents
JPMorgan High Yield Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2021
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — 101.2% (a) |
| |||||||
Alaska — 0.5% |
| |||||||
Alaska Industrial Development and Export Authority, Providence Health and Services Series 2011A, Rev., 5.50%, 10/1/2041 | 325 | 331 | ||||||
Alaska Industrial Development and Export Authority, Tanana Chiefs Conference Project Series 2019A, Rev., 4.00%, 10/1/2036 | 2,000 | 2,273 | ||||||
|
| |||||||
Total Alaska | 2,604 | |||||||
|
| |||||||
Arizona — 5.2% |
| |||||||
Arizona Industrial Development Authority, Academics of Math and Science Projects | ||||||||
Rev., 4.00%, 7/1/2029 (b) | 400 | 432 | ||||||
Rev., 5.00%, 7/1/2039 (b) | 1,000 | 1,137 | ||||||
Arizona Industrial Development Authority, Cadence Campus Project | ||||||||
Series 2020A, Rev., 4.00%, 7/15/2030 (b) | 500 | 539 | ||||||
Series 2020A, Rev., 4.00%, 7/15/2040 (b) | 800 | 832 | ||||||
Arizona Industrial Development Authority, Equitable School Revolving Fund Series A, Rev., 5.00%, 11/1/2044 | 750 | 894 | ||||||
Arizona Industrial Development Authority, Fire MESA and Red Rock Campus Projects | ||||||||
Series 2019A, Rev., 3.55%, 7/15/2029 (b) | 1,360 | 1,448 | ||||||
Series 2019A, Rev., 5.00%, 7/15/2039 (b) | 1,325 | 1,491 | ||||||
Series 2019A, Rev., 5.00%, 7/15/2049 (b) | 1,675 | 1,858 | ||||||
Arizona Industrial Development Authority, Great Lakes Senior Living Communities LLC Project | ||||||||
Series 2019A, Rev., 5.00%, 1/1/2029 | 1,500 | 1,517 | ||||||
Series 2019A, Rev., 5.00%, 1/1/2037 | 1,000 | 967 | ||||||
Series 2019A, Rev., 5.00%, 1/1/2038 | 1,000 | 962 | ||||||
Series 2019A, Rev., 4.25%, 1/1/2039 | 1,000 | 865 | ||||||
Series 2019A, Rev., 4.50%, 1/1/2049 | 2,000 | 1,682 | ||||||
Arizona Industrial Development Authority, Pebble Campus Project Series 2020A, Rev., 5.00%, | 415 | 466 | ||||||
Arizona Industrial Development Authority, Pinecrest Academy, Canyon Campus Project Rev., 5.00%, 7/15/2040 (b) | 2,515 | 2,824 | ||||||
Arizona Industrial Development Authority, Pinecrest Academy, Horizon, Inspirada and St. Rose Campus Projects | ||||||||
Series 2018A, Rev., 5.00%, 7/15/2028 (b) | 1,000 | 1,116 | ||||||
Series 2018A, Rev., 5.75%, 7/15/2038 (b) | 1,000 | 1,147 | ||||||
City of Mesa, Utility System Rev., AGM, 5.25%, 7/1/2029 | 40 | 53 | ||||||
Glendale Industrial Development Authority, Terraces of Phoenix Project | ||||||||
Series 2018A, Rev., 4.00%, 7/1/2028 | 450 | 463 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Arizona — continued |
| |||||||
Series 2018A, Rev., 5.00%, 7/1/2033 | 600 | 639 | ||||||
Series 2018A, Rev., 5.00%, 7/1/2038 | 300 | 316 | ||||||
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 | 402 | ||||||
Series 2018A, Rev., 5.00%, 7/1/2033 | 150 | 172 | ||||||
Series 2018A, Rev., 5.00%, 7/1/2037 | 200 | 226 | ||||||
La Paz County Industrial Development Authority, Charter School Solutions-Harmony Public Schools Project | ||||||||
Series 2018A, Rev., 5.00%, 2/15/2028 | 200 | 229 | ||||||
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 | 343 | ||||||
Series 2020A, Rev., 5.00%, 7/1/2040 (b) | 620 | 692 | ||||||
Series 2020A, Rev., 5.00%, 7/1/2050 (b) | 780 | 857 | ||||||
Maricopa County Industrial Development Authority, Ottawa University | ||||||||
Rev., 5.00%, 10/1/2026 (b) | 150 | 157 | ||||||
Rev., 5.13%, 10/1/2030 (b) | 210 | 225 | ||||||
|
| |||||||
Total Arizona | 25,419 | |||||||
|
| |||||||
California — 3.1% |
| |||||||
California Community College Financing Authority, Orange Coast Properties LLC—Orange Coast College Project | ||||||||
Rev., 5.00%, 5/1/2037 | 750 | 796 | ||||||
Rev., 5.00%, 5/1/2038 | 400 | 423 | ||||||
California Health Facilities Financing Authority, Children’s Hospital Series 2017A, Rev., 5.00%, 8/15/2047 | 500 | 581 | ||||||
California Municipal Finance Authority, Community Health Centers of The Central Coast, Inc. | ||||||||
Series 2021A, Rev., 5.00%, 12/1/2036 (b) | 175 | 198 | ||||||
Series 2021A, Rev., 5.00%, 12/1/2046 (b) | 1,000 | 1,091 | ||||||
California Municipal Finance Authority, Eisenhower Medical Center Series 2017B, Rev., 5.00%, 7/1/2047 | 200 | 231 | ||||||
California Municipal Finance Authority, John Adams Academies Lincoln Project | ||||||||
Series 2019A, Rev., 4.00%, 10/1/2029 (b) | 410 | 426 | ||||||
Series 2019A, Rev., 5.00%, 10/1/2039 (b) | 900 | 958 | ||||||
California Municipal Finance Authority, Linxs Apartments Project, Senior Lien | ||||||||
Series 2018A, Rev., AMT, AGM, 3.25%, 12/31/2032 | 245 | 264 |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 13 |
Table of Contents
JPMorgan High Yield Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2021 (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
California — continued |
| |||||||
Series 2018A, Rev., AMT, AGM, 3.50%, 12/31/2035 | 240 | 261 | ||||||
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 | 236 | ||||||
California Public Finance Authority, Laverne Elementary Preparatory Academy | ||||||||
Series 2019A, Rev., 4.25%, 6/15/2029 (b) | 795 | 816 | ||||||
Series 2019A, Rev., 5.00%, 6/15/2039 (b) | 785 | 808 | ||||||
California Public Finance Authority, Long-Term Mode Rev., 4.00%, 10/15/2031 (c) (d) | 340 | 403 | ||||||
California School Facilities Financing Authority, Capital Appreciation, Azusa Unified School District Series 2018A, Rev., AGM, Zero Coupon, 8/1/2030 | 200 | 169 | ||||||
California School Finance Authority, Kipp Projects School Facility Series 2015A, Rev., 5.00%, 7/1/2035 (b) | 100 | 113 | ||||||
CSCDA Community Improvement Authority, Essential Housing, Jefferson-Anaheim | ||||||||
Rev., 2.88%, 8/1/2041 (b) | 2,000 | 1,924 | ||||||
Rev., 3.13%, 8/1/2056 (b) | 2,400 | 2,194 | ||||||
CSCDA Community Improvement Authority, Essential Housing, Parallel-Anaheim Rev., 4.00%, 8/1/2056 (b) | 1,500 | 1,619 | ||||||
Eastern Municipal Water District Financing Authority, Water and Wastewater System Series 2020A, Rev., 5.00%, 7/1/2037 | 80 | 105 | ||||||
Palomar Health Rev., 5.00%, 11/1/2039 | 500 | 561 | ||||||
Pomona Unified School District Series C, GO, 6.00%, 8/1/2029 (e) | 160 | 223 | ||||||
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 | 253 | ||||||
|
| |||||||
Total California | 15,004 | |||||||
|
| |||||||
Colorado — 11.6% |
| |||||||
Aviation Station North Metropolitan District No. 2, Limited Tax Series A, GO, 5.00%, 12/1/2039 | 750 | 800 | ||||||
Bradburn Metropolitan District No. 2, Limited Tax | ||||||||
Series 2018A, GO, 5.00%, 12/1/2038 | 500 | 563 | ||||||
Series 2018B, GO, 7.25%, 12/15/2047 | 500 | 563 | ||||||
Brighton Crossing Metropolitan District No. 6, Limited Tax Series 2020A, GO, 5.00%, 12/1/2050 | 665 | 697 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Colorado — continued |
| |||||||
Broadway Park North Metropolitan District No. 2, Limited Tax | ||||||||
GO, 5.00%, 12/1/2040 (b) | 550 | 596 | ||||||
GO, 5.00%, 12/1/2049 (b) | 650 | 700 | ||||||
Colorado Crossing Metropolitan District No. 2, Limited Tax | ||||||||
Series 2020A-2, GO, 4.00%, 12/1/2030 | 1,065 | 1,079 | ||||||
Series 2020A-1, GO, 5.00%, 12/1/2047 | 2,000 | 2,079 | ||||||
Series 2020A-2, GO, 5.00%, 12/1/2050 | 2,000 | 2,044 | ||||||
Colorado Educational and Cultural Facilities Authority, Global Village Academy Northglenn Project | ||||||||
Rev., 5.00%, 12/1/2040 (b) | 555 | 593 | ||||||
Rev., 5.00%, 12/1/2050 (b) | 735 | 772 | ||||||
Colorado Educational and Cultural Facilities Authority, Stargate Charter School Project | ||||||||
Series 2018A, Rev., 5.00%, 12/1/2032 | 500 | 614 | ||||||
Series 2018A, Rev., 5.00%, 12/1/2033 | 500 | 611 | ||||||
Series 2018A, Rev., 4.00%, 12/1/2048 | 500 | 551 | ||||||
Colorado Educational and Cultural Facilities Authority, Vega Collegiate Academy Project Rev., 5.00%, 2/1/2051 (b) | 750 | 811 | ||||||
Colorado Health Facilities Authority, Christian Living Neighborhoods | ||||||||
Rev., 4.00%, 1/1/2028 | 500 | 544 | ||||||
Rev., 4.00%, 1/1/2038 | 550 | 564 | ||||||
Rev., 5.00%, 1/1/2038 | 1,550 | 1,707 | ||||||
Colorado Health Facilities Authority, Commonspirit Health Series A-1, Rev., 4.00%, 8/1/2044 | 2,000 | 2,218 | ||||||
Colorado Health Facilities Authority, Frasier Meadows Retirement Community Project | ||||||||
Series 2017A, Rev., 5.00%, 5/15/2022 | 280 | 289 | ||||||
Series A, Rev., 5.25%, 5/15/2028 | 1,000 | 1,153 | ||||||
Colorado Health Facilities Authority, Parkview Medical Center, Inc., Project Series 2020A, Rev., 4.00%, 9/1/2050 | 675 | 745 | ||||||
Copper Ridge Metropolitan District, Tax Increment and Sales Tax | ||||||||
Rev., 4.00%, 12/1/2029 | 1,000 | 969 | ||||||
Rev., 5.00%, 12/1/2039 | 1,000 | 993 | ||||||
Copperleaf Metropolitan District No. 4, Limited Tax | ||||||||
Series 2020A, GO, 5.00%, 12/1/2039 | 775 | 834 | ||||||
Series 2020A, GO, 5.00%, 12/1/2049 | 1,000 | 1,067 | ||||||
Cottonwood Highlands Metropolitan District No. 1, Limited Tax Series 2019A, GO, 5.00%, 12/1/2049 | 900 | 954 |
SEE NOTES TO FINANCIAL STATEMENTS.
14 | J.P. MORGAN MUNICIPAL BOND FUNDS | FEBRUARY 28, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Colorado — continued |
| |||||||
Cross Creek Metropolitan District No. 2, Unlimited Tax GO, AGM, 4.00%, 12/1/2045 | 1,000 | 1,096 | ||||||
Denver Health and Hospital Authority Series 2019A, Rev., 4.00%, 12/1/2037 | 1,250 | 1,425 | ||||||
DIATC Metropolitan District, Limited Tax and Improvement | ||||||||
GO, 3.25%, 12/1/2029 (b) | 590 | 603 | ||||||
GO, 5.00%, 12/1/2039 (b) | 1,240 | 1,328 | ||||||
Jefferson Center Metropolitan District No. 1 Series 2020A-2, Rev., 4.13%, 12/1/2040 | 285 | 301 | ||||||
Lanterns Metropolitan District No. 1 Series A, GO, 5.00%, 12/1/2039 | 1,375 | 1,474 | ||||||
Mirabelle Metropolitan District No. 2 | ||||||||
Series 2020A, GO, 5.00%, 12/1/2039 | 700 | 750 | ||||||
Series 2020A, GO, 5.00%, 12/1/2049 | 1,250 | 1,324 | ||||||
Painted Prairie Metropolitan District No. 2, Limited Tax GO, 5.25%, 12/1/2048 | 2,000 | 2,100 | ||||||
Painted Prairie Public Improvement Authority | ||||||||
Rev., 4.00%, 12/1/2029 | 1,000 | 1,069 | ||||||
Rev., 5.00%, 12/1/2039 | 2,500 | 2,713 | ||||||
Public Authority for Colorado Energy, Natural Gas Purchase Rev., 6.13%, 11/15/2023 | 70 | 76 | ||||||
Raindance Metropolitan District No. 1, Non-Potable Water System Rev., 5.00%, 12/1/2040 | 750 | 799 | ||||||
Regional Transportation District, Denver Transit Partners Rev., 4.00%, 7/15/2036 | 190 | 222 | ||||||
South Suburban Park and Recreation District | ||||||||
COP, 4.00%, 12/15/2036 | 1,350 | 1,519 | ||||||
COP, 4.00%, 12/15/2037 | 500 | 561 | ||||||
STC Metropolitan District No. 2, Limited Tax Improvement | ||||||||
Series 2019A, GO, 3.00%, 12/1/2025 | 555 | 571 | ||||||
Series 2019A, GO, 4.00%, 12/1/2029 | 1,000 | 1,071 | ||||||
Series 2019A, GO, 5.00%, 12/1/2038 | 1,700 | 1,835 | ||||||
Sterling Ranch Community Authority Board, Limited Tax Supported District No. 2 | ||||||||
Series 2020A, Rev., 3.38%, 12/1/2030 | 500 | 540 | ||||||
Series 2020A, Rev., 3.75%, 12/1/2040 | 500 | 540 | ||||||
Thompson Crossing Metropolitan District No. 4 | ||||||||
GO, 5.00%, 12/1/2039 | 1,400 | 1,512 | ||||||
GO, 5.00%, 12/1/2049 | 1,500 | 1,595 | ||||||
Trails at Crowfoot Metropolitan District No. 3, Limited Tax | ||||||||
Series A, GO, 4.38%, 12/1/2030 | 620 | 655 | ||||||
Series A, GO, 5.00%, 12/1/2039 | 1,000 | 1,067 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Colorado — continued |
| |||||||
Transport Metropolitan District No. 3, Limited Tax | ||||||||
Series 2021A-1, GO, 4.13%, 12/1/2031 | 500 | 516 | ||||||
Series 2021A-1, GO, 5.00%, 12/1/2041 | 1,000 | 1,065 | ||||||
Series 2021A-1, GO, 5.00%, 12/1/2051 | 1,960 | 2,051 | ||||||
Westerly Metropolitan District No. 4, Limited Tax Series 2021A, GO, 5.00%, 12/1/2040 | 700 | 723 | ||||||
Willow Bend Metropolitan District, Limited Tax Series A, GO, 5.00%, 12/1/2039 | 600 | 641 | ||||||
|
| |||||||
Total Colorado | 56,852 | |||||||
|
| |||||||
Connecticut — 0.9% |
| |||||||
Connecticut State Health and Educational Facilities Authority, Mary Wade Home Series A-1, Rev., 5.00%, 10/1/2029 (b) | 400 | 434 | ||||||
Connecticut State Health and Educational Facilities Authority, McLean | ||||||||
Series 2020A, Rev., 5.00%, 1/1/2030 (b) | 250 | 279 | ||||||
Series 2020A, Rev., 5.00%, 1/1/2045 (b) | 500 | 539 | ||||||
Connecticut State Health and Educational Facilities Authority, The Griffin Hospital 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 | 1,218 | ||||||
Town of Hamden, Whitney Center Project Rev., 5.00%, 1/1/2030 | 1,500 | 1,601 | ||||||
|
| |||||||
Total Connecticut | 4,327 | |||||||
|
| |||||||
Delaware — 0.2% |
| |||||||
Delaware State Economic Development Authority, Acts Retirement-Life Communities, Inc. Obligated Group Series 2018-B, Rev., 5.00%, 11/15/2048 | 700 | 803 | ||||||
Delaware State Housing Authority, Senior Single Family Mortgage Series A-1, Rev., AMT, 4.90%, 7/1/2029 | 95 | 96 | ||||||
|
| |||||||
Total Delaware | 899 | |||||||
|
| |||||||
District of Columbia — 1.3% |
| |||||||
District of Columbia, Gallaudet University Project Rev., 5.00%, 4/1/2051 | 1,500 | 1,861 | ||||||
District of Columbia, International School Rev., 5.00%, 7/1/2039 | 650 | 754 | ||||||
District of Columbia, Kipp DC Project | ||||||||
Series 2017B, Rev., 5.00%, 7/1/2037 | 500 | 588 | ||||||
Rev., 4.00%, 7/1/2039 | 200 | 221 | ||||||
District of Columbia, Latin American Montessori Bilingual Public Charter School | ||||||||
Rev., 4.00%, 6/1/2030 | 1,000 | 1,111 | ||||||
Rev., 5.00%, 6/1/2040 | 1,000 | 1,157 |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 15 |
Table of Contents
JPMorgan High Yield Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2021 (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
District of Columbia — continued |
| |||||||
District of Columbia, Rocketship Obligated Group Series 2020A, Rev., 5.00%, 6/1/2051 (b) | 400 | 447 | ||||||
|
| |||||||
Total District of Columbia | 6,139 | |||||||
|
| |||||||
Florida — 10.2% |
| |||||||
Capital Trust Agency, Inc., Advantage Academy of Hillsborough Project | ||||||||
Series A, Rev., 5.00%, 12/15/2029 | 405 | 460 | ||||||
Series A, Rev., 5.00%, 12/15/2039 | 1,775 | 1,962 | ||||||
Capital Trust Agency, Inc., Franklin Academy Project | ||||||||
Rev., 4.00%, 12/15/2025 (b) | 300 | 325 | ||||||
Rev., 5.00%, 12/15/2026 (b) | 300 | 341 | ||||||
Rev., 5.00%, 12/15/2027 (b) | 330 | 373 | ||||||
Rev., 5.00%, 12/15/2028 (b) | 345 | 388 | ||||||
Rev., 5.00%, 12/15/2029 (b) | 365 | 408 | ||||||
Rev., 5.00%, 12/15/2030 (b) | 510 | 567 | ||||||
Rev., 5.00%, 12/15/2035 (b) | 1,080 | 1,186 | ||||||
Rev., 5.00%, 12/15/2040 (b) | 1,200 | 1,303 | ||||||
Capital Trust Agency, Inc., Imagine School at Land O’Lakes Project | ||||||||
Series 2020A, Rev., 3.00%, 12/15/2029 (b) | 420 | 421 | ||||||
Series 2020A, Rev., 5.00%, 12/15/2039 (b) | 640 | 725 | ||||||
Capital Trust Agency, Inc., Liza Jackson Preparatory School, Inc., Project | ||||||||
Series 2020A, Rev., 4.00%, 8/1/2030 | 200 | 225 | ||||||
Series 2020A, Rev., 5.00%, 8/1/2040 | 300 | 353 | ||||||
Charlotte County, Utility System | ||||||||
Rev., AGM, 5.25%, 10/1/2021 (e) | 70 | 72 | ||||||
Rev., AGM, 5.25%, 10/1/2024 | 130 | 134 | ||||||
City of Tampa, H. Lee Moffitt Cancer Center Project | ||||||||
Series 2020B, Rev., 4.00%, 7/1/2038 | 190 | 218 | ||||||
Series 2020B, Rev., 4.00%, 7/1/2039 | 250 | 285 | ||||||
Series 2020B, Rev., 5.00%, 7/1/2040 | 390 | 486 | ||||||
Series 2020B, Rev., 4.00%, 7/1/2045 | 750 | 842 | ||||||
Series 2020B, Rev., 5.00%, 7/1/2050 | 1,785 | 2,192 | ||||||
County of Broward, Airport System Series 2019A, Rev., AMT, 4.00%, 10/1/2044 | 2,475 | 2,744 | ||||||
County of Lake, Imagine South Lake Charter School Project | ||||||||
Series A, Rev., 5.00%, 1/15/2029 (b) | 500 | 547 | ||||||
Series A, Rev., 5.00%, 1/15/2039 (b) | 550 | 605 | ||||||
Series A, Rev., 5.00%, 1/15/2049 (b) | 825 | 893 | ||||||
County of Palm Beach, Atlantic University | ||||||||
Rev., 5.00%, 4/1/2029 (b) | 400 | 439 | ||||||
Rev., 5.00%, 4/1/2039 (b) | 900 | 974 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Florida — continued |
| |||||||
County of Palm Beach, Tuscan Gardens of Delray Beach Project | ||||||||
Series 2018-A, Rev., 4.25%, 10/1/2029 (c) | 1,000 | 800 | ||||||
Series 2018C, Rev., 6.25%, 10/1/2029 (c) | 1,000 | 700 | ||||||
Florida Development Finance Corp., Educational Facilities, Renaissance Charter School Inc., Project | ||||||||
Series 2020C, Rev., 4.00%, 9/15/2030 (b) | 235 | 250 | ||||||
Series 2020C, Rev., 5.00%, 9/15/2040 (b) | 525 | 575 | ||||||
Florida Development Finance Corp., Educational Facilities, River City Science Academy Projects Rev., 4.00%, 7/1/2045 | 600 | 637 | ||||||
Florida Development Finance Corp., Educational Facilities, UCP Charter Schools Project | ||||||||
Series 2020A, Rev., 4.00%, 6/1/2030 | 500 | 520 | ||||||
Series 2020A, Rev., 5.00%, 6/1/2040 | 830 | 888 | ||||||
Florida Development Finance Corp., Imagine School at Broward Project | ||||||||
Series A, Rev., 4.00%, 12/15/2029 (b) | 260 | 289 | ||||||
Series A, Rev., 5.00%, 12/15/2034 (b) | 525 | 618 | ||||||
Series A, Rev., 5.00%, 12/15/2039 (b) | 305 | 355 | ||||||
Florida Development Finance Corp., Mater Academy Project Series 2020A, Rev., 5.00%, 6/15/2040 | 590 | 669 | ||||||
Florida Development Finance Corp., Pepin Academics of Pasco County, Inc., Project Series 2020A, Rev., 5.00%, 1/1/2040 (b) | 2,430 | 2,563 | ||||||
Florida Higher Educational Facilities Financial Authority, Ringling College Project | ||||||||
Rev., 5.00%, 3/1/2034 | 385 | 451 | ||||||
Rev., 5.00%, 3/1/2035 | 1,165 | 1,361 | ||||||
Rev., 5.00%, 3/1/2036 | 1,230 | 1,433 | ||||||
Rev., 5.00%, 3/1/2037 | 1,130 | 1,312 | ||||||
Rev., 5.00%, 3/1/2044 | 2,000 | 2,283 | ||||||
Florida Higher Educational Facilities Financial Authority, St. Leo University Project Rev., 5.00%, 3/1/2039 | 750 | 849 | ||||||
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 | 612 | ||||||
Palm Beach County Health Facilities Authority, Acts Retirement Life Communities, Inc., Obligated Group Series 2020B, Rev., 4.00%, 11/15/2041 | 250 | 285 | ||||||
Palm Beach County Health Facilities Authority, Toby and Leon Cooperman Sinai Residences of Boca Raton Expansion Rev., 3.00%, 6/1/2027 | 1,255 | 1,280 |
SEE NOTES TO FINANCIAL STATEMENTS.
16 | J.P. MORGAN MUNICIPAL BOND FUNDS | FEBRUARY 28, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Florida — continued |
| |||||||
Pinellas County Educational Facilities Authority, Pinellas Academy of Math and Science Project Series 2018A, Rev., 4.13%, 12/15/2028 (b) | 985 | 1,084 | ||||||
Pinellas County Industrial Development Authority, Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc., Project Rev., 5.00%, 7/1/2029 | 625 | 712 | ||||||
Polk County Industrial Development Authority, Retirement Facilities, Carpenter’s Home Estates | ||||||||
Series 2019A, Rev., 5.00%, 1/1/2029 | 400 | 447 | ||||||
Sarasota County Health Facilities Authority, Sunnyside Village Project Rev., 5.00%, 5/15/2038 | 1,050 | 1,173 | ||||||
Seminole County Industrial Development Authority, Legacy Pointe at UCF Project | ||||||||
Series 2019B-2, Rev., 3.75%, 11/15/2025 | 2,000 | 1,937 | ||||||
Series 2019B-1, Rev., 4.25%, 11/15/2026 | 2,000 | 1,966 | ||||||
Series 2019A, Rev., 5.00%, 11/15/2029 | 1,000 | 1,015 | ||||||
Series 2019A, Rev., 5.25%, 11/15/2039 | 2,000 | 1,946 | ||||||
Tampa Bay Water, Regional Water Supply Authority, Utility System Series A, Rev., NATL-RE, 6.00%, 10/1/2029 | 500 | 694 | ||||||
|
| |||||||
Total Florida | 49,729 | |||||||
|
| |||||||
Georgia — 0.3% |
| |||||||
City of Atlanta, Department of Aviation Series 2012C, Rev., 5.00%, 1/1/2042 | 500 | 517 | ||||||
Cobb County, Kennestone Hospital Authority, Wellstar Health System, Inc., Project Series 2020A, Rev., 5.00%, 4/1/2050 | 230 | 282 | ||||||
Downtown Smyrna Development Authority Rev., 5.25%, 2/1/2028 | 197 | 233 | ||||||
Georgia Housing and Finance Authority, Single Family Mortgage Series B, Rev., AMT, 4.00%, 3/1/2021 | 5 | 5 | ||||||
Glynn-Brunswick Memorial Hospital Authority, Southeast Georgia Health System Project Rev., 4.00%, 8/1/2036 | 375 | 425 | ||||||
|
| |||||||
Total Georgia | 1,462 | |||||||
|
| |||||||
Idaho — 0.0% (f) |
| |||||||
Idaho Housing and Finance Association, Compass Public Charter School, Inc., Project Series A, Rev., 4.63%, 7/1/2029 (b) | 180 | 199 | ||||||
|
| |||||||
Illinois — 3.2% |
| |||||||
Chicago O’Hare International Airport, Transportation Infrastructure Properties LLC (TRIPS) Obligated Group Rev., AMT, 5.00%, 7/1/2038 | 500 | 590 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Illinois — continued |
| |||||||
City of Chicago, Waterworks, Second Lien Rev., AMBAC, BHAC-CR, 5.75%, 11/1/2030 | 150 | 186 | ||||||
County of Du Page, The Morton Abroretum Project Rev., 3.00%, 5/15/2047 | 1,265 | 1,266 | ||||||
Illinois Finance Authority, University of Illinois, Urbana-Champaign Project | ||||||||
Series 2019A, Rev., 5.00%, 10/1/2036 | 300 | 368 | ||||||
Series 2019A, Rev., 5.00%, 10/1/2037 | 400 | 489 | ||||||
Series 2019A, Rev., 5.00%, 10/1/2038 | 400 | 487 | ||||||
Series 2019A, Rev., 5.00%, 10/1/2039 | 350 | 425 | ||||||
Series 2019A, Rev., 5.00%, 10/1/2044 | 1,000 | 1,198 | ||||||
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project Series 2012B, Rev., 5.00%, 12/15/2028 | 1,610 | 1,684 | ||||||
Metropolitan Water Reclamation District of Greater Chicago Series C, GO, 5.25%, 12/1/2027 | 50 | 64 | ||||||
Northern Illinois University, Auxiliary Facilities System | ||||||||
Series 2020B, Rev., 4.00%, 4/1/2039 | 650 | 729 | ||||||
Series 2020B, Rev., 4.00%, 4/1/2041 | 1,450 | 1,616 | ||||||
Regional Transportation Authority Series A, Rev., NATL-RE, 6.00%, 7/1/2024 | 250 | 293 | ||||||
Sales Tax Securitization Corp., Second Lien Series 2020A, Rev., 5.00%, 1/1/2037 | 1,050 | 1,304 | ||||||
State of Illinois | ||||||||
GO, 5.13%, 5/1/2022 | 250 | 262 | ||||||
GO, 5.38%, 5/1/2023 | 250 | 272 | ||||||
GO, 4.13%, 3/1/2028 | 170 | 173 | ||||||
Upper Illinois River Valley Development Authority, Morris Hospital | ||||||||
Rev., 5.00%, 12/1/2027 | 1,145 | 1,420 | ||||||
Rev., 5.00%, 12/1/2028 | 1,050 | 1,327 | ||||||
Rev., 5.00%, 12/1/2029 | 875 | 1,093 | ||||||
Rev., 5.00%, 12/1/2033 | 250 | 302 | ||||||
Rev., 5.00%, 12/1/2034 | 20 | 24 | ||||||
|
| |||||||
Total Illinois | 15,572 | |||||||
|
| |||||||
Indiana — 2.0% |
| |||||||
City of Franklin, Otterbeit Homes | ||||||||
Series B, Rev., 4.00%, 7/1/2036 | 870 | 980 | ||||||
Series B, Rev., 4.00%, 7/1/2037 | 905 | 1,015 | ||||||
Series B, Rev., 4.00%, 7/1/2038 | 940 | 1,053 | ||||||
Series B, Rev., 4.00%, 7/1/2039 | 750 | 839 | ||||||
Series B, Rev., 4.00%, 7/1/2040 | 500 | 558 |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 17 |
Table of Contents
JPMorgan High Yield Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2021 (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Indiana — continued |
| |||||||
Indiana Finance Authority, Educational Facilities, Kipp Indianapolis, Inc., Project | ||||||||
Series 2020A, Rev., 4.00%, 7/1/2030 | 105 | 114 | ||||||
Series 2020A, Rev., 5.00%, 7/1/2040 | 170 | 190 | ||||||
Series 2020A, Rev., 5.00%, 7/1/2055 | 455 | 500 | ||||||
Indiana Finance Authority, First Lien Wastewater, CWA Authority Project, Series 2101A, Rev., 5.25%, 10/1/2031 | 250 | 257 | ||||||
Indiana Finance Authority, Goshen Health | ||||||||
Series A, Rev., 5.00%, 11/1/2035 | 665 | 800 | ||||||
Series A, Rev., 4.00%, 11/1/2036 | 235 | 263 | ||||||
Series A, Rev., 4.00%, 11/1/2037 | 330 | 369 | ||||||
Series A, Rev., 4.00%, 11/1/2038 | 340 | 379 | ||||||
Series A, Rev., 4.00%, 11/1/2039 | 360 | 400 | ||||||
Indiana Finance Authority, Marian University Project Series A, Rev., 4.00%, 9/15/2044 | 1,090 | 1,161 | ||||||
Indiana Finance Authority, Marquette Project Series A, Rev., 5.00%, 3/1/2030 | 1,000 | 1,104 | ||||||
Indiana Housing and Community Development Authority, Home First Mortgage Series C, Rev., GNMA/FNMA/FHLMC, 4.50%, 12/1/2027 | 5 | 5 | ||||||
|
| |||||||
Total Indiana | 9,987 | |||||||
|
| |||||||
Iowa — 0.5% |
| |||||||
Iowa Finance Authority, Northcrest Inc., Project | ||||||||
Series 2018A, Rev., 5.00%, 3/1/2028 | 795 | 864 | ||||||
Series 2018A, Rev., 5.00%, 3/1/2038 | 250 | 266 | ||||||
Iowa Finance Authority, Phs Council Bluffs, Inc., Project | ||||||||
Rev., 3.95%, 8/1/2023 | 150 | 152 | ||||||
Rev., 4.45%, 8/1/2028 | 250 | 260 | ||||||
Rev., 5.00%, 8/1/2033 | 485 | 507 | ||||||
Rev., 5.00%, 8/1/2038 | 370 | 386 | ||||||
|
| |||||||
Total Iowa | 2,435 | |||||||
|
| |||||||
Kansas — 0.5% |
| |||||||
City of Lenexa, Kansas Health Care Facility, Lakeview Village, Inc. | ||||||||
Series A, Rev., 5.00%, 5/15/2032 | 500 | 548 | ||||||
Series A, Rev., 5.00%, 5/15/2039 | 850 | 922 | ||||||
City of Wichita, Health Care Facilities, Presbyterian Manors, Inc. | ||||||||
Series 2018 I, Rev., 5.00%, 5/15/2033 | 500 | 523 | ||||||
Series I, Rev., 5.00%, 5/15/2038 | 500 | 516 | ||||||
|
| |||||||
Total Kansas | 2,509 | |||||||
|
|
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Kentucky — 0.3% |
| |||||||
City of Ashland, Kings Daughters Medical Center | ||||||||
Series 2016A, Rev., 4.00%, 2/1/2036 | 1,000 | 1,050 | ||||||
Series 2016A, Rev., 5.00%, 2/1/2040 | 500 | 550 | ||||||
|
| |||||||
Total Kentucky | 1,600 | |||||||
|
| |||||||
Louisiana — 0.8% |
| |||||||
Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project Rev., 5.00%, 5/15/2042 | 500 | 585 | ||||||
Louisiana Public Facilities Authority, Young Audiences Charter School Project | ||||||||
Series A, Rev., 5.00%, 4/1/2030 (b) | 525 | 559 | ||||||
Series A, Rev., 5.00%, 4/1/2039 (b) | 1,425 | 1,463 | ||||||
Series A, Rev., 5.00%, 4/1/2049 (b) | 1,135 | 1,152 | ||||||
New Orleans Aviation Board, General Airport, North Terminal Project Series B, Rev., AMT, 5.00%, 1/1/2048 | 250 | 285 | ||||||
|
| |||||||
Total Louisiana | 4,044 | |||||||
|
| |||||||
Maine — 0.0% (f) |
| |||||||
Maine Health and Higher Educational Facilities Authority, Central Maine Medical Center Series A, Rev., 5.00%, 7/1/2023 (e) | 25 | 28 | ||||||
|
| |||||||
Maryland — 1.3% |
| |||||||
County of Frederick, Educational Facilities, Mount St. Mary’s University Series A, Rev., 5.00%, 9/1/2037 (b) | 1,500 | 1,649 | ||||||
Maryland Economic Development Corp., Bowie State University Project | ||||||||
Rev., 4.00%, 7/1/2040 | 300 | 325 | ||||||
Rev., 4.00%, 7/1/2050 | 1,500 | 1,601 | ||||||
Maryland Economic Development Corp., Port Covington Project | ||||||||
4.00%, 9/1/2040 | 875 | 955 | ||||||
4.00%, 9/1/2050 | 555 | 592 | ||||||
Maryland Health and Higher Educational Facilities Authority, Frederick Health System Issue | ||||||||
Rev., 3.25%, 7/1/2039 | 175 | 185 | ||||||
Rev., 4.00%, 7/1/2040 | 215 | 245 | ||||||
Maryland Health and Higher Educational Facilities Authority, Stevenson University Project | ||||||||
Rev., 4.00%, 6/1/2046 | 250 | 274 | ||||||
Rev., 4.00%, 6/1/2051 | 500 | 547 | ||||||
|
| |||||||
Total Maryland | 6,373 | |||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
18 | J.P. MORGAN MUNICIPAL BOND FUNDS | FEBRUARY 28, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Massachusetts — 2.2% |
| |||||||
Massachusetts Bay Transportation Authority, Mass Sales Tax Series B, Rev., NATL-RE, 5.50%, 7/1/2028 | 300 | 396 | ||||||
Massachusetts Development Finance Agency, Emerson College | ||||||||
Rev., 5.00%, 1/1/2037 | 500 | 591 | ||||||
Rev., 5.00%, 1/1/2038 | 405 | 478 | ||||||
Rev., 5.00%, 1/1/2043 | 500 | 582 | ||||||
Massachusetts Development Finance Agency, Emmanuel College Series 2016A, Rev., 5.00%, 10/1/2043 | 500 | 567 | ||||||
Massachusetts Development Finance Agency, Newbridge On the Charles, Inc. Rev., 4.13%, 10/1/2042 (b) | 2,000 | 2,148 | ||||||
Massachusetts Development Finance Agency, Orchid Cove, Inc. | ||||||||
Rev., 4.00%, 10/1/2029 | 925 | 1,031 | ||||||
Rev., 4.00%, 10/1/2039 | 500 | 546 | ||||||
Rev., 5.00%, 10/1/2039 | 250 | 282 | ||||||
Massachusetts Development Finance Agency, Southcoast Health System Obligated Group Issue Series 2021G, Rev., 5.00%, 7/1/2039 | 350 | 442 | ||||||
Massachusetts Development Finance Agency, Suffolk University Issue | ||||||||
Rev., 5.00%, 7/1/2036 | 450 | 548 | ||||||
Rev., 5.00%, 7/1/2037 | 605 | 734 | ||||||
Massachusetts Development Finance Agency, Wellforce Issue Series 2020C, Rev., AGM, 3.00%, 10/1/2045 | 1,280 | 1,304 | ||||||
Massachusetts Port Authority Series A, Rev., 5.00%, 7/1/2044 | 500 | 559 | ||||||
Massachusetts State College Building Authority Series B, Rev., AGC, 5.50%, 5/1/2028 | 350 | 432 | ||||||
Massachusetts Water Resources Authority Series B, Rev., AGM, 5.25%, 8/1/2032 | 100 | 140 | ||||||
|
| |||||||
Total Massachusetts | 10,780 | |||||||
|
| |||||||
Michigan — 4.1% |
| |||||||
City of Detroit, Social Bonds, Unlimited Tax | ||||||||
Series 2021A, GO, 5.00%, 4/1/2031 | 210 | 259 | ||||||
Series 2021A, GO, 4.00%, 4/1/2041 | 500 | 548 | ||||||
Series 2021A, GO, 4.00%, 4/1/2042 | 400 | 437 | ||||||
City of Detroit, Unlimited Tax | ||||||||
GO, 5.00%, 4/1/2035 | 500 | 582 | ||||||
GO, 5.00%, 4/1/2036 | 500 | 580 | ||||||
GO, 5.00%, 4/1/2037 | 500 | 578 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Michigan — continued |
| |||||||
Flint Hospital Building Authority, Hurley Medical Center Rev., 4.00%, 7/1/2038 | 1,800 | 1,931 | ||||||
Kalamazoo Economic Development Corp., Heritage Community of Kalamazoo Project | ||||||||
Rev., 5.00%, 5/15/2037 | 1,230 | 1,343 | ||||||
Rev., 5.00%, 5/15/2055 | 3,000 | 3,229 | ||||||
Michigan Finance Authority, Kettering University Project | ||||||||
Rev., 4.00%, 9/1/2045 | 500 | 545 | ||||||
Rev., 4.00%, 9/1/2050 | 1,000 | 1,084 | ||||||
Michigan Finance Authority, Universal Learning Academy Rev., 6.00%, 11/1/2032 | 750 | 863 | ||||||
Michigan Strategic Fund, Holland Home Obligated Group Rev., 5.00%, 11/15/2043 | 750 | 837 | ||||||
Michigan Strategic Fund, I-75 Improvement Project Rev., AMT, AGM, 4.13%, 6/30/2035 | 2,500 | 2,923 | ||||||
Michigan Strategic Fund, United Methodist Retirement Communities Obligated Group, Porter Hills Presbyterian Village Project | ||||||||
Rev., 5.00%, 5/15/2037 | 670 | 759 | ||||||
Rev., 5.00%, 5/15/2044 | 1,000 | 1,114 | ||||||
Michigan Strategic Fund, United Methodist Retirement Communities, Inc. Rev., 5.00%, 11/15/2034 | 1,280 | 1,451 | ||||||
Wayne County Airport Authority, Detroit Metropolitan Airport Series B, Rev., AMT, 5.00%, 12/1/2021 | 400 | 414 | ||||||
Western Michigan University, Tax Exempt | ||||||||
Series 2021A, Rev., AGM, 5.00%, 11/15/2046 | 500 | 623 | ||||||
|
| |||||||
Total Michigan | 20,100 | |||||||
|
| |||||||
Minnesota — 0.9% |
| |||||||
City of Apple Valley, Senior Housing, Orchard Path Project Rev., 4.25%, 9/1/2038 | 750 | 764 | ||||||
City of Minneapolis, Health Care System, Fairview Health Services Series A, Rev., 4.00%, 11/15/2038 | 750 | 843 | ||||||
City of Wayzata, Folkestone Senior Living Community | ||||||||
Rev., 5.00%, 8/1/2032 | 100 | 107 | ||||||
Rev., 5.00%, 8/1/2033 | 200 | 214 | ||||||
Rev., 5.00%, 8/1/2035 | 200 | 213 | ||||||
Rev., 3.75%, 8/1/2036 | 250 | 253 | ||||||
Rev., 3.75%, 8/1/2037 | 500 | 503 | ||||||
Rev., 4.00%, 8/1/2038 | 350 | 356 | ||||||
Rev., 4.00%, 8/1/2039 | 250 | 254 |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 19 |
Table of Contents
JPMorgan High Yield Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2021 (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Minnesota — continued |
| |||||||
City of Woodbury, Charter School Lease | ||||||||
Rev., 3.00%, 12/1/2030 | 250 | 255 | ||||||
Rev., 4.00%, 12/1/2040 | 200 | 211 | ||||||
Rev., 4.00%, 12/1/2050 | 250 | 261 | ||||||
Minneapolis-St. Paul Housing Finance Board, Single Family Mortgage, City Living Home Programs | ||||||||
Series A-1, Rev., GNMA/FNMA/FHLMC, 5.25%, 12/1/2040 | — | (g) | – | (g) | ||||
Series 2007A-2, Rev., GNMA/FNMA/FHLMC, 5.52%, 3/1/2041 | 45 | 45 | ||||||
|
| |||||||
Total Minnesota | 4,279 | |||||||
|
| |||||||
Mississippi — 0.6% |
| |||||||
Mississippi Development Bank, Harrison County, Coliseum and Convention Center | ||||||||
Series A, Rev., GTD, 5.25%, 1/1/2030 | 160 | 208 | ||||||
Series 2010A, Rev., GTD, 5.25%, 1/1/2034 | 100 | 135 | ||||||
Mississippi Hospital Equipment and Facilities Authority, Forrest County General Hospital Refunding Project | ||||||||
Series A, Rev., 4.00%, 1/1/2039 | 1,250 | 1,415 | ||||||
Series A, Rev., 4.00%, 1/1/2040 | 1,000 | 1,129 | ||||||
|
| |||||||
Total Mississippi | 2,887 | |||||||
|
| |||||||
Missouri — 2.3% |
| |||||||
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, St. Clair County Metrolink Project Rev., AGM, 5.25%, 7/1/2025 | 400 | 479 | ||||||
Health and Educational Facilities Authority of the State of Missouri, Lutheran Senior Services Projects | ||||||||
Series 2019A, Rev., 5.00%, 2/1/2029 | 550 | 619 | ||||||
Series 2019C, Rev., 4.00%, 2/1/2032 | 390 | 433 | ||||||
Series 2019C, Rev., 4.00%, 2/1/2033 | 865 | 956 | ||||||
Series 2019C, Rev., 4.00%, 2/1/2034 | 1,000 | 1,099 | ||||||
Series 2019A, Rev., 5.00%, 2/1/2034 | 1,010 | 1,126 | ||||||
Series 2016A, Rev., 5.00%, 2/1/2036 | 2,500 | 2,800 | ||||||
Series 2019A, Rev., 5.00%, 2/1/2042 | 1,000 | 1,106 | ||||||
Joplin Industrial Development Authority, 32nd Street Place Community Improvement District Project | ||||||||
Rev., 3.50%, 11/1/2040 | 750 | 716 | ||||||
Rev., 4.25%, 11/1/2050 | 1,250 | 1,195 | ||||||
Missouri Housing Development Commission, Single Family Mortgage, Special Homeownership Loan Program Series E-4, Rev., AMT, GNMA/FNMA/FHLMC, 4.25%, 5/1/2021 (e) | 15 | 15 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Missouri — continued |
| |||||||
St. Louis County Industrial Development Authority, Friendship Village Series 2018A, Rev., 5.00%, 9/1/2028 | 630 | 720 | ||||||
|
| |||||||
Total Missouri | 11,264 | |||||||
|
| |||||||
Montana — 0.1% |
| |||||||
Cascade County Elementary School District No. 1 Great Falls, School Building GO, 3.63%, 7/1/2038 | 335 | 365 | ||||||
Montana Board of Housing, Single Family Homeownership Series A-2, Rev., AMT, 4.00%, 12/1/2038 | 75 | 78 | ||||||
|
| |||||||
Total Montana | 443 | |||||||
|
| |||||||
Nevada — 0.5% |
| |||||||
City of Las Vegas, Special Improvement District No. 611, Local Improvement | ||||||||
3.50%, 6/1/2030 | 200 | 213 | ||||||
3.50%, 6/1/2031 | 160 | 169 | ||||||
3.75%, 6/1/2032 | 260 | 276 | ||||||
4.00%, 6/1/2033 | 185 | 199 | ||||||
4.00%, 6/1/2034 | 185 | 198 | ||||||
4.00%, 6/1/2035 | 185 | 197 | ||||||
4.00%, 6/1/2040 | 450 | 473 | ||||||
City of Reno, Sales Tax, Senior Lien, ReTrac-Reno Transportation Rail Access Corridor Project Series B, Rev., AGM, 4.00%, 6/1/2048 | 375 | 401 | ||||||
City of Sparks, Senior Sales Tax Series 2019A, Rev., 2.50%, 6/15/2024 (b) | 190 | 191 | ||||||
County of Clark, Passenger Facility Charge, Las Vegas-McCarran International Airport Passenger Facility Series 2019E, Rev., 5.00%, 7/1/2033 | 200 | 252 | ||||||
|
| |||||||
Total Nevada | 2,569 | |||||||
|
| |||||||
New Hampshire — 0.3% |
| |||||||
City of Manchester, School Facilities Rev., NATL-RE, 5.50%, 6/1/2027 | 100 | 127 | ||||||
New Hampshire Business Finance Authority, The Vista Project | ||||||||
Series A, Rev., 5.25%, 7/1/2039 (b) | 200 | 200 | ||||||
Series A, Rev., 5.63%, 7/1/2046 (b) | 1,000 | 1,013 | ||||||
|
| |||||||
Total New Hampshire | 1,340 | |||||||
|
| |||||||
New Jersey — 5.5% |
| |||||||
New Jersey Economic Development Authority, Black Horse EHT Urban Renewal LLC Project Series 2019A, Rev., 5.00%, 10/1/2039 (b) | 2,000 | 1,986 | ||||||
New Jersey Economic Development Authority, Golden Door Charter School Project | ||||||||
Series 2018A, Rev., 5.13%, 11/1/2029 (b) | 210 | 230 |
SEE NOTES TO FINANCIAL STATEMENTS.
20 | J.P. MORGAN MUNICIPAL BOND FUNDS | FEBRUARY 28, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
New Jersey — continued |
| |||||||
Series 2018-A, Rev., 6.25%, 11/1/2038 (b) | 525 | 610 | ||||||
New Jersey Economic Development Authority, Marion P. Thomas Charter School, Inc., Project Series 2018-A, Rev., 5.00%, 10/1/2033 (b) | 1,000 | 1,085 | ||||||
New Jersey Economic Development Authority, Motor Vehicle Surcharge Series A, Rev., NATL-RE, 5.25%, 7/1/2024 | 380 | 434 | ||||||
New Jersey Economic Development Authority, School Facilities Construction | ||||||||
Rev., 4.00%, 6/15/2046 | 875 | 951 | ||||||
Rev., 4.00%, 6/15/2050 | 1,000 | 1,083 | ||||||
New Jersey Economic Development Authority, State House Project Series 2017B, Rev., 4.13%, 6/15/2039 | 1,200 | 1,354 | ||||||
New Jersey Economic Development Authority, Transit Transportation Project | ||||||||
Series 2020A, Rev., 4.00%, 11/1/2037 | 1,500 | 1,661 | ||||||
Series 2020A, Rev., 4.00%, 11/1/2038 | 750 | 828 | ||||||
Series 2020A, Rev., 4.00%, 11/1/2039 | 2,000 | 2,204 | ||||||
New Jersey Economic Development Authority, White Horse HMT Urban Renewal LLC Project Rev., 5.00%, 1/1/2040 (b) | 3,000 | 2,959 | ||||||
New Jersey Educational Facilities Authority, Seton Hall University Issue, Tax-Exempt | ||||||||
Series 2020C, Rev., AGM, 3.25%, 7/1/2049 | 700 | 724 | ||||||
Series 2020C, Rev., AGM, 4.00%, 7/1/2050 | 725 | 809 | ||||||
New Jersey Health Care Facilities Financing Authority, St. Joseph’s Healthcare System Obligated Group Rev., 5.00%, 7/1/2041 | 1,500 | 1,737 | ||||||
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 | 432 | ||||||
Series A, Rev., AMT, 4.00%, 12/1/2033 | 500 | 537 | ||||||
Series 2018A, Rev., AMT, 4.00%, 12/1/2034 | 300 | 322 | ||||||
Series A, Rev., AMT, 4.00%, 12/1/2035 | 200 | 214 | ||||||
New Jersey Transportation Trust Fund Authority | ||||||||
Series 2019BB, Rev., 4.00%, 6/15/2036 | 1,000 | 1,110 | ||||||
Series 2020AA, Rev., 4.00%, 6/15/2039 | 1,000 | 1,110 | ||||||
Series 2020AA, Rev., 4.00%, 6/15/2040 | 600 | 663 | ||||||
New Jersey Turnpike Authority | ||||||||
Series D, Rev., 5.00%, 1/1/2028 | 1,800 | 2,172 | ||||||
Series 2021A, Rev., 4.00%, 1/1/2042 | 1,000 | 1,160 | ||||||
|
| |||||||
Total New Jersey | 27,175 | |||||||
|
|
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
New Mexico — 0.5% |
| |||||||
New Mexico Hospital Equipment Loan Council, Haverland Carter Lifestyle Group—La Vida Llena Expansion Project | ||||||||
Series A, Rev., 5.00%, 7/1/2033 | 360 | 411 | ||||||
Series A, Rev., 5.00%, 7/1/2034 | 375 | 426 | ||||||
Series A, Rev., 5.00%, 7/1/2039 | 1,225 | 1,379 | ||||||
New Mexico Mortgage Finance Authority, Single Family Mortgage Program Series 2011B, Class I, Rev., GNMA/FNMA/FHLMC, 5.00%, 3/1/2028 | 50 | 50 | ||||||
|
| |||||||
Total New Mexico | 2,266 | |||||||
|
| |||||||
New York — 4.0% |
| |||||||
Buffalo and Erie County Industrial Land Development Corp., D’youville College Project | ||||||||
Rev., 4.00%, 11/1/2035 | 510 | 564 | ||||||
Rev., 4.00%, 11/1/2040 | 1,035 | 1,126 | ||||||
Build NYC Resource Corp., Inwood Academy for Leadership Charter School Project | ||||||||
Series 2018A, Rev., 4.88%, 5/1/2031 (b) | 500 | 562 | ||||||
Series 2018A, Rev., 5.13%, 5/1/2038 (b) | 250 | 279 | ||||||
Jefferson County Civic Facility Development Corp., Samaritan Medical Center Project Series 2017A, Rev., 4.00%, 11/1/2042 | 1,000 | 1,049 | ||||||
Metropolitan Transportation Authority | ||||||||
Series 2019B-1, Rev., BAN, 5.00%, 5/15/2022 | 200 | 210 | ||||||
Series 2020A-1, Rev., BAN, 5.00%, 2/1/2023 | 500 | 539 | ||||||
Monroe County Industrial Development Corp., True North Rochester Preparatory Charter School Project | ||||||||
Series 2020A, Rev., 5.00%, 6/1/2040 (b) | 630 | 732 | ||||||
Series 2020A, Rev., 5.00%, 6/1/2059 (b) | 540 | 615 | ||||||
New York Liberty Development Corp., Goldman Sachs Headquarters Rev., 5.25%, 10/1/2035 | 525 | 735 | ||||||
New York State Dormitory Authority, Montefiore Obligated Group Series 2020A, Rev., AGM, 3.00%, 9/1/2050 | 1,350 | 1,355 | ||||||
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 | 1,032 | ||||||
Rev., AMT, 5.00%, 1/1/2025 | 3,250 | 3,682 | ||||||
Rev., AMT, 5.00%, 1/1/2028 | 500 | 607 | ||||||
Rev., AMT, 4.00%, 10/1/2030 | 1,000 | 1,161 | ||||||
Rev., AMT, 4.00%, 1/1/2036 | 500 | 550 | ||||||
Rev., AMT, 5.00%, 1/1/2036 | 375 | 440 |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 21 |
Table of Contents
JPMorgan High Yield Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2021 (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
New York — continued |
| |||||||
Onondaga Civic Development Corp., Le Moyne College Project | ||||||||
Rev., 5.00%, 1/1/2037 | 300 | 348 | ||||||
Rev., 5.00%, 1/1/2038 | 200 | 232 | ||||||
Rev., 5.00%, 1/1/2043 | 500 | 572 | ||||||
Suffolk County Economic Development Corp., Peconic Landing at Southold Project, Inc. Rev., 5.00%, 12/1/2029 | 750 | 860 | ||||||
Suffolk County Economic Development Corp., St. Johnland Assisted Living Inc., Project | ||||||||
Rev., 5.13%, 11/1/2041 (b) | 850 | 847 | ||||||
Rev., 5.38%, 11/1/2054 (b) | 750 | 747 | ||||||
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 | 217 | ||||||
Series 2019A, Rev., 5.00%, 10/15/2039 | 315 | 357 | ||||||
|
| |||||||
Total New York | 19,823 | |||||||
|
| |||||||
North Carolina — 0.2% |
| |||||||
North Carolina Medical Care Commission, Retirement Facilities First Mortgage, Galloway Ridge Series 2019A, Rev., 5.00%, 1/1/2031 | 625 | 711 | ||||||
North Carolina Medical Care Commission, Retirement Facilities, Pennybyrn at Maryfield Project Series 2020A, Rev., 5.00%, 10/1/2040 | 355 | 395 | ||||||
|
| |||||||
Total North Carolina | 1,106 | |||||||
|
| |||||||
North Dakota ��� 0.0% (f) |
| |||||||
North Dakota Housing Finance Agency, Home Mortgage Finance Program Series 2012A, Rev., 3.75%, 7/1/2042 | 30 | 31 | ||||||
|
| |||||||
Ohio — 3.8% |
| |||||||
Butler County Port Authority, Community First Solutions | ||||||||
Rev., 4.00%, 5/15/2046 | 250 | 278 | ||||||
Rev., 4.00%, 5/15/2051 | 655 | 726 | ||||||
City of Middleburg Heights, Southwest General Health Center Project, Tax-Exempt Series 2020A, Rev., 4.00%, 8/1/2041 | 550 | 625 | ||||||
Cleveland-Cuyahoga County, Port Authority Cultural Facility, Playhouse Square Foundation Project | ||||||||
Rev., 5.00%, 12/1/2033 | 1,000 | 1,056 | ||||||
Rev., 5.25%, 12/1/2038 | 500 | 530 | ||||||
Rev., 5.50%, 12/1/2043 | 500 | 531 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Ohio — continued |
| |||||||
County of Greene, Various Purpose Series 2007A, GO, AMBAC, 5.25%, 12/1/2028 | 45 | 56 | ||||||
County of Hamilton, Cincinnati City School District, Board of Education, Classroom Facilities Construction and Improvement GO, NATL-RE, 5.25%, 12/1/2025 | 185 | 225 | ||||||
County of Hardin, Economic Development Facilities Improvement Bonds, Ohio Northern University Rev., 5.00%, 5/1/2030 | 250 | 270 | ||||||
County of Ross, Adena Health System Obligated Group Project Rev., 5.00%, 12/1/2039 | 1,000 | 1,235 | ||||||
Northeast Ohio Medical University | ||||||||
Series 2021A, Rev., 3.00%, 12/1/2040 | 125 | 125 | ||||||
Series 2021A, Rev., 4.00%, 12/1/2045 | 120 | 131 | ||||||
Ohio Higher Educational Facility Commission, The Cleveland Institute of Art 2018 Project | ||||||||
Rev., 5.00%, 12/1/2028 | 500 | 566 | ||||||
Rev., 5.00%, 12/1/2033 | 270 | 300 | ||||||
Rev., 5.00%, 12/1/2038 | 685 | 747 | ||||||
Ohio Higher Educational Facility Commission, Tiffin University 2019 Project | ||||||||
Rev., 5.00%, 11/1/2034 | 2,875 | 3,313 | ||||||
Rev., 5.00%, 11/1/2039 | 4,890 | 5,554 | ||||||
Ohio Higher Educational Facility Commission, University of Findlay 2019 Project Rev., 5.00%, 3/1/2034 | 2,000 | 2,285 | ||||||
Ohio Housing Finance Agency, Single Family Mortgage Series 2011 2, Rev., GNMA/FNMA/FHLMC, 4.50%, 11/1/2028 | 5 | 5 | ||||||
|
| |||||||
Total Ohio | 18,558 | |||||||
|
| |||||||
Oklahoma — 0.4% |
| |||||||
Oklahoma City Water Utilities Trust, Water and Sewer System Rev., 5.38%, 7/1/2021 (e) | 220 | 224 | ||||||
Oklahoma Development Finance Authority, Health System, Ou Medicine Project Series B, Rev., 5.00%, 8/15/2038 | 1,000 | 1,168 | ||||||
Tulsa Airports Improvement Trust | ||||||||
Series A, Rev., AMT, 5.00%, 6/1/2024 | 300 | 340 | ||||||
Series A, Rev., AMT, 5.00%, 6/1/2025 | 420 | 476 | ||||||
|
| |||||||
Total Oklahoma | 2,208 | |||||||
|
| |||||||
Oregon — 0.6% |
| |||||||
Clackamas County Hospital Facility Authority, Mary’s Woods at Marylhurst Project | ||||||||
Series 2018A, Rev., 5.00%, 5/15/2038 | 220 | 234 | ||||||
Series 2018A, Rev., 5.00%, 5/15/2043 | 310 | 327 |
SEE NOTES TO FINANCIAL STATEMENTS.
22 | J.P. MORGAN MUNICIPAL BOND FUNDS | FEBRUARY 28, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Oregon — continued |
| |||||||
Clackamas County School District No. 7J Lake Oswego GO, AGM, 5.25%, 6/1/2025 | 165 | 198 | ||||||
Linn County Community School District No. 9 Lebanon GO, NATL-RE, 5.50%, 6/15/2030 | 20 | 26 | ||||||
Oregon State Facilities Authority, Samaritan Health Services Project, Tax-Exempt | ||||||||
Series 2020A, Rev., 5.00%, 10/1/2035 | 135 | 168 | ||||||
Series 2020A, Rev., 5.00%, 10/1/2040 | 585 | 721 | ||||||
Salem Hospital Facility Authority, Capital Manor Project Rev., 5.00%, 5/15/2038 | 1,000 | 1,126 | ||||||
State of Oregon, Housing and Community Services Department, Single Family Mortgage Program Series B, Rev., AMT, 5.00%, 7/1/2030 | 5 | 5 | ||||||
State of Oregon, University Systems Projects Series G, GO, 5.25%, 8/2/2021 (e) | 105 | 107 | ||||||
|
| |||||||
Total Oregon | 2,912 | |||||||
|
| |||||||
Pennsylvania — 8.2% |
| |||||||
Aliquippa School District, Limited Tax | ||||||||
GO, 3.75%, 12/1/2033 | 2,000 | 2,237 | ||||||
GO, 3.88%, 12/1/2037 | 1,250 | 1,388 | ||||||
Allegheny County Hospital Development Authority, Allegheny Health Network Obligated Group Series 2018A, Rev., 4.00%, 4/1/2038 | 500 | 560 | ||||||
Allentown City School District, Limited Tax | ||||||||
Series C, GO, 4.00%, 2/1/2034 | 1,580 | 1,815 | ||||||
Series B, GO, 5.00%, 2/1/2034 | 1,300 | 1,611 | ||||||
Series C, GO, 4.00%, 2/1/2035 | 1,000 | 1,146 | ||||||
Allentown Neighborhood Improvement Zone Development Authority, City Center Project | ||||||||
Rev., 5.00%, 5/1/2033 (b) | 250 | 291 | ||||||
Rev., 5.00%, 5/1/2042 (b) | 250 | 289 | ||||||
Berks County Industrial Development Authority, The Highlands at Wyomissing | ||||||||
Rev., 5.00%, 5/15/2033 | 500 | 560 | ||||||
Series 2017A, Rev., 5.00%, 5/15/2037 | 250 | 282 | ||||||
Rev., 5.00%, 5/15/2038 | 500 | 554 | ||||||
Berks County Industrial Development Authority, Tower Health Project Rev., 5.00%, 11/1/2037 | 1,000 | 1,109 | ||||||
Bucks County Industrial Development Authority, Grand View Hospital Project Rev., 4.00%, 7/1/2046 (d) | 890 | 939 | ||||||
Bucks County Industrial Development Authority, St. Luke’s University Health Network Project Rev., 4.00%, 8/15/2044 | 2,475 | 2,729 | ||||||
Cumberland County Municipal Authority, Asbury Pennsylvania Rev., 3.00%, 1/1/2024 | 1,000 | 1,008 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Pennsylvania — continued |
| |||||||
Dallas Area Municipal Authority, Misericordia University Project | ||||||||
Rev., 3.25%, 5/1/2023 | 150 | 153 | ||||||
Rev., 5.00%, 5/1/2029 | 650 | 748 | ||||||
Rev., 5.00%, 5/1/2039 | 1,100 | 1,262 | ||||||
Franklin County Industrial Development Authority, Menno-Haven, Inc., Project | ||||||||
Rev., 5.00%, 12/1/2029 | 195 | 218 | ||||||
Rev., 5.00%, 12/1/2039 | 385 | 414 | ||||||
Rev., 5.00%, 12/1/2049 | 500 | 529 | ||||||
Lancaster County Hospital Authority, Health Care Facilities, Moravian Manors, Inc., Project | ||||||||
Series 2019A, Rev., 5.00%, 6/15/2032 | 545 | 598 | ||||||
Series 2019A, Rev., 5.00%, 6/15/2033 | 570 | 623 | ||||||
Series 2019A, Rev., 5.00%, 6/15/2038 | 1,110 | 1,200 | ||||||
Lancaster County Hospital Authority, St. Anne’s Retirement Community, Inc., Project | ||||||||
Rev., 5.00%, 3/1/2040 | 250 | 270 | ||||||
Rev., 5.00%, 3/1/2045 | 500 | 536 | ||||||
Rev., 5.00%, 3/1/2050 | 500 | 535 | ||||||
Luzerne County Industrial Development Authority Rev., AGM, 5.00%, 12/15/2024 | 70 | 81 | ||||||
Mercer County Industrial Development Authority, Thiel College Project Rev., 6.13%, 10/1/2050 (b) | 2,700 | 3,027 | ||||||
Montgomery County Higher Education and Health Authority, Arcadia University | ||||||||
Rev., 5.00%, 4/1/2034 | 275 | 331 | ||||||
Rev., 4.00%, 4/1/2035 | 205 | 227 | ||||||
Rev., 4.00%, 4/1/2036 | 520 | 575 | ||||||
Rev., 4.00%, 4/1/2037 | 545 | 601 | ||||||
Rev., 4.00%, 4/1/2038 | 695 | 764 | ||||||
Rev., 4.00%, 4/1/2039 | 725 | 794 | ||||||
Northampton County Industrial Development Authority, Morningstar Senior Living, Inc., Project Rev., 5.00%, 11/1/2039 | 1,000 | 1,071 | ||||||
Philadelphia Authority for Industrial Development, Independence Charter School West Project | ||||||||
Rev., 4.00%, 6/15/2029 | 360 | 385 | ||||||
Rev., 5.00%, 6/15/2039 | 500 | 544 | ||||||
Philadelphia Authority for Industrial Development, International Education and Community Initiatives Project Series 2018-A, Rev., 4.50%, 6/1/2029 (b) | 700 | 777 | ||||||
Philadelphia Authority for Industrial Development, MAST Community Charter School II Project | ||||||||
Series 2020A, Rev., 5.00%, 8/1/2030 | 265 | 313 |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 23 |
Table of Contents
JPMorgan High Yield Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2021 (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Pennsylvania — continued |
| |||||||
Series 2020A, Rev., 5.00%, 8/1/2040 | 315 | 369 | ||||||
School District of Philadelphia (The) Series B, GO, AGM, 4.00%, 9/1/2043 | 1,250 | 1,410 | ||||||
West Cornwall Township Municipal Authority, Pleasant View Retirement Community Project Rev., 5.00%, 12/15/2038 | 750 | 836 | ||||||
West Mifflin School District, Limited Tax | ||||||||
GO, 3.00%, 4/1/2034 | 1,000 | 1,080 | ||||||
GO, 3.00%, 4/1/2038 | 1,400 | 1,492 | ||||||
Wilkes-Barre Area School District | ||||||||
GO, 3.50%, 4/15/2038 | 370 | 406 | ||||||
GO, 3.50%, 4/15/2039 | 230 | 251 | ||||||
GO, 3.75%, 4/15/2044 | 1,000 | 1,098 | ||||||
|
| |||||||
Total Pennsylvania | 40,036 | |||||||
|
| |||||||
Rhode Island — 0.1% |
| |||||||
Rhode Island Commerce Corp. Series B, Rev., 5.00%, 7/1/2022 | 250 | 264 | ||||||
Rhode Island Student Loan Authority Series 2017A, Rev., AMT, 5.00%, 12/1/2024 | 100 | 115 | ||||||
|
| |||||||
Total Rhode Island | 379 | |||||||
|
| |||||||
South Carolina — 1.5% |
| |||||||
South Carolina Jobs-Economic Development Authority, Bishop Gadsden Episcopal Retirement Community Series 2019A, Rev., 4.00%, 4/1/2034 | 605 | 649 | ||||||
South Carolina Jobs-Economic Development Authority, Episcopal Home At Still Hopes Series 2018A, Rev., 5.00%, 4/1/2033 | 1,485 | 1,607 | ||||||
South Carolina Jobs-Economic Development Authority, Lowcountry Leadership Charter School Project | ||||||||
Series A, Rev., 4.00%, 12/1/2029 (b) | 1,130 | 1,243 | ||||||
Series A, Rev., 5.00%, 12/1/2034 (b) | 1,405 | 1,629 | ||||||
Series A, Rev., 5.00%, 12/1/2039 (b) | 1,795 | 2,044 | ||||||
South Carolina Jobs-Economic Development Authority, Woodlands at Furman Project | ||||||||
Series 2020A, Rev., 5.00%, 11/15/2028 | 210 | 237 | ||||||
Series 2020A, Rev., 5.00%, 11/15/2029 | 110 | 124 | ||||||
|
| |||||||
Total South Carolina | 7,533 | |||||||
|
| |||||||
South Dakota — 0.1% |
| |||||||
South Dakota Health and Educational Facilities Authority, Sanford Health Obligated Group Rev., 5.00%, 11/1/2045 | 500 | 568 | ||||||
South Dakota Housing Development Authority, Homeownership Mortgage Series 2012A, Rev., AMT, 4.50%, 5/1/2031 | 25 | 26 | ||||||
|
| |||||||
Total South Dakota | 594 | |||||||
|
|
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Tennessee — 1.8% |
| |||||||
Chattanooga Health Educational and Housing Facility Board, Commonspirit Health Series A-1, Rev., 4.00%, 8/1/2044 | 1,000 | 1,109 | ||||||
Metropolitan Nashville Airport Authority (The), Subordinate Airport Series 2019B, Rev., AMT, 5.00%, 7/1/2039 | 625 | 771 | ||||||
Nashville Metropolitan Development and Housing Agency, Tax Increment, Fifth Broadway Development Project | ||||||||
Rev., 4.50%, 6/1/2028 (b) | 500 | 546 | ||||||
Rev., 5.13%, 6/1/2036 (b) | 425 | 479 | ||||||
Shelby County Health Educational and Housing Facilities Board, The Farms at Bailey Station Project | ||||||||
Series 2019A, Rev., 5.75%, 10/1/2049 | 1,000 | 1,009 | ||||||
Series 2019A, Rev., 5.75%, 10/1/2054 | 1,500 | 1,508 | ||||||
Series 2019A, Rev., 5.75%, 10/1/2059 | 3,350 | 3,334 | ||||||
Tennessee Housing Development Agency, Homeownership Program Series 1A, Rev., AMT, 4.50%, 1/1/2038 | 30 | 31 | ||||||
|
| |||||||
Total Tennessee | 8,787 | |||||||
|
| |||||||
Texas — 5.6% |
| |||||||
Arlington Higher Education Finance Corp., Basis Texas Charter Schools, Inc. Series 2020A, Rev., 4.00%, 6/15/2040 (b) | 1,810 | 1,829 | ||||||
Arlington Higher Education Finance Corp., Newman International Academy | ||||||||
Rev., 5.00%, 8/15/2041 | 300 | 320 | ||||||
Rev., 5.00%, 8/15/2051 | 850 | 890 | ||||||
Arlington Higher Education Finance Corp., Winfree Academy Charter Schools | ||||||||
Series 2019A, Rev., 5.15%, 8/15/2029 | 435 | 474 | ||||||
Series 2019A, Rev., 5.75%, 8/15/2043 | 1,000 | 1,119 | ||||||
Bexar County Health Facilities Development Corp., Army Retirement Residence Foundation Project Rev., 4.00%, 7/15/2045 | 940 | 940 | ||||||
City of Houston, Airport System, Subordinate Lien Series 2018D, Rev., 5.00%, 7/1/2028 | 355 | 449 | ||||||
City of Houston, Airport System, United Airlines, Inc., Terminal E Project Rev., AMT, 5.00%, 7/1/2029 | 2,500 | 2,708 | ||||||
City of Houston, Combined Utility System, Capital Appreciation Series A, Rev., AGM, Zero Coupon, 12/1/2027 (e) | 30 | 28 | ||||||
City of Temple, Reinvestment Zone Series A, Rev., 5.00%, 8/1/2028 (b) | 915 | 1,026 | ||||||
Dallas Area Rapid Transit, Sales Tax, Senior Lien Rev., AMBAC, 5.25%, 12/1/2029 | 130 | 174 |
SEE NOTES TO FINANCIAL STATEMENTS.
24 | J.P. MORGAN MUNICIPAL BOND FUNDS | FEBRUARY 28, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Texas — continued |
| |||||||
Danbury Higher Education Authority, Inc., Golden Rule Schools, Inc. Series 2019A, Rev., 5.00%, 8/15/2039 | 3,000 | 3,099 | ||||||
Matagorda County Navigation District No. 1, Pollution Control, Central Power and Light Co. Project. Series 2001A, Rev., 2.60%, 11/1/2029 | 1,000 | 1,070 | ||||||
New Hope Cultural Education Facilities Finance Corp., Beta Academy | ||||||||
Series A, Rev., 3.38%, 8/15/2029 (b) | 300 | 303 | ||||||
Series A, Rev., 5.00%, 8/15/2039 (b) | 425 | 445 | ||||||
Series A, Rev., 5.00%, 8/15/2049 (b) | 670 | 696 | ||||||
New Hope Cultural Education Facilities Finance Corp., Cityscape Schools Inc. | ||||||||
Series A, Rev., 4.00%, 8/15/2029 (b) | 330 | 358 | ||||||
Series A, Rev., 5.00%, 8/15/2039 (b) | 610 | 672 | ||||||
New Hope Cultural Education Facilities Finance Corp., Legacy Midtown Park Project Series A, Rev., 5.50%, 7/1/2054 | 1,000 | 1,045 | ||||||
New Hope Cultural Education Facilities Finance Corp., Morningside Ministries Project | ||||||||
Series 2020A, Rev., 5.00%, 1/1/2030 | 1,075 | 1,175 | ||||||
Series 2020A, Rev., 5.00%, 1/1/2035 | 865 | 931 | ||||||
Series 2020A, Rev., 5.00%, 1/1/2040 | 790 | 842 | ||||||
Series 2020A, Rev., 5.00%, 1/1/2055 | 2,000 | 2,099 | ||||||
New Hope Cultural Education Facilities Finance Corp., Presbyterian Village North Project Rev., 5.00%, 10/1/2039 | 1,000 | 1,040 | ||||||
New Hope Cultural Education Facilities Finance Corp., Quality Senior Housing Foundation Series A-1, Rev., 5.00%, 12/1/2039 | 1,420 | 1,552 | ||||||
New Hope Cultural Education Facilities Finance Corp., Wesleyan Homes Inc., Project | ||||||||
Rev., 4.00%, 1/1/2029 | 300 | 302 | ||||||
Rev., 5.00%, 1/1/2039 | 205 | 214 | ||||||
Newark Higher Education Finance Corp., Austin Achieve Public Schools, Inc. | ||||||||
Rev., 4.25%, 6/15/2028 | 140 | 144 | ||||||
Rev., 5.00%, 6/15/2033 | 150 | 156 | ||||||
Rev., 5.00%, 6/15/2038 | 250 | 258 | ||||||
Permanent University Fund — University of Texas System Series B, Rev., 5.25%, 7/1/2028 | 140 | 182 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., Hospital, Cook Children’s Medical Center Series A, Rev., 5.25%, 12/1/2039 | 170 | 187 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., Retirement Facility, MRC Stevenson Oaks Project Series 2020A, Rev., 6.25%, 11/15/2031 | 500 | 559 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Texas — continued |
| |||||||
Texas Department of Housing and Community Affairs, Residential Mortgage Series A, Rev., GNMA/FNMA/FHLMC, 5.00%, 7/1/2029 | 5 | 5 | ||||||
|
| |||||||
Total Texas | 27,291 | |||||||
|
| |||||||
Utah — 2.4% |
| |||||||
Mida Mountain Village Public Infrastructure District | ||||||||
Series 2020B, Rev., 6.25%, 8/1/2030 (b) | 1,000 | 991 | ||||||
Series 2020A, Rev., 4.50%, 8/1/2040 | 1,000 | 1,103 | ||||||
Utah Charter School Finance Authority, Mountain West Montessori Academy Project | ||||||||
Series 2020A, Rev., 3.13%, 6/15/2029 (b) | 750 | 765 | ||||||
Series 2020A, Rev., 5.00%, 6/15/2039 (b) | 475 | 525 | ||||||
Series 2020A, Rev., 5.00%, 6/15/2049 (b) | 825 | 898 | ||||||
Utah Charter School Finance Authority, Summit Academy Incorporated | ||||||||
Series A, Rev., 4.00%, 4/15/2032 | 250 | 287 | ||||||
Series A, Rev., 4.00%, 4/15/2033 | 260 | 297 | ||||||
Series A, Rev., 5.00%, 4/15/2034 | 235 | 284 | ||||||
Series A, Rev., 5.00%, 4/15/2039 | 700 | 834 | ||||||
Utah Charter School Finance Authority, The Freedom Academy Foundation, St. George Campus Project | ||||||||
Series 2021A, Rev., 5.00%, 6/15/2041 (b) | 870 | 949 | ||||||
Series 2021A, Rev., 5.00%, 6/15/2052 (b) | 1,295 | 1,383 | ||||||
Utah Infrastructure Agency, Tax-Exempt Telecommunications | ||||||||
Rev., 4.00%, 10/15/2033 | 500 | 573 | ||||||
Rev., 4.00%, 10/15/2036 | 500 | 566 | ||||||
Rev., 4.00%, 10/15/2039 | 700 | 784 | ||||||
Rev., 4.00%, 10/15/2041 | 250 | 280 | ||||||
Rev., 4.00%, 10/15/2042 | 475 | 528 | ||||||
Utah Transit Authority, Subordinate Sales Tax | ||||||||
Series C, Rev., AGM, 5.25%, 6/15/2025 | 40 | 47 | ||||||
Series 2006C, Rev., AGM, 5.25%, 6/15/2032 | 450 | 612 | ||||||
|
| |||||||
Total Utah | 11,706 | |||||||
|
| |||||||
Vermont — 0.1% |
| |||||||
Vermont Student Assistance Corp., Education Loan | ||||||||
Series A, Rev., AMT, 4.00%, 6/15/2032 | 150 | 158 | ||||||
Series A, Rev., AMT, 4.00%, 6/15/2033 | 190 | 200 | ||||||
Series 2018A, Rev., AMT, 4.00%, 6/15/2034 | 155 | 162 | ||||||
|
| |||||||
Total Vermont | 520 | |||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 25 |
Table of Contents
JPMorgan High Yield Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2021 (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Virginia — 3.7% |
| |||||||
Chesapeake Hospital Authority, Regional Medical Center | ||||||||
Rev., 4.00%, 7/1/2035 | 1,000 | 1,138 | ||||||
Rev., 4.00%, 7/1/2036 | 1,175 | 1,332 | ||||||
Rev., 4.00%, 7/1/2037 | 1,205 | 1,362 | ||||||
Danville Industrial Development Authority, Averett University Series A, Rev., 4.75%, 10/1/2032 | 760 | 795 | ||||||
Fredericksburg Economic Development Authority, Stadium Project | ||||||||
Series B, Rev., 6.13%, 9/1/2029 (b) | 2,000 | 1,986 | ||||||
Series B, Rev., 7.00%, 9/1/2044 (b) | 1,000 | 952 | ||||||
Norfolk Redevelopment and Housing Authority, Fort Norfolk Retirement Community, Harbors Edge Project | ||||||||
Series 2019A, Rev., 5.00%, 1/1/2034 | 1,000 | 1,068 | ||||||
Series 2019A, Rev., 4.38%, 1/1/2039 | 1,400 | 1,432 | ||||||
Roanoke County Economic Development Authority, Residential Care Facility, Richfield Living | ||||||||
Series 2019A, Rev., 4.75%, 9/1/2029 | 1,000 | 1,018 | ||||||
Series 2020, Rev., 4.30%, 9/1/2030 | 770 | 757 | ||||||
Series 2019A, Rev., 5.00%, 9/1/2034 | 2,000 | 2,040 | ||||||
Series 2020, Rev., 5.00%, 9/1/2040 | 1,640 | 1,640 | ||||||
Roanoke Economic Development Authority, Carilion Clinic Obligated Group Series 2020A, Rev., 5.00%, 7/1/2047 | 1,550 | �� | 2,337 | |||||
Virginia Resources Authority, Infrastructure Pooled Financing Program Series 2011A, Rev., 5.00%, 11/1/2021 (e) | 70 | 72 | ||||||
|
| |||||||
Total Virginia | 17,929 | |||||||
|
| |||||||
Washington — 2.9% |
| |||||||
Pend Oreille County, Public Hospital District No. 1, Unlimited Tax | ||||||||
GO, 5.00%, 12/1/2033 | 1,000 | 1,150 | ||||||
GO, 5.00%, 12/1/2038 | 1,255 | 1,425 | ||||||
Pend Oreille County, Public Utility District No. 1, Box Canyon Production System Rev., 5.00%, 1/1/2039 | 2,605 | 2,896 | ||||||
Washington Health Care Facilities Authority, Commonspirit Health Series A-1, Rev., 4.00%, 8/1/2044 | 1,000 | 1,109 | ||||||
Washington Higher Education Facilities Authority, Seattle University Project | ||||||||
Rev., 3.50%, 5/1/2039 | 300 | 321 | ||||||
Rev., 3.63%, 5/1/2040 | 800 | 862 | ||||||
Rev., 4.00%, 5/1/2045 | 500 | 558 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Washington — continued |
| |||||||
Washington State Housing Finance Commission, Judson Park Project | ||||||||
Rev., 4.00%, 7/1/2028 (b) | 535 | 563 | ||||||
Rev., 5.00%, 7/1/2033 (b) | 535 | 580 | ||||||
Rev., 5.00%, 7/1/2038 (b) | 300 | 323 | ||||||
Washington State Housing Finance Commission, The Heart Stone Project | ||||||||
Series 2018A, Rev., 4.50%, 7/1/2028 (b) | 965 | 1,009 | ||||||
Series 2018A, Rev., 5.00%, 7/1/2038 (b) | 825 | 858 | ||||||
Washington State Housing Finance Commission, Transforming Age Projects | ||||||||
Series 2019A, Rev., 5.00%, 1/1/2034 (b) | 745 | 832 | ||||||
Series 2019A, Rev., 5.00%, 1/1/2039 (b) | 1,495 | 1,652 | ||||||
|
| |||||||
Total Washington | 14,138 | |||||||
|
| |||||||
West Virginia — 0.6% |
| |||||||
West Virginia Hospital Finance Authority, Charleston Area Medical Center, Inc. | ||||||||
Series 2019A, Rev., 5.00%, 9/1/2038 | 1,250 | 1,508 | ||||||
Series 2019A, Rev., 5.00%, 9/1/2039 | 1,400 | 1,684 | ||||||
|
| |||||||
Total West Virginia | 3,192 | |||||||
|
| |||||||
Wisconsin — 6.3% |
| |||||||
Public Finance Authority, Blue Ridge Healthcare Facilities | ||||||||
Series 2020A, Rev., 4.00%, 1/1/2045 | 750 | 842 | ||||||
Series 2020A, Rev., 3.00%, 1/1/2050 | 750 | 764 | ||||||
Public Finance Authority, Cedars Obligated Group, Cedars Obligated Group | ||||||||
Rev., 4.25%, 5/1/2029 (b) | 1,000 | 973 | ||||||
Public Finance Authority, Community School of Davidson Project | ||||||||
Rev., 3.75%, 10/1/2023 | 230 | 235 | ||||||
Rev., 5.00%, 10/1/2033 | 775 | 868 | ||||||
Public Finance Authority, Coral Academy of Science Reno | ||||||||
Series 2019A, Rev., 5.00%, 6/1/2029 (b) | 370 | 413 | ||||||
Series 2019A, Rev., 5.00%, 6/1/2039 (b) | 710 | 763 | ||||||
Public Finance Authority, ENO River Academy Project | ||||||||
Series 2020A, Rev., 4.00%, 6/15/2030 (b) | 235 | 253 | ||||||
Series 2020A, Rev., 5.00%, 6/15/2040 (b) | 410 | 458 | ||||||
Series 2020A, Rev., 5.00%, 6/15/2054 (b) | 685 | 752 | ||||||
Public Finance Authority, First Mortgage Southminster, Inc. Rev., 4.25%, 10/1/2038 (b) | 2,000 | 2,014 |
SEE NOTES TO FINANCIAL STATEMENTS.
26 | J.P. MORGAN MUNICIPAL BOND FUNDS | FEBRUARY 28, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Wisconsin — continued |
| |||||||
Public Finance Authority, Minnesota College of Osteopathic Medicine | ||||||||
Series 2019A-1, Rev., 5.50%, 12/1/2048 (b) (h) | 17 | 9 | ||||||
Series 2019A-2, Rev., 7.25%, 12/1/2048 (b) (h) | 46 | 23 | ||||||
Public Finance Authority, Piedmont Community Charter School | ||||||||
Rev., 5.00%, 6/15/2027 | 160 | 190 | ||||||
Rev., 5.00%, 6/15/2028 | 505 | 606 | ||||||
Rev., 5.00%, 6/15/2034 | 215 | 254 | ||||||
Rev., 5.00%, 6/15/2039 | 390 | 453 | ||||||
Rev., 5.00%, 6/15/2049 | 1,000 | 1,140 | ||||||
Public Finance Authority, Presbyterian Villages of Michigan Obligated Group Rev., 4.00%, 11/15/2042 (b) | 3,955 | 3,751 | ||||||
Public Finance Authority, Roseman University of Health Sciences Project | ||||||||
Rev., 5.00%, 4/1/2030 (b) | 500 | 596 | ||||||
Rev., 5.00%, 4/1/2040 (b) | 2,155 | 2,479 | ||||||
Public Finance Authority, Ultimate Medical Academy Project | ||||||||
Series 2019A, Rev., 5.00%, 10/1/2028 (b) | 2,000 | 2,367 | ||||||
Series 2019A, Rev., 5.00%, 10/1/2029 (b) | 1,850 | 2,211 | ||||||
Series 2019A, Rev., 5.00%, 10/1/2034 (b) | 500 | 583 | ||||||
Public Finance Authority, Wilson Preparatory Academy | ||||||||
Series 2019A, Rev., 4.13%, 6/15/2029 (b) | 510 | 539 | ||||||
Series 2019A, Rev., 5.00%, 6/15/2039 (b) | 500 | 535 | ||||||
Series 2019A, Rev., 5.00%, 6/15/2049 (b) | 1,100 | 1,164 | ||||||
Wisconsin Health and Educational Facilities Authority, Lawrence University of Wisconsin Rev., 4.00%, 2/1/2045 | 575 | 612 | ||||||
Wisconsin Health and Educational Facilities Authority, Rogers Memorial Hospital, Inc. | ||||||||
Series B, Rev., 5.00%, 7/1/2038 | 150 | 173 | ||||||
Series A, Rev., 5.00%, 7/1/2044 | 210 | 240 | ||||||
Series A, Rev., 5.00%, 7/1/2049 | 750 | 854 | ||||||
Wisconsin Health and Educational Facilities Authority, St. Camillus Health System | ||||||||
Series 2019A, Rev., 5.00%, 11/1/2026 | 355 | 387 | ||||||
Series 2019A, Rev., 5.00%, 11/1/2027 | 370 | 406 | ||||||
Series 2019A, Rev., 5.00%, 11/1/2028 | 470 | 518 | ||||||
Series 2019A, Rev., 5.00%, 11/1/2029 | 315 | 347 | ||||||
Series 2019A, Rev., 5.00%, 11/1/2030 | 515 | 564 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Wisconsin — continued |
| |||||||
Wisconsin Health and Educational Facilities Authority, St. John’s Communities, Inc., Project Series A, Rev., 4.25%, 9/15/2035 | 1,500 | 1,540 | ||||||
|
| |||||||
Total Wisconsin | 30,876 | |||||||
|
| |||||||
Total Municipal Bonds |
| 495,904 | ||||||
|
| |||||||
Collateralized Mortgage Obligations — 0.0% |
| |||||||
Southcross Holdco Equity |
| |||||||
0.00%, 7/9/2070 ‡ (Cost $12) | 3 | — | ||||||
|
| |||||||
SHARES | ||||||||
Short-Term Investments — 1.2% |
| |||||||
Investment Companies — 1.2% |
| |||||||
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 0.03% (i) (j) (Cost $5,698) | 5,695 | 5,698 | ||||||
|
| |||||||
Total Investments — 102.4% |
| 501,602 | ||||||
Liabilities in Excess of Other Assets — (2.4)% |
| (11,851 | ) | |||||
|
| |||||||
NET ASSETS — 100.0% |
| 489,751 | ||||||
|
|
Percentages indicated are based on net assets.
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 27 |
Table of Contents
JPMorgan High Yield Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2021 (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 February 28, 2021. | |
(d) | All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. | |
(e) | Security is prerefunded or escrowed to maturity. | |
(f) | Amount rounds to less than 0.1% of net assets. | |
(g) | Amount rounds to less than one thousand. | |
(h) | Defaulted security. | |
(i) | 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. | |
(j) | The rate shown is the current yield as of February 28, 2021. | |
‡ | Value determined using significant unobservable inputs. |
SEE NOTES TO FINANCIAL STATEMENTS.
28 | J.P. MORGAN MUNICIPAL BOND FUNDS | FEBRUARY 28, 2021 |
Table of Contents
JPMorgan Short-Intermediate Municipal Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2021
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — 98.6% (a) |
| |||||||
Alabama — 2.5% |
| |||||||
Birmingham Airport Authority | ||||||||
Rev., 5.00%, 7/1/2027 | 250 | 309 | ||||||
Rev., 5.00%, 7/1/2028 | 350 | 440 | ||||||
Rev., 5.00%, 7/1/2029 | 375 | 479 | ||||||
Rev., 5.00%, 7/1/2030 | 250 | 324 | ||||||
Rev., 5.00%, 7/1/2031 | 175 | 225 | ||||||
Rev., 5.00%, 7/1/2032 | 150 | 192 | ||||||
Rev., 5.00%, 7/1/2033 | 325 | 413 | ||||||
Rev., 5.00%, 7/1/2034 | 375 | 475 | ||||||
Black Belt Energy Gas District, Gas Prepay Series 2018B-2, Rev., (SIFMA Municipal Swap Index Yield + 0.62%), 0.65%, 12/1/2023 (b) | 7,500 | 7,507 | ||||||
Black Belt Energy Gas District, Gas Prepay Project No. 4 Series 2019A-1, Rev., 4.00%, 12/1/2025 (c) | 10,160 | 11,544 | ||||||
Black Belt Energy Gas District, Gas Supply | 8,320 | 8,383 | ||||||
Montgomery County Public Building Authority, Facilities Project Rev., 5.00%, 3/1/2023 | 500 | 547 | ||||||
Selma Industrial Development Board, International Paper Co. Project Series 2019A, | 3,625 | 3,777 | ||||||
Southeast Alabama Gas Supply District (The), Project No. 1 | ||||||||
Series A, Rev., 5.00%, 4/1/2021 | 2,865 | 2,876 | ||||||
Series A, Rev., 5.00%, 4/1/2022 | 3,220 | 3,379 | ||||||
|
| |||||||
Total Alabama | 40,870 | |||||||
|
| |||||||
Alaska — 0.5% |
| |||||||
Alaska Municipal Bond Bank Authority | ||||||||
Series 1, Rev., 5.00%, 12/1/2027 | 1,945 | 2,425 | ||||||
Series 1, Rev., 5.00%, 12/1/2028 | 1,230 | 1,559 | ||||||
Series 1, Rev., 5.00%, 12/1/2029 | 1,275 | 1,636 | ||||||
Series 1, Rev., 5.00%, 12/1/2030 | 875 | 1,132 | ||||||
City of Anchorage, Electric Utilities, Senior Lien | 500 | 563 | ||||||
State of Alaska Series A, GO, 5.00%, 8/1/2029 | 1,300 | 1,534 | ||||||
|
| |||||||
Total Alaska | 8,849 | |||||||
|
| |||||||
Arizona — 1.9% |
| |||||||
Arizona Health Facilities Authority, Scottsdale Lincoln Hospitals Series 2014A, Rev., 5.00%, 12/1/2025 | 3,540 | 4,118 | ||||||
Arizona Industrial Development Authority, Phoenix Children’s Hospital | 125 | 154 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Arizona — continued |
| |||||||
City of Scottsdale GO, 5.00%, 7/1/2022 | 2,550 | 2,715 | ||||||
Maricopa County Elementary School District No. 6 Washington, School Improvement, Project of 2016 Series 2019B, GO, 5.00%, 7/1/2029 | 3,950 | 5,046 | ||||||
Maricopa County Industrial Development Authority, Banner Health | ||||||||
Series B, Rev., 5.00%, 10/18/2022 (c) | 7,370 | 7,904 | ||||||
Series C, Rev., 5.00%, 10/18/2024 (c) | 9,000 | 10,413 | ||||||
Town of Marana, Excise Tax | 100 | 101 | ||||||
|
| |||||||
Total Arizona | 30,451 | |||||||
|
| |||||||
Arkansas — 0.9% |
| |||||||
Arkansas Development Finance Authority Public Safety Charges, Division of Emergency Management Project | ||||||||
Rev., 4.00%, 6/1/2028 | 1,000 | 1,193 | ||||||
Rev., 4.00%, 6/1/2030 | 1,195 | 1,404 | ||||||
Arkansas Development Finance Authority, Department of Community Correction Project | 325 | 399 | ||||||
City of Rogers, Sales Tax Series B, Rev., 5.00%, 11/1/2027 | 3,855 | 4,717 | ||||||
County of Sharp, Sales and Use Tax | ||||||||
Rev., 5.00%, 3/1/2024 | 595 | 667 | ||||||
Rev., 5.00%, 3/1/2025 | 600 | 692 | ||||||
Rev., 5.00%, 3/1/2026 | 685 | 809 | ||||||
University of Arkansas, Various Facility UAMS Campus | ||||||||
Rev., 5.00%, 3/1/2025 | 500 | 586 | ||||||
Rev., 5.00%, 3/1/2026 | 1,000 | 1,169 | ||||||
University of Central Arkansas, Student Housing System | ||||||||
Series 2017A, Rev., 5.00%, 11/1/2021 | 1,600 | 1,647 | ||||||
Series 2019C, Rev., AGM, 4.00%, 11/1/2025 | 110 | 125 | ||||||
Series 2019C, Rev., AGM, 4.00%, 11/1/2026 | 240 | 275 | ||||||
Series 2019C, Rev., AGM, 4.00%, 11/1/2027 | 180 | 205 | ||||||
|
| |||||||
Total Arkansas | 13,888 | |||||||
|
| |||||||
California — 14.2% |
| |||||||
Alameda County Transportation Commission, Sales Tax Rev., 4.00%, 3/1/2022 | 5,000 | 5,193 | ||||||
Allan Hancock Joint Community College District GO, 5.00%, 8/1/2022 | 1,050 | 1,122 | ||||||
Anaheim Housing and Public Improvements Authority, Electric Utility Distribution System | 1,275 | 1,310 |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 29 |
Table of Contents
JPMorgan Short-Intermediate Municipal Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2021 (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
California — continued |
| |||||||
Bay Area Toll Authority, Toll Bridge Series S-7, Rev., 4.00%, 4/1/2029 | 20,000 | 23,448 | ||||||
California Educational Facilities Authority, Claremont McKenna College | 1,675 | 1,848 | ||||||
California Health Facilities Financing Authority, Adventist Health System Series 2011A, Rev., 3.00%, 3/1/2024 (c) | 8,065 | 8,511 | ||||||
California Health Facilities Financing Authority, Cedars-Sinai Medical Center | 1,850 | 2,234 | ||||||
California Health Facilities Financing Authority, Providence Health and Services | ||||||||
Series 2014A, Rev., 5.00%, 10/1/2021 | 750 | 771 | ||||||
Series 2014A, Rev., 5.00%, 10/1/2022 | 1,500 | 1,614 | ||||||
California Infrastructure and Economic Development Bank, The J. Paul Getty Trust Series 2013A-2, Rev., (ICE LIBOR USD 1 Month + 0.33%), 0.41%, 4/1/2022 (b) | 3,250 | 3,253 | ||||||
California Municipal Finance Authority, Biola University Rev., 5.00%, 10/1/2021 | 370 | 379 | ||||||
California Municipal Finance Authority, California Lutheran University | ||||||||
Rev., 5.00%, 10/1/2025 | 275 | 322 | ||||||
Rev., 5.00%, 10/1/2026 | 150 | 180 | ||||||
Rev., 5.00%, 10/1/2027 | 150 | 183 | ||||||
California Municipal Finance Authority, NorthBay Healthcare Group | ||||||||
Series 2017A, Rev., 5.00%, 11/1/2023 | 500 | 547 | ||||||
Series 2017A, Rev., 5.00%, 11/1/2024 | 800 | 900 | ||||||
California State Public Works Board, California State University, Davidson Library at Santa Barbara Series 2013C, Rev., 5.00%, 3/1/2023 (d) | 2,820 | 3,092 | ||||||
California Statewide Communities Development Authority, Marin General Hospital Project Series 2018A, Rev., 5.00%, 8/1/2028 | 250 | 310 | ||||||
City and County of San Francisco | 5,310 | 5,636 | ||||||
City of Chula Vista, Police Facility Project | ||||||||
COP, 5.00%, 10/1/2021 | 360 | 370 | ||||||
COP, 5.00%, 10/1/2022 | 465 | 500 | ||||||
COP, 5.00%, 10/1/2023 | 1,000 | 1,121 | ||||||
City of Los Angeles Department of Airports, International Airport Senior | ||||||||
Series A, Rev., AMT, 5.00%, 5/15/2021 | 1,590 | 1,605 | ||||||
Series D, Rev., AMT, 5.00%, 5/15/2022 | 3,380 | 3,570 | ||||||
Series B, Rev., 4.00%, 5/15/2024 | 365 | 407 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
California — continued |
| |||||||
Series D, Rev., AMT, 5.00%, 5/15/2027 | 2,700 | 3,169 | ||||||
Series D, Rev., AMT, 5.00%, 5/15/2028 | 1,950 | 2,280 | ||||||
Series D, Rev., AMT, 5.00%, 5/15/2029 | 2,550 | 2,973 | ||||||
City of Los Angeles Department of Airports, International Airport Subordinate | ||||||||
Series C, Rev., 5.00%, 5/15/2022 | 750 | 794 | ||||||
Series C, Rev., 5.00%, 5/15/2024 | 700 | 803 | ||||||
City of Los Angeles, Wastewater System | 2,750 | 2,917 | ||||||
Contra Costa County Transportation Authority, Sales Tax | ||||||||
Series A, Rev., 5.00%, 3/1/2023 | 2,420 | 2,649 | ||||||
Series A, Rev., 5.00%, 3/1/2024 | 2,000 | 2,274 | ||||||
Eastern Municipal Water District, Water and Wastewater System | ||||||||
Series C, Rev., 5.00%, 7/1/2021 | 2,530 | 2,571 | ||||||
Series C, Rev., 5.00%, 7/1/2022 | 1,700 | 1,810 | ||||||
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Series 2015A, Rev., 5.00%, 6/1/2021 | 1,000 | 1,012 | ||||||
Grossmont Healthcare District | ||||||||
Series 2015C, GO, 5.00%, 7/15/2026 | 1,000 | 1,182 | ||||||
Series D, GO, 5.00%, 7/15/2026 | 1,225 | 1,447 | ||||||
Los Angeles Community College District Series C, GO, 5.00%, 6/1/2026 | 5,000 | 6,145 | ||||||
Los Angeles Department of Water and Power, Water System Series A, Rev., 5.00%, 7/1/2025 | 100 | 119 | ||||||
Moreland School District GO, 5.00%, 8/1/2021 | 1,000 | 1,020 | ||||||
Novato Unified School District | ||||||||
Series A, GO, 4.00%, 2/1/2022 | 535 | 554 | ||||||
Series A, GO, 5.00%, 2/1/2023 | 685 | 747 | ||||||
Series A, GO, 5.00%, 8/1/2025 | 1,500 | 1,734 | ||||||
Series A, GO, 5.00%, 8/1/2026 | 1,800 | 2,077 | ||||||
Oak Grove School District GO, 5.00%, 8/1/2023 | 1,200 | 1,335 | ||||||
Placentia-Yorba Linda Unified School District GO, 5.00%, 8/1/2025 | 1,770 | 2,122 | ||||||
Port of Oakland, Intermediate Lien Rev., AMT, 5.00%, 5/1/2024 | 2,935 | 3,320 | ||||||
Sacramento Municipal Utility District, Electric | ||||||||
Series E, Rev., 5.00%, 8/15/2022 | 2,740 | 2,932 | ||||||
Series E, Rev., 5.00%, 8/15/2027 | 105 | 133 | ||||||
San Diego County Regional Transportation Commission, Sales Tax | ||||||||
Series A, Rev., 5.00%, 4/1/2021 | 250 | 251 | ||||||
Series A, Rev., 5.00%, 4/1/2022 | 100 | 105 |
SEE NOTES TO FINANCIAL STATEMENTS.
30 | J.P. MORGAN MUNICIPAL BOND FUNDS | FEBRUARY 28, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
California — continued |
| |||||||
San Diego Public Facilities Financing Authority | 250 | 316 | ||||||
San Francisco Bay Area Rapid Transit District, Election of 2004 | ||||||||
Series D, GO, 3.00%, 8/1/2022 | 2,735 | 2,846 | ||||||
Series 2015D, GO, 5.00%, 8/1/2028 | 1,685 | 2,005 | ||||||
San Francisco City and County Public Utilities Commission Series 2018C, Rev., 2.13%, 10/1/2023 (c) | 10,000 | 10,354 | ||||||
San Francisco State Building Authority and Oakland State Building Authority, Elihu M. Harris State Office Building Series A, Rev., 5.00%, 12/1/2022 | 1,700 | 1,843 | ||||||
San Francisco Unified School District, | 5,190 | 5,511 | ||||||
Santa Barbara Unified School District | ||||||||
Series A, GO, 4.00%, 8/1/2022 | 30 | 32 | ||||||
Series B, GO, 5.00%, 8/1/2026 | 50 | 61 | ||||||
Sonoma County Transportation Authority, Limited Tax Rev., 5.00%, 12/1/2024 | 1,000 | 1,170 | ||||||
Southern California Public Power Authority, Canyon Power Project | 1,000 | 1,016 | ||||||
State of California, Various Purpose | ||||||||
Series B, GO, 5.00%, 9/1/2023 | 2,810 | 3,137 | ||||||
GO, 5.00%, 11/1/2023 | 3,560 | 4,000 | ||||||
GO, 5.00%, 3/1/2026 | 13,210 | 15,534 | ||||||
GO, 5.00%, 9/1/2026 | 4,900 | 6,029 | ||||||
GO, 4.00%, 8/1/2028 | 4,000 | 4,669 | ||||||
GO, 4.00%, 8/1/2029 | 4,180 | 4,857 | ||||||
GO, 5.00%, 8/1/2029 | 7,830 | 9,529 | ||||||
GO, 4.00%, 8/1/2030 | 10,000 | 11,583 | ||||||
Stockton Public Financing Authority | ||||||||
Rev., 5.00%, 3/1/2027 | 630 | 754 | ||||||
Rev., 5.00%, 3/1/2029 | 465 | 570 | ||||||
Tobacco Securitization Authority of Northern California Rev., 0.45%, 6/1/2030 | 500 | 488 | ||||||
University of California Series AK, Rev., 5.00%, 5/15/2023 (c) | 11,505 | 12,676 | ||||||
Walnut Energy Center Authority Series A, Rev., 5.00%, 1/1/2023 | 400 | 435 | ||||||
Whittier Union High School District | 10,495 | 11,697 | ||||||
|
| |||||||
Total California | 228,013 | |||||||
|
|
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Colorado — 3.4% |
| |||||||
Arapahoe County School District No. 5 Cherry Creek GO, 5.00%, 12/15/2029 | 17,575 | 23,464 | ||||||
City of Aurora COP, 4.00%, 12/1/2022 | 375 | 399 | ||||||
City of Longmon | ||||||||
Series A, COP, 5.00%, 12/1/2021 | 100 | 104 | ||||||
Series A, COP, 5.00%, 12/1/2022 | 100 | 108 | ||||||
Series A, COP, 5.00%, 12/1/2024 | 100 | 112 | ||||||
Colorado Bridge Enterprise Series 2019A, Rev., 4.00%, 12/1/2027 | 5,000 | 5,876 | ||||||
Colorado Health Facilities Authority, Commonspirit Health Series B-2, Rev., 5.00%, 8/1/2026 (c) | 10,000 | 11,811 | ||||||
Colorado Health Facilities Authority, Parkview Medical Center, Inc., Project | 150 | 159 | ||||||
Colorado Health Facilities Authority, Valley View Hospital Association Project | 1,090 | 1,133 | ||||||
Counties of Gunnison, Watershed School District No. 1 | ||||||||
Series 2014A, GO, 4.00%, 12/1/2022 | 300 | 320 | ||||||
Series 2014A, GO, 5.00%, 12/1/2026 | 500 | 583 | ||||||
County of Boulder, Flood Reconstruction Projects | ||||||||
COP, 5.00%, 12/1/2022 | 720 | 722 | ||||||
COP, 5.00%, 12/1/2023 | 500 | 502 | ||||||
COP, 5.00%, 12/1/2025 | 500 | 502 | ||||||
County of Eagle COP, 5.00%, 12/1/2022 | 200 | 216 | ||||||
Regional Transportation District, Denver Transit Partners | ||||||||
Rev., 5.00%, 1/15/2027 | 500 | 604 | ||||||
Rev., 5.00%, 7/15/2027 | 500 | 610 | ||||||
Rev., 5.00%, 1/15/2028 | 250 | 308 | ||||||
Rev., 5.00%, 7/15/2028 | 175 | 217 | ||||||
Rev., 5.00%, 1/15/2029 | 300 | 376 | ||||||
Rev., 5.00%, 7/15/2029 | 135 | 170 | ||||||
Rev., 5.00%, 1/15/2030 | 165 | 209 | ||||||
Rev., 5.00%, 7/15/2030 | 115 | 147 | ||||||
State of Colorado Department of Transportation Headquarters Facilities, Headquarters Facilities Lease Purchase Agreement | 1,000 | 1,008 | ||||||
University of Colorado, Enterprise System | ||||||||
Series 2017A-2, Rev., 5.00%, 6/1/2022 (d) | 820 | 869 | ||||||
Series 2017A-2, Rev., 5.00%, 6/1/2022 | 260 | 275 | ||||||
Series A, Rev., 5.00%, 6/1/2022 (d) | 2,590 | 2,744 | ||||||
Series A, Rev., 5.00%, 6/1/2022 | 560 | 593 | ||||||
|
| |||||||
Total Colorado | 54,141 | |||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 31 |
Table of Contents
JPMorgan Short-Intermediate Municipal Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2021 (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Connecticut — 1.5% |
| |||||||
Connecticut Housing Finance Authority, Housing Mortgage Finance Program Series E, Subseries E-3, Rev., 1.63%, 11/15/2022 (c) | 750 | 751 | ||||||
Connecticut State Health & Educational Facilities Authority, Hartford Healthcare | 7,750 | 9,504 | ||||||
State of Connecticut Series 2020C, GO, 4.00%, 6/1/2032 | 1,000 | 1,197 | ||||||
State of Connecticut, Special Tax Transportation Infrastructure Purposes Series C, Rev., 5.00%, 10/1/2026 | 10,000 | 12,272 | ||||||
|
| |||||||
Total Connecticut | 23,724 | |||||||
|
| |||||||
District of Columbia — 0.2% |
| |||||||
District of Columbia, Children’s Hospital Obligated Group Rev., 5.00%, 7/15/2021 | 500 | 509 | ||||||
Metropolitan Washington Airports Authority Series 2013C, Rev., 5.00%, 10/1/2021 | 1,475 | 1,516 | ||||||
Washington Metropolitan Area Transit Authority Series B, Rev., 5.00%, 7/1/2029 | 1,120 | 1,382 | ||||||
|
| |||||||
Total District of Columbia | 3,407 | |||||||
|
| |||||||
Florida — 2.0% |
| |||||||
County of Miami-Dade, Aviation Series 2020A, Rev., 5.00%, 10/1/2032 | 2,000 | 2,582 | ||||||
County of Miami-Dade, Stormwater Project | ||||||||
Rev., 5.00%, 4/1/2028 | 2,840 | 3,629 | ||||||
Rev., 5.00%, 4/1/2029 | 1,350 | 1,756 | ||||||
Florida Higher Educational Facilities Financial Authority, Florida Institute of Technology | ||||||||
Rev., 5.00%, 10/1/2022 | 115 | 122 | ||||||
Rev., 5.00%, 10/1/2023 | 125 | 137 | ||||||
JEA Water and Sewer System Series A, Rev., 5.00%, 10/1/2025 | 250 | 299 | ||||||
Miami-Dade County Expressway Authority, Toll System Series 2014A, Rev., 5.00%, 7/1/2022 | 625 | 664 | ||||||
Orlando Utilities Commission Series 2020A, Rev., 5.00%, 10/1/2026 | 10,000 | 12,370 | ||||||
School Board of Duval County Series B, COP, 5.00%, 7/1/2021 | 750 | 762 | ||||||
State of Florida, State Board of Education, Lottery Series B, Rev., 5.00%, 7/1/2027 | 8,540 | 10,460 | ||||||
|
| |||||||
Total Florida | 32,781 | |||||||
|
| |||||||
Georgia — 3.1% |
| |||||||
Atlanta Development Authority, New Downtown Atlanta Stadium Project, Senior Lien | ||||||||
Series 2015A-1, Rev., 5.00%, 7/1/2027 | 1,000 | 1,145 | ||||||
Series 2015A-1, Rev., 5.00%, 7/1/2028 | 1,000 | 1,139 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Georgia — continued | ||||||||
Cook County School District, Sales Tax GO, 5.00%, 10/1/2021 | 1,495 | 1,536 | ||||||
Dahlonega Downtown Development Authority, North Georgia MAC, LLC Project | ||||||||
Rev., 5.00%, 7/1/2023 | 325 | 357 | ||||||
Rev., 5.00%, 7/1/2025 | 250 | 292 | ||||||
Rev., 5.00%, 7/1/2026 | 275 | 329 | ||||||
Rev., 5.00%, 7/1/2028 | 375 | 455 | ||||||
Rev., 4.00%, 7/1/2032 | 1,000 | 1,120 | ||||||
Development Authority for Fulton County, Tech Athletic | ||||||||
Rev., 5.00%, 10/1/2022 (d) | 4,855 | 5,219 | ||||||
Rev., 5.00%, 10/1/2022 | 145 | 155 | ||||||
Georgia State Road and Tollway Authority Rev., 5.00%, 6/1/2021 | 5,000 | 5,060 | ||||||
Private Colleges and Universities Authority, Emory University Series 2020B, Rev., 5.00%, 9/1/2030 | 10,755 | 14,305 | ||||||
State of Georgia | ||||||||
Series I, GO, 5.00%, 7/1/2021 | 8,165 | 8,296 | ||||||
Series 2016E, GO, 5.00%, 12/1/2025 | 6,750 | 8,156 | ||||||
Series F, GO, 5.00%, 7/1/2028 | 2,000 | 2,472 | ||||||
|
| |||||||
Total Georgia | 50,036 | |||||||
|
| |||||||
Hawaii — 0.5% |
| |||||||
City and County of Honolulu Series A, GO, 5.00%, 10/1/2029 | 675 | 802 | ||||||
State of Hawaii Series EF, GO, 5.00%, 11/1/2021 | 7,640 | 7,888 | ||||||
|
| |||||||
Total Hawaii | 8,690 | |||||||
|
| |||||||
Illinois — 8.2% |
| |||||||
Carol Stream Park District Series 2020C, GO, 4.00%, 11/1/2027 | 200 | 235 | ||||||
Carol Stream Park District, Limited Tax | 145 | 171 | ||||||
Champaign County Community Unit School District No. 4 Champaign | ||||||||
GO, 4.00%, 6/1/2028 | 1,255 | 1,487 | ||||||
GO, 4.00%, 6/1/2029 | 1,000 | 1,198 | ||||||
GO, 4.00%, 6/1/2030 | 1,285 | 1,552 | ||||||
Champaign County Community Unit School District No. 4 Champaign, Capital Appreciation | ||||||||
Series 2020A, GO, Zero Coupon, 1/1/2025 | 960 | 926 | ||||||
Series 2020A, GO, Zero Coupon, 1/1/2027 | 385 | 358 | ||||||
Series 2020A, GO, Zero Coupon, 1/1/2028 | 570 | 516 |
SEE NOTES TO FINANCIAL STATEMENTS.
32 | J.P. MORGAN MUNICIPAL BOND FUNDS | FEBRUARY 28, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Illinois — continued |
| |||||||
Chicago O’Hare International Airport, General Airport, Senior Lien | ||||||||
Series 2020B, Rev., 5.00%, 1/1/2028 | 1,000 | 1,250 | ||||||
Series 2020A, Rev., 5.00%, 1/1/2029 | 4,390 | 5,583 | ||||||
Series 2020A, Rev., 5.00%, 1/1/2030 | 4,605 | 5,937 | ||||||
Series 2020E, Rev., 5.00%, 1/1/2031 | 4,620 | 5,936 | ||||||
City of Chicago | ||||||||
Series 2015C, GO, 5.00%, 1/1/2022 (d) | 3,335 | 3,467 | ||||||
Series 2015C, GO, 5.00%, 1/1/2022 | 1,665 | 1,721 | ||||||
City of Waukegan | ||||||||
Series B, GO, AGM, 5.00%, 12/30/2025 | 1,075 | 1,269 | ||||||
Series B, GO, AGM, 5.00%, 12/30/2026 | 1,125 | 1,358 | ||||||
Series B, GO, AGM, 5.00%, 12/30/2027 | 1,185 | 1,462 | ||||||
City of Waukegan, First Lien, Water and Sewer System | ||||||||
Series C, Rev., AGM, 5.00%, 12/30/2023 | 535 | 598 | ||||||
Series C, Rev., AGM, 5.00%, 12/30/2026 | 680 | 819 | ||||||
Series C, Rev., AGM, 5.00%, 12/30/2027 | 710 | 876 | ||||||
Cook County Community Consolidated School District No. 65, Evanston, Limited Tax GO, 4.00%, 12/1/2030 | 1,225 | 1,482 | ||||||
Cook County Community School District No. 97, Oak Park | ||||||||
GO, 4.00%, 1/1/2028 | 500 | 594 | ||||||
GO, 4.00%, 1/1/2029 | 375 | 449 | ||||||
GO, 4.00%, 1/1/2030 | 285 | 338 | ||||||
Cook County High School District No. 207 Maine Township | ||||||||
Series 2019A, GO, 5.00%, 12/1/2027 | 1,915 | 2,393 | ||||||
Series 2019A, GO, 5.00%, 12/1/2028 | 1,930 | 2,451 | ||||||
Series 2019A, GO, 4.00%, 12/1/2029 | 1,945 | 2,374 | ||||||
Cook County School District No. 69, Skokie, Limited Tax | ||||||||
GO, 4.00%, 12/1/2026 | 470 | 549 | ||||||
GO, 4.00%, 12/1/2027 | 490 | 580 | ||||||
GO, 4.00%, 12/1/2028 | 545 | 652 | ||||||
GO, 4.00%, 12/1/2029 | 515 | 625 | ||||||
GO, 4.00%, 12/1/2030 | 200 | 240 | ||||||
GO, 4.00%, 12/1/2031 | 820 | 963 | ||||||
Cook County School District No. 99 Cicero, Limited Tax | ||||||||
Series 2019B, GO, 5.00%, 12/1/2024 | 505 | 578 | ||||||
Series 2019B, GO, 5.00%, 12/1/2025 | 515 | 605 | ||||||
Cook County Township High School District | 5 | 6 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Illinois — continued |
| |||||||
Cook County, Proviso Township High School District No. 209, Limited Tax | ||||||||
GO, 5.00%, 12/1/2022 | 2,975 | 3,212 | ||||||
GO, 5.00%, 12/1/2023 | 2,350 | 2,614 | ||||||
County of Du Page, Courthouse Project GO, 5.00%, 1/1/2024 | 335 | 377 | ||||||
DeKalb County Community Unit School District No. 428 DeKalb | ||||||||
GO, 4.00%, 1/1/2028 | 1,265 | 1,502 | ||||||
GO, 4.00%, 1/1/2029 | 650 | 778 | ||||||
GO, 4.00%, 1/1/2030 | 600 | 712 | ||||||
GO, 4.00%, 1/1/2031 | 1,000 | 1,177 | ||||||
Effingham Community Unit School District No. 40 Series 2019A, GO, 4.00%, 12/1/2028 | 565 | 674 | ||||||
Glenview Park District | ||||||||
GO, 5.00%, 12/1/2026 | 300 | 366 | ||||||
GO, 5.00%, 12/1/2029 | 350 | 435 | ||||||
Grundy and Kendall Counties Consolidated Grade School District No. 60-C GO, 4.00%, 2/1/2030 | 1,145 | 1,348 | ||||||
Illinois Finance Authority, Ascension Health Alliance Senior Credit Group Series E-2, Rev., 1.75%, 4/1/2021 (c) | 3,750 | 3,755 | ||||||
Illinois Finance Authority, DePaul University | ||||||||
Rev., 5.00%, 10/1/2023 | 200 | 222 | ||||||
Rev., 5.00%, 10/1/2025 | 300 | 356 | ||||||
Rev., 5.00%, 10/1/2028 | 250 | 301 | ||||||
Illinois Finance Authority, Lake Zurich Community Unit School District No. 95 Project | ||||||||
Rev., 4.00%, 1/15/2030 | 1,960 | 2,321 | ||||||
Rev., 4.00%, 1/15/2032 | 2,120 | 2,474 | ||||||
Illinois Finance Authority, Silver Cross Hospital and Medical Centers | ||||||||
Series C, Rev., 5.00%, 8/15/2021 | 150 | 153 | ||||||
Series 2015C, Rev., 5.00%, 8/15/2022 | 500 | 531 | ||||||
Illinois Finance Authority, State Clean Water Revolving Funds Series 1998B, Rev., 5.00%, 1/1/2029 | 4,000 | 4,822 | ||||||
Kane and DeKalb Counties Community Unit School District No. 301 GO, 5.00%, 1/1/2027 | 355 | 432 | ||||||
Kane County School District No. 131 Aurora East Side | ||||||||
Series 2020A, GO, AGM, 5.00%, 12/1/2026 | 115 | 139 | ||||||
Series 2020B, GO, AGM, 5.00%, 12/1/2026 | 210 | 254 |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 33 |
Table of Contents
JPMorgan Short-Intermediate Municipal Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2021 (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Illinois — continued |
| |||||||
Series 2020A, GO, AGM, 4.00%, 12/1/2027 | 105 | 124 | ||||||
Series 2020A, GO, AGM, 4.00%, 12/1/2028 | 65 | 78 | ||||||
Series 2020B, GO, AGM, 4.00%, 12/1/2028 | 135 | 162 | ||||||
Series 2020A, GO, AGM, 4.00%, 12/1/2029 | 65 | 77 | ||||||
Series 2020B, GO, AGM, 4.00%, 12/1/2029 | 40 | 48 | ||||||
Series 2020A, GO, AGM, 4.00%, 12/1/2030 | 80 | 94 | ||||||
Lincoln Land Community College District No. 526 | ||||||||
GO, 4.00%, 12/15/2021 (d) | 440 | 453 | ||||||
GO, 5.00%, 12/15/2021 | 305 | 317 | ||||||
Madison-Macoupin Etc Counties Community College District No. 536, Lewis and Clark Community | ||||||||
GO, AGM, 4.00%, 5/1/2025 | 400 | 447 | ||||||
GO, AGM, 4.00%, 5/1/2026 | 200 | 227 | ||||||
GO, AGM, 4.00%, 5/1/2028 | 350 | 408 | ||||||
GO, AGM, 4.00%, 5/1/2029 | 1,000 | 1,155 | ||||||
Peoria County Community Unit School District No. 309 Brimfield | ||||||||
GO, AGM, 4.00%, 4/1/2026 | 750 | 856 | ||||||
GO, AGM, 4.00%, 4/1/2027 | 780 | 906 | ||||||
GO, AGM, 4.00%, 4/1/2028 | 410 | 483 | ||||||
GO, AGM, 4.00%, 4/1/2029 | 240 | 286 | ||||||
GO, AGM, 4.00%, 4/1/2030 | 375 | 440 | ||||||
Peoria Public Building Commission | ||||||||
Series A, Rev., AGM, 4.00%, 12/1/2025 | 700 | 795 | ||||||
Series A, Rev., AGM, 4.00%, 12/1/2026 | 1,000 | 1,149 | ||||||
Series A, Rev., AGM, 4.00%, 12/1/2027 | 1,270 | 1,480 | ||||||
Series A, Rev., AGM, 5.00%, 12/1/2028 | 1,200 | 1,500 | ||||||
Series A, Rev., AGM, 5.00%, 12/1/2029 | 2,400 | 2,980 | ||||||
Sales Tax Securitization Corp. | ||||||||
Series C, Rev., 5.00%, 1/1/2024 | 3,000 | 3,346 | ||||||
Series C, Rev., 5.00%, 1/1/2025 | 4,250 | 4,885 | ||||||
Southwestern Illinois Development Authority, Hospital Sisters Services, Inc., Obligated Group Series A, Rev., 5.00%, 2/15/2027 | 2,000 | 2,452 | ||||||
State of Illinois Series D, GO, 5.00%, 11/1/2023 | 5,000 | 5,463 | ||||||
State of Illinois, Sales Tax, Junior Obligation, Tax-Exempt | ||||||||
Series 2018A, Rev., 5.00%, 6/15/2021 | 4,600 | 4,653 | ||||||
Series A, Rev., 5.00%, 6/15/2022 | 4,600 | 4,824 | ||||||
Series A, Rev., 5.00%, 6/15/2023 | 4,600 | 4,981 | ||||||
University of Illinois, Auxiliary Facilities System | 2,500 | 2,724 | ||||||
Village of Arlington Heights GO, 4.00%, 12/1/2028 | 1,890 | 2,281 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Illinois — continued |
| |||||||
Will County Forest Preservation District, Limited Tax GO, 5.00%, 12/15/2027 | 805 | 1,014 | ||||||
Will County Township High School District No. 204 Joliet, Limited Tax GO, 4.00%, 1/1/2029 | 250 | 299 | ||||||
|
| |||||||
Total Illinois | 131,940 | |||||||
|
| |||||||
Indiana — 1.7% |
| |||||||
City of Evansville, Sewage Works | ||||||||
Rev., 4.00%, 7/1/2027 | 985 | 1,166 | ||||||
Rev., 4.00%, 7/1/2028 | 1,015 | 1,215 | ||||||
City of Rockport, Indiana Michigan Power Company Project Series 2009B, Rev., 3.05%, 6/1/2025 | 5,000 | 5,480 | ||||||
Fort Wayne Redevelopment Authority Lease Rental, Harrison Square Project Rev., 5.00%, 8/1/2023 | 1,000 | 1,112 | ||||||
Indiana Finance Authority, Health Obligated Group | ||||||||
Series C, Rev., 5.00%, 12/1/2021 | 2,355 | 2,439 | ||||||
Series B, Rev., 2.25%, 7/1/2025 (c) | 5,000 | 5,268 | ||||||
Indiana Finance Authority, Indianapolis Power and Light Co., Project | ||||||||
Rev., 0.75%, 4/1/2026 (c) | 3,000 | 2,948 | ||||||
Rev., AMT, 0.95%, 4/1/2026 (c) | 4,525 | 4,440 | ||||||
New Albany-Floyd County School Building Corp., First Mortgage | ||||||||
Rev., 5.00%, 7/15/2021 | 700 | 712 | ||||||
Rev., 5.00%, 7/15/2022 | 835 | 889 | ||||||
Purdue University, Student Fee | ||||||||
Series DD, Rev., 5.00%, 7/1/2025 | 870 | 1,039 | ||||||
Series DD, Rev., 5.00%, 7/1/2027 | 10 | 13 | ||||||
|
| |||||||
Total Indiana | 26,721 | |||||||
|
| |||||||
Iowa — 0.8% |
| |||||||
Iowa Finance Authority, Health System Rev., VRDO, 0.60%, 1/4/2024 (c) (e) | 12,350 | 12,350 | ||||||
|
| |||||||
Kansas — 1.2% |
| |||||||
Butler County, Unified School District No. 375 Circle Series 2014-1, GO, 4.00%, 9/1/2024 | 200 | 210 | ||||||
City of Wichita, Sales Tax, River District Stadium Star Bond Project | ||||||||
Rev., 5.00%, 9/1/2025 | 300 | 355 | ||||||
Rev., 5.00%, 9/1/2026 | 465 | 565 | ||||||
City of Wichita, Water and Sewer Utility | 2,200 | 2,366 |
SEE NOTES TO FINANCIAL STATEMENTS.
34 | J.P. MORGAN MUNICIPAL BOND FUNDS | FEBRUARY 28, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Kansas — continued | ||||||||
Kansas Development Finance Authority, State of Kansas Project Series F, Rev., 4.00%, 11/1/2029 | 6,820 | 7,945 | ||||||
Overland Park Development Corp., Overland Park Convention Center Hotel | ||||||||
Rev., 4.00%, 3/1/2022 | 1,455 | 1,463 | ||||||
Rev., 5.00%, 3/1/2023 | 1,520 | 1,562 | ||||||
Seward County Unified School District No. 480 Liberal Series 2017-B, GO, 5.00%, 9/1/2025 | 1,750 | 2,087 | ||||||
University of Kansas Hospital Authority, Health System Series 2017A, Rev., 5.00%, 3/1/2024 | 275 | 312 | ||||||
Wyandotte County Unified School District No. 202 Turner | ||||||||
Series 2019A, GO, AGM, 5.00%, 9/1/2025 | 400 | 473 | ||||||
Series 2019A, GO, AGM, 5.00%, 9/1/2026 | 220 | 267 | ||||||
Series 2019A, GO, AGM, 5.00%, 9/1/2027 | 325 | 404 | ||||||
Series 2019A, GO, AGM, 5.00%, 9/1/2028 | 400 | 498 | ||||||
Series 2019A, GO, AGM, 5.00%, 9/1/2029 | 375 | 465 | ||||||
|
| |||||||
Total Kansas | 18,972 | |||||||
|
| |||||||
Kentucky — 1.3% |
| |||||||
Kentucky Municipal Power Agency, Prairie State Project Series 2015A, Rev., NATL-RE, 5.00%, 9/1/2023 | 240 | 265 | ||||||
Kentucky Public Energy Authority, Gas Supply | 2,500 | 2,725 | ||||||
Louisville and Jefferson County Metropolitan Government, Louisville Gas and Electric Co. Project Series B, Rev., AMT, 2.55%, 5/3/2021 (c) | 2,250 | 2,259 | ||||||
Louisville and Jefferson County Metropolitan Government, Norton Healthcare, Inc. | 10,500 | 13,559 | ||||||
Northern Kentucky University Series A, Rev., 5.00%, 9/1/2024 | 1,310 | 1,464 | ||||||
|
| |||||||
Total Kentucky | 20,272 | |||||||
|
| |||||||
Louisiana — 1.5% |
| |||||||
City of Shreveport, Water and Sewer, Junior Lien | ||||||||
Series C, Rev., 3.00%, 12/1/2021 (d) | 175 | 179 | ||||||
Series C, Rev., 5.00%, 12/1/2022 | 270 | 291 | ||||||
Series 2018C, Rev., 5.00%, 12/1/2023 | 365 | 408 | ||||||
Series 2019B, Rev., AGM, 4.00%, 12/1/2025 | 400 | 457 | ||||||
Series 2018C, Rev., 5.00%, 12/1/2025 | 915 | 1,090 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Louisiana — continued | ||||||||
Series 2018C, Rev., 5.00%, 12/1/2026 | 500 | 612 | ||||||
Series 2019B, Rev., AGM, 5.00%, 12/1/2026 | 360 | 440 | ||||||
Series 2019B, Rev., AGM, 5.00%, 12/1/2027 | 600 | 752 | ||||||
Series 2019B, Rev., AGM, 5.00%, 12/1/2028 | 500 | 636 | ||||||
Series 2019B, Rev., AGM, 5.00%, 12/1/2029 | 300 | 378 | ||||||
Jefferson Sales Tax District Series 2019B, Rev., AGM, 4.00%, 12/1/2032 | 5,815 | 6,797 | ||||||
Louisiana Public Facilities Authority, Louisiana Children’s Medical Center Project Rev., (SIFMA Municipal Swap Index Yield + 0.65%), 0.68%, 9/1/2023 (b) | 10,000 | 9,987 | ||||||
Louisiana Public Facilities Authority, Tulane University Project | ||||||||
Rev., 5.00%, 12/15/2022 | 230 | 249 | ||||||
Rev., 5.00%, 12/15/2025 | 250 | 299 | ||||||
Series 2020A, Rev., 5.00%, 4/1/2027 | 150 | 185 | ||||||
Series 2020A, Rev., 5.00%, 4/1/2028 | 165 | 207 | ||||||
Series 2020A, Rev., 5.00%, 4/1/2029 | 220 | 281 | ||||||
Series 2020A, Rev., 5.00%, 4/1/2030 | 130 | 169 | ||||||
Series 2020A, Rev., 5.00%, 4/1/2031 | 150 | 193 | ||||||
|
| |||||||
Total Louisiana | 23,610 | |||||||
|
| |||||||
Maryland — 0.5% |
| |||||||
State of Maryland Department of Transportation Rev., 5.00%, 10/1/2025 | 6,100 | 7,319 | ||||||
|
| |||||||
Massachusetts — 4.1% |
| |||||||
City of Boston Series 2014A, GO, 5.00%, 3/1/2023 | 7,360 | 8,061 | ||||||
Commonwealth of Massachusetts | ||||||||
Series A, GO, (ICE LIBOR USD 3 Month + 0.55%), 0.69%, 11/1/2025 (b) | 3,000 | 3,001 | ||||||
Series 2019C, GO, 5.00%, 5/1/2026 | 10,000 | 12,213 | ||||||
Commonwealth of Massachusetts, Consolidated Loan Series D, GO, 4.00%, 9/1/2030 | 8,290 | 9,391 | ||||||
Massachusetts Clean Water Trust (The), Revolving Funds Rev., 5.00%, 8/1/2025 | 6,775 | 8,099 | ||||||
Massachusetts Development Finance Agency, Northeastern University Issue | ||||||||
Series 2020A, Rev., 5.00%, 10/1/2027 | 1,000 | 1,259 | ||||||
Series 2020A, Rev., 5.00%, 10/1/2028 | 1,000 | 1,284 | ||||||
Series 2020A, Rev., 5.00%, 10/1/2030 | 660 | 876 | ||||||
Series 2020A, Rev., 5.00%, 10/1/2031 | 585 | 773 |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 35 |
Table of Contents
JPMorgan Short-Intermediate Municipal Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2021 (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Massachusetts — continued | ||||||||
Series 2020A, Rev., 5.00%, 10/1/2032 | 425 | 557 | ||||||
Series 2020A, Rev., 5.00%, 10/1/2033 | 450 | 587 | ||||||
Series 2020A, Rev., 5.00%, 10/1/2034 | 500 | 651 | ||||||
Series 2020A, Rev., 5.00%, 10/1/2035 | 1,000 | 1,297 | ||||||
Massachusetts Development Finance Agency, Partners Healthcare System Issue Series 2017S, Rev., (SIFMA Municipal Swap Index Yield + 0.50%), 0.53%, 1/26/2023 (b) | 10,000 | 10,013 | ||||||
Massachusetts Development Finance Agency, Suffolk University Issue | ||||||||
Rev., 5.00%, 7/1/2025 | 525 | 614 | ||||||
Rev., 5.00%, 7/1/2026 | 435 | 523 | ||||||
Rev., 5.00%, 7/1/2027 | 420 | 516 | ||||||
Rev., 5.00%, 7/1/2028 | 525 | 654 | ||||||
Massachusetts Port Authority Series 2019-A, Rev., AMT, 5.00%, 7/1/2023 | 4,840 | 5,344 | ||||||
|
| |||||||
Total Massachusetts | 65,713 | |||||||
|
| |||||||
Michigan — 2.1% | ||||||||
Avondale School District, Unlimited Tax | 1,835 | 2,376 | ||||||
City of Grand Rapids, Sanitary Sewer System Rev., 5.00%, 1/1/2022 | 350 | 364 | ||||||
City of Royal Oak, Capital Improvement | ||||||||
GO, 5.00%, 4/1/2027 | 625 | 775 | ||||||
GO, 5.00%, 4/1/2028 | 245 | 309 | ||||||
Gerald R Ford International Airport Authority, Limited Tax | ||||||||
Rev., GTD, 5.00%, 1/1/2023 | 1,560 | 1,693 | ||||||
Rev., GTD, 5.00%, 1/1/2024 | 1,400 | 1,572 | ||||||
Grosse Pointe Public School System GO, 4.00%, 5/1/2027 | 765 | 904 | ||||||
Jackson Public Schools, Unlimited Tax | ||||||||
GO, Q-SBLF, 4.00%, 5/1/2025 | 570 | 649 | ||||||
GO, Q-SBLF, 4.00%, 5/1/2026 | 885 | 1,029 | ||||||
GO, Q-SBLF, 4.00%, 5/1/2027 | 1,090 | 1,282 | ||||||
Kalamazoo Public Schools, Unlimited Tax GO, 5.00%, 5/1/2022 | 1,000 | 1,056 | ||||||
Michigan Finance Authority, Clean Water Revolving Fund Rev., 5.00%, 10/1/2021 | 2,250 | 2,313 | ||||||
Michigan State Hospital Finance Authority, Ascension Health Credit Group Series B-4, Rev., 5.00%, 11/15/2027 | 2,250 | 2,648 | ||||||
Michigan Strategic Fund, The Detroit Edison Co. Series CC, Rev., 1.45%, 9/1/2021 (c) | 2,600 | 2,615 | ||||||
Northville Public Schools, School Building and Site |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Michigan — continued |
| |||||||
Series II, GO, 5.00%, 5/1/2027 | 375 | 466 | ||||||
Series II, GO, 5.00%, 5/1/2028 | 600 | 762 | ||||||
Series II, GO, 5.00%, 5/1/2029 | 250 | 323 | ||||||
Troy School District, School Building and Site | ||||||||
GO, Q-SBLF, 5.00%, 5/1/2021 | 550 | 554 | ||||||
GO, Q-SBLF, 5.00%, 5/1/2022 | 500 | 528 | ||||||
University of Michigan Series 2019C, Rev., 4.00%, 4/1/2024 (c) | 10,650 | 11,578 | ||||||
|
| |||||||
Total Michigan | 33,796 | |||||||
|
| |||||||
Minnesota — 0.5% |
| |||||||
Duluth Independent School District No. 709 | ||||||||
Series 2019B, COP, 5.00%, 2/1/2024 | 210 | 235 | ||||||
Series 2019C, COP, 5.00%, 2/1/2024 | 295 | 330 | ||||||
Series 2019B, COP, 5.00%, 2/1/2025 | 185 | 213 | ||||||
Series 2019C, COP, 5.00%, 2/1/2025 | 310 | 357 | ||||||
Series 2019B, COP, 5.00%, 2/1/2026 | 195 | 231 | ||||||
Series 2019C, COP, 5.00%, 2/1/2026 | 320 | 379 | ||||||
Series 2019B, COP, 5.00%, 2/1/2027 | 185 | 224 | ||||||
Series 2019B, COP, 5.00%, 2/1/2028 | 175 | 217 | ||||||
Series 2019C, COP, 5.00%, 2/1/2028 | 350 | 433 | ||||||
Minneapolis-St. Paul Metropolitan Airports Commission Series A, Rev., 5.00%, 1/1/2022 | 1,000 | 1,039 | ||||||
Minnesota Higher Education Facilities Authority, College of St. Scholastica, Inc. | ||||||||
Rev., 4.00%, 12/1/2024 | 100 | 108 | ||||||
Rev., 4.00%, 12/1/2025 | 185 | 203 | ||||||
Rev., 4.00%, 12/1/2026 | 185 | 206 | ||||||
Rev., 4.00%, 12/1/2027 | 195 | 218 | ||||||
Rev., 4.00%, 12/1/2028 | 240 | 270 | ||||||
Western Minnesota Municipal Power Agency, Power Supply | ||||||||
Series A, Rev., 5.00%, 1/1/2023 | 1,500 | 1,628 | ||||||
Series 2014A, Rev., 5.00%, 1/1/2024 | 1,000 | 1,129 | ||||||
|
| |||||||
Total Minnesota | 7,420 | |||||||
|
| |||||||
Mississippi — 0.7% |
| |||||||
County of Harrison, Tax-Exempt | ||||||||
Series A, GO, 5.00%, 10/1/2027 | 800 | 999 | ||||||
Series A, GO, 5.00%, 10/1/2028 | 345 | 440 | ||||||
Medical Center Educational Building Corp., Capital Improvements and Refinancing Project Rev., 5.00%, 6/1/2031 | 3,105 | 3,952 | ||||||
Mississippi Business Finance Corp., Pollution Control, Power Company Project Rev., 3.20%, 9/1/2028 | 4,000 | 4,207 |
SEE NOTES TO FINANCIAL STATEMENTS.
36 | J.P. MORGAN MUNICIPAL BOND FUNDS | FEBRUARY 28, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Mississippi — continued | ||||||||
State of Mississippi, Gaming Tax Series 2019A, Rev., 5.00%, 10/15/2028 | 1,400 | 1,749 | ||||||
|
| |||||||
Total Mississippi | 11,347 | |||||||
|
| |||||||
Missouri — 0.6% |
| |||||||
City of Chesterfield COP, 5.00%, 12/1/2021 | 1,000 | 1,036 | ||||||
City of St. Louis, St. Louis Lambert International Airport | ||||||||
Rev., 5.00%, 7/1/2021 | 1,575 | 1,599 | ||||||
Rev., 5.00%, 7/1/2022 | 1,000 | 1,062 | ||||||
Rev., 5.00%, 7/1/2023 | 1,080 | 1,192 | ||||||
City of St. Peters | ||||||||
COP, 4.00%, 5/1/2026 | 705 | 816 | ||||||
COP, 4.00%, 5/1/2027 | 730 | 861 | ||||||
COP, 4.00%, 5/1/2028 | 760 | 908 | ||||||
COP, 4.00%, 5/1/2029 | 760 | 917 | ||||||
COP, 4.00%, 5/1/2030 | 545 | 664 | ||||||
County of Greene, Special Obligation | ||||||||
Rev., 4.00%, 12/1/2028 | 300 | 359 | ||||||
Rev., 4.00%, 12/1/2029 | 200 | 242 | ||||||
Health and Educational Facilities Authority of the State of Missouri, State University Rev., 4.00%, 10/1/2021 | 300 | 306 | ||||||
North Kansas City School District 74, Improvement Bonds, Missouri Direct Deposit Program GO, 5.00%, 3/1/2022 | 350 | 367 | ||||||
|
| |||||||
Total Missouri | 10,329 | |||||||
|
| |||||||
Montana — 0.2% |
| |||||||
Gallatin County High School District No. 7 Bozeman Series 2017A, GO, 5.00%, 12/1/2023 | 515 | 580 | ||||||
Missoula County Elementary School District No. 1 GO, 5.00%, 7/1/2024 | 520 | 599 | ||||||
State of Montana, Long-Range Building Program | ||||||||
GO, 5.00%, 8/1/2021 | 690 | 704 | ||||||
GO, 5.00%, 8/1/2022 | 1,000 | 1,068 | ||||||
|
| |||||||
Total Montana | 2,951 | |||||||
|
| |||||||
Nebraska — 0.1% |
| |||||||
Southeast Community College, Tax Supported | ||||||||
COP, 5.00%, 12/15/2021 | 200 | 208 | ||||||
COP, 5.00%, 12/15/2026 | 275 | 342 | ||||||
COP, 5.00%, 12/15/2027 | 495 | 628 | ||||||
COP, 5.00%, 12/15/2028 | 540 | 692 | ||||||
|
| |||||||
Total Nebraska | 1,870 | |||||||
|
|
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
New Hampshire — 0.4% |
| |||||||
New Hampshire Municipal Bond Bank Series 2020A, Rev., 5.00%, 2/15/2029 | 1,870 | 2,446 | ||||||
State of New Hampshire Series A, GO, 5.00%, 3/1/2026 | 2,880 | 3,388 | ||||||
|
| |||||||
Total New Hampshire | 5,834 | |||||||
|
| |||||||
New Jersey — 4.9% |
| |||||||
City of Newark | ||||||||
Series 2020A, GO, AGM, 5.00%, 10/1/2027 | 1,000 | 1,230 | ||||||
Series 2020A, GO, AGM, 5.00%, 10/1/2028 | 750 | 937 | ||||||
New Jersey Economic Development Authority, School Facilities Construction | ||||||||
Series DDD, Rev., 5.00%, 6/15/2025 | 1,500 | 1,746 | ||||||
Series DDD, Rev., 5.00%, 6/15/2026 | 1,840 | 2,192 | ||||||
Rev., 5.00%, 6/15/2027 | 435 | 528 | ||||||
Rev., 5.00%, 6/15/2028 | 400 | 493 | ||||||
Rev., 5.00%, 6/15/2029 | 500 | 623 | ||||||
Rev., 5.00%, 6/15/2030 | 275 | 345 | ||||||
Rev., 5.00%, 6/15/2031 | 500 | 631 | ||||||
New Jersey Institute of Technology, Tax-Exempt | ||||||||
Series 2020A, Rev., 5.00%, 7/1/2027 | 175 | 217 | ||||||
Series 2020A, Rev., 5.00%, 7/1/2028 | 200 | 253 | ||||||
Series 2020A, Rev., 5.00%, 7/1/2029 | 270 | 347 | ||||||
Series 2020A, Rev., 5.00%, 7/1/2030 | 415 | 526 | ||||||
Series 2020A, Rev., 5.00%, 7/1/2032 | 725 | 911 | ||||||
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement | ||||||||
Series A, Rev., 5.00%, 6/15/2028 | 3,000 | 3,548 | ||||||
Series A, Rev., 5.00%, 6/15/2029 | 5,350 | 6,277 | ||||||
Series A, Rev., 5.00%, 6/15/2031 | 4,750 | 5,516 | ||||||
New Jersey Turnpike Authority Series C-6, Rev., (ICE LIBOR USD 1 Month + 0.75%), 0.84%, 1/1/2023 (b) | 10,000 | 10,034 | ||||||
Passaic Valley Sewerage Commissioners, Sewer System | ||||||||
Series J, Rev., AGM, 3.00%, 12/1/2027 | 6,370 | 7,111 | ||||||
Series J, Rev., AGM, 3.00%, 12/1/2028 | 6,465 | 7,245 | ||||||
Series J, Rev., AGM, 3.00%, 12/1/2029 | 6,555 | 7,256 | ||||||
Series J, Rev., AGM, 3.00%, 12/1/2030 | 6,665 | 7,336 | ||||||
State of New Jersey, COVID-19 Emergency Bonds GO, 5.00%, 6/1/2025 | 7,330 | 8,626 | ||||||
State of New Jersey, Various Purpose GO, 4.00%, 6/1/2026 | 3,870 | 4,147 | ||||||
Township of South Brunswick GO, 5.00%, 9/1/2022 | 425 | 456 | ||||||
|
| |||||||
Total New Jersey | 78,531 | |||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 37 |
Table of Contents
JPMorgan Short-Intermediate Municipal Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2021 (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
New Mexico — 0.2% |
| |||||||
County of Sandoval | ||||||||
GO, 5.00%, 8/1/2024 | 1,100 | 1,268 | ||||||
GO, 5.00%, 8/1/2025 | 500 | 596 | ||||||
GO, 5.00%, 8/1/2026 | 650 | 796 | ||||||
New Mexico Finance Authority, Senior Lien Public Project Revolving Fund Series 2103B, Rev., 5.00%, 6/1/2021 | 800 | 810 | ||||||
|
| |||||||
Total New Mexico | 3,470 | |||||||
|
| |||||||
New York — 8.1% |
| |||||||
Bedford Central School District, Boces Project Bonds GO, 5.00%, 11/15/2022 | 2,410 | 2,608 | ||||||
Build NYC Resource Corp., The New York Methodist Hospital Project Rev., 5.00%, 7/1/2021 (d) | 550 | 559 | ||||||
City of Jamestown, Public Improvement GO, 5.00%, 6/1/2025 | 540 | 634 | ||||||
City of New York Series 2012A-1, GO, 5.00%, 8/1/2021 (d) | 2,190 | 2,234 | ||||||
City of New York, Fiscal Year 2020 Series 2020-1, GO, 4.00%, 8/1/2027 | 2,450 | 2,913 | ||||||
County of Orange, Public Improvement | ||||||||
Series B, GO, 5.00%, 3/1/2021 | 1,510 | 1,510 | ||||||
GO, 5.00%, 2/1/2023 | 1,000 | 1,090 | ||||||
County of Suffolk, Longwood Central School District GO, 5.00%, 6/15/2026 | 365 | 450 | ||||||
Floral Park-Bellerose Union Free School District | ||||||||
GO, 5.00%, 12/1/2028 | 640 | 834 | ||||||
GO, 4.00%, 12/1/2029 | 670 | 814 | ||||||
Hampton Bays Union Free School District GO, 5.00%, 9/15/2022 | 2,025 | 2,174 | ||||||
Long Island Power Authority, Electric System | ||||||||
Rev., 5.00%, 9/1/2025 | 500 | 598 | ||||||
Rev., 5.00%, 9/1/2027 | 500 | 630 | ||||||
Rev., 5.00%, 9/1/2028 | 750 | 942 | ||||||
Metropolitan Transportation Authority | ||||||||
Series D-1, Rev., (ICE LIBOR USD 1 Month + 0.65%), 0.73%, 7/1/2021 (b) | 4,570 | 4,567 | ||||||
Subseries C-1, Rev., 5.00%, 11/15/2024 | 3,000 | 3,426 | ||||||
Metropolitan Transportation Authority, Dedicated Tax Fund Series B-2, Rev., 4.00%, 11/15/2032 | 4,000 | 4,624 | ||||||
Nassau County Local Economic Assistance Corp., Catholic Health Services, Long Island Obligated Group Project Series 2014B, Rev., 5.00%, 7/1/2023 | 800 | 881 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
New York — continued |
| |||||||
New York City Industrial Development Agency, Queens Baseball Stadium Project Rev., AGM, 4.00%, 1/1/2032 | 1,000 | 1,210 | ||||||
New York City Industrial Development Agency, Yankee Stadium Project | ||||||||
Rev., AGM, 5.00%, 3/1/2028 | 1,000 | 1,240 | ||||||
Rev., AGM, 5.00%, 3/1/2029 | 2,000 | 2,542 | ||||||
Rev., AGM, 4.00%, 3/1/2031 | 2,500 | 3,020 | ||||||
Rev., AGM, 4.00%, 3/1/2032 | 1,500 | 1,797 | ||||||
New York Convention Center Development Corp., Hotel Unit fee Secured Rev., 5.00%, 11/15/2026 | 5,000 | 5,829 | ||||||
New York State Dormitory Authority, Memorial Sloan-Kettering Cancer Center | ||||||||
Series 2017-1, Rev., 5.00%, 7/1/2026 | 1,000 | 1,227 | ||||||
Series 1, Rev., 4.00%, 7/1/2031 | 4,255 | 5,170 | ||||||
New York State Dormitory Authority, Montefiore Obligated Group Series 2018A, Rev., 5.00%, 8/1/2027 | 3,225 | 3,916 | ||||||
New York State Dormitory Authority, New School University Series 2015A, Rev., 5.00%, 7/1/2024 | 1,100 | 1,253 | ||||||
New York State Dormitory Authority, New York University Series 2019A, Rev., 5.00%, 7/1/2027 | 4,630 | 5,801 | ||||||
New York State Dormitory Authority, State Personal Income Tax, General Purpose | ||||||||
Series 2020B, Rev., RAN, 5.00%, 3/31/2021 | 13,925 | 13,982 | ||||||
Series 2011G, Rev., 5.00%, 8/15/2021 | 1,110 | 1,134 | ||||||
New York State Dormitory Authority, State Sales Tax | ||||||||
Series A, Rev., 5.00%, 3/15/2021 | 2,000 | 2,003 | ||||||
Series 2017A, Rev., 5.00%, 3/15/2024 | 6,135 | 6,991 | ||||||
New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project Rev., AMT, 5.00%, 1/1/2023 | 9,200 | 9,831 | ||||||
New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project, Tax-Exempt | ||||||||
Rev., 5.00%, 12/1/2027 | 800 | 988 | ||||||
Rev., 5.00%, 12/1/2028 | 500 | 620 | ||||||
Niagara Frontier Transportation Authority, Buffalo Niagara International Airport | ||||||||
Series 2019A, Rev., AMT, 5.00%, 4/1/2028 | 265 | 322 | ||||||
Series 2019A, Rev., AMT, 5.00%, 4/1/2029 | 265 | 325 |
SEE NOTES TO FINANCIAL STATEMENTS.
38 | J.P. MORGAN MUNICIPAL BOND FUNDS | FEBRUARY 28, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued | ||||||||
New York — continued | ||||||||
Port Authority of New York and New Jersey, Consolidated Series 207, Rev., AMT, 5.00%, 9/15/2023 | 4,325 | 4,818 | ||||||
Sales Tax Asset Receivable Corp., Fiscal Year 2015 | ||||||||
Series 2015A, Rev., 5.00%, 10/15/2022 | 4,800 | 5,178 | ||||||
Series 2015A, Rev., 5.00%, 10/15/2025 | 4,500 | 5,228 | ||||||
Schenectady County Capital Resource Corp., Union College Project Rev., 5.00%, 1/1/2025 | 400 | 463 | ||||||
State of New York Series 2019A, GO, 5.00%, 3/1/2026 | 3,250 | 3,957 | ||||||
Town of East Hampton | ||||||||
GO, 5.00%, 5/15/2021 | 1,000 | 1,010 | ||||||
GO, 5.00%, 5/15/2023 | 1,000 | 1,105 | ||||||
Town of Oyster Bay, Public Improvement | ||||||||
GO, 4.00%, 11/1/2026 | 800 | 937 | ||||||
GO, 4.00%, 11/1/2027 | 675 | 804 | ||||||
Triborough Bridge and Tunnel Authority | 3,290 | 3,606 | ||||||
White Plains City School District GO, 5.00%, 5/15/2024 | 1,550 | 1,785 | ||||||
|
| |||||||
Total New York | 129,580 | |||||||
|
| |||||||
North Carolina — 1.4% |
| |||||||
North Carolina Medical Care Commission, Wake Forest Baptist Obligated Group Series 2019C, Rev., 2.55%, 6/1/2026 (c) | 13,805 | 14,722 | ||||||
State of North Carolina, Build NC Programs, Limited Obligation | 700 | 740 | ||||||
University of North Carolina, Hospital at Chapel Hill Series B, Rev., (ICE LIBOR USD 1 Month + 0.40%), 0.48%, 11/9/2022 (b) | 5,750 | 5,764 | ||||||
Winston-Salem State University Foundation LLC, The Board of Governors of The University of North Carolina Rev., AGM, 5.00%, 10/1/2023 | 445 | 493 | ||||||
|
| |||||||
Total North Carolina | 21,719 | |||||||
|
| |||||||
Ohio — 1.4% |
| |||||||
Akron Bath Copley Joint Township Hospital District, Summa Health Obligated Group Rev., 5.00%, 11/15/2021 | 375 | 386 | ||||||
American Municipal Power, Inc., Prairie State Energy Campus Project Series 2019A, Rev., 2.30%, 2/15/2022 (c) | 5,000 | 5,033 | ||||||
City of Cleveland, Income Tax, Subordinate Lien, Public Facilities Improvements |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Ohio — continued | ||||||||
Series 2018A, Rev., 5.00%, 10/1/2025 | 150 | 178 | ||||||
Series 2018A, Rev., 5.00%, 10/1/2027 | 250 | 311 | ||||||
Series 2018A, Rev., 5.00%, 10/1/2028 | 250 | 313 | ||||||
City of Dublin, Various Purpose GO, 4.00%, 12/1/2028 | 200 | 228 | ||||||
County of Hamilton, Sewer System, The Metropolitan Sewer District of Greater Cincinnati Series A, Rev., 5.00%, 12/1/2021 | 1,375 | 1,425 | ||||||
County of Lake, Hospital Facilities, Lake Hospital System, Inc. | ||||||||
Rev., 5.00%, 8/15/2023 | 1,445 | 1,599 | ||||||
Rev., 5.00%, 8/15/2024 | 1,655 | 1,891 | ||||||
Cuyahoga Community College District, Facilities Construction and Improvement GO, 5.00%, 12/1/2028 | 2,300 | 2,793 | ||||||
Franklin County Convention Facilities Authority, Greater Columbus Convention Center Hotel Expansion Project | ||||||||
Rev., 5.00%, 12/1/2025 | 250 | 259 | ||||||
Rev., 5.00%, 12/1/2026 | 625 | 648 | ||||||
Rev., 5.00%, 12/1/2029 | 800 | 829 | ||||||
Franklin County, Hospital Facilities, OhioHealth Corp. Series B, Rev., (SIFMA Municipal Swap Index Yield + 0.43%), 0.46%, 11/15/2021 (b) | 4,000 | 4,001 | ||||||
State of Ohio, University Hospitals Health System, Inc. Series B, Rev., VRDO, 0.17%, 3/9/2021 (c) | 2,500 | 2,500 | ||||||
|
| |||||||
Total Ohio | 22,394 | |||||||
|
| |||||||
Oklahoma — 1.9% |
| |||||||
Bryan County School Finance Authority, Durant Public Schools Project | ||||||||
Rev., 4.00%, 12/1/2028 | 385 | 465 | ||||||
Rev., 4.00%, 12/1/2029 | 415 | 506 | ||||||
Rev., 4.00%, 12/1/2030 | 435 | 528 | ||||||
Carter County Public Facilities Authority, Educational Facilities Lease, Ardmore City Schools Project | ||||||||
Rev., 5.00%, 9/1/2025 | 365 | 420 | ||||||
Rev., 5.00%, 9/1/2026 | 820 | 965 | ||||||
Rev., 5.00%, 9/1/2027 | 1,250 | 1,499 | ||||||
Cleveland County Educational Facilities Authority, Norman Public Schools Project | 3,050 | 3,545 | ||||||
Custer County Economic Development Authority, Thomas Fay Public Schools | ||||||||
Rev., 4.00%, 12/1/2025 | 700 | 789 |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 39 |
Table of Contents
JPMorgan Short-Intermediate Municipal Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2021 (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued | ||||||||
Oklahoma — continued | ||||||||
Rev., 4.00%, 12/1/2027 | 1,255 | 1,449 | ||||||
Grady County School Finance Authority, Educational Facilities Lease, Minco Public Schools Project | ||||||||
Rev., 5.00%, 9/1/2028 | 375 | 472 | ||||||
Rev., 5.00%, 9/1/2029 | 1,175 | 1,470 | ||||||
Grady County School Finance Authority, Educational Facilities Lease, Tuttle Public Schools Project | 300 | 357 | ||||||
Muskogee Industrial Trust, Muskogee Public Schools Project | ||||||||
Rev., 5.00%, 9/1/2024 | 890 | 1,012 | ||||||
Rev., 5.00%, 9/1/2025 | 850 | 992 | ||||||
Rev., 5.00%, 9/1/2026 | 1,800 | 2,148 | ||||||
Rev., 5.00%, 9/1/2027 | 480 | 583 | ||||||
Rev., 4.00%, 9/1/2028 | 2,500 | 2,904 | ||||||
Oklahoma County Finance Authority, Educational Facilities, Lease Midwest City-Del City Public Schools Project | ||||||||
Rev., 5.00%, 10/1/2022 | 500 | 537 | ||||||
Rev., 5.00%, 10/1/2023 | 355 | 395 | ||||||
Rev., 5.00%, 10/1/2025 | 1,000 | 1,188 | ||||||
Tulsa County Industrial Authority Educational Facilities Lease, Jenks Public Schools Project Rev., 5.00%, 9/1/2021 | 2,000 | 2,048 | ||||||
University of Oklahoma, Tax Exempt | ||||||||
Series 2020B, Rev., 5.00%, 7/1/2026 | 810 | 982 | ||||||
Series 2020B, Rev., 5.00%, 7/1/2027 | 430 | 534 | ||||||
Series 2020B, Rev., 5.00%, 7/1/2028 | 455 | 577 | ||||||
Series 2020B, Rev., 5.00%, 7/1/2029 | 480 | 617 | ||||||
Series 2020B, Rev., 5.00%, 7/1/2032 | 1,105 | 1,432 | ||||||
Wagoner County School Development Authority, Wagoner Public Schools Project | ||||||||
Rev., 4.00%, 9/1/2025 | 625 | 699 | ||||||
Rev., 4.00%, 9/1/2027 | 725 | 831 | ||||||
Rev., 4.00%, 9/1/2028 | 300 | 346 | ||||||
|
| |||||||
Total Oklahoma | 30,290 | |||||||
|
| |||||||
Oregon — 0.2% |
| |||||||
City of Portland, Sewer System, First Lien | 40 | 45 | ||||||
Port of Portland, International Airport | ||||||||
Series 23, Rev., 5.00%, 7/1/2023 | 1,000 | 1,107 | ||||||
Series 23, Rev., 5.00%, 7/1/2024 | 1,595 | 1,831 | ||||||
|
| |||||||
Total Oregon | 2,983 | |||||||
|
|
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Pennsylvania — 9.1% |
| |||||||
Allegheny County Sanitary Authority, Sewer | ||||||||
Rev., 5.00%, 12/1/2021 | 3,500 | 3,624 | ||||||
Rev., 5.00%, 12/1/2022 | 3,000 | 3,246 | ||||||
Rev., 5.00%, 12/1/2023 | 4,000 | 4,504 | ||||||
Berks County Industrial Development Authority, Tower Health Project | ||||||||
Rev., 5.00%, 11/1/2023 | 1,000 | 1,086 | ||||||
Rev., 5.00%, 11/1/2024 | 1,000 | 1,109 | ||||||
Charleroi Borough Authority Water System | ||||||||
Rev., AGM, 4.00%, 12/1/2024 | 175 | 196 | ||||||
Rev., AGM, 4.00%, 12/1/2025 | 150 | 171 | ||||||
Rev., AGM, 4.00%, 12/1/2026 | 100 | 116 | ||||||
Rev., AGM, 4.00%, 12/1/2027 | 125 | 147 | ||||||
Chester County Health and Education Facilities Authority, Main Line Health System | ||||||||
Series 2020A, Rev., 5.00%, 9/1/2026 | 250 | 306 | ||||||
Series 2020A, Rev., 5.00%, 9/1/2027 | 200 | 251 | ||||||
Series 2020A, Rev., 5.00%, 9/1/2028 | 175 | 224 | ||||||
Series 2020A, Rev., 5.00%, 9/1/2029 | 175 | 227 | ||||||
City of Philadelphia, Water and Wastewater | ||||||||
Series A, Rev., 5.00%, 7/1/2022 | 1,510 | 1,605 | ||||||
Series 2014A, Rev., 5.00%, 7/1/2024 | 2,595 | 2,971 | ||||||
City of Pittsburgh Series 2020A, GO, 5.00%, 9/1/2027 | 350 | 439 | ||||||
Commonwealth Financing Authority, Tobacco Master Settlement Payment Rev., 5.00%, 6/1/2022 | 555 | 586 | ||||||
Commonwealth of Pennsylvania Series 2011-1, GO, 4.00%, 11/15/2028 | 5,000 | 5,118 | ||||||
County of Chester GO, 4.00%, 7/15/2028 | 2,500 | 3,062 | ||||||
County of Lackawanna | ||||||||
Series 2020B, GO, 4.00%, 9/1/2027 | 1,480 | 1,746 | ||||||
Series 2020B, GO, 4.00%, 9/1/2028 | 1,495 | 1,788 | ||||||
Series 2020B, GO, 4.00%, 9/1/2029 | 1,525 | 1,815 | ||||||
County of Northampton | ||||||||
Series A, GO, 4.00%, 10/1/2026 | 750 | 869 | ||||||
Series A, GO, 4.00%, 10/1/2027 | 1,565 | 1,817 | ||||||
Series A, GO, 4.00%, 10/1/2028 | 920 | 1,063 | ||||||
County of Westmoreland Series A, GO, 5.00%, 8/15/2028 | 3,000 | 3,813 | ||||||
East Stroudsburg Area School District GO, 3.00%, 9/1/2027 | 1,845 | 2,078 | ||||||
Lehigh County Industrial Development Authority, PPL Electric Utilities Corp. Project | ||||||||
Series 2016B, Rev., 1.80%, 8/15/2022 (c) | 4,000 | 4,082 | ||||||
Series 2016A, Rev., 1.80%, 9/1/2022 (c) | 2,500 | 2,553 |
SEE NOTES TO FINANCIAL STATEMENTS.
40 | J.P. MORGAN MUNICIPAL BOND FUNDS | FEBRUARY 28, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued | ||||||||
Pennsylvania — continued | ||||||||
Montgomery County Higher Education and Health Authority, Thomas Jefferson University | 1,000 | 1,147 | ||||||
Panther Valley School District | ||||||||
GO, 2.00%, 10/15/2026 | 750 | 770 | ||||||
GO, 2.00%, 10/15/2027 | 680 | 693 | ||||||
GO, 2.00%, 10/15/2028 | 300 | 304 | ||||||
GO, 2.00%, 10/15/2029 | 300 | 302 | ||||||
Penn Hills School District | ||||||||
GO, 5.00%, 10/1/2026 | 4,845 | 5,872 | ||||||
GO, 5.00%, 10/1/2027 | 3,585 | 4,442 | ||||||
GO, 5.00%, 10/1/2028 | 3,585 | 4,530 | ||||||
GO, 5.00%, 10/1/2029 | 3,815 | 4,901 | ||||||
Pennsylvania Higher Educational Facilities Authority, Trustees of the University | 5,055 | 5,441 | ||||||
Pennsylvania Turnpike Commission | ||||||||
Series A, Rev., 5.00%, 12/1/2021 | 655 | 678 | ||||||
Series A-1, Rev., (SIFMA Municipal Swap Index Yield + 0.60%), 0.63%, 12/1/2023 (b) | 13,000 | 13,066 | ||||||
Pittsburgh Water and Sewer Authority, First Lien Series A, Rev., 5.00%, 9/1/2023 | 270 | 301 | ||||||
Quaker Valley School District | ||||||||
GO, 5.00%, 10/1/2028 | 350 | 450 | ||||||
GO, 5.00%, 10/1/2029 | 425 | 556 | ||||||
GO, 5.00%, 10/1/2030 | 250 | 330 | ||||||
Quakertown Community School District | 2,695 | 3,164 | ||||||
School District of Philadelphia (The) Series 2020-2021A, Rev., TRAN, 4.00%, 6/30/2021 | 15,000 | 15,192 | ||||||
Schuylkill Valley School District | ||||||||
GO, 5.00%, 4/1/2022 | 255 | 268 | ||||||
GO, 5.00%, 4/1/2022 (d) | 95 | 100 | ||||||
Southcentral General Authority, Hanover Hospital, Inc. Rev., 5.00%, 12/1/2026 | 1,400 | 1,648 | ||||||
Southcentral General Authority, Wellspan Health Obligated Group Series 2014A, Rev., 5.00%, 6/1/2024 | 380 | 434 | ||||||
Southeastern Pennsylvania Transportation Authority | ||||||||
Rev., 5.00%, 6/1/2027 | 635 | 791 | ||||||
Rev., 5.00%, 6/1/2028 | 2,265 | 2,883 | ||||||
Rev., 5.00%, 6/1/2029 | 3,115 | 4,035 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Pennsylvania — continued | ||||||||
Sports and Exhibition Authority of Pittsburgh and Allegheny County, Sales Tax | ||||||||
Rev., AGM, 5.00%, 2/1/2028 | 2,590 | 3,227 | ||||||
Rev., AGM, 5.00%, 2/1/2029 | 2,750 | 3,477 | ||||||
Rev., AGM, 5.00%, 2/1/2030 | 2,925 | 3,790 | ||||||
Rev., AGM, 5.00%, 2/1/2031 | 4,750 | 6,123 | ||||||
State Public School Building Authority, Community College of Philadelphia Project | ||||||||
Rev., 5.00%, 6/15/2021 | 2,760 | 2,796 | ||||||
Rev., 5.00%, 6/15/2024 | 2,625 | 2,967 | ||||||
Upper St. Clair Township School District | ||||||||
Series 2019B, GO, 4.00%, 10/1/2028 | 575 | 673 | ||||||
Series 2019B, GO, 4.00%, 10/1/2029 | 420 | 488 | ||||||
|
| |||||||
Total Pennsylvania | 146,451 | |||||||
|
| |||||||
Rhode Island — 0.0% (f) |
| |||||||
Rhode Island Commerce Corp., Department of Transportation Series 2016-A, Rev., GAN, 5.00%, 6/15/2022 | 25 | 26 | ||||||
|
| |||||||
South Carolina — 0.2% |
| |||||||
Charleston County School District GO, SCSDE, 5.00%, 3/1/2025 | 3,000 | 3,541 | ||||||
|
| |||||||
South Dakota — 0.1% |
| |||||||
South Dakota Health and Educational Facilities Authority, Sanford Health Obligated Group | ||||||||
Series B, Rev., 4.00%, 11/1/2021 | 500 | 512 | ||||||
Series B, Rev., 5.00%, 11/1/2022 | 375 | 404 | ||||||
South Dakota State Building Authority | ||||||||
Series B, Rev., 5.00%, 6/1/2021 | 485 | 491 | ||||||
|
| |||||||
Total South Dakota | 1,407 | |||||||
|
| |||||||
Tennessee — 1.2% |
| |||||||
County of Hamilton | ||||||||
Series 2020B, GO, 5.00%, 3/1/2027 | 2,685 | 3,357 | ||||||
Series 2020B, GO, 5.00%, 3/1/2028 | 3,705 | 4,743 | ||||||
County of Rutherford | ||||||||
Series A, GO, 5.00%, 4/1/2026 | 1,165 | 1,375 | ||||||
State of Tennessee | ||||||||
Series A, GO, 4.00%, 8/1/2025 | 7,000 | 7,350 | ||||||
Tennessee Energy Acquisition Corp., Gas Project | ||||||||
Series A, Rev., 4.00%, 5/1/2022 | 1,460 | 1,521 | ||||||
Series A, Rev., 4.00%, 5/1/2023 | 1,400 | 1,506 | ||||||
|
| |||||||
Total Tennessee | 19,852 | |||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 41 |
Table of Contents
JPMorgan Short-Intermediate Municipal Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2021 (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued | ||||||||
Texas — 8.0% |
| |||||||
Abilene Independent School District, Unlimited Tax School Building GO, PSF-GTD, 4.00%, 2/15/2029 | 2,000 | 2,395 | ||||||
Arlington Higher Education Finance Corp., Uplift Education Series 2017A, Rev., PSF-GTD, 4.00%, 12/1/2029 | 1,000 | 1,163 | ||||||
Austin Community College District Public Facility Corp., Lease, Highland Campus Parking Garage Project | ||||||||
Series 2018C, Rev., 5.00%, 8/1/2026 | 250 | 307 | ||||||
Series 2018C, Rev., 5.00%, 8/1/2027 | 200 | 252 | ||||||
Series 2018C, Rev., 5.00%, 8/1/2029 | 325 | 403 | ||||||
Austin Convention Enterprises, Inc., Convention Center Hotel First Tier Series 2017A, Rev., 5.00%, 1/1/2022 | 750 | 770 | ||||||
Board of Regents of the University of Texas System, Financing System Series 2020C, Rev., 5.00%, 8/15/2031 | 5,000 | 6,820 | ||||||
Central Texas Regional Mobility Authority, Subordinated Lien Rev., BAN, 4.00%, 1/1/2022 | 1,545 | 1,561 | ||||||
City of Austin, Airport System | ||||||||
Series 2017B, Rev., AMT, 5.00%, 11/15/2026 | 1,095 | 1,334 | ||||||
Series 2017B, Rev., AMT, 5.00%, 11/15/2027 | 585 | 709 | ||||||
Series 2017B, Rev., AMT, 5.00%, 11/15/2028 | 630 | 758 | ||||||
City of Cedar Park, Utility System Rev., 5.00%, 8/15/2022 | 560 | 599 | ||||||
City of Denton GO, 5.00%, 2/15/2023 | 1,045 | 1,141 | ||||||
City of El Paso | ||||||||
GO, 5.00%, 8/15/2021 | 530 | 541 | ||||||
GO, 5.00%, 8/15/2025 | 4,035 | 4,818 | ||||||
City of Galveston GO, 4.00%, 5/1/2024 | 635 | 702 | ||||||
City of Galveston, Waterworks and Sewer System Rev., 5.00%, 5/1/2021 | 265 | 267 | ||||||
City of Garland, Water and Sewer System Series 2018A, Rev., 5.00%, 3/1/2026 | 1,030 | 1,247 | ||||||
City of Houston, Public Improvement | ||||||||
Series A, GO, 5.00%, 3/1/2021 | 3,000 | 3,000 | ||||||
Series A, GO, 5.00%, 3/1/2025 | 1,195 | 1,406 | ||||||
City of San Antonio, Electric and Gas Systems Series B, Rev., 2.00%, 12/1/2021 (c) | 6,480 | 6,509 | ||||||
Cypress-Fairbanks Independent School District, Unlimited Tax | ||||||||
Series 2020A, GO, PSF-GTD, 5.00%, 2/15/2025 | 6,385 | 7,511 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Texas — continued | ||||||||
Series 2020A, GO, PSF-GTD, 5.00%, 2/15/2026 | 3,855 | 4,681 | ||||||
Forney Independent School District, School Building GO, PSF-GTD, 5.00%, 8/15/2024 | 1,310 | 1,514 | ||||||
Galveston County, Unlimited Tax | ||||||||
GO, 4.00%, 2/1/2024 | 980 | 1,079 | ||||||
GO, 4.00%, 2/1/2025 | 800 | 904 | ||||||
Grand Parkway Transportation Corp., System Toll Rev., BAN, 5.00%, 2/1/2023 | 10,000 | 10,788 | ||||||
Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System Series 2014A, Rev., 5.00%, 12/1/2026 | 1,910 | 2,203 | ||||||
Harris County Fresh Water Supply District No. 61 GO, AGM, 3.00%, 9/1/2025 | 530 | 579 | ||||||
Hereford Independent School District, School Building | ||||||||
GO, PSF-GTD, 4.00%, 2/15/2028 | 1,420 | 1,664 | ||||||
GO, PSF-GTD, 4.00%, 2/15/2029 | 1,480 | 1,726 | ||||||
Houston Community College System GO, 5.00%, 2/15/2023 (d) | 1,000 | 1,093 | ||||||
Irving Hospital Authority, Baylor Scott and White Medical Center Series 2017A, Rev., 5.00%, 10/15/2022 | 250 | 269 | ||||||
Series 2017B, Rev., (SIFMA Municipal Swap Index Yield + 1.10%), 1.13%, 10/15/2023 (b) | 1,665 | 1,661 | ||||||
Series 2017A, Rev., 5.00%, 10/15/2028 | 250 | 296 | ||||||
Series 2017A, Rev., 5.00%, 10/15/2029 | 500 | 588 | ||||||
Katy Independent School District, School Building GO, PSF-GTD, 4.00%, 2/15/2027 | 290 | 310 | ||||||
Klein Independent School District, Unlimited Tax Series B, GO, 5.00%, 8/1/2029 | 525 | 625 | ||||||
Lewisville Independent School District, Unlimited Tax | ||||||||
GO, PSF-GTD, 5.00%, 8/15/2025 | 750 | 834 | ||||||
GO, PSF-GTD, 5.00%, 8/15/2026 | 750 | 834 | ||||||
GO, PSF-GTD, 5.00%, 8/15/2027 | 650 | 722 | ||||||
Lower Colorado River Authority | ||||||||
Series B, Rev., 5.00%, 5/15/2022 (d) | 60 | 64 | ||||||
Series B, Rev., 5.00%, 5/15/2023 | 4,700 | 4,966 | ||||||
North Texas Tollway Authority System, First Tier Series A, Rev., 4.00%, 1/1/2033 | 2,500 | 2,836 | ||||||
Pasadena Independent School District, School Building, Unlimited Tax Series A, GO, PSF-GTD, 5.00%, 2/15/2028 | 1,000 | 1,129 | ||||||
Richardson Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2029 | 3,165 | 3,997 |
SEE NOTES TO FINANCIAL STATEMENTS.
42 | J.P. MORGAN MUNICIPAL BOND FUNDS | FEBRUARY 28, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued | ||||||||
Texas — continued | ||||||||
S&S Consolidated Independent School District | ||||||||
GO, PSF-GTD, 4.00%, 2/15/2028 | 580 | 691 | ||||||
Southside Independent School District, Scholl Building, Unlimited Tax GO, PSF-GTD, 5.00%, 8/15/2022 | 250 | 268 | ||||||
Southwest Higher Education Authority, Inc., Southern Methodist University Project | ||||||||
Rev., 5.00%, 10/1/2021 | 425 | 437 | ||||||
Rev., 5.00%, 10/1/2022 | 400 | 430 | ||||||
Rev., 5.00%, 10/1/2023 | 400 | 445 | ||||||
State of Texas Rev., TRAN, 4.00%, 8/26/2021 | 32,480 | 33,092 | ||||||
Texas Municipal Gas Acquisition and Supply Corp., I Gas Supply Series D, Rev., 6.25%, 12/15/2026 | 1,520 | 1,784 | ||||||
West Travis County Public Utility Agency | ||||||||
Rev., 5.00%, 8/15/2022 | 545 | 582 | ||||||
Rev., 5.00%, 8/15/2023 | 325 | 360 | ||||||
Rev., 5.00%, 8/15/2027 | 350 | 435 | ||||||
|
| |||||||
Total Texas | 128,099 | |||||||
|
| |||||||
Utah — 1.3% |
| |||||||
Salt Lake City Corp., International Airport | 1,000 | 1,060 | ||||||
State of Utah GO, 5.00%, 7/1/2021 | 4,925 | 5,005 | ||||||
Utah Infrastructure Agency, Tax-Exempt Telecommunications Series A, Rev., 5.00%, 10/15/2025 | 10,380 | 12,220 | ||||||
West Valley City Municipal Building Authority | ||||||||
Rev., AGM, 4.00%, 2/1/2024 | 500 | 550 | ||||||
Rev., AGM, 5.00%, 2/1/2025 | 250 | 291 | ||||||
Rev., AGM, 5.00%, 2/1/2027 | 720 | 887 | ||||||
Rev., AGM, 5.00%, 2/1/2029 | 1,070 | 1,303 | ||||||
|
| |||||||
Total Utah | 21,316 | |||||||
|
| |||||||
Vermont — 0.1% |
| |||||||
University of Vermont and State Agricultural College | ||||||||
Rev., 5.00%, 10/1/2021 | 750 | 771 | ||||||
Rev., 5.00%, 10/1/2022 | 855 | 919 | ||||||
Vermont Municipal Bond Bank | ||||||||
Series 3, Rev., 5.00%, 12/1/2021 | 400 | 414 | ||||||
|
| |||||||
Total Vermont | 2,104 | |||||||
|
| |||||||
Virginia — 2.8% |
| |||||||
County of Fairfax, Public Improvement | 7,715 | 9,131 | ||||||
County of Loudoun, Public Improvement | 1,930 | 2,337 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Virginia — continued | ||||||||
Fairfax County Water Authority Series B, Rev., 5.25%, 4/1/2024 | 5,615 | 6,462 | ||||||
Virginia College Building Authority, Educational Facilities, 21st Century College and Equipment Programs | ||||||||
Series 2017E, Rev., 5.00%, 2/1/2027 | 20,000 | 24,925 | ||||||
Series 2017C, Rev., 5.00%, 2/1/2028 | 1,000 | 1,239 | ||||||
Virginia Resources Authority, Infrastructure Pooled Financing Program Series C, Rev., 5.00%, 11/1/2027 | 1,235 | 1,536 | ||||||
�� |
| |||||||
Total Virginia | 45,630 | |||||||
|
| |||||||
Washington — 1.3% |
| |||||||
Snohomish County Public Utility District No. 1, Electric System Rev., 5.00%, 12/1/2025 | 500 | 602 | ||||||
Washington Health Care Facilities Authority, Commonspirit Health Series B-3, Rev., 5.00%, 8/1/2026 (c) | 17,000 | 20,079 | ||||||
|
| |||||||
Total Washington | 20,681 | |||||||
|
| |||||||
West Virginia — 0.2% |
| |||||||
West Virginia Economic Development Authority, Solid Waste Disposal Facilities, Appalachian Power Company — Amos Project | 2,905 | 2,976 | ||||||
|
| |||||||
Wisconsin — 1.6% |
| |||||||
Pewaukee School District Series 2019B, GO, 5.00%, 9/1/2027 | 200 | 252 | ||||||
PMA Levy and Aid Anticipation Notes Program Series 2020A, Rev., 3.00%, 3/22/2021 | 1,500 | 1,502 | ||||||
State of Wisconsin | ||||||||
Series A, GO, 5.00%, 5/1/2026 | 5,050 | 5,948 | ||||||
Series 1, GO, 5.00%, 11/1/2026 | 1,135 | 1,407 | ||||||
Sun Prairie Area School District GO, 4.00%, 3/1/2028 | 2,500 | 2,952 | ||||||
Wauwatosa School District, School Building and Improvement | ||||||||
Series 2019A, GO, 5.00%, 3/1/2027 | 5,025 | 6,266 | ||||||
Series 2019A, GO, 5.00%, 3/1/2029 | 6,025 | 7,451 | ||||||
Wisconsin Health and Educational Facilities Authority, Aspirus, Inc., Obligated Group Rev., 5.00%, 8/15/2025 | 325 | 384 | ||||||
|
| |||||||
Total Wisconsin | 26,162 | |||||||
|
| |||||||
Total Municipal Bonds |
| 1,582,506 | ||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 43 |
Table of Contents
JPMorgan Short-Intermediate Municipal Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2021 (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Collateralized Mortgage Obligations — 0.0% (f) |
| |||||||
FNMA, REMIC Series 2002-36, Class FS, 0.62%, 6/25/2032 (c) | 96 | 96 | ||||||
|
| |||||||
SHARES (000) | ||||||||
Short-Term Investments — 0.5% |
| |||||||
Investment Companies — 0.5% |
| |||||||
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 0.03% (g) (h) (Cost $7,154) | 7,158 | 7,161 | ||||||
|
| |||||||
Total Investments — 99.1% |
| 1,589,763 | ||||||
Other Assets Less Liabilities — 0.9% |
| 14,486 | ||||||
|
| |||||||
NET ASSETS — 100.0% |
| 1,604,249 | ||||||
|
|
Percentages indicated are based on net assets.
Abbreviations
AGM | Insured by Assured Guaranty Municipal Corp. | |
AMT | Alternative Minimum Tax | |
BAN | Bond Anticipation Note | |
COP | Certificate of Participation | |
FNMA | Federal National Mortgage Association | |
GAN | Grant Anticipation Note | |
GO | General Obligation | |
GTD | Guaranteed | |
ICE | Intercontinental Exchange | |
LIBOR | London Interbank Offered Rate | |
LIQ | Liquidity Agreement | |
NATL | Insured by National Public Finance Guarantee Corp. | |
PSF-GTD | Permanent School Fund Guaranteed | |
Q-SBLF | Qualified School Bond Loan Fund | |
RAN | Revenue Anticipation Note | |
RE | Reinsured | |
REMIC | Real Estate Mortgage Investment Conduit | |
Rev. | Revenue | |
SCSDE | South Carolina School District Enhancement | |
SIFMA | The Securities Industry and Financial Markets Association |
TRAN | Tax & Revenue Anticipation Note | |
USD | United States Dollar | |
VRDO | Variable Rate Demand Obligation | |
(a) | The date shown represents the earliest of the prerefunded date, next put date or final maturity date. | |
(b) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of February 28, 2021. | |
(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 February 28, 2021. | |
(d) | Security is prerefunded or escrowed to maturity. | |
(e) | Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. | |
(f) | Amount rounds to less than 0.1% of net assets. | |
(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 February 28, 2021. |
SEE NOTES TO FINANCIAL STATEMENTS.
44 | J.P. MORGAN MUNICIPAL BOND FUNDS | FEBRUARY 28, 2021 |
Table of Contents
JPMorgan Sustainable Municipal Income Fund
(formerly known as JPMorgan Municipal Income Fund)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2021
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — 99.5% (a) |
| |||||||
Alabama — 0.4% |
| |||||||
Lower Alabama Gas District (The), Gas Project Series 2016A, Rev., 5.00%, 9/1/2031 | 1,000 | 1,299 | ||||||
|
| |||||||
Alaska — 0.2% |
| |||||||
Alaska Housing Finance Corp., General Mortgage Series 2016A, Rev., 3.50%, 6/1/2046 | 555 | 588 | ||||||
|
| |||||||
Arizona — 2.2% |
| |||||||
Arizona Industrial Development Authority, Pebble Campus Project Series 2020A, Rev., 4.00%, 7/15/2030 (b) | 250 | 273 | ||||||
Arizona Industrial Development Authority, Pinecrest Academy, Canyon Campus Project Rev., 4.00%, 7/15/2030 (b) | 755 | 825 | ||||||
Arizona State University, Green Bond Series 2015A, Rev., 5.00%, 7/1/2028 | 75 | 88 | ||||||
City of Tucson, Water System Rev., 5.00%, 7/1/2024 | 2,150 | 2,476 | ||||||
La Paz County Industrial Development Authority, Harmony Public School Project | ||||||||
Rev., 4.00%, 2/15/2041 | 420 | 459 | ||||||
Rev., 4.00%, 2/15/2046 | 335 | 363 | ||||||
Maricopa County Industrial Development Authority, HonorHealth Series 2019A, Rev., 5.00%, 9/1/2032 | 200 | 251 | ||||||
University of Arizona (The), Stimulus Plan for Economic and Educational Development | ||||||||
Series 2020A, Rev., 5.00%, 8/1/2025 | 250 | 295 | ||||||
Series 2020A, Rev., 5.00%, 8/1/2026 | 700 | 850 | ||||||
Series 2020A, Rev., 5.00%, 8/1/2027 | 750 | 930 | ||||||
|
| |||||||
Total Arizona | 6,810 | |||||||
|
| |||||||
California — 5.4% |
| |||||||
California Health Facilities Financing Authority, On Lok Senior Health Service | ||||||||
Rev., 3.00%, 8/1/2021 | 100 | 101 | ||||||
Rev., 3.00%, 8/1/2022 | 100 | 103 | ||||||
Rev., 3.00%, 8/1/2025 | 50 | 54 | ||||||
California Municipal Finance Authority, Community Health Centers of The Central Coast, Inc. Series 2021A, Rev., 4.00%, 12/1/2026 (b) | 100 | 108 | ||||||
Series 2021A, Rev., 5.00%, 12/1/2027 (b) | 50 | 57 | ||||||
Series 2021A, Rev., 5.00%, 12/1/2028 (b) | 60 | 69 | ||||||
Series 2021A, Rev., 5.00%, 12/1/2029 (b) | 100 | 115 | ||||||
Series 2021A, Rev., 5.00%, 12/1/2031 (b) | 65 | 75 | ||||||
California Municipal Finance Authority, Eisenhower Medical Center Series 2017B, Rev., 5.00%, 7/1/2026 | 410 | 491 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
California — continued | ||||||||
California School Finance Authority, Kipp Socal Projects | ||||||||
Series 2020A, Rev., 5.00%, 7/1/2027 (b) | 80 | 98 | ||||||
Series 2020A, Rev., 5.00%, 7/1/2028 (b) | 110 | 137 | ||||||
Series 2020A, Rev., 5.00%, 7/1/2029 (b) | 140 | 177 | ||||||
Series 2020A, Rev., 5.00%, 7/1/2030 (b) | 100 | 128 | ||||||
Series 2020A, Rev., 4.00%, 7/1/2040 (b) | 295 | 337 | ||||||
California Statewide Communities Development Authority, Emanate Health, Tax-Exempt Series 2020A, Rev., 3.00%, 4/1/2050 | 2,645 | 2,727 | ||||||
Contra Costa County Public Financing Authority, Capital Projects Series 2021A, Rev., 4.00%, 6/1/2038 (c) | 4,185 | 4,923 | ||||||
CSCDA Community Improvement Authority, Essential Housing, Jefferson-Anaheim Rev., 2.88%, 8/1/2041 (b) | 1,000 | 962 | ||||||
CSCDA Community Improvement Authority, Essential Housing, Parallel-Anaheim Rev., 4.00%, 8/1/2056 (b) | 500 | 540 | ||||||
Eastern Municipal Water District Financing Authority, Water and Wastewater System | ||||||||
Series 2020A, Rev., 5.00%, 7/1/2035 | 500 | 662 | ||||||
Series 2020A, Rev., 5.00%, 7/1/2036 | 500 | 659 | ||||||
Middle Fork Project Finance Authority Rev., 5.00%, 4/1/2027 | 3,000 | 3,596 | ||||||
State of California, Department of Veterans Affairs Series B, Rev., 3.50%, 12/1/2045 | 400 | 424 | ||||||
|
| |||||||
Total California | 16,543 | |||||||
|
| |||||||
Colorado — 3.5% |
| |||||||
Aspen Fire Protection District | ||||||||
COP, 4.00%, 12/1/2034 | 200 | 234 | ||||||
COP, 4.00%, 12/1/2035 | 225 | 262 | ||||||
COP, 4.00%, 12/1/2036 | 350 | 406 | ||||||
Colorado Educational and Cultural Facilities Authority, Global Village Academy Northglenn Project Rev., 4.00%, 12/1/2030 (b) | 595 | 609 | ||||||
Colorado Educational and Cultural Facilities Authority, University Corp. for Atmospheric Research Project Rev., 5.00%, 9/1/2022 | 470 | 502 | ||||||
Colorado Educational and Cultural Facilities Authority, Vega Collegiate Academy Project Rev., 5.00%, 2/1/2034 (b) | 300 | 334 | ||||||
Colorado Housing and Finance Authority, Single Family Mortgage | ||||||||
Series 2019F, Rev., GNMA COLL, 4.25%, 11/1/2049 | 275 | 307 | ||||||
Series 2020H, Class I, Rev., GNMA COLL, 3.00%, 5/1/2050 | 1,000 | 1,079 |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 45 |
Table of Contents
JPMorgan Sustainable Municipal Income Fund
(formerly known as JPMorgan Municipal Income Fund)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2021 (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued | ||||||||
Colorado — continued | ||||||||
Series 2020B, Rev., 3.75%, 5/1/2050 | 2,015 | 2,218 | ||||||
Colorado School of Mines Series A, Rev., (ICE LIBOR USD 1 Month + 0.50%), 0.58%, 2/1/2023 (d) | 950 | 947 | ||||||
IDK PARTNERS III Trust, Mortgage Pass-Through Certificates Series 1999A, Rev., 5.10%, 8/1/2023 ‡ | — | (e) | — | (e) | ||||
Pueblo City Schools GO, 5.00%, 12/15/2031 | 3,000 | 3,923 | ||||||
|
| |||||||
Total Colorado | 10,821 | |||||||
|
| |||||||
Connecticut — 2.4% |
| |||||||
Connecticut Housing Finance Authority, Housing Mortgage Finance Program | ||||||||
Series D-1, Rev., 1.35%, 5/15/2022 | 175 | 177 | ||||||
Series D-1, Rev., 1.45%, 5/15/2023 | 1,020 | 1,041 | ||||||
Series D-1, Rev., 1.50%, 11/15/2023 | 1,220 | 1,250 | ||||||
Series 2020A-1, Rev., 3.50%, 11/15/2045 | 1,315 | 1,459 | ||||||
Series A-1, Rev., 4.00%, 11/15/2045 | 255 | 269 | ||||||
Series D, Subseries D-1, Rev., GNMA/FNMA/FHLMC, 4.00%, 11/15/2047 | 870 | 939 | ||||||
Subseries A-1, Rev., 4.00%, 11/15/2047 | 305 | 329 | ||||||
Connecticut State Health & Educational Facilities Authority, Yale New Haven Health Series B, Rev., 1.80%, 7/1/2024 (f) | 225 | 233 | ||||||
Connecticut State Higher Education Supplemental Loan Authority, CHESLA Loan Program Series 2019B, Rev., AMT, 5.00%, 11/15/2027 | 250 | 302 | ||||||
University of Connecticut Series 2019A, Rev., 5.00%, 11/1/2035 | 1,250 | 1,547 | ||||||
|
| |||||||
Total Connecticut | 7,546 | |||||||
|
| |||||||
Delaware — 0.9% |
| |||||||
Delaware Health Facilities Authority, Beebe Medical Center Project Rev., 5.00%, 6/1/2034 | 2,200 | 2,622 | ||||||
Delaware Housing Authority, Senior Single Family Mortgage Series A-1, Rev., AMT, 4.90%, 7/1/2029 | 115 | 116 | ||||||
|
| |||||||
Total Delaware | 2,738 | |||||||
|
| |||||||
District of Columbia — 3.0% |
| |||||||
District of Columbia, Gallaudet University Project | ||||||||
Rev., 5.00%, 4/1/2027 | 150 | 186 | ||||||
Rev., 5.00%, 4/1/2028 | 160 | 201 | ||||||
Rev., 4.00%, 4/1/2033 | 165 | 197 | ||||||
Rev., 4.00%, 4/1/2034 | 160 | 189 | ||||||
Rev., 4.00%, 4/1/2035 | 200 | 236 | ||||||
Rev., 4.00%, 4/1/2036 | 200 | 235 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
District of Columbia — continued | ||||||||
District of Columbia, Rocketship Obligated Group Series 2021A, Rev., 5.00%, 6/1/2031 (b) | 400 | 467 | ||||||
District of Columbia, Two Rivers Public Charter School, Inc. Issue | ||||||||
Rev., 3.00%, 6/1/2030 | 1,000 | 1,025 | ||||||
Rev., 5.00%, 6/1/2040 | 1,000 | 1,161 | ||||||
Rev., 5.00%, 6/1/2050 | 500 | 572 | ||||||
District of Columbia, Water and Sewer Authority, Public Utility, Subordinate Lien Series A, Rev., 5.00%, 10/1/2045 | 1,500 | 1,742 | ||||||
Washington Metropolitan Area Transit Authority | ||||||||
Series 2017B, Rev., 5.00%, 7/1/2025 | 1,000 | 1,184 | ||||||
Series 2020A, Rev., 5.00%, 7/15/2031 | 1,500 | 1,978 | ||||||
|
| |||||||
Total District of Columbia | 9,373 | |||||||
|
| |||||||
Florida — 8.6% |
| |||||||
Broward County Fuel System, Fort Lauderdale Fuel Facilities LLC Project Series A, Rev., AMT, AGM, 5.00%, 4/1/2024 | 835 | 909 | ||||||
Broward County Water and Sewer Utility | ||||||||
Series 2019A, Rev., 5.00%, 10/1/2038 | 3,000 | 3,843 | ||||||
City of Pompano Beach, John Knox Village Project | ||||||||
Rev., 3.50%, 9/1/2035 | 1,000 | 1,077 | ||||||
Rev., 4.00%, 9/1/2040 | 1,000 | 1,093 | ||||||
City of Port St. Lucie, Utility Systems Rev., NATL-RE, 5.25%, 9/1/2024 | 5,000 | 5,809 | ||||||
Florida Development Finance Corp., Educational Facilities, River City Science Academy Projects | ||||||||
Rev., 4.00%, 7/1/2027 | 290 | 329 | ||||||
Rev., 4.00%, 7/1/2028 | 150 | 171 | ||||||
Rev., 4.00%, 7/1/2029 | 155 | 175 | ||||||
Rev., 4.00%, 7/1/2030 | 215 | 241 | ||||||
Florida Development Finance Corp., Mater Academy Project Series 2020A, Rev., 5.00%, 6/15/2040 | 500 | 567 | ||||||
Lee Memorial Health System Series 2019A-1, Rev., 5.00%, 4/1/2036 | 1,000 | 1,239 | ||||||
Miami Beach Redevelopment Agency, Historic Convention Village Series A, Rev., 5.00%, 2/1/2027 | 2,000 | 2,252 | ||||||
Palm Beach County Health Facilities Authority, BRRH Corp. Obligated Group Rev., 5.00%, 12/1/2021 (g) | 1,100 | 1,139 | ||||||
Polk County School District Series 2019B, COP, 5.00%, 1/1/2026 | 515 | 614 | ||||||
School Board of Miami-Dade County (The) Series 2015D, COP, 5.00%, 2/1/2027 | 3,000 | 3,592 |
SEE NOTES TO FINANCIAL STATEMENTS.
46 | J.P. MORGAN MUNICIPAL BOND FUNDS | FEBRUARY 28, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued | ||||||||
Florida — continued | ||||||||
South Florida Water Management District COP, 5.00%, 10/1/2032 | 2,250 | 2,681 | ||||||
St. Johns County School Board Series 2019A, COP, 5.00%, 7/1/2031 | 570 | 733 | ||||||
|
| |||||||
Total Florida | 26,464 | |||||||
|
| |||||||
Georgia — 1.2% |
| |||||||
Albany-Dougherty Inner City Authority, State University Projects | ||||||||
Rev., 5.00%, 7/1/2027 | 335 | 406 | ||||||
Rev., 5.00%, 7/1/2028 | 350 | 430 | ||||||
Columbus Medical Center Hospital Authority, Piedmont Healthcare Series 2019B, Rev., 5.00%, 7/1/2029 (f) | 500 | 635 | ||||||
Gainesville and Hall County Hospital Authority, Northeast Georgia Health System, Inc., Project Series A, Rev., 5.00%, 2/15/2026 | 860 | 1,029 | ||||||
Georgia Housing and Finance Authority, Single Family Mortgage | ||||||||
Series A, Rev., 4.00%, 12/1/2047 | 415 | 446 | ||||||
Series B, Rev., 4.00%, 12/1/2047 | 790 | 853 | ||||||
|
| |||||||
Total Georgia | 3,799 | |||||||
|
| |||||||
Guam — 0.2% |
| |||||||
Guam Government Waterworks Authority, Water and Wastewater System (Guam) | ||||||||
Rev., 5.00%, 7/1/2023 | 375 | 412 | ||||||
Rev., 5.00%, 7/1/2024 | 300 | 339 | ||||||
|
| |||||||
Total Guam | 751 | |||||||
|
| |||||||
Illinois — 3.2% |
| |||||||
City of Aurora, Single Family Mortgage | ||||||||
Series B, Rev., GNMA/FNMA/FHLMC, 5.45%, 12/1/2039 | 72 | 73 | ||||||
Series A, Rev., AMT, GNMA/FNMA/FHLMC, 5.50%, 12/1/2039 | 94 | 94 | ||||||
Illinois Finance Authority, Healthcare Enterprises, Inc. Series C, Rev., 5.00%, 3/1/2033 | 365 | 435 | ||||||
Illinois Housing Development Authority Series C, Rev., GNMA/FNMA/FHLMC COLL, 4.00%, 10/1/2049 | 1,760 | 1,949 | ||||||
Illinois Housing Development Authority, Homeowner Mortgage Series C, Rev., 3.50%, 8/1/2046 | 675 | 725 | ||||||
Peoria City School District No. 150 Series 2020A, GO, AGM, 4.00%, 12/1/2027 | 505 | 591 | ||||||
Southwestern Illinois Development Authority, Flood Prevention District Council Project | ||||||||
Rev., 5.00%, 4/15/2026 | 250 | 300 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Illinois — continued | ||||||||
Rev., 5.00%, 4/15/2027 | 365 | 448 | ||||||
Rev., 5.00%, 4/15/2028 | 390 | 488 | ||||||
Rev., 5.00%, 4/15/2029 | 290 | 369 | ||||||
Will County Forest Preservation District, Limited Tax | ||||||||
GO, 5.00%, 12/15/2035 | 1,170 | 1,508 | ||||||
GO, 5.00%, 12/15/2036 | 1,460 | 1,872 | ||||||
GO, 4.00%, 12/15/2037 | 1,000 | 1,149 | ||||||
|
| |||||||
Total Illinois | 10,001 | |||||||
|
| |||||||
Indiana — 3.3% |
| |||||||
City of Jeffersonville, Vivera Senior Living of Jeffersonville Project Series 2020A, Rev., 4.75%, 11/1/2030(b) | 570 | 576 | ||||||
County of St. Joseph, Economic Development, St. Mary’s College Project Series A, Rev., 5.00%, 4/1/2026 | 1,880 | 2,208 | ||||||
Indiana Finance Authority, First Lien Wastewater, CWA Authority Project, Series 2012A, Rev., 5.00%, 10/1/2030 | 1,250 | 1,341 | ||||||
Indiana Health Facility Financing Authority, Ascension Health Credit Group Series A-1, Rev., 5.00%, 11/15/2034 | 1,670 | 1,977 | ||||||
Indiana Housing and Community Development Authority, Home First Mortgage Series A, Rev., GNMA/FNMA/FHLMC, 4.50%, 6/1/2028 | 5 | 5 | ||||||
Indiana Housing and Community Development Authority, Single Family Mortgage Series 2020A, Rev., 3.75%, 1/1/2049 | 990 | 1,096 | ||||||
Indianapolis Local Public Improvement Bond Bank, Stormwater Project Series 2019F, Rev., 5.00%, 1/1/2037 | 2,500 | 3,122 | ||||||
|
| |||||||
Total Indiana | 10,325 | |||||||
|
| |||||||
Iowa — 1.2% |
| |||||||
Iowa Finance Authority, Senior Living Facility, Sunrise Retirement Community Project | ||||||||
Rev., 5.00%, 9/1/2028 (c) | 195 | 212 | ||||||
Rev., 5.00%, 9/1/2030 (c) | 110 | 119 | ||||||
Rev., 5.00%, 9/1/2031 (c) | 105 | 113 | ||||||
Rev., 5.00%, 9/1/2036 (c) | 445 | 469 | ||||||
Iowa Finance Authority, Single Family Mortgage-Backed Securities Program Series C, Rev., GNMA/FNMA/FHLMC, 3.50%, 1/1/2047 | 1,240 | 1,326 | ||||||
Iowa Student Loan Liquidity Corp., Student Loan | ||||||||
Series A, Rev., AMT, 5.00%, 12/1/2025 | 1,000 | 1,177 | ||||||
Series 2019B, Rev., AMT, 5.00%, 12/1/2029 | 300 | 372 | ||||||
|
| |||||||
Total Iowa | 3,788 | |||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 47 |
Table of Contents
JPMorgan Sustainable Municipal Income Fund
(formerly known as JPMorgan Municipal Income Fund)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2021 (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued | ||||||||
Louisiana — 0.3% |
| |||||||
Louisiana Local Government Environmental Facilities and Community Development Authority, LCTCS Act 391 Project Rev., 5.00%, 10/1/2028 | 670 | 844 | ||||||
|
| |||||||
Maine — 0.8% |
| |||||||
City of Portland, General Airport Rev., 5.00%, 1/1/2031 | 370 | 461 | ||||||
Maine Health and Higher Educational Facilities Authority, Birch Bay Retirement Village | ||||||||
Series 2020A, Rev., 4.00%, 7/1/2024 | 250 | 277 | ||||||
Series 2020A, Rev., 4.00%, 7/1/2028 | 860 | 1,025 | ||||||
Maine State Housing Authority, Mortgage Purchase | ||||||||
Series A-1, Rev., AMT, 4.50%, 11/15/2028 | 50 | 51 | ||||||
Series B, Rev., AMT, 4.00%, 11/15/2043 | 50 | 51 | ||||||
Series A, Rev., 4.00%, 11/15/2045 | 445 | 470 | ||||||
|
| |||||||
Total Maine | 2,335 | |||||||
|
| |||||||
Maryland — 1.1% |
| |||||||
County of Baltimore, McDonough School Facility | ||||||||
Series 2019B, Rev., 3.00%, 9/1/2024 | 320 | 332 | ||||||
Series 2019B, Rev., 3.00%, 9/1/2025 | 475 | 492 | ||||||
County of Baltimore, Riderwood Village, Inc., Project | ||||||||
Rev., 4.00%, 1/1/2032 | 475 | 536 | ||||||
Rev., 4.00%, 1/1/2033 | 600 | 675 | ||||||
Maryland Health and Higher Educational Facilities Authority, Stevenson University Project | ||||||||
Rev., 5.00%, 6/1/2029 | 150 | 186 | ||||||
Rev., 5.00%, 6/1/2031 | 175 | 221 | ||||||
Montgomery County Housing Opportunities Commission, Single Family Mortgage Series 2017A, Rev., 4.00%, 7/1/2048 | 940 | 1,020 | ||||||
|
| |||||||
Total Maryland | 3,462 | |||||||
|
| |||||||
Massachusetts — 6.6% |
| |||||||
Massachusetts Bay Transportation Authority, Mass Sales Tax | ||||||||
Series 2012B-1, Rev., 5.00%, 7/1/2032 | 1,600 | 2,094 | ||||||
Series 2012B-1, Rev., 5.00%, 7/1/2033 | 3,015 | 3,922 | ||||||
Massachusetts Clean Water Trust (The) Rev., 5.25%, 8/1/2024 | 3,000 | 3,493 | ||||||
Massachusetts Development Finance Agency, Southcoast Health System Obligated Group Issue | ||||||||
Series 2021G, Rev., 5.00%, 7/1/2029 | 150 | 192 | ||||||
Series 2021G, Rev., 5.00%, 7/1/2030 | 150 | 195 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Massachusetts — continued | ||||||||
Massachusetts Educational Financing Authority Series 2016J, Rev., AMT, 5.00%, 7/1/2021 | 1,000 | 1,015 | ||||||
Massachusetts Health and Educational Facilities Authority, Massachusetts Institute of Technology Series L, Rev., 5.25%, 7/1/2033 | 820 | 1,163 | ||||||
Massachusetts Housing Finance Agency, Single Family Housing | ||||||||
Series 169, Rev., 4.00%, 12/1/2044 | 75 | 77 | ||||||
Series 183, Rev., 3.50%, 12/1/2046 | 175 | 184 | ||||||
Series 214, Rev., GNMA/FNMA/FHLMC, 3.75%, 12/1/2049 | 1,205 | 1,330 | ||||||
Massachusetts Water Resources Authority | ||||||||
Series B, Rev., AGM, 5.25%, 8/1/2028 | 3,000 | 3,933 | ||||||
Series B, Rev., AGM, 5.25%, 8/1/2029 | 2,000 | 2,677 | ||||||
|
| |||||||
Total Massachusetts | 20,275 | |||||||
|
| |||||||
Michigan — 1.0% |
| |||||||
City of Detroit, Social Bonds, Unlimited Tax | ||||||||
Series 2021A, GO, 5.00%, 4/1/2030 | 475 | 579 | ||||||
Series 2021A, GO, 5.00%, 4/1/2031 | 215 | 265 | ||||||
Eastern Michigan University Series A, Rev., 5.00%, 3/1/2030 | 575 | 699 | ||||||
Michigan State Housing Development Authority, Single Family Mortgage Series B, Rev., AMT, 3.50%, 6/1/2047 | 680 | 725 | ||||||
Michigan Strategic Fund, The Detroit Edison Co. Series CC, Rev., 1.45%, 9/1/2021 (f) | 570 | 574 | ||||||
Western Michigan University, Tax Exempt | ||||||||
Series 2021A, Rev., AGM, 5.00%, 11/15/2028 | 105 | 133 | ||||||
Series 2021A, Rev., AGM, 5.00%, 11/15/2029 | 100 | 129 | ||||||
Series 2021A, Rev., AGM, 5.00%, 11/15/2030 | 100 | 131 | ||||||
|
| |||||||
Total Michigan | 3,235 | |||||||
|
| |||||||
Minnesota — 2.4% |
| |||||||
City of Rochester, Health Care Facilities, Mayo Clinic Series B, Rev., 5.00%, 11/15/2029 | 965 | 1,272 | ||||||
City of St. Paul Minnesota, Housing and Redevelopment Authority, Hmong College Prep Academy Project | ||||||||
Rev., 5.00%, 9/1/2040 | 605 | 712 | ||||||
Rev., 5.00%, 9/1/2043 | 1,000 | 1,168 | ||||||
Dakota County Community Development Agency, Single Family Mortgage, Mortgage-Backed Securities Program | ||||||||
Series A, Rev., GNMA/FNMA/FHLMC, 4.50%, 6/1/2035 | 55 | 55 |
SEE NOTES TO FINANCIAL STATEMENTS.
48 | J.P. MORGAN MUNICIPAL BOND FUNDS | FEBRUARY 28, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued | ||||||||
Minnesota — continued | ||||||||
Series A, Rev., GNMA/FNMA/FHLMC, 5.13%, 12/1/2040 | 56 | 57 | ||||||
Minneapolis-St. Paul Housing Finance Board, Single Family Mortgage, City Living Home Programs | ||||||||
Series A-1, Rev., GNMA/FNMA/FHLMC, 5.25%, 12/1/2040 | — | (e) | — | (e) | ||||
Series 2007A-2, Rev., GNMA/FNMA/FHLMC, 5.52%, 3/1/2041 | 160 | 161 | ||||||
Minnesota Housing Finance Agency, Homeownership Finance Series D, Rev., AMT, GNMA/FNMA/FHLMC, 4.50%, 7/1/2034 | 10 | 10 | ||||||
Minnesota Housing Finance Agency, Non Profit Housing, State Appropriation | ||||||||
Rev., 5.25%, 8/1/2024 | 1,015 | 1,036 | ||||||
Rev., 5.25%, 8/1/2025 | 1,070 | 1,092 | ||||||
Rev., 5.25%, 8/1/2026 | 825 | 842 | ||||||
Minnesota Housing Finance Agency, Residential Housing Finance | ||||||||
Series D, Rev., AMT, GNMA/FNMA/FHLMC, 4.00%, 7/1/2040 | 10 | 10 | ||||||
Series B, Rev., AMT, GNMA/FNMA/FHLMC COLL, 4.00%, 7/1/2047 | 535 | 577 | ||||||
Minnesota Office of Higher Education, Supplemental Student Loan Program Rev., AMT, 5.00%, 11/1/2027 | 300 | 365 | ||||||
State of Minnesota, Various Purpose Series A, GO, 5.00%, 10/1/2021 (g) | 35 | 36 | ||||||
|
| |||||||
Total Minnesota | 7,393 | |||||||
|
| |||||||
Mississippi — 0.5% |
| |||||||
Mississippi Home Corp., Single Family Mortgage Series 2019A, Rev., GNMA/FNMA/FHLMC, 4.00%, 12/1/2048 | 1,370 | 1,506 | ||||||
|
| |||||||
Missouri — 1.4% |
| |||||||
Health and Educational Facilities Authority of the State of Missouri, Mercy Health Series A, Rev., 5.00%, 6/1/2031 | 1,000 | 1,246 | ||||||
Missouri Housing Development Commission, Single Family Mortgage, First Place Homeownership Loan Program | ||||||||
Series 2106B, Rev., AMT, GNMA/FNMA/FHLMC COLL, 3.50%, 5/1/2041 | 985 | 1,037 | ||||||
Series 2020A, Rev., GNMA/FNMA/FHLMC, 3.50%, 11/1/2050 | 1,910 | 2,100 | ||||||
|
| |||||||
Total Missouri | 4,383 | |||||||
|
|
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Nebraska — 0.6% |
| |||||||
Madison County Hospital Authority No. 1, Faith Regional Health Services Project | ||||||||
Rev., 5.00%, 7/1/2030 | 1,020 | 1,154 | ||||||
Rev., 5.00%, 7/1/2031 | 720 | 812 | ||||||
|
| |||||||
Total Nebraska | 1,966 | |||||||
|
| |||||||
Nevada — 0.5% |
| |||||||
City of Carson, Carson Tahoe Regional Healthcare Project | ||||||||
Rev., 5.00%, 9/1/2026 | 555 | 668 | ||||||
Rev., 5.00%, 9/1/2029 | 620 | 742 | ||||||
|
| |||||||
Total Nevada | 1,410 | |||||||
|
| |||||||
New Hampshire — 2.4% |
| |||||||
City of Manchester, School Facilities | ||||||||
Rev., NATL-RE, 5.50%, 6/1/2024 | 3,545 | 4,113 | ||||||
Rev., NATL-RE, 5.50%, 6/1/2027 | 900 | 1,142 | ||||||
New Hampshire Business Finance Authority, Springpoint Senior Living Project | ||||||||
Rev., 4.00%, 1/1/2026 | 265 | 301 | ||||||
Rev., 4.00%, 1/1/2027 | 250 | 289 | ||||||
Rev., 4.00%, 1/1/2028 | 290 | 332 | ||||||
Rev., 4.00%, 1/1/2031 | 290 | 326 | ||||||
Rev., 4.00%, 1/1/2041 | 750 | 825 | ||||||
|
| |||||||
Total New Hampshire | 7,328 | |||||||
|
| |||||||
New Jersey — 4.3% |
| |||||||
Egg Harbor Township School District | ||||||||
GO, AGM, 5.75%, 7/15/2024 | 1,215 | 1,424 | ||||||
Essex County Improvement Authority, North Star Academy Charter School of Newark, Inc., 2020 Project | ||||||||
Rev., 4.00%, 7/15/2023 (b) | 115 | 121 | ||||||
Rev., 4.00%, 7/15/2025 (b) | 370 | 402 | ||||||
Rev., 4.00%, 7/15/2027 (b) | 400 | 444 | ||||||
Rev., 4.00%, 7/15/2029 (b) | 430 | 481 | ||||||
Rev., 4.00%, 7/15/2030 (b) | 200 | 224 | ||||||
New Jersey Economic Development Authority, School Facilities Construction | ||||||||
Rev., 5.00%, 6/15/2030 | 270 | 339 | ||||||
Rev., 5.00%, 6/15/2033 | 300 | 374 | ||||||
New Jersey Educational Facilities Authority, Stevens Institute of Technology | ||||||||
Series 2020A, Rev., 5.00%, 7/1/2033 | 350 | 432 | ||||||
Series 2020A, Rev., 5.00%, 7/1/2034 | 280 | 344 |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 49 |
Table of Contents
JPMorgan Sustainable Municipal Income Fund
(formerly known as JPMorgan Municipal Income Fund)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2021 (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued | ||||||||
New Jersey — continued | ||||||||
New Jersey Health Care Facilities Financing Authority, University Hospital Issue | ||||||||
Series A, Rev., AGM, 5.00%, 7/1/2022 | 1,000 | 1,060 | ||||||
Series A, Rev., AGM, 5.00%, 7/1/2023 | 820 | 902 | ||||||
Series A, Rev., AGM, 5.00%, 7/1/2026 | 1,095 | 1,277 | ||||||
New Jersey Higher Education Student Assistance Authority, Senior Student Loan | ||||||||
Series 1A, Rev., AMT, 5.00%, 12/1/2024 | 1,750 | 2,015 | ||||||
Series A, Rev., 5.00%, 12/1/2024 | 1,100 | 1,276 | ||||||
New Jersey Housing and Mortgage Finance Agency, Riverside Senior Apartments Project Series 2019D, Rev., 1.35%, 6/1/2022 (f) | 1,000 | 1,012 | ||||||
New Jersey Housing and Mortgage Finance Agency, Single Family Housing Series 2018A, Rev., 4.50%, 10/1/2048 | 960 | 1,075 | ||||||
|
| |||||||
Total New Jersey | 13,202 | |||||||
|
| |||||||
New Mexico — 0.4% |
| |||||||
New Mexico Mortgage Finance Authority, Single Family Mortgage Program Series 2019C, Class I, Rev., GNMA/FNMA/FHLMC, 4.00%, 1/1/2050 | 1,135 | 1,257 | ||||||
|
| |||||||
New York — 5.6% |
| |||||||
Metropolitan Transportation Authority | ||||||||
Series 2018B, Subseries 2018B-2B, Rev., BAN, 5.00%, 5/15/2021 | 2,340 | 2,360 | ||||||
Series 2017B, Rev., 5.00%, 11/15/2021 | 1,300 | 1,340 | ||||||
Metropolitan Transportation Authority, Dedicated Tax Fund Series A, Rev., 5.00%, 11/15/2029 | 1,000 | 1,076 | ||||||
Monroe County Industrial Development Corp., Highland Hospital of Rochester Project Rev., 5.00%, 7/1/2029 | 1,000 | 1,258 | ||||||
New York City Industrial Development Agency, Queens Baseball Stadium Project Rev., AGM, 5.00%, 1/1/2031 | 500 | 655 | ||||||
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2015 Series FF, Rev., 5.00%, 6/15/2031 | 1,000 | 1,177 | ||||||
New York State Dormitory Authority, Montefiore Obligated Group Series 2020A, Rev., 5.00%, 9/1/2027 | 1,325 | 1,612 | ||||||
New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project Rev., AMT, 5.00%, 1/1/2025 | 1,750 | 1,983 | ||||||
Port Authority of New York and New Jersey, Consolidated Series 194, Rev., 5.00%, 10/15/2030 | 2,000 | 2,376 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
New York — continued | ||||||||
State of New York Mortgage Agency, Homeowner Mortgage | ||||||||
Series 197, Rev., 3.50%, 10/1/2044 | 835 | 885 | ||||||
Series 195, Rev., 4.00%, 10/1/2046 | 835 | 888 | ||||||
Suffolk County Economic Development Corp., St. Johnland Assisted Living Inc., Project Rev., 4.63%, 11/1/2031 (b) | 1,250 | 1,248 | ||||||
Yonkers Economic Development Corp., Charter School of Educational Excellence Project Rev., 4.00%, 10/15/2030 | 355 | 391 | ||||||
|
| |||||||
Total New York | 17,249 | |||||||
|
| |||||||
North Carolina — 1.1% |
| |||||||
County of Randolph Series B, Rev., 5.00%, 10/1/2026 | 1,000 | 1,227 | ||||||
North Carolina Housing Finance Agency, Homeownership Series 43, Rev., GNMA/FNMA/FHLMC, 4.00%, 7/1/2050 | 660 | 737 | ||||||
North Carolina Medical Care Commission, Caromont Health Series 2021B, Rev., 5.00%, 2/1/2026 (f) | 500 | 604 | ||||||
University of North Carolina at Charlotte | ||||||||
Series 2020A, Rev., 5.00%, 10/1/2025 | 85 | 101 | ||||||
Series 2020A, Rev., 5.00%, 10/1/2026 | 500 | 610 | ||||||
Series 2020A, Rev., 5.00%, 10/1/2027 | 200 | 250 | ||||||
|
| |||||||
Total North Carolina | 3,529 | |||||||
|
| |||||||
North Dakota — 0.8% |
| |||||||
North Dakota Housing Finance Agency, Home Mortgage Finance Program | ||||||||
Series 2016D, Rev., 3.50%, 7/1/2046 | 315 | 338 | ||||||
Series D, Rev., 4.00%, 7/1/2046 | 880 | 934 | ||||||
Series 2017D, Rev., FHA, 4.00%, 1/1/2048 | 985 | 1,070 | ||||||
|
| |||||||
Total North Dakota | 2,342 | |||||||
|
| |||||||
Ohio — 4.7% |
| |||||||
American Municipal Power, Inc., Combined Hydroelectric Projects Series 2020A, Rev., 5.00%, 2/15/2026 | 855 | 1,029 | ||||||
American Municipal Power, Inc., Solar Electricity Prepayment Project Series 2019A, Rev., 5.00%, 2/15/2035 | 825 | 1,027 | ||||||
Butler County Port Authority, Community First Solutions | ||||||||
Rev., 4.00%, 5/15/2037 | 210 | 241 | ||||||
Rev., 4.00%, 5/15/2038 | 110 | 126 | ||||||
Rev., 4.00%, 5/15/2039 | 115 | 131 | ||||||
Rev., 4.00%, 5/15/2040 | 115 | 131 |
SEE NOTES TO FINANCIAL STATEMENTS.
50 | J.P. MORGAN MUNICIPAL BOND FUNDS | FEBRUARY 28, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued | ||||||||
Ohio — continued | ||||||||
Rev., 4.00%, 5/15/2041 | 125 | 141 | ||||||
County of Hardin, Economic Development Facilities Improvement Bonds, Ohio Northern University | ||||||||
Rev., 4.00%, 5/1/2026 | 295 | 299 | ||||||
Rev., 5.00%, 5/1/2030 | 250 | 270 | ||||||
Lakota Local School District/Butler County | 1,500 | 1,823 | ||||||
Northeast Ohio Medical University | ||||||||
Series 2021A, Rev., 5.00%, 12/1/2028 | 125 | 153 | ||||||
Series 2021A, Rev., 5.00%, 12/1/2030 | 65 | 81 | ||||||
Series 2021A, Rev., 4.00%, 12/1/2035 | 150 | 169 | ||||||
Ohio Higher Educational Facility Commission, Case Western University Project | ||||||||
Series 2019C, Rev., 1.63%, 12/1/2026 (f) | 500 | 507 | ||||||
Series 2019B, Rev., 5.00%, 12/1/2031 | 750 | 947 | ||||||
Ohio Housing Finance Agency, First-Time Homebuyer Program Series 2020A, Rev., GNMA/FNMA/FHLMC, 3.75%, 9/1/2050 | 975 | 1,091 | ||||||
Ohio Housing Finance Agency, Single Family Mortgage Series 2016D, Rev., GNMA/FNMA/FHLMC, 4.00%, 3/1/2047 | 660 | 713 | ||||||
Ohio Water Development Authority, Water Pollution Control Loan Fund | ||||||||
Series 2019A, Rev., 5.00%, 6/1/2029 | 2,645 | 3,453 | ||||||
Series B, Rev., 5.00%, 12/1/2029 | 1,615 | 1,936 | ||||||
University of Akron (The), General Receipts Series 2019A, Rev., 5.00%, 1/1/2030 | 310 | 398 | ||||||
|
| |||||||
Total Ohio | 14,666 | |||||||
|
| |||||||
Oklahoma — 0.1% |
| |||||||
Oklahoma Housing Finance Agency, Deer Park and Apple Run Apartments Rev., 1.60%, 1/1/2022 (f) | 200 | 201 | ||||||
|
| |||||||
Oregon — 0.0% (h) |
| |||||||
State of Oregon, Housing and Community Services Department, Single Family Mortgage Program Series B, Rev., AMT, 5.00%, 7/1/2030 | 65 | 66 | ||||||
|
| |||||||
Other — 0.3% |
| |||||||
Multi-Family Housing, Bond Pass-Through Certificates, Grand Reserve Apartments | 945 | 946 | ||||||
|
| |||||||
Pennsylvania — 6.0% |
| |||||||
Allegheny County Hospital Development Authority, Pittsburgh Medical Center Series 2019A, Rev., 5.00%, 7/15/2033 | 600 | 765 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Pennsylvania — continued | ||||||||
Bucks County Industrial Development Authority, Grand View Hospital Project Rev., 5.00%, 7/1/2032 (c) | 500 | 603 | ||||||
Chester County Industrial Development Authority, Longwood Gardens Project | ||||||||
Rev., 4.00%, 12/1/2023 | 500 | 550 | ||||||
Rev., 4.00%, 12/1/2024 | 345 | 390 | ||||||
Rev., 4.00%, 12/1/2025 | 250 | 289 | ||||||
Rev., 4.00%, 12/1/2026 | 250 | 296 | ||||||
Rev., 5.00%, 12/1/2027 | 200 | 254 | ||||||
Rev., 5.00%, 12/1/2035 | 175 | 221 | ||||||
Rev., 5.00%, 12/1/2036 | 185 | 233 | ||||||
Rev., 5.00%, 12/1/2037 | 200 | 250 | ||||||
Delaware County Authority, Neumann University | ||||||||
Rev., 4.00%, 10/1/2022 | 200 | 210 | ||||||
Rev., 5.00%, 10/1/2023 | 240 | 264 | ||||||
Geisinger Authority, Health System Series 2020B, Rev., 5.00%, 2/15/2027 (f) | 3,350 | 4,093 | ||||||
Pennsylvania Higher Educational Facilities Authority, University of Pennsylvania Health System Rev., 4.00%, 8/15/2034 | 175 | 204 | ||||||
Pennsylvania Housing Finance Agency, Single Family Mortgage | ||||||||
Series 121, Rev., 3.50%, 10/1/2046 | 895 | 943 | ||||||
Series 122, Rev., AMT, 4.00%, 10/1/2046 | 295 | 316 | ||||||
Pennsylvania State University (The) | ||||||||
Series 2020E, Rev., 5.00%, 3/1/2029 | 710 | 926 | ||||||
Series 2020E, Rev., 5.00%, 3/1/2030 | 290 | 384 | ||||||
Series 2020E, Rev., 5.00%, 3/1/2031 | 710 | 935 | ||||||
Philadelphia Authority for Industrial Development, City Service Agreement, Affordable Housing Preservation Programs Project | ||||||||
Rev., 5.00%, 12/1/2023 | 2,020 | 2,260 | ||||||
Rev., AGM, 5.00%, 12/1/2026 | 1,550 | 1,896 | ||||||
Rev., AGM, 5.00%, 12/1/2027 | 680 | 836 | ||||||
Philadelphia Authority for Industrial Development, Russell Byers Charter School Project Rev., 5.00%, 5/1/2030 | 1,200 | 1,368 | ||||||
|
| |||||||
Total Pennsylvania | 18,486 | |||||||
|
| |||||||
South Carolina — 0.7% |
| |||||||
South Carolina State Housing Finance and Development Authority | ||||||||
Series A, Rev., 4.00%, 1/1/2047 | 240 | 257 | ||||||
Series B, Rev., FHA, GNMA/FNMA/FHLMC, 4.00%, 7/1/2047 | 605 | 654 |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 51 |
Table of Contents
JPMorgan Sustainable Municipal Income Fund
(formerly known as JPMorgan Municipal Income Fund)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2021 (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued | ||||||||
South Carolina — continued | ||||||||
Town of Hilton Head Island, Beach Preservation Fee Pledge Rev., 5.00%, 8/1/2026 | 1,000 | 1,184 | ||||||
|
| |||||||
Total South Carolina | 2,095 | |||||||
|
| |||||||
South Dakota — 1.0% |
| |||||||
South Dakota Housing Development Authority, Homeownership Mortgage | ||||||||
Series 2015D, Rev., 4.00%, 11/1/2045 | 1,000 | 1,063 | ||||||
Series A, Rev., 4.00%, 5/1/2049 | 1,805 | 1,984 | ||||||
|
| |||||||
Total South Dakota | 3,047 | |||||||
|
| |||||||
Tennessee — 1.2% |
| |||||||
Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Blakeford at Green Hills Series 2020A, Rev., 4.00%, 11/1/2038 | 1,305 | 1,347 | ||||||
Shelby County Health Educational and Housing Facilities Board, The Farms at Bailey Station Project Series 2019A, Rev., 5.75%, 10/1/2049 | 1,000 | 1,009 | ||||||
Tennessee Housing Development Agency, Residential Finance Program | ||||||||
Series 2B, Rev., AMT, 4.00%, 7/1/2043 | 110 | 115 | ||||||
Rev., 3.50%, 1/1/2048 | 1,235 | 1,322 | ||||||
|
| |||||||
Total Tennessee | 3,793 | |||||||
|
| |||||||
Texas — 6.4% |
| |||||||
Arlington Higher Education Finance Corp., Kipp Texas, Inc. | ||||||||
Rev., PSF-GTD, 5.00%, 8/15/2023 | 150 | 167 | ||||||
Rev., PSF-GTD, 5.00%, 8/15/2024 | 140 | 161 | ||||||
Rev., PSF-GTD, 5.00%, 8/15/2025 | 200 | 238 | ||||||
Rev., PSF-GTD, 5.00%, 8/15/2026 | 220 | 269 | ||||||
Rev., PSF-GTD, 5.00%, 8/15/2027 | 250 | 313 | ||||||
Rev., PSF-GTD, 5.00%, 8/15/2028 | 300 | 383 | ||||||
Rev., PSF-GTD, 5.00%, 8/15/2029 | 500 | 650 | ||||||
Rev., PSF-GTD, 5.00%, 8/15/2030 | 400 | 527 | ||||||
Arlington Higher Education Finance Corp., Newman International Academy | ||||||||
Rev., 4.00%, 8/15/2031 | 200 | 207 | ||||||
Rev., 5.00%, 8/15/2041 | 300 | 320 | ||||||
Boerne School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/1/2029 | 1,000 | 1,299 | ||||||
Brazos Higher Education Authority, Inc., Tax-Exempt Student Loan Program | ||||||||
Series 2020-1A, Rev., AMT, 5.00%, 4/1/2025 | 350 | 399 | ||||||
Series 2020-1A, Rev., AMT, 5.00%, 4/1/2026 | 500 | 580 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Texas — continued | ||||||||
Central Texas Regional Mobility Authority, Senior Lien Rev., 5.00%, 1/1/2046 | 1,000 | 1,132 | ||||||
City of Austin, Water and Wastewater System Rev., 5.00%, 11/15/2027 | 665 | 846 | ||||||
Clear Creek Independent School District, Unlimited Tax Series B, GO, PSF-GTD, 1.35%, 8/15/2022 (f) | 500 | 509 | ||||||
Clifton Higher Education Finance Corp., Idea Public Schools Rev., PSF-GTD, 4.00%, 8/15/2030 | 1,300 | 1,576 | ||||||
Clifton Higher Education Finance Corp., Yes Prep Public Schools, Inc. Rev., PSF-GTD, 5.00%, 4/1/2029 | 130 | 166 | ||||||
Dallas Area Rapid Transit, Sales Tax, Senior Lien Series A, Rev., 5.00%, 12/1/2032 | 2,800 | 3,332 | ||||||
Irving Hospital Authority, Baylor Scott and White Medical Center | ||||||||
Series 2017A, Rev., 5.00%, 10/15/2026 | 250 | 302 | ||||||
Series 2017A, Rev., 5.00%, 10/15/2027 | 500 | 597 | ||||||
Midtown Redevelopment Authority | ||||||||
Rev., 4.00%, 1/1/2031 | 365 | 430 | ||||||
Rev., 4.00%, 1/1/2032 | 500 | 583 | ||||||
Newark Higher Education Finance Corp., The Hughen Center, Inc. | ||||||||
Series 2021A, Rev., PSF-GTD, 5.00%, 8/15/2030 | 180 | 232 | ||||||
Series 2021A, Rev., PSF-GTD, 5.00%, 8/15/2031 | 200 | 262 | ||||||
Northside Independent School District, School Building, Unlimited Tax GO, PSF-GTD, 1.60%, 8/1/2024 (f) | 345 | 355 | ||||||
Pasadena Independent School District, School Building, Unlimited Tax Series B, GO, PSF-GTD, 1.50%, 8/15/2024 (f) | 750 | 773 | ||||||
State of Texas, Water Financial Assistance Series 2015D, GO, 5.00%, 5/15/2033 | 450 | 529 | ||||||
Texas Department of Housing and Community Affairs, Residential Mortgage Series A, Rev., GNMA/FNMA/FHLMC, 5.00%, 7/1/2029 | 75 | 75 | ||||||
Texas State Affordable Housing Corp., Single Family Mortgage, Heroes Home Loan Program Series 2019A, Rev., GNMA COLL, 4.25%, 3/1/2049 | 1,060 | 1,178 | ||||||
Texas Water Development Board, Water Implementation Fund | ||||||||
Series 2019A, Rev., 5.00%, 4/15/2023 | 1,300 | 1,431 | ||||||
|
| |||||||
Total Texas | 19,821 | |||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
52 | J.P. MORGAN MUNICIPAL BOND FUNDS | FEBRUARY 28, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued | ||||||||
Utah — 2.7% |
| |||||||
University of Utah, Student Fee and Housing System Rev., NATL-RE, 5.25%, 4/1/2023 | 3,245 | 3,491 | ||||||
Utah Associated Municipal Power System, Horse Butte Wind Project Series 2017B, Rev., 5.00%, 9/1/2033 | 1,700 | 2,070 | ||||||
Utah Charter School Finance Authority, The Freedom Academy Foundation, St. George Campus Project Series 2021A, Rev., 3.25%, 6/15/2031 (b) | 535 | 527 | ||||||
Utah Housing Corp., Single Family Mortgage Series D-2, Class III, Rev., FHA, 4.00%, 1/1/2045 | 890 | 956 | ||||||
Utah Transit Authority, Subordinate Sales Tax Series C, Rev., AGM, 5.25%, 6/15/2029 | 970 | 1,260 | ||||||
|
| |||||||
Total Utah | 8,304 | |||||||
|
| |||||||
Vermont — 1.9% |
| |||||||
Vermont Housing Finance Agency, Multiple Purpose | ||||||||
Series B, Rev., AMT, 4.13%, 11/1/2021 (g) | 5 | 5 | ||||||
Series B, Rev., AMT, 3.75%, 11/1/2045 | 780 | 816 | ||||||
Vermont Student Assistance Corp., Education Loan | ||||||||
Series A, Rev., AMT, 5.00%, 6/15/2023 | 1,000 | 1,096 | ||||||
Series 2016A, Rev., AMT, 5.00%, 6/15/2024 | 1,400 | 1,583 | ||||||
Series A, Rev., AMT, 5.00%, 6/15/2025 | 2,150 | 2,493 | ||||||
|
| |||||||
Total Vermont | 5,993 | |||||||
|
| |||||||
Virginia — 0.4% |
| |||||||
Henrico County Economic Development Authority, Westminster Canterbury Richmond | ||||||||
Rev., 3.00%, 10/1/2029 | 500 | 545 | ||||||
Rev., 3.00%, 10/1/2030 | 500 | 541 | ||||||
|
| |||||||
Total Virginia | 1,086 | |||||||
|
| |||||||
Washington — 4.5% |
| |||||||
FYI Properties, State of Washington District Project—Green Bonds Rev., 5.00%, 6/1/2039 | 5,000 | 5,974 | ||||||
King County Housing Authority, Highland Village Project | ||||||||
Rev., 5.00%, 1/1/2027 | 125 | 152 | ||||||
Rev., 5.00%, 1/1/2028 | 125 | 155 | ||||||
Rev., 5.00%, 1/1/2029 | 125 | 158 | ||||||
Rev., 4.00%, 1/1/2031 | 330 | 391 | ||||||
Rev., 4.00%, 1/1/2034 | 500 | 584 | ||||||
Washington Health Care Facilities Authority, Multicare Health System Series B, Rev., 5.00%, 8/15/2035 | 1,850 | 2,268 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Washington — continued | ||||||||
Washington Higher Education Facilities Authority, Seattle Pacific University Project Series 2020A, Rev., 5.00%, 10/1/2035 | 710 | 867 | ||||||
Washington State Housing Finance Commission, Rockwood Retirement Communities Project Rev., 5.00%, 1/1/2032 (b) | 1,100 | 1,182 | ||||||
Washington State Housing Finance Commission, Single Family Program Series 2A-R, Rev., AMT, 3.50%, 12/1/2046 | 200 | 209 | ||||||
Series 2N, Rev., GNMA/FNMA/FHLMC, 3.50%, 6/1/2047 | 1,700 | 1,807 | ||||||
|
| |||||||
Total Washington | 13,747 | |||||||
|
| |||||||
Wisconsin — 3.5% |
| |||||||
Public Finance Authority, The Carmelite System, Inc., Obligated Group | ||||||||
Rev., 3.25%, 1/1/2025 | 580 | 618 | ||||||
Rev., 3.25%, 1/1/2026 | 1,545 | 1,663 | ||||||
Wisconsin Health and Educational Facilities Authority, Agnesian Healthcare, Inc. | ||||||||
Rev., 5.00%, 7/1/2024 | 250 | 285 | ||||||
Rev., 5.00%, 7/1/2025 | 250 | 294 | ||||||
Wisconsin Health and Educational Facilities Authority, Franciscan Sisters of Christian Charity Sponsored Ministries, Inc. | ||||||||
Series 2017A, Rev., 5.00%, 9/1/2022 (g) | 520 | 548 | ||||||
Series 2017A, Rev., 5.00%, 9/1/2023 (g) | 550 | 597 | ||||||
Series 2017A, Rev., 5.00%, 9/1/2024 (g) | 580 | 647 | ||||||
Series 2017A, Rev., 5.00%, 9/1/2025 (g) | 235 | 268 | ||||||
Series 2017A, Rev., 5.00%, 9/1/2026 (g) | 385 | 449 | ||||||
Series 2017A, Rev., 5.00%, 9/1/2027 (g) | 785 | 931 | ||||||
Wisconsin Health and Educational Facilities Authority, Lawrence University of Wisconsin | ||||||||
Rev., 4.00%, 2/1/2022 | 280 | 287 | ||||||
Rev., 4.00%, 2/1/2023 | 280 | 294 | ||||||
Wisconsin Health and Educational Facilities Authority, Marshfield Clinic Health System, Inc. | ||||||||
Series C, Rev., 5.00%, 2/15/2027 | 400 | 488 | ||||||
Series C, Rev., 5.00%, 2/15/2028 | 575 | 682 | ||||||
Series C, Rev., 5.00%, 2/15/2029 | 375 | 442 | ||||||
Wisconsin Health and Educational Facilities Authority, Milwaukee Regional Medical Center Thermal Service Rev., 5.00%, 4/1/2035 | 1,165 | 1,440 | ||||||
Wisconsin Health and Educational Facilities Authority, Three Pillars Senior Living Communities Rev., 4.00%, 8/15/2041 (c) | 825 | 923 | ||||||
|
| |||||||
Total Wisconsin | 10,856 | |||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 53 |
Table of Contents
JPMorgan Sustainable Municipal Income Fund
(formerly known as JPMorgan Municipal Income Fund)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2021 (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued | ||||||||
Wyoming — 0.6% |
| |||||||
Wyoming Community Development Authority | ||||||||
Series 5, Rev., 4.00%, 12/1/2046 | 675 | 729 | ||||||
Series 2020-2, Rev., 3.00%, 6/1/2049 | 1,000 | 1,087 | ||||||
|
| |||||||
Total Wyoming | 1,816 | |||||||
|
| |||||||
Total Municipal Bonds |
| 307,485 | ||||||
|
| |||||||
SHARES (000) | ||||||||
Short-Term Investments — 0.3% |
| |||||||
Investment Companies — 0.3% |
| |||||||
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 0.03% (i) (j) | 1,084 | 1,085 | ||||||
|
| |||||||
Total Investments — 99.8% |
| 308,570 | ||||||
Other Assets Less Liabilities — 0.2% |
| 502 | ||||||
|
| |||||||
NET ASSETS — 100.0% |
| 309,072 | ||||||
|
|
Percentages indicated are based on net assets.
Abbreviations
AGM | Insured by Assured Guaranty Municipal Corp. | |
AMT | Alternative Minimum Tax | |
BAN | Bond Anticipation Note | |
BRRH | Boca Raton Regional Hospital | |
CHESLA | Connecticut Higher Education Supplemental Loan Authority | |
COLL | Collateral | |
COP | Certificate of Participation | |
FHA | Federal Housing Administration | |
FHLMC | Federal Home Loan Mortgage Corp. | |
FNMA | Federal National Mortgage Association | |
GNMA | Government National Mortgage Association | |
GO | General Obligation | |
ICE | Intercontinental Exchange | |
LIBOR | London Interbank Offered Rate | |
NATL | Insured by National Public Finance Guarantee Corp. | |
PSF-GTD | Permanent School Fund Guaranteed | |
RE | Reinsured | |
Rev. | Revenue | |
USD | United States Dollar | |
(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) | All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. | |
(d) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of February 28, 2021. | |
(e) | Amount rounds to less than one thousand. | |
(f) | 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 February 28, 2021. | |
(g) | Security is prerefunded or escrowed to maturity. | |
(h) | Amount rounds to less than 0.1% of net assets. | |
(i) | 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. | |
(j) | The rate shown is the current yield as of February 28, 2021. | |
‡ | Value determined using significant unobservable inputs. |
SEE NOTES TO FINANCIAL STATEMENTS.
54 | J.P. MORGAN MUNICIPAL BOND FUNDS | FEBRUARY 28, 2021 |
Table of Contents
JPMorgan Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2021
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — 94.3% (a) |
| |||||||
Alabama — 0.9% |
| |||||||
City of Trussville Series 2018A, GO, 4.00%, 8/1/2032 | 25 | 29 | ||||||
Montgomery County Public Building Authority, Facilities Project Rev., 5.00%, 3/1/2029 | 1,000 | 1,130 | ||||||
Montgomery Water Works and Sanitary Sewer Board | ||||||||
Series 2019A, Rev., 4.00%, 9/1/2036 | 515 | 612 | ||||||
Series 2019A, Rev., 4.00%, 9/1/2037 | 800 | 947 | ||||||
Series 2019A, Rev., 4.00%, 9/1/2038 | 830 | 979 | ||||||
Southeast Alabama Gas Supply District (The), Project No. 1 Series 2018A, Rev., 4.00%, 4/1/2024 (b) | 500 | 545 | ||||||
Southeast Alabama Gas Supply District (The), Project No. 2 Series 2018A, Rev., 4.00%, 6/1/2024 (b) | 835 | 914 | ||||||
UAB Medicine Finance Authority | ||||||||
Series B-2, Rev., 3.50%, 9/1/2035 | 160 | 174 | ||||||
Series B-2, Rev., 5.00%, 9/1/2037 | 30 | 35 | ||||||
|
| |||||||
Total Alabama | 5,365 | |||||||
|
| |||||||
Alaska — 0.4% |
| |||||||
Alaska Housing Finance Corp., General Mortgage Series 2016A, Rev., 3.50%, 6/1/2046 | 555 | 588 | ||||||
Alaska Industrial Development and Export Authority, Tanana Chiefs Conference Project Series 2019A, Rev., 4.00%, 10/1/2044 | 1,500 | 1,667 | ||||||
University of Alaska Series S, Rev., 4.00%, 10/1/2021 | 70 | 71 | ||||||
|
| |||||||
Total Alaska | 2,326 | |||||||
|
| |||||||
Arizona — 2.4% |
| |||||||
Arizona Board of Regents, Tax-Exempt Series 2020A, Rev., 5.00%, 7/1/2041 | 1,255 | 1,596 | ||||||
Arizona Industrial Development Authority, Children’s National Medical Center Series 2020A, Rev., 3.00%, 9/1/2050 | 2,600 | 2,664 | ||||||
Arizona Industrial Development Authority, Equitable School Revolving Fund | ||||||||
Series 2020A, Rev., 4.00%, 11/1/2045 | 1,000 | 1,129 | ||||||
Series 2020A, Rev., 4.00%, 11/1/2050 | 1,300 | 1,465 | ||||||
Arizona Industrial Development Authority, Great Lakes Senior Living Communities LLC Project Series 2019A, Rev., 4.50%, 1/1/2049 | 4,000 | 3,363 | ||||||
Arizona Industrial Development Authority, Phoenix Children’s Hospital Series 2020A, Rev., 3.00%, 2/1/2045 | 1,000 | 1,031 | ||||||
Arizona Industrial Development Authority, Pinecrest Academy, Canyon Campus Project Rev., 5.00%, 7/15/2040 (c) | 2,515 | 2,824 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Arizona — continued |
| |||||||
City of Chandler, Excise Tax Rev., 5.00%, 7/1/2028 | 25 | 31 | ||||||
City of Phoenix Civic Improvement Corp., Civic Plaza Expansion Series 2005B, Rev., BHAC-CR, FGIC, 5.50%, 7/1/2036 | 125 | 181 | ||||||
County of Pinal Rev., 4.00%, 8/1/2036 | 50 | 57 | ||||||
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 | 402 | ||||||
Series 2018A, Rev., 5.00%, 7/1/2033 | 150 | 172 | ||||||
Series 2018A, Rev., 5.00%, 7/1/2037 | 200 | 226 | ||||||
Maricopa County Special Health Care District, Integrated Health Services Series 2018C, GO, 5.00%, 7/1/2033 | 10 | 12 | ||||||
Maricopa County Unified School District No. 11-Peoria, School Improvement GO, 4.00%, 7/1/2034 | 10 | 12 | ||||||
University of Arizona (The) Rev., 5.00%, 6/1/2033 | 40 | 47 | ||||||
|
| |||||||
Total Arizona | 15,212 | |||||||
|
| |||||||
Arkansas — 0.1% |
| |||||||
Board of Trustees of the University of Arkansas, Various Facility, Fayetteville Campus Series A, Rev., 5.00%, 11/1/2037 | 185 | 219 | ||||||
County of Pulaski, Arkansas Children’s Hospital Rev., 5.00%, 3/1/2029 | 350 | 421 | ||||||
State of Arkansas, Four-Lane Highway Construction and Improvement GO, 5.00%, 6/15/2021 | 60 | 61 | ||||||
University of Arkansas, Student Fee, UALR Campus Rev., 5.00%, 10/1/2029 | 100 | 119 | ||||||
University of Arkansas, Various Facility Monticello Campus Series 2017A, Rev., 5.00%, 12/1/2027 | 100 | 124 | ||||||
|
| |||||||
Total Arkansas | 944 | |||||||
|
| |||||||
California — 6.7% |
| |||||||
Alta Loma School District, Election of 2016 Series 2017A, GO, 5.00%, 8/1/2032 | 60 | 74 | ||||||
Bay Area Toll Authority, Toll Bridge Series S-7, Rev., 4.00%, 4/1/2032 | 35 | 41 | ||||||
California Educational Facilities Authority, Claremont McKenna College Series 2015A, Rev., 4.00%, 1/1/2039 | 500 | 557 | ||||||
California Educational Facilities Authority, Stanford University Series T-1, Rev., 5.00%, 3/15/2039 | 350 | 495 |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 55 |
Table of Contents
JPMorgan Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2021 (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
California — continued |
| |||||||
California Health Facilities Financing Authority, On Lok Senior Health Service Rev., 5.00%, 8/1/2050 | 1,000 | 1,202 | ||||||
California Health Facilities Financing Authority, Sutter Health Series 2016A, Rev., 5.00%, 11/15/2025 (d) | 250 | 301 | ||||||
California Public Finance Authority, Henry Mayo Newhall Hospital | ||||||||
Rev., 5.00%, 10/15/2037 | 500 | 572 | ||||||
Rev., 5.00%, 10/15/2047 | 1,000 | 1,128 | ||||||
California School Finance Authority, Green Dot Public School Projects | ||||||||
Series 2018A, Rev., 5.00%, 8/1/2021 (c) | 50 | 51 | ||||||
Series 2018A, Rev., 5.00%, 8/1/2022 (c) | 80 | 84 | ||||||
Series 2018A, Rev., 5.00%, 8/1/2023 (c) | 175 | 191 | ||||||
Series 2018A, Rev., 5.00%, 8/1/2024 (c) | 160 | 179 | ||||||
Series 2018A, Rev., 5.00%, 8/1/2025 (c) | 150 | 173 | ||||||
Series 2018A, Rev., 5.00%, 8/1/2026 (c) | 150 | 176 | ||||||
Series 2018A, Rev., 5.00%, 8/1/2027 (c) | 150 | 180 | ||||||
Series 2018A, Rev., 5.00%, 8/1/2028 (c) | 190 | 230 | ||||||
California State Public Works Board, Riverside Campus Series 2017H, Rev., 5.00%, 4/1/2027 | 10 | 12 | ||||||
California State University, Systemwide | ||||||||
Series 2019A, Rev., 5.00%, 11/1/2036 | 30 | 39 | ||||||
Series 2016A, Rev., 5.00%, 11/1/2041 | 45 | 53 | ||||||
Series 2017A, Rev., 5.00%, 11/1/2042 | 30 | 36 | ||||||
Series 2016A, Rev., 5.00%, 11/1/2045 | 25 | 29 | ||||||
California Statewide Communities Development Authority, Marin General Hospital Project Series 2018A, Rev., 4.00%, 8/1/2045 | 1,500 | 1,556 | ||||||
City of Los Angeles Department of Airports, International Airport Subordinate | ||||||||
Series A, Rev., AMT, 5.00%, 5/15/2038 | 1,250 | 1,356 | ||||||
Series 2019E, Rev., AMT, 5.00%, 5/15/2039 | 155 | 191 | ||||||
City of Palm Springs, Assisted Living Center Series B, COP, Zero Coupon, 4/15/2021 (d) | 100 | 100 | ||||||
County of Santa Clara, Campbell Union High School District | ||||||||
GO, 3.00%, 8/1/2030 | 620 | 668 | ||||||
GO, 3.00%, 8/1/2031 | 30 | 32 | ||||||
CSCDA Community Improvement Authority, Essential Housing, Jefferson-Anaheim | ||||||||
Rev., 2.88%, 8/1/2041 (c) | 365 | 351 | ||||||
Rev., 3.13%, 8/1/2056 (c) | 2,000 | 1,829 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
California — continued |
| |||||||
CSCDA Community Improvement Authority, Essential Housing, Parallel-Anaheim Rev., 4.00%, 8/1/2056 (c) | 1,500 | 1,619 | ||||||
East Bay Municipal Utility District, Wastewater System | ||||||||
Series B, Rev., 5.00%, 6/1/2033 | 515 | 607 | ||||||
Series 2015A-1, Rev., 5.00%, 6/1/2036 | 2,450 | 2,873 | ||||||
Eastern Municipal Water District Financing Authority, Water and Wastewater System | ||||||||
Series 2020A, Rev., 5.00%, 7/1/2036 | 1,500 | 1,977 | ||||||
Series 2020A, Rev., 4.00%, 7/1/2037 | 450 | 546 | ||||||
Series 2020A, Rev., 4.00%, 7/1/2038 | 1,000 | 1,208 | ||||||
El Monte City School District GO, BAN, Zero Coupon, 4/1/2023 | 900 | 890 | ||||||
Franklin-Mckinley School District, Election of 2020 Series A, GO, 4.00%, 8/1/2049 | 1,415 | 1,592 | ||||||
Long Beach Bond Finance Authority, Natural Gas Series 2007A, Rev., 5.25%, 11/15/2021 | 2,000 | 2,071 | ||||||
Los Angeles Community College District, Election of 2008 Series F, GO, 5.00%, 8/1/2023 (d) | 60 | 67 | ||||||
Los Angeles County Metropolitan Transportation Authority, Sales Tax Series 2020A, Rev., 5.00%, 6/1/2030 | 20 | 27 | ||||||
Los Angeles Department of Water and Power System | ||||||||
Series 2019D, Rev., 5.00%, 7/1/2038 | 35 | 44 | ||||||
Series 2014D, Rev., 5.00%, 7/1/2044 | 60 | 68 | ||||||
Los Angeles Unified School District, Election of 2008 Series 2018B-1, GO, 5.00%, 7/1/2037 | 30 | 37 | ||||||
Millbrae Redevelopment Agency Successor Agency, Millbrae Redevelopment Project 4.00%, 8/1/2035 | 150 | 166 | ||||||
Moulton-Niguel Water District Rev., 5.00%, 9/1/2038 | 35 | 44 | ||||||
Mount San Antonio Community College District, Election of 2008 Series A, GO, 0.00%, 8/1/2043 | 7,150 | 7,775 | ||||||
Mountain View Shoreline Regional Park Community Series 2018A, Rev., AGM, 5.00%, 8/1/2034 | 25 | 31 | ||||||
Orange County Water District Series A, Rev., 5.00%, 8/15/2034 | 650 | 795 | ||||||
Rim of the World Unified School District Series 2010B, GO, AGM, Zero Coupon, 8/1/2039 | 25 | 16 | ||||||
Riverside County Transportation Commission, Sales Tax Series 2017A, Rev., 5.00%, 6/1/2039 | 150 | 181 |
SEE NOTES TO FINANCIAL STATEMENTS.
56 | J.P. MORGAN MUNICIPAL BOND FUNDS | FEBRUARY 28, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
California — continued |
| |||||||
Riverside Public Financing Authority, Riverside Pavement Rehabilitation Project COP, AGM, 5.00%, 6/1/2033 | 1,500 | 1,640 | ||||||
San Diego Unified School District, Dedicated Unlimited Ad Valorem Property Tax, Election of 2008 Series 2012E, GO, Zero Coupon, 7/1/2049 | 1,000 | 471 | ||||||
San Lorenzo Valley Unified School District | ||||||||
Series 2020A, GO, 4.00%, 8/1/2045 | 1,000 | 1,143 | ||||||
Series 2020A, GO, 5.00%, 8/1/2050 | 2,505 | 3,044 | ||||||
Santa Clara Valley Transportation Authority, Sales Tax Series 2018A, Rev., 5.00%, 6/1/2024 | 30 | 35 | ||||||
Santa Maria Joint Union High School District, Santa Barbara and San Luis Obispo, Election of 2004 GO, Zero Coupon, 8/1/2037 | 2,450 | 1,133 | ||||||
South Monterey County Joint Union High School District, Election of 2018 Series A-1, GO, AGM, 5.00%, 8/1/2035 | 15 | 19 | ||||||
|
| |||||||
Total California | 42,005 | |||||||
|
| |||||||
Colorado — 3.9% |
| |||||||
Adams County COP, 4.00%, 12/1/2040 | 2,815 | 3,070 | ||||||
Brighton Crossing Metropolitan District No. 6, Limited Tax Series 2020A, GO, 5.00%, 12/1/2050 | 670 | 702 | ||||||
Broadway Park North Metropolitan District No. 2, Limited Tax GO, 5.00%, 12/1/2049 (c) | 650 | 700 | ||||||
Colorado Crossing Metropolitan District No. 2, Limited Tax Series 2020A-2, GO, 5.00%, 12/1/2050 | 2,000 | 2,044 | ||||||
Colorado Educational and Cultural Facilities Authority, Global Village Academy Northglenn Project Rev., 5.00%, 12/1/2050 (c) | 740 | 777 | ||||||
Colorado Health Facilities Authority, Commonspirit Health Series A-2, Rev., 4.00%, 8/1/2049 | 2,500 | 2,760 | ||||||
Colorado Health Facilities Authority, Parkview Medical Center, Inc., Project Series 2020A, Rev., 4.00%, 9/1/2050 | 675 | 745 | ||||||
Colorado Health Facilities Authority, Vail Valley Medical Centre Project Rev., 4.00%, 1/15/2045 | 1,095 | 1,184 | ||||||
County of El Paso, The Colorado College Project | ||||||||
Series 2020A, Rev., 5.00%, 6/1/2031 | 250 | 326 | ||||||
Series 2020A, Rev., 5.00%, 6/1/2032 | 200 | 259 | ||||||
Denver Health and Hospital Authority | ||||||||
Series 2019A, Rev., 4.00%, 12/1/2040 | 1,635 | 1,848 | ||||||
Series A, Rev., 5.25%, 12/1/2045 | 1,000 | 1,080 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Colorado — continued |
| |||||||
Larimer County School District No. R-1 Poudre GO, 5.00%, 12/15/2037 | 1,000 | 1,258 | ||||||
Raindance Metropolitan District No. 1, Non-Potable Water System Rev., 5.25%, 12/1/2050 | 1,000 | 1,063 | ||||||
State of Colorado Department of Transportation Headquarters Facilities, Headquarters Facilities Lease Purchase Agreement COP, 5.00%, 6/15/2041 | 1,000 | 1,173 | ||||||
State of Colorado, Building Excellent Schools Today Series G, COP, 5.00%, 3/15/2021 (d) | 2,000 | 2,003 | ||||||
State of Colorado, National Western Center Lease Purchase Financing Program, Tax-Exempt Series 2018A, COP, 5.00%, 9/1/2031 | 20 | 25 | ||||||
Transport Metropolitan District No. 3, Limited Tax | ||||||||
Series 2021A-1, GO, 5.00%, 12/1/2041 | 1,700 | 1,809 | ||||||
Series 2021A-1, GO, 5.00%, 12/1/2051 | 1,000 | 1,047 | ||||||
Vauxmont Metropolitan District, Subordinate Convertible Tax | ||||||||
GO, AGM, 5.00%, 12/15/2024 | 265 | 303 | ||||||
GO, AGM, 5.00%, 12/15/2025 | 250 | 293 | ||||||
|
| |||||||
Total Colorado | 24,469 | |||||||
|
| |||||||
Connecticut — 1.0% |
| |||||||
Connecticut Housing Finance Authority, Housing Mortgage Finance Program | ||||||||
Series B-2, Rev., 4.00%, 11/15/2032 | 165 | 168 | ||||||
Series A-1, Rev., 4.00%, 11/15/2045 | 85 | 90 | ||||||
Subseries A-1, Rev., 4.00%, 11/15/2047 | 295 | 318 | ||||||
Connecticut State Health and Educational Facilities Authority, Covenant Home, Inc. Series B, Rev., 5.00%, 12/1/2025 | 1,000 | 1,176 | ||||||
Connecticut State Health and Educational Facilities Authority, Sacred Heart University Issue Series K, Rev., 4.00%, 7/1/2045 | 2,875 | 3,204 | ||||||
State of Connecticut | ||||||||
Series 2016D, GO, 5.00%, 8/15/2026 | 25 | 30 | ||||||
Series 2012G, GO, 4.00%, 10/15/2027 | 45 | 47 | ||||||
Series A, GO, 5.00%, 4/15/2029 | 150 | 184 | ||||||
State of Connecticut, Special Tax Transportation Infrastructure Purposes | ||||||||
Series 2016A, Rev., 5.00%, 9/1/2027 | 25 | 30 | ||||||
Series 2018B, Rev., 5.00%, 10/1/2033 | 55 | 69 | ||||||
Town of New Canaan | ||||||||
GO, 4.00%, 10/1/2036 | 240 | 287 | ||||||
GO, 4.00%, 10/1/2037 | 370 | 440 | ||||||
GO, 4.00%, 10/1/2039 | 100 | 118 |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 57 |
Table of Contents
JPMorgan Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2021 (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Connecticut — continued |
| |||||||
Town of Wallingford GO, 4.00%, 3/15/2021 | 20 | 20 | ||||||
University of Connecticut Series A, Rev., 5.00%, 2/15/2028 | 15 | 17 | ||||||
|
| |||||||
Total Connecticut | 6,198 | |||||||
|
| |||||||
Delaware — 1.9% |
| |||||||
County of New Castle GO, 5.00%, 4/1/2027 | 25 | 31 | ||||||
Delaware State Economic Development Authority, Acts Retirement-Life Communities, Inc. Obligated Group Series 2018-B, Rev., 5.00%, 11/15/2048 | 1,000 | 1,147 | ||||||
Delaware State Economic Development Authority, Newark Charter School, Inc. Project | ||||||||
Series A, Rev., 5.00%, 9/1/2036 | 500 | 563 | ||||||
Series A, Rev., 5.00%, 9/1/2046 | 500 | 553 | ||||||
Rev., 5.00%, 9/1/2050 | 1,500 | 1,754 | ||||||
Delaware State Economic Development Authority, St. Andrews School Project Rev., 4.00%, 7/1/2041 | 5,000 | 5,783 | ||||||
Delaware State Health Facilities Authority, Bayhealth Medical Center Project | ||||||||
Series 2017A, Rev., 4.00%, 7/1/2033 | 25 | 28 | ||||||
Series 2017A, Rev., 4.00%, 7/1/2043 | 1,275 | 1,407 | ||||||
Delaware State Housing Authority, Senior Single Family Mortgage Series A-1, Rev., AMT, 4.90%, 7/1/2029 | 195 | 197 | ||||||
University of Delaware Series 2019A, Rev., 5.00%, 11/1/2045 | 500 | 720 | ||||||
|
| |||||||
Total Delaware | 12,183 | |||||||
|
| |||||||
District of Columbia — 1.6% |
| |||||||
District of Columbia, Kipp DC Charter School Series A, Rev., 6.00%, 7/1/2023 (d) | 1,000 | 1,132 | ||||||
District of Columbia, Kipp DC Project | ||||||||
Series 2017B, Rev., 5.00%, 7/1/2027 | 30 | 36 | ||||||
Series 2017B, Rev., 5.00%, 7/1/2037 | 25 | 29 | ||||||
Rev., 4.00%, 7/1/2039 | 600 | 664 | ||||||
Rev., 4.00%, 7/1/2044 | 1,240 | 1,359 | ||||||
District of Columbia, National Public Radio, Inc. Rev., 5.00%, 4/1/2024 (d) | 25 | 28 | ||||||
District of Columbia, Rocketship Obligated Group Series 2021A, Rev., 5.00%, 6/1/2041 (c) | 250 | 283 | ||||||
Metropolitan Washington Airports Authority | ||||||||
Series A, Rev., AMT, 5.00%, 10/1/2030 | 50 | 59 | ||||||
Series 2017A, Rev., AMT, 5.00%, 10/1/2032 | 415 | 503 | ||||||
Washington Metropolitan Area Transit Authority | ||||||||
Series B, Rev., 5.00%, 7/1/2042 | 5,010 | 5,984 | ||||||
|
| |||||||
Total District of Columbia | 10,077 | |||||||
|
|
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Florida — 2.8% |
| |||||||
City of Jacksonville Series B, Rev., 5.00%, 10/1/2024 | 20 | 23 | ||||||
City of Lauderhill, Water and Sewer System Rev., 4.00%, 10/1/2027 | 15 | 18 | ||||||
City of Leesburg, Electric System Rev., 5.00%, 10/1/2031 | 15 | 18 | ||||||
City of Miami Beach, Stormwater Rev., 4.00%, 9/1/2045 | 25 | 27 | ||||||
City of Port St. Lucie, Utility Systems Rev., 5.00%, 9/1/2028 | 25 | 31 | ||||||
City of South Miami Health Facilities Authority, Inc., Baptist Health Rev., 4.00%, 8/15/2042 | 20 | 22 | ||||||
City of Tallahassee, Utility System Rev., 5.00%, 10/1/2023 | 10 | 11 | ||||||
City of Tampa, H. Lee Moffitt Cancer Center Project Series 2020B, Rev., 5.00%, 7/1/2050 | 2,790 | 3,426 | ||||||
City of Tampa, The University of Tampa Project Series 2020A, Rev., 4.00%, 4/1/2050 | 2,000 | 2,176 | ||||||
County of Miami-Dade, Public Health Trust Program Series A, GO, 5.00%, 7/1/2036 | 1,545 | 1,965 | ||||||
County of Miami-Dade, Subordinate Special Obligation Rev., 4.00%, 10/1/2040 | 105 | 116 | ||||||
County of Sarasota, Utility System | ||||||||
Series 2019A, Rev., 5.00%, 10/1/2038 | 25 | 31 | ||||||
Series 2016A, Rev., 4.00%, 10/1/2043 | 65 | 70 | ||||||
East Central Regional Wastewater Treatment Facilities Operation Board Rev., 5.00%, 10/1/2028 | 30 | 38 | ||||||
Florida Atlantic University Finance Corp., Student Housing Project | ||||||||
Series 2019A, Rev., 5.00%, 7/1/2031 | 15 | 19 | ||||||
Series 2019B, Rev., 5.00%, 7/1/2034 | 120 | 150 | ||||||
Florida Governmental Utility Authority | ||||||||
Rev., AGM, 4.00%, 10/1/2034 | 600 | 710 | ||||||
Rev., AGM, 4.00%, 10/1/2035 | 1,000 | 1,180 | ||||||
Rev., AGM, 4.00%, 10/1/2036 | 370 | 434 | ||||||
Florida Gulf Coast University Financing Corp., Housing Project | ||||||||
Series 2020A, Rev., 4.00%, 2/1/2035 | 300 | 354 | ||||||
Series 2020A, Rev., 4.00%, 2/1/2037 | 730 | 854 | ||||||
Series 2020A, Rev., 4.00%, 2/1/2038 | 535 | 622 | ||||||
Florida State Board of Governors, International University Dormitory Series 2015A, Rev., 4.00%, 5/1/2034 | 30 | 33 | ||||||
Hillsborough County, Parks and Recreation Program GO, NATL-RE, 5.25%, 7/1/2025 | 2,415 | 2,763 |
SEE NOTES TO FINANCIAL STATEMENTS.
58 | J.P. MORGAN MUNICIPAL BOND FUNDS | FEBRUARY 28, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Florida — continued |
| |||||||
Monroe County School District | ||||||||
Series A, COP, 5.00%, 6/1/2032 | 100 | 122 | ||||||
Series A, COP, 5.00%, 6/1/2034 | 40 | 48 | ||||||
Orange County Convention Center, Tourist Development Series 2016A, Rev., 4.00%, 10/1/2036 | 40 | 45 | ||||||
Orange County Health Facilities Authority, Orlando Health, Inc. Series B, Rev., 4.00%, 10/1/2045 | 215 | 233 | ||||||
South Broward Hospital District, Memorial Healthcare System Rev., 5.00%, 5/1/2023 | 10 | 11 | ||||||
State of Florida Department of Transportation Turnpike System Series 2018A, Rev., 5.00%, 7/1/2033 | 55 | 69 | ||||||
Volusia County Educational Facility Authority, Embry-Riddle Aeronautical University, Inc., Project | ||||||||
Series 2020A, Rev., 4.00%, 10/15/2037 | 725 | 824 | ||||||
Series 2020A, Rev., 4.00%, 10/15/2038 | 750 | 850 | ||||||
Series 2020A, Rev., 4.00%, 10/15/2039 | 350 | 396 | ||||||
|
| |||||||
Total Florida | 17,689 | |||||||
|
| |||||||
Georgia — 4.4% |
| |||||||
Carroll City-County Hospital Authority, Tanner Medical Center Project Rev., GTD, 4.00%, 7/1/2050 | 1,450 | 1,678 | ||||||
Dalton Development Authority, Hamilton Health Care System Rev., NATL-RE, 5.50%, 8/15/2026 | 2,450 | 2,745 | ||||||
Dalton Whitfield County Joint Development Authority, Hamilton Health Care System Rev., 4.00%, 8/15/2041 | 1,000 | 1,110 | ||||||
Development Authority for Fulton County, Wellstar Health System, Inc. Project Series 2020A, Rev., 4.00%, 4/1/2050 | 2,080 | 2,346 | ||||||
Georgia Higher Education Facilities Authority, USG Real Estate Foundation II LLC Projects Rev., 4.00%, 6/15/2038 | 2,000 | 2,295 | ||||||
Georgia Housing and Finance Authority, Single Family Mortgage | ||||||||
Series A, Rev., AMT, 5.00%, 3/1/2021 | 5 | 5 | ||||||
Subseries A-1, Rev., AMT, 4.00%, 6/1/2044 | 85 | 89 | ||||||
Glynn-Brunswick Memorial Hospital Authority, Southeast Georgia Health System Project Rev., 4.00%, 8/1/2038 | 1,000 | 1,122 | ||||||
Main Street Natural Gas, Inc., Gas Supply | ||||||||
Series A, Rev., LIQ: Royal Bank of Canada, 4.00%, 9/1/2023 (b) | 5,000 | 5,403 | ||||||
Series 2019B, Rev., 4.00%, 12/2/2024 (b) | 8,600 | 9,575 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Georgia — continued |
| |||||||
Metropolitan Atlanta Rapid Transit Authority, Sales Tax Series A, Rev., NATL-RE, 5.25%, 7/1/2028 | 110 | 143 | ||||||
Private Colleges and Universities Authority, Emory University Series 2020B, Rev., 4.00%, 9/1/2041 | 750 | 885 | ||||||
|
| |||||||
Total Georgia | 27,396 | |||||||
|
| |||||||
Hawaii — 0.4% |
| |||||||
City and County Honolulu, Wastewater System Series 2019B, Rev., 5.00%, 7/1/2040 | 35 | 44 | ||||||
City and County of Honolulu Series A, GO, 5.00%, 10/1/2037 | 1,970 | 2,317 | ||||||
|
| |||||||
Total Hawaii | 2,361 | |||||||
|
| |||||||
Idaho — 0.0% (e) |
| |||||||
Idaho Health Facilities Authority, Trinity Health Credit Group Series 2016ID, Rev., 5.00%, 12/1/2045 | 75 | 87 | ||||||
University of Idaho | ||||||||
Series 2018A, Rev., 5.00%, 4/1/2028 (d) | 20 | 26 | ||||||
Series 2018A, Rev., 5.00%, 4/1/2035 | 5 | 6 | ||||||
|
| |||||||
Total Idaho | 119 | |||||||
|
| |||||||
Illinois — 4.8% |
| |||||||
City of Rockford, Waterworks System Series 2018B, GO, 4.00%, 12/15/2022 | 105 | 111 | ||||||
Community Unit School District No. 427 DeKalb and Kane Counties Illinois, Limited Tax | ||||||||
Series 2021B, GO, 4.00%, 2/1/2039 | 410 | 467 | ||||||
Series 2021B, GO, 4.00%, 2/1/2040 | 455 | 516 | ||||||
Series 2021B, GO, 4.00%, 2/1/2041 | 465 | 526 | ||||||
Cook County Forest Preserve District, Limited Tax Series B, GO, 5.00%, 12/15/2037 | 295 | 311 | ||||||
County of Cook GO, 5.00%, 11/15/2034 | 700 | 866 | ||||||
County of Du Page, The Morton Abroretum Project Rev., 3.00%, 5/15/2047 | 3,335 | 3,337 | ||||||
DuPage and Cook Counties Township High School District No. 86 Hinsdale, School Building GO, 4.00%, 1/15/2039 | 800 | 909 | ||||||
Hoffman Estates Park District GO, 4.00%, 12/1/2044 | 25 | 27 | ||||||
Illinois Finance Authority, Clean Water Initiative Revolving Fund Rev., 5.00%, 7/1/2040 | 105 | 132 | ||||||
Illinois Finance Authority, Healthcare Enterprises, Inc. | ||||||||
Series C, Rev., 5.00%, 3/1/2033 | 305 | 364 | ||||||
Series 2017C, Rev., 5.00%, 3/1/2034 | 205 | 244 |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 59 |
Table of Contents
JPMorgan Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2021 (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Illinois — continued |
| |||||||
Illinois Finance Authority, Presbyterian Homes Obligated Group Series 2016A, Rev., 5.00%, 11/1/2031 | 10 | 12 | ||||||
Illinois Finance Authority, Presence Health Network | ||||||||
Series 2016C, Rev., 4.00%, 2/15/2027 (d) | 20 | 24 | ||||||
Series 2016C, Rev., 4.00%, 2/15/2041 | 930 | 1,035 | ||||||
Illinois Finance Authority, Township High School District Rev., 4.00%, 12/1/2031 | 20 | 24 | ||||||
Illinois State Toll Highway Authority | ||||||||
Series 2019C, Rev., 5.00%, 1/1/2031 | 3,000 | 3,880 | ||||||
Series 2019A, Rev., 4.00%, 1/1/2044 | 65 | 74 | ||||||
Lake County Community Consolidated School District No. 3 Beach Park | ||||||||
GO, AGM, 4.00%, 2/1/2034 | 620 | 714 | ||||||
GO, AGM, 4.00%, 2/1/2035 | 500 | 575 | ||||||
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project Series 2002A, Rev., AGM-CR, NATL-RE, Zero Coupon, 12/15/2040 | 5,000 | 2,832 | ||||||
Railsplitter Tobacco Settlement Authority Rev., 5.25%, 6/1/2021 | 200 | 202 | ||||||
Sales Tax Securitization Corp. | ||||||||
Series C, Rev., 5.00%, 1/1/2026 | 3,500 | 4,133 | ||||||
Series C, Rev., 5.25%, 1/1/2043 | 1,500 | 1,809 | ||||||
State of Illinois | ||||||||
Series 2018A, GO, 5.00%, 10/1/2021 | 50 | 51 | ||||||
Series 2012A, GO, 4.00%, 1/1/2024 | 15 | 15 | ||||||
GO, 5.00%, 5/1/2024 | 205 | 227 | ||||||
Series D, GO, 5.00%, 11/1/2024 | 325 | 363 | ||||||
GO, 4.00%, 8/1/2025 | 25 | 26 | ||||||
GO, 4.00%, 3/1/2026 | 10 | 10 | ||||||
Series 2012A, GO, 5.00%, 1/1/2027 | 25 | 26 | ||||||
GO, 5.00%, 5/1/2027 | 175 | 191 | ||||||
GO, 5.00%, 6/1/2027 | 25 | 29 | ||||||
Series 2009A, GO, 4.00%, 9/1/2027 | 115 | 115 | ||||||
GO, 5.00%, 11/1/2028 | 20 | 23 | ||||||
Series 2012A, GO, 4.00%, 1/1/2029 | 45 | 46 | ||||||
Series 2012A, GO, 4.00%, 1/1/2030 | 225 | 228 | ||||||
GO, 5.50%, 1/1/2030 | 20 | 25 | ||||||
GO, 4.13%, 11/1/2031 | 20 | 22 | ||||||
GO, 4.00%, 6/1/2033 | 15 | 16 | ||||||
GO, 4.00%, 6/1/2036 | 25 | 27 | ||||||
GO, 4.00%, 6/1/2037 | 45 | 47 | ||||||
GO, 5.50%, 7/1/2038 | 3,000 | 3,199 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Illinois — continued |
| |||||||
State of Illinois, Sales Tax, Junior Obligation | ||||||||
Series 2016C, Rev., 5.00%, 6/15/2022 | 25 | 26 | ||||||
Series D, Rev., 5.00%, 6/15/2027 | 15 | 18 | ||||||
Village of Arlington Heights GO, 4.00%, 12/1/2034 | 130 | 147 | ||||||
Village of Bolingbrook Series A, GO, AGM, 5.00%, 1/1/2033 | 1,000 | 1,226 | ||||||
Village of Hoffman Estates GO, 5.00%, 12/1/2033 | 80 | 100 | ||||||
Village of Midlothian | ||||||||
GO, AGM, 4.00%, 1/1/2022 | 10 | 10 | ||||||
GO, AGM, 4.00%, 1/1/2023 | 10 | 11 | ||||||
GO, AGM, 4.00%, 1/1/2024 | 75 | 82 | ||||||
GO, AGM, 4.00%, 1/1/2025 | 40 | 45 | ||||||
GO, AGM, 4.00%, 1/1/2026 | 65 | 74 | ||||||
GO, AGM, 4.00%, 1/1/2027 | 85 | 99 | ||||||
GO, AGM, 4.00%, 1/1/2028 | 65 | 76 | ||||||
GO, AGM, 4.00%, 1/1/2029 | 95 | 112 | ||||||
Will County School District No. 86 Joliet, Limited Tax Series A, GO, 4.00%, 3/1/2024 | 220 | 242 | ||||||
Winnebago and Boone Counties School District No. 205 Rockford Series B, GO, 3.75%, 2/1/2033 | 35 | 37 | ||||||
|
| |||||||
Total Illinois | 30,115 | |||||||
|
| |||||||
Indiana — 1.4% |
| |||||||
City of Lafayette, Local Income Tax Rev., 4.00%, 6/30/2028 | 180 | 211 | ||||||
Clarksville Redevelopment Authority Rev., 5.00%, 1/15/2031 | 30 | 38 | ||||||
Gary Community School Corp. GO, 4.00%, 7/15/2023 | 230 | 248 | ||||||
Greenfield Middle School Building Corp., Ad Valorem Property Tax First Mortgage | ||||||||
Rev., 5.00%, 1/15/2023 | 10 | 11 | ||||||
Rev., 4.00%, 7/15/2031 | 240 | 276 | ||||||
Rev., 4.00%, 7/15/2032 | 350 | 400 | ||||||
Indiana Finance Authority, Butler University Project Rev., 4.00%, 2/1/2040 | 25 | 28 | ||||||
Indiana Finance Authority, Educational Facilities, Kipp Indianapolis, Inc., Project | ||||||||
Series 2020A, Rev., 5.00%, 7/1/2040 | 170 | 190 | ||||||
Series 2020A, Rev., 5.00%, 7/1/2055 | 460 | 505 | ||||||
Indiana Finance Authority, Goshen Health | ||||||||
Series A, Rev., 5.00%, 11/1/2032 | 15 | 18 | ||||||
Series A, Rev., 4.00%, 11/1/2043 | 1,125 | 1,231 |
SEE NOTES TO FINANCIAL STATEMENTS.
60 | J.P. MORGAN MUNICIPAL BOND FUNDS | FEBRUARY 28, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Indiana — continued |
| |||||||
Indiana Finance Authority, Marian University Project Series A, Rev., 5.00%, 9/15/2034 | 1,100 | 1,308 | ||||||
Indiana Finance Authority, Parkview Health System, Inc. Series A, Rev., 4.00%, 11/1/2048 | 50 | 56 | ||||||
Indiana Finance Authority, State Revolving Fund Program Series 2011A, Rev., 5.00%, 2/1/2022 (d) | 4,000 | 4,178 | ||||||
Indiana Health and Educational Facilities Financing Authority, Ascension Senior Credit Group Series 2006 B-1, Rev., 4.00%, 11/15/2046 | 15 | 17 | ||||||
Indiana Municipal Power Agency, Power Supply System Series 2016A, Rev., 5.00%, 1/1/2042 | 30 | 35 | ||||||
Merrillville Building Corp. Rev., 4.00%, 7/15/2034 | 35 | 40 | ||||||
University of Southern Indiana, Student Fee Series M, Rev., 5.00%, 10/1/2029 | 25 | 31 | ||||||
|
| |||||||
Total Indiana | 8,821 | |||||||
|
| |||||||
Iowa — 0.1% |
| |||||||
Iowa Finance Authority, Single Family Mortgage-Backed Securities Program Series 2016D, Rev., AMT, GNMA/FNMA/FHLMC COLL, 3.50%, 7/1/2046 | 355 | 377 | ||||||
Iowa Finance Authority, State Revolving Fund Rev., 5.00%, 8/1/2034 | 15 | 19 | ||||||
|
| |||||||
Total Iowa | 396 | |||||||
|
| |||||||
Kansas — 0.0% (e) |
| |||||||
Leavenworth County Unified School District No. 464 Series B, GO, 4.00%, 9/1/2022 | 50 | 53 | ||||||
|
| |||||||
Kentucky — 0.3% |
| |||||||
City of Ashland, Kings Daughters Medical Center Series 2016A, Rev., 4.00%, 2/1/2036 | 1,750 | 1,838 | ||||||
Commonwealth of Kentucky, State Office Building Project COP, 4.00%, 6/15/2032 | 30 | 33 | ||||||
Kentucky Housing Corp. Series A, Rev., 5.00%, 1/1/2028 | 5 | 5 | ||||||
Kentucky Turnpike Authority, Economic Development Road, Revitalization Projects Series B, Rev., 5.00%, 7/1/2023 | 30 | 33 | ||||||
Pike County School District Finance Corp., School Building Rev., 4.00%, 2/1/2028 | 20 | 22 | ||||||
|
| |||||||
Total Kentucky | 1,931 | |||||||
|
| |||||||
Louisiana — 0.9% |
| |||||||
City of Ruston, Sales Tax Rev., AGM, 5.00%, 6/1/2024 | 10 | 11 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Louisiana — continued |
| |||||||
Lafayette Consolidated Government | ||||||||
GO, 5.00%, 3/1/2029 | 125 | 161 | ||||||
GO, 5.00%, 3/1/2030 | 150 | 196 | ||||||
Louisiana Local Government Environmental Facilities and Community Development Authority, Jefferson Parish Projects Rev., 5.00%, 4/1/2029 | 100 | 120 | ||||||
Louisiana Public Facilities Authority, Louisiana Children’s Medical Center Project Series 2015A1, Rev., 5.00%, 6/1/2039 | 25 | 30 | ||||||
Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project Rev., 5.00%, 5/15/2047 | 1,055 | 1,178 | ||||||
St. Tammany Parish Hospital Service District No. 1, St. Tammany Parish Hospital Project Series A, Rev., 4.00%, 7/1/2043 | 50 | 56 | ||||||
State of Louisiana Series 2019A, GO, 5.00%, 3/1/2035 | 2,000 | 2,525 | ||||||
Tobacco Settlement Financing Corp. Series 2013A, Rev., 5.25%, 5/15/2035 | 1,000 | 1,086 | ||||||
|
| |||||||
Total Louisiana | 5,363 | |||||||
|
| |||||||
Maine — 0.4% |
| |||||||
Maine Health and Higher Educational Facilities Authority, Mainehealth Series 2020A, Rev., 4.00%, 7/1/2050 | 2,000 | 2,262 | ||||||
Maine Municipal Bond Bank Series E, Rev., 4.00%, 11/1/2021 | 100 | 102 | ||||||
Maine State Housing Authority, Mortgage Purchase Series A, Rev., 4.00%, 11/15/2045 | 265 | 280 | ||||||
|
| |||||||
Total Maine | 2,644 | |||||||
|
| |||||||
Maryland — 2.6% |
| |||||||
City of Baltimore, Stormwater Projects Series 2019A, Rev., 4.00%, 7/1/2044 | 50 | 58 | ||||||
City of Baltimore, Water Projects Series B, Rev., 4.00%, 7/1/2033 | 270 | 323 | ||||||
County of Baltimore, Equipment Acquisition Program COP, 5.00%, 3/1/2029 | 5,735 | 7,492 | ||||||
Maryland Economic Development Corp., Port Covington Project 4.00%, 9/1/2050 | 1,280 | 1,366 | ||||||
Maryland Health and Higher Educational Facilities Authority, Broadmead Issue Series A, Rev., 5.00%, 7/1/2023 | 115 | 125 | ||||||
Maryland Health and Higher Educational Facilities Authority, Medstar Health Issue Series 2017A, Rev., 5.00%, 5/15/2045 | 5,000 | 5,944 |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 61 |
Table of Contents
JPMorgan Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2021 (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Maryland — continued |
| |||||||
Maryland Health and Higher Educational Facilities Authority, Stevenson University Project | ||||||||
Rev., 4.00%, 6/1/2046 | 500 | 548 | ||||||
Rev., 4.00%, 6/1/2051 | 500 | 547 | ||||||
Maryland State Transportation Authority Rev., 5.00%, 7/1/2028 | 10 | 13 | ||||||
Montgomery County Housing Opportunities Commission, Single Family Mortgage Series A, Rev., 4.00%, 1/1/2031 | 165 | 174 | ||||||
|
| |||||||
Total Maryland | 16,590 | |||||||
|
| |||||||
Massachusetts — 2.6% |
| |||||||
City of Lowell, Municipal Purpose Loan GO, 5.00%, 3/1/2028 | 90 | 115 | ||||||
Commonwealth of Massachusetts Transportation Fund, Rail Enhancement & Accelerated Bridge Programs Series B, Rev., 4.00%, 6/1/2046 | 2,480 | 2,742 | ||||||
Commonwealth of Massachusetts, Consolidated Loan of 2016 Series J, GO, 4.00%, 12/1/2039 | 3,690 | 4,184 | ||||||
Massachusetts Development Finance Agency, Boston College Issue | ||||||||
Series 2020U, Rev., 5.00%, 7/1/2038 | 755 | 1,069 | ||||||
Series 2020U, Rev., 5.00%, 7/1/2039 | 665 | 942 | ||||||
Series 2020U, Rev., 5.00%, 7/1/2040 | 535 | 758 | ||||||
Series 2017T, Rev., 4.00%, 7/1/2042 | 35 | 39 | ||||||
Massachusetts Development Finance Agency, Emerson College | ||||||||
Rev., 5.00%, 1/1/2036 | 825 | 979 | ||||||
Rev., 5.00%, 1/1/2037 | 315 | 372 | ||||||
Massachusetts Development Finance Agency, Southcoast Health System Obligated Group Issue | ||||||||
Series 2021G, Rev., 5.00%, 7/1/2032 | 250 | 327 | ||||||
Series 2021G, Rev., 5.00%, 7/1/2038 | 300 | 380 | ||||||
Massachusetts Development Finance Agency, Wellforce Issue Series 2020C, Rev., AGM, 3.00%, 10/1/2045 | 1,000 | 1,019 | ||||||
Massachusetts Housing Finance Agency, Single Family Housing | ||||||||
Series 177, Rev., AMT, 4.00%, 6/1/2039 | 300 | 317 | ||||||
Series 167, Rev., 4.00%, 12/1/2043 | 150 | 155 | ||||||
Series 169, Rev., 4.00%, 12/1/2044 | 305 | 316 | ||||||
Town of Bellingham, Municipal Purpose Loan GO, 4.00%, 6/15/2032 | 10 | 12 | ||||||
University of Massachusetts Building Authority Project | ||||||||
Series 2020-1, Rev., 5.00%, 11/1/2034 | 2,000 | 2,578 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Massachusetts — continued |
| |||||||
Series 2017-1, Rev., 5.25%, 11/1/2042 | 50 | 62 | ||||||
|
| |||||||
Total Massachusetts | 16,366 | |||||||
|
| |||||||
Michigan — 1.9% |
| |||||||
Berkley School District, Michigan 2015 School Building and Site Bonds, Unlimited Tax GO, Q-SBLF, 4.00%, 5/1/2040 | 30 | 33 | ||||||
City of Grand Rapids, Sanitary Sewer System Rev., 5.00%, 1/1/2045 | 600 | 747 | ||||||
Grand Rapids Charter Township Economic Development Corp., Porter Hills Presbyterian Village Project Rev., 5.00%, 5/15/2044 | 2,000 | 2,229 | ||||||
Grand Rapids Public Schools GO, AGM, 5.00%, 11/1/2043 | 1,000 | 1,221 | ||||||
Michigan Finance Authority, Bronson Healthcare Group, Inc. Series A, Rev., 5.00%, 5/15/2054 | 1,525 | 1,728 | ||||||
Michigan Finance Authority, Trinity Health Credit Group Series 2016MI, Rev., 5.25%, 12/1/2041 | 1,000 | 1,172 | ||||||
Michigan State Building Authority, Facilities Program | ||||||||
Series 2016 I, Rev., 4.00%, 10/15/2036 | 50 | 56 | ||||||
Series 2015I, Rev., 4.00%, 4/15/2040 | 120 | 132 | ||||||
Michigan State Housing Development Authority, Single Family Mortgage Series 2015A, Rev., AMT, 4.00%, 6/1/2046 | 90 | 95 | ||||||
Michigan Strategic Fund, Holland Home Obligated Group Rev., 5.00%, 11/15/2043 | 750 | 837 | ||||||
Michigan Strategic Fund, United Methodist Retirement Communities Obligated Group, Porter Hills Presbyterian Village Project Rev., 5.00%, 5/15/2044 | 1,000 | 1,114 | ||||||
Niles Community Schools, Unlimited Tax GO, Q-SBLF, 4.00%, 5/1/2041 | 25 | 27 | ||||||
State of Michigan, Trunk Line Fund Rev., 5.00%, 11/15/2036 | 1,500 | 1,548 | ||||||
University of Michigan Rev., 4.00%, 4/1/2034 | 50 | 57 | ||||||
Walled Lake Consolidated School District GO, Q-SBLF, 5.00%, 5/1/2033 | 10 | 13 | ||||||
West Ottawa Public Schools, School Building and Site Series 2014-1, GO, 4.00%, 5/1/2039 | 25 | 27 | ||||||
Western Michigan University, Tax Exempt | ||||||||
Series 2021A, Rev., AGM, 5.00%, 11/15/2032 | 125 | 163 | ||||||
Series 2021A, Rev., AGM, 5.00%, 11/15/2033 | 150 | 194 | ||||||
Series 2021A, Rev., AGM, 5.00%, 11/15/2046 | 500 | 623 |
SEE NOTES TO FINANCIAL STATEMENTS.
62 | J.P. MORGAN MUNICIPAL BOND FUNDS | FEBRUARY 28, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Michigan — continued |
| |||||||
Whitehall District Schools, Unlimited Tax GO, AGM, 5.00%, 5/1/2033 | 25 | 31 | ||||||
|
| |||||||
Total Michigan | 12,047 | |||||||
|
| |||||||
Minnesota — 2.2% |
| |||||||
Aurora Independent School District No. 2711, School Building, Capital Appreciation | ||||||||
Series 2017B, GO, Zero Coupon, 2/1/2026 | 150 | 136 | ||||||
Series 2017B, GO, Zero Coupon, 2/1/2027 | 400 | 349 | ||||||
Series 2017B, GO, Zero Coupon, 2/1/2028 | 225 | 188 | ||||||
Series 2017B, GO, Zero Coupon, 2/1/2030 | 880 | 674 | ||||||
City of Hopkins Series 2017B, GO, 4.00%, 2/1/2026 | 25 | 29 | ||||||
City of Minneapolis, Health Care System, Fairview Health Services Series 2018A, Rev., 4.00%, 11/15/2048 | 3,000 | 3,311 | ||||||
City of Rochester, Health Care Facilities, Mayo Clinic Series 2016B, Rev., 5.00%, 11/15/2036 | 30 | 44 | ||||||
City of Woodbury, Charter School Lease Rev., 4.00%, 12/1/2050 | 250 | 261 | ||||||
Duluth Independent School District No. 709 Series 2019B, COP, 5.00%, 2/1/2022 | 160 | 166 | ||||||
East Grand Forks Independent School District No. 595 Series A, GO, 4.00%, 2/1/2027 | 15 | 17 | ||||||
Greenway Independent School District No. 316 | ||||||||
Series 2019F, GO, Zero Coupon, 2/1/2029 | 1,320 | 1,154 | ||||||
Series 2019F, GO, Zero Coupon, 2/1/2030 | 700 | 592 | ||||||
Series 2019F, GO, Zero Coupon, 2/1/2031 | 545 | 445 | ||||||
Lakeville Independent School District No. 194 Series 2018A, GO, 5.00%, 2/1/2028 | 25 | 31 | ||||||
Minneapolis-St. Paul Housing Finance Board, Single Family Mortgage, City Living Home Programs | ||||||||
Series A-1, Rev., GNMA/FNMA/FHLMC, 5.25%, 12/1/2040 | — | (f) | — | (f) | ||||
Series 2007A-2, Rev., GNMA/FNMA/FHLMC, 5.52%, 3/1/2041 | 45 | 45 | ||||||
Minnesota Higher Education Facilities Authority, Carleton College | ||||||||
Rev., 4.00%, 3/1/2032 | 1,000 | 1,140 | ||||||
Rev., 4.00%, 3/1/2033 | 500 | 568 | ||||||
Minnesota Housing Finance Agency, Homeownership Finance, Mortgage-Backed Securities Program | ||||||||
Series B, Rev., AMT, GNMA/FNMA/FHLMC, 4.50%, 1/1/2031 | 5 | 5 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Minnesota — continued |
| |||||||
Series D, Rev., AMT, GNMA/FNMA/FHLMC, 4.50%, 7/1/2034 | 5 | 5 | ||||||
Series E, Rev., GNMA/FNMA/FHLMC, 4.00%, 1/1/2035 | 10 | 10 | ||||||
Minnesota Housing Finance Agency, Residential Housing Finance | ||||||||
Series 2014A, Rev., AMT, 4.00%, 7/1/2038 | 160 | 169 | ||||||
Series D, Rev., AMT, GNMA/FNMA/FHLMC, 4.00%, 7/1/2040 | 10 | 10 | ||||||
Series C, Rev., AMT, GNMA/FNMA/FHLMC, 4.00%, 1/1/2045 | 455 | 486 | ||||||
Series B, Rev., AMT, GNMA/FNMA/FHLMC COLL, 4.00%, 7/1/2047 | 270 | 291 | ||||||
Virginia Independent School District No. 706 Series A, GO, 5.00%, 2/1/2030 | 3,000 | 3,774 | ||||||
|
| |||||||
Total Minnesota | 13,900 | |||||||
|
| |||||||
Mississippi — 0.6% |
| |||||||
Mississippi Development Bank, Lafayette County School District Project Rev., 4.00%, 4/1/2033 | 20 | 23 | ||||||
Mississippi Development Bank, Northwest Mississippi Community College Improvement Project Rev., 4.00%, 3/1/2050 | 2,335 | 2,621 | ||||||
Mississippi Development Bank, Special Obligation, Water and Sewer System Project Rev., AGM, 6.88%, 12/1/2040 | 1,000 | 1,151 | ||||||
|
| |||||||
Total Mississippi | 3,795 | |||||||
|
| |||||||
Missouri — 0.9% |
| |||||||
City of Sedalia COP, 4.00%, 7/15/2035 | 205 | 225 | ||||||
Health and Educational Facilities Authority of the State of Missouri, Lutheran Senior Services Projects | ||||||||
Series 2019A, Rev., 5.00%, 2/1/2034 | 1,000 | 1,115 | ||||||
Series 2019A, Rev., 5.00%, 2/1/2042 | 1,000 | 1,106 | ||||||
Health and Educational Facilities Authority of the State of Missouri, SSM Health System Series A, Rev., 4.00%, 6/1/2048 | 2,160 | 2,389 | ||||||
Health and Educational Facilities Authority of the State of Missouri, State University Rev., 4.00%, 10/1/2036 | 100 | 114 | ||||||
Metropolitan St. Louis Sewer District, Wastewater System Improvement Series 2017A, Rev., 5.00%, 5/1/2034 | 10 | 12 | ||||||
Missouri Housing Development Commission, Single Family Mortgage, First Place Homeownership Loan Program | ||||||||
Series 2106B, Rev., AMT, GNMA/FNMA/FHLMC COLL, 3.50%, 5/1/2041 | 300 | 316 |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 63 |
Table of Contents
JPMorgan Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2021 (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Missouri — continued |
| |||||||
Series 2015B-2, Rev., GNMA/FNMA/FHLMC, 4.00%, 11/1/2045 | 385 | 412 | ||||||
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) | 30 | 30 | ||||||
St. Louis County Reorganized School District No. R-6 GO, 5.00%, 2/1/2023 | 10 | 11 | ||||||
|
| |||||||
Total Missouri | 5,730 | |||||||
|
| |||||||
Montana — 0.2% |
| |||||||
Montana Board of Housing, Single Family Homeownership | ||||||||
Series B2, Rev., AMT, 5.00%, 12/1/2027 | 100 | 101 | ||||||
Series A-2, Rev., AMT, 4.00%, 12/1/2038 | 70 | 73 | ||||||
Montana Facility Finance Authority, SCL Health System Series A, Rev., 4.00%, 1/1/2038 | 1,200 | 1,401 | ||||||
|
| |||||||
Total Montana | 1,575 | |||||||
|
| |||||||
Nebraska — 0.8% |
| |||||||
Central Plains Energy Project, Gas Project No. 3 | ||||||||
Series 2017A, Rev., 5.00%, 9/1/2034 | 1,000 | 1,339 | ||||||
Series 2017A, Rev., 5.00%, 9/1/2037 | 1,500 | 2,053 | ||||||
Douglas County Hospital Authority No. 2, Children’s Hospital Obligated Group | ||||||||
Series 2020A, Rev., 4.00%, 11/15/2040 | 575 | 659 | ||||||
Series 2020A, Rev., 4.00%, 11/15/2041 | 300 | 343 | ||||||
Douglas County Hospital Authority No. 2, Health Facilities Rev., 5.00%, 5/15/2030 | 10 | 12 | ||||||
Public Power Generation Agency, Whelan Energy Center Unit 2 | ||||||||
Series 2015A, Rev., 5.00%, 1/1/2026 | 100 | 116 | ||||||
Series A, Rev., 5.00%, 1/1/2034 | 185 | 221 | ||||||
Series 2016A, Rev., 5.00%, 1/1/2035 | 25 | 30 | ||||||
|
| |||||||
Total Nebraska | 4,773 | |||||||
|
| |||||||
Nevada — 0.5% |
| |||||||
City of Reno, Sales Tax, Senior Lien, ReTrac-Reno Transportation Rail Access Corridor Project Series B, Rev., AGM, 4.00%, 6/1/2048 | 375 | 401 | ||||||
Las Vegas Convention and Visitors Authority, Convention Center Expansion Series B, Rev., 4.00%, 7/1/2049 | 2,500 | 2,733 | ||||||
Truckee Meadows Water Authority Rev., 5.00%, 7/1/2031 | 15 | 18 | ||||||
|
| |||||||
Total Nevada | 3,152 | |||||||
|
|
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
New Hampshire — 0.2% |
| |||||||
New Hampshire Business Finance Authority, Springpoint Senior Living Project Rev., 4.00%, 1/1/2041 | 1,000 | 1,100 | ||||||
|
| |||||||
New Jersey — 5.2% |
| |||||||
County of Middlesex, Civic Square II Redevelopment Associates LLC COP, 4.00%, 6/15/2022 | 110 | 115 | ||||||
New Jersey Economic Development Authority, Biomedical Research Facilities Series 2016A, Rev., 5.00%, 7/15/2027 | 240 | 284 | ||||||
New Jersey Economic Development Authority, School Facilities Construction | ||||||||
Series NN, Rev., 5.00%, 3/1/2024 | 150 | 162 | ||||||
Rev., 4.00%, 6/15/2046 | 1,375 | 1,495 | ||||||
Rev., 4.00%, 6/15/2050 | 1,000 | 1,083 | ||||||
New Jersey Economic Development Authority, State House Project Series 2017B, Rev., 4.13%, 6/15/2039 | 2,800 | 3,160 | ||||||
New Jersey Educational Facilities Authority, Capital Improvement Series 2016B, Rev., 5.00%, 9/1/2036 | 105 | 120 | ||||||
New Jersey Housing and Mortgage Finance Agency, Single Family Housing Series 2018A, Rev., 4.50%, 10/1/2048 | 765 | 856 | ||||||
New Jersey Transportation Trust Fund Authority | ||||||||
Series A, Rev., Zero Coupon, 12/15/2036 | 10,355 | 6,695 | ||||||
Series BB, Rev., 4.00%, 6/15/2038 | 1,500 | 1,655 | ||||||
Series 2020AA, Rev., 4.00%, 6/15/2050 | 1,375 | 1,489 | ||||||
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement | ||||||||
Series A-1, Rev., 5.00%, 6/15/2027 | 2,670 | 3,185 | ||||||
Series A, Rev., 5.00%, 6/15/2031 | 3,000 | 3,484 | ||||||
New Jersey Turnpike Authority Series 2021A, Rev., 4.00%, 1/1/2042 | 1,000 | 1,160 | ||||||
State of New Jersey, COVID-19 Emergency Bonds | ||||||||
GO, 4.00%, 6/1/2031 | 1,000 | 1,199 | ||||||
GO, 4.00%, 6/1/2032 | 2,000 | 2,420 | ||||||
Tobacco Settlement Financing Corp. | ||||||||
Series A, Rev., 4.00%, 6/1/2037 | 1,000 | 1,126 | ||||||
Series A, Rev., 5.00%, 6/1/2046 | 1,000 | 1,165 | ||||||
Series A, Rev., 5.25%, 6/1/2046 | 1,500 | 1,784 | ||||||
|
| |||||||
Total New Jersey | 32,637 | |||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
64 | J.P. MORGAN MUNICIPAL BOND FUNDS | FEBRUARY 28, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
New Mexico — 0.1% |
| |||||||
New Mexico Mortgage Finance Authority, Single Family Mortgage Program | ||||||||
Series 2012A, Class I, Rev., GNMA/FNMA/FHLMC, 4.25%, 3/1/2043 | 20 | 20 | ||||||
Series B-1, Rev., AMT, GNMA/FNMA/FHLMC, 3.75%, 3/1/2048 | 435 | 475 | ||||||
|
| |||||||
Total New Mexico | 495 | |||||||
|
| |||||||
New York — 8.5% |
| |||||||
Buffalo and Erie County Industrial Land Development Corp., D’youville College Project Rev., 4.00%, 11/1/2045 | 2,300 | 2,468 | ||||||
City of New York Series 2018E-1, GO, 5.00%, 3/1/2041 | 225 | 268 | ||||||
County of Rockland Series B, GO, AGM, 5.00%, 9/1/2027 | 10 | 12 | ||||||
County of Suffolk Series 2020B, GO, AGM, 5.00%, 5/15/2030 | 1,240 | 1,615 | ||||||
Metropolitan Transportation Authority | ||||||||
Series H, Rev., 5.00%, 11/15/2022 (d) | 70 | 76 | ||||||
Series D, Rev., 5.00%, 11/15/2031 | 400 | 469 | ||||||
Metropolitan Transportation Authority, Dedicated Tax Fund | ||||||||
Series 2012A, Rev., 5.00%, 11/15/2026 | 25 | 27 | ||||||
Subseries B-3B, Rev., 5.00%, 11/15/2028 | 25 | 31 | ||||||
Series 2016B-1, Rev., 5.00%, 11/15/2029 | 25 | 30 | ||||||
Series 2017B-1, Rev., 5.00%, 11/15/2035 | 95 | 115 | ||||||
Monroe County Industrial Development Corp., True North Rochester Preparatory Charter School Project Series 2020A, Rev., 5.00%, 6/1/2059 (c) | 540 | 615 | ||||||
Monroe County Industrial Development Corp., University of Rochester Project Series 2017C, Rev., 4.00%, 7/1/2033 | 60 | 68 | ||||||
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2017 Series 2017F-1, Rev., 4.00%, 5/1/2044 | 375 | 422 | ||||||
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2019 | ||||||||
Series 2019C-1, Rev., 5.00%, 11/1/2034 | 100 | 126 | ||||||
Series A, Subseries A-1, Rev., 5.00%, 8/1/2040 | 5,000 | 6,114 | ||||||
New York City Transitional Finance Authority, Future Tax Secured, Tax-Exempt, Fiscal Year 2018 Series C-3, Rev., 5.00%, 5/1/2039 | 25 | 31 | ||||||
New York City Transitional Finance Authority, Future Tax Secured, Tax-Exempt, Fiscal Year 2020 Series A, Subseries A-2, Rev., 5.00%, 5/1/2035 | 50 | 63 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
New York — continued |
| |||||||
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2012 Series 2012EE, Rev., 4.00%, 6/15/2039 | 35 | 36 | ||||||
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2019 Subseries 2019FF-2, Rev., 5.00%, 6/15/2038 | 30 | 37 | ||||||
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2020 | ||||||||
Series 2020AA, Rev., 5.00%, 6/15/2040 | 55 | 68 | ||||||
Series 2020BB1, Rev., 5.00%, 6/15/2049 | 5,000 | 6,143 | ||||||
New York State Dormitory Authority, Cornell University, Green Bonds Series 2019D, Rev., 5.00%, 7/1/2036 | 640 | 926 | ||||||
New York State Dormitory Authority, New York University Series 2019A, Rev., 4.00%, 7/1/2045 | 2,000 | 2,290 | ||||||
New York State Dormitory Authority, Sales Tax | ||||||||
Series 2017A, Rev., 5.00%, 3/15/2036 | 100 | 120 | ||||||
Series 2018A, Rev., 5.00%, 3/15/2037 | 40 | 49 | ||||||
New York State Dormitory Authority, School Districts Financing Program | ||||||||
Series 2018A, Rev., 5.00%, 10/1/2031 | 50 | 59 | ||||||
Series 2016A, Rev., 5.00%, 10/1/2032 | 35 | 42 | ||||||
New York State Dormitory Authority, State Sales Tax Series 2018C, Rev., 5.00%, 3/15/2038 | 1,250 | 1,517 | ||||||
New York State Dormitory Authority, State University Dormitory Facilities Series 2015B, Rev., 5.00%, 7/1/2026 | 15 | 17 | ||||||
New York State Environmental Facilities Corp., State Clean Water and Drinking Water Revolving Funds, Municipal Water Finance Authority Projects — Second Resolution Series 2017A, Rev., 5.00%, 6/15/2037 | 1,750 | 2,149 | ||||||
New York State Urban Development Corp., State Personal Income Tax, General Purpose | ||||||||
Series 2019A, Rev., 5.00%, 3/15/2039 | 25 | 31 | ||||||
Series 2019A, Rev., 5.00%, 3/15/2042 | 3,500 | 4,263 | ||||||
New York State Urban Development Corp., State Sales Tax Series 2019A, Rev., 5.00%, 3/15/2041 | 2,000 | 2,484 | ||||||
New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project | ||||||||
Rev., AMT, 4.00%, 1/1/2036 | 1,500 | 1,649 | ||||||
Rev., AMT, 5.00%, 1/1/2036 | 1,125 | 1,319 |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 65 |
Table of Contents
JPMorgan Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2021 (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
New York — continued |
| |||||||
Port Authority of New York and New Jersey, Consolidated | ||||||||
Series 188, Rev., AMT, 5.00%, 5/1/2024 | 50 | 57 | ||||||
Series 93, Rev., 6.13%, 6/1/2094 | 7,470 | 8,508 | ||||||
Springville-Griffith Institute Central School District GO, 3.00%, 6/15/2021 | 25 | 25 | ||||||
State of New York Mortgage Agency, Homeowner Mortgage Series 197, Rev., 3.50%, 10/1/2044 | 245 | 260 | ||||||
Suffolk County Economic Development Corp., St. Johnland Assisted Living Inc., Project | ||||||||
Rev., 5.13%, 11/1/2041 (c) | 850 | 847 | ||||||
Rev., 5.38%, 11/1/2054 (c) | 750 | 747 | ||||||
Tompkins County Development Corp., Tax Exempt Ithaca College Project Rev., 5.00%, 7/1/2032 | 80 | 97 | ||||||
Town of Orangetown, Rockland County, Sparkill-Palisades Fire District | ||||||||
GO, AGM, 4.00%, 11/15/2040 | 220 | 243 | ||||||
GO, AGM, 4.00%, 11/15/2041 | 205 | 226 | ||||||
GO, AGM, 4.00%, 11/15/2042 | 315 | 345 | ||||||
GO, AGM, 4.00%, 11/15/2043 | 325 | 355 | ||||||
Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels | ||||||||
Series 2018B, Rev., 5.00%, 11/15/2031 | 75 | 101 | ||||||
Series 2018C, Rev., 5.00%, 11/15/2038 | 35 | �� | 43 | |||||
Series 2018A, Rev., 5.00%, 11/15/2045 | 105 | 127 | ||||||
Utility Debt Securitization Authority, Federally Tax-Exempt Series 2013TE, Rev., 5.00%, 12/15/2041 | 4,250 | 4,751 | ||||||
Village of Tuxedo Park, Public Improvement GO, 4.00%, 8/1/2031 | 45 | 52 | ||||||
Westchester County Local Development Corp., The Bethel Methodist Home D/B/A, The Knolls Project Rev., 5.13%, 7/1/2055 | 1,100 | 1,120 | ||||||
Westchester Tobacco Asset Securitization Corp., Tobacco Settlement Series 2016B, Rev., 5.00%, 6/1/2025 | 130 | 153 | ||||||
|
| |||||||
Total New York | 53,806 | |||||||
|
| |||||||
North Carolina — 2.5% |
| |||||||
City of Charlotte, Water and Sewer System Rev., 5.00%, 7/1/2029 | 10 | 12 | ||||||
City of Greensboro, Combined Water and Sewer System Rev., 5.00%, 6/1/2027 | 10 | 12 | ||||||
City of Raleigh Series A, Rev., 4.00%, 10/1/2022 | 30 | 32 | ||||||
City of Winston-Salem Series B, GO, 4.00%, 6/1/2030 | 10 | 11 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
North Carolina — continued |
| |||||||
County of Burke, Limited Obligation | ||||||||
Rev., 5.00%, 4/1/2025 | 15 | 18 | ||||||
Rev., 5.00%, 4/1/2031 | 25 | 30 | ||||||
North Carolina Capital Facilities Finance Agency, Meredith College | ||||||||
Rev., 5.00%, 6/1/2027 | 885 | 1,036 | ||||||
Rev., 5.00%, 6/1/2028 | 805 | 936 | ||||||
Rev., 5.00%, 6/1/2030 | 400 | 460 | ||||||
North Carolina Housing Finance Agency, Homeownership Series A, Rev., AMT, 3.50%, 7/1/2039 | 175 | 184 | ||||||
North Carolina Medical Care Commission, Caromont Health Series 2021B, Rev., 5.00%, | 1,095 | 1,322 | ||||||
North Carolina Turnpike Authority, Monroe Connector System Rev., 5.00%, 7/1/2021 | 35 | 35 | ||||||
Raleigh Durham Airport Authority Series 2020A, Rev., AMT, 5.00%, 5/1/2033 | 1,645 | 2,109 | ||||||
State of North Carolina Rev., GAN, 5.00%, 3/1/2033 | 7,735 | 9,795 | ||||||
Town of Fuquay-Varina Rev., 5.00%, 11/1/2030 | 10 | 13 | ||||||
|
| |||||||
Total North Carolina | 16,005 | |||||||
|
| |||||||
North Dakota — 0.1% |
| |||||||
North Dakota Housing Finance Agency, Home Mortgage Finance Program | ||||||||
Series A, Rev., 4.00%, 7/1/2034 | 160 | 168 | ||||||
Series 2016D, Rev., 3.50%, 7/1/2046 | 320 | 343 | ||||||
|
| |||||||
Total North Dakota | 511 | |||||||
|
| |||||||
Ohio — 3.4% |
| |||||||
American Municipal Power, Inc., Prairie State Energy Campus Project Series 2019A, Rev., 2.30%, 2/15/2022 (b) | 100 | 101 | ||||||
Athens City School District, School Facilities Construction and Improvement Bonds Series 2019A, GO, 4.00%, 12/1/2040 | 460 | 533 | ||||||
Buckeye Tobacco Settlement Financing Authority Series 2020A-2, Class I, Rev., 4.00%, 6/1/2048 | 3,210 | 3,586 | ||||||
Butler County Port Authority, Community First Solutions Rev., 4.00%, 5/15/2046 | 250 | 278 | ||||||
County of Franklin, Health Care Facilities, Ohio Living Communities Series 2020B, Rev., 5.00%, 7/1/2045 | 5,565 | 6,340 | ||||||
County of Hardin, Economic Development Facilities Improvement Bonds, Ohio Northern University Rev., 5.25%, 5/1/2040 | 1,425 | 1,502 |
SEE NOTES TO FINANCIAL STATEMENTS.
66 | J.P. MORGAN MUNICIPAL BOND FUNDS | FEBRUARY 28, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Ohio — continued |
| |||||||
County of Union, Memorial Hospital GO, 4.00%, 12/1/2041 | 1,825 | 2,045 | ||||||
County of Warren, Healthcare Facilities, Otterbein Homes Obligated Group | ||||||||
Series A, Rev., 5.00%, 7/1/2031 | 115 | 133 | ||||||
Series 2016A, Rev., 5.00%, 7/1/2032 | 35 | 41 | ||||||
Series A, Rev., 5.50%, 7/1/2039 | 1,000 | 1,071 | ||||||
Delaware City School District, School Facilities Construction and Improvement Bonds GO, 4.00%, 12/1/2039 | 160 | 188 | ||||||
Greenville City School District, School Improvement GO, 5.25%, 1/1/2022 (d) | 2,000 | 2,085 | ||||||
Licking Heights Local School District, School Facilities Construction and Improvement Series A, GO, 4.00%, 10/1/2034 | 10 | 12 | ||||||
Miami University Rev., 5.00%, 9/1/2029 | 25 | 30 | ||||||
Northeast Ohio Medical University | ||||||||
Series 2021A, Rev., 3.00%, 12/1/2040 | 250 | 250 | ||||||
Series 2021A, Rev., 4.00%, 12/1/2045 | 115 | 125 | ||||||
Ohio Higher Educational Facility Commission, University of Dayton 2020 Project Rev., 5.00%, 2/1/2035 | 735 | 926 | ||||||
Ohio Housing Finance Agency, Single Family Mortgage | ||||||||
Series 1, Rev., GNMA/FNMA/FHLMC, 4.80%, 11/1/2028 | 5 | 5 | ||||||
Series 3, Rev., GNMA/FNMA/FHLMC, 4.50%, 11/1/2029 | 20 | 20 | ||||||
State of Ohio, Higher Education | ||||||||
Series B, GO, 5.00%, 8/1/2023 | 110 | 117 | ||||||
Series A, GO, 5.00%, 5/1/2033 | 1,500 | 1,855 | ||||||
University of Cincinnati, General Receipts Series 2017A, Rev., 5.00%, 6/1/2045 | 25 | 30 | ||||||
|
| |||||||
Total Ohio | 21,273 | |||||||
|
| |||||||
Oklahoma — 0.8% |
| |||||||
Grand River Dam Authority Series A, Rev., 4.00%, 6/1/2022 | 10 | 10 | ||||||
Oklahoma Development Finance Authority, Gilcrease Expressway West Project Rev., AMT, 1.63%, 7/6/2023 | 2,000 | 2,003 | ||||||
Oklahoma Development Finance Authority, Health System, Ou Medicine Project Series 2018B, Rev., AGM, 4.00%, 8/15/2048 | 700 | 766 | ||||||
Oklahoma Housing Finance Agency, Single Family Mortgage, Homeownership Loan Program Series 2011B, Rev., GNMA COLL, 4.50%, 9/1/2027 | 10 | 10 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Oklahoma — continued |
| |||||||
Oklahoma Turnpike Authority, Second Senior Series 2017A, Rev., 5.00%, 1/1/2037 | 1,665 | 1,946 | ||||||
|
| |||||||
Total Oklahoma | 4,735 | |||||||
|
| |||||||
Oregon — 0.1% |
| |||||||
City of Eugene, Electric Utility System Series 2016A, Rev., 4.00%, 8/1/2031 | 325 | 371 | ||||||
City of Sheridan GO, 4.00%, 12/1/2027 | 10 | 12 | ||||||
State of Oregon, Department of Transportation Highway User Senior Lien Series 2013A, Rev., 5.00%, 11/15/2022 | 5 | 6 | ||||||
State of Oregon, Department of Transportation Highway User Subordinate Lien, Tax-Exempt Series 2019A, Rev., 5.00%, 11/15/2042 | 35 | 44 | ||||||
Yamhill County School District No. 40 McMinnville GO, 4.00%, 6/15/2037 | 30 | 33 | ||||||
|
| |||||||
Total Oregon | 466 | |||||||
|
| |||||||
Pennsylvania — 9.1% |
| |||||||
Abington School District, Limited Tax Series 2017A, GO, 4.00%, 10/1/2037 | 15 | 17 | ||||||
Allegheny County Hospital Development Authority, Allegheny Health Network Obligated Group Series 2018A, Rev., 4.00%, 4/1/2044 | 2,000 | 2,184 | ||||||
Berks County Industrial Development Authority, Tower Health Project | ||||||||
Rev., 5.00%, 11/1/2036 | 50 | 55 | ||||||
Rev., 5.00%, 11/1/2037 | 430 | 477 | ||||||
Berks County Municipal Authority (The), Tower Health Project Series 2020B-3, Rev., 5.00%, 2/1/2030 (b) | 2,000 | 2,326 | ||||||
Bucks County Industrial Development Authority, Grand View Hospital Project Rev., 4.00%, 7/1/2046 (g) | 1,110 | 1,172 | ||||||
Central Dauphin School District | ||||||||
GO, 4.00%, 8/1/2026 (d) | 10 | 12 | ||||||
GO, 4.00%, 2/1/2030 | 15 | 17 | ||||||
Chester County Health and Education Facilities Authority, Main Line Health System Series 2017A, Rev., 4.00%, 10/1/2036 | 25 | 28 | ||||||
Chester County Industrial Development Authority, Longwood Gardens Project Rev., 4.00%, 12/1/2049 | 3,345 | 3,786 | ||||||
City of Pittsburgh GO, 4.00%, 9/1/2031 | 1,155 | 1,324 | ||||||
Commonwealth Financing Authority, Tobacco Master Settlement Payment Rev., AGM, 4.00%, 6/1/2039 | 9,950 | 11,250 | ||||||
Commonwealth of Pennsylvania Series A, COP, 4.00%, 7/1/2046 | 1,200 | 1,322 |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 67 |
Table of Contents
JPMorgan Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2021 (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Pennsylvania — continued |
| |||||||
County of Cambria Series 2020B, GO, AGM, 4.00%, 8/1/2035 | 700 | 777 | ||||||
Delaware Valley Regional Finance Authority Series 2021A, Rev., 2.00%, 10/1/2029 | 1,000 | 1,035 | ||||||
DuBois Hospital Authority, Penn Highlands Healthcare Rev., 4.00%, 7/15/2048 | 1,200 | 1,274 | ||||||
Erie City Water Authority Series A, Rev., AGM, 5.00%, 12/1/2043 | 1,500 | 1,822 | ||||||
Lancaster County Hospital Authority, Health Center, Masonic Villages Project | ||||||||
Rev., 5.00%, 11/1/2034 | 35 | 40 | ||||||
Rev., 5.00%, 11/1/2036 | 510 | 586 | ||||||
Rev., 5.00%, 11/1/2037 | 250 | 287 | ||||||
Mifflinburg Area School District Series 2020A, GO, 4.00%, 6/15/2039 | 335 | 376 | ||||||
Montgomery County Higher Education and Health Authority, Thomas Jefferson University | ||||||||
Rev., 4.00%, 9/1/2036 | 1,655 | 1,902 | ||||||
Series 2018A, Rev., 4.00%, 9/1/2038 | 3,725 | 4,183 | ||||||
Series 2018A, Rev., 4.00%, 9/1/2043 | 3,740 | 4,135 | ||||||
Montgomery County Industrial Development Authority, Acts Retirement Life Communities, Inc., Obligated Group | ||||||||
Rev., 5.00%, 5/15/2022 (d) | 510 | 540 | ||||||
Series 2020C, Rev., 5.00%, 11/15/2045 | 1,770 | 2,110 | ||||||
Montgomery County Industrial Development Authority, Waverly Heights Ltd. Project | ||||||||
Rev., 5.00%, 12/1/2044 | 350 | 393 | ||||||
Rev., 5.00%, 12/1/2049 | 500 | 560 | ||||||
Northampton County General Purpose Authority, Moravian College Project Rev., 5.00%, 10/1/2036 | 100 | 111 | ||||||
Pennsylvania Economic Development Financing Authority, Waste Management, Inc., Project Rev., 2.80%, 12/1/2021 (b) | 2,950 | 3,007 | ||||||
Pennsylvania Housing Finance Agency, Single Family Mortgage | ||||||||
Series 118A, Rev., AMT, 3.50%, 4/1/2040 | 380 | 392 | ||||||
Series 122, Rev., AMT, 4.00%, 10/1/2046 | 300 | 322 | ||||||
Philadelphia Authority for Industrial Development, MAST Community Charter School II Project Series 2020A, Rev., 5.00%, 8/1/2040 | 315 | 369 | ||||||
Pittsburgh Water and Sewer Authority Series B, Rev., AGM, 5.00%, 9/1/2032 | 1,000 | 1,357 | ||||||
School District of Philadelphia (The) Series B, GO, AGM, 4.00%, 9/1/2043 | 1,250 | 1,411 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Pennsylvania — continued |
| |||||||
Swarthmore Borough Authority, Swarthmore College | ||||||||
Rev., 5.00%, 9/15/2023 | 25 | 28 | ||||||
Series 2016B, Rev., 4.00%, 9/15/2041 | 15 | 17 | ||||||
Township of West Bradford | ||||||||
GO, 4.00%, 12/15/2040 | 600 | 687 | ||||||
GO, 4.00%, 12/15/2045 | 1,100 | 1,244 | ||||||
Upper Merion Area School District GO, 5.00%, 1/15/2036 | 250 | 296 | ||||||
West Cornwall Township Municipal Authority, Pleasant View Retirement Community Project | ||||||||
Rev., 3.00%, 12/15/2023 | 335 | 340 | ||||||
Rev., 4.00%, 12/15/2028 | 1,000 | 1,092 | ||||||
Rev., 5.00%, 12/15/2038 | 750 | 836 | ||||||
West Mifflin School District, Limited Tax GO, 3.00%, 4/1/2038 | 1,400 | 1,492 | ||||||
|
| |||||||
Total Pennsylvania | 56,991 | |||||||
|
| |||||||
Rhode Island — 0.0% (e) |
| |||||||
City of Pawtucket Series D, GO, AGM, 5.00%, 7/15/2028 | 200 | 253 | ||||||
Rhode Island Health and Educational Building Corp., Public School Financing Program Series A, Rev., AGM, 5.00%, 5/15/2032 | 25 | 31 | ||||||
|
| |||||||
Total Rhode Island | 284 | |||||||
|
| |||||||
South Carolina — 0.9% |
| |||||||
City of Greenwood, Combined Public Utility System | ||||||||
Rev., 5.00%, 12/1/2023 | 220 | 247 | ||||||
Rev., 5.00%, 12/1/2026 | 340 | 417 | ||||||
Rev., 5.00%, 12/1/2028 | 250 | 319 | ||||||
Rev., 5.00%, 12/1/2030 | 675 | 883 | ||||||
City of North Charleston, Limited Obligation, Tax Increment Pledge 4.00%, 10/1/2040 | 90 | 103 | ||||||
Greenwood Metropolitan District Rev., 5.00%, 10/1/2027 | 10 | 12 | ||||||
South Carolina State Housing Finance and Development Authority Series A, Rev., 4.00%, 1/1/2047 | 235 | 252 | ||||||
South Carolina State Ports Authority Rev., AMT, 4.00%, 7/1/2040 | 1,095 | 1,176 | ||||||
Spartanburg County School District No. 7 Series 2019D, GO, SCSDE, 5.00%, 3/1/2044 | 1,970 | 2,425 | ||||||
|
| |||||||
Total South Carolina | 5,834 | |||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
68 | J.P. MORGAN MUNICIPAL BOND FUNDS | FEBRUARY 28, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
South Dakota — 0.5% |
| |||||||
Rapid City Area School District No. 51-4, Limited Tax, Capital Outlay | ||||||||
GO, 4.00%, 8/1/2029 | 1,165 | 1,355 | ||||||
GO, 4.00%, 8/1/2030 | 610 | 705 | ||||||
GO, 4.00%, 8/1/2031 | 420 | 484 | ||||||
South Dakota Board of Regents, Housing and Auxiliary Facility System Series 2019A, Rev., 4.00%, 4/1/2036 | 65 | 76 | ||||||
South Dakota Housing Development Authority, Homeownership Mortgage | ||||||||
Series D, Rev., AMT, 4.00%, 11/1/2029 | 90 | 92 | ||||||
Series 2012A, Rev., AMT, 4.50%, 5/1/2031 | 20 | 20 | ||||||
Series 2015D, Rev., 4.00%, 11/1/2045 | 300 | 319 | ||||||
|
| |||||||
Total South Dakota | 3,051 | |||||||
|
| |||||||
Tennessee — 4.5% |
| |||||||
City of Cleveland | ||||||||
Series 2018B, GO, 5.00%, 6/1/2022 | 205 | 217 | ||||||
Series 2018B, GO, 5.00%, 6/1/2027 | 245 | 307 | ||||||
Series 2018B, GO, 5.00%, 6/1/2028 | 260 | 333 | ||||||
Series 2018B, GO, 5.00%, 6/1/2030 | 285 | 358 | ||||||
Series 2018B, GO, 4.00%, 6/1/2031 | 300 | 354 | ||||||
Series 2018B, GO, 4.00%, 6/1/2032 | 310 | 364 | ||||||
Series 2018B, GO, 4.00%, 6/1/2038 | 395 | 454 | ||||||
Series 2018B, GO, 4.00%, 6/1/2039 | 410 | 471 | ||||||
City of Oak Ridge | ||||||||
GO, 4.00%, 6/1/2037 | 695 | 784 | ||||||
GO, 4.00%, 6/1/2038 | 720 | 810 | ||||||
GO, 4.00%, 6/1/2039 | 750 | 843 | ||||||
County of Hamilton Series 2018A, GO, 5.00%, 4/1/2028 | 25 | 32 | ||||||
County of Williamson | ||||||||
GO, 4.00%, 4/1/2033 | 1,490 | 1,784 | ||||||
GO, 4.00%, 4/1/2034 | 1,485 | 1,772 | ||||||
County of Wilson | ||||||||
GO, 5.00%, 4/1/2030 | 3,625 | 4,693 | ||||||
Series 2017A, GO, 4.00%, 4/1/2039 | 25 | 28 | ||||||
Greeneville Health and Educational Facilities Board, Ballad Health Obligated Group Series 2018A, Rev., 4.00%, 7/1/2040 | 4,000 | 4,421 | ||||||
Knox County Health Educational and Housing Facility Board, East Tennessee Children’s Hospital | ||||||||
Rev., 5.00%, 11/15/2024 | 800 | 920 | ||||||
Rev., 4.00%, 11/15/2043 | 105 | 116 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Tennessee — continued |
| |||||||
Metropolitan Government Nashville and Davidson County, Health and Educational Facilities Board, Blakeford at Green Hills Series 2020A, Rev., 4.00%, 11/1/2038 | 1,305 | 1,346 | ||||||
Metropolitan Government Nashville and Davidson County, Health and Educational Facilities Board, Vanderbilt University Medical Center Series A, Rev., 5.00%, 7/1/2035 | 100 | 118 | ||||||
Metropolitan Nashville Airport Authority (The) | ||||||||
Series 2015A, Rev., 5.00%, 7/1/2035 | 20 | 23 | ||||||
Series 2019A, Rev., 5.00%, 7/1/2049 | 1,000 | 1,232 | ||||||
Metropolitan Nashville Airport Authority (The), Subordinate Airport Series 2019A, Rev., 5.00%, 7/1/2044 | 1,000 | 1,240 | ||||||
Shelby County Health Educational and Housing Facilities Board, The Farms at Bailey Station Project Series 2019A, Rev., 5.75%, 10/1/2054 | 1,000 | 1,005 | ||||||
Tennessee Energy Acquisition Corp., Gas Project Rev., 4.00%, 11/1/2025 (b) | 4,000 | 4,539 | ||||||
Tennessee Housing Development Agency, Homeownership Program Series 1A, Rev., AMT, 4.50%, 1/1/2038 | 30 | 31 | ||||||
Tennessee State School Bond Authority, Higher Educational Facility Second Program Series B, Rev., 5.00%, 11/1/2025 (d) | 35 | 42 | ||||||
|
| |||||||
Total Tennessee | 28,637 | |||||||
|
| |||||||
Texas — 5.1% |
| |||||||
Calallen Independent School District, School Building GO, PSF-GTD, 5.00%, 2/15/2028 | 10 | 12 | ||||||
City of Abilene, Combination Tax GO, 5.00%, 2/15/2024 | 10 | 11 | ||||||
City of Austin, Public Improvement GO, 5.00%, 9/1/2033 | 2,000 | 2,583 | ||||||
City of Bryan, Electric System Rev., AGM, 4.00%, 7/1/2031 | 50 | 58 | ||||||
City of Conroe Series 2018A, GO, 5.00%, 3/1/2032 | 10 | 12 | ||||||
City of EI Paso, Combination Tax GO, 4.00%, 8/15/2040 | 475 | 518 | ||||||
City of El Paso GO, 4.00%, 8/15/2042 | 25 | 28 | ||||||
City of Garland GO, 5.00%, 2/15/2027 | 10 | 12 | ||||||
City of Houston, Airport System, Subordinate Lien Series 2012A, Rev., AMT, 5.00%, 7/1/2022 (d) | 35 | 37 | ||||||
City of Houston, Airport System, United Airlines, Inc., Terminal E Project Rev., AMT, 5.00%, 7/1/2029 | 2,500 | 2,708 |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 69 |
Table of Contents
JPMorgan Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2021 (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Texas — continued |
| |||||||
City of Houston, Combined Utility System, Junior Lien Series A, Rev., AGM, 5.75%, 12/1/2032 (d) | 2,500 | 3,698 | ||||||
City of Laredo | ||||||||
GO, 5.00%, 2/15/2027 | 30 | 35 | ||||||
GO, 5.00%, 2/15/2032 | 40 | 49 | ||||||
City of Lucas, Combination Tax GO, 5.00%, 2/1/2028 | 170 | 215 | ||||||
City of Mission, Combination Tax GO, AGM, 5.00%, 2/15/2031 | 575 | 704 | ||||||
City of Pearland GO, 4.00%, 3/1/2032 | 35 | 41 | ||||||
City of San Antonio, Electric and Gas Systems | ||||||||
Rev., 4.00%, 2/1/2028 | 45 | 54 | ||||||
Rev., 5.00%, 2/1/2031 | 230 | 277 | ||||||
Rev., 5.00%, 2/1/2032 | 35 | 42 | ||||||
City of San Marcos GO, 5.00%, 8/15/2031 | 25 | 31 | ||||||
City of Temple, Combination Tax Series 2016A, GO, 5.00%, 8/1/2031 | 50 | 59 | ||||||
City of Waxahachie Series A, GO, 5.00%, 8/1/2025 | 45 | 54 | ||||||
Clifton Higher Education Finance Corp., Idea Public Schools | ||||||||
Series B, Rev., 4.00%, 8/15/2023 | 500 | 535 | ||||||
Series B, Rev., 5.00%, 8/15/2024 | 345 | 390 | ||||||
Series 2016B, Rev., 5.00%, 8/15/2025 | 460 | 534 | ||||||
Rev., 6.00%, 8/15/2033 | 1,250 | 1,377 | ||||||
Clifton Higher Education Finance Corp., Yes Prep Public Schools, Inc. | ||||||||
Rev., PSF-GTD, 4.00%, 4/1/2035 | 400 | 467 | ||||||
Rev., PSF-GTD, 4.00%, 4/1/2036 | 500 | 581 | ||||||
County of Harris, Toll Road, Senior Lien Series 2016A, Rev., 5.00%, 8/15/2022 | 10 | 11 | ||||||
County of Hidalgo | ||||||||
GO, 5.00%, 8/15/2028 | 10 | 12 | ||||||
GO, 4.00%, 8/15/2035 | 85 | 97 | ||||||
Series 2018B, GO, 4.00%, 8/15/2038 | 40 | 46 | ||||||
County of Victoria, Limited Tax GO, 4.00%, 2/15/2030 | 15 | 17 | ||||||
Cypress-Fairbanks Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2022 | 10 | 10 | ||||||
Dallas Fort Worth International Airport Series 2013B, Rev., 5.00%, 11/1/2044 | 25 | 27 | ||||||
El Paso County Hospital District GO, AGM-CR, 5.00%, 8/15/2023 | 510 | 557 | ||||||
Ennis Independent School District GO, PSF-GTD, 5.00%, 8/15/2028 | 30 | 37 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Texas — continued |
| |||||||
Galveston County, Unlimited Tax GO, 4.00%, 2/1/2039 | 10 | 12 | ||||||
Harris Montgomery Counties Municipal Utility District No. 386 GO, 4.00%, 9/1/2023 | 15 | 16 | ||||||
Highland Park Independent School District GO, PSF-GTD, 5.00%, 2/15/2024 | 30 | 34 | ||||||
Ingleside Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 8/15/2028 | 35 | 42 | ||||||
Killeen Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2026 | 25 | 30 | ||||||
Metropolitan Transit Authority of Harris County, Sales and Use Tax Rev., 5.00%, 11/1/2024 (d) | 15 | 18 | ||||||
Midlothian Independent School District, Unlimited Tax Series 2017A, GO, PSF-GTD, 4.00%, 2/15/2037 | 25 | 29 | ||||||
Newark Higher Education Finance Corp., The Hughen Center, Inc. Series 2021A, Rev., PSF-GTD, 5.00%, 8/15/2029 | 120 | 153 | ||||||
North Texas Municipal Water District, Upper East Fork Wastewater Interceptor System Rev., 5.00%, 6/1/2031 | 10 | 12 | ||||||
North Texas Municipal Water District, Wastewater System Rev., 4.00%, 6/1/2028 | 15 | 18 | ||||||
North Texas Tollway Authority System, Second Tier Rev., 4.00%, 1/1/2038 | 200 | 225 | ||||||
North Texas Tollway Authority System, Special Projects System Series A, Rev., 6.00%, 9/1/2021 (d) | 2,000 | 2,058 | ||||||
Palestine Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2026 | 30 | 36 | ||||||
Pasadena Independent School District, School Building, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2028 | 15 | 19 | ||||||
Permanent University Fund—University of Texas System Series A, Rev., 5.00%, 7/1/2031 | 210 | 244 | ||||||
Plano Independent School District, Unlimited Tax School Building GO, PSF-GTD, 5.00%, 2/15/2026 | 40 | 49 | ||||||
Red Oak Independent School District GO, PSF-GTD, 5.00%, 8/15/2030 | 20 | 24 | ||||||
Round Rock Independent School District, Unlimited Tax GO, PSF-GTD, 4.00%, 8/1/2032 | 170 | 197 | ||||||
San Antonio Water System, Junior Lien Series 2017A, Rev., 4.00%, 5/15/2034 | 60 | 69 | ||||||
Socorro Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2026 | 45 | 54 | ||||||
Stafford Municipal School District, School Building, Unlimited Tax GO, PSF-GTD, 5.00%, 8/15/2029 | 35 | 45 |
SEE NOTES TO FINANCIAL STATEMENTS.
70 | J.P. MORGAN MUNICIPAL BOND FUNDS | FEBRUARY 28, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Texas — continued |
| |||||||
Tarrant County Cultural Education Facilities Finance Corp., Hendrick Medical Center Rev., 5.50%, 9/1/2023 (d) | 2,300 | 2,594 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., Retirement Facility, MRC Stevenson Oaks Project Series 2020A, Rev., 6.75%, 11/15/2051 | 3,000 | 3,335 | ||||||
Texas Department of Housing and Community Affairs, Residential Mortgage Series 2011B, Rev., GNMA COLL, 4.25%, 1/1/2034 | 60 | 60 | ||||||
Texas Public Finance Authority Rev., 4.00%, 2/1/2035 | 2,315 | 2,736 | ||||||
Texas Water Development Board, Water Implementation Fund | ||||||||
Series B, Rev., 5.00%, 4/15/2026 | 25 | 30 | ||||||
Series 2019A, Rev., 4.00%, 10/15/2037 | 500 | 598 | ||||||
Series 2019A, Rev., 4.00%, 10/15/2044 | 2,100 | 2,451 | ||||||
Texas Woman’s University, Financing System Rev., 4.00%, 7/1/2030 | 10 | 11 | ||||||
West Harris County Regional Water Authority Rev., 4.00%, 12/15/2045 | 1,000 | 1,155 | ||||||
|
| |||||||
Total Texas | 32,290 | |||||||
|
| |||||||
Utah — 0.5% |
| |||||||
City of Lehi, Sales Tax Rev., 4.00%, 6/1/2039 | 480 | 547 | ||||||
City of Provo GO, 5.00%, 1/1/2032 | 10 | 13 | ||||||
City of South Jordan, Sales Tax Rev., 5.00%, 8/15/2038 | 25 | 32 | ||||||
Salt Lake City Corp., International Airport Series 2017B, Rev., 5.00%, 7/1/2042 | 260 | 308 | ||||||
Tooele County Municipal Building Authority, Cross-Over Lease Rev., 4.00%, 12/15/2042 | 25 | 27 | ||||||
University of Utah (The) Series 2018A, Rev., 5.00%, 8/1/2044 | 60 | 73 | ||||||
Utah Infrastructure Agency, Tax-Exempt Telecommunications | ||||||||
Rev., 4.00%, 10/15/2035 | 400 | 458 | ||||||
Rev., 4.00%, 10/15/2036 | 400 | 457 | ||||||
Rev., 4.00%, 10/15/2038 | 500 | 566 | ||||||
Rev., 4.00%, 10/15/2041 | 350 | 392 | ||||||
|
| |||||||
Total Utah | 2,873 | |||||||
|
| |||||||
Vermont — 0.8% |
| |||||||
City of Burlington, Public Improvement | ||||||||
Series 2019A, GO, 4.00%, 11/1/2037 | 500 | 575 | ||||||
Series 2019A, GO, 4.00%, 11/1/2039 | 435 | 498 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Vermont — continued |
| |||||||
Vermont Housing Finance Agency, Mortgage-Backed Securities Series A, Rev., AMT, GNMA/FNMA/FHLMC, 4.50%, 8/1/2021 (d) | 15 | 15 | ||||||
Vermont Housing Finance Agency, Multiple Purpose | ||||||||
Series B, Rev., AMT, 4.13%, 11/1/2021 (d) | 15 | 16 | ||||||
Series A, Rev., AMT, 4.00%, 11/1/2046 | 195 | 209 | ||||||
Vermont Municipal Bond Bank Series 1, Rev., 5.00%, 12/1/2034 | 30 | 37 | ||||||
Vermont Student Assistance Corp., Education Loan | ||||||||
Series A, Rev., AMT, 5.00%, 6/15/2022 | 725 | 766 | ||||||
Series 2018A, Rev., AMT, 3.63%, 6/15/2029 | 760 | 800 | ||||||
Series A, Rev., AMT, 3.75%, 6/15/2030 | 1,065 | 1,120 | ||||||
Series A, Rev., AMT, 4.00%, 6/15/2031 | 375 | 397 | ||||||
Series A, Rev., AMT, 4.00%, 6/15/2032 | 150 | 158 | ||||||
Series A, Rev., AMT, 4.00%, 6/15/2033 | 195 | 205 | ||||||
Series 2018A, Rev., AMT, 4.00%, 6/15/2034 | 150 | 157 | ||||||
|
| |||||||
Total Vermont | 4,953 | |||||||
|
| |||||||
Virginia — 0.9% |
| |||||||
Capital Region Airport Commission, Richmond International Airport | ||||||||
Series 2016A, Rev., 4.00%, 7/1/2035 | 350 | 383 | ||||||
Series 2016A, Rev., 4.00%, 7/1/2036 | 320 | 350 | ||||||
City of Portsmouth, Tax Exempt Series 2015A, GO, 5.00%, 8/1/2025 | 20 | 24 | ||||||
City of Richmond, Public Improvement Series 2018A, GO, 5.00%, 3/1/2029 | 5 | 6 | ||||||
Norfolk Economic Development Authority, Sentara Healthcare Series B, Rev., 4.00%, 11/1/2048 | 4,375 | 4,881 | ||||||
Virginia College Building Authority, Educational Facilities, 21st Century College and Equipment Programs Series 2017E, Rev., 5.00%, 2/1/2029 | 10 | 13 | ||||||
Virginia Resources Authority, Infrastructure Moral Obligation, Pooled Financing Program | ||||||||
Series B, Rev., 5.00%, 11/1/2021 (d) | 150 | 155 | ||||||
Series 2011B, Rev., 5.00%, 11/1/2023 | 15 | 15 | ||||||
Series B, Rev., 5.00%, 11/1/2026 | 5 | 5 | ||||||
Virginia Resources Authority, Infrastructure Pooled Financing Program Series 2017B, Rev., 5.00%, 11/1/2028 | 10 | 13 | ||||||
|
| |||||||
Total Virginia | 5,845 | |||||||
|
| |||||||
Washington — 1.3% |
| |||||||
Chelan County Public Utility District No.1 Series 2011A, Rev., AMT, 5.50%, 7/1/2026 | 350 | 356 |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 71 |
Table of Contents
JPMorgan Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2021 (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Washington — continued |
| |||||||
City of Lynnwood, Utility System Rev., 5.00%, 12/1/2028 | 25 | 32 | ||||||
County of King, Sewer | ||||||||
Series 2102C, Rev., 5.00%, 1/1/2023 | 40 | 42 | ||||||
Series 2018B, Rev., 5.00%, 7/1/2031 | 10 | 13 | ||||||
Energy Northwest, Bonneville Power Administrator Series C, Rev., 5.00%, 7/1/2023 | 25 | 27 | ||||||
King County School District No. 414 Lake Washington GO, 5.00%, 12/1/2028 | 15 | 19 | ||||||
Pierce and Lewis Counties School District No. 404 GO, 4.00%, 12/1/2025 | 5 | 6 | ||||||
Pierce County, White River School District No. 416, Unlimited Tax GO, 4.00%, 12/1/2030 | 10 | 11 | ||||||
Washington Health Care Facilities Authority, Commonspirit Health Series A-1, Rev., 5.00%, 8/1/2031 | 1,000 | 1,262 | ||||||
Washington Health Care Facilities Authority, Seattle Cancer Care Alliance Rev., 4.00%, 9/1/2045 | 2,500 | 2,841 | ||||||
Washington State Housing Finance Commission, Homeownership Program Series B, Rev., GNMA/FNMA/FHLMC, 4.25%, 10/1/2032 | 85 | 86 | ||||||
Washington State Housing Finance Commission, Rockwood Retirement Communities Project Series 2020A, Rev., 5.00%, 1/1/2041 (c) | 2,000 | 2,096 | ||||||
Washington State Housing Finance Commission, Single Family Program Series 2A-R, Rev., AMT, 3.50%, 12/1/2046 | 195 | 204 | ||||||
Western Washington University, Housing and Dining System, Junior Lien Series A, Rev., AMBAC, 5.50%, 10/1/2022 (d) | 1,365 | 1,431 | ||||||
|
| |||||||
Total Washington | 8,426 | |||||||
|
| |||||||
West Virginia — 0.2% |
| |||||||
West Virginia Hospital Finance Authority, United Health System Series A, Rev., 4.00%, 6/1/2051 | 1,000 | 1,090 | ||||||
|
| |||||||
Wisconsin — 2.9% |
| |||||||
Public Finance Authority, Blue Ridge Healthcare Facilities Series 2020A, Rev., 3.00%, 1/1/2050 | 1,000 | 1,019 | ||||||
Public Finance Authority, ENO River Academy Project Series 2020A, Rev., 5.00%, 6/15/2054 (c) | 690 | 757 | ||||||
Public Finance Authority, KU Campus Development Corp. — Central District Development Project Rev., 5.00%, 3/1/2027 | 280 | 333 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Wisconsin — continued |
| |||||||
Public Finance Authority, Presbyterian Villages of Michigan Obligated Group Rev., 4.75%, 11/15/2053 (c) | 2,740 | 2,759 | ||||||
Public Finance Authority, The Carmelite System, Inc., Obligated Group Rev., 5.00%, 1/1/2040 | 3,000 | 3,522 | ||||||
Wisconsin Health and Educational Facilities Authority, Advocate Aurora Health Credit Group Series 2018A, Rev., 5.00%, 8/15/2033 | 55 | 67 | ||||||
Wisconsin Health and Educational Facilities Authority, Beloit Health System, Inc. Rev., 4.00%, 7/1/2046 | 15 | 16 | ||||||
Wisconsin Health and Educational Facilities Authority, Children’s Hospital of Wisconsin, Inc. Rev., 4.00%, 8/15/2047 | 4,800 | 5,335 | ||||||
Wisconsin Health and Educational Facilities Authority, Rogers Memorial Hospital, Inc. | ||||||||
Series B, Rev., 5.00%, 7/1/2038 | 150 | 174 | ||||||
Series A, Rev., 5.00%, 7/1/2044 | 210 | 240 | ||||||
Series A, Rev., 5.00%, 7/1/2049 | 750 | 854 | ||||||
Wisconsin Health and Educational Facilities Authority, St. John’s Communities, Inc., Project Series 2018A, Rev., 5.00%, 9/15/2040 | 665 | 697 | ||||||
Wisconsin Health and Educational Facilities Authority, Thedacare, Inc. Rev., 4.00%, 12/15/2039 | 500 | 531 | ||||||
Wisconsin Health and Educational Facilities Authority, Three Pillars Senior Living Communities Rev., 4.00%, 8/15/2046 (g) | 1,350 | 1,493 | ||||||
Wisconsin Housing and Economic Development Authority, Home Ownership Series B, Rev., 4.00%, 3/1/2048 | 680 | 739 | ||||||
|
| |||||||
Total Wisconsin | 18,536 | |||||||
|
| |||||||
Total Municipal Bonds |
| 593,433 | ||||||
|
| |||||||
SHARES (000) | ||||||||
Short-Term Investments — 5.1% |
| |||||||
Investment Companies — 5.1% |
| |||||||
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 0.03% (h) (i) | 32,148 | 32,164 | ||||||
|
| |||||||
Total Investments — 99.4% |
| 625,597 | ||||||
Other Assets Less Liabilities — 0.6% |
| 3,583 | ||||||
|
| |||||||
NET ASSETS — 100.0% |
| 629,180 | ||||||
|
|
Percentages indicated are based on net assets.
SEE NOTES TO FINANCIAL STATEMENTS.
72 | J.P. MORGAN MUNICIPAL BOND FUNDS | FEBRUARY 28, 2021 |
Table of Contents
Abbreviations
AGM | Insured by Assured Guaranty Municipal Corp. | |
AMBAC | Insured by American Municipal Bond Assurance Corp. | |
AMT | Alternative Minimum Tax | |
BAN | Bond Anticipation Note | |
BHAC | Insured by Berkshire Hathaway Assurance Corp. | |
COLL | Collateral | |
COP | Certificate of Participation | |
CR | Custodial Receipts | |
FGIC | Insured by Financial Guaranty Insurance Co. | |
FHLMC | Federal Home Loan Mortgage Corp. | |
FNMA | Federal National Mortgage Association | |
GAN | Grant Anticipation Note | |
GNMA | Government National Mortgage Association | |
GO | General Obligation | |
GTD | Guaranteed | |
LIQ | Liquidity Agreement | |
MTA | Metropolitan Transportation Authority | |
NATL | Insured by National Public Finance Guarantee Corp. | |
PSF-GTD | Permanent School Fund Guaranteed | |
Q-SBLF | Qualified School Bond Loan Fund | |
RE | Reinsured |
Rev. | Revenue | |
SCSDE | South Carolina School District Enhancement | |
(a) | The date shown represents the earliest of the prerefunded date, next put date or final maturity date. | |
(b) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of February 28, 2021. | |
(c) | Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. | |
(d) | Security is prerefunded or escrowed to maturity. | |
(e) | Amount rounds to less than 0.1% of net assets. | |
(f) | Amount rounds to less than one thousand. | |
(g) | All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. | |
(h) | 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. | |
(i) | The rate shown is the current yield as of February 28, 2021. |
Futures contracts outstanding as of February 28, 2021 (amounts in thousands, except number of contracts): | ||||||||||||||||||||
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) | |||||||||||||||
Short Contracts | ||||||||||||||||||||
U.S. Treasury 10 Year Note | (45 | ) | 06/2021 | USD | (5,991 | ) | 53 | |||||||||||||
|
|
Abbreviations
USD | United States Dollar |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 73 |
Table of Contents
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2021
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — 95.7% (a) |
| |||||||
Alabama — 0.8% |
| |||||||
Birmingham Airport Authority | ||||||||
Rev., 5.00%, 7/1/2023 | 125 | 138 | ||||||
Rev., 5.00%, 7/1/2024 | 150 | 172 | ||||||
Rev., 5.00%, 7/1/2025 | 250 | 294 | ||||||
Rev., 5.00%, 7/1/2026 | 225 | 272 | ||||||
Black Belt Energy Gas District, Gas Prepay | ||||||||
Series 2018B-2, Rev., (SIFMA Municipal Swap Index Yield + 0.62%), 0.65%, 12/1/2023 (b) | 30,000 | 30,028 | ||||||
Series 2018A, Rev., 4.00%, 12/1/2023 (c) | 1,400 | 1,520 | ||||||
Black Belt Energy Gas District, Gas Supply Series 2016A, Rev., LIQ: Royal Bank of Canada, 4.00%, 6/1/2021 (c) | 11,850 | 11,940 | ||||||
City of Centre, Warrants | ||||||||
GO, 3.00%, 9/1/2021 | 100 | 101 | ||||||
GO, 3.00%, 9/1/2022 | 110 | 115 | ||||||
GO, 4.00%, 9/1/2023 | 215 | 233 | ||||||
City of Hamilton, Warrants | ||||||||
GO, 3.00%, 8/1/2021 | 365 | 369 | ||||||
GO, 2.00%, 8/1/2022 | 370 | 379 | ||||||
GO, 5.00%, 8/1/2023 | 240 | 266 | ||||||
City of Mobile, Industrial Development Board, Pollution Control, Alabama Power Co., Barry Plant Project Series 2007A, Rev., 1.00%, 6/26/2025 (c) | 4,750 | 4,797 | ||||||
Prattville Industrial Development Board, International Paper Co. Project | ||||||||
Series 2019B, Rev., 2.00%, 10/1/2024 (c) | 450 | 469 | ||||||
Series 2019C, Rev., 2.00%, 10/1/2024 (c) | 430 | 448 | ||||||
Selma Industrial Development Board, International Paper Co. Project Series 2020A, Rev., 1.37%, 6/16/2025 (c) | 2,670 | 2,724 | ||||||
State of Alabama Series 2013A, GO, 4.00%, 8/1/2023 | 1,250 | 1,360 | ||||||
University of West Alabama, General Fee | ||||||||
Rev., AGM, 4.00%, 1/1/2022 | 150 | 154 | ||||||
Rev., AGM, 4.00%, 1/1/2023 | 120 | 127 | ||||||
Rev., AGM, 4.00%, 1/1/2024 | 125 | 137 | ||||||
Rev., AGM, 4.00%, 1/1/2025 | 150 | 167 | ||||||
|
| |||||||
Total Alabama | 56,210 | |||||||
|
| |||||||
Alaska — 0.9% |
| |||||||
Alaska Municipal Bond Bank Authority | ||||||||
Series 2019 1, Rev., 5.00%, 5/1/2021 | 215 | 217 | ||||||
Series 1, Rev., 5.00%, 12/1/2021 | 450 | 465 | ||||||
Series 2019 1, Rev., 5.00%, 5/1/2022 | 200 | 211 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Alaska — continued |
| |||||||
Series 1, Rev., 5.00%, 12/1/2022 | 500 | 540 | ||||||
Series 1, Rev., 5.00%, 12/1/2023 | 960 | 1,074 | ||||||
Series 1, Rev., 5.00%, 12/1/2024 | 870 | 1,006 | ||||||
Series 1, Rev., 5.00%, 12/1/2025 | 750 | 891 | ||||||
Series 1, Rev., 5.00%, 12/1/2026 | 675 | 821 | ||||||
City of Valdez, Exxon Pipeline Co. Project | ||||||||
Series 1993-A, Rev., VRDO, 0.01%, 3/1/2021 (c) | 10,580 | 10,580 | ||||||
Series 1993-B, Rev., VRDO, 0.01%, 3/1/2021 (c) | 6,840 | 6,840 | ||||||
City of Valdez, Phillips Trans Alaska Project Rev., VRDO, 0.05%, 3/9/2021 (c) | 35,300 | 35,300 | ||||||
State of Alaska Series 2020A, GO, 5.00%, 8/1/2026 | 3,585 | 4,397 | ||||||
|
| |||||||
Total Alaska | 62,342 | |||||||
|
| |||||||
Arizona — 0.7% |
| |||||||
Arizona Health Facilities Authority, Common Spirit Health Series B-1, Rev., 5.25%, 3/1/2021 (d) | 10,000 | 10,000 | ||||||
Arizona Industrial Development Authority, Phoenix Children’s Hospital Series 2020A, Rev., 5.00%, 2/1/2026 | 130 | 157 | ||||||
Arizona State University Series 2008A, Rev., VRDO, 0.02%, 3/9/2021 (c) | 3,150 | 3,150 | ||||||
City of Tucson Series 2018-A, GO, 5.00%, 7/1/2026 | 325 | 399 | ||||||
Industrial Development Authority of the City of Phoenix, Downtown Phoenix Student Housing LLC — Arizona State University Project | ||||||||
Series 2018A, Rev., 5.00%, 7/1/2023 | 140 | 150 | ||||||
Series 2018A, Rev., 5.00%, 7/1/2024 | 200 | 220 | ||||||
Industrial Development Authority of the County of Yavapai (The), Regional Medical Center | ||||||||
Rev., 5.00%, 8/1/2021 | 225 | 229 | ||||||
Rev., 5.00%, 8/1/2022 | 380 | 405 | ||||||
Rev., 5.00%, 8/1/2023 | 325 | 359 | ||||||
Maricopa County Industrial Development Authority, HonorHealth | ||||||||
Series 2021A, Rev., 5.00%, 9/1/2024 | 175 | 203 | ||||||
Series 2021A, Rev., 5.00%, 9/1/2025 | 725 | 866 | ||||||
Series 2021A, Rev., 5.00%, 9/1/2026 | 700 | 860 | ||||||
Maricopa County Pollution Control Corp., Public Service Co. of New Mexico Palo Verde Project Series 2010A, Rev., VRDO, 0.11%, 3/9/2021 (c) | 15,000 | 15,000 |
SEE NOTES TO FINANCIAL STATEMENTS.
74 | J.P. MORGAN MUNICIPAL BOND FUNDS | FEBRUARY 28, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Arizona — continued |
| |||||||
Maricopa County School District No. 24 Gila Bend | ||||||||
GO, AGM, 3.00%, 7/1/2021 | 575 | 580 | ||||||
GO, AGM, 4.00%, 7/1/2022 | 300 | 315 | ||||||
GO, AGM, 5.00%, 7/1/2023 | 700 | 774 | ||||||
Maricopa County School District No. 66, Roosevelt Elementary GO, 5.00%, 7/1/2021 | 1,520 | 1,543 | ||||||
Maricopa County School District No. 66, Roosevelt Elementary, School Improvement, Project of 2017 Series 2017-A, GO, 5.00%, 7/1/2021 | 1,150 | 1,168 | ||||||
Maricopa County Unified School District No. 95, Queen Creek, School Improvement GO, 3.00%, 7/1/2024 | 525 | 566 | ||||||
Salt River Project Agricultural Improvement and Power District, Arizona Salt River Project Series 2015-XF2192, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.06%, 3/9/2021 (c) (e) | 7,845 | 7,845 | ||||||
|
| |||||||
Total Arizona | 44,789 | |||||||
|
| |||||||
Arkansas — 0.1% |
| |||||||
Arkansas Development Finance Authority, 900 West Capitol Building Project Rev., 3.00%, 4/1/2021 | 500 | 501 | ||||||
Arkansas Development Finance Authority, Department of Community Correction Project | ||||||||
Rev., 5.00%, 11/1/2021 | 310 | 319 | ||||||
Rev., 5.00%, 11/1/2022 | 410 | 442 | ||||||
City of Centerton, Green Bond Rev., 3.00%, 12/1/2021 | 125 | 127 | ||||||
City of Heber Springs, Water and Sewer, Green Bond | ||||||||
Rev., 3.00%, 11/1/2021 | 50 | 51 | ||||||
Rev., 3.00%, 11/1/2023 | 100 | 106 | ||||||
County of Sharp, Sales and Use Tax | ||||||||
Rev., 5.00%, 3/1/2021 | 270 | 270 | ||||||
Rev., 5.00%, 3/1/2022 | 495 | 519 | ||||||
Rev., 5.00%, 3/1/2023 | 540 | 585 | ||||||
University of Arkansas, Various Facility, Fayetteville Campus Series 2018A, Rev., 5.00%, 11/1/2021 | 330 | 341 | ||||||
University of Central Arkansas, Student Fee | ||||||||
Series 2020A, Rev., 5.00%, 11/1/2021 | 150 | 155 | ||||||
Series 2020A, Rev., 5.00%, 11/1/2022 | 200 | 215 | ||||||
Series 2020A, Rev., 5.00%, 11/1/2023 | 205 | 229 | ||||||
Series 2020A, Rev., 5.00%, 11/1/2024 | 160 | 184 | ||||||
Series 2020A, Rev., 5.00%, 11/1/2025 | 230 | 273 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Arkansas — continued |
| |||||||
Series 2020A, Rev., 5.00%, 11/1/2026 | 220 | 268 | ||||||
Series 2020A, Rev., 5.00%, 11/1/2027 | 200 | 250 | ||||||
University of Central Arkansas, Student Housing System | ||||||||
Series 2019C, Rev., AGM, 3.00%, 11/1/2021 | 75 | 76 | ||||||
Series 2019C, Rev., AGM, 3.00%, 11/1/2022 | 85 | 89 | ||||||
Series 2019C, Rev., AGM, 3.00%, 11/1/2023 | 135 | 143 | ||||||
|
| |||||||
Total Arkansas | 5,143 | |||||||
|
| |||||||
California — 2.0% |
| |||||||
Bay Area Toll Authority, Toll Bridge Series 2007G-1, Rev., VRDO, LOC: Bank of America NA, 0.01%, 3/9/2021 (c) | 1,200 | 1,200 | ||||||
California Educational Facilities Authority, University of Southern California Series 2015A, Rev., 5.00%, 10/1/2025 (d) | 250 | 301 | ||||||
California Enterprise Development Authority, Riverside County, Library Facility | ||||||||
Rev., 4.00%, 11/1/2022 | 100 | 106 | ||||||
Rev., 4.00%, 11/1/2023 | 200 | 219 | ||||||
California Health Facilities Financing Authority, Adventist Health System Series 2011A, Rev., 3.00%, 3/1/2024 (c) | 1,615 | 1,704 | ||||||
California Infrastructure and Economic Development Bank, Brightline West Passenger Rail Project Rev., AMT, 0.45%, 7/1/2021 (c) (e) | 30,000 | 30,002 | ||||||
California Infrastructure and Economic Development Bank, California Academy of Sciences Series 2018D, Rev., (ICE LIBOR USD 1 Month + 0.38%), 0.46%, 8/1/2021 (b) | 17,010 | 17,009 | ||||||
California Infrastructure and Economic Development Bank, The J. Paul Getty Trust Series 2013A-2, Rev., (ICE LIBOR USD 1 Month + 0.33%), 0.41%, 4/1/2022 (b) | 6,750 | 6,757 | ||||||
California Municipal Finance Authority, California Lutheran University Rev., 5.00%, 10/1/2021 | 250 | 256 | ||||||
California Municipal Finance Authority, Hollywood El Centro Apartments Series 2019A, Rev., 1.40%, 5/1/2021 (c) | 1,750 | 1,753 | ||||||
California Municipal Finance Authority, San Antonio Gardens Project | ||||||||
Rev., 4.00%, 11/15/2021 | 270 | 274 | ||||||
Rev., 4.00%, 11/15/2022 | 280 | 291 | ||||||
Rev., 4.00%, 11/15/2023 | 290 | 307 |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 75 |
Table of Contents
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2021 (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
California — continued |
| |||||||
California Municipal Finance Authority, UCR North District, Phase 1 Student Housing Project | ||||||||
Rev., 5.00%, 5/15/2023 | 360 | 394 | ||||||
Rev., 5.00%, 5/15/2024 | 300 | 340 | ||||||
Rev., 5.00%, 5/15/2025 | 425 | 496 | ||||||
Rev., 5.00%, 5/15/2026 | 500 | 599 | ||||||
Rev., 5.00%, 5/15/2027 | 725 | 891 | ||||||
California Pollution Control Financing Authority, American Water Capital Corp. Project Rev., 0.60%, 9/1/2023 (c) | 1,850 | 1,845 | ||||||
California School Finance Authority, Green Dot Public School Projects | ||||||||
Series 2018A, Rev., 5.00%, 8/1/2021 (e) | 50 | 51 | ||||||
Series 2018A, Rev., 5.00%, 8/1/2022 (e) | 85 | 89 | ||||||
California School Finance Authority, Kipp Socal Projects | ||||||||
Series 2019A, Rev., 5.00%, 7/1/2022 (e) | 100 | 105 | ||||||
Series 2019A, Rev., 5.00%, 7/1/2023 (e) | 100 | 110 | ||||||
California Statewide Communities Development Authority, Washington Court Apartments Series 2021E, Rev., 0.22%, 8/1/2022 (c) | 7,000 | 7,008 | ||||||
Chula Vista Elementary School District Rev., BAN, Zero Coupon, 8/1/2023 | 5,500 | 5,452 | ||||||
City of Tulare, Sewer Series 2020A, Rev., 4.00%, 11/15/2021 | 110 | 113 | ||||||
Golden Empire Schools Financing Authority, Kern High School District Rev., 5.00%, 5/1/2021 | 100 | 101 | ||||||
Irvine Ranch Water District | ||||||||
Series 2011A-1, (SIFMA Municipal Swap Index Yield + 0.03%), 0.06%, 3/2/2022 (b) | 10,000 | 10,000 | ||||||
Series 2011A-2, VRDO, 0.06%, 3/2/2022 (c) | 7,100 | 7,100 | ||||||
Metropolitan Water District of Southern California, Waterworks Series 2018A-1, Rev., VRDO, LIQ: TD Bank NA, 0.02%, 3/1/2021 (c) | 5,500 | 5,500 | ||||||
Mount San Antonio Community College District GO, BAN, Zero Coupon, 4/1/2022 (d) | 250 | 250 | ||||||
Port of Oakland, Intermediate Lien | ||||||||
Rev., AMT, 5.00%, 5/1/2022 | 2,750 | 2,892 | ||||||
Rev., AMT, 5.00%, 5/1/2023 | 3,500 | 3,828 | ||||||
Riverside County Asset Leasing Corp., Southwest Justice Center Series 2008A, Rev., VRDO, AGC, LOC: Wells Fargo Bank NA, 0.03%, 3/9/2021 (c) | 2,580 | 2,580 | ||||||
Sacramento City Unified School District, Election of 2012 Series 2019D, GO, 4.00%, 8/1/2021 | 4,475 | 4,544 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
California — continued |
| |||||||
San Diego County Regional Transportation Commission, Sales Tax Series 2018A, Rev., 4.00%, 4/1/2021 (d) | 790 | 792 | ||||||
San Diego Housing Authority, Multi-Family Housing, Hillside Views Apartments Series 2018G-1, Rev., 0.22%, 6/1/2021 (c) | 6,750 | 6,751 | ||||||
Santa Clara County Financing Authority, El Camino Hospital Series 2009A, Rev., VRDO, LOC: Wells Fargo Bank NA, 0.02%, 3/9/2021 (c) | 6,605 | 6,605 | ||||||
South Bay Union School District, San Diego County GO, BAN, Zero Coupon, 8/1/2022 | 2,000 | 1,985 | ||||||
State of California Series B4, GO, VRDO, LOC: Citibank NA, 0.01%, 3/9/2021 (c) | 1,970 | 1,970 | ||||||
Stockton Public Financing Authority | ||||||||
Series 2018A, Rev., 5.00%, 10/1/2021 | 450 | 462 | ||||||
Rev., 5.00%, 3/1/2023 | 360 | 389 | ||||||
Rev., 5.00%, 3/1/2025 | 570 | 651 | ||||||
Tender Option Bond Trust Receipts/Certificates Series 2018-XF2615, Rev., VRDO, LOC: Barclays Bank plc, 0.21%, 3/9/2021 (c) (e) | 5,230 | 5,230 | ||||||
|
| |||||||
Total California | 139,302 | |||||||
|
| |||||||
Colorado — 2.4% |
| |||||||
550 Acoma, Inc., Denver Health and Hospital Authority Project | ||||||||
COP, 5.00%, 12/1/2021 | 220 | 227 | ||||||
COP, 5.00%, 12/1/2022 | 295 | 317 | ||||||
Arapahoe County School District No. 5 Cherry Creek | ||||||||
GO, 5.00%, 12/15/2025 | 9,930 | 12,023 | ||||||
GO, 5.00%, 12/15/2026 | 5,655 | 7,049 | ||||||
GO, 5.00%, 12/15/2028 | 6,460 | 8,460 | ||||||
Arapahoe County School District No. 6 Littleton | ||||||||
Series 2019A, GO, 5.00%, 12/1/2021 | 2,585 | 2,679 | ||||||
Series 2019A, GO, 5.00%, 12/1/2022 | 1,370 | 1,485 | ||||||
City of Aurora, First Lien Water, Green Bonds Rev., 5.00%, 8/1/2023 | 2,355 | 2,620 | ||||||
City of Colorado Springs | ||||||||
COP, 5.00%, 12/1/2021 | 145 | 150 | ||||||
COP, 5.00%, 12/1/2022 | 155 | 168 | ||||||
COP, 5.00%, 12/1/2023 | 100 | 112 | ||||||
City of Colorado Springs, Utilities System Improvement | ||||||||
Series 2007A, Rev., VRDO, LIQ: TD Bank NA, 0.02%, 3/9/2021 (c) | 4,825 | 4,825 | ||||||
Series 2012A, Rev., VRDO, LIQ: U.S. Bank NA, 0.02%, 3/9/2021 (c) | 3,410 | 3,410 |
SEE NOTES TO FINANCIAL STATEMENTS.
76 | J.P. MORGAN MUNICIPAL BOND FUNDS | FEBRUARY 28, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Colorado — continued |
| |||||||
City of Grand Junction Rev., 5.00%, 3/1/2021 (d) | 35 | 35 | ||||||
Colorado Health Facilities Authority, Frasier Meadows Retirement Community Project Series 2017B, Rev., 5.00%, 5/15/2021 (d) | 395 | 399 | ||||||
Colorado Health Facilities Authority, Valley View Hospital Association Project Rev., 2.80%, 5/15/2023 (c) | 1,515 | 1,574 | ||||||
Colorado State Education Loan Program Series 2020A, Rev., TRAN, 3.00%, 6/29/2021 | 25,000 | 25,237 | ||||||
E-470 Public Highway Authority, Senior Libor Index Series 2019A, Rev., (ICE LIBOR USD 1 Month + 0.42%), 0.50%, 9/1/2021 (b) | 8,000 | 8,000 | ||||||
Regional Transportation District, Denver Transit Partners | ||||||||
Rev., 3.00%, 7/15/2023 | 50 | 53 | ||||||
Rev., 5.00%, 1/15/2024 | 200 | 223 | ||||||
Rev., 5.00%, 7/15/2024 | 150 | 170 | ||||||
Rev., 5.00%, 1/15/2025 | 165 | 190 | ||||||
Rev., 5.00%, 7/15/2025 | 200 | 233 | ||||||
Rev., 3.00%, 1/15/2026 | 110 | 119 | ||||||
Rev., 5.00%, 7/15/2026 | 225 | 269 | ||||||
State of Colorado | ||||||||
Rev., TRAN, 4.00%, 6/25/2021 | 23,000 | 23,283 | ||||||
Series 2020A, COP, 5.00%, 12/15/2023 | 2,500 | 2,816 | ||||||
Series 2020A, COP, 5.00%, 12/15/2024 | 2,085 | 2,430 | ||||||
University of Colorado Hospital Authority Series 2019A, Rev., VRDO, 0.03%, 3/9/2021 (c) | 20,000 | 20,000 | ||||||
University of Colorado Hospital Authority, Health System Series 2018 B, Rev., VRDO, LIQ: TD Bank NA, 0.03%, 3/9/2021 (c) | 2,300 | 2,300 | ||||||
University of Colorado, Enterprise System | ||||||||
Series 2020A-2, Rev., VRDO, LIQ: TD Bank NA, 0.01%, 3/1/2021 (c) | 5,380 | 5,380 | ||||||
Series 2020A-1, Rev., VRDO, LIQ: TD Bank NA, 0.03%, 3/9/2021 (c) | 24,000 | 24,000 | ||||||
|
| |||||||
Total Colorado | 160,236 | |||||||
|
| |||||||
Connecticut — 1.7% |
| |||||||
City of Derby | ||||||||
Series A, GO, 5.00%, 8/1/2021 | 220 | 224 | ||||||
Series A, GO, 5.00%, 8/1/2022 | 75 | 80 | ||||||
Series A, GO, 5.00%, 8/1/2023 | 150 | 166 | ||||||
Series A, GO, 5.00%, 8/1/2024 | 85 | 98 | ||||||
City of Milford GO, BAN, 2.00%, 11/2/2021 | 20,485 | 20,744 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Connecticut — continued |
| |||||||
City of New Britain | ||||||||
GO, 5.00%, 9/1/2022 (d) | 50 | 53 | ||||||
GO, 5.00%, 9/1/2023 (d) | 110 | 123 | ||||||
City of New Haven | ||||||||
Series 2019A, GO, 5.00%, 8/1/2021 | 1,300 | 1,321 | ||||||
Series 2019B, GO, 5.00%, 2/1/2022 | 700 | 724 | ||||||
Series 2019A, GO, 5.00%, 8/1/2022 | 1,000 | 1,054 | ||||||
Connecticut Housing Finance Authority, Housing Mortgage Finance Program | ||||||||
Rev., 0.38%, 11/15/2021 (c) | 21,500 | 21,509 | ||||||
Series E, Subseries E-3, Rev., 1.63%, 11/15/2022 (c) | 1,750 | 1,751 | ||||||
Connecticut State Health & Educational Facilities Authority, Covenant Home, Inc. Series 2018B, Rev., 5.00%, 12/1/2021 | 1,000 | 1,033 | ||||||
Connecticut State Health & Educational Facilities Authority, Hartford Healthcare Series 2020B-1, Rev., 5.00%, 1/1/2025 (c) | 8,500 | 9,864 | ||||||
Connecticut State Health & Educational Facilities Authority, Stamford Hospital | ||||||||
Series L-1, Rev., 3.00%, 7/1/2021 (f) | 585 | 589 | ||||||
Series L-1, Rev., 4.00%, 7/1/2022 (f) | 500 | 522 | ||||||
Series L-1, Rev., 4.00%, 7/1/2023 (f) | 275 | 296 | ||||||
Series L-1, Rev., 4.00%, 7/1/2024 (f) | 300 | 332 | ||||||
Series L-1, Rev., 4.00%, 7/1/2025 (f) | 300 | 339 | ||||||
Series L-1, Rev., 4.00%, 7/1/2026 (f) | 350 | 403 | ||||||
Series L-1, Rev., 4.00%, 7/1/2027 (f) | 350 | 410 | ||||||
Connecticut State Health & Educational Facilities Authority, University of New Haven | ||||||||
Series K-1, Rev., 5.00%, 7/1/2021 | 665 | 673 | ||||||
Series K-1, Rev., 5.00%, 7/1/2022 | 675 | 709 | ||||||
Connecticut State Health & Educational Facilities Authority, Wesleyan University Series H, Rev., VRDO, 0.01%, 3/9/2021 (c) | 2,500 | 2,500 | ||||||
New Canaan Housing Authority, Multi-Family Housing, Parish Project Rev., 0.44%, 3/1/2023 (c) | 12,475 | 12,484 | ||||||
State of Connecticut | ||||||||
Series 2020C, GO, 3.00%, 6/1/2021 | 1,150 | 1,158 | ||||||
Series G, GO, 5.00%, 11/1/2021 | 200 | 207 | ||||||
Series 2020C, GO, 3.00%, 6/1/2022 | 1,000 | 1,035 | ||||||
Series 2020C, GO, 3.00%, 6/1/2023 | 600 | 635 | ||||||
Series 2020C, GO, 4.00%, 6/1/2023 | 400 | 433 | ||||||
Series 2020C, GO, 3.00%, 6/1/2024 | 1,065 | 1,150 | ||||||
Series 2020C, GO, 4.00%, 6/1/2024 | 500 | 556 | ||||||
Series 2020C, GO, 2.00%, 6/1/2025 | 3,350 | 3,533 | ||||||
Series 2020C, GO, 4.00%, 6/1/2025 | 850 | 968 |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 77 |
Table of Contents
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2021 (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Connecticut — continued |
| |||||||
State of Connecticut, Health and Educational Facility Authority, The Hotchkiss School Series 2000A, Rev., VRDO, LIQ: TD Bank NA, 0.03%, 3/9/2021 (c) | 23,140 | 23,140 | ||||||
Town of South Windsor GO, BAN, 1.50%, 2/11/2022 | 3,000 | 3,037 | ||||||
|
| |||||||
Total Connecticut | 113,853 | |||||||
|
| |||||||
Delaware — 0.2% | ||||||||
Delaware Economic Development Authority, Delmarva Power and Light Co. Project Series 2020A, Rev., 1.05%, 7/1/2025 (c) | 6,000 | 6,082 | ||||||
Delaware Municipal Electric Corp. (The), Middletown and Seaford Project | ||||||||
Series 2019A, Rev., 5.00%, 10/1/2021 | 145 | 149 | ||||||
Series 2019A, Rev., 5.00%, 10/1/2022 | 150 | 161 | ||||||
Series 2019A, Rev., 5.00%, 10/1/2023 | 220 | 244 | ||||||
University of Delaware | ||||||||
Series 2004B, Rev., VRDO, LIQ: Bank of America NA, 0.03%, 3/1/2021 (c) | 7,835 | 7,835 | ||||||
|
| |||||||
Total Delaware | 14,471 | |||||||
|
| |||||||
District of Columbia — 0.6% | ||||||||
District of Columbia, Carnegie Endowment for International Peace Rev., VRDO, LOC: Wells Fargo Bank NA, 0.03%, 3/9/2021 (c) | 375 | 375 | ||||||
District of Columbia, Gallaudet University Project Rev., 5.00%, 4/1/2026 | 100 | 121 | ||||||
District of Columbia, Georgetown University Issue | ||||||||
Series 2007B-2, Rev., VRDO, LOC: Bank of America NA, 0.02%, 3/9/2021 (c) | 9,580 | 9,580 | ||||||
Series 2017 B-1, Rev., VRDO, LOC: Bank of America NA, 0.02%, 3/9/2021 (c) | 1,190 | 1,190 | ||||||
District of Columbia, International School Rev., 5.00%, 7/1/2022 | 500 | 519 | ||||||
District of Columbia, Kipp DC Project Rev., 5.00%, 7/1/2023 | 100 | 109 | ||||||
District of Columbia, Medlantic/Helix Issue, Tranche II | ||||||||
Series 111-A, Rev., VRDO, LOC: PNC Bank NA, 0.03%, 3/9/2021 (c) | 5,400 | 5,400 | ||||||
Series 1998A, Rev., VRDO, LOC: TD Bank NA, 0.03%, 3/9/2021 (c) | 2,785 | 2,785 | ||||||
Metropolitan Washington Airports Authority Subseries C-2, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.02%, 3/9/2021 (c) | 19,120 | 19,120 | ||||||
|
| |||||||
Total District of Columbia | 39,199 | |||||||
|
|
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Florida — 2.2% | ||||||||
City of Fort Myers, Subordinate Utility System | ||||||||
Series 2020B, Rev., AGM, 5.00%, 10/1/2021 | 2,000 | 2,054 | ||||||
Series 2020B, Rev., AGM, 5.00%, 10/1/2022 | 2,000 | 2,146 | ||||||
Series 2020B, Rev., AGM, 5.00%, 10/1/2023 | 2,125 | 2,370 | ||||||
Series 2020B, Rev., AGM, 5.00%, 10/1/2024 | 2,355 | 2,720 | ||||||
Series 2020B, Rev., AGM, 5.00%, 10/1/2025 | 5,100 | 6,081 | ||||||
Series 2020B, Rev., AGM, 5.00%, 10/1/2026 | 2,225 | 2,729 | ||||||
City of Gainesville, Utilities System Series B, Rev., VRDO, LIQ: Barclays Bank plc, 0.03%, 3/9/2021 (c) | 10,200 | 10,200 | ||||||
City of Tallahassee, Utility System | ||||||||
Rev., 5.00%, 10/1/2023 | 2,430 | 2,723 | ||||||
Rev., 5.00%, 10/1/2024 | 2,550 | 2,965 | ||||||
County of Escambia, International Paper Co. Project, Environmental Improvement Series 2019B, Rev., 2.00%, 10/1/2024 (c) | 775 | 807 | ||||||
County of Hillsborough, Capital Improvement Program Rev., 5.00%, 8/1/2021 | 30 | 31 | ||||||
County of Miami-Dade, Aviation | ||||||||
Series 2020A, Rev., 5.00%, 10/1/2023 | 2,500 | 2,794 | ||||||
Series 2020A, Rev., 5.00%, 10/1/2024 | 2,400 | 2,784 | ||||||
Series 2020A, Rev., 5.00%, 10/1/2025 | 1,375 | 1,641 | ||||||
County of Miami-Dade, Seaport Department Series A, Rev., VRDO, LOC: PNC Bank NA, 0.03%, 3/9/2021 (c) | 2,400 | 2,400 | ||||||
County of Miami-Dade, Stormwater Project Rev., 5.00%, 4/1/2026 | 2,000 | 2,437 | ||||||
Escambia County School Board Series 2020A, COP, 5.00%, 2/1/2026 | 1,895 | 2,270 | ||||||
Florida Governmental Utility Authority Rev., AGM, 5.00%, 7/1/2025 (d) | 200 | 238 | ||||||
Florida Higher Educational Facilities Financial Authority, Florida Institute of Technology Rev., 5.00%, 10/1/2021 | 115 | 118 | ||||||
Florida Higher Educational Facilities Financial Authority, Ringling College Project | ||||||||
Rev., 4.00%, 3/1/2021 | 60 | 60 | ||||||
Rev., 4.00%, 3/1/2022 | 55 | 56 | ||||||
Rev., 5.00%, 3/1/2023 | 185 | 198 | ||||||
Rev., 5.00%, 3/1/2024 | 110 | 121 |
SEE NOTES TO FINANCIAL STATEMENTS.
78 | J.P. MORGAN MUNICIPAL BOND FUNDS | FEBRUARY 28, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Florida — continued |
| |||||||
Florida Higher Educational Facilities Financial Authority, St. Leo University Project | ||||||||
Rev., 5.00%, 3/1/2021 | 350 | 350 | ||||||
Rev., 5.00%, 3/1/2022 | 355 | 367 | ||||||
Rev., 5.00%, 3/1/2023 | 410 | 436 | ||||||
Highlands County Health Facilities Authority, Adventist Health System Series 2012I, Rev., VRDO, 0.02%, 3/9/2021 (c) | 12,945 | 12,945 | ||||||
JEA Water and Sewer System | ||||||||
Series A-2, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.04%, 3/9/2021 (c) | 38,670 | 38,670 | ||||||
Series Sub Series B-1, Rev., VRDO, LIQ: State Street Bank & Trust, 0.04%, 3/9/2021 (c) | 9,980 | 9,980 | ||||||
Lee Memorial Health System | ||||||||
Series 2019A-1, Rev., 5.00%, 4/1/2022 | 750 | 788 | ||||||
Series 2019A-1, Rev., 5.00%, 4/1/2023 | 400 | 437 | ||||||
Series 2019A-1, Rev., 5.00%, 4/1/2024 | 575 | 650 | ||||||
Orange County Health Facilities Authority, The Nemours Foundation Project Series B, Rev., VRDO, LOC: Northern Trust Co., 0.03%, 3/9/2021 (c) | 775 | 775 | ||||||
Orlando Utilities Commission Series B, Rev., VRDO, LIQ: TD Bank NA, 0.03%, 3/9/2021 (c) | 22,400 | 22,400 | ||||||
State of Florida Department of Transportation, Federal Highway Reimbursement Series 2021A, Rev., 5.00%, 7/1/2024 (f) | 8,030 | 9,181 | ||||||
Village Community Development District No. 13 Special Assessment Rev., 2.63%, 5/1/2024 | 500 | 509 | ||||||
West Palm Beach Community Redevelopment Agency, City Center Community Redevelopment Area | ||||||||
Rev., 5.00%, 3/1/2023 | 1,335 | 1,458 | ||||||
Rev., 5.00%, 3/1/2024 | 1,160 | 1,312 | ||||||
|
| |||||||
Total Florida | 150,201 | |||||||
|
| |||||||
Georgia — 0.9% |
| |||||||
City of Atlanta, Department of Aviation | ||||||||
Series 2020A, Rev., 5.00%, 7/1/2024 | 2,000 | 2,303 | ||||||
Series 2020B, Rev., AMT, 5.00%, 7/1/2024 | 1,170 | 1,338 | ||||||
Series 2020A, Rev., 5.00%, 7/1/2025 | 3,555 | 4,228 | ||||||
Series 2020B, Rev., AMT, 5.00%, 7/1/2025 | 1,800 | 2,122 | ||||||
Series 2020A, Rev., 5.00%, 7/1/2026 | 4,000 | 4,897 | ||||||
Series 2020B, Rev., AMT, 5.00%, 7/1/2026 | 2,000 | 2,422 | ||||||
Clarke County School District, Sales Tax GO, 5.00%, 9/1/2021 | 30 | 31 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Georgia — continued |
| |||||||
Dahlonega Downtown Development Authority, North Georgia MAC, LLC Project | ||||||||
Rev., 5.00%, 7/1/2021 | 370 | 376 | ||||||
Rev., 5.00%, 7/1/2022 | 300 | 318 | ||||||
Georgia State Road and Tollway Authority | ||||||||
Rev., 5.00%, 6/1/2021 | 2,500 | 2,530 | ||||||
Rev., 5.00%, 6/1/2022 | 5,000 | 5,301 | ||||||
Rev., 5.00%, 6/1/2023 | 4,000 | 4,421 | ||||||
Metropolitan Atlanta Rapid Transit Authority, Sales Tax Series A, Rev., 3.75%, 7/1/2021 | 5,585 | 5,651 | ||||||
Municipal Electric Authority of Georgia, Project One Series 2008-B, Rev., VRDO, LOC: PNC Bank NA, 0.06%, 3/9/2021 (c) | 4,255 | 4,255 | ||||||
Paulding County School District, Sales Tax GO, 3.00%, 8/1/2022 | 1,500 | 1,559 | ||||||
Private Colleges and Universities Authority, Emory University Series 2020B, Rev., 5.00%, 9/1/2025 | 13,345 | 15,917 | ||||||
Richmond County Hospital Authority, University Health Services, Inc., Project Rev., 5.00%, 1/1/2022 | 100 | 104 | ||||||
Savannah Economic Development Authority, International Paper Co. Project Series 2019A, Rev., 2.00%, 10/1/2024 (c) | 1,675 | 1,745 | ||||||
|
| |||||||
Total Georgia | 59,518 | |||||||
|
| |||||||
Idaho — 0.0% (g) |
| |||||||
Idaho Housing and Finance Association, Federal Highway Trust Series A, Rev., GRAN, 5.00%, 7/15/2021 | 25 | 25 | ||||||
University of Idaho | ||||||||
Series 2020A, Rev., 5.00%, 4/1/2021 | 390 | 391 | ||||||
Series 2020A, Rev., 5.00%, 4/1/2022 | 165 | 174 | ||||||
Series 2020A, Rev., 5.00%, 4/1/2023 | 355 | 389 | ||||||
Series 2020A, Rev., 5.00%, 4/1/2024 | 315 | 359 | ||||||
Series 2020A, Rev., 5.00%, 4/1/2025 | 330 | 388 | ||||||
|
| |||||||
Total Idaho | 1,726 | |||||||
|
| |||||||
Illinois — 3.6% |
| |||||||
Carol Stream Park District | ||||||||
Series 2020C, GO, 4.00%, 11/1/2024 | 210 | 234 | ||||||
Series 2020C, GO, 4.00%, 11/1/2025 | 405 | 460 | ||||||
Series 2020C, GO, 4.00%, 11/1/2026 | 535 | 618 | ||||||
Champaign Coles Et Al Counties Community College District No. 505 | ||||||||
Series 2018B, GO, 4.00%, 12/1/2021 | 2,500 | 2,571 | ||||||
Series 2018C, GO, 4.00%, 12/1/2021 | 465 | 478 |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 79 |
Table of Contents
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2021 (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Illinois — continued |
| |||||||
Champaign County Community Unit School District No. 4 Champaign, Capital Appreciation | ||||||||
Series 2020A, GO, Zero Coupon, 1/1/2022 | 200 | 199 | ||||||
Series 2020A, GO, Zero Coupon, 1/1/2023 | 200 | 198 | ||||||
Series 2020A, GO, Zero Coupon, 1/1/2024 | 385 | 377 | ||||||
Chicago Midway International Airport, Second Lien Series 2014B, Rev., 5.00%, 1/1/2023 | 150 | 163 | ||||||
Chicago O’Hare International Airport, General Airport, Senior Lien | ||||||||
Series 2020B, Rev., 5.00%, 1/1/2024 | 500 | 563 | ||||||
Series 2020B, Rev., 5.00%, 1/1/2026 | 1,250 | 1,495 | ||||||
Chicago Park District, Unlimited Tax, Personal Property Replacement Tax Alternate Series 2011C, GO, 5.00%, 1/1/2022 | 175 | 180 | ||||||
Chicago Park District, Unlimited Tax, Special Recreation Activity Series 2018E, GO, 5.00%, 11/15/2021 | 300 | 308 | ||||||
Chicago Transit Authority, Federal Transit Administration Section 5307 Urbanized Area Formula Funds Rev., 5.00%, 6/1/2021 | 270 | 273 | ||||||
City of Aurora | ||||||||
Series 2019A, GO, 4.00%, 12/30/2021 | 470 | 485 | ||||||
Series 2019A, GO, 4.00%, 12/30/2022 | 1,525 | 1,629 | ||||||
Series 2019A, GO, 4.00%, 12/30/2023 | 1,595 | 1,746 | ||||||
Series 2019A, GO, 4.00%, 12/30/2024 | 1,655 | 1,855 | ||||||
City of Danville | ||||||||
GO, 2.00%, 12/1/2021 | 255 | 258 | ||||||
GO, 3.00%, 12/1/2022 | 140 | 145 | ||||||
GO, 4.00%, 12/1/2023 | 145 | 157 | ||||||
City of Elgin | ||||||||
Series 2020A, GO, 2.00%, 12/15/2021 | 230 | 233 | ||||||
Series 2020A, GO, 3.00%, 12/15/2022 | 1,480 | 1,549 | ||||||
Series 2020A, GO, 3.00%, 12/15/2023 | 1,025 | 1,092 | ||||||
City of Rock Island | ||||||||
Series A, GO, AGM, 3.00%, 12/1/2021 | 130 | 132 | ||||||
Series B, GO, AGM, 3.00%, 12/1/2021 | 200 | 204 | ||||||
City of Rockford, Sales Tax | ||||||||
Series 2019A, GO, AGM, 4.00%, 12/15/2021 | 130 | 134 | ||||||
Series 2019A, GO, AGM, 4.00%, 12/15/2022 | 135 | 143 | ||||||
Series 2019A, GO, AGM, 4.00%, 12/15/2023 | 140 | 152 | ||||||
City of Waukegan Series A, GO, AGM, 4.00%, 12/30/2023 | 525 | 571 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Illinois — continued |
| |||||||
Clay Wayne and Marion Counties Community Unit School District No. 35 | ||||||||
GO, AGM, 5.00%, 12/1/2021 | 205 | 212 | ||||||
GO, AGM, 5.00%, 12/1/2022 | 165 | 177 | ||||||
GO, AGM, 5.00%, 12/1/2023 | 175 | 195 | ||||||
Cook County Community College District No. 508, Unlimited Tax GO, 5.25%, 12/1/2029 | 250 | 276 | ||||||
Cook County Community Consolidated School District No. 146, Tinley Park, Limited Tax GO, 4.00%, 12/1/2021 | 200 | 206 | ||||||
Cook County Community Consolidated School District No. 34, Glenview, Limited Tax | ||||||||
GO, 4.00%, 12/1/2021 | 175 | 180 | ||||||
GO, 4.00%, 12/1/2022 | 150 | 160 | ||||||
GO, 4.00%, 12/1/2023 | 150 | 164 | ||||||
Cook County Community School District No. 97, Oak Park | ||||||||
GO, 4.00%, 1/1/2022 | 400 | 412 | ||||||
GO, 4.00%, 1/1/2023 | 300 | 320 | ||||||
GO, 4.00%, 1/1/2024 | 275 | 302 | ||||||
Cook County Community Unit School District No. 401, Elmwood Park GO, 4.00%, 12/1/2023 | 3,440 | 3,538 | ||||||
Cook County High School District No. 207 Maine Township | ||||||||
Series 2019A, GO, 4.00%, 12/1/2021 | 8,330 | 8,563 | ||||||
Series 2019B, GO, 3.50%, 12/1/2022 | 325 | 343 | ||||||
Cook County School District No. 100, South Berwyn | ||||||||
Series 2019A, GO, 4.00%, 12/1/2021 | 100 | 103 | ||||||
Series 2019C, GO, 4.00%, 12/1/2021 | 165 | 169 | ||||||
Series 2019A, GO, 4.00%, 12/1/2022 | 235 | 248 | ||||||
Series 2019C, GO, 4.00%, 12/1/2022 | 605 | 640 | ||||||
Series 2019A, GO, 5.00%, 12/1/2023 | 345 | 383 | ||||||
Series 2019C, GO, 5.00%, 12/1/2023 | 660 | 733 | ||||||
Cook County School District No. 102, La Grange, Limited Tax | ||||||||
GO, AGM, 4.00%, 12/15/2021 | 840 | 864 | ||||||
GO, AGM, 4.00%, 12/15/2022 | 825 | 877 | ||||||
GO, AGM, 4.00%, 12/15/2023 | 825 | 903 | ||||||
GO, AGM, 4.00%, 12/15/2024 | 930 | 1,044 | ||||||
GO, AGM, 4.00%, 12/15/2025 | 985 | 1,130 | ||||||
Cook County School District No. 109, Indian Springs, Limited Tax | ||||||||
Series 2020A, GO, 4.00%, 12/1/2023 | 125 | 136 | ||||||
Series 2020A, GO, 4.00%, 12/1/2024 | 400 | 447 |
SEE NOTES TO FINANCIAL STATEMENTS.
80 | J.P. MORGAN MUNICIPAL BOND FUNDS | FEBRUARY 28, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Illinois — continued |
| |||||||
Cook County School District No. 145, Arbor Park | ||||||||
Series 2019B, GO, 4.00%, 12/1/2021 | 150 | 154 | ||||||
Series 2019D, GO, 4.00%, 12/1/2023 | 110 | 120 | ||||||
Cook County School District No. 148, Dolton | ||||||||
Series 2018A, GO, 5.00%, 12/1/2021 | 450 | 464 | ||||||
Series 2018A, GO, 5.00%, 12/1/2022 | 725 | 777 | ||||||
Cook County School District No. 151, South Holland, Limited Tax | ||||||||
GO, 4.00%, 4/1/2021 | 175 | 176 | ||||||
GO, 4.00%, 4/1/2022 | 190 | 197 | ||||||
Cook County School District No. 160, Country Club Hills | ||||||||
Series 2020A, GO, 4.00%, 12/1/2021 | 250 | 257 | ||||||
Series 2020A, GO, 4.00%, 12/1/2022 | 510 | 538 | ||||||
Series 2020A, GO, 4.00%, 12/1/2023 | 285 | 310 | ||||||
Series 2020A, GO, 4.00%, 12/1/2024 | 255 | 285 | ||||||
Cook County School District No. 160, Country Club Hills, Limited Tax | ||||||||
Series 2020B, GO, 4.00%, 12/1/2022 | 180 | 190 | ||||||
Series 2020B, GO, 4.00%, 12/1/2023 | 100 | 109 | ||||||
Series 2020B, GO, 4.00%, 12/1/2024 | 100 | 112 | ||||||
Cook County School District No. 63, East Maine, Limited Tax | ||||||||
GO, 5.00%, 12/1/2021 | 1,845 | 1,910 | ||||||
GO, 5.00%, 12/1/2022 | 1,935 | 2,075 | ||||||
Cook County School District No. 69, Skokie, Limited Tax | ||||||||
GO, 4.00%, 12/1/2024 | 315 | 354 | ||||||
GO, 4.00%, 12/1/2025 | 460 | 528 | ||||||
Cook County School District No. 89, Maywood, Maywood-Melrose Park-Broadview, Limited Tax | ||||||||
Rev., AGM, 4.00%, 12/15/2021 | 515 | 529 | ||||||
Rev., AGM, 4.00%, 12/15/2022 | 535 | 565 | ||||||
Rev., AGM, 4.00%, 12/15/2023 | 555 | 603 | ||||||
Rev., AGM, 4.00%, 12/15/2024 | 580 | 643 | ||||||
Cook County School District No. 99 Cicero, Limited Tax | ||||||||
Series 2019B, GO, 5.00%, 12/1/2022 | 350 | 376 | ||||||
Series 2019B, GO, 5.00%, 12/1/2023 | 575 | 640 | ||||||
Cook County Township High School District No 225 | ||||||||
GO, 5.00%, 12/1/2025 | 2,795 | 3,363 | ||||||
GO, 5.00%, 12/1/2026 | 2,565 | 3,179 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Illinois — continued |
| |||||||
Cook County, Proviso Township High School District No. 209, Limited Tax GO, 5.00%, 12/1/2021 | 2,825 | 2,922 | ||||||
County of Cook | ||||||||
GO, 5.00%, 11/15/2021 | 700 | 724 | ||||||
Series A, GO, 5.00%, 11/15/2021 | 355 | 367 | ||||||
Series C, GO, 5.00%, 11/15/2022 | 180 | 194 | ||||||
County of Will | ||||||||
GO, 5.00%, 11/15/2021 | 270 | 279 | ||||||
GO, 5.00%, 11/15/2022 | 475 | 513 | ||||||
GO, 5.00%, 11/15/2023 | 525 | 589 | ||||||
Du Page and Will Counties Community School District No. 204 Indian Prairie GO, 4.00%, 12/30/2025 | 1,710 | 1,978 | ||||||
Du Page Cook and Will Counties Community College District No. 502 GO, 5.00%, 6/1/2027 | 4,515 | 5,662 | ||||||
DuPage County Community High School District No. 94 West Chicago GO, 4.00%, 1/1/2033 | 10 | 11 | ||||||
DuPage County High School District No. 87 Glenbard GO, 3.00%, 10/1/2022 | 1,500 | 1,561 | ||||||
DuPage County School District No. 10 Itasca | ||||||||
GO, 5.00%, 1/1/2023 | 1,040 | 1,129 | ||||||
GO, 5.00%, 1/1/2024 | 1,090 | 1,230 | ||||||
Flagg-Rochelle Community Park District | ||||||||
Series A, GO, AGM, 4.00%, 1/1/2022 | 210 | 216 | ||||||
Series A, GO, AGM, 4.00%, 1/1/2023 | 220 | 233 | ||||||
Series A, GO, AGM, 4.00%, 1/1/2024 | 225 | 244 | ||||||
Grundy County School District No. 54 Series 2011A, GO, AGM, 7.25%, 12/1/2021 | 710 | 747 | ||||||
Hoffman Estates Park District | ||||||||
Series 2019A, GO, 4.00%, 12/1/2021 | 135 | 138 | ||||||
Series 2019B, GO, 4.00%, 12/1/2023 | 245 | 268 | ||||||
Illinois Finance Authority, Advocate Health Care Network Series 2008C-3A, Rev., VRDO, LIQ: Northern Trust Co., 0.03%, 3/9/2021 (c) | 2,650 | 2,650 | ||||||
Illinois Finance Authority, Ascension Health Alliance Senior Credit Group Series E-2, Rev., 1.75%, 4/1/2021 (c) | 250 | 250 | ||||||
Illinois Finance Authority, Carle Foundation | ||||||||
Series 2009-C, Rev., VRDO, LOC: Northern Trust Co., 0.02%, 3/9/2021 (c) | 5,930 | 5,930 | ||||||
Series B, Rev., VRDO, LOC: Northern Trust Co., 0.02%, 3/9/2021 (c) | 1,890 | 1,890 | ||||||
Illinois Finance Authority, Local Government Program, East Prairie School District Number 73 Project Rev., 5.00%, 12/1/2021 | 250 | 259 |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 81 |
Table of Contents
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2021 (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Illinois — continued |
| |||||||
Illinois Finance Authority, McCormick Theological Series 2001B, Rev., VRDO, LOC: Northern Trust Co., 0.03%, 3/9/2021 (c) | 15,250 | 15,250 | ||||||
Illinois Finance Authority, Northshore University Health System | ||||||||
Series 2020A, Rev., 5.00%, 8/15/2021 | 1,000 | 1,022 | ||||||
Series 2020A, Rev., 5.00%, 8/15/2022 | 750 | 801 | ||||||
Series 2020A, Rev., 5.00%, 8/15/2023 | 500 | 557 | ||||||
Series 2020A, Rev., 5.00%, 8/15/2024 | 1,000 | 1,152 | ||||||
Series 2020A, Rev., 5.00%, 8/15/2025 | 1,250 | 1,488 | ||||||
Illinois Finance Authority, Northwestern University Subseries 2008-B, Rev., VRDO, 0.01%, 3/9/2021 (c) | 3,425 | 3,425 | ||||||
Illinois Finance Authority, OSF Healthcare System | ||||||||
Rev., 5.00%, 11/15/2024 (c) | 3,000 | 3,409 | ||||||
Rev., 5.00%, 11/15/2026 (c) | 4,000 | 4,786 | ||||||
Illinois Finance Authority, University of Chicago (The) | ||||||||
Rev., VRDO, 0.03%, 3/9/2021 (c) | 30,000 | 30,000 | ||||||
Series 2004B, Rev., VRDO, 0.03%, 3/9/2021 (c) | 15,160 | 15,160 | ||||||
Illinois Finance Authority, Water Facilities, American Water Capital Corp. Project Rev., 0.70%, 9/1/2023 (c) | 2,800 | 2,790 | ||||||
Illinois Finance Authority, Wesleyan University Rev., 5.00%, 9/1/2022 | 560 | 594 | ||||||
Illinois Housing Development Authority Series 2019A, Rev., FHA, 1.60%, 1/1/2023 (c) | 5,600 | 5,640 | ||||||
Kane County School District No. 131 Aurora East Side | ||||||||
Series 2020A, GO, AGM, 3.00%, 12/1/2021 | 175 | 178 | ||||||
Series 2020B, GO, AGM, 3.00%, 12/1/2021 | 255 | 260 | ||||||
Series 2020A, GO, AGM, 4.00%, 12/1/2022 | 120 | 127 | ||||||
Series 2020B, GO, AGM, 4.00%, 12/1/2022 | 220 | 233 | ||||||
Series 2020A, GO, AGM, 5.00%, 12/1/2023 | 145 | 161 | ||||||
Series 2020B, GO, AGM, 5.00%, 12/1/2023 | 235 | 262 | ||||||
Series 2020A, GO, AGM, 5.00%, 12/1/2024 | 240 | 275 | ||||||
Series 2020A, GO, AGM, 5.00%, 12/1/2025 | 55 | 65 | ||||||
Series 2020B, GO, AGM, 5.00%, 12/1/2025 | 115 | 136 | ||||||
Kendall Kane and Will Counties Community Unit School District No. 308 | ||||||||
Series B, GO, 4.00%, 10/1/2021 | 255 | 260 | ||||||
Series B, GO, 5.00%, 10/1/2022 | 1,375 | 1,467 | ||||||
La Grange Park District Series 2012B, GO, 5.00%, 12/1/2021 | 415 | 430 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Illinois — continued |
| |||||||
Lake County School District No. 70 Libertyville Rev., 4.00%, 1/1/2023 | 300 | 319 | ||||||
Lee and Ogle Counties School District No. 170 Dixon | ||||||||
Series 2019A, GO, AGM, 3.00%, 1/30/2022 | 160 | 164 | ||||||
Series 2019B, GO, AGM, 3.00%, 1/30/2022 | 245 | 250 | ||||||
Series 2019A, GO, AGM, 3.00%, 1/30/2023 | 170 | 177 | ||||||
Series 2019B, GO, AGM, 3.00%, 1/30/2023 | 255 | 265 | ||||||
Lincoln Land Community College District No. 526 GO, 5.00%, 12/15/2021 | 125 | 130 | ||||||
Madison-Macoupin Etc Counties Community College District No. 536, Lewis and Clark Community | ||||||||
GO, AGM, 4.00%, 5/1/2022 | 750 | 782 | ||||||
GO, AGM, 4.00%, 5/1/2023 | 700 | 750 | ||||||
Peoria Public Building Commission | ||||||||
Series A, Rev., AGM, 3.00%, 12/1/2022 | 75 | 78 | ||||||
Series A, Rev., AGM, 4.00%, 12/1/2024 | 655 | 728 | ||||||
Sangamon County Community Unit School District No. 5, Ball-Chatham | ||||||||
Series B, GO, 5.00%, 1/1/2022 | 1,650 | 1,715 | ||||||
GO, 4.00%, 2/1/2023 | 2,015 | 2,145 | ||||||
Sangamon Menard Etc Counties Community School District No. 8 Pleasant Plains | ||||||||
Series 2019C, GO, 4.00%, 1/1/2022 | 165 | 170 | ||||||
Series 2019C, GO, 4.00%, 1/1/2023 | 310 | 329 | ||||||
Series 2019C, GO, 4.00%, 1/1/2024 | 370 | 403 | ||||||
St. Charles Public Library District, Limited Tax | ||||||||
Rev., 3.00%, 11/1/2021 | 85 | 87 | ||||||
Rev., 4.00%, 11/1/2022 | 100 | 105 | ||||||
State of Illinois | ||||||||
GO, 5.00%, 2/1/2024 | 3,370 | 3,716 | ||||||
GO, 5.50%, 5/1/2025 | 2,500 | 2,878 | ||||||
GO, 5.50%, 5/1/2026 | 5,000 | 5,882 | ||||||
State of Illinois, Sales Tax, Junior Obligation | ||||||||
Rev., 5.00%, 6/15/2021 | 110 | 111 | ||||||
Series 2018B, Rev., 5.00%, 6/15/2021 | 5,000 | 5,058 | ||||||
Rev., 5.00%, 6/15/2023 | 990 | 1,074 | ||||||
University of Illinois, Auxiliary Facilities System Series A, Rev., 5.00%, 4/1/2024 | 2,500 | 2,724 | ||||||
University of Illinois, Health Services System Rev., VRDO, LOC: Wells Fargo Bank NA, 0.02%, 3/9/2021 (c) | 2,550 | 2,550 | ||||||
Village of Arlington Heights | ||||||||
GO, 4.00%, 12/1/2023 | 1,130 | 1,239 | ||||||
GO, 4.00%, 12/1/2024 | 1,175 | 1,324 | ||||||
GO, 4.00%, 12/1/2025 | 695 | 802 |
SEE NOTES TO FINANCIAL STATEMENTS.
82 | J.P. MORGAN MUNICIPAL BOND FUNDS | FEBRUARY 28, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Illinois — continued |
| |||||||
Village of Bartlett | ||||||||
GO, 5.00%, 12/1/2021 | 980 | 1,015 | ||||||
GO, 5.00%, 12/1/2022 | 1,065 | 1,155 | ||||||
GO, 5.00%, 12/1/2023 | 1,130 | 1,265 | ||||||
Village of Bolingbrook Series 2013A, GO, Zero Coupon, 7/1/2023 (d) | 10,000 | 5,466 | ||||||
Village of Flossmoor GO, 3.00%, 12/1/2021 | 605 | 617 | ||||||
Village of Gilberts GO, 4.00%, 12/1/2021 | 225 | 230 | ||||||
Village of Hoffman Estates GO, 5.00%, 12/1/2021 | 210 | 217 | ||||||
Village of Midlothian | ||||||||
Series 2019A, GO, 4.00%, 1/1/2023 | 190 | 201 | ||||||
Series 2019A, GO, 4.00%, 1/1/2024 | 120 | 131 | ||||||
Village of Villa Park | ||||||||
Series 2018C, GO, 4.00%, 12/15/2021 | 505 | 520 | ||||||
Series B, GO, 4.00%, 12/15/2021 | 190 | 195 | ||||||
Series B, GO, 4.00%, 12/15/2022 | 200 | 212 | ||||||
Series B, GO, 4.00%, 12/15/2023 | 205 | 224 | ||||||
Village of Villa Park, Sales Tax Series A, GO, 4.00%, 12/15/2023 | 125 | 137 | ||||||
Washington County Community Unit School District No.10 West Washington | ||||||||
GO, 4.00%, 1/15/2022 | 575 | 593 | ||||||
GO, 4.00%, 1/15/2023 | 685 | 726 | ||||||
Whiteside County Community Unit School District No. 6 Morrison Series A, GO, AGM, 4.00%, 12/1/2021 | 745 | 766 | ||||||
Will County Community High School District No. 210 Lincoln-Way GO, AGM, 4.00%, 1/1/2022 | 1,000 | 1,024 | ||||||
Will County Township High School District No. 204 Joliet, Limited Tax GO, 4.00%, 1/1/2023 | 125 | 133 | ||||||
Will County, Community Consolidated School District No. 70-C Laraway, Lease Certificates Series A, Rev., AGM, 4.00%, 12/1/2021 | 400 | 411 | ||||||
Will Grundy Etc Counties Community College District No. 525, Joliet Junior College | ||||||||
GO, 5.00%, 1/1/2022 | 5,275 | 5,478 | ||||||
GO, 5.00%, 1/1/2023 | 5,495 | 5,952 | ||||||
GO, 5.00%, 1/1/2024 | 2,600 | 2,923 | ||||||
|
| |||||||
Total Illinois | 245,239 | |||||||
|
| |||||||
Indiana — 1.8% |
| |||||||
City of Evansville, Sewage Works | ||||||||
Rev., 4.00%, 7/1/2021 | 2,800 | 2,834 | ||||||
Rev., 4.00%, 7/1/2026 | 3,710 | 4,310 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Indiana — continued |
| |||||||
City of Rockport, AEP Generating Company Project | ||||||||
Series A, Rev., 1.35%, 9/1/2022 (c) | 2,000 | 2,014 | ||||||
Series B, Rev., 1.35%, 9/1/2022 (c) | 2,250 | 2,266 | ||||||
City of Rockport, Indiana Michigan Power Company Project Series 2009B, Rev., 3.05%, 6/1/2025 | 6,500 | 7,124 | ||||||
Fort Wayne Community School Building Corp. | ||||||||
Rev., 4.00%, 7/15/2021 | 250 | 254 | ||||||
Rev., 4.00%, 1/15/2022 | 250 | 258 | ||||||
Rev., 4.00%, 7/15/2022 | 125 | 131 | ||||||
Fort Wayne Community Schools | ||||||||
GO, 4.00%, 7/15/2021 | 630 | 639 | ||||||
GO, 4.00%, 1/15/2022 | 755 | 779 | ||||||
Gary Community School Building Corp., Ad Valorem Property Tax First Mortgage | ||||||||
Series 2020B, Rev., 4.00%, 1/15/2022 | 150 | 154 | ||||||
Series 2020B, Rev., 4.00%, 7/15/2022 | 165 | 172 | ||||||
Series 2020B, Rev., 4.00%, 1/15/2023 | 165 | 174 | ||||||
Series 2020B, Rev., 4.00%, 7/15/2023 | 185 | 198 | ||||||
Series 2020B, Rev., 4.00%, 7/15/2025 | 215 | 240 | ||||||
Series 2020B, Rev., 4.00%, 1/15/2026 | 220 | 247 | ||||||
Series 2020B, Rev., 4.00%, 7/15/2026 | 235 | 265 | ||||||
Hammond Multi-School Building Corp., Ad Valorem Property Tax First Mortgage Rev., 4.00%, 7/15/2021 | 670 | 678 | ||||||
Indiana Finance Authority, Ascension Health Senior Credit Group | ||||||||
Series 2008E-4, Rev., VRDO, 0.01%, 3/9/2021 (c) | 10,720 | 10,720 | ||||||
Series 2008E-5, Rev., VRDO, 0.01%, 3/9/2021 (c) | 25,875 | 25,875 | ||||||
Indiana Finance Authority, Butler University Project | ||||||||
Rev., 3.00%, 2/1/2022 | 210 | 215 | ||||||
Rev., 3.00%, 2/1/2023 | 225 | 235 | ||||||
Indiana Finance Authority, Goshen Health Series B, Rev., 2.10%, 11/1/2026 (c) | 2,700 | 2,831 | ||||||
Indiana Finance Authority, Indiana University Health Obligated Group Series L, Rev., (SIFMA Municipal Swap Index Yield + 0.28%), 0.31%, 7/2/2021 (b) | 10,000 | 10,000 | ||||||
Indiana Finance Authority, Marian University Project | ||||||||
Series A, Rev., 5.00%, 9/15/2021 | 60 | 62 | ||||||
Series A, Rev., 5.00%, 9/15/2022 | 50 | 53 |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 83 |
Table of Contents
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2021 (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Indiana — continued |
| |||||||
Series A, Rev., 5.00%, 9/15/2023 | 75 | 82 | ||||||
Series A, Rev., 5.00%, 9/15/2024 | 155 | 174 | ||||||
Indiana Finance Authority, Trinity Health Credit Group Series 2008D-1, Rev., VRDO, 0.02%, 3/9/2021 (c) | 2,295 | 2,295 | ||||||
Indiana Health Facility Financing Authority, Ascension Health Credit Group | ||||||||
Series E-6, Rev., VRDO, 0.01%, 3/9/2021 (c) | 3,000 | 3,000 | ||||||
Series 2001A-2, Rev., 2.00%, 2/1/2023 (c) | 24,875 | 25,637 | ||||||
Series 2001A-2, Rev., 2.00%, 2/1/2023 (c) (d) | 125 | 129 | ||||||
Indiana State Finance Authority, Lease Appropriation, Stadium Project Series 2008A, Rev., VRDO, 0.03%, 3/9/2021 (c) | 6,620 | 6,620 | ||||||
Metropolitan School District of Southwest Allen County | ||||||||
Series 2019B, GO, 4.00%, 7/15/2021 | 100 | 101 | ||||||
Series 2019B, GO, 4.00%, 1/15/2022 | 100 | 103 | ||||||
Series 2019B, GO, 4.00%, 7/15/2022 | 590 | 620 | ||||||
Series 2019B, GO, 4.00%, 1/15/2023 | 520 | 556 | ||||||
Series 2019B, GO, 4.00%, 7/15/2023 | 485 | 527 | ||||||
Series 2019B, GO, 4.00%, 1/15/2024 | 575 | 634 | ||||||
Metropolitan School District Washington Township | ||||||||
GO, 4.00%, 7/15/2021 | 250 | 254 | ||||||
GO, 4.00%, 1/15/2022 | 590 | 609 | ||||||
North Putnam Middle School Building Corp., Property Tax, First Mortgage | ||||||||
Rev., 3.00%, 7/15/2021 | 190 | 192 | ||||||
Rev., 3.00%, 1/15/2022 | 250 | 256 | ||||||
Rev., 3.00%, 7/15/2022 | 150 | 155 | ||||||
Purdue University, Student Facilities System Series 2007C, Rev., VRDO, 0.01%, 3/9/2021 (c) | 6,575 | 6,575 | ||||||
South Madison Elementary School Building Corp., Ad Valorem Property Tax, First Mortgage Rev., 4.00%, 7/15/2021 | 80 | 81 | ||||||
Tippecanoe County School Building Corp., Ad Valorem Property Tax First Mortgage | ||||||||
Rev., 4.00%, 7/15/2021 | 200 | 203 | ||||||
Rev., 4.00%, 1/15/2022 | 365 | 377 | ||||||
Rev., 4.00%, 7/15/2022 | 275 | 289 | ||||||
Rev., 4.00%, 1/15/2023 | 300 | 321 | ||||||
Rev., 4.00%, 7/15/2023 | 380 | 412 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Indiana — continued |
| |||||||
Town of Schererville, Sewage Works | ||||||||
Rev., 4.00%, 3/1/2021 | 50 | 50 | ||||||
Rev., 4.00%, 3/1/2022 | 75 | 78 | ||||||
Rev., 4.00%, 3/1/2023 | 75 | 80 | ||||||
Rev., 4.00%, 3/1/2024 | 110 | 121 | ||||||
|
| |||||||
Total Indiana | 123,259 | |||||||
|
| |||||||
Iowa — 0.4% |
| |||||||
City of Altoona | ||||||||
Series 2020A, COP, 4.00%, 6/1/2022 | 225 | 235 | ||||||
Series 2020A, COP, 4.00%, 6/1/2023 | 275 | 296 | ||||||
City of Coralville Series 2016E, COP, 4.00%, 6/1/2023 | 325 | 326 | ||||||
City of Iowa Falls, Capital Lien GO, 3.00%, 6/1/2023 | 230 | 242 | ||||||
City of Sac City GO, 5.00%, 6/1/2021 | 160 | 162 | ||||||
County of Plymouth | ||||||||
GO, AGM, 3.00%, 6/1/2021 | 565 | 569 | ||||||
GO, AGM, 3.00%, 6/1/2022 | 290 | 299 | ||||||
Iowa Finance Authority, Health System Rev., VRDO, 0.60%, 1/4/2024 (c) (e) | 18,650 | 18,650 | ||||||
Iowa Finance Authority, Single Family Mortgage-Backed Securities Program | ||||||||
Rev., VRDO, GNMA/FNMA/FHLMC, LIQ: TD Bank NA, 0.03%, 3/9/2021 (c) | 8,500 | 8,500 | ||||||
North Polk Community School District, Services and Use Tax Series 2020B, Rev., 4.00%, 6/1/2022 | 450 | 471 | ||||||
State of Iowa, IJOBS Program, Special Obligation Series A, Rev., 5.00%, 6/1/2021 | 400 | 405 | ||||||
|
| |||||||
Total Iowa | 30,155 | |||||||
|
| |||||||
Kansas — 0.6% |
| |||||||
City of Manhattan, Temporary Notes GO, 1.50%, 6/15/2022 | 5,865 | 5,867 | ||||||
County of Reno GO, 3.00%, 3/1/2021 | 4,605 | 4,614 | ||||||
Johnson County Park and Recreation District | ||||||||
Series 2019B, COP, 3.00%, 9/1/2021 | 255 | 258 | ||||||
Series 2019A, COP, 5.00%, 9/1/2021 | 240 | 246 | ||||||
Series 2019B, COP, 3.00%, 9/1/2022 | 200 | 204 | ||||||
Series 2019A, COP, 5.00%, 9/1/2022 | 250 | 262 | ||||||
Series 2019B, COP, 3.00%, 9/1/2023 | 200 | 210 | ||||||
Series 2019A, COP, 5.00%, 9/1/2023 | 125 | 138 | ||||||
Kansas City Kansas Community College | ||||||||
Series 2020A, COP, 4.00%, 4/1/2021 | 450 | 451 | ||||||
Series 2020A, COP, 4.00%, 4/1/2022 | 600 | 624 | ||||||
Series 2020A, COP, 4.00%, 4/1/2023 | 800 | 857 | ||||||
Series 2020A, COP, 4.00%, 4/1/2024 | 500 | 551 |
SEE NOTES TO FINANCIAL STATEMENTS.
84 | J.P. MORGAN MUNICIPAL BOND FUNDS | FEBRUARY 28, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Kansas — continued |
| |||||||
Kansas Development Finance Authority, State of Kansas Project | ||||||||
Series 2020R, Rev., 5.00%, 11/1/2021 | 6,960 | 7,182 | ||||||
Series 2020R, Rev., 5.00%, 11/1/2024 | 2,255 | 2,610 | ||||||
Series 2020R, Rev., 5.00%, 11/1/2025 | 3,570 | 4,258 | ||||||
Series 2020R, Rev., 5.00%, 11/1/2026 | 3,900 | 4,775 | ||||||
Overland Park Development Corp., Overland Park Convention Center Hotel Rev., 4.00%, 3/1/2021 | 1,400 | 1,400 | ||||||
Sedgwick County Unified School District No. 265 Goddard | ||||||||
Series 2020A, GO, 3.00%, 10/1/2021 | 275 | 279 | ||||||
Series 2020A, GO, 3.00%, 10/1/2022 | 295 | 307 | ||||||
Series 2020A, GO, 3.00%, 10/1/2023 | 350 | 372 | ||||||
Series 2020A, GO, 3.00%, 10/1/2024 | 1,050 | 1,134 | ||||||
Sedgwick County Unified School District No. 267 Renwick | ||||||||
Series 2019A, GO, 3.00%, 11/1/2022 | 100 | 105 | ||||||
Series 2019A, GO, 3.00%, 11/1/2023 | 100 | 106 | ||||||
Wyandotte County Unified School District No. 202 Turner | ||||||||
Series 2019A, GO, AGM, 2.00%, 9/1/2021 | 200 | 202 | ||||||
Series 2019A, GO, AGM, 3.00%, 9/1/2022 | 125 | 130 | ||||||
Series 2019A, GO, AGM, 3.00%, 9/1/2023 | 400 | 423 | ||||||
Series 2019A, GO, AGM, 3.00%, 9/1/2024 | 400 | 431 | ||||||
|
| |||||||
Total Kansas | 37,996 | |||||||
|
| |||||||
Kentucky — 0.7% |
| |||||||
City of Ashland, Ashland Hospital Corp. DBA King’s Daughters Medical Center | �� | |||||||
Rev., 5.00%, 2/1/2022 | 500 | 516 | ||||||
Rev., 5.00%, 2/1/2023 | 600 | 639 | ||||||
Rev., 5.00%, 2/1/2024 | 575 | 630 | ||||||
County of Owen, Kentucky-American Water Co. Project Rev., 0.70%, 9/1/2023 (c) | 2,500 | 2,490 | ||||||
Franklin County Public Properties Corp., Justice Center Project Series A, Rev., 4.50%, 4/1/2021 (d) | 40 | 40 | ||||||
Kentucky Asset Liability Commission, Federal Highway Trust Fund | ||||||||
Series 2020A, Rev., 5.00%, 9/1/2021 | 4,500 | 4,607 | ||||||
Series 2020A, Rev., 5.00%, 9/1/2022 | 3,250 | 3,478 | ||||||
Kentucky Housing Corp., BTT Development III Portfolio Rev., 1.40%, 6/1/2022 (c) | 3,315 | 3,358 | ||||||
Kentucky Public Energy Authority, Gas Supply | ||||||||
Series 2018A, Rev., 4.00%, 4/1/2021 | 775 | 777 | ||||||
Series A, Rev., 4.00%, 4/1/2022 | 1,210 | 1,257 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Kentucky — continued |
| |||||||
Kentucky State Property and Buildings Commission, Project No. 110 Rev., 5.00%, 8/1/2024 | 85 | 97 | ||||||
Kentucky State Property and Buildings Commission, Project No. 99 Series A, Rev., 5.00%, 11/1/2021 | 1,540 | 1,546 | ||||||
Louisville and Jefferson County Metropolitan Government, Louisville Gas and Electric Co. Project | ||||||||
Series 2003A, Rev., 1.85%, 4/1/2021 (c) | 10,000 | 10,013 | ||||||
Series B, Rev., AMT, 2.55%, 5/3/2021 (c) | 2,750 | 2,760 | ||||||
Series 2020A, Rev., 0.90%, 9/1/2026 | 5,000 | 4,940 | ||||||
Louisville and Jefferson County Metropolitan Government, Norton Healthcare, Inc. Series 2011A, Rev., VRDO, LOC: PNC Bank NA, 0.03%, 3/9/2021 (c) | 1,700 | 1,700 | ||||||
Louisville Regional Airport Authority, Airport System Series A, Rev., AMT, 5.00%, 7/1/2022 | 1,000 | 1,058 | ||||||
Paducah Electric Plant Board | ||||||||
Rev., 5.00%, 10/1/2021 | 2,300 | 2,360 | ||||||
Rev., 5.00%, 10/1/2022 | 2,000 | 2,139 | ||||||
Rev., 5.00%, 10/1/2023 | 2,000 | 2,220 | ||||||
University of Kentucky, General Receipt Series 2014A, Rev., 5.00%, 4/1/2021 | 85 | 86 | ||||||
|
| |||||||
Total Kentucky | 46,711 | |||||||
|
| |||||||
Louisiana — 2.5% |
| |||||||
Calcasieu Parish School District No. 23, Public School Improvement | ||||||||
GO, 5.00%, 9/1/2023 | 180 | 200 | ||||||
GO, 5.00%, 9/1/2024 | 250 | 287 | ||||||
Calcasieu Parish School District No. 34 GO, 3.00%, 1/15/2022 | 520 | 532 | ||||||
City of Shreveport, Water and Sewer, Junior Lien | ||||||||
GO, 5.00%, 9/1/2021 | 145 | 148 | ||||||
Series 2019B, Rev., AGM, 4.00%, 12/1/2023 | 310 | 339 | ||||||
Series 2019B, Rev., AGM, 5.00%, 12/1/2024 | 225 | 260 | ||||||
City of Youngsville, Sales Tax Rev., 3.00%, 12/1/2021 | 255 | 260 | ||||||
Iberia Parishwide School District GO, 2.00%, 3/1/2021 | 150 | 150 |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 85 |
Table of Contents
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2021 (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Louisiana — continued |
| |||||||
Louisiana Local Government Environmental Facilities and Community Development Authority, East Ascension Consolidated Gravity Drainage District No. 1 Project Rev., 5.00%, 12/1/2025 | 715 | 855 | ||||||
Louisiana Local Government Environmental Facilities and Community Development Authority, East Baton Rouge Sewerage Commission Projects Rev., 5.00%, 2/1/2023 (d) | 3,000 | 3,274 | ||||||
Louisiana Local Government Environmental Facilities and Community Development Authority, LCTCS Act 391 Project Rev., 5.00%, 10/1/2021 | 1,500 | 1,540 | ||||||
Louisiana Public Facilities Authority, Louisiana Children’s Medical Center Project Rev., (SIFMA Municipal Swap Index Yield + 0.65%), 0.68%, 9/1/2023 (b) | 40,000 | 39,946 | ||||||
Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project Rev., 5.00%, 5/15/2025 (c) | 8,410 | 9,841 | ||||||
Louisiana Public Facilities Authority, Tulane University Project | ||||||||
Series 2020A, Rev., 5.00%, 4/1/2025 | 60 | 70 | ||||||
Series 2020A, Rev., 5.00%, 4/1/2026 | 100 | 121 | ||||||
Parish of St. Charles, Pollution Control, Shell Oil Co., Norco Project Series B, Rev., VRDO, 0.01%, 3/1/2021 (c) | 150 | 150 | ||||||
Parish of St. John the Baptist, Marathon Oil Corp. Project | ||||||||
Subseries 2017B-1, Rev., 2.13%, 7/1/2024 (c) | 18,000 | 18,382 | ||||||
Subseries 2017B-2, Rev., 2.37%, 7/1/2026 (c) | 12,800 | 13,245 | ||||||
St. Martin Parish School Board GO, 3.00%, 3/1/2021 | 335 | 335 | ||||||
State of Louisiana Gasoline and Fuels Tax, Second Lien | ||||||||
Series 2017D, Rev., 0.55%, 5/1/2022 (c) | 16,035 | 16,037 | ||||||
Series 2017A, Rev., 0.60%, 5/1/2023 (c) | 60,000 | 59,913 | ||||||
Zachary Community School District No. 1 | ||||||||
GO, 3.00%, 3/1/2021 | 200 | 200 | ||||||
GO, 3.00%, 3/1/2022 | 685 | 703 | ||||||
GO, 3.00%, 3/1/2023 | 715 | 751 | ||||||
|
| |||||||
Total Louisiana | 167,539 | |||||||
|
|
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Maine — 0.0% (g) |
| |||||||
Maine Health and Higher Educational Facilities Authority, Mainehealth Series 2020A, Rev., 5.00%, 7/1/2026 | 250 | 304 | ||||||
|
| |||||||
Maryland — 1.5% |
| |||||||
County of Calvert, Consolidated Public Improvement | ||||||||
GO, 4.00%, 7/1/2022 | 1,940 | 2,039 | ||||||
GO, 4.00%, 7/1/2023 | 2,070 | 2,250 | ||||||
GO, 4.00%, 7/1/2024 | 2,010 | 2,251 | ||||||
GO, 4.00%, 7/1/2025 | 2,245 | 2,583 | ||||||
County of Montgomery, Trinity Health Credit Group Series 2013MD, Rev., VRDO, 0.10%, 6/1/2021 (c) | 21,000 | 21,000 | ||||||
Maryland Health and Higher Educational Facilities Authority, Anne Arundel Health System Issue Series 2009-B, Rev., VRDO, LOC: Bank of America NA, 0.03%, 3/9/2021 (c) | 1,900 | 1,900 | ||||||
Maryland Health and Higher Educational Facilities Authority, John Hopkins Health System Series 2013C, Rev., 5.00%, 5/15/2023 (d) | 12,255 | 13,521 | ||||||
Maryland Health and Higher Educational Facilities Authority, Pooled Loan Program | ||||||||
Series 1985A, Rev., VRDO, LOC: TD Bank NA, 0.02%, 3/9/2021 (c) | 5,400 | 5,400 | ||||||
Series B, Rev., VRDO, LOC: TD Bank NA, 0.03%, 3/9/2021 (c) | 16,915 | 16,915 | ||||||
Maryland Stadium Authority, Construction and Revitalization Program Series 2018A, Rev., 5.00%, 5/1/2021 | 1,215 | 1,225 | ||||||
Maryland Stadium Authority, Sports Facilities, Football Stadium Rev., VRDO, LIQ: Sumitomo Mitsui Banking Corp., 0.02%, 3/9/2021 (c) | 19,335 | 19,335 | ||||||
State of Maryland, State and Local Facilities Loan of 2017 Series 2017B, GO, 5.00%, 8/1/2025 | 2,825 | 3,380 | ||||||
Washington Suburban Sanitary Commission, Multi-Modal Bond Series A-2, Rev., VRDO, BAN, GTD, LIQ: TD Bank NA, 0.02%, 3/9/2021 (c) | 7,500 | 7,500 | ||||||
|
| |||||||
Total Maryland | 99,299 | |||||||
|
| |||||||
Massachusetts — 2.6% |
| |||||||
City of Boston Series 2020D, GO, 5.00%, 3/1/2024 | 2,335 | 2,661 | ||||||
City of Boston, Green Bond Series 2020B, GO, 5.00%, 11/1/2025 | 5,790 | 6,983 |
SEE NOTES TO FINANCIAL STATEMENTS.
86 | J.P. MORGAN MUNICIPAL BOND FUNDS | FEBRUARY 28, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Massachusetts — continued |
| |||||||
City of Everett, Anticipation Notes GO, BAN, 2.00%, 2/11/2022 | 10,500 | 10,679 | ||||||
City of New Bedford GO, BAN, 2.00%, 4/15/2022 | 9,245 | 9,436 | ||||||
Commonwealth of Massachusetts Series A, GO, (ICE LIBOR USD 3 Month + 0.55%), 0.69%, 11/1/2025 (b) | 30,000 | 30,009 | ||||||
Commonwealth of Massachusetts, Consolidated Loan | ||||||||
Series 2011A, GO, 5.00%, 4/1/2021 (d) | 20 | 20 | ||||||
Subseries D-2, GO, 1.70%, 8/1/2022 (c) | 5,500 | 5,605 | ||||||
Massachusetts Bay Transportation Authority, Mass Sales Tax Series 2018A-2, Rev., VRDO, LIQ: State Street Bank & Trust, 0.02%, 3/9/2021 (c) | 4,155 | 4,155 | ||||||
Massachusetts Development Finance Agency, Northeastern University Issue | ||||||||
Series 2020A, Rev., 5.00%, 10/1/2022 | 3,600 | 3,869 | ||||||
Series 2020A, Rev., 5.00%, 10/1/2023 | 2,900 | 3,244 | ||||||
Series 2020A, Rev., 5.00%, 10/1/2024 | 1,580 | 1,832 | ||||||
Series 2020A, Rev., 5.00%, 10/1/2025 | 975 | 1,169 | ||||||
Series 2020A, Rev., 5.00%, 10/1/2026 | 895 | 1,103 | ||||||
Massachusetts Development Finance Agency, Partners Healthcare System Issue | ||||||||
Series 2017S-5, Rev., (SIFMA Municipal Swap Index Yield + 0.42%), 0.45%, 1/27/2022 (b) | 10,000 | 10,007 | ||||||
Series 2017S, Rev., (SIFMA Municipal Swap Index Yield + 0.50%), 0.53%, 1/26/2023 (b) | 1,500 | 1,502 | ||||||
Massachusetts Development Finance Agency, Suffolk University Issue | ||||||||
Rev., 5.00%, 7/1/2021 | 500 | 507 | ||||||
Rev., 5.00%, 7/1/2022 | 390 | 413 | ||||||
Rev., 5.00%, 7/1/2024 | 350 | 398 | ||||||
Massachusetts Development Finance Agency, Wellforce Issue | ||||||||
Series 2020C, Rev., AGM, 5.00%, 10/1/2021 | 120 | 123 | ||||||
Series 2020C, Rev., AGM, 5.00%, 10/1/2022 | 150 | 161 | ||||||
Series 2020C, Rev., AGM, 5.00%, 10/1/2023 | 100 | 111 | ||||||
Series 2020C, Rev., AGM, 5.00%, 10/1/2024 | 115 | 132 | ||||||
Series 2020C, Rev., AGM, 5.00%, 10/1/2025 | 175 | 206 | ||||||
Series 2020C, Rev., AGM, 5.00%, 10/1/2026 | 175 | 212 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Massachusetts — continued |
| |||||||
Massachusetts Development Finance Agency, Western New England University Issue Rev., 5.00%, 9/1/2021 | 265 | 271 | ||||||
Massachusetts Port Authority | ||||||||
Series 2019-A, Rev., AMT, 5.00%, 7/1/2021 (d) | 3,000 | 3,047 | ||||||
Series 2019-A, Rev., AMT, 5.00%, 7/1/2022 (d) | 2,500 | 2,656 | ||||||
Massachusetts Transportation Trust Fund Metropolitan Highway System, Commonwealth Contract Assistance Secured | ||||||||
Series 2010A-1, Rev., VRDO, LOC: Citibank NA, 0.02%, 3/9/2021 (c) | 14,200 | 14,200 | ||||||
Series A, Rev., 5.00%, 1/1/2023 (c) | 10,000 | 10,846 | ||||||
Massachusetts Water Resources Authority Series A-3, Rev., VRDO, LIQ: Wells Fargo Bank NA, 0.03%, 3/9/2021 (c) | 30,670 | 30,670 | ||||||
University of Massachusetts Building Authority | ||||||||
Rev., 5.00%, 11/1/2024 (d) | 9,485 | 11,055 | ||||||
Series 2015-1, Rev., 5.00%, 11/1/2025 (d) | 250 | 301 | ||||||
University of Massachusetts Building Authority, Commonwealth Guaranteed Series 2008A, Rev., VRDO, GTD, LIQ: Barclays Bank plc, 0.02%, 3/9/2021 (c) | 9,760 | 9,760 | ||||||
|
| |||||||
Total Massachusetts | 177,343 | |||||||
|
| |||||||
Michigan — 1.4% |
| |||||||
City of Charlevoix, Building Authority, Limited Tax | ||||||||
Rev., 4.00%, 10/1/2021 | 215 | 219 | ||||||
Rev., 4.00%, 10/1/2022 | 175 | 185 | ||||||
Rev., 4.00%, 10/1/2023 | 110 | 120 | ||||||
City of Gladstone, Capital Improvement, Limited Tax | ||||||||
GO, AGM, 3.00%, 3/1/2021 | 250 | 250 | ||||||
GO, AGM, 3.00%, 3/1/2022 | 250 | 257 | ||||||
GO, AGM, 3.00%, 3/1/2023 | 260 | 273 | ||||||
GO, AGM, 3.00%, 3/1/2024 | 265 | 284 | ||||||
GO, AGM, 3.00%, 3/1/2025 | 275 | 299 | ||||||
City of Marquette, Capital Improvement GO, 4.00%, 5/1/2021 | 150 | 151 | ||||||
City of Marquette, Limited Tax GO, 3.00%, 5/1/2021 | 125 | 126 | ||||||
Detroit Downtown Development Authority, Tax Increment, Catalyst Development Project Series 2018A, Rev., AGM, 5.00%, 7/1/2021 | 500 | 508 | ||||||
Frankenmuth School District, School Building and Site GO, Q-SBLF, 4.00%, 5/1/2023 | 200 | 215 |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 87 |
Table of Contents
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2021 (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Michigan — continued |
| |||||||
Fulton School District | ||||||||
GO, AGM, 4.00%, 5/1/2025 | 215 | 243 | ||||||
GO, AGM, 4.00%, 5/1/2026 | 220 | 254 | ||||||
GO, AGM, 4.00%, 5/1/2027 | 210 | 246 | ||||||
Grand Rapids Public Schools GO, AGM, 5.00%, 11/1/2021 | 2,225 | 2,294 | ||||||
Grosse Pointe Public School System GO, 4.00%, 5/1/2021 | 240 | 242 | ||||||
Hopkins Public Schools | ||||||||
Series 2019A, GO, Q-SBLF, 4.00%, 5/1/2021 | 180 | 181 | ||||||
Series 2019A, GO, Q-SBLF, 4.00%, 5/1/2022 | 160 | 167 | ||||||
Series 2019A, GO, Q-SBLF, 4.00%, 5/1/2023 | 365 | 393 | ||||||
Huron Valley School District, Unlimited Tax | ||||||||
GO, Q-SBLF, 2.00%, 5/1/2022 (f) | 5,000 | 5,101 | ||||||
GO, Q-SBLF, 2.00%, 5/1/2023 (f) | 5,950 | 6,165 | ||||||
GO, Q-SBLF, 2.00%, 5/1/2024 (f) | 5,825 | 6,109 | ||||||
GO, Q-SBLF, 2.00%, 5/1/2025 (f) | 2,050 | 2,167 | ||||||
Jackson Public Schools, Unlimited Tax | ||||||||
GO, Q-SBLF, 4.00%, 5/1/2023 | 605 | 653 | ||||||
GO, Q-SBLF, 4.00%, 5/1/2024 | 690 | 767 | ||||||
Kalamazoo Public Schools, School Building and Site GO, 4.00%, 5/1/2021 | 775 | 780 | ||||||
Kelloggsville Public Schools, School Building and Site | ||||||||
GO, AGM, 4.00%, 5/1/2021 | 360 | 362 | ||||||
GO, AGM, 4.00%, 5/1/2022 | 380 | 396 | ||||||
Kent Hospital Finance Authority, Spectrum Health System Series 2008B-3, Rev., VRDO, LIQ: Wells Fargo Bank NA, 0.03%, 3/9/2021 (c) | 34,040 | 34,040 | ||||||
Lakeview School District, School Building and Site Series B, GO, VRDO, LOC: TD Bank NA, 0.03%, 3/9/2021 (c) | 8,815 | 8,815 | ||||||
Leland Public School District | ||||||||
GO, AGM, 4.00%, 5/1/2022 | 510 | 531 | ||||||
GO, AGM, 4.00%, 5/1/2023 | 785 | 842 | ||||||
Michigan Finance Authority, Bronson Healthcare Group, Inc. Series B, Rev., 3.50%, 11/15/2022 (c) | 4,165 | 4,369 | ||||||
Michigan State Hospital Finance Authority, Ascension Health Credit Group Series 2010F-3, Rev., 4.00%, 7/1/2024 (c) | 1,000 | 1,106 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Michigan — continued |
| |||||||
Michigan State Housing Development Authority, Single Family Mortgage Series D, Rev., VRDO, LIQ: Industrial & Commercial Bank of China, 0.09%, 3/9/2021 (c) | 7,395 | 7,395 | ||||||
Michigan Strategic Fund, Holland Home Obligated Group | ||||||||
Rev., 4.00%, 11/15/2021 | 180 | 182 | ||||||
Rev., 4.00%, 11/15/2022 | 180 | 186 | ||||||
Rev., 4.00%, 11/15/2023 | 190 | 200 | ||||||
South Haven Township and Casco Township, Water and Sewage Treatment Authority, Limited Tax | ||||||||
Rev., 4.00%, 5/1/2021 | 280 | 282 | ||||||
Rev., 4.00%, 5/1/2022 | 285 | 297 | ||||||
Rev., 4.00%, 5/1/2023 | 480 | 516 | ||||||
Rev., 4.00%, 5/1/2024 | 720 | 796 | ||||||
Waterford School District, Unlimited Tax | ||||||||
GO, Q-SBLF, 4.00%, 5/1/2021 | 265 | 267 | ||||||
GO, Q-SBLF, 4.00%, 5/1/2022 | 650 | 678 | ||||||
GO, Q-SBLF, 4.00%, 5/1/2023 | 1,340 | 1,443 | ||||||
GO, Q-SBLF, 4.00%, 5/1/2024 | 1,360 | 1,506 | ||||||
Wayne-Westland Community Schools, Building and Site Unlimited Tax | ||||||||
GO, Q-SBLF, 4.00%, 5/1/2021 | 200 | 201 | ||||||
GO, Q-SBLF, 4.00%, 11/1/2021 | 785 | 804 | ||||||
GO, Q-SBLF, 4.00%, 5/1/2022 | 160 | 167 | ||||||
GO, Q-SBLF, 5.00%, 11/1/2022 | 290 | 312 | ||||||
|
| |||||||
Total Michigan | 94,342 | |||||||
|
| |||||||
Minnesota — 0.3% |
| |||||||
City of Glencoe Series 2018-A, GO, 3.00%, 8/1/2021 | 80 | 81 | ||||||
City of Minneapolis and St. Paul Housing and Redevelopment Authority, Health Care, Allina Health System Series 2007C-2, Rev., VRDO, LOC: Wells Fargo Bank NA, 0.03%, 3/9/2021 (c) | 6,460 | 6,460 | ||||||
City of St. Paul Minnesota, Housing and Redevelopment Authority, Alliana Health System Series 2009C, Rev., VRDO, LOC: Wells Fargo Bank NA, 0.03%, 3/9/2021 (c) | 10,280 | 10,280 | ||||||
City of Wayzata, Folkestone Senior Living Community | ||||||||
Rev., 3.00%, 8/1/2022 | 200 | 200 | ||||||
Rev., 3.00%, 8/1/2023 | 100 | 100 | ||||||
Rev., 3.00%, 8/1/2024 | 100 | 100 |
SEE NOTES TO FINANCIAL STATEMENTS.
88 | J.P. MORGAN MUNICIPAL BOND FUNDS | FEBRUARY 28, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Minnesota — continued |
| |||||||
Duluth Housing and Redevelopment Authority, Public Schools Academy Project | ||||||||
Series 2018-A, Rev., 3.38%, 11/1/2021 | 330 | 334 | ||||||
Series 2018-A, Rev., 3.63%, 11/1/2022 | 345 | 356 | ||||||
Series 2018-A, Rev., 3.88%, 11/1/2023 | 325 | 343 | ||||||
Duluth Independent School District No. 709 | ||||||||
Series 2019B, COP, 5.00%, 2/1/2022 | 160 | 166 | ||||||
Series 2019C, COP, 5.00%, 2/1/2022 | 135 | 140 | ||||||
Series 2019B, COP, 5.00%, 2/1/2023 | 185 | 200 | ||||||
Minnesota Higher Education Facilities Authority, College of St. Scholastica, Inc. | ||||||||
Rev., 3.00%, 12/1/2021 | 75 | 76 | ||||||
Rev., 3.00%, 12/1/2022 | 100 | 102 | ||||||
Rev., 3.00%, 12/1/2023 | 100 | 104 | ||||||
State of Minnesota, Trunk Highway Series B, GO, 5.00%, 8/1/2021 | 1,765 | 1,801 | ||||||
|
| |||||||
Total Minnesota | 20,843 | |||||||
|
| |||||||
Mississippi — 0.3% |
| |||||||
City of Tupelo | ||||||||
GO, 4.00%, 12/1/2021 | 125 | 128 | ||||||
GO, 4.00%, 12/1/2022 | 245 | 261 | ||||||
GO, 4.00%, 12/1/2023 | 315 | 346 | ||||||
County of Jackson, Port Facility, Chevron USA, Inc. Project Rev., VRDO, 0.01%, 3/1/2021 (c) | 5,000 | 5,000 | ||||||
County of Warren, Gulf Opportunity Zone, International Paper Co. Project | ||||||||
Series 2020A, Rev., 1.37%, 6/16/2025 (c) | 1,750 | 1,786 | ||||||
Series 2020C, Rev., 1.37%, 6/16/2025 (c) | 1,500 | 1,530 | ||||||
Mississippi Business Finance Corp., Gulf Opportunity Zone Industrial Development, Chevron USA, Inc. Project Series 2010 H, Rev., VRDO, 0.01%, 3/1/2021 (c) | 11,335 | 11,335 | ||||||
Mississippi Development Bank, Rankin County Bond Project Rev., 3.00%, 3/1/2022 | 100 | 103 | ||||||
Mississippi Development Bank, Special Obligation, Biloxi Project | ||||||||
Rev., 3.00%, 3/1/2021 | 130 | 130 | ||||||
Rev., 3.00%, 3/1/2022 | 175 | 180 | ||||||
Mississippi Hospital Equipment and Facilities Authority, Forrest County General Hospital Refunding Project | ||||||||
Series B, Rev., 5.00%, 1/1/2022 | 320 | 332 | ||||||
Series B, Rev., 5.00%, 1/1/2023 | 370 | 401 | ||||||
Series B, Rev., 5.00%, 1/1/2024 | 370 | 414 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Mississippi — continued |
| |||||||
State of Mississippi, Capital Improvements Project Series 2011A, GO, 5.00%, 10/1/2021 (d) | 25 | 26 | ||||||
State of Mississippi, Gaming Tax Series 2019A, Rev., 5.00%, 10/15/2021 | 700 | 716 | ||||||
|
| |||||||
Total Mississippi | 22,688 | |||||||
|
| |||||||
Missouri — 1.1% |
| |||||||
Belton School District No. 124, Belton School District Project COP, AGM, 4.00%, 1/15/2022 (d) | 100 | 103 | ||||||
Blue Eye R-V School District COP, 4.00%, 4/1/2021 | 75 | 75 | ||||||
City of Kansas City, Roe Bartle Convention Center Series 2008F, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.03%, 3/9/2021 (c) | 4,490 | 4,490 | ||||||
City of St. Louis, St. Louis Lambert International Airport Series B, Rev., AMT, AGM, 5.00%, 7/1/2021 | 1,305 | 1,325 | ||||||
City of St. Peters | ||||||||
COP, 4.00%, 5/1/2021 | 530 | 533 | ||||||
COP, 4.00%, 5/1/2022 | 605 | 631 | ||||||
COP, 4.00%, 5/1/2023 | 625 | 673 | ||||||
COP, 4.00%, 5/1/2024 | 650 | 720 | ||||||
COP, 4.00%, 5/1/2025 | 425 | 482 | ||||||
County of Greene, Special Obligation | ||||||||
Rev., 4.00%, 12/1/2021 | 205 | 211 | ||||||
Rev., 4.00%, 12/1/2022 | 260 | 277 | ||||||
Rev., 4.00%, 12/1/2023 | 520 | 569 | ||||||
Rev., 4.00%, 12/1/2024 | 540 | 605 | ||||||
County of Jackson, Harry S. Truman Sports Complex Project Rev., 5.00%, 12/1/2022 | 4,000 | 4,275 | ||||||
County of St. Louis, Special Obligation | ||||||||
Series 2021B, Rev., 5.00%, 12/1/2024 | 3,595 | 4,196 | ||||||
Series 2021B, Rev., 5.00%, 12/1/2025 | 1,885 | 2,271 | ||||||
Series 2021B, Rev., 5.00%, 12/1/2026 | 3,955 | 4,900 | ||||||
Greene County Reorganized School District No. R-8 | ||||||||
Series 2019B, GO, 3.00%, 3/1/2022 | 500 | 514 | ||||||
Series 2019B, GO, 3.00%, 3/1/2023 | 595 | 626 | ||||||
Health and Educational Facilities Authority of the State of Missouri, BJC Health System Series C, Rev., VRDO, LIQ: BJC Health System, 0.02%, 3/9/2021 (c) | 39,475 | 39,475 | ||||||
Missouri Western State University, Auxiliary System Rev., 2.80%, 10/1/2022 | 50 | 50 |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 89 |
Table of Contents
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2021 (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Missouri — continued |
| |||||||
Nixa Public Schools | ||||||||
Series 2019B, GO, 4.00%, 3/1/2021 | 100 | 100 | ||||||
Series 2019B, GO, 4.00%, 3/1/2022 | 175 | 181 | ||||||
Series 2019B, GO, 5.00%, 3/1/2023 | 200 | 218 | ||||||
St. Louis County Special School District | ||||||||
COP, 4.00%, 4/1/2021 | 355 | 356 | ||||||
COP, 4.00%, 4/1/2022 | 395 | 411 | ||||||
COP, 4.00%, 4/1/2023 | 410 | 440 | ||||||
COP, 4.00%, 4/1/2024 | 605 | 668 | ||||||
Tender Option Bond Trust Receipts/Certificates Series 2018-XG0176, Rev., VRDO, LIQ: Royal Bank of Canada, 0.20%, 3/9/2021 (c) (e) | 8,200 | 8,200 | ||||||
Village of Country Club COP, AGM, 3.00%, 4/1/2021 | 165 | 166 | ||||||
|
| |||||||
Total Missouri | 77,741 | |||||||
|
| |||||||
Montana — 0.0% (g) |
| |||||||
Montana State Board of Regents, Montana State University Series F, Rev., (SIFMA Municipal Swap Index Yield + 0.45%), 0.48%, 9/1/2023 (b) | 3,130 | 3,146 | ||||||
|
| |||||||
Nebraska — 0.1% |
| |||||||
City of Omaha, Special Tax Series A, Rev., 5.00%, 1/15/2022 | 125 | 130 | ||||||
County of Saunders | ||||||||
GO, 1.00%, 11/1/2021 | 100 | 101 | ||||||
GO, 2.00%, 11/1/2022 | 300 | 309 | ||||||
GO, 3.00%, 11/1/2023 | 325 | 346 | ||||||
GO, 3.00%, 11/1/2024 | 415 | 450 | ||||||
County of Washington, Wastewater and Solid Waste Disposal Facilities, Cargill Incorporated Projects Rev., AMT, 0.90%, 9/1/2025 (c) | 6,800 | 6,823 | ||||||
|
| |||||||
Total Nebraska | 8,159 | |||||||
|
| |||||||
Nevada — 0.8% |
| |||||||
City of Carson, Carson Tahoe Regional Healthcare Project Rev., 5.00%, 9/1/2027 | 610 | 749 | ||||||
City of Sparks, Senior Sales Tax Series 2019A, Rev., 2.50%, 6/15/2024 (e) | 795 | 802 | ||||||
Clark County School District, Limited Tax Series C, GO, 5.00%, 6/15/2023 | 2,000 | 2,207 | ||||||
County of Clark, Department of Aviation, Nevada Airport System, Junior Subordinate Lien Series A, Rev., 5.00%, 7/1/2021 | 18,500 | 18,791 | ||||||
County of Clark, Department of Aviation, Nevada Airport System, Subordinate Lien Series D-3, Rev., VRDO, LOC: Bank of America NA, 0.03%, 3/9/2021 (c) | 4,435 | 4,435 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Nevada — continued |
| |||||||
County of Humboldt, Sierra Pacific Power Company Project Series 2016B, Rev., 1.85%, 4/15/2022 (c) | 4,550 | 4,623 | ||||||
County of Washoe, Water Facilities Bonds, Sierra Pacific Power Company Project | ||||||||
Rev., AMT, 0.62%, 4/15/2022 (c) | 4,000 | 4,005 | ||||||
Series 2016G, Rev., 1.85%, 4/15/2022 (c) | 5,000 | 5,080 | ||||||
Las Vegas Valley Water District Series 2011C, GO, 5.00%, 6/1/2021 | 235 | 238 | ||||||
State of Nevada Department of Business and Industry, Brightline West Passenger Rail Project Rev., AMT, 0.50%, 7/1/2021 (c) (e) | 10,000 | 10,002 | ||||||
|
| |||||||
Total Nevada | 50,932 | |||||||
|
| |||||||
New Hampshire — 0.3% |
| |||||||
New Hampshire Health and Education Facilities Authority, University System | ||||||||
Series 2005B-1, Rev., VRDO, LIQ: Wells Fargo Bank NA, 0.02%, 3/1/2021 (c) | 10,730 | 10,730 | ||||||
Series 2011B, Rev., VRDO, LIQ: State Street Bank & Trust, 0.02%, 3/1/2021 (c) | 6,410 | 6,410 | ||||||
|
| |||||||
Total New Hampshire | 17,140 | |||||||
|
| |||||||
New Jersey — 3.4% |
| |||||||
Borough of Paramus | ||||||||
GO, TAN, 2.00%, 4/30/2021 | 20,000 | 20,057 | ||||||
GO, BAN, 2.00%, 10/15/2021 | 7,510 | 7,587 | ||||||
Borough of Stone Harbor GO, BAN, 1.25%, 10/29/2021 | 16,255 | 16,349 | ||||||
Burlington County Bridge Commission, Governmental Leasing Program Series 2020C-1 & C-2, Rev., 2.00%, 11/11/2021 | 20,000 | 20,255 | ||||||
City of Newark | ||||||||
Series 2020A, GO, 5.00%, 10/1/2021 | 110 | 113 | ||||||
Series 2020B, GO, 5.00%, 10/1/2021 | 250 | 256 | ||||||
Series 2020A, GO, 5.00%, 10/1/2022 | 750 | 797 | ||||||
Series 2020B, GO, 5.00%, 10/1/2022 | 500 | 532 | ||||||
Series 2020A, GO, AGM, 5.00%, 10/1/2023 | 1,000 | 1,108 | ||||||
Series 2020B, GO, AGM, 5.00%, 10/1/2023 | 525 | 582 | ||||||
Series 2020A, GO, AGM, 5.00%, 10/1/2024 | 1,000 | 1,145 | ||||||
Series 2020B, GO, AGM, 5.00%, 10/1/2024 | 650 | 744 | ||||||
Series 2020A, GO, AGM, 5.00%, 10/1/2025 | 850 | 1,001 | ||||||
Series 2020B, GO, AGM, 5.00%, 10/1/2025 | 595 | 701 | ||||||
Series 2020A, GO, AGM, 5.00%, 10/1/2026 | 750 | 905 |
SEE NOTES TO FINANCIAL STATEMENTS.
90 | J.P. MORGAN MUNICIPAL BOND FUNDS | FEBRUARY 28, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
New Jersey — continued |
| |||||||
Cumberland County Improvement Authority (The), Vineland Public Safety Building Project Rev., 5.00%, 12/15/2021 | 340 | 353 | ||||||
East Brunswick Township Board of Education, School Energy Savings | ||||||||
GO, 5.00%, 8/1/2021 | 55 | 56 | ||||||
GO, 5.00%, 8/1/2022 | 110 | 118 | ||||||
Jersey City Municipal Utilities Authority, Water Project Notes Rev., 3.00%, 7/1/2022 | 16,000 | 16,549 | ||||||
Monmouth County Improvement Authority (The), Governmental Pooled Loan Project Series 2020A, Rev., GTD, 2.00%, 7/12/2021 | 6,900 | 6,946 | ||||||
New Brunswick Parking Authority, Tax-Exempt | ||||||||
Series 2020B, Rev., GTD, 5.00%, 9/1/2021 | 70 | 72 | ||||||
Series 2020B, Rev., GTD, 5.00%, 9/1/2022 | 350 | 373 | ||||||
Series 2020B, Rev., GTD, 5.00%, 9/1/2023 | 335 | 370 | ||||||
Series 2020B, Rev., GTD, 5.00%, 9/1/2024 | 425 | 487 | ||||||
Series 2020B, Rev., GTD, 5.00%, 9/1/2025 | 425 | 501 | ||||||
Series 2020A, Rev., GTD, 5.00%, 9/1/2026 | 500 | 606 | ||||||
New Jersey Economic Development Authority, School Facilities Construction | ||||||||
Series XX, Rev., 5.00%, 6/15/2021 | 5,000 | 5,067 | ||||||
Rev., 5.00%, 6/15/2022 | 100 | 106 | ||||||
Rev., 5.00%, 6/15/2023 | 110 | 121 | ||||||
Rev., 5.00%, 6/15/2024 | 300 | 340 | ||||||
Rev., 5.00%, 6/15/2025 | 550 | 640 | ||||||
Rev., 5.00%, 6/15/2026 | 555 | 661 | ||||||
New Jersey Educational Facilities Authority, The William Paterson University Series C, Rev., 5.00%, 7/1/2021 | 150 | 152 | ||||||
New Jersey Health Care Facilities Financing Authority, Valley Health System Series 2009D, Rev., VRDO, LOC: TD Bank NA, 0.01%, 3/9/2021 (c) | 15,900 | 15,900 | ||||||
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Series A, Rev., 5.00%, 6/15/2021 | 6,000 | 6,082 | ||||||
New Jersey Turnpike Authority Series D, Rev., 5.00%, 1/1/2028 | 7,000 | 8,447 | ||||||
Passaic County Improvement Authority (The), City of Paterson Project Rev., GTD, 5.00%, 8/15/2026 | 350 | 431 | ||||||
Passaic County Utilities Authority, Solid Waste Disposal Rev., GTD, 4.38%, 3/1/2021 | 255 | 255 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
New Jersey — continued |
| |||||||
Passaic Valley Sewerage Commissioners, Sewer System | ||||||||
Series J, Rev., AGM, 3.00%, 12/1/2025 | 1,825 | 1,998 | ||||||
Series J, Rev., AGM, 3.00%, 12/1/2026 | 6,285 | 6,961 | ||||||
State of New Jersey, COVID-19 Emergency Bonds | ||||||||
GO, 4.00%, 6/1/2023 | 21,380 | 23,059 | ||||||
GO, 5.00%, 6/1/2024 | 26,250 | 29,942 | ||||||
GO, 5.00%, 6/1/2025 | 12,670 | 14,911 | ||||||
Township of Maplewood, General Improvement GO, 4.00%, 8/15/2021 | 25 | 25 | ||||||
Township of West Milford GO, BAN, 1.25%, 9/17/2021 | 18,738 | 18,836 | ||||||
|
| |||||||
Total New Jersey | 232,497 | |||||||
|
| |||||||
New Mexico — 0.2% |
| |||||||
City of Rio Rancho, Water and Wastewater System | ||||||||
Rev., 5.00%, 5/15/2021 | 720 | 727 | ||||||
Rev., 5.00%, 5/15/2022 | 1,250 | 1,322 | ||||||
City of Santa Fe, El Castillo Retirement Residences Project Series 2019B-2, Rev., 2.25%, 5/15/2024 | 600 | 598 | ||||||
County of Sandoval | ||||||||
GO, 5.00%, 8/1/2021 | 535 | 546 | ||||||
GO, 5.00%, 8/1/2022 | 560 | 597 | ||||||
New Mexico Hospital Equipment Loan Council, Haverland Carter Lifestyle Group—La Vida Llena Expansion Project | ||||||||
Series C, Rev., 2.25%, 7/1/2023 | 1,525 | 1,525 | ||||||
Series C, Rev., 2.38%, 7/1/2024 | 1,525 | 1,526 | ||||||
University of New Mexico, Gallup Branch Community College District GO, 2.00%, 10/15/2022 | 1,500 | 1,502 | ||||||
University of New Mexico, Subordinate Lien Series 2002B, Rev., VRDO, LIQ: U.S. Bank NA, 0.03%, 3/9/2021 (c) | 2,765 | 2,765 | ||||||
|
| |||||||
Total New Mexico | 11,108 | |||||||
|
| |||||||
New York — 28.6% |
| |||||||
Amityville Union Free School District | ||||||||
GO, TAN, 1.25%, 6/18/2021 | 17,500 | 17,549 | ||||||
Series 2020B, GO, BAN, 1.25%, 6/18/2021 | 12,987 | 13,023 | ||||||
GO, BAN, 4.00%, 6/18/2021 | 275 | 278 | ||||||
Ardsley Union Free School District GO, BAN, 1.25%, 2/11/2022 | 2,694 | 2,720 |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 91 |
Table of Contents
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2021 (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
New York — continued |
| |||||||
Battery Park City Authority | ||||||||
Series 2019D-1, Rev., VRDO, LIQ: TD Bank NA, 0.03%, 3/9/2021 (c) | 14,855 | 14,855 | ||||||
Series 2019D-2, Rev., VRDO, LIQ: TD Bank NA, 0.03%, 3/9/2021 (c) | 9,935 | 9,935 | ||||||
Bay Shore Union Free School District GO, TAN, 1.25%, 6/25/2021 | 40,000 | 40,123 | ||||||
Broome County Local Development Corp., United Health Services Hospitals, Inc., Project | ||||||||
Rev., AGM, 5.00%, 4/1/2024 | 500 | 568 | ||||||
Rev., AGM, 5.00%, 4/1/2025 | 500 | 586 | ||||||
Rev., AGM, 5.00%, 4/1/2026 | 500 | 603 | ||||||
Cazenovia Central School District GO, BAN, 1.25%, 7/16/2021 | 13,000 | 13,042 | ||||||
Central Islip Union Free School District GO, TAN, 1.25%, 6/25/2021 | 24,000 | 24,076 | ||||||
Central Square Central School District GO, BAN, 1.25%, 11/19/2021 | 11,995 | 12,079 | ||||||
Cheektowaga Central School District GO, BAN, 1.25%, 11/19/2021 | 15,400 | 15,505 | ||||||
Chittenango Central School District Series 2020A, GO, BAN, 1.25%, 6/25/2021 | 13,400 | 13,436 | ||||||
City of Jamestown, Public Improvement | ||||||||
GO, 5.00%, 6/1/2021 | 475 | 480 | ||||||
GO, 5.00%, 6/1/2022 | 500 | 529 | ||||||
GO, 5.00%, 6/1/2023 | 525 | 577 | ||||||
GO, 5.00%, 6/1/2024 | 545 | 620 | ||||||
City of New York | ||||||||
Subseries G-4, GO, VRDO, LIQ: Barclays Bank plc, 0.02%, 3/9/2021 (c) | 20,000 | 20,000 | ||||||
Subseries B-3, GO, VRDO, LOC: TD Bank NA, 0.03%, 3/9/2021 (c) | 10,520 | 10,520 | ||||||
City of New York, Fiscal Year 2012 Series A, Subseries A-4, GO, VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 0.02%, 3/9/2021 (c) | 2,300 | 2,300 | ||||||
City of New York, Fiscal Year 2014 Series D, Subseries D-4, GO, VRDO, LOC: TD Bank NA, 0.03%, 3/1/2021 (c) | 6,100 | 6,100 | ||||||
City of New York, Fiscal Year 2015 | ||||||||
Subseries F-5, GO, VRDO, LIQ: Barclays Bank plc, 0.01%, 3/1/2021 (c) | 8,425 | 8,425 | ||||||
Series F, Subseries F-7, GO, VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 0.03%, 3/9/2021 (c) | 23,455 | 23,455 | ||||||
City of New York, Fiscal Year 2020 Series 2020-1, GO, 5.00%, 8/1/2026 | 1,300 | 1,587 | ||||||
City of New York, Fiscal Year 2021 Series A, Subseries A-1, GO, 5.00%, 8/1/2024 | 15,000 | 17,277 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
New York — continued |
| |||||||
City of Rochester | ||||||||
Series I, GO, BAN, 2.50%, 3/4/2021 | 26,095 | 26,100 | ||||||
Series 2021-I, GO, BAN, 1.50%, 3/3/2022 | 41,355 | 41,871 | ||||||
City of Yonkers GO, RAN, 2.00%, 6/30/2021 | 45,000 | 45,233 | ||||||
Cold Spring Harbor Central School District GO, TAN, 1.25%, 6/25/2021 | 9,000 | 9,029 | ||||||
Commack Union Free School District GO, TAN, 1.25%, 6/25/2021 | 36,000 | 36,113 | ||||||
Connetquot Central School District of Islip GO, TAN, 1.25%, 6/25/2021 | 24,500 | 24,577 | ||||||
Copenhagen Central School District GO, BAN, 2.00%, 7/9/2021 | 5,700 | 5,731 | ||||||
County of Cattaraugus, Public Improvement Bonds GO, 2.00%, 5/15/2021 | 100 | 100 | ||||||
County of Erie GO, RAN, 3.00%, 6/24/2021 | 5,000 | 5,041 | ||||||
County of Suffolk, Longwood Central School District | ||||||||
GO, 5.00%, 6/15/2021 | 300 | 304 | ||||||
GO, TAN, 2.00%, 6/25/2021 | 11,000 | 11,061 | ||||||
County of Sullivan GO, TAN, 2.00%, 5/28/2021 | 9,500 | 9,536 | ||||||
East Islip Union Free School District | ||||||||
GO, TAN, 1.25%, 6/29/2021 | 19,000 | 19,060 | ||||||
Series 2020A, GO, BAN, 1.25%, 6/29/2021 | 7,487 | 7,509 | ||||||
Series 2020B, GO, BAN, 1.25%, 7/1/2021 | 12,860 | 12,901 | ||||||
Elwood Union Free School District GO, TAN, 1.25%, 6/25/2021 | 14,000 | 14,040 | ||||||
Floral Park-Bellerose Union Free School District | ||||||||
GO, 5.00%, 12/1/2021 | 450 | 466 | ||||||
GO, 5.00%, 12/1/2022 | 475 | 515 | ||||||
GO, 5.00%, 12/1/2023 | 495 | 559 | ||||||
GO, 5.00%, 12/1/2024 | 525 | 615 | ||||||
GO, 5.00%, 12/1/2025 | 550 | 666 | ||||||
Forestville Central School District Series 2020B, GO, BAN, 2.00%, 6/17/2021 | 3,061 | 3,075 | ||||||
Franklinville Central School District GO, BAN, 1.25%, 7/23/2021 | 5,100 | 5,116 | ||||||
Frewsburg Central School District GO, BAN, 1.25%, 7/13/2021 | 6,177 | 6,194 | ||||||
Guilderland Central School District Series 2020C, GO, BAN, 1.25%, 7/30/2021 | 17,500 | 17,566 | ||||||
Hampton Bays Union Free School District GO, TAN, 2.00%, 6/24/2021 | 11,000 | 11,059 | ||||||
Hauppauge Union Free School District GO, TAN, 1.25%, 6/25/2021 | 32,000 | 32,099 | ||||||
Hempstead Town Local Development Corp., Adelphi University Project | ||||||||
Rev., 4.00%, 2/1/2022 | 50 | 52 | ||||||
Rev., 4.00%, 2/1/2023 | 100 | 106 | ||||||
Rev., 4.00%, 2/1/2024 | 200 | 217 |
SEE NOTES TO FINANCIAL STATEMENTS.
92 | J.P. MORGAN MUNICIPAL BOND FUNDS | FEBRUARY 28, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
New York — continued |
| |||||||
Hempstead Union Free School District | ||||||||
GO, RAN, 1.50%, 6/30/2021 | 39,000 | 39,161 | ||||||
GO, BAN, 1.50%, 7/14/2021 | 25,900 | 26,018 | ||||||
Horseheads Central School District GO, BAN, 1.00%, 6/24/2021 | 61,695 | 61,828 | ||||||
Kinderhook Central School District GO, BAN, 1.25%, 7/23/2021 | 14,500 | 14,549 | ||||||
Long Island Power Authority, Electric System | ||||||||
Rev., 1.00%, 9/1/2025 | 25,000 | 25,244 | ||||||
Series 2020A, Rev., 5.00%, 9/1/2026 | 680 | 838 | ||||||
Maine-Endwell Central School District GO, RAN, 1.25%, 7/28/2021 | 8,000 | 8,032 | ||||||
Manchester-Shortsville Central School District GO, BAN, 1.25%, 6/29/2021 | 9,925 | 9,951 | ||||||
Marcellus Central School District GO, BAN, 2.00%, 7/16/2021 | 8,000 | 8,047 | ||||||
Mattituck-Cutchogue Union Free School District GO, TAN, 2.00%, 6/25/2021 | 8,500 | 8,546 | ||||||
Metropolitan Transportation Authority, Dedicated Tax Fund Series 2019A, Rev., BAN, 5.00%, 3/1/2022 | 20,500 | 21,446 | ||||||
Middleburgh Central School District GO, BAN, 1.25%, 7/16/2021 | 10,620 | 10,652 | ||||||
Morrisville-Eaton Central School District Series 2020B, GO, BAN, 1.50%, 6/25/2021 | 8,508 | 8,541 | ||||||
Mount Vernon City School District | ||||||||
GO, 5.00%, 12/1/2021 | 885 | 915 | ||||||
GO, 5.00%, 12/1/2022 | 1,965 | 2,121 | ||||||
New York City Housing Development Corp., Multi-Family Mortgage, West 26th Street Development Series 2011B, Rev., VRDO, 0.03%, 3/9/2021 (c) | 2,570 | 2,570 | ||||||
New York City Industrial Development Agency, Queens Baseball Stadium Project | ||||||||
Rev., AGM, 5.00%, 1/1/2024 | 1,000 | 1,127 | ||||||
Rev., AGM, 5.00%, 1/1/2025 | 1,000 | 1,165 | ||||||
Rev., AGM, 5.00%, 1/1/2026 | 1,000 | 1,199 | ||||||
Rev., AGM, 5.00%, 1/1/2027 | 1,000 | 1,229 | ||||||
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2003 Series 21-A, Rev., 5.00%, 11/1/2021 | 46,070 | 47,555 | ||||||
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2011 Subseries 2011A-4, Rev., VRDO, LIQ: Barclays Bank plc, 0.01%, 3/1/2021 (c) | 13,300 | 13,300 | ||||||
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2014 Subseries B-3, Rev., VRDO, LIQ: Barclays Bank plc, 0.01%, 3/1/2021 (c) | 8,985 | 8,985 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
New York — continued |
| |||||||
New York City Transitional Finance Authority, Future Tax Secured, Tax-Exempt Series 1999A-1, Rev., VRDO, LIQ: TD Bank NA, 0.02%, 3/9/2021 (c) | 30,300 | 30,300 | ||||||
New York City Water and Sewer System, Fiscal Year 2003 | ||||||||
Subseries F1B, Rev., VRDO, LIQ: U.S. Bank NA, 0.02%, 3/9/2021 (c) | 150 | 150 | ||||||
Subseries F-1-A, Rev., VRDO, LIQ: Barclays Bank plc, 0.04%, 3/9/2021 (c) | 17,230 | 17,230 | ||||||
New York City Water and Sewer System, Second General Resolution Series BB-1A, Rev., VRDO, LIQ: State Street Bank & Trust, 0.02%, 3/1/2021 (c) | 14,600 | 14,600 | ||||||
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2008 Subseries BB-1, Rev., VRDO, LIQ: Bank of Tokyo-Mitsubishi UFJ Ltd., 0.02%, 3/9/2021 (c) | 11,390 | 11,390 | ||||||
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2010 Series 2010CC, Rev., VRDO, LIQ: Barclays Bank plc, 0.02%, 3/9/2021 (c) | 55,090 | 55,090 | ||||||
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2011 Series DD-1, Rev., VRDO, LIQ: TD Bank NA, 0.03%, 3/1/2021 (c) | 11,200 | 11,200 | ||||||
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2013 | ||||||||
Subseries AA-2, Rev., VRDO, LIQ: Bank of Tokyo-Mitsubishi UFJ Ltd., 0.02%, 3/9/2021 (c) | 17,485 | 17,485 | ||||||
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2014 Series AA, Subseries AA-5, Rev., VRDO, LIQ: Mizuho Bank Ltd., 0.03%, 3/1/2021 (c) | 23,600 | 23,600 | ||||||
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2015 | ||||||||
Subseries BB-4, Rev., VRDO, LIQ: Barclays Bank plc, 0.01%, 3/1/2021 (c) | 18,865 | 18,865 | ||||||
Series 2015BB-3, Rev., VRDO, LIQ: Sumitomo Mitsui Banking Corp., 0.03%, 3/9/2021 (c) | 5,680 | 5,680 | ||||||
New York State Dormitory Authority, City University System, CONS Fifth General Resolution Series 2008D, Rev., VRDO, LOC: TD Bank NA, 0.03%, 3/9/2021 (c) | 9,275 | 9,275 | ||||||
New York State Dormitory Authority, Fordham University Rev., 5.00%, 7/1/2023 | 920 | 1,015 |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 93 |
Table of Contents
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2021 (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
New York — continued |
| |||||||
New York State Dormitory Authority, School Districts Financing Program Series 2019A, Rev., 5.00%, 10/1/2022 | 7,490 | 8,018 | ||||||
New York State Dormitory Authority, State Personal Income Tax, General Purpose Series 2020B, Rev., RAN, 5.00%, 3/31/2021 | 83,695 | 84,037 | ||||||
New York State Dormitory Authority, State Sales Tax Series 2018C, Rev., 5.00%, 3/15/2025 | 400 | 471 | ||||||
New York State Housing Finance Agency Series 2009A, Rev., VRDO, LOC: FNMA, 0.02%, 3/9/2021 (c) | 55,255 | 55,255 | ||||||
New York State Housing Finance Agency, 330 West 39th Street Housing Series A, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 0.05%, 3/9/2021 (c) | 46,100 | 46,100 | ||||||
New York State Housing Finance Agency, 8 East 102nd Street Housing Series 2010A, Rev., VRDO, LOC: TD Bank NA, 0.03%, 3/9/2021 (c) | 40,445 | 40,445 | ||||||
New York State Housing Finance Agency, Service Contract Series 2003A-1, Rev., VRDO, LOC: Bank of America NA, 0.04%, 3/9/2021 (c) | 120 | 120 | ||||||
New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project Rev., AMT, 5.00%, 1/1/2022 | 14,650 | 15,121 | ||||||
New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project, Tax-Exempt | ||||||||
Rev., 5.00%, 12/1/2021 | 1,000 | 1,034 | ||||||
Rev., 5.00%, 12/1/2022 | 750 | 809 | ||||||
Rev., 5.00%, 12/1/2023 | 800 | 892 | ||||||
Rev., 5.00%, 12/1/2024 | 800 | 917 | ||||||
Rev., 5.00%, 12/1/2025 | 500 | 587 | ||||||
Rev., 5.00%, 12/1/2026 | 750 | 902 | ||||||
Niagara Falls City School District Series 2020B, GO, BAN, 1.25%, 7/9/2021 | 29,000 | 29,088 | ||||||
Niagara Frontier Transportation Authority, Buffalo Niagara International Airport | ||||||||
Series 2019A, Rev., AMT, 5.00%, 4/1/2021 | 1,540 | 1,545 | ||||||
Series 2019A, Rev., AMT, 5.00%, 4/1/2022 | 845 | 885 | ||||||
Niagara-Wheatfield Central School District GO, BAN, 2.00%, 6/29/2021 | 10,000 | 10,056 | ||||||
North Babylon Union Free School District GO, TAN, 1.25%, 6/24/2021 | 14,700 | 14,743 | ||||||
North Collins Central School District GO, BAN, 2.00%, 6/25/2021 | 7,880 | 7,914 | ||||||
North Shore Central School District GO, TAN, 1.25%, 6/24/2021 | 9,000 | 9,028 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
New York — continued |
| |||||||
Palmyra Macedon Central School District GO, BAN, 1.25%, 7/20/2021 | 12,500 | 12,541 | ||||||
Patchogue-Medford Union Free School District GO, TAN, 3.00%, 6/25/2021 | 5,000 | 5,043 | ||||||
Penfield Central School District GO, BAN, 1.25%, 6/29/2021 | 9,000 | 9,029 | ||||||
Penn Yan Central School District Series 2020B, GO, BAN, 1.25%, 7/16/2021 | 13,183 | 13,223 | ||||||
Plattsburgh City School District GO, BAN, 1.25%, 7/30/2021 | 5,500 | 5,520 | ||||||
Port Authority of New York and New Jersey, Consolidated Series 207, Rev., AMT, 5.00%, 9/15/2023 | 10,000 | 11,140 | ||||||
Putnam Valley Central School District Series 2020B, GO, BAN, 1.25%, 7/16/2021 | 14,185 | 14,234 | ||||||
Rhinebeck Central School District GO, BAN, 1.25%, 6/25/2021 | 12,152 | 12,178 | ||||||
Rondout Valley Central School District Accord GO, BAN, 2.00%, 6/30/2021 | 12,000 | 12,065 | ||||||
Roosevelt Union Free School District GO, TAN, 1.00%, 6/25/2021 | 4,000 | 4,007 | ||||||
Sachem Central School District GO, TAN, 1.25%, 6/24/2021 | 50,000 | 50,160 | ||||||
Schenectady City School District GO, BAN, 1.25%, 10/22/2021 | 31,755 | 31,971 | ||||||
Scotia-Glenville Central School District GO, BAN, 1.25%, 6/30/2021 | 14,000 | 14,040 | ||||||
Seaford Union Free School District GO, TAN, 1.25%, 6/24/2021 | 5,000 | 5,015 | ||||||
Silver Creek Central School District GO, BAN, 1.25%, 6/30/2021 | 14,825 | 14,866 | ||||||
South Jefferson Central School District GO, BAN, 2.00%, 6/30/2021 | 8,530 | 8,578 | ||||||
Town of Oyster Bay Series 2020A, GO, BAN, 2.00%, 3/12/2021 | 80,695 | 80,738 | ||||||
Town of Oyster Bay, Public Improvement | ||||||||
GO, 2.00%, 11/1/2021 | 415 | 419 | ||||||
GO, 4.00%, 11/1/2022 | 410 | 433 | ||||||
GO, 4.00%, 11/1/2023 | 1,000 | 1,093 | ||||||
GO, 4.00%, 11/1/2024 | 950 | 1,066 | ||||||
GO, 4.00%, 11/1/2025 | 495 | 569 | ||||||
Town of Oyster Bay, Water District Notes Series B, GO, 2.00%, 3/12/2021 | 49,190 | 49,215 | ||||||
Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels Series 2005A, Rev., VRDO, LOC: Barclays Bank plc, 0.02%, 3/9/2021 (c) | 21,445 | 21,445 | ||||||
Unadilla Valley Central School District GO, BAN, 2.00%, 7/9/2021 | 8,700 | 8,749 |
SEE NOTES TO FINANCIAL STATEMENTS.
94 | J.P. MORGAN MUNICIPAL BOND FUNDS | FEBRUARY 28, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
New York — continued |
| |||||||
Watertown Enlarged City School District GO, BAN, 1.50%, 6/29/2021 | 10,598 | 10,638 | ||||||
Webster Central School District GO, BAN, 1.00%, 6/30/2021 | 23,539 | 23,589 | ||||||
Wheatland Chili Central School District GO, BAN, 1.25%, 6/23/2021 | 9,080 | 9,095 | ||||||
Williamson Central School District GO, BAN, 1.25%, 7/16/2021 | 10,097 | 10,127 | ||||||
Wyandanch Union Free School District GO, TAN, 1.25%, 6/25/2021 | 15,000 | 15,036 | ||||||
Yorkshire-Pioneer Central School District GO, BAN, 1.25%, 6/29/2021 | 9,303 | 9,327 | ||||||
|
| |||||||
Total New York | 1,948,774 | |||||||
|
| |||||||
North Carolina — 4.1% |
| |||||||
Buncombe County Metropolitan Sewerage District Series A, Rev., VRDO, LIQ: Wells Fargo Bank NA, 0.02%, 3/9/2021 (c) | 21,840 | 21,840 | ||||||
City of Charlotte, 2003 Governmental Facilities Projects Series 2013G, COP, VRDO, LIQ: Wells Fargo Bank NA, 0.02%, 3/9/2021 (c) | 51,905 | 51,905 | ||||||
City of Charlotte, Water and Sewer System Series B, Rev., VRDO, LIQ: Wells Fargo Bank NA, 0.02%, 3/9/2021 (c) | 27,135 | 27,135 | ||||||
City of Raleigh Series 2016A, Rev., VRDO, LIQ: PNC Bank NA, 0.06%, 3/9/2021 (c) | 8,895 | 8,895 | ||||||
City of Raleigh, Downtown Improvement Project | ||||||||
Series 2004A, COP, VRDO, LIQ: Wells Fargo Bank NA, 0.03%, 3/9/2021 (c) | 47,010 | 47,010 | ||||||
Series 2005-B-1, COP, VRDO, LIQ: PNC Bank NA, 0.06%, 3/9/2021 (c) | 23,300 | 23,300 | ||||||
Columbus County Industrial Facilities and Pollution Control Financing Authority, International Paper Co. Project | ||||||||
Series 2019A, Rev., 2.00%, 10/1/2024 (c) | 825 | 860 | ||||||
Series 2019B, Rev., 2.00%, 10/1/2024 (c) | 825 | 860 | ||||||
Series 2020A, Rev., 1.37%, 6/16/2025 (c) | 1,780 | 1,816 | ||||||
County of Buncombe Series 2014A, Rev., 5.00%, 6/1/2021 | 20 | 20 | ||||||
County of Harnett | ||||||||
Rev., 3.00%, 12/1/2021 | 2,015 | 2,057 | ||||||
Rev., 4.00%, 12/1/2022 | 1,700 | 1,812 | ||||||
Rev., 4.00%, 12/1/2023 | 1,650 | 1,815 | ||||||
Rev., 4.00%, 12/1/2024 | 1,000 | 1,129 | ||||||
Rev., 5.00%, 12/1/2025 | 1,000 | 1,202 | ||||||
North Carolina Medical Care Commission, Caromont Health Series 2021B, Rev., 5.00%, 2/1/2026 (c) | 2,840 | 3,429 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
North Carolina — continued |
| |||||||
North Carolina Medical Care Commission, Moses Cone Health System Series 2001A, Rev., VRDO, LIQ: BMO Harris Bank NA, 0.03%, 3/9/2021 (c) | 26,170 | 26,170 | ||||||
North Carolina Turnpike Authority, Triangle Expressway System Rev., BAN, 5.00%, 2/1/2024 | 39,700 | 44,805 | ||||||
State of North Carolina, Build NC Programs, Limited Obligation | ||||||||
Series 2020B, Rev., 5.00%, 5/1/2021 | 5,125 | 5,166 | ||||||
Series 2020B, Rev., 5.00%, 5/1/2022 | 7,000 | 7,397 | ||||||
University of North Carolina, Hospital at Chapel Hill Series B, Rev., (ICE LIBOR USD 1 Month + 0.40%), 0.48%, 11/9/2022 (b) | 3,750 | 3,759 | ||||||
|
| |||||||
Total North Carolina | 282,382 | |||||||
|
| |||||||
North Dakota — 0.1% |
| |||||||
County of Burleigh, St. Alexius Medical Center Project Series 2014A, Rev., 5.00%, 7/1/2021 (d) | 3,895 | 3,952 | ||||||
|
| |||||||
Ohio — 3.4% |
| |||||||
Akron Bath Copley Joint Township Hospital District, Summa Health Obligated Group Rev., 5.00%, 11/15/2021 | 125 | 129 | ||||||
American Municipal Power, Inc., Prairie State Energy Campus Project Series 2019A, Rev., 2.30%, 2/15/2022 (c) | 10,000 | 10,066 | ||||||
City of Akron, Various Purpose | ||||||||
GO, 2.00%, 12/1/2022 | 565 | 580 | ||||||
GO, 2.00%, 12/1/2023 | 485 | 504 | ||||||
City of Centerville, Graceworks Lutheran Services Rev., 5.00%, 11/1/2021 | 285 | 289 | ||||||
City of Cleveland, Income Tax, Subordinate Lien, Public Facilities Improvements Series 2018A, Rev., 5.00%, 10/1/2022 | 265 | 285 | ||||||
City of Elyria, Limited Tax | ||||||||
Series 2019-2, GO, 4.00%, 12/1/2021 | 1,010 | 1,038 | ||||||
Series 2019-2, GO, 4.00%, 12/1/2022 | 935 | 996 | ||||||
City of Lorain, Limited Tax | ||||||||
Series 2020A, GO, 4.00%, 12/1/2021 | 220 | 226 | ||||||
Series 2020A, GO, 4.00%, 12/1/2022 | 280 | 296 | ||||||
Series 2020A, GO, 4.00%, 12/1/2023 | 300 | 327 | ||||||
Series 2020A, GO, 4.00%, 12/1/2024 | 250 | 279 | ||||||
City of Toledo, Capital Improvement | ||||||||
GO, AGM, 5.00%, 12/1/2021 | 1,275 | 1,320 | ||||||
GO, AGM, 5.00%, 12/1/2022 | 1,305 | 1,411 | ||||||
City of Whitehall Rev., 1.00%, 12/8/2021 | 3,810 | 3,828 |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 95 |
Table of Contents
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2021 (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Ohio — continued |
| |||||||
County of Allen, Hospital Facilities, Catholic Health Partners Series 2012B, Rev., VRDO, 0.05%, 3/9/2021 (c) | 50,865 | 50,865 | ||||||
County of Allen, Hospital Facilities, Mercy Health Series B, Rev., 5.00%, 5/5/2022 (c) | 2,000 | 2,106 | ||||||
County of Franklin, Hospital Facilities Series 2009A, Rev., VRDO, LIQ: Barclays Bank plc, 0.03%, 3/9/2021 (c) | 38,030 | 38,030 | ||||||
County of Ross, Adena Health System Obligated Group Project | ||||||||
Rev., 5.00%, 12/1/2021 | 335 | 346 | ||||||
Rev., 5.00%, 12/1/2022 | 355 | 383 | ||||||
Rev., 5.00%, 12/1/2023 | 490 | 547 | ||||||
County of Warren, Healthcare Facilities, Otterbein Homes Obligated Group Series 2016A, Rev., 5.00%, 7/1/2021 | 50 | 51 | ||||||
Euclid City School District | ||||||||
COP, 4.00%, 12/1/2023 | 70 | 77 | ||||||
COP, 4.00%, 12/1/2024 | 70 | 78 | ||||||
Franklin County, Hospital Facilities, OhioHealth Corp. | ||||||||
Series 2011C, Rev., VRDO, 0.02%, 3/9/2021 (c) | 200 | 200 | ||||||
Series B, Rev., (SIFMA Municipal Swap Index Yield + 0.43%), 0.46%, 11/15/2021 (b) | 5,000 | 5,001 | ||||||
Lancaster Port Authority, Gas Supply Series 2019A, Rev., LIQ: Royal Bank of Canada, 5.00%, 2/1/2025 (c) | 5,000 | 5,791 | ||||||
Ohio Housing Finance Agency, Carnegie Tower Project Rev., FHA, 0.35%, 10/1/2022 (c) | 10,200 | 10,220 | ||||||
Ohio Water Development Authority, Water Pollution Control Loan Fund Series 2016A, Rev., VRDO, LIQ: TD Bank NA, 0.03%, 3/9/2021 (c) | 73,645 | 73,645 | ||||||
State of Ohio, Capital Facilities Lease Appropriation Park and Recreation Improvement Fund Projects Series 2020B, Rev., VRDO, 0.02%, 3/9/2021 (c) | 12,000 | 12,000 | ||||||
State of Ohio, Infrastructure Improvement Series A, GO, VRDO, LOC: TD Bank NA, 0.03%, 3/9/2021 (c) | 1,985 | 1,985 | ||||||
State of Ohio, University Hospitals Health System, Inc. Series A, Rev., VRDO, 0.17%, 3/9/2021 (c) | 8,250 | 8,250 | ||||||
Village of Obetz, Various Purpose Rev., 5.00%, 12/1/2021 | 125 | 129 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Ohio — continued |
| |||||||
Zanesville City School District, Unlimited Tax GO, 4.00%, 12/1/2021 | 595 | 611 | ||||||
|
| |||||||
Total Ohio | 231,889 | |||||||
|
| |||||||
Oklahoma — 0.3% |
| |||||||
Bryan County School Finance Authority, Durant Public Schools Project | ||||||||
Rev., 4.00%, 12/1/2021 | 140 | 144 | ||||||
Rev., 4.00%, 12/1/2022 | 190 | 202 | ||||||
Rev., 4.00%, 12/1/2023 | 155 | 169 | ||||||
Rev., 4.00%, 12/1/2024 | 165 | 185 | ||||||
City of Moore GO, 1.25%, 4/1/2022 | 1,550 | 1,566 | ||||||
Cleveland County Educational Facilities Authority, Lexington Public Schools Project | ||||||||
Rev., 4.00%, 9/1/2021 | 150 | 153 | ||||||
Rev., 4.00%, 9/1/2022 | 125 | 131 | ||||||
Rev., 4.00%, 9/1/2023 | 270 | 291 | ||||||
Custer County Economic Development Authority, Thomas Fay Public Schools | ||||||||
Rev., 4.00%, 12/1/2021 | 410 | 421 | ||||||
Rev., 4.00%, 12/1/2023 | 450 | 489 | ||||||
Elk City Industrial Authority Rev., 2.00%, 5/1/2023 | 140 | 144 | ||||||
Ellis County Educational Facilities Authority, Fargo-Gage Public Schools Project | ||||||||
Rev., 3.00%, 3/1/2022 | 725 | 744 | ||||||
Rev., 3.00%, 3/1/2023 | 730 | 766 | ||||||
Garvin County Educational Facilities Authority, Pernell Public Schools Project | ||||||||
Rev., 4.00%, 9/1/2021 | 125 | 127 | ||||||
Rev., 4.00%, 9/1/2022 | 135 | 142 | ||||||
Rev., 4.00%, 9/1/2023 | 110 | 119 | ||||||
Rev., 4.00%, 9/1/2024 | 160 | 178 | ||||||
Grady County School Finance Authority, Educational Facilities Lease, Tuttle Public Schools Project | ||||||||
Rev., 4.00%, 9/1/2021 | 250 | 255 | ||||||
Rev., 4.00%, 9/1/2022 | 200 | 211 | ||||||
Rev., 4.00%, 9/1/2023 | 300 | 325 | ||||||
Rev., 4.00%, 9/1/2024 | 245 | 272 | ||||||
Kingfisher County Educational Facilities Authority, Lomega Public Schools Project | ||||||||
Rev., 3.00%, 3/1/2022 | 165 | 170 | ||||||
Rev., 3.00%, 3/1/2023 | 385 | 404 | ||||||
Rev., 3.00%, 3/1/2024 | 270 | 289 | ||||||
Muskogee Industrial Trust, Muskogee Public Schools Project Rev., 5.00%, 9/1/2023 | 900 | 992 |
SEE NOTES TO FINANCIAL STATEMENTS.
96 | J.P. MORGAN MUNICIPAL BOND FUNDS | FEBRUARY 28, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Oklahoma — continued |
| |||||||
Oklahoma Development Finance Authority, Gilcrease Expressway West Project Rev., AMT, 1.63%, 7/6/2023 | 4,885 | 4,892 | ||||||
Oklahoma Housing Finance Agency, Central Oklahoma Portfolio Rev., 0.28%, 8/1/2022 (c) | 2,500 | 2,503 | ||||||
Tulsa County Industrial Authority, Sand Springs Public Schools Project | ||||||||
Rev., 5.00%, 9/1/2021 | 325 | 333 | ||||||
Rev., 2.00%, 9/1/2022 | 125 | 128 | ||||||
Rev., 4.00%, 9/1/2023 | 175 | 188 | ||||||
Rev., 4.00%, 9/1/2024 | 435 | 479 | ||||||
Wagoner County School Development Authority, Wagoner Public Schools Project | ||||||||
Rev., 4.00%, 9/1/2021 | 225 | 229 | ||||||
Rev., 4.00%, 9/1/2023 | 525 | 565 | ||||||
|
| |||||||
Total Oklahoma | 18,206 | |||||||
|
| |||||||
Oregon — 0.2% |
| |||||||
County of Washington GO, 5.00%, 6/1/2021 | 1,875 | 1,897 | ||||||
County of Yamhill, Linfield University Project | ||||||||
Rev., 4.00%, 10/1/2021 | 165 | 168 | ||||||
Rev., 4.00%, 10/1/2022 | 250 | 260 | ||||||
Rev., 4.00%, 10/1/2023 | 435 | 465 | ||||||
Rev., 4.00%, 10/1/2024 | 425 | 463 | ||||||
Oregon State Facilities Authority, Linfield College Project Series 2015A, Rev., 5.00%, 10/1/2025 (d) | 1,000 | 1,187 | ||||||
Salem-Keizer School District No. 24J | ||||||||
GO, 4.00%, 6/15/2021 | 175 | 177 | ||||||
GO, 5.00%, 6/15/2021 | 500 | 507 | ||||||
State of Oregon, Housing and Community Services Department Sha Rad Group II Apartment Projects Rev., 1.45%, 6/1/2022 (c) | 3,350 | 3,404 | ||||||
State of Oregon, Variable Rate Veterans Welfare Bonds Series 2015P, GO, VRDO, LIQ: U.S. Bank NA, 0.03%, 3/9/2021 (c) | 3,500 | 3,500 | ||||||
|
| |||||||
Total Oregon | 12,028 | |||||||
|
| |||||||
Pennsylvania — 6.2% |
| |||||||
Allegheny County Sanitary Authority, Sewer | ||||||||
Series 2020B, Rev., 3.00%, 6/1/2022 | 250 | 258 | ||||||
Series 2020A, Rev., 4.00%, 6/1/2024 | 300 | 334 | ||||||
Series 2020A, Rev., 4.00%, 6/1/2025 | 150 | 171 | ||||||
Series 2020B, Rev., 4.00%, 6/1/2025 | 210 | 239 | ||||||
Series 2020A, Rev., 5.00%, 6/1/2026 | 425 | 517 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Pennsylvania — continued |
| |||||||
Allentown City School District, Limited Tax GO, TRAN, 2.38%, 3/31/2021 | 3,150 | 3,150 | ||||||
Allentown Neighborhood Improvement Zone Development Authority, City Center Project Rev., 5.00%, 5/1/2023 (e) | 200 | 214 | ||||||
Ambridge Borough Water Authority | ||||||||
Rev., 4.00%, 11/15/2021 | 160 | 164 | ||||||
Rev., 4.00%, 11/15/2022 | 175 | 186 | ||||||
Rev., 4.00%, 11/15/2023 | 175 | 191 | ||||||
Apollo-Ridge School District | ||||||||
Series 2019A, GO, 2.00%, 9/1/2022 | 375 | 385 | ||||||
Series 2019A, GO, 4.00%, 9/1/2023 | 385 | 417 | ||||||
Series 2019A, GO, 4.00%, 9/1/2024 | 450 | 499 | ||||||
Armstrong School District | ||||||||
Series A, GO, 3.00%, 3/15/2021 | 230 | 230 | ||||||
Series B, GO, 3.00%, 3/15/2021 | 105 | 105 | ||||||
Series A, GO, 3.00%, 3/15/2022 | 235 | 241 | ||||||
Series B, GO, 3.00%, 3/15/2022 | 300 | 308 | ||||||
Series A, GO, 3.00%, 3/15/2023 | 240 | 252 | ||||||
Series B, GO, 3.00%, 3/15/2023 | 400 | 420 | ||||||
Berks County Municipal Authority (The), Tower Health Project | ||||||||
Series 2020A, Rev., 5.00%, 2/1/2022 | 500 | 516 | ||||||
Series 2020A, Rev., 5.00%, 2/1/2023 | 1,300 | 1,383 | ||||||
Series 2020A, Rev., 5.00%, 2/1/2024 | 425 | 463 | ||||||
Series 2020A, Rev., 5.00%, 2/1/2025 | 600 | 668 | ||||||
Series 2020A, Rev., 5.00%, 2/1/2026 | 1,015 | 1,147 | ||||||
Bethlehem Area School District GO, 5.00%, 10/15/2021 | 13,155 | 13,537 | ||||||
Big Beaver Falls Area School District, Unlimited Tax | ||||||||
GO, 4.00%, 3/15/2022 | 1,155 | 1,197 | ||||||
GO, 5.00%, 3/15/2023 | 1,200 | 1,303 | ||||||
Bucks County Industrial Development Authority, Grand View Hospital Project Series A, Rev., VRDO, LOC: TD Bank NA, 0.03%, 3/9/2021 (c) | 7,200 | 7,200 | ||||||
Burgettstown Area School District | ||||||||
Series A, GO, 3.00%, 3/15/2022 | 100 | 102 | ||||||
Series A, GO, 4.00%, 3/15/2023 | 200 | 213 | ||||||
Carmichaels Area School District, Limited Tax | ||||||||
GO, 4.00%, 9/1/2022 | 190 | 199 | ||||||
GO, 4.00%, 9/1/2023 | 150 | 163 | ||||||
Charleroi Borough Authority Water System | ||||||||
Rev., AGM, 4.00%, 12/1/2021 | 225 | 231 | ||||||
Rev., AGM, 4.00%, 12/1/2022 | 165 | 175 | ||||||
Rev., AGM, 4.00%, 12/1/2023 | 225 | 246 |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 97 |
Table of Contents
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2021 (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Pennsylvania — continued |
| |||||||
Chester County Health and Education Facilities Authority, Main Line Health System | ||||||||
Series 2020A, Rev., 3.00%, 9/1/2023 | 230 | 245 | ||||||
Series 2020A, Rev., 3.00%, 9/1/2024 | 215 | 234 | ||||||
Series 2020A, Rev., 5.00%, 9/1/2025 | 250 | 298 | ||||||
City of Altoona, Guaranteed Sewer | ||||||||
GO, AGM, 5.00%, 12/1/2021 | 265 | 274 | ||||||
GO, AGM, 5.00%, 12/1/2022 | 200 | 215 | ||||||
GO, AGM, 5.00%, 12/1/2023 | 300 | 335 | ||||||
City of Lebanon Authority, Green Bond | ||||||||
Rev., 4.00%, 12/15/2021 | 240 | 247 | ||||||
Rev., 4.00%, 12/15/2022 | 275 | 293 | ||||||
Rev., 4.00%, 12/15/2023 | 360 | 394 | ||||||
City of Philadelphia | ||||||||
Series 2009B, GO, VRDO, LOC: Barclays Bank plc, 0.02%, 3/9/2021 (c) | 15,940 | 15,940 | ||||||
Series 2020-2021A, Rev., TRAN, 4.00%, 6/30/2021 | 30,250 | 30,631 | ||||||
Series 2012A, GO, 5.00%, 9/15/2021 | 45 | 46 | ||||||
Series 2019A, GO, 5.00%, 8/1/2022 | 4,755 | 5,055 | ||||||
Series 2017A, GO, 5.00%, 8/1/2026 | 6,030 | 7,363 | ||||||
City of Philadelphia, Airport System | ||||||||
Series 2020A, Rev., 5.00%, 7/1/2024 | 1,480 | 1,687 | ||||||
Series 2020A, Rev., 5.00%, 7/1/2025 | 1,550 | 1,820 | ||||||
Series 2020A, Rev., 5.00%, 7/1/2026 | 1,160 | 1,397 | ||||||
City of Philadelphia, Water and Wastewater Rev., 5.00%, 11/1/2022 (d) | 1,465 | 1,582 | ||||||
City of Pittsburgh Series 2020A, GO, 5.00%, 9/1/2026 | 300 | 368 | ||||||
Commonwealth Financing Authority, Tobacco Master Settlement Payment Rev., 5.00%, 6/1/2021 | 535 | 541 | ||||||
Conewago Valley School District Series 2013A, GO, 2.00%, 9/1/2022 | 570 | 571 | ||||||
Connellsville Area School District | ||||||||
Series A, GO, AGM, 2.00%, 5/15/2021 | 70 | 70 | ||||||
Series A, GO, AGM, 2.00%, 5/15/2022 | 70 | 72 | ||||||
Series A, GO, AGM, 2.00%, 5/15/2023 | 70 | 72 | ||||||
Cornell School District | ||||||||
GO, AGM, 2.00%, 9/1/2021 | 200 | 202 | ||||||
GO, AGM, 4.00%, 9/1/2022 | 200 | 210 | ||||||
County of Armstrong | ||||||||
GO, AGM, 3.00%, 6/1/2021 | 370 | 373 | ||||||
Series A, GO, 4.00%, 6/1/2021 | 230 | 232 | ||||||
GO, AGM, 4.00%, 6/1/2022 | 380 | 397 | ||||||
Series A, GO, 4.00%, 6/1/2022 | 430 | 450 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Pennsylvania — continued |
| |||||||
GO, AGM, 4.00%, 6/1/2023 | 225 | 242 | ||||||
Series A, GO, 5.00%, 6/1/2023 | 225 | 247 | ||||||
GO, AGM, 4.00%, 6/1/2024 | 230 | 254 | ||||||
GO, AGM, 4.00%, 6/1/2025 | 240 | 272 | ||||||
County of Lackawanna | ||||||||
Series 2020A, GO, 3.00%, 3/15/2021 | 200 | 200 | ||||||
Series 2020A, GO, 4.00%, 3/15/2022 | 200 | 207 | ||||||
Series 2020B, GO, 4.00%, 9/1/2022 | 135 | 142 | ||||||
Series 2020A, GO, 4.00%, 3/15/2023 | 200 | 214 | ||||||
Series 2020B, GO, 4.00%, 9/1/2023 | 305 | 331 | ||||||
Series 2020A, GO, 4.00%, 3/15/2024 | 300 | 330 | ||||||
Series 2020B, GO, 4.00%, 9/1/2024 | 680 | 757 | ||||||
Series 2020A, GO, 4.00%, 3/15/2025 | 300 | 338 | ||||||
Series 2020B, GO, 4.00%, 9/1/2025 | 685 | 779 | ||||||
Series 2020B, GO, 4.00%, 9/1/2026 | 1,445 | 1,677 | ||||||
County of Somerset | ||||||||
GO, 2.00%, 10/1/2021 | 285 | 288 | ||||||
GO, 2.00%, 10/1/2022 | 340 | 348 | ||||||
GO, 2.00%, 10/1/2023 | 335 | 348 | ||||||
GO, 2.00%, 10/1/2024 | 300 | 314 | ||||||
County of York Series 2020A, GO, 5.00%, 6/1/2026 | 1,305 | 1,590 | ||||||
Dallas School District | ||||||||
GO, AGM, 4.00%, 10/15/2021 | 275 | 281 | ||||||
GO, AGM, 4.00%, 10/15/2022 | 300 | 315 | ||||||
GO, AGM, 5.00%, 10/15/2023 | 175 | 193 | ||||||
GO, AGM, 5.00%, 10/15/2024 | 325 | 371 | ||||||
East Stroudsburg Area School District GO, 3.00%, 9/1/2026 | 2,805 | 3,135 | ||||||
Emmaus General Authority Rev., VRDO, AGM, LIQ: Wells Fargo Bank NA, 0.03%, 3/9/2021 (c) | 4,990 | 4,990 | ||||||
Iroquois School District | ||||||||
GO, 4.00%, 10/1/2021 | 300 | 306 | ||||||
GO, 4.00%, 10/1/2022 | 390 | 412 | ||||||
GO, 4.00%, 10/1/2023 | 200 | 218 | ||||||
Juniata County School District GO, AGM, 5.00%, 11/15/2021 | 185 | 191 | ||||||
Lackawanna County Industrial Development Authority, University of Scranton Rev., 5.00%, 11/1/2021 | 1,000 | 1,030 | ||||||
Lycoming County Water and Sewer Authority | ||||||||
Rev., AGM, 4.00%, 11/15/2021 | 245 | 251 | ||||||
Rev., AGM, 4.00%, 11/15/2022 | 200 | 212 | ||||||
Rev., AGM, 4.00%, 11/15/2023 | 150 | 163 |
SEE NOTES TO FINANCIAL STATEMENTS.
98 | J.P. MORGAN MUNICIPAL BOND FUNDS | FEBRUARY 28, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Pennsylvania — continued |
| |||||||
Mars Area School District | ||||||||
Series 2019B, GO, AGM, 5.00%, 9/1/2021 | 120 | 123 | ||||||
Series 2019B, GO, AGM, 5.00%, 9/1/2023 | 115 | 127 | ||||||
Middletown Township Sewer Authority | ||||||||
Rev., GTD, 4.00%, 10/1/2021 | 330 | 337 | ||||||
Rev., GTD, 4.00%, 10/1/2022 | 265 | 280 | ||||||
Rev., GTD, 4.00%, 10/1/2023 | 210 | 228 | ||||||
Montgomery County Higher Education and Health Authority, Arcadia University | ||||||||
Rev., 5.00%, 4/1/2022 | 300 | 313 | ||||||
Rev., 5.00%, 4/1/2023 | 300 | 323 | ||||||
Rev., 5.00%, 4/1/2024 | 300 | 332 | ||||||
Rev., 5.00%, 4/1/2025 | 250 | 284 | ||||||
Rev., 5.00%, 4/1/2026 | 165 | 192 | ||||||
Montgomery County Industrial Development Authority, Meadowood Senior Living Project Series A, Rev., 3.00%, 12/1/2021 | 250 | 253 | ||||||
Montour School District GO, 3.00%, 10/1/2023 | 200 | 212 | ||||||
Muncy School District GO, 4.00%, 5/15/2023 | 345 | 371 | ||||||
Municipality of Norristown Series 2020A, GO, 4.00%, 5/1/2023 | 6,000 | 6,245 | ||||||
Municipality of Penn Hills | ||||||||
Series A, GO, 3.00%, 12/1/2021 | 340 | 346 | ||||||
Series A, GO, 3.00%, 12/1/2022 | 345 | 360 | ||||||
Series A, GO, 3.00%, 12/1/2023 | 305 | 325 | ||||||
Neshannock Township School District | ||||||||
Series 2019AA, GO, 4.00%, 9/1/2021 | 100 | 102 | ||||||
Series 2019AA, GO, 4.00%, 9/1/2022 | 150 | 158 | ||||||
Series 2019AA, GO, 4.00%, 9/1/2023 | 200 | 217 | ||||||
New Castle Area School District | ||||||||
GO, 2.00%, 3/1/2021 | 755 | 755 | ||||||
GO, 3.00%, 3/1/2022 | 610 | 624 | ||||||
GO, 3.00%, 3/1/2023 | 1,000 | 1,044 | ||||||
GO, 4.00%, 3/1/2024 | 240 | 262 | ||||||
Northeast Bradford School District | ||||||||
GO, AGM, 2.00%, 6/1/2021 | 150 | 151 | ||||||
GO, AGM, 2.00%, 6/1/2022 | 320 | 326 | ||||||
GO, AGM, 3.00%, 6/1/2023 | 330 | 348 | ||||||
Northwestern Lehigh School District GO, 5.00%, 2/15/2023 | 680 | 740 | ||||||
Penn Hills School District | ||||||||
GO, 3.00%, 10/1/2022 | 1,725 | 1,798 | ||||||
GO, 4.00%, 10/1/2023 | 1,790 | 1,944 | ||||||
GO, 4.00%, 10/1/2024 | 1,855 | 2,065 | ||||||
GO, 5.00%, 10/1/2025 | 4,615 | 5,448 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Pennsylvania — continued |
| |||||||
Pennsylvania Economic Development Financing Authority, Exempt Facilities PSEG Power LLC Project Rev., VRDO, LOC: TD Bank NA, 0.03%, 3/9/2021 (c) | 7,000 | 7,000 | ||||||
Pennsylvania Higher Educational Facilities Authority, Associates Independent Colleges, Messiah College Project Series 2001-14, Rev., 2.72%, 5/1/2021 (c) (d) | 2,500 | 2,510 | ||||||
Pennsylvania Higher Educational Facilities Authority, State System of Higher Education | ||||||||
Series AX, Rev., AGM, 5.00%, 6/15/2021 | 5,935 | 6,014 | ||||||
Series AX, Rev., AGM, 5.00%, 6/15/2022 | 1,375 | 1,457 | ||||||
Pennsylvania Turnpike Commission | ||||||||
Series 2019-2, Rev., VRDO, LOC: TD Bank NA, 0.03%, 3/9/2021 (c) | 23,340 | 23,340 | ||||||
Series A, Rev., 5.00%, 12/1/2022 | 1,000 | 1,083 | ||||||
Series A-1, Rev., (SIFMA Municipal Swap Index Yield + 0.60%), 0.63%, 12/1/2023 (b) | 18,000 | 18,091 | ||||||
Series 2020B, Rev., 5.00%, 12/1/2023 | 425 | 479 | ||||||
Series A, Rev., 5.00%, 12/1/2023 | 1,000 | 1,127 | ||||||
Series 2020B, Rev., 5.00%, 12/1/2024 | 450 | 526 | ||||||
Series 2020B, Rev., 5.00%, 12/1/2025 | 325 | 392 | ||||||
Series 2020B, Rev., 5.00%, 12/1/2026 | 400 | 496 | ||||||
Philadelphia Authority for Industrial Development Series B-2, Rev., VRDO, LOC: TD Bank NA, 0.03%, 3/9/2021 (c) | 7,785 | 7,785 | ||||||
Philadelphia Gas Works Co., 1998 General Ordinance Series A-2, Rev., VRDO, LOC: TD Bank NA, 0.03%, 3/9/2021 (c) | 20,300 | 20,300 | ||||||
Pittsburgh School District | ||||||||
GO, 5.00%, 9/1/2022 | 1,690 | 1,810 | ||||||
GO, 5.00%, 9/1/2023 | 1,810 | 2,015 | ||||||
Pittsburgh Water and Sewer Authority, First Lien Series A, Rev., 5.00%, 9/1/2022 | 250 | 267 | ||||||
Punxsutawney Area School District | ||||||||
Series 2020A, GO, AGM, 4.00%, 10/15/2021 | 315 | 322 | ||||||
Series 2020A, GO, AGM, 5.00%, 10/15/2022 | 290 | 312 | ||||||
Series 2020A, GO, AGM, 5.00%, 10/15/2023 | 250 | 280 | ||||||
Series 2020A, GO, AGM, 5.00%, 10/15/2024 | 150 | 173 | ||||||
School District of Philadelphia (The) | ||||||||
Series 2020-2021A, Rev., TRAN, 4.00%, 6/30/2021 | 71,120 | 72,029 | ||||||
Series 2019A, GO, 5.00%, 9/1/2021 | 800 | 818 | ||||||
Series 2019A, GO, 5.00%, 9/1/2022 | 1,050 | 1,122 | ||||||
Series 2019A, GO, 5.00%, 9/1/2023 | 1,050 | 1,161 |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 99 |
Table of Contents
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2021 (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Pennsylvania — continued |
| |||||||
School District of the City of Erie (The), Limited Tax | ||||||||
Series 2019B, GO, AGM, 5.00%, 4/1/2021 | 400 | 401 | ||||||
Series 2019B, GO, AGM, 5.00%, 4/1/2022 | 325 | 341 | ||||||
Series 2019B, GO, AGM, 5.00%, 4/1/2023 | 315 | 343 | ||||||
Selinsgrove Area School District | ||||||||
Series A, GO, 2.00%, 3/1/2021 | 5 | 5 | ||||||
Series B, GO, 3.00%, 3/1/2021 | 110 | 110 | ||||||
Series A, GO, 2.00%, 9/1/2021 | 125 | 126 | ||||||
Series A, GO, 2.00%, 3/1/2022 | 5 | 5 | ||||||
Series B, GO, 3.00%, 3/1/2022 | 130 | 134 | ||||||
Series A, GO, 2.00%, 9/1/2022 | 400 | 410 | ||||||
Series A, GO, 2.00%, 3/1/2023 | 5 | 5 | ||||||
Series B, GO, 3.00%, 3/1/2023 | 95 | 100 | ||||||
Series A, GO, 2.00%, 9/1/2023 | 585 | 607 | ||||||
Southcentral General Authority, Wellspan Health Obligated Group Series C, Rev., VRDO, LIQ: Bank of America NA, 0.06%, 3/9/2021 (c) | 16,000 | 16,000 | ||||||
Southeastern Pennsylvania Transportation Authority | ||||||||
Rev., 5.00%, 6/1/2021 | 500 | 506 | ||||||
Rev., 5.00%, 6/1/2022 | 500 | 530 | ||||||
Rev., 5.00%, 6/1/2023 | 750 | 829 | ||||||
Rev., 5.00%, 6/1/2024 | 755 | 864 | ||||||
Rev., 5.00%, 6/1/2025 | 1,250 | 1,474 | ||||||
Rev., 5.00%, 6/1/2026 | 750 | 911 | ||||||
Sports and Exhibition Authority of Pittsburgh and Allegheny County, Sales Tax | ||||||||
Rev., AGM, 4.00%, 2/1/2022 | 1,125 | 1,163 | ||||||
Rev., AGM, 4.00%, 2/1/2023 | 1,500 | 1,602 | ||||||
Rev., AGM, 5.00%, 2/1/2026 | 1,995 | 2,389 | ||||||
Spring-Benner-Walker Joint Authority Series 2020A, Rev., 4.00%, 9/1/2024 | 440 | 489 | ||||||
State Public School Building Authority, Community College of Philadelphia Project | ||||||||
Series 2019A, Rev., AGM, 5.00%, 6/15/2021 | 295 | 299 | ||||||
Series 2019A, Rev., AGM, 5.00%, 6/15/2022 | 310 | 328 | ||||||
Steel Valley School District, Allegheny County, Pennsylvania Unlimited Tax | ||||||||
Series 2019B, GO, 3.00%, 11/1/2021 | 230 | 233 | ||||||
Series 2019B, GO, 4.00%, 11/1/2022 | 240 | 253 | ||||||
Series 2019B, GO, 4.00%, 11/1/2023 | 250 | 272 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Pennsylvania — continued |
| |||||||
Steelton-Highspire School District, Limited Tax | ||||||||
GO, 4.00%, 11/15/2022 | 60 | 63 | ||||||
GO, 4.00%, 11/15/2023 | 85 | 93 | ||||||
Township of Butler | ||||||||
GO, 4.00%, 10/1/2021 | 475 | 485 | ||||||
GO, 5.00%, 10/1/2022 | 250 | 268 | ||||||
GO, 5.00%, 10/1/2023 | 260 | 289 | ||||||
GO, 5.00%, 10/1/2024 | 275 | 317 | ||||||
Township of East Pennsboro, Cumberland County | ||||||||
GO, 3.00%, 9/1/2021 | 190 | 193 | ||||||
GO, 3.00%, 9/1/2022 | 175 | 182 | ||||||
Township of Rostraver GO, AGM, 4.00%, 9/1/2021 | 100 | 102 | ||||||
University of Pittsburgh of the Commonwealth System of Higher Education | ||||||||
Rev., (SIFMA Municipal Swap Index Yield + 0.24%), 0.27%, 9/15/2021 (b) | 11,510 | 11,511 | ||||||
Rev., (SIFMA Municipal Swap Index Yield + 0.36%), 0.39%, 2/15/2024 (b) | 47,000 | 47,167 | ||||||
Upper Allegheny Joint Sanitary Authority | ||||||||
Series 2019A, Rev., AGM, 3.00%, 9/1/2021 | 285 | 289 | ||||||
Series 2019A, Rev., AGM, 4.00%, 9/1/2022 | 200 | 211 | ||||||
Series 2019A, Rev., AGM, 4.00%, 9/1/2023 | 215 | 233 | ||||||
Waynesboro Area School District, Franklin County | ||||||||
GO, 5.00%, 10/1/2021 | 580 | 596 | ||||||
GO, 5.00%, 10/1/2022 | 305 | 327 | ||||||
GO, 5.00%, 10/1/2023 | 320 | 357 | ||||||
Wilkes-Barre Area School District GO, 5.00%, 4/15/2023 | 115 | 125 | ||||||
Wyalusing Area School District | ||||||||
GO, AGM, 4.00%, 4/1/2021 | 375 | 376 | ||||||
GO, 3.00%, 4/1/2022 | 150 | 154 | ||||||
GO, AGM, 4.00%, 4/1/2022 | 315 | 327 | ||||||
GO, 3.00%, 4/1/2023 | 200 | 210 | ||||||
GO, AGM, 4.00%, 4/1/2023 | 400 | 429 | ||||||
GO, 3.00%, 4/1/2024 | 185 | 199 | ||||||
GO, 3.00%, 4/1/2025 | 200 | 218 | ||||||
GO, 3.00%, 4/1/2026 | 300 | 330 | ||||||
|
| |||||||
Total Pennsylvania | 422,906 | |||||||
|
| |||||||
Rhode Island — 0.4% |
| |||||||
City of East Providence, Anticipation Notes | ||||||||
Series 2021-1, GO, BAN, 2.00%, 6/17/2021 | 7,250 | 7,289 | ||||||
Series 2021-1, GO, TAN, 2.00%, 7/29/2021 | 5,500 | 5,542 |
SEE NOTES TO FINANCIAL STATEMENTS.
100 | J.P. MORGAN MUNICIPAL BOND FUNDS | FEBRUARY 28, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Rhode Island — continued |
| |||||||
City of Pawtucket | ||||||||
Series 2019D, GO, AGM, 3.00%, 7/15/2021 | 125 | 126 | ||||||
Series 2019C, GO, AGM, 4.00%, 7/15/2021 | 185 | 188 | ||||||
Series 2019D, GO, AGM, 3.00%, 7/15/2022 | 210 | 218 | ||||||
Series 2019C, GO, AGM, 4.00%, 7/15/2022 | 210 | 221 | ||||||
Series 2019D, GO, AGM, 3.00%, 7/15/2023 | 70 | 74 | ||||||
Series 2019C, GO, AGM, 4.00%, 7/15/2023 | 380 | 411 | ||||||
Rhode Island Health and Educational Building Corp., Public School Program, Providence Public Building Authority Series 2013A, Rev., 5.00%, 5/15/2022 | 15 | 16 | ||||||
Rhode Island Industrial Facilities Corp., Marine Terminal, ExxonMobil Project Rev., VRDO, 0.01%, 3/1/2021 (c) | 12,105 | 12,105 | ||||||
Rhode Island Turnpike and Bridge Authority, Motor Fuel Tax | ||||||||
Series 2019A, Rev., 5.00%, 10/1/2021 | 300 | 308 | ||||||
Series 2019A, Rev., 5.00%, 10/1/2023 | 125 | 138 | ||||||
|
| |||||||
Total Rhode Island | 26,636 | |||||||
|
| |||||||
South Carolina — 1.7% |
| |||||||
Charleston County School District | ||||||||
GO, SCSDE, 5.00%, 3/1/2021 | 85,670 | 85,670 | ||||||
GO, SCSDE, 5.00%, 3/1/2024 | 3,000 | 3,419 | ||||||
Chester Sewer District, Wastewater System Improvement | ||||||||
Rev., 3.00%, 6/1/2021 | 110 | 110 | ||||||
Rev., 4.00%, 6/1/2023 | 75 | 81 | ||||||
County Square Redevelopment Corp., Greenville County, South Carolina Project Rev., BAN, 2.00%, 3/3/2022 | 7,000 | 7,126 | ||||||
Educational Facilities Authority, Wofford College Rev., 2.37%, 4/1/2022 (c) | 500 | 510 | ||||||
Laurens County Water and Sewer Commission Rev., BAN, 1.38%, 7/1/2021 (d) | 7,000 | 7,024 | ||||||
South Carolina Association of Governmental Organizations Series 2020C, COP, SCSDE, 2.00%, 3/1/2021 | 2,035 | 2,035 | ||||||
South Carolina Jobs-Economic Development Authority, Episcopal Home At Still Hopes Series 2018A, Rev., 5.00%, 4/1/2021 | 500 | 501 | ||||||
South Carolina Jobs-Economic Development Authority, Lowcountry Leadership Charter School Project Series A, Rev., 2.38%, 12/1/2024 (e) | 600 | 608 | ||||||
South Carolina Jobs-Economic Development Authority, Woodlands at Furman Project Series 2020A, Rev., 4.00%, 11/15/2023 | 130 | 134 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
South Carolina — continued |
| |||||||
South Carolina Transportation Infrastructure Bank Series 2003B, Rev., (ICE LIBOR USD 1 Month + 0.45%), 0.53%, 10/1/2022 (b) | 9,905 | 9,912 | ||||||
|
| |||||||
Total South Carolina | 117,130 | |||||||
|
| |||||||
South Dakota — 0.0% (g) |
| |||||||
South Dakota Board of Regents, Housing and Auxiliary Facility System Rev., 5.00%, 4/1/2022 | 375 | 394 | ||||||
|
| |||||||
Tennessee — 1.8% |
| |||||||
City of Memphis, General Improvement | ||||||||
Series 2020A, GO, 5.00%, 12/1/2021 | 875 | 906 | ||||||
Series 2020A, GO, 5.00%, 12/1/2022 | 2,035 | 2,207 | ||||||
Series 2020A, GO, 5.00%, 12/1/2023 | 2,135 | 2,405 | ||||||
Series 2020A, GO, 5.00%, 12/1/2024 | 2,245 | 2,619 | ||||||
Series 2020A, GO, 5.00%, 12/1/2025 | 2,210 | 2,661 | ||||||
County of Hamilton | ||||||||
Series 2020B, GO, 5.00%, 3/1/2022 | 3,255 | 3,412 | ||||||
Series 2020B, GO, 5.00%, 3/1/2023 | 3,270 | 3,579 | ||||||
Series 2020B, GO, 5.00%, 3/1/2024 | 3,355 | 3,818 | ||||||
County of Shelby, Public Improvement Series 2006B, GO, VRDO, 0.03%, 3/9/2021 (c) | 5,015 | 5,015 | ||||||
Highlands Residential Services, Walnut Village Project Rev., GNMA COLL, 1.80%, 4/1/2021 (c) |
| 1,000 |
|
| 1,001 |
| ||
Knox County Health Educational and Housing Facility Board, Clear Springs Apartments Project Rev., 1.80%, 5/1/2021 (c) | 800 | 802 | ||||||
Knox County Health Educational and Housing Facility Board, Meadowbrook Apartments Project Rev., 1.50%, 7/1/2021 (c) | 650 | 653 | ||||||
Lewisburg Industrial Development Board, Lewisburg Summit Apartments Rev., 1. 55%, 3/1/2022 (c) | 1,900 | 1,928 | ||||||
Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Trevecca Nazarene University Project Rev., 3.00%, 10/1/2024 | 425 | 434 | ||||||
Metropolitan Government of Nashville and Davidson County | ||||||||
Series 2021A, GO, 5.00%, 7/1/2021 | 32,415 | 32,940 | ||||||
Series 2021A, GO, 5.00%, 7/1/2022 | 17,075 | 18,182 | ||||||
Series 2021C, GO, 5.00%, 1/1/2024 | 10,000 | 11,316 | ||||||
Series 2021A, GO, 5.00%, 7/1/2024 | 4,350 | 5,010 | ||||||
Series 2021A, GO, 5.00%, 7/1/2025 | 3,000 | 3,572 | ||||||
Series 2021A, GO, 5.00%, 7/1/2026 | 600 | 737 |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 101 |
Table of Contents
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2021 (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Tennessee — continued |
| |||||||
Shelby County Health Educational and Housing Facilities Board, The Farms at Bailey Station Project Series 2019B-1, Rev., 4.00%, 12/1/2026 | 10,000 | 9,898 | ||||||
Tennergy Corp. Series 2019A, Rev., LIQ: Royal Bank of Canada, 5.00%, 10/1/2024 (c) | 10,000 | 11,483 | ||||||
Tennessee Energy Acquisition Corp., Gas Project Series 2017A, Rev., 4.00%, 5/1/2021 | 730 | 735 | ||||||
|
| |||||||
Total Tennessee | 125,313 | |||||||
|
| |||||||
Texas — 8.4% |
| |||||||
Arlington Higher Education Finance Corp., Trinity Basin Preparatory, Inc. | ||||||||
Rev., PSF-GTD, 3.00%, 8/15/2022 | 635 | 661 | ||||||
Rev., PSF-GTD, 3.00%, 8/15/2023 | 655 | 695 | ||||||
Austin Community College District Public Facility Corp., Lease, Highland Campus Parking Garage Project | ||||||||
Series 2018C, Rev., 5.00%, 8/1/2024 | 200 | 231 | ||||||
Series 2018C, Rev., 5.00%, 8/1/2025 | 200 | 238 | ||||||
Austin Community College District, Combined Fee | ||||||||
Rev., 5.00%, 2/1/2022 | 165 | 172 | ||||||
Rev., 5.00%, 2/1/2023 | 170 | 185 | ||||||
Austin Independent School District, Unlimited Tax Series 2013A, GO, PSF-GTD, 5.00%, 8/1/2021 (d) | 30 | 31 | ||||||
Avery Ranch Road District No. 1, Unlimited Tax | ||||||||
GO, 3.00%, 8/15/2022 | 615 | 639 | ||||||
GO, 3.00%, 8/15/2023 | 810 | 859 | ||||||
Big Oaks Municipal Utility District, Waterworks and Sewer System | ||||||||
GO, AGM, 3.00%, 3/1/2021 | 335 | 335 | ||||||
GO, AGM, 3.00%, 3/1/2022 | 345 | 355 | ||||||
GO, AGM, 3.00%, 3/1/2023 | 905 | 949 | ||||||
Board of Regents of the University of Texas System, Financing System | ||||||||
Series 2007B, Rev., VRDO, LIQ: University of Texas Investment Management Co. (The), 0.01%, 3/9/2021 (c) | 7,030 | 7,030 | ||||||
Series 2008B, Rev., VRDO, LIQ: University of Texas Investment Management Co. (The), 0.01%, 3/9/2021 (c) | 4,495 | 4,495 | ||||||
Series 2016D, Rev., 5.00%, 8/15/2021 | 25 | 26 | ||||||
Bridgestone Municipal Utility District, Unlimited Tax | ||||||||
Series A, GO, AGM, 2.00%, 5/1/2021 | 1,480 | 1,484 | ||||||
Series A, GO, AGM, 2.00%, 5/1/2022 | 110 | 112 | ||||||
Series A, GO, AGM, 3.00%, 5/1/2023 | 85 | 89 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Texas — continued |
| |||||||
Brushy Creek Municipal Utility District, Unlimited Tax | ||||||||
GO, 3.00%, 6/1/2021 | 200 | 202 | ||||||
GO, 3.00%, 6/1/2022 | 235 | 243 | ||||||
GO, 3.00%, 6/1/2023 | 250 | 262 | ||||||
Central Texas Regional Mobility Authority, Subordinated Lien | ||||||||
Rev., BAN, 4.00%, 1/1/2022 | 2,455 | 2,480 | ||||||
Series 2020F, Rev., BAN, 5.00%, 1/1/2025 | 6,430 | 7,320 | ||||||
City of Austin, Airport System | ||||||||
Rev., AMT, 5.00%, 11/15/2022 | 4,250 | 4,580 | ||||||
City of Austin, Public Improvement | ||||||||
GO, 5.00%, 9/1/2021 | 30 | 31 | ||||||
City of Galveston, Certificates of Obligation | ||||||||
GO, 3.00%, 5/1/2021 | 130 | 131 | ||||||
GO, 4.00%, 5/1/2022 | 590 | 616 | ||||||
City of Houston, Combined Utility System, First Lien | ||||||||
Series 2004B-6, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.03%, 3/9/2021 (c) | 9,000 | 9,000 | ||||||
Series 2012A, Rev., VRDO, LIQ: TD Bank NA, 0.03%, 3/9/2021 (c) | 27,250 | 27,250 | ||||||
Series B-2, Rev., VRDO, LOC: Citibank NA, 0.03%, 3/9/2021 (c) | 22,500 | 22,500 | ||||||
City of Irving, Hotel Occupancy, Occupancy Tax | ||||||||
Rev., 5.00%, 8/15/2021 | 25 | 25 | ||||||
Rev., 5.00%, 8/15/2022 | 50 | 52 | ||||||
Rev., 5.00%, 8/15/2023 | 50 | 53 | ||||||
City of Kennedy, Certificates of Obligation | ||||||||
GO, 4.00%, 5/1/2021 | 130 | 131 | ||||||
GO, 4.00%, 5/1/2022 | 120 | 125 | ||||||
GO, 4.00%, 5/1/2023 | 125 | 134 | ||||||
City of Laredo, Waterworks and Sewer System | ||||||||
Rev., 5.00%, 3/1/2021 | 125 | 125 | ||||||
City of Paso, Certificates of Obligation | ||||||||
GO, 5.00%, 8/15/2022 | 400 | 428 | ||||||
GO, 5.00%, 8/15/2023 | 515 | 574 | ||||||
GO, 5.00%, 8/15/2024 | 700 | 809 | ||||||
City of Paso, Improvement Bond | ||||||||
Series 2020A, GO, 5.00%, 8/15/2021 | 600 | 613 | ||||||
Series 2020A, GO, 5.00%, 8/15/2024 | 275 | 318 | ||||||
City of Port Arthur | ||||||||
GO, AGM, 3.00%, 2/15/2022 | 765 | 785 | ||||||
GO, AGM, 5.00%, 2/15/2023 | 910 | 990 | ||||||
City of Port Arthur, Combination Tax | ||||||||
Series 2020A, GO, AGM, 4.00%, 2/15/2022 | 350 | 363 | ||||||
Series 2020A, GO, AGM, 4.00%, 2/15/2023 | 365 | 389 |
SEE NOTES TO FINANCIAL STATEMENTS.
102 | J.P. MORGAN MUNICIPAL BOND FUNDS | FEBRUARY 28, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Texas — continued |
| |||||||
Series 2020A, GO, AGM, 5.00%, 2/15/2024 | 380 | 429 | ||||||
Series 2020A, GO, AGM, 5.00%, 2/15/2025 | 400 | 466 | ||||||
City of Sulphur Springs | ||||||||
GO, AGM, 3.00%, 9/1/2021 | 100 | 101 | ||||||
GO, AGM, 3.00%, 9/1/2022 | 520 | 541 | ||||||
City of Universal City, Improvement Bonds | ||||||||
GO, 4.00%, 8/15/2021 | 140 | 143 | ||||||
GO, 4.00%, 8/15/2022 | 145 | 153 | ||||||
GO, 2.00%, 8/15/2023 | 230 | 238 | ||||||
Clear Brook City Municipal Utility District, Unlimited Tax GO, AGM, 2.10%, 2/1/2023 | 450 | 462 | ||||||
Clint Independent School District, Unlimited Tax | ||||||||
GO, PSF-GTD, 5.00%, 8/15/2025 (d) | 1,000 | 1,194 | ||||||
County of Bexar, Tax Exempt Venue Project | ||||||||
Rev., 5.00%, 8/15/2022 | 275 | 290 | ||||||
Rev., 5.00%, 8/15/2023 | 275 | 300 | ||||||
County of Kaufman, Limited Tax | ||||||||
Series 2020A, GO, 5.00%, 2/15/2022 | 250 | 261 | ||||||
Series 2020A, GO, 5.00%, 2/15/2023 | 110 | 120 | ||||||
Series 2020A, GO, 5.00%, 2/15/2024 | 125 | 142 | ||||||
Series 2020A, GO, 5.00%, 2/15/2025 | 130 | 153 | ||||||
County of Kaufman, Unlimited Tax | ||||||||
GO, 5.00%, 2/15/2023 | 155 | 169 | ||||||
GO, 5.00%, 2/15/2024 | 210 | 238 | ||||||
GO, 5.00%, 2/15/2025 | 255 | 299 | ||||||
County of La Salle, Combination Tax and Limited Pledge GO, AGM, 5.00%, 3/1/2021 | 345 | 345 | ||||||
County of La Salle, Unlimited Tax GO, AGM, 5.00%, 3/1/2021 | 2,135 | 2,135 | ||||||
County of Montgomery, Limited Tax GO, 5.00%, 3/1/2026 | 7,890 | 9,491 | ||||||
Cuero Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 8/15/2021 | 100 | 102 | ||||||
Cypress Hill Municipal Utility District No. 1, Unlimited Tax | ||||||||
GO, 2.00%, 9/1/2021 | 290 | 292 | ||||||
GO, 2.00%, 9/1/2022 | 190 | 195 | ||||||
GO, 3.00%, 9/1/2023 | 270 | 285 | ||||||
Cypress-Fairbanks Independent School District, Unlimited Tax | ||||||||
Series 2020A, GO, PSF-GTD, 4.00%, 2/15/2022 | 4,430 | 4,590 | ||||||
Series 2020A, GO, PSF-GTD, 5.00%, 2/15/2023 | 5,000 | 5,460 | ||||||
Series 2020A, GO, PSF-GTD, 5.00%, 2/15/2024 | 10,000 | 11,365 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Texas — continued |
| |||||||
Duncanville Independent School District, Unlimited Tax GO, PSF-GTD, 4.00%, 2/15/2026 | 8,335 | 9,689 | ||||||
Florence Independent School District | ||||||||
GO, PSF-GTD, 3.00%, 8/15/2026 | 230 | 237 | ||||||
GO, PSF-GTD, 3.00%, 8/15/2027 | 115 | 119 | ||||||
Fort Bend County Levee Improvement District No. 11 GO, AGM, 3.00%, 9/1/2023 | 400 | 423 | ||||||
Fort Bend County Municipal Utility District No. 116, Unlimited Tax | ||||||||
GO, 3.00%, 9/1/2021 | 330 | 334 | ||||||
GO, 3.00%, 9/1/2022 | 460 | 478 | ||||||
GO, 3.00%, 9/1/2023 | 450 | 477 | ||||||
Fort Bend County Municipal Utility District No. 151, Unlimited Tax GO, 3.00%, 9/1/2021 | 190 | 193 | ||||||
Grand Parkway Transportation Corp., System Toll Series 2013B, Rev., 5.00%, 10/1/2023 (d) | 21,060 | 23,631 | ||||||
Greenhawe Water Control and Improvement District No. 2 | ||||||||
GO, AGM, 3.00%, 9/1/2022 | 190 | 197 | ||||||
GO, AGM, 3.00%, 9/1/2023 | 200 | 212 | ||||||
Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System | ||||||||
Series 2016D, Rev., VRDO, 0.04%, 3/9/2021 (c) | 3,995 | 3,995 | ||||||
Series 2019F, Rev., VRDO, 0.04%, 3/9/2021 (c) | 18,300 | 18,300 | ||||||
Series 2019A, Rev., 5.00%, 12/1/2021 | 1,750 | 1,812 | ||||||
Series 2019C, Rev., (SIFMA Municipal Swap Index Yield + 0.42%), 0.45%, 12/1/2022 (b) | 10,000 | 9,967 | ||||||
Series 2019A, Rev., 5.00%, 12/1/2022 | 1,700 | 1,840 | ||||||
Series 2019A, Rev., 5.00%, 12/1/2023 | 2,230 | 2,504 | ||||||
Series 2019C-2, Rev., (SIFMA Municipal Swap Index Yield + 0.57%), 0.60%, 12/4/2024 (b) | 9,000 | 8,959 | ||||||
Series 2020C-3, Rev., 5.00%, 12/1/2026 (c) | 5,000 | 6,150 | ||||||
Harris County Fresh Water Supply District No. 61 | ||||||||
GO, AGM, 4.00%, 9/1/2023 | 445 | 483 | ||||||
GO, AGM, 3.00%, 9/1/2024 | 695 | 749 | ||||||
Harris County Municipal Utility District No. 096 | ||||||||
GO, 2.00%, 9/1/2021 | 185 | 186 | ||||||
GO, 2.00%, 9/1/2023 | 195 | 202 |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 103 |
Table of Contents
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2021 (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Texas — continued |
| |||||||
Harris County Municipal Utility District No. 152 | ||||||||
GO, AGM, 3.00%, 8/1/2022 | 280 | 291 | ||||||
GO, AGM, 3.00%, 8/1/2023 | 400 | 422 | ||||||
Harris County Municipal Utility District No. 157 GO, AGM, 3.00%, 3/1/2023 | 425 | 446 | ||||||
Harris County Municipal Utility District No. 276 | ||||||||
GO, 3.00%, 9/1/2022 | 365 | 379 | ||||||
GO, 3.00%, 9/1/2023 | 745 | 789 | ||||||
Harris County Municipal Utility District No. 281 | ||||||||
GO, 2.00%, 9/1/2021 | 130 | 131 | ||||||
GO, 2.00%, 9/1/2022 | 300 | 307 | ||||||
GO, 2.00%, 9/1/2023 | 305 | 317 | ||||||
Harris County Municipal Utility District No. 374 | ||||||||
GO, 3.00%, 9/1/2021 | 100 | 101 | ||||||
GO, 3.00%, 9/1/2022 | 145 | 151 | ||||||
GO, 3.00%, 9/1/2023 | 115 | 121 | ||||||
Harris County Municipal Utility District No. 391 | ||||||||
GO, 3.00%, 9/1/2021 | 375 | 380 | ||||||
GO, 3.00%, 9/1/2023 | 400 | 422 | ||||||
Harris County Municipal Utility District No. 419 | ||||||||
GO, 3.00%, 9/1/2021 | 70 | 71 | ||||||
GO, 3.00%, 9/1/2022 | 175 | 182 | ||||||
GO, 3.00%, 9/1/2023 | 455 | 482 | ||||||
Harris County Municipal Utility District No. 55 | ||||||||
GO, 3.00%, 2/1/2022 | 260 | 266 | ||||||
GO, 3.00%, 2/1/2023 | 785 | 821 | ||||||
Harris County Toll Road Authority (The), Senior Lien Series A, Rev., 5.00%, 8/15/2021 | 1,500 | 1,533 | ||||||
Harris County Water Control and Improvement District No. 119 | ||||||||
GO, AGM, 2.00%, 10/1/2021 | 835 | 843 | ||||||
GO, AGM, 3.00%, 10/1/2022 | 365 | 379 | ||||||
GO, AGM, 3.00%, 10/1/2023 | 375 | 398 | ||||||
Houston Higher Education Finance Corp., Rice University Project Series 2010B, Rev., VRDO, 0.02%, 3/9/2021 (c) | 1,700 | 1,700 | ||||||
Hunters Glen Municipal Utility District, Waterworks and Sewer System | ||||||||
Series 2019A, GO, AGM, 2.00%, 4/1/2021 | 110 | 110 | ||||||
Series 2019A, GO, AGM, 2.00%, 4/1/2022 | 330 | 336 | ||||||
Series 2019A, GO, AGM, 2.00%, 4/1/2023 | 595 | 612 | ||||||
La Joya Independent School District, Maintenance Tax | ||||||||
GO, AGM, 4.00%, 2/15/2022 | 390 | 404 | ||||||
GO, AGM, 4.00%, 2/15/2023 | 420 | 448 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Texas — continued |
| |||||||
Love Field Airport Modernization Corp. Rev., AMT, 5.00%, 11/1/2021 | 125 | 129 | ||||||
Lower Colorado River Authority, LCRA Transmission Services Corp. Project | ||||||||
Rev., 5.00%, 5/15/2025 | 4,000 | 4,717 | ||||||
Rev., 5.00%, 5/15/2026 | 3,500 | 4,255 | ||||||
Rev., 5.00%, 5/15/2027 | 1,535 | 1,912 | ||||||
Lower Neches Valley Authority Industrial Development Corp., ExxonMobil Project Rev., VRDO, 0.02%, 3/1/2021 (c) | 7,200 | 7,200 | ||||||
Lytle Independent School District, Unlimited Tax GO, PSF-GTD, 4.00%, 2/15/2028 | 255 | 304 | ||||||
Matagorda County Navigation District No. 1, Pollution Control, Central Power and Light Co. Project. Rev., AMT, 0.90%, 9/1/2023 (c) | 3,750 | 3,748 | ||||||
McLennan County Junior College District | ||||||||
Rev., AGM, 3.00%, 4/15/2021 | 350 | 351 | ||||||
Rev., AGM, 3.00%, 4/15/2022 | 100 | 103 | ||||||
Metropolitan Transit Authority of Harris County Sales and Use Tax Series 2016A, Rev., 5.00%, 11/1/2024 | 6,290 | 7,318 | ||||||
Montgomery County Municipal Utility District No. 94, Unlimited Tax | ||||||||
GO, 2.00%, 10/1/2021 | 60 | 60 | ||||||
GO, 2.00%, 10/1/2022 | 185 | 190 | ||||||
GO, 2.00%, 10/1/2023 | 185 | 192 | ||||||
New Caney Independent School District, School Building, Unlimited Tax GO, PSF-GTD, 3.00%, 8/15/2021 (c) | 1,500 | 1,519 | ||||||
New Hope Cultural Education Facilities Finance Corp., Morningside Ministries Project | ||||||||
Series 2020A, Rev., 2.10%, 1/1/2023 | 90 | 89 | ||||||
Series 2020A, Rev., 2.20%, 1/1/2024 | 180 | 177 | ||||||
Series 2020A, Rev., 2.25%, 1/1/2025 | 315 | 306 | ||||||
New Hope Cultural Education Facilities Finance Corp., Presbyterian Village North Project | ||||||||
Rev., 5.00%, 10/1/2021 | 1,425 | 1,441 | ||||||
Rev., 5.00%, 10/1/2022 | 1,495 | 1,537 | ||||||
North Texas Tollway Authority System, Second Tier | ||||||||
Series B, Rev., 4.00%, 1/1/2022 | 800 | 825 | ||||||
Series B, Rev., 5.00%, 1/1/2023 | 5,000 | 5,415 | ||||||
Series B, Rev., 5.00%, 1/1/2024 | 5,500 | 6,189 | ||||||
Northside Independent School District, School Building, Unlimited Tax GO, PSF-GTD, 2.00%, 6/1/2021 (c) | 3,035 | 3,049 |
SEE NOTES TO FINANCIAL STATEMENTS.
104 | J.P. MORGAN MUNICIPAL BOND FUNDS | FEBRUARY 28, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Texas — continued |
| |||||||
Northwest Harris County Municipal Utility District No. 19, Unlimited Tax | ||||||||
GO, AGM, 2.00%, 10/1/2021 | 100 | 101 | ||||||
GO, AGM, 2.00%, 10/1/2022 | 100 | 102 | ||||||
GO, AGM, 2.00%, 10/1/2023 | 105 | 108 | ||||||
Pecan Grove Municipal Utility District, Unlimited Tax | ||||||||
GO, 4.00%, 9/1/2021 | 560 | 570 | ||||||
GO, AGM, 3.00%, 9/1/2022 | 195 | 203 | ||||||
GO, 4.00%, 9/1/2022 | 710 | 749 | ||||||
GO, AGM, 3.00%, 9/1/2023 | 345 | 366 | ||||||
GO, 4.00%, 9/1/2023 | 740 | 804 | ||||||
GO, AGM, 3.00%, 9/1/2024 | 600 | 648 | ||||||
Permanent University Fund — University of Texas System | ||||||||
Series 2008A, Rev., VRDO, 0.01%, 3/9/2021 (c) | 36,515 | 36,515 | ||||||
Series 2008A, Rev., VRDO, LIQ: University of Texas Investment Management Co. (The), 0.01%, 3/9/2021 (c) | 31,595 | 31,595 | ||||||
Plano Independent School District, Unlimited Tax School Building GO, PSF-GTD, 5.00%, 2/15/2025 | 1,140 | 1,342 | ||||||
Robstown Independent School District, Unlimited Tax | ||||||||
GO, PSF-GTD, 2.00%, 2/15/2022 | 325 | 331 | ||||||
GO, PSF-GTD, 3.00%, 2/15/2023 | 650 | 682 | ||||||
GO, PSF-GTD, 3.00%, 2/15/2024 | 360 | 386 | ||||||
Sienna Plantation Municipal Utility District No. 3, Unlimited Tax | ||||||||
GO, 2.00%, 3/1/2021 | 200 | 200 | ||||||
GO, 2.00%, 3/1/2022 | 225 | 229 | ||||||
GO, 2.00%, 3/1/2023 | 185 | 190 | ||||||
Socorro Independent School District, Unlimited Tax Series 2014A, GO, PSF-GTD, 5.00%, 8/15/2024 (d) | 2,385 | 2,763 | ||||||
State of Texas Rev., TRAN, 4.00%, 8/26/2021 | 119,090 | 121,335 | ||||||
State of Texas, Veterans | ||||||||
GO, VRDO, LIQ: Sumitomo Mitsui Banking Corp., 0.06%, 3/9/2021 (c) | 17,585 | 17,585 | ||||||
Series A, GO, VRDO, LIQ: State Street Bank & Trust, 0.06%, 3/9/2021 (c) | 11,730 | 11,730 | ||||||
State of Texas, Veterans Housing Assistance Program Series 2008 B, GO, VRDO, LIQ: State Street Bank & Trust, 0.06%, 3/9/2021 (c) | 5,825 | 5,825 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Texas — continued |
| |||||||
Tarrant County Cultural Education Facilities Finance Corp., Texas Health Resources System | ||||||||
Series 2008 A, Rev., VRDO, 0.03%, 3/9/2021 (c) | 17,125 | 17,125 | ||||||
Series 2008-C, Rev., VRDO, 0.03%, 3/9/2021 (c) | 1,175 | 1,175 | ||||||
Tarrant Regional, Water Control and Improvement District, Water System Series 2020C, Rev., 4.00%, 3/1/2022 | 3,325 | 3,453 | ||||||
Texas A&M University, Financing System Series 2013B, Rev., 5.00%, 5/15/2023 (d) | 18,515 | 20,428 | ||||||
Town of Horizon City, Combination Limited Tax | ||||||||
GO, AGM, 3.00%, 8/15/2021 | 300 | 304 | ||||||
GO, AGM, 3.00%, 8/15/2022 | 170 | 176 | ||||||
GO, AGM, 4.00%, 8/15/2023 | 230 | 250 | ||||||
Travis County Municipal Utility District No. 4, Unlimited Contract Tax | ||||||||
Series 2019A, GO, AGM, 2.00%, 9/1/2022 | 410 | 420 | ||||||
Series 2019A, GO, AGM, 3.00%, 9/1/2023 | 650 | 687 | ||||||
Travis County Water Control and Improvement District No. 17, Texas Steiner Ranch Defined Area Unlimited Tax | ||||||||
GO, 3.00%, 5/1/2024 | 400 | 429 | ||||||
GO, 4.00%, 5/1/2025 | 300 | 338 | ||||||
GO, 4.00%, 5/1/2026 | 280 | 321 | ||||||
Williamson County Municipal Utility District No. 11, Unlimited Tax | ||||||||
GO, AGM, 4.00%, 8/1/2021 | 140 | 142 | ||||||
GO, AGM, 4.00%, 8/1/2022 | 110 | 116 | ||||||
|
| |||||||
Total Texas | 573,802 | |||||||
|
| |||||||
Utah — 0.1% |
| |||||||
City of Lehi, Electric Utility Rev., 5.00%, 6/1/2021 | 75 | 76 | ||||||
City of Murray, Sales Tax Rev., 4.00%, 11/15/2021 | 150 | 154 | ||||||
County of Utah, IHC Health Services, Inc. Series 2016D, Rev., VRDO, LIQ: U.S. Bank NA, 0.03%, 3/9/2021 (c) | 5,000 | 5,000 | ||||||
Utah Charter School Finance Authority, Summit Academy Incorporated | ||||||||
Series A, Rev., 5.00%, 4/15/2021 | 40 | 40 | ||||||
Series A, Rev., 5.00%, 4/15/2022 | 35 | 37 | ||||||
Series A, Rev., 5.00%, 4/15/2023 | 85 | 92 | ||||||
Utah Charter School Finance Authority, Utah Charter Academies Project Rev., 4.00%, 10/15/2021 | 305 | 312 |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 105 |
Table of Contents
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2021 (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Utah — continued |
| |||||||
Utah Infrastructure Agency, Tax-Exempt Telecommunications | ||||||||
Rev., 3.00%, 10/15/2023 | 60 | 63 | ||||||
Rev., 3.00%, 10/15/2025 | 125 | 136 | ||||||
Utah Transit Authority, Subordinate Sales Tax Series 2015A, Rev., 5.00%, 6/15/2025 (d) | 1,050 | 1,248 | ||||||
|
| |||||||
Total Utah | 7,158 | |||||||
|
| |||||||
Vermont — 0.1% |
| |||||||
Vermont Educational and Health Buildings Financing Agency, Fletcher Allen Health Series A, Rev., VRDO, LOC: TD Bank NA, 0.03%, 3/9/2021 (c) | 10,000 | 10,000 | ||||||
|
| |||||||
Virginia — 2.5% |
| |||||||
Chesapeake Economic Development Authority, Virginia Electric and Power Co. Project Series 2008A, Rev., 1.90%, 6/1/2023 (c) | 4,250 | 4,353 | ||||||
Chesapeake Hospital Authority, Regional Medical Center | ||||||||
Rev., 5.00%, 7/1/2023 | 925 | 1,017 | ||||||
Rev., 5.00%, 7/1/2024 | 885 | 1,006 | ||||||
Commonwealth of Virginia Series A, GO, 5.00%, 6/1/2021 | 1,480 | 1,498 | ||||||
County of Fairfax, Public Improvement Series 2021A, GO, 4.00%, 10/1/2023 | 2,740 | 3,000 | ||||||
Fairfax County Economic Development Authority, Smithsonian Institution Issue Series A, Rev., VRDO, LIQ: Northern Trust Co., 0.03%, 3/9/2021 (c) | 22,425 | 22,425 | ||||||
Fairfax County Industrial Development Authority, Virginia Health Care, Inova Health System Project | ||||||||
Series 2016C, Rev., VRDO, 0.03%, 3/9/2021 (c) | 13,775 | 13,775 | ||||||
Series 2018C, Rev., VRDO, 0.03%, 3/9/2021 (c) | 49,305 | 49,305 | ||||||
Halifax County Industrial Development Authority, Electric and Power Company Project Series 2010A, Rev., VRDO, 0.45%, 4/1/2022 (c) | 8,000 | 8,000 | ||||||
Loudoun County Economic Development Authority, Howard Hughes Medical Institute | ||||||||
Series 2003B, Rev., VRDO, 0.03%, 3/9/2021 (c) | 18,650 | 18,650 | ||||||
Series 2003E, Rev., VRDO, 0.03%, 3/9/2021 (c) | 5,710 | 5,710 | ||||||
Series 2003F, Rev., VRDO, 0.03%, 3/9/2021 (c) | 4,050 | 4,050 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Virginia — continued |
| |||||||
Norfolk Economic Development Authority, Sentara Healthcare Series 2016A, Rev., VRDO, 0.03%, 3/9/2021 (c) | 3,135 | 3,135 | ||||||
Peninsula Ports Authority, Dominion Terminal Associates Project — DETC Issue Rev., 1.70%, 10/1/2022 (c) | 1,550 | 1,567 | ||||||
Rockingham County Economic Development Authority, Sunnyside Presbyterian Home | ||||||||
Series 2020A, Rev., 4.00%, 12/1/2021 | 270 | 275 | ||||||
Series 2020A, Rev., 4.00%, 12/1/2022 | 295 | 309 | ||||||
Series 2020A, Rev., 4.00%, 12/1/2023 | 100 | 107 | ||||||
Virginia Commonwealth Transportation Board, Capital Projects Rev., 5.00%, 5/15/2021 | 5,000 | 5,049 | ||||||
Virginia Commonwealth Transportation Board, Federal Transportation Series B-G, Rev., GAN, 5.00%, 3/15/2021 | 25 | 25 | ||||||
Wise County Industrial Development Authority, Electric and Power Co. Project Series 2009A, Rev., 0.75%, 9/2/2025 (c) | 21,000 | 20,811 | ||||||
York County Economic Development Authority, Electric and Power Company Project Series 2009A, Rev., 1.90%, 6/1/2023 (c) | 8,000 | 8,197 | ||||||
|
| |||||||
Total Virginia | 172,264 | |||||||
|
| |||||||
Washington — 1.1% |
| |||||||
Chelan County Public Utility District No.1 Series 2008B, Rev., VRDO, LIQ: Barclays Bank plc, 0.03%, 3/9/2021 (c) | 2,350 | 2,350 | ||||||
City of Seattle, Municipal Light and Power Improvement Rev., 5.00%, 9/1/2021 | 20 | 21 | ||||||
Douglas County Public Utility District No. 1, Wells Hydro Electric Series B, Rev., 4.00%, 9/1/2021 | 25 | 26 | ||||||
King County Housing Authority, Highland Village Project | ||||||||
Rev., 4.00%, 1/1/2022 | 120 | 124 | ||||||
Rev., 4.00%, 1/1/2023 | 100 | 106 | ||||||
Rev., 5.00%, 1/1/2024 | 120 | 134 | ||||||
King County School District No. 407 Riverview, Unlimited Tax GO, 4.00%, 12/1/2023 | 500 | 548 | ||||||
Kitsap County School District No. 401 Central Kitsap, Unlimited Tax GO, 4.00%, 12/1/2021 | 75 | 77 | ||||||
Port of Tacoma, Subordinate Lien Series 2008B, Rev., VRDO, LOC: Bank of America NA, 0.03%, 3/9/2021 (c) | 29,980 | 29,980 | ||||||
Snohomish County School District No. 15 Edmonds, Unlimited Tax GO, 5.00%, 12/1/2021 | 330 | 342 |
SEE NOTES TO FINANCIAL STATEMENTS.
106 | J.P. MORGAN MUNICIPAL BOND FUNDS | FEBRUARY 28, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Washington — continued |
| |||||||
State of Washington, Motor Vehicle Fuel Tax, Senior 520 Corridor Program-Toll Revenue Series 2012C, GO, 5.00%, 6/1/2041 | 12,455 | 12,602 | ||||||
Washington Health Care Facilities Authority, Catholic Health Initiatives Series 2013B, Rev., (SIFMA Municipal Swap Index Yield + 1.40%), 1.43%, 1/1/2025 (b) | 10,000 | 10,064 | ||||||
Washington Health Care Facilities Authority, Commonspirit Health Series B-1, Rev., 5.00%, 8/1/2024 (c) | 11,000 | 12,245 | ||||||
Washington Health Care Facilities Authority, Overlake Hospital Medical Center Series 2017B, Rev., 5.00%, 7/1/2022 | 1,210 | 1,284 | ||||||
Washington State Housing Finance Commission, Transforming Age Projects Series 2019B, Rev., 2.38%, 1/1/2026 (e) | 3,500 | 3,480 | ||||||
|
| |||||||
Total Washington | 73,383 | |||||||
|
| |||||||
West Virginia — 0.2% |
| |||||||
Berkeley County Board of Education | ||||||||
GO, 3.00%, 5/1/2021 | 395 | 397 | ||||||
GO, 4.00%, 5/1/2022 | 600 | 625 | ||||||
GO, 5.00%, 5/1/2025 | 360 | 421 | ||||||
West Virginia Economic Development Authority, Solid Waste Disposal Facilities, Appalachian Power Company — Amos Project | ||||||||
Series 2009A, Rev., 2.63%, 6/1/2022 (c) | 3,805 | 3,898 | ||||||
Series 2011A, Rev., AMT, 1.00%, 9/1/2025 (c) | 5,650 | 5,659 | ||||||
West Virginia State School Building Authority, Lottery Capital Improvement Series 2016A, Rev., 5.00%, 7/1/2026 | 1,520 | 1,801 | ||||||
|
| |||||||
Total West Virginia | 12,801 | |||||||
|
| |||||||
Wisconsin — 2.4% |
| |||||||
Big Foot Union High School District | ||||||||
GO, 4.00%, 3/1/2021 | 130 | 130 | ||||||
GO, 4.00%, 3/1/2022 | 100 | 104 | ||||||
GO, 4.00%, 3/1/2023 | 115 | 123 | ||||||
City of Fort Atkinson | ||||||||
GO, 3.00%, 2/1/2022 | 120 | 123 | ||||||
GO, 4.00%, 2/1/2023 | 230 | 246 | ||||||
City of Kaukauna, Sanitary Sewer System Series 2019C, Rev., BAN, 2.63%, 9/1/2024 | 510 | 525 | ||||||
City of Kaukauna, Storm Water System Series 2019D, Rev., BAN, 2.63%, 9/1/2024 | 660 | 679 | ||||||
City of Middletown, Promissory Notes GO, 3.00%, 3/1/2021 | 355 | 355 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Wisconsin — continued |
| |||||||
City of Milwaukee Series 2020M8, Rev., RAN, 2.00%, 7/1/2021 | 68,900 | 69,324 | ||||||
City of Milwaukee, Promissory Notes | ||||||||
Series 2015N2, GO, 4.00%, 3/15/2024 | 1,955 | 2,153 | ||||||
Series 2017N4, GO, 5.00%, 4/1/2024 | 3,045 | 3,446 | ||||||
City of Oak Creek | ||||||||
GO, 3.00%, 4/1/2021 | 335 | 336 | ||||||
GO, 3.00%, 4/1/2022 | 135 | 139 | ||||||
GO, 3.00%, 4/1/2023 | 180 | 189 | ||||||
City of Racine | ||||||||
Series 2019B, GO, 4.00%, 6/1/2021 | 120 | 121 | ||||||
Series 2019B, GO, 4.00%, 12/1/2021 | 165 | 170 | ||||||
Series 2019B, GO, 4.00%, 12/1/2022 | 145 | 154 | ||||||
Series 2019B, GO, 5.00%, 12/1/2023 | 125 | 140 | ||||||
City of Shawano, Promissory Notes | ||||||||
GO, 3.00%, 4/1/2021 | 250 | 250 | ||||||
GO, 3.00%, 4/1/2022 | 140 | 144 | ||||||
GO, 3.00%, 4/1/2023 | 150 | 158 | ||||||
City of Watertown, Promissory Notes | ||||||||
GO, 3.00%, 6/1/2023 | 125 | 132 | ||||||
GO, 3.00%, 6/1/2024 | 425 | 459 | ||||||
City of Waukesha, Promissory Notes | ||||||||
Series 2019C, GO, 3.00%, 10/1/2021 | 450 | 457 | ||||||
Series 2019C, GO, 3.00%, 10/1/2022 | 425 | 444 | ||||||
Series 2019C, GO, 3.00%, 10/1/2023 | 350 | 373 | ||||||
County of Douglas GO, 5.00%, 2/1/2022 | 520 | 543 | ||||||
County of Manitowoc | ||||||||
GO, AGM, 3.00%, 4/1/2021 | 350 | 351 | ||||||
GO, AGM, 3.00%, 4/1/2022 | 875 | 900 | ||||||
GO, AGM, 3.00%, 11/1/2022 | 50 | 52 | ||||||
GO, AGM, 3.00%, 4/1/2023 | 895 | 940 | ||||||
GO, AGM, 3.00%, 11/1/2023 | 150 | 159 | ||||||
GO, AGM, 4.00%, 4/1/2024 | 680 | 751 | ||||||
County of Rusk | ||||||||
GO, 3.00%, 3/1/2021 | 200 | 200 | ||||||
GO, 3.00%, 3/1/2022 | 130 | 134 | ||||||
GO, 3.00%, 3/1/2023 | 260 | 273 | ||||||
GO, 3.00%, 3/1/2024 | 270 | 289 | ||||||
Eleva-Strum School District GO, 3.00%, 4/1/2021 | 450 | 451 | ||||||
Gale-Ettrick-Trempealeau School District | ||||||||
GO, 2.00%, 4/1/2021 | 50 | 50 | ||||||
GO, 2.00%, 4/1/2022 | 105 | 107 | ||||||
GO, 2.00%, 4/1/2023 | 130 | 134 |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 107 |
Table of Contents
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2021 (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Wisconsin — continued |
| |||||||
Gibraltar Area School District, Promissory Notes | ||||||||
GO, 4.00%, 3/1/2021 | 700 | 700 | ||||||
GO, 4.00%, 3/1/2022 | 315 | 327 | ||||||
Lakeshore Technical College District | ||||||||
Series 2019A, GO, 3.00%, 3/1/2022 | 75 | 77 | ||||||
Series 2019A, GO, 3.00%, 3/1/2023 | 110 | 116 | ||||||
Series 2019A, GO, 3.00%, 3/1/2024 | 405 | 435 | ||||||
Milwaukee Redevelopment Authority, Milwaukee Public Schools Rev., 4.00%, 11/15/2021 | 55 | 56 | ||||||
Pewaukee School District Series 2019A, GO, 5.00%, 3/1/2024 | 375 | 425 | ||||||
PMA Levy and Aid Anticipation Notes Program | ||||||||
Series 2020B, Rev., 3.00%, 7/23/2021 | 1,100 | 1,113 | ||||||
Series 2020A, Rev., 3.00%, 10/22/2021 | 17,200 | 17,513 | ||||||
Series 2020B, Rev., 3.00%, 10/22/2021 | 10,000 | 10,182 | ||||||
Poynette School District | ||||||||
GO, 3.00%, 4/1/2021 | 100 | 100 | ||||||
GO, 3.00%, 4/1/2022 | 340 | 350 | ||||||
GO, 3.00%, 4/1/2023 | 265 | 279 | ||||||
Randall Consolidated School Joint No. 1 GO, 4.00%, 3/1/2021 | 175 | 175 | ||||||
River Falls School District | ||||||||
GO, 3.00%, 4/1/2023 | 2,505 | 2,648 | ||||||
GO, 3.00%, 4/1/2024 | 1,715 | 1,853 | ||||||
GO, 3.00%, 4/1/2025 | 1,770 | 1,948 | ||||||
GO, 3.00%, 4/1/2026 | 1,830 | 2,046 | ||||||
Village of DeForest Series C, Rev., 3.00%, 5/1/2023 | 4,865 | 4,886 | ||||||
Village of Menomonee Falls, Promissory Note Series A, GO, 3.00%, 6/1/2021 | 270 | 272 | ||||||
Village of Mount Pleasant, Promissory Notes | ||||||||
Series 2019A, GO, 3.00%, 3/1/2021 | 285 | 285 | ||||||
Series 2019A, GO, 3.00%, 3/1/2022 | 265 | 272 | ||||||
Series 2019A, GO, 5.00%, 3/1/2023 | 380 | 415 | ||||||
Wisconsin Department of Transportation | ||||||||
Series 2012-1, Rev., 5.00%, 7/1/2021 | 15 | 16 | ||||||
Series 2012-1, Rev., 5.00%, 7/1/2021 (d) | 10 | 10 | ||||||
Wisconsin Health and Educational Facilities Authority, Advocate Aurora Health Credit Group | ||||||||
Series 2018C-1, Rev., (SIFMA Municipal Swap Index Yield + 0.35%), 0.38%, 7/28/2021 (b) | 21,865 | 21,866 | ||||||
Series 2018B-2, Rev., 5.00%, 1/25/2023 (c) | 5,750 | 6,242 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Wisconsin — continued |
| |||||||
Wisconsin Health and Educational Facilities Authority, Franciscan Sisters of Christian Charity Sponsored Ministries, Inc. Series 2017A, Rev., 5.00%, 9/1/2021 (d) | 160 | 163 | ||||||
Wisconsin Health and Educational Facilities Authority, Hmong American Peace Academy | ||||||||
Rev., 4.00%, 3/15/2022 | 110 | 113 | ||||||
Rev., 4.00%, 3/15/2023 | 120 | 126 | ||||||
Rev., 4.00%, 3/15/2024 | 120 | 129 | ||||||
Rev., 4.00%, 3/15/2025 | 125 | 136 | ||||||
Wisconsin Health and Educational Facilities Authority, St. Camillus Health System Series 2019B-3, Rev., 2.25%, 11/1/2026 | 4,000 | 3,994 | ||||||
Wittenberg Birnamwood School District | ||||||||
GO, AGM, 4.00%, 3/1/2021 | 130 | 130 | ||||||
GO, AGM, 4.00%, 3/1/2022 | 260 | 269 | ||||||
GO, AGM, 4.00%, 3/1/2023 | 280 | 300 | ||||||
|
| |||||||
Total Wisconsin | 166,175 | |||||||
|
| |||||||
Total Municipal Bonds |
| 6,518,624 | ||||||
|
| |||||||
U.S. Treasury Obligations — 1.5% |
| |||||||
U.S. Treasury Notes |
| |||||||
1.13%, 2/28/2022 | 100,000 | 101,035 | ||||||
|
| |||||||
SHARES (000) | ||||||||
Short-Term Investments — 3.1% |
| |||||||
Investment Companies — 3.1% |
| |||||||
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 0.03% (h) (i) (Cost $213,251) | 213,136 | 213,242 | ||||||
|
| |||||||
Total Investments — 100.3% |
| 6,832,901 | ||||||
Liabilities in Excess of |
| (22,279 | ) | |||||
|
| |||||||
NET ASSETS — 100.0% |
| 6,810,622 | ||||||
|
|
Percentages indicated are based on net assets.
SEE NOTES TO FINANCIAL STATEMENTS.
108 | J.P. MORGAN MUNICIPAL BOND FUNDS | FEBRUARY 28, 2021 |
Table of Contents
Abbreviations
AGC | Insured by Assured Guaranty Corp. | |
AGM | Insured by Assured Guaranty Municipal Corp. | |
AMT | Alternative Minimum Tax | |
BAN | Bond Anticipation Note | |
COLL | Collateral | |
CONS | Consolidated Bonds | |
COP | Certificate of Participation | |
FHA | Federal Housing Administration | |
FHLMC | Federal Home Loan Mortgage Corp. | |
FNMA | Federal National Mortgage Association | |
GAN | Grant Anticipation Note | |
GNMA | Government National Mortgage Association | |
GO | General Obligation | |
GRAN | Grant Revenue Anticipation Note | |
GTD | Guaranteed | |
ICE | Intercontinental Exchange | |
LIBOR | London Interbank Offered Rate | |
LIQ | Liquidity Agreement | |
LOC | Letter of Credit | |
MTA | Metropolitan Transportation Authority | |
PSF-GTD | Permanent School Fund Guaranteed | |
Q-SBLF | Qualified School Bond Loan Fund | |
RAN | Revenue Anticipation Note | |
Rev. | Revenue | |
SCSDE | South Carolina School District Enhancement |
SIFMA | The Securities Industry and Financial Markets Association | |
TAN | Tax Anticipation Note | |
TRAN | Tax & Revenue Anticipation Note | |
USD | United States Dollar | |
VRDO | Variable Rate Demand Obligation | |
(a) | The date shown represents the earliest of the prerefunded date, next put date or final maturity date. | |
(b) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of February 28, 2021. | |
(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 February 28, 2021. | |
(d) | Security is prerefunded or escrowed to maturity. | |
(e) | Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. | |
(f) | All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. | |
(g) | Amount rounds to less than 0.1% of net assets. | |
(h) | 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. | |
(i) | The rate shown is the current yield as of February 28, 2021. |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 109 |
Table of Contents
STATEMENTS OF ASSETS AND LIABILITIES
AS OF FEBRUARY 28, 2021
(Amounts in thousands, except per share amounts)
JPMorgan High Yield Municipal Fund | JPMorgan Short- Intermediate Municipal Bond Fund | JPMorgan Sustainable Municipal Income Fund (formerly known as JPMorgan Municipal Income Fund) | ||||||||||
ASSETS: |
| |||||||||||
Investments in non-affiliates, at value | $ | 495,904 | $ | 1,582,602 | $ | 307,485 | ||||||
Investments in affiliates, at value | 5,698 | 7,161 | 1,085 | |||||||||
Cash | 28 | — | — | |||||||||
Receivables: | �� | |||||||||||
Investment securities sold | 198 | 400 | 5,750 | |||||||||
Investment securities sold — delayed delivery securities | 3,786 | — | 430 | |||||||||
Fund shares sold | 255 | 2,007 | 257 | |||||||||
Interest from non-affiliates | 5,308 | 16,820 | 3,009 | |||||||||
Dividends from affiliates | 1 | 1 | — | |||||||||
|
|
|
|
|
| |||||||
Total Assets | 511,178 | 1,608,991 | 318,016 | |||||||||
|
|
|
|
|
| |||||||
LIABILITIES: |
| |||||||||||
Payables: | ||||||||||||
Investment securities purchased | 1,990 | — | 843 | |||||||||
Investment securities purchased — delayed delivery securities | 5,094 | — | 7,725 | |||||||||
Fund shares redeemed | 13,971 | 4,360 | 189 | |||||||||
Accrued liabilities: | ||||||||||||
Investment advisory fees | 119 | 188 | 58 | |||||||||
Administration fees | 23 | 13 | 9 | |||||||||
Distribution fees | 54 | 18 | 30 | |||||||||
Service fees | 22 | 48 | 19 | |||||||||
Custodian and accounting fees | 26 | 33 | 13 | |||||||||
Other | 128 | 82 | 58 | |||||||||
|
|
|
|
|
| |||||||
Total Liabilities | 21,427 | 4,742 | 8,944 | |||||||||
|
|
|
|
|
| |||||||
Net Assets | $ | 489,751 | $ | 1,604,249 | $ | 309,072 | ||||||
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
110 | J.P. MORGAN MUNICIPAL BOND FUNDS | FEBRUARY 28, 2021 |
Table of Contents
JPMorgan High Yield Municipal Fund | JPMorgan Short- Intermediate Municipal Bond Fund | JPMorgan Sustainable Municipal Income Fund (formerly known as JPMorgan Municipal Income Fund) | ||||||||||
NET ASSETS: |
| |||||||||||
Paid-in-Capital | $ | 477,284 | $ | 1,564,087 | $ | 296,971 | ||||||
Total distributable earnings (loss) | 12,467 | 40,162 | 12,101 | |||||||||
|
|
|
|
|
| |||||||
Total Net Assets | $ | 489,751 | $ | 1,604,249 | $ | 309,072 | ||||||
|
|
|
|
|
| |||||||
Net Assets: |
| |||||||||||
Class A | $ | 179,459 | $ | 80,956 | $ | 125,754 | ||||||
Class C | 32,499 | 4,626 | 9,178 | |||||||||
Class I | 256,624 | 829,847 | 111,724 | |||||||||
Class R6 | 21,169 | 688,820 | 62,416 | |||||||||
|
|
|
|
|
| |||||||
Total | $ | 489,751 | $ | 1,604,249 | $ | 309,072 | ||||||
|
|
|
|
|
| |||||||
Outstanding units of beneficial interest (shares) |
| |||||||||||
($0.0001 par value; unlimited number of shares authorized): | ||||||||||||
Class A | 15,608 | 7,512 | 12,626 | |||||||||
Class C | 2,833 | 426 | 931 | |||||||||
Class I | 22,322 | 76,577 | 11,303 | |||||||||
Class R6 | 1,841 | 63,586 | 6,317 | |||||||||
Net Asset Value (a): | ||||||||||||
Class A — Redemption price per share | $ | 11.50 | $ | 10.78 | $ | 9.96 | ||||||
Class C — Offering price per share (b) | 11.47 | 10.88 | 9.86 | |||||||||
Class I — Offering and redemption price per share | 11.50 | 10.84 | 9.88 | |||||||||
Class R6 — Offering and redemption price per share | 11.50 | 10.83 | 9.88 | |||||||||
Class A maximum sales charge | 3.75 | % | 2.25 | % | 3.75 | % | ||||||
Class A maximum public offering price per share | $ | 11.95 | $ | 11.03 | $ | 10.35 | ||||||
|
|
|
|
|
| |||||||
Cost of investments in non-affiliates | $ | 480,095 | $ | 1,532,493 | $ | 294,873 | ||||||
Cost of investments in affiliates | 5,698 | 7,154 | 1,083 |
(a) | Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding. |
(b) | Redemption price for Class C Shares varies based upon length of time the shares are held. |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 111 |
Table of Contents
STATEMENTS OF ASSETS AND LIABILITIES
AS OF FEBRUARY 28, 2021 (continued)
(Amounts in thousands, except per share amounts)
JPMorgan | JPMorgan Ultra-Short Municipal Fund | |||||||
ASSETS: |
| |||||||
Investments in non-affiliates, at value | $ | 593,433 | $ | 6,619,659 | ||||
Investments in affiliates, at value | 32,164 | 213,242 | ||||||
Cash | — | 563 | ||||||
Deposits at broker for futures contracts | 239 | — | ||||||
Receivables: | ||||||||
Investment securities sold | 368 | 117,370 | ||||||
Investment securities sold — delayed delivery securities | 477 | 745 | ||||||
Fund shares sold | 859 | 3,058 | ||||||
Interest from non-affiliates | 5,777 | 40,051 | ||||||
Dividends from affiliates | 1 | 14 | ||||||
Due from adviser | — | 50 | ||||||
|
|
|
| |||||
Total Assets | 633,318 | 6,994,752 | ||||||
|
|
|
| |||||
LIABILITIES: |
| |||||||
Payables: | ||||||||
Investment securities purchased | — | (a) | 98,426 | |||||
Investment securities purchased — delayed delivery securities | 3,119 | 31,847 | ||||||
Fund shares redeemed | 652 | 52,429 | ||||||
Variation margin on futures contracts | 25 | — | ||||||
Accrued liabilities: | ||||||||
Investment advisory fees | 140 | — | ||||||
Administration fees | 34 | — | ||||||
Distribution fees | 69 | 29 | ||||||
Service fees | 13 | 1,048 | ||||||
Custodian and accounting fees | 28 | 93 | ||||||
Trustees’ and Chief Compliance Officer’s fees | — | — | (a) | |||||
Other | 58 | 258 | ||||||
|
|
|
| |||||
Total Liabilities | 4,138 | 184,130 | ||||||
|
|
|
| |||||
Net Assets | $ | 629,180 | $ | 6,810,622 | ||||
|
|
|
|
(a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
112 | J.P. MORGAN MUNICIPAL BOND FUNDS | FEBRUARY 28, 2021 |
Table of Contents
JPMorgan Tax Free Bond Fund | JPMorgan | |||||||
NET ASSETS: |
| |||||||
Paid-in-Capital | $ | 602,361 | $ | 6,802,892 | ||||
Total distributable earnings (loss) | 26,819 | 7,730 | ||||||
|
|
|
| |||||
Total Net Assets | $ | 629,180 | $ | 6,810,622 | ||||
|
|
|
| |||||
Net Assets: |
| |||||||
Class A | $ | 302,134 | $ | 143,944 | ||||
Class C | 16,524 | — | ||||||
Class I | 176,073 | 6,666,678 | ||||||
Class R6 | 134,449 | — | ||||||
|
|
|
| |||||
Total | $ | 629,180 | $ | 6,810,622 | ||||
|
|
|
| |||||
Outstanding units of beneficial interest (shares) |
| |||||||
($0.0001 par value; unlimited number of shares authorized): | ||||||||
Class A | 24,239 | 14,294 | ||||||
Class C | 1,338 | — | ||||||
Class I | 14,188 | 662,529 | ||||||
Class R6 | 10,837 | — | ||||||
Net Asset Value (a): | ||||||||
Class A — Redemption price per share | $ | 12.46 | $ | 10.07 | ||||
Class C — Offering price per share (b) | 12.35 | — | ||||||
Class I — Offering and redemption price per share | 12.41 | 10.06 | ||||||
Class R6 — Offering and redemption price per share | 12.41 | — | ||||||
Class A maximum sales charge | 3.75 | % | 2.25 | % | ||||
Class A maximum public offering price per share | $ | 12.95 | $ | 10.30 | ||||
|
|
|
| |||||
Cost of investments in non-affiliates | $ | 556,351 | $ | 6,605,269 | ||||
Cost of investments in affiliates | 32,162 | 213,251 |
(a) | Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding. |
(b) | Redemption price for Class C Shares varies based upon length of time the shares are held. |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 113 |
Table of Contents
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED FEBRUARY 28, 2021
(Amounts in thousands)
JPMorgan High Yield Municipal Fund | JPMorgan Short- Intermediate Municipal Bond Fund | JPMorgan Sustainable Municipal Income Fund (formerly known as JPMorgan Municipal Income Fund) | ||||||||||
INVESTMENT INCOME: |
| |||||||||||
Interest income from non-affiliates | $ | 17,652 | $ | 31,916 | $ | 7,064 | ||||||
Dividend income from non-affiliates | 2 | — | — | |||||||||
Dividend income from affiliates | 51 | 149 | 22 | |||||||||
|
|
|
|
|
| |||||||
Total investment income | 17,705 | 32,065 | 7,086 | |||||||||
|
|
|
|
|
| |||||||
EXPENSES: |
| |||||||||||
Investment advisory fees | 1,700 | 4,192 | 883 | |||||||||
Administration fees | 364 | 1,258 | 221 | |||||||||
Distribution fees: | ||||||||||||
Class A | 420 | 168 | 283 | |||||||||
Class C | 262 | 38 | 83 | |||||||||
Service fees: | ||||||||||||
Class A | 420 | 168 | 283 | |||||||||
Class C | 87 | 13 | 28 | |||||||||
Class I | 673 | 1,790 | 268 | |||||||||
Custodian and accounting fees | 142 | 188 | 66 | |||||||||
Interest expense to affiliates | — | (a) | — | (a) | — | (a) | ||||||
Professional fees | 86 | 81 | 47 | |||||||||
Trustees’ and Chief Compliance Officer’s fees | 26 | 30 | 26 | |||||||||
Printing and mailing costs | 19 | 47 | 18 | |||||||||
Registration and filing fees | 151 | 112 | 87 | |||||||||
Transfer agency fees (See Note 2.H.) | 9 | 18 | 7 | |||||||||
Other | 12 | 35 | 16 | |||||||||
|
|
|
|
|
| |||||||
Total expenses | 4,371 | 8,138 | 2,316 | |||||||||
|
|
|
|
|
| |||||||
Less fees waived | (1,248 | ) | (4,161 | ) | (697 | ) | ||||||
Less expense reimbursements | (105 | ) | (4 | ) | — | |||||||
|
|
|
|
|
| |||||||
Net expenses | 3,018 | 3,973 | 1,619 | |||||||||
|
|
|
|
|
| |||||||
Net investment income (loss) | 14,687 | 28,092 | 5,467 | |||||||||
|
|
|
|
|
| |||||||
REALIZED/UNREALIZED GAINS (LOSSES): | ||||||||||||
Net realized gain (loss) on transactions from: |
| |||||||||||
Investments in non-affiliates | (3,562 | ) | 1,210 | (46 | ) | |||||||
Investments in affiliates | (2 | ) | (19 | ) | (4 | ) | ||||||
|
|
|
|
|
| |||||||
Net realized gain (loss) | (3,564 | ) | 1,191 | (50 | ) | |||||||
|
|
|
|
|
| |||||||
Distributions of capital gains received from investment company affiliates | — | (a) | — | (a) | — | (a) | ||||||
Change in net unrealized appreciation/depreciation on: |
| |||||||||||
Investments in non-affiliates | (15,351 | ) | (16,504 | ) | (2,574 | ) | ||||||
Investments in affiliates | — | (a) | 6 | 2 | ||||||||
|
|
|
|
|
| |||||||
Change in net unrealized appreciation/depreciation | (15,351 | ) | (16,498 | ) | (2,572 | ) | ||||||
|
|
|
|
|
| |||||||
Net realized/unrealized gains (losses) | (18,915 | ) | (15,307 | ) | (2,622 | ) | ||||||
|
|
|
|
|
| |||||||
Change in net assets resulting from operations | $ | (4,228 | ) | $ | 12,785 | $ | 2,845 | |||||
|
|
|
|
|
|
(a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
114 | J.P. MORGAN MUNICIPAL BOND FUNDS | FEBRUARY 28, 2021 |
Table of Contents
JPMorgan Tax Free Bond Fund | JPMorgan | |||||||
INVESTMENT INCOME: |
| |||||||
Interest income from non-affiliates | $ | 16,512 | $ | 40,106 | ||||
Dividend income from affiliates | 50 | 711 | ||||||
|
|
|
| |||||
Total investment income | 16,562 | 40,817 | ||||||
|
|
|
| |||||
EXPENSES: |
| |||||||
Investment advisory fees | 1,684 | 7,939 | ||||||
Administration fees | 421 | 3,970 | ||||||
Distribution fees: | ||||||||
Class A | 638 | 382 | ||||||
Class C | 162 | — | ||||||
Service fees: | ||||||||
Class A | 638 | 382 | ||||||
Class C | 54 | — | ||||||
Class I | 419 | 12,849 | ||||||
Custodian and accounting fees | 158 | 482 | ||||||
Interest expense to affiliates | — | (a) | 13 | |||||
Professional fees | 36 | 122 | ||||||
Trustees’ and Chief Compliance Officer’s fees | 27 | 41 | ||||||
Printing and mailing costs | 31 | 43 | ||||||
Registration and filing fees | 124 | 414 | ||||||
Transfer agency fees (See Note 2.H.) | 18 | 34 | ||||||
Other | 19 | 90 | ||||||
|
|
|
| |||||
Total expenses | 4,429 | 26,761 | ||||||
|
|
|
| |||||
Less fees waived | (1,248 | ) | (13,697 | ) | ||||
|
|
|
| |||||
Net expenses | 3,181 | 13,064 | ||||||
|
|
|
| |||||
Net investment income (loss) | 13,381 | 27,753 | ||||||
|
|
|
| |||||
REALIZED/UNREALIZED GAINS (LOSSES): | ||||||||
Net realized gain (loss) on transactions from: |
| |||||||
Investments in non-affiliates | (1,205 | ) | (6,119 | ) | ||||
Investments in affiliates | 7 | (73 | ) | |||||
Futures contracts | (608 | ) | — | |||||
|
|
|
| |||||
Net realized gain (loss) | (1,806 | ) | (6,192 | ) | ||||
|
|
|
| |||||
Distributions of capital gains received from investment company affiliates | — | (a) | — | (a) | ||||
Change in net unrealized appreciation/depreciation on: |
| |||||||
Investments in non-affiliates | (9,755 | ) | (6,193 | ) | ||||
Investments in affiliates | 1 | (9 | ) | |||||
Futures contracts | 312 | — | ||||||
|
|
|
| |||||
Change in net unrealized appreciation/depreciation | (9,442 | ) | (6,202 | ) | ||||
|
|
|
| |||||
Net realized/unrealized gains (losses) | (11,248 | ) | (12,394 | ) | ||||
|
|
|
| |||||
Change in net assets resulting from operations | $ | 2,133 | $ | 15,359 | ||||
|
|
|
|
(a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 115 |
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED
(Amounts in thousands)
JPMorgan High Yield Municipal Fund | JPMorgan Short-Intermediate Municipal Bond Fund | |||||||||||||||
Year Ended February 28, 2021 | Year Ended February 29, 2020 | Year Ended February 28, 2021 | Year Ended February 29, 2020 | |||||||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 14,687 | $ | 9,327 | $ | 28,092 | $ | 30,983 | ||||||||
Net realized gain (loss) | (3,564 | ) | 1,187 | 1,191 | 5,377 | |||||||||||
Distributions of capital gains received from investment company affiliates | — | (a) | — | — | (a) | — | ||||||||||
Change in net unrealized appreciation/depreciation | (15,351 | ) | 28,740 | (16,498 | ) | 49,005 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | (4,228 | ) | 39,254 | 12,785 | 85,365 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Class A | (5,122 | ) | (3,137 | ) | (779 | ) | (652 | ) | ||||||||
Class C | (890 | ) | (644 | ) | (33 | ) | (41 | ) | ||||||||
Class I | (8,504 | ) | (5,749 | ) | (11,441 | ) | (12,180 | ) | ||||||||
Class R6 | (439 | ) | (103 | ) | (14,636 | ) | (18,526 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (14,955 | ) | (9,633 | ) | (26,889 | ) | (31,399 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL TRANSACTIONS: |
| |||||||||||||||
Change in net assets resulting from capital transactions | (25,822 | ) | 346,641 | (43,014 | ) | 129,277 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS: |
| |||||||||||||||
Change in net assets | (45,005 | ) | 376,262 | (57,118 | ) | 183,243 | ||||||||||
Beginning of period | 534,756 | 158,494 | 1,661,367 | 1,478,124 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 489,751 | $ | 534,756 | $ | 1,604,249 | $ | 1,661,367 | ||||||||
|
|
|
|
|
|
|
|
(a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
116 | J.P. MORGAN MUNICIPAL BOND FUNDS | FEBRUARY 28, 2021 |
Table of Contents
JPMorgan Sustainable Municipal Income Fund (formerly known as JPMorgan Municipal Income Fund) | JPMorgan Tax Free Bond Fund | |||||||||||||||
Year Ended February 28, 2021 | Year Ended February 29, 2020 | Year Ended February 28, 2021 | Year Ended February 29, 2020 | |||||||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 5,467 | $ | 5,026 | $ | 13,381 | $ | 12,273 | ||||||||
Net realized gain (loss) | (50 | ) | (362 | ) | (1,806 | ) | (522 | ) | ||||||||
Distributions of capital gains received from investment company affiliates | — | (a) | — | — | (a) | — | ||||||||||
Change in net unrealized appreciation/depreciation | (2,572 | ) | 11,661 | (9,442 | ) | 33,879 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | 2,845 | 16,325 | 2,133 | 45,630 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Class A | (1,927 | ) | (1,506 | ) | (5,779 | ) | (4,479 | ) | ||||||||
Class C | (125 | ) | (188 | ) | (357 | ) | (558 | ) | ||||||||
Class I | (2,091 | ) | (2,040 | ) | (4,166 | ) | (4,385 | ) | ||||||||
Class R6 | (1,289 | ) | (1,287 | ) | (2,984 | ) | (2,816 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (5,432 | ) | (5,021 | ) | (13,286 | ) | (12,238 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL TRANSACTIONS: |
| |||||||||||||||
Change in net assets resulting from capital transactions | 26,239 | 75,558 | 88,555 | 135,787 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS: |
| |||||||||||||||
Change in net assets | 23,652 | 86,862 | 77,402 | 169,179 | ||||||||||||
Beginning of period | 285,420 | 198,558 | 551,778 | 382,599 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 309,072 | $ | 285,420 | $ | 629,180 | $ | 551,778 | ||||||||
|
|
|
|
|
|
|
|
(a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 117 |
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
JPMorgan Ultra-Short Municipal Fund | ||||||||
Year Ended February 28, 2021 | Year Ended February 29, 2020 | |||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: |
| |||||||
Net investment income (loss) | $ | 27,753 | $ | 47,954 | ||||
Net realized gain (loss) | (6,192 | ) | (635 | ) | ||||
Distributions of capital gains received from investment company affiliates | — | (a) | — | |||||
Change in net unrealized appreciation/depreciation | (6,202 | ) | 17,937 | |||||
|
|
|
| |||||
Change in net assets resulting from operations | 15,359 | 65,256 | ||||||
|
|
|
| |||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Class A | (512 | ) | (694 | ) | ||||
Class I | (26,593 | ) | (47,204 | ) | ||||
|
|
|
| |||||
Total distributions to shareholders | (27,105 | ) | (47,898 | ) | ||||
|
|
|
| |||||
CAPITAL TRANSACTIONS: |
| |||||||
Change in net assets resulting from capital transactions | 2,664,857 | 1,051,707 | ||||||
|
|
|
| |||||
NET ASSETS: |
| |||||||
Change in net assets | 2,653,111 | 1,069,065 | ||||||
Beginning of period | 4,157,511 | 3,088,446 | ||||||
|
|
|
| |||||
End of period | $ | 6,810,622 | $ | 4,157,511 | ||||
|
|
|
|
(a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
118 | J.P. MORGAN MUNICIPAL BOND FUNDS | FEBRUARY 28, 2021 |
Table of Contents
JPMorgan High Yield Municipal Fund | JPMorgan Short-Intermediate Municipal Bond Fund | |||||||||||||||
Year Ended February 28, 2021 | Year Ended February 29, 2020 | Year Ended February 28, 2021 | Year Ended February 29, 2020 | |||||||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Class A | ||||||||||||||||
Proceeds from shares issued | $ | 56,724 | $ | 157,088 | $ | 60,770 | $ | 32,090 | ||||||||
Distributions reinvested | 5,048 | 3,085 | 771 | 648 | ||||||||||||
Cost of shares redeemed | (68,231 | ) | (18,889 | ) | (33,469 | ) | (14,332 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class A capital transactions | (6,459 | ) | 141,284 | 28,072 | 18,406 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class C | ||||||||||||||||
Proceeds from shares issued | 11,663 | 22,062 | 3,057 | 2,099 | ||||||||||||
Distributions reinvested | 877 | 619 | 31 | 34 | ||||||||||||
Cost of shares redeemed | (16,305 | ) | (5,415 | ) | (2,785 | ) | (2,564 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class C capital transactions | (3,765 | ) | 17,266 | 303 | (431 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Class I | ||||||||||||||||
Proceeds from shares issued | 164,748 | 221,490 | 569,979 | 310,487 | ||||||||||||
Distributions reinvested | 8,426 | 5,733 | 11,270 | 11,873 | ||||||||||||
Cost of shares redeemed | (203,574 | ) | (43,564 | ) | (386,079 | ) | (275,025 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class I capital transactions | (30,400 | ) | 183,659 | 195,170 | 47,335 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R6 | ||||||||||||||||
Proceeds from shares issued | 17,390 | 5,577 | 255,400 | 300,185 | ||||||||||||
Distributions reinvested | 439 | 102 | 14,404 | 18,420 | ||||||||||||
Cost of shares redeemed | (3,027 | ) | (1,247 | ) | (536,363 | ) | (254,638 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R6 capital transactions | 14,802 | 4,432 | (266,559 | ) | 63,967 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total change in net assets resulting from capital transactions | $ | (25,822 | ) | $ | 346,641 | $ | (43,014 | ) | $ | 129,277 | ||||||
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 119 |
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
JPMorgan High Yield Municipal Fund | JPMorgan Short-Intermediate Municipal Bond Fund | |||||||||||||||
Year Ended February 28, 2021 | Year Ended February 29, 2020 | Year Ended February 28, 2021 | Year Ended February 29, 2020 | |||||||||||||
SHARE TRANSACTIONS: |
| |||||||||||||||
Class A |
| |||||||||||||||
Issued | 5,104 | 13,674 | 5,628 | 3,003 | ||||||||||||
Reinvested | 455 | 268 | 71 | 60 | ||||||||||||
Redeemed | (6,266 | ) | (1,633 | ) | (3,106 | ) | (1,341 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class A Shares | (707 | ) | 12,309 | 2,593 | 1,722 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class C |
| |||||||||||||||
Issued | 1,076 | 1,928 | 287 | 194 | ||||||||||||
Reinvested | 79 | 54 | 3 | 3 | ||||||||||||
Redeemed | (1,483 | ) | (473 | ) | (257 | ) | (238 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class C Shares | (328 | ) | 1,509 | 33 | (41 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Class I |
| |||||||||||||||
Issued | 15,171 | 19,345 | 52,415 | 28,928 | ||||||||||||
Reinvested | 761 | 498 | 1,039 | 1,106 | ||||||||||||
Redeemed | (18,464 | ) | (3,786 | ) | (35,675 | ) | (25,587 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class I Shares | (2,532 | ) | 16,057 | 17,779 | 4,447 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R6 |
| |||||||||||||||
Issued | 1,568 | 485 | 23,492 | 27,999 | ||||||||||||
Reinvested | 39 | 9 | 1,330 | 1,717 | ||||||||||||
Redeemed | (274 | ) | (109 | ) | (49,385 | ) | (23,752 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R6 Shares | 1,333 | 385 | (24,563 | ) | 5,964 | |||||||||||
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
120 | J.P. MORGAN MUNICIPAL BOND FUNDS | FEBRUARY 28, 2021 |
Table of Contents
JPMorgan Sustainable Municipal Income Fund (formerly known as JPMorgan Municipal Income Fund) | JPMorgan Tax Free Bond Fund | |||||||||||||||
Year Ended February 28, 2021 | Year Ended February 29, 2020 | Year Ended February 28, 2021 | Year Ended February 29, 2020 | |||||||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Class A | ||||||||||||||||
Proceeds from shares issued | $ | 47,636 | $ | 44,590 | $ | 135,267 | $ | 122,167 | ||||||||
Distributions reinvested | 1,899 | 1,476 | 5,656 | 4,347 | ||||||||||||
Cost of shares redeemed | (20,025 | ) | (12,912 | ) | (66,686 | ) | (40,378 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class A capital transactions | 29,510 | 33,154 | 74,237 | 86,136 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Class C | ||||||||||||||||
Proceeds from shares issued | 2,266 | 4,262 | 3,303 | 6,842 | ||||||||||||
Distributions reinvested | 122 | 176 | 348 | 539 | ||||||||||||
Cost of shares redeemed | (5,965 | ) | (5,022 | ) | (13,493 | ) | (10,107 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class C capital transactions | (3,577 | ) | (584 | ) | (9,842 | ) | (2,726 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class I | ||||||||||||||||
Proceeds from shares issued | 46,166 | 49,981 | 62,872 | 56,040 | ||||||||||||
Distributions reinvested | 2,043 | 1,971 | 3,783 | 4,060 | ||||||||||||
Cost of shares redeemed | (49,863 | ) | (15,978 | ) | (63,956 | ) | (29,103 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class I capital transactions | (1,654 | ) | 35,974 | 2,699 | 30,997 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R6 | ||||||||||||||||
Proceeds from shares issued | 21,958 | 14,651 | 53,081 | 37,282 | ||||||||||||
Distributions reinvested | 1,273 | 1,269 | 2,981 | 2,816 | ||||||||||||
Cost of shares redeemed | (21,271 | ) | (8,906 | ) | (34,601 | ) | (18,718 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R6 capital transactions | 1,960 | 7,014 | 21,461 | 21,380 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total change in net assets resulting from capital transactions | $ | 26,239 | $ | 75,558 | $ | 88,555 | $ | 135,787 | ||||||||
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 121 |
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
JPMorgan Sustainable Municipal Income Fund (formerly known as JPMorgan Municipal Income Fund) | JPMorgan Tax Free Bond Fund | |||||||||||||||
Year Ended February 28, 2021 | Year Ended February 29, 2020 | Year Ended February 28, 2021 | Year Ended February 29, 2020 | |||||||||||||
SHARE TRANSACTIONS: |
| |||||||||||||||
Class A |
| |||||||||||||||
Issued | 4,791 | 4,540 | 10,911 | 9,980 | ||||||||||||
Reinvested | 191 | 151 | 457 | 355 | ||||||||||||
Redeemed | (2,020 | ) | (1,318 | ) | (5,436 | ) | (3,309 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class A Shares | 2,962 | 3,373 | 5,932 | 7,026 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Class C |
| |||||||||||||||
Issued | 231 | 441 | 270 | 565 | ||||||||||||
Reinvested | 12 | 18 | 28 | 45 | ||||||||||||
Redeemed | (610 | ) | (518 | ) | (1,108 | ) | (835 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class C Shares | (367 | ) | (59 | ) | (810 | ) | (225 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class I |
| |||||||||||||||
Issued | 4,691 | 5,130 | 5,111 | 4,611 | ||||||||||||
Reinvested | 207 | 202 | 308 | 334 | ||||||||||||
Redeemed | (5,135 | ) | (1,639 | ) | (5,317 | ) | (2,400 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class I Shares | (237 | ) | 3,693 | 102 | 2,545 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R6 |
| |||||||||||||||
Issued | 2,208 | 1,508 | 4,304 | 3,067 | ||||||||||||
Reinvested | 129 | 131 | 242 | 231 | ||||||||||||
Redeemed | (2,149 | ) | (920 | ) | (2,866 | ) | (1,547 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R6 Shares | 188 | 719 | 1,680 | 1,751 | ||||||||||||
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
122 | J.P. MORGAN MUNICIPAL BOND FUNDS | FEBRUARY 28, 2021 |
Table of Contents
JPMorgan Ultra-Short Municipal Fund | ||||||||
Year Ended February 28, 2021 | Year Ended February 29, 2020 | |||||||
CAPITAL TRANSACTIONS: | ||||||||
Class A | ||||||||
Proceeds from shares issued | $ | 246,999 | $ | 117,084 | ||||
Distributions reinvested | 512 | 694 | ||||||
Cost of shares redeemed | (210,001 | ) | (78,616 | ) | ||||
|
|
|
| |||||
Change in net assets resulting from Class A capital transactions | 37,510 | 39,162 | ||||||
|
|
|
| |||||
Class I | ||||||||
Proceeds from shares issued | 8,428,561 | 3,458,713 | ||||||
Distributions reinvested | 26,591 | 47,013 | ||||||
Cost of shares redeemed | (5,827,805 | ) | (2,493,181 | ) | ||||
|
|
|
| |||||
Change in net assets resulting from Class I capital transactions | 2,627,347 | 1,012,545 | ||||||
|
|
|
| |||||
Total change in net assets resulting from capital transactions | $ | 2,664,857 | $ | 1,051,707 | ||||
|
|
|
| |||||
SHARE TRANSACTIONS: |
| |||||||
Class A |
| |||||||
Issued | 24,565 | 11,622 | ||||||
Reinvested | 51 | 69 | ||||||
Redeemed | (20,899 | ) | (7,822 | ) | ||||
|
|
|
| |||||
Change in Class A Shares | 3,717 | 3,869 | ||||||
|
|
|
| |||||
Class I |
| |||||||
Issued | 837,628 | 344,011 | ||||||
Reinvested | 2,647 | 4,680 | ||||||
Redeemed | (579,918 | ) | (248,088 | ) | ||||
|
|
|
| |||||
Change in Class I Shares | 260,357 | 100,603 | ||||||
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 123 |
Table of Contents
FOR THE PERIODS INDICATED
Per share operating performance | ||||||||||||||||||||||||||||
Investment operations | Distributions | |||||||||||||||||||||||||||
Net asset value, beginning of period | Net investment income (loss) (b) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net investment income | Net realized gain | Total distributions | ||||||||||||||||||||||
JPMorgan High Yield Municipal Fund |
| |||||||||||||||||||||||||||
Class A |
| |||||||||||||||||||||||||||
Year Ended February 28, 2021 | $ | 11.93 | $ | 0.33 | $ | (0.42 | ) | $ | (0.09 | ) | $ | (0.33 | ) | $ | (0.01 | ) | $ | (0.34 | ) | |||||||||
Year Ended February 29, 2020 | 10.88 | 0.32 | 1.05 | 1.37 | (0.31 | ) | (0.01 | ) | (0.32 | ) | ||||||||||||||||||
Year Ended February 28, 2019 | 10.78 | 0.36 | 0.09 | 0.45 | (0.35 | ) | — | (0.35 | ) | |||||||||||||||||||
Year Ended February 28, 2018 | 10.82 | 0.28 | (0.04 | ) | 0.24 | (0.28 | ) | — | (0.28 | ) | ||||||||||||||||||
Year Ended February 28, 2017 | 10.99 | 0.29 | (0.17 | ) | 0.12 | (0.29 | ) | — | (0.29 | ) | ||||||||||||||||||
Class C |
| |||||||||||||||||||||||||||
Year Ended February 28, 2021 | 11.90 | 0.28 | (0.43 | ) | (0.15 | ) | (0.27 | ) | (0.01 | ) | (0.28 | ) | ||||||||||||||||
Year Ended February 29, 2020 | 10.85 | 0.27 | 1.05 | 1.32 | (0.26 | ) | (0.01 | ) | (0.27 | ) | ||||||||||||||||||
Year Ended February 28, 2019 | 10.76 | 0.30 | 0.09 | 0.39 | (0.30 | ) | — | (0.30 | ) | |||||||||||||||||||
Year Ended February 28, 2018 | 10.80 | 0.22 | (0.03 | ) | 0.19 | (0.23 | ) | — | (0.23 | ) | ||||||||||||||||||
Year Ended February 28, 2017 | 10.97 | 0.23 | (0.17 | ) | 0.06 | (0.23 | ) | — | (0.23 | ) | ||||||||||||||||||
Class I |
| |||||||||||||||||||||||||||
Year Ended February 28, 2021 | 11.93 | 0.34 | (0.42 | ) | (0.08 | ) | (0.34 | ) | (0.01 | ) | (0.35 | ) | ||||||||||||||||
Year Ended February 29, 2020 | 10.87 | 0.34 | 1.06 | 1.40 | (0.33 | ) | (0.01 | ) | (0.34 | ) | ||||||||||||||||||
Year Ended February 28, 2019 | 10.78 | 0.37 | 0.08 | 0.45 | (0.36 | ) | — | (0.36 | ) | |||||||||||||||||||
Year Ended February 28, 2018 | 10.82 | 0.29 | (0.03 | ) | 0.26 | (0.30 | ) | — | (0.30 | ) | ||||||||||||||||||
Year Ended February 28, 2017 | 10.99 | 0.30 | (0.17 | ) | 0.13 | (0.30 | ) | — | (0.30 | ) | ||||||||||||||||||
Class R6 |
| |||||||||||||||||||||||||||
Year Ended February 28, 2021 | 11.93 | 0.36 | (0.43 | ) | (0.07 | ) | (0.35 | ) | (0.01 | ) | (0.36 | ) | ||||||||||||||||
Year Ended February 29, 2020 | 10.87 | 0.35 | 1.06 | 1.41 | (0.34 | ) | (0.01 | ) | (0.35 | ) | ||||||||||||||||||
November 1, 2018 (f) through February 28, 2019 | 10.53 | 0.14 | 0.33 | 0.47 | (0.13 | ) | — | (0.13 | ) |
(a) | Annualized for periods less than one year, unless otherwise noted. |
(b) | Calculated based upon average shares outstanding. |
(c) | Not annualized for periods less than one year. |
(d) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
(e) | Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
(f) | Commencement of offering of class of shares. |
SEE NOTES TO FINANCIAL STATEMENTS.
124 | J.P. MORGAN MUNICIPAL BOND FUNDS | FEBRUARY 28, 2021 |
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| Ratios/Supplemental data | |||||||||||||||||||||||||
Ratios to average net assets (a) | ||||||||||||||||||||||||||
Net asset value, end of period | Total return (excludes sales charge) (c)(d) | Net assets, end of period (000’s) | Net expenses (e) | Net investment income (loss) | Expenses without waivers, reimbursements and earnings credits | Portfolio turnover rate (c) | ||||||||||||||||||||
$ | 11.50 | (0.61 | )% | $ | 179,459 | 0.65 | % | 2.99 | % | 1.02 | % | 39 | % | |||||||||||||
11.93 | 12.81 | 194,623 | 0.64 | 2.80 | 1.06 | 18 | ||||||||||||||||||||
10.88 | 4.28 | 43,565 | 0.64 | 3.32 | 1.22 | 130 | ||||||||||||||||||||
10.78 | 2.25 | 35,071 | 0.64 | 2.56 | 1.20 | 17 | ||||||||||||||||||||
10.82 | 1.07 | 43,639 | 0.64 | 2.59 | 1.23 | 16 | ||||||||||||||||||||
11.47 | (1.11 | ) | 32,499 | 1.14 | 2.50 | 1.51 | 39 | |||||||||||||||||||
11.90 | 12.29 | 37,623 | 1.14 | 2.34 | 1.57 | 18 | ||||||||||||||||||||
10.85 | 3.67 | 17,929 | 1.14 | 2.82 | 1.71 | 130 | ||||||||||||||||||||
10.76 | 1.74 | 18,675 | 1.14 | 2.06 | 1.70 | 17 | ||||||||||||||||||||
10.80 | 0.58 | 20,864 | 1.14 | 2.09 | 1.73 | 16 | ||||||||||||||||||||
11.50 | (0.51 | ) | 256,624 | 0.55 | 3.09 | 0.76 | 39 | |||||||||||||||||||
11.93 | 13.02 | 296,450 | 0.54 | 2.92 | 0.81 | 18 | ||||||||||||||||||||
10.87 | 4.29 | 95,662 | 0.54 | 3.45 | 0.97 | 130 | ||||||||||||||||||||
10.78 | 2.36 | 51,274 | 0.54 | 2.66 | 0.95 | 17 | ||||||||||||||||||||
10.82 | 1.17 | 35,502 | 0.54 | 2.68 | 0.97 | 16 | ||||||||||||||||||||
11.50 | (0.41 | ) | 21,169 | 0.45 | 3.16 | 0.51 | 39 | |||||||||||||||||||
11.93 | 13.12 | 6,060 | 0.44 | 3.01 | 0.56 | 18 | ||||||||||||||||||||
10.87 | 4.46 | 1,338 | 0.39 | 4.09 | 1.23 | 130 |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 125 |
Table of Contents
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
Per share operating performance | ||||||||||||||||||||||||||||
Investment operations | Distributions | |||||||||||||||||||||||||||
Net asset value, beginning of period | Net investment income (loss) (b) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net investment income | Net realized gain | Total distributions | ||||||||||||||||||||||
JPMorgan Short-Intermediate Municipal Bond Fund |
| |||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||
Year Ended February 28, 2021 | $ | 10.86 | $ | 0.13 | $ | (0.08 | ) | $ | 0.05 | $ | (0.13 | ) | $ | — | $ | (0.13 | ) | |||||||||||
Year Ended February 29, 2020 | 10.49 | 0.16 | 0.37 | 0.53 | (0.16 | ) | — | (0.16 | ) | |||||||||||||||||||
Year Ended February 28, 2019 | 10.39 | 0.16 | 0.10 | 0.26 | (0.16 | ) | — | (0.16 | ) | |||||||||||||||||||
Year Ended February 28, 2018 | 10.48 | 0.12 | (0.09 | ) | 0.03 | (0.12 | ) | — | (0.12 | ) | ||||||||||||||||||
Year Ended February 28, 2017 | 10.71 | 0.10 | (0.17 | ) | (0.07 | ) | (0.10 | ) | (0.06 | ) | (0.16 | ) | ||||||||||||||||
Class C |
| |||||||||||||||||||||||||||
Year Ended February 28, 2021 | 10.96 | 0.08 | (0.09 | ) | (0.01 | ) | (0.07 | ) | — | (0.07 | ) | |||||||||||||||||
Year Ended February 29, 2020 | 10.59 | 0.11 | 0.37 | 0.48 | (0.11 | ) | — | (0.11 | ) | |||||||||||||||||||
Year Ended February 28, 2019 | 10.48 | 0.11 | 0.11 | 0.22 | (0.11 | ) | — | (0.11 | ) | |||||||||||||||||||
Year Ended February 28, 2018 | 10.56 | 0.06 | (0.08 | ) | (0.02 | ) | (0.06 | ) | — | (0.06 | ) | |||||||||||||||||
Year Ended February 28, 2017 | 10.80 | 0.04 | (0.17 | ) | (0.13 | ) | (0.05 | ) | (0.06 | ) | (0.11 | ) | ||||||||||||||||
Class I |
| |||||||||||||||||||||||||||
Year Ended February 28, 2021 | 10.92 | 0.18 | (0.09 | ) | 0.09 | (0.17 | ) | — | (0.17 | ) | ||||||||||||||||||
Year Ended February 29, 2020 | 10.55 | 0.21 | 0.37 | 0.58 | (0.21 | ) | — | (0.21 | ) | |||||||||||||||||||
Year Ended February 28, 2019 | 10.44 | 0.21 | 0.11 | 0.32 | (0.21 | ) | — | (0.21 | ) | |||||||||||||||||||
Year Ended February 28, 2018 | 10.53 | 0.16 | (0.09 | ) | 0.07 | (0.16 | ) | — | (0.16 | ) | ||||||||||||||||||
Year Ended February 28, 2017 | 10.76 | 0.15 | (0.17 | ) | (0.02 | ) | (0.15 | ) | (0.06 | ) | (0.21 | ) | ||||||||||||||||
Class R6 |
| |||||||||||||||||||||||||||
Year Ended February 28, 2021 | 10.91 | 0.19 | (0.09 | ) | 0.10 | (0.18 | ) | — | (0.18 | ) | ||||||||||||||||||
Year Ended February 29, 2020 | 10.54 | 0.21 | 0.38 | 0.59 | (0.22 | ) | — | (0.22 | ) | |||||||||||||||||||
October 1, 2018 (f) through February 28, 2019 | 10.39 | 0.09 | 0.15 | 0.24 | (0.09 | ) | — | (0.09 | ) |
(a) | Annualized for periods less than one year, unless otherwise noted. |
(b) | Calculated based upon average shares outstanding. |
(c) | Not annualized for periods less than one year. |
(d) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
(e) | Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
(f) | Commencement of offering of class of shares. |
SEE NOTES TO FINANCIAL STATEMENTS.
126 | J.P. MORGAN MUNICIPAL BOND FUNDS | FEBRUARY 28, 2021 |
Table of Contents
| Ratios/Supplemental data | |||||||||||||||||||||||||
Ratios to average net assets (a) | ||||||||||||||||||||||||||
Net asset value, end of period | Total return (excludes sales charge) (c)(d) | Net assets, end of period (000’s) | Net expenses (e) | Net investment income (loss) | Expenses without waivers, reimbursements and earnings credits | Portfolio turnover rate (c) | ||||||||||||||||||||
$ | 10.78 | 0.43 | % | $ | 80,956 | 0.69 | % | 1.20 | % | 0.86 | % | 21 | % | |||||||||||||
10.86 | 5.12 | 53,408 | 0.70 | 1.48 | 0.86 | 24 | ||||||||||||||||||||
10.49 | 2.55 | 33,554 | 0.70 | 1.54 | 0.86 | 42 | ||||||||||||||||||||
10.39 | 0.26 | 32,373 | 0.69 | 1.10 | 0.86 | 73 | ||||||||||||||||||||
10.48 | (0.69 | ) | 30,535 | 0.73 | 0.91 | 0.88 | 31 | |||||||||||||||||||
10.88 | (0.09 | ) | 4,626 | 1.19 | 0.72 | 1.36 | 21 | |||||||||||||||||||
10.96 | 4.52 | 4,303 | 1.20 | 0.99 | 1.36 | 24 | ||||||||||||||||||||
10.59 | 2.10 | 4,590 | 1.20 | 1.03 | 1.38 | 42 | ||||||||||||||||||||
10.48 | (0.19 | ) | 6,406 | 1.19 | 0.56 | 1.37 | 73 | |||||||||||||||||||
10.56 | (1.27 | ) | 14,013 | 1.23 | 0.41 | 1.40 | 31 | |||||||||||||||||||
10.84 | 0.87 | 829,847 | 0.24 | 1.66 | 0.60 | 21 | ||||||||||||||||||||
10.92 | 5.56 | 641,836 | 0.24 | 1.94 | 0.61 | 24 | ||||||||||||||||||||
10.55 | 3.09 | 573,350 | 0.25 | 1.97 | 0.61 | 42 | ||||||||||||||||||||
10.44 | 0.70 | 1,680,807 | 0.24 | 1.53 | 0.60 | 73 | ||||||||||||||||||||
10.53 | (0.20 | ) | 1,887,149 | 0.25 | 1.40 | 0.48 | 31 | |||||||||||||||||||
10.83 | 0.92 | 688,820 | 0.19 | 1.72 | 0.35 | 21 | ||||||||||||||||||||
10.91 | 5.61 | 961,820 | 0.19 | 1.99 | 0.36 | 24 | ||||||||||||||||||||
10.54 | 2.31 | 866,630 | 0.19 | 2.19 | 0.37 | 42 |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 127 |
Table of Contents
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
Per share operating performance | ||||||||||||||||||||||||||||
Investment operations | Distributions | |||||||||||||||||||||||||||
Net asset value, beginning of period | Net investment income (loss) (b) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net investment income | Net realized gain | Total distributions | ||||||||||||||||||||||
JPMorgan Sustainable Municipal Income Fund (formerly known as JPMorgan Municipal Income Fund) |
| |||||||||||||||||||||||||||
Class A |
| |||||||||||||||||||||||||||
Year Ended February 28, 2021 | $ | 10.02 | $ | 0.17 | $ | (0.06 | ) | $ | 0.11 | $ | (0.17 | ) | $ | — | $ | (0.17 | ) | |||||||||||
Year Ended February 29, 2020 | 9.55 | 0.20 | 0.47 | 0.67 | (0.20 | ) | — | (0.20 | ) | |||||||||||||||||||
Year Ended February 28, 2019 | 9.52 | 0.21 | 0.08 | 0.29 | (0.21 | ) | (0.05 | ) | (0.26 | ) | ||||||||||||||||||
Year Ended February 28, 2018 | 9.70 | 0.23 | (f) | (0.11 | ) | 0.12 | (0.23 | ) | (0.07 | ) | (0.30 | ) | ||||||||||||||||
Year Ended February 28, 2017 | 10.10 | 0.24 | (0.28 | ) | (0.04 | ) | (0.24 | ) | (0.12 | ) | (0.36 | ) | ||||||||||||||||
Class C |
| |||||||||||||||||||||||||||
Year Ended February 28, 2021 | 9.92 | 0.11 | (0.06 | ) | 0.05 | (0.11 | ) | — | (0.11 | ) | ||||||||||||||||||
Year Ended February 29, 2020 | 9.45 | 0.14 | 0.47 | 0.61 | (0.14 | ) | — | (0.14 | ) | |||||||||||||||||||
Year Ended February 28, 2019 | 9.42 | 0.16 | 0.08 | 0.24 | (0.16 | ) | (0.05 | ) | (0.21 | ) | ||||||||||||||||||
Year Ended February 28, 2018 | 9.61 | 0.17 | (f) | (0.12 | ) | 0.05 | (0.17 | ) | (0.07 | ) | (0.24 | ) | ||||||||||||||||
Year Ended February 28, 2017 | 10.00 | 0.18 | (0.26 | ) | (0.08 | ) | (0.19 | ) | (0.12 | ) | (0.31 | ) | ||||||||||||||||
Class I |
| |||||||||||||||||||||||||||
Year Ended February 28, 2021 | 9.95 | 0.19 | (0.07 | ) | 0.12 | (0.19 | ) | — | (0.19 | ) | ||||||||||||||||||
Year Ended February 29, 2020 | 9.48 | 0.22 | 0.47 | 0.69 | (0.22 | ) | — | (0.22 | ) | |||||||||||||||||||
Year Ended February 28, 2019 | 9.45 | 0.24 | 0.08 | 0.32 | (0.24 | ) | (0.05 | ) | (0.29 | ) | ||||||||||||||||||
Year Ended February 28, 2018 | 9.63 | 0.25 | (f) | (0.11 | ) | 0.14 | (0.25 | ) | (0.07 | ) | (0.32 | ) | ||||||||||||||||
Year Ended February 28, 2017 | 10.03 | 0.26 | (0.27 | ) | (0.01 | ) | (0.27 | ) | (0.12 | ) | (0.39 | ) | ||||||||||||||||
Class R6 |
| |||||||||||||||||||||||||||
Year Ended February 28, 2021 | 9.94 | 0.20 | (0.06 | ) | 0.14 | (0.20 | ) | — | (0.20 | ) | ||||||||||||||||||
Year Ended February 29, 2020 | 9.48 | 0.23 | 0.46 | 0.69 | (0.23 | ) | — | (0.23 | ) | |||||||||||||||||||
Year Ended February 28, 2019 | 9.45 | 0.25 | 0.08 | 0.33 | (0.25 | ) | (0.05 | ) | (0.30 | ) | ||||||||||||||||||
November 6, 2017 (g) through February 28, 2018 | 9.74 | 0.08 | (f) | (0.21 | ) | (0.13 | ) | (0.09 | ) | (0.07 | ) | (0.16 | ) |
(a) | Annualized for periods less than one year, unless otherwise noted. |
(b) | Calculated based upon average shares outstanding. |
(c) | Not annualized for periods less than one year. |
(d) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
(e) | Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
(f) | Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes. |
(g) | Commencement of offering of class of shares. |
SEE NOTES TO FINANCIAL STATEMENTS.
128 | J.P. MORGAN MUNICIPAL BOND FUNDS | FEBRUARY 28, 2021 |
Table of Contents
| Ratios/Supplemental data | |||||||||||||||||||||||||
Ratios to average net assets (a) | ||||||||||||||||||||||||||
Net asset value, end of period | Total return (excludes sales charge) (c)(d) | Net assets, end of period (000’s) | Net expenses (e) | Net investment income (loss) | Expenses without waivers, reimbursements and earnings credits | Portfolio turnover rate (c) | ||||||||||||||||||||
$ | 9.96 | 1.09 | % | $ | 125,754 | 0.69 | % | 1.71 | % | 0.96 | % | 22 | % | |||||||||||||
10.02 | 7.04 | 96,844 | 0.70 | 2.02 | 0.99 | 7 | ||||||||||||||||||||
9.55 | 3.15 | 60,078 | 0.70 | 2.26 | 1.01 | 13 | ||||||||||||||||||||
9.52 | 1.16 | 66,258 | 0.69 | 2.33 | (f) | 1.01 | 21 | |||||||||||||||||||
9.70 | (0.40 | ) | 76,684 | 0.77 | 2.39 | 1.00 | 15 | |||||||||||||||||||
9.86 | 0.54 | 9,178 | 1.24 | 1.16 | 1.46 | 22 | ||||||||||||||||||||
9.92 | 6.52 | 12,868 | 1.25 | 1.49 | 1.51 | 7 | ||||||||||||||||||||
9.45 | 2.61 | 12,833 | 1.25 | 1.71 | 1.51 | 13 | ||||||||||||||||||||
9.42 | 0.51 | 15,138 | 1.24 | 1.78 | (f) | 1.51 | 21 | |||||||||||||||||||
9.61 | (0.87 | ) | 17,137 | 1.34 | 1.83 | 1.50 | 15 | |||||||||||||||||||
9.88 | 1.25 | 111,724 | 0.44 | 1.96 | 0.71 | 22 | ||||||||||||||||||||
9.95 | 7.36 | 114,772 | 0.44 | 2.28 | 0.74 | 7 | ||||||||||||||||||||
9.48 | 3.43 | 74,386 | 0.45 | 2.51 | 0.76 | 13 | ||||||||||||||||||||
9.45 | 1.42 | 71,161 | 0.44 | 2.57 | (f) | 0.74 | 21 | |||||||||||||||||||
9.63 | (0.16 | ) | 176,990 | 0.53 | 2.64 | 0.72 | 15 | |||||||||||||||||||
9.88 | 1.46 | 62,416 | 0.34 | 2.06 | 0.46 | 22 | ||||||||||||||||||||
9.94 | 7.36 | 60,936 | 0.34 | 2.38 | 0.49 | 7 | ||||||||||||||||||||
9.48 | 3.54 | 51,261 | 0.35 | 2.61 | 0.50 | 13 | ||||||||||||||||||||
9.45 | (1.42 | ) | 64,738 | 0.34 | 2.67 | (f) | 0.57 | 21 |
SEE NOTES TO FINANCIAL STATEMENTS.
FEBRUARY 28, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 129 |
Table of Contents
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
Per share operating performance | ||||||||||||||||||||||||||||
Investment operations | Distributions | |||||||||||||||||||||||||||
Net asset value, beginning of period | Net investment income (loss) (b) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net investment income | Net realized gain | Total distributions | ||||||||||||||||||||||
JPMorgan Tax Free Bond Fund |
| |||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||
Year Ended February 28, 2021 | $ | 12.66 | $ | 0.28 | $ | (0.20 | ) | $ | 0.08 | $ | (0.28 | ) | $ | — | $ | (0.28 | ) | |||||||||||
Year Ended February 29, 2020 | 11.77 | 0.32 | 0.89 | 1.21 | (0.32 | ) | — | (0.32 | ) | |||||||||||||||||||
Year Ended February 28, 2019 | 11.82 | 0.40 | (0.05 | ) | 0.35 | (0.40 | ) | — | (0.40 | ) | ||||||||||||||||||
Year Ended February 28, 2018 | 11.93 | 0.39 | (0.11 | ) | 0.28 | (0.39 | ) | — | (0.39 | ) | ||||||||||||||||||
Year Ended February 28, 2017 | 12.57 | 0.40 | (0.40 | ) | — | (f) | (0.39 | ) | (0.25 | ) | (0.64 | ) | ||||||||||||||||
Class C | ||||||||||||||||||||||||||||
Year Ended February 28, 2021 | 12.55 | 0.21 | (0.21 | ) | — | (f) | (0.20 | ) | — | (0.20 | ) | |||||||||||||||||
Year Ended February 29, 2020 | 11.67 | 0.25 | 0.87 | 1.12 | (0.24 | ) | — | (0.24 | ) | |||||||||||||||||||
Year Ended February 28, 2019 | 11.72 | 0.33 | (0.05 | ) | 0.28 | (0.33 | ) | — | (0.33 | ) | ||||||||||||||||||
Year Ended February 28, 2018 | 11.84 | 0.32 | (0.12 | ) | 0.20 | (0.32 | ) | — | (0.32 | ) | ||||||||||||||||||
Year Ended February 28, 2017 | 12.48 | 0.31 | (0.39 | ) | (0.08 | ) | (0.31 | ) | (0.25 | ) | (0.56 | ) | ||||||||||||||||
Class I | ||||||||||||||||||||||||||||
Year Ended February 28, 2021 | 12.61 | 0.31 | (0.21 | ) | 0.10 | (0.30 | ) | — | (0.30 | ) | ||||||||||||||||||
Year Ended February 29, 2020 | 11.72 | 0.34 | 0.89 | 1.23 | (0.34 | ) | — | (0.34 | ) | |||||||||||||||||||
Year Ended February 28, 2019 | 11.77 | 0.42 | (0.05 | ) | 0.37 | (0.42 | ) | — | (0.42 | ) | ||||||||||||||||||
Year Ended February 28, 2018 | 11.88 | 0.42 | (0.11 | ) | 0.31 | (0.42 | ) | — | (0.42 | ) | ||||||||||||||||||
Year Ended February 28, 2017 | 12.53 | 0.42 | (0.40 | ) | 0.02 | (0.42 | ) | (0.25 | ) | (0.67 | ) | |||||||||||||||||
Class R6 | ||||||||||||||||||||||||||||
Year Ended February 28, 2021 | 12.60 | 0.31 | (0.19 | ) | 0.12 | (0.31 | ) | — | (0.31 | ) | ||||||||||||||||||
Year Ended February 29, 2020 | 11.72 | 0.35 | 0.88 | 1.23 | (0.35 | ) | — | (0.35 | ) | |||||||||||||||||||
October 1, 2018 (g) through February 28, 2019 | 11.61 | 0.17 | 0.11 | 0.28 | (0.17 | ) | — | (0.17 | ) |
(a) | Annualized for periods less than one year, unless otherwise noted. |
(b) | Calculated based upon average shares outstanding. |
(c) | Not annualized for periods less than one year. |
(d) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
(e) | Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
(f) | Amount rounds to less than $0.005. |
(g) | Commencement of offering of class of shares. |
SEE NOTES TO FINANCIAL STATEMENTS.
130 | J.P. MORGAN MUNICIPAL BOND FUNDS | FEBRUARY 28, 2021 |
Table of Contents
| Ratios/Supplemental data | |||||||||||||||||||||||||
Ratios to average net assets (a) | ||||||||||||||||||||||||||
Net asset value, end of period | Total return (excludes sales charge) (c)(d) | Net assets, end of period (000’s) | Net expenses (e) | Net investment income (loss) | Expenses without waivers, reimbursements and earnings credits | Portfolio turnover rate (c) | ||||||||||||||||||||
$ | 12.46 | 0.66 | % | $ | 302,134 | 0.66 | % | 2.28 | % | 0.95 | % | 23 | % | |||||||||||||
12.66 | 10.37 | 231,815 | 0.67 | 2.58 | 0.97 | 31 | ||||||||||||||||||||
11.77 | 3.00 | 132,813 | 0.67 | 3.40 | 1.00 | 53 | ||||||||||||||||||||
11.82 | 2.36 | 130,462 | 0.66 | 3.27 | 0.98 | 39 | ||||||||||||||||||||
11.93 | (0.03 | ) | 148,987 | 0.66 | 3.16 | 1.00 | 73 | |||||||||||||||||||
12.35 | 0.07 | 16,524 | 1.24 | 1.70 | 1.45 | 23 | ||||||||||||||||||||
12.55 | 9.73 | 26,965 | 1.25 | 2.05 | 1.48 | 31 | ||||||||||||||||||||
11.67 | 2.43 | 27,701 | 1.25 | 2.81 | 1.49 | 53 | ||||||||||||||||||||
11.72 | 1.70 | 25,172 | 1.24 | 2.69 | 1.48 | 39 | ||||||||||||||||||||
11.84 | (0.66 | ) | 32,052 | 1.31 | 2.50 | 1.50 | 73 | |||||||||||||||||||
12.41 | 0.88 | 176,073 | 0.45 | 2.50 | 0.70 | 23 | ||||||||||||||||||||
12.61 | 10.66 | 177,584 | 0.45 | 2.82 | 0.72 | 31 | ||||||||||||||||||||
11.72 | 3.24 | 135,295 | 0.45 | 3.61 | 0.74 | 53 | ||||||||||||||||||||
11.77 | 2.60 | 160,391 | 0.44 | 3.49 | 0.72 | 39 | ||||||||||||||||||||
11.88 | 0.09 | 141,356 | 0.47 | 3.34 | 0.74 | 73 | ||||||||||||||||||||
12.41 | 1.01 | 134,449 | 0.40 | 2.55 | 0.45 | 23 | ||||||||||||||||||||
12.60 | 10.63 | 115,414 | 0.40 | 2.87 | 0.47 | 31 | ||||||||||||||||||||
11.72 | 2.44 | 86,790 | 0.40 | 3.61 | 0.51 | 53 |
SEE NOTES TO FINANCIAL STATEMENTS.
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FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
Per share operating performance | ||||||||||||||||||||
Investment operations | Distributions | |||||||||||||||||||
Net asset value, beginning of period | Net investment income (loss) (b) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net investment income | ||||||||||||||||
JPMorgan Ultra-Short Municipal Fund |
| |||||||||||||||||||
Class A |
| |||||||||||||||||||
Year Ended February 28, 2021 | $ | 10.08 | $ | 0.03 | $ | — | (f) | $ | 0.03 | $ | (0.04 | ) | ||||||||
Year Ended February 29, 2020 | 10.03 | 0.12 | 0.06 | 0.18 | (0.13 | ) | ||||||||||||||
Year Ended February 28, 2019 | 10.01 | 0.13 | — | (f) | 0.13 | (0.11 | ) | |||||||||||||
Year Ended February 28, 2018 | 10.02 | 0.07 | (0.02 | ) | 0.05 | (0.06 | ) | |||||||||||||
May 31, 2016 (h) through February 28, 2017 | 10.00 | 0.06 | (0.01 | ) | 0.05 | (0.03 | ) | |||||||||||||
Class I |
| |||||||||||||||||||
Year Ended February 28, 2021 | 10.07 | 0.05 | — | (f) | 0.05 | (0.06 | ) | |||||||||||||
Year Ended February 29, 2020 | 10.02 | 0.14 | 0.05 | 0.19 | (0.14 | ) | ||||||||||||||
Year Ended February 28, 2019 | 10.00 | 0.14 | 0.02 | 0.16 | (0.14 | ) | ||||||||||||||
Year Ended February 28, 2018 | 10.02 | 0.09 | (0.03 | ) | 0.06 | (0.08 | ) | |||||||||||||
May 31, 2016 (h) through February 28, 2017 | 10.00 | 0.06 | — | (f) | 0.06 | (0.04 | ) |
(a) | Annualized for periods less than one year, unless otherwise noted. |
(b) | Calculated based upon average shares outstanding. |
(c) | Not annualized for periods less than one year. |
(d) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
(e) | Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
(f) | Amount rounds to less than $0.005. |
(g) | Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated. |
(h) | Commencement of operations. |
SEE NOTES TO FINANCIAL STATEMENTS.
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| Ratios/Supplemental data | |||||||||||||||||||||||||
Ratios to average net assets (a) | ||||||||||||||||||||||||||
Net asset value, end of period | Total return (excludes sales charge) (c)(d) | Net assets, end of period (000’s) | Net expenses (e) | Net investment income (loss) | Expenses without waivers, reimbursements and earnings credits | Portfolio turnover rate (c) | ||||||||||||||||||||
$ | 10.07 | 0.30 | % | $ | 143,944 | 0.44 | % | 0.35 | % | 0.75 | % | 71 | % | |||||||||||||
10.08 | 1.76 | 106,625 | 0.45 | 1.23 | 0.76 | 48 | ||||||||||||||||||||
10.03 | 1.33 | 67,256 | 0.44 | 1.32 | 0.77 | 50 | ||||||||||||||||||||
10.01 | 0.47 | 772 | 0.44 | (g) | 0.67 | (g) | 0.85 | (g) | 71 | |||||||||||||||||
10.02 | 0.52 | 519 | 0.44 | (g) | 0.81 | (g) | 2.56 | (g) | 80 | |||||||||||||||||
10.06 | 0.51 | 6,666,678 | 0.24 | 0.53 | 0.50 | 71 | ||||||||||||||||||||
10.07 | 1.96 | 4,050,886 | 0.25 | 1.43 | 0.50 | 48 | ||||||||||||||||||||
10.02 | 1.60 | 3,021,190 | 0.24 | 1.42 | 0.52 | 50 | ||||||||||||||||||||
10.00 | 0.63 | 2,064,297 | 0.24 | (g) | 0.90 | (g) | 0.56 | (g) | 71 | |||||||||||||||||
10.02 | 0.65 | 31,656 | 0.27 | (g) | 0.74 | (g) | 2.00 | (g) | 80 |
SEE NOTES TO FINANCIAL STATEMENTS.
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AS OF FEBRUARY 28, 2021
(Dollar values in thousands)
1. Organization
JPMorgan Trust I (“JPM I”), JPMorgan Trust II (“JPM II”) and JPMorgan Trust IV (“JPM IV”) (collectively, the “Trusts”) were formed on November 12, 2004 for JPM I and JPM II and November 11, 2015 for JPM IV, as Delaware statutory trusts, pursuant to Declarations of Trust dated November 5, 2004 and November 11, 2015, respectively, and are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as open-end management investment companies.
The following are 5 separate funds of the Trusts (each, a “Fund” and collectively, the “Funds”) covered by this report:
Classes Offered | Trust | Diversification Classification | ||||
JPMorgan High Yield Municipal Fund | Class A, Class C, Class I and Class R6 | JPM I | Diversified | |||
JPMorgan Short-Intermediate Municipal Bond Fund | Class A, Class C, Class I and Class R6 | JPM II | Diversified | |||
JPMorgan Sustainable Municipal Income Fund(1) | Class A, Class C, Class I and Class R6 | JPM II | Diversified | |||
JPMorgan Tax Free Bond Fund | Class A, Class C, Class I and Class R6 | JPM II | Diversified | |||
JPMorgan Ultra-Short Municipal Fund | Class A and Class I | JPM IV | Diversified |
(1) | Effective September 15, 2020, JPMorgan Municipal Income Fund changed its name to JPMorgan Sustainable Municipal Income Fund. |
The investment objective of JPMorgan High Yield Municipal Fund (“High Yield Municipal Fund”) is to seek a high level of current income exempt from federal income taxes.
The investment objective of JPMorgan Sustainable Municipal Income Fund (“Sustainable Municipal Income Fund”) is to seek current income exempt from federal income taxes.
The investment objective of JPMorgan Short-Intermediate Municipal Bond Fund (“Short-Intermediate Bond Fund”), JPMorgan Tax Free Bond Fund (“Tax Free Bond Fund”) and JPMorgan Ultra-Short Municipal Fund (“Ultra-Short Municipal Fund”) is to seek as high a level of current income exempt from federal income tax as is consistent with relative stability of principal.
Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge (“CDSC”). No sales charges are assessed with respect to Class I and Class R6 Shares. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Funds’ prospectus. Effective October 1, 2020, Class C Shares automatically convert to Class A Shares after eight years. Prior to October 1, 2020, Class C Shares automatically converted to Class A Shares after ten years. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements.
J.P. Morgan Investment Management Inc. (“JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), acts as Adviser (the “Adviser”) and Administrator (the “Administrator”) to the Funds.
2. Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
A. Valuation of Investments — Investments are valued in accordance with GAAP and the Funds’ valuation policies set forth by, and under the supervision and responsibility of, the Boards of Trustees of the Trusts (the “Boards”), 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 Boards.
The Administrator has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Boards with the oversight and monitoring of the valuation of the Funds’ investments. The Administrator implements the valuation policies of the Funds’ investments, as directed by the Boards. The AVC oversees and carries out the policies for the valuation of investments held in the Funds. 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 Boards.
A market-based approach is primarily used to value the Funds’ 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 Boards. 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
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may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material.
Fixed income instruments are valued based on prices received from Pricing Services. The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.
Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Funds are calculated on a valuation date.
Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.
Futures contracts are generally valued on the basis of available market quotations.
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 Funds’ 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 Funds’ 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 tables represent each valuation input as presented on the Schedules of Portfolio Investments (“SOIs”):
High Yield Municipal Fund
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Investments in Securities | ||||||||||||||||
Collateralized Mortgage Obligations | $ | — | $ | — | $ | — | (a) | $ | — | (a) | ||||||
Municipal Bonds | — | 495,904 | — | 495,904 | ||||||||||||
Short-Term Investments | ||||||||||||||||
Investment Companies | 5,698 | — | — | 5,698 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 5,698 | $ | 495,904 | $ | — | (a) | $ | 501,602 | |||||||
|
|
|
|
|
|
|
|
Short-Intermediate Municipal Bond Fund
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Investments in Securities | ||||||||||||||||
Collateralized Mortgage Obligations | $ | — | $ | 96 | $ | — | $ | 96 | ||||||||
Municipal Bonds | — | 1,582,506 | — | 1,582,506 | ||||||||||||
Short-Term Investments | ||||||||||||||||
Investment Companies | 7,161 | — | — | 7,161 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 7,161 | $ | 1,582,602 | $ | — | $ | 1,589,763 | ||||||||
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|
|
|
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NOTES TO FINANCIAL STATEMENTS
AS OF FEBRUARY 28, 2021 (continued)
(Dollar values in thousands)
Sustainable Municipal Income Fund
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Investments in Securities | ||||||||||||||||
Municipal Bonds |
| |||||||||||||||
Alabama | $ | — | $ | 1,299 | $ | — | $ | 1,299 | ||||||||
Alaska | — | 588 | — | 588 | ||||||||||||
Arizona | — | 6,810 | — | 6,810 | ||||||||||||
California | — | 16,543 | — | 16,543 | ||||||||||||
Colorado | — | 10,821 | — | (b) | 10,821 | |||||||||||
Connecticut | — | 7,546 | — | 7,546 | ||||||||||||
Delaware | — | 2,738 | — | 2,738 | ||||||||||||
District of Columbia | — | 9,373 | — | 9,373 | ||||||||||||
Florida | — | 26,464 | — | 26,464 | ||||||||||||
Georgia | — | 3,799 | — | 3,799 | ||||||||||||
Guam | — | 751 | — | 751 | ||||||||||||
Illinois | — | 10,001 | — | 10,001 | ||||||||||||
Indiana | — | 10,325 | — | 10,325 | ||||||||||||
Iowa | — | 3,788 | — | 3,788 | ||||||||||||
Louisiana | — | 844 | — | 844 | ||||||||||||
Maine | — | 2,335 | — | 2,335 | ||||||||||||
Maryland | — | 3,462 | — | 3,462 | ||||||||||||
Massachusetts | — | 20,275 | — | 20,275 | ||||||||||||
Michigan | — | 3,235 | — | 3,235 | ||||||||||||
Minnesota | — | 7,393 | — | 7,393 | ||||||||||||
Mississippi | — | 1,506 | — | 1,506 | ||||||||||||
Missouri | — | 4,383 | — | 4,383 | ||||||||||||
Nebraska | — | 1,966 | — | 1,966 | ||||||||||||
Nevada | — | 1,410 | — | 1,410 | ||||||||||||
New Hampshire | — | 7,328 | — | 7,328 | ||||||||||||
New Jersey | — | 13,202 | — | 13,202 | ||||||||||||
New Mexico | — | 1,257 | — | 1,257 | ||||||||||||
New York | — | 17,249 | — | 17,249 | ||||||||||||
North Carolina | — | 3,529 | — | 3,529 | ||||||||||||
North Dakota | — | 2,342 | — | 2,342 | ||||||||||||
Ohio | — | 14,666 | — | 14,666 | ||||||||||||
Oklahoma | — | 201 | — | 201 | ||||||||||||
Oregon | — | 66 | — | 66 | ||||||||||||
Other | — | 946 | — | 946 | ||||||||||||
Pennsylvania | — | 18,486 | — | 18,486 | ||||||||||||
South Carolina | — | 2,095 | — | 2,095 | ||||||||||||
South Dakota | — | 3,047 | — | 3,047 | ||||||||||||
Tennessee | — | 3,793 | — | 3,793 | ||||||||||||
Texas | — | 19,821 | — | 19,821 | ||||||||||||
Utah | — | 8,304 | — | 8,304 | ||||||||||||
Vermont | — | 5,993 | — | 5,993 | ||||||||||||
Virginia | — | 1,086 | — | 1,086 | ||||||||||||
Washington | — | 13,747 | — | 13,747 | ||||||||||||
Wisconsin | — | 10,856 | — | 10,856 | ||||||||||||
Wyoming | — | 1,816 | — | 1,816 | ||||||||||||
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|
| |||||||||
Total Municipal Bonds | — | 307,485 | — | (b) | 307,485 | |||||||||||
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|
| |||||||||
Short-Term Investments | ||||||||||||||||
Investment Companies | 1,085 | — | — | 1,085 | ||||||||||||
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|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 1,085 | $ | 307,485 | $ | — | (b) | $ | 308,570 | |||||||
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Tax Free Bond Fund
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Investments in Securities | ||||||||||||||||
Municipal Bonds | $ | — | $ | 593,433 | $ | — | $ | 593,433 | ||||||||
Short-Term Investments | ||||||||||||||||
Investment Companies | 32,164 | — | — | 32,164 | ||||||||||||
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|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 32,164 | $ | 593,433 | $ | — | $ | 625,597 | ||||||||
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|
|
| |||||||||
Appreciation in Other Financial Instruments | ||||||||||||||||
Futures Contracts | $ | 53 | $ | — | $ | — | $ | 53 | ||||||||
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Ultra-Short Municipal Fund
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Investments in Securities | ||||||||||||||||
Municipal Bonds | $ | — | $ | 6,518,624 | $ | — | $ | 6,518,624 | ||||||||
U.S. Treasury Obligations | — | 101,035 | — | 101,035 | ||||||||||||
Short-Term Investments | ||||||||||||||||
Investment Companies | 213,242 | — | — | 213,242 | ||||||||||||
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|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 213,242 | $ | 6,619,659 | $ | — | $ | 6,832,901 | ||||||||
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|
(a) | Value is zero. |
(b) | Amount rounds to less than one thousand. |
B. Restricted Securities — Certain securities held by the Funds may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the NAVs of the Funds.
As of February 28, 2021, the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A and/or Regulation S under the Securities Act.
C. When-Issued Securities, Delayed Delivery Securities and Forward Commitments — The Funds purchased when-issued securities, including To Be Announced (“TBA”) securities, and entered into contracts to purchase or sell securities for a fixed price that may be settled a month or more after the trade date, or purchased delayed delivery securities which generally settle seven days after the trade date. When-issued securities are securities that have been authorized, but not issued in the market. A forward commitment involves entering into a contract to purchase or sell securities for a fixed price at a future date that may be settled a month or more after the trade date. A delayed delivery security is agreed upon in advance between the buyer and the seller of the security and is generally delivered beyond seven days of the agreed upon date. The purchase of securities on a when-issued, delayed delivery or forward commitment basis involves the risk that the value of the security to be purchased declines before the settlement date. The sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. The Funds may be exposed to credit risk if the counterparty fails to perform under the terms of the transaction. Interest income for securities purchased on a when-issued, delayed delivery or forward commitment basis is not accrued until the settlement date.
The Funds, except Short-Intermediate Municipal Bond Fund had when-issued securities, delayed delivery securities or forward commitments outstanding as of February 28, 2021, which are shown as a Receivable for Investment securities sold — delayed delivery securities and a Payable for Investment securities purchased — delayed delivery securities, respectively, on the Statements of Assets and Liabilities. The values of these securities held at February 28, 2021 are detailed on the SOIs.
D. Securities Lending — The Funds are authorized to engage in securities lending in order to generate additional income. The Funds are able to lend to approved borrowers. Citibank N.A. (“Citibank”) serves as lending agent for the Funds, pursuant to a Securities Lending Agency Agreement (the “Securities Lending Agency Agreement”). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in an affiliated money market fund. The Funds retain loan fees and the interest on cash collateral investments but are required to pay the borrower a rebate for the use of cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Funds). Upon termination of a loan, the Funds are required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Funds or the borrower at any time.
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NOTES TO FINANCIAL STATEMENTS
AS OF FEBRUARY 28, 2021 (continued)
(Dollar values in thousands)
The net income earned on the securities lending (after payment of rebates and Citibank’s fee) is included on the Statements of Operations as Income from securities lending (net). The Funds also receive payments from the borrower during the period of the loan, equivalent to dividends and interest earned on the securities loaned, which are recorded as Dividend or Interest income, respectively, on the Statements of Operations.
Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans of non-U.S. securities), Citibank requests additional cash from the borrower so as to maintain a collateralization level of at least 102% of the value of the loaned securities plus accrued interest (105% for loans of non-U.S. securities), subject to certain de minimis amounts.
The value of securities out on loan is recorded as an asset on the Statements of Assets and Liabilities. The value of the cash collateral received is recorded as a liability on the Statements of Assets and Liabilities and details of collateral investments are disclosed on the SOIs.
The Funds bear the risk of loss associated with the collateral investments and are not entitled to additional collateral from the borrower to cover any such losses. To the extent that the value of the collateral investments declines below the amount owed to a borrower, the Funds may incur losses that exceed the amount they earned on lending the security. Upon termination of a loan, the Funds may use leverage (borrow money) to repay the borrower for cash collateral posted if the Adviser does not believe that it is prudent to sell the collateral investments to fund the payment of this liability. Securities lending activity is subject to master netting arrangements.
Securities lending also involves counterparty risks, including the risk that the loaned securities may not be returned in a timely manner or at all. Subject to certain conditions, Citibank has agreed to indemnify the Funds from losses resulting from a borrower’s failure to return a loaned security.
The Funds did not lend out any securities during the year ended February 28, 2021.
E. Investment Transactions with Affiliates — The Funds invested in Underlying Funds which are advised by the Adviser. An issuer which is under common control with a Fund may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed in the tables below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into such Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the tables below.
High Yield Municipal Fund
For the year ended February 28, 2021 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at February 29, 2020 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at February 28, 2021 | Shares at February 28, 2021 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 0.03% (a) (b) | $ | 44,883 | $ | 224,138 | $ | 263,321 | $ | (2 | ) | $ | — | (c) | $ | 5,698 | 5,695 | $ | 51 | $ | — | (c) | ||||||||||||||||
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Short-Intermediate Municipal Bond Fund
For the year ended February 28, 2021 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at February 29, 2020 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at February 28, 2021 | Shares at February 28, 2021 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 0.03% (a) (b) | $ | 48,403 | $ | 898,801 | $ | 940,030 | $ | (19 | ) | $ | 6 | $ | 7,161 | 7,158 | $ | 149 | $ | — | (c) | |||||||||||||||||
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Sustainable Municipal Income Fund
For the year ended February 28, 2021 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at February 29, 2020 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at February 28, 2021 | Shares at February 28, 2021 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 0.03% (a) (b) | $ | 13,683 | $ | 97,632 | $ | 110,228 | $ | (4 | ) | $ | 2 | $ | 1,085 | 1,084 | $ | 22 | $ | — | (c) | |||||||||||||||||
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Tax Free Bond Fund
For the year ended February 28, 2021 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at February 29, 2020 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at February 28, 2021 | Shares at February 28, 2021 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 0.03% (a) (b) | $ | 27,433 | $ | 208,596 | $ | 203,873 | $ | 7 | $ | 1 | $ | 32,164 | 32,148 | $ | 50 | $ | — | (c) | ||||||||||||||||||
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Ultra-Short Municipal Fund
For the year ended February 28, 2021 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at February 29, 2020 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at February 28, 2021 | Shares at February 28, 2021 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 0.03% (a) (b) | $ | 50,592 | $ | 7,645,268 | $ | 7,482,536 | $ | (73 | ) | $ | (9 | ) | $ | 213,242 | 213,136 | $ | 711 | $ | — | (c) | ||||||||||||||||
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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 February 28, 2021. |
(c) | Amount rounds to less than one thousand. |
F. Futures Contracts — Tax Free Bond Fund used interest rate and treasury futures contracts to manage and hedge interest rate risk associated with portfolio investments. The Fund also used futures contracts to lengthen or shorten the duration of the overall investment portfolio.
Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Fund periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on futures contracts on the Statements of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statements of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the SOIs, while cash deposited, which is considered restricted, is recorded on the Statements of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statements of Assets and Liabilities.
The use of futures contracts exposes the Fund to interest rate risk. The Fund may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Fund to risk of loss in excess of the amounts shown on the Statements of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Fund to unlimited risk of loss. The Fund may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Fund’s credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.
The Fund’s futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).
The table below discloses the volume of the Fund’s futures contracts activity during the year ended February 28, 2021:
Tax Free Bond Fund | ||||
Futures Contracts — Interest: | ||||
Average Notional Balance Short | $ | 9,037 | ||
Ending Notional Balance Short | 5,991 |
G. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income is determined on the basis of coupon
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NOTES TO FINANCIAL STATEMENTS
AS OF FEBRUARY 28, 2021 (continued)
(Dollar values in thousands)
interest accrued using the effective interest method, which adjusts for amortization of premiums and accretion of discounts. Dividend income and distributions of net investment income and realized capital gains from the Underlying Funds, if any, are recorded on the ex-dividend date or when a Fund first learns of the dividend.
H. Allocation of Income and Expenses — Expenses directly attributable to a Fund are charged directly to that Fund, while the expenses attributable to more than one fund of the Trusts are allocated among the applicable funds. Investment income, realized and unrealized gains and losses and expenses, other than class-specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.
Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each share class of the Funds for the year ended February 28, 2021 are as follows:
Class A | Class C | Class I | Class R6 | Total | ||||||||||||||||
High Yield Municipal Fund | ||||||||||||||||||||
Transfer agency fees | $ | 4 | $ | 1 | $ | 4 | $ | — | (a) | $ | 9 | |||||||||
Short-Intermediate Municipal Bond Fund | ||||||||||||||||||||
Transfer agency fees | 4 | 1 | 6 | 7 | 18 | |||||||||||||||
Sustainable Municipal Income Fund | ||||||||||||||||||||
Transfer agency fees | 4 | — | (a) | 2 | 1 | 7 | ||||||||||||||
Tax Free Bond Fund | ||||||||||||||||||||
Transfer agency fees | 13 | 1 | 3 | 1 | 18 | |||||||||||||||
Ultra-Short Municipal Fund | ||||||||||||||||||||
Transfer agency fees | 2 | n/a | 32 | n/a | 34 |
(a) | Amount rounds to less than one thousand. |
I. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of February 28, 2021, no liability for Federal income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each Fund’s Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.
J. Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid at least monthly and are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax basis treatment.
The following amounts were reclassified within the capital accounts:
Paid-in-Capital | Accumulated undistributed (distributions in excess of) net investment income | Accumulated net realized gains (losses) | ||||||||||
High Yield Municipal Fund | $ | 8 | $ | (55 | ) | $ | 47 | |||||
Short-Intermediate Municipal Bond Fund | (1,220 | ) | 1,220 | — | (a) | |||||||
Sustainable Municipal Income Fund | 2 | (3 | ) | 1 | ||||||||
Tax Free Bond Fund | (8 | ) | 7 | 1 | ||||||||
Ultra-Short Municipal Fund | (329 | ) | 284 | 45 |
(a) | Amount rounds to less than one thousand. |
The reclassifications for the Funds relate primarily to callable bonds.
K. Recent Accounting Pronouncement — In March 2020, the FASB issued Accounting Standards Update No. 2020-04 (“ASU 2020-04”), Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting. ASU 2020-04 provides optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the London Interbank Offered Rate (“LIBOR”) and other interbank-offered based reference rates as of the end of 2021. ASU 2020-04 became effective upon the issuance and its optional relief can be applied through December 31, 2022. Management is currently evaluating the impact, if any, to the Funds’ financial statements of applying ASU 2020-04.
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3. Fees and Other Transactions with Affiliates
A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser manages the investments of each Fund and for such services is paid a fee. The investment advisory fee is accrued daily and paid monthly at an annual rate based on each Fund’s respective average daily net assets. The annual rate for each Fund is as follows:
High Yield Municipal Fund | 0.35 | % | ||
Short-Intermediate Municipal Bond Fund | 0.25 | |||
Sustainable Municipal Income Fund | 0.30 | |||
Tax Free Bond Fund | 0.30 | |||
Ultra-Short Municipal Fund | 0.15 |
The Adviser waived investment advisory fees and/or reimbursed expenses as outlined in Note 3.F.
B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to each Fund. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of each Fund’s respective average daily net assets, plus 0.050% of each Fund’s respective average daily net assets between $10 billion and $20 billion, plus 0.025% of each Fund’s respective average daily net assets between $20 billion and $25 billion, plus 0.01% of each Fund’s respective average daily net assets in excess of $25 billion. For the year ended February 28, 2021, the effective rate was 0.07% of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.
The Administrator waived administration fees as outlined in Note 3.F.
JPMorgan Chase Bank, N.A. (“JPMCB”), a wholly-owned subsidiary of JPMorgan, serves as the Funds’ sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.
C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (“JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, serves as each Fund’s principal underwriter and promotes and arranges for the sale of each Fund’s shares.
The Boards have adopted a Distribution Plan (the “Distribution Plan”) for Class A and Class C Shares of the Funds, as applicable, pursuant to Rule 12b-1 under the 1940 Act. Class I and Class R6 Shares of the Funds do not charge a distribution fee. The Distribution Plan provides that each Fund shall pay, with respect to the applicable share classes, distribution fees, including payments to JPMDS, at annual rates of the average daily net assets as shown in the table below:
Class A | Class C | |||
0.25% | 0.75 | % |
In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the year ended February 28, 2021, JPMDS retained the following:
Front-End Sales Charge | CDSC | |||||||
High Yield Municipal Fund | $10 | $ | 2 | |||||
Short-Intermediate Municipal Bond Fund | 14 | — | ||||||
Sustainable Municipal Income Fund | 4 | — | ||||||
Tax Free Bond Fund | 17 | 2 | ||||||
Ultra-Short Municipal Fund | 1 | — |
D. Service Fees — The Trusts, on behalf of the Funds, have entered into a Shareholder Servicing Agreement with JPMDS under which JPMDS provides certain support services to fund shareholders. For performing these services, JPMDS receives a fee with respect to all share classes, except Class R6 Shares which do not charge a service fee, that is accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:
Class A | Class C | Class I | ||||||||
High Yield Municipal Fund | 0.25% | 0.25 | % | 0.25 | % | |||||
Short-Intermediate Municipal Bond Fund | 0.25 | 0.25 | 0.25 | |||||||
Sustainable Municipal Income Fund | 0.25 | 0.25 | 0.25 | |||||||
Tax Free Bond Fund | 0.25 | 0.25 | 0.25 | |||||||
Ultra-Short Municipal Fund | 0.25 | n/a | 0.25 |
JPMDS has entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Funds. Pursuant to such contracts, JPMDS will pay all or a portion of such fees earned to financial intermediaries for performing such services.
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NOTES TO FINANCIAL STATEMENTS
AS OF FEBRUARY 28, 2021 (continued)
(Dollar values in thousands)
JPMDS waived service fees as outlined in Note 3.F.
E. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Funds. For performing these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees on the Statements of Operations.
Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statements of Operations.
Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statements of Operations.
F. Waivers and Reimbursements — The Adviser, Administrator and/or JPMDS have contractually agreed to waive fees and/or reimburse the Funds to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections and extraordinary expenses) exceed the percentages of the Funds’ respective average daily net assets as shown in the table below:
Class A | �� | Class C | Class I | Class R6 | ||||||||||
High Yield Municipal Fund | 0.65% | 1.15 | % | 0.55 | % | 0.45 | % | |||||||
Short-Intermediate Municipal Bond Fund | 0.70 | 1.20 | 0.25 | 0.20 | ||||||||||
Sustainable Municipal Income Fund | 0.70 | 1.25 | 0.45 | 0.35 | ||||||||||
Tax Free Bond Fund | 0.67 | 1.25 | 0.45 | 0.40 | ||||||||||
Ultra-Short Municipal Fund | 0.45 | n/a | 0.25 | n/a |
The expense limitation agreements were in effect for the year ended February 28, 2021 and the contractual expense limitation percentages in the table above are in place until at least June 30, 2021.
For the year ended February 28, 2021, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.
Contractual Waivers | ||||||||||||||||||||
Investment Advisory Fees | Administration Fees | Service Fees | Total | Contractual Reimbursements | ||||||||||||||||
High Yield Municipal Fund | $ | 191 | $ | 127 | $ | 913 | $ | 1,231 | $ | 105 | ||||||||||
Short-Intermediate Municipal Bond Fund | 1,557 | 1,038 | 1,441 | 4,036 | 4 | |||||||||||||||
Sustainable Municipal Income Fund | 202 | 134 | 346 | 682 | — | |||||||||||||||
Tax Free Bond Fund | 155 | 104 | 968 | 1,227 | — | |||||||||||||||
Ultra-Short Municipal Fund | 7,939 | 3,970 | 1,302 | 13,211 | — |
Additionally, the Funds may invest in one or more money market funds advised by the Adviser (affiliated money market funds). The Adviser, Administrator and/or JPMDS, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the applicable Fund’s investment in such affiliated money market fund, except for investments of securities lending cash collateral. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.
The amounts of these waivers resulting from investments in these money market funds for the year ended February 28, 2021 were as follows:
High Yield Municipal Fund | $ | 17 | ||
Short-Intermediate Municipal Bond Fund | 125 | |||
Sustainable Municipal Income Fund | 15 | |||
Tax Free Bond Fund | 21 | |||
Ultra-Short Municipal Fund | 486 |
G. Other — Certain officers of the Trusts are affiliated with the Adviser, the Administrator and JPMDS. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Funds for serving in their respective roles.
The Boards designated and appointed a Chief Compliance Officer to the Funds pursuant to Rule 38a-1 under the 1940 Act. Each Fund, along with affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the Statements of Operations.
The Trusts adopted a Trustee Deferred Compensation Plan (the “Plan”) which allows the independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.
During the year ended February 28, 2021, the Funds purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.
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The Securities and Exchange Commission (“SEC”) has granted an exemptive order permitting the Funds to engage in principal transactions with J.P. Morgan Securities LLC, an affiliated broker, involving taxable money market instruments, subject to certain conditions.
4. Investment Transactions
During the year ended February 28, 2021, purchases and sales of investments (excluding short-term investments) were as follows:
Purchases (excluding U.S. Government) | Sales (excluding U.S. Government) | Purchases of U.S. Government | Sales of U.S. Government | |||||||||||||
High Yield Municipal Fund | $ | 194,088 | $ | 182,949 | $ | — | $ | — | ||||||||
Short-Intermediate Municipal Bond Fund | 328,698 | 398,914 | — | — | ||||||||||||
Sustainable Municipal Income Fund | 98,877 | 62,863 | — | — | ||||||||||||
Tax Free Bond Fund | 201,022 | 126,284 | — | — | ||||||||||||
Ultra-Short Municipal Fund | 4,472,810 | 3,042,714 | 100,930 | — |
During the year ended February 28, 2021, there were no sales of U.S. Government securities.
5. Federal Income Tax Matters
For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at February 28, 2021 were as follows:
Aggregate Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | |||||||||||||
High Yield Municipal Fund | $ | 485,657 | $ | 19,471 | $ | 3,526 | $ | 15,945 | ||||||||
Short-Intermediate Municipal Bond Fund | 1,539,447 | 53,598 | 3,282 | 50,316 | ||||||||||||
Sustainable Municipal Income Fund | 295,945 | 13,249 | 624 | 12,625 | ||||||||||||
Tax Free Bond Fund | 588,516 | 38,612 | 1,478 | 37,134 | ||||||||||||
Ultra-Short Municipal Fund | 6,818,427 | 18,826 | 4,352 | 14,474 |
The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to callable bonds.
The tax character of distributions paid during the year ended February 28, 2021 was as follows:
Ordinary Income* | Tax Exempt Income | Total Distributions Paid | ||||||||||
High Yield Municipal Fund | $ | 656 | $ | 14,299 | $ | 14,955 | ||||||
Short-Intermediate Municipal Bond Fund | 164 | 26,725 | 26,889 | |||||||||
Sustainable Municipal Income Fund | 4 | 5,428 | 5,432 | |||||||||
Tax Free Bond Fund | 5 | 13,281 | 13,286 | |||||||||
Ultra-Short Municipal Fund | 498 | 26,607 | 27,105 |
* | Short-term gain distributions are treated as ordinary income for income tax purposes. |
The tax character of distributions paid during the year ended February 29, 2020 was as follows:
Ordinary Income* | Tax Exempt Income | Total Distributions Paid | ||||||||||
High Yield Municipal Fund | $ | 623 | $ | 9,010 | $ | 9,633 | ||||||
Short-Intermediate Municipal Bond Fund | 7 | 31,392 | 31,399 | |||||||||
Sustainable Municipal Income Fund | 1 | 5,020 | 5,021 | |||||||||
Tax Free Bond Fund | 13 | 12,225 | 12,238 | |||||||||
Ultra-Short Municipal Fund | 5 | 47,893 | 47,898 |
* | Short-term gain distributions are treated as ordinary income for income tax purposes. |
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NOTES TO FINANCIAL STATEMENTS
AS OF FEBRUARY 28, 2021 (continued)
(Dollar values in thousands)
As of February 28, 2021, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows:
Current Distributable Long-Term Capital Gain (Tax Basis Capital Loss Carryover) | Tax Exempt Income | Unrealized Appreciation (Depreciation) | ||||||||||
High Yield Municipal Fund | $ | (3,374 | ) | $ | 110 | $ | 15,945 | |||||
Short-Intermediate Municipal Bond Fund | (10,315 | ) | 237 | 50,316 | ||||||||
Sustainable Municipal Income Fund | (379 | ) | 51 | 12,625 | ||||||||
Tax Free Bond Fund | (10,352 | ) | 109 | 37,134 | ||||||||
Ultra-Short Municipal Fund | (7,130 | ) | 421 | 14,474 |
The cumulative timing differences primarily consist of callable bonds.
As of February 28, 2021, the following Funds had net capital loss carryforwards which are available to offset future realized gains:
Capital Loss Carryforward Character | ||||||||
Short-Term | Long-Term | |||||||
High Yield Municipal Fund | $ | 2,324 | $ | 1,050 | ||||
Short-Intermediate Municipal Bond Fund | 10,315 | — | ||||||
Sustainable Municipal Income Fund | — | 379 | ||||||
Tax Free Bond Fund | 6,507 | 3,845 | ||||||
Ultra-Short Municipal Fund | 5,585 | 1,545 |
Net capital (gains) losses incurred after October 31, and within the taxable year are deemed to arise on the first business day of the Funds’ next taxable year. For the year ended February 28, 2021, the Funds deferred to March 1, 2021 the following net capital (gains) losses of:
Net Capital Losses (Gains) | ||||||||
Short-Term | Long-Term | |||||||
High Yield Municipal Fund | $ | — | $ | 185 | ||||
Sustainable Municipal Income Fund | — | 144 | ||||||
Ultra-Short Municipal Fund | 8 | (5 | ) |
During the year ended February 28, 2021, the following Funds utilized capital loss carryforwards as follows:
Capital Loss Utilized | ||||||||
Short-Term | Long-Term | |||||||
Short-Intermediate Municipal Bond Fund | $ | — | $ | 1,209 | ||||
Sustainable Municipal Income Fund | 11 | — | ||||||
Tax Free Bond Fund | — | 19 |
6. Borrowings
The Funds rely upon an exemptive order granted by the SEC (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The Facility allows the Funds to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. The Interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPM II and may be relied upon by the Funds because the Funds and the series of JPM II are all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).
The Funds had no borrowings outstanding from another fund during the year ended February 28, 2021.
The Trusts and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 1, 2021.
The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended February 28, 2021.
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The Trusts, along with certain other trusts for J.P. Morgan Funds (“Borrowers”), have entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25,000,000 in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the fund must remediate within three business days with respect to the $25,000,000 minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.
Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00%, which has increased to 1.25% pursuant to the amendment referenced below, plus the greater of the federal funds effective rate or one month LIBOR. The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. Effective August 11, 2020, this agreement has been amended and restated for a term of 364 days, unless extended, and to include the change to the interest rate charged for borrowing from the Credit Facility to 1.25%, as noted above, and an upfront fee of 0.075% of the Credit Facility to be charged and paid by all participating funds of the Credit Facility.
The Funds did not utilize the Credit Facility during the year ended February 28, 2021.
7. Risks, Concentrations and Indemnifications
In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against each Fund. However, based on experience, the Funds expect the risk of loss to be remote.
As of February 28, 2021, the following Funds had individual shareholder and/or omnibus accounts each owning more than 10% of the respective Fund’s outstanding shares as follows:
Number of individual shareholder and/or Affiliated Omnibus Accounts | % of the Fund | Number of Accounts | % of the Fund | |||||||||||||
High Yield Municipal Fund | 1 | 14.6 | % | 3 | 43.1 | % | ||||||||||
Short-Intermediate Municipal Bond Fund | 1 | 76.5 | 1 | 11.4 | ||||||||||||
Sustainable Municipal Income Fund | 1 | 46.3 | 2 | 31.4 | ||||||||||||
Tax Free Bond Fund | 1 | 48.5 | 1 | 24.9 | ||||||||||||
Ultra-Short Municipal Fund | 1 | 82.7 | 1 | 12.4 |
Significant shareholder transactions by these shareholders may impact the Funds’ performance and liquidity.
The Funds are subject to interest rate and credit risk. The value of debt securities may decline as interest rates increase. The Funds could lose money if the issuer of a fixed income security is unable to pay interest or repay principal when it is due. The Funds invest in floating rate loans and other floating rate debt securities. Although these investments are generally less sensitive to interest rate changes than other fixed rate instruments, the value of floating rate loans and other floating rate investments may decline if their interest rates do not rise as quickly, or as much, as general interest rates. Many factors can cause interest rates to rise. Some examples include central bank monetary policy, rising inflation rates and general economic conditions. The Funds may face a heightened level of interest rate risk due to certain changes in monetary policy. During periods when interest rates are low or there are negative interest rates, the Funds’ yield (and total return) also may be low or the Funds may be unable to maintain positive returns. The ability of the issuers of debt to meet their obligations may be affected by economic and political developments in a specific industry or region. The value of a Fund’s investments may be adversely affected if any of the issuers or counterparties it is invested in are subject to an actual or perceived deterioration in their credit quality.
The Funds invest primarily in a portfolio of debt obligations issued by states, territories and possessions of the United States and by the District of Columbia, and by their political subdivisions and duly constituted authorities. An issuer’s ability to meet its payment obligations may be affected by economic or political developments in a specific state or region. These debt obligations may be insured by private insurers who guarantee the payment of principal and interest in the event of issuer default. The value of these investments may be impacted by changes to bond insurers�� ratings and the Funds’ ability to collect principal and interest, in the event of an issuer’s default, may be limited if the private insurer does not have the wherewithal to satisfy its obligation.
Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic and market conditions and could result in losses that significantly exceed the Funds’ original investment. Many derivatives create leverage thereby causing the Funds to be more volatile than they would have been if they had not used derivatives. Derivatives also expose the Funds to counterparty risk (the risk that the derivative
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NOTES TO FINANCIAL STATEMENTS
AS OF FEBRUARY 28, 2021 (continued)
(Dollar values in thousands)
counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Funds to sell or otherwise close a derivatives position could expose the Funds to losses.
Sustainable Municipal Income Fund’s investment in securities whose use of proceeds, in the Adviser’s opinion, provide positive social or environmental benefits could cause it to perform differently compared to funds that do not have such a policy. Investing in securities whose use of proceeds, in the Adviser’s opinion, provide positive social or environmental benefits may result in the Fund forgoing opportunities to buy certain securities when it might otherwise be advantageous to do so, or selling securities when it might be otherwise disadvantageous for it to do so. In addition, there is a risk that the municipal bonds identified by the Adviser’s use of proceeds determination do not operate as expected when addressing positive social or environmental benefits. The Adviser’s assessment of the positive social or environmental impact of a municipal bond’s proceeds is made at the time of purchase and the actual use of proceeds by the issuer could vary over time, which could cause the Fund to be invested in bonds that do not comply with the Fund’s approach towards considering social or environmental characteristics. The factors that the Adviser considers in evaluating whether a security has positive social or environmental benefits may change over time. There are significant differences in interpretations of what it means to promote positive social or environmental benefits. While the Adviser believes its definitions are reasonable, the portfolio decisions it makes may differ with other’s views.
LIBOR is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. On March 5, 2021, the U.K. Financial Conduct Authority (“FCA”) publicly announced that (i) immediately after December 31, 2021, publication of the 1-week and 2-month U.S. Dollar LIBOR settings will permanently cease; (ii) immediately after June 30, 2023, publication of the overnight and 12-month U.S. Dollar LIBOR settings will permanently cease; and (iii) immediately after June 30, 2023, the 1-month, 3-month and 6-month U.S. Dollar LIBOR settings will cease to be provided or, subject to the FCA’s consideration of the case, be provided on a synthetic basis and no longer be representative of the underlying market and economic reality they are intended to measure and that representativeness will not be restored. There is no assurance that the dates announced by the FCA will not change or that the administrator of LIBOR and/or regulators will not take further action that could impact the availability, composition or characteristics of LIBOR or the currencies and/or tenors for which LIBOR is published. Public and private sector industry initiatives are currently underway to implement new or alternative reference rates to be used in place of LIBOR. There is no assurance that any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR prior to its discontinuance or unavailability, which may affect the value or liquidity or return on certain of a Fund’s loans, notes, derivatives and other instruments or investments comprising some or all of a Fund’s investments and result in costs incurred in connection with closing out positions and entering into new trades. These risks may also apply with respect to changes in connection with other interbank offering rates (e.g., Euribor) and a wide range of other index levels, rates and values that are treated as “benchmarks” and are the subject of recent regulatory reform.
The Funds are subject to infectious disease epidemics/pandemics risk. The worldwide outbreak of COVID-19, a novel coronavirus disease, has negatively affected economies, markets and individual companies throughout the world. The effects of this COVID-19 pandemic to public health, and business and market conditions, including exchange trading suspensions and closures may continue to have a significant negative impact on the performance of a Fund’s investments, increase a Fund’s volatility, exacerbate other pre-existing political, social and economic risks to the Funds and negatively impact broad segments of businesses and populations. The Funds’ operations may be interrupted as a result, which may have a significant negative impact on investment performance. In addition, governments, their regulatory agencies, or self-regulatory organizations may take actions in response to the pandemic that affect the instruments in which the Funds invest, or the issuers of such instruments, in ways that could also have a significant negative impact on a Fund’s investment performance. The full impact of this COVID-19 pandemic, or other future epidemics/pandemics, is currently unknown.
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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Boards of Trustees of JPMorgan Trust I, JPMorgan Trust II and JPMorgan Trust IV and Shareholders of JPMorgan High Yield Municipal Fund, JPMorgan Short-Intermediate Municipal Bond Fund, JPMorgan Sustainable Municipal Income Fund, JPMorgan Tax Free Bond Fund and JPMorgan Ultra-Short Municipal Fund
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of JPMorgan High Yield Municipal Fund (one of the funds constituting JPMorgan Trust I), JPMorgan Short-Intermediate Municipal Bond Fund, JPMorgan Sustainable Municipal Income Fund (formerly known as JPMorgan Municipal Income Fund) and JPMorgan Tax Free Bond Fund (three of the funds constituting JPMorgan Trust II) and JPMorgan Ultra-Short Municipal Fund (one of the funds constituting JPMorgan Trust IV) (hereafter collectively referred to as the “Funds”) as of February 28, 2021, the related statements of operations for the year ended February 28, 2021, the statements of changes in net assets for each of the two years in the period ended February 28, 2021, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of February 28, 2021, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended February 28, 2021 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2021 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers LLP
New York, New York
April 26, 2021
We have served as the auditor of one or more investment companies in the JPMorgan Funds complex since 1993.
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(Unaudited)
The Funds’ Statement of Additional Information includes additional information about the Funds’ Trustees and is available, without charge, upon request by calling 1-800-480-4111 or on the J.P. Morgan Funds’ website at www.jpmorganfunds.com.
Name (Year of Birth); Positions With the Funds (1) | Principal Occupation During Past 5 Years | Number of Funds in Fund Complex Overseen by Trustee (2) | Other Directorships Held During the Past 5 Years | |||
Independent Trustees | ||||||
John F. Finn (1947); Chair since 2020; Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1998. | Chairman, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (serving in various roles 1974-present). | 127 | Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014). | |||
Stephen P. Fisher (1959); Trustee of Trusts since 2018. | Retired; Chairman and Chief Executive Officer, NYLIFE Distributors LLC (registered broker-dealer) (serving in various roles 2008-2013); Chairman, NYLIM Service Company LLC (transfer agent) (2008-2017); New York Life Investment Management LLC (registered investment adviser) (serving in various roles 2005-2017); Chairman, IndexIQ Advisors LLC (registered investment adviser for ETFs) (2014-2017); President, MainStay VP Funds Trust (2007-2017), MainStay DefinedTerm Municipal Opportunities Fund (2011-2017) and MainStay Funds Trust (2007-2017) (registered investment companies). | 127 | Honors Program Advisory Board Member, The Zicklin School of Business, Baruch College, The City University of New York (2017-present). | |||
Kathleen M. Gallagher (1958); Trustee of the Trusts since 2018. | Retired; Chief Investment Officer — Benefit Plans, Ford Motor Company (serving in various roles 1985-2016). | 127 | Non-Executive Director, Legal & General Investment Management (Holdings) (2018-present); Non-Executive Director, Legal & General Investment Management America (financial services and insurance) (2017-present); Advisory Board Member, Fiduciary Solutions, State Street Global Advisors (2017-present); Member, Client Advisory Council, Financial Engines, LLC (registered investment adviser) (2011-2016); Director, Ford Pension Funds Investment Management Ltd. (2007-2016). | |||
Dennis P. Harrington* (1950); Trustee of Trusts since 2017. | Retired; Partner, Deloitte LLP (accounting firm) (serving in various roles 1984-2012). | 127 | None | |||
Frankie D. Hughes (1952); Trustee of Trusts since 2008. | President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014). | 127 | None |
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Name (Year of Birth); Positions With the Funds (1) | Principal Occupation During Past 5 Years | Number of Funds in Fund Complex Overseen by Trustee (2) | Other Directorships Held During the Past 5 Years | |||
Independent Trustees (continued) | ||||||
Raymond Kanner** (1953); Trustee of Trusts since 2017. | Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016). | 127 | Advisory Board Member, Penso Advisors LLC (2020-present); Advisory Board Member, Los Angeles Capital (2018-present); Advisory Board Member, State Street Global Advisors Global Fiduciary Solutions Board (2017-present); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA) (2016-2017); Advisory Board Member, Betterment for Business (robo advisor) (2016-2017); Advisory Board Member, BlueStar Indexes (index creator) (2013-2017); Director, Emerging Markets Growth Fund (registered investment company) (1997-2016); Member, Russell Index Client Advisory Board (2001-2015). | |||
Mary E. Martinez (1960); Vice Chair since 2021; Trustee of Trusts since 2013. | Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005). | 127 | None | |||
Marilyn McCoy (1948); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1999. | Vice President, of Administration and Planning, Northwestern University (1985-present). | 127 | None | |||
Dr. Robert A. Oden, Jr. (1946); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1997. | Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002). | 127 | Trustee and Vice Chair, Trout Unlimited (2017-present); Trustee, American Museum of Fly Fishing (2013-present); Trustee, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American University in Cairo (1999-2014). | |||
Marian U. Pardo*** (1946); Trustee of Trusts since 2013. | Managing Director and Founder, Virtual Capital Management LLC (investment consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006). | 127 | President and Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present). |
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TRUSTEES
(Unaudited) (continued)
(1) | The Trustees serve for an indefinite term, subject to the Trusts’ current retirement policy, which is age 78 for all Trustees. |
(2) | A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Boards of Trustees serve currently includes ten registered investment companies (127 funds). |
* | Two family members of Mr. Harrington are employed as a partner and managing director, respectively, of the Funds’ independent registered public accounting firm. Such firm has represented to the Boards that those family members are not involved in the audit of the Funds’ financial statements and do not provide other services to the Funds. The Boards have concluded that such association does not interfere with Mr. Harrington’s exercise of independent judgment as an Independent Trustee. |
** | A family member of Mr. Kanner is employed by JPMorgan Chase Bank, which is affiliated with JPMIM and JPMDS. In that capacity, this employee provides services to various JPMorgan affiliates including JPMIM and JPMDS and for which JPMIM and JPMDS bear some portion of the expense thereof. |
*** | In connection with prior employment with JPMorgan Chase, Ms. Pardo was the recipient of non-qualified pension plan payments from JPMorgan Chase in the amount of approximately $2,055 per month, which she irrevocably waived effective January 1, 2013, and deferred compensation payments from JPMorgan Chase in the amount of approximately $7,294 per year, which ended in January 2013. In addition, Ms. Pardo receives payments from a fully-funded qualified plan, which is not an obligation of JPMorgan Chase. |
The contact address for each of the Trustees is 277 Park Avenue, New York, NY 10172.
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(Unaudited)
Name (Year of Birth), Positions Held with the Trust (Since) | Principal Occupations During Past 5 Years | |
Brian S. Shlissel (1964), President and Principal Executive Officer (2016)* | Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since 2014. | |
Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2018) | Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016. Mr. Clemens has been with J.P. Morgan Investment Management Inc. since 2013. | |
Gregory S. Samuels (1980), Secretary (2019) (formerly Assistant Secretary since 2010)** | Executive Director and Assistant General Counsel, JPMorgan Chase. Mr. Samuels has been with JPMorgan Chase since 2010. | |
Stephen M. Ungerman (1953), Chief Compliance Officer (2005) | Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000. | |
Elizabeth A. Davin (1964), Assistant Secretary (2005)*** | Executive Director and Assistant General Counsel. Ms. Davin has been with JPMorgan Chase (formerly Bank One Corporation) since 2004. | |
Jessica K. Ditullio (1962), Assistant Secretary (2005)*** | Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990. | |
Anthony Geron (1971), Assistant Secretary (2018)** | Vice President and Assistant General Counsel, JPMorgan Chase since September 2018; Lead Director and Counsel, AXA Equitable Life Insurance Company from 2015 to 2018 and Senior Director and Counsel, AXA Equitable Life Insurance Company from 2014 to 2015. | |
Carmine Lekstutis (1980), Assistant Secretary (2011)** | Executive Director and Assistant General Counsel, JPMorgan Chase. Mr. Lekstutis has been with JPMorgan Chase since 2011. | |
Zachary E. Vonnegut-Gabovitch (1986), Assistant Secretary (2017)** | Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan, Lewis & Bockius (law firm) from 2012 to 2016. | |
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012) | Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.). Mr. D’Ambrosio has been with J.P. Morgan Investment Management Inc. since 2012. | |
Aleksandr Fleytekh (1972), Assistant Treasurer (2019) | Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2012. | |
Shannon Gaines (1977), Assistant Treasurer (2018)*** | Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since January 2014. | |
Jeffrey D. House (1972), Assistant Treasurer (2017)*** | Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since July 2006. | |
Michael Mannarino (1985), Assistant Treasurer (2020) | Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since 2014. | |
Joseph Parascondola (1963), Assistant Treasurer (2011)* | Executive Director, J.P. Morgan Investment Management Inc. since February 2020, formerly Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) from August 2006 to January 2020. | |
Gillian I. Sands (1969), Assistant Treasurer (2012) | Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2012. |
The contact address for each of the officers, unless otherwise noted, is 277 Park Avenue, New York, NY 10172.
* | The contact address for the officer is 575 Washington Boulevard, Jersey City, NJ 07310. |
** | The contact address for the officer is 4 New York Plaza, New York, NY 10004. |
*** | The contact address for the officer is 1111 Polaris Parkway, Columbus, OH 43240. |
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SCHEDULE OF SHAREHOLDER EXPENSES
(Unaudited)
Hypothetical $1,000 Investment
As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, September 1, 2020, and continued to hold your shares at the end of the reporting period, February 28, 2021.
Actual Expenses
For each Class of each Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading titled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.
Beginning Account Value September 1, 2020 | Ending Account Value February 28, 2021 | Expenses Paid During the Period* | Annualized Expense Ratio | |||||||||||||
JPMorgan High Yield Municipal Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,045.20 | $ | 3.30 | 0.65 | % | ||||||||
Hypothetical | 1,000.00 | 1,021.57 | 3.26 | 0.65 | ||||||||||||
Class C | ||||||||||||||||
Actual | 1,000.00 | 1,041.70 | 5.82 | 1.15 | ||||||||||||
Hypothetical | 1,000.00 | 1,019.09 | 5.76 | 1.15 | ||||||||||||
Class I | ||||||||||||||||
Actual | 1,000.00 | 1,045.70 | 2.79 | 0.55 | ||||||||||||
Hypothetical | 1,000.00 | 1,022.07 | 2.76 | 0.55 | ||||||||||||
Class R6 | ||||||||||||||||
Actual | 1,000.00 | 1,046.20 | 2.28 | 0.45 | ||||||||||||
Hypothetical | 1,000.00 | 1,022.56 | 2.26 | 0.45 | ||||||||||||
JPMorgan Short-Intermediate Municipal Bond Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual | 1,000.00 | 1,000.60 | 3.42 | 0.69 | ||||||||||||
Hypothetical | 1,000.00 | 1,021.37 | 3.46 | 0.69 | ||||||||||||
Class C | ||||||||||||||||
Actual | 1,000.00 | 998.00 | 5.90 | 1.19 | ||||||||||||
Hypothetical | 1,000.00 | 1,018.89 | 5.96 | 1.19 | ||||||||||||
Class I | ||||||||||||||||
Actual | 1,000.00 | 1,002.80 | 1.19 | 0.24 | ||||||||||||
Hypothetical | 1,000.00 | 1,023.60 | 1.20 | 0.24 | ||||||||||||
Class R6 | ||||||||||||||||
Actual | 1,000.00 | 1,003.00 | 0.94 | 0.19 | ||||||||||||
Hypothetical | 1,000.00 | 1,023.85 | 0.95 | 0.19 |
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SCHEDULE OF SHAREHOLDER EXPENSES
(Unaudited) (continued)
Hypothetical $1,000 Investment
Beginning Account Value September 1, 2020 | Ending Account Value February 28, 2021 | Expenses Paid During the Period* | Annualized Expense Ratio | |||||||||||||
JPMorgan Sustainable Municipal Income Fund (formerly known as JPMorgan Municipal Income Fund) | ||||||||||||||||
Class A | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,005.10 | $ | 3.43 | 0.69 | % | ||||||||
Hypothetical | 1,000.00 | 1,021.37 | 3.46 | 0.69 | ||||||||||||
Class C | ||||||||||||||||
Actual | 1,000.00 | 1,002.40 | 6.16 | 1.24 | ||||||||||||
Hypothetical | 1,000.00 | 1,018.65 | 6.21 | 1.24 | ||||||||||||
Class I | ||||||||||||||||
Actual | 1,000.00 | 1,006.40 | 2.19 | 0.44 | ||||||||||||
Hypothetical | 1,000.00 | 1,022.61 | 2.21 | 0.44 | ||||||||||||
Class R6 | ||||||||||||||||
Actual | 1,000.00 | 1,006.90 | 1.69 | 0.34 | ||||||||||||
Hypothetical | 1,000.00 | 1,023.11 | 1.71 | 0.34 | ||||||||||||
JPMorgan Tax Free Bond Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual | 1,000.00 | 1,014.30 | 3.30 | 0.66 | ||||||||||||
Hypothetical | 1,000.00 | 1,021.52 | 3.31 | 0.66 | ||||||||||||
Class C | ||||||||||||||||
Actual | 1,000.00 | 1,011.40 | 6.18 | 1.24 | ||||||||||||
Hypothetical | 1,000.00 | 1,018.65 | 6.21 | 1.24 | ||||||||||||
Class I | ||||||||||||||||
Actual | 1,000.00 | 1,016.30 | 2.25 | 0.45 | ||||||||||||
Hypothetical | 1,000.00 | 1,022.56 | 2.26 | 0.45 | ||||||||||||
Class R6 | ||||||||||||||||
Actual | 1,000.00 | 1,016.50 | 2.00 | 0.40 | ||||||||||||
Hypothetical | 1,000.00 | 1,022.81 | 2.01 | 0.40 | ||||||||||||
JPMorgan Ultra-Short Municipal Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual | 1,000.00 | 1,000.50 | 2.18 | 0.44 | ||||||||||||
Hypothetical | 1,000.00 | 1,022.61 | 2.21 | 0.44 | ||||||||||||
Class I | ||||||||||||||||
Actual | 1,000.00 | 1,000.60 | 1.19 | 0.24 | ||||||||||||
Hypothetical | 1,000.00 | 1,023.60 | 1.20 | 0.24 |
* | Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
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LIQUIDITY RISK MANAGEMENT PROGRAM
(Unaudited)
Each of the Funds has adopted the J.P. Morgan Funds Liquidity Risk Management Program (the “Program”) under Rule 22e-4 under the 1940 Act (the “Liquidity Rule”). The Program seeks to assess, manage and review each Fund’s Liquidity Risk. “Liquidity Risk” is defined as the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund. Among other things, the Liquidity Rule requires that a written report be provided to the Board of Trustees (the “Board”) on an annual basis that addresses the operation of the Program and assesses the adequacy and effectiveness of its implementation, including the operation of any Highly Liquid Investment Minimum (“HLIM”) established for a J.P. Morgan Fund and any material changes to the Program.
The Board has appointed J.P. Morgan Asset Management’s Liquidity Risk Forum to be the program administrator for the Program (the “Program Administrator”). In addition to regular reporting at each of its quarterly meetings, on February 8, 2021, the Board reviewed the Program Administrator’s annual report (the “Report”) concerning the operation of the Program for the period from January 1, 2020 through December 31, 2020 (the “Program Reporting Period”). The Report addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including, where applicable, the operation of a J.P. Morgan Fund’s HLIM. There were no material changes to the Program during the Program Reporting Period.
The Report summarized the operation of the Program and the information and factors considered by the Program Administrator in assessing whether the Program has been adequately and effectively implemented with respect to each Fund. Such information and factors included, among other things: (1) the liquidity risk framework used to assess, manage, and periodically review each Fund’s Liquidity Risk and the results of this
assessment; (2) the methodology and inputs for classifying the investments of a Fund into one of four liquidity categories that reflect an estimate of the liquidity of those investments under current market conditions, including additional focus on particular asset classes and securities impacted by the COVID-19 pandemic; (3) whether a Fund invested primarily in “Highly Liquid Investments” (as defined under the Liquidity Rule), as well as whether an HLIM should be established for a Fund (and, for Funds that have adopted an HLIM, whether the HLIM continues to be appropriate or whether a Fund has invested below its HLIM) and the procedures for monitoring for any HLIM; (4) whether a Fund invested more than 15% of its assets in “Illiquid Investments” (as defined under the Liquidity Rule) and the procedures for monitoring for this limit; (5) the oversight of the liquidity vendor retained to perform liquidity classifications for the Program including during the COVID-19 pandemic; and (6) specific liquidity events arising during the Program Reporting Period, including the impact on Fund liquidity caused by the significant market volatility created in March 2020 by the COVID-19 pandemic. The Report further summarized that the Program Administrator instituted a stressed market protocol in March 2020 to: (1) review the results of the liquidity risk framework and daily liquidity classifications of each Fund’s investments; and (2) perform additional stress testing. The Report noted that each Fund was able to meet redemption requests without significant dilution to remaining shareholders during the Program Reporting Period, including during March 2020.
Based on this review, the Report concluded that: (1) the Program continues to be reasonably designed to effectively assess and manage each Fund’s Liquidity Risk; and (2) the Program has been adequately and effectively implemented with respect to each Fund during the Program Reporting Period.
154 | J.P. MORGAN MUNICIPAL BOND FUNDS | FEBRUARY 28, 2021 |
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(Unaudited)
(Dollar values in thousands)
Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Funds’ income and distributions for the taxable year ended February 28, 2021. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2021. The information necessary to complete your income tax returns for the calendar year ending December 31, 2021 will be provided under separate cover.
Treasury Income
The Fund listed below had the following percentage, or the maximum allowable percentage, of income earned from direct U.S. Treasury Obligations for the fiscal year ended February 28, 2021:
Income from U.S. Treasury Obligations | ||||
JPMorgan Ultra-Short Municipal Fund | 1.2 | % |
Tax-Exempt Income
Each Fund listed below had the following amount, or maximum allowable amount, of dividends paid from investment income exempt from federal income tax for the fiscal year ended February 28, 2021:
Exempt Distributions Paid | ||||
JPMorgan High Yield Municipal Fund | $ | 14,299 | ||
JPMorgan Short-Intermediate Municipal Bond Fund | 26,725 | |||
JPMorgan Sustainable Municipal Income Fund | 5,428 | |||
JPMorgan Tax Free Bond Fund | 13,281 | |||
JPMorgan Ultra-Short Municipal Fund | 26,607 |
FEBRUARY 28, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 155 |
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Rev. January 2011
FACTS | WHAT DOES J.P. MORGAN FUNDS DO WITH YOUR PERSONAL INFORMATION? |
Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include:
◾ Social Security number and account balances
◾ transaction history and account transactions
◾ checking account information and wire transfer instructions
When you are no longer our customer, we continue to share your information as described in this notice. |
How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons J.P. Morgan Funds chooses to share; and whether you can limit this sharing. |
Reasons we can share your personal information | Does J.P. Morgan Funds share? | Can you limit this sharing? | ||
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No | ||
For marketing purposes — to offer our products and services to you | Yes | No | ||
For joint marketing with other financial companies | No | We don’t share | ||
For our affiliates’ everyday business purposes — information about your transactions and experiences | No | We don’t share | ||
For our affiliates’ everyday business purposes — information about your creditworthiness | No | We don’t share | ||
For nonaffiliates to market to you | No | We don’t share |
Questions? | Call 1-800-480-4111 or go to www.jpmorganfunds.com |
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Page 2 |
Who we are | ||
Who is providing this notice? | J.P. Morgan Funds |
What we do | ||
How does J.P. Morgan Funds protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We authorize our employees to access your information only when they need it to do their work and we require companies that work for us to protect your information. | |
How does J.P. Morgan Funds collect my personal information? | We collect your personal information, for example, when you:
◾ open an account or provide contact information
◾ give us your account information or pay us by check
◾ make a wire transfer
We also collect your personal information from others, such as credit bureaus, affiliates and other companies. | |
Why can’t I limit all sharing? | Federal law gives you the right to limit only
◾ sharing for affiliates’ everyday business purposes – information about your creditworthiness
◾ affiliates from using your information to market to you
◾ sharing for nonaffiliates to market to you
State laws and individual companies may give you additional rights to limit sharing. |
Definitions | ||
Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.
◾ J.P. Morgan Funds does not share with our affiliates. | |
Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies.
◾ J.P. Morgan Funds does not share with nonaffiliates so they can market to you. | |
Joint Marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.
◾ J.P. Morgan Funds doesn’t jointly market. |
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J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds.
Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.
Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure, by visiting www.sipc.org or by calling SIPC at 202-371-8300.
Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC as an exhibit to its report on Form N-PORT. The Funds’ Form N-PORT reports are available on the SEC’s website at http://www.sec.gov. Each Fund’s quarterly holdings can be found by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.
A description of each Fund’s policies and procedures with respect to the disclosure of each Fund’s holdings is available in the prospectuses and Statement of Additional Information.
A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 and on the Funds’ website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser. A copy of the Funds’ voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Funds’ website at www.jpmorganfunds.com no later than August 31 of each year. The Funds’ proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.
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J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.
© JPMorgan Chase & Co., 2021. All rights reserved. February 2021. | AN-MUNIBOND-221 |
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ITEM 2. CODE OF ETHICS.
Disclose whether, as of the end of the period covered by the report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, explain why it has not done so.
The registrant must briefly describe the nature of any amendment, during the period covered by the report, to a provision of its code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item. The registrant must file a copy of any such amendment as an exhibit pursuant to Item 13(a)(1), unless the registrant has elected to satisfy paragraph (f) of this Item by positing its code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by undertaking to provide its code of ethics to any person without charge, upon request, pursuant to paragraph (f)(3) of this Item.
If the registrant has, during the period covered by the report, granted a waiver, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or third party, that relates to one or more items set forth in paragraph (b) of this Item, the registrant must briefly describe the nature of the waiver, the name of the person to whom the waiver was granted, and the date of the waiver.
The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer and principal financial officer. There were no amendments to the code of ethics or waivers granted with respect to the code of ethics in the period covered by the report.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
(a) (1) Disclose that the registrant’s board of directors has determined that the registrant either:
(i) Has at least one audit committee financial expert serving on its audit committee; or
(ii) Does not have an audit committee financial expert serving on its audit committee.
The Registrant’s Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its audit committee. The Securities and Exchange Commission has stated that the designation or identification of a person as an audit committee financial expert pursuant to this Item 3 of Form N-CSR does not impose on such person any duties, obligations or liabilities that are greater than the duties, obligations and liabilities imposed on such person as a member of the Audit Committee and the Board of Trustees in the absence of such designation or identification.
(2) If the registrant provides the disclosure required by paragraph (a)(1)(i) of this Item, it must disclose the name of the audit committee financial expert and whether that person is “independent.” In order to be considered “independent” for purposes of this Item, a member of an audit committee may not, other than in his or her capacity as a member of the audit committee, the board of directors, or any other board committee:
(i) Accept directly or indirectly any consulting, advisory, or other compensatory fee from the issuer; or
(ii) Be an “interested person” of the investment company as defined in Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).
The audit committee financial expert is Dennis P. Harrington. He is not an “interested person” of the Registrant and is also “independent” as defined by the U.S. Securities and Exchange Commission for purposes of audit committee financial expert determinations.
On April 1, 2021, Kathleen M. Gallagher replaced Dennis P. Harrington as the audit committee financial expert. Ms. Gallagher is not an “interested person” of the Registrant and is also “independent” as defined by the U.S. Securities and Exchange Commission for the purposes of the audit committee financial expert determination.
(3) If the registrant provides the disclosure required by paragraph (a)(1)(ii) of this Item, it must explain why it does not have an audit committee financial expert.
Not applicable.
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ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Disclose, under the caption Audit Fees, the aggregate fees billed for each of the last two fiscal years for professional
services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.
AUDIT FEES 2021 – $136,863 2020 – $178,251 |
(b) Disclose, under the caption Audit-Related Fees, the aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.
AUDIT-RELATED FEES 2021 – $18,434 2020 – $31,710 |
Audit-related fees consists of semi-annual financial statement reviews and security count procedures performed as required under Rule 17f-2 of the Investment Company Act of 1940 during the Registrant’s fiscal year.
(c) Disclose, under the caption Tax Fees, the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Registrants shall describe the nature of the services comprising the fees disclosed under this category.
TAX FEES 2021 – $25,916 2020 – $55,347 |
The tax fees consist of fees billed in connection with preparing the federal regulated investment company income tax returns for the Registrant for the tax years ended February 28, 2021 and 2020, respectively.
For the last fiscal year, no tax fees were required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X.
(d) Disclose, under the caption All Other Fees, the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.
ALL OTHER FEES 2021 – Not applicable 2020 – Not applicable |
(e) (1) Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
Pursuant to the Registrant’s Audit Committee Charter and written policies and procedures for the pre-approval of audit and non-audit services (the “Pre-approval Policy”), the Audit Committee pre-approves all audit and non-audit services performed by the Registrant’s independent public registered accounting firm for the Registrant. In addition, the Audit Committee pre-approves the auditor’s engagement for non-audit services with the Registrant’s investment adviser (not including a sub-adviser whose role is primarily portfolio management and is sub-contracted or overseen by another investment adviser) and any Service Affiliate in accordance with paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, if the engagement relates directly to the operations and financial reporting of the Registrant. Proposed services may be pre-approved either 1) without consideration of specific case-by-case services or 2) require the specific pre-approval of the Audit Committee. Therefore, initially the Pre-approval Policy listed a number of audit and non-audit services that have been approved by the Audit Committee, or which were not subject to pre-approval under the transition provisions of Sarbanes-Oxley Act of 2002 (the “Pre-approval List”). The Audit Committee annually reviews and pre-approves the services included on the Pre-approval List
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that may be provided by the independent public registered accounting firm without obtaining additional specific pre-approval of individual services from the Audit Committee. The Audit Committee adds to, or subtracts from, the list of general pre-approved services from time to time, based on subsequent determinations. All other audit and non-audit services not on the Pre-approval List must be specifically pre-approved by the Audit Committee.
One or more members of the Audit Committee may be appointed as the Committee’s delegate for the purposes of considering whether to approve such services. Any pre-approvals granted by the delegate will be reported, for informational purposes only, to the Audit Committee at its next scheduled meeting. The Audit Committee’s responsibilities to pre-approve services performed by the independent public registered accounting firm are not delegated to management.
(2) Disclose the percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
2021 – 0.0%
2020 – 0.0%
(f) If greater than 50 percent, disclose the percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.
Not applicable - Less than 50%.
(g) Disclose the aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant.
The aggregate non-audit fees billed by the independent registered public accounting firm for services rendered to the Registrant, and rendered to Service Affiliates, for the last two calendar year ends were:
2020 – $30.0 million
2019 – $24.8 million
(h) Disclose whether the registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.
The Registrant’s Audit Committee has considered whether the provision of the non-audit services that were rendered to Service Affiliates that were not pre-approved (not requiring pre-approval) is compatible with maintaining the independent public registered accounting firm’s independence. All services provided by the independent public registered accounting firm to the Registrant or to Service Affiliates that were required to be pre-approved were pre-approved as required.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
(a) If the registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act (17CFR 240.10A-3), state whether or not the registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has such a committee, however designated, identify each committee member. If the entire board of directors is acting as the registrant’s audit committee as specified in Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)), so state.
(b) If applicable, provide the disclosure required by Rule 10A-3(d) under the Exchange Act (17CFR 240.10A-3(d)) regarding an exemption from the listing standards for all audit committees.
Not applicable.
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ITEM 6. INVESTMENTS.
File Schedule I – Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth in Section 210.12-12 of Regulation S-X, unless the schedule is included as part of the report to shareholders filed under Item 1 of this Form.
Included in Item 1.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 9. PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101), or this Item.
No material changes to report.
ITEM 11. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant’s principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).
The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.
(b) Disclose any change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
There were no changes in the Registrant’s internal control over financial reporting that occurred during the last fiscal quarter covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
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ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 13. EXHIBITS.
(a) | File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated. |
(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit.
(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2).
(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.
Not applicable.
(b) | A separate or combined certification for each principal executive officer and principal officer of the registrant as required by Rule 30a-2(b) under the Act of 1940. |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
JPMorgan Trust IV | ||
By: | /s/ Brian S. Shlissel | |
Brian S. Shlissel | ||
President and Principal Executive Officer | ||
May 3, 2021 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ Brian S. Shlissel | |
Brian S. Shlissel | ||
President and Principal Executive Officer | ||
May 3, 2021 | ||
By: | /s/ Timothy J. Clemens | |
Timothy J. Clemens | ||
Treasurer and Principal Financial Officer | ||
May 3, 2021 |