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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, 2021 through August 31, 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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Semi-Annual Report
J.P. Morgan Money Market Funds
August 31, 2021 (Unaudited)
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 | 86 | |||
Financial Highlights | 118 | |||
Notes to Financial Statements | 150 | |||
Schedule of Shareholder Expenses | 164 | |||
Board Approval of Investment Advisory Agreements | 170 |
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.
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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LETTER TO SHAREHOLDERS
October 8, 2021 (Unaudited)
Dear Shareholders,
Amid ultra-low interest rates and the continuing global economic rebound, financial markets largely provided positive returns for the six months ended August 31, 2021. While the global effort to contain the pandemic has shown uneven results and supply chain disruptions have weighed on economic activity, consumer spending accelerated further and U.S. corporate earnings reached record highs during the period.
“Regardless of the economic backdrop, JPMorgan Global Liquidity remains ready to seek to deploy our global resources and expertise in seeking to deliver quality short-term fixed income solutions.” — John T. Donohue |
Within fixed income markets, lower rated bonds and below investment grade bonds (also known as “junk bonds”) largely outperformed higher rated bonds and U.S. Treasury bonds as investors sought out higher yields. For its part, the U.S. Federal Reserve held policy interest rates at near zero throughout the six-month reporting period but recently indicated that it may wind down its $120 billion-a-month asset purchasing program in 2021 in response to improved conditions in the labor market and rising inflationary pressures.
Meanwhile, the U.S. Congress wrangled with two broad infrastructure spending measures sought by President Biden and, subsequent to the end of the reporting period, managed to extend the debt ceiling to avoid a first-ever U.S. debt default.
At this time, we expect the global economy will continue its strong rebound from the pandemic downturn, though the speed and reach of the recovery are likely to be determined by vaccination rates and the stability of world-wide logistical networks. Various economic data indicate that the U.S. economy is likely to see accelerating investment spending, rebuilding of inventories and continued strength in consumer demand through the end of 2021.
Regardless of the economic backdrop, JPMorgan Global Liquidity remains ready to seek to deploy our global resources and expertise in seeking to deliver quality short-term fixed income solutions. 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
AUGUST 31, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 1 |
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JPMorgan Prime Money Market Fund
FUND FACTS
SIX MONTHS ENDED AUGUST 31, 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 August 31, 2021 | $80.0 Billion | |
Weighted Average Maturity^ | 49 calendar days | |
Weighted Average Life^^ | 73 calendar days |
MATURITY SCHEDULE*^ | ||||
1 calendar day | 39.6 | % | ||
2–7 calendar days | 9.7 | |||
8–30 calendar days | 7.3 | |||
31–60 calendar days | 18.0 | |||
61–90 calendar days | 8.2 | |||
91–180 calendar days | 8.8 | |||
181+ calendar days | 8.4 |
7-DAY SEC YIELD AS OF AUGUST 31, 2021(1) | ||||
Academy Shares | 0.07 | % | ||
Agency Shares | 0.01 | |||
Capital Shares | 0.07 | |||
Class C Shares | 0.01 | |||
Empower Shares | 0.07 | |||
IM Shares | 0.07 | |||
Institutional Class Shares | 0.05 | |||
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. |
^ | 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 August 31, 2021. |
(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 (0.04)%, (0.14)%, (0.04)%, (5.43)%, (14.47)%, 0.01%, (0.09)%, (0.36)%, (0.29)% and (3.12)% 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 | AUGUST 31, 2021 |
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JPMorgan Institutional Tax Free Money Market Fund
FUND FACTS
SIX MONTHS ENDED AUGUST 31, 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 August 31, 2021 | $2.1 Billion | |
Weighted Average Maturity^ | 33 calendar days | |
Weighted Average Life^^ | 33 calendar days |
MATURITY SCHEDULE**^ | ||||
1 calendar day | 11.0 | % | ||
2–7 calendar days | 3.7 | |||
8–30 calendar days | 60.7 | |||
31–60 calendar days | 10.3 | |||
61–90 calendar days | 3.0 | |||
91–180 calendar days | 7.2 | |||
181+ calendar days | 4.1 |
7-DAY SEC YIELD AS OF AUGUST 31, 2021(1) | ||||
Agency Shares | 0.01 | % | ||
Capital Shares | 0.02 | |||
IM Shares | 0.02 | |||
Institutional Class 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 1-800-766-7722 (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. |
* | 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 August 31, 2021. |
(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 (0.39)%, (0.14)%, (0.08)% and (0.19)% 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. |
AUGUST 31, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 3 |
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JPMorgan Securities Lending Money Market Fund
FUND FACTS
SIX MONTHS ENDED AUGUST 31, 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 August 31, 2021 | $3.1 Billion | |
Weighted Average Maturity^ | 40 calendar days | |
Weighted Average Life^^ | 75 calendar days |
MATURITY SCHEDULE*^ | ||||
1 calendar day | 56.2 | % | ||
2–7 calendar days | 3.7 | |||
8–30 calendar days | 9.8 | |||
31–60 calendar days | 9.6 | |||
61–90 calendar days | 3.8 | |||
91–180 calendar days | 9.4 | |||
181+ calendar days | 7.5 |
7-DAY SEC YIELD AS OF AUGUST 31, 2021(1) | ||||
Agency SL Shares | 0.08 | % |
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 August 31, 2021. |
(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 (0.01)% 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 | AUGUST 31, 2021 |
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JPMorgan Liquid Assets Money Market Fund
FUND FACTS
SIX MONTHS ENDED AUGUST 31, 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 August 31, 2021 | $7.5 Billion | |
Weighted Average Maturity^^ | 54 calendar days | |
Weighted Average Life^^^ | 83 calendar days |
MATURITY SCHEDULE*^^ | ||||
1 calendar day | 30.6 | % | ||
2–7 calendar days | 15.9 | |||
8–30 calendar days | 8.9 | |||
31–60 calendar days | 14.0 | |||
61–90 calendar days | 12.7 | |||
91–180 calendar days | 8.1 | |||
181+ calendar days | 9.8 |
7-DAY SEC YIELD AS OF AUGUST 31, 2021(1) | ||||
Agency Shares | 0.01 | % | ||
Capital Shares | 0.04 | |||
Class C Shares | 0.01 | |||
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. |
^ | 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 August 31, 2021. |
(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 (0.14)%, (0.04)%, (0.99)%, (0.09)%, (0.34)%, (0.46)%, (0.29)% and (0.54)% 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. |
AUGUST 31, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 5 |
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JPMorgan U.S. Government Money Market Fund
FUND FACTS
SIX MONTHS ENDED AUGUST 31, 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 August 31, 2021 | $246.9 Billion | |
Weighted Average Maturity^ | 42 calendar days | |
Weighted Average Life^^ | 60 calendar days |
MATURITY SCHEDULE*^ | ||||
1 calendar day | 48.3 | % | ||
2–7 calendar days | 13.7 | |||
8–30 calendar days | 6.9 | |||
31–60 calendar days | 3.2 | |||
61–90 calendar days | 9.7 | |||
91–180 calendar days | 10.4 | |||
181+ calendar days | 7.8 |
7-DAY SEC YIELD AS OF AUGUST 31, 2021(1) | ||||
Academy Shares | 0.03 | % | ||
Agency Shares | 0.01 | |||
Capital Shares | 0.03 | |||
E*Trade Shares | 0.01 | |||
Empower Shares | 0.03 | |||
IM Shares | 0.03 | |||
Institutional Class Shares | 0.01 | |||
Investor Shares | 0.00 | |||
Morgan Shares | 0.00 | |||
Premier Shares | 0.01 | |||
Reserve Shares | 0.00 | |||
Service Shares | 0.00 |
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 August 31, 2021. |
(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 (0.11)%, (0.21)%, (0.11)%, (0.96)%, (0.11)%, (0.06)%, (0.16)%, (0.42)%, (0.52)%, (0.36)%, (0.62)% and (0.97)% 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 | AUGUST 31, 2021 |
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JPMorgan U.S. Treasury Plus Money Market Fund
FUND FACTS
SIX MONTHS ENDED AUGUST 31, 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 August 31, 2021 | $25.0 Billion | |
Weighted Average Maturity^ | 38 calendar days | |
Weighted Average Life^^ | 63 calendar days |
MATURITY SCHEDULE*^ | ||||
1 calendar day | 51.7 | % | ||
2–7 calendar days | 18.8 | |||
8–30 calendar days | 3.8 | |||
31–60 calendar days | 3.1 | |||
61–90 calendar days | 1.6 | |||
91–180 calendar days | 13.6 | |||
181+ calendar days | 7.4 |
7-DAY SEC YIELD AS OF AUGUST 31, 2021(1) | ||||
Academy Shares | 0.01 | % | ||
Agency Shares | 0.01 | |||
Capital Shares | 0.01 | |||
Class C Shares | 0.00 | |||
Empower Shares | 0.01 | |||
IM Shares | 0.01 | |||
Institutional Class Shares | 0.01 | |||
Investor Shares | 0.00 | |||
Morgan Shares | 0.00 | |||
Premier Shares | 0.01 | |||
Reserve Shares | 0.00 |
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 August 31, 2021. |
(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 (0.13)%, (0.23)%, (0.13)%, (1.08)%, (0.13)%, (0.08)%, (0.18)%, (0.43)%, (0.53)%, (0.38)% and (0.63)% 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. |
AUGUST 31, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 7 |
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JPMorgan Federal Money Market Fund
FUND FACTS
SIX MONTHS ENDED AUGUST 31, 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 August 31, 2021 | $2.3 Billion | |
Weighted Average Maturity^ | 40 calendar days | |
Weighted Average Life^^ | 65 calendar days |
MATURITY SCHEDULE*^ | ||||
1 calendar day | 13.8 | % | ||
2-7 calendar days | 14.5 | |||
8–30 calendar days | 37.8 | |||
31–60 calendar days | 7.9 | |||
61–90 calendar days | 11.3 | |||
91–180 calendar days | 10.2 | |||
181+ calendar days | 4.5 |
7-DAY SEC YIELD AS OF AUGUST 31, 2021(1) | ||||
Agency Shares | 0.01 | % | ||
Institutional Class Shares | 0.01 | |||
Morgan Shares | 0.00 | |||
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 August 31, 2021. |
(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 (0.25)%, (0.20)%, (0.59)% and (0.40)% 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 | AUGUST 31, 2021 |
Table of Contents
JPMorgan 100% U.S. Treasury Securities Money Market Fund
FUND FACTS
SIX MONTHS ENDED AUGUST 31, 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 August 31, 2021 | $95.4 Billion | |
Weighted Average Maturity^ | 53 calendar days | |
Weighted Average Life^^ | 67 calendar days |
MATURITY SCHEDULE*^ | ||||
1 calendar day | 6.7 | % | ||
2–7 calendar days | 9.1 | |||
8–30 calendar days | 27.9 | |||
31–60 calendar days | 22.6 | |||
61–90 calendar days | 10.7 | |||
91–180 calendar days | 21.4 | |||
181+ calendar days | 1.6 |
7-DAY SEC YIELD AS OF AUGUST 31, 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 | 0.00 | |||
Premier Shares | 0.01 | |||
Reserve Shares | 0.00 |
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 August 31, 2021. |
(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 (0.13)%, (0.23)%, (0.13)%, (0.13)%, (0.08)%, (0.18)%, (0.54)%, (0.38)% and (0.63)% 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. |
AUGUST 31, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 9 |
Table of Contents
JPMorgan Tax Free Money Market Fund
FUND FACTS
SIX MONTHS ENDED AUGUST 31, 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 August 31, 2021 | $8.0 Billion | |
Weighted Average Maturity^ | 32 calendar days | |
Weighted Average Life^^ | 32 calendar days |
MATURITY SCHEDULE**^ | ||||
1 calendar day | 10.0 | % | ||
2-7 calendar days | 2.1 | |||
8–30 calendar days | 67.3 | |||
31–60 calendar days | 7.6 | |||
61–90 calendar days | 2.1 | |||
91–180 calendar days | 4.9 | |||
181+ calendar days | 6.0 |
7-DAY SEC YIELD AS OF AUGUST 31, 2021(1) | ||||
Agency Shares | 0.01 | % | ||
Institutional Class Shares | 0.02 | |||
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 August 31, 2021. |
(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 (0.22)%, (0.17)%, (0.53)%, (0.37)% and (0.62)% 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 | AUGUST 31, 2021 |
Table of Contents
JPMorgan Municipal Money Market Fund
FUND FACTS
SIX MONTHS ENDED AUGUST 31, 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 August 31, 2021 | $875.3 Million | |
Weighted Average Maturity^^ | 35 calendar days | |
Weighted Average Life^^^ | 35 calendar days |
MATURITY SCHEDULE**^^ | ||||
1 calendar day | 14.5 | % | ||
2–7 calendar days | 2.0 | |||
8–30 calendar days | 65.6 | |||
31–60 calendar days | 3.0 | |||
61–90 calendar days | 1.5 | |||
91–180 calendar days | 6.7 | |||
181+ calendar days | 6.7 |
7-DAY SEC YIELD AS OF AUGUST 31, 2021(1) | ||||
Agency Shares | 0.01 | % | ||
Institutional Class Shares | 0.02 | |||
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 August 31, 2021. |
(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 (0.19)%, (0.14)%, (0.50)%, (0.34)% and (0.94)% 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. |
AUGUST 31, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 11 |
Table of Contents
JPMorgan California Municipal Money Market Fund
FUND FACTS
SIX MONTHS ENDED AUGUST 31, 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 August 31, 2021 | $238.4 Million | |
Weighted Average Maturity^^ | 30 calendar days | |
Weighted Average Life^^^ | 30 calendar days |
MATURITY SCHEDULE**^^ | ||||
1 calendar day | 9.9 | % | ||
2–7 calendar days | 0.8 | |||
8–30 calendar days | 68.5 | |||
31–60 calendar days | 13.0 | |||
61–90 calendar days | 1.0 | |||
91–180 calendar days | 0.6 | |||
181+ calendar days | 6.2 |
7-DAY SEC YIELD AS OF AUGUST 31, 2021(1) | ||||
Agency Shares | 0.01 | % | ||
Institutional Class Shares | 0.02 | |||
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 August 31, 2021. |
(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 (0.34)%, (0.29)%, (0.64)%, (0.49)% and (1.09)% 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 | AUGUST 31, 2021 |
Table of Contents
JPMorgan New York Municipal Money Market Fund
FUND FACTS
SIX MONTHS ENDED AUGUST 31, 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 August 31, 2021 | $709.2 Million | |
Weighted Average Maturity^^ | 39 calendar days | |
Weighted Average Life^^^ | 39 calendar days |
MATURITY SCHEDULE**^^ | ||||
1 calendar day | 11.3 | % | ||
8–30 calendar days | 75.9 | |||
31–60 calendar days | 0.5 | |||
61–90 calendar days | 0.3 | |||
91–180 calendar days | 1.4 | |||
181+ calendar days | 10.6 |
7-DAY SEC YIELD AS OF AUGUST 31, 2021(1) | ||||
Agency Shares | 0.01 | % | ||
Institutional Class Shares | 0.02 | |||
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 August 31, 2021. |
(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 (0.25)%, (0.20)%, (0.59)%, (0.40)%, (0.65)% and (1.00)% 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. |
AUGUST 31, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 13 |
Table of Contents
JPMorgan Prime Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited)
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Repurchase Agreements — 26.2% |
| |||||||
Barclays Capital, Inc., 0.24%, dated 8/31/2021, due 10/5/2021, repurchase price $400,094, collateralized by Collateralized Mortgage Obligations, 0.00% - 7.08%, due 12/15/2031 - 1/18/2063 and FNMA Connecticut Avenue Securities, 2.05% - 11.84%, due 2/26/2024 - 1/25/2051, with a value of $432,000. | 400,000 | 400,000 | ||||||
Barclays Capital, Inc., 0.25%, dated 8/31/2021, due 10/5/2021, repurchase price $175,042, collateralized by Collateralized Mortgage Obligations, 0.00% - 6.44%, due 5/15/2028 - 4/25/2066 and FNMA Connecticut Avenue Securities, 1.50% - 6.43%, due 9/25/2028 -8/25/2033, with a value of $189,000. | 175,000 | 175,000 | ||||||
BMO Capital Markets Corp., 0.17%, dated 8/31/2021, due 9/1/2021, repurchase price $90,000, collateralized by Asset-Backed Securities, 5.25%, due 10/1/2030, Corporate Notes and Bonds, 0.95% -15.50%, due 4/17/2023 - 12/21/2065, FHLMC, 1.00% - 3.50%, due 1/25/2026 -3/25/2051, FNMA, 2.00%, due 7/25/2051, GNMA, 0.75% - 2.75%, due 1/20/2046 - 6/20/2051 and Sovereign Government Securities, 0.75% - 1.75%, due 4/8/2022 - 6/29/2026, with a value of $96,531. | 90,000 | 90,000 | ||||||
BMO Capital Markets Corp., 0.17%, dated 8/31/2021, due 9/1/2021, repurchase price $110,001, collateralized by Asset-Backed Securities, 0.00% - 5.25%, due 12/13/2023 - 6/25/2038, Collateralized Mortgage Obligations, 0.00% - 4.21%, due 6/15/2038 - 8/17/2051, Corporate Notes and Bonds, 0.50% - 7.88%, due 5/4/2022 - 1/1/2999, FHLMC, 2.54% -4.00%, due 1/25/2026 - 4/15/2043, FNMA, 1.00% - 3.50%, due 4/25/2043 -1/25/2051, GNMA, 0.50% - 5.50%, due 4/20/2034 - 1/20/2071, Sovereign Government Securities, 1.25% - 2.25%, due 1/25/2022 - 1/28/2031 and U.S. Treasury Securities, 0.13% - 1.75%, due 2/28/2023 - 2/28/2026, with a value of $115,570. | 110,000 | 110,000 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
BMO Capital Markets Corp., 0.19%, dated 8/31/2021, due 9/7/2021, repurchase price $175,006, collateralized by Asset-Backed Securities, 0.00% - 5.25%, due 12/13/2023 - 9/25/2041, Collateralized Mortgage Obligations, 0.00% - 1.93%, due 7/25/2035 - 1/15/2049, Corporate Notes and Bonds, 0.65% - 11.88%, due 9/10/2021 - 1/1/2999, FHLMC, 2.54%, due 7/25/2026 and GNMA, 0.35% -2.00%, due 8/20/2051 - 7/20/2071, with a value of $188,305. | 175,000 | 175,000 | ||||||
BMO Capital Markets Corp., 0.22%, dated 8/31/2021, due 9/7/2021, repurchase price $105,004, collateralized by Asset-Backed Securities, 0.29% - 6.08%, due 5/15/2024 - 4/25/2042, Collateralized Mortgage Obligations, 2.79%, due 8/12/2038, Corporate Notes and Bonds, 0.43% - 7.88%, due 5/4/2022 -1/1/2999, FNMA, 1.50% - 2.00%, due 3/25/2051 - 4/25/2051, GNMA, 1.55%, due 11/20/2070, Sovereign Government Securities, 1.25%, due 1/28/2031 and U.S. Treasury Securities, 0.00% - 5.00%, due 11/18/2021 - 5/15/2037, with a value of $111,590. | 105,000 | 105,000 | ||||||
BMO Capital Markets Corp., 0.24%, dated 8/31/2021, due 9/7/2021, repurchase price $25,001, collateralized by Asset-Backed Securities, 4.25%, due 11/28/2053, Collateralized Mortgage Obligations, 0.00% - 6.50%, due 2/25/2035 - 4/15/2050, Corporate Notes and Bonds, 0.55% - 11.88%, due 1/20/2023 - 9/2/2040 and GNMA, 1.55% - 2.75%, due 1/20/2046 -7/20/2071, with a value of $26,456. | 25,000 | 25,000 | ||||||
BMO Capital Markets Corp., 0.24%, dated 8/31/2021, due 9/7/2021, repurchase price $25,001, collateralized by Asset-Backed Securities, 0.19% - 6.08%, due 8/13/2024 - 1/25/2047, Collateralized Mortgage Obligations, 0.00% - 7.38%, due 4/25/2032 - 11/25/2059, Corporate Notes and Bonds, 0.75% - 5.75%, due 1/20/2023 - 1/20/2026, FHLMC, 7.25%, due 3/1/2035, GNMA, 1.55% - 2.75%, due 1/20/2046 - 7/20/2071 and U.S. Treasury Securities, 0.13%, due 2/28/2023, with a value of $26,572. | 25,000 | 25,000 |
SEE NOTES TO FINANCIAL STATEMENTS.
14 | J.P. MORGAN MONEY MARKET FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Repurchase Agreements — continued |
| |||||||
BNP Paribas SA, 0.24%, dated 8/31/2021, due 9/7/2021, repurchase price $185,009, collateralized by Asset-Backed Securities, 7.36%, due 11/15/2048 and U.S. Treasury Securities, 0.13%, due 8/31/2023, with a value of $189,321. | 185,000 | 185,000 | ||||||
BNP Paribas SA, 0.29%, dated 8/31/2021, due 10/1/2021, repurchase price $75,019, collateralized by Corporate Notes and Bonds, 0.00%, due 9/30/2022 - 7/15/2025 and Sovereign Government Securities, 5.60% - 8.50%, due 1/24/2024 - 1/31/2047, with a value of $81,060. | 75,000 | 75,000 | ||||||
BNP Paribas SA, 0.32%, dated 8/31/2021, due 11/17/2021, repurchase price $200,139, collateralized by Asset-Backed Securities, 0.34% - 9.11%, due 4/1/2024 - 1/25/2065, with a value of $220,352. | 200,000 | 200,000 | ||||||
Bofa Securities, Inc., 0.33%, dated 8/31/2021, due 10/5/2021, repurchase price $215,069, collateralized by Collateralized Mortgage Obligations, 0.00% - 7.32%, due 5/15/2023 - 12/16/2072, FNMA Connecticut Avenue Securities, 0.85% - 4.48%, due 1/25/2024 - 9/25/2048 and Sovereign Government Securities, 3.24%, due 2/6/2028, with a value of $231,981. | 215,000 | 215,000 | ||||||
Bofa Securities, Inc., 0.35%, dated 8/31/2021, due 10/5/2021, repurchase price $250,085, collateralized by Common Stocks, 0.00%, due 1/1/2049 -1/1/2999 and Preferred Stocks, 5.63% -8.13%, due 8/1/2042 - 1/1/2999, with a value of $270,000. | 250,000 | 250,000 | ||||||
Bofa Securities, Inc., 0.48%, dated 8/31/2021, due 11/9/2021, repurchase price $345,322, collateralized by Collateralized Mortgage Obligations, 0.18% - 6.50%, due 11/15/2035 -11/25/2053, Corporate Notes and Bonds, 0.00% - 7.63%, due 9/1/2023 - 3/1/2050 and Sovereign Government Securities, 0.50% - 10.38%, due 1/24/2022 - 3/11/2061, with a value of $372,600. | 345,000 | 345,000 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Credit Suisse Securities USA LLC, 0.20%, dated 8/31/2021, due 9/7/2021, repurchase price $50,002, collateralized by Asset-Backed Securities, 0.00% - 19.05%, due 4/17/2025 - 1/25/2060, Collateralized Mortgage Obligations, 0.00% - 6.25%, due 7/15/2032 - 4/25/2043 and Corporate Notes and Bonds, 0.00%, due 11/1/2022, with a value of $55,002. | 50,000 | 50,000 | ||||||
Credit Suisse Securities USA LLC, 0.44%, dated 8/31/2021, due 10/5/2021, repurchase price $150,064, collateralized by Asset-Backed Securities, 0.00% - 20.01%, due 8/28/2023 - 1/15/2069 and Collateralized Mortgage Obligations, 3.23% - 4.10%, due 9/20/2022 - 3/25/2023, with a value of $165,152. | 150,000 | 150,000 | ||||||
Federal Reserve Bank of New York, 0.05%, dated 8/31/2021, due 9/1/2021, repurchase price $2,500,003, collateralized by U.S. Treasury Securities, 0.13%, due 2/28/2023, with a value of $2,500,004. | 2,500,000 | 2,500,000 | ||||||
Federal Reserve Bank of New York, 0.05%, dated 8/31/2021, due 9/1/2021, repurchase price $9,500,013, collateralized by U.S. Treasury Securities, 1.13% - 3.00%, due 8/15/2040 - 8/15/2049, with a value of $9,500,013. | 9,500,000 | 9,500,000 | ||||||
Goldman Sachs & Co. LLC, 0.44%, dated 8/31/2021, due 11/19/2021, repurchase price $500,489, collateralized by Corporate Notes and Bonds, 0.00% - 12.00%, due 7/1/2022 - 7/1/2026, FHLMC, 1.50% - 5.50%, due 5/1/2033 - 8/1/2051 and FNMA, 2.50% - 6.00%, due 2/1/2023 - 7/1/2060, with a value of $510,000. | 500,000 | 500,000 | ||||||
HSBC Securities USA, Inc., 0.18%, dated 8/31/2021, due 9/1/2021, repurchase price $20,000, collateralized by Asset-Backed Securities, 2.44% - 3.38%, due 5/20/2024 - 9/15/2026 and Municipal Debt Securities, 0.00%, due 8/1/2031, with a value of $21,200. | 20,000 | 20,000 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 15 |
Table of Contents
JPMorgan Prime Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Repurchase Agreements — continued |
| |||||||
HSBC Securities USA, Inc., 0.18%, dated 8/31/2021, due 9/1/2021, repurchase price $25,000, collateralized by Corporate Notes and Bonds, 0.75% - 6.95%, due 1/29/2023 - 4/1/2060, FHLMC, 3.50% -6.50%, due 4/1/2031 - 10/1/2037, GNMA, 4.00% - 5.00%, due 9/15/2041 -5/20/2049, Sovereign Government Securities, 2.38% - 5.00%, due 4/11/2022 - 8/20/2030 and U.S. Treasury Securities, 0.00%, due 9/9/2021 -10/7/2021, with a value of $26,155. | 25,000 | 25,000 | ||||||
ING Financial Markets LLC, 0.15%, dated 8/31/2021, due 9/1/2021, repurchase price $75,000, collateralized by Common Stocks, 0.00%, due 1/1/2999, with a value of $81,097. | 75,000 | 75,000 | ||||||
ING Financial Markets LLC, 0.15%, dated 8/31/2021, due 9/1/2021, repurchase price $115,000, collateralized by Corporate Notes and Bonds, 0.50% -6.90%, due 3/15/2022 - 8/5/2061, with a value of $120,751. | 115,000 | 115,000 | ||||||
ING Financial Markets LLC, 0.25%, dated 8/31/2021, due 10/8/2021, repurchase price $25,007, collateralized by Corporate Notes and Bonds, 1.38% - 9.75%, due 9/15/2021 - 1/1/2999, with a value of $26,851. | 25,000 | 25,000 | ||||||
ING Financial Markets LLC, 0.27%, dated 8/31/2021, due 10/22/2021, repurchase price $100,039, collateralized by Common Stocks, 0.00%, due 1/1/2999, with a value of $108,048. | 100,000 | 100,000 | ||||||
ING Financial Markets LLC, 0.25%, dated 8/31/2021, due 11/5/2021, repurchase price $35,016, collateralized by Corporate Notes and Bonds, 0.88% - 9.25%, due 11/15/2025 - 4/1/2044, with a value of $37,781. | 35,000 | 35,000 | ||||||
ING Financial Markets LLC, 0.25%, dated 8/31/2021, due 11/10/2021, repurchase price $15,007, collateralized by Corporate Notes and Bonds, 0.00% - 7.00%, due 9/15/2021 - 8/12/2061, with a value of $15,850. | 15,000 | 15,000 | ||||||
Mitsubishi UFJ Trust & Banking Corp., 0.20%, dated 8/31/2021, due 9/2/2021, repurchase price $1,000,011, collateralized by Corporate Notes and Bonds, 2.05% - 4.50%, due 5/13/2022 -5/1/2030, with a value of $1,042,682. | 1,000,000 | 1,000,000 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Royal Bank of Canada, 0.17%, dated 8/31/2021, due 9/7/2021, repurchase price $200,007, collateralized by Certificates of Deposit, 0.10% - 0.11%, due 9/2/2021 - 12/9/2021 and Commercial Paper, 0.00%, due 9/2/2021 -5/6/2022, with a value of $210,000. | 200,000 | 200,000 | ||||||
Societe Generale SA, 0.14%, dated 8/31/2021, due 9/1/2021, repurchase price $167,001, collateralized by Asset-Backed Securities, 2.70% - 5.88%, due 10/11/2027 - 5/15/2034, Collateralized Mortgage Obligations, 2.90% - 3.00%, due 10/17/2050 - 1/18/2052, Corporate Notes and Bonds, 0.20% - 8.63%, due 9/16/2021 - 8/1/2118, FNMA Connecticut Avenue Securities, 2.03%, due 10/25/2049 and Sovereign Government Securities, 1.40% - 6.75%, due 2/7/2022 -7/27/2033, with a value of $175,851. | 167,000 | 167,000 | ||||||
Societe Generale SA, 0.21%, dated 8/31/2021, due 9/1/2021, repurchase price $805,005, collateralized by Asset-Backed Securities, 0.23% - 4.00%, due 10/11/2027 - 2/28/2041, Collateralized Mortgage Obligations, 4.35% - 5.10%, due 1/12/2034 - 8/17/2049, Corporate Notes and Bonds, 2.80% - 13.00%, due 11/15/2021 - 1/1/2999, FNMA Connecticut Avenue Securities, 0.73% -2.88%, due 12/26/2029 - 10/25/2049 and Sovereign Government Securities, 2.63% - 11.88%, due 2/7/2022 -1/1/2999, with a value of $869,099. | 805,000 | 805,000 | ||||||
Societe Generale SA, 0.23%, dated 8/31/2021, due 9/1/2021, repurchase price $370,002, collateralized by Asset-Backed Securities, 0.23% - 5.25%, due 5/30/2025 - 11/25/2046, Collateralized Mortgage Obligations, 0.68% - 5.45%, due 7/25/2036 - 5/25/2065, Corporate Notes and Bonds, 2.30% - 10.88%, due 9/15/2021 - 1/1/2999, FNMA Connecticut Avenue Securities, 2.03% -3.83%, due 2/25/2030 - 8/25/2050 and Sovereign Government Securities, 2.63% -11.88%, due 6/27/2022 - 1/1/2999, with a value of $399,582. | 370,000 | 370,000 |
SEE NOTES TO FINANCIAL STATEMENTS.
16 | J.P. MORGAN MONEY MARKET FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Repurchase Agreements — continued |
| |||||||
Societe Generale SA, 0.23%, dated 8/31/2021, due 9/7/2021, repurchase price $200,009, collateralized by Asset-Backed Securities, 0.35% - 1.43%, due 2/25/2037 - 11/25/2046, Collateralized Mortgage Obligations, 4.52%, due 4/15/2050, Corporate Notes and Bonds, 1.57% -13.00%, due 3/15/2022 -1/1/2999, FNMA Connecticut Avenue Securities, 2.23% - 2.43%, due 1/27/2031 - 11/25/2039 and Sovereign Government Securities, 3.25% - 11.88%, due 9/26/2022 - 1/1/2999, with a value of $215,904. | 200,000 | 200,000 | ||||||
Societe Generale SA, 0.32%, dated 8/31/2021, due 11/8/2021, repurchase price $180,111, collateralized by Asset-Backed Securities, 0.23% - 7.13%, due 1/2/2024 - 11/25/2046, Collateralized Mortgage Obligations, 4.09% - 4.52%, due 8/17/2034 - 8/25/2059, Corporate Notes and Bonds, 0.99% - 11.50%, due 11/15/2021 - 5/15/2097, FNMA Connecticut Avenue Securities, 2.03% -2.93%, due 11/26/2029 - 10/25/2049 and Sovereign Government Securities, 2.63% - 11.88%, due 1/5/2023 -1/1/2999, with a value of $194,460. | 180,000 | 180,000 | ||||||
Societe Generale SA, 0.26%, dated 8/31/2021, due 12/1/2021, repurchase price $500,332, collateralized by Asset-Backed Securities, 0.33% - 5.25%, due 5/30/2025 - 10/25/2037, Collateralized Mortgage Obligations, 0.68% - 4.08%, due 11/15/2032 - 2/12/2049, Corporate Notes and Bonds, 1.57% - 8.75%, due 9/15/2021 - 1/1/2999, FNMA Connecticut Avenue Securities, 2.03% -2.93%, due 11/26/2029 - 10/25/2049 and Sovereign Government Securities, 2.63% - 11.88%, due 9/26/2022 -1/1/2999, with a value of $540,260. | 500,000 | 500,000 | ||||||
TD Securities (USA) LLC, 0.18%, dated 8/31/2021, due 9/2/2021, repurchase price $900,009, collateralized by Corporate Notes and Bonds, 0.85% -7.20%, due 1/15/2022 - 5/12/2061, with a value of $945,033. | 900,000 | 900,000 | ||||||
TD Securities (USA) LLC, 0.14%, dated 8/31/2021, due 9/7/2021, repurchase price $500,014, collateralized by Corporate Notes and Bonds, 0.50% -5.81%, due 4/5/2022 - 2/15/2060 and Municipal Debt Securities, 5.47% - 7.46%, due 5/1/2040 - 10/1/2046, with a value of $525,014. | 500,000 | 500,000 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
UBS Securities LLC, 0.25%, dated 8/31/2021, due 9/7/2021, repurchase price $300,015, collateralized by Certificates of Deposit, 0.00% - 0.46%, due 10/1/2021 - 12/2/2022, Commercial Paper, 0.00%, due 9/3/2021 -1/11/2022 and Corporate Notes and Bonds, 0.37% -12.00%, due 1/15/2022 - 1/1/2999, with a value of $319,195. | 300,000 | 300,000 | ||||||
Wells Fargo Securities LLC, 0.22%, dated 8/31/2021, due 9/2/2021, repurchase price $104,001, collateralized by Commercial Paper, 0.00%, due 2/15/2022 and Corporate Notes and Bonds, 0.18% -5.06%, due 6/3/2024 - 9/30/2059, with a value of $109,205. | 104,000 | 104,000 | ||||||
Wells Fargo Securities LLC, 0.32%, dated 8/31/2021, due 9/14/2021, repurchase price $250,031, collateralized by Certificates of Deposit, 0.00% - 0.25%, due 12/1/2021 - 8/29/2022 and Commercial Paper, 0.00%, due 9/1/2021 -2/15/2022, with a value of $262,710. | 250,000 | 250,000 | ||||||
|
| |||||||
Total Repurchase Agreements | 20,961,000 | |||||||
|
| |||||||
Corporate Notes — 0.6% |
| |||||||
Banks — 0.6% |
| |||||||
Barclays Bank plc (United Kingdom) | ||||||||
(OBFR + 0.10%), 0.17%, 9/1/2021 (b) (c) | 175,000 | 175,000 | ||||||
(OBFR + 0.16%), 0.23%, 9/1/2021 (b) (c) | 300,000 | 300,000 | ||||||
|
| |||||||
Total Corporate Notes | 475,000 | |||||||
|
| |||||||
Municipal Bonds — 0.2% |
| |||||||
Alaska — 0.1% |
| |||||||
Alaska Housing Finance Corp., State Capital Project Series 2018A, Rev., VRDO, 0.08%, 9/8/2021 (d) | 75,000 | 75,000 | ||||||
|
| |||||||
California — 0.1% |
| |||||||
Metropolitan Water District of Southern California, Waterworks Series A, Rev., VRDO, LIQ: Bank of America NA, 0.08%, 9/8/2021 (d) | 59,000 | 59,000 | ||||||
|
| |||||||
Total Municipal Bonds | 134,000 | |||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 17 |
Table of Contents
JPMorgan Prime Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Short-Term Investments — 72.5% |
| |||||||
Certificates of Deposit — 28.1% |
| |||||||
Agricultural Bank of China Ltd. (China) 0.12%, 9/27/2021 | 100,000 | 100,000 | ||||||
Bank of Montreal (Canada) | 150,000 | 150,007 | ||||||
(SOFR + 0.15%), 0.20%, 9/1/2021 (b) | 70,000 | 70,007 | ||||||
(ICE LIBOR USD 3 Month + 0.05%), 0.17%, 9/16/2021 (b) | 179,000 | 179,018 | ||||||
(ICE LIBOR USD 3 Month + 0.05%), 0.19%, 10/7/2021 (b) | 161,000 | 161,015 | ||||||
(ICE LIBOR USD 3 Month + 0.04%), 0.16%, 10/12/2021 (b) | 200,000 | 200,014 | ||||||
(ICE LIBOR USD 3 Month + 0.00%), 0.13%, 10/26/2021 (b) | 50,000 | 50,001 | ||||||
(ICE LIBOR USD 3 Month + 0.01%), 0.14%, 11/4/2021 (b) | 125,000 | 125,005 | ||||||
(ICE LIBOR USD 3 Month + 0.01%), 0.14%, 11/4/2021 (b) | 115,000 | 115,003 | ||||||
(ICE LIBOR USD 3 Month + 0.02%), 0.15%, 11/11/2021 (b) | 320,000 | 320,025 | ||||||
0.24%, 3/10/2022 | 100,000 | 100,045 | ||||||
0.23%, 5/11/2022 | 100,000 | 100,039 | ||||||
0.22%, 5/18/2022 | 100,000 | 100,031 | ||||||
0.21%, 6/22/2022 | 177,000 | 177,038 | ||||||
0.20%, 7/13/2022 | 100,000 | 100,010 | ||||||
Bank of Nova Scotia (The) (Canada) (SOFR + 0.18%), | ||||||||
0.23%, 9/1/2021 (b) | 100,000 | 100,034 | ||||||
0.20%, 2/18/2022 | 140,000 | 140,052 | ||||||
0.23%, 5/10/2022 | 100,000 | 100,047 | ||||||
0.22%, 5/13/2022 | 28,860 | 28,872 | ||||||
BNP Paribas SA (France) (ICE LIBOR USD 3 Month + 0.03%), 0.17%, 10/7/2021 (b) | 94,000 | 94,004 | ||||||
0.24%, 2/1/2022 | 290,000 | 290,129 | ||||||
Canadian Imperial Bank of Commerce (Canada) | ||||||||
(SOFR + 0.15%), 0.20%, 9/1/2021 (b) | 405,000 | 405,010 | ||||||
(SOFR + 0.15%), 0.20%, 9/1/2021 (b) | 175,000 | 175,004 | ||||||
(SOFR + 0.15%), 0.20%, 9/1/2021 (b) | 100,000 | 100,010 | ||||||
(BSBY1M + 0.10%), 0.16%, 9/24/2021 (b) | 110,000 | 110,000 | ||||||
(ICE LIBOR USD 3 Month + 0.05%), 0.20%, 9/30/2021 (b) | 330,000 | 330,047 | ||||||
0.19%, 10/20/2021 | 155,000 | 155,022 | ||||||
0.20%, 10/22/2021 | 100,000 | 100,014 | ||||||
0.20%, 2/18/2022 | 250,000 | 250,066 | ||||||
0.24%, 4/7/2022 | 175,000 | 175,082 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Certificates of Deposit — continued |
| |||||||
China Construction Bank Corp. (China) 0.10%, 9/7/2021 | 125,000 | 125,000 | ||||||
Cooperatieve Rabobank UA (Netherlands) | ||||||||
(ICE LIBOR USD 3 Month + 0.04%), 0.19%, 9/30/2021 (b) | 175,000 | 175,000 | ||||||
(ICE LIBOR USD 3 Month + 0.04%), 0.18%, 10/8/2021 (b) | 50,000 | 50,003 | ||||||
(ICE LIBOR USD 3 Month + 0.04%), 0.16%, 10/12/2021 (b) | 50,000 | 50,007 | ||||||
(ICE LIBOR USD 3 Month + 0.00%), 0.13%, 10/28/2021 (b) | 100,000 | 100,004 | ||||||
(ICE LIBOR USD 3 Month + 0.01%), 0.14%, 11/10/2021 (b) | 100,000 | 100,013 | ||||||
0.20%, 6/27/2022 | 46,500 | 46,509 | ||||||
0.22%, 7/5/2022 (e) | 100,000 | 99,823 | ||||||
Credit Agricole Corporate and Investment Bank (France) | ||||||||
0.11%, 9/27/2021 | 100,000 | 100,002 | ||||||
0.12%, 11/1/2021 | 350,000 | 350,017 | ||||||
(SOFR + 0.12%), 0.17%, 9/1/2021 (b) | 100,000 | 99,992 | ||||||
0.13%, 12/8/2021 | 150,000 | 150,010 | ||||||
Credit Industriel et Commercial (France) | ||||||||
(SOFR + 0.13%), 0.18%, 9/1/2021 (b) | 450,000 | 450,017 | ||||||
(ICE LIBOR USD 3 Month + 0.02%), 0.15%, 9/2/2021 (b) | 75,000 | 75,009 | ||||||
(ICE LIBOR USD 3 Month + 0.04%), 0.16%, 9/17/2021 (b) | 150,000 | 150,012 | ||||||
(ICE LIBOR USD 3 Month + 0.05%), 0.19%, 10/5/2021 (b) | 75,000 | 75,004 | ||||||
(ICE LIBOR USD 3 Month + 0.04%), 0.19%, 10/6/2021 (b) | 100,000 | 100,005 | ||||||
0.24%, 10/12/2021 (e) | 360,000 | 359,959 | ||||||
0.24%, 10/18/2021 (e) | 225,000 | 224,970 | ||||||
(ICE LIBOR USD 3 Month + 0.01%), 0.14%, 10/25/2021 (b) | 161,000 | 161,005 | ||||||
0.22%, 10/26/2021 (e) | 245,000 | 244,961 | ||||||
0.23%, 10/28/2021 (e) | 175,000 | 174,971 | ||||||
(ICE LIBOR USD 3 Month + 0.00%), 0.13%, 10/28/2021 (b) | 132,000 | 132,003 | ||||||
0.14%, 12/1/2021 | 100,000 | 100,007 | ||||||
0.22%, 3/7/2022 (e) | 400,000 | 399,664 | ||||||
DZ Bank AG (Germany) 0.11%, 10/29/2021 | 245,000 | 245,012 | ||||||
Erste Group Bank AG (Austria) 0.10%, 9/20/2021 | 300,000 | 300,002 | ||||||
ING Bank NV (Netherlands) | ||||||||
0.25%, 10/8/2021 | 178,000 | 178,000 | ||||||
0.18%, 5/13/2022 | 275,000 | 275,000 |
SEE NOTES TO FINANCIAL STATEMENTS.
18 | J.P. MORGAN MONEY MARKET FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Short-Term Investments — continued |
| |||||||
Certificates of Deposit — continued |
| |||||||
Kookmin Bank (South Korea) | ||||||||
0.15%, 11/23/2021 | 75,000 | 75,009 | ||||||
0.25%, 8/2/2022 | 38,000 | 38,009 | ||||||
Korea Development Bank (South Korea) | ||||||||
0.21%, 12/10/2021 | 25,000 | 25,007 | ||||||
0.26%, 4/18/2022 | 50,000 | 50,026 | ||||||
Mitsubishi UFJ Trust & Banking Corp. (Japan) | ||||||||
0.13%, 9/14/2021 (e) | 100,000 | 99,997 | ||||||
0.21%, 9/22/2021 | 100,000 | 100,008 | ||||||
0.19%, 10/7/2021 | 200,000 | 200,020 | ||||||
0.18%, 1/28/2022 (e) | 100,000 | 99,937 | ||||||
0.18%, 2/24/2022 (e) | 95,000 | 94,925 | ||||||
Mitsubishi UFJ Trust and Banking Co. Ltd. (Japan) | ||||||||
0.18%, 2/14/2022 (e) | 100,000 | 99,927 | ||||||
0.18%, 2/18/2022 (e) | 50,000 | 49,963 | ||||||
Mizuho Bank Ltd. (Japan) | ||||||||
0.16%, 9/1/2021 (e) | 100,000 | 100,000 | ||||||
0.19%, 10/6/2021 | 200,000 | 200,022 | ||||||
0.16%, 1/7/2022 | 100,000 | 100,011 | ||||||
0.15%, 1/25/2022 | 400,000 | 400,005 | ||||||
MUFG Bank Ltd. (Japan) | ||||||||
0.19%, 10/7/2021 | 100,000 | 100,013 | ||||||
0.14%, 12/1/2021 | 100,000 | 100,010 | ||||||
0.14%, 12/2/2021 | 200,000 | 200,020 | ||||||
0.15%, 1/14/2022 | 80,000 | 80,007 | ||||||
National Australia Bank Ltd. (Australia) | ||||||||
0.20%, 10/29/2021 (e) | 250,000 | 249,956 | ||||||
0.23%, 1/24/2022 (e) | 185,000 | 184,886 | ||||||
0.23%, 1/26/2022 (e) | 400,000 | 399,747 | ||||||
0.23%, 1/27/2022 (e) | 250,000 | 249,841 | ||||||
Natixis SA (France) | 300,000 | 300,028 | ||||||
(SOFR + 0.13%), 0.18%, 9/1/2021 (b) | 175,000 | 175,001 | ||||||
(ICE LIBOR USD 3 Month + 0.03%), 0.16%, 9/1/2021 (b) | 215,000 | 215,035 | ||||||
0.30%, 9/2/2021 | 30,000 | 30,000 | ||||||
(ICE LIBOR USD 3 Month + 0.05%), 0.18%, 9/10/2021 (b) | 240,000 | 240,030 | ||||||
0.23%, 10/7/2021 | 155,000 | 155,022 | ||||||
(ICE LIBOR USD 3 Month + 0.03%), 0.15%, 11/12/2021 (b) | 400,000 | 400,052 | ||||||
0.21%, 2/4/2022 | 150,000 | 150,056 | ||||||
Nordea Bank Abp (Finland) (ICE LIBOR USD 3 Month + 0.00%), 0.13%, 11/1/2021 (b) | 163,000 | 163,013 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Certificates of Deposit — continued |
| |||||||
(ICE LIBOR USD 3 Month + 0.00%), 0.12%, 11/4/2021 (b) | 51,900 | 51,903 | ||||||
0.23%, 4/21/2022 | 78,250 | 78,286 | ||||||
0.20%, 6/29/2022 | 125,000 | 125,015 | ||||||
0.20%, 7/1/2022 | 200,000 | 200,022 | ||||||
Norinchukin Bank (Japan) | ||||||||
0.08%, 10/1/2021 | 100,000 | 99,999 | ||||||
0.09%, 11/1/2021 | 300,000 | 299,994 | ||||||
Oversea-Chinese Banking Corp. Ltd. (Singapore) | ||||||||
0.20%, 9/27/2021 | 95,000 | 95,007 | ||||||
(ICE LIBOR USD 3 Month + 0.01%), 0.15%, 10/7/2021 (b) | 100,000 | 100,002 | ||||||
(ICE LIBOR USD 3 Month + 0.02%), 0.15%, 10/26/2021 (b) | 200,000 | 200,016 | ||||||
0.11%, 11/5/2021 | 125,000 | 125,000 | ||||||
0.21%, 12/9/2021 | 50,000 | 50,012 | ||||||
Royal Bank of Canada (Canada) | ||||||||
(ICE LIBOR USD 3 Month + 0.03%), 0.16%, 9/7/2021 (b) | 100,000 | 99,998 | ||||||
(ICE LIBOR USD 3 Month + 0.05%), 0.18%, 9/11/2021 (b) | 70,000 | 70,010 | ||||||
(ICE LIBOR USD 3 Month + 0.01%), 0.14%, 10/27/2021 (b) | 50,000 | 50,000 | ||||||
Skandinaviska Enskilda Banken AB (Sweden) | ||||||||
0.18%, 9/9/2021 | 100,000 | 100,003 | ||||||
0.20%, 2/18/2022 | 50,000 | 50,017 | ||||||
0.24%, 4/28/2022 | 100,000 | 100,056 | ||||||
0.23%, 5/11/2022 | 100,000 | 100,047 | ||||||
Standard Chartered Bank (United Kingdom) | ||||||||
0.22%, 9/24/2021 | 450,000 | 450,030 | ||||||
(ICE LIBOR USD 3 Month + 0.02%), 0.14%, 10/12/2021 (b) | 500,000 | 500,007 | ||||||
0.20%, 10/26/2021 | 150,000 | 150,016 | ||||||
Sumitomo Mitsui Banking Corp. (Japan) | ||||||||
(ICE LIBOR USD 3 Month + 0.03%), 0.16%, 9/10/2021 (b) | 150,000 | 150,002 | ||||||
(ICE LIBOR USD 3 Month + 0.02%), 0.17%, 9/29/2021 (b) | 150,000 | 150,001 | ||||||
0.19%, 10/5/2021 | 50,000 | 50,005 | ||||||
0.19%, 10/6/2021 | 250,000 | 250,027 | ||||||
0.11%, 11/16/2021 | 240,000 | 240,007 | ||||||
0.14%, 12/1/2021 | 50,000 | 50,005 | ||||||
0.14%, 12/2/2021 | 100,000 | 100,010 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 19 |
Table of Contents
JPMorgan Prime Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Short-Term Investments — continued |
| |||||||
Certificates of Deposit — continued |
| |||||||
Sumitomo Mitsui Trust Bank Ltd. (Japan) | ||||||||
0.21%, 9/21/2021 | 100,000 | 100,008 | ||||||
0.22%, 9/24/2021 | 200,000 | 200,018 | ||||||
0.23%, 10/19/2021 (e) | 200,000 | 199,974 | ||||||
0.09%, 10/25/2021 | 100,000 | 100,000 | ||||||
0.23%, 10/28/2021 (e) | 100,000 | 99,984 | ||||||
0.23%, 11/3/2021 (e) | 100,000 | 99,982 | ||||||
0.12%, 11/4/2021 | 200,000 | 200,010 | ||||||
0.18%, 11/22/2021 (e) | 100,000 | 99,971 | ||||||
0.18%, 12/1/2021 (e) | 100,000 | 99,966 | ||||||
0.18%, 2/25/2022 (e) | 100,000 | 99,921 | ||||||
Sumitomo Trust Japan (Luxembourg) 0.16%, 12/6/2021 (e) | 50,000 | 49,982 | ||||||
Svenska Handelsbanken AB (Sweden) | ||||||||
(ICE LIBOR USD 1 Month + 0.08%), 0.18%, 9/10/2021 (b) | 200,000 | 199,958 | ||||||
(ICE LIBOR USD 3 Month + 0.04%), 0.16%, 9/16/2021 (b) | 50,000 | 50,005 | ||||||
(ICE LIBOR USD 3 Month + 0.01%), 0.14%, 10/26/2021 (b) | 95,000 | 95,003 | ||||||
0.20%, 6/28/2022 | 100,000 | 100,009 | ||||||
Toronto-Dominion Bank (The) (Canada) | ||||||||
(US Federal Funds Effective Rate (continuous series) + 0.11%), 0.19%, 9/1/2021 (b) | 125,000 | 125,000 | ||||||
Series 01, (BSBY3M + 0.05%), 0.14%, 9/9/2021 (b) | 85,000 | 84,983 | ||||||
(ICE LIBOR USD 3 Month + 0.02%), 0.14%, 11/14/2021 (b) | 250,000 | 250,030 | ||||||
(US Federal Funds Effective Rate (continuous series) + 0.11%), 0.19%, 11/26/2021 (b) | 250,000 | 250,000 | ||||||
0.26%, 4/21/2022 (e) | 125,000 | 124,867 | ||||||
0.24%, 4/27/2022 | 141,250 | 141,325 | ||||||
0.27%, 4/27/2022 (e) | 175,000 | 174,807 | ||||||
0.21%, 6/23/2022 | 150,000 | 150,035 | ||||||
Westpac Banking Corp. (Australia) | 49,000 | 49,002 | ||||||
(ICE LIBOR USD 3 Month + 0.01%), 0.14%, 11/10/2021 (b) | 150,000 | 150,012 | ||||||
(ICE LIBOR USD 3 Month + 0.01%), 0.14%, 11/11/2021 (b) | 60,000 | 60,005 | ||||||
0.20%, 6/24/2022 | 97,000 | 97,017 | ||||||
Woori Bank (South Korea) | ||||||||
0.13%, 9/2/2021 (c) | 50,000 | 50,000 | ||||||
0.14%, 10/28/2021 (c) | 70,000 | 70,004 | ||||||
|
| |||||||
Total Certificates of Deposit | 22,475,590 | |||||||
|
|
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Commercial Paper — 25.8% |
| |||||||
Agricultural Bank of China Ltd. (China) 0.11%, 9/7/2021 (c) (e) | 30,000 | 29,999 | ||||||
Alpine Securitization LLC 0.20%, 10/5/2021 (d) | 85,000 | 85,013 | ||||||
Alpine Securitization Ltd. (Switzerland) 0.21%, 10/12/2021 (c) | 50,000 | 50,006 | ||||||
Antalis SA (France) 0.16%, 12/1/2021 (c) (e) | 51,400 | 51,383 | ||||||
ANZ New Zealand Int’l Ltd. (New Zealand) 0.19%, 10/21/2021 (c) (e) | 100,000 | 99,990 | ||||||
Atlantic Asset Securitization LLC | ||||||||
0.08%, 9/3/2021 (c) (e) | 50,000 | 50,000 | ||||||
0.18%, 11/8/2021 (c) (e) | 50,000 | 49,989 | ||||||
Australia & New Zealand Banking Group Ltd. (Australia) (ICE LIBOR USD 3 Month + 0.03%), 0.16%, 9/2/2021 (b) (c) | 70,000 | 70,010 | ||||||
Bank of Nova Scotia (The) (Canada) | ||||||||
(SOFR + 0.15%), 0.20%, 9/1/2021 (b) (c) | 200,000 | 200,020 | ||||||
(ICE LIBOR USD 3 Month + 0.00%), 0.13%, 10/28/2021 (b) (c) | 125,000 | 125,005 | ||||||
0.21%, 2/23/2022 (c) (e) | 175,000 | 174,901 | ||||||
0.23%, 4/8/2022 (c) (e) | 100,000 | 99,916 | ||||||
0.21%, 6/22/2022 (c) (e) | 170,000 | 169,767 | ||||||
Barclays Bank plc (United Kingdom) 0.13%, 10/27/2021 (c) (e) | 50,000 | 49,991 | ||||||
Bedford Row Funding Corp. | ||||||||
(US Federal Funds Effective Rate (continuous series) + 0.12%), 0.20%, 9/1/2021 (b) (c) | 150,000 | 150,000 | ||||||
(US Federal Funds Effective Rate (continuous series) + 0.12%), 0.20%, 9/1/2021 (b) (c) | 130,000 | 130,000 | ||||||
(ICE LIBOR USD 3 Month + 0.02%), 0.15%, 10/27/2021 (b) (c) | 25,000 | 24,998 | ||||||
(ICE LIBOR USD 3 Month + 0.05%), 0.18%, 11/22/2021 (b) (c) | 135,000 | 135,013 | ||||||
(ICE LIBOR USD 3 Month + 0.05%), 0.17%, 11/26/2021 (b) (c) | 50,000 | 50,004 | ||||||
0.21%, 1/18/2022 (c) (e) | 75,000 | 74,963 | ||||||
0.25%, 4/28/2022 (c) (e) | 75,000 | 74,921 | ||||||
BNG Bank NV (Netherlands) 0.08%, 9/1/2021 (c) (e) | 34,000 | 34,000 | ||||||
BNP Paribas SA (France) | ||||||||
0.23%, 10/7/2021 (e) | 108,000 | 107,992 | ||||||
0.18%, 3/22/2022 (e) | 136,000 | 135,893 | ||||||
0.18%, 3/22/2022 (e) | 500,000 | 499,605 | ||||||
BNZ International Funding Ltd. (New Zealand) 0.17%, 11/15/2021 (c) (e) | 100,000 | 99,982 |
SEE NOTES TO FINANCIAL STATEMENTS.
20 | J.P. MORGAN MONEY MARKET FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Short-Term Investments — continued |
| |||||||
Commercial Paper — continued |
| |||||||
BPCE SA (France) | ||||||||
0.20%, 11/1/2021 (c) (e) | 92,400 | 92,384 | ||||||
0.20%, 11/5/2021 (c) (e) | 200,000 | 199,963 | ||||||
0.23%, 12/13/2021 (c) (e) | 250,000 | 249,917 | ||||||
Canadian Imperial Bank of Commerce (Canada) 0.24%, 5/6/2022 (c) (e) | 200,000 | 199,775 | ||||||
Concord Minutemen Capital Co. LLC Series A, 0.10%, 9/17/2021 (c) (e) | 100,000 | 99,996 | ||||||
DBS Bank Ltd. (Singapore) | ||||||||
0.14%, 11/29/2021 (e) | 100,000 | 99,968 | ||||||
0.13%, 12/1/2021 (c) (e) | 50,000 | 49,983 | ||||||
0.15%, 12/22/2021 (c) (e) | 63,000 | 62,971 | ||||||
Dexia Credit Local SA (France) | ||||||||
0.12%, 10/12/2021 (c) (e) | 200,000 | 199,979 | ||||||
0.12%, 10/13/2021 (c) (e) | 100,000 | 99,989 | ||||||
0.12%, 10/14/2021 (c) (e) | 150,000 | 149,984 | ||||||
0.12%, 10/15/2021 (c) (e) | 250,000 | 249,972 | ||||||
0.10%, 10/18/2021 (c) (e) | 174,250 | 174,229 | ||||||
0.12%, 10/21/2021 (c) (e) | 250,000 | 249,968 | ||||||
0.11%, 10/22/2021 (c) (e) | 170,400 | 170,378 | ||||||
0.10%, 11/2/2021 (c) (e) | 100,000 | 99,984 | ||||||
0.11%, 11/4/2021 (c) (e) | 140,000 | 139,975 | ||||||
DNB Bank ASA (Norway) 0.09%, 9/2/2021 (c) (e) | 400,000 | 399,999 | ||||||
0.08%, 9/24/2021 (c) (e) | 125,000 | 124,995 | ||||||
0.09%, 10/8/2021 (c) (e) | 200,000 | 199,987 | ||||||
(ICE LIBOR USD 3 Month + 0.03%), 0.17%, 10/14/2021 (b) (c) | 260,000 | 260,017 | ||||||
(ICE LIBOR USD 3 Month + 0.01%), 0.14%, 10/27/2021 (b) (c) | 250,000 | 250,000 | ||||||
(ICE LIBOR USD 3 Month + 0.01%), 0.14%, 10/28/2021 (b) (c) | 100,000 | 99,997 | ||||||
(ICE LIBOR USD 3 Month + 0.01%), 0.14%, 10/28/2021 (b) (c) | 405,000 | 405,002 | ||||||
Federation des caisses Desjardins du Quebec (The) (Canada) | ||||||||
0.08%, 9/13/2021 (c) (e) | 100,000 | 99,998 | ||||||
0.08%, 9/20/2021 (c) (e) | 83,800 | 83,797 | ||||||
0.19%, 10/14/2021 (c) (e) | 100,000 | 99,989 | ||||||
0.08%, 10/26/2021 (e) | 100,000 | 99,986 | ||||||
First Abu Dhabi Bank PJSC (United Arab Emirates) | ||||||||
0.14%, 10/12/2021 (c) (e) | 253,000 | 252,973 | ||||||
0.13%, 10/26/2021 (c) (e) | 350,000 | 349,951 | ||||||
0.18%, 12/2/2021 (c) (e) | 555,000 | 554,854 | ||||||
0.16%, 1/7/2022 (c) (e) | 50,000 | 49,978 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Commercial Paper — continued |
| |||||||
0.17%, 1/20/2022 (c) (e) | 575,000 | 574,712 | ||||||
0.16%, 2/4/2022 (c) (e) | 135,000 | 134,922 | ||||||
FMS Wertmanagement (Germany) | ||||||||
0.09%, 9/24/2021 (c) (e) | 75,000 | 74,996 | ||||||
0.11%, 10/27/2021 (e) | 98,000 | 97,986 | ||||||
0.11%, 11/3/2021 (c) (e) | 250,000 | 249,959 | ||||||
0.09%, 12/2/2021 (c) (e) | 50,000 | 49,987 | ||||||
0.09%, 12/3/2021 (c) (e) | 49,300 | 49,287 | ||||||
ING US Funding LLC (Netherlands) | ||||||||
0.20%, 9/23/2021 (c) (e) | 395,000 | 394,974 | ||||||
0.17%, 9/29/2021 (c) (e) | 145,000 | 144,988 | ||||||
0.22%, 10/12/2021 (c) (e) | 170,000 | 169,982 | ||||||
0.15%, 11/18/2021 (c) (e) | 60,000 | 59,987 | ||||||
Lloyds Bank plc (United Kingdom) | ||||||||
0.11%, 10/20/2021 (e) | 200,000 | 199,975 | ||||||
0.10%, 10/22/2021 (e) | 100,000 | 99,987 | ||||||
0.11%, 10/26/2021 (e) | 600,000 | 599,916 | ||||||
0.11%, 10/29/2021 (e) | 300,000 | 299,956 | ||||||
LMA-Americas LLC | ||||||||
0.20%, 9/7/2021 (c) (e) | 50,000 | 49,999 | ||||||
0.19%, 10/20/2021 (c) (e) | 70,100 | 70,090 | ||||||
0.18%, 10/25/2021 (c) (e) | 50,000 | 49,992 | ||||||
0.14%, 1/14/2022 (c) (e) | 75,000 | 74,962 | ||||||
LVMH Moet Hennessy Louis Vuitton SE (France) | ||||||||
0.17%, 10/19/2021 (c) (e) | 100,000 | 99,988 | ||||||
0.17%, 10/28/2021 (c) (e) | 50,000 | 49,993 | ||||||
Macquarie Bank Ltd. (Australia) | ||||||||
0.19%, 10/19/2021 (c) (e) | 100,000 | 99,984 | ||||||
0.19%, 10/20/2021 (e) | 100,000 | 99,983 | ||||||
12.00%, 10/27/2021 (c) (e) | 200,000 | 199,962 | ||||||
0.12%, 11/16/2021 (c) (e) | 100,000 | 99,973 | ||||||
0.13%, 12/10/2021 (e) | 100,000 | 99,961 | ||||||
0.16%, 2/8/2022 (c) (e) | 37,950 | 37,922 | ||||||
Manhattan Asset Funding Co. LLC | ||||||||
0.19%, 10/26/2021 (c) (e) | 30,088 | 30,083 | ||||||
0.19%, 10/28/2021 (c) (e) | 78,237 | 78,223 | ||||||
0.19%, 10/29/2021 (c) (e) | 100,000 | 99,982 | ||||||
Matchpoint Finance plc (Ireland) | ||||||||
Series A, 0.20%, 9/22/2021 (c) (e) | 50,000 | 49,997 | ||||||
Series A, 0.19%, 10/18/2021 (c) (e) | 50,000 | 49,993 | ||||||
Mitsubishi UFJ Trust & Banking Corp. (Japan) 0.12%, 11/12/2021 (c) (e) | 100,000 | 99,982 | ||||||
Mizuho Bank Ltd. (Japan) | ||||||||
0.21%, 10/18/2021 (c) (e) | 30,000 | 29,995 | ||||||
0.19%, 11/15/2021 (c) (e) | 95,000 | 94,975 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 21 |
Table of Contents
JPMorgan Prime Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Short-Term Investments — continued | ||||||||
Commercial Paper — continued |
| |||||||
National Australia Bank Ltd. (Australia) | ||||||||
(US Federal Funds Effective Rate (continuous series) + 0.07%), 0.15%, 9/1/2021 (b) (c) | 100,000 | 99,984 | ||||||
(US Federal Funds Effective Rate (continuous series) + 0.14%), 0.22%, 9/1/2021 (b) (c) | 60,000 | 60,018 | ||||||
(ICE LIBOR USD 1 Month + 0.09%), 0.19%, 9/8/2021 (b) (c) | 150,000 | 150,008 | ||||||
(ICE LIBOR USD 3 Month + 0.04%), 0.19%, 9/27/2021 (b) (c) | 300,000 | 300,024 | ||||||
(ICE LIBOR USD 3 Month + 0.00%), 0.12%, 11/3/2021 (b) (c) | 79,000 | 79,005 | ||||||
(ICE LIBOR USD 3 Month + 0.02%), 0.15%, 11/18/2021 (b) (c) | 100,000 | 100,008 | ||||||
0.23%, 4/6/2022 (c) (e) | 100,000 | 99,914 | ||||||
National Bank of Canada (Canada) | ||||||||
0.19%, 10/13/2021 (c) (e) | 39,265 | 39,261 | ||||||
0.19%, 10/21/2021 (c) (e) | 100,000 | 99,987 | ||||||
0.14%, 1/10/2022 (c) (e) | 150,000 | 149,930 | ||||||
Nationwide Building Society (United Kingdom) 0.08%, 9/16/2021 (c) (e) | 200,000 | 199,993 | ||||||
Nederlandse Waterschapsbank NV (Netherlands) 0.08%, 10/25/2021 (c) (e) | 400,000 | 399,939 | ||||||
Nieuw Amsterdam Receivables Corp. 0.14%, 12/9/2021 (c) (e) | 75,000 | 74,976 | ||||||
Nordea Bank Abp (Finland) 0.11%, 11/1/2021 (c) (e) | 50,000 | 49,993 | ||||||
NRW Bank (Germany) 0.08%, 11/2/2021 (c) (e) | 150,000 | 149,974 | ||||||
Old Line Funding LLC 0.13%, 10/25/2021 (c) (e) | 180,000 | 179,973 | ||||||
Oversea-Chinese Banking Corp. Ltd. (Singapore) 0.18%, 9/20/2021 (c) (e) | 100,000 | 99,995 | ||||||
Royal Bank of Canada (Canada) | ||||||||
(US Federal Funds Effective Rate (continuous series) + 0.11%), 0.19%, 9/1/2021 (b) | 100,000 | 100,000 | ||||||
(ICE LIBOR USD 3 Month + 0.04%), 0.17%, 9/2/2021 (b) | 75,000 | 75,014 | ||||||
(ICE LIBOR USD 3 Month + 0.03%), 0.16%, 9/7/2021 (b) (c) | 35,000 | 34,999 | ||||||
(ICE LIBOR USD 3 Month + 0.04%), 0.19%, 10/6/2021 (b) | 270,000 | 270,024 | ||||||
0.23%, 5/5/2022 (e) | 200,000 | 199,778 | ||||||
0.21%, 6/22/2022 (e) | 158,000 | 157,731 | ||||||
0.20%, 7/8/2022 (c) (e) | 100,000 | 99,816 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Commercial Paper — continued |
| |||||||
Skandinaviska Enskilda Banken AB (Sweden) | ||||||||
0.20%, 10/19/2021 (c) (e) | 250,000 | 249,974 | ||||||
0.12%, 11/22/2021 (c) (e) | 350,000 | 349,923 | ||||||
0.20%, 6/27/2022 (c) (e) | 100,000 | 99,851 | ||||||
Societe Generale SA (France) 0.19%, 10/13/2021 (c) (e) | 150,000 | 149,988 | ||||||
Svenska Handelsbanken AB (Sweden) | ||||||||
(ICE LIBOR USD 3 Month + 0.00%), 0.13%, 10/25/2021 (b) (c) | 94,000 | 94,006 | ||||||
(ICE LIBOR USD 3 Month + 0.00%), 0.13%, 11/1/2021 (b) (c) | 62,000 | 62,005 | ||||||
0.20%, 6/24/2022 (c) (e) | 100,000 | 99,853 | ||||||
Toronto-Dominion Bank (The) (Canada) | ||||||||
(US Federal Funds Effective Rate (continuous series) + 0.11%), 0.19%, 9/1/2021 (b) (c) | 100,000 | 100,000 | ||||||
(ICE LIBOR USD 3 Month + 0.01%), 0.14%, 11/10/2021 (b) (c) | 400,000 | 400,030 | ||||||
0.23%, 4/12/2022 (c) (e) | 133,000 | 132,880 | ||||||
0.23%, 5/19/2022 (c) (e) | 100,000 | 99,886 | ||||||
0.20%, 7/8/2022 (c) (e) | 100,000 | 99,847 | ||||||
TotalEnergies Capital Canada Ltd. (France) 0.14%, 2/3/2022 (c) (e) | 75,000 | 74,960 | ||||||
Toyota Motor Finance Netherlands BV (Japan) 0.15%, 11/29/2021 (e) | 100,000 | 99,973 | ||||||
UBS AG (Switzerland) (SOFR + 0.17%), | ||||||||
0.22%, 9/1/2021 (b) (c) | 135,000 | 134,992 | ||||||
0.23%, 12/9/2021 (c) (e) | 100,000 | 99,962 | ||||||
0.22%, 3/23/2022 (c) (e) | 250,000 | 249,734 | ||||||
0.24%, 3/29/2022 (c) (e) | 300,000 | 299,667 | ||||||
0.24%, 3/30/2022 (c) (e) | 250,000 | 249,721 | ||||||
United Overseas Bank Ltd. (Singapore) 0.20%, 2/11/2022 (c) (e) | 150,000 | 149,894 | ||||||
Westpac Banking Corp. (Australia) 0.19%, 9/16/2021 (c) (e) | 50,000 | 49,998 | ||||||
(ICE LIBOR USD 3 Month + 0.02%), 0.12%, 10/12/2021 (b) (c) | 20,000 | 20,001 | ||||||
(ICE LIBOR USD 3 Month + 0.00%), 0.13%, 10/28/2021 (b) (c) | 103,000 | 103,000 | ||||||
0.23%, 4/1/2022 (c) (e) | 75,000 | 74,949 | ||||||
0.20%, 6/17/2022 (c) (e) | 200,000 | 199,733 | ||||||
0.20%, 7/1/2022 (c) (e) | 27,400 | 27,361 | ||||||
0.20%, 7/15/2022 (c) (e) | 124,250 | 124,058 | ||||||
|
| |||||||
Total Commercial Paper | 20,678,542 | |||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
22 | J.P. MORGAN MONEY MARKET FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Short-Term Investments — continued | ||||||||
Time Deposits — 18.6% |
| |||||||
Agricultural Bank of China Ltd. | ||||||||
0.10%, 9/3/2021 | 500,000 | 500,000 | ||||||
0.10%, 9/7/2021 | 500,000 | 500,000 | ||||||
Australia & New Zealand Banking Group Ltd. | ||||||||
0.08%, 9/1/2021 | 450,000 | 450,000 | ||||||
0.08%, 9/2/2021 | 300,000 | 300,000 | ||||||
0.07%, 9/7/2021 | 250,000 | 250,000 | ||||||
BNP Paribas SA 0.06%, 9/1/2021 | 300,000 | 300,000 | ||||||
Credit Agricole Corporate and Investment Bank | ||||||||
0.05%, 9/1/2021 | 188,792 | 188,792 | ||||||
0.10%, 9/1/2021 | 500,000 | 500,000 | ||||||
0.10%, 9/3/2021 | 400,000 | 400,000 | ||||||
0.10%, 9/3/2021 | 700,000 | 700,000 | ||||||
DNB Bank ASA 0.04%, 9/1/2021 | 1,400,000 | 1,400,000 | ||||||
DZ Bank AG 0.04%, 9/1/2021 | 200,000 | 200,000 | ||||||
First Abu Dhabi Bank PJSC 0.08%, 9/1/2021 | 1,000,000 | 1,000,000 | ||||||
KBC Bank NV 0.05%, 9/1/2021 | 2,300,000 | 2,300,000 | ||||||
Mizuho Bank Ltd. 0.08%, 9/1/2021 | 1,250,000 | 1,250,000 | ||||||
Mizuho Bank, Ltd. 0.08%, 9/1/2021 | 661,186 | 661,186 | ||||||
National Bank of Canada 0.06%, 9/7/2021 | 100,000 | 100,000 | ||||||
Nordea Bank Abp 0.04%, 9/1/2021 | 2,000,000 | 2,000,000 | ||||||
Royal Bank of Canada | ||||||||
0.05%, 9/1/2021 | 510,000 | 510,000 | ||||||
0.06%, 9/7/2021 | 400,000 | 400,000 | ||||||
Swedbank AB 0.04%, 9/1/2021 | 1,000,000 | 1,000,000 | ||||||
|
| |||||||
Total Time Deposits |
| 14,909,978 | ||||||
|
| |||||||
Total Short-Term Investments | 58,064,110 | |||||||
|
| |||||||
Total Investments — 99.5% | 79,634,110 | |||||||
Other Assets Less Liabilities — 0.5% | 398,725 | |||||||
|
| |||||||
NET ASSETS — 100.0% | 80,032,835 | |||||||
|
|
Percentages indicated are based on net assets.
Abbreviations
BSBY | Bloomberg Short Term Bank Yield Index | |
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 | |
OBFR | Overnight Bank Funding Rate | |
PJSC | Public Joint Stock Company | |
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 August 31, 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 August 31, 2021. | |
(e) | The rate shown is the effective yield as of August 31, 2021. |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 23 |
Table of Contents
JPMorgan Institutional Tax Free Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited)
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — 69.6% |
| |||||||
Alaska — 1.2% |
| |||||||
Alaska Housing Finance Corp., Governmental Purpose Series B, Rev., VRDO, LIQ: FHLB, 0.02%, 9/8/2021 (b) | 860 | 860 | ||||||
Alaska Housing Finance Corp., Home Mortgage | ||||||||
Series 2007A, Rev., VRDO, LIQ: State Street Bank & Trust, 0.02%, 9/8/2021 (b) | 14,580 | 14,580 | ||||||
Series 2007B, Rev., VRDO, LIQ: State Street Bank & Trust, 0.02%, 9/8/2021 (b) | 1,400 | 1,400 | ||||||
Series D, Rev., VRDO, LIQ: State Street Bank & Trust, 0.02%, 9/8/2021 (b) | 7,635 | 7,635 | ||||||
City of Valdez, Exxon Pipeline Co. Project Series 1993-B, Rev., VRDO, 0.01%, 9/1/2021 (b) | 735 | 735 | ||||||
|
| |||||||
25,210 | ||||||||
|
| |||||||
Arizona — 0.4% |
| |||||||
Arizona State University Series 2008A, Rev., VRDO, 0.02%, 9/8/2021 (b) | 1,600 | 1,600 | ||||||
Salt River Pima-Maricopa Indian Community Rev., VRDO, LOC: Bank of America NA, 0.04%, 9/8/2021 (b) | 1,325 | 1,325 | ||||||
Tender Option Bond Trust Receipts/Certificates | ||||||||
Series 2021-XG0312, Rev., VRDO, LIQ: Royal Bank of Canada, 0.05%, 9/8/2021 (b) (c) | 2,560 | 2,560 | ||||||
Series 2019-XG0231, Rev., VRDO, LOC: Bank of America NA, 0.10%, 9/8/2021 (b) (c) | 2,760 | 2,760 | ||||||
|
| |||||||
8,245 | ||||||||
|
| |||||||
California — 3.2% |
| |||||||
California Educational Facilities Authority, Institution of Technology Series B, Rev., VRDO, 0.01%, 9/8/2021 (b) | 1,150 | 1,150 | ||||||
California Housing Finance, Mission Apartment Series A, Rev., VRDO, LOC: FHLMC, 0.02%, 9/8/2021 (b) | 1,225 | 1,225 | ||||||
California Municipal Finance Authority, Recovery Zone Facility, Chevron USA, Inc., Project Series 2010A, Rev., VRDO, 0.01%, 9/1/2021 (b) | 1,950 | 1,950 | ||||||
California Statewide Communities Development Authority, Penny Lane Centers Project Series 2008, Rev., VRDO, LOC: U.S. Bank NA, 0.02%, 9/8/2021 (b) | 1,000 | 1,000 | ||||||
California Statewide Communities Development Authority, Rady Children’s Hospital Series 2008C, Rev., VRDO, LOC: Northern Trust Co., 0.01%, 9/8/2021 (b) | 2,400 | 2,400 | ||||||
California Statewide Communities Development Authority, Sweep Loan Program Series 2007A, Rev., VRDO, LOC: U.S. Bank NA, 0.01%, 9/8/2021 (b) | 1,475 | 1,475 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
California — continued |
| |||||||
Metropolitan Water District of Southern California, Waterworks Series 2018A-2, Rev., VRDO, LIQ: TD Bank NA, 0.01%, 9/1/2021 (b) | 2,025 | 2,025 | ||||||
RBC Municipal Products, Inc. Trust, Floater Certificates Series G-26, Rev., VRDO, LOC: Royal Bank of Canada, 0.17%, 12/1/2021 (b) (c) | 5,000 | 5,000 | ||||||
State of California, Various Purpose GO, 5.00%, 9/1/2021 | 5,050 | 5,050 | ||||||
Tender Option Bond Trust Receipts/Certificates | ||||||||
Series 2021-XF1240, GO, VRDO, 0.02%, 9/8/2021 (b) | 3,635 | 3,635 | ||||||
Series 2017-XG0121, Rev., VRDO, LIQ: Bank of America NA, 0.04%, 9/8/2021 (b) (c) | 6,515 | 6,515 | ||||||
Series 2018-XM0696, Rev., VRDO, LIQ: Bank of America NA, 0.04%, 9/8/2021 (b) (c) | 4,590 | 4,590 | ||||||
Series 2019-XL0112, Rev., VRDO, LOC: Barclays Bank plc, 0.04%, 9/8/2021 (b) (c) | 2,100 | 2,100 | ||||||
Series 2020-YX1155, Rev., VRDO, LIQ: Barclays Bank plc, 0.04%, 9/8/2021 (b) (c) | 1,600 | 1,600 | ||||||
Series 2021-XL0167, GO, VRDO, LIQ: Bank of America NA, 0.04%, 9/8/2021 (b) (c) | 1,065 | 1,065 | ||||||
Series 2018-XM0647, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.05%, 9/8/2021 (b) (c) | 8,970 | 8,970 | ||||||
Series 2018-ZF2771, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.05%, 9/8/2021 (b) (c) | 1,670 | 1,670 | ||||||
Series 2019-XM0741, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.05%, 9/8/2021 (b) (c) | 6,785 | 6,785 | ||||||
Series 2020-XM0837, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.05%, 9/8/2021 (b) (c) | 2,500 | 2,500 | ||||||
Series 2020-YX1149, Rev., VRDO, LIQ: Barclays Bank plc, 0.05%, 9/8/2021 (b) (c) | 1,000 | 1,000 | ||||||
Series 2018-G-42, Rev., VRDO, 0.22%, 1/3/2022 (b) | 5,000 | 5,000 | ||||||
|
| |||||||
66,705 | ||||||||
|
| |||||||
Colorado — 2.0% |
| |||||||
City of Colorado Springs, Utilities System Improvement Series 2008-A, Rev., VRDO, LIQ: U.S. Bank NA, 0.02%, 9/8/2021 (b) | 9,280 | 9,280 |
SEE NOTES TO FINANCIAL STATEMENTS.
24 | J.P. MORGAN MONEY MARKET FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Colorado — continued |
| |||||||
Series 2009C, Rev., VRDO, LIQ: Sumitomo Mitsui Banking Corp., 0.02%, 9/8/2021 (b) | 2,000 | 2,000 | ||||||
Series A-1, Rev., 5.00%, 11/15/2021 | 350 | 353 | ||||||
Colorado State Education Loan Program Series 2021A, Rev., TRAN, 4.00%, 6/29/2022 | 185 | 191 | ||||||
Tender Option Bond Trust Receipts/Certificates | ||||||||
Series 2020-XF1209, GO, VRDO, LIQ: Royal Bank of Canada, 0.05%, 9/8/2021 (b) (c) | 5,330 | 5,330 | ||||||
Series 2020-XX1130, Rev., VRDO, LOC: Barclays Bank plc, 0.06%, 9/8/2021 (b) (c) | 3,880 | 3,880 | ||||||
Series 2018-XG0195, COP, VRDO, LIQ: Bank of America NA, 0.11%, 9/8/2021 (b) (c) | 3,615 | 3,615 | ||||||
University of Colorado Hospital Authority Series B-1, Rev., VRDO, 0.01%, 9/8/2021 (b) | 1,250 | 1,250 | ||||||
University of Colorado Hospital Authority, Health System | ||||||||
Series 2018 B, Rev., VRDO, LIQ: TD Bank NA, 0.02%, 9/8/2021 (b) | 8,310 | 8,310 | ||||||
Series 2018 C, Rev., VRDO, LIQ: TD Bank NA, 0.02%, 9/8/2021 (b) | 6,250 | 6,250 | ||||||
|
| |||||||
40,459 | ||||||||
|
| |||||||
Connecticut — 1.8% |
| |||||||
Connecticut Housing Finance Authority, Housing Mortgage Finance Program Subseries 2018C-3, Rev., VRDO, LIQ: TD Bank NA, 0.02%, 9/8/2021 (b) | 1,750 | 1,750 | ||||||
Connecticut Innovations, Inc., ISO New England Inc., Project Rev., VRDO, LOC: TD Bank NA, 0.02%, 9/8/2021 (b) | 4,845 | 4,845 | ||||||
RBC Municipal Products, Inc. Trust, Floater Certificates Series 2019-G-110, Rev., VRDO, LOC: Royal Bank of Canada, 0.20%, 10/1/2021 (b) (c) | 10,000 | 10,000 | ||||||
Tender Option Bond Trust Receipts/Certificates | ||||||||
Series 2018-XG0204, Rev., VRDO, LIQ: Barclays Bank plc, 0.05%, 9/8/2021 (b) (c) | 1,930 | 1,930 | ||||||
Series 2021-XL0178, Rev., VRDO, LIQ: Barclays Bank plc, 0.05%, 9/8/2021 (b) (c) | 3,200 | 3,200 | ||||||
Town of East Lyme GO, BAN, 0.75%, 8/11/2022 | 3,922 | 3,943 | ||||||
Town of North Branford GO, BAN, 2.00%, 8/4/2022 | 7,450 | 7,579 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Connecticut — continued |
| |||||||
Town of North Haven GO, BAN, 1.50%, 11/4/2021 | 3,000 | 3,007 | ||||||
|
| |||||||
36,254 | ||||||||
|
| |||||||
District of Columbia — 0.1% |
| |||||||
District of Columbia, AARP Foundation Issue Rev., VRDO, LOC: Bank of America NA, 0.03%, 9/8/2021 (b) | 1,000 | 1,000 | ||||||
District of Columbia, Carnegie Endowment for International Peace Rev., VRDO, LOC: Wells Fargo Bank NA, 0.02%, 9/8/2021 (b) | 925 | 925 | ||||||
|
| |||||||
1,925 | ||||||||
|
| |||||||
Florida — 8.5% |
| |||||||
City of Jacksonville, Florida Power and Light Co., Project Rev., VRDO, 0.01%, 9/1/2021 (b) | 2,875 | 2,875 | ||||||
City of Jacksonville, Health Care Facilities, Baptist Health Series 2019C, Rev., VRDO, 0.02%, 9/8/2021 (b) | 15,275 | 15,275 | ||||||
City of Jacksonville, Health Care Facilities, Baptist Medical Center Series 2019B, Rev., VRDO, 0.02%, 9/8/2021 (b) | 17,420 | 17,420 | ||||||
City of Lakeland, Education Facilities, Florida Southern College Project Series 2012B, Rev., VRDO, LOC: TD Bank NA, 0.02%, 9/8/2021 (b) | 1,205 | 1,205 | ||||||
County of Escambia, Gulf Power Co., Project Rev., VRDO, 0.02%, 9/1/2021 (b) | 5,900 | 5,900 | ||||||
County of St. Lucie, Florida Power and Light Co., Project Rev., VRDO, 0.01%, 9/1/2021 (b) | 42,400 | 42,400 | ||||||
Florida Gulf Coast University Financing Corp., Housing Project Series A, Rev., VRDO, LOC: TD Bank NA, 0.02%, 9/8/2021 (b) | 4,250 | 4,250 | ||||||
Highlands County Health Facilities Authority, Adventist Health System | ||||||||
Series 2007A, Rev., VRDO, 0.02%, 9/8/2021 (b) | 13,700 | 13,700 | ||||||
Series 2012I, Rev., VRDO, 0.02%, 9/8/2021 (b) | 3,000 | 3,000 | ||||||
Series 2012I-2, Rev., VRDO, 0.02%, 9/8/2021 (b) | 2,700 | 2,700 | ||||||
Series 2012I-4, Rev., VRDO, 0.02%, 9/8/2021 (b) | 3,540 | 3,540 | ||||||
Orange County Health Facilities Authority, Orlando Health, Inc. Series E, Rev., VRDO, LOC: TD Bank NA, 0.02%, 9/8/2021 (b) | 1,550 | 1,550 | ||||||
Pinellas County Housing Finance Authority, Bayside Court Rev., VRDO, LOC: FHLMC, 0.02%, 9/8/2021 (b) | 3,010 | 3,010 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 25 |
Table of Contents
JPMorgan Institutional Tax Free Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Florida — continued |
| |||||||
Tender Option Bond Trust Receipts/Certificates | ||||||||
Series 2018-G-41, Rev., VRDO, 0.22%, 9/1/2021 (b) | 5,665 | 5,665 | ||||||
Series 2018-ZM0586, Rev., VRDO, LIQ: Citibank NA, 0.05%, 9/8/2021 (b) (c) | 7,500 | 7,500 | ||||||
Series 2019-XF2808, Rev., VRDO, LIQ: Barclays Bank plc, 0.05%, 9/8/2021 (b) (c) | 7,500 | 7,500 | ||||||
Series 2021-XG0323, Rev., VRDO, LOC: Royal Bank of Canada, 0.05%, 9/8/2021 (b) (c) | 5,000 | 5,000 | ||||||
Series 2020-XF2882, Rev., VRDO, AGM-CR, LOC: Barclays Bank plc, 0.06%, 9/8/2021 (b) (c) | 2,800 | 2,800 | ||||||
Series 2020-XX1136, Rev., VRDO, LOC: Barclays Bank plc, 0.06%, 9/8/2021 (b) (c) | 4,745 | 4,745 | ||||||
Series 2020-YX1128, Rev., VRDO, LOC: Barclays Bank plc, 0.06%, 9/8/2021 (b) (c) | 3,870 | 3,870 | ||||||
Series 2019-G113, Rev., VRDO, 0.22%, 1/3/2022 (b) | 17,500 | 17,500 | ||||||
Volusia County Housing Finance Authority, Fisherman’s Landing Association Ltd. Rev., VRDO, LOC: FNMA, 0.03%, 9/8/2021 (b) | 5,015 | 5,015 | ||||||
|
| |||||||
176,420 | ||||||||
|
| |||||||
Georgia — 0.2% |
| |||||||
Development Authority of Monroe County (The), Gulf Power Co. Plant Scherer Project Rev., VRDO, 0.02%, 9/1/2021 (b) | 1,700 | 1,700 | ||||||
Tender Option Bond Trust Receipts/Certificates Series 2020-ZF0873, Rev., VRDO, LIQ: TD Bank NA, 0.07%, 9/8/2021 (b) (c) | 3,000 | 3,000 | ||||||
|
| |||||||
4,700 | ||||||||
|
| |||||||
Hawaii — 0.7% |
| |||||||
RBC Municipal Products, Inc. Trust, Floater Certificates Series G-13, GO, VRDO, LOC: Royal Bank of Canada, 0.05%, 9/8/2021 (b) (c) | 14,000 | 14,000 | ||||||
|
| |||||||
Idaho — 0.0% (d) |
| |||||||
State of Idaho GO, TAN, 3.00%, 6/30/2022 | 350 | 358 | ||||||
|
| |||||||
Illinois — 7.0% |
| |||||||
City of Galesburg, Knox College Project Rev., VRDO, LOC: PNC Bank NA, 0.02%, 9/8/2021 (b) | 6,000 | 6,000 | ||||||
County of Lake, Multi-Family Housing, Whispering Oaks Apartments Project Rev., VRDO, LIQ: FHLMC, 0.03%, 9/8/2021 (b) | 4,000 | 4,000 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Illinois — continued |
| |||||||
Illinois Development Finance Authority, St. Ignatius College Prep | ||||||||
Rev., VRDO, LOC: PNC Bank NA, 0.03%, 9/8/2021 (b) | 2,650 | 2,650 | ||||||
Rev., VRDO, LOC: PNC Bank NA, 0.03%, 9/8/2021 (b) | 5,100 | 5,100 | ||||||
Illinois Educational Facilities Authority Series B, Rev., VRDO, 0.02%, 9/8/2021 (b) | 925 | 925 | ||||||
Illinois Educational Facilities Authority, Columbia College Chicago Rev., VRDO, LOC: BMO Harris Bank NA, 0.03%, 9/8/2021 (b) | 3,990 | 3,990 | ||||||
Illinois Finance Authority, Advocate Health Care Network Series 2008C-3A, Rev., VRDO, LIQ: Northern Trust Co., 0.02%, 9/8/2021 (b) | 1,050 | 1,050 | ||||||
Illinois Finance Authority, Bradley University | ||||||||
Series 2008A, Rev., VRDO, LOC: PNC Bank NA, 0.02%, 9/8/2021 (b) | 17,665 | 17,665 | ||||||
Series 2008B, Rev., VRDO, LOC: PNC Bank NA, 0.02%, 9/8/2021 (b) | 1,000 | 1,000 | ||||||
Illinois Finance Authority, Carle Foundation Series 2021D, Rev., VRDO, LIQ: Northern Trust Co., 0.02%, 9/8/2021 (b) | 5,000 | 5,000 | ||||||
Illinois Finance Authority, Clearbrook Project Rev., VRDO, LOC: BMO Harris Bank NA, 0.03%, 9/8/2021 (b) | 1,400 | 1,400 | ||||||
Illinois Finance Authority, Edward Health Obligated Group | ||||||||
Series 2008B-2, Rev., VRDO, LOC: TD Bank NA, 0.02%, 9/8/2021 (b) | 8,215 | 8,215 | ||||||
Series 2008C, Rev., VRDO, LOC: TD Bank NA, 0.02%, 9/8/2021 (b) | 1,340 | 1,340 | ||||||
Illinois Finance Authority, North Park University Project Rev., VRDO, LOC: U.S. Bank NA, 0.02%, 9/8/2021 (b) | 1,000 | 1,000 | ||||||
Illinois Finance Authority, Northwestern Memorial Healthcare Series 2021D, Rev., VRDO, 0.02%, 9/8/2021 (b) | 21,500 | 21,500 | ||||||
Illinois Finance Authority, The University of Chicago Medical Center | ||||||||
Series 2010B, Rev., VRDO, LOC: Wells Fargo Bank NA, 0.01%, 9/1/2021 (b) | 1,500 | 1,500 | ||||||
Series 2009 E-2, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.02%, 9/8/2021 (b) | 5,000 | 5,000 | ||||||
Series 2009E-1, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.02%, 9/8/2021 (b) | 200 | 200 | ||||||
Series 2011B, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.07%, 9/8/2021 (b) | 2,330 | 2,330 |
SEE NOTES TO FINANCIAL STATEMENTS.
26 | J.P. MORGAN MONEY MARKET FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Illinois — continued |
| |||||||
Illinois Finance Authority, The Wbez Alliance, Inc., Project Rev., VRDO, LOC: BMO Harris Bank NA, 0.03%, 9/8/2021 (b) | 20,550 | 20,550 | ||||||
Jackson-Union Counties Regional Port District, Port Facility, Enron Transportation Services Rev., VRDO, LOC: Wells Fargo Bank NA, 0.03%, 9/8/2021 (b) | 14,200 | 14,200 | ||||||
Tender Option Bond Trust Receipts/Certificates | ||||||||
Series 2018-XF2535, Rev., VRDO, LIQ: Barclays Bank plc, 0.05%, 9/8/2021 (b) (c) | 3,840 | 3,840 | ||||||
Series 2021-XL0170, Rev., VRDO, LIQ: Barclays Bank plc, 0.05%, 9/8/2021 (b) (c) | 5,000 | 5,000 | ||||||
Series 2020-XG0299, Rev., VRDO, LOC: Barclays Bank plc, 0.06%, 9/8/2021 (b) (c) | 2,500 | 2,500 | ||||||
Series 2021-XM0938, GO, VRDO, LIQ: Bank of America NA, 0.07%, 9/8/2021 (b) (c) | 2,550 | 2,550 | ||||||
Village of Channahon, Morris Hospital Series 2009A, Rev., VRDO, LOC: U.S. Bank NA, 0.01%, 9/8/2021 (b) | 5,815 | 5,815 | ||||||
|
| |||||||
144,320 | ||||||||
|
| |||||||
Indiana — 0.4% |
| |||||||
Indiana Finance Authority, Duke Energy Indiana, Inc. Project Series A-3, Rev., VRDO, LOC: Mizuho Bank Ltd., 0.04%, 9/8/2021 (b) | 1,300 | 1,300 | ||||||
Indiana Finance Authority, Franciscan Alliance, Inc., Obligated Group Series 2008F, Rev., VRDO, LOC: Bank of New York Mellon Corp. (The), 0.03%, 9/8/2021 (b) | 1,155 | 1,155 | ||||||
Indiana Finance Authority, Parkview Health System, Inc. Series 2009B, Rev., VRDO, LOC: Wells Fargo Bank NA, 0.02%, 9/1/2021 (b) | 3,590 | 3,590 | ||||||
Tender Option Bond Trust Receipts/Certificates Series 2016-ZF0280, Rev., VRDO, 0.07%, 9/8/2021 (b) | 2,500 | 2,500 | ||||||
|
| |||||||
8,545 | ||||||||
|
| |||||||
Iowa — 3.1% |
| |||||||
City of Chillicothe, Gas and Electric Project Rev., VRDO, 0.04%, 9/8/2021 (b) | 4,450 | 4,450 | ||||||
County of Louisa, Pollution Control, Midwest Power System, Inc. Rev., VRDO, 0.04%, 9/8/2021 (b) | 7,000 | 7,000 | ||||||
Iowa Finance Authority, Midwestern Disaster Area, Archer-Daniels-Midland Co. Project | ||||||||
Rev., VRDO, 0.04%, 9/8/2021 (b) | 8,870 | 8,870 | ||||||
Rev., VRDO, 0.05%, 9/8/2021 (b) | 5,115 | 5,115 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Iowa — continued |
| |||||||
Iowa Finance Authority, Midwestern Disaster Area, Cargill, Inc. Project Series 2011A, Rev., VRDO, 0.04%, 9/8/2021 (b) | 19,000 | 19,000 | ||||||
Iowa Finance Authority, Mortgage-Backed Securities Program Series 2018D, Rev., VRDO, GNMA/FNMA/FHLMC, LIQ: Royal Bank of Canada, 0.02%, 9/8/2021 (b) | 7,500 | 7,500 | ||||||
Iowa Finance Authority, Single Family Mortgage-Backed Securities Program | ||||||||
Rev., VRDO, GNMA/FNMA/FHLMC, LIQ: TD Bank NA, 0.02%, 9/8/2021 (b) | 500 | 500 | ||||||
Series 2018B, Rev., VRDO, GNMA/FNMA/FHLMC, LIQ: TD Bank NA, 0.02%, 9/8/2021 (b) | 7,945 | 7,945 | ||||||
Series 2019B, Rev., VRDO, GNMA/FNMA/FHLMC, LIQ: U.S. Bank NA, 0.02%, 9/8/2021 (b) | 200 | 200 | ||||||
Series 2020B, Rev., VRDO, GNMA/FNMA/FHLMC, LIQ: TD Bank NA, 0.02%, 9/8/2021 (b) | 2,500 | 2,500 | ||||||
Iowa Finance Authority, Trinity Health Corp. Series 2000D, Rev., VRDO, 0.02%, 9/8/2021 (b) | 635 | 635 | ||||||
|
| |||||||
63,715 | ||||||||
|
| |||||||
Kansas — 0.4% |
| |||||||
City of Wichita | ||||||||
Series 302, GO, 3.50%, 10/15/2021 | 250 | 251 | ||||||
Series 304, GO, 4.50%, 10/15/2021 | 6,805 | 6,842 | ||||||
|
| |||||||
7,093 | ||||||||
|
| |||||||
Kentucky — 1.3% |
| |||||||
Louisville and Jefferson County Metropolitan Government, Norton Healthcare, Inc. | ||||||||
Series 2011A, Rev., VRDO, LOC: PNC Bank NA, 0.02%, 9/8/2021 (b) | 4,800 | 4,800 | ||||||
Series 2013C, Rev., VRDO, LOC: PNC Bank NA, 0.03%, 9/8/2021 (b) | 1,300 | 1,300 | ||||||
RBC Municipal Products, Inc. Trust, Floater Certificates Series G-116, Rev., VRDO, LOC: Royal Bank of Canada, 0.22%, 11/1/2021 (b) (c) | 12,000 | 12,000 | ||||||
Tender Option Bond Trust Receipts/Certificates | ||||||||
Series 2020-XG0320, Rev., VRDO, LOC: Barclays Bank plc, 0.05%, 9/8/2021 (b) (c) | 2,250 | 2,250 | ||||||
Series 2017-XG0113, Rev., VRDO, LOC: Barclays Bank plc, 0.06%, 9/8/2021 (b) (c) | 3,735 | 3,735 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 27 |
Table of Contents
JPMorgan Institutional Tax Free Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Kentucky — continued |
| |||||||
Series 2020-XM0881, Rev., VRDO, AGM, LIQ: Royal Bank of Canada, 0.06%, 9/8/2021 (b) (c) | 2,800 | 2,800 | ||||||
|
| |||||||
26,885 | ||||||||
|
| |||||||
Louisiana — 0.1% |
| |||||||
East Baton Rouge Parish Industrial Development Board, Inc., Exxonmobile Project, Gulf Opportunity Zone Series 2010B, Rev., VRDO, 0.01%, 9/1/2021 (b) | 2,340 | 2,340 | ||||||
|
| |||||||
Maine — 0.6% |
| |||||||
City of South Portland, Middle School Project GO, BAN, 0.75%, 4/15/2022 | 10,000 | 10,036 | ||||||
Tender Option Bond Trust Receipts/Certificates Series 2021-XL0179, Rev., VRDO, LIQ: Barclays Bank plc, 0.05%, 9/8/2021 (b) (c) | 1,670 | 1,670 | ||||||
|
| |||||||
11,706 | ||||||||
|
| |||||||
Maryland — 1.4% |
| |||||||
City of Baltimore Series 2015-ZF2095, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.05%, 9/8/2021 (b) (c) | 6,665 | 6,665 | ||||||
Montgomery County Housing Opportunities Commission, Single Family Mortgage Series 2021C, Rev., VRDO, LOC: PNC Bank NA, 0.02%, 9/8/2021 (b) | 5,000 | 5,000 | ||||||
RBC Municipal Products, Inc. Trust, Floater Certificates Series G-28, Rev., VRDO, LOC: Royal Bank of Canada, 0.22%, 1/3/2022 (b) (c) | 10,115 | 10,115 | ||||||
Tender Option Bond Trust Receipts/Certificates | ||||||||
Series 2021-XG0332, Rev., VRDO, LIQ: Bank of America NA, 0.06%, 9/8/2021 (b) (c) | 3,470 | 3,470 | ||||||
Series 2018-ZM0621, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.07%, 9/8/2021 (b) (c) | 4,000 | 4,000 | ||||||
|
| |||||||
29,250 | ||||||||
|
| |||||||
Massachusetts — 1.0% |
| |||||||
City of Cambridge, Municipal Purpose Loan of 2014 GO, 5.00%, 2/15/2022 | 665 | 680 | ||||||
City of Cambridge, Municipal Purpose Loan of 2021 GO, 5.00%, 2/15/2022 | 925 | 946 | ||||||
City of Chicopee GO, 5.00%, 6/1/2022 | 275 | 285 | ||||||
City of Quincy GO, BAN, 1.50%, 1/14/2022 | 2,600 | 2,613 | ||||||
City of Westfield GO, BAN, 1.50%, 6/10/2022 | 4,840 | 4,891 | ||||||
Massachusetts Housing Finance Agency, Single Family Housing | ||||||||
Rev., VRDO, LIQ: UBS AG, 0.02%, 9/8/2021 (b) | 3,000 | 3,000 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Massachusetts — continued |
| |||||||
Rev., VRDO, LIQ: UBS AG, 0.02%, 9/8/2021 (b) | 3,000 | 3,000 | ||||||
Massachusetts Water Resources Authority, Multi-Modal Subordinate General Series A-2, Rev., VRDO, LIQ: TD Bank NA, 0.02%, 9/8/2021 (b) | 1,090 | 1,090 | ||||||
Tender Option Bond Trust Receipts/Certificates Series 2020-ZF0968, Rev., VRDO, FHA, LIQ: TD Bank NA, 0.06%, 9/8/2021 (b) (c) | 3,335 | 3,335 | ||||||
Town of Bedford, Municipal Purpose Loan of 2014 GO, 5.00%, 10/15/2021 | 355 | 357 | ||||||
Town of Grafton Series A, GO, 5.00%, 4/1/2022 | 155 | 159 | ||||||
|
| |||||||
20,356 | ||||||||
|
| |||||||
Michigan — 2.1% |
| |||||||
Kent Hospital Finance Authority, Spectrum Health System Series 2008C, Rev., VRDO, LOC: Bank of New York Mellon Corp. (The), 0.02%, 9/8/2021 (b) | 10,055 | 10,055 | ||||||
L’Anse Creuse Public Schools, School Building and Site GO, VRDO, Q-SBLF, LOC: TD Bank NA, 0.02%, 9/8/2021 (b) | 17,515 | 17,515 | ||||||
Michigan Finance Authority, Trinity Health Credit Group Series MI-1, Rev., VRDO, 0.08%, 12/1/2021 (b) | 14,500 | 14,500 | ||||||
University of Michigan Series B, Rev., VRDO, 0.01%, 9/8/2021 (b) | 995 | 995 | ||||||
|
| |||||||
43,065 | ||||||||
|
| |||||||
Minnesota — 0.2% |
| |||||||
City of Rochester, Health Care Facilities, Mayo Clinic Series A, Rev., VRDO, 0.01%, 9/8/2021 (b) | 1,630 | 1,630 | ||||||
Minnesota Housing Finance Agency, Residential Housing Finance Series 2017F, Rev., VRDO, AMT, GNMA/FNMA/FHLMC, LIQ: Royal Bank of Canada, 0.02%, 9/8/2021 (b) | 1,750 | 1,750 | ||||||
|
| |||||||
3,380 | ||||||||
|
| |||||||
Mississippi — 2.9% |
| |||||||
County of Jackson, Port Facility, Chevron USA, Inc. Project Rev., VRDO, 0.01%, 9/1/2021 (b) | 3,540 | 3,540 | ||||||
Mississippi Business Finance Corp., Gulf Opportunity Zone Industrial Development, Chevron USA, Inc. Project | ||||||||
Series 2007C, Rev., VRDO, 0.01%, 9/1/2021 (b) | 1,150 | 1,150 | ||||||
Series 2009E, Rev., VRDO, 0.01%, 9/1/2021 (b) | 250 | 250 |
SEE NOTES TO FINANCIAL STATEMENTS.
28 | J.P. MORGAN MONEY MARKET FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Mississippi — continued |
| |||||||
Series 2009F, Rev., VRDO, 0.01%, 9/1/2021 (b) | 2,345 | 2,345 | ||||||
Series 2009G, Rev., VRDO, 0.01%, 9/1/2021 (b) | 1,525 | 1,525 | ||||||
Series 2010G, Rev., VRDO, 0.01%, 9/1/2021 (b) | 1,550 | 1,550 | ||||||
Series 2010K, Rev., VRDO, 0.01%, 9/1/2021 (b) | 1,000 | 1,000 | ||||||
Series 2011 G, Rev., VRDO, 0.01%, 9/1/2021 (b) | 16,695 | 16,695 | ||||||
Series 2011A, Rev., VRDO, 0.01%, 9/1/2021 (b) | 16,260 | 16,260 | ||||||
Series 2011D, Rev., VRDO, 0.01%, 9/1/2021 (b) | 375 | 375 | ||||||
Series B, Rev., VRDO, 0.01%, 9/1/2021 (b) | 2,570 | 2,570 | ||||||
Series 2010A, Rev., VRDO, 0.02%, 9/8/2021 (b) | 13,585 | 13,585 | ||||||
|
| |||||||
60,845 | ||||||||
|
| |||||||
Missouri — 1.7% |
| |||||||
City of Kansas City, Roe Bartle Convention Center Series 2008F, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.02%, 9/8/2021 (b) | 2,250 | 2,250 | ||||||
Health and Educational Facilities Authority of the State of Missouri, Ascension Health Senior Credit Group Series C-4, Rev., VRDO, 0.02%, 9/8/2021 (b) | 900 | 900 | ||||||
Health and Educational Facilities Authority of the State of Missouri, BJC Health System | ||||||||
Series 2008A, Rev., VRDO, LIQ: U.S. Bank NA, 0.02%, 9/8/2021 (b) | 6,105 | 6,105 | ||||||
Series C, Rev., VRDO, LIQ: BJC Health System, 0.02%, 9/8/2021 (b) | 5,005 | 5,005 | ||||||
Health and Educational Facilities Authority of The State of Missouri, BJC Health System Series D, Rev., VRDO, 0.02%, 9/8/2021 (b) | 775 | 775 | ||||||
Health and Educational Facilities Authority of the State of Missouri, SSM Health Care Series 2014G, Rev., VRDO, 0.02%, 9/8/2021 (b) | 3,850 | 3,850 | ||||||
Health and Educational Facilities Authority of the State of Missouri, SSM Health System Series D, Rev., VRDO, 0.02%, 9/8/2021 (b) | 1,155 | 1,155 | ||||||
Missouri Highway and Transportation Commission, Senior Lien Series 2010C, Rev., 5.00%, 2/1/2022 | 2,000 | 2,041 | ||||||
Nodaway County Industrial Development Authority, Northwest Foundation, Inc. Rev., VRDO, LOC: U.S. Bank NA, 0.01%, 9/8/2021 (b) | 3,235 | 3,235 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Missouri — continued |
| |||||||
Tender Option Bond Trust Receipts/Certificates | ||||||||
Series 2017-XG0157, Rev., VRDO, LOC: Barclays Bank plc, 0.06%, 9/8/2021 (b) (c) | 5,190 | 5,190 | ||||||
Series XF0536, Rev., VRDO, LOC: Royal Bank of Canada, 0.08%, 9/8/2021 (b) | 4,950 | 4,950 | ||||||
|
| |||||||
35,456 | ||||||||
|
| |||||||
Nebraska — 0.3% |
| |||||||
County of Washington, Cargill, Inc., Recovery Zone Facility Project Series 2010B, Rev., VRDO, 0.04%, 9/8/2021 (b) | 6,800 | 6,800 | ||||||
|
| |||||||
Nevada — 1.0% |
| |||||||
County of Clark Department of Aviation, Subordinate Lien | ||||||||
Series 2008D-1, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.02%, 9/8/2021 (b) | 3,115 | 3,115 | ||||||
Series 2008D-2A, Rev., VRDO, LOC: Wells Fargo Bank NA, 0.02%, 9/8/2021 (b) | 450 | 450 | ||||||
County of Clark, Industrial Development, Southwest Gas Corp. Project Series 2009A, Rev., VRDO, LOC: Bank of America NA, 0.03%, 9/8/2021 (b) | 16,555 | 16,555 | ||||||
County of Washoe, Limited Tax GO, 5.00%, 12/1/2021 | 215 | 218 | ||||||
Tender Option Bond Trust Receipts/Certificates Series 2020-XM0866, Rev., VRDO, LOC: Royal Bank of Canada, 0.06%, 9/8/2021 (b) (c) | 1,000 | 1,000 | ||||||
|
| |||||||
21,338 | ||||||||
|
| |||||||
New Hampshire — 0.0% (d) |
| |||||||
Town of Salem GO, 5.00%, 3/15/2022 | 135 | 139 | ||||||
|
| |||||||
New Jersey — 4.1% |
| |||||||
Borough of Dumont GO, BAN, 2.00%, 6/2/2022 | 3,030 | 3,073 | ||||||
City of Ventnor City GO, BAN, 1.00%, 7/14/2022 | 19,500 | 19,645 | ||||||
City of Wildwood, Water and Sewer Utility GO, BAN, 2.00%, 10/15/2021 | 5,000 | 5,011 | ||||||
County of Cumberland GO, BAN, 2.00%, 10/7/2021 | 2,680 | 2,685 | ||||||
Hudson County Improvement Authority, County Guaranteed Pooled Notes | ||||||||
Series 2020C-1A, Rev., GTD, 1.50%, 9/2/2021 | 9,988 | 9,988 | ||||||
Series 2021A-1, Rev., GTD, 1.50%, 2/8/2022 | 200 | 201 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 29 |
Table of Contents
JPMorgan Institutional Tax Free Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
New Jersey — continued |
| |||||||
Series 2021B-1, Rev., GTD, 1.50%, 4/28/2022 | 3,080 | 3,109 | ||||||
Somerset County Improvement Authority, Lease Project Series 2021A, Rev., GTD, 2.00%, 2/25/2022 | 500 | 504 | ||||||
Township of Florence Series 2021A, GO, BAN, 1.50%, 1/13/2022 | 4,803 | 4,828 | ||||||
Township of South Brunswick Series 2020A, GO, BAN, 2.00%, 9/28/2021 | 15,468 | 15,490 | ||||||
Township of South Orange Village GO, BAN, 1.50%, 7/7/2022 | 9,000 | 9,106 | ||||||
Township of Woodbridge GO, 2.00%, 10/15/2021 | 250 | 251 | ||||||
Township of Woodbridge, General Sewer Utility GO, BAN, 2.00%, 10/15/2021 | 11,790 | 11,817 | ||||||
|
| |||||||
85,708 | ||||||||
|
| |||||||
New Mexico — 0.3% |
| |||||||
University of New Mexico (The), Subordinate Lien System | ||||||||
Rev., VRDO, LIQ: U.S. Bank NA, 0.02%, 9/8/2021 (b) | 2,785 | 2,785 | ||||||
Series 2002B, Rev., VRDO, LIQ: U.S. Bank NA, 0.02%, 9/8/2021 (b) | 1,375 | 1,375 | ||||||
Series 2002C, Rev., VRDO, LIQ: U.S. Bank NA, 0.02%, 9/8/2021 (b) | 2,650 | 2,650 | ||||||
|
| |||||||
6,810 | ||||||||
|
| |||||||
New York — 6.8% |
| |||||||
Albany Industrial Development Agency Series A, Rev., VRDO, LOC: TD Bank NA, 0.03%, 9/8/2021 (b) | 1,445 | 1,445 | ||||||
Battery Park City Authority Series 2019D-2, Rev., VRDO, LIQ: TD Bank NA, 0.02%, 9/8/2021 (b) | 4,000 | 4,000 | ||||||
City of New York | ||||||||
Series E, Subseries E-4, GO, VRDO, LOC: Bank of America NA, 0.02%, 9/8/2021 (b) | 950 | 950 | ||||||
Subseries H-6, GO, VRDO, LOC: Bank of America NA, 0.02%, 9/8/2021 (b) | 1,240 | 1,240 | ||||||
Series A, Subseries A-5, GO, VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.03%, 9/8/2021 (b) | 1,075 | 1,075 | ||||||
City of New York, Fiscal Year 2006 Series I, Subseries I-4, GO, VRDO, LOC: TD Bank NA, 0.01%, 9/1/2021 (b) | 2,195 | 2,195 | ||||||
Metropolitan Transportation Authority | ||||||||
Series 2015 E-1, Rev., VRDO, LOC: Barclays Bank plc, 0.01%, 9/1/2021 (b) | 4,500 | 4,500 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
New York — continued |
| |||||||
Series 2005 E-1, Rev., VRDO, LOC: Barclays Bank plc, 0.01%, 9/8/2021 (b) | 6,300 | 6,300 | ||||||
Metropolitan Transportation Authority, Dedicated Tax Fund | ||||||||
Series 2008A-1, Rev., VRDO, LOC: TD Bank NA, 0.01%, 9/1/2021 (b) | 9,410 | 9,410 | ||||||
Series 2008A-2B, Rev., VRDO, LOC: PNC Bank NA, 0.03%, 9/8/2021 (b) | 2,165 | 2,165 | ||||||
Series 2008B-3C, Rev., VRDO, LOC: PNC Bank NA, 0.03%, 9/8/2021 (b) | 3,350 | 3,350 | ||||||
New York City Health and Hospitals Corp., Health System Series B, Rev., VRDO, LOC: TD Bank NA, 0.02%, 9/8/2021 (b) | 1,050 | 1,050 | ||||||
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2003 Subseries A-4, Rev., VRDO, LIQ: TD Bank NA, 0.01%, 9/1/2021 (b) | 2,800 | 2,800 | ||||||
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2013 Subseries C-5, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.02%, 9/8/2021 (b) | 16,500 | 16,500 | ||||||
New York City Water and Sewer System, Fiscal Year 2003 Subseries F-1-A, Rev., VRDO, LIQ: Barclays Bank plc, 0.02%, 9/8/2021 (b) | 125 | 125 | ||||||
New York City Water and Sewer System, Second General Resolution Subseries CC-2, Rev., VRDO, LIQ: Bank of Montreal, 0.01%, 9/1/2021 (b) | 3,300 | 3,300 | ||||||
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2011 Series DD-1, Rev., VRDO, LIQ: TD Bank NA, 0.01%, 9/1/2021 (b) | 840 | 840 | ||||||
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2014 Series AA, Subseries AA-5, Rev., VRDO, LIQ: Mizuho Bank Ltd., 0.01%, 9/1/2021 (b) | 9,580 | 9,580 | ||||||
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2015 Series BB, Rev., VRDO, LIQ: Mizuho Bank Ltd., 0.01%, 9/1/2021 (b) | 2,175 | 2,175 | ||||||
New York State Dormitory Authority, Blythedale Children’s Hospital Rev., VRDO, LOC: TD Bank NA, 0.04%, 9/8/2021 (b) | 1,200 | 1,200 | ||||||
New York State Dormitory Authority, City University System, CONS Fifth General Resolution Series 2008D, Rev., VRDO, LOC: TD Bank NA, 0.02%, 9/8/2021 (b) | 1,305 | 1,305 | ||||||
New York State Energy Research and Development Authority, Consolidated Edison Co., Inc. Project Subseries A-3, Rev., VRDO, LOC: Mizuho Bank Ltd., 0.02%, 9/8/2021 (b) | 1,700 | 1,700 |
SEE NOTES TO FINANCIAL STATEMENTS.
30 | J.P. MORGAN MONEY MARKET FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
New York — continued |
| |||||||
Phoenix Central School District GO, BAN, 1.00%, 6/30/2022 | 6,000 | 6,041 | ||||||
RBC Municipal Products, Inc. Trust, Floater Certificates Series E-146, Rev., VRDO, LOC: Royal Bank of Canada, 0.05%, 9/8/2021 (b) (c) | 2,500 | 2,500 | ||||||
Tender Option Bond Trust Receipts/Certificates | ||||||||
Series E-118, GO, VRDO, 0.03%, 9/1/2021 (b) | 3,400 | 3,400 | ||||||
Series 2021-XL0164, Rev., VRDO, LIQ: Wells Fargo Bank NA, 0.04%, 9/8/2021 (b) (c) | 5,000 | 5,000 | ||||||
Series 2021-YX1167, GO, VRDO, LIQ: Barclays Bank plc, 0.04%, 9/8/2021 (b) (c) | 5,500 | 5,500 | ||||||
Series 2018-XF2656, Rev., VRDO, 0.05%, 9/8/2021 (b) | 800 | 800 | ||||||
Series 2018-XM0692, Rev., VRDO, 0.05%, 9/8/2021 (b) | 1,600 | 1,600 | ||||||
Series 2021-XF2940, Rev., VRDO, LIQ: UBS AG, 0.05%, 9/8/2021 (b) (c) | 2,535 | 2,535 | ||||||
Series 2021-XG0311, Rev., VRDO, LOC: Barclays Bank plc, 0.05%, 9/8/2021 (b) (c) | 1,430 | 1,430 | ||||||
Series 2016-ZF0464, Rev., VRDO, LOC: Royal Bank of Canada, 0.06%, 9/8/2021 (b) (c) | 11,300 | 11,300 | ||||||
Series 2017-XF2419, Rev., VRDO, LOC: Barclays Bank plc, 0.06%, 9/8/2021 (b) (c) | 4,500 | 4,500 | ||||||
Series 2020-XF2868, Rev., VRDO, LOC: Barclays Bank plc, 0.06%, 9/8/2021 (b) (c) | 1,900 | 1,900 | ||||||
Series 2020-XF2917, Rev., VRDO, LOC: Barclays Bank plc, 0.06%, 9/8/2021 (b) (c) | 2,475 | 2,475 | ||||||
Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels Series 2003 B-1, Rev., VRDO, LOC: Bank of America NA, 0.01%, 9/1/2021 (b) | 125 | 125 | ||||||
Trust for Cultural Resources of The City of New York (The), The Museum of Modern Art Series 2006A-1, Rev., VRDO, 0.02%, 9/8/2021 (b) | 14,060 | 14,060 | ||||||
|
| |||||||
140,371 | ||||||||
|
| |||||||
North Carolina — 1.5% |
| |||||||
City of Charlotte Series F, COP, VRDO, LIQ: Bank of America NA, 0.02%, 9/8/2021 (b) | 2,930 | 2,930 | ||||||
City of Raleigh, Downtown Improvement Projects Series 2004A, COP, VRDO, LIQ: Wells Fargo Bank NA, 0.02%, 9/8/2021 (b) | 1,460 | 1,460 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
North Carolina — continued |
| |||||||
County of Johnson, Public Improvement GO, 5.00%, 2/1/2022 | 105 | 107 | ||||||
North Carolina Medical Care Commission, Moses Cone Health System | ||||||||
Series 2001B, Rev., VRDO, LIQ: Bank of Montreal, 0.02%, 9/1/2021 (b) | 8,955 | 8,955 | ||||||
Series 2001A, Rev., VRDO, LIQ: BMO Harris Bank NA, 0.02%, 9/8/2021 (b) | 1,950 | 1,950 | ||||||
Series 2004A, Rev., VRDO, 0.02%, 9/8/2021 (b) | 950 | 950 | ||||||
Person County Industrial Facilities and Pollution Control Financing Authority, Recovery Zone Facility, CertainTeed Gypsum, Inc. Rev., VRDO, LOC: Credit Industriel et Commercial, 0.05%, 9/8/2021 (b) | 10,100 | 10,100 | ||||||
Tender Option Bond Trust Receipts/Certificates Series 2019-ZF2813, Rev., VRDO, LIQ: Barclays Bank plc, 0.07%, 9/8/2021 (b) (c) | 3,415 | 3,415 | ||||||
|
| |||||||
29,867 | ||||||||
|
| |||||||
North Dakota — 0.1% |
| |||||||
North Dakota Housing Finance Agency, Home Mortgage Finance Program Series 2015E, Rev., VRDO, LIQ: TD Bank NA, 0.02%, 9/8/2021 (b) | 2,190 | 2,190 | ||||||
|
| |||||||
Ohio — 0.3% |
| |||||||
County of Allen, Hospital Facilities, Catholic Health Partners Series 2012B, Rev., VRDO, 0.02%, 9/8/2021 (b) | 2,435 | 2,435 | ||||||
Ohio Higher Educational Facility Commission, Cleveland Clinic Health System Obligated Group Series B-3, Rev., VRDO, LIQ: U.S. Bank NA, 0.01%, 9/1/2021 (b) | 700 | 700 | ||||||
RBC Municipal Products, Inc. Trust, Floater Certificates Series 2019-E-132, Rev., VRDO, LOC: Royal Bank of Canada, 0.05%, 9/8/2021 (b) (c) | 2,065 | 2,065 | ||||||
State of Ohio Series 2015C, GO, 5.00%, 9/1/2021 | 100 | 100 | ||||||
State of Ohio, Cleveland Clinic Health System Series 2019D-2, Rev., VRDO, 0.01%, 9/8/2021 (b) | 1,690 | 1,690 | ||||||
|
| |||||||
6,990 | ||||||||
|
| |||||||
Oklahoma — 0.1% |
| |||||||
Tender Option Bond Trust Receipts/Certificates Series 2020-XF2884, Rev., VRDO, LOC: Barclays Bank plc, 0.06%, 9/8/2021 (b) (c) | 1,370 | 1,370 | ||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 31 |
Table of Contents
JPMorgan Institutional Tax Free Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Oregon — 0.4% |
| |||||||
Clackamas County Hospital Facility Authority, Legacy Health System Series 2008A, Rev., VRDO, LOC: U.S. Bank NA, 0.02%, 9/8/2021 (b) | 1,000 | 1,000 | ||||||
Oregon State Facilities Authority, Peacehealth Series 2018B, Rev., VRDO, LOC: TD Bank NA, 0.01%, 9/1/2021 (b) | 6,800 | 6,800 | ||||||
State of Oregon, Veterans Welfare Series 2015P, GO, VRDO, LIQ: U.S. Bank NA, 0.02%, 9/8/2021 (b) | 1,300 | 1,300 | ||||||
|
| |||||||
9,100 | ||||||||
|
| |||||||
Pennsylvania — 1.2% |
| |||||||
Pennsylvania Economic Development Financing Authority, Exempt Facilities, PPL Energy Supply, LLC Project Series 2009C, Rev., VRDO, LOC: MUFG Union Bank NA, 0.12%, 9/8/2021 (b) | 5,475 | 5,475 | ||||||
Pennsylvania Turnpike Commission Series 2019-2, Rev., VRDO, LOC: TD Bank NA, 0.02%, 9/8/2021 (b) | 1,500 | 1,500 | ||||||
Philadelphia Gas Works Co., 1998 General Ordinance Series D, Rev., VRDO, LOC: TD Bank NA, 0.02%, 9/8/2021 (b) | 1,780 | 1,780 | ||||||
RBC Municipal Products, Inc. Trust, Floater Certificates Series 2018-G-43, Rev., VRDO, LOC: Royal Bank of Canada, 0.22%, 12/1/2021 (b) (c) | 5,000 | 5,000 | ||||||
Tender Option Bond Trust Receipts/Certificates | ||||||||
Series 2018-XF2654, Rev., VRDO, 0.06%, 9/8/2021 (b) | 4,420 | 4,420 | ||||||
Series 2020-XM0876, Rev., VRDO, LIQ: Royal Bank of Canada, 0.06%, 9/8/2021 (b) (c) | 1,875 | 1,875 | ||||||
Series 2018-XL0061, Rev., VRDO, 0.07%, 9/8/2021 (b) | 4,490 | 4,490 | ||||||
|
| |||||||
24,540 | ||||||||
|
| |||||||
Rhode Island — 0.8% |
| |||||||
City of Cranston | ||||||||
Series 2021A, GO, 5.00%, 8/15/2022 | 260 | 272 | ||||||
Series 1, GO, BAN, 1.00%, 8/23/2022 | 5,000 | 5,041 | ||||||
Tender Option Bond Trust Receipts/Certificates | ||||||||
Series 2018-ZM0631, Rev., VRDO, 0.07%, 9/8/2021 (b) | 6,035 | 6,035 | ||||||
Series 2018-ZM0632, Rev., VRDO, 0.07%, 9/8/2021 (b) | 4,050 | 4,050 | ||||||
|
| |||||||
15,398 | ||||||||
|
|
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
South Carolina — 0.8% |
| |||||||
County Square Redevelopment Corp., Greenville County, South Carolina Project Rev., BAN, 2.00%, 3/3/2022 | 1,085 | 1,096 | ||||||
RBC Municipal Products, Inc. Trust, Floater Certificates Series 2019-G-109, Rev., VRDO, LOC: Royal Bank of Canada, 0.22%, 10/1/2021 (b) (c) | 5,000 | 5,000 | ||||||
South Carolina Public Service Authority Series 2019A, Rev., VRDO, LOC: Bank of America NA, 0.05%, 9/8/2021 (b) | 8,790 | 8,790 | ||||||
Town of Lexington Waterworks and Sewer System Combined Rev., RAN, 2.25%, 10/27/2021 | 2,450 | 2,458 | ||||||
|
| |||||||
17,344 | ||||||||
|
| |||||||
Tennessee — 0.5% |
| |||||||
Metropolitan Government Nashville & Davidson County Industrial Development Board, Summit Apartments Project Rev., VRDO, LOC: FNMA, 0.02%, 9/8/2021 (b) | 2,125 | 2,125 | ||||||
Montgomery County Public Building Authority, Pooled Financing Rev., VRDO, LOC: Bank of America NA, 0.04%, 9/8/2021 (b) | 1,300 | 1,300 | ||||||
Tender Option Bond Trust Receipts/Certificates | ||||||||
Series 2018-XF2576, Rev., VRDO, LOC: Barclays Bank plc, 0.06%, 9/8/2021 (b) (c) | 2,000 | 2,000 | ||||||
Series 2018-XL0062, Rev., VRDO, 0.07%, 9/8/2021 (b) | 4,420 | 4,420 | ||||||
|
| |||||||
9,845 | ||||||||
|
| |||||||
Texas — 7.0% |
| |||||||
City of Houston, Combined Utility System, First Lien | ||||||||
Series 2004B-5, Rev., VRDO, LOC: Wells Fargo Bank NA, 0.02%, 9/8/2021 (b) | 900 | 900 | ||||||
Series B-2, Rev., VRDO, LOC: Citibank NA, 0.02%, 9/8/2021 (b) | 1,100 | 1,100 | ||||||
Collin County Housing Finance Corp., Multi-Family Housing Rev., VRDO, LOC: Northern Trust Co., 0.09%, 9/8/2021 (b) | 12,305 | 12,305 | ||||||
Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System Series 2014D, Rev., VRDO, 0.02%, 9/8/2021 (b) | 4,300 | 4,300 | ||||||
Harris County Industrial Development Corp Exxon Corp Project Series A, Rev., VRDO, 0.01%, 9/1/2021 (b) | 3,700 | 3,700 | ||||||
Lower Neches Valley Authority Industrial Development Corp., ExxonMobil Project | ||||||||
Series 2001A-2, Rev., VRDO, 0.01%, 9/1/2021 (b) | 5,200 | 5,200 |
SEE NOTES TO FINANCIAL STATEMENTS.
32 | J.P. MORGAN MONEY MARKET FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Texas — continued |
| |||||||
Series 2002A, Rev., VRDO, 0.01%, 9/1/2021 (b) | 790 | 790 | ||||||
Series A-3, Rev., VRDO, 0.01%, 9/1/2021 (b) | 300 | 300 | ||||||
RBC Municipal Products, Inc. Trust, Floater Certificates | ||||||||
Series E-149, Rev., VRDO, LOC: Royal Bank of Canada, 0.05%, 9/8/2021 (b) (c) | 5,500 | 5,500 | ||||||
Series 2019-G112, Rev., VRDO, LOC: Royal Bank of Canada, 0.22%, 1/3/2022 (b) (c) | 9,000 | 9,000 | ||||||
State of Texas, Veterans | ||||||||
Series 2011C, GO, VRDO, LIQ: FHLB, 0.03%, 9/8/2021 (b) | 10,140 | 10,140 | ||||||
Series 2015 A, GO, VRDO, LIQ: State Street Bank & Trust, 0.03%, 9/8/2021 (b) | 3,435 | 3,435 | ||||||
Series A, GO, VRDO, LIQ: State Street Bank & Trust, 0.03%, 9/8/2021 (b) | 15,520 | 15,520 | ||||||
GO, VRDO, LIQ: Sumitomo Mitsui Banking Corp., 0.04%, 9/8/2021 (b) | 1,490 | 1,490 | ||||||
State of Texas, Veterans Housing Assistance Program | ||||||||
Series 2008 B, GO, VRDO, LIQ: State Street Bank & Trust, 0.03%, 9/8/2021 (b) | 18,560 | 18,560 | ||||||
Series 2010C, GO, VRDO, LIQ: State Street Bank & Trust, 0.03%, 9/8/2021 (b) | 405 | 405 | ||||||
GO, VRDO, LIQ: FHLB, 0.04%, 9/8/2021 (b) | 16,100 | 16,100 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., Christus Health Series C-2, Rev., VRDO, LOC: Bank of New York Mellon Corp. (The), 0.02%, 9/8/2021 (b) | 1,200 | 1,200 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., Texas Health Resources System | ||||||||
Series 2012 B, Rev., VRDO, 0.01%, 9/8/2021 (b) | 13,120 | 13,120 | ||||||
Series 2017-B, Rev., VRDO, 0.02%, 9/8/2021 (b) | 10,000 | 10,000 | ||||||
Tender Option Bond Trust Receipts/Certificates | ||||||||
Series 2018-ZF2662, GO, VRDO, PSF-GTD, LIQ: Morgan Stanley Bank, 0.05%, 9/8/2021 (b) (c) | 3,840 | 3,840 | ||||||
Series 2018-ZF2721, GO, VRDO, LIQ: Morgan Stanley Bank, 0.05%, 9/8/2021 (b) (c) | 3,335 | 3,335 | ||||||
Series 2018-XF0645, Rev., VRDO, LIQ: TD Bank NA, 0.07%, 9/8/2021 (b) (c) | 4,000 | 4,000 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Texas — continued |
| |||||||
Texas Transportation Commission State Highway Fund Series 2014-B1, Rev., VRDO, LIQ: Sumitomo Mitsui Banking Corp., 0.03%, 9/8/2021 (b) | 1,000 | 1,000 | ||||||
|
| |||||||
145,240 | ||||||||
|
| |||||||
Utah — 0.6% |
| |||||||
County of Utah, IHC Health Services, Inc. | ||||||||
Series 2016D, Rev., VRDO, LIQ: U.S. Bank NA, 0.02%, 9/8/2021 (b) | 4,855 | 4,855 | ||||||
Series B, Rev., VRDO, LIQ: U.S. Bank NA, 0.02%, 9/8/2021 (b) | 1,085 | 1,085 | ||||||
Series C, Rev., VRDO, LIQ: U.S. Bank NA, 0.02%, 9/8/2021 (b) | 310 | 310 | ||||||
Series C, Rev., VRDO, LIQ: U.S. Bank NA, 0.02%, 9/8/2021 (b) | 275 | 275 | ||||||
Tender Option Bond Trust Receipts/Certificates | ||||||||
Series 2018-ZM0652, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.05%, 9/8/2021 (b) (c) | 3,425 | 3,425 | ||||||
Series 2018-XG0171, Rev., VRDO, LIQ: Royal Bank of Canada, 0.06%, 9/8/2021 (b) (c) | 3,000 | 3,000 | ||||||
|
| |||||||
12,950 | ||||||||
|
| |||||||
Vermont — 0.2% |
| |||||||
Vermont Educational and Health Buildings Financing Agency, Southwestern Vermont Medical Center Series 2008A, Rev., VRDO, LOC: TD Bank NA, 0.02%, 9/1/2021 (b) | 4,725 | 4,725 | ||||||
|
| |||||||
Virginia — 2.4% |
| |||||||
Albermarle County Economic Development Authority, Sentara Martha Jefferson Hospital Series 2018A, Rev., VRDO, LIQ: TD Bank NA, 0.01%, 9/8/2021 (b) | 1,030 | 1,030 | ||||||
Loudoun County Economic Development Authority, Howard Hughes Medical Institute | ||||||||
Series 2003F, Rev., VRDO, 0.01%, 9/8/2021 (b) | 6,000 | 6,000 | ||||||
Series 2013A, Rev., VRDO, 0.01%, 9/8/2021 (b) | 8,975 | 8,975 | ||||||
Series 2009B, Rev., VRDO, 0.02%, 9/8/2021 (b) | 1,865 | 1,865 | ||||||
Loudoun County Economic Development Authority, Jack Kent Cooke Foundation Project Rev., VRDO, LOC: Northern Trust Co., 0.02%, 9/8/2021 (b) | 4,000 | 4,000 | ||||||
Roanoke Economic Development Authority, Carilion Clinic Obligated Group Series 2020B, Rev., VRDO, LIQ: PNC Bank NA, 0.03%, 9/8/2021 (b) | 10,000 | 10,000 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 33 |
Table of Contents
JPMorgan Institutional Tax Free Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Virginia — continued |
| |||||||
Tender Option Bond Trust Receipts/Certificates | ||||||||
Series 2020-ZF0997, Rev., VRDO, LIQ: Bank of America NA, 0.05%, 9/8/2021 (b) (c) | 1,840 | 1,840 | ||||||
Series 2020-ZF0998, Rev., VRDO, LIQ: Bank of America NA, 0.05%, 9/8/2021 (b) (c) | 1,660 | 1,660 | ||||||
Series 2021-XM0932, Rev., VRDO, LIQ: Bank of America NA, 0.05%, 9/8/2021 (b) (c) | 2,825 | 2,825 | ||||||
Series 2020-XF0955, Rev., VRDO, LIQ: TD Bank NA, 0.07%, 9/8/2021 (b) (c) | 5,335 | 5,335 | ||||||
Virginia Small Business Financing Authority, Carilion Clinic Obligated Group Series 2008A, Rev., VRDO, LOC: PNC Bank NA, 0.02%, 9/8/2021 (b) | 6,450 | 6,450 | ||||||
|
| |||||||
49,980 | ||||||||
|
| |||||||
Washington — 0.1% |
| |||||||
Washington State Housing Finance Commission, Multi-Family, Cambridge Apartments Project Rev., VRDO, LOC: FNMA, 0.01%, 9/8/2021 (b) | 1,775 | 1,775 | ||||||
Washington State Housing Finance Commission, Traditions at South Hill Apartments Project Series 2011A, Rev., VRDO, AMT, LOC: FHLMC, 0.02%, 9/8/2021 (b) | 1,040 | 1,040 | ||||||
|
| |||||||
2,815 | ||||||||
|
| |||||||
Wisconsin — 0.8% |
| |||||||
Tender Option Bond Trust Receipts/Certificates Series 2020-XL0148, Rev., VRDO, AGM, LOC: Barclays Bank plc, 0.06%, 9/8/2021 (b) (c) | 4,495 | 4,495 | ||||||
Wisconsin Health and Educational Facilities Authority, Froedtert Health, Inc., Obligated Group Series 2021B, Rev., VRDO, LIQ: U.S. Bank NA, 0.02%, 9/8/2021 (b) | 5,000 | 5,000 | ||||||
Wisconsin Housing and Economic Development Authority, Home Ownership Series 2021B, Rev., VRDO, LIQ: FHLB, 0.02%, 9/8/2021 (b) | 8,000 | 8,000 | ||||||
|
| |||||||
17,495 | ||||||||
|
| |||||||
Total Municipal Bonds | 1,442,247 | |||||||
|
| |||||||
SHARES (000) | ||||||||
Variable Rate Demand Preferred Shares — 4.9% |
| |||||||
New York — 1.1% |
| |||||||
Nuveen New York AMT-Free Quality Municipal Income Fund | ||||||||
Series 2, LIQ: Royal Bank of Canada, 0.07%, 9/8/2021 # (c) | 6,600 | 6,600 |
INVESTMENTS (a) | SHARES (000) | VALUE ($000) | ||||||
New York — continued |
| |||||||
Series 3, LIQ: Sumitomo Mitsui Banking Corp., 0.07%, 9/8/2021 # (c) | 15,000 | 15,000 | ||||||
|
| |||||||
21,600 | ||||||||
|
| |||||||
Other — 3.8% |
| |||||||
Nuveen AMT-Free Municipal Credit Income Fund | ||||||||
Series 5, LIQ: Societe Generale, 0.07%, 9/8/2021 # (c) | 20,000 | 20,000 | ||||||
Series 6, LIQ: Sumitomo Mitsui Banking Corp., 0.07%, 9/8/2021 # (c) | 19,000 | 19,000 | ||||||
Nuveen AMT-Free Quality Municipal Income Fund | ||||||||
Series 3, LIQ: TD Bank NA, 0.07%, 9/8/2021 # (c) | 5,000 | 5,000 | ||||||
Series 4-4895, LIQ: Barclays Bank plc, 0.07%, 9/8/2021 # (c) | 30,000 | 30,000 | ||||||
Series 5-1000, LOC: Sumitomo Mitsui Banking Corp., 0.07%, 9/8/2021 # (c) | 5,000 | 5,000 | ||||||
|
| |||||||
79,000 | ||||||||
|
| |||||||
Total Variable Rate Demand Preferred Shares | 100,600 | |||||||
|
| |||||||
PRINCIPAL AMOUNT ($000) | ||||||||
Short-Term Investments — 23.4% |
| |||||||
Commercial Paper — 23.4% |
| |||||||
Alachua County Health Facilities Authority, Tax Exempt Series 08-A, 0.08%, 10/7/2021 | 6,240 | 6,240 | ||||||
Board of Governors of Colorado State University System Series A, 0.09%, 10/29/2021 | 10,000 | 10,000 | ||||||
Board of Regents of the University of Texas System | ||||||||
Series A, 0.10%, 10/8/2021 | 10,000 | 9,999 | ||||||
Series A, 0.16%, 3/21/2022 | 3,000 | 3,000 | ||||||
Series A, 0.15%, 3/29/2022 | 5,000 | 5,000 | ||||||
California Statewide Communities Development Authority | ||||||||
Series 9B-3, 0.12%, 1/6/2022 | 4,000 | 4,000 | ||||||
Series 9B-2, 0.11%, 1/11/2022 | 5,000 | 5,000 | ||||||
Series B-5, 0.11%, 1/11/2022 | 5,000 | 5,000 | ||||||
California Statewide Communities Development Authority, Tax Exempt | ||||||||
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 9B-3, 0.17%, 10/6/2021 | 5,000 | 5,000 | ||||||
Series 9B-4, 0.17%, 10/7/2021 | 2,500 | 2,500 |
SEE NOTES TO FINANCIAL STATEMENTS.
34 | J.P. MORGAN MONEY MARKET FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Short-Term Investments — continued |
| |||||||
Commercial Paper — continued |
| |||||||
Series 08-C, 0.09%, 10/13/2021 | 15,000 | 15,000 | ||||||
Series 08-B, 0.12%, 11/4/2021 | 1,500 | 1,500 | ||||||
Series D, 0.11%, 11/9/2021 | 3,000 | 3,000 | ||||||
Series B-5, 0.17%, 12/9/2021 | 300 | 300 | ||||||
Series B-6, 0.11%, 2/2/2022 | 1,000 | 1,000 | ||||||
Series D, 0.11%, 2/8/2022 | 7,000 | 7,000 | ||||||
Series 9B-1, 0.11%, 2/9/2022 | 11,000 | 11,000 | ||||||
City and County of San Francisco, LOC: U.S. Bank NA, 0.11%, 11/3/2021 | 1,190 | 1,190 | ||||||
City of Dallas, Tax Exempt Series G, 0.07%, 9/23/2021 | 9,000 | 9,000 | ||||||
City of Garland Series 2021, 0.08%, 9/15/2021 | 2,500 | 2,500 | ||||||
City of Houston, Tax Exempt Series H-2, 0.07%, 10/19/2021 | 10,000 | 10,000 | ||||||
City of Jacksonville | ||||||||
Series 92, 0.12%, 9/2/2021 | 3,000 | 3,000 | ||||||
Series 94, 0.12%, 9/2/2021 | 11,200 | 11,200 | ||||||
City of Philadelphia, Water & Wastewater, Tax Exempt | ||||||||
Series A, 0.08%, 9/2/2021 | 1,000 | 1,000 | ||||||
Series B, 0.07%, 10/5/2021 | 1,000 | 1,000 | ||||||
City of Rochester Series 08-C, 0.09%, 10/7/2021 | 8,000 | 8,000 | ||||||
City of San Antonio, Electric and Gas Systems Series B, 0.07%, 9/27/2021 | 7,500 | 7,500 | ||||||
County of Harris Series A-1, 0.09%, 10/13/2021 | 3,500 | 3,500 | ||||||
County of Hillsborough Series A, 0.07%, 9/30/2021 | 14,325 | 14,325 | ||||||
County of Hillsborough, Tax Exempt | ||||||||
Series A, 0.12%, 9/9/2021 | 3,800 | 3,800 | ||||||
Series A, 0.09%, 10/21/2021 | 3,800 | 3,800 | ||||||
County of Montgomery Series 10-A, 0.07%, 9/16/2021 | 7,000 | 7,000 | ||||||
County of York Series 00B3, 0.07%, 9/1/2021 | 10,000 | 10,000 | ||||||
District of Columbia Series 2019, 0.08%, 11/2/2021 | 25,000 | 25,000 | ||||||
East Bay Municipal Utility District Series A-1, 0.07%, 9/2/2021 | 10,000 | 10,000 | ||||||
East Bay Municipal Utility District, Tax Exempt | ||||||||
Series A-2, 0.06%, 10/1/2021 | 6,200 | 6,200 | ||||||
Series A-2, 0.08%, 11/2/2021 | 6,000 | 6,000 | ||||||
Health and Educational Facilities Authority of the State of Missouri BJC Health System, Tax Exempt Series 14-C, 0.08%, 10/21/2021 | 10,000 | 10,000 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Commercial Paper — continued |
| |||||||
Indiana Finance Authority, Tax Exempt | ||||||||
Series D-2, 0.06%, 9/16/2021 | 9,900 | 9,900 | ||||||
Series D-2, 0.10%, 10/5/2021 | 5,000 | 5,000 | ||||||
Jacksonville Health Care Authority, Tax Exempt Series 2016, 0.17%, 1/28/2022 | 11,000 | 11,000 | ||||||
King County Housing Authority, Tax Exempt Series A, 0.09%, 10/6/2021 | 5,375 | 5,375 | ||||||
Los Angeles County Housing Authority Series D-TE, 0.10%, 9/1/2021 | 2,000 | 2,000 | ||||||
Louisville and Jefferson County Metropolitan Sewer District Series A-1, 0.11%, 12/9/2021 | 7,500 | 7,500 | ||||||
Lower Colorado River Authority, Tax Exempt Series B, 0.09%, 9/2/2021 | 1,735 | 1,735 | ||||||
Maryland Health and Higher Educational Facilities Authority Series B, 0.07%, 9/8/2021 | 5,790 | 5,790 | ||||||
Municipal Improvement Corp. of Los Angeles, Tax Exempt | ||||||||
Series A-2, 0.07%, 9/8/2021 | 10,500 | 10,500 | ||||||
Series A-1, LOC: BMO Harris Bank NA, 0.08%, 10/7/2021 | 16,100 | 16,100 | ||||||
Omaha Public Power District, Tax Exempt Series A, 0.10%, 10/12/2021 | 9,100 | 9,100 | ||||||
Regents of the University of Michigan Series B, 0.09%, 11/3/2021 | 600 | 600 | ||||||
Salt River Project Agricultural Improvement and Power District Series C, 0.06%, 9/1/2021 | 18,800 | 18,800 | ||||||
San Francisco City and County Public Utilities Commission Wastewater | ||||||||
Series A-1, LOC: Sumitomo Mitsui Banking Corp., 0.08%, 9/9/2021 | 15,000 | 15,000 | ||||||
Series A-4, 0.07%, 10/14/2021 | 15,500 | 15,501 | ||||||
Southwestern Illinois Development Authority, Tax Exempt Series 17-B, 0.08%, 10/7/2021 | 5,000 | 5,000 | ||||||
Stafford County & Staunton Industrial Development Authority, Tax Exempt Series 8-A1, 0.07%, 9/2/2021 | 10,000 | 10,000 | ||||||
State of California | ||||||||
Series A6, 0.06%, 9/8/2021 | 5,000 | 5,000 | ||||||
Series 11A5, LOC: U.S. Bank NA, 0.07%, 9/20/2021 | 4,969 | 4,969 | ||||||
Series A-4, LOC: TD Bank NA, 0.09%, 10/19/2021 | 5,245 | 5,245 | ||||||
State of California, Tax Exempt | ||||||||
Series A-7, LOC: State Street Bank & Trust, 0.05%, 9/2/2021 | 23,530 | 23,530 | ||||||
Series A-7, 0.06%, 10/19/2021 | 8,000 | 8,000 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 35 |
Table of Contents
JPMorgan Institutional Tax Free Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Short-Term Investments — continued |
| |||||||
Commercial Paper — continued |
| |||||||
Texas Public Finance Authority | ||||||||
Series 2008, 0.09%, 11/3/2021 | 7,205 | 7,205 | ||||||
Series 19, 0.09%, 12/15/2021 | 3,300 | 3,300 | ||||||
University of Houston Series TE-A, 0.07%, 9/13/2021 | 188 | 188 | ||||||
University of Minnesota, Tax Exempt Series 07-C, 0.08%, 10/7/2021 | 3,800 | 3,800 | ||||||
University of Washington Series A, 0.12%, 2/8/2022 | 12,000 | 11,999 | ||||||
Upper Trinity Regional Water District, Tax Exempt Series A, 0.06%, 9/8/2021 | 200 | 200 | ||||||
|
| |||||||
Total Commercial Paper |
| 485,891 | ||||||
|
| |||||||
Total Short-Term Investments |
| 485,891 | ||||||
|
| |||||||
Total Investments — 97.9% |
| 2,028,738 | ||||||
Other Assets Less Liabilities — 2.1% | 43,203 | |||||||
|
| |||||||
NET ASSETS — 100.0% | 2,071,941 | |||||||
|
|
Percentages indicated are based on net assets.
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 | |
MTA | Metropolitan Transportation Authority | |
PSF-GTD | Permanent School Fund Guaranteed | |
Q-SBLF | Qualified School Bond Loan Fund |
RAN | Revenue Anticipation Note | |
Rev. | Revenue | |
TAN | Tax Anticipation Note | |
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 August 31, 2021. | |
(c) | Securities exempt from registration under Rule 144A or section 4 (a)(2), of the Securities Act of 1933, as amended. | |
(d) | 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 August 31, 2021. |
SEE NOTES TO FINANCIAL STATEMENTS.
36 | J.P. MORGAN MONEY MARKET FUNDS | AUGUST 31, 2021 |
Table of Contents
JPMorgan Securities Lending Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited)
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Repurchase Agreements — 4.5% |
| |||||||
Agency Joint Trading Account II, J.P. Morgan Investment Management Inc., as agent, 0.05%, dated 8/31/2021, due 9/1/2021, repurchase price $128,163. (b) | 128,163 | 128,163 | ||||||
Societe Generale SA, 0.23%, dated 8/31/2021, due 9/1/2021, repurchase price $10,000, collateralized by Corporate Notes and Bonds, 5.50% - 8.20%, due 4/6/2028 - 9/1/2028, FNMA Connecticut Avenue Securities, 2.18% - 2.93%, due 11/26/2029 - 11/25/2039 and Sovereign Government Securities, 2.63% - 10.13%, due 7/26/2022 - 9/30/2049, with a value of $10,800. | 10,000 | 10,000 | ||||||
|
| |||||||
Total Repurchase Agreements | 138,163 | |||||||
|
| |||||||
Municipal Bonds — 1.6% |
| |||||||
Alaska — 0.3% |
| |||||||
Alaska Housing Finance Corp., State Capital Project Series 2019A, Rev., VRDO, 0.07%, 9/8/2021 (c) | 10,000 | 10,000 | ||||||
|
| |||||||
Colorado — 0.3% |
| |||||||
Colorado Housing and Finance Authority, Single Family Mortgage Series 2021C2, Class I, Rev., VRDO, GNMA COLL, LIQ: FHLB, 0.06%, 9/8/2021 (c) | 10,000 | 10,000 | ||||||
|
| |||||||
Michigan — 0.3% |
| |||||||
Michigan Finance Authority, Federally Taxable Series 2019D, Rev., VRDO, LOC: PNC Bank NA, 0.09%, 9/8/2021 (c) | 9,700 | 9,700 | ||||||
|
| |||||||
New York - 0.3% |
| |||||||
Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels Series 2018E, Rev., VRDO, LOC: Bank of America NA, 0.07%, 9/8/2021 (c) | 8,590 | 8,590 | ||||||
|
| |||||||
Texas — 0.4% |
| |||||||
Gulf Coast Waste Disposal Authority, Environmental Facilities, American Acryl L.P. Project Series 2003, Rev., VRDO, AMT, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 0.07%, 9/8/2021 (c) | 12,000 | 12,000 | ||||||
|
| |||||||
Total Municipal Bonds | 50,290 | |||||||
|
| |||||||
Short-Term Investments — 93.9% |
| |||||||
Commercial Paper — 51.4% |
| |||||||
Australia & New Zealand Banking Group Ltd. (Australia) (ICE LIBOR USD 3 Month + 0.03%), 0.16%, 9/2/2021 (d) (e) | 30,000 | 30,004 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Commercial Paper — continued |
| |||||||
Bank of Nova Scotia (The) (Canada) 0.21%, 1/10/2022 (e) (f) | 1,350 | 1,349 | ||||||
Barclays Bank plc (United Kingdom) 0.10%, 9/1/2021 (e) (f) | 140,000 | 140,000 | ||||||
Barton Capital SA (France) 0.13%, 11/3/2021 (e) (f) | 46,000 | 45,990 | ||||||
China Construction Bank Corp. (China) 0.10%, 9/1/2021 (e) (f) | 140,000 | 140,000 | ||||||
Cooperatieve Rabobank UA (Netherlands) 0.05%, 9/1/2021 (f) | 140,000 | 140,000 | ||||||
DBS Bank Ltd. (Singapore) 15.00%, 12/22/2021 (e) (f) | 31,000 | 30,986 | ||||||
DBS Group Holdings Ltd. (Singapore) | ||||||||
0.19%, 9/20/2021 (e) (f) | 15,000 | 14,999 | ||||||
0.20%, 10/18/2021 (e) (f) | 80,000 | 79,985 | ||||||
First Abu Dhabi Bank PJSC (United Arab Emirates) 0.12%, 12/13/2021 (e) (f) | 70,000 | 69,978 | ||||||
Industrial & Commercial Bank of China Ltd. (China) 0.10%, 9/1/2021 (e) (f) | 140,000 | 140,000 | ||||||
KEB Hana Bank (South Korea) 0.14%, 11/23/2021 (e) (f) | 1,250 | 1,250 | ||||||
Kookmin Bank (South Korea) 0.17%, 11/10/2021 (e) (f) | 20,000 | 19,994 | ||||||
Korea Development Bank (South Korea) | ||||||||
0.20%, 9/17/2021 (f) | 24,500 | 24,499 | ||||||
0.20%, 9/21/2021 (f) | 30,000 | 29,999 | ||||||
Landesbank Baden-Wurttemberg (Germany) 0.07%, 9/1/2021 (f) | 50,000 | 50,000 | ||||||
LMA-Americas LLC 0.21%, 10/1/2021 (e) (f) | 1,465 | 1,465 | ||||||
Macquarie Bank Ltd. (Australia) 0.18%, 11/19/2021 (e) (f) | 6,000 | 5,998 | ||||||
Manhattan Asset Funding Co. LLC 0.20%, 10/21/2021 (e) (f) | 53,524 | 53,516 | ||||||
Mitsubishi UFJ Trust & Banking Corp. (Japan) 0.12%, 12/10/2021 (e) (f) | 9,000 | 8,997 | ||||||
Mizuho Bank Ltd. (Japan) | ||||||||
0.20%, 10/28/2021 (e) (f) | 50,000 | 49,990 | ||||||
0.20%, 11/10/2021 (e) (f) | 12,000 | 11,997 | ||||||
National Australia Bank Ltd. (Australia) (US Federal Funds Effective Rate (continuous series) + 0.14%), 0.22%, 9/1/2021 (d) (e) | 32,000 | 32,009 | ||||||
Natixis SA (France) | ||||||||
0.22%, 12/10/2021 (f) | 50,000 | 49,985 | ||||||
0.22%, 12/17/2021 (f) | 25,000 | 24,992 | ||||||
Royal Bank of Canada (Canada) 0.21%, 6/22/2022 (f) | 35,000 | 34,940 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 37 |
Table of Contents
JPMorgan Securities Lending Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Short-Term Investments — continued |
| |||||||
Commercial Paper — continued |
| |||||||
Skandinaviska Enskilda Banken AB (Sweden) | ||||||||
0.20%, 10/19/2021 (e) (f) | 50,000 | 49,995 | ||||||
0.19%, 11/3/2021 (e) (f) | 15,000 | 14,998 | ||||||
Standard Chartered Bank (United Kingdom) 0.20%, 9/15/2021 (e) (f) | 50,000 | 49,998 | ||||||
Svenska Handelsbanken AB (Sweden) 0.21%, 12/23/2021 (e) (f) | 23,000 | 22,993 | ||||||
Toronto-Dominion Bank (The) (Canada) | ||||||||
(US Federal Funds Effective Rate (continuous series) + 0.10%), 0.19%, 9/1/2021 (d) (e) | 82,000 | 82,000 | ||||||
(US Federal Funds Effective Rate (continuous series) + 0.10%), 0.19%, 9/1/2021 (d) (e) | 45,000 | 45,000 | ||||||
United Overseas Bank Ltd. (Singapore) | ||||||||
0.23%, 5/5/2022 (e) (f) | 35,000 | 34,963 | ||||||
0.23%, 5/10/2022 (e) (f) | 18,000 | 17,981 | ||||||
Westpac Banking Corp. (Australia) (ICE LIBOR USD 3 Month + 0.04%), 0.17%, 9/11/2021 (d) (e) | 25,000 | 25,004 | ||||||
|
| |||||||
Total Commercial Paper | 1,575,854 | |||||||
|
| |||||||
Time Deposits — 22.5% |
| |||||||
BNP Paribas SA 0.06%, 9/1/2021 | 140,000 | 140,000 | ||||||
Credit Agricole Corporate and Investment Bank 0.05%, 9/1/2021 | 140,000 | 140,000 | ||||||
Erste Group Bank AG 0.07%, 9/1/2021 | 141,000 | 141,000 | ||||||
First Abu Dhabi Bank PJSC 0.06%, 9/1/2021 | 73,000 | 73,000 | ||||||
Mizuho Bank, Ltd. 0.08%, 9/1/2021 | 80,000 | 80,000 | ||||||
Royal Bank of Canada 0.05%, 9/1/2021 | 40,000 | 40,000 | ||||||
Skandinaviska Enskilda Banken AB 0.05%, 9/1/2021 | 77,000 | 77,000 | ||||||
|
| |||||||
Total Time Deposits | 691,000 | |||||||
|
| |||||||
Certificates of Deposit — 20.0% |
| |||||||
Bank of Nova Scotia (The) (Canada) | ||||||||
(SOFR + 0.14%), 0.19%, 9/1/2021 (d) | 41,000 | 41,000 | ||||||
(SOFR + 0.14%), 0.19%, 9/1/2021 (d) | 35,000 | 35,000 | ||||||
0.20%, 1/7/2022 | 40,850 | 40,865 | ||||||
Canadian Imperial Bank of Commerce (Canada) (SOFR + 0.14%), 0.19%, 9/1/2021 (d) | 50,000 | 50,001 | ||||||
0.24%, 4/6/2022 | 42,000 | 42,019 | ||||||
Landesbank Baden-Wurttemberg (Germany) 0.10%, 9/2/2021 | 82,750 | 82,750 | ||||||
MUFG Bank Ltd. (Japan) 0.19%, 10/7/2021 | 40,000 | 40,005 | ||||||
Oversea-Chinese Banking Corp. Ltd. (Singapore) 0.13%, 12/14/2021 | 6,000 | 6,000 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Certificates of Deposit — continued |
| |||||||
Royal Bank of Canada (Canada) (ICE LIBOR USD 3 Month + 0.05%), 0.18%, 9/11/2021 (d) | 65,000 | 65,010 | ||||||
Shinhan Bank (South Korea) 0.47%, 11/3/2021 | 4,106 | 4,109 | ||||||
Sumitomo Mitsui Banking Corp. (Japan) 0.16%, 1/3/2022 | 12,000 | 12,001 | ||||||
Sumitomo Mitsui Trust Bank Ltd. (Japan) 0.21%, 9/16/2021 | 40,000 | 40,002 | ||||||
Svenska Handelsbanken AB (Sweden) 0.20%, 6/21/2022 | 100,000 | 100,011 | ||||||
Woori Bank (South Korea) | ||||||||
0.12%, 10/1/2021 (e) | 20,000 | 19,999 | ||||||
0.19%, 11/15/2021 (e) | 14,000 | 14,002 | ||||||
0.16%, 1/4/2022 (e) | 20,000 | 20,000 | ||||||
|
| |||||||
Total Certificates of Deposit |
| 612,774 | ||||||
|
| |||||||
Total Short-Term Investments |
| 2,879,628 | ||||||
|
| |||||||
Total Investments — 100.0% |
| 3,068,081 | ||||||
Liabilities in Excess of |
| (53 | ) | |||||
|
| |||||||
NET ASSETS — 100.0% |
| 3,068,028 | ||||||
|
|
Percentages indicated are based on net assets.
Abbreviations
AMT | Alternative Minimum Tax | |
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 | |
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. |
SEE NOTES TO FINANCIAL STATEMENTS.
38 | J.P. MORGAN MONEY MARKET FUNDS | AUGUST 31, 2021 |
Table of Contents
(b) | Agency Joint Trading Account II — At August 31, 2021, certain Funds had undivided interests in the Agency Joint Trading Account II with a maturity date of September 1, 2021, as follows (amounts in thousands): |
Fund | Principal Amount | Repurchase Price | Collateral Value Allocation | |||||||
JPMorgan Securities Lending Money Market Fund | $128,163 | $ | 128,163 | $ | 130,730 |
Repurchase Agreements — At August 31, 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. | 0.05% | $ | 94,342 | |||
Citibank NA | 0.06% | 16,020 | ||||
Citigroup Global Markets Holdings, Inc. | 0.06% | 17,801 | ||||
|
| |||||
Total | $ | 128,163 | ||||
|
|
At August 31, 2021, the Agency Joint Trading Account II was fully collateralized by:
Issuer | Interest Rates | Maturity Dates | ||||||
FHLMC | 2.50% - 5.50% | 2/1/2026 - 1/1/2050 | ||||||
FNMA | 2.00% - 6.10% | 11/1/2022 - 9/1/2051 | ||||||
GNMA | 2.35% - 3.00% | 11/15/2042 - 3/15/2048 | ||||||
U.S. Treasury Securities | 0.00% - 3.13% | 2/15/2027 - 5/15/2051 |
(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 August 31, 2021. | |
(d) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of August 31, 2021. | |
(e) | Securities exempt from registration under Rule 144A or section 4 (a)(2), of the Securities Act of 1933, as amended. | |
(f) | The rate shown is the effective yield as of August 31, 2021. | |
(g) | Amount rounds to less than 0.1% of net assets. |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 39 |
Table of Contents
JPMorgan Liquid Assets Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited)
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Repurchase Agreements — 11.8% |
| |||||||
Barclays Capital, Inc., 0.24%, dated 8/31/2021, due 10/5/2021, repurchase price $30,007, collateralized by Collateralized Mortgage Obligations, 1.70% -3.58%, due 6/15/2038 - 1/25/2060, with a value of $32,400. | 30,000 | 30,000 | ||||||
Barclays Capital, Inc., 0.25%, dated 8/31/2021, due 10/5/2021, repurchase price $25,006, collateralized by Collateralized Mortgage Obligations, 2.49% -3.15%, due 5/15/2048 - 7/17/2054, with a value of $27,000. | 25,000 | 25,000 | ||||||
BMO Capital Markets Corp., 0.17%, dated 8/31/2021, due 9/1/2021, repurchase price $30,000, collateralized by Corporate Notes and Bonds, 0.55% - 9.50%, due 9/19/2022 - 2/15/2041, with a value of $32,274. | 30,000 | 30,000 | ||||||
BMO Capital Markets Corp., 0.19%, dated 8/31/2021, due 9/7/2021, repurchase price $50,002, collateralized by Corporate Notes and Bonds, 3.63% - 11.13%, due 4/1/2023 - 1/1/2999, with a value of $53,817. | 50,000 | 50,000 | ||||||
BMO Capital Markets Corp., 0.22%, dated 8/31/2021, due 9/7/2021, repurchase price $25,001, collateralized by Corporate Notes and Bonds, 0.75% - 15.50%, due 6/29/2022 - 1/1/2999 and FHLMC, 2.54%, due 7/25/2026, with a value of $27,023. | 25,000 | 25,000 | ||||||
BNP Paribas SA, 0.24%, dated 8/31/2021, due 9/7/2021, repurchase price $65,003, collateralized by Asset-Backed Securities, 0.83% - 7.04%, due 10/1/2023 -2/25/2034, with a value of $71,508. | 65,000 | 65,000 | ||||||
Bofa Securities, Inc., 0.33%, dated 8/31/2021, due 10/5/2021, repurchase price $35,011, collateralized by Asset-Backed Securities, 0.51% - 1.42%, due 12/22/2036 -7/1/2047, with a value of $37,100. | 35,000 | 35,000 | ||||||
Bofa Securities, Inc., 0.48%, dated 8/31/2021, due 10/5/2021, repurchase price $100,047, collateralized by Sovereign Government Securities, 4.50% - 6.85%, due 1/18/2024 - 2/21/2047, with a value of $108,000. | 100,000 | 100,000 | ||||||
Credit Suisse Securities USA LLC, 0.44%, dated 8/31/2021, due 10/5/2021, repurchase price $50,021, collateralized by Asset-Backed Securities, 3.67% - 20.01%, due 8/15/2027 - 8/22/2039, with a value of $55,061. | 50,000 | 50,000 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
ING Financial Markets LLC, 0.25%, dated 8/31/2021, due 10/8/2021, repurchase price $5,001, collateralized by Corporate Notes and Bonds, 0.88% - 7.00%, due 7/30/2023 - 9/1/2041, with a value of $5,297. | 5,000 | 5,000 | ||||||
Societe Generale SA, 0.14%, dated 8/31/2021, due 9/1/2021, repurchase price $33,000, collateralized by Asset-Backed Securities, 3.45% - 5.88%, due 10/11/2027 - 5/15/2034, Collateralized Mortgage Obligations, 3.00%, due 1/18/2052, Corporate Notes and Bonds, 0.20% - 7.63%, due 12/1/2021 -8/16/2077, FNMA Connecticut Avenue Securities, 2.03%, due 10/25/2049, Sovereign Government Securities, 1.40% -6.75%, due 2/7/2022 - 2/9/2026 and U.S. Treasury Securities, 2.63% - 2.88%, due 9/30/2023 - 12/31/2023, with a value of $34,681. | 33,000 | 33,000 | ||||||
Societe Generale SA, 0.21%, dated 8/31/2021, due 9/1/2021, repurchase price $95,001, collateralized by Asset-Backed Securities, 0.30% - 6.64%, due 1/2/2024 - 11/25/2046, Collateralized Mortgage Obligations, 0.54% - 5.40%, due 5/25/2035 - 5/25/2060, Corporate Notes and Bonds, 3.25% - 9.75%, due 11/10/2021 - 6/4/2081, FNMA Connecticut Avenue Securities, 0.73% - 2.93%, due 11/26/2029 - 9/26/2039 and Sovereign Government Securities, 2.63% - 11.88%, due 7/26/2022 - 1/1/2999, with a value of $102,568. | 95,000 | 95,000 | ||||||
Societe Generale SA, 0.23%, dated 8/31/2021, due 9/1/2021, repurchase price $70,000, collateralized by Asset-Backed Securities, 0.48% - 1.73%, due 9/25/2035 - 11/25/2046, Collateralized Mortgage Obligations, 0.68% - 4.52%, due 7/25/2036 - 4/15/2050, Corporate Notes and Bonds, 0.25% - 9.75%, due 2/22/2022 - 3/1/2031, FNMA Connecticut Avenue Securities, 2.03% - 2.43%, due 1/27/2031 -10/25/2049 and Sovereign Government Securities, 4.00% - 11.88%, due 7/26/2022 - 1/1/2999, with a value of $75,596. | 70,000 | 70,000 |
SEE NOTES TO FINANCIAL STATEMENTS.
40 | J.P. MORGAN MONEY MARKET FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Repurchase Agreements — continued |
| |||||||
Societe Generale SA, 0.26%, dated 8/31/2021, due 12/1/2021, repurchase price $75,050, collateralized by Asset-Backed Securities, 0.43% - 1.73%, due 9/25/2035 - 11/25/2046, Collateralized Mortgage Obligations, 0.68% - 6.32%, due 7/25/2036 - 5/25/2060, Corporate Notes and Bonds, 1.57% - 9.00%, due 8/15/2022 - 1/1/2999, FNMA Connecticut Avenue Securities, 2.13% - 2.88%, due 2/25/2030 - 11/25/2048 and Sovereign Government Securities, 2.63% - 10.13%, due 1/5/2023 - 1/1/2999, with a value of $81,030. | 75,000 | 75,000 | ||||||
TD Securities (USA) LLC, 0.14%, dated 8/31/2021, due 9/7/2021, repurchase price $100,003, collateralized by Asset-Backed Securities, 2.04% - 2.44%, due 9/15/2026 - 8/15/2031 and Municipal Debt Securities, 2.97% - 7.62%, due 12/1/2034 - 6/15/2043, with a value of $105,780. | 100,000 | 100,000 | ||||||
Wells Fargo Securities LLC, 0.22%, dated 8/31/2021, due 9/2/2021, repurchase price $46,001, collateralized by Sovereign Government Securities, 0.25% - 9.50%, due 10/19/2023 - 5/21/2048, with a value of $48,318. | 46,000 | 46,000 | ||||||
Wells Fargo Securities LLC, 0.32%, dated 8/31/2021, due 9/14/2021, repurchase price $50,006, collateralized by Sovereign Government Securities, 2.50% - 6.15%, due 1/15/2030 - 10/6/2070, with a value of $52,545. | 50,000 | 50,000 | ||||||
|
| |||||||
Total Repurchase Agreements | 884,000 | |||||||
|
| |||||||
Corporate Notes — 1.1% |
| |||||||
Banks — 1.1% |
| |||||||
Barclays Bank plc (United Kingdom) (OBFR + 0.10%), 0.17%, 9/1/2021 (b) (c) | 85,000 | 85,000 | ||||||
|
| |||||||
Short-Term Investments — 86.9% |
| |||||||
Certificates of Deposit — 33.2% |
| |||||||
Bank of Montreal (Canada) | 10,000 | 10,000 | ||||||
(ICE LIBOR USD 3 Month + 0.05%), 0.17%, 9/16/2021 (b) | 10,000 | 10,000 | ||||||
(ICE LIBOR USD 3 Month + 0.05%), 0.19%, 10/7/2021 (b) | 30,000 | 30,000 | ||||||
(ICE LIBOR USD 3 Month + 0.01%), 0.14%, 11/4/2021 (b) | 20,000 | 20,000 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Certificates of Deposit — continued |
| |||||||
(ICE LIBOR USD 3 Month + 0.02%), 0.15%, 11/11/2021 (b) | 125,000 | 125,000 | ||||||
0.23%, 5/11/2022 | 50,000 | 50,000 | ||||||
0.21%, 6/22/2022 | 21,000 | 21,000 | ||||||
BNP Paribas SA (France) (ICE LIBOR USD 3 Month + 0.03%), 0.17%, 10/7/2021 (b) | 18,000 | 18,000 | ||||||
0.24%, 2/1/2022 | 50,000 | 50,000 | ||||||
Canadian Imperial Bank of Commerce (Canada) | ||||||||
(SOFR + 0.15%), 0.20%, 9/1/2021 (b) | 25,000 | 25,000 | ||||||
(SOFR + 0.15%), 0.20%, 9/1/2021 (b) | 80,000 | 80,000 | ||||||
(ICE LIBOR USD 3 Month + 0.05%), 0.20%, 9/30/2021 (b) | 64,000 | 64,000 | ||||||
(ICE LIBOR USD 3 Month + 0.01%), 0.14%, 11/10/2021 (b) | 100,000 | 100,000 | ||||||
Cooperatieve Rabobank UA (Netherlands) (ICE LIBOR USD 3 Month + 0.04%), 0.19%, 9/30/2021 (b) | 50,000 | 50,000 | ||||||
0.22%, 7/5/2022 (d) | 50,000 | 49,906 | ||||||
Credit Industriel et Commercial (France) | ||||||||
(ICE LIBOR USD 3 Month + 0.04%), 0.16%, 9/17/2021 (b) | 10,000 | 10,000 | ||||||
(ICE LIBOR USD 3 Month + 0.05%), 0.19%, 10/5/2021 (b) | 25,000 | 25,000 | ||||||
0.24%, 10/12/2021 (d) | 70,000 | 69,981 | ||||||
(ICE LIBOR USD 3 Month + 0.01%), 0.14%, 10/25/2021 (b) | 26,000 | 26,000 | ||||||
(ICE LIBOR USD 3 Month + 0.00%), 0.13%, 10/28/2021 (b) | 23,000 | 23,000 | ||||||
0.22%, 3/7/2022 (d) | 50,000 | 49,943 | ||||||
Credit Suisse AG (Switzerland) 0.35%, 12/2/2021 | 30,000 | 30,000 | ||||||
Erste Group Bank AG (Austria) 0.10%, 9/20/2021 | 100,000 | 100,000 | ||||||
ING Bank NV | ||||||||
0.20%, 9/24/2021 | 15,000 | 15,000 | ||||||
0.25%, 10/8/2021 | 30,000 | 30,000 | ||||||
Korea Development Bank (South Korea) 0.26%, 4/20/2022 | 10,000 | 10,000 | ||||||
Landesbank Baden-Wurttemberg (Germany) 0.09%, 9/7/2021 | 250,000 | 250,000 | ||||||
Landesbank Hessen-Thueringen Girozentrale (Germany) 0.09%, 9/8/2021 | 100,000 | 100,000 | ||||||
Mizuho Bank Ltd. (Japan) 0.16%, 1/7/2022 | 15,000 | 15,000 | ||||||
MUFG Bank Ltd. (Japan) 0.15%, 1/14/2022 | 20,000 | 20,000 | ||||||
National Australia Bank Ltd. (Australia) | ||||||||
0.23%, 1/24/2022 (d) | 25,000 | 24,977 | ||||||
0.23%, 1/26/2022 (d) | 50,000 | 49,953 | ||||||
0.23%, 1/27/2022 (d) | 50,000 | 49,953 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 41 |
Table of Contents
JPMorgan Liquid Assets Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Short-Term Investments — continued |
| |||||||
Certificates of Deposit — continued |
| |||||||
Natixis SA (France) | 50,000 | 50,000 | ||||||
(SOFR + 0.13%), 0.18%, 9/1/2021 (b) | 25,000 | 25,000 | ||||||
(ICE LIBOR USD 3 Month + 0.03%), 0.16%, 9/1/2021 (b) | 25,000 | 25,000 | ||||||
0.30%, 9/2/2021 | 50,000 | 50,000 | ||||||
(ICE LIBOR USD 3 Month + 0.05%), 0.18%, 9/10/2021 (b) | 25,000 | 25,000 | ||||||
0.23%, 10/7/2021 | 30,000 | 30,000 | ||||||
(ICE LIBOR USD 3 Month + 0.03%), 0.15%, 11/12/2021 (b) | 25,000 | 25,000 | ||||||
0.21%, 2/11/2022 | 25,000 | 25,000 | ||||||
Nordea Bank Abp (Finland) (ICE LIBOR USD 3 Month + 0.00%), 0.13%, 11/1/2021 (b) | 29,000 | 29,000 | ||||||
0.20%, 6/29/2022 | 25,000 | 25,000 | ||||||
Skandinaviska Enskilda Banken AB (Sweden) 0.18%, 9/9/2021 | 25,000 | 25,000 | ||||||
Standard Chartered Bank (United Kingdom) 0.20%, 10/26/2021 | 50,000 | 50,000 | ||||||
Sumitomo Mitsui Banking Corp. (Japan) | ||||||||
(ICE LIBOR USD 3 Month + 0.02%), 0.17%, 9/29/2021 (b) | 50,000 | 50,000 | ||||||
0.12%, 11/4/2021 | 50,000 | 50,000 | ||||||
0.11%, 11/16/2021 | 25,000 | 25,000 | ||||||
Sumitomo Mitsui Trust Bank Ltd. (Japan) 0.18%, 1/13/2022 (d) | 100,000 | 99,933 | ||||||
Svenska Handelsbanken AB (Sweden) | ||||||||
(ICE LIBOR USD 3 Month + 0.01%), 0.14%, 10/26/2021 (b) | 17,000 | 17,000 | ||||||
(ICE LIBOR USD 3 Month + 0.02%), 0.15%, 11/11/2021 (b) | 50,000 | 50,000 | ||||||
0.20%, 6/28/2022 | 25,000 | 25,000 | ||||||
Toronto-Dominion Bank (The) (Canada) | ||||||||
(US Federal Funds Effective Rate (continuous series) + 0.11%), 0.19%, 9/1/2021 (b) | 25,000 | 25,000 | ||||||
Series 01, (BSBY3M + 0.05%), 0.14%, 9/9/2021 (b) | 15,000 | 15,000 | ||||||
0.26%, 4/21/2022 (d) | 25,000 | 24,958 | ||||||
0.27%, 4/27/2022 (d) | 25,000 | 24,956 | ||||||
Westpac Banking Corp. (Australia) (ICE LIBOR USD 3 Month + 0.01%), 0.14%, 11/10/2021 (b) | 100,000 | 100,000 | ||||||
|
| |||||||
Total Certificates of Deposit | 2,492,560 | |||||||
|
|
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Commercial Paper — 29.5% |
| |||||||
Albion Capital Corp. SA (Luxembourg) 0.13%, 10/27/2021 (d) | 10,000 | 9,998 | ||||||
Antalis SA (France) | ||||||||
0.23%, 9/3/2021 (c) (d) | 31,300 | 31,300 | ||||||
0.16%, 12/1/2021 (c) (d) | 15,000 | 14,994 | ||||||
Bank of Nova Scotia (The) (Canada) | ||||||||
(SOFR + 0.15%), 0.20%, 9/1/2021 (b) (c) | 25,000 | 25,000 | ||||||
(ICE LIBOR USD 3 Month + 0.00%), 0.13%, 10/28/2021 (b) (c) | 50,000 | 50,000 | ||||||
0.21%, 6/22/2022 (c) (d) | 20,000 | 19,966 | ||||||
Bedford Row Funding Corp. | ||||||||
(US Federal Funds Effective Rate (continuous series) + 0.12%), 0.20%, 9/1/2021 (b) (c) | 25,000 | 25,000 | ||||||
(ICE LIBOR USD 3 Month + 0.02%), 0.15%, 10/27/2021 (b) (c) | 20,000 | 20,000 | ||||||
(ICE LIBOR USD 3 Month + 0.05%), 0.18%, 11/22/2021 (b) (c) | 25,000 | 25,000 | ||||||
BNG Bank NV (Netherlands) 0.08%, 9/1/2021 (c) (d) | 50,000 | 50,000 | ||||||
BNP Paribas SA (France) | ||||||||
0.18%, 3/22/2022 (d) | 16,000 | 15,984 | ||||||
0.18%, 4/7/2022 (d) | 50,000 | 49,945 | ||||||
BNZ International Funding Ltd. (New Zealand) 0.19%, 10/15/2021 (d) | 50,000 | 49,988 | ||||||
BPCE SA (France) 0.23%, 12/13/2021 (c) (d) | 25,000 | 24,984 | ||||||
Caisse d’Amortissement de la Dette Sociale (France) 0.16%, 1/27/2022 (c) (d) | 35,200 | 35,178 | ||||||
Cooperatieve Rabobank UA (Netherlands) 0.12%, 10/1/2021 (d) | 100,000 | 99,990 | ||||||
DBS Group Holdings Ltd. (Singapore) | ||||||||
0.19%, 9/20/2021 (c) (d) | 31,000 | 30,997 | ||||||
0.20%, 10/18/2021 (c) (d) | 50,000 | 49,987 | ||||||
Dexia Credit Local SA (France) 0.12%, 10/14/2021 (c) (d) | 50,000 | 49,993 | ||||||
DNB Bank ASA (Norway) 0.09%, 9/2/2021 (c) (d) | 100,000 | 100,000 | ||||||
(ICE LIBOR USD 3 Month + 0.03%), 0.17%, 10/14/2021 (b) (c) | 50,000 | 50,000 | ||||||
(ICE LIBOR USD 3 Month + 0.01%), 0.14%, 10/26/2021 (b) (c) | 17,000 | 17,000 | ||||||
(ICE LIBOR USD 3 Month + 0.01%), 0.14%, 10/28/2021 (b) (c) | 71,000 | 71,000 | ||||||
Federation des caisses Desjardins du Quebec (The) (Canada) 0.08%, 9/13/2021 (c) (d) | 25,000 | 24,999 | ||||||
First Abu Dhabi Bank PJSC (United Arab Emirates) 0.18%, 12/2/2021 (c) (d) | 68,000 | 67,969 |
SEE NOTES TO FINANCIAL STATEMENTS.
42 | J.P. MORGAN MONEY MARKET FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Short-Term Investments — continued |
| |||||||
Commercial Paper — continued |
| |||||||
FMS Wertmanagement (Germany) 0.11%, 10/28/2021 (c) (d) | 50,000 | 49,991 | ||||||
ING US Funding LLC (Netherlands) | ||||||||
0.17%, 9/29/2021 (c) (d) | 25,000 | 24,997 | ||||||
0.22%, 10/12/2021 (c) (d) | 30,000 | 29,992 | ||||||
Macquarie Bank Ltd. (Australia) | ||||||||
0.12%, 10/7/2021 (c) (d) | 29,200 | 29,196 | ||||||
0.12%, 10/27/2021 (c) (d) | 30,000 | 29,994 | ||||||
0.12%, 11/15/2021 (c) (d) | 50,000 | 49,988 | ||||||
Mizuho Bank Ltd. (Japan) 0.19%, 11/15/2021 (c) (d) | 15,000 | 14,994 | ||||||
National Australia Bank Ltd. (Australia) | ||||||||
(US Federal Funds Effective Rate (continuous series) + 0.07%), 0.15%, 9/1/2021 (b) (c) | 25,000 | 25,000 | ||||||
(US Federal Funds Effective Rate (continuous series) + 0.14%), 0.22%, 9/1/2021 (b) (c) | 25,000 | 25,000 | ||||||
(ICE LIBOR USD 1 Month + 0.09%), 0.19%, 9/8/2021 (b) (c) | 25,000 | 25,000 | ||||||
(ICE LIBOR USD 3 Month + 0.00%), 0.12%, 11/3/2021 (b) (c) | 14,000 | 14,000 | ||||||
0.23%, 3/31/2022 (c) (d) | 30,000 | 29,960 | ||||||
Nationwide Building Society (United Kingdom) 0.08%, 9/16/2021 (c) (d) | 50,000 | 49,998 | ||||||
Nieuw Amsterdam Receivables Corp. 0.11%, 11/8/2021 (c) (d) | 100,000 | 99,979 | ||||||
NRW Bank (Germany) 0.08%, 11/2/2021 (c) (d) | 75,000 | 74,990 | ||||||
Royal Bank of Canada (Canada) | ||||||||
(ICE LIBOR USD 3 Month + 0.04%), 0.17%, 9/2/2021 (b) | 25,000 | 25,000 | ||||||
0.23%, 5/5/2022 (d) | 50,000 | 49,921 | ||||||
0.21%, 6/22/2022 (d) | 20,000 | 19,966 | ||||||
Skandinaviska Enskilda Banken AB (Sweden) 0.20%, 6/27/2022 (c) (d) | 100,000 | 99,834 | ||||||
Societe Generale SA (France) 0.19%, 10/13/2021 (c) (d) | 25,000 | 24,995 | ||||||
Svenska Handelsbanken AB (Sweden) (ICE LIBOR USD 3 Month + 0.00%), 0.13%, 11/1/2021 (b) (c) | 11,000 | 11,000 | ||||||
Toronto-Dominion Bank (The) (Canada) | ||||||||
(ICE LIBOR USD 3 Month + 0.01%), 0.14%, 11/10/2021 (b) (c) | 100,000 | 100,000 | ||||||
(ICE LIBOR USD 3 Month + 0.02%), 0.15%, 11/10/2021 (b) (c) | 50,000 | 50,000 | ||||||
0.20%, 7/8/2022 (c) (d) | 25,000 | 24,957 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Commercial Paper — continued |
| |||||||
TotalEnergies Capital Canada Ltd. (France) 0.14%, 2/3/2022 (c) (d) | 25,000 | 24,985 | ||||||
Toyota Motor Finance Netherlands BV (Japan) 0.15%, 11/29/2021 (d) | 19,000 | 18,993 | ||||||
UBS AG (Switzerland) | 25,000 | 25,000 | ||||||
0.24%, 3/29/2022 (c) (d) | 50,000 | 49,930 | ||||||
0.24%, 3/30/2022 (c) (d) | 50,000 | 49,930 | ||||||
United Overseas Bank Ltd. (Singapore) 0.23%, 5/10/2022 (c) (d) | 25,000 | 24,960 | ||||||
Westpac Banking Corp. (Australia) | ||||||||
(ICE LIBOR USD 3 Month + 0.00%), 0.13%, 10/28/2021 (b) (c) | 14,000 | 14,000 | ||||||
0.20%, 7/1/2022 (c) (d) | 20,000 | 19,966 | ||||||
|
| |||||||
Total Commercial Paper | 2,215,788 | |||||||
|
| |||||||
Time Deposits — 24.2% |
| |||||||
Agricultural Bank of China Ltd. 0.10%, 9/7/2021 | 370,000 | 370,000 | ||||||
Australia & New Zealand Banking Group Ltd. 0.08%, 9/1/2021 | 205,000 | 205,000 | ||||||
Credit Agricole Corporate and Investment Bank | ||||||||
0.05%, 9/1/2021 | 90,956 | 90,956 | ||||||
0.10%, 9/1/2021 | 150,000 | 150,000 | ||||||
0.10%, 9/3/2021 | 75,000 | 75,000 | ||||||
Erste Group Bank AG 0.07%, 9/1/2021 | 100,000 | 100,000 | ||||||
First Abu Dhabi Bank PJSC 0.06%, 9/1/2021 | 215,000 | 215,000 | ||||||
Mizuho Bank, Ltd. 0.08%, 9/1/2021 | 342,000 | 342,000 | ||||||
Royal Bank of Canada 0.05%, 9/1/2021 | 150,000 | 150,000 | ||||||
Skandinaviska Enskilda Banken AB 0.05%, 9/1/2021 | 125,000 | 125,000 | ||||||
|
| |||||||
Total Time Deposits |
| 1,822,956 | ||||||
|
| |||||||
Total Short-Term Investments |
| 6,531,304 | ||||||
|
| |||||||
Total Investments — 99.8% |
| 7,500,304 | ||||||
Other Assets Less Liabilities — 0.2% |
| 14,796 | ||||||
|
| |||||||
NET ASSETS — 100.0% |
| 7,515,100 | ||||||
|
|
Percentages indicated are based on net assets.
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 43 |
Table of Contents
JPMorgan Liquid Assets Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
Abbreviations
BSBY | Bloomberg Short Term Bank Yield Index | |
FHLMC | Federal Home Loan Mortgage Corp. | |
FNMA | Federal National Mortgage Association | |
ICE | Intercontinental Exchange | |
LIBOR | London Interbank Offered Rate | |
OBFR | Overnight Bank Funding Rate | |
PJSC | Public Joint Stock Company | |
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 August 31, 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 August 31, 2021. | |
* | The cost of securities is substantially the same for federal income tax purposes. |
SEE NOTES TO FINANCIAL STATEMENTS.
44 | J.P. MORGAN MONEY MARKET FUNDS | AUGUST 31, 2021 |
Table of Contents
JPMorgan U.S. Government Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited)
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Repurchase Agreements — 50.2% |
| |||||||
Agency Joint Trading Account I, J.P. Morgan Investment Management Inc., as agent, 0.05%, dated 8/31/2021, due 9/1/2021, repurchase price $2,650,004 (b) | 2,650,000 | 2,650,000 | ||||||
Agency Joint Trading Account II, J.P. Morgan Investment Management Inc., as agent, 0.05%, dated 8/31/2021, due 9/1/2021, repurchase price $652,332 (c) | 652,331 | 652,331 | ||||||
Agency Joint Trading Account III, J.P. Morgan Investment Management Inc., as agent, 0.05%, dated 8/31/2021, due 9/1/2021, repurchase price $86,009 (d) | 86,009 | 86,009 | ||||||
Bank of America NA, 0.05%, dated 8/31/2021, due 9/1/2021, repurchase price $750,001, collateralized by GNMA, 2.50%, due 7/20/2050, with a value of $765,000. | 750,000 | 750,000 | ||||||
Bank of Montreal, 0.05%, dated 8/31/2021, due 9/1/2021, repurchase price $515,001, collateralized by FFCB, 3.62%, due 10/24/2030, FHLMC, 1.50% - 4.50%, due 12/1/2021 - 9/1/2051, FNMA, 2.00% - 3.50%, due 8/1/2036 - 11/1/2049 and GNMA, 0.30% - 3.50%, due 2/20/2051 - 3/15/2057, with a value of $525,696. | 515,000 | 515,000 | ||||||
Bank of Montreal, 0.06%, dated 8/31/2021, due 9/7/2021, repurchase price $400,005, collateralized by FHLMC, 1.50% - 6.50%, due 9/15/2031 - 8/1/2051, FNMA, 1.79% - 4.50%, due 10/1/2027 - 9/1/2051 and GNMA, 0.30% - 5.00%, due 4/20/2036 - 7/20/2051, with a value of $408,686. | 400,000 | 400,000 | ||||||
Bank of Montreal, 0.07%, dated 8/31/2021, due 9/7/2021, repurchase price $300,004, collateralized by FHLMC, 2.00%, due 4/1/2051 - 8/1/2051 and GNMA, 0.30%, due 4/20/2051, with a value of $306,446. | 300,000 | 300,000 | ||||||
Bank of Montreal, 0.07%, dated 8/31/2021, due 9/7/2021, repurchase price $600,008, collateralized by FHLMC, 0.40% - 6.50%, due 5/15/2025 - 5/15/2049, FNMA, 1.25% - 6.00%, due 8/25/2024 - 9/1/2051, GNMA, 0.30% - 5.50%, due 5/20/2029 - 1/20/2067 and U.S. Treasury Securities, 0.00%, due 11/23/2021 - 2/15/2046, with a value of $613,447. | 600,000 | 600,000 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Bank of Nova Scotia (The), 0.06%, dated 8/31/2021, due 9/1/2021, repurchase price $500,001, collateralized by FHLMC, 2.00% - 6.00%, due 4/1/2029 - 10/1/2050, FNMA, 3.00% - 6.50%, due 6/1/2025 - 12/1/2050 and U.S. Treasury Securities, 1.00% - 1.25%, due 5/31/2028 - 7/31/2028, with a value of $510,000. | 500,000 | 500,000 | ||||||
BMO Capital Markets Corp., 0.07%, dated 8/31/2021, due 9/7/2021, repurchase price $500,007, collateralized by FFCB, 0.13% - 3.07%, due 7/13/2022 - 11/28/2033, FHLMC, 0.00% - 7.25%, due 5/15/2024 - 7/25/2051, FNMA, 0.50% - 6.50%, due 6/17/2025 - 6/25/2051, GNMA, 0.40% - 6.10%, due 7/15/2035 - 7/20/2071 and U.S. Treasury Securities, 0.00% - 7.13%, due 9/9/2021 - 8/15/2051, with a value of $512,559. | 500,000 | 500,000 | ||||||
BNP Paribas SA, 0.04%, dated 8/31/2021, due 9/1/2021, repurchase price $1,500,002, collateralized by FFCB, 1.95% - 3.65%, due 4/22/2039 - 8/13/2040, FHLMC, 0.00% - 6.50%, due 12/11/2025 - 7/1/2051, FNMA, 0.00% - 6.50%, due 10/5/2022 - 2/1/2057, GNMA, 0.72% - 6.50%, due 3/15/2026 - 5/20/2051 and U.S. Treasury Securities, 0.00% - 6.25%, due 9/15/2021 - 5/15/2049, with a value of $1,530,513. | 1,500,000 | 1,500,000 | ||||||
BNP Paribas SA, 0.06%, dated 8/31/2021, due 9/1/2021, repurchase price $1,000,002, collateralized by FHLMC, 3.00%, due 5/15/2045, FNMA, 2.00% - 6.00%, due 8/1/2033 - 11/1/2050, GNMA, 1.63% - 5.00%, due 5/20/2026 - 6/20/2050 and U.S. Treasury Securities, 0.00% - 3.00%, due 10/21/2021 - 5/15/2049, with a value of $1,020,335. | 1,000,000 | 1,000,000 | ||||||
BNP Paribas SA, 0.05%, dated 8/31/2021, due 9/3/2021, repurchase price $1,750,007, collateralized by FHLMC, 1.89% - 4.50%, due 3/1/2049 - 7/1/2051, FNMA, 2.00% - 5.50%, due 8/1/2032 - 8/1/2051, GNMA, 0.39% - 4.00%, due 11/20/2034 - 8/20/2051 and U.S. Treasury Securities, 0.00% - 6.25%, due 10/15/2021 - 11/15/2049, with a value of $1,785,200. | 1,750,000 | 1,750,000 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 45 |
Table of Contents
JPMorgan U.S. Government Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Repurchase Agreements — continued |
| |||||||
BNP Paribas SA, 0.05%, dated 8/31/2021, due 9/7/2021, repurchase price $1,500,015, collateralized by FHLMC, 2.50% - 4.50%, due 3/1/2041 - 8/1/2051, FNMA, 1.61% - 5.50%, due 1/1/2027 - 4/1/2051, GNMA, 2.00% - 4.00%, due 10/20/2035 - 6/20/2050 and U.S. Treasury Securities, 0.00% - 3.88%, due 11/30/2021 - 2/15/2051, with a value of $1,530,474. | 1,500,000 | 1,500,000 | ||||||
BNP Paribas SA, 0.06%, dated 8/31/2021, due 9/7/2021, repurchase price $1,000,012, collateralized by FFCB, 2.99% - 3.46%, due 7/18/2034 - 3/9/2038, FHLB, 3.75% - 5.37%, due 9/9/2024 - 2/14/2034, FHLMC, 0.00% - 5.50%, due 11/15/2025 - 3/1/2051, FNMA, 0.00% - 8.00%, due 2/1/2023 - 5/1/2051, GNMA, 0.72% - 7.00%, due 7/15/2024 - 8/20/2051 and U.S. Treasury Securities, 0.00% - 3.00%, due 9/23/2021 - 5/15/2049, with a value of $1,021,172. | 1,000,000 | 1,000,000 | ||||||
BNP Paribas SA, 0.06%, dated 8/31/2021, due 9/7/2021, repurchase price $1,000,012, collateralized by FFCB, 1.95% - 4.16%, due 10/25/2033 - 8/13/2040, FHLMC, 0.00% - 8.00%, due 3/1/2027 - 8/1/2051, FNMA, 0.00% - 8.00%, due 5/15/2022 - 7/25/2051, GNMA, 1.50% - 5.00%, due 7/20/2024 - 11/20/2067 and U.S. Treasury Securities, 0.00% - 6.25%, due 9/28/2021 - 5/15/2049, with a value of $1,020,605. | 1,000,000 | 1,000,000 | ||||||
BNP Paribas SA, 0.06%, dated 8/31/2021, due 9/7/2021, repurchase price $1,500,018, collateralized by FHLMC, 1.84% - 3.50%, due 9/1/2041 - 8/1/2051, FNMA, 1.50% - 6.00%, due 4/1/2035 - 7/1/2051, GNMA, 1.63% - 4.00%, due 8/20/2041 - 6/20/2049 and U.S. Treasury Securities, 0.00% - 6.25%, due 1/31/2022 - 2/15/2051, with a value of $1,530,469. | 1,500,000 | 1,500,000 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
BNP Paribas SA, 0.06%, dated 8/31/2021, due 9/7/2021, repurchase price $3,000,035, collateralized by FFCB, 1.95% - 3.46%, due 7/18/2034 - 8/13/2040, FHLB, 3.75% - 4.20%, due 12/24/2030 - 1/24/2039, FHLMC, 0.00% - 5.50%, due 11/15/2025 - 8/1/2051, FNMA, 0.00% - 6.50%, due 9/1/2022 - 3/1/2052, GNMA, 0.54% - 5.00%, due 10/15/2026 - 8/20/2051 and U.S. Treasury Securities, 0.00% - 6.25%, due 9/15/2021 - 8/15/2051, with a value of $3,060,675. | 3,000,000 | 3,000,000 | ||||||
BNP Paribas SA, 0.07%, dated 8/31/2021, due 9/7/2021, repurchase price $2,000,027, collateralized by FHLMC, 0.00% - 5.50%, due 11/15/2025 - 6/1/2051, FNMA, 2.00% - 5.50%, due 3/1/2033 - 3/1/2052, GNMA, 0.39% - 5.00%, due 11/20/2034 - 5/20/2051 and U.S. Treasury Securities, 0.00% - 6.88%, due 10/7/2021 - 2/15/2050, with a value of $2,040,829. | 2,000,000 | 2,000,000 | ||||||
BNP Paribas SA, 0.07%, dated 8/31/2021, due 9/7/2021, repurchase price $2,750,037, collateralized by FFCB, 2.83% - 3.65%, due 12/19/2036 - 4/22/2039, FHLB, 3.38%, due 3/12/2038, FHLMC, 0.00% - 7.00%, due 11/15/2025 - 9/1/2050, FNMA, 0.00% - 6.50%, due 6/1/2023 - 8/1/2051, GNMA, 0.80% - 6.50%, due 5/20/2033 - 3/20/2051 and U.S. Treasury Securities, 0.00% - 7.50%, due 9/15/2021 - 11/15/2050, with a value of $2,806,148. | 2,750,000 | 2,750,000 | ||||||
BNP Paribas SA, 0.13%, dated 8/31/2021, due 11/18/2021, repurchase price $1,300,371, collateralized by FHLMC, 2.50%, due 12/1/2050, FNMA, 1.50% - 5.00%, due 12/1/2032 - 1/1/2051, GNMA, 1.63% - 4.50%, due 6/20/2041 - 9/20/2049 and U.S. Treasury Securities, 0.00% - 6.38%, due 9/16/2021 - 5/15/2048, with a value of $1,327,744. | 1,300,000 | 1,300,000 | ||||||
Canadian Imperial Bank of Commerce, 0.05%, dated 8/31/2021, due 9/1/2021, repurchase price $295,000, collateralized by U.S. Treasury Securities, 0.00% - 3.63%, due 10/31/2022 - 11/15/2049, with a value of $300,901. | 295,000 | 295,000 |
SEE NOTES TO FINANCIAL STATEMENTS.
46 | J.P. MORGAN MONEY MARKET FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Repurchase Agreements — continued |
| |||||||
Canadian Imperial Bank of Commerce, 0.05%, dated 8/31/2021, due 9/1/2021, repurchase price $400,001, collateralized by FHLMC, 2.07% - 4.50%, due 10/1/2038 - 1/1/2050, FNMA, 2.00% - 5.50%, due 10/1/2027 - 6/1/2051 and GNMA, 2.50% - 4.70%, due 12/20/2050 - 3/20/2065, with a value of $408,001. | 400,000 | 400,000 | ||||||
Canadian Imperial Bank of Commerce, 0.05%, dated 8/31/2021, due 9/7/2021, repurchase price $500,005, collateralized by U.S. Treasury Securities, 0.00% - 3.63%, due 10/31/2022 - 8/15/2050, with a value of $510,023. | 500,000 | 500,000 | ||||||
Citigroup Global Markets Holdings, Inc., 0.05%, dated 8/31/2021, due 9/1/2021, repurchase price $250,000, collateralized by U.S. Treasury Securities, 0.38% - 6.00%, due 11/15/2025 - 2/28/2026, with a value of $255,000. | 250,000 | 250,000 | ||||||
Daiwa Capital Markets America, Inc., 0.05%, dated 8/31/2021, due 9/1/2021, repurchase price $3,000,004, collateralized by FFCB, 0.10%, due 11/23/2022, FHLMC, 1.00% - 5.50%, due 7/1/2024 - 8/1/2051, FNMA, 1.74% - 6.50%, due 3/1/2022 - 8/1/2051, GNMA, 1.50% - 5.60%, due 10/15/2032 - 8/20/2051 and U.S. Treasury Securities, 0.00% - 7.63%, due 9/16/2021 - 8/15/2051, with a value of $3,060,004. | 3,000,000 | 3,000,000 | ||||||
Deutsche Bank Securities, Inc., 0.05%, dated 8/31/2021, due 9/1/2021, repurchase price $250,000, collateralized by U.S. Treasury Securities, 1.13%, due 8/31/2028, with a value of $255,000. | 250,000 | 250,000 | ||||||
Federal Reserve Bank of New York, 0.05%, dated 8/31/2021, due 9/1/2021, repurchase price $3,000,004, collateralized by U.S. Treasury Securities, 0.25% - 3.13%, due 5/15/2024 - 5/15/2046, with a value of $3,000,004. | 3,000,000 | 3,000,000 | ||||||
Federal Reserve Bank of New York, 0.05%, dated 8/31/2021, due 9/1/2021, repurchase price $9,500,013, collateralized by U.S. Treasury Securities, 2.25% - 2.50%, due 8/15/2027 - 5/15/2046, with a value of $9,500,013. | 9,500,000 | 9,500,000 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Federal Reserve Bank of New York, 0.05%, dated 8/31/2021, due 9/1/2021, repurchase price $9,500,013, collateralized by U.S. Treasury Securities, 2.25% - 2.50%, due 2/15/2027 - 5/15/2046, with a value of $9,500,013. | 9,500,000 | 9,500,000 | ||||||
Federal Reserve Bank of New York, 0.05%, dated 8/31/2021, due 9/1/2021, repurchase price $9,500,013, collateralized by U.S. Treasury Securities, 0.13% - 3.63%, due 12/31/2022 - 5/15/2046, with a value of $9,500,013. | 9,500,000 | 9,500,000 | ||||||
Federal Reserve Bank of New York, 0.05%, dated 8/31/2021, due 9/1/2021, repurchase price $9,500,013, collateralized by U.S. Treasury Securities, 0.25% - 2.75%, due 8/15/2022 - 5/15/2029, with a value of $9,500,013. | 9,500,000 | 9,500,000 | ||||||
Federal Reserve Bank of New York, 0.05%, dated 8/31/2021, due 9/1/2021, repurchase price $9,500,013, collateralized by U.S. Treasury Securities, 2.00% - 2.50%, due 11/15/2026 - 5/15/2046, with a value of $9,500,013. | 9,500,000 | 9,500,000 | ||||||
Federal Reserve Bank of New York, 0.05%, dated 8/31/2021, due 9/1/2021, repurchase price $9,500,013, collateralized by U.S. Treasury Securities, 2.00% - 2.50%, due 11/15/2026 - 5/15/2046, with a value of $9,500,013. | 9,500,000 | 9,500,000 | ||||||
Fixed Income Clearing Corp., 0.05%, dated 8/31/2021, due 9/1/2021, repurchase price $2,000,003, collateralized by U.S. Treasury Securities, 0.38% - 2.25%, due 4/15/2024 - 5/15/2041, with a value of $2,040,000. | 2,000,000 | 2,000,000 | ||||||
Fixed Income Clearing Corp., 0.05%, dated 8/31/2021, due 9/1/2021, repurchase price $5,000,007, collateralized by U.S. Treasury Securities, 0.13% - 0.38%, due 1/15/2023 - 1/15/2030, with a value of $5,100,000. | 5,000,000 | 5,000,000 | ||||||
Goldman Sachs & Co. LLC, 0.06%, dated 8/31/2021, due 9/2/2021, repurchase price $4,000,012, collateralized by FHLMC, 1.50% - 6.00%, due 11/15/2028 - 8/25/2051, FNMA, 0.48% - 6.50%, due 11/25/2028 - 8/25/2051 and GNMA, 1.55% - 8.50%, due 12/15/2021 - 6/15/2061, with a value of $4,080,000. | 4,000,000 | 4,000,000 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 47 |
Table of Contents
JPMorgan U.S. Government Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Repurchase Agreements — continued |
| |||||||
ING Financial Markets LLC, 0.07%, dated 8/31/2021, due 9/20/2021, repurchase price $600,023, collateralized by FHLMC, 1.50% - 7.00%, due 9/1/2029 - 5/1/2051 and FNMA, 1.50% - 5.00%, due 8/1/2028 - 1/1/2057, with a value of $612,113. | 600,000 | 600,000 | ||||||
ING Financial Markets LLC, 0.06%, dated 8/31/2021, due 9/27/2021, repurchase price $500,023, collateralized by FNMA, 1.50% - 4.50%, due 8/1/2034 - 1/1/2057, with a value of $510,027. | 500,000 | 500,000 | ||||||
ING Financial Markets LLC, 0.07%, dated 8/31/2021, due 10/19/2021, repurchase price $300,029, collateralized by FHLMC, 1.99% - 5.50%, due 11/1/2029 - 5/1/2051 and FNMA, 1.50% - 5.50%, due 8/1/2028 - 9/1/2057, with a value of $306,057. | 300,000 | 300,000 | ||||||
ING Financial Markets LLC, 0.07%, dated 8/31/2021, due 10/19/2021, repurchase price $350,033, collateralized by FHLMC, 1.50% - 7.50%, due 9/1/2029 - 5/1/2051 and FNMA, 1.50% - 4.50%, due 6/1/2042 - 5/1/2058, with a value of $357,066. | 350,000 | 350,000 | ||||||
Metropolitan Life Insurance Co., 0.06%, dated 8/31/2021, due 9/1/2021, 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., 0.06%, dated 8/31/2021, due 9/7/2021, repurchase price $1,400,016, collateralized by GNMA, 2.00% - 5.00%, due 8/15/2038 - 5/20/2051, with a value of $1,425,038. | 1,400,000 | 1,400,000 | ||||||
Natixis SA, 0.05%, dated 8/31/2021, due 9/1/2021, repurchase price $600,001, collateralized by FHLMC, 2.00% - 3.00%, due 10/1/2049 - 3/1/2051, FNMA, 0.00% - 5.50%, due 5/25/2041 - 9/25/2051, GNMA, 2.50% - 3.00%, due 6/20/2051 and U.S. Treasury Securities, 0.00% - 3.88%, due 10/7/2021 - 2/15/2051, with a value of $612,433. | 600,000 | 600,000 | ||||||
Natixis SA, 0.07%, dated 8/31/2021, due 9/7/2021, repurchase price $500,007, collateralized by U.S. Treasury Securities, 0.00% - 7.63%, due 9/9/2021 - 2/15/2051, with a value of $510,183. | 500,000 | 500,000 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Nomura Securities Co. Ltd., 0.05%, dated 8/31/2021, due 9/1/2021, repurchase price $1,300,002, collateralized by U.S. Treasury Securities, 0.00% - 3.63%, due 10/31/2021 - 8/15/2047, with a value of $1,326,002. | 1,300,000 | 1,300,000 | ||||||
Nomura Securities Co. Ltd., 0.05%, dated 8/31/2021, due 9/1/2021, repurchase price $4,500,006, collateralized by FFCB, 0.14% - 1.85%, due 4/8/2022 - 8/5/2022, FHLB, 0.13% - 5.50%, due 10/21/2022 - 11/2/2040, FHLMC, 0.00% - 6.75%, due 7/25/2022 - 4/1/2051, FNMA, 0.50% - 7.25%, due 1/19/2023 - 3/1/2056, GNMA, 2.50% - 4.50%, due 11/15/2041 - 8/20/2051, Tennessee Valley Authority, 4.25% - 7.13%, due 5/1/2030 - 9/15/2065 and U.S. Treasury Securities, 0.00% - 6.88%, due 9/9/2021 - 8/15/2051, with a value of $4,590,007. | 4,500,000 | 4,500,000 | ||||||
Norinchukin Bank (The), 0.06%, dated 8/31/2021, due 9/13/2021, repurchase price $300,007, collateralized by U.S. Treasury Securities, 0.63% - 6.75%, due 6/30/2025 - 8/15/2030, with a value of $305,782. | 300,000 | 300,000 | ||||||
Norinchukin Bank (The), 0.06%, dated 8/31/2021, due 9/14/2021, repurchase price $700,016, collateralized by U.S. Treasury Securities, 0.63% - 6.75%, due 6/30/2025 - 8/15/2030, with a value of $713,492. | 700,000 | 700,000 | ||||||
Norinchukin Bank (The), 0.06%, dated 8/31/2021, due 9/17/2021, repurchase price $500,014, collateralized by U.S. Treasury Securities, 0.63% - 6.75%, due 6/30/2025 - 8/15/2030, with a value of $509,637. | 500,000 | 500,000 | ||||||
Norinchukin Bank (The), 0.06%, dated 8/31/2021, due 10/15/2021, repurchase price $500,038, collateralized by U.S. Treasury Securities, 0.63% - 6.75%, due 6/30/2025 - 8/15/2030, with a value of $509,637. | 500,000 | 500,000 |
SEE NOTES TO FINANCIAL STATEMENTS.
48 | J.P. MORGAN MONEY MARKET FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Repurchase Agreements — continued |
| |||||||
RBC Capital Markets LLC, 0.05%, dated 8/31/2021, due 9/1/2021, repurchase price $2,200,003, collateralized by FFCB, 1.20%, due 3/1/2029, FHLB, 1.65%, due 7/30/2035, FHLMC, 0.28% - 8.50%, due 11/15/2021 - 1/25/2046, FNMA, 1.92% - 8.50%, due 9/25/2021 - 1/25/2051, GNMA, 0.62% - 7.50%, due 8/20/2022 - 8/20/2065 and U.S. Treasury Securities, 0.00% - 7.63%, due 9/15/2021 - 8/15/2051, with a value of $2,263,017. | 2,200,000 | 2,200,000 | ||||||
Royal Bank of Canada, 0.05%, dated 8/31/2021, due 9/1/2021, repurchase price $2,450,003, collateralized by FHLMC, 2.00% - 6.50%, due 12/15/2023 - 6/25/2051 and U.S. Treasury Securities, 0.13% - 4.63%, due 1/15/2022 - 5/15/2048, with a value of $2,499,013. | 2,450,000 | 2,450,000 | ||||||
Royal Bank of Canada, 0.06%, dated 8/31/2021, due 9/7/2021, repurchase price $800,009, collateralized by FNMA, 5.00%, due 10/25/2041, GNMA, 1.00%, due 7/20/2051 and U.S. Treasury Securities, 0.13% - 6.00%, due 10/15/2022 - 11/15/2044, with a value of $816,157. | 800,000 | 800,000 | ||||||
Societe Generale SA, 0.05%, dated 8/31/2021, due 9/1/2021, repurchase price $500,001, collateralized by FHLMC, 2.00% - 4.50%, due 1/1/2042 - 7/1/2051, FNMA, 0.78% - 4.00%, due 5/25/2023 - 8/1/2051, GNMA, 0.23% - 4.50%, due 12/16/2027 - 6/20/2051 and U.S. Treasury Securities, 0.00% - 3.63%, due 9/9/2021 - 8/15/2049, with a value of $510,076. | 500,000 | 500,000 | ||||||
Societe Generale SA, 0.05%, dated 8/31/2021, due 9/13/2021, repurchase price $500,009, collateralized by U.S. Treasury Securities, 0.00% - 4.38%, due 9/9/2021 - 11/15/2050, with a value of $510,000. | 500,000 | 500,000 | ||||||
Sumitomo Mitsui Banking Corp., 0.05%, dated 8/31/2021, due 9/1/2021, repurchase price $400,001, collateralized by U.S. Treasury Securities, 0.75% - 3.00%, due 12/31/2024 - 11/15/2045, with a value of $408,001. | 400,000 | 400,000 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Sumitomo Mitsui Banking Corp., 0.06%, dated 8/31/2021, due 9/1/2021, repurchase price $3,000,005, collateralized by GNMA, 2.00% - 5.00%, due 7/20/2040 - 5/20/2051, with a value of $3,060,005. | 3,000,000 | 3,000,000 | ||||||
|
| |||||||
Total Repurchase Agreements | 123,848,340 | |||||||
|
| |||||||
U.S. Government Agency Securities - 10.8% |
| |||||||
Federal Farm Credit System | ||||||||
DN, 0.01%, 9/1/2021 (e) | 3,961 | 3,961 | ||||||
(Federal Reserve Bank Prime Loan Rate US - 3.19%), 0.06%, 9/1/2021 (f) | 250,000 | 250,000 | ||||||
(SOFR + 0.01%), 0.06%, 9/1/2021 (f) | 485,000 | 485,000 | ||||||
(SOFR + 0.08%), 0.13%, 9/1/2021 (f) | 200,000 | 200,000 | ||||||
(US Treasury 3 Month Bill Money Market Yield + 0.09%), 0.14%, 9/1/2021 (f) | 200,000 | 199,989 | ||||||
(SOFR + 0.09%), 0.14%, 9/1/2021 (f) | 275,000 | 275,000 | ||||||
(US Federal Funds Effective Rate (continuous series) + 0.06%), 0.14%, 9/1/2021 (f) | 475,000 | 475,000 | ||||||
(Federal Reserve Bank Prime Loan Rate US - 3.08%), 0.17%, 9/1/2021 (f) | 250,000 | 250,000 | ||||||
(SOFR + 0.35%), 0.40%, 9/1/2021 (f) | 1,500,000 | 1,500,000 | ||||||
DN, 0.07%, 9/8/2021 (e) | 35,000 | 34,999 | ||||||
DN, 0.13%, 9/9/2021 (e) | 25,000 | 24,999 | ||||||
DN, 0.13%, 9/14/2021 (e) | 199,000 | 198,991 | ||||||
DN, 0.13%, 9/28/2021 (e) | 35,000 | 34,997 | ||||||
DN, 0.12%, 10/13/2021 (e) | 30,000 | 29,996 | ||||||
DN, 0.13%, 10/21/2021 (e) | 75,000 | 74,986 | ||||||
DN, 0.08%, 12/23/2021 (e) | 154,000 | 153,961 | ||||||
DN, 0.09%, 1/27/2022 (e) | 20,000 | 19,993 | ||||||
DN, 0.07%, 3/21/2022 (e) | 35,000 | 34,986 | ||||||
FHLB | ||||||||
DN, 4.00%, 9/1/2021 (e) | 5,000 | 5,000 | ||||||
(SOFR + 0.01%), 0.06%, 9/1/2021 (f) | 1,500,000 | 1,500,000 | ||||||
(SOFR + 0.01%), 0.06%, 9/1/2021 (f) | 60,000 | 60,000 | ||||||
(SOFR + 0.01%), 0.06%, 9/1/2021 (f) | 490,000 | 490,000 | ||||||
(SOFR + 0.01%), 0.06%, 9/1/2021 (f) | 480,000 | 480,000 | ||||||
(SOFR + 0.01%), 0.06%, 9/1/2021 (f) | 1,499,200 | 1,499,200 | ||||||
(SOFR + 0.01%), 0.06%, 9/1/2021 (f) | 2,614,250 | 2,614,250 | ||||||
0.13%, 9/1/2021 | 34,850 | 34,850 | ||||||
(SOFR + 0.08%), 0.13%, 9/1/2021 (f) | 1,135,000 | 1,135,000 | ||||||
(SOFR + 0.20%), 0.25%, 9/1/2021 (f) | 250,000 | 250,000 | ||||||
0.13%, 9/10/2021 | 141,370 | 141,369 | ||||||
DN, 0.05%, 9/17/2021 (e) | 1,751,000 | 1,750,963 | ||||||
0.14%, 9/28/2021 | 300,000 | 299,997 | ||||||
0.04%, 9/29/2021 | 100,000 | 99,999 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 49 |
Table of Contents
JPMorgan U.S. Government Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
U.S. Government Agency Securities — continued |
| |||||||
0.04%, 9/29/2021 | 37,500 | 37,500 | ||||||
0.13%, 10/13/2021 | 100,000 | 99,998 | ||||||
0.06%, 10/15/2021 | 475,000 | 474,996 | ||||||
0.11%, 12/2/2021 | 500,000 | 499,989 | ||||||
FNMA (SOFR + 0.17%), 0.22%, 9/1/2021 (f) | 249,750 | 249,750 | ||||||
(SOFR + 0.20%), 0.25%, 9/1/2021 (f) | 1,950,000 | 1,950,000 | ||||||
(SOFR + 0.23%), 0.28%, 9/1/2021 (f) | 840,000 | 840,000 | ||||||
(SOFR + 0.24%), 0.29%, 9/1/2021 (f) | 1,000,000 | 1,000,000 | ||||||
(SOFR + 0.32%), 0.37%, 9/1/2021 (f) | 2,450,000 | 2,450,000 | ||||||
(SOFR + 0.35%), 0.40%, 9/1/2021 (f) | 2,500,000 | 2,500,000 | ||||||
(SOFR + 0.35%), 0.40%, 9/1/2021 (f) | 750,000 | 750,000 | ||||||
FNMA ACES (SOFR + 0.20%), 0.25%, 9/1/2021 (f) | 1,200,000 | 1,200,000 | ||||||
|
| |||||||
Total U.S. Government Agency Securities | 26,659,719 | |||||||
|
| |||||||
U.S. Treasury Obligations — 8.5% |
| |||||||
U.S. Treasury Floating Rate Notes (US Treasury 3 Month Bill Money Market Yield + 0.06%), 0.10%, 9/1/2021 (f) | 250,000 | 249,989 | ||||||
U.S. Treasury Notes | ||||||||
1.25%, 10/31/2021 | 50,000 | 50,098 | ||||||
2.88%, 11/15/2021 | 1,000,000 | 1,005,762 | ||||||
1.38%, 1/31/2022 | 130,000 | 130,694 | ||||||
1.50%, 1/31/2022 | 1,083,000 | 1,089,342 | ||||||
1.88%, 1/31/2022 | 1,006,000 | 1,013,461 | ||||||
1.13%, 2/28/2022 | 2,137,000 | 2,147,869 | ||||||
1.75%, 2/28/2022 | 1,573,000 | 1,585,874 | ||||||
1.88%, 2/28/2022 | 500,000 | 504,394 | ||||||
2.38%, 3/15/2022 | 100,000 | 101,214 | ||||||
0.38%, 3/31/2022 | 100,000 | 100,157 | ||||||
1.75%, 3/31/2022 | 825,000 | 832,979 | ||||||
1.88%, 3/31/2022 | 1,329,250 | 1,342,870 | ||||||
2.25%, 4/15/2022 | 430,000 | 435,813 | ||||||
0.13%, 4/30/2022 | 1,903,210 | 1,903,858 | ||||||
1.75%, 4/30/2022 | 650,450 | 657,618 | ||||||
1.88%, 4/30/2022 | 2,625,000 | 2,656,337 | ||||||
1.75%, 5/15/2022 | 1,517,000 | 1,534,863 | ||||||
2.13%, 5/15/2022 | 1,500,000 | 1,521,605 | ||||||
0.13%, 5/31/2022 | 700,000 | 700,282 | ||||||
1.88%, 5/31/2022 | 735,000 | 744,877 | ||||||
1.75%, 6/15/2022 | 250,000 | 253,294 | ||||||
0.13%, 6/30/2022 | 300,000 | 300,084 | ||||||
2.13%, 6/30/2022 | 200,000 | 203,364 | ||||||
|
| |||||||
Total U.S. Treasury Obligations | 21,066,698 | |||||||
|
|
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Short-Term Investments — 30.3% |
| |||||||
U.S. Treasury Obligations — 30.3% |
| |||||||
U.S. Treasury Bills | ||||||||
1.50%, 9/2/2021 (e) | 2,550,000 | 2,549,997 | ||||||
4.30%, 9/7/2021 (e) | 7,750,000 | 7,749,968 | ||||||
4.00%, 9/9/2021 (e) | 1,196,400 | 1,196,383 | ||||||
0.04%, 9/23/2021 (e) | 5,100,000 | 5,099,861 | ||||||
0.05%, 9/30/2021 (e) | 5,000,000 | 4,999,797 | ||||||
0.05%, 10/5/2021 (e) | 1,000,000 | 999,953 | ||||||
0.05%, 10/28/2021 (e) | 5,148,000 | 5,147,593 | ||||||
0.05%, 11/2/2021 (e) | 5,500,000 | 5,499,526 | ||||||
0.05%, 11/4/2021 (e) | 77,000 | 76,993 | ||||||
0.05%, 11/12/2021 (e) | 1,500,000 | 1,499,850 | ||||||
0.05%, 11/16/2021 (e) | 8,250,000 | 8,249,129 | ||||||
0.05%, 11/23/2021 (e) | 2,800,000 | 2,799,677 | ||||||
3.90%, 11/26/2021 (e) | 4,733,500 | 4,732,881 | ||||||
0.05%, 11/30/2021 (e) | 500,000 | 499,938 | ||||||
0.60%, 12/2/2021 (e) | 3,574,800 | 3,574,393 | ||||||
0.05%, 12/14/2021 (e) | 4,377,400 | 4,376,824 | ||||||
0.05%, 12/21/2021 (e) | 5,404,680 | 5,403,928 | ||||||
0.05%, 1/27/2022 (e) | 4,250,000 | 4,249,126 | ||||||
0.05%, 2/3/2022 (e) | 1,000,000 | 999,778 | ||||||
0.07%, 2/24/2022 (e) | 3,498,500 | 3,497,251 | ||||||
5.30%, 3/3/2022 (e) | 300,000 | 299,920 | ||||||
0.07%, 3/24/2022 (e) | 1,350,000 | 1,349,465 | ||||||
|
| |||||||
Total U.S. Treasury Obligations | 74,852,231 | |||||||
|
| |||||||
Total Short-Term Investments | 74,852,231 | |||||||
|
| |||||||
Total Investments — 99.8% | 246,426,988 | |||||||
Other Assets Less Liabilities — 0.2% | 505,469 | |||||||
|
| |||||||
NET ASSETS — 100.0% | 246,932,457 | |||||||
|
|
Percentages indicated are based on net assets.
Abbreviations
ACES | Alternative Credit Enhancement Securities | |
DN | Discount Notes | |
FHLB | Federal Home Loan Bank | |
FHLMC | Federal Home Loan Mortgage Corp. | |
FNMA | Federal National Mortgage Association | |
GNMA | Government National Mortgage Association | |
SOFR | Secured Overnight Financing Rate | |
(a) | The date shown represents the earliest of the next put date, next demand date or final maturity date. |
SEE NOTES TO FINANCIAL STATEMENTS.
50 | J.P. MORGAN MONEY MARKET FUNDS | AUGUST 31, 2021 |
Table of Contents
(b) | Agency Joint Trading Account I — At August 31, 2021, certain Funds had undivided interests in the Agency Joint Trading Account I with a maturity date of September 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 | $ | 2,650,004 | $ | 2,703,069 |
Repurchase Agreements — At August 31, 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 | 0.05 | % | $ | 900,000 | ||||
Credit Agricole Corporate and Investment Bank | 0.05 | % | 1,000,000 | |||||
TD Securities (USA) LLC | 0.05 | % | 750,000 | |||||
|
| |||||||
Total | $ | 2,650,000 | ||||||
|
|
At August 31, 2021, the Agency Joint Trading Account I was fully collateralized by:
Issuer | Interest Rates | Maturity Dates | ||||||
FFCB | 3.08% | 6/21/2035 | ||||||
FHLMC | 0.00% - 4.00% | 7/15/2032 - 2/1/2046 | ||||||
FNMA | 1.50% - 4.50% | 6/1/2036 - 5/1/2051 | ||||||
GNMA | 1.50% - 6.00% | 2/20/2030 - 6/20/2051 | ||||||
U.S. Treasury Securities | 0.00% - 7.63% | 9/7/2021 - 11/15/2048 |
(c) Agency Joint Trading Account II — At August 31, 2021, certain Funds had undivided interests in the Agency Joint Trading Account II with a maturity date of September 1, 2021, as follows (amounts in thousands):
Fund | Principal Amount | Repurchase Price | Collateral Value Allocation | |||||||
JPMorgan U.S. Government Money Market Fund | $652,331 | $ | 652,332 | $ | 665,401 |
Repurchase Agreements — At August 31, 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. | 0.05 | % | $ | 480,188 | ||||
Citibank NA | 0.06 | % | 81,541 | |||||
Citigroup Global Markets Holdings, Inc. | 0.06 | % | 90,602 | |||||
|
| |||||||
Total | $ | 652,331 | ||||||
|
|
At August 31, 2021, 2021, the Agency Joint Trading Account II was fully collateralized by:
Issuer | Interest Rates | Maturity Dates | ||||||
FHLMC | 2.50% - 5.50% | 2/1/2026 - 1/1/2050 | ||||||
FNMA | 2.00% - 6.10% | 11/1/2022 - 9/1/2051 | ||||||
GNMA | 2.35% - 3.00% | 11/15/2042 - 3/15/2048 | ||||||
U.S. Treasury Securities | 0.00% - 3.13% | 2/15/2027 - 5/15/2051 |
(d) Agency Joint Trading Account III - At August 31, 2021, certain Funds had undivided interests in the Agency Joint Trading Account III with a maturity date of September 1, 2021, as follows (amounts in thousands):
Fund | Principal Amount | Repurchase Price | Collateral Value Allocation | |||||||
JPMorgan U.S. Government Money Market Fund | $86,009 | $ | 86,009 | $ | 87,747 |
Repurchase Agreements — At August 31, 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 | 0.05 | % | $ | 86,009 |
At August 31, 2021, 2021, the Agency Joint Trading Account III was fully collateralized by:
Issuer | Interest Rates | Maturity Dates | ||||
FHLMC | 0.00% - 7.00% | 6/1/2023 – 7/1/2051 | ||||
FNMA | 1.50% - 6.50% | 9/1/2022 - 3/1/2052 |
(e) | The rate shown is the effective yield as of August 31, 2021. | |
(f) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of August 31, 2021. | |
* | The cost of securities is substantially the same for federal income tax purposes. |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 51 |
Table of Contents
JPMorgan U.S. Treasury Plus Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited)
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Repurchase Agreements — 49.7% |
| |||||||
Bofa Securities, Inc., 0.05%, dated 8/31/2021, due 9/1/2021, repurchase price $922,286, collateralized by U.S. Treasury Securities, 1.38% - 3.63%, due 8/15/2041 - 5/15/2051, with a value of $940,731. | 922,285 | 922,285 | ||||||
Federal Reserve Bank of New York, 0.05%, dated 8/31/2021, due 9/1/2021, repurchase price $5,200,007, collateralized by U.S. Treasury Securities, 0.13% - 2.50%, due 4/30/2023 - 5/15/2046, with a value of $5,200,007. | 5,200,000 | 5,200,000 | ||||||
J.P. Morgan Securities LLC, 0.05%, dated 8/31/2021, due 9/1/2021, repurchase price $250,000, collateralized by U.S. Treasury Securities, 0.13% - 6.25%, due 8/15/2023, with a value of $255,000. | 250,000 | 250,000 | ||||||
Natwest Markets Securities, Inc., 0.05%, dated 8/31/2021, due 9/1/2021, repurchase price $250,000, collateralized by U.S. Treasury Securities, 0.75% - 1.63%, due 8/31/2026 - 5/15/2031, with a value of $255,000. | 250,000 | 250,000 | ||||||
Nomura Securities Co. Ltd., 0.05%, dated 8/31/2021, due 9/1/2021, repurchase price $800,001, collateralized by U.S. Treasury Securities, 0.00% - 3.63%, due 10/5/2021 - 2/15/2051, with a value of $816,001. | 800,000 | 800,000 | ||||||
Norinchukin Bank (The), 0.06%, dated 8/31/2021, due 9/10/2021, repurchase price $250,004, collateralized by U.S. Treasury Securities, 1.50% - 6.75%, due 6/30/2025 - 4/15/2028, with a value of $253,596. | 250,000 | 250,000 | ||||||
Norinchukin Bank (The), 0.06%, dated 8/31/2021, due 9/13/2021, repurchase price $200,004, collateralized by U.S. Treasury Securities, 1.50% - 6.75%, due 6/30/2025 - 4/15/2028, with a value of $202,877. | 200,000 | 200,000 | ||||||
Norinchukin Bank (The), 0.07%, dated 8/31/2021, due 10/26/2021, repurchase price $250,027, collateralized by U.S. Treasury Securities, 1.50% - 6.75%, due 6/30/2025 - 4/15/2028, with a value of $253,596. | 250,000 | 250,000 | ||||||
Societe Generale SA, 0.05%, dated 8/31/2021, due 9/3/2021, repurchase price $1,500,006, collateralized by U.S. Treasury Securities, 0.00% - 6.75%, due 9/7/2021 - 8/15/2050, with a value of $1,530,000. | 1,500,000 | 1,500,000 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Sumitomo Mitsui Banking Corp., 0.05%, dated 8/31/2021, due 9/1/2021, repurchase price $2,100,003, collateralized by U.S. Treasury Securities, 0.38% - 4.50%, due 11/30/2021 - 5/15/2038, with a value of $2,142,003. | 2,100,000 | 2,100,000 | ||||||
Treasury Joint Trading Account I, J.P. Morgan Investment Management Inc., as agent, 0.05%, dated 8/31/2021, due 9/1/2021, repurchase price $700,001(b) | 700,000 | 700,000 | ||||||
|
| |||||||
Total Repurchase Agreements | 12,422,285 | |||||||
|
| |||||||
U.S. Treasury Obligations — 16.7% |
| |||||||
U.S. Treasury Floating Rate Notes | ||||||||
(US Treasury 3 Month Bill Money Market Yield + 0.06%), 0.10%, 9/1/2021 (c) | 800,000 | 799,960 | ||||||
(US Treasury 3 Month Bill Money Market Yield + 0.06%), 0.10%, 9/1/2021 (c) | 350,000 | 350,001 | ||||||
(US Treasury 3 Month Bill Money Market Yield + 0.11%), 0.16%, 9/1/2021 (c) | 328,000 | 328,189 | ||||||
(US Treasury 3 Month Bill Money Market Yield + 0.15%), 0.20%, 9/1/2021 (c) | 500,000 | 500,030 | ||||||
(US Treasury 3 Month Bill Money Market Yield + 0.30%), 0.35%, 9/1/2021 (c) | 300,000 | 300,026 | ||||||
U.S. Treasury Notes | ||||||||
1.75%, 11/30/2021 | 115,442 | 115,924 | ||||||
1.88%, 11/30/2021 | 26,866 | 26,986 | ||||||
1.50%, 1/31/2022 | 100,000 | 100,586 | ||||||
1.88%, 1/31/2022 | 20,000 | 20,148 | ||||||
2.50%, 2/15/2022 | 80,000 | 80,880 | ||||||
1.13%, 2/28/2022 | 219,675 | 220,792 | ||||||
1.75%, 2/28/2022 | 177,250 | 178,694 | ||||||
1.88%, 2/28/2022 | 168,500 | 169,979 | ||||||
1.75%, 3/31/2022 | 113,000 | 114,076 | ||||||
1.88%, 3/31/2022 | 58,600 | 59,200 | ||||||
1.88%, 4/30/2022 | 500,000 | 505,974 | ||||||
2.13%, 5/15/2022 | 300,000 | 304,320 | ||||||
|
| |||||||
Total U.S. Treasury Obligations | 4,175,765 | |||||||
|
| |||||||
Short-Term Investments — 30.4% |
| |||||||
U.S. Treasury Obligations — 30.4% |
| |||||||
U.S. Treasury Bills | ||||||||
4.30%, 9/7/2021 (d) | 3,038,400 | 3,038,383 | ||||||
0.05%, 9/30/2021 (d) | 478,750 | 478,731 | ||||||
0.05%, 10/28/2021 (d) | 500,000 | 499,960 | ||||||
0.05%, 11/4/2021 (d) | 18,000 | 17,998 | ||||||
0.05%, 11/9/2021 (d) | 250,000 | 249,976 |
SEE NOTES TO FINANCIAL STATEMENTS.
52 | J.P. MORGAN MONEY MARKET FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Short-Term Investments — continued |
| |||||||
U.S. Treasury Obligations — continued |
| |||||||
0.07%, 11/18/2021 (d) | 125,000 | 124,981 | ||||||
0.05%, 11/30/2021 (d) | 500,000 | 499,938 | ||||||
0.04%, 12/9/2021 (d) | 700,000 | 699,926 | ||||||
0.04%, 12/16/2021 (d) | 199,000 | 198,977 | ||||||
0.05%, 1/27/2022 (d) | 700,000 | 699,856 | ||||||
0.05%, 2/3/2022 (d) | 500,000 | 499,892 | ||||||
0.07%, 2/24/2022 (d) | 340,000 | 339,884 | ||||||
0.07%, 3/24/2022 (d) | 250,000 | 249,901 | ||||||
|
| |||||||
Total U.S. Treasury Obligations | 7,598,403 | |||||||
|
| |||||||
Total Short-Term Investments | 7,598,403 | |||||||
|
| |||||||
Total Investments — 96.8% | 24,196,453 | |||||||
Other Assets Less Liabilities — 3.2% | 803,743 | |||||||
|
| |||||||
NET ASSETS — 100.0% | 25,000,196 | |||||||
|
|
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 August 31, 2021, certain Funds had undivided interests in the Treasury Joint Trading Account I with a maturity date of September 1, 2021, as follows (amounts in thousands): |
Fund | Principal Amount | Repurchase Price | Collateral Value Allocation | |||||||
JPMorgan U.S. Treasury Plus Money Market Fund | $700,000 | $ | 700,001 | $ | 714,001 |
Repurchase Agreements — At August 31, 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 | 0.05% | $ | 600,000 | |||||
Citibank NA | 0.05% | 100,000 | ||||||
|
| |||||||
Total | $ | 700,000 | ||||||
|
|
At August 31, 2021, the Treasury Joint Trading Account I was fully collateralized by:
Issuer | Interest Rates | Maturity Dates | ||||
U.S. Treasury Securities | 0.00% - 8.00% | 9/2/2021 - 5/15/2051 |
(c) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of August 31, 2021. | |
(d) | The rate shown is the effective yield as of August 31, 2021. | |
* | The cost of securities is substantially the same for federal income tax purposes. |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 53 |
Table of Contents
JPMorgan Federal Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited)
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
U.S. Government Agency Securities — 43.5% |
| |||||||
Federal Farm Credit System | 20,000 | 20,000 | ||||||
(SOFR + 0.08%), 0.13%, 9/1/2021 (b) | 12,000 | 12,000 | ||||||
(SOFR + 0.09%), 0.14%, 9/1/2021 (b) | 20,000 | 20,000 | ||||||
(SOFR + 0.32%), 0.37%, 9/1/2021 (b) | 25,000 | 25,000 | ||||||
DN, 0.03%, 9/2/2021 (c) | 15,000 | 15,000 | ||||||
DN, 0.04%, 9/22/2021 (c) | 10,000 | 10,000 | ||||||
(ICE LIBOR USD 3 Month - 0.12%), 0.01%, 10/27/2021 (b) | 25,000 | 25,000 | ||||||
DN, 0.07%, 3/21/2022 (c) | 25,000 | 24,990 | ||||||
FHLB | ||||||||
DN, 0.04%, 9/1/2021 (c) | 80,000 | 80,000 | ||||||
(SOFR + 0.01%), 0.06%, 9/1/2021 (b) | 50,000 | 50,000 | ||||||
(SOFR + 0.08%), 0.12%, 9/1/2021 (b) | 25,000 | 25,000 | ||||||
DN, 0.03%, 9/2/2021 (c) | 33,300 | 33,300 | ||||||
DN, 0.03%, 9/3/2021 (c) | 225,000 | 225,000 | ||||||
DN, 0.04%, 9/8/2021 (c) | 237,900 | 237,898 | ||||||
DN, 0.03%, 9/10/2021 (c) | 138,220 | 138,219 | ||||||
DN, 0.03%, 9/15/2021 (c) | 55,000 | 54,999 | ||||||
|
| |||||||
Total U.S. Government Agency Securities | 996,406 | |||||||
|
| |||||||
U.S. Treasury Obligations — 12.1% |
| |||||||
U.S. Treasury Floating Rate Notes | ||||||||
(US Treasury 3 Month Bill Money Market Yield + 0.06%), 0.10%, 9/1/2021 (b) | 25,000 | 24,998 | ||||||
(US Treasury 3 Month Bill Money Market Yield + 0.30%), 0.35%, 9/1/2021 (b) | 50,000 | 50,020 | ||||||
U.S. Treasury Notes | ||||||||
2.50%, 1/15/2022 | 100,000 | 100,904 | ||||||
1.38%, 1/31/2022 | 25,000 | 25,134 | ||||||
1.13%, 2/28/2022 | 25,000 | 25,133 | ||||||
0.13%, 5/31/2022 | 25,000 | 25,010 | ||||||
1.75%, 6/15/2022 | 25,000 | 25,330 | ||||||
|
| |||||||
Total U.S. Treasury Obligations | 276,529 | |||||||
|
| |||||||
Short-Term Investments — 41.3% |
| |||||||
U.S. Treasury Obligations — 41.3% |
| |||||||
U.S. Treasury Bills | ||||||||
0.02%, 9/2/2021 (c) | 19,000 | 19,000 | ||||||
4.30%, 9/7/2021 (c) | 30,000 | 30,000 | ||||||
3.30%, 9/14/2021 (c) | 100,000 | 99,999 | ||||||
3.10%, 9/16/2021 (c) | 5,840 | 5,840 | ||||||
0.04%, 9/21/2021 (c) | 175,000 | 174,996 | ||||||
0.05%, 9/28/2021 (c) | 66,700 | 66,698 | ||||||
0.05%, 9/30/2021 (c) | 50,000 | 49,998 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
U.S. Treasury Obligations — continued |
| |||||||
0.05%, 10/7/2021 (c) | 100,000 | 99,995 | ||||||
0.05%, 10/21/2021 (c) | 50,000 | 49,997 | ||||||
0.05%, 11/2/2021 (c) | 50,000 | 49,996 | ||||||
0.05%, 11/9/2021 (c) | 100,000 | 99,990 | ||||||
0.05%, 11/23/2021 (c) | 100,000 | 99,988 | ||||||
4.80%, 11/30/2021 (c) | 100,000 | 99,990 | ||||||
|
| |||||||
Total U.S. Treasury Obligations | 946,487 | |||||||
|
| |||||||
Total Short-Term Investments | 946,487 | |||||||
|
| |||||||
Total Investments — 96.9% | 2,219,422 | |||||||
Other Assets Less Liabilities — 3.1% | 72,139 | |||||||
|
| |||||||
NET ASSETS — 100.0% | 2,291,561 | |||||||
|
|
Percentages indicated are based on net assets.
Abbreviations | ||
DN | Discount Notes | |
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 August 31, 2021. | |
(c) | The rate shown is the effective yield as of August 31, 2021. | |
* | The cost of securities is substantially the same for federal income tax purposes. |
SEE NOTES TO FINANCIAL STATEMENTS.
54 | J.P. MORGAN MONEY MARKET FUNDS | AUGUST 31, 2021 |
Table of Contents
JPMorgan 100% U.S. Treasury Securities Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited)
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
U.S. Treasury Obligations — 10.1% |
| |||||||
U.S. Treasury Bonds 8.00%, 11/15/2021 | 34,709 | 35,271 | ||||||
U.S. Treasury Floating Rate Notes | ||||||||
(US Treasury 3 Month Bill Money Market Yield + 0.03%), 0.07%, 9/1/2021 (b) | 100,000 | 99,998 | ||||||
(US Treasury 3 Month Bill Money Market Yield + 0.06%), 0.10%, 9/1/2021 (b) | 1,856,190 | 1,856,063 | ||||||
(US Treasury 3 Month Bill Money Market Yield + 0.11%), 0.16%, 9/1/2021 (b) | 150,000 | 149,974 | ||||||
(US Treasury 3 Month Bill Money Market Yield + 0.15%), 0.20%, 9/1/2021 (b) | 2,629,000 | 2,629,140 | ||||||
(US Treasury 3 Month Bill Money Market Yield + 0.30%), 0.35%, 9/1/2021 (b) | 1,813,000 | 1,813,446 | ||||||
U.S. Treasury Notes | ||||||||
1.50%, 9/30/2021 | 700,000 | 700,805 | ||||||
2.13%, 12/31/2021 | 270,000 | 271,841 | ||||||
1.38%, 1/31/2022 | 275,000 | 276,471 | ||||||
2.00%, 2/15/2022 | 200,000 | 201,745 | ||||||
1.13%, 2/28/2022 | 150,000 | 150,760 | ||||||
1.75%, 2/28/2022 | 698,550 | 704,391 | ||||||
2.38%, 3/15/2022 | 100,000 | 101,220 | ||||||
0.13%, 5/31/2022 | 125,000 | 125,050 | ||||||
1.75%, 5/31/2022 | 175,000 | 177,189 | ||||||
1.88%, 5/31/2022 | 200,000 | 202,688 | ||||||
1.75%, 6/15/2022 | 125,000 | 126,650 | ||||||
|
| |||||||
Total U.S. Treasury Obligations | 9,622,702 | |||||||
|
| |||||||
Short-Term Investments — 92.4% |
| |||||||
U.S. Treasury Obligations — 92.4% |
| |||||||
U.S. Treasury Bills | ||||||||
0.02%, 9/2/2021 (c) | 2,820,000 | 2,819,999 | ||||||
0.04%, 9/7/2021 (c) | 6,090,000 | 6,089,956 | ||||||
0.04%, 9/9/2021 (c) | 3,657,980 | 3,657,948 | ||||||
0.03%, 9/14/2021 (c) | 5,000,000 | 4,999,940 | ||||||
0.03%, 9/16/2021 (c) | 2,894,000 | 2,893,963 | ||||||
0.04%, 9/21/2021 (c) | 4,640,460 | 4,640,360 | ||||||
0.04%, 9/23/2021 (c) | 2,850,000 | 2,849,926 | ||||||
0.04%, 9/28/2021 (c) | 5,500,000 | 5,499,828 | ||||||
0.05%, 9/30/2021 (c) | 2,000,000 | 1,999,917 | ||||||
0.05%, 10/5/2021 (c) | 3,000,000 | 2,999,867 | ||||||
0.04%, 10/7/2021 (c) | 3,500,000 | 3,499,844 | ||||||
0.04%, 10/12/2021 (c) | 4,250,000 | 4,249,800 | ||||||
0.04%, 10/14/2021 (c) | 4,350,000 | 4,349,766 | ||||||
0.05%, 10/15/2021 (c) | 3,250,000 | 3,249,786 | ||||||
0.05%, 10/19/2021 (c) | 2,800,000 | 2,799,807 | ||||||
0.05%, 10/28/2021 (c) | 1,000,000 | 999,925 | ||||||
0.06%, 11/1/2021 (c) | 3,000,000 | 2,999,708 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
U.S. Treasury Obligations — continued |
| |||||||
0.05%, 11/2/2021 (c) | 1,825,000 | 1,824,843 | ||||||
0.05%, 11/9/2021 (c) | 600,000 | 599,945 | ||||||
0.05%, 11/12/2021 (c) | 1,650,000 | 1,649,835 | ||||||
0.05%, 11/23/2021 (c) | 860,000 | 859,903 | ||||||
0.04%, 11/26/2021 (c) | 2,492,300 | 2,492,016 | ||||||
0.05%, 11/30/2021 (c) | 2,475,000 | 2,474,702 | ||||||
0.01%, 12/2/2021 (c) | 3,500,000 | 3,499,602 | ||||||
0.05%, 12/7/2021 (c) | 208,750 | 208,725 | ||||||
4.00%, 12/9/2021 (c) | 500,000 | 499,945 | ||||||
0.05%, 12/14/2021 (c) | 1,000,000 | 999,870 | ||||||
0.05%, 12/21/2021 (c) | 1,000,000 | 999,857 | ||||||
0.05%, 1/13/2022 (c) | 2,400,000 | 2,399,531 | ||||||
0.05%, 1/20/2022 (c) | 3,000,000 | 2,999,410 | ||||||
0.05%, 1/27/2022 (c) | 4,123,410 | 4,122,562 | ||||||
0.05%, 2/10/2022 (c) | 1,950,000 | 1,949,543 | ||||||
|
| |||||||
Total U.S. Treasury Obligations | 88,180,629 | |||||||
|
| |||||||
Total Short-Term Investments | 88,180,629 | |||||||
|
| |||||||
Total Investments — 102.5% | 97,803,331 | |||||||
Liabilities in Excess of | (2,419,329 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | 95,384,002 | |||||||
|
|
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 August 31, 2021. | |
(c) | The rate shown is the effective yield as of August 31, 2021. | |
* | The cost of securities is substantially the same for federal income tax purposes. |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 55 |
Table of Contents
JPMorgan Tax Free Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited)
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — 68.6% |
| |||||||
Alabama — 0.1% |
| |||||||
Mobile County IDA, PCR, ExxonMobil Project Rev., VRDO, 0.01%, 9/1/2021 (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, 0.03%, 9/8/2021 (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%, 9/8/2021 (b) | 20,425 | 20,425 | ||||||
Alaska Housing Finance Corp., Home Mortgage | ||||||||
Series 2007A, Rev., VRDO, LIQ: State Street Bank & Trust, 0.02%, 9/8/2021 (b) | 2,920 | 2,920 | ||||||
Series 2007B, Rev., VRDO, LIQ: State Street Bank & Trust, 0.02%, 9/8/2021 (b) | 2,870 | 2,870 | ||||||
Series 2009B, Rev., VRDO, LIQ: Wells Fargo Bank NA, 0.02%, 9/8/2021 (b) | 10,000 | 10,000 | ||||||
City of Valdez, Exxon Pipeline Co. Project Series 1993-A, Rev., VRDO, 0.01%, 9/1/2021 (b) | 10,610 | 10,610 | ||||||
|
| |||||||
46,825 | ||||||||
|
| |||||||
Arizona — 0.6% |
| |||||||
Salt River Pima-Maricopa Indian Community Rev., VRDO, LOC: Bank of America NA, 0.04%, 9/8/2021 (b) | 25,825 | 25,825 | ||||||
Tender Option Bond Trust Receipts/Certificates Series E-147, VRDO, 0.05%, 9/8/2021 (b) | 21,000 | 21,000 | ||||||
|
| |||||||
46,825 | ||||||||
|
| |||||||
Arkansas — 0.6% |
| |||||||
City of Osceola, Plum Point Energy Associates Rev., VRDO, LOC: Goldman Sachs & Co. LLC, 0.05%, 9/8/2021 (b) | 53,145 | 53,145 | ||||||
|
| |||||||
California — 2.3% |
| |||||||
Alameda County Industrial Development Authority, Plyproperties Project Series 1997A, Rev., VRDO, LOC: Wells Fargo Bank NA, 0.05%, 9/8/2021 (b) | 500 | 500 | ||||||
California Municipal Finance Authority, Recovery Zone Facility, Chevron USA, Inc., Project Series 2010A, Rev., VRDO, 0.01%, 9/1/2021 (b) | 1,350 | 1,350 | ||||||
California Statewide Communities Development Authority, Dublin Ranch Apartments Rev., VRDO, LIQ: FNMA, 0.04%, 9/8/2021 (b) | 29,990 | 29,990 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
California — continued |
| |||||||
City of Vacaville, Multi-Family Housing, Sycamores Apartments Series 1999A, Rev., VRDO, FNMA, LIQ: FNMA, 0.01%, 9/8/2021 (b) | 5,900 | 5,900 | ||||||
County of Orange, Ladera Apartments Series 2001B, Rev., VRDO, LOC: FNMA, 0.04%, 9/8/2021 (b) | 18,500 | 18,500 | ||||||
County of Sacramento, Special Facilities Apartment, Cessna Aircraft Co. Project Rev., VRDO, LOC: Bank of America NA, 0.05%, 9/8/2021 (b) | 7,075 | 7,075 | ||||||
County of San Bernardino, Somerset Apartments LLC Series A, Rev., VRDO, LOC: FNMA, 0.02%, 9/8/2021 (b) | 1,300 | 1,300 | ||||||
Sacramento County Housing Authority Series 1996C, Rev., VRDO, FNMA, LIQ: FNMA, 0.02%, 9/8/2021 (b) | 1,140 | 1,140 | ||||||
San Francisco City & County Airport Commission International Airport Series 2010A-1, Rev., VRDO, AMT, LOC: Bank of America NA, 0.02%, 9/8/2021 (b) | 13,675 | 13,675 | ||||||
San Francisco City & County Redevelopment Agency Successor Agency, Multi-Family Series C, Rev., VRDO, LOC: FNMA, 0.05%, 9/8/2021 (b) | 71,050 | 71,050 | ||||||
Santa Clara County Housing Authority, Multi-Family Housing, Timberwood Apartments | ||||||||
Series 2005B, Rev., VRDO, LOC: Union Bank of California, 0.11%, 9/8/2021 (b) | 9,140 | 9,140 | ||||||
Tender Option Bond Trust Receipts/Certificates | ||||||||
Series 2020-XF2867, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.04%, 9/8/2021 (b) (c) | 8,000 | 8,000 | ||||||
Series 2018-XF2737, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.05%, 9/8/2021 (b) (c) | 5,125 | 5,125 | ||||||
Series 2018-ZF0679, Rev., VRDO, LIQ: Bank of America NA, 0.05%, 9/8/2021 (b) (c) | 2,350 | 2,350 | ||||||
University of California Series 2013AL-3, Rev., VRDO, 0.01%, 9/1/2021 (b) | 12,825 | 12,825 | ||||||
|
| |||||||
187,920 | ||||||||
|
| |||||||
Colorado — 1.7% |
| |||||||
City of Colorado Springs, Utilities System Improvement | ||||||||
Series 2008-A, Rev., VRDO, LIQ: U.S. Bank NA, 0.02%, 9/8/2021 (b) | 11,035 | 11,035 | ||||||
Series 2009C, Rev., VRDO, LIQ: Sumitomo Mitsui Banking Corp., 0.02%, 9/8/2021 (b) | 17,020 | 17,020 |
SEE NOTES TO FINANCIAL STATEMENTS.
56 | J.P. MORGAN MONEY MARKET FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued | ||||||||
Colorado — continued |
| |||||||
Colorado Housing and Finance Authority, Multi-Family, Greentree Village Apartments Project Rev., VRDO, LOC: U.S. Bank NA, 0.05%, 9/8/2021 (b) | 4,345 | 4,345 | ||||||
Colorado Housing and Finance Authority, Single Family Mortgage Series 2019D, Class I, Rev., VRDO, AMT, LIQ: Royal Bank of Canada, 0.05%, 9/8/2021 (b) | 37,500 | 37,500 | ||||||
County of Arapahoe, Multi-Family Rental Housing, Hunter’s Run Rev., VRDO, LOC: FHLMC, 0.05%, 9/8/2021 (b) | 13,160 | 13,160 | ||||||
Tender Option Bond Trust Receipts/Certificates | ||||||||
Series 2019-XF2849, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.05%, 9/8/2021 (b) (c) | 4,000 | 4,000 | ||||||
Series 2020-XF1209, GO, VRDO, LIQ: Royal Bank of Canada, 0.05%, 9/8/2021 (b) (c) | 2,000 | 2,000 | ||||||
Series 2020-XF2905, GO, VRDO, AGM, LOC: Barclays Bank plc, 0.06%, 9/8/2021 (b) (c) | 5,200 | 5,200 | ||||||
Series 2020-XX1130, Rev., VRDO, LOC: Barclays Bank plc, 0.06%, 9/8/2021 (b) (c) | 3,880 | 3,880 | ||||||
Series 2016-ZF0467, Rev., VRDO, LOC: Royal Bank of Canada, 0.09%, 9/8/2021 (b) (c) | 22,895 | 22,895 | ||||||
University of Colorado Hospital Authority Series 2019A, Rev., VRDO, 0.01%, 9/8/2021 (b) | 875 | 875 | ||||||
University of Colorado Hospital Authority, Health System Series 2018 C, Rev., VRDO, LIQ: TD Bank NA, 0.02%, 9/8/2021 (b) | 12,970 | 12,970 | ||||||
|
| |||||||
134,880 | ||||||||
|
| |||||||
Connecticut — 0.7% |
| |||||||
Connecticut Housing Finance Authority, Housing Mortgage Finance Program | ||||||||
Subseries F-5, Rev., VRDO, LIQ: U.S. Bank NA, 0.02%, 9/8/2021 (b) | 10,000 | 10,000 | ||||||
Subseries A-2, Rev., VRDO, AMT, LIQ: U.S. Bank NA, 0.03%, 9/8/2021 (b) | 8,705 | 8,705 | ||||||
Series D, Subseries D-3, Rev., VRDO, AMT, LIQ: Sumitomo Mitsui Banking Corp., 0.06%, 9/8/2021 (b) | 31,755 | 31,755 | ||||||
Tender Option Bond Trust Receipts/Certificates Series G-3, GO, VRDO, LOC: Royal Bank of Canada, 0.05%, 9/8/2021 (b) | 5,000 | 5,000 | ||||||
|
| |||||||
55,460 | ||||||||
|
|
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Delaware — 0.0% (d) |
| |||||||
Delaware State Economic Development Authority, YMCA Delaware Project Rev., VRDO, LOC: PNC Bank NA, 0.03%, 9/8/2021 (b) | 3,485 | 3,485 | ||||||
|
| |||||||
District of Columbia — 1.7% |
| |||||||
District of Columbia, Medlantic/Helix Issue, Tranche II Series 1998A, Rev., VRDO, LOC: TD Bank NA, 0.02%, 9/8/2021 (b) | 19,935 | 19,935 | ||||||
Metropolitan Washington Airports Authority Aviation | ||||||||
Series 2009D-2, Rev., VRDO, LOC: TD Bank NA, 0.01%, 9/1/2021 (b) | 2,510 | 2,510 | ||||||
Subseries A-1, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.05%, 9/8/2021 (b) | 15,405 | 15,405 | ||||||
Subseries A-3, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.05%, 9/8/2021 (b) | 3,200 | 3,200 | ||||||
RBC Municipal Products, Inc. Trust, Floater Certificates Series E-108, GO, VRDO, LOC: Royal Bank of Canada, 0.05%, 9/8/2021 (b) (c) | 50,000 | 50,000 | ||||||
Tender Option Bond Trust Receipts/Certificates | ||||||||
Series 2019-XF0853, Rev., VRDO, LOC: TD Bank NA, 0.07%, 9/8/2021 (b) (c) | 23,950 | 23,950 | ||||||
Series 2019-XG0267, Rev., VRDO, LOC: Bank of America NA, 0.07%, 9/8/2021 (b) (c) | 20,700 | 20,700 | ||||||
|
| |||||||
135,700 | ||||||||
|
| |||||||
Florida — 5.1% |
| |||||||
Alachua County Housing Finance Authority, Multi-Family, Santa Fe Apartments Project Series 2008, Rev., VRDO, LOC: FNMA, 0.02%, 9/8/2021 (b) | 1,350 | 1,350 | ||||||
City of Jacksonville, Florida Power and Light Co., Project Rev., VRDO, 0.01%, 9/1/2021 (b) | 4,700 | 4,700 | ||||||
City of Jacksonville, Health Care Facilities, Baptist Health Series 2019C, Rev., VRDO, 0.02%, 9/8/2021 (b) | 29,470 | 29,470 | ||||||
City of Jacksonville, Health Care Facilities, Baptist Medical Center Series 2019B, Rev., VRDO, 0.02%, 9/8/2021 (b) | 14,805 | 14,805 | ||||||
County of Bay, Gulf Power Co. Project Rev., VRDO, AMT, 0.03%, 9/1/2021 (b) | 7,480 | 7,480 | ||||||
County of Escambia, Gulf Power Co., Project | ||||||||
Rev., VRDO, 0.02%, 9/1/2021 (b) | 31,100 | 31,100 | ||||||
Rev., VRDO, 0.02%, 9/1/2021 (b) | 31,200 | 31,200 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 57 |
Table of Contents
JPMorgan Tax Free Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued | ||||||||
Florida — continued |
| |||||||
County of Martin, Florida Power and Light Co., Project Rev., VRDO, 0.01%, 9/1/2021 (b) | 54,100 | 54,100 | ||||||
County of St. Lucie, Florida Power and Light Co., Project Rev., VRDO, 0.01%, 9/1/2021 (b) | 51,500 | 51,500 | ||||||
Florida HomeLoan Corp. Rev., VRDO, FNMA, LIQ: FNMA, 0.03%, 9/8/2021 (b) | 8,500 | 8,500 | ||||||
Florida Housing Finance Corp., Kings Terrace LLC Series 2013B, Rev., VRDO, LIQ: FHLMC, 0.02%, 9/8/2021 (b) | 12,000 | 12,000 | ||||||
Highlands County Health Facilities Authority, Adventist Health System | ||||||||
Series 2007A, Rev., VRDO, 0.02%, 9/8/2021 (b) | 7,450 | 7,450 | ||||||
Series 2012I-2, Rev., VRDO, 0.02%, 9/8/2021 (b) | 41,950 | 41,950 | ||||||
Series I-1, Rev., VRDO, 0.02%, 9/8/2021 (b) | 3,600 | 3,600 | ||||||
Hillsborough County Industrial Development Authority, Baycare Health System | ||||||||
Series 2020B, Rev., VRDO, LOC: TD Bank NA, 0.01%, 9/1/2021 (b) | 2,700 | 2,700 | ||||||
Series 2020C, Rev., VRDO, LOC: TD Bank NA, 0.02%, 9/8/2021 (b) | 25,100 | 25,100 | ||||||
Hillsborough County, Housing Finance Authority, Multi-Family Housing, Brandywine Apartments Rev., VRDO, LOC: Citibank NA, 0.06%, 9/8/2021 (b) | 5,725 | 5,725 | ||||||
Orange County Health Facilities Authority, Orlando Health, Inc. Series E, Rev., VRDO, LOC: TD Bank NA, 0.02%, 9/8/2021 (b) | 34,225 | 34,225 | ||||||
Palm Beach County Multi-Family Housing Finance Authority, Renaissance Apartments Series A, Rev., VRDO, AMT, LOC: FNMA, 0.05%, 9/8/2021 (b) | 8,090 | 8,090 | ||||||
Pinellas County Housing Finance Authority, Booker Creek Apartments Rev., VRDO, LOC: FHLMC, 0.02%, 9/8/2021 (b) | 4,070 | 4,070 | ||||||
Sunshine State Governmental Financing Commission Series 2010A, Rev., VRDO, LOC: MUFG Union Bank NA, 0.02%, 9/8/2021 (b) | 1,775 | 1,775 | ||||||
Tender Option Bond Trust Receipts/Certificates | ||||||||
Series 2019-XX1109, Rev., VRDO, LIQ: Barclays Bank plc, 0.05%, 9/8/2021 (b) (c) | 4,375 | 4,375 | ||||||
Series 2020-XG0295, Rev., VRDO, LIQ: Bank of America NA, 0.06%, 9/8/2021 (b) (c) | 6,000 | 6,000 | ||||||
Series 2021-XM0941, Rev., VRDO, LIQ: Bank of America NA, 0.06%, 9/8/2021 (b) (c) | 2,000 | 2,000 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Florida — continued |
| |||||||
Series 2021-XM0942, Rev., VRDO, LIQ: Bank of America NA, 0.06%, 9/8/2021 (b) (c) | 3,475 | 3,475 | ||||||
Series 2019-XG0252, Rev., VRDO, AMBAC, LOC: Bank of America NA, 0.07%, 9/8/2021 (b) (c) | 9,600 | 9,600 | ||||||
|
| |||||||
406,340 | ||||||||
|
| |||||||
Georgia — 0.6% |
| |||||||
Development Authority of Monroe County (The), Gulf Power Co. Plant Scherer Project Rev., VRDO, 0.02%, 9/1/2021 (b) | 2,400 | 2,400 | ||||||
Development Authority of Monroe County (The), Power and Light Co. Project Rev., VRDO, AMT, 0.03%, 9/1/2021 (b) | 25,630 | 25,630 | ||||||
Griffin-Spaulding County Development Authority, Industrial Development, Norcom, Inc. Project Rev., VRDO, LOC: Bank of America NA, 0.09%, 9/8/2021 (b) | 1,170 | 1,170 | ||||||
Tender Option Bond Trust Receipts/Certificates | ||||||||
Series 2018-ZF2614, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.05%, 9/8/2021 (b) (c) | 6,500 | 6,500 | ||||||
Series 2017-ZF0589, Rev., VRDO, LIQ: Bank of America NA, 0.06%, 9/8/2021 (b) (c) | 3,750 | 3,750 | ||||||
Series 2018-ZF0656, Rev., VRDO, LIQ: Bank of America NA, 0.06%, 9/8/2021 (b) (c) | 7,500 | 7,500 | ||||||
|
| |||||||
46,950 | ||||||||
|
| |||||||
Hawaii — 0.1% |
| |||||||
RBC Municipal Products, Inc. Trust, Floater Certificates Series G-13, GO, VRDO, LOC: Royal Bank of Canada, 0.05%, 9/8/2021 (b) (c) | 6,000 | 6,000 | ||||||
|
| |||||||
Illinois — 2.8% |
| |||||||
Chicago Midway International Airport, Second Lien Series 2004C-1, Rev., VRDO, AMT, LOC: Bank of Montreal, 0.06%, 9/8/2021 (b) | 44,415 | 44,415 | ||||||
City of Galesburg, Knox College Project Rev., VRDO, LOC: PNC Bank NA, 0.02%, 9/8/2021 (b) | 4,300 | 4,300 | ||||||
County of Kane, Glenwood School for Boys Rev., VRDO, LOC: Northern Trust Co., 0.02%, 9/8/2021 (b) | 3,450 | 3,450 | ||||||
County of Lake, A L Hansen Manufacturing Co. Project Rev., VRDO, LOC: BMO Harris Bank NA, 0.06%, 9/8/2021 (b) | 620 | 620 | ||||||
County of Lake, Multi-Family Housing, Whispering Oaks Apartments Project Rev., VRDO, LIQ: FHLMC, 0.03%, 9/8/2021 (b) | 21,500 | 21,500 |
SEE NOTES TO FINANCIAL STATEMENTS.
58 | J.P. MORGAN MONEY MARKET FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued | ||||||||
Illinois — continued |
| |||||||
Illinois Development Finance Authority, Fenwick High School Project Rev., VRDO, LOC: PNC Bank NA, 0.03%, 9/8/2021 (b) | 9,225 | 9,225 | ||||||
Illinois Development Finance Authority, St. Ignatius College Prep Rev., VRDO, LOC: PNC Bank NA, 0.03%, 9/8/2021 (b) | 4,100 | 4,100 | ||||||
Illinois Finance Authority, American Youth Hostels Project Rev., VRDO, LOC: BMO Harris Bank NA, 0.03%, 9/8/2021 (b) | 2,920 | 2,920 | ||||||
Illinois Finance Authority, Bradley University Series 2008B, Rev., VRDO, LOC: PNC Bank NA, 0.02%, 9/8/2021 (b) | 12,790 | 12,790 | ||||||
Illinois Finance Authority, Hospital Sisters Services, Inc., Obligated Group Series 2012G, Rev., VRDO, LOC: Bank of Montreal, 0.02%, 9/8/2021 (b) | 20,945 | 20,945 | ||||||
Illinois Finance Authority, Northwestern Memorial Healthcare Series 2021B, Rev., VRDO, LIQ: Royal Bank of Canada, 0.01%, 9/1/2021 (b) | 15,000 | 15,000 | ||||||
Illinois Finance Authority, The University of Chicago Rev., VRDO, 0.02%, 9/8/2021 (b) | 15,950 | 15,950 | ||||||
Illinois Finance Authority, The University of Chicago Medical Center | ||||||||
Series 2009E-1, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.02%, 9/8/2021 (b) | 18,000 | 18,000 | ||||||
Series 2011B, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.07%, 9/8/2021 (b) | 38,820 | 38,820 | ||||||
Illinois Housing Development Authority, Homeowner Mortgage Series C-3, Rev., VRDO, AMT, LIQ: FHLB, 0.04%, 9/8/2021 (b) | 4,700 | 4,700 | ||||||
Southwestern Illinois Development Authority, Molinero Inc., Project Rev., VRDO, LOC: BMO Harris Bank NA, 0.03%, 9/8/2021 (b) | 4,495 | 4,495 | ||||||
Tender Option Bond Trust Receipts/Certificates Series 2020-XL0145, Rev., VRDO, LOC: Barclays Bank plc, 0.06%, 9/8/2021 (b) (c) | 3,420 | 3,420 | ||||||
|
| |||||||
224,650 | ||||||||
|
| |||||||
Indiana — 0.3% |
| |||||||
Gary Chicago International Airport Authority, Special Purpose Facilities, Jet Center Project Rev., VRDO, LOC: BMO Harris Bank NA, 0.06%, 9/8/2021 (b) | 2,600 | 2,600 | ||||||
Indiana Finance Authority, Duke Energy Indiana, Inc. Project Series 2009A-5, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.02%, 9/1/2021 (b) | 950 | 950 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Indiana — continued |
| |||||||
Indiana Finance Authority, Lease Appropriation, Stadium Project Series 2005A-5, Rev., VRDO, LIQ: U.S. Bank NA, 0.01%, 9/1/2021 (b) | 18,925 | 18,925 | ||||||
Indiana Finance Authority, Parkview Health System, Inc. Series 2009-C, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.02%, 9/8/2021 (b) | 1,875 | 1,875 | ||||||
|
| |||||||
24,350 | ||||||||
|
| |||||||
Iowa — 2.3% |
| |||||||
County of Louisa, Pollution Control, Midwest Power System, Inc. Rev., VRDO, 0.04%, 9/8/2021 (b) | 27,400 | 27,400 | ||||||
Iowa Finance Authority, Midwestern Disaster Area, Archer-Daniels-Midland Co. Project | ||||||||
Rev., VRDO, 0.04%, 9/8/2021 (b) | 71,525 | 71,525 | ||||||
Rev., VRDO, 0.05%, 9/8/2021 (b) | 20,145 | 20,145 | ||||||
Iowa Finance Authority, Multi-Family Housing | ||||||||
Series A, Rev., VRDO, AMT, LIQ: Wells Fargo Bank NA, 0.04%, 9/8/2021 (b) | 10,855 | 10,855 | ||||||
Series B, Rev., VRDO, AMT, LIQ: Wells Fargo Bank NA, 0.04%, 9/8/2021 (b) | 7,875 | 7,875 | ||||||
Iowa Finance Authority, Single Family Mortgage-Backed Securities Program | ||||||||
Rev., VRDO, GNMA/FNMA/FHLMC, LIQ: TD Bank NA, 0.02%, 9/8/2021 (b) | 4,100 | 4,100 | ||||||
Series 2018B, Rev., VRDO, GNMA/FNMA/FHLMC, LIQ: TD Bank NA, 0.02%, 9/8/2021 (b) | 5,385 | 5,385 | ||||||
Series 2019E, Rev., VRDO, GNMA/FNMA/FHLMC, LIQ: TD Bank NA, 0.02%, 9/8/2021 (b) | 7,660 | 7,660 | ||||||
Series 2020B, Rev., VRDO, GNMA/FNMA/FHLMC, LIQ: TD Bank NA, 0.02%, 9/8/2021 (b) | 15,500 | 15,500 | ||||||
Iowa Finance Authority, Unitypoint Health Series 2013B-2, Rev., VRDO, LOC: TD Bank NA, 0.01%, 9/1/2021 (b) | 10,340 | 10,340 | ||||||
|
| |||||||
180,785 | ||||||||
|
| |||||||
Kansas — 0.7% |
| |||||||
City of Wichita Series 304, GO, 4.50%, 10/15/2021 | 40,000 | 40,209 | ||||||
Kansas Development Finance Authority, Health System Series 2011J, Rev., VRDO, LOC: U.S. Bank NA, 0.01%, 9/1/2021 (b) | 2,940 | 2,940 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 59 |
Table of Contents
JPMorgan Tax Free Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued | ||||||||
Kansas — continued |
| |||||||
RBC Municipal Products, Inc. Trust, Floater Certificates Series G-23, GO, VRDO, LOC: Royal Bank of Canada, 0.05%, 9/8/2021 (b) (c) | 12,500 | 12,500 | ||||||
|
| |||||||
55,649 | ||||||||
|
| |||||||
Louisiana — 0.3% |
| |||||||
East Baton Rouge Parish Industrial Development Board, Inc., Exxonmobile Project, Gulf Opportunity Zone | ||||||||
Series 2010B, Rev., VRDO, 0.01%, 9/1/2021 (b) | 8,100 | 8,100 | ||||||
Series A, Rev., VRDO, 0.01%, 9/1/2021 (b) | 3,635 | 3,635 | ||||||
Louisiana Public Facilities Authority, Multi-Family, Linlake Ventures Project Rev., VRDO, LIQ: FHLMC, 0.01%, 9/8/2021 (b) | 1,400 | 1,400 | ||||||
Parish of St. Charles, Pollution Control, Shell Oil Co., Norco Project Series B, Rev., VRDO, 0.01%, 9/1/2021 (b) | 8,900 | 8,900 | ||||||
Tender Option Bond Trust Receipts/Certificates Series 2019-XM0738, Rev., VRDO, 0.06%, 9/8/2021 (b) | 3,245 | 3,245 | ||||||
|
| |||||||
25,280 | ||||||||
|
| |||||||
Maine — 1.0% |
| |||||||
City of South Portland, Middle School Project GO, BAN, 0.75%, 4/15/2022 | 15,000 | 15,056 | ||||||
Maine State Housing Authority, Mortgage Purchase | ||||||||
Series 2017D-2, Rev., VRDO, AMT, LIQ: TD Bank NA, 0.04%, 9/8/2021 (b) | 46,750 | 46,750 | ||||||
Series 2015E-3, Rev., VRDO, AMT, LIQ: Citibank NA, 0.05%, 9/8/2021 (b) | 10,000 | 10,000 | ||||||
Series G, Rev., VRDO, AMT, LIQ: Bank of America NA, 0.05%, 9/8/2021 (b) | 10,055 | 10,055 | ||||||
|
| |||||||
81,861 | ||||||||
|
| |||||||
Maryland — 1.0% |
| |||||||
County of Montgomery, Trinity Health Credit Group Series 2013MD, Rev., VRDO, 0.08%, 9/8/2021 (b) | 24,500 | 24,500 | ||||||
Maryland Community Development Administration, Housing and Community Development Series 2006G, Rev., VRDO, AMT, LIQ: State Street Bank & Trust, 0.05%, 9/8/2021 (b) | 15,355 | 15,355 | ||||||
Tender Option Bond Trust Receipts/Certificates | ||||||||
Series 2018-XF2581, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.05%, 9/8/2021 (b) (c) | 6,485 | 6,485 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Maryland — continued |
| |||||||
Series 2018-ZM0618, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.05%, 9/8/2021 (b) (c) | 3,350 | 3,350 | ||||||
Series 2019-ZF2799, Rev., VRDO, LIQ: Barclays Bank plc, 0.05%, 9/8/2021 (b) (c) | 13,485 | 13,485 | ||||||
Series 2018-XG0177, Rev., VRDO, LOC: Barclays Bank plc, 0.06%, 9/8/2021 (b) (c) | 3,750 | 3,750 | ||||||
Series 2018-XF0605, Rev., VRDO, LIQ: Bank of America NA, 0.07%, 9/8/2021 (b) (c) | 3,300 | 3,300 | ||||||
Series 2018-ZM0596, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.07%, 9/8/2021 (b) (c) | 7,500 | 7,500 | ||||||
|
| |||||||
77,725 | ||||||||
|
| |||||||
Massachusetts — 1.6% |
| |||||||
Dennis and Yarmouth Regional School District, Unlimited Tax GO, BAN, 2.00%, 10/6/2021 | 11,563 | 11,583 | ||||||
Massachusetts Development Finance Agency, Boston College Issue Series 2020U, Rev., 5.00%, 7/1/2022 | 100 | 104 | ||||||
Massachusetts Development Finance Agency, First Mortgage Brookhaven Series 2005B, Rev., VRDO, LOC: Bank of America NA, 0.04%, 9/8/2021 (b) | 1,400 | 1,400 | ||||||
Massachusetts Development Finance Agency, Partners Healthcare System Issue Series K-1, Rev., VRDO, LIQ: Wells Fargo Bank NA, 0.02%, 9/8/2021 (b) | 21,895 | 21,895 | ||||||
Massachusetts Health and Educational Facilities Authority, Capital Asset Program | ||||||||
Series M-2, Rev., VRDO, LOC: Bank of America NA, 0.04%, 9/8/2021 (b) | 1,145 | 1,145 | ||||||
Series M-4A, Rev., VRDO, LOC: Bank of America NA, 0.04%, 9/8/2021 (b) | 950 | 950 | ||||||
Massachusetts Housing Finance Agency, Single Family Housing Series 208, Rev., VRDO, LIQ: Royal Bank of Canada, 0.02%, 9/8/2021 (b) | 3,400 | 3,400 | ||||||
RBC Municipal Products, Inc. Trust, Floater Certificates Series E-148, GO, VRDO, LOC: Royal Bank of Canada, 0.05%, 9/8/2021 (b) (c) | 10,000 | 10,000 | ||||||
Tender Option Bond Trust Receipts/Certificates | ||||||||
Series 2018-XF2692, Rev., VRDO, 0.03%, 9/8/2021 (b) | 4,190 | 4,190 | ||||||
Series 2020-XM0915, GO, VRDO, LIQ: Wells Fargo Bank NA, 0.05%, 9/8/2021 (b) (c) | 6,750 | 6,750 | ||||||
Town of Holbrook GO, BAN, 1.50%, 3/17/2022 | 8,343 | 8,403 |
SEE NOTES TO FINANCIAL STATEMENTS.
60 | J.P. MORGAN MONEY MARKET FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued | ||||||||
Massachusetts — continued |
| |||||||
Town of Seekonk GO, BAN, 1.25%, 9/10/2021 | 9,708 | 9,710 | ||||||
Town of Swampscott GO, BAN, 1.25%, 3/11/2022 | 6,455 | 6,491 | ||||||
Town of Westborough GO, BAN, 2.00%, 3/29/2022 | 38,367 | 38,766 | ||||||
|
| |||||||
124,787 | ||||||||
|
| |||||||
Michigan — 2.6% |
| |||||||
Michigan State Housing Development Authority | ||||||||
Series C, Rev., VRDO, LIQ: U.S. Bank NA, 0.02%, 9/8/2021 (b) | 5,110 | 5,110 | ||||||
Series A, Rev., VRDO, AMT, LOC: Bank of America NA, 0.05%, 9/8/2021 (b) | 20,340 | 20,340 | ||||||
Michigan State Housing Development Authority, Rental Housing | ||||||||
Series 2016C, Rev., VRDO, AMT, LIQ: Royal Bank of Canada, 0.05%, 9/8/2021 (b) | 53,525 | 53,525 | ||||||
Series 2016D, Rev., VRDO, AMT, LOC: Bank of America NA, 0.05%, 9/8/2021 (b) | 18,630 | 18,630 | ||||||
Series 2018C, Rev., VRDO, AMT, LOC: Bank of America NA, 0.05%, 9/8/2021 (b) | 20,335 | 20,335 | ||||||
Michigan State Housing Development Authority, Single Family Mortgage Series 2007E, Rev., VRDO, AMT, LIQ: Royal Bank of Canada, 0.05%, 9/8/2021 (b) | 24,380 | 24,380 | ||||||
Rib Floater Trust Various States Series 2018-009, Rev., VRDO, LOC: Barclays Bank plc, 0.06%, 9/8/2021 (b) (c) | 40,950 | 40,950 | ||||||
Tender Option Bond Trust Receipts/Certificates | ||||||||
Series 2017-XF0597, Rev., VRDO, 0.05%, 9/8/2021 (b) | 3,000 | 3,000 | ||||||
Series 2017-XG0158, Rev., VRDO, LIQ: Bank of America NA, 0.05%, 9/8/2021 (b) (c) | 4,075 | 4,075 | ||||||
Series 2018-XG0186, Rev., VRDO, LIQ: Bank of America NA, 0.05%, 9/8/2021 (b) (c) | 21,540 | 21,540 | ||||||
|
| |||||||
211,885 | ||||||||
|
| |||||||
Minnesota — 0.9% |
| |||||||
City of Rochester, Bella Grove Apartments Project Series 2019B, Rev., VRDO, LOC: United Fidelity Bank, 0.02%, 9/8/2021 (b) | 1,000 | 1,000 | ||||||
Minnesota Housing Finance Agency, Residential Housing Finance | ||||||||
Series 2015G, Rev., VRDO, AMT, LIQ: Royal Bank of Canada, 0.02%, 9/8/2021 (b) | 945 | 945 | ||||||
Series 2017F, Rev., VRDO, AMT, GNMA/FNMA/FHLMC, LIQ: Royal Bank of Canada, 0.02%, 9/8/2021 (b) | 31,100 | 31,100 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Minnesota — continued |
| |||||||
Series 2016F, Rev., VRDO, AMT, GNMA/FNMA/FHLMC COLL, LIQ: FHLB, 0.04%, 9/8/2021 (b) | 35,075 | 35,075 | ||||||
Series 2017-C, Rev., VRDO, AMT, GNMA/FNMA/FHLMC COLL, LIQ: FHLB, 0.04%, 9/8/2021 (b) | 4,800 | 4,800 | ||||||
|
| |||||||
72,920 | ||||||||
|
| |||||||
Mississippi — 0.8% | ||||||||
County of Jackson, Port Facility, Chevron USA, Inc. Project Rev., VRDO, 0.01%, 9/1/2021 (b) | 1,950 | 1,950 | ||||||
Mississippi Business Finance Corp., Gulf Opportunity Zone Industrial Development, Chevron Corp. Series 2007A, Rev., VRDO, 0.01%, 9/1/2021 (b) | 22,200 | 22,200 | ||||||
Mississippi Business Finance Corp., Gulf Opportunity Zone Industrial Development, Chevron USA, Inc. Project | ||||||||
Series 2007B, Rev., VRDO, 0.01%, 9/1/2021 (b) | 3,915 | 3,915 | ||||||
Series 2007C, Rev., VRDO, 0.01%, 9/1/2021 (b) | 15,865 | 15,865 | ||||||
Series 2007E, Rev., VRDO, 0.01%, 9/1/2021 (b) | 470 | 470 | ||||||
Series 2009A, Rev., VRDO, 0.01%, 9/1/2021 (b) | 2,235 | 2,235 | ||||||
Series 2009B, Rev., VRDO, 0.01%, 9/1/2021 (b) | 1,640 | 1,640 | ||||||
Series 2009C, Rev., VRDO, 0.01%, 9/1/2021 (b) | 1,070 | 1,070 | ||||||
Series 2010G, Rev., VRDO, 0.01%, 9/1/2021 (b) | 1,050 | 1,050 | ||||||
Series 2010K, Rev., VRDO, 0.01%, 9/1/2021 (b) | 2,305 | 2,305 | ||||||
Series 2011A, Rev., VRDO, 0.01%, 9/1/2021 (b) | 1,695 | 1,695 | ||||||
Series 2011D, Rev., VRDO, 0.01%, 9/1/2021 (b) | 1,350 | 1,350 | ||||||
Series B, Rev., VRDO, 0.01%, 9/1/2021 (b) | 400 | 400 | ||||||
Series 2010A, Rev., VRDO, 0.02%, 9/8/2021 (b) | 10,000 | 10,000 | ||||||
|
| |||||||
66,145 | ||||||||
|
| |||||||
Missouri — 1.3% |
| |||||||
Health & Educational Facilities Authority of the State of Missouri, Ranken Technical College Series 2011-B, Rev., VRDO, LOC: Northern Trust Co., 0.01%, 9/1/2021 (b) | 500 | 500 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 61 |
Table of Contents
JPMorgan Tax Free Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued | ||||||||
Missouri — continued |
| |||||||
Health and Educational Facilities Authority of the State of Missouri, BJC Health System | ||||||||
Series 2008A, Rev., VRDO, LIQ: U.S. Bank NA, 0.02%, 9/8/2021 (b) | 15,695 | 15,695 | ||||||
Series C, Rev., VRDO, LIQ: BJC Health System, 0.02%, 9/8/2021 (b) | 5,125 | 5,125 | ||||||
Industrial Development Authority of the City of St. Louis Missouri (The), Parkview Health System Obligated Group Rev., VRDO, LOC: FHLMC, 0.02%, 9/8/2021 (b) | 1,550 | 1,550 | ||||||
Industrial Development Authority of the City of St. Louis Missouri , Mid-America Transplant Services Project Rev., VRDO, LOC: BMO Harris Bank NA, 0.03%, 9/1/2021 (b) | 1,000 | 1,000 | ||||||
Missouri Development Finance Board, Cultural Facilities, Kauffman Center For The Performing Arts Project Series 2007A, Rev., VRDO, LIQ: PNC Bank NA, 0.01%, 9/1/2021 (b) | 10,725 | 10,725 | ||||||
RBC Municipal Products, Inc. Trust, Floater Certificates Series C17, Rev., VRDO, LOC: Royal Bank of Canada, 0.07%, 9/8/2021 (b) | 14,000 | 14,000 | ||||||
Tender Option Bond Trust Receipts/Certificates | ||||||||
Series 2021-XF1214, Rev., VRDO, LIQ: Royal Bank of Canada, 0.05%, 9/8/2021 (b) (c) | 2,000 | 2,000 | ||||||
Series 2020-XG0300, Rev., VRDO, LOC: Bank of America NA, 0.06%, 9/8/2021 (b) (c) | 7,500 | 7,500 | ||||||
Series 2020-XG0303, Rev., VRDO, AGM, LOC: Barclays Bank plc, 0.06%, 9/8/2021 (b) (c) | 12,605 | 12,605 | ||||||
Series 2018-XG0184, Rev., VRDO, LOC: Citibank NA, 0.07%, 9/8/2021 (b) | 5,000 | 5,000 | ||||||
Series XF0536, Rev., VRDO, LOC: Royal Bank of Canada, 0.08%, 9/8/2021 (b) | 25,050 | 25,050 | ||||||
|
| |||||||
100,750 | ||||||||
|
| |||||||
Nebraska — 0.2% |
| |||||||
Tender Option Bond Trust Receipts/Certificates | ||||||||
Series 2021-XL0174, Rev., VRDO, LIQ: Bank of America NA, 0.04%, 9/8/2021 (b) (c) | 8,000 | 8,000 | ||||||
Series 2018-XF2558, Rev., VRDO, 0.07%, 9/8/2021 (b) | 8,000 | 8,000 | ||||||
|
| |||||||
16,000 | ||||||||
|
| |||||||
Nevada — 0.7% |
| |||||||
County of Clark, Limited Tax Series 2008A, GO, VRDO, AMT, LIQ: State Street Bank & Trust, 0.04%, 9/8/2021 (b) | 10,000 | 10,000 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Nevada — continued |
| |||||||
County of Clark, Southwest Gas Corp. Project Series 2008A, Rev., VRDO, AMT, LOC: MUFG Union Bank NA, 0.04%, 9/8/2021 (b) | 30,000 | 30,000 | ||||||
Nevada Housing Division, Multi-Unit Housing Series A, Rev., VRDO, LOC: FNMA, 0.04%, 9/8/2021 (b) | 7,050 | 7,050 | ||||||
Tender Option Bond Trust Receipts/Certificates | ||||||||
Series 2019-G98, GO, VRDO, 0.05%, 9/8/2021 (b) | 4,750 | 4,750 | ||||||
Series 2026-XM0866, Rev., VRDO, LOC: Royal Bank of Canada, 0.06%, 9/8/2021 (b) | 5,000 | 5,000 | ||||||
|
| |||||||
56,800 | ||||||||
|
| |||||||
New Jersey — 4.2% |
| |||||||
Borough of Beachwood, General Improvement Water Utility Series 2021A, GO, BAN, 1.00%, 3/3/2022 | 15,326 | 15,390 | ||||||
City of Clifton, Sewer Utility GO, BAN, 1.25%, 9/29/2021 | 38,334 | 38,362 | ||||||
City of Englewood GO, BAN, 1.00%, 3/23/2022 | 8,908 | 8,949 | ||||||
City of Vineland GO, BAN, 1.25%, 11/10/2021 | 16,400 | 16,430 | ||||||
City of Wildwood, Water and Sewer Utility GO, BAN, 2.00%, 10/15/2021 | 23,233 | 23,280 | ||||||
New Jersey Housing & Mortgage Finance Agency Series 5, Rev., VRDO, AMT, LOC: Citibank NA, 0.04%, 9/8/2021 (b) | 23,900 | 23,900 | ||||||
Rib Floater Trust Various States Series 2018-020, Rev., VRDO, LIQ: Barclays Bank plc, 0.07%, 9/8/2021 (b) (c) | 38,615 | 38,615 | ||||||
Tender Option Bond Trust Receipts/Certificates | ||||||||
Series 2018-XX1093, Rev., VRDO, LOC: Barclays Bank plc, 0.05%, 9/8/2021 (b) (c) | 9,300 | 9,300 | ||||||
Series 2021-XM0943, Rev., VRDO, LIQ: Bank of America NA, 0.05%, 9/8/2021 (b) (c) | 5,000 | 5,000 | ||||||
Township of Maple Shade, General Capital, Water and Sewer System GO, BAN, 1.25%, 9/1/2021 | 12,000 | 12,000 | ||||||
Township of Maplewood GO, BAN, 1.00%, 7/29/2022 | 8,900 | 8,970 | ||||||
Township of Union GO, BAN, 2.00%, 1/27/2022 | 25,123 | 25,311 | ||||||
Township of Woodbridge GO, BAN, 1.00%, 3/18/2022 | 83,605 | 83,981 | ||||||
Township of Woodbridge, General Sewer Utility GO, BAN, 2.00%, 10/15/2021 | 24,360 | 24,410 | ||||||
|
| |||||||
333,898 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
62 | J.P. MORGAN MONEY MARKET FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued | ||||||||
New Mexico — 0.0% (d) |
| |||||||
New Mexico Mortgage Finance Authority Series 2008-B, Rev., VRDO, LOC: FHLMC, 0.02%, 9/8/2021 (b) | 2,675 | 2,675 | ||||||
|
| |||||||
New York — 15.4% |
| |||||||
Battery Park City Authority Series 2019D-1, Rev., VRDO, LIQ: TD Bank NA, 0.02%, 9/8/2021 (b) | 25,000 | 25,000 | ||||||
City of New York, Fiscal Year 2006 | ||||||||
Series I, Subseries I-4, GO, VRDO, LOC: TD Bank NA, 0.01%, 9/1/2021 (b) | 33,715 | 33,715 | ||||||
Series I, Subseries I-8, GO, VRDO, LIQ: State Street Bank & Trust, 0.01%, 9/1/2021 (b) | 10,060 | 10,060 | ||||||
City of New York, Fiscal Year 2012 Series D, Subseries D-3A, GO, VRDO, LIQ: Bank of New York Mellon Corp. (The), 0.01%, 9/1/2021 (b) | 2,725 | 2,725 | ||||||
City of New York, Fiscal Year 2013 Subseries A-3, GO, VRDO, LOC: Mizuho Bank Ltd., 0.01%, 9/1/2021 (b) | 12,980 | 12,980 | ||||||
City of New York, Fiscal Year 2014 Series D, Subseries D-4, GO, VRDO, LOC: TD Bank NA, 0.01%, 9/1/2021 (b) | 250 | 250 | ||||||
City of New York, Fiscal Year 2017 Subseries 2017A-7, GO, VRDO, LOC: Bank of the West, 0.02%, 9/1/2021 (b) | 3,325 | 3,325 | ||||||
City of New York, Fiscal Year 2018 | ||||||||
Series B, Subseries B-4, GO, VRDO, LIQ: Barclays Bank plc, 0.01%, 9/1/2021 (b) | 10,000 | 10,000 | ||||||
Series B, Subseries B-5, GO, VRDO, LIQ: Barclays Bank plc, 0.01%, 9/1/2021 (b) | 9,770 | 9,770 | ||||||
County of Ulster GO, BAN, 1.25%, 11/18/2021 | 19,290 | 19,330 | ||||||
Gorham-Middlesex Central School District GO, BAN, 1.00%, 6/23/2022 | 29,796 | 29,995 | ||||||
Horseheads Central School District GO, BAN, 1.00%, 6/23/2022 | 82,328 | 82,892 | ||||||
Johnson City Central School District Series 2021A, GO, BAN, 1.00%, 6/28/2022 | 22,000 | 22,150 | ||||||
Metropolitan Transportation Authority Series 2005 E-1, Rev., VRDO, LOC: Barclays Bank plc, 0.01%, 9/8/2021 (b) | 35,000 | �� | 35,000 | |||||
Metropolitan Transportation Authority, Dedicated Tax Fund | ||||||||
Series 2008A-2B, Rev., VRDO, LOC: PNC Bank NA, 0.03%, 9/8/2021 (b) | 22,555 | 22,555 | ||||||
Series 2008B-3C, Rev., VRDO, LOC: PNC Bank NA, 0.03%, 9/8/2021 (b) | 6,530 | 6,530 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
New York — continued |
| |||||||
New York City Housing Development Corp., Multi-Family Rental Housing, West 89th Street Development Series A, Rev., VRDO, LOC: FNMA, 0.05%, 9/8/2021 (b) | 3,830 | 3,830 | ||||||
New York City Housing Development Corp., West 26th Street Development Series 2011A, Rev., VRDO, AMT, LIQ: FHLMC, 0.04%, 9/8/2021 (b) | 16,700 | 16,700 | ||||||
New York City Industrial Development Agency, Empowerment Zone, Tiago Holdings LLC Project Rev., VRDO, LOC: TD Bank NA, 0.02%, 9/8/2021 (b) | 23,380 | 23,380 | ||||||
New York City Transitional Finance Authority, Future Tax Secured Subseries D-4, Rev., VRDO, LIQ: Mizuho Bank Ltd., 0.03%, 9/8/2021 (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, 0.01%, 9/1/2021 (b) | 855 | 855 | ||||||
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2011 | ||||||||
Subseries 2011A-4, Rev., VRDO, LIQ: Barclays Bank plc, 0.01%, 9/1/2021 (b) | 20,160 | 20,160 | ||||||
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2014 Subseries D-3, Rev., VRDO, LIQ: Mizuho Bank Ltd., 0.01%, 9/1/2021 (b) | 9,700 | 9,700 | ||||||
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2015 | ||||||||
Subseries A-3, Rev., VRDO, LIQ: Mizuho Bank Ltd., 0.01%, 9/1/2021 (b) | 1,970 | 1,970 | ||||||
Subseries A-4, Rev., VRDO, LIQ: Mizuho Bank Ltd., 0.01%, 9/1/2021 (b) | 3,350 | 3,350 | ||||||
New York City Water and Sewer System, Fiscal Year 2003 Subseries F-1-A, Rev., VRDO, LIQ: Barclays Bank plc, 0.02%, 9/8/2021 (b) | 14,595 | 14,595 | ||||||
New York City Water and Sewer System, Fiscal Year 2012 | ||||||||
Subseries A-1, Rev., VRDO, LIQ: Mizuho Bank Ltd., 0.01%, 9/1/2021 (b) | 1,965 | 1,965 | ||||||
Subseries A-2, Rev., VRDO, LIQ: Mizuho Bank Ltd., 0.01%, 9/1/2021 (b) | 1,300 | 1,300 | ||||||
New York City Water and Sewer System, Second General Resolution Series BB-1B, Rev., VRDO, LIQ: State Street Bank & Trust, 0.02%, 9/1/2021 (b) | 16,500 | 16,500 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 63 |
Table of Contents
JPMorgan Tax Free Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued | ||||||||
New York — continued |
| |||||||
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2001 Subseries F-1, Rev., VRDO, LIQ: Mizuho Bank Ltd., 0.01%, 9/1/2021 (b) | 17,230 | 17,230 | ||||||
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2008 Series 2008BB-2, Rev., VRDO, LIQ: Bank of America NA, 0.01%, 9/1/2021 (b) | 9,000 | 9,000 | ||||||
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2009 Series 2009BB-1, Rev., VRDO, LIQ: UBS AG, 0.01%, 9/1/2021 (b) | 15,990 | 15,990 | ||||||
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2010 Series 2010CC, Rev., VRDO, LIQ: Barclays Bank plc, 0.01%, 9/8/2021 (b) | 20,350 | 20,350 | ||||||
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2011 Series DD-1, Rev., VRDO, LIQ: TD Bank NA, 0.01%, 9/1/2021 (b) | 7,035 | 7,035 | ||||||
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2014 | ||||||||
Series AA, Subseries AA1, Rev., VRDO, LIQ: TD Bank NA, 0.01%, 9/1/2021 (b) | 950 | 950 | ||||||
Series AA, Subseries AA-5, Rev., VRDO, LIQ: Mizuho Bank Ltd., 0.01%, 9/1/2021 (b) | 20,245 | 20,245 | ||||||
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2016 Series AA-2, Rev., VRDO, LIQ: PNC Bank NA, 0.03%, 9/8/2021 (b) | 4,555 | 4,555 | ||||||
New York State Dormitory Authority, City University System, CONS Fifth General Resolution Series 2008D, Rev., VRDO, LOC: TD Bank NA, 0.02%, 9/8/2021 (b) | 25,305 | 25,305 | ||||||
New York State Energy Research and Development Authority, Consolidated Edison Co., Inc. Project | ||||||||
Subseries A-3, Rev., VRDO, LOC: Mizuho Bank Ltd., 0.02%, 9/8/2021 (b) | 920 | 920 | ||||||
Series 2010A-3, Rev., VRDO, LOC: The Bank of Nova Scotia, 0.03%, 9/8/2021 (b) | 50,000 | 50,000 | ||||||
Series A, Subseries A-4, Rev., VRDO, LOC: The Bank of Nova Scotia, 0.03%, 9/8/2021 (b) | 15,000 | 15,000 | ||||||
Subseries C-2, Rev., VRDO, LOC: Mizuho Bank Ltd., 0.03%, 9/8/2021 (b) | 2,910 | 2,910 | ||||||
New York State Housing Finance Agency | ||||||||
Series 2009A, Rev., VRDO, LOC: FNMA, 0.01%, 9/8/2021 (b) | 19,830 | 19,830 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
New York — continued |
| |||||||
Series 2008-A, Rev., VRDO, LIQ: FHLMC, 0.06%, 9/8/2021 (b) | 14,000 | 14,000 | ||||||
New York State Housing Finance Agency, 330 Riverdale Avenue Apartments Series 2008A, Rev., VRDO, LOC: Bank of America NA, 0.02%, 9/8/2021 (b) | 10,750 | 10,750 | ||||||
New York State Housing Finance Agency, 360 West 43rd Street Housing Series A, Rev., VRDO, LOC: FNMA, 0.05%, 9/8/2021 (b) | 2,400 | 2,400 | ||||||
New York State Housing Finance Agency, 42nd and 10th Associates LLC Series 2007A, Rev., VRDO, AMT, LIQ: FHLMC, 0.03%, 9/8/2021 (b) | 58,460 | 58,460 | ||||||
New York State Housing Finance Agency, Saxony Housing Series A, Rev., VRDO, AMT, LOC: FNMA, 0.06%, 9/8/2021 (b) | 32,900 | 32,900 | ||||||
New York State Housing Finance Agency, Tribeca Pointe LLC Series A, Rev., VRDO, LOC: FNMA, 0.05%, 9/8/2021 (b) | 1,500 | 1,500 | ||||||
New York State Housing Finance Agency, West 23rd Street Housing Series 2002A, Rev., VRDO, LOC: FNMA, 0.05%, 9/8/2021 (b) | 47,600 | 47,600 | ||||||
New York State Housing Finance Agency, Weyant Green Apartments Series 2007A, Rev., VRDO, LOC: FNMA, 0.05%, 9/8/2021 (b) | 100 | 100 | ||||||
New York State Housing Finance Agency, Worth Street Series A, Rev., VRDO, LOC: FNMA, 0.05%, 9/8/2021 (b) | 3,400 | 3,400 | ||||||
New York State Housing Finance Agency, Worth Street, 23rd Chelsea Assocs LLC Series A, Rev., VRDO, LOC: FNMA, 0.05%, 9/8/2021 (b) | 2,100 | 2,100 | ||||||
New York Wire Co. Series E-146, Rev., VRDO, LOC: Royal Bank of Canada, 0.05%, 9/8/2021 (b) | 41,225 | 41,225 | ||||||
Phoenix Central School District GO, BAN, 1.00%, 6/30/2022 | 26,215 | 26,392 | ||||||
RBC Municipal Products, Inc. Trust, Floater Certificates (Canada) | ||||||||
Series E-24, Rev., VRDO, LOC: Royal Bank of Canada, 0.03%, 9/1/2021 (b) (c) | 17,605 | 17,605 | ||||||
Series E-137, Rev., VRDO, LOC: Royal Bank of Canada, 0.05%, 9/8/2021 (b) | 10,000 | 10,000 | ||||||
Series E-86, GO, VRDO, LOC: Royal Bank of Canada, 0.05%, 9/8/2021 (b) (c) | 19,165 | 19,165 | ||||||
Series E-87, GO, VRDO, LOC: Royal Bank of Canada, 0.05%, 9/8/2021 (b) (c) | 14,600 | 14,600 | ||||||
Series E-88, GO, VRDO, LOC: Royal Bank of Canada, 0.05%, 9/8/2021 (b) (c) | 25,835 | 25,835 |
SEE NOTES TO FINANCIAL STATEMENTS.
64 | J.P. MORGAN MONEY MARKET FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued | ||||||||
New York — continued |
| |||||||
Series E-99, Rev., VRDO, LOC: Royal Bank of Canada, 0.05%, 9/8/2021 (b) (c) | 27,000 | �� | 27,000 | |||||
Rome City School District GO, BAN, 1.50%, 7/27/2022 | 14,065 | 14,237 | ||||||
Schalmont Central School District Series 2020A, GO, BAN, 1.00%, 9/2/2021 | 17,458 | 17,458 | ||||||
South Lewis Central School District GO, BAN, 1.00%, 7/29/2022 | 36,490 | 36,778 | ||||||
Tender Option Bond Trust Receipts/Certificates | ||||||||
Series E-118, GO, VRDO, 0.03%, 9/1/2021 (b) | 4,900 | 4,900 | ||||||
Series 2018-E-129, Rev., VRDO, 0.05%, 9/8/2021 (b) | 35,000 | 35,000 | ||||||
Series 2020-YX1158, Rev., VRDO, LIQ: Barclays Bank plc, 0.05%, 9/8/2021 (b) (c) | 6,740 | 6,740 | ||||||
Series 2021-XF2932, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.05%, 9/8/2021 (b) (c) | 8,950 | 8,950 | ||||||
Series 2021-XL0165, GO, VRDO, LIQ: Bank of America NA, 0.05%, 9/8/2021 (b) (c) | 4,445 | 4,445 | ||||||
Series 2021-XM0933, GO, VRDO, LIQ: Bank of America NA, 0.05%, 9/8/2021 (b) (c) | 6,000 | 6,000 | ||||||
Series 2021-XM0937, GO, VRDO, LIQ: Bank of America NA, 0.05%, 9/8/2021 (b) (c) | 2,905 | 2,905 | ||||||
Series 2016-ZF0381, Rev., VRDO, LIQ: TD Bank NA, 0.06%, 9/8/2021 (b) (c) | 4,370 | 4,370 | ||||||
Series 2018-XF0685, Rev., VRDO, LIQ: TD Bank NA, 0.06%, 9/8/2021 (b) (c) | 20,000 | 20,000 | ||||||
Series 2020-XF2878, Rev., VRDO, LOC: Barclays Bank plc, 0.06%, 9/8/2021 (b) (c) | 16,730 | 16,730 | ||||||
Series 2020-XF2903, Rev., VRDO, LOC: Barclays Bank plc, 0.06%, 9/8/2021 (b) (c) | 13,600 | 13,600 | ||||||
Series 2018-E-126, Rev., VRDO, LOC: Royal Bank of Canada, 0.07%, 9/8/2021 (b) | 35,000 | 35,000 | ||||||
|
| |||||||
1,234,672 | ||||||||
|
| |||||||
North Carolina — 1.5% |
| |||||||
Charlotte-Mecklenburg Hospital Authority (The), Atrium Healthcare Series 2021E, Rev., VRDO, LOC: Royal Bank of Canada, 0.01%, 9/1/2021 (b) | 23,715 | 23,715 | ||||||
City of Raleigh, Downtown Improvement Projects | ||||||||
Series 2004A, COP, VRDO, LIQ: Wells Fargo Bank NA, 0.02%, 9/8/2021 (b) | 850 | 850 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
North Carolina — continued |
| |||||||
Series 2005-B-2, COP, VRDO, LIQ: PNC Bank NA, 0.03%, 9/8/2021 (b) | 31,335 | 31,335 | ||||||
Person County Industrial Facilities and Pollution Control Financing Authority, Recovery Zone Facility, CertainTeed Gypsum, Inc. Rev., VRDO, LOC: Credit Industriel et Commercial, 0.05%, 9/8/2021 (b) | 41,375 | 41,375 | ||||||
University of North Carolina, Hospital at Chapel Hill Series 2001 A, Rev., VRDO, LIQ: TD Bank NA, 0.01%, 9/1/2021 (b) | 20,200 | 20,200 | ||||||
|
| |||||||
117,475 | ||||||||
|
| |||||||
Ohio — 1.1% |
| |||||||
City of Blue Ash, Economic Development, Ursuline Academy of Cincinnati Project Rev., VRDO, LOC: PNC Bank NA, 0.03%, 9/8/2021 (b) | 200 | 200 | ||||||
County of Hamilton, Hospital Facilities, The Elizabeth Gamble Deaconess Home Association | ||||||||
Series 2002A, Rev., VRDO, LOC: Northern Trust Co., 0.02%, 9/8/2021 (b) | 10,350 | 10,350 | ||||||
Series 2002B, Rev., VRDO, LOC: PNC Bank NA, 0.05%, 9/8/2021 (b) | 7,500 | 7,500 | ||||||
State of Ohio, University Hospitals Health System, Inc. Series 2018 B, Rev., VRDO, LOC: PNC Bank NA, 0.02%, 9/8/2021 (b) | 5,470 | 5,470 | ||||||
Tender Option Bond Trust Receipts/Certificates | ||||||||
Series 2019-E132, Rev., VRDO, LOC: Royal Bank of Canada, 0.05%, 9/8/2021 (b) | 42,350 | 42,350 | ||||||
Series 2019-E-134, Rev., VRDO, LOC: Royal Bank of Canada, 0.05%, 9/8/2021 (b) | 11,870 | 11,870 | ||||||
Series G-30, GO, VRDO, LOC: Royal Bank of Canada, 0.05%, 9/8/2021 (b) | 3,905 | 3,905 | ||||||
Series 2020-XF2889, Rev., VRDO, LOC: Barclays Bank plc, 0.06%, 9/8/2021 (b) (c) | 4,705 | 4,705 | ||||||
|
| |||||||
86,350 | ||||||||
|
| |||||||
Oklahoma — 0.2% |
| |||||||
Oklahoma Development Finance Authority Series E-140, Rev., VRDO, 0.05%, 9/8/2021 (b) | 12,400 | 12,400 | ||||||
|
| |||||||
Oregon — 0.3% |
| |||||||
Port of Portland, Special Obligation, Horizon Air Industries, Inc. Rev., VRDO, LOC: Bank of America NA, 0.06%, 9/1/2021 (b) | 14,775 | 14,775 | ||||||
State of Oregon, Veterans Welfare Series 2017O, GO, VRDO, LIQ: U.S. Bank NA, 0.01%, 9/1/2021 (b) | 2,590 | 2,590 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 65 |
Table of Contents
JPMorgan Tax Free Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued | ||||||||
Oregon — continued |
| |||||||
Tender Option Bond Trust Receipts/Certificates Series 2018-ZM0637, Rev., VRDO, 0.05%, 9/8/2021 (b) | 7,500 | 7,500 | ||||||
|
| |||||||
24,865 | ||||||||
|
| |||||||
Other — 1.2% |
| |||||||
FHLMC, Multi-Family VRD Certificates | ||||||||
Series M019, Class A, Rev., VRDO, LIQ: FHLMC, 0.05%, 9/8/2021 (b) (c) | 31,062 | 31,062 | ||||||
Series M020, Class A, Rev., VRDO, LIQ: FHLMC, 0.05%, 9/8/2021 (b) (c) | 3,311 | 3,311 | ||||||
Series M021, Class A, Rev., VRDO, LIQ: FHLMC, 0.05%, 9/8/2021 (b) (c) | 37,015 | 37,015 | ||||||
Series M025, Class A, Rev., VRDO, LIQ: FHLMC, 0.06%, 9/8/2021 (b) (c) | 18,530 | 18,530 | ||||||
Series M026, Class A, Rev., VRDO, LIQ: FHLMC, 0.06%, 9/8/2021 (b) (c) | 8,625 | 8,625 | ||||||
|
| |||||||
98,543 | ||||||||
|
| |||||||
Pennsylvania — 4.3% |
| |||||||
County of Allegheny | ||||||||
Series C-50, GO, VRDO, LOC: PNC Bank NA, 0.02%, 9/8/2021 (b) | 24,360 | 24,360 | ||||||
Series C-51, GO, VRDO, LOC: PNC Bank NA, 0.02%, 9/8/2021 (b) | 12,000 | 12,000 | ||||||
Delaware Valley Regional Finance Authority, Local Government | ||||||||
Series 2020A, Rev., VRDO, LOC: TD Bank NA, 0.02%, 9/8/2021 (b) | 10,000 | 10,000 | ||||||
Series 2020D, Rev., VRDO, LOC: TD Bank NA, 0.02%, 9/8/2021 (b) | 13,275 | 13,275 | ||||||
Montgomery County Redevelopment Authority, Multi-Family Housing, Brookside Manors Apartments Project Series 2001A, Rev., VRDO, LOC: FNMA, 0.02%, 9/8/2021 (b) | 17,710 | 17,710 | ||||||
Montgomery County Redevelopment Authority, Multi-Family Housing, Kingswood Apartments Project Series 2001A, Rev., VRDO, LOC: FNMA, 0.08%, 9/8/2021 (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, 0.12%, 9/8/2021 (b) | 15,000 | 15,000 | ||||||
Pennsylvania Higher Educational Facilities Authority, Pennsylvania Health System Series A, Rev., VRDO, LOC: Bank of America NA, 0.02%, 9/8/2021 (b) | 1,000 | 1,000 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Pennsylvania — continued |
| |||||||
Pennsylvania Higher Educational Facilities Authority, Susquehanna University Project Series 2001 H9, Rev., VRDO, LOC: PNC Bank NA, 0.02%, 9/8/2021 (b) | 3,100 | 3,100 | ||||||
Pennsylvania Turnpike Commission Series 2019-2, Rev., VRDO, LOC: TD Bank NA, 0.02%, 9/8/2021 (b) | 25,050 | 25,050 | ||||||
Philadelphia Gas Works Co., 1998 General Ordinance | ||||||||
Series B, Rev., VRDO, LOC: TD Bank NA, 0.02%, 9/8/2021 (b) | 18,115 | 18,115 | ||||||
Series D, Rev., VRDO, LOC: TD Bank NA, 0.02%, 9/8/2021 (b) | 3,560 | 3,560 | ||||||
Series E, Rev., VRDO, LOC: TD Bank NA, 0.02%, 9/8/2021 (b) | 24,770 | 24,770 | ||||||
RBC Municipal Products, Inc. Trust, Floater Certificates | ||||||||
Series E-111, Rev., VRDO, LOC: Royal Bank of Canada, 0.03%, 9/1/2021 (b) (c) | 635 | 635 | ||||||
Series E-101, Rev., VRDO, LOC: Royal Bank of Canada, 0.05%, 9/8/2021 (b) (c) | 113,050 | 113,050 | ||||||
Tender Option Bond Trust Receipts/Certificates | ||||||||
Series 2019-ZF2779, Rev., VRDO, LIQ: Barclays Bank plc, 0.05%, 9/8/2021 (b) (c) | 5,070 | 5,070 | ||||||
Series 2018-XG0201, Rev., VRDO, GTD, LOC: Barclays Bank plc, 0.06%, 9/8/2021 (b) (c) | 45,000 | 45,000 | ||||||
|
| |||||||
348,775 | ||||||||
|
| |||||||
Rhode Island — 0.1% |
| |||||||
Rhode Island Health and Educational Building Corp., Educational Institution, International Institute of Rhode Island Rev., VRDO, LOC: Bank of America NA, 0.06%, 9/8/2021 (b) | 1,210 | 1,210 | ||||||
Rhode Island Industrial Facilities Corp., Marine Terminal, ExxonMobil Project Rev., VRDO, 0.01%, 9/1/2021 (b) | 1,395 | 1,395 | ||||||
Tender Option Bond Trust Receipts/Certificates Series 2018-XF2559, Rev., VRDO, 0.05%, 9/8/2021 (b) | 9,000 | 9,000 | ||||||
|
| |||||||
11,605 | ||||||||
|
| |||||||
South Carolina — 1.2% |
| |||||||
County Square Redevelopment Corp., Greenville County, South Carolina Project Rev., BAN, 2.00%, 3/3/2022 | 11,000 | 11,102 |
SEE NOTES TO FINANCIAL STATEMENTS.
66 | J.P. MORGAN MONEY MARKET FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued | ||||||||
South Carolina — continued |
| |||||||
South Carolina Public Service Authority Series 2019A, Rev., VRDO, LOC: Bank of America NA, 0.05%, 9/8/2021 (b) | 35,150 | 35,150 | ||||||
Tender Option Bond Trust Receipts/Certificates Series 2019-BAML5004, Rev., VRDO, LOC: Bank of America NA, 0.07%, 9/8/2021 (b) (c) | 47,735 | 47,735 | ||||||
|
| |||||||
93,987 | ||||||||
|
| |||||||
Tennessee — 0.8% |
| |||||||
Clarksville Public Building Authority, Pooled Financing, Tennessee Municipal Bond Fund Rev., VRDO, LOC: Bank of America NA, 0.02%, 9/1/2021 (b) | 11,270 | 11,270 | ||||||
Health Educational and Housing Facility Board of the City of Memphis (The), Ashland Lakes Apartments Series 2006 A, Rev., VRDO, LOC: U.S. Bank NA, 0.06%, 9/8/2021 (b) | 2,200 | 2,200 | ||||||
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Rev., VRDO, LOC: Citibank NA, 0.05%, 9/8/2021 (b) | 10,365 | 10,365 | ||||||
Metropolitan Government Nashville & Davidson County, Health and Educational Facilities Board, Multi-Family Housing, Pedcor Investments Series 2006-XCII & 2006A, Rev., VRDO, LOC: U.S. Bank NA, 0.05%, 9/8/2021 (b) | 10,000 | 10,000 | ||||||
Montgomery County Public Building Authority, Pooled Financing Rev., VRDO, LOC: Bank of America NA, 0.04%, 9/8/2021 (b) | 6,925 | 6,925 | ||||||
Tender Option Bond Trust Receipts/Certificates | ||||||||
Series 2020-XF0994, Rev., VRDO, LIQ: Royal Bank of Canada, 0.05%, 9/8/2021 (b) (c) | 4,335 | 4,335 | ||||||
Series 2015-XF1023, Rev., VRDO, LOC: Barclays Bank plc, 0.06%, 9/8/2021 (b) (c) | 5,905 | 5,905 | ||||||
Series 2018-XF2576, Rev., VRDO, LOC: Barclays Bank plc, 0.06%, 9/8/2021 (b) (c) | 15,390 | 15,390 | ||||||
|
| |||||||
66,390 | ||||||||
|
| |||||||
Texas — 3.5% |
| |||||||
Bexar County Housing Finance Authority, Multi-Family Housing, Altamonte Apartment Projects Rev., VRDO, LOC: FNMA, 0.05%, 9/8/2021 (b) | 10,500 | 10,500 | ||||||
Calhoun Port Authority Series 2011A, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.05%, 9/8/2021 (b) (c) | 32,300 | 32,300 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Texas — continued |
| |||||||
City of Austin, Texas Hotel Occupancy Tax, Subordinate Lien Subseries A, Rev., VRDO, LOC: Citibank NA, 0.02%, 9/8/2021 (b) | 29,335 | 29,335 | ||||||
City of Houston, Combined Utility System, First Lien Series 2018C, Rev., VRDO, LOC: Barclays Bank plc, 0.03%, 9/8/2021 (b) | 32,000 | 32,000 | ||||||
Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System Series 2014D, Rev., VRDO, 0.02%, 9/8/2021 (b) | 30,900 | 30,900 | ||||||
Houston Housing Finance Corp., Regency Park Apartments Rev., VRDO, LOC: FNMA, 0.05%, 9/8/2021 (b) | 12,295 | 12,295 | ||||||
Lower Neches Valley Authority Industrial Development Corp., ExxonMobil Project | ||||||||
Series A-3, Rev., VRDO, 0.01%, 9/1/2021 (b) | 100 | 100 | ||||||
Subseries B-2, Rev., VRDO, 0.02%, 9/1/2021 (b) | 6,295 | 6,295 | ||||||
Permanent University Fund — University of Texas System Series 2008A, Rev., VRDO, 0.01%, 9/8/2021 (b) | 16,300 | 16,300 | ||||||
RBC Municipal Products, Inc. Trust, Floater Certificates | ||||||||
Series E141, Rev., VRDO, LOC: Royal Bank of Canada, 0.05%, 9/8/2021 (b) (c) | 28,000 | 28,000 | ||||||
Series E-149, Rev., VRDO, LOC: Royal Bank of Canada, 0.05%, 9/8/2021 (b) (c) | 10,000 | 10,000 | ||||||
Series G-20, GO, VRDO, LOC: Royal Bank of Canada, 0.05%, 9/8/2021 (b) (c) | 10,000 | 10,000 | ||||||
Series G-34, GO, VRDO, PSF-GTD, LOC: Royal Bank of Canada, 0.05%, 9/8/2021 (b) (c) | 5,400 | 5,400 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., Methodist Hospitals of Dallas Project Series A, Rev., VRDO, LOC: TD Bank NA, 0.01%, 9/1/2021 (b) | 3,910 | 3,910 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., Texas Health Resources System Series 2012 B, Rev., VRDO, 0.01%, 9/8/2021 (b) | 21,275 | 21,275 | ||||||
Tender Option Bond Trust Receipts/Certificates | ||||||||
Series 2018-G-84, GO, VRDO, 0.05%, 9/8/2021 (b) | 7,125 | 7,125 | ||||||
Series 2018-G-85, GO, VRDO, 0.05%, 9/8/2021 (b) | 6,175 | 6,175 | ||||||
Series 2018-XG0193, Rev., VRDO, 0.05%, 9/8/2021 (b) | 3,665 | 3,665 | ||||||
Series 2018-ZF2570, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.05%, 9/8/2021 (b) (c) | 5,995 | 5,995 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 67 |
Table of Contents
JPMorgan Tax Free Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued | ||||||||
Texas — continued |
| |||||||
Series G-21, GO, VRDO, 0.05%, 9/8/2021 (b) | 5,000 | 5,000 | ||||||
Series 2020-YX1132, Rev., VRDO, LOC: Barclays Bank plc, 0.06%, 9/8/2021 (b) (c) | 5,005 | 5,005 | ||||||
|
| |||||||
281,575 | ||||||||
|
| |||||||
Utah — 0.0% (d) |
| |||||||
County of Utah, IHC Health Services, Inc. | ||||||||
Series 2016D, Rev., VRDO, LIQ: U.S. Bank NA, 0.02%, 9/8/2021 (b) | 790 | 790 | ||||||
Series B, Rev., VRDO, LIQ: U.S. Bank NA, 0.02%, 9/8/2021 (b) | 900 | 900 | ||||||
|
| |||||||
1,690 | ||||||||
|
| |||||||
Virginia — 1.9% |
| |||||||
Albermarle County Economic Development Authority, Sentara Martha Jefferson Hospital Series 2018A-B, Rev., VRDO, LIQ: TD Bank NA, 0.01%, 9/1/2021 (b) | 1,050 | 1,050 | ||||||
Fairfax County Industrial Development Authority, Virginia Health Care, Inova Health System Project | ||||||||
Series 2016C, Rev., VRDO, 0.02%, 9/8/2021 (b) | 4,350 | 4,350 | ||||||
Series 2018C, Rev., VRDO, 0.02%, 9/8/2021 (b) | 2,435 | 2,435 | ||||||
Loudoun County Economic Development Authority, Howard Hughes Medical Institute Series C, Rev., VRDO, 0.02%, 9/8/2021 (b) | 1,000 | 1,000 | ||||||
Roanoke Economic Development Authority, Carilion Clinic Obligated Group | ||||||||
Series 2020C, Rev., VRDO, LOC: Wells Fargo Bank NA, 0.02%, 9/8/2021 (b) | 250 | 250 | ||||||
Series 2020B, Rev., VRDO, LIQ: PNC Bank NA, 0.03%, 9/8/2021 (b) | 33,890 | 33,890 | ||||||
Roanoke Economic Development Authority, Carilion Health System Obligated Group Series 2005A, Rev., VRDO, LIQ: PNC Bank NA, 0.03%, 9/8/2021 (b) | 62,515 | 62,515 | ||||||
Tender Option Bond Trust Receipts/Certificates | ||||||||
Series 2018-XF0606, Rev., VRDO, LIQ: Bank of America NA, 0.05%, 9/8/2021 (b) (c) | 8,500 | 8,500 | ||||||
Series 2018-XL0069, Rev., VRDO, LIQ: Barclays Bank plc, 0.05%, 9/8/2021 (b) (c) | 12,400 | 12,400 | ||||||
Series 2018-ZF2713, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.05%, 9/8/2021 (b) (c) | 5,000 | 5,000 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Virginia — continued |
| |||||||
Series 2018-ZF2714, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.05%, 9/8/2021 (b) (c) | 7,000 | 7,000 | ||||||
Series 2018-ZM0583, Rev., VRDO, LIQ: Bank of America NA, 0.05%, 9/8/2021 (b) (c) | 5,415 | 5,415 | ||||||
Series 2020-XF2923, Rev., VRDO, LIQ: Barclays Bank plc, 0.05%, 9/8/2021 (b) (c) | 8,600 | 8,600 | ||||||
|
| |||||||
152,405 | ||||||||
|
| |||||||
Washington — 1.2% |
| |||||||
Port of Grays Harbor Industrial Development Corp., Murphy Co. Project Rev., VRDO, LOC: U.S. Bank NA, 0.04%, 9/8/2021 (b) | 3,000 | 3,000 | ||||||
Port of Seattle, Subordinate Lien Rev., VRDO, LOC: Bank of America NA, 0.05%, 9/8/2021 (b) | 19,135 | 19,135 | ||||||
Port of Tacoma, Subordinate Lien | ||||||||
Rev., VRDO, AMT, LOC: PNC Bank NA, 0.05%, 9/8/2021 (b) | 29,700 | 29,700 | ||||||
Series 2019A, Rev., VRDO, AMT, LOC: PNC Bank NA, 0.05%, 9/8/2021 (b) | 18,500 | 18,500 | ||||||
Port of Vancouver, United Grain Corp. of Oregon Project Rev., VRDO, LOC: Bank of America NA, 0.04%, 9/8/2021 (b) | 8,000 | 8,000 | ||||||
Tender Option Bond Trust Receipts/Certificates | ||||||||
Series 2018-XF2718, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.05%, 9/8/2021 (b) (c) | 8,800 | 8,800 | ||||||
Series 2018-ZF2682, Rev., VRDO, GTD, LIQ: Morgan Stanley Bank, 0.05%, 9/8/2021 (b) (c) | 7,000 | 7,000 | ||||||
Washington State Housing Finance Commission, Barkley Ridge Partners Series A, Rev., VRDO, LOC: FHLMC, 0.06%, 9/8/2021 (b) | 3,000 | 3,000 | ||||||
Washington State Housing Finance Commission, Traditions at South Hill Apartments Project Series 2011A, Rev., VRDO, AMT, LOC: FHLMC, 0.02%, 9/8/2021 (b) | 2,340 | 2,340 | ||||||
|
| |||||||
99,475 | ||||||||
|
| |||||||
West Virginia — 0.1% |
| |||||||
West Virginia Hospital Finance Authority, University Health System Series 2018 C, Rev., VRDO, LOC: TD Bank NA, 0.02%, 9/8/2021 (b) | 10,685 | 10,685 | ||||||
|
| |||||||
Wisconsin — 0.5% |
| |||||||
Tender Option Bond Trust Receipts/Certificates Series 2020-XL0147, Rev., VRDO, AGM, LOC: Barclays Bank plc, 0.06%, 9/8/2021 (b) (c) | 5,320 | 5,320 |
SEE NOTES TO FINANCIAL STATEMENTS.
68 | J.P. MORGAN MONEY MARKET FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued | ||||||||
Wisconsin — continued |
| |||||||
Town of Red Cedar, Fairmount Minerals Ltd. Rev., VRDO, LOC: PNC Bank NA, 0.06%, 9/8/2021 (b) | 10,000 | 10,000 | ||||||
Wisconsin Housing and Economic Development Authority Series 2007 F, Rev., VRDO, AMT, LOC: Bank of America NA, 0.05%, 9/8/2021 (b) | 8,865 | 8,865 | ||||||
Wisconsin Housing and Economic Development Authority, Home Ownership | ||||||||
Series 2019 B, Rev., VRDO, FNMA COLL, LIQ: FHLB, 0.02%, 9/8/2021 (b) | 8,000 | 8,000 | ||||||
Series 2021B, Rev., VRDO, LIQ: FHLB, 0.02%, 9/8/2021 (b) | 4,000 | 4,000 | ||||||
|
| |||||||
36,185 | ||||||||
|
| |||||||
Wyoming — 0.5% |
| |||||||
Wyoming Community Development Authority | ||||||||
Rev., VRDO, LIQ: Royal Bank of Canada, 0.02%, 9/8/2021 (b) | 9,500 | 9,500 | ||||||
Series 2019-2, Rev., VRDO, LIQ: Royal Bank of Canada, 0.02%, 9/8/2021 (b) | 9,000 | 9,000 | ||||||
Series 2019-4, Rev., VRDO, LIQ: Bank of America NA, 0.02%, 9/8/2021 (b) | 10,000 | 10,000 | ||||||
Wyoming Community Development Authority, Composite Reoffering Housing | ||||||||
Series 2007-11, Rev., VRDO, AMT, LIQ: FHLB, 0.04%, 9/8/2021 (b) | 5,040 | 5,040 | ||||||
Series 2007-6, Rev., VRDO, AMT, LIQ: FHLB, 0.04%, 9/8/2021 (b) | 4,485 | 4,485 | ||||||
Series 2007-8, Rev., VRDO, AMT, LIQ: FHLB, 0.04%, 9/8/2021 (b) | 5,200 | 5,200 | ||||||
|
| |||||||
43,225 | ||||||||
|
| |||||||
Total Municipal Bonds | 5,508,287 | |||||||
|
| |||||||
SHARES (000) | ||||||||
Variable Rate Demand Preferred Shares — 10.5% |
| |||||||
California — 2.1% |
| |||||||
Nuveen California Quality Municipal Income Fund | ||||||||
Series 3, LIQ: TD Bank NA, 0.09%, 9/8/2021 # (c) | 26,800 | 26,800 | ||||||
Series 4, LIQ: Royal Bank of Canada, 0.09%, 9/8/2021 # (c) | 58,500 | 58,500 | ||||||
Series 7, LIQ: Royal Bank of Canada, 0.09%, 9/8/2021 # (c) | 21,000 | 21,000 | ||||||
Series 1-1362, LIQ: Societe Generale, 0.11%, 9/8/2021 # (c) | 59,200 | 59,200 | ||||||
|
| |||||||
165,500 | ||||||||
|
|
INVESTMENTS (a) | SHARES (000) | VALUE ($000) | ||||||
New York — 0.7% |
| |||||||
Nuveen New York AMT-Free Quality Municipal Income Fund | ||||||||
Series 5, LIQ: TD Bank NA, 0.06%, 9/8/2021 # (c) | 40,000 | 40,000 | ||||||
Series 1, LIQ: Societe Generale, 0.07%, 9/8/2021 # (c) | 18,600 | 18,600 | ||||||
|
| |||||||
58,600 | ||||||||
|
| |||||||
Other — 7.7% |
| |||||||
Nuveen AMT-Free Municipal Credit Income Fund | ||||||||
Series 5, LIQ: Societe Generale, 0.07%, 9/8/2021 # (c) | 127,000 | 127,000 | ||||||
Series 6, LIQ: Sumitomo Mitsui Banking Corp., 0.07%, 9/8/2021 # (c) | 114,300 | 114,300 | ||||||
Nuveen AMT-Free Quality Municipal Income Fund Series 3, LIQ: TD Bank NA, 0.07%, 9/8/2021 #(c) | 173,500 | 173,500 | ||||||
Nuveen Quality Municipal Income Fund | ||||||||
Series 1-2118, LIQ: Barclays Bank plc, 0.11%, 9/8/2021 # (c) | 51,600 | 51,600 | ||||||
Series 2-2525, LIQ: Barclays Bank plc, 0.11%, 9/8/2021 # (c) | 151,900 | 151,900 | ||||||
|
| |||||||
618,300 | ||||||||
|
| |||||||
Total Variable Rate Demand Preferred Shares | 842,400 | |||||||
|
| |||||||
PRINCIPAL AMOUNT ($000) | ||||||||
Short-Term Investments — 21.1% |
| |||||||
Commercial Paper — 21.1% |
| |||||||
Alachua County Health Facilities Authority, Tax Exempt Series 08-A, 0.08%, 10/7/2021 | 25,000 | 25,000 | ||||||
Board of Regents of the University of Texas System | ||||||||
Series A, 0.10%, 10/8/2021 | 15,000 | 15,000 | ||||||
Series A, 0.16%, 10/28/2021 | 25,000 | 25,000 | ||||||
Series A, 0.16%, 11/18/2021 | 20,000 | 20,000 | ||||||
Series A, 0.09%, 1/7/2022 | 25,000 | 25,000 | ||||||
Series A, 0.16%, 3/7/2022 | 25,000 | 25,000 | ||||||
Series A, 0.16%, 3/21/2022 | 22,000 | 22,000 | ||||||
Series A, 0.15%, 3/29/2022 | 20,000 | 20,000 | ||||||
California Statewide Communities Development Authority | ||||||||
Series 08-B, 0.10%, 1/6/2022 | 14,000 | 14,000 | ||||||
Series 9B-3, 0.12%, 1/6/2022 | 15,000 | 15,000 | ||||||
Series 9B-2, 0.11%, 1/11/2022 | 15,000 | 15,000 | ||||||
Series B-5, 0.11%, 1/11/2022 | 17,600 | 17,600 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 69 |
Table of Contents
JPMorgan Tax Free Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Short-Term Investments — continued |
| |||||||
Commercial Paper — continued |
| |||||||
California Statewide Communities Development Authority, Tax Exempt | ||||||||
Series 9B-4, 0.19%, 9/2/2021 | 20,000 | 20,000 | ||||||
Series 9B-2, 0.16%, 9/14/2021 | 50,000 | 50,000 | ||||||
Series 08-B, 0.16%, 10/5/2021 | 10,000 | 10,000 | ||||||
Series 9B-1, 0.16%, 10/5/2021 | 2,740 | 2,740 | ||||||
Series 9B-3, 0.17%, 10/6/2021 | 15,000 | 15,000 | ||||||
Series 08-C, 0.09%, 10/13/2021 | 14,110 | 14,110 | ||||||
Series 08-C, 0.15%, 11/2/2021 | 10,000 | 10,000 | ||||||
Series B-5, 0.13%, 11/9/2021 | 9,000 | 9,000 | ||||||
Series 09-D, 0.12%, 12/2/2021 | 10,000 | 10,000 | ||||||
Series B-6, 0.17%, 12/9/2021 | 16,250 | 16,250 | ||||||
Series 08-C, 0.11%, 2/3/2022 | 26,865 | 26,865 | ||||||
Series D, 0.11%, 2/8/2022 | 28,500 | 28,500 | ||||||
Series 09-D, 0.11%, 2/9/2022 | 30,000 | 30,000 | ||||||
City of Dallas, Tax Exempt Series G, 0.07%, 9/23/2021 | 25,860 | 25,860 | ||||||
City of Houston, Tax Exempt | ||||||||
Series A, 0.10%, 9/16/2021 | 10,000 | 10,000 | ||||||
Series A, 0.11%, 9/23/2021 | 10,000 | 10,000 | ||||||
City of Rochester Series 08-C, 0.09%, 10/7/2021 | 80,000 | 80,000 | ||||||
City of Rochester, Tax Exempt | ||||||||
Series 2014, 0.10%, 11/4/2021 | 25,000 | 25,000 | ||||||
Series 2011, 0.17%, 1/28/2022 | 50,000 | 50,000 | ||||||
City of San Antonio, Electric and Gas Systems Series B, 0.07%, 9/27/2021 | 20,000 | 20,000 | ||||||
County of Harris | ||||||||
Series A-1, 0.08%, 10/6/2021 | 4,960 | 4,960 | ||||||
Series C, 0.08%, 10/6/2021 | 16,740 | 16,740 | ||||||
County of Hillsborough, Tax Exempt Series A, 0.12%, 9/23/2021 | 13,000 | 13,000 | ||||||
County of Miami-Dade, Tax Exempt Series A-1, 0.11%, 9/1/2021 | 15,000 | 15,000 | ||||||
County of Montgomery Series 10-A, 0.07%, 9/16/2021 | 42,100 | 42,100 | ||||||
County of York | ||||||||
Series 00B1, 0.07%, 9/1/2021 | 28,000 | 28,000 | ||||||
Series 00B3, 0.07%, 9/1/2021 | 15,200 | 15,200 | ||||||
Series OOB2, 0.07%, 9/1/2021 | 28,000 | 28,000 | ||||||
District of Columbia Series 2019, 0.08%, 11/2/2021 | 25,000 | 25,000 | ||||||
East Bay Municipal Utility District Series A-1, 0.07%, 9/2/2021 | 15,400 | 15,400 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Commercial Paper — continued |
| |||||||
Health and Educational Facilities Authority of the State of Missouri BJC Health System, Tax Exempt | ||||||||
Series 14-D, 0.08%, 10/14/2021 | 50,000 | 50,000 | ||||||
Series 14-E, 0.08%, 10/14/2021 | 50,000 | 50,000 | ||||||
Series 14-C, 0.08%, 10/21/2021 | 30,000 | 30,000 | ||||||
Health and Educational Facilities Authority of the State of Missouri, Tax Exempt Series 14-B, 0.10%, 9/2/2021 | 50,000 | 50,000 | ||||||
Indiana Finance Authority, Tax Exempt | ||||||||
Series D-2, 0.06%, 9/16/2021 | 35,815 | 35,815 | ||||||
Series D-2, 0.10%, 10/5/2021 | 69,000 | 69,000 | ||||||
Jacksonville Health Care Authority, Tax Exempt Series 2016, 0.17%, 1/28/2022 | 110,000 | 110,000 | ||||||
Louisville and Jefferson County Metropolitan Sewer District, Tax Exempt Series A-1, 0.12%, 9/1/2021 | 15,000 | 15,000 | ||||||
Maryland Health and Higher Educational Facilities Authority Series B, 0.07%, 9/8/2021 | 10,000 | 10,000 | ||||||
Metropolitan Government of Nashville and Davidson County 0.09%, 10/5/2021 | 25,000 | 25,000 | ||||||
Norfolk Va Industrial Development Authority, Tax Exempt 0.10%, 9/2/2021 | 20,000 | 20,000 | ||||||
Omaha Public Power District Series A, 0.09%, 10/19/2021 | 15,000 | 15,000 | ||||||
Omaha Public Power District, Tax Exempt | ||||||||
Series A, 0.08%, 9/8/2021 | 12,500 | 12,500 | ||||||
Series A, 0.09%, 11/8/2021 | 12,500 | 12,500 | ||||||
Salt River Project Agricultural Improvement and Power District, Tax Exempt 0.10%, 9/2/2021 | 28,000 | 28,000 | ||||||
San Francisco City and County Public Utilities Commission Wastewater Series A-1, LOC: Sumitomo Mitsui Banking Corp., 0.08%, 9/9/2021 | 57,233 | 57,233 | ||||||
Southwestern Illinois Development Authority, Tax Exempt | ||||||||
Series 17-B, 0.10%, 9/9/2021 | 49,870 | 49,870 | ||||||
Series 17-B, 0.08%, 10/7/2021 | 10,000 | 10,000 | ||||||
Stafford County & Staunton Industrial Development Authority, Tax Exempt Series 8-A1, 0.07%, 9/2/2021 | 18,230 | 18,230 | ||||||
State Building Product, Inc. Series 8, 0.09%, 10/7/2021 | 17,000 | 17,000 | ||||||
State of California, Department of Water Resources, Tax Exempt Series 1, 0.06%, 9/8/2021 | 20,000 | 20,000 |
SEE NOTES TO FINANCIAL STATEMENTS.
70 | J.P. MORGAN MONEY MARKET FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Short-Term Investments — continued |
| |||||||
Commercial Paper — continued |
| |||||||
State of California, Tax Exempt | ||||||||
Series 11A5, 0.08%, 11/9/2021 | 12,500 | 12,500 | ||||||
Series 11A5, 0.07%, 11/18/2021 | 10,000 | 10,000 | ||||||
State of Wisconsin, Tax Exempt | ||||||||
Series 06-A, 0.09%, 10/7/2021 | 14,643 | 14,643 | ||||||
Series 13-A, 0.09%, 10/7/2021 | 24,153 | 24,153 | ||||||
Texas Public Finance Authority Series 2008, 0.09%, 11/3/2021 | 10,000 | 10,000 | ||||||
University of Washington Series A, 0.11%, 2/17/2022 | 9,800 | 9,800 | ||||||
|
| |||||||
Total Commercial Paper | 1,691,569 | |||||||
|
| |||||||
Total Short-Term Investments | 1,691,569 | |||||||
|
| |||||||
Total Investments — 100.2% | 8,042,256 | |||||||
Liabilities in Excess of | (13,356 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | 8,028,900 | |||||||
|
|
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 |
Rev. | Revenue | |
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 August 31, 2021. | |
(c) | Securities exempt from registration under Rule 144A or section 4 (a)(2), of the Securities Act of 1933, as amended. | |
(d) | 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 August 31, 2021. | |
* | The cost of securities is substantially the same for federal income tax purposes. |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 71 |
Table of Contents
JPMorgan Municipal Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited)
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — 72.6% |
| |||||||
Alaska — 2.0% |
| |||||||
Alaska Housing Finance Corp., Home Mortgage Series A, Rev., VRDO, AMT, LIQ: FHLB, 0.03%, 9/1/2021 (b) | 17,665 | 17,665 | ||||||
|
| |||||||
Arizona — 0.4% |
| |||||||
Tender Option Bond Trust Receipts/Certificates Series 2020-YX1154, Rev., VRDO, LOC: Barclays Bank plc, 0.07%, 9/8/2021 (b) (c) | 3,125 | 3,125 | ||||||
|
| |||||||
Arkansas — 1.4% |
| |||||||
City of Osceola, Plum Point Energy Associates Rev., VRDO, LOC: Goldman Sachs & Co. LLC, 0.05%, 9/8/2021 (b) | 12,000 | 12,000 | ||||||
|
| |||||||
California — 0.3% |
| |||||||
San Diego Housing Authority, Multi-Family Housing Series 2006B, Rev., VRDO, LOC: Citibank NA, 0.08%, 9/8/2021 (b) | 1,050 | 1,050 | ||||||
Santa Rosa Rancheria Tachi-Yokut Tribe Enterprise Series A, Rev., VRDO, 0.05%, 9/8/2021 (b) | 1,640 | 1,640 | ||||||
|
| |||||||
2,690 | ||||||||
|
| |||||||
Colorado — 5.3% |
| |||||||
Colorado Housing and Finance Authority, Multi-Family Project Rev., VRDO, LOC: U.S. Bank NA, 0.05%, 9/8/2021 (b) | 4,000 | 4,000 | ||||||
County of Arapahoe, Multi-Family Rental Housing, Hunter’s Run Rev., VRDO, LOC: FHLMC, 0.05%, 9/8/2021 (b) | 325 | 325 | ||||||
RBC Municipal Products, Inc. Trust, Floater Certificates Series 2019-G114, Rev., VRDO, LOC: Royal Bank of Canada, 0.27%, 12/1/2021 (b) (c) | 6,000 | 6,000 | ||||||
Tender Option Bond Trust Receipts/Certificates | ||||||||
Series 2016-ZF0467, Rev., VRDO, LOC: Royal Bank of Canada, 0.09%, 9/8/2021 (b) (c) | 30,000 | 30,000 | ||||||
Series 2018-XG0197, Rev., VRDO, LOC: Bank of America NA, 0.09%, 9/8/2021 (b) (c) | 3,250 | 3,250 | ||||||
Series 2019-XF0757, Rev., VRDO, LOC: Bank of America NA, 0.09%, 9/8/2021 (b) (c) | 2,895 | 2,895 | ||||||
|
| |||||||
46,470 | ||||||||
|
| |||||||
Florida — 6.6% |
| |||||||
County of Bay, Gulf Power Co. Project Rev., VRDO, AMT, 0.03%, 9/1/2021 (b) | 1,045 | 1,045 | ||||||
County of Broward, Power and Light Co. Project | ||||||||
Series 2018A, Rev., VRDO, AMT, 0.02%, 9/1/2021 (b) | 19,590 | 19,590 | ||||||
Rev., VRDO, 0.03%, 9/1/2021 (b) | 3,980 | 3,980 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Florida — continued |
| |||||||
County of Miami-Dade, Seaport Department Series B, Rev., VRDO, AMT, LOC: PNC Bank NA, 0.04%, 9/8/2021 (b) | 3,150 | 3,150 | ||||||
County of St. Lucie, Florida Power and Light Co., Project Rev., VRDO, 0.02%, 9/1/2021 (b) | 10,250 | 10,250 | ||||||
Miami-Dade County Industrial Development Authority, Solid Waste Disposal, Florida Power and Light Co., Project Rev., VRDO, 0.02%, 9/1/2021 (b) | 1,600 | 1,600 | ||||||
RBC Municipal Products, Inc. Trust, Floater Certificates Series G-25, Rev., VRDO, LOC: Royal Bank of Canada, 0.27%, 10/1/2021 (b) (c) | 7,600 | 7,600 | ||||||
Tender Option Bond Trust Receipts/Certificates | ||||||||
Series G-115, Rev., VRDO, 0.27%, 9/1/2021 (b) | 8,000 | 8,000 | ||||||
Series 2019-ZF0826, Rev., VRDO, 0.11%, 9/8/2021 (b) | 2,800 | 2,800 | ||||||
|
| |||||||
58,015 | ||||||||
|
| |||||||
Georgia — 0.2% |
| |||||||
Athens-Clarke County Unified Government Development Authority, Athletic Association Project Series B, Rev., VRDO, LOC: Wells Fargo Bank NA, 0.01%, 9/1/2021 (b) | 135 | 135 | ||||||
Valdosta & Lowndes County Industrial Development Authority, Steeda Autosports Project Rev., VRDO, LOC: Bank of America NA, 0.09%, 9/8/2021 (b) | 1,530 | 1,530 | ||||||
|
| |||||||
1,665 | ||||||||
|
| |||||||
Illinois — 1.3% |
| |||||||
County of Will, ExxonMobil Project Rev., VRDO, 0.02%, 9/1/2021 (b) | 630 | 630 | ||||||
Illinois Development Finance Authority, Toyal America, Inc. Rev., VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 0.12%, 9/8/2021 (b) | 6,000 | 6,000 | ||||||
Illinois Finance Authority, Edward Health Obligated Group Series 2008C, Rev., VRDO, LOC: TD Bank NA, 0.02%, 9/8/2021 (b) | 140 | 140 | ||||||
Tender Option Bond Trust Receipts/Certificates Series 2018-XM0686, Rev., VRDO, LOC: Bank of America NA, 0.10%, 9/8/2021 (b) (c) | 4,680 | 4,680 | ||||||
|
| |||||||
11,450 | ||||||||
|
| |||||||
Indiana — 0.8% |
| |||||||
City of Indianapolis, Multi-Family Housing, Nora Commons Series 2004B, Rev., VRDO, LOC: U.S. Bank NA, 0.09%, 9/8/2021 (b) | 600 | 600 |
SEE NOTES TO FINANCIAL STATEMENTS.
72 | J.P. MORGAN MONEY MARKET FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Indiana — continued |
| |||||||
Indiana Finance Authority, Parkview Health System, Inc. Series 2009D, Rev., VRDO, LOC: Wells Fargo Bank NA, 0.02%, 9/1/2021 (b) | 400 | 400 | ||||||
Indiana Finance Authority, Solid Waste Disposal, Four-Leaf Clover Dairy LLC Rev., VRDO, LOC: Bank of America NA, 0.08%, 9/8/2021 (b) | 4,100 | 4,100 | ||||||
Indiana Finance Authority, Solid Waste Disposal, New Holland Dairy Leasing Rev., VRDO, LOC: Bank of America NA, 0.09%, 9/8/2021 (b) | 1,860 | 1,860 | ||||||
|
| |||||||
6,960 | ||||||||
|
| |||||||
Iowa — 1.6% |
| |||||||
Iowa Finance Authority, Single Family Mortgage-Backed Securities Program Series 2019E, Rev., VRDO, GNMA/FNMA/FHLMC, LIQ: TD Bank NA, 0.02%, 9/8/2021 (b) | 115 | 115 | ||||||
Iowa Finance Authority, Solid Waste Facilities, Midamerican Energy Co. Project Rev., VRDO, AMT, 0.07%, 9/8/2021 (b) | 14,240 | 14,240 | ||||||
|
| |||||||
14,355 | ||||||||
|
| |||||||
Maryland — 4.4% |
| |||||||
Maryland Community Development Administration, Housing and Community Development | ||||||||
Series 2006G, Rev., VRDO, AMT, LIQ: State Street Bank & Trust, 0.05%, 9/8/2021 (b) | 2,530 | 2,530 | ||||||
Series 2006J, Rev., VRDO, AMT, LIQ: State Street Bank & Trust, 0.05%, 9/8/2021 (b) | 36,140 | 36,140 | ||||||
|
| |||||||
38,670 | ||||||||
|
| |||||||
Massachusetts — 2.3% | ||||||||
Blue Hills Regional Technical High School District GO, BAN, 1.00%, 11/5/2021 | 5,940 | 5,949 | ||||||
Cape Cod Regional Transit Authority GO, RAN, 1.00%, 7/22/2022 | 6,500 | 6,543 | ||||||
City of Pittsfield GO, BAN, 1.00%, 2/25/2022 | 7,528 | 7,556 | ||||||
|
| |||||||
20,048 | ||||||||
|
| |||||||
Michigan — 1.0% |
| |||||||
Michigan State Housing Development Authority, Jackson Project Rev., VRDO, LOC: FHLB, 0.05%, 9/1/2021 (b) | 4,360 | 4,360 | ||||||
Michigan State Housing Development Authority, Single Family Mortgage Series B, Rev., VRDO, AMT, LIQ: Industrial & Commercial Bank of China, 0.08%, 9/8/2021 (b) | 4,650 | 4,650 | ||||||
|
| |||||||
9,010 | ||||||||
|
|
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Mississippi — 0.4% |
| |||||||
Mississippi Business Finance Corp., Gulf Opportunity Zone Industrial Development, Chevron USA, Inc. Project | ||||||||
Series 2007E, Rev., VRDO, 0.01%, 9/1/2021 (b) | 550 | 550 | ||||||
Series 2009G, Rev., VRDO, 0.01%, 9/1/2021 (b) | 475 | 475 | ||||||
Series 2010K, Rev., VRDO, 0.01%, 9/1/2021 (b) | 1,695 | 1,695 | ||||||
Series 2011D, Rev., VRDO, 0.01%, 9/1/2021 (b) | 420 | 420 | ||||||
|
| |||||||
3,140 | ||||||||
|
| |||||||
Missouri — 2.5% |
| |||||||
Rib Floater Trust Various States Series 2017-010, Rev., VRDO, LOC: Barclays Bank plc, 0.06%, 9/8/2021 (b) (c) | 21,950 | 21,950 | ||||||
|
| |||||||
Nebraska — 0.3% |
| |||||||
Nebraska Investment Finance Authority, Multi-Family Housing, Irvington Heights Apartment Project Series A, Rev., VRDO, LOC: Citibank NA, 0.06%, 9/8/2021 (b) | 2,350 | 2,350 | ||||||
|
| |||||||
Nevada — 3.9% |
| |||||||
County of Clark Department of Aviation, Subordinate Lien Series C-3, Rev., VRDO, AMT, LOC: Sumitomo Mitsui Banking Corp., 0.04%, 9/8/2021 (b) | 14,415 | 14,415 | ||||||
County of Clark, Southwest Gas Corp. Project Series 2008A, Rev., VRDO, AMT, LOC: MUFG Union Bank NA, 0.04%, 9/8/2021 (b) | 20,000 | 20,000 | ||||||
|
| |||||||
34,415 | ||||||||
|
| |||||||
New Jersey — 10.4% |
| |||||||
Borough of Hasbrouck Heights GO, BAN, 0.50%, 9/24/2021 | 6,532 | 6,533 | ||||||
Borough of Saddle River GO, BAN, 1.00%, 4/22/2022 | 5,116 | 5,140 | ||||||
Tender Option Bond Trust Receipts/Certificates Series 2020-XF0957, Rev., VRDO, LOC: Royal Bank of Canada, 0.09%, 9/8/2021 (b) (c) | 2,500 | 2,500 | ||||||
Township of Berkeley Series 2021A, GO, BAN, 2.00%, 11/18/2021 | 6,936 | 6,962 | ||||||
Township of Galloway GO, BAN, 1.00%, 8/10/2022 | 7,725 | 7,780 | ||||||
Township of Hamilton Series 2021A, GO, BAN, 1.25%, 2/16/2022 | 5,972 | 5,999 | ||||||
Township of Lopatcong GO, 1.00%, 3/18/2022 | 4,234 | 4,250 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 73 |
Table of Contents
JPMorgan Municipal Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
New Jersey — continued |
| |||||||
Township of Lyndhurst | ||||||||
GO, BAN, 0.75%, 9/8/2021 | 8,000 | 8,001 | ||||||
GO, BAN, 1.00%, 9/8/2021 | 9,000 | 9,001 | ||||||
GO, BAN, 1.00%, 10/8/2021 | 800 | 801 | ||||||
GO, BAN, 1.00%, 2/4/2022 | 6,350 | 6,369 | ||||||
GO, BAN, 1.00%, 3/11/2022 | 1,500 | 1,505 | ||||||
Township of Robbinsville Series 2021A, GO, BAN, 1.00%, 7/19/2022 | 1,858 | 1,871 | ||||||
Township of Sparta GO, BAN, 1.25%, 10/1/2021 | 3,418 | 3,420 | ||||||
Township of West Orange GO, BAN, 1.50%, 5/5/2022 | 8,465 | 8,536 | ||||||
Township of Willingboro GO, BAN, 1.00%, 9/2/2021 | 12,342 | 12,342 | ||||||
|
| |||||||
91,010 | ||||||||
|
| |||||||
New York — 9.0% |
| |||||||
Alfred Almond Central School District GO, BAN, 1.25%, 9/15/2021 | 2,000 | 2,001 | ||||||
City of Kingston Series 2021A, GO, BAN, 1.50%, 3/18/2022 | 5,773 | 5,811 | ||||||
County of Clinton GO, BAN, 1.50%, 7/28/2022 | 3,214 | 3,251 | ||||||
Hastings-On-Hudson Union Free School District GO, BAN, 1.50%, 3/4/2022 | 7,500 | 7,553 | ||||||
Lakeland Central School District GO, BAN, 1.25%, 8/19/2022 | 1,059 | 1,070 | ||||||
Metropolitan Transportation Authority, Dedicated Tax Fund Series 2008A-1, Rev., VRDO, LOC: TD Bank NA, 0.01%, 9/1/2021 (b) | 540 | 540 | ||||||
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2011 Series DD-1, Rev., VRDO, LIQ: TD Bank NA, 0.01%, 9/1/2021 (b) | 1,265 | 1,265 | ||||||
New York State Housing Finance Agency, 250 West 93rd Street Housing Series 2005A, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 0.05%, 9/8/2021 (b) | 2,285 | 2,285 | ||||||
New York State Housing Finance Agency, 600 West 42nd Street Housing Rev., VRDO, AMT, LOC: FNMA, 0.04%, 9/8/2021 (b) | 13,385 | 13,385 | ||||||
New York State Housing Finance Agency, Saxony Housing Series A, Rev., VRDO, AMT, LOC: FNMA, 0.06%, 9/8/2021 (b) | 10,000 | 10,000 | ||||||
New York State Housing Finance Agency, West 23rd Street Housing Series 2002A, Rev., VRDO, LOC: FNMA, 0.05%, 9/8/2021 (b) | 20,000 | 20,000 | ||||||
Skaneateles Central School District Series 2021B, GO, BAN, 1.00%, 8/17/2022 | 1,359 | 1,369 | ||||||
Springville-Griffith Institute Central School District GO, BAN, 1.00%, 8/19/2022 | 1,965 | 1,981 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
New York — continued |
| |||||||
Tender Option Bond Trust Receipts/Certificates Series 2021-XG0330, Rev., VRDO, LIQ: Bank of America NA, 0.10%, 9/8/2021 (b) (c) | 7,040 | 7,040 | ||||||
Village of Pelham Series 2020A, GO, BAN, 1.25%, 9/17/2021 | 1,500 | 1,500 | ||||||
|
| |||||||
79,051 | ||||||||
|
| |||||||
North Dakota — 0.5% |
| |||||||
North Dakota Housing Finance Agency, Home Mortgage Finance Program | ||||||||
Rev., VRDO, LIQ: TD Bank NA, 0.02%, 9/8/2021 (b) | 2,800 | 2,800 | ||||||
Series 2015E, Rev., VRDO, LIQ: TD Bank NA, 0.02%, 9/8/2021 (b) | 1,995 | 1,995 | ||||||
|
| |||||||
4,795 | ||||||||
|
| |||||||
Ohio — 1.1% |
| |||||||
Ohio Housing Finance Agency | ||||||||
Series E, Rev., VRDO, AMT, GNMA/FNMA/FHLMC, LIQ: TD Bank NA, 0.04%, 9/8/2021 (b) | 5,365 | 5,365 | ||||||
Series J, Rev., VRDO, AMT, GNMA COLL/FNMA COLL, LIQ: TD Bank NA, 0.04%, 9/8/2021 (b) | 4,155 | 4,155 | ||||||
|
| |||||||
9,520 | ||||||||
|
| |||||||
Oregon — 2.5% |
| |||||||
Marion County Housing Authority, Residence at Marian Rev., VRDO, LOC: U.S. Bank NA, 0.06%, 9/8/2021 (b) | 225 | 225 | ||||||
Port of Portland, International Airport | ||||||||
Subseries 18A, Rev., VRDO, AMT, LOC: Industrial & Commercial Bank of China, 0.04%, 9/8/2021 (b) | 3,800 | 3,800 | ||||||
Subseries 18B, Rev., VRDO, AMT, LOC: Industrial & Commercial Bank of China, 0.05%, 9/8/2021 (b) | 17,530 | 17,530 | ||||||
|
| |||||||
21,555 | ||||||||
|
| |||||||
Other — 2.1% |
| |||||||
FHLMC, Multi-Family | ||||||||
Series M021, Class A, Rev., VRDO, LIQ: FHLMC, 0.05%, 9/8/2021 (b) (c) | 9,620 | 9,620 | ||||||
Series M025, Class A, Rev., VRDO, LIQ: FHLMC, 0.06%, 9/8/2021 (b) (c) | 4,285 | 4,285 | ||||||
Series M026, Class A, Rev., VRDO, LIQ: FHLMC, 0.06%, 9/8/2021 (b) (c) | 4,620 | 4,620 | ||||||
|
| |||||||
18,525 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
74 | J.P. MORGAN MONEY MARKET FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Pennsylvania — 0.5% |
| |||||||
Pennsylvania Housing Finance Agency, Single Family Mortgage Series 2004-83C, Rev., VRDO, AMT, LIQ: TD Bank NA, 0.04%, 9/8/2021 (b) | 4,440 | 4,440 | ||||||
|
| |||||||
South Carolina — 0.3% |
| |||||||
Tender Option Bond Trust Receipts/Certificates Series 2019-ZF0824, Rev., VRDO, LOC: Bank of America NA, 0.10%, 9/8/2021 (b) (c) | 2,325 | 2,325 | ||||||
|
| |||||||
Tennessee — 0.8% |
| |||||||
Tender Option Bond Trust Receipts/Certificates | ||||||||
Series 2020-YX1139, Rev., VRDO, LOC: Barclays Bank plc, 0.07%, 9/8/2021 (b) (c) | 3,795 | 3,795 | ||||||
Series 2019-XG0268, Rev., VRDO, LOC: Bank of America NA, 0.09%, 9/8/2021 (b) (c) | 3,475 | 3,475 | ||||||
|
| |||||||
7,270 | ||||||||
|
| |||||||
Texas — 6.7% |
| |||||||
Calhoun Port Authority, Formosa Plastics Corp. Series 2007A, Rev., VRDO, LOC: PNC Bank NA, 0.06%, 9/8/2021 (b) | 9,370 | 9,370 | ||||||
Calhoun Port Authority, Formosa Plastics Corp. Project Series 2011B, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.05%, 9/8/2021 (b) (c) | 10,000 | 10,000 | ||||||
Gilmer Industrial Development Corp., Duoline Technologies LP Series 2008A, Rev., VRDO, LOC: Wells Fargo Bank NA, 0.12%, 9/8/2021 (b) | 5,650 | 5,650 | ||||||
Gulf Coast Authority, Gulf Coast Waste Disposal Authority, Environment Facilities, ExxonMobil Corp. Rev., VRDO, 0.02%, 9/1/2021 (b) | 3,200 | 3,200 | ||||||
Harris County Industrial Development Corp Exxon Corp Project Rev., VRDO, 0.02%, 9/1/2021 (b) | 6,800 | 6,800 | ||||||
Houston Housing Finance Corp., Fairlake Cove Apartments Rev., VRDO, LOC: Citibank NA, 0.05%, 9/8/2021 (b) | 1,500 | 1,500 | ||||||
Lower Neches Valley Authority Industrial Development Corp., ExxonMobil Project | ||||||||
Subseries B-2, Rev., VRDO, 0.02%, 9/1/2021 (b) | 8,455 | 8,455 | ||||||
Subseries B-4, Rev., VRDO, 0.02%, 9/1/2021 (b) | 6,995 | 6,995 | ||||||
State of Texas, Veterans Housing Assistance Program GO, VRDO, AMT, LIQ: State Street Bank & Trust, 0.06%, 9/8/2021 (b) | 6,525 | 6,525 | ||||||
|
| |||||||
58,495 | ||||||||
|
|
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Virginia — 2.8% |
| |||||||
Arlington County Industrial Development Authority, Multi-Family, Gates Ballston Apartments Rev., VRDO, LOC: PNC Bank NA, 0.07%, 9/8/2021 (b) | 14,330 | 14,330 | ||||||
Botetourt County Industrial Development Authority Rev., VRDO, LOC: Bank of America NA, 0.07%, 9/8/2021 (b) | 7,400 | 7,400 | ||||||
Lynchburg Economic Development Authority, Centra Health Obligated Group Series 2017B, Rev., VRDO, LOC: Truist Bank, 0.01%, 9/1/2021 (b) | 1,710 | 1,710 | ||||||
Prince William County Industrial Development Authority, Sewer Disposal Facilities, Dale Service Corp. Project Rev., VRDO, LOC: Wells Fargo Bank NA, 0.07%, 9/8/2021 (b) | 650 | 650 | ||||||
|
| |||||||
24,090 | ||||||||
|
| |||||||
Washington — 0.7% |
| |||||||
King County Housing Authority, Overlake Tod Housing LP Series 2001B, Rev., VRDO, LOC: Bank of America NA, 0.08%, 9/8/2021 (b) | 4,075 | 4,075 | ||||||
Port of Tacoma, Subordinate Lien Rev., VRDO, AMT, LOC: PNC Bank NA, 0.05%, 9/8/2021 (b) | 2,000 | 2,000 | ||||||
|
| |||||||
6,075 | ||||||||
|
| |||||||
Wisconsin — 0.5% |
| |||||||
Wisconsin Health and Educational Facilities Authority, Medical College Series 2008B, Rev., VRDO, LOC: U.S. Bank NA, 0.01%, 9/1/2021 (b) | 275 | 275 | ||||||
Wisconsin Housing and Economic Development Authority, Multi-Family Housing Series 2007A, Rev., VRDO, LIQ: FHLB, 0.04%, 9/8/2021 (b) | 3,940 | 3,940 | ||||||
|
| |||||||
4,215 | ||||||||
|
| |||||||
Total Municipal Bonds | 635,344 | |||||||
|
| |||||||
SHARES (000) | ||||||||
Variable Rate Demand Preferred Shares — 10.8% |
| |||||||
California — 1.1% |
| |||||||
Nuveen California Quality Municipal Income Fund Series 4, LIQ: Royal Bank of Canada, 0.09%, 9/8/2021 # (c) | 10,000 | 10,000 | ||||||
|
| |||||||
Other — 8.5% |
| |||||||
BlackRock MuniYield Quality Fund III, Inc. LIQ: TD Bank NA, 0.11%, 9/8/2021 # (c) | 30,000 | 30,000 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 75 |
Table of Contents
JPMorgan Municipal Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS (a) | SHARES (000) | VALUE ($000) | ||||||
Variable Rate Demand Preferred Shares — continued |
| |||||||
Other — continued |
| |||||||
Nuveen Quality Municipal Income Fund | ||||||||
Series 2-2525, LIQ: Barclays Bank plc, 0.11%, 9/8/2021 # (c) | 20,000 | 20,000 | ||||||
Series 3-1277, LIQ: Barclays Bank plc, 0.11%, 9/8/2021 # (c) | 24,200 | 24,200 | ||||||
|
| |||||||
74,200 | ||||||||
|
| |||||||
Pennsylvania — 1.2% |
| |||||||
BlackRock MuniYield Pennsylvania Quality Fund LIQ: TD Bank NA, 0.10%, 9/8/2021 # (c) | 10,000 | 10,000 | ||||||
|
| |||||||
Total Variable Rate Demand Preferred Shares | 94,200 | |||||||
|
| |||||||
PRINCIPAL AMOUNT ($000) | ||||||||
Short-Term Investments — 13.9% |
| |||||||
Commercial Paper — 13.9% |
| |||||||
California Statewide Communities Development Authority Series B-5, 0.11%, 1/11/2022 | 4,150 | 4,150 | ||||||
California Statewide Communities Development Authority, Tax Exempt | ||||||||
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 | ||||||
Series 08-B, 0.16%, 10/5/2021 | 3,000 | 3,000 | ||||||
Series 9B-3, 0.17%, 10/6/2021 | 7,500 | 7,500 | ||||||
City and County of San Francisco, Tax Exempt Series A-4, 0.14%, 9/9/2021 | 15,000 | 15,000 | ||||||
City of Atlanta, Airport, Third Lien | ||||||||
Series K-2, 0.14%, 1/6/2022 | 17,624 | 17,624 | ||||||
Series K-2, 0.14%, 1/6/2022 | 4,419 | 4,419 | ||||||
Series J-2, 0.12%, 2/4/2022 | 4,454 | 4,454 | ||||||
City of Houston, Tax Exempt | ||||||||
Series A, 0.10%, 9/16/2021 | 10,000 | 10,000 | ||||||
Series A, 0.11%, 9/23/2021 | 10,000 | 10,000 | ||||||
County of Miami-Dade, Tax Exempt Series A-1, 0.11%, 9/1/2021 | 23,442 | 23,442 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Commercial Paper — continued |
| |||||||
Miami Dade College Foundation, Inc., Tax Exempt | ||||||||
0.09%, 10/1/2021 | 1,665 | 1,665 | ||||||
Series 2021, 0.09%, 10/1/2021 | 1,875 | 1,875 | ||||||
|
| |||||||
Total Commercial Paper | 122,129 | |||||||
|
| |||||||
Total Short-Term Investments | 122,129 | |||||||
|
| |||||||
Total Investments — 97.3% | 851,673 | |||||||
Other Assets Less Liabilities — 2.7% | 23,614 | |||||||
|
| |||||||
NET ASSETS — 100.0% | 875,287 | |||||||
|
|
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 | |
RAN | Revenue Anticipation Note | |
Rev. | Revenue | |
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 August 31, 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 August 31, 2021. | |
* | The cost of securities is substantially the same for federal income tax purposes. |
SEE NOTES TO FINANCIAL STATEMENTS.
76 | J.P. MORGAN MONEY MARKET FUNDS | AUGUST 31, 2021 |
Table of Contents
JPMorgan California Municipal Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited)
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — 67.8% |
| |||||||
California — 67.8% |
| |||||||
Abag Finance Authority for Nonprofit Corp., Public Policy Institute of California Series A, Rev., VRDO, LOC: Wells Fargo Bank NA, 0.01%, 9/8/2021 (b) | 900 | 900 | ||||||
Alameda County Industrial Development Authority, Plyproperties Project Series 1997A, Rev., VRDO, LOC: Wells Fargo Bank NA, 0.05%, 9/8/2021 (b) | 2,860 | 2,860 | ||||||
Alameda County Joint Powers Authority, Multiple Capital Projects Series 2013A, Rev., 5.00%, 12/1/2021 | 115 | 116 | ||||||
Bonita Unified School District Series B, GO, 4.00%, 8/1/2022 | 160 | 166 | ||||||
Brentwood Union School District GO, 5.00%, 8/1/2022 | 150 | 157 | ||||||
Burlingame Financing Authority, Community Center Project Rev., 5.00%, 7/1/2022 | 200 | 208 | ||||||
California Health Facilities Financing Authority, Cedars-Sinai Medical Center Series A, Rev., 5.00%, 8/15/2022 | 100 | 105 | ||||||
California Infrastructure & Economic Development Bank, Columbia College Hollywood Project Rev., VRDO, LOC: Wells Fargo Bank NA, 0.04%, 9/8/2021 (b) | 545 | 545 | ||||||
California Infrastructure and Economic Development Bank, Industrial Development, Silva Corks USA LLC Project Series 2006, Rev., VRDO, LOC: Bank of America NA, 0.08%, 9/8/2021 (b) | 1,425 | 1,425 | ||||||
California Municipal Finance Authority, Multi-Family Housing, Pacific Meadows Apartments Series A, Rev., VRDO, LIQ: FHLMC, 0.03%, 9/8/2021 (b) | 250 | 250 | ||||||
California Municipal Finance Authority, Recovery Zone Facility, Chevron USA, Inc., Project | ||||||||
Series 2010A, Rev., VRDO, 0.01%, 9/1/2021 (b) | 5,910 | 5,910 | ||||||
Series 2010A, Rev., VRDO, 0.01%, 9/1/2021 (b) | 1,290 | 1,290 | ||||||
California Pollution Control Financing Authority, ExxonMobil Project Rev., VRDO, 0.02%, 9/1/2021 (b) | 3,140 | 3,140 | ||||||
California State Public Works Board, Office of Emergency Services Series 2017F, Rev., 5.00%, 4/1/2022 | 300 | 308 | ||||||
California Statewide Communities Development Authority, Rady Children’s Hospital | ||||||||
Series 2008A, Rev., VRDO, LOC: U.S. Bank NA, 0.01%, 9/1/2021 (b) | 2,010 | 2,010 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
California — continued |
| |||||||
Series 2008B, Rev., VRDO, LOC: Wells Fargo Bank NA, 0.01%, 9/1/2021 (b) | 1,790 | 1,790 | ||||||
Calleguas-Las Virgenes Public Financing Authority, Municipal Water District Project Series A, Rev., VRDO, LOC: Wells Fargo Bank NA, 0.01%, 9/8/2021 (b) | 1,030 | 1,030 | ||||||
City of Irvine, Reassessment District No. 05-21, Limited Obligation Improvement Series A, VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 0.01%, 9/1/2021 (b) | 234 | 234 | ||||||
City of Los Angeles Rev., TRAN, 4.00%, 6/23/2022 | 520 | 536 | ||||||
City of San Jose, Multi-Family Housing, Almaden Lake Village Apartments | ||||||||
Series 1997A, Rev., VRDO, LOC: FNMA, 0.05%, 9/8/2021 (b) | 8,500 | 8,500 | ||||||
Series 2000A, Rev., VRDO, LOC: FNMA, 0.06%, 9/8/2021 (b) | 2,000 | 2,000 | ||||||
City of Santa Rosa, Wastewater Series 2016A, Rev., 5.00%, 9/1/2021 | 100 | 100 | ||||||
Clovis Unified School District, Election of 2020 Series A, GO, 3.00%, 8/1/2022 | 500 | 513 | ||||||
County of Monterey COP, 5.00%, 10/1/2021 | 220 | 221 | ||||||
County of Riverside, Teeter Plan Obligation Notes, Tax-Exempt Series 2020A, Rev., 0.50%, 10/21/2021 | 2,000 | 2,001 | ||||||
County of Solano COP, 5.00%, 11/1/2021 | 100 | 101 | ||||||
East Bay Municipal Utility District, Water System Series 2014A, Rev., 5.00%, 6/1/2022 | 200 | 207 | ||||||
Fresno County Financing Authority Rev., 5.00%, 4/1/2022 | 400 | 411 | ||||||
Imperial Irrigation District Electric System Series 2011D, Rev., 5.00%, 11/1/2021 | 175 | 176 | ||||||
Imperial Public Financing Authority, Wastewater Facility Rev., 3.25%, 10/15/2021 | 100 | 100 | ||||||
Irvine Ranch Water District | ||||||||
Series A, VRDO, LOC: U.S. Bank NA, 0.01%, 9/1/2021 (b) | 1,335 | 1,335 | ||||||
Series B, VRDO, LOC: Bank of America NA, 0.01%, 9/1/2021 (b) | 200 | 200 | ||||||
Lodi Public Financing Authority Series A, Rev., 4.00%, 10/1/2021 | 200 | 201 | ||||||
Los Angeles County Schools, Transportation Pooled Financing Program Series A, Rev., 2.00%, 6/1/2022 | 8,065 | 8,181 | ||||||
Los Angeles Department of Water and Power, Water System | ||||||||
Series 2019A-2, Rev., VRDO, LIQ: TD Bank NA, 0.01%, 9/1/2021 (b) | 1,490 | 1,490 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 77 |
Table of Contents
JPMorgan California Municipal Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
California — continued |
| |||||||
Series A-1, Rev., VRDO, LIQ: TD Bank NA, 0.01%, 9/1/2021 (b) | 845 | 845 | ||||||
Subseries B-3, Rev., VRDO, LIQ: Barclays Bank plc, 0.01%, 9/1/2021 (b) | 100 | 100 | ||||||
Metropolitan Water District of Southern California, Waterworks | ||||||||
Series 2018A-2, Rev., VRDO, LIQ: TD Bank NA, 0.01%, 9/1/2021 (b) | 945 | 945 | ||||||
Series B-2, Rev., VRDO, LIQ: TD Bank NA, 0.01%, 9/1/2021 (b) | 1,200 | 1,200 | ||||||
Modesto Irrigation District, Domestic Water Project Series 2013G, Rev., AGM, 5.00%, 9/1/2021 | 100 | 100 | ||||||
Otay Water District Rev., 5.00%, 9/1/2021 | 100 | 100 | ||||||
Palmdale Elementary School District Series 2021A, GO, 4.00%, 8/1/2022 | 1,625 | 1,683 | ||||||
Pine Ridge Elementary School District GO, BAN, 4.00%, 2/1/2022 | 500 | 508 | ||||||
Placentia-Yorba Linda Unified School District COP, AGM, 4.00%, 10/1/2021 | 1,240 | 1,244 | ||||||
RBC Municipal Products, Inc. Trust, Floater Certificates Series G-118, VRDO, LOC: Royal Bank of Canada, 0.17%, 10/1/2021 (b) (c) | 2,000 | 2,000 | ||||||
Riverside County Transportation Commission, Sales Tax Series 2017A, Rev., 4.00%, 6/1/2022 | 140 | 144 | ||||||
Sacramento County Sanitation Districts Financing Authority Rev., 5.00%, 12/1/2021 | 500 | 506 | ||||||
San Diego County Regional Transportation Commission, Sales Tax Series 2012A, Rev., 5.00%, 4/1/2022 | 275 | 283 | ||||||
San Diego Unified School District Series A, Rev., TRAN, 4.00%, 6/30/2022 | 500 | 516 | ||||||
San Diego Unified School District, Election of 2008 Series L-2, GO, 4.00%, 7/1/2022 | 135 | 139 | ||||||
San Francisco State Building Authority Series A, Rev., 4.00%, 12/1/2021 | 250 | 252 | ||||||
San Joaquin County Transportation Authority, Measure K Sales Tax Rev., 5.00%, 3/1/2022 | 200 | 205 | ||||||
San Jose Unified School District, Election of 2012 Series 2019F, GO, 4.00%, 8/1/2022 | 100 | 103 | ||||||
Southern California Public Power Authority, Magnolia Power Project Rev., VRDO, LOC: U.S. Bank NA, 0.01%, 9/1/2021 (b) | 200 | 200 | ||||||
Southern California Public Power Authority, Southern Transmission Project | ||||||||
Series 2015A, Rev., 5.00%, 7/1/2022 | 265 | 276 | ||||||
Series 2018A, Rev., 5.00%, 7/1/2022 | 300 | 312 | ||||||
State of California GO, 5.00%, 9/1/2021 | 500 | 500 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
California — continued |
| |||||||
State of California Department of Water Resources, Power Supply Series 2015O, Rev., 5.00%, 5/1/2022 (d) | 345 | 356 | ||||||
State of California, Various Purpose GO, 5.00%, 5/1/2022 | 110 | 113 | ||||||
Tender Option Bond Trust Receipts/Certificates | ||||||||
Series 2021-XF1240, GO, VRDO, 0.02%, 9/8/2021 (b) | 2,000 | 2,000 | ||||||
Series 2016-XX1040, VRDO, LIQ: Barclays Bank plc, 0.04%, 9/8/2021 (b) (c) | 4,160 | 4,160 | ||||||
Series 2019-ZF2844, COP, VRDO, LIQ: Citibank NA, 0.04%, 9/8/2021 (b) (c) | 5,435 | 5,435 | ||||||
Series 2021-XF1238, Rev., VRDO, 0.04%, 9/8/2021 (b) | 1,700 | 1,700 | ||||||
Series 2021-XG0306, GO, VRDO, LOC: Royal Bank of Canada, 0.04%, 9/8/2021 (b) (c) | 3,300 | 3,300 | ||||||
Series 2016-XF2322, Rev., VRDO, LIQ: Wells Fargo Bank NA, 0.05%, 9/8/2021 (b) (c) | 7,500 | 7,500 | ||||||
Series 2018-XF2737, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.05%, 9/8/2021 (b) (c) | 2,000 | 2,000 | ||||||
Series 2018-XM0712, GO, VRDO, LIQ: Morgan Stanley Bank, 0.05%, 9/8/2021 (b) (c) | 2,230 | 2,230 | ||||||
Series 2018-ZF0679, Rev., VRDO, LIQ: Bank of America NA, 0.05%, 9/8/2021 (b) (c) | 5,265 | 5,265 | ||||||
Series 2018-ZF2744, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.05%, 9/8/2021 (b) (c) | 6,900 | 6,900 | ||||||
Series 2018-ZF2771, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.05%, 9/8/2021 (b) (c) | 3,080 | 3,080 | ||||||
Series 2018-ZM0585, GO, VRDO, LIQ: Wells Fargo Bank NA, 0.05%, 9/8/2021 (b) (c) | 3,750 | 3,750 | ||||||
Series 2019-XM0741, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.05%, 9/8/2021 (b) (c) | 1,000 | 1,000 | ||||||
Series 2019-XM0750, Rev., VRDO, LIQ: Bank of America NA, 0.05%, 9/8/2021 (b) (c) | 3,000 | 3,000 | ||||||
Series 2020-XG0304, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.05%, 9/8/2021 (b) (c) | 4,260 | 4,260 | ||||||
Series 2020-XM0837, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.05%, 9/8/2021 (b) (c) | 2,300 | 2,300 | ||||||
Series 2020-YX1149, Rev., VRDO, LIQ: Barclays Bank plc, 0.05%, 9/8/2021 (b) (c) | 4,775 | 4,775 | ||||||
Series 2021-XF1219, GO, VRDO, LIQ: Royal Bank of Canada, 0.05%, 9/8/2021 (b) (c) | 5,000 | 5,000 | ||||||
Series 2021-XF1224, GO, VRDO, LIQ: Royal Bank of Canada, 0.05%, 9/8/2021 (b) (c) | 3,730 | 3,730 | ||||||
Series 2021-XG0313, GO, VRDO, LOC: Bank of America NA, 0.05%, 9/8/2021 (b) (c) | 1,590 | 1,590 | ||||||
Series 2020-XF2876, Rev., VRDO, LOC: Barclays Bank plc, 0.06%, 9/8/2021 (b) (c) | 9,195 | 9,195 |
SEE NOTES TO FINANCIAL STATEMENTS.
78 | J.P. MORGAN MONEY MARKET FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
California — continued |
| |||||||
Series 2020-XL0155, Rev., VRDO, LOC: Barclays Bank plc, 0.06%, 9/8/2021 (b) (c) | 4,250 | 4,250 | ||||||
Series 2020-YX1131, Rev., VRDO, LOC: Barclays Bank plc, 0.06%, 9/8/2021 (b) (c) | 4,380 | 4,380 | ||||||
Series 2020-YX1153, Rev., VRDO, LOC: Barclays Bank plc, 0.06%, 9/8/2021 (b) (c) | 7,105 | 7,105 | ||||||
Turlock Irrigation District Rev., 5.00%, 1/1/2022 | 100 | 102 | ||||||
University of California Series 2013AL-3, Rev., VRDO, 0.01%, 9/1/2021 (b) | 2,155 | 2,155 | ||||||
|
| |||||||
Total Municipal Bonds | 161,509 | |||||||
|
| |||||||
SHARES (000) | ||||||||
Variable Rate Demand Preferred Shares — 6.7% |
| |||||||
California — 6.7% |
| |||||||
BlackRock MuniYield California Quality Fund, Inc. Series W7-1665, LIQ: TD Bank NA, 0.09%, 9/8/2021 # (c) | 5,000 | 5,000 | ||||||
Nuveen California Quality Municipal Income Fund | ||||||||
Series 4, LIQ: Royal Bank of Canada, 0.09%, 9/8/2021 # (c) | 4,000 | 4,000 | ||||||
Series 1-1362, LIQ: Societe Generale, 0.11%, 9/8/2021 # (c) | 7,000 | 7,000 | ||||||
|
| |||||||
Total Variable Rate Demand Preferred Shares | 16,000 | |||||||
|
| |||||||
PRINCIPAL AMOUNT ($000) | ||||||||
Short-Term Investments — 26.1% |
| |||||||
Commercial Paper — 26.1% |
| |||||||
California Statewide Communities Development Authority, Tax Exempt | ||||||||
Series D, 0.16%, 9/8/2021 | 8,000 | 8,000 | ||||||
Series 08-C, 0.09%, 10/13/2021 | 3,000 | 3,000 | ||||||
City and County of San Francisco, LOC: U.S. Bank NA, 0.11%, 11/3/2021 | 2,000 | 2,000 | ||||||
City of Los Angeles, Wastewater System, Tax Exempt Series A-2, LOC: TD Bank NA, 0.06%, 10/7/2021 | 6,500 | 6,500 | ||||||
LA County, Tax Exempt Series B-TE, LOC: U.S. Bank NA, 0.06%, 9/15/2021 | 5,750 | 5,750 | ||||||
Municipal Improvement Corp. of Los Angeles, Tax Exempt | ||||||||
Series A-1, LOC: BMO Harris Bank NA, 0.07%, 10/7/2021 | 1,000 | 1,000 | ||||||
Series A-1, LOC: BMO Harris Bank NA, 0.08%, 10/7/2021 | 7,000 | 7,000 | ||||||
Series A-3, LOC: U.S. Bank NA, 0.08%, 10/14/2021 | 3,000 | 3,000 | ||||||
San Francisco City and County Public Utilities Commission Series A-1, LIQ: Bank of America NA, 0.06%, 9/15/2021 | 6,000 | 6,000 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Commercial Paper — continued |
| |||||||
San Francisco City and County Public Utilities Commission Wastewater Series A-1, LOC: Sumitomo Mitsui Banking Corp., 0.08%, 9/9/2021 | 11,000 | 11,000 | ||||||
State of California | ||||||||
Series 11A5, LOC: U.S. Bank NA, 0.07%, 9/20/2021 | 2,000 | 2,000 | ||||||
Series A-4, LOC: TD Bank NA, 0.09%, 10/19/2021 | 5,000 | 5,000 | ||||||
State of California, Tax Exempt | 2,000 | 2,000 | ||||||
|
| |||||||
Total Commercial Paper | 62,250 | |||||||
|
| |||||||
Total Short-Term Investments | 62,250 | |||||||
|
| |||||||
Total Investments — 100.6% | 239,759 | |||||||
|
| |||||||
Liabilities in Excess of | (1,330 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | 238,429 | |||||||
|
|
Percentages indicated are based on net assets.
Abbreviations
AGM | Insured by Assured Guaranty Municipal Corp. | |
BAN | Bond Anticipation Note | |
COP | Certificate of Participation | |
FHLMC | Federal Home Loan Mortgage Corp. | |
FNMA | Federal National Mortgage Association | |
GO | General Obligation | |
LIQ | Liquidity Agreement | |
LOC | Letter of Credit | |
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 August 31, 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 August 31, 2021. | |
* | The cost of securities is substantially the same for federal income tax purposes. |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 79 |
Table of Contents
JPMorgan New York Municipal Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited)
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — 87.4% |
| |||||||
New York — 87.4% |
| |||||||
Albany Industrial Development Agency, Civic Facility, Living Resources Corp., Project Series 2007A, Rev., VRDO, LOC: HSBC Bank USA NA, 0.04%, 9/8/2021 (b) | 2,380 | 2,380 | ||||||
Alfred Almond Central School District GO, BAN, 1.25%, 9/15/2021 | 2,000 | 2,001 | ||||||
Amherst Development Corp., Student Housing Facility, South Lake Village Project Series 2010B, Rev., VRDO, LOC: HSBC Bank USA NA, 0.07%, 9/8/2021 (b) | 12,105 | 12,105 | ||||||
Battery Park City Authority Series 2019D-2, Rev., VRDO, LIQ: TD Bank NA, 0.02%, 9/8/2021 (b) | 5,300 | 5,300 | ||||||
Berlin Central School District GO, BAN, 1.00%, 6/29/2022 | 3,000 | 3,019 | ||||||
City of Hudson Series 2021A, GO, BAN, 1.00%, 6/24/2022 | 3,029 | 3,048 | ||||||
City of Ithaca | ||||||||
GO, BAN, 1.50%, 2/18/2022 | 5,000 | 5,031 | ||||||
GO, BAN, 1.00%, 7/22/2022 | 4,824 | 4,857 | ||||||
City of Kingston Series 2021A, GO, BAN, 1.50%, 3/18/2022 | 6,000 | 6,040 | ||||||
City of New York Subseries 2008L-4, GO, VRDO, LOC: U.S. Bank NA, 0.01%, 9/1/2021 (b) | 300 | 300 | ||||||
City of New York, Fiscal Year 2006 Series I, Subseries I-4, GO, VRDO, LOC: TD Bank NA, 0.01%, 9/1/2021 (b) | 355 | 355 | ||||||
City of New York, Fiscal Year 2013 Subseries A-3, GO, VRDO, LOC: Mizuho Bank Ltd., 0.01%, 9/1/2021 (b) | 3,670 | 3,670 | ||||||
City of New York, Fiscal Year 2014 Series D, Subseries D-4, GO, VRDO, LOC: TD Bank NA, 0.01%, 9/1/2021 (b) | 400 | 400 | ||||||
City of New York, Fiscal Year 2017 Subseries 2017A-7, GO, VRDO, LOC: Bank of the West, 0.02%, 9/1/2021 (b) | 2,875 | 2,875 | ||||||
City of New York, Fiscal Year 2019 Series D, Subseries D-4, GO, VRDO, LIQ: Barclays Bank plc, 0.01%, 9/1/2021 (b) | 350 | 350 | ||||||
City of Peekskill GO, BAN, 1.00%, 8/25/2022 | 1,850 | 1,865 | ||||||
City of Troy GO, BAN, 1.50%, 7/29/2022 | 4,832 | 4,888 | ||||||
County of Chemung Series 2020B, GO, BAN, 1.25%, 10/15/2021 | 1,000 | 1,001 | ||||||
County of Clinton GO, BAN, 1.50%, 7/28/2022 | 3,500 | 3,541 | ||||||
County of Columbia GO, BAN, 1.25%, 12/10/2021 | 3,035 | 3,044 | ||||||
County of Westchester Series 2021B, GO, TAN, 2.00%, 10/18/2021 | 500 | 501 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
New York — continued |
| |||||||
East Bloomfield Central School District GO, BAN, 1.25%, 6/23/2022 | 5,353 | 5,396 | ||||||
Erie County Industrial Development Agency (The), Canisius High School Rev., VRDO, LOC: Manufacturers & Trader Trust Co., 0.07%, 9/8/2021 (b) | 10,450 | 10,450 | ||||||
Erie County Industrial Development Agency (The), Our Lady Victory Corp. Series 2007A, Rev., VRDO, LOC: HSBC Bank USA NA, 0.05%, 9/8/2021 (b) | 2,755 | 2,755 | ||||||
Hancock Central School District GO, BAN, 1.00%, 7/21/2022 | 4,331 | 4,362 | ||||||
Hastings-On-Hudson Union Free School District GO, BAN, 1.50%, 3/4/2022 | 7,500 | 7,553 | ||||||
Metropolitan Transportation Authority | ||||||||
Subseries 2005D-2, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 0.01%, 9/1/2021 (b) | 340 | 340 | ||||||
Subseries E-3, Rev., VRDO, LOC: Bank of America NA, 0.01%, 9/1/2021 (b) | 420 | 420 | ||||||
Series 2012G-2, Rev., VRDO, LOC: TD Bank NA, 0.02%, 9/8/2021 (b) | 400 | 400 | ||||||
Metropolitan Transportation Authority, Dedicated Tax Fund | ||||||||
Series 2008A-1, Rev., VRDO, LOC: TD Bank NA, 0.01%, 9/1/2021 (b) | 5,620 | 5,620 | ||||||
Series 2008B-3C, Rev., VRDO, LOC: PNC Bank NA, 0.03%, 9/8/2021 (b) | 15,120 | 15,120 | ||||||
Nassau County Industrial Development Agency, Clinton Plaza Senior Housing Project Rev., VRDO, LOC: FNMA, 0.05%, 9/8/2021 (b) | 6,000 | 6,000 | ||||||
New York City Housing Development Corp., Multi-Family Mortgage, Susan’s Court Series 2007A, Rev., VRDO, LOC: Citibank NA, 0.06%, 9/8/2021 (b) | 10,000 | 10,000 | ||||||
New York City Housing Development Corp., Multi-Family Mortgage, West 26th Street Development Series 2011B, Rev., VRDO, 0.02%, 9/8/2021 (b) | 200 | 200 | ||||||
New York City Housing Development Corp., Multi-Family Rent Housing Series A, Rev., VRDO, LOC: FNMA, 0.02%, 9/8/2021 (b) | 500 | 500 | ||||||
New York City Housing Development Corp., Multi-Family, 1090 Franklin Avenue Apartments Series 2005A, Rev., VRDO, LOC: Citibank NA, 0.06%, 9/8/2021 (b) | 2,320 | 2,320 | ||||||
New York City Housing Development Corp., West 26th Street Development Series A, Rev., VRDO, LIQ: FHLMC, 0.02%, 9/8/2021 (b) | 1,575 | 1,575 |
SEE NOTES TO FINANCIAL STATEMENTS.
80 | J.P. MORGAN MONEY MARKET FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
New York — continued |
| |||||||
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2003 Subseries A-4, Rev., VRDO, LIQ: TD Bank NA, 0.01%, 9/1/2021 (b) | 300 | 300 | ||||||
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2011 Subseries 2011A-4, Rev., VRDO, LIQ: Barclays Bank plc, 0.01%, 9/1/2021 (b) | 2,550 | 2,550 | ||||||
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2013 Subseries C-5, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.02%, 9/8/2021 (b) | 25,800 | 25,800 | ||||||
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2015 Subseries A-3, Rev., VRDO, LIQ: Mizuho Bank Ltd., 0.01%, 9/1/2021 (b) | 160 | 160 | ||||||
New York City Water and Sewer System, Fiscal Year 2003 Subseries F-1-A, Rev., VRDO, LIQ: Barclays Bank plc, 0.02%, 9/8/2021 (b) | 6,695 | 6,695 | ||||||
New York City Water and Sewer System, Fiscal Year 2012 | ||||||||
Subseries A-1, Rev., VRDO, LIQ: Mizuho Bank Ltd., 0.01%, 9/1/2021 (b) | 925 | 925 | ||||||
Subseries A-2, Rev., VRDO, LIQ: Mizuho Bank Ltd., 0.01%, 9/1/2021 (b) | 1,815 | 1,815 | ||||||
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2007 Series CC-1, Rev., VRDO, LIQ: Sumitomo Mitsui Banking Corp., 0.03%, 9/8/2021 (b) | 615 | 615 | ||||||
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2014 Series AA, Subseries AA-5, Rev., VRDO, LIQ: Mizuho Bank Ltd., 0.01%, 9/1/2021 (b) | 13,195 | 13,195 | ||||||
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2015 | ||||||||
Series BB, Rev., VRDO, LIQ: Mizuho Bank Ltd., 0.01%, 9/1/2021 (b) | 7,825 | 7,825 | ||||||
Series 2015BB-3, Rev., VRDO, LIQ: Sumitomo Mitsui Banking Corp., 0.02%, 9/8/2021 (b) | 200 | 200 | ||||||
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2017 Subseries BB-3, Rev., VRDO, LIQ: Sumitomo Mitsui Banking Corp., 0.02%, 9/8/2021 (b) | 350 | 350 | ||||||
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2021 Series EE, Subseries EE-1, Rev., VRDO, LIQ: U.S. Bank NA, 0.01%, 9/1/2021 (b) | 600 | 600 | ||||||
New York State Dormitory Authority, Catholic Health System Series 2019B, Rev., VRDO, LOC: Manufacturers & Trader Trust Co., 0.07%, 9/8/2021 (b) | 18,000 | 18,000 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
New York — continued |
| |||||||
New York State Dormitory Authority, City University System, CONS Fifth General Resolution Series 2008D, Rev., VRDO, LOC: TD Bank NA, 0.02%, 9/8/2021 (b) | 290 | 290 | ||||||
New York State Dormitory Authority, Columbia University | ||||||||
Series 2003 B, Rev., VRDO, 0.01%, 9/8/2021 (b) | 350 | 350 | ||||||
Series 2012A, Rev., 5.00%, 10/1/2021 | 770 | 773 | ||||||
New York State Dormitory Authority, Cornell University Series 2019B, Rev., VRDO, LIQ: U.S. Bank NA, 0.01%, 9/1/2021 (b) | 7,550 | 7,550 | ||||||
New York State Dormitory Authority, Fordham University Series A-2, Rev., VRDO, LOC: Bank of America NA, 0.01%, 9/8/2021 (b) | 250 | 250 | ||||||
New York State Dormitory Authority, Highland Community Development Corp. Series 1994B, Rev., VRDO, LOC: HSBC Bank USA NA, 0.03%, 9/8/2021 (b) | 1,740 | 1,740 | ||||||
New York State Dormitory Authority, Royal Charter Properties Series A, Rev., VRDO, LOC: FNMA, 0.02%, 9/8/2021 (b) | 195 | 195 | ||||||
New York State Dormitory Authority, Teresian House Rev., VRDO, LOC: Manufacturers & Trader Trust Co., 0.07%, 9/8/2021 (b) | 11,695 | 11,695 | ||||||
New York State Energy Research and Development Authority, Consolidated Edison Co., Inc. Project | ||||||||
Subseries A-3, Rev., VRDO, LOC: Mizuho Bank Ltd., 0.02%, 9/8/2021 (b) | 2,700 | 2,700 | ||||||
Series 2010A-1, Rev., VRDO, LOC: The Bank of Nova Scotia, 0.03%, 9/8/2021 (b) | 400 | 400 | ||||||
Series 2010A-3, Rev., VRDO, LOC: The Bank of Nova Scotia, 0.03%, 9/8/2021 (b) | 3,700 | 3,700 | ||||||
Subseries C-2, Rev., VRDO, LOC: Mizuho Bank Ltd., 0.03%, 9/8/2021 (b) | 13,800 | 13,800 | ||||||
New York State Housing Finance Agency Series 2008-A, Rev., VRDO, LIQ: FHLMC, 0.06%, 9/8/2021 (b) | 2,900 | 2,900 | ||||||
New York State Housing Finance Agency, 10 Barclay Street Series A, Rev., VRDO, LOC: FNMA, 0.01%, 9/8/2021 (b) | 300 | 300 | ||||||
New York State Housing Finance Agency, 29 Flatbush Avenue Housing | ||||||||
Series 2010A, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 0.02%, 9/8/2021 (b) | 360 | 360 | ||||||
Series A, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 0.02%, 9/8/2021 (b) | 165 | 165 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 81 |
Table of Contents
JPMorgan New York Municipal Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
New York — continued |
| |||||||
New York State Housing Finance Agency, 330 West 39th Street Housing Series A, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 0.02%, 9/8/2021 (b) | 300 | 300 | ||||||
New York State Housing Finance Agency, 42nd and 10th Associates LLC | ||||||||
Series 2008A, Rev., VRDO, AMT, LIQ: FHLMC, 0.02%, 9/8/2021 (b) | 400 | 400 | ||||||
Series 2010A, Rev., VRDO, AMT, LOC: FHLMC, 0.02%, 9/8/2021 (b) | 3,950 | 3,950 | ||||||
Series 2007A, Rev., VRDO, AMT, LIQ: FHLMC, 0.03%, 9/8/2021 (b) | 750 | 750 | ||||||
New York State Housing Finance Agency, 435 East 13th Street Housing Series 2016A, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 0.02%, 9/8/2021 (b) | 520 | 520 | ||||||
New York State Housing Finance Agency, 600 West 42nd Street Housing Rev., VRDO, AMT, LOC: FNMA, 0.04%, 9/8/2021 (b) | 2,160 | 2,160 | ||||||
New York State Housing Finance Agency, Clarkstown Maplewood Gardens Series 2009A, Rev., VRDO, LOC: FHLMC, 0.03%, 9/8/2021 (b) | 1,160 | 1,160 | ||||||
New York State Housing Finance Agency, Clinton Park Housing Series 2010A, Rev., VRDO, LIQ: FHLMC, 0.02%, 9/8/2021 (b) | 585 | 585 | ||||||
New York State Housing Finance Agency, Historic Front Street Series 2003A, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 0.03%, 9/8/2021 (b) | 2,650 | 2,650 | ||||||
New York State Housing Finance Agency, Housing College Arms Apartments Series 2008A, Rev., VRDO, LIQ: FHLMC, 0.02%, 9/8/2021 (b) | 325 | 325 | ||||||
New York State Housing Finance Agency, Liberty Street Realty LLC Series 2003 A, Rev., VRDO, LOC: FHLMC, 0.02%, 9/8/2021 (b) | 300 | 300 | ||||||
New York State Housing Finance Agency, Maiden Lane Properties LLC Series 2004A, Rev., VRDO, LOC: FNMA, 0.02%, 9/8/2021 (b) | 500 | 500 | ||||||
New York State Housing Finance Agency, Saxony Housing Series A, Rev., VRDO, AMT, LOC: FNMA, 0.06%, 9/8/2021 (b) | 17,100 | 17,100 | ||||||
New York State Housing Finance Agency, Tribeca Green Housing Series 2003A, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 0.04%, 9/8/2021 (b) | 8,895 | 8,895 | ||||||
New York State Housing Finance Agency, West 23rd Street Housing Series 2002A, Rev., VRDO, LOC: FNMA, 0.05%, 9/8/2021 (b) | 5,000 | 5,000 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
New York — continued |
| |||||||
Onondaga County Industrial Development Agency, Civic Facility, Syracuse Home Association Project Rev., VRDO, LOC: HSBC Bank USA NA, 0.06%, 9/8/2021 (b) | 3,850 | 3,850 | ||||||
RBC Municipal Products, Inc. Trust, Floater Certificates (Canada) | ||||||||
Series 2018-G5, GO, VRDO, LOC: Royal Bank of Canada, 0.05%, 9/8/2021 (b) (c) | 6,000 | 6,000 | ||||||
Series E-137, Rev., VRDO, LOC: Royal Bank of Canada, 0.05%, 9/8/2021 (b) | 12,800 | 12,800 | ||||||
Tender Option Bond Trust Receipts/Certificates | ||||||||
Series E-118, GO, VRDO, 0.03%, 9/1/2021 (b) | 6,600 | 6,600 | ||||||
Series 2018-XF2646, Rev., VRDO, 0.04%, 9/8/2021 (b) | 1,340 | 1,340 | ||||||
Series 2020-ZF2918, Rev., VRDO, LIQ: Wells Fargo Bank NA, 0.04%, 9/8/2021 (b) (c) | 2,430 | 2,430 | ||||||
Series 2020-ZF2919, Rev., VRDO, LIQ: Wells Fargo Bank NA, 0.04%, 9/8/2021 (b) (c) | 2,500 | 2,500 | ||||||
Series 2021-XL0164, Rev., VRDO, LIQ: Wells Fargo Bank NA, 0.04%, 9/8/2021 (b) (c) | 4,335 | 4,335 | ||||||
Series 2021-XL0169, Rev., VRDO, LIQ: Bank of America NA, 0.04%, 9/8/2021 (b) (c) | 2,905 | 2,905 | ||||||
Series 2021-XM0939, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.04%, 9/8/2021 (b) (c) | 6,400 | 6,400 | ||||||
Series 2016-ZM0129, Rev., VRDO, 0.05%, 9/8/2021 (b) | 4,240 | 4,240 | ||||||
Series 2017-ZM0544, Rev., VRDO, LIQ: Bank of America NA, 0.05%, 9/8/2021 (b) (c) | 2,220 | 2,220 | ||||||
Series 2018-XF0635, Rev., VRDO, LIQ: TD Bank NA, 0.05%, 9/8/2021 (b) (c) | 6,185 | 6,185 | ||||||
Series 2018-XF2656, Rev., VRDO, 0.05%, 9/8/2021 (b) | 800 | 800 | ||||||
Series 2018-XM0692, Rev., VRDO, 0.05%, 9/8/2021 (b) | 8,000 | 8,000 | ||||||
Series 2018-ZF2740, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.05%, 9/8/2021 (b) (c) | 2,600 | 2,600 | ||||||
Series 2018-ZM0661, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.05%, 9/8/2021 (b) (c) | 5,000 | 5,000 | ||||||
Series 2018-ZM0682, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.05%, 9/8/2021 (b) (c) | 5,000 | 5,000 | ||||||
Series 2019-XF0829, Rev., VRDO, LOC: Royal Bank of Canada, 0.05%, 9/8/2021 (b) | 4,015 | 4,015 | ||||||
Series 2019-XF0838, Rev., VRDO, LIQ: Bank of America NA, 0.05%, 9/8/2021 (b) (c) | 1,600 | 1,600 |
SEE NOTES TO FINANCIAL STATEMENTS.
82 | J.P. MORGAN MONEY MARKET FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
New York — continued |
| |||||||
Series 2019-XF0847, Rev., VRDO, LOC: Royal Bank of Canada, 0.05%, 9/8/2021 (b) | 5,075 | 5,075 | ||||||
Series 2019-XF0858, Rev., VRDO, LIQ: Bank of America NA, 0.05%, 9/8/2021 (b) (c) | 4,200 | 4,200 | ||||||
Series 2019-ZF0832, Rev., VRDO, LOC: Bank of America NA, 0.05%, 9/8/2021 (b) (c) | 945 | 945 | ||||||
Series 2020-XF0947, Rev., VRDO, LIQ: TD Bank NA, 0.05%, 9/8/2021 (b) (c) | 9,250 | 9,250 | ||||||
Series 2020-XG0272, Rev., VRDO, LIQ: Bank of America NA, 0.05%, 9/8/2021 (b) (c) | 5,340 | 5,340 | ||||||
Series 2020-XG0276, Rev., VRDO, LOC: Bank of America NA, 0.05%, 9/8/2021 (b) (c) | 12,955 | 12,955 | ||||||
Series 2020-XG0277, Rev., VRDO, AGM, LOC: Bank of America NA, 0.05%, 9/8/2021 (b) (c) | 15,860 | 15,860 | ||||||
Series 2020-XM0852, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.05%, 9/8/2021 (b) (c) | 13,500 | 13,500 | ||||||
Series 2020-ZF0929, Rev., VRDO, LOC: Bank of America NA, 0.05%, 9/8/2021 (b) (c) | 5,655 | 5,655 | ||||||
Series 2020-ZM0807, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.05%, 9/8/2021 (b) (c) | 5,950 | 5,950 | ||||||
Series 2021-XF2935, Rev., VRDO, AGM, LOC: Barclays Bank plc, 0.05%, 9/8/2021 (b) (c) | 14,605 | 14,605 | ||||||
Series 2021-XL0184, GO, VRDO, LIQ: Wells Fargo Bank NA, 0.05%, 9/8/2021 (b) (c) | 4,000 | 4,000 | ||||||
Series 2021-ZF1217, Rev., VRDO, LIQ: Royal Bank of Canada, 0.05%, 9/8/2021 (b) (c) | 3,590 | 3,590 | ||||||
Series 2016-ZF0464, Rev., VRDO, LOC: Royal Bank of Canada, 0.06%, 9/8/2021 (b) (c) | 15,000 | 15,000 | ||||||
Series 2017-XF2481, Rev., VRDO, LOC: Barclays Bank plc, 0.06%, 9/8/2021 (b) (c) | 2,160 | 2,160 | ||||||
Series 2020-XF2910, Rev., VRDO, AGM, LOC: Barclays Bank plc, 0.06%, 9/8/2021 (b) (c) | 7,730 | 7,730 | ||||||
Series 2020-XF2914, Rev., VRDO, BAN, LOC: Barclays Bank plc, 0.06%, 9/8/2021 (b) (c) | 22,640 | 22,640 | ||||||
Series 2020-XL0153, Rev., VRDO, LOC: Barclays Bank plc, 0.06%, 9/8/2021 (b) (c) | 2,500 | 2,500 | ||||||
Series 2020-XX1127, Rev., VRDO, AGM, LOC: Barclays Bank plc, 0.06%, 9/8/2021 (b) (c) | 5,220 | 5,220 | ||||||
Town of Greece GO, BAN, 1.50%, 10/15/2021 | 1,000 | 1,001 | ||||||
Town of Riverhead Series 2021A, GO, BAN, 1.00%, 8/17/2022 | 2,900 | 2,921 | ||||||
Town of Sweden GO, BAN, 1.00%, 12/29/2021 | 2,000 | 2,005 | ||||||
Town of Vestal Series 2021A, GO, BAN, 1.00%, 5/6/2022 | 8,430 | 8,474 |
INVESTMENTS (a) | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
New York — continued |
| |||||||
Triborough Bridge and Tunnel Authority | ||||||||
Series 2002F, Rev., VRDO, LOC: Citibank NA, 0.01%, 9/1/2021 (b) | 995 | 995 | ||||||
Subseries 2005B-4C, Rev., VRDO, LOC: U.S. Bank NA, 0.01%, 9/1/2021 (b) | 11,605 | 11,605 | ||||||
Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels | ||||||||
Series 2001C, Rev., VRDO, LOC: State Street Bank��& Trust, 0.01%, 9/1/2021 (b) | 5,400 | 5,400 | ||||||
Series 2003 B-1, Rev., VRDO, LOC: Bank of America NA, 0.01%, 9/1/2021 (b) | 6,030 | 6,030 | ||||||
Series 2005A, Rev., VRDO, LOC: Barclays Bank plc, 0.01%, 9/8/2021 (b) | 850 | 850 | ||||||
Union Springs Central School District GO, BAN, 0.75%, 4/29/2022 | 4,220 | 4,224 | ||||||
Victor Central School District Series 2020B, GO, BAN, 1.25%, 9/17/2021 | 2,560 | 2,561 | ||||||
Village of Hamburg GO, BAN, 1.00%, 7/21/2022 | 6,800 | 6,848 | ||||||
Village of Kings Point, Various Purpose GO, BAN, 1.00%, 7/22/2022 | 3,410 | 3,434 | ||||||
Village of Pelham Series 2020A, GO, BAN, 1.25%, 9/17/2021 | 1,506 | 1,506 | ||||||
Village of Springville GO, BAN, 1.25%, 11/23/2021 | 2,000 | 2,003 | ||||||
Webutuck Central School District GO, BAN, 1.00%, 6/23/2022 | 4,825 | 4,855 | ||||||
|
| |||||||
Total Municipal Bonds | 620,082 | |||||||
|
| |||||||
SHARES (000) | ||||||||
Variable Rate Demand Preferred Shares — 12.5% |
| |||||||
New York — 12.5% |
| |||||||
BlackRock MuniYield New York Quality Fund, Inc. Series W7-2477, LIQ: TD Bank NA, 0.10%, 9/8/2021 #(c) | 40,000 | 40,000 | ||||||
Nuveen New York AMT-Free Quality Municipal Income Fund Series 3, LIQ: Sumitomo Mitsui Banking Corp., 0.07%, 9/8/2021 #(c) | 28,200 | 28,200 | ||||||
Nuveen New York Quality Municipal Income Fund Series 1, LIQ: TD Bank NA, 0.10%, 9/8/2021 #(c) | 20,500 | 20,500 | ||||||
|
| |||||||
Total Variable Rate Demand Preferred Shares |
| 88,700 | ||||||
|
| |||||||
Total Investments — 99.9% | 708,782 | |||||||
Other Assets Less Liabilities — 0.1% | 395 | |||||||
|
| |||||||
NET ASSETS — 100.0% | 709,177 | |||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 83 |
Table of Contents
JPMorgan New York Municipal Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
Percentages indicated are based on net assets.
Abbreviations
AGM | Insured by Assured Guaranty Municipal Corp. | |
AMT | Alternative Minimum Tax | |
BAN | Bond Anticipation Note | |
CONS | Consolidated Bonds | |
FHLMC | Federal Home Loan Mortgage Corp. | |
FNMA | Federal National Mortgage Association | |
GO | General Obligation | |
LIQ | Liquidity Agreement | |
LOC | Letter of Credit | |
MTA | Metropolitan Transportation Authority | |
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 August 31, 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 August 31, 2021. | |
* | The cost of securities is substantially the same for federal income tax purposes. |
SEE NOTES TO FINANCIAL STATEMENTS.
84 | J.P. MORGAN MONEY MARKET FUNDS | AUGUST 31, 2021 |
Table of Contents
THIS PAGE IS INTENTIONALLY LEFT BLANK
AUGUST 31, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 85 |
Table of Contents
STATEMENTS OF ASSETS AND LIABILITIES
AS OF AUGUST 31, 2021 (Unaudited)
(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 | $ | 58,673,110 | $ | 2,028,738 | $ | 2,929,918 | ||||||
Repurchase agreements, at value | 20,961,000 | — | 138,163 | |||||||||
Cash | 399,993 | 2 | — | (a) | ||||||||
Receivables: | ||||||||||||
Investment securities sold | — | 56,520 | — | |||||||||
Interest from non-affiliates | 9,072 | 1,564 | 352 | |||||||||
Interest from affiliates | 1 | — | — | |||||||||
|
|
|
|
|
| |||||||
Total Assets | 80,043,176 | 2,086,824 | 3,068,433 | |||||||||
|
|
|
|
|
| |||||||
LIABILITIES: |
| |||||||||||
Payables: | ||||||||||||
Distributions | 2,280 | 25 | 199 | |||||||||
Investment securities purchased | — | 14,670 | — | |||||||||
Accrued liabilities: | ||||||||||||
Investment advisory fees | 3,347 | 36 | 65 | |||||||||
Administration fees | 2,254 | 24 | 44 | |||||||||
Service fees | 388 | 2 | — | |||||||||
Custodian and accounting fees | 363 | 29 | 32 | |||||||||
Trustees’ and Chief Compliance Officer’s fees | 39 | — | (a) | 2 | ||||||||
Other | 1,670 | 97 | 63 | |||||||||
|
|
|
|
|
| |||||||
Total Liabilities | 10,341 | 14,883 | 405 | |||||||||
|
|
|
|
|
| |||||||
Net Assets | $ | 80,032,835 | $ | 2,071,941 | $ | 3,068,028 | ||||||
|
|
|
|
|
|
(a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
86 | J.P. MORGAN MONEY MARKET FUNDS | AUGUST 31, 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 | $ | 80,032,748 | $ | 2,071,831 | $ | 3,067,814 | ||||||
Total distributable earnings (loss) | 87 | 110 | 214 | |||||||||
|
|
|
|
|
| |||||||
Total Net Assets | $ | 80,032,835 | $ | 2,071,941 | $ | 3,068,028 | ||||||
|
|
|
|
|
| |||||||
Net Assets: |
| |||||||||||
Academy | $ | 1,108,084 | $ | — | $ | — | ||||||
Agency | 1,431,292 | 16,794 | — | |||||||||
Agency SL | — | — | 3,068,028 | |||||||||
Capital | 50,189,516 | 128,702 | — | |||||||||
Class C | 606 | — | — | |||||||||
Empower | 15,026 | — | — | |||||||||
IM | 9,176,885 | 1,386,411 | — | |||||||||
Institutional Class | 16,009,645 | 540,034 | — | |||||||||
Morgan | 1,032,832 | — | — | |||||||||
Premier | 1,068,012 | — | — | |||||||||
Reserve | 937 | — | — | |||||||||
|
|
|
|
|
| |||||||
Total | $ | 80,032,835 | $ | 2,071,941 | $ | 3,068,028 | ||||||
|
|
|
|
|
| |||||||
Outstanding units of beneficial interest (shares) |
| |||||||||||
($0.0001 par value; unlimited number of shares authorized): | ||||||||||||
Academy | 1,107,462 | — | — | |||||||||
Agency | 1,430,151 | 16,785 | — | |||||||||
Agency SL | — | — | 3,067,931 | |||||||||
Capital | 50,165,450 | 128,633 | — | |||||||||
Class C | 605 | — | — | |||||||||
Empower | 15,019 | — | — | |||||||||
IM | 9,172,211 | 1,385,709 | — | |||||||||
Institutional Class | 16,001,549 | 539,763 | — | |||||||||
Morgan | 1,031,802 | — | — | |||||||||
Premier | 1,067,345 | — | — | |||||||||
Reserve | 937 | — | — | |||||||||
Net Asset Value offering and redemption price per share | ||||||||||||
Academy | $ | 1.0006 | $ | — | $ | — | ||||||
Agency | 1.0008 | 1.0005 | — | |||||||||
Agency SL | — | — | 1.0000 | |||||||||
Capital | 1.0005 | 1.0005 | — | |||||||||
Class C | 1.0005 | — | — | |||||||||
Empower | 1.0004 | — | — | |||||||||
IM | 1.0005 | 1.0005 | — | |||||||||
Institutional Class | 1.0005 | 1.0005 | — | |||||||||
Morgan | 1.0010 | — | — | |||||||||
Premier | 1.0006 | — | — | |||||||||
Reserve | 1.0008 | — | — | |||||||||
|
|
|
|
|
| |||||||
Cost of investments in non-affiliates | $ | 58,668,067 | $ | 2,028,716 | $ | 2,929,735 | ||||||
Cost of repurchase agreements | 20,961,000 | — | 138,163 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 87 |
Table of Contents
STATEMENTS OF ASSETS AND LIABILITIES
AS OF AUGUST 31, 2021 (Unaudited) (continued)
(Amounts in thousands, except per share amounts)
JPMorgan Liquid Assets Money Market Fund | JPMorgan U.S. Government Money Market Fund | JPMorgan U.S. Treasury Plus Money Market Fund | ||||||||||
ASSETS: |
| |||||||||||
Investments in non-affiliates, at value | $ | 6,616,304 | $ | 122,578,648 | $ | 11,774,168 | ||||||
Repurchase agreements, at value | 884,000 | 123,848,340 | 12,422,285 | |||||||||
Cash | 15,000 | 5,302,737 | 797,424 | |||||||||
Receivables: | ||||||||||||
Fund shares sold | — | 69,341 | — | |||||||||
Interest from non-affiliates | 985 | 88,559 | 7,676 | |||||||||
Interest from affiliates | — | (a) | 13 | 2 | ||||||||
|
|
|
|
|
| |||||||
Total Assets | 7,516,289 | 251,887,638 | 25,001,555 | |||||||||
|
|
|
|
|
| |||||||
LIABILITIES: |
| |||||||||||
Payables: | ||||||||||||
Distributions | 71 | 2,274 | 68 | |||||||||
Investment securities purchased | — | 4,874,290 | — | |||||||||
Fund shares redeemed | — | 66,843 | — | |||||||||
Accrued liabilities: | ||||||||||||
Investment advisory fees | 437 | 5,221 | 609 | |||||||||
Administration fees | 292 | 3,515 | 410 | |||||||||
Service fees | 103 | 1,028 | 3 | |||||||||
Custodian and accounting fees | 34 | 616 | 80 | |||||||||
Trustees’ and Chief Compliance Officer’s fees | — | 38 | 4 | |||||||||
Other | 252 | 1,356 | 185 | |||||||||
|
|
|
|
|
| |||||||
Total Liabilities | 1,189 | 4,955,181 | 1,359 | |||||||||
|
|
|
|
|
| |||||||
Net Assets | $ | 7,515,100 | $ | 246,932,457 | $ | 25,000,196 | ||||||
|
|
|
|
|
|
(a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
88 | J.P. MORGAN MONEY MARKET FUNDS | AUGUST 31, 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 | $ | 7,515,406 | $ | 246,935,274 | $ | 25,000,991 | ||||||
Total distributable earnings (loss) | (306 | ) | (2,817 | ) | (795 | ) | ||||||
|
|
|
|
|
| |||||||
Total Net Assets | $ | 7,515,100 | $ | 246,932,457 | $ | 25,000,196 | ||||||
|
|
|
|
|
| |||||||
Net Assets: |
| |||||||||||
Academy | $ | — | $ | 7,797,755 | $ | 100 | ||||||
Agency | 890,713 | 21,574,482 | 1,710,588 | |||||||||
Capital | 2,221,407 | 159,696,677 | 10,910,694 | |||||||||
Class C | 21,966 | — | 380,521 | |||||||||
E*Trade | — | 386,375 | — | |||||||||
Empower | — | 2,809,209 | 600,030 | |||||||||
IM | — | 9,201,074 | 120 | |||||||||
Institutional Class | 2,065,176 | 30,998,713 | 8,743,561 | |||||||||
Investor | 2,380 | 1,395,779 | 18,120 | |||||||||
Morgan | 522,666 | 2,167,045 | 477,255 | |||||||||
Premier | 1,786,105 | 4,849,598 | 2,129,677 | |||||||||
Reserve | 4,687 | 5,608,614 | 29,530 | |||||||||
Service | — | 447,136 | — | |||||||||
|
|
|
|
|
| |||||||
Total | $ | 7,515,100 | $ | 246,932,457 | $ | 25,000,196 | ||||||
|
|
|
|
|
| |||||||
Outstanding units of beneficial interest (shares) |
| |||||||||||
($0.0001 par value; unlimited number of shares authorized): | ||||||||||||
Academy | — | 7,797,860 | 100 | |||||||||
Agency | 890,728 | 21,574,689 | 1,710,623 | |||||||||
Capital | 2,221,423 | 159,698,562 | 10,911,054 | |||||||||
Class C | 21,968 | — | 380,531 | |||||||||
E*Trade | — | 386,380 | — | |||||||||
Empower | — | 2,809,236 | 600,045 | |||||||||
IM | — | 9,201,163 | 120 | |||||||||
Institutional Class | 2,065,224 | 30,999,052 | 8,743,853 | |||||||||
Investor | 2,380 | 1,395,818 | 18,121 | |||||||||
Morgan | 522,679 | 2,167,064 | 477,273 | |||||||||
Premier | 1,786,143 | 4,849,652 | 2,129,737 | |||||||||
Reserve | 4,688 | 5,608,637 | 29,532 | |||||||||
Service | — | 447,141 | — | |||||||||
Net Asset Value offering and redemption price per share (all classes) | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||
|
|
|
|
|
| |||||||
Cost of investments in non-affiliates | $ | 6,616,304 | $ | 122,578,648 | $ | 11,774,168 | ||||||
Cost of repurchase agreements | 884,000 | 123,848,340 | 12,422,285 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 89 |
Table of Contents
STATEMENTS OF ASSETS AND LIABILITIES
AS OF AUGUST 31, 2021 (Unaudited) (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 | $ | 2,219,422 | $ | 97,803,331 | $ | 8,042,256 | ||||||
Cash | 70,946 | 1,574,863 | 2 | |||||||||
Receivables: | ||||||||||||
Due from custodian | — | — | 5,510 | |||||||||
Investment securities sold | — | — | 6,030 | |||||||||
Investment securities sold — delayed delivery securities | — | — | 455 | |||||||||
Fund shares sold | 1,391 | — | — | |||||||||
Interest from non-affiliates | 504 | 11,383 | 5,265 | |||||||||
Interest from affiliates | — | (a) | 4 | — | ||||||||
|
|
|
|
|
| |||||||
Total Assets | 2,292,263 | 99,389,581 | 8,059,518 | |||||||||
|
|
|
|
|
| |||||||
LIABILITIES: |
| |||||||||||
Payables: | ||||||||||||
Distributions | 5 | 298 | 80 | |||||||||
Investment securities purchased | — | 3,999,554 | 30,010 | |||||||||
Fund shares redeemed | 483 | — | — | |||||||||
Accrued liabilities: | ||||||||||||
Investment advisory fees | 36 | 2,016 | 190 | |||||||||
Administration fees | 24 | 1,358 | 128 | |||||||||
Service fees | — | 16 | 15 | |||||||||
Custodian and accounting fees | 11 | 280 | 42 | |||||||||
Trustees’ and Chief Compliance Officer’s fees | — | (a) | 1 | 1 | ||||||||
Other | 143 | 2,056 | 152 | |||||||||
|
|
|
|
|
| |||||||
Total Liabilities | 702 | 4,005,579 | 30,618 | |||||||||
|
|
|
|
|
| |||||||
Net Assets | $ | 2,291,561 | $ | 95,384,002 | $ | 8,028,900 | ||||||
|
|
|
|
|
|
(a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
90 | J.P. MORGAN MONEY MARKET FUNDS | AUGUST 31, 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 | $ | 2,291,713 | $ | 95,384,203 | $ | 8,028,875 | ||||||
Total distributable earnings (loss) | (152 | ) | (201 | ) | 25 | |||||||
|
|
|
|
|
| |||||||
Total Net Assets | $ | 2,291,561 | $ | 95,384,002 | $ | 8,028,900 | ||||||
|
|
|
|
|
| |||||||
Net Assets: |
| |||||||||||
Academy | $ | — | $ | 147,400 | $ | — | ||||||
Agency | 167,555 | 3,683,612 | 297,283 | |||||||||
Capital | — | 59,584,234 | — | |||||||||
Empower | — | 517,538 | — | |||||||||
IM | — | 1,573 | — | |||||||||
Institutional Class | 1,944,755 | 24,031,615 | 5,759,983 | |||||||||
Morgan | 51,332 | 2,197,433 | 18,931 | |||||||||
Premier | 127,919 | 2,020,399 | 390,643 | |||||||||
Reserve | — | 3,200,198 | 1,562,060 | |||||||||
|
|
|
|
|
| |||||||
Total | $ | 2,291,561 | $ | 95,384,002 | $ | 8,028,900 | ||||||
|
|
|
|
|
| |||||||
Outstanding units of beneficial interest (shares) |
| |||||||||||
($0.0001 par value; unlimited number of shares authorized): | ||||||||||||
Academy | — | 147,400 | — | |||||||||
Agency | 167,599 | 3,683,621 | 297,265 | |||||||||
Capital | — | 59,584,286 | — | |||||||||
Empower | — | 517,538 | — | |||||||||
IM | — | 1,573 | — | |||||||||
Institutional Class | 1,945,126 | 24,031,657 | 5,759,627 | |||||||||
Morgan | 51,339 | 2,197,436 | 18,930 | |||||||||
Premier | 127,942 | 2,020,403 | 390,620 | |||||||||
Reserve | — | 3,200,200 | 1,561,980 | |||||||||
Net Asset Value offering and redemption price per share (all classes) | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||
|
|
|
|
|
| |||||||
Cost of investments in non-affiliates | $ | 2,219,422 | $ | 97,803,331 | $ | 8,042,256 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 91 |
Table of Contents
STATEMENTS OF ASSETS AND LIABILITIES
AS OF AUGUST 31, 2021 (Unaudited) (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 | $ | 851,673 | $ | 239,759 | $ | 708,782 | ||||||
Cash | 5 | 4 | 5 | |||||||||
Receivables: | ||||||||||||
Investment securities sold | 23,355 | 190 | — | |||||||||
Investment securities sold — delayed delivery securities | 110 | 100 | — | |||||||||
Interest from non-affiliates | 737 | 161 | 471 | |||||||||
Due from adviser | — | 9 | — | |||||||||
|
|
|
|
|
| |||||||
Total Assets | 875,880 | 240,223 | 709,258 | |||||||||
|
|
|
|
|
| |||||||
LIABILITIES: |
| |||||||||||
Payables: | ||||||||||||
Distributions | 4 | 2 | 6 | |||||||||
Investment securities purchased | — | 1,683 | — | |||||||||
Accrued liabilities: | ||||||||||||
Investment advisory fees | 35 | — | 7 | |||||||||
Administration fees | 23 | — | 4 | |||||||||
Service fees | 1 | 1 | 1 | |||||||||
Custodian and accounting fees | 11 | 8 | 11 | |||||||||
Trustees’ and Chief Compliance Officer’s fees | — | — | — | (a) | ||||||||
Other | 519 | 100 | 52 | |||||||||
|
|
|
|
|
| |||||||
Total Liabilities | 593 | 1,794 | 81 | |||||||||
|
|
|
|
|
| |||||||
Net Assets | $ | 875,287 | $ | 238,429 | $ | 709,177 | ||||||
|
|
|
|
|
|
(a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
92 | J.P. MORGAN MONEY MARKET FUNDS | AUGUST 31, 2021 |
Table of Contents
JPMorgan Municipal Money Market Fund | JPMorgan California Municipal Money Market Fund | JPMorgan New York Municipal Money Market Fund | ||||||||||
NET ASSETS: |
| |||||||||||
Paid-in-Capital | $ | 875,128 | $ | 238,420 | $ | 709,169 | ||||||
Total distributable earnings (loss) | 159 | 9 | 8 | |||||||||
|
|
|
|
|
| |||||||
Total Net Assets | $ | 875,287 | $ | 238,429 | $ | 709,177 | ||||||
|
|
|
|
|
| |||||||
Net Assets: |
| |||||||||||
Agency | $ | 36,515 | $ | 3,026 | $ | 67,716 | ||||||
Institutional Class | 732,006 | 94,530 | 477,412 | |||||||||
Morgan | 31,145 | 5,146 | 51,924 | |||||||||
Premier | 52,206 | 125,770 | 107,133 | |||||||||
Reserve | — | — | 1,941 | |||||||||
Service | 23,415 | 9,957 | 3,051 | |||||||||
|
|
|
|
|
| |||||||
Total | $ | 875,287 | $ | 238,429 | $ | 709,177 | ||||||
|
|
|
|
|
| |||||||
Outstanding units of beneficial interest (shares) |
| |||||||||||
($0.0001 par value; unlimited number of shares authorized): | ||||||||||||
Agency | 36,505 | 3,024 | 67,714 | |||||||||
Institutional Class | 731,873 | 94,485 | 477,394 | |||||||||
Morgan | 31,137 | 5,144 | 51,922 | |||||||||
Premier | 52,194 | 125,716 | 107,123 | |||||||||
Reserve | — | — | 1,941 | |||||||||
Service | 23,410 | 9,952 | 3,051 | |||||||||
Net Asset Value offering and redemption price per share (all classes) | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||
|
|
|
|
|
| |||||||
Cost of investments in non-affiliates | $ | 851,673 | $ | 239,759 | $ | 708,782 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 93 |
Table of Contents
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED AUGUST 31, 2021 (Unaudited)
(Amounts in thousands)
JPMorgan Prime Money Market Fund | JPMorgan Institutional Tax Free Money Market Fund | JPMorgan Securities Lending Money Market Fund | ||||||||||
INVESTMENT INCOME: |
| |||||||||||
Interest income from non-affiliates | $ | 68,388 | $ | 851 | $ | 2,515 | ||||||
Interest income from affiliates | 206 | — | — | |||||||||
|
|
|
|
|
| |||||||
Total investment income | 68,594 | 851 | 2,515 | |||||||||
|
|
|
|
|
| |||||||
EXPENSES: |
| |||||||||||
Investment advisory fees | 30,893 | 686 | 1,218 | |||||||||
Administration fees | 18,224 | 404 | 718 | |||||||||
Distribution fees (See Note 4) | 4 | — | — | |||||||||
Service fees (See Note 4) | 25,626 | 286 | — | |||||||||
Custodian and accounting fees | 823 | 77 | 94 | |||||||||
Interest expense to affiliates | — | — | (a) | — | ||||||||
Professional fees | 373 | 31 | 40 | |||||||||
Trustees’ and Chief Compliance Officer’s fees | 130 | 15 | 18 | |||||||||
Printing and mailing costs | 25 | 4 | 5 | |||||||||
Registration and filing fees | 216 | 61 | 50 | |||||||||
Transfer agency fees (See Note 2.F.) | 923 | 75 | 42 | |||||||||
Other | 134 | 9 | 12 | |||||||||
|
|
|
|
|
| |||||||
Total expenses | 77,371 | 1,648 | 2,197 | |||||||||
|
|
|
|
|
| |||||||
Less fees waived | (35,000 | ) | (920 | ) | (1,283 | ) | ||||||
Less expense reimbursements | (39 | ) | (10 | ) | — | |||||||
|
|
|
|
|
| |||||||
Net expenses | 42,332 | 718 | 914 | |||||||||
|
|
|
|
|
| |||||||
Net investment income (loss) | 26,262 | 133 | 1,601 | |||||||||
|
|
|
|
|
| |||||||
REALIZED/UNREALIZED GAINS (LOSSES): | ||||||||||||
Net realized gain (loss) on transactions from investments in non-affiliates | 128 | 61 | — | (a) | ||||||||
Change in net unrealized appreciation/depreciation on investments in non-affiliates | (3,185 | ) | (86 | ) | (243 | ) | ||||||
|
|
|
|
|
| |||||||
Net realized/unrealized gains (losses) | (3,057 | ) | (25 | ) | (243 | ) | ||||||
|
|
|
|
|
| |||||||
Change in net assets resulting from operations | $ | 23,205 | $ | 108 | $ | 1,358 | ||||||
|
|
|
|
|
|
(a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
94 | J.P. MORGAN MONEY MARKET FUNDS | AUGUST 31, 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 | ||||||||||
INVESTMENT INCOME: |
| |||||||||||
Interest income from non-affiliates | $ | 9,176 | $ | 80,323 | $ | 8,027 | ||||||
Interest income from affiliates | 8 | 2,080 | 348 | |||||||||
Income from interfund lending (net) | 29 | — | — | |||||||||
|
|
|
|
|
| |||||||
Total investment income | 9,213 | 82,403 | 8,375 | |||||||||
|
|
|
|
|
| |||||||
EXPENSES: |
| |||||||||||
Investment advisory fees | 3,878 | 92,853 | 11,220 | |||||||||
Administration fees | 2,280 | 54,825 | 6,615 | |||||||||
Distribution fees (See Note 4) | 408 | 5,653 | 1,746 | |||||||||
Service fees (See Note 4) | 7,099 | 88,317 | 13,670 | |||||||||
Custodian and accounting fees | 126 | 1,430 | 238 | |||||||||
Professional fees | 72 | 866 | 145 | |||||||||
Trustees’ and Chief Compliance Officer’s fees | 25 | 294 | 50 | |||||||||
Printing and mailing costs | 34 | 342 | 10 | |||||||||
Registration and filing fees | 310 | 598 | 185 | |||||||||
Transfer agency fees (See Note 2.F.) | 147 | 1,986 | 267 | |||||||||
Other | 34 | 307 | 68 | |||||||||
|
|
|
|
|
| |||||||
Total expenses | 14,413 | 247,471 | 34,214 | |||||||||
|
|
|
|
|
| |||||||
Less fees waived | (6,318 | ) | (191,474 | ) | (27,252 | ) | ||||||
|
|
|
|
|
| |||||||
Net expenses | 8,095 | 55,997 | 6,962 | |||||||||
|
|
|
|
|
| |||||||
Net investment income (loss) | 1,118 | 26,406 | 1,413 | |||||||||
|
|
|
|
|
| |||||||
REALIZED/UNREALIZED GAINS (LOSSES): | ||||||||||||
Net realized gain (loss) on transactions from investments in non-affiliates | 17 | 666 | 19 | |||||||||
|
|
|
|
|
| |||||||
Change in net assets resulting from operations | $ | 1,135 | $ | 27,072 | $ | 1,432 | ||||||
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 95 |
Table of Contents
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED AUGUST 31, 2021 (Unaudited) (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 | $ | 784 | $ | 25,682 | $ | 4,805 | ||||||
Interest income from affiliates | 13 | 817 | — | (a) | ||||||||
|
|
|
|
|
| |||||||
Total investment income | 797 | 26,499 | 4,805 | |||||||||
|
|
|
|
|
| |||||||
EXPENSES: |
| |||||||||||
Investment advisory fees | 978 | 40,585 | 3,357 | |||||||||
Administration fees | 576 | 23,954 | 1,977 | |||||||||
Distribution fees (See Note 4) | 26 | 5,201 | 1,943 | |||||||||
Service fees (See Note 4) | 1,487 | 43,154 | 6,286 | |||||||||
Custodian and accounting fees | 36 | 820 | 109 | |||||||||
Interest expense to affiliates | — | — | — | (a) | ||||||||
Professional fees | 34 | 500 | 64 | |||||||||
Trustees’ and Chief Compliance Officer’s fees | 16 | 129 | 23 | |||||||||
Printing and mailing costs | 56 | 126 | 16 | |||||||||
Registration and filing fees | 35 | 305 | 113 | |||||||||
Transfer agency fees (See Note 2.F.) | 45 | 975 | 83 | |||||||||
Other | 7 | 308 | 25 | |||||||||
|
|
|
|
|
| |||||||
Total expenses | 3,296 | 116,057 | 13,996 | |||||||||
|
|
|
|
|
| |||||||
Less fees waived | (2,572 | ) | (92,457 | ) | (9,816 | ) | ||||||
|
|
|
|
|
| |||||||
Net expenses | 724 | 23,600 | 4,180 | |||||||||
|
|
|
|
|
| |||||||
Net investment income (loss) | 73 | 2,899 | 625 | |||||||||
|
|
|
|
|
| |||||||
REALIZED/UNREALIZED GAINS (LOSSES): | ||||||||||||
Net realized gain (loss) on transactions from investments in non-affiliates | 25 | 260 | 41 | |||||||||
|
|
|
|
|
| |||||||
Change in net assets resulting from operations | $ | 98 | $ | 3,159 | $ | 666 | ||||||
|
|
|
|
|
|
(a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
96 | J.P. MORGAN MONEY MARKET FUNDS | AUGUST 31, 2021 |
Table of Contents
JPMorgan Municipal Money Market Fund | JPMorgan California Municipal Money Market Fund | JPMorgan New York Municipal Money Market Fund | ||||||||||
INVESTMENT INCOME: |
| |||||||||||
Interest income from non-affiliates | $ | 721 | $ | 149 | $ | 551 | ||||||
|
|
|
|
|
| |||||||
Total investment income | 721 | 149 | 551 | |||||||||
|
|
|
|
|
| |||||||
EXPENSES: |
| |||||||||||
Investment advisory fees | 396 | 106 | 300 | |||||||||
Administration fees | 233 | 63 | 177 | |||||||||
Distribution fees (See Note 4) | 92 | 36 | 41 | |||||||||
Service fees (See Note 4) | 640 | 268 | 557 | |||||||||
Custodian and accounting fees | 33 | 25 | 28 | |||||||||
Interest expense to affiliates | 1 | — | (a) | — | ||||||||
Professional fees | 26 | 24 | 26 | |||||||||
Trustees’ and Chief Compliance Officer’s fees | 13 | 13 | 14 | |||||||||
Printing and mailing costs | 8 | — | (a) | 2 | ||||||||
Registration and filing fees | 152 | 43 | 52 | |||||||||
Transfer agency fees (See Note 2.F.) | 11 | 5 | 18 | |||||||||
Other | 7 | 4 | 6 | |||||||||
|
|
|
|
|
| |||||||
Total expenses | 1,612 | 587 | 1,221 | |||||||||
|
|
|
|
|
| |||||||
Less fees waived | (971 | ) | (437 | ) | (725 | ) | ||||||
Less expense reimbursements | — | (16 | ) | — | ||||||||
|
|
|
|
|
| |||||||
Net expenses | 641 | 134 | 496 | |||||||||
|
|
|
|
|
| |||||||
Net investment income (loss) | 80 | 15 | 55 | |||||||||
|
|
|
|
|
| |||||||
REALIZED/UNREALIZED GAINS (LOSSES): | ||||||||||||
Net realized gain (loss) on transactions from investments in non-affiliates | 3 | 32 | 32 | |||||||||
|
|
|
|
|
| |||||||
Change in net assets resulting from operations | $ | 83 | $ | 47 | $ | 87 | ||||||
|
|
|
|
|
|
(a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 97 |
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 | |||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | Year Ended February 28, 2021 | Six Months Ended August 31, 2021 (Unaudited) | Year Ended February 28, 2021 | |||||||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 26,262 | $ | 221,473 | $ | 133 | $ | 3,794 | ||||||||
Net realized gain (loss) | 128 | (4,387 | ) | 61 | 38 | |||||||||||
Change in net unrealized appreciation/depreciation | (3,185 | ) | (13,881 | ) | (86 | ) | 27 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | 23,205 | 203,205 | 108 | 3,859 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Academy | (454 | ) | (5,115 | ) | — | — | ||||||||||
Agency | (43 | ) | (6,701 | ) | (1 | ) | (109 | ) | ||||||||
Capital | (17,672 | ) | (125,957 | ) | (11 | ) | (969 | ) | ||||||||
Class C | — | (a) | — | (a) | — | — | ||||||||||
Empower (b) | — | (a) | — | (a) | — | — | ||||||||||
IM | (3,052 | ) | (21,519 | ) | (99 | ) | (1,844 | ) | ||||||||
Institutional Class | (4,968 | ) | (54,268 | ) | (23 | ) | (885 | ) | ||||||||
Morgan | (36 | ) | (3,813 | ) | — | — | ||||||||||
Premier | (36 | ) | (4,287 | ) | — | — | ||||||||||
Reserve | — | (a) | (7 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (26,261 | ) | (221,667 | ) | (134 | ) | (3,807 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL TRANSACTIONS: |
| |||||||||||||||
Change in net assets resulting from capital transactions | 5,391,618 | 11,621,607 | 866,716 | 234,831 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS: |
| |||||||||||||||
Change in net assets | 5,388,562 | 11,603,145 | 866,690 | 234,883 | ||||||||||||
Beginning of period | 74,644,273 | 63,041,128 | 1,205,251 | 970,368 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 80,032,835 | $ | 74,644,273 | $ | 2,071,941 | $ | 1,205,251 | ||||||||
|
|
|
|
|
|
|
|
(a) | Amount rounds to less than one thousand. |
(b) | Commencement of offering of class of shares effective February 23, 2021 for JPMorgan Prime Money Market Fund. |
SEE NOTES TO FINANCIAL STATEMENTS.
98 | J.P. MORGAN MONEY MARKET FUNDS | AUGUST 31, 2021 |
Table of Contents
JPMorgan Securities Lending Money Market Fund | JPMorgan Liquid Assets Money Market Fund | |||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | Year Ended February 28, 2021 | Six Months Ended August 31, 2021 (Unaudited) | Year Ended February 28, 2021 | |||||||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 1,601 | $ | 14,791 | $ | 1,118 | $ | 29,986 | ||||||||
Net realized gain (loss) | — | (a) | 32 | 17 | (105 | ) | ||||||||||
Change in net unrealized appreciation/depreciation | (243 | ) | (388 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | 1,358 | 14,435 | 1,135 | 29,881 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Agency | — | — | (69 | ) | (4,177 | ) | ||||||||||
Agency SL | (1,601 | ) | (14,799 | ) | — | — | ||||||||||
Capital | — | — | (620 | ) | (8,499 | ) | ||||||||||
Class C | — | — | (2 | ) | (23 | ) | ||||||||||
Institutional Class | — | — | (259 | ) | (10,443 | ) | ||||||||||
Investor | — | — | — | (a) | (5 | ) | ||||||||||
Morgan | — | — | (37 | ) | (1,023 | ) | ||||||||||
Premier | — | — | (132 | ) | (5,822 | ) | ||||||||||
Reserve | — | — | — | (a) | (5 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (1,601 | ) | (14,799 | ) | (1,119 | ) | (29,997 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL TRANSACTIONS: |
| |||||||||||||||
Change in net assets resulting from capital transactions | 899,684 | (1,286,873 | ) | (4,628,805 | ) | 1,377,345 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS: |
| |||||||||||||||
Change in net assets | 899,441 | (1,287,237 | ) | (4,628,789 | ) | 1,377,229 | ||||||||||
Beginning of period | 2,168,587 | 3,455,824 | 12,143,889 | 10,766,660 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 3,068,028 | $ | 2,168,587 | $ | 7,515,100 | $ | 12,143,889 | ||||||||
|
|
|
|
|
|
|
|
(a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 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 U.S. Government Money Market Fund | JPMorgan U.S. Treasury Plus Money Market Fund | |||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | Year Ended February 28, 2021 | Six Months Ended August 31, 2021 (Unaudited) | Year Ended February 28, 2021 | |||||||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 26,406 | $ | 227,359 | $ | 1,413 | $ | 37,726 | ||||||||
Net realized gain (loss) | 666 | 2,189 | 19 | 147 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | 27,072 | 229,548 | 1,432 | 37,873 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Academy (a) | (943 | ) | (943 | ) | (2 | ) | — | (b) | ||||||||
Agency | (482 | ) | (14,865 | ) | (45 | ) | (1,871 | ) | ||||||||
Capital | (21,840 | ) | (155,537 | ) | (879 | ) | (18,293 | ) | ||||||||
Class C | — | — | (2 | ) | (66 | ) | ||||||||||
E*Trade | (12 | ) | (91 | ) | — | — | ||||||||||
Empower (c) | (241 | ) | (3 | ) | (20 | ) | — | (b) | ||||||||
IM | (1,097 | ) | (11,890 | ) | (1 | ) | (59 | ) | ||||||||
Institutional Class | (1,615 | ) | (40,132 | ) | (409 | ) | (16,365 | ) | ||||||||
Investor | (3 | ) | (408 | ) | — | (b) | (14 | ) | ||||||||
Morgan | (7 | ) | (1,050 | ) | (4 | ) | (280 | ) | ||||||||
Premier | (162 | ) | (2,239 | ) | (53 | ) | (777 | ) | ||||||||
Reserve | (1 | ) | (9 | ) | — | (b) | (2 | ) | ||||||||
Service | (2 | ) | (192 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (26,405 | ) | (227,359 | ) | (1,415 | ) | (37,727 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL TRANSACTIONS: |
| |||||||||||||||
Change in net assets resulting from capital transactions | 27,801,914 | 59,925,595 | (5,047,162 | ) | (1,070,505 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS: |
| |||||||||||||||
Change in net assets | 27,802,581 | 59,927,784 | (5,047,145 | ) | (1,070,359 | ) | ||||||||||
Beginning of period | 219,129,876 | 159,202,092 | 30,047,341 | 31,117,700 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 246,932,457 | $ | 219,129,876 | $ | 25,000,196 | $ | 30,047,341 | ||||||||
|
|
|
|
|
|
|
|
(a) | Commencement of offering of class of shares effective September 30, 2020 for JPMorgan U.S. Treasury Plus Money Market Fund. |
(b) | Amount rounds to less than one thousand. |
(c) | Commencement of offering of class of shares effective February 23, 2021. |
SEE NOTES TO FINANCIAL STATEMENTS.
100 | J.P. MORGAN MONEY MARKET FUNDS | AUGUST 31, 2021 |
Table of Contents
JPMorgan Federal Money Market Fund | JPMorgan 100% U.S. Treasury Securities Money Market Fund | |||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | Year Ended February 28, 2021 | Six Months Ended August 31, 2021 (Unaudited) | Year Ended February 28, 2021 | |||||||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 73 | $ | 4,526 | $ | 2,899 | $ | 111,634 | ||||||||
Net realized gain (loss) | 25 | 103 | 260 | 349 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | 98 | 4,629 | 3,159 | 111,983 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Academy (a) | — | — | (2 | ) | — | (b) | ||||||||||
Agency | (7 | ) | (416 | ) | (111 | ) | (4,948 | ) | ||||||||
Capital | — | — | (1,966 | ) | (68,689 | ) | ||||||||||
Empower (c) | — | — | (13 | ) | — | (b) | ||||||||||
IM | — | — | — | (b) | (139 | ) | ||||||||||
Institutional Class | (61 | ) | (4,032 | ) | (728 | ) | (34,267 | ) | ||||||||
Morgan | — | (b) | (26 | ) | (9 | ) | (1,042 | ) | ||||||||
Premier | (4 | ) | (165 | ) | (59 | ) | (1,692 | ) | ||||||||
Reserve | — | — | (12 | ) | (858 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (72 | ) | (4,639 | ) | (2,900 | ) | (111,635 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL TRANSACTIONS: |
| |||||||||||||||
Change in net assets resulting from capital transactions | (623,572 | ) | (153,564 | ) | 1,568,883 | 27,696,843 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS: |
| |||||||||||||||
Change in net assets | (623,546 | ) | (153,574 | ) | 1,569,142 | 27,697,191 | ||||||||||
Beginning of period | 2,915,107 | 3,068,681 | 93,814,860 | 66,117,669 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 2,291,561 | $ | 2,915,107 | $ | 95,384,002 | $ | 93,814,860 | ||||||||
|
|
|
|
|
|
|
|
(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. |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 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 Tax Free Money Market Fund | JPMorgan Municipal Money Market Fund | |||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | Year Ended February 28, 2021 | Six Months Ended August 31, 2021 (Unaudited) | Year Ended February 28, 2021 | |||||||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 625 | $ | 33,548 | $ | 80 | $ | 4,364 | ||||||||
Net realized gain (loss) | 41 | 326 | 3 | 240 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | 666 | 33,874 | 83 | 4,604 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Agency | (10 | ) | (2,119 | ) | (1 | ) | (392 | ) | ||||||||
Institutional Class | (555 | ) | (27,418 | ) | (74 | ) | (3,533 | ) | ||||||||
Morgan | (1 | ) | (38 | ) | (1 | ) | (97 | ) | ||||||||
Premier | (13 | ) | (1,861 | ) | (2 | ) | (326 | ) | ||||||||
Reserve | (46 | ) | (2,180 | ) | — | — | ||||||||||
Service | — | — | (1 | ) | (93 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (625 | ) | (33,616 | ) | (79 | ) | (4,441 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL TRANSACTIONS: |
| |||||||||||||||
Change in net assets resulting from capital transactions | (1,298,082 | ) | (3,194,896 | ) | (161,486 | ) | (1,003,518 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS: |
| |||||||||||||||
Change in net assets | (1,298,041 | ) | (3,194,638 | ) | (161,482 | ) | (1,003,355 | ) | ||||||||
Beginning of period | 9,326,941 | 12,521,579 | 1,036,769 | 2,040,124 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 8,028,900 | $ | 9,326,941 | $ | 875,287 | $ | 1,036,769 | ||||||||
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
102 | J.P. MORGAN MONEY MARKET FUNDS | AUGUST 31, 2021 |
Table of Contents
JPMorgan California Municipal Money Market Fund | JPMorgan New York Municipal Money Market Fund | |||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | Year Ended February 28, 2021 | Six Months Ended August 31, 2021 (Unaudited) | Year Ended February 28, 2021 | |||||||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 15 | $ | 1,201 | $ | 55 | $ | 5,169 | ||||||||
Net realized gain (loss) | 32 | 4 | 32 | 35 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | 47 | 1,205 | 87 | 5,204 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Agency | — | (a) | (96 | ) | (2 | ) | (616 | ) | ||||||||
Institutional Class | (12 | ) | (768 | ) | (48 | ) | (3,505 | ) | ||||||||
Morgan | — | (a) | (14 | ) | (2 | ) | (148 | ) | ||||||||
Premier | (4 | ) | (315 | ) | (3 | ) | (1,128 | ) | ||||||||
Reserve | — | — | — | (a) | (2 | ) | ||||||||||
Service | — | (a) | (29 | ) | — | (a) | (12 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (16 | ) | (1,222 | ) | (55 | ) | (5,411 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL TRANSACTIONS: |
| |||||||||||||||
Change in net assets resulting from capital transactions | (61,235 | ) | (277,067 | ) | (53,353 | ) | (1,939,822 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS: |
| |||||||||||||||
Change in net assets | (61,204 | ) | (277,084 | ) | (53,321 | ) | (1,940,029 | ) | ||||||||
Beginning of period | 299,633 | 576,717 | 762,498 | 2,702,527 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 238,429 | $ | 299,633 | $ | 709,177 | $ | 762,498 | ||||||||
|
|
|
|
|
|
|
|
(a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 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 Prime Money Market Fund | JPMorgan Institutional Tax Free Money Market Fund | |||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | Year Ended February 28, 2021 | Six Months Ended August 31, 2021 (Unaudited) | Year Ended February 28, 2021 | |||||||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Academy | ||||||||||||||||
Proceeds from shares issued | $ | 1,495,969 | $ | 10,812,924 | $ | — | $ | — | ||||||||
Distributions reinvested | 285 | 4,954 | — | — | ||||||||||||
Cost of shares redeemed | (1,400,098 | ) | (9,958,527 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Academy capital transactions | 96,156 | 859,351 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Agency | ||||||||||||||||
Proceeds from shares issued | 78,984,987 | 193,502,553 | 100 | 92,536 | ||||||||||||
Distributions reinvested | 5 | 905 | — | — | ||||||||||||
Cost of shares redeemed | (79,046,516 | ) | (194,527,084 | ) | (6,469 | ) | (111,100 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Agency capital transactions | (61,524 | ) | (1,023,626 | ) | (6,369 | ) | (18,564 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Capital | ||||||||||||||||
Proceeds from shares issued | 101,730,578 | 209,438,972 | 133,487 | 910,083 | ||||||||||||
Distributions reinvested | 8,553 | 50,747 | — | (a) | 5 | |||||||||||
Cost of shares redeemed | (94,415,548 | ) | (200,291,129 | ) | (42,668 | ) | (1,100,429 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Capital capital transactions | 7,323,583 | 9,198,590 | 90,819 | (190,341 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class C | ||||||||||||||||
Proceeds from shares issued | 27 | 144 | — | — | ||||||||||||
Distributions reinvested | — | (a) | — | (a) | — | — | ||||||||||
Cost of shares redeemed | (156 | ) | (216 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class C capital transactions | (129 | ) | (72 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Empower (b) | ||||||||||||||||
Proceeds from shares issued | 15,001 | 25 | — | — | ||||||||||||
Distributions reinvested | — | (a) | — | (a) | — | — | ||||||||||
Cost of shares redeemed | — | (a) | — | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Empower capital transactions | 15,001 | 25 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
IM | ||||||||||||||||
Proceeds from shares issued | 34,285,801 | 63,328,864 | 4,587,309 | 10,095,234 | ||||||||||||
Distributions reinvested | 45 | 424 | — | 1 | ||||||||||||
Cost of shares redeemed | (32,624,587 | ) | (61,356,133 | ) | (3,866,850 | ) | (9,820,586 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from IM capital transactions | 1,661,259 | 1,973,155 | 720,459 | 274,649 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Institutional Class | ||||||||||||||||
Proceeds from shares issued | 43,118,207 | 109,426,840 | 1,882,309 | 3,710,832 | ||||||||||||
Distributions reinvested | 850 | 9,243 | 2 | 12 | ||||||||||||
Cost of shares redeemed | (46,172,273 | ) | (105,976,352 | ) | (1,820,504 | ) | (3,541,757 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Institutional Class capital transactions | (3,053,216 | ) | 3,459,731 | 61,807 | 169,087 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Morgan | ||||||||||||||||
Proceeds from shares issued | 98,254,883 | 361,658,306 | — | — | ||||||||||||
Distributions reinvested | 10 | 289 | — | — | ||||||||||||
Cost of shares redeemed | (98,575,285 | ) | (363,184,162 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Morgan capital transactions | (320,392 | ) | (1,525,567 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Premier | ||||||||||||||||
Proceeds from shares issued | 15,910,251 | 64,986,438 | — | — | ||||||||||||
Distributions reinvested | 1 | 156 | — | — | ||||||||||||
Cost of shares redeemed | (16,179,226 | ) | (66,295,646 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Premier capital transactions | (268,974 | ) | (1,309,052 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Reserve | ||||||||||||||||
Proceeds from shares issued | — | (a) | 223,787 | — | — | |||||||||||
Distributions reinvested | — | (a) | 1 | — | — | |||||||||||
Cost of shares redeemed | (146 | ) | (234,716 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Reserve capital transactions | (146 | ) | (10,928 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total change in net assets resulting from capital transactions | $ | 5,391,618 | $ | 11,621,607 | $ | 866,716 | $ | 234,831 | ||||||||
|
|
|
|
|
|
|
|
(a) | Amount rounds to less than one thousand. |
(b) | Commencement of offering of class of shares effective February 23, 2021 for JPMorgan Prime Money Market Fund. |
SEE NOTES TO FINANCIAL STATEMENTS.
104 | J.P. MORGAN MONEY MARKET FUNDS | AUGUST 31, 2021 |
Table of Contents
JPMorgan Prime Money Market Fund | JPMorgan Institutional Tax Free Money Market Fund | |||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | Year Ended February 28, 2021 | Six Months Ended August 31, 2021 (Unaudited) | Year Ended February 28, 2021 | |||||||||||||
SHARE TRANSACTIONS: | ||||||||||||||||
Academy | ||||||||||||||||
Issued | 1,495,103 | 10,806,224 | — | — | ||||||||||||
Reinvested | 285 | 4,950 | — | — | ||||||||||||
Redeemed | (1,399,286 | ) | (9,950,246 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Academy Shares | 96,102 | 860,928 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Agency |
| |||||||||||||||
Issued | 78,921,334 | 193,317,779 | 100 | 92,498 | ||||||||||||
Reinvested | 5 | 904 | �� | — | ||||||||||||
Redeemed | (78,982,840 | ) | (194,342,963 | ) | (6,466 | ) | (111,041 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Agency Shares | (61,501 | ) | (1,024,280 | ) | (6,366 | ) | (18,543 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Capital |
| |||||||||||||||
Issued | 101,680,967 | 209,314,230 | 133,411 | 909,700 | ||||||||||||
Reinvested | 8,548 | 50,715 | — | (a) | 5 | |||||||||||
Redeemed | (94,369,465 | ) | (200,185,491 | ) | (42,646 | ) | (1,099,996 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Capital Shares | 7,320,050 | 9,179,454 | 90,765 | (190,291 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class C |
| |||||||||||||||
Issued | 27 | 144 | — | — | ||||||||||||
Reinvested | — | (a) | — | (a) | — | — | ||||||||||
Redeemed | (156 | ) | (216 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class C Shares | (129 | ) | (72 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Empower (b) | ||||||||||||||||
Issued | 14,994 | 25 | — | — | ||||||||||||
Reinvested | — | (a) | — | (a) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Empower Shares | 14,994 | 25 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
IM |
| |||||||||||||||
Issued | 34,268,578 | 63,290,845 | 4,585,020 | 10,089,303 | ||||||||||||
Reinvested | 45 | 424 | — | 1 | ||||||||||||
Redeemed | (32,608,099 | ) | (61,318,187 | ) | (3,864,919 | ) | (9,815,078 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in IM Shares | 1,660,524 | 1,973,082 | 720,101 | 274,226 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Institutional Class |
| |||||||||||||||
Issued | 43,097,138 | 109,359,201 | 1,881,369 | 3,708,890 | ||||||||||||
Reinvested | 850 | 9,237 | 2 | 12 | ||||||||||||
Redeemed | (46,149,629 | ) | (105,914,893 | ) | (1,819,601 | ) | (3,540,013 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Institutional Class Shares | (3,051,641 | ) | 3,453,545 | 61,770 | 168,889 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Morgan |
| |||||||||||||||
Issued | 98,155,016 | 361,242,207 | — | — | ||||||||||||
Reinvested | 10 | 288 | — | — | ||||||||||||
Redeemed | (98,475,114 | ) | (362,768,920 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Morgan Shares | (320,088 | ) | (1,526,425 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Premier |
| |||||||||||||||
Issued | 15,900,373 | 64,934,609 | — | — | ||||||||||||
Reinvested | 1 | 156 | — | — | ||||||||||||
Redeemed | (16,169,196 | ) | (66,243,682 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Premier Shares | (268,822 | ) | (1,308,917 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Reserve |
| |||||||||||||||
Issued | — | (a) | 223,644 | — | — | |||||||||||
Reinvested | — | (a) | 1 | — | — | |||||||||||
Redeemed | (146 | ) | (234,570 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Reserve Shares | (146 | ) | (10,925 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
|
(a) | Amount rounds to less than one thousand. |
(b) | Commencement of offering of class of shares effective February 23, 2021 for JPMorgan Prime Money Market Fund. |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 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 Securities Lending Money Market Fund | JPMorgan Liquid Assets Money Market Fund | |||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | Year Ended February 28, 2021 | Six Months Ended August 31, 2021 (Unaudited) | Year Ended February 28, 2021 | |||||||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Agency | ||||||||||||||||
Proceeds from shares issued | $ | — | $ | — | $ | 224,604 | $ | 2,558,142 | ||||||||
Distributions reinvested | — | — | 30 | 1,694 | ||||||||||||
Cost of shares redeemed | — | — | (568,724 | ) | (2,777,765 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Agency capital transactions | — | — | (344,090 | ) | (217,929 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Agency SL | ||||||||||||||||
Proceeds from shares issued | 14,155,300 | 28,133,590 | — | — | ||||||||||||
Cost of shares redeemed | (13,255,616 | ) | (29,420,463 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Agency SL capital transactions | 899,684 | (1,286,873 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Capital | ||||||||||||||||
Proceeds from shares issued | — | — | 1,028,491 | 8,655,873 | ||||||||||||
Distributions reinvested | — | — | 211 | 3,477 | ||||||||||||
Cost of shares redeemed | — | — | (3,614,106 | ) | (6,148,396 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Capital capital transactions | — | — | (2,585,404 | ) | 2,510,954 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class C | ||||||||||||||||
Proceeds from shares issued | — | — | 2,129 | 65,821 | ||||||||||||
Distributions reinvested | — | — | 2 | 23 | ||||||||||||
Cost of shares redeemed | — | — | (13,985 | ) | (50,447 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class C capital transactions | — | — | (11,854 | ) | 15,397 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Institutional Class | ||||||||||||||||
Proceeds from shares issued | — | — | 423,111 | 4,789,318 | ||||||||||||
Distributions reinvested | — | — | 47 | 2,591 | ||||||||||||
Cost of shares redeemed | — | — | (1,413,800 | ) | (5,148,812 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Institutional Class capital transactions | — | — | (990,642 | ) | (356,903 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Investor | ||||||||||||||||
Proceeds from shares issued | — | — | 4,316 | 4,376 | ||||||||||||
Distributions reinvested | — | — | — | (a) | 5 | |||||||||||
Cost of shares redeemed | — | — | (8,125 | ) | (6,096 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Investor capital transactions | — | — | (3,809 | ) | (1,715 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Morgan | ||||||||||||||||
Proceeds from shares issued | — | — | 136,317 | 774,116 | ||||||||||||
Distributions reinvested | — | — | 37 | 1,010 | ||||||||||||
Cost of shares redeemed | — | — | (241,230 | ) | (690,894 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Morgan capital transactions | — | — | (104,876 | ) | 84,232 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Premier | ||||||||||||||||
Proceeds from shares issued | — | — | 464,915 | 5,412,304 | ||||||||||||
Distributions reinvested | — | — | 57 | 2,611 | ||||||||||||
Cost of shares redeemed | — | — | (1,052,128 | ) | (6,073,471 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Premier capital transactions | — | — | (587,156 | ) | (658,556 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Reserve | ||||||||||||||||
Proceeds from shares issued | — | — | 623 | 3,931 | ||||||||||||
Distributions reinvested | — | — | — | (a) | 5 | |||||||||||
Cost of shares redeemed | — | — | (1,597 | ) | (2,071 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Reserve capital transactions | — | — | (974 | ) | 1,865 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total change in net assets resulting from capital transactions | $ | 899,684 | $ | (1,286,873 | ) | $ | (4,628,805 | ) | $ | 1,377,345 | ||||||
|
|
|
|
|
|
|
|
(a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
106 | J.P. MORGAN MONEY MARKET FUNDS | AUGUST 31, 2021 |
Table of Contents
JPMorgan Securities Lending Money Market Fund | JPMorgan Liquid Assets Money Market Fund | |||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | Year Ended February 28, 2021 | Six Months Ended August 31, 2021 (Unaudited) | Year Ended February 28, 2021 | |||||||||||||
SHARE TRANSACTIONS: |
| |||||||||||||||
Agency |
| |||||||||||||||
Issued | — | — | 224,604 | 2,558,142 | ||||||||||||
Reinvested | �� | — | — | 30 | 1,694 | |||||||||||
Redeemed | — | — | (568,724 | ) | (2,777,765 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Agency Shares | — | — | (344,090 | ) | (217,929 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Agency SL |
| |||||||||||||||
Issued | 14,154,409 | 28,129,071 | — | — | ||||||||||||
Redeemed | (13,254,847 | ) | (29,415,847 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Agency SL Shares | 899,562 | (1,286,776 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Capital |
| |||||||||||||||
Issued | — | — | 1,028,491 | 8,655,873 | ||||||||||||
Reinvested | — | — | 211 | 3,477 | ||||||||||||
Redeemed | — | — | (3,614,106 | ) | (6,148,396 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Capital Shares | — | — | (2,585,404 | ) | 2,510,954 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class C |
| |||||||||||||||
Issued | — | — | 2,129 | 65,821 | ||||||||||||
Reinvested | — | — | 2 | 23 | ||||||||||||
Redeemed | — | — | (13,985 | ) | (50,447 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class C Shares | — | — | (11,854 | ) | 15,397 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Institutional Class |
| |||||||||||||||
Issued | — | — | 423,111 | 4,789,318 | ||||||||||||
Reinvested | — | — | 47 | 2,591 | ||||||||||||
Redeemed | — | — | (1,413,800 | ) | (5,148,812 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Institutional Class Shares | — | — | (990,642 | ) | (356,903 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Investor |
| |||||||||||||||
Issued | — | — | 4,316 | 4,376 | ||||||||||||
Reinvested | — | — | — | (a) | 5 | |||||||||||
Redeemed | — | — | (8,125 | ) | (6,096 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Investor Shares | — | — | (3,809 | ) | (1,715 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Morgan |
| |||||||||||||||
Issued | — | — | 136,317 | 774,116 | ||||||||||||
Reinvested | — | — | 37 | 1,010 | ||||||||||||
Redeemed | — | — | (241,230 | ) | (690,894 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Morgan Shares | — | — | (104,876 | ) | 84,232 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Premier |
| |||||||||||||||
Issued | — | — | 464,915 | 5,412,304 | ||||||||||||
Reinvested | — | — | 57 | 2,611 | ||||||||||||
Redeemed | — | — | (1,052,128 | ) | (6,073,471 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Premier Shares | — | — | (587,156 | ) | (658,556 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Reserve |
| |||||||||||||||
Issued | — | — | 623 | 3,931 | ||||||||||||
Reinvested | — | — | — | (a) | 5 | |||||||||||
Redeemed | — | — | (1,597 | ) | (2,071 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Reserve Shares | — | — | (974 | ) | 1,865 | |||||||||||
|
|
|
|
|
|
|
|
(a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 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 U.S. Government Money Market Fund | JPMorgan U.S. Treasury Plus Money Market Fund | |||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | Year Ended February 28, 2021 | Six Months Ended August 31, 2021 (Unaudited) | Year Ended February 28, 2021 | |||||||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Academy (a) | ||||||||||||||||
Proceeds from shares issued | $ | 32,976,020 | $ | 12,944,824 | $ | 323,000 | $ | 17,600 | ||||||||
Distributions reinvested | 671 | 681 | 2 | — | (b) | |||||||||||
Cost of shares redeemed | (28,868,438 | ) | (9,341,057 | ) | (340,502 | ) | — | |||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Academy capital transactions | 4,108,253 | 3,604,448 | (17,500 | ) | 17,600 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Agency | ||||||||||||||||
Proceeds from shares issued | 915,861,690 | 1,600,808,292 | 69,609,008 | 152,635,506 | ||||||||||||
Distributions reinvested | 17 | 512 | 6 | 241 | ||||||||||||
Cost of shares redeemed | (910,436,045 | ) | (1,598,792,375 | ) | (69,763,709 | ) | (152,514,765 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Agency capital transactions | 5,425,662 | 2,016,429 | (154,695 | ) | 120,982 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Capital | ||||||||||||||||
Proceeds from shares issued | 896,275,399 | 1,460,504,688 | 75,350,195 | 165,049,187 | ||||||||||||
Distributions reinvested | 10,651 | 78,945 | 421 | 6,742 | ||||||||||||
Cost of shares redeemed | (879,774,352 | ) | (1,403,663,957 | ) | (77,979,277 | ) | (161,462,580 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Capital capital transactions | 16,511,698 | 56,919,676 | (2,628,661 | ) | 3,593,349 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class C | ||||||||||||||||
Proceeds from shares issued | — | — | 331,874 | 368,506 | ||||||||||||
Distributions reinvested | — | — | 2 | 66 | ||||||||||||
Cost of shares redeemed | — | — | (344,902 | ) | (267,852 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class C capital transactions | — | — | (13,026 | ) | 100,720 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
E*Trade | ||||||||||||||||
Proceeds from shares issued | 180,139 | 347,481 | — | — | ||||||||||||
Distributions reinvested | 12 | 91 | — | — | ||||||||||||
Cost of shares redeemed | (198,533 | ) | (241,169 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from E*Trade capital transactions | (18,382 | ) | 106,403 | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Empower (c) | ||||||||||||||||
Proceeds from shares issued | 2,375,000 | 500,025 | 600,000 | 25 | ||||||||||||
Distributions reinvested | 208 | 3 | 20 | — | (b) | |||||||||||
Cost of shares redeemed | (66,029 | ) | — | (15 | ) | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Empower capital transactions | 2,309,179 | 500,028 | 600,005 | 25 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
IM | ||||||||||||||||
Proceeds from shares issued | 32,142,240 | 55,334,290 | 114,240 | 162,293 | ||||||||||||
Distributions reinvested | 151 | 1,164 | — | (b) | — | |||||||||||
Cost of shares redeemed | (30,258,649 | ) | (55,462,128 | ) | (138,396 | ) | (175,446 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from IM capital transactions | 1,883,742 | (126,674 | ) | (24,156 | ) | (13,153 | ) | |||||||||
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
108 | J.P. MORGAN MONEY MARKET FUNDS | AUGUST 31, 2021 |
Table of Contents
JPMorgan U.S. Government Money Market Fund | JPMorgan U.S. Treasury Plus Money Market Fund | |||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | Year Ended February 28, 2021 | Six Months Ended August 31, 2021 (Unaudited) | Year Ended February 28, 2021 | |||||||||||||
CAPITAL TRANSACTIONS: (continued) | ||||||||||||||||
Institutional Class | ||||||||||||||||
Proceeds from shares issued | 216,590,063 | 499,546,688 | 32,675,740 | 111,052,658 | ||||||||||||
Distributions reinvested | 411 | 10,718 | 187 | 4,900 | ||||||||||||
Cost of shares redeemed | (225,200,486 | ) | (503,195,206 | ) | (35,987,565 | ) | (115,889,477 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Institutional Class capital transactions | (8,610,012 | ) | (3,637,800 | ) | (3,311,638 | ) | (4,831,919 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investor | ||||||||||||||||
Proceeds from shares issued | 5,752,128 | 716,851 | 113,024 | 309,268 | ||||||||||||
Distributions reinvested | 3 | 408 | — | (b) | — | (b) | ||||||||||
Cost of shares redeemed | (5,199,286 | ) | (559,132 | ) | (111,508 | ) | (322,601 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Investor capital transactions | 552,845 | 158,127 | 1,516 | (13,333 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Morgan | ||||||||||||||||
Proceeds from shares issued | 130,842,676 | 290,553,607 | 53,129,304 | 95,567,595 | ||||||||||||
Distributions reinvested | 3 | 384 | 1 | 27 | ||||||||||||
Cost of shares redeemed | (130,546,363 | ) | (290,747,454 | ) | (53,088,233 | ) | (95,866,297 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Morgan capital transactions | 296,316 | (193,463 | ) | 41,072 | (298,675 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Premier | ||||||||||||||||
Proceeds from shares issued | 102,302,899 | 161,795,078 | 14,799,488 | 28,900,319 | ||||||||||||
Distributions reinvested | 15 | 310 | 17 | 350 | ||||||||||||
Cost of shares redeemed | (102,474,158 | ) | (160,870,362 | ) | (14,364,552 | ) | (28,645,366 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Premier capital transactions | (171,244 | ) | 925,026 | 434,953 | 255,303 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Reserve | ||||||||||||||||
Proceeds from shares issued | 14,197,247 | 457,562 | 661,068 | 333,712 | ||||||||||||
Distributions reinvested | 1 | 9 | — | (b) | 2 | |||||||||||
Cost of shares redeemed | (8,616,049 | ) | (450,986 | ) | (636,100 | ) | (335,118 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Reserve capital transactions | 5,581,199 | 6,585 | 24,968 | (1,404 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Service | ||||||||||||||||
Proceeds from shares issued | 32,815 | 216,977 | — | — | ||||||||||||
Distributions reinvested | 2 | 192 | — | — | ||||||||||||
Cost of shares redeemed | (100,159 | ) | (570,359 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Service capital transactions | (67,342 | ) | (353,190 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total change in net assets resulting from capital transactions | $ | 27,801,914 | $ | 59,925,595 | $ | (5,047,162 | ) | $ | (1,070,505 | ) | ||||||
|
|
|
|
|
|
|
|
(a) | Commencement of offering of class of shares effective September 30, 2020 for JPMorgan U.S. Treasury Plus Money Market Fund. |
(b) | Amount rounds to less than one thousand. |
(c) | Commencement of offering of class of shares effective February 23, 2021. |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 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 U.S. Government Money Market Fund | JPMorgan U.S. Treasury Plus Money Market Fund | |||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | Year Ended February 28, 2021 | Six Months Ended August 31, 2021 (Unaudited) | Year Ended February 28, 2021 | |||||||||||||
SHARE TRANSACTIONS: |
| |||||||||||||||
Academy (a) |
| |||||||||||||||
Issued | 32,976,020 | 12,944,824 | 323,000 | 17,600 | ||||||||||||
Reinvested | 671 | 681 | 2 | — | (b) | |||||||||||
Redeemed | (28,868,305 | ) | (9,341,057 | ) | (340,502 | ) | — | |||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Academy Shares | 4,108,386 | 3,604,448 | (17,500 | ) | 17,600 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Agency |
| |||||||||||||||
Issued | 915,861,690 | 1,600,808,292 | 69,608,992 | 152,635,506 | ||||||||||||
Reinvested | 17 | 512 | 6 | 241 | ||||||||||||
Redeemed | (910,435,851 | ) | (1,598,792,375 | ) | (69,763,709 | ) | (152,514,765 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Agency Shares | 5,425,856 | 2,016,429 | (154,711 | ) | 120,982 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Capital |
| |||||||||||||||
Issued | 896,275,399 | 1,460,504,688 | 75,350,189 | 165,049,187 | ||||||||||||
Reinvested | 10,651 | 78,945 | 421 | 6,742 | ||||||||||||
Redeemed | (879,773,902 | ) | (1,403,663,957 | ) | (77,979,083 | ) | (161,462,580 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Capital Shares | 16,512,148 | 56,919,676 | (2,628,473 | ) | 3,593,349 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class C |
| |||||||||||||||
Issued | — | — | 331,874 | 368,506 | ||||||||||||
Reinvested | — | — | 2 | 66 | ||||||||||||
Redeemed | — | — | (344,898 | ) | (267,852 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class C Shares | — | — | (13,022 | ) | 100,720 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
E*Trade |
| |||||||||||||||
Issued | 180,139 | 347,481 | — | — | ||||||||||||
Reinvested | 12 | 91 | — | — | ||||||||||||
Redeemed | (198,529 | ) | (241,169 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in E*Trade Shares | (18,378 | ) | 106,403 | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Empower (c) |
| |||||||||||||||
Issued | 2,375,000 | 500,025 | 600,000 | 25 | ||||||||||||
Reinvested | 208 | 3 | 20 | — | (b) | |||||||||||
Redeemed | (66,000 | ) | — | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Empower Shares | 2,309,208 | 500,028 | 600,020 | 25 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
IM |
| |||||||||||||||
Issued | 32,142,192 | 55,334,290 | 114,240 | 162,293 | ||||||||||||
Reinvested | 151 | 1,164 | — | (b) | — | |||||||||||
Redeemed | (30,258,649 | ) | (55,462,128 | ) | (138,396 | ) | (175,446 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in IM Shares | 1,883,694 | (126,674 | ) | (24,156 | ) | (13,153 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Institutional Class |
| |||||||||||||||
Issued | 216,589,236 | 499,546,688 | 32,675,516 | 111,052,658 | ||||||||||||
Reinvested | 411 | 10,718 | 187 | 4,900 | ||||||||||||
Redeemed | (225,200,486 | ) | (503,195,206 | ) | (35,987,547 | ) | (115,889,477 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Institutional Class Shares | (8,610,839 | ) | (3,637,800 | ) | (3,311,844 | ) | (4,831,919 | ) | ||||||||
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
110 | J.P. MORGAN MONEY MARKET FUNDS | AUGUST 31, 2021 |
Table of Contents
JPMorgan U.S. Government Money Market Fund | JPMorgan U.S. Treasury Plus Money Market Fund | |||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | Year Ended February 28, 2021 | Six Months Ended August 31, 2021 (Unaudited) | Year Ended February 28, 2021 | |||||||||||||
SHARE TRANSACTIONS: (continued) |
| |||||||||||||||
Investor |
| |||||||||||||||
Issued | 5,752,128 | 716,851 | 113,024 | 309,268 | ||||||||||||
Reinvested | 3 | 408 | — | (b) | — | (b) | ||||||||||
Redeemed | (5,199,273 | ) | (559,132 | ) | (111,508 | ) | (322,601 | ) | ||||||||
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| |||||||||
Change in Investor Shares | 552,858 | 158,127 | 1,516 | (13,333 | ) | |||||||||||
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Morgan |
| |||||||||||||||
Issued | 130,842,676 | 290,553,607 | 53,129,296 | 95,567,595 | ||||||||||||
Reinvested | 3 | 384 | 1 | 27 | ||||||||||||
Redeemed | (130,546,311 | ) | (290,747,454 | ) | (53,088,233 | ) | (95,866,297 | ) | ||||||||
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Change in Morgan Shares | 296,368 | (193,463 | ) | 41,064 | (298,675 | ) | ||||||||||
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| |||||||||
Premier |
| |||||||||||||||
Issued | 102,302,899 | 161,795,078 | 14,799,488 | 28,900,319 | ||||||||||||
Reinvested | 15 | 310 | 17 | 350 | ||||||||||||
Redeemed | (102,474,136 | ) | (160,870,362 | ) | (14,364,530 | ) | (28,645,366 | ) | ||||||||
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| |||||||||
Change in Premier Shares | (171,222 | ) | 925,026 | 434,975 | 255,303 | |||||||||||
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| |||||||||
Reserve |
| |||||||||||||||
Issued | 14,197,247 | 457,562 | 661,058 | 333,712 | ||||||||||||
Reinvested | 1 | 9 | — | (b) | 2 | |||||||||||
Redeemed | (8,616,025 | ) | (450,986 | ) | (636,088 | ) | (335,118 | ) | ||||||||
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Change in Reserve Shares | 5,581,223 | 6,585 | 24,970 | (1,404 | ) | |||||||||||
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| |||||||||
Service |
| |||||||||||||||
Issued | 32,769 | 216,977 | — | — | ||||||||||||
Reinvested | 2 | 192 | — | — | ||||||||||||
Redeemed | (100,159 | ) | (570,359 | ) | — | — | ||||||||||
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| |||||||||
Change in Service Shares | (67,388 | ) | (353,190 | ) | — | — | ||||||||||
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|
|
|
(a) | Commencement of offering of class of shares effective September 30, 2020 for JPMorgan U.S. Treasury Plus Money Market Fund. |
(b) | Amount rounds to less than one thousand. |
(c) | Commencement of offering of class of shares effective February 23, 2021. |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 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 Federal Money Market Fund | JPMorgan 100% U.S. Treasury Securities Money Market Fund | |||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | Year Ended February 28, 2021 | Six Months Ended August 31, 2021 (Unaudited) | Year Ended February 28, 2021 | |||||||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Academy (a) | ||||||||||||||||
Proceeds from shares issued | $ | — | $ | — | $ | 424,200 | $ | 49,400 | ||||||||
Distributions reinvested | — | — | — | (b) | — | (b) | ||||||||||
Cost of shares redeemed | — | — | (294,400 | ) | (31,800 | ) | ||||||||||
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| |||||||||
Change in net assets resulting from Academy capital transactions | — | — | 129,800 | 17,600 | ||||||||||||
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| |||||||||
Agency | ||||||||||||||||
Proceeds from shares issued | 500,887 | 2,560,354 | 222,436,366 | 463,009,206 | ||||||||||||
Distributions reinvested | 2 | 121 | 15 | 589 | ||||||||||||
Cost of shares redeemed | (652,094 | ) | (2,484,434 | ) | (222,940,692 | ) | (463,019,159 | ) | ||||||||
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| |||||||||
Change in net assets resulting from Agency capital transactions | (151,205 | ) | 76,041 | (504,311 | ) | (9,364 | ) | |||||||||
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|
| |||||||||
Capital | ||||||||||||||||
Proceeds from shares issued | — | — | 126,602,917 | 382,146,647 | ||||||||||||
Distributions reinvested | — | — | 936 | 26,787 | ||||||||||||
Cost of shares redeemed | — | — | (125,386,056 | ) | (356,770,899 | ) | ||||||||||
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| |||||||||
Change in net assets resulting from Capital capital transactions | — | — | 1,217,797 | 25,402,535 | ||||||||||||
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| |||||||||
Empower (c) | ||||||||||||||||
Proceeds from shares issued | — | — | 517,500 | 25 | ||||||||||||
Distributions reinvested | — | — | 13 | — | (b) | |||||||||||
|
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|
|
|
|
|
| |||||||||
Change in net assets resulting from Empower capital transactions | — | — | 517,513 | 25 | ||||||||||||
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| |||||||||
IM | ||||||||||||||||
Proceeds from shares issued | — | — | 25,952 | 431,773 | ||||||||||||
Distributions reinvested | — | — | — | (b) | 139 | |||||||||||
Cost of shares redeemed | — | — | (24,606 | ) | (443,570 | ) | ||||||||||
|
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| |||||||||
Change in net assets resulting from IM capital transactions | — | — | 1,346 | (11,658 | ) | |||||||||||
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| |||||||||
Institutional Class | ||||||||||||||||
Proceeds from shares issued | 3,002,468 | 12,654,908 | 47,801,184 | 113,569,290 | ||||||||||||
Distributions reinvested | 34 | 1,394 | 129 | 8,195 | ||||||||||||
Cost of shares redeemed | (3,402,056 | ) | (12,884,383 | ) | (47,867,589 | ) | (111,762,217 | ) | ||||||||
|
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|
|
|
|
|
| |||||||||
Change in net assets resulting from Institutional Class capital transactions | (399,554 | ) | (228,081 | ) | (66,276 | ) | 1,815,268 | |||||||||
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|
|
| |||||||||
Morgan | ||||||||||||||||
Proceeds from shares issued | 35,675 | 88,923 | 31,633,049 | 75,789,478 | ||||||||||||
Distributions reinvested | — | (b) | 24 | 7 | 786 | |||||||||||
Cost of shares redeemed | (37,890 | ) | (70,128 | ) | (31,687,248 | ) | (75,562,104 | ) | ||||||||
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| |||||||||
Change in net assets resulting from Morgan capital transactions | (2,215 | ) | 18,819 | (54,192 | ) | 228,160 | ||||||||||
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| |||||||||
Premier | ||||||||||||||||
Proceeds from shares issued | 284,636 | 1,306,694 | 4,055,335 | 12,237,468 | ||||||||||||
Distributions reinvested | 2 | 60 | 13 | 244 | ||||||||||||
Cost of shares redeemed | (355,236 | ) | (1,327,097 | ) | (4,034,952 | ) | (12,774,776 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Premier capital transactions | (70,598 | ) | (20,343 | ) | 20,396 | (537,064 | ) | |||||||||
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| |||||||||
Reserve | ||||||||||||||||
Proceeds from shares issued | — | — | 7,193,850 | 16,083,935 | ||||||||||||
Distributions reinvested | — | — | — | (b) | 16 | |||||||||||
Cost of shares redeemed | — | — | (6,887,040 | ) | (15,292,610 | ) | ||||||||||
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| |||||||||
Change in net assets resulting from Reserve capital transactions | — | — | 306,810 | 791,341 | ||||||||||||
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| |||||||||
Total change in net assets resulting from capital transactions | $ | (623,572 | ) | $ | (153,564 | ) | $ | 1,568,883 | $ | 27,696,843 | ||||||
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|
|
|
|
|
(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. |
SEE NOTES TO FINANCIAL STATEMENTS.
112 | J.P. MORGAN MONEY MARKET FUNDS | AUGUST 31, 2021 |
Table of Contents
JPMorgan Federal Money Market Fund | JPMorgan 100% U.S. Treasury Securities Money Market Fund | |||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | Year Ended February 28, 2021 | Six Months Ended August 31, 2021 (Unaudited) | Year Ended February 28, 2021 | |||||||||||||
SHARE TRANSACTIONS: |
| |||||||||||||||
Academy (a) |
| |||||||||||||||
Issued | — | — | 424,200 | 49,400 | ||||||||||||
Reinvested | — | — | — | (b) | — | (b) | ||||||||||
Redeemed | — | — | (294,400 | ) | (31,800 | ) | ||||||||||
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| |||||||||
Change in Academy Shares | — | — | 129,800 | 17,600 | ||||||||||||
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|
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|
|
| |||||||||
Agency |
| |||||||||||||||
Issued | 500,887 | 2,560,350 | 222,436,366 | 463,009,202 | ||||||||||||
Reinvested | 2 | 121 | 15 | 589 | ||||||||||||
Redeemed | (652,094 | ) | (2,484,420 | ) | (222,940,692 | ) | (463,019,159 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Agency Shares | (151,205 | ) | 76,051 | (504,311 | ) | (9,368 | ) | |||||||||
|
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|
|
|
| |||||||||
Capital |
| |||||||||||||||
Issued | — | — | 126,602,918 | 382,146,647 | ||||||||||||
Reinvested | — | — | 937 | 26,787 | ||||||||||||
Redeemed | — | — | (125,386,056 | ) | (356,770,851 | ) | ||||||||||
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|
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| |||||||||
Change in Capital Shares | — | — | 1,217,799 | 25,402,583 | ||||||||||||
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| |||||||||
Empower (c) | ||||||||||||||||
Issued | — | — | 517,500 | 25 | ||||||||||||
Reinvested | — | — | 13 | — | (b) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Empower Shares | — | — | 517,513 | 25 | ||||||||||||
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| |||||||||
IM |
| |||||||||||||||
Issued | — | — | 25,952 | 431,781 | ||||||||||||
Reinvested | — | — | — | (b) | 131 | |||||||||||
Redeemed | — | — | (24,606 | ) | (443,570 | ) | ||||||||||
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| |||||||||
Change in IM Shares | — | — | 1,346 | (11,658 | ) | |||||||||||
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| |||||||||
Institutional Class |
| |||||||||||||||
Issued | 3,002,467 | 12,654,869 | 47,801,184 | 113,569,217 | ||||||||||||
Reinvested | 34 | 1,394 | 129 | 8,195 | ||||||||||||
Redeemed | (3,402,056 | ) | (12,884,348 | ) | (47,867,589 | ) | (111,762,217 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Institutional Class Shares | (399,555 | ) | (228,085 | ) | (66,276 | ) | 1,815,195 | |||||||||
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| |||||||||
Morgan |
| |||||||||||||||
Issued | 35,675 | 88,890 | 31,633,049 | 75,789,478 | ||||||||||||
Reinvested | — | (b) | 24 | 7 | 786 | |||||||||||
Redeemed | (37,890 | ) | (70,095 | ) | (31,687,248 | ) | (75,562,098 | ) | ||||||||
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|
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|
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| |||||||||
Change in Morgan Shares | (2,215 | ) | 18,819 | (54,192 | ) | 228,166 | ||||||||||
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| |||||||||
Premier |
| |||||||||||||||
Issued | 284,636 | 1,306,688 | 4,055,335 | 12,237,468 | ||||||||||||
Reinvested | 2 | 60 | 13 | 244 | ||||||||||||
Redeemed | (355,236 | ) | (1,327,097 | ) | (4,034,952 | ) | (12,774,774 | ) | ||||||||
|
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|
|
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|
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| |||||||||
Change in Premier Shares | (70,598 | ) | (20,349 | ) | 20,396 | (537,062 | ) | |||||||||
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| |||||||||
Reserve |
| |||||||||||||||
Issued | — | — | 7,193,850 | 16,083,935 | ||||||||||||
Reinvested | — | — | — | (b) | 16 | |||||||||||
Redeemed | — | — | (6,887,040 | ) | (15,292,590 | ) | ||||||||||
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| |||||||||
Change in Reserve Shares | — | — | 306,810 | 791,361 | ||||||||||||
|
|
|
|
|
|
|
|
(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. |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 113 |
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 | |||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | Year Ended February 28, 2021 | Six Months Ended August 31, 2021 (Unaudited) | Year Ended February 28, 2021 | |||||||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Agency | ||||||||||||||||
Proceeds from shares issued | $ | 27,361 | $ | 848,146 | $ | 11,938 | $ | 218,883 | ||||||||
Distributions reinvested | — | (a) | 253 | 1 | 104 | |||||||||||
Cost of shares redeemed | (102,536 | ) | (1,258,223 | ) | (36,303 | ) | (270,871 | ) | ||||||||
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| |||||||||
Change in net assets resulting from Agency capital transactions | (75,175 | ) | (409,824 | ) | (24,364 | ) | (51,884 | ) | ||||||||
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| |||||||||
Institutional Class | ||||||||||||||||
Proceeds from shares issued | 11,101,671 | 29,765,334 | 3,334,324 | 6,326,892 | ||||||||||||
Distributions reinvested | 51 | 1,990 | 45 | 2,091 | ||||||||||||
Cost of shares redeemed | (12,200,422 | ) | (32,082,322 | ) | (3,436,482 | ) | (7,183,133 | ) | ||||||||
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| |||||||||
Change in net assets resulting from Institutional Class capital transactions | (1,098,700 | ) | (2,314,998 | ) | (102,113 | ) | (854,150 | ) | ||||||||
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| |||||||||
Morgan | ||||||||||||||||
Proceeds from shares issued | 4,362 | 67,584 | 1,488 | 86,688 | ||||||||||||
Distributions reinvested | 1 | 38 | 1 | 97 | ||||||||||||
Cost of shares redeemed | (8,263 | ) | (55,634 | ) | (14,198 | ) | (78,412 | ) | ||||||||
|
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|
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| |||||||||
Change in net assets resulting from Morgan capital transactions | (3,900 | ) | 11,988 | (12,709 | ) | 8,373 | ||||||||||
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| |||||||||
Premier | ||||||||||||||||
Proceeds from shares issued | 42,712 | 1,033,554 | 9,770 | 128,703 | ||||||||||||
Distributions reinvested | 1 | 71 | — | (a) | 49 | |||||||||||
Cost of shares redeemed | (150,927 | ) | (1,382,269 | ) | (26,801 | ) | (194,794 | ) | ||||||||
|
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| |||||||||
Change in net assets resulting from Premier capital transactions | (108,214 | ) | (348,644 | ) | (17,031 | ) | (66,042 | ) | ||||||||
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| |||||||||
Reserve | ||||||||||||||||
Proceeds from shares issued | 3,408,680 | 8,608,499 | — | — | ||||||||||||
Distributions reinvested | 1 | 5 | — | — | ||||||||||||
Cost of shares redeemed | (3,420,774 | ) | (8,741,922 | ) | — | — | ||||||||||
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|
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| |||||||||
Change in net assets resulting from Reserve capital transactions | (12,093 | ) | (133,418 | ) | — | — | ||||||||||
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| |||||||||
Service | ||||||||||||||||
Proceeds from shares issued | — | — | 4,062 | — | ||||||||||||
Distributions reinvested | — | — | 1 | 92 | ||||||||||||
Cost of shares redeemed | — | — | (9,332 | ) | (39,907 | ) | ||||||||||
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| |||||||||
Change in net assets resulting from Service capital transactions | — | — | (5,269 | ) | (39,815 | ) | ||||||||||
|
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|
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| |||||||||
Total change in net assets resulting from capital transactions | $ | (1,298,082 | ) | $ | (3,194,896 | ) | $ | (161,486 | ) | $ | (1,003,518 | ) | ||||
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|
(a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
114 | J.P. MORGAN MONEY MARKET FUNDS | AUGUST 31, 2021 |
Table of Contents
JPMorgan Tax Free Money Market Fund | JPMorgan Municipal Money Market Fund | |||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | Year Ended February 28, 2021 | Six Months Ended August 31, 2021 (Unaudited) | Year Ended February 28, 2021 | |||||||||||||
SHARE TRANSACTIONS: |
| |||||||||||||||
Agency |
| |||||||||||||||
Issued | 27,349 | 848,146 | 11,938 | 218,883 | ||||||||||||
Reinvested | — | (a) | 253 | 1 | 104 | |||||||||||
Redeemed | (102,536 | ) | (1,258,223 | ) | (36,303 | ) | (270,864 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Agency Shares | (75,187 | ) | (409,824 | ) | (24,364 | ) | (51,877 | ) | ||||||||
|
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|
|
|
|
|
| |||||||||
Institutional Class |
| |||||||||||||||
Issued | 11,101,588 | 29,765,334 | 3,334,324 | 6,326,873 | ||||||||||||
Reinvested | 51 | 1,990 | 45 | 2,091 | ||||||||||||
Redeemed | (12,200,422 | ) | (32,082,322 | ) | (3,436,482 | ) | (7,183,133 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Institutional Class Shares | (1,098,783 | ) | (2,314,998 | ) | (102,113 | ) | (854,169 | ) | ||||||||
|
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|
| |||||||||
Morgan |
| |||||||||||||||
Issued | 4,362 | 67,584 | 1,488 | 86,688 | ||||||||||||
Reinvested | 1 | 38 | 1 | 97 | ||||||||||||
Redeemed | (8,263 | ) | (55,634 | ) | (14,198 | ) | (78,412 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Morgan Shares | (3,900 | ) | 11,988 | (12,709 | ) | 8,373 | ||||||||||
|
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|
|
|
|
| |||||||||
Premier |
| |||||||||||||||
Issued | 42,712 | 1,033,554 | 9,770 | 128,703 | ||||||||||||
Reinvested | 1 | 71 | — | (a) | 49 | |||||||||||
Redeemed | (150,880 | ) | (1,382,269 | ) | (26,801 | ) | (194,788 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Premier Shares | (108,167 | ) | (348,644 | ) | (17,031 | ) | (66,036 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Reserve |
| |||||||||||||||
Issued | 3,408,680 | 8,608,499 | — | — | ||||||||||||
Reinvested | 1 | 5 | — | — | ||||||||||||
Redeemed | (3,420,725 | ) | (8,741,922 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Reserve Shares | (12,044 | ) | (133,418 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Service |
| |||||||||||||||
Issued | — | — | 4,062 | — | ||||||||||||
Reinvested | — | — | 1 | 92 | ||||||||||||
Redeemed | — | — | (9,332 | ) | (39,901 | ) | ||||||||||
|
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|
| |||||||||
Change in Service Shares | — | — | (5,269 | ) | (39,809 | ) | ||||||||||
|
|
|
|
|
|
|
|
(a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 115 |
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 | |||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | Year Ended February 28, 2021 | Six Months Ended August 31, 2021 (Unaudited) | Year Ended February 28, 2021 | |||||||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Agency | ||||||||||||||||
Proceeds from shares issued | $ | 626 | $ | 89,722 | $ | 8,269 | $ | 181,856 | ||||||||
Distributions reinvested | — | (a) | — | (a) | — | (a) | — | (a) | ||||||||
Cost of shares redeemed | (19,316 | ) | (92,897 | ) | (13,367 | ) | (371,702 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Agency capital transactions | (18,690 | ) | (3,175 | ) | (5,098 | ) | (189,846 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Institutional Class | ||||||||||||||||
Proceeds from shares issued | 99,976 | 372,860 | 691,644 | 1,320,304 | ||||||||||||
Distributions reinvested | 2 | 4 | 10 | 105 | ||||||||||||
Cost of shares redeemed | (162,200 | ) | (503,841 | ) | (746,844 | ) | (2,413,099 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Institutional Class capital transactions | (62,222 | ) | (130,977 | ) | (55,190 | ) | (1,092,690 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Morgan | ||||||||||||||||
Proceeds from shares issued | 539 | 33,813 | 2,135 | 27,493 | ||||||||||||
Distributions reinvested | — | (a) | 14 | 2 | 143 | |||||||||||
Cost of shares redeemed | (2,516 | ) | (29,152 | ) | (10,149 | ) | (29,866 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Morgan capital transactions | (1,977 | ) | 4,675 | (8,012 | ) | (2,230 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Premier | ||||||||||||||||
Proceeds from shares issued | 161,400 | 483,690 | 52,597 | 894,945 | ||||||||||||
Distributions reinvested | — | (a) | 78 | — | (a) | 325 | ||||||||||
Cost of shares redeemed | (137,636 | ) | (615,018 | ) | (37,414 | ) | (1,546,070 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Premier capital transactions | 23,764 | (131,250 | ) | 15,183 | (650,800 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Reserve | ||||||||||||||||
Proceeds from shares issued | — | — | 571 | 4,281 | ||||||||||||
Distributions reinvested | — | — | — | (a) | 2 | |||||||||||
Cost of shares redeemed | — | — | (128 | ) | (3,908 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Reserve capital transactions | — | — | 443 | 375 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Service | ||||||||||||||||
Proceeds from shares issued | 182 | 2 | 55 | 1 | ||||||||||||
Distributions reinvested | — | (a) | 29 | — | (a) | 12 | ||||||||||
Cost of shares redeemed | (2,292 | ) | (16,371 | ) | (734 | ) | (4,644 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Service capital transactions | (2,110 | ) | (16,340 | ) | (679 | ) | (4,631 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total change in net assets resulting from capital transactions | $ | (61,235 | ) | $ | (277,067 | ) | $ | (53,353 | ) | $ | (1,939,822 | ) | ||||
|
|
|
|
|
|
|
|
(a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
116 | J.P. MORGAN MONEY MARKET FUNDS | AUGUST 31, 2021 |
Table of Contents
JPMorgan California Municipal Money Market Fund | JPMorgan New York Municipal Money Market Fund | |||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | Year Ended February 28, 2021 | Six Months Ended August 31, 2021 (Unaudited) | Year Ended February 28, 2021 | |||||||||||||
SHARE TRANSACTIONS: | ||||||||||||||||
Agency | ||||||||||||||||
Issued | 626 | 89,714 | 8,269 | 181,854 | ||||||||||||
Reinvested | — | (a) | — | (a) | — | (a) | — | (a) | ||||||||
Redeemed | (19,311 | ) | (92,894 | ) | (13,367 | ) | (371,696 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Agency Shares | (18,685 | ) | (3,180 | ) | (5,098 | ) | (189,842 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Institutional Class | ||||||||||||||||
Issued | 99,970 | 372,851 | 691,645 | 1,320,271 | ||||||||||||
Reinvested | 2 | 4 | 10 | 105 | ||||||||||||
Redeemed | (162,188 | ) | (503,824 | ) | (746,844 | ) | (2,413,093 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Institutional Class Shares | (62,216 | ) | (130,969 | ) | (55,189 | ) | (1,092,717 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Morgan | ||||||||||||||||
Issued | 539 | 33,811 | 2,135 | 27,488 | ||||||||||||
Reinvested | — | (a) | 14 | 2 | 143 | |||||||||||
Redeemed | (2,515 | ) | (29,152 | ) | (10,149 | ) | (29,866 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Morgan Shares | (1,976 | ) | 4,673 | (8,012 | ) | (2,235 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Premier | ||||||||||||||||
Issued | 161,387 | 483,680 | 52,597 | 894,939 | ||||||||||||
Reinvested | — | (a) | 78 | — | (a) | 325 | ||||||||||
Redeemed | (137,634 | ) | (615,011 | ) | (37,414 | ) | (1,546,038 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Premier Shares | 23,753 | (131,253 | ) | 15,183 | (650,774 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Reserve | ||||||||||||||||
Issued | — | — | 571 | 4,281 | ||||||||||||
Reinvested | — | — | — | (a) | 3 | |||||||||||
Redeemed | — | — | (128 | ) | (3,908 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Reserve Shares | — | — | 443 | 376 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Service | ||||||||||||||||
Issued | 182 | — | 55 | 1 | ||||||||||||
Reinvested | — | (a) | 29 | — | (a) | 12 | ||||||||||
Redeemed | (2,292 | ) | (16,367 | ) | (734 | ) | (4,644 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Service Shares | (2,110 | ) | (16,338 | ) | (679 | ) | (4,631 | ) | ||||||||
|
|
|
|
|
|
|
|
(a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 117 |
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 |
| |||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | $ | 1.0006 | $ | 0.0004 | $ | — | (d) | $ | 0.0004 | $ | (0.0004 | ) | $ | — | $ | (0.0004 | ) | |||||||||||
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 |
| |||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | 1.0008 | — | (d) | — | (d) | — | (d) | — | (d) | — | — | (d) | ||||||||||||||||
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 | (g) | (0.0004 | ) | 0.0110 | (0.0113 | ) | — | (d) | (0.0113 | ) | ||||||||||||||||
Year Ended February 28, 2017 | 1.0000 | 0.0036 | (g) | 0.0016 | 0.0052 | (0.0048 | ) | — | (d) | (0.0048 | ) | |||||||||||||||||
Capital |
| |||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | 1.0005 | 0.0004 | — | (d) | 0.0004 | (0.0004 | ) | — | (0.0004 | ) | ||||||||||||||||||
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 | (g) | (0.0004 | ) | 0.0118 | (0.0121 | ) | — | (d) | (0.0121 | ) | ||||||||||||||||
Year Ended February 28, 2017 | 1.0000 | 0.0047 | (g) | 0.0014 | 0.0061 | (0.0057 | ) | — | (d) | (0.0057 | ) | |||||||||||||||||
Class C |
| |||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | 1.0005 | — | (d) | — | (d) | — | (d) | — | (d) | — | — | (d) | ||||||||||||||||
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 | (g) | — | (d) | 0.0039 | (0.0042 | ) | — | (d) | (0.0042 | ) | ||||||||||||||||
Year Ended February 28, 2017 | 1.0000 | 0.0001 | (g) | 0.0006 | 0.0007 | (0.0003 | ) | — | (d) | (0.0003 | ) | |||||||||||||||||
Empower |
| |||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | 1.0005 | 0.0004 | (0.0001 | ) | 0.0003 | (0.0004 | ) | — | (0.0004 | ) | ||||||||||||||||||
February 23, 2021 (e) through February 28, 2021 | 1.0005 | — | (d) | — | (d) | — | (d) | — | (d) | — | — | (d) | ||||||||||||||||
IM |
| |||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | 1.0006 | 0.0004 | (0.0001 | ) | 0.0003 | (0.0004 | ) | — | (0.0004 | ) | ||||||||||||||||||
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 | (g) | (0.0004 | ) | 0.0120 | (0.0123 | ) | — | (d) | (0.0123 | ) | ||||||||||||||||
Year Ended February 28, 2017 | 1.0000 | 0.0055 | (g) | 0.0007 | 0.0062 | (0.0058 | ) | — | (d) | (0.0058 | ) | |||||||||||||||||
Institutional Class |
| |||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | 1.0005 | 0.0003 | — | (d) | 0.0003 | (0.0003 | ) | — | (0.0003 | ) | ||||||||||||||||||
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 | (g) | (0.0004 | ) | 0.0115 | (0.0118 | ) | — | (d) | (0.0118 | ) | ||||||||||||||||
Year Ended February 28, 2017 | 1.0000 | 0.0044 | (g) | 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) | Amount rounds to less than 0.005%. |
(g) | 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.
118 | J.P. MORGAN MONEY MARKET FUNDS | AUGUST 31, 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 | |||||||||||||||||
$1.0006 | 0.04 | % | $ | 1,108,084 | 0.10 | % | 0.08 | % | 0.19 | % | ||||||||||||
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 | 0.00 | (f) | 1,431,292 | 0.17 | 0.01 | 0.29 | ||||||||||||||||
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 | 0.04 | 50,189,516 | 0.10 | 0.08 | 0.18 | |||||||||||||||||
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 | 0.00 | (f) | 606 | 0.17 | 0.01 | 5.13 | ||||||||||||||||
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 | |||||||||||||||||
1.0004 | 0.03 | 15,026 | 0.08 | 0.07 | 5.82 | |||||||||||||||||
1.0005 | 0.00 | (f) | 25 | 0.12 | 0.10 | 0.19 | ||||||||||||||||
1.0005 | 0.03 | 9,176,885 | 0.10 | 0.08 | 0.13 | |||||||||||||||||
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 | 0.03 | 16,009,645 | 0.12 | 0.06 | 0.23 | |||||||||||||||||
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.
AUGUST 31, 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 Prime Money Market Fund* (continued) | ||||||||||||||||||||||||||||
Morgan | ||||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | $ | 1.0011 | $ | — | (d) | $ | (0.0001 | ) | $ | (0.0001 | ) | $ | — | (d) | $ | — | $ | — | (d) | |||||||||
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 | (g) | (0.0005 | ) | 0.0084 | (0.0087 | ) | — | (d) | (0.0087 | ) | ||||||||||||||||
Year Ended February 28, 2017 | 1.0000 | 0.0014 | (g) | 0.0012 | 0.0026 | (0.0022 | ) | — | (d) | (0.0022 | ) | |||||||||||||||||
Premier |
| |||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | 1.0007 | — | (d) | (0.0001 | ) | (0.0001 | ) | — | (d) | — | — | (d) | ||||||||||||||||
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 | (g) | (0.0005 | ) | 0.0091 | (0.0094 | ) | — | (d) | (0.0094 | ) | ||||||||||||||||
Year Ended February 28, 2017 | 1.0000 | 0.0020 | (g) | 0.0013 | 0.0033 | (0.0029 | ) | — | (d) | (0.0029 | ) | |||||||||||||||||
Reserve |
| |||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | 1.0009 | — | (d) | (0.0001 | ) | (0.0001 | ) | — | (d) | — | — | (d) | ||||||||||||||||
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 | (g) | 0.0004 | 0.0066 | (0.0069 | ) | — | (d) | (0.0069 | ) | |||||||||||||||||
Year Ended February 28, 2017 | 1.0000 | 0.0003 | (g) | 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) | Amount rounds to less than 0.005%. |
(g) | 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.
120 | J.P. MORGAN MONEY MARKET FUNDS | AUGUST 31, 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 | |||||||||||||||||
$ | 1.0010 | (0.01 | )% | $ | 1,032,832 | 0.17 | % | 0.01 | % | 0.50 | % | |||||||||||
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 | |||||||||||||||||
1.0006 | (0.01 | ) | 1,068,012 | 0.17 | 0.01 | 0.44 | ||||||||||||||||
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 | |||||||||||||||||
1.0008 | (0.01 | ) | 937 | 0.17 | 0.01 | 3.25 | ||||||||||||||||
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.
AUGUST 31, 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) | 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 |
| |||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | $ | 1.0005 | $ | — | (d) | $ | — | (d) | $ | — | (d) | $ | — | (d) | $ | — | $ | — | (d) | |||||||||
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 | (f) | 0.0118 | (0.0117 | ) | — | (d) | (0.0117 | ) | |||||||||||||||||
March 1, 2018 (g) through February 28, 2019 | 1.0000 | 0.0123 | — | (d) | 0.0123 | (0.0123 | ) | — | (d) | (0.0123 | ) | |||||||||||||||||
Capital |
| |||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | 1.0006 | 0.0001 | (0.0001 | ) | — | (d) | (0.0001 | ) | — | (0.0001 | ) | |||||||||||||||||
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 (g) through February 28, 2019 | 1.0000 | 0.0131 | — | (d) | 0.0131 | (0.0131 | ) | — | (d) | (0.0131 | ) | |||||||||||||||||
IM |
| |||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | 1.0005 | 0.0001 | — | (d) | 0.0001 | (0.0001 | ) | — | (0.0001 | ) | ||||||||||||||||||
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 (g) through February 28, 2019 | 1.0000 | 0.0133 | — | (d) | 0.0133 | (0.0133 | ) | — | (d) | (0.0133 | ) | |||||||||||||||||
Institutional Class |
| |||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | 1.0005 | 0.0001 | — | (d) | 0.0001 | (0.0001 | ) | — | (0.0001 | ) | ||||||||||||||||||
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 (g) 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) | Amount rounds to less than 0.005%. |
(f) | Net realized and unrealized gains (losses) on investments may appear disproportionate in relation to the classes due to rounding. |
(g) | Commencement of operations. |
(h) | Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated. |
SEE NOTES TO FINANCIAL STATEMENTS.
122 | J.P. MORGAN MONEY MARKET FUNDS | AUGUST 31, 2021 |
Table of Contents
| Ratios/Supplemental data | |||||||||||||||||||||
Ratios to average net assets (a) | ||||||||||||||||||||||
Net asset end of | 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 | 0.00 | %(e) | $ | 16,794 | 0.11 | % | 0.01 | % | 0.42 | % | |||||||||||
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 | (h) | 1.36 | (h) | 2.96 | (h) | ||||||||||||||
1.0005 | 0.00 | (e) | 128,702 | 0.09 | 0.02 | 0.24 | ||||||||||||||||
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 | (h) | 1.42 | (h) | 0.40 | (h) | ||||||||||||||
1.0005 | 0.01 | 1,386,411 | 0.08 | 0.02 | 0.15 | |||||||||||||||||
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 | (h) | 1.32 | (h) | 0.23 | (h) | ||||||||||||||
1.0005 | 0.01 | 540,034 | 0.09 | 0.01 | 0.26 | |||||||||||||||||
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 | (h) | 1.40 | (h) | 0.37 | (h) |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 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) | 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 |
| |||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | $ | 1.0001 | $ | 0.0005 | $ | (0.0001 | ) | $ | 0.0004 | $ | (0.0005 | ) | $ | — | $ | (0.0005 | ) | |||||||||||
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.
124 | J.P. MORGAN MONEY MARKET FUNDS | AUGUST 31, 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 | |||||||||||||||||
$ | 1.0000 | 0.04 | % | $ | 3,068,028 | 0.06 | % | 0.11 | % | 0.14 | % | |||||||||||
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.
AUGUST 31, 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 Liquid Assets Money Market Fund |
| |||||||||||||||||||||||||||
Agency |
| |||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | $ | 1.00 | $ | — | (e) | $ | — | (e) | $ | — | (e) | $ | — | (e) | $ | — | $ | — | (e) | |||||||||
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 |
| |||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | — | (e) | ||||||||||||||||
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 |
| |||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | — | (e) | ||||||||||||||||
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 |
| |||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | — | (e) | ||||||||||||||||
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 |
| |||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | — | (e) | ||||||||||||||||
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 |
| |||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | — | (e) | ||||||||||||||||
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.
126 | J.P. MORGAN MONEY MARKET FUNDS | AUGUST 31, 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 without waivers, reimbursements and earnings credits | |||||||||||||||||
$ | 1.00 | 0.01 | % | $ | 890,713 | 0.18 | % | 0.01 | % | 0.29 | % | |||||||||||
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 | 0.02 | 2,221,407 | 0.16 | 0.04 | 0.19 | |||||||||||||||||
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 | 0.01 | 21,966 | 0.18 | 0.01 | 1.16 | |||||||||||||||||
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 | 0.01 | 2,065,176 | 0.17 | 0.02 | 0.24 | |||||||||||||||||
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 | 0.01 | 2,380 | 0.18 | 0.02 | 0.49 | |||||||||||||||||
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 | 0.01 | 522,666 | 0.18 | 0.01 | 0.60 | |||||||||||||||||
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.
AUGUST 31, 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 Liquid Assets Money Market Fund (continued) |
| |||||||||||||||||||||||||||
Premier |
| |||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | $ | 1.00 | $ | — | (e) | $ | — | (e) | $ | — | (e) | $ | — | (e) | $ | — | $ | — | (e) | |||||||||
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 |
| |||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | — | (e) | ||||||||||||||||
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.
128 | J.P. MORGAN MONEY MARKET FUNDS | AUGUST 31, 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 without waivers, reimbursements and earnings credits | |||||||||||||||||
$ | 1.00 | 0.01 | % | $ | 1,786,105 | 0.18 | % | 0.01 | % | 0.44 | % | |||||||||||
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 | 0.01 | 4,687 | 0.18 | 0.01 | 0.69 | |||||||||||||||||
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.
AUGUST 31, 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. Government Money Market Fund |
| |||||||||||||||||||||||||||
Academy |
| |||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | $ | 1.00 | $ | — | (e) | $ | — | (e) | $ | — | (e) | $ | — | (e) | $ | — | $ | — | (e) | |||||||||
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 |
| |||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | — | (e) | ||||||||||||||||
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 |
| |||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | — | (e) | ||||||||||||||||
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 |
| |||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | — | (e) | ||||||||||||||||
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 |
| |||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | — | (e) | ||||||||||||||||
February 23, 2021 (f) through February 28, 2021 | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | — | (e) | ||||||||||||||||
IM |
| |||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | — | (e) | ||||||||||||||||
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 |
| |||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | — | (e) | ||||||||||||||||
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 |
| |||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | — | (e) | ||||||||||||||||
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.
130 | J.P. MORGAN MONEY MARKET FUNDS | AUGUST 31, 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 without waivers, reimbursements and earnings credits | |||||||||||||||||
$ | 1.00 | 0.01 | % | $ | 7,797,755 | 0.04 | % | 0.03 | % | 0.18 | % | |||||||||||
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 | 0.00 | (g) | 21,574,482 | 0.07 | 0.01 | 0.28 | ||||||||||||||||
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 | 0.01 | 159,696,677 | 0.04 | 0.03 | 0.18 | |||||||||||||||||
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 | 0.00 | (g) | 386,375 | 0.07 | 0.01 | 1.03 | ||||||||||||||||
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 | 0.01 | 2,809,209 | 0.04 | 0.03 | 0.18 | |||||||||||||||||
1.00 | 0.00 | (g) | 500,028 | 0.06 | 0.04 | 0.19 | ||||||||||||||||
1.00 | 0.01 | 9,201,074 | 0.04 | 0.03 | 0.13 | |||||||||||||||||
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 | 0.01 | 30,998,713 | 0.06 | 0.01 | 0.23 | |||||||||||||||||
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 | 0.00 | (g) | 1,395,779 | 0.07 | 0.00 | (g) | 0.48 | |||||||||||||||
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.
AUGUST 31, 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. Government Money Market Fund (continued) |
| |||||||||||||||||||||||||||
Morgan |
| |||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | $ | 1.00 | $ | — | (e) | $ | — | (e) | $ | — | (e) | $ | — | (e) | $ | — | $ | — | (e) | |||||||||
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 |
| |||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | — | (e) | ||||||||||||||||
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 |
| |||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | — | (e) | ||||||||||||||||
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 |
| |||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | — | (e) | ||||||||||||||||
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. |
(f) | Commencement of offering of class of shares. |
(g) | Amount rounds to less than 0.005%. |
SEE NOTES TO FINANCIAL STATEMENTS.
132 | J.P. MORGAN MONEY MARKET FUNDS | AUGUST 31, 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 without waivers, reimbursements and earnings credits | |||||||||||||||||
$ | 1.00 | 0.00 | %(g) | $ | 2,167,045 | 0.07 | % | 0.00 | %(g) | 0.59 | % | |||||||||||
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 | 0.00 | (g) | 4,849,598 | 0.06 | 0.01 | 0.43 | ||||||||||||||||
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 | 0.00 | (g) | 5,608,614 | 0.07 | 0.00 | (g) | 0.68 | |||||||||||||||
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 | 0.00 | (g) | 447,136 | 0.07 | 0.00 | (g) | 1.03 | |||||||||||||||
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.
AUGUST 31, 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) (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 |
| |||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | $ | 1.00 | $ | — | (e) | $ | — | (e) | $ | — | (e) | $ | — | (e) | $ | — | $ | — | (e) | |||||||||
September 30, 2020 (f) through February 28, 2021 | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | — | (e) | ||||||||||||||||
Agency |
| |||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | — | (e) | ||||||||||||||||
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 |
| |||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | — | (e) | ||||||||||||||||
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 | ) | ||||||||||||||||||
September 22, 2017 (f) through February 28, 2018 | 1.00 | 0.01 | (0.01 | ) | — | (e) | — | (e) | — | (e) | — | (e) | ||||||||||||||||
Class C |
| |||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | — | (e) | ||||||||||||||||
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) | |||||||||||||||
Empower |
| |||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | — | (e) | ||||||||||||||||
February 23, 2021 (f) through February 28, 2021 | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | — | (e) | ||||||||||||||||
IM |
| |||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | — | (e) | ||||||||||||||||
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 |
| |||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | — | (e) | ||||||||||||||||
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 |
| |||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | — | (e) | ||||||||||||||||
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.
134 | J.P. MORGAN MONEY MARKET FUNDS | AUGUST 31, 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 without waivers, reimbursements and earnings credits | |||||||||||||||||
$ | 1.00 | 0.01 | % | $ | 100 | 0.04 | % | 0.01 | % | 0.19 | % | |||||||||||
1.00 | 0.01 | 17,600 | 0.07 | 0.03 | 0.23 | |||||||||||||||||
1.00 | 0.00 | (g) | 1,710,588 | 0.05 | 0.01 | 0.28 | ||||||||||||||||
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 | 0.01 | 10,910,694 | 0.05 | 0.01 | 0.18 | |||||||||||||||||
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 | 0.00 | (g) | 380,521 | 0.06 | 0.00 | (g) | 1.13 | |||||||||||||||
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 | 0.01 | 600,030 | 0.05 | 0.01 | 0.18 | |||||||||||||||||
1.00 | 0.00 | (g) | 25 | 0.06 | 0.02 | 0.18 | ||||||||||||||||
1.00 | 0.01 | 120 | 0.05 | 0.02 | 0.14 | |||||||||||||||||
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 | 0.00 | (g) | 8,743,561 | 0.05 | 0.01 | 0.23 | ||||||||||||||||
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 | 0.00 | (g) | 18,120 | 0.06 | 0.00 | (g) | 0.48 | |||||||||||||||
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.
AUGUST 31, 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 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 |
| |||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | $ | 1.00 | $ | — | (e) | $ | — | (e) | $ | — | (e) | $ | — | (e) | $ | — | $ | — | (e) | |||||||||
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 |
| |||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | — | (e) | ||||||||||||||||
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 |
| |||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | — | (e) | ||||||||||||||||
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. |
(f) | Commencement of offering of class of shares. |
(g) | Amount rounds to less than 0.005%. |
SEE NOTES TO FINANCIAL STATEMENTS.
136 | J.P. MORGAN MONEY MARKET FUNDS | AUGUST 31, 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 without waivers, reimbursements and earnings credits | |||||||||||||||||
$ | 1.00 | 0.00 | %(g) | $ | 477,255 | 0.06 | % | 0.00 | %(g) | 0.58 | % | |||||||||||
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 | 0.00 | (g) | 2,129,677 | 0.05 | 0.01 | 0.43 | ||||||||||||||||
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 | 0.00 | (g) | 29,530 | 0.06 | 0.00 | (g) | 0.68 | |||||||||||||||
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.
AUGUST 31, 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) (b) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net investment income | Net realized gain | Total distributions | ||||||||||||||||||||||
JPMorgan Federal Money Market Fund | ||||||||||||||||||||||||||||
Agency | ||||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | $ | 1.00 | $ | — | (e) | $ | — | (e) | $ | — | (e) | $ | — | (e) | $ | — | $ | — | (e) | |||||||||
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) | |||||||||||||||
Institutional Class |
| |||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | — | (e) | ||||||||||||||||
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 |
| |||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | — | (e) | ||||||||||||||||
Year Ended February 28, 2021 | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | |||||||||||||||
Year Ended February 29, 2020 | 1.00 | 0.01 | 0.01 | 0.02 | (0.02 | ) | — | (e) | (0.02 | ) | ||||||||||||||||||
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 |
| |||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | — | (e) | ||||||||||||||||
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) | Amount rounds to less than 0.005%. |
SEE NOTES TO FINANCIAL STATEMENTS.
138 | J.P. MORGAN MONEY MARKET FUNDS | AUGUST 31, 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 without waivers, reimbursements and earnings credits | |||||||||||||||||
$ | 1.00 | 0.00 | %(f) | $ | 167,555 | 0.06 | % | 0.01 | % | 0.30 | % | |||||||||||
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 | 0.00 | (f) | 1,944,755 | 0.06 | 0.01 | 0.24 | ||||||||||||||||
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 | 0.00 | (f) | 51,332 | 0.06 | 0.00 | (f) | 0.64 | |||||||||||||||
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 | 0.00 | (f) | 127,919 | 0.06 | 0.01 | 0.45 | ||||||||||||||||
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.
AUGUST 31, 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 and unrealized gains (losses) on investments | Total from investment operations | Net investment income | Net realized gain | Total distributions | ||||||||||||||||||||||
JPMorgan 100% U.S. Treasury Securities Money Market Fund | ||||||||||||||||||||||||||||
Academy |
| |||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | $ | 1.00 | $ | — | (e) | $ | — | (e) | $ | — | (e) | $ | — | (e) | $ | — | $ | — | (e) | |||||||||
September 30, 2020 (g) through February 28, 2021 | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | — | (e) | ||||||||||||||||
Agency |
| |||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | — | (e) | ||||||||||||||||
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 | ) | — | (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 |
| |||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | — | (e) | ||||||||||||||||
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 | ) | — | (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) | |||||||||||||||
Empower |
| |||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | — | (e) | ||||||||||||||||
February 23, 2021 (g) through February 28, 2021 | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | — | (e) | ||||||||||||||||
IM |
| |||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | — | (e) | ||||||||||||||||
Year Ended February 28, 2021 | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | — | (e) | ||||||||||||||||
January 15, 2020 (g) through February 29, 2020 | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | — | (e) | ||||||||||||||||
Institutional Class |
| |||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | — | (e) | ||||||||||||||||
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 | ) | — | (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 |
| |||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | — | (e) | ||||||||||||||||
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 | ) | — | (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 |
| |||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | — | (e) | ||||||||||||||||
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 | ) | — | (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 |
| |||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | — | (e) | ||||||||||||||||
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 | ) | — | (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) |
(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) | Amount rounds to less than 0.005%. |
(g) | Commencement of offering of class of shares. |
SEE NOTES TO FINANCIAL STATEMENTS.
140 | J.P. MORGAN MONEY MARKET FUNDS | AUGUST 31, 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 | %(f) | $ | 147,400 | 0.05 | % | 0.01 | % | 0.19 | % | |||||||||||
1.00 | 0.00 | (f) | 17,600 | 0.10 | 0.01 | 0.21 | ||||||||||||||||
1.00 | 0.00 | (f) | 3,683,612 | 0.05 | 0.01 | 0.28 | ||||||||||||||||
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 | 0.00 | (f) | 59,584,234 | 0.05 | 0.01 | 0.18 | ||||||||||||||||
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 | (f) | 517,538 | 0.04 | 0.01 | 0.18 | ||||||||||||||||
1.00 | 0.00 | (f) | 25 | 0.07 | 0.01 | 0.20 | ||||||||||||||||
1.00 | 0.00 | (f) | 1,573 | 0.04 | 0.01 | 1.69 | ||||||||||||||||
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 | 0.00 | (f) | 24,031,615 | 0.05 | 0.01 | 0.23 | ||||||||||||||||
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 | 0.00 | (f) | 2,197,433 | 0.05 | 0.00 | (f) | 0.59 | |||||||||||||||
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 | (f) | 1,148,892 | 0.40 | 0.00 | (f) | 0.61 | |||||||||||||||
1.00 | 0.00 | (f) | 2,020,399 | 0.05 | 0.01 | 0.43 | ||||||||||||||||
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 | 0.00 | (f) | 3,200,198 | 0.05 | 0.00 | (f) | 0.68 | |||||||||||||||
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 | (f) | 75,190 | 0.41 | 0.00 | 0.71 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 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 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 | ||||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | $ | 1.00 | $ | — | (e) | $ | — | (e) | $ | — | (e) | $ | — | (e) | $ | — | $ | — | (e) | |||||||||
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) | |||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | — | (e) | ||||||||||||||||
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 | ||||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | — | (e) | ||||||||||||||||
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 | ||||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | — | (e) | ||||||||||||||||
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) | |||||||||||||||
Reserve | ||||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | — | (e) | ||||||||||||||||
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) |
(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) | Amount rounds to less than 0.005%. |
SEE NOTES TO FINANCIAL STATEMENTS.
142 | J.P. MORGAN MONEY MARKET FUNDS | AUGUST 31, 2021 |
Table of Contents
| Ratios/Supplemental data | |||||||||||||||||||||
Ratios to average net assets (a) | ||||||||||||||||||||||
Net asset value, end of period | Total return (c) | Net assets, | Net expenses (d) | Net investment income (loss) | Expenses without waivers, reimbursements and earnings credits | |||||||||||||||||
$ | 1.00 | 0.00 | %(f) | $ | 297,283 | 0.11 | % | 0.01 | % | 0.29 | % | |||||||||||
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 | 0.01 | 5,759,983 | 0.10 | 0.02 | 0.24 | |||||||||||||||||
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 | 0.00 | (f) | 18,931 | 0.11 | 0.01 | 0.61 | ||||||||||||||||
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 | 0.00 | (f) | 390,643 | 0.11 | 0.01 | 0.44 | ||||||||||||||||
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 | 0.00 | (f) | 1,562,060 | 0.11 | 0.01 | 0.69 | ||||||||||||||||
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.
AUGUST 31, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 143 |
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 Municipal Money Market Fund | ||||||||||||||||||||||||||||
Agency | ||||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | $ | 1.00 | $ | — | (e) | $ | — | (e) | $ | — | (e) | $ | — | (e) | $ | — | $ | — | (e) | |||||||||
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 (g) | ||||||||||||||||||||||||||||
For the Period Ended September 21, 2016 | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | — | (e) | ||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | — | (e) | ||||||||||||||||
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 | ||||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | — | (e) | ||||||||||||||||
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 | ||||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | — | (e) | ||||||||||||||||
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 | ||||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | — | (e) | ||||||||||||||||
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) | Amount rounds to less than 0.005%. |
(g) | E*Trade Shares had no assets from the close of business on September 21, 2016. |
SEE NOTES TO FINANCIAL STATEMENTS.
144 | J.P. MORGAN MONEY MARKET FUNDS | AUGUST 31, 2021 |
Table of Contents
| Ratios/Supplemental data | |||||||||||||||||||||
Ratios to average net assets (a) | ||||||||||||||||||||||
Net asset value, end of period | Total return (c) | Net assets, | Net expenses (d) | Net investment income (loss) | Expenses without waivers, reimbursements and earnings credits | |||||||||||||||||
$ | 1.00 | 0.00 | %(f) | $ | 36,515 | 0.14 | % | 0.01 | % | 0.33 | % | |||||||||||
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 | 0.01 | 732,006 | 0.13 | 0.02 | 0.28 | |||||||||||||||||
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 | 0.00 | (f) | 31,145 | 0.14 | 0.01 | 0.64 | ||||||||||||||||
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 | 0.00 | (f) | 52,206 | 0.14 | 0.01 | 0.48 | ||||||||||||||||
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 | 0.00 | (f) | 23,415 | 0.14 | 0.01 | 1.08 | ||||||||||||||||
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.
AUGUST 31, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 145 |
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 California Municipal Money Market Fund | ||||||||||||||||||||||||||||
Agency | ||||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | $ | 1.00 | $ | — | (e) | $ | — | (e) | $ | — | (e) | $ | — | (e) | $ | — | $ | — | (e) | |||||||||
Year Ended February 28, 2021 | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | |||||||||||||||
March 1, 2019 (g) through February 29, 2020 | 1.00 | 0.01 | — | (e) | 0.01 | (0.01 | ) | — | (e) | (0.01 | ) | |||||||||||||||||
E*Trade (h) | ||||||||||||||||||||||||||||
For the Period Ended September 21, 2016 | 1.00 | — | (e) | — | — | (e) | — | (e) | — | — | (e) | |||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | — | (e) | ||||||||||||||||
Year Ended February 28, 2021 | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | |||||||||||||||
March 1, 2019 (g) through February 29, 2020 | 1.00 | 0.01 | — | (e) | 0.01 | (0.01 | ) | — | (e) | (0.01 | ) | |||||||||||||||||
Morgan | ||||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | — | (e) | ||||||||||||||||
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 | ||||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | — | (e) | ||||||||||||||||
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 (g) through February 28, 2017 | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | |||||||||||||||
Service | ||||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | — | (e) | ||||||||||||||||
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) | Amount rounds to less than 0.005%. |
(g) | Commencement of offering of class of shares. |
(h) | 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 investment income (loss) | Expenses without waivers, reimbursements and earnings credits | |||||||||||||||||
$ | 1.00 | 0.00 | %(f) | $ | 3,026 | 0.13 | % | 0.01 | % | 0.36 | % | |||||||||||
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 | 0.01 | 94,530 | 0.10 | 0.02 | 0.31 | |||||||||||||||||
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 | 0.00 | (f) | 5,146 | 0.11 | 0.01 | 0.70 | ||||||||||||||||
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 | 0.00 | (f) | 125,770 | 0.10 | 0.01 | 0.51 | ||||||||||||||||
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 | 0.00 | (f) | 9,957 | 0.11 | 0.01 | 1.11 | ||||||||||||||||
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.
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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 | Net realized gain | Total distributions | ||||||||||||||||||||||
JPMorgan New York Municipal Money Market Fund | ||||||||||||||||||||||||||||
Agency | ||||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | $ | 1.00 | $ | — | (e) | $ | — | (e) | $ | — | (e) | $ | — | (e) | $ | — | $ | — | (e) | |||||||||
Year Ended February 28, 2021 | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | |||||||||||||||
March 1, 2019 (g) through February 29, 2020 | 1.00 | 0.01 | — | (e) | 0.01 | (0.01 | ) | — | (e) | (0.01 | ) | |||||||||||||||||
E*Trade (h) | ||||||||||||||||||||||||||||
For the Period Ended September 21, 2016 | 1.00 | — | (e) | — | — | (e) | — | (e) | — | — | (e) | |||||||||||||||||
Institutional Class | ||||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | — | (e) | ||||||||||||||||
Year Ended February 28, 2021 | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | |||||||||||||||
March 1, 2019 (g) through February 29, 2020 | 1.00 | 0.01 | — | (e) | 0.01 | (0.01 | ) | — | (e) | (0.01 | ) | |||||||||||||||||
Morgan | ||||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | — | (e) | ||||||||||||||||
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 | ||||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | — | (e) | ||||||||||||||||
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 (g) through February 28, 2017 | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | — | (e) | |||||||||||||||
Reserve | ||||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | — | (e) | ||||||||||||||||
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 | ||||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | 1.00 | — | (e) | — | (e) | — | (e) | — | (e) | — | — | (e) | ||||||||||||||||
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) | Amount rounds to less than 0.005%. |
(g) | Commencement of offering of class of shares. |
(h) | 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 investment income (loss) | Expenses without waivers, reimbursements and earnings credits | |||||||||||||||||
$ | 1.00 | 0.00 | %(f) | $ | 67,716 | 0.14 | % | 0.01 | % | 0.31 | % | |||||||||||
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 | 0.01 | 477,412 | 0.13 | 0.02 | 0.26 | |||||||||||||||||
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 | 0.00 | (f) | 51,924 | 0.14 | 0.01 | 0.65 | ||||||||||||||||
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 | 0.00 | (f) | 107,133 | 0.14 | 0.01 | 0.47 | ||||||||||||||||
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 | 0.00 | (f) | 1,941 | 0.13 | 0.01 | 0.71 | ||||||||||||||||
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 | 0.00 | (f) | 3,051 | 0.14 | 0.01 | 1.06 | ||||||||||||||||
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.
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AS OF AUGUST 31, 2021 (Unaudited)
(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, Agency, Capital, Class C, Empower(1), 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(2), Institutional Class, Investor, Morgan, Premier and Reserve | JPM II | Diversified | |||
JPMorgan U.S. Government Money Market Fund | Academy, Agency, Capital, E*Trade, Empower(1), IM, Institutional Class, Investor, Morgan, Premier, Reserve and Service | JPM II | Diversified | |||
JPMorgan U.S. Treasury Plus Money Market Fund | Academy(3), Agency, Capital, Class C, Empower(1), 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(3), Agency, Capital, Empower(1), IM, 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(4), Institutional Class, Morgan, Premier and Service | JPM II | Diversified | |||
JPMorgan California Municipal Money Market Fund | Agency, E*Trade(4), Institutional Class, Morgan, Premier and Service | JPM I | Diversified | |||
JPMorgan New York Municipal Money Market Fund | Agency, E*Trade(4), Institutional Class, Morgan, Premier, Reserve and Service | JPM I | Diversified |
(1) | Commenced operations on February 23, 2021. |
(2) | No assets from the close of business on October 19, 2016. |
(3) | Commenced operations on September 30, 2020. |
(4) | No assets from the close of business on September 21, 2016. |
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.
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.
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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 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
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NOTES TO FINANCIAL STATEMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
(Dollar values in thousands)
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) | $ | — | $ | 79,634,110 | $ | — | $ | 79,634,110 | ||||||||
|
|
|
|
|
|
|
|
(a) | Please refer to the SOI for specifics of portfolio holdings. |
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) | $ | — | $ | 2,028,738 | $ | — | $ | 2,028,738 | ||||||||
|
|
|
|
|
|
|
|
(a) | Please refer to the SOI for specifics of portfolio holdings. |
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) | $ | — | $ | 3,068,081 | $ | — | $ | 3,068,081 | ||||||||
|
|
|
|
|
|
|
| |||||||||
(a) Please refer to the SOI for specifics of portfolio holdings.
The following is a summary of the inputs used as of August 31, 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) | $ | — | $ | 7,500,304 | $ | — | $ | 7,500,304 | ||||||||
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(a) | Please refer to the SOI for specifics of portfolio holdings. |
152 | J.P. MORGAN MONEY MARKET FUNDS | AUGUST 31, 2021 |
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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) | $ | — | $ | 246,426,988 | $ | — | $ | 246,426,988 | ||||||||
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(a) | Please refer to the SOI for specifics of portfolio holdings. |
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) | $ | — | $ | 24,196,453 | $ | — | $ | 24,196,453 | ||||||||
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(a) | Please refer to the SOI for specifics of portfolio holdings. |
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) | $ | — | $ | 2,219,422 | $ | — | $ | 2,219,422 | ||||||||
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(a) | Please refer to the SOI for specifics of portfolio holdings. |
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) | $ | — | $ | 97,803,331 | $ | — | $ | 97,803,331 | ||||||||
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(a) | Please refer to the SOI for specifics of portfolio holdings. |
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) | $ | — | $ | 8,042,256 | $ | — | $ | 8,042,256 | ||||||||
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(a) | Please refer to the SOI for specifics of portfolio holdings. |
Municipal Money Market Fund
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Total Investments in Securities (a) | $ | — | $ | 851,673 | $ | — | $ | 851,673 | ||||||||
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(a) | Please refer to the SOI for specifics of portfolio holdings. |
AUGUST 31, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 153 |
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NOTES TO FINANCIAL STATEMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
(Dollar values in thousands)
California Municipal Money Market Fund
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Total Investments in Securities (a) | $ | — | $ | 239,759 | $ | — | $ | 239,759 | ||||||||
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(a) | Please refer to the SOI for specifics of portfolio holdings. |
New York Municipal Money Market Fund
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Total Investments in Securities (a) | $ | — | $ | 708,782 | $ | — | $ | 708,782 | ||||||||
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(a) | Please refer to the SOI 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 August 31, 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 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, Securities Lending Money Market Fund, Liquid Assets Money Market Fund, U.S. Government Money Market Fund and U.S. Treasury Plus Money Market Fund or their affiliates 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 — Tax Free Money Market Fund, Municipal Money Market Fund and California 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.
Tax Free Money Market Fund, Municipal Money Market Fund and California Municipal Money Market Fund had when-issued securities, delayed delivery securities or forward commitments outstanding as of August 31, 2021, which are shown as a Receivable for Investment securities sold — delayed delivery securities on the Statements of Assets and Liabilities. The values of these securities held at August 31, 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.
154 | J.P. MORGAN MONEY MARKET FUNDS | AUGUST 31, 2021 |
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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 six months ended August 31, 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 | $ | 21 | — | — | — | $ | 28 | n/a | — | $ | 2 | n/a | n/a | n/a | n/a | |||||||||||||||||||||||||||||||||
Agency | 34 | $ | 12 | n/a | $ | 12 | 167 | $ | 16 | $ | 3 | 42 | $ | 3 | $ | 1 | $ | — | (a) | $ | — | (a) | ||||||||||||||||||||||||||
Agency SL | n/a | n/a | $ | 42 | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | |||||||||||||||||||||||||||||||||||
Capital | 416 | 22 | n/a | 36 | 1,277 | 98 | n/a | 550 | n/a | n/a | n/a | n/a | ||||||||||||||||||||||||||||||||||||
Class C | 13 | n/a | n/a | 3 | n/a | 5 | n/a | n/a | n/a | n/a | n/a | n/a | ||||||||||||||||||||||||||||||||||||
E*Trade | n/a | n/a | n/a | n/a | 3 | n/a | n/a | n/a | n/a | n/a | n/a | n/a | ||||||||||||||||||||||||||||||||||||
Empower | 14 | n/a | n/a | n/a | 4 | 1 | n/a | 1 | n/a | n/a | n/a | n/a | ||||||||||||||||||||||||||||||||||||
IM | 73 | 22 | n/a | n/a | 70 | — | (a) | n/a | 26 | n/a | n/a | n/a | n/a | |||||||||||||||||||||||||||||||||||
Institutional Class | 189 | 19 | n/a | 32 | 302 | 112 | 26 | 263 | 58 | 7 | 1 | 5 | ||||||||||||||||||||||||||||||||||||
Investor | n/a | n/a | n/a | — | (a) | 21 | — | (a) | n/a | n/a | n/a | n/a | n/a | n/a | ||||||||||||||||||||||||||||||||||
Morgan | 118 | n/a | n/a | 42 | 56 | 15 | 13 | 44 | 3 | 3 | 1 | 11 | ||||||||||||||||||||||||||||||||||||
Premier | 32 | n/a | n/a | 22 | 52 | 20 | 3 | 22 | 6 | — | (a) | 3 | 2 | |||||||||||||||||||||||||||||||||||
Reserve | 13 | n/a | n/a | — | (a) | 2 | — | (a) | n/a | 25 | 13 | n/a | n/a | — | (a) | |||||||||||||||||||||||||||||||||
Service | n/a | n/a | n/a | n/a | 4 | n/a | n/a | n/a | n/a | — | (a) | — | (a) | — | (a) | |||||||||||||||||||||||||||||||||
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Total | $ | 923 | $ | 75 | $ | 42 | $ | 147 | $ | 1,986 | $ | 267 | $ | 45 | $ | 975 | $ | 83 | $ | 11 | $ | 5 | $ | 18 | ||||||||||||||||||||||||
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(a) | Amount rounds to less than one thousand. |
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 August 31, 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.
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.
AUGUST 31, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 155 |
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NOTES TO FINANCIAL STATEMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
(Dollar values in thousands)
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 six months ended August 31, 2021, the effective annualized 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.
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.
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 six months ended August 31, 2021, JPMDS retained the following:
CDSC | ||||
Liquid Assets 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 | ||||||||||||||||||
Securities Lending Money Market Fund | n/a | n/a | n/a | 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 |
156 | J.P. MORGAN MONEY MARKET FUNDS | AUGUST 31, 2021 |
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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 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 | % | ||||||||||||||||
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 | |||||||||||||||||||||
U.S. Treasury Plus Money Market Fund | 0.18 | 0.26 | n/a | 0.18 | 0.97 | n/a | 0.18 | |||||||||||||||||||||
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 | 0.26 | n/a | 0.18 | n/a | n/a | 0.18 | |||||||||||||||||||||
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 |
AUGUST 31, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 157 |
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NOTES TO FINANCIAL STATEMENTS
AS OF AUGUST 31, 2021 (Unaudited) (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 |
The expense limitation agreements were in effect for the six months ended August 31, 2021 and the contractual expense limitation percentages in the table above are in place until at least June 30, 2022. In addition, the Funds’ service providers have voluntarily waived fees during the six months ended August 31, 2021. However, the Funds’ service providers are under no obligation to do so and may discontinue such voluntary waivers at any time.
For the six months ended August 31, 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 | $ | — | $ | — | $ | 3,439 | $ | 3,439 | $ | 39 | ||||||||||
Institutional Tax Free Money Market Fund | 5 | 3 | 153 | 161 | 10 | |||||||||||||||
Securities Lending Money Market Fund | 770 | 513 | — | 1,283 | — | |||||||||||||||
Liquid Assets Money Market Fund | — | — | 831 | 831 | — | |||||||||||||||
U.S. Government Money Market Fund | — | — | 8,713 | 8,713 | — | |||||||||||||||
U.S. Treasury Plus Money Market Fund | — | — | 2,049 | 2,049 | — | |||||||||||||||
Federal Money Market Fund | 10 | 7 | 388 | 405 | — | |||||||||||||||
100% U.S. Treasury Securities Money Market Fund | — | — | 4,964 | 4,964 | — | |||||||||||||||
Tax Free Money Market Fund | — | — | 876 | 876 | — | |||||||||||||||
Municipal Money Market Fund | 79 | 53 | 181 | 313 | — | |||||||||||||||
California Municipal Money Market Fund | 48 | 32 | 31 | 111 | — | |||||||||||||||
New York Municipal Money Market Fund | 28 | 19 | 137 | 184 | — |
Voluntary Waivers | ||||||||||||||||||||||||||||
Investment Advisory Fees | Administration Fees | Distribution Fees | Service Fees | Transfer Agency Fees | Total | Voluntary Reimbursements | ||||||||||||||||||||||
Prime Money Market Fund | $ | 6,968 | $ | 4,645 | $ | 4 | $ | 19,474 | $ | 470 | $ | 31,561 | $ | — | (a) | |||||||||||||
Institutional Tax Free Money Market Fund | 352 | 228 | — | 126 | 53 | 759 | — | |||||||||||||||||||||
Liquid Assets Money Market Fund | 106 | 71 | 408 | 4,892 | 10 | 5,487 | — | |||||||||||||||||||||
U.S. Government Money Market Fund | 60,912 | 40,608 | 5,653 | 74,209 | 1,379 | 182,761 | — | |||||||||||||||||||||
U.S. Treasury Plus Money Market Fund | 7,243 | 4,829 | 1,746 | 11,246 | 139 | 25,203 | — | |||||||||||||||||||||
Federal Money Market Fund | 599 | 399 | 26 | 1,099 | 44 | 2,167 | — | |||||||||||||||||||||
100% U.S. Treasury Securities Money Market Fund | 26,103 | 17,402 | 5,200 | 37,997 | 791 | 87,493 | — | |||||||||||||||||||||
Tax Free Money Market Fund | 980 | 654 | 1,933 | 5,314 | 59 | 8,940 | — | |||||||||||||||||||||
Municipal Money Market Fund | 76 | 51 | 92 | 433 | 6 | 658 | — | |||||||||||||||||||||
California Municipal Money Market Fund | 37 | 22 | 36 | 230 | 1 | 326 | 16 | |||||||||||||||||||||
New York Municipal Money Market Fund | 80 | 54 | 41 | 358 | 8 | 541 | — |
(a) | Amount rounds to less than one thousand. |
158 | J.P. MORGAN MONEY MARKET FUNDS | AUGUST 31, 2021 |
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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.
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 six months ended August 31, 2021, the Funds below engaged in such transactions in the following amounts:
Purchases | Sales | Realized Gain (Loss) | ||||||||||
Institutional Tax Free Money Market Fund | $ | 770,061 | $ | 908,466 | $ | — | ||||||
Tax Free Money Market Fund | 904,987 | 703,061 | — | |||||||||
Municipal Money Market Fund | 222,961 | 386,614 | — | |||||||||
California Municipal Money Market Fund | 57,828 | 64,978 | — | |||||||||
New York Municipal Money Market Fund | 295,886 | 188,604 | — |
4. Class-Specific Expenses
The Funds’ class specific gross expenses for the six months ended August 31, 2021 were as follows:
Distribution | Service | |||||||
Prime Money Market Fund | ||||||||
Academy | $ | — | $ | 300 | ||||
Agency | — | 1,075 | ||||||
Capital | — | 11,747 | ||||||
Class C | 3 | 1 | ||||||
IM | — | — | ||||||
Empower | — | — | (a) | |||||
Institutional Class | — | 8,579 | ||||||
Morgan | — | 2,103 | ||||||
Premier | — | 1,819 | ||||||
Reserve | 1 | 2 | ||||||
|
|
|
| |||||
$ | 4 | $ | 25,626 | |||||
|
|
|
| |||||
Institutional Tax Free Money Market Fund | ||||||||
Agency | $ | — | $ | 15 | ||||
Capital | — | 32 | ||||||
Institutional Class | — | 239 | ||||||
|
|
|
| |||||
$ | — | $ | 286 | |||||
|
|
|
| |||||
Liquid Assets Money Market Fund | ||||||||
Agency | $ | — | $ | 790 | ||||
Capital | — | 860 | ||||||
Class C | 99 | 33 | ||||||
Institutional Class | — | 1,250 | ||||||
Investor | — | 8 | ||||||
Morgan | 303 | 1,061 | ||||||
Premier | — | 3,090 | ||||||
Reserve | 6 | 7 | ||||||
|
|
|
| |||||
$ | 408 | $ | 7,099 | |||||
|
|
|
|
AUGUST 31, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 159 |
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NOTES TO FINANCIAL STATEMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
(Dollar values in thousands)
Distribution | Service | |||||||
U.S. Government Money Market Fund | ||||||||
Academy | $ | — | $ | 1,733 | ||||
Agency | — | 12,010 | ||||||
Capital | — | 39,099 | ||||||
E*Trade | 1,193 | 596 | ||||||
Empower | — | 451 | ||||||
Institutional Class | — | 15,406 | ||||||
Investor | — | 4,245 | ||||||
Morgan | 1,003 | 3,512 | ||||||
Premier | — | 8,114 | ||||||
Reserve | 2,034 | 2,440 | ||||||
Service | 1,423 | 711 | ||||||
|
|
|
| |||||
$ | 5,653 | $ | 88,317 | |||||
|
|
|
| |||||
U.S. Treasury Plus Money Market Fund | ||||||||
Academy | $ | — | $ | 16 | ||||
Agency | — | 1,120 | ||||||
Capital | — | 3,354 | ||||||
Class C | 1,449 | 483 | ||||||
Empower | — | 106 | ||||||
Institutional Class | — | 4,967 | ||||||
Investor | — | 31 | ||||||
Morgan | 263 | 919 | ||||||
Premier | — | 2,633 | ||||||
Reserve | 34 | 41 | ||||||
|
|
|
| |||||
$ | 1,746 | $ | 13,670 | |||||
|
|
|
| |||||
Federal Money Market Fund | ||||||||
Agency | $ | — | $ | 175 | ||||
Institutional Class | — | 1,009 | ||||||
Morgan | 26 | 91 | ||||||
Premier | — | 212 | ||||||
|
|
|
| |||||
$ | 26 | $ | 1,487 | |||||
|
|
|
| |||||
100% U.S. Treasury Securities Money Market Fund | ||||||||
Academy | $ | — | $ | 18 | ||||
Agency | — | 2,770 | ||||||
Capital | — | 16,382 | ||||||
Empower | — | 107 | ||||||
Institutional Class | — | 12,143 | ||||||
Morgan | 1,112 | 3,891 | ||||||
Premier | — | 2,936 | ||||||
Reserve | 4,089 | 4,907 | ||||||
|
|
|
| |||||
$ | 5,201 | $ | 43,154 | |||||
|
|
|
| |||||
Tax Free Money Market Fund | ||||||||
Agency | $ | — | $ | 247 | ||||
Institutional Class | — | 3,031 | ||||||
Morgan | 10 | 34 | ||||||
Premier | — | 654 | ||||||
Reserve | 1,933 | 2,320 | ||||||
|
|
|
| |||||
$ | 1,943 | $ | 6,286 | |||||
|
|
|
| |||||
Municipal Money Market Fund | ||||||||
Agency | $ | — | $ | 39 | ||||
Institutional Class | — | 408 | ||||||
Morgan | 18 | 63 | ||||||
Premier | — | 93 | ||||||
Service | 74 | 37 | ||||||
|
|
|
| |||||
$ | 92 | $ | 640 | |||||
|
|
|
|
160 | J.P. MORGAN MONEY MARKET FUNDS | AUGUST 31, 2021 |
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Distribution | Service | |||||||
California Municipal Money Market Fund | ||||||||
Agency | $ | — | $ | 6 | ||||
Institutional Class | — | 63 | ||||||
Morgan | 3 | 10 | ||||||
Premier | — | 172 | ||||||
Service | 33 | 17 | ||||||
|
|
|
| |||||
$ | 36 | $ | 268 | | ||||
|
|
|
| |||||
New York Municipal Money Market Fund | ||||||||
Agency | $ | — | $ | 51 | ||||
Institutional Class | — | 266 | ||||||
Morgan | 29 | 99 | ||||||
Premier | — | 133 | ||||||
Reserve | 2 | 3 | ||||||
Service | 10 | 5 | ||||||
|
|
|
| |||||
$ | 41 | $ | 557 | | ||||
|
|
|
|
(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 August 31, 2021 were as follows:
Aggregate Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | |||||||||||||
Prime Money Market Fund | $ | 79,629,067 | $ | 5,192 | $ | 149 | $ | 5,043 | ||||||||
Institutional Tax Free Money Market Fund | 2,028,716 | 30 | 8 | 22 | ||||||||||||
Securities Lending Money Market Fund | 3,067,898 | 186 | 3 | 183 |
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.
At 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 | — |
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).
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NOTES TO FINANCIAL STATEMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
(Dollar values in thousands)
As of August 31, 2021, the Funds had no outstanding loans to another fund. Average loans made to another fund under the Facility for the six months ended August 31, 2021, were as follows:
Average Loans | Number of Days Outstanding | Interest Earned | ||||||||||
Liquid Assets Money Market Fund | $ | 30,545 | 36 | $ | 29 |
Interest earned as a result of lending money to another fund for the six months ended August 31, 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 six months ended August 31, 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 August 31, 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 | 50.5 | % | — | — | |||||||||||
Institutional Tax Free Money Market Fund | 1 | 97.7 | — | — | ||||||||||||
Securities Lending Money Market Fund | — | — | 1 | 100.0 | % | |||||||||||
Liquid Assets Money Market Fund | 1 | 55.2 | 1 | 12.1 | ||||||||||||
U.S. Government Money Market Fund | 1 | 33.5 | — | — | ||||||||||||
U.S. Treasury Plus Money Market Fund | 1 | 29.2 | 1 | 20.6 | ||||||||||||
Federal Money Market Fund | 1 | 38.5 | 1 | 34.0 | ||||||||||||
100% U.S. Treasury Securities Money Market Fund | 1 | 34.8 | 1 | 14.6 | ||||||||||||
Tax Free Money Market Fund | 1 | 31.3 | 1 | 59.1 | ||||||||||||
Municipal Money Market Fund | 2 | 87.2 | — | — | ||||||||||||
California Municipal Money Market Fund | 1 | �� | 51.2 | 1 | 33.8 | |||||||||||
New York Municipal Money Market Fund | 2 | 88.2 | — | — |
Significant shareholder transactions by these shareholders may impact the Funds’ performance and liquidity.
Securities Lending Money Market Fund’s investments in sovereign and corporate debt obligations within emerging market countries may be subject to potentially higher risks than investments in more developed markets and the prices of such investments may be volatile. The yields of emerging market debt obligations reflect, among other things, perceived credit risk. The consequences of political, social or economic instability in these markets may have disruptive effects on the market prices of the Fund’s investments and the income they generate, as well as the Fund’s ability to repatriate such amounts.
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.
162 | J.P. MORGAN MONEY MARKET FUNDS | AUGUST 31, 2021 |
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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 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.
8. Other Matters
The Trusts are seeking to achieve a unified board with common membership across the Trusts and the following open-end registered investment companies also advised by J.P. Morgan Investment Management Inc.:
J.P. Morgan Fleming Mutual Fund Group, Inc., J.P. Morgan Mutual Fund Investment Trust, JPMorgan Insurance Trust, Undiscovered Managers Funds, JPMorgan Institutional Trust and J.P. Morgan Exchange-Traded Fund Trust (collectively with the Trusts, the “J.P. Morgan Funds”).
At special shareholder meetings expected to take place on or about October 27, 2021, shareholders of the J.P. Morgan Funds are being asked to elect the same sixteen individuals (“Nominees”) to serve on their respective boards:
John F. Finn, Stephen P. Fisher, Gary L. French, Kathleen M. Gallagher, Robert J. Grassi, Frankie D. Hughes, Raymond Kanner, Thomas P. Lemke, Lawrence R. Maffia, Mary E. Martinez, Marilyn McCoy, Dr. Robert A. Oden, Jr., Marian U. Pardo, Emily A. Youssouf, Robert F. Deutsch, and Nina O. Shenker (the “Nominees”).
If shareholder approval is obtained for all of the J.P. Morgan Funds, this will result in a unified board structure across all of the J.P. Morgan Funds.
Information about the proposal, including the qualifications of each of the Nominees, is contained in the Trust’s proxy statement, which you can access from the EDGAR Database on the SEC’s website at http://www.sec.gov.
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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, March 1, 2021, and continued to hold your shares at the end of the reporting period, August 31, 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 March 1, 2021 | Ending Account Value August 31, 2021 | Expenses Paid During the Period* | Annualized Expense Ratio | |||||||||||||
JPMorgan Prime Money Market Fund | ||||||||||||||||
Academy | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,000.40 | $ | 0.50 | 0.10 | % | ||||||||
Hypothetical | 1,000.00 | 1,024.70 | 0.51 | 0.10 | ||||||||||||
Agency | ||||||||||||||||
Actual | 1,000.00 | 1,000.00 | 0.86 | 0.17 | ||||||||||||
Hypothetical | 1,000.00 | 1,024.35 | 0.87 | 0.17 | ||||||||||||
Capital | ||||||||||||||||
Actual | 1,000.00 | 1,000.40 | 0.50 | 0.10 | ||||||||||||
Hypothetical | 1,000.00 | 1,024.70 | 0.51 | 0.10 | ||||||||||||
Class C | ||||||||||||||||
Actual | 1,000.00 | 1,000.00 | 0.86 | 0.17 | ||||||||||||
Hypothetical | 1,000.00 | 1,024.35 | 0.87 | 0.17 | ||||||||||||
Empower | ||||||||||||||||
Actual | 1,000.00 | 1,000.30 | 0.40 | 0.08 | ||||||||||||
Hypothetical | 1,000.00 | 1,024.80 | 0.41 | 0.08 | ||||||||||||
IM | ||||||||||||||||
Actual | 1,000.00 | 1,000.30 | 0.50 | 0.10 | ||||||||||||
Hypothetical | 1,000.00 | 1,024.70 | 0.51 | 0.10 | ||||||||||||
Institutional Class | ||||||||||||||||
Actual | 1,000.00 | 1,000.30 | 0.61 | 0.12 | ||||||||||||
Hypothetical | 1,000.00 | 1,024.60 | 0.61 | 0.12 | ||||||||||||
Morgan | ||||||||||||||||
Actual | 1,000.00 | 999.90 | 0.86 | 0.17 | ||||||||||||
Hypothetical | 1,000.00 | 1,024.35 | 0.87 | 0.17 | ||||||||||||
Premier | ||||||||||||||||
Actual | 1,000.00 | 999.90 | 0.86 | 0.17 | ||||||||||||
Hypothetical | 1,000.00 | 1,024.35 | 0.87 | 0.17 |
164 | J.P. MORGAN MONEY MARKET FUNDS | AUGUST 31, 2021 |
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Beginning Account Value March 1, 2021 | Ending Account Value August 31, 2021 | Expenses Paid During the Period* | Annualized Expense Ratio | |||||||||||||
JPMorgan Prime Money Market Fund (continued) | ||||||||||||||||
Reserve | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 999.90 | $ | 0.86 | 0.17 | % | ||||||||
Hypothetical | 1,000.00 | 1,024.35 | 0.87 | 0.17 | ||||||||||||
JPMorgan Institutional Tax Free Money Market Fund | ||||||||||||||||
Agency | ||||||||||||||||
Actual | 1,000.00 | 1,000.00 | 0.55 | 0.11 | ||||||||||||
Hypothetical | 1,000.00 | 1,024.65 | 0.56 | 0.11 | ||||||||||||
Capital | ||||||||||||||||
Actual | 1,000.00 | 1,000.00 | 0.45 | 0.09 | ||||||||||||
Hypothetical | 1,000.00 | 1,024.75 | 0.46 | 0.09 | ||||||||||||
IM | ||||||||||||||||
Actual | 1,000.00 | 1,000.10 | 0.40 | 0.08 | ||||||||||||
Hypothetical | 1,000.00 | 1,024.80 | 0.41 | 0.08 | ||||||||||||
Institutional Class | ||||||||||||||||
Actual | 1,000.00 | 1,000.10 | 0.45 | 0.09 | ||||||||||||
Hypothetical | 1,000.00 | 1,024.75 | 0.46 | 0.09 | ||||||||||||
JPMorgan Securities Lending Money Market Fund | ||||||||||||||||
Agency SL | ||||||||||||||||
Actual | 1,000.00 | 1,000.40 | 0.30 | 0.06 | ||||||||||||
Hypothetical | 1,000.00 | 1,024.90 | 0.31 | 0.06 | ||||||||||||
JPMorgan Liquid Assets Money Market Fund | ||||||||||||||||
Agency | ||||||||||||||||
Actual | 1,000.00 | 1,000.10 | 0.91 | 0.18 | ||||||||||||
Hypothetical | 1,000.00 | 1,024.30 | 0.92 | 0.18 | ||||||||||||
Capital | ||||||||||||||||
Actual | 1,000.00 | 1,000.20 | 0.81 | 0.16 | ||||||||||||
Hypothetical | 1,000.00 | 1,024.40 | 0.82 | 0.16 | ||||||||||||
Class C | ||||||||||||||||
Actual | 1,000.00 | 1,000.10 | 0.91 | 0.18 | ||||||||||||
Hypothetical | 1,000.00 | 1,024.30 | 0.92 | 0.18 | ||||||||||||
Institutional Class | ||||||||||||||||
Actual | 1,000.00 | 1,000.10 | 0.86 | 0.17 | ||||||||||||
Hypothetical | 1,000.00 | 1,024.35 | 0.87 | 0.17 | ||||||||||||
Investor | ||||||||||||||||
Actual | 1,000.00 | 1,000.10 | 0.91 | 0.18 | ||||||||||||
Hypothetical | 1,000.00 | 1,024.30 | 0.92 | 0.18 | ||||||||||||
Morgan | ||||||||||||||||
Actual | 1,000.00 | 1,000.10 | 0.91 | 0.18 | ||||||||||||
Hypothetical | 1,000.00 | 1,024.30 | 0.92 | 0.18 | ||||||||||||
Premier | ||||||||||||||||
Actual | 1,000.00 | 1,000.10 | 0.91 | 0.18 | ||||||||||||
Hypothetical | 1,000.00 | 1,024.30 | 0.92 | 0.18 | ||||||||||||
Reserve | ||||||||||||||||
Actual | 1,000.00 | 1,000.10 | 0.91 | 0.18 | ||||||||||||
Hypothetical | 1,000.00 | 1,024.30 | 0.92 | 0.18 | ||||||||||||
JPMorgan U.S. Government Money Market Fund | ||||||||||||||||
Academy | ||||||||||||||||
Actual | 1,000.00 | 1,000.10 | 0.20 | 0.04 | ||||||||||||
Hypothetical | 1,000.00 | 1,025.00 | 0.20 | 0.04 | ||||||||||||
Agency | ||||||||||||||||
Actual | 1,000.00 | 1,000.00 | 0.35 | 0.07 | ||||||||||||
Hypothetical | 1,000.00 | 1,024.85 | 0.36 | 0.07 |
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SCHEDULE OF SHAREHOLDER EXPENSES
(Unaudited) (continued)
Hypothetical $1,000 Investment
Beginning Account Value March 1, 2021 | Ending Account Value August 31, 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 | $ | 0.20 | 0.04 | % | ||||||||
Hypothetical | 1,000.00 | 1,025.00 | 0.20 | 0.04 | ||||||||||||
E*Trade | ||||||||||||||||
Actual | 1,000.00 | 1,000.00 | 0.35 | 0.07 | ||||||||||||
Hypothetical | 1,000.00 | 1,024.85 | 0.36 | 0.07 | ||||||||||||
Empower | ||||||||||||||||
Actual | 1,000.00 | 1,000.10 | 0.20 | 0.04 | ||||||||||||
Hypothetical | 1,000.00 | 1,025.00 | 0.20 | 0.04 | ||||||||||||
IM | ||||||||||||||||
Actual | 1,000.00 | 1,000.10 | 0.20 | 0.04 | ||||||||||||
Hypothetical | 1,000.00 | 1,025.00 | 0.20 | 0.04 | ||||||||||||
Institutional Class | ||||||||||||||||
Actual | 1,000.00 | 1,000.10 | 0.30 | 0.06 | ||||||||||||
Hypothetical | 1,000.00 | 1,024.90 | 0.31 | 0.06 | ||||||||||||
Investor | ||||||||||||||||
Actual | 1,000.00 | 1,000.00 | 0.35 | 0.07 | ||||||||||||
Hypothetical | 1,000.00 | 1,024.85 | 0.36 | 0.07 | ||||||||||||
Morgan | ||||||||||||||||
Actual | 1,000.00 | 1,000.00 | 0.35 | 0.07 | ||||||||||||
Hypothetical | 1,000.00 | 1,024.85 | 0.36 | 0.07 | ||||||||||||
Premier | ||||||||||||||||
Actual | 1,000.00 | 1,000.00 | 0.30 | 0.06 | ||||||||||||
Hypothetical | 1,000.00 | 1,024.90 | 0.31 | 0.06 | ||||||||||||
Reserve | ||||||||||||||||
Actual | 1,000.00 | 1,000.00 | 0.35 | 0.07 | ||||||||||||
Hypothetical | 1,000.00 | 1,024.85 | 0.36 | 0.07 | ||||||||||||
Service | ||||||||||||||||
Actual | 1,000.00 | 1,000.00 | 0.35 | 0.07 | ||||||||||||
Hypothetical | 1,000.00 | 1,024.85 | 0.36 | 0.07 | ||||||||||||
JPMorgan U.S. Treasury Plus Money Market Fund | ||||||||||||||||
Academy | ||||||||||||||||
Actual | 1,000.00 | 1,000.10 | 0.20 | 0.04 | ||||||||||||
Hypothetical | 1,000.00 | 1,025.00 | 0.20 | 0.04 | ||||||||||||
Agency | ||||||||||||||||
Actual | 1,000.00 | 1,000.00 | 0.25 | 0.05 | ||||||||||||
Hypothetical | 1,000.00 | 1,024.95 | 0.26 | 0.05 | ||||||||||||
Capital | ||||||||||||||||
Actual | 1,000.00 | 1,000.10 | 0.25 | 0.05 | ||||||||||||
Hypothetical | 1,000.00 | 1,024.95 | 0.26 | 0.05 | ||||||||||||
Class C | ||||||||||||||||
Actual | 1,000.00 | 1,000.00 | 0.30 | 0.06 | ||||||||||||
Hypothetical | 1,000.00 | 1,024.90 | 0.31 | 0.06 | ||||||||||||
Empower | ||||||||||||||||
Actual | 1,000.00 | 1,000.10 | 0.25 | 0.05 | ||||||||||||
Hypothetical | 1,000.00 | 1,024.95 | 0.26 | 0.05 | ||||||||||||
IM | ||||||||||||||||
Actual | 1,000.00 | 1,000.10 | 0.25 | 0.05 | ||||||||||||
Hypothetical | 1,000.00 | 1,024.95 | 0.26 | 0.05 | ||||||||||||
Institutional Class | ||||||||||||||||
Actual | 1,000.00 | 1,000.00 | 0.25 | 0.05 | ||||||||||||
Hypothetical | 1,000.00 | 1,024.95 | 0.26 | 0.05 | ||||||||||||
Investor | ||||||||||||||||
Actual | 1,000.00 | 1,000.00 | 0.30 | 0.06 | ||||||||||||
Hypothetical | 1,000.00 | 1,024.90 | 0.31 | 0.06 |
166 | J.P. MORGAN MONEY MARKET FUNDS | AUGUST 31, 2021 |
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Beginning Account Value March 1, 2021 | Ending Account Value August 31, 2021 | Expenses Paid During the Period* | Annualized Expense Ratio | |||||||||||||
JPMorgan U.S. Treasury Plus Money Market Fund (continued) |
| |||||||||||||||
Morgan | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,000.00 | $ | 0.30 | 0.06 | % | ||||||||
Hypothetical | 1,000.00 | 1,024.90 | 0.31 | 0.06 | ||||||||||||
Premier | ||||||||||||||||
Actual | 1,000.00 | 1,000.00 | 0.25 | 0.05 | ||||||||||||
Hypothetical | 1,000.00 | 1,024.95 | 0.26 | 0.05 | ||||||||||||
Reserve | ||||||||||||||||
Actual | 1,000.00 | 1,000.00 | 0.30 | 0.06 | ||||||||||||
Hypothetical | 1,000.00 | 1,024.90 | 0.31 | 0.06 | ||||||||||||
JPMorgan Federal Money Market Fund | ||||||||||||||||
Agency | ||||||||||||||||
Actual | 1,000.00 | 1,000.00 | 0.30 | 0.06 | ||||||||||||
Hypothetical | 1,000.00 | 1,024.90 | 0.31 | 0.06 | ||||||||||||
Institutional Class | ||||||||||||||||
Actual | 1,000.00 | 1,000.00 | 0.30 | 0.06 | ||||||||||||
Hypothetical | 1,000.00 | 1,024.90 | 0.31 | 0.06 | ||||||||||||
Morgan | ||||||||||||||||
Actual | 1,000.00 | 1,000.00 | 0.30 | 0.06 | ||||||||||||
Hypothetical | 1,000.00 | 1,024.90 | 0.31 | 0.06 | ||||||||||||
Premier | ||||||||||||||||
Actual | 1,000.00 | 1,000.00 | 0.30 | 0.06 | ||||||||||||
Hypothetical | 1,000.00 | 1,024.90 | 0.31 | 0.06 | ||||||||||||
JPMorgan 100% U.S. Treasury Securities Money Market Fund | ||||||||||||||||
Academy | ||||||||||||||||
Actual | 1,000.00 | 1,000.00 | 0.25 | 0.05 | ||||||||||||
Hypothetical | 1,000.00 | 1,024.95 | 0.26 | 0.05 | ||||||||||||
Agency | ||||||||||||||||
Actual | 1,000.00 | 1,000.00 | 0.25 | 0.05 | ||||||||||||
Hypothetical | 1,000.00 | 1,024.95 | 0.26 | 0.05 | ||||||||||||
Capital | ||||||||||||||||
Actual | 1,000.00 | 1,000.00 | 0.25 | 0.05 | ||||||||||||
Hypothetical | 1,000.00 | 1,024.95 | 0.26 | 0.05 | ||||||||||||
Empower | ||||||||||||||||
Actual | 1,000.00 | 1,000.00 | 0.20 | 0.04 | ||||||||||||
Hypothetical | 1,000.00 | 1,025.00 | 0.20 | 0.04 | ||||||||||||
IM | ||||||||||||||||
Actual | 1,000.00 | 1,000.00 | 0.20 | 0.04 | ||||||||||||
Hypothetical | 1,000.00 | 1,025.00 | 0.20 | 0.04 | ||||||||||||
Institutional Class | ||||||||||||||||
Actual | 1,000.00 | 1,000.00 | 0.25 | 0.05 | ||||||||||||
Hypothetical | 1,000.00 | 1,024.95 | 0.26 | 0.05 | ||||||||||||
Morgan | ||||||||||||||||
Actual | 1,000.00 | 1,000.00 | 0.25 | 0.05 | ||||||||||||
Hypothetical | 1,000.00 | 1,024.95 | 0.26 | 0.05 | ||||||||||||
Premier | ||||||||||||||||
Actual | 1,000.00 | 1,000.00 | 0.25 | 0.05 | ||||||||||||
Hypothetical | 1,000.00 | 1,024.95 | 0.26 | 0.05 | ||||||||||||
Reserve | ||||||||||||||||
Actual | 1,000.00 | 1,000.00 | 0.25 | 0.05 | ||||||||||||
Hypothetical | 1,000.00 | 1,024.95 | 0.26 | 0.05 |
AUGUST 31, 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 March 1, 2021 | Ending Account Value August 31, 2021 | Expenses Paid During the Period* | Annualized Expense Ratio | |||||||||||||
JPMorgan Tax Free Money Market Fund | ||||||||||||||||
Agency | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,000.00 | $ | 0.55 | 0.11 | % | ||||||||
Hypothetical | 1,000.00 | 1,024.65 | 0.56 | 0.11 | ||||||||||||
Institutional Class | ||||||||||||||||
Actual | 1,000.00 | 1,000.10 | 0.50 | 0.10 | ||||||||||||
Hypothetical | 1,000.00 | 1,024.70 | 0.51 | 0.10 | ||||||||||||
Morgan | ||||||||||||||||
Actual | 1,000.00 | 1,000.00 | 0.55 | 0.11 | ||||||||||||
Hypothetical | 1,000.00 | 1,024.65 | 0.56 | 0.11 | ||||||||||||
Premier | ||||||||||||||||
Actual | 1,000.00 | 1,000.00 | 0.55 | 0.11 | ||||||||||||
Hypothetical | 1,000.00 | 1,024.65 | 0.56 | 0.11 | ||||||||||||
Reserve | ||||||||||||||||
Actual | 1,000.00 | 1,000.00 | 0.55 | 0.11 | ||||||||||||
Hypothetical | 1,000.00 | 1,024.65 | 0.56 | 0.11 | ||||||||||||
JPMorgan Municipal Money Market Fund | ||||||||||||||||
Agency | ||||||||||||||||
Actual | 1,000.00 | 1,000.00 | 0.71 | 0.14 | ||||||||||||
Hypothetical | 1,000.00 | 1,024.50 | 0.71 | 0.14 | ||||||||||||
Institutional Class | ||||||||||||||||
Actual | 1,000.00 | 1,000.10 | 0.66 | 0.13 | ||||||||||||
Hypothetical | 1,000.00 | 1,024.55 | 0.66 | 0.13 | ||||||||||||
Morgan | ||||||||||||||||
Actual | 1,000.00 | 1,000.00 | 0.71 | 0.14 | ||||||||||||
Hypothetical | 1,000.00 | 1,024.50 | 0.71 | 0.14 | ||||||||||||
Premier | ||||||||||||||||
Actual | 1,000.00 | 1,000.00 | 0.71 | 0.14 | ||||||||||||
Hypothetical | 1,000.00 | 1,024.50 | 0.71 | 0.14 | ||||||||||||
Service | ||||||||||||||||
Actual | 1,000.00 | 1,000.00 | 0.71 | 0.14 | ||||||||||||
Hypothetical | 1,000.00 | 1,024.50 | 0.71 | 0.14 | ||||||||||||
JPMorgan California Municipal Money Market Fund | ||||||||||||||||
Agency | ||||||||||||||||
Actual | 1,000.00 | 1,000.00 | 0.66 | 0.13 | ||||||||||||
Hypothetical | 1,000.00 | 1,024.55 | 0.66 | 0.13 | ||||||||||||
Institutional Class | ||||||||||||||||
Actual | 1,000.00 | 1,000.10 | 0.50 | 0.10 | ||||||||||||
Hypothetical | 1,000.00 | 1,024.70 | 0.51 | 0.10 | ||||||||||||
Morgan | ||||||||||||||||
Actual | 1,000.00 | 1,000.00 | 0.55 | 0.11 | ||||||||||||
Hypothetical | 1,000.00 | 1,024.65 | 0.56 | 0.11 | ||||||||||||
Premier | ||||||||||||||||
Actual | 1,000.00 | 1,000.00 | 0.50 | 0.10 | ||||||||||||
Hypothetical | 1,000.00 | 1,024.70 | 0.51 | 0.10 | ||||||||||||
Service | ||||||||||||||||
Actual | 1,000.00 | 1,000.00 | 0.55 | 0.11 | ||||||||||||
Hypothetical | 1,000.00 | 1,024.65 | 0.56 | 0.11 | ||||||||||||
JPMorgan New York Municipal Money Market Fund | ||||||||||||||||
Agency | ||||||||||||||||
Actual | 1,000.00 | 1,000.00 | 0.71 | 0.14 | ||||||||||||
Hypothetical | 1,000.00 | 1,024.50 | 0.71 | 0.14 |
168 | J.P. MORGAN MONEY MARKET FUNDS | AUGUST 31, 2021 |
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Beginning Account Value March 1, 2021 | Ending Account Value August 31, 2021 | Expenses Paid During the Period* | Annualized Expense Ratio | |||||||||||||
JPMorgan New York Municipal Money Market Fund (continued) | ||||||||||||||||
Institutional Class | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,000.10 | $ | 0.66 | 0.13 | % | ||||||||
Hypothetical | 1,000.00 | 1,024.55 | 0.66 | 0.13 | ||||||||||||
Morgan | ||||||||||||||||
Actual | 1,000.00 | 1,000.00 | 0.71 | 0.14 | ||||||||||||
Hypothetical | 1,000.00 | 1,024.50 | 0.71 | 0.14 | ||||||||||||
Premier | ||||||||||||||||
Actual | 1,000.00 | 1,000.00 | 0.71 | 0.14 | ||||||||||||
Hypothetical | 1,000.00 | 1,024.50 | 0.71 | 0.14 | ||||||||||||
Reserve | ||||||||||||||||
Actual | 1,000.00 | 1,000.00 | 0.66 | 0.13 | ||||||||||||
Hypothetical | 1,000.00 | 1,024.55 | 0.66 | 0.13 | ||||||||||||
Service | ||||||||||||||||
Actual | 1,000.00 | 1,000.00 | 0.71 | 0.14 | ||||||||||||
Hypothetical | 1,000.00 | 1,024.50 | 0.71 | 0.14 |
* | Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). |
AUGUST 31, 2021 | J.P. MORGAN MONEY MARKET FUNDS | 169 |
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BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS
(Unaudited)
The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in June and August 2021, at which the Trustees considered the continuation of the investment advisory agreements for each Fund whose semi-annual report is contained herein (each an “Advisory Agreement” and collectively, the “Advisory Agreements”). In accordance with SEC guidance, due to the COVID-19 pandemic, the meetings were conducted through video conference. At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not parties to an Advisory Agreement or “interested persons” (as defined in the 1940 Act) of any party to an Advisory Agreement or any of their affiliates, approved the continuation of each Advisory Agreement on August 11, 2021.
As part of their review of the Advisory Agreements, the Trustees considered and reviewed performance and other information about the Funds received from the Adviser. This information includes the Funds’ performance as compared to the performance of their peers and analyses by the Adviser of the Funds’ performance. In addition, at each of their regular meetings throughout the year, the Trustees considered reports on the performance of certain J.P. Morgan Funds provided by an independent investment consulting firm (“independent consultant”). In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Broadridge, using data from Lipper Inc. and/or Morningstar, Inc., independent providers of investment company data (together, “Broadridge”). The Trustees’ independent consultant also provided additional quantitative and statistical analyses of certain Funds, including risk/ and performance return assessment as compared to the Funds’ objectives, benchmarks, and peers. Before voting on the Advisory Agreements, the Trustees reviewed the Advisory Agreements with representatives of the Adviser, counsel to the Trusts and independent legal counsel, and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the Advisory Agreements. The Trustees also discussed the Advisory Agreements in
executive sessions with independent legal counsel at which no representatives of the Adviser were present.
A summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement is provided below. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. The Trustees considered information provided with respect to the Funds throughout the year including additional reporting and information provided in connection with the COVID-19 pandemic, as well as materials furnished specifically in connection with the annual review process. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions.
After considering and weighing the factors and information they had received, the Trustees found that the compensation to be received by the Adviser from each Fund under the applicable Advisory Agreement was fair and reasonable under the circumstances and determined that the continuance of each Advisory Agreement was in the best interests of each Fund and its shareholders.
Nature, Extent and Quality of Services Provided by the Adviser
The Trustees received and considered information regarding the nature, extent and quality of services provided to each Fund under the applicable Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. The Trustees considered the background and experience of the Adviser’s senior management, personnel changes, if any, and the expertise of, and the amount of attention given to each Fund by, investment personnel of the Adviser. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of each Fund and the infrastructure supporting the team, including personnel changes, if any. In addition, the Board considered its discussions with the Adviser regarding the Adviser’s business continuity plan and steps the Adviser was taking to provide ongoing services to the Funds during the COVID-19 pandemic, and the Adviser’s success in continuing to provide services to the Funds and their shareholders throughout this period. The Trustees also considered information provided by the Adviser and JPMorgan Distribution Services, Inc. (“JPMDS”) about the structure and distribution strategy of each Fund. The Trustees reviewed information relating to the Adviser’s risk governance model and reports showing the Adviser’s compliance structure and ongoing compliance processes. The Trustees also considered the quality of administration services provided by the Adviser in its role as administrator.
170 | J.P. MORGAN MONEY MARKET FUNDS | AUGUST 31, 2021 |
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The Trustees also considered their knowledge of the nature and quality of services provided by the Adviser and its affiliates to the Funds gained from their experience as Trustees of the J.P. Morgan Funds. In addition, they considered the overall reputation and capabilities of the Adviser and its affiliates, the commitment of the Adviser to provide high quality service to the Funds, their overall confidence in the Adviser’s integrity and the Adviser’s responsiveness to questions or concerns raised by them, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to each Fund.
Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of the investment advisory services provided to each Fund by the Adviser.
Costs of Services Provided and Profitability to the Adviser and its Affiliates
The Trustees received and considered information regarding the profitability to the Adviser and its affiliates in providing services to each Fund. The Trustees reviewed and discussed this information. The Trustees recognized that this information is not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to the Funds, less expenses of providing such services. Expenses include direct and indirect costs and are calculated using an allocation methodology developed by the Adviser. The Trustees also recognized that it is difficult to make comparisons of profitability from fund investment advisory contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-traded fund managers’ operating profits and net income are net of distribution and marketing expenses. Based upon their review, and taking into consideration the factors noted above, the Trustees concluded that the profitability to the Adviser under each Advisory Agreement was not unreasonable in light of the services and benefits provided to each Fund.
The Trustees also considered that JPMDS, an affiliate of the Adviser, and the Adviser earn fees from the Funds for providing shareholder and administration services, respectively. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, which also acts as the Funds’ distributor and that these fees are in turn generally paid to financial intermediaries that sell the Funds, including financial intermediaries that are affiliates of the Adviser (although they are retained by JPMDS in certain instances). The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting, and other related services.
Fall-Out Benefits
The Trustees reviewed information regarding potential “fall-out” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Funds. The Trustees considered that the Funds’ operating accounts are held at JPMCB, which, as a result, will receive float benefits for certain J.P. Morgan Funds, as applicable. The Trustees also noted that the Adviser supports a diverse set of products and services, which benefits the Adviser by allowing it to leverage its infrastructure to serve additional clients. The Trustees also reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser, as well as the Adviser’s use of affiliates to provide other services and the benefits to such affiliates of doing so.
Economies of Scale
The Trustees considered the extent to which the Funds may benefit from economies of scale. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Funds and those realized by the Adviser as assets increase. The Trustees considered the extent to which the Funds were priced to scale and whether it would be appropriate to add advisory fee breakpoints. The Trustees noted certain Funds with contractual expense limitations and fee waivers (“Fee Caps”) which allow a Fund’s shareholders to share potential economies of scale from its inception, prior to reaching scale. The Trustees also noted that other Funds which had achieved scale as asset levels had increased, no longer had Fee Caps in place for some or all of their share classes, but shared economies of scale through lower average expenses. The Trustees noted that the fees remain satisfactory relative to peer funds. The Trustees considered the benefits to the Funds of the use of an affiliated distributor and custodian, including the ability to rely on existing infrastructure supporting distribution, custodial and transfer agent services and the ability to negotiate competitive fees for the Funds. The Trustees further considered the Adviser’s and JPMDS’s ongoing investments in their business in support of the Funds, including the Adviser’s and/or JPMDS’s investments in trading systems, technology (including improvements to the J.P. Morgan Funds’ website, and cybersecurity improvements), retention of key talent, and regulatory support enhancements. The Trustees concluded that the current fee structure for each Fund, including any Fee Caps the Adviser has in place that serve to limit the overall net expense ratios of a Fund at competitive levels, was reasonable. The Trustees concluded that, for Funds with Fee Caps in place for some or all of their share classes, the relevant Funds’ shareholders received the benefits of potential economies of scale through the Fee Caps and, for Funds that achieved scale and no longer had Fee Caps in place for some or all of their share classes, the relevant Funds’ shareholders benefited from lower average expenses resulting from increased
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(Unaudited) (continued)
assets. The Trustees also concluded that all Funds benefited from the Adviser’s reinvestment in its operations to serve the Funds and their shareholders. The Trustees noted that the Adviser’s reinvestment ensures sufficient resources in terms of personnel and infrastructure to support the Funds.
Independent Written Evaluation of the Funds’ Senior Officer
The Trustees noted that, upon their direction, the Senior Officer for the Prime Money Market Fund, Liquid Assets Money Market Fund, U.S. Government Money Market Fund, U.S. Treasury Plus Money Market Fund, 100% U.S. Treasury Securities Money Market Fund and Municipal Money Market Fund had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. In determining whether to continue the Advisory Agreements, the Trustees considered the Senior Officer’s report.
Fees Relative to Adviser’s Other Clients
The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser, including institutional separate accounts, collective investment trusts, ETFs and/or funds sub-advised by the Adviser, for investment management styles substantially similar to that of each Fund. The Trustees considered the complexity of investment management for registered mutual funds relative to the Adviser’s other clients and noted differences, as applicable, in the fee structure and the regulatory, legal and other risks and responsibilities of providing services to the different clients. The Trustees considered that serving as an adviser to a registered mutual fund involves greater responsibilities and risks than acting as a sub-adviser and observed that sub-advisory fees may be lower than those charged by the Adviser to each Fund. The Trustees also noted that the adviser, not the mutual fund, pays the sub-advisory fee and that many responsibilities related to the advisory function are retained by the primary adviser. The Trustees concluded that the fee rates charged to each Fund in comparison to those charged to the Adviser’s other clients were reasonable.
Investment Performance
The Trustees received and considered absolute and/or relative performance information for the Funds in a report prepared by Broadridge. The Trustees considered the total return performance information, which included the ranking of the Funds within a performance universe made up of funds with the same Broadridge investment classification and objective (the “Universe”), as well as a subset of funds within the Universe (the “Peer Group”), by total return for applicable one-, three- and five-year periods. The Trustees reviewed a description of Broadridge’s methodology for selecting mutual funds in each Fund’s Universe and Peer Group and noted that Universe and
Peer Group rankings were not calculated if the number of funds in the Universe and/or Peer Group did not meet a predetermined minimum. The Broadridge materials provided to the Trustees highlighted information with respect to certain representative share classes to assist the Trustees in their review. As part of this review, the Trustees also considered the performance information provided for the Funds at regular Board meetings by the Adviser. The Trustees also engaged with the Adviser to consider what steps might be taken to improve performance, as applicable. The Broadridge performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund’s performance for certain representative share classes are summarized below:
The Trustees noted that the Prime Money Market Fund’s performance for the Institutional shares was in the first quintile, based upon both the Peer Group and Universe, for each of the one-, three- and five-year periods ended December 31, 2020. The Trustees noted that the performance for the Morgan shares was in the first quintile based upon the Peer Group, and in the third quintile based upon the Universe, for each of the one-, three- and five-year periods ended December 31, 2020. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.
The Trustees noted that the Institutional Tax Free Money Market Fund’s performance for the Institutional shares was in the first quintile based upon both the Peer Group and Universe, for the one-year period ended December 31, 2020. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.
The Trustees noted that the Securities Lending Money Market Fund’s performance for the Agency SL shares was in the first quintile, based upon both the Peer Group and Universe, for the one-year period ended December 31, 2020. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, the Trustees concluded that the performance was satisfactory.
The Trustees noted that the Liquid Assets Money Market Fund’s performance for the Institutional shares was in the first quintile, based upon both the Peer Group and the Universe, for each of the one-, three- and five-year periods ended December 31, 2020. The Trustees noted that the performance for the Morgan shares was in the first quintile based upon the Peer Group, and in the fourth quintile based upon the Universe, for each of the one-, three- and five-year periods ended December 31, 2020. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and
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various other factors, the Trustees concluded that the Fund’s performance was satisfactory, under the circumstances.
The Trustees noted that the U.S. Government Money Market Fund’s performance for the Institutional shares was in the first quintile based upon the Peer Group for each of the one-, three- and five-year periods ended December 31, 2020, and in the second, first and first quintiles based upon the Universe for the one-, three- and five-year periods ended December 31, 2020, respectively. The Trustees noted that the performance for the Morgan shares was in the first quintile based upon the Peer Group, and in the fourth quintile based upon the Universe, for each of the one-, three- and five-year periods ended December 31, 2020. The Trustees noted that the performance for the Service shares was in the fifth quintile, based upon both the Peer Group and Universe, for each of the one-, three- and five-year periods ended December 31, 2020. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, the Trustees concluded that the Fund’s performance was satisfactory, under the circumstances.
The Trustees noted that the U.S. Treasury Plus Money Market Fund’s performance for the Institutional shares was in the first quintile based upon the Peer Group for each of the one-, three- and five-year periods ended December 31, 2020, and in the second, first and first quintiles based upon the Universe for the one-, three-, and five-year periods ended December 31, 2020, respectively. The Trustees noted that the performance for the Morgan shares was in the second quintile based upon the Peer Group, and in the fourth quintile based upon the Universe, for each of the one-, three- and five-year periods ended December 31, 2019. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, the Trustees concluded that the Fund’s performance was satisfactory, under the circumstances.
The Trustees noted that the Federal Money Market Fund’s performance for the Institutional shares was in the first quintile based upon the Peer Group for each of the one-, three- and five-year periods ended December 31, 2020, and in the second, second and first quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2020, respectively. The Trustees noted that the performance for the Morgan shares was in the first and fourth quintiles based upon the Peer Group and Universe, respectively, for each of the one-, three- and five-year periods ended December 31, 2020. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, the Trustees concluded that the Fund’s performance was satisfactory, under the circumstances.
The Trustees noted that the 100% U.S. Treasury Securities Money Market Fund’s performance for the Institutional shares
was in the second, second and first quintiles based upon the Peer Group for the one-, three- and five-year periods ended December 31, 2020, respectively, and in the second quintile based upon the Universe for each of the one-, three- and five-year periods ended December 31, 2020. The Trustees noted that the performance for the Morgan shares was in the second and fourth quintiles based upon the Peer Group and Universe, respectively, for each of the one-, three- and five-year periods ended December 31, 2020. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, the Trustees concluded that the Fund’s performance was satisfactory, under the circumstances.
The Trustees noted that the Tax Free Money Market Fund’s performance for the Institutional shares was in the first, third and second quintiles based upon the Peer Group, and in the first, first and second quintiles based upon the Universe, for the one-, three- and five-year periods ended December 31, 2020, respectively. The Trustees noted that the performance for the Morgan shares was in the first quintile based upon the Peer Group for each of the one-, three- and five-year periods ended December 31, 2020, and in the fourth, fifth and fourth quintiles based upon the Universe for the one-, three- and five-year periods ended December 31, 2020, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, the Trustees concluded that the Fund’s performance was satisfactory, under the circumstances.
The Trustees noted that the Municipal Money Market Fund’s performance for the Institutional shares was in the first quintile, based upon both the Peer Group and Universe, for each of the one-, three-, and five-year periods ended December 31, 2020. The Trustees noted that the performance for the Morgan shares was in the first and fourth quintiles based upon the Peer Group and Universe, respectively, for each of the one-, three- and five-year periods ended December 31, 2020. The Trustees noted that the performance for the Service shares was in the fifth quintile, based upon both the Peer Group and Universe, for each of the one-, three- and five-year periods ended December 31, 2020. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, the Trustees concluded that the Fund’s performance was satisfactory, under the circumstances.
The Trustees noted that the California Municipal Money Market Fund’s performance for Morgan shares was in the fifth quintile based upon the Universe for each of the one-, three- and five-year periods ended December 31, 2020. The Trustees noted that the performance for Service shares was in the fifth quintile based upon the Universe for each of the one-, three- and five-year periods ended December 31, 2020. The Trustees discussed the performance and investment strategy of the Fund with the
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(Unaudited) (continued)
Adviser and, based upon this discussion and various other factors, the Trustees concluded that the Fund’s performance was satisfactory, under the circumstances.
The Trustees noted that the New York Municipal Money Market Fund’s performance for Morgan shares was in the fourth quintile based upon the Universe for each of the one-, three- and five-year periods ended December 31, 2020. The Trustees noted that the performance for Service shares was in the fifth quintile based upon the Universe for each of the one-, three- and five-year periods ended December 31, 2020. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, the Trustees concluded that the Fund’s performance was satisfactory, under the circumstances.
Advisory Fees and Expense Ratios
The Trustees considered the contractual advisory fee rate and administration fee rate paid by each Fund to the Adviser and compared the combined rate to the information prepared by Broadridge concerning management fee rates paid by other funds in the same Broadridge category as each Fund. The Trustees recognized that Broadridge reported each Fund’s management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for each Fund and noted that Universe and Peer Group rankings were not calculated if the number of funds in the Universe and/or Peer Group did not meet a predetermined minimum. For each Fund that had a Fee Cap in place, the Trustees considered the net advisory fee rate and net expense ratio for each share class, as applicable, taking into account any waivers and/or reimbursements. The Trustees also considered any proposed changes to a Fee Cap, and, where deemed appropriate by the Trustees, additional waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determinations as a result of the review of each Fund’s advisory fees and expense ratios for certain representative share classes are summarized below:
The Trustees noted that the Prime Money Market Fund’s net advisory fee for the Institutional shares was in the second and third quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for the Institutional shares were in the third quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee for the Morgan shares was in the second quintile based upon both the Peer Group and Universe, and that the actual total expenses for the Morgan shares were in the first quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.
The Trustees noted that the Institutional Tax Free Money Market Fund’s net advisory fee for the Institutional shares was in the third and fourth quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for the Institutional shares were in the third and second quintiles based upon the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.
The Trustees noted that the Securities Lending Money Market Fund’s net advisory fee and actual total expenses for the Agency SL shares were in the first quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.
The Trustees noted that the Liquid Assets Money Market Fund’s net advisory fee for the Institutional shares was in the third quintile based upon both the Peer Group and Universe, and the actual total expenses for the Institutional shares were in the second and third quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for the Morgan shares was in the second quintile based upon both the Peer Group and Universe, and that the actual total expenses for the Morgan shares were in the third and second quintiles based upon the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.
The Trustees noted that the U.S. Government Money Market Fund’s net advisory fee for Institutional shares was in the third and second quintiles based upon the Peer Group and Universe, respectively, and the actual total expenses for the Institutional shares were also in the third and second quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for the Morgan shares was in the second quintile based upon both the Peer Group and Universe, and that the actual total expenses for the Morgan shares were in the third quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee for the Service shares was in the third and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for the Service shares were in the fifth quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.
The Trustees noted that the U.S. Treasury Plus Money Market Fund’s net advisory fee and actual total expenses for the Institutional shares were both in the second quintile based upon both the Peer Group and Universe. The Trustees noted
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that the net advisory fee for the Morgan shares was in the third and second quintiles based upon the Peer Group and Universe, respectively, and the actual total expenses for the Morgan shares were in the fifth and third quintiles based upon the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.
The Trustees noted that the Federal Money Market Fund’s net advisory fee for the Institutional shares was in the second quintile based upon both the Peer Group and Universe, and that the actual total expenses for the Institutional shares were in the first and second quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for the Morgan shares was in the fourth and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for the Morgan shares were in the third quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.
The Trustees noted that the 100% U.S. Treasury Securities Money Market Fund’s net advisory fee for the Institutional shares was in the third and second quintiles based upon the Peer Group and Universe, respectively, and the actual total expenses for the Institutional shares were in the second quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee for the Morgan shares was in the third and second quintiles based upon the Peer Group and Universe, respectively, and the actual total expenses for the Morgan shares were in the fifth and third quintiles based upon the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.
The Trustees noted that the Tax Free Money Market Fund’s net advisory fee for Institutional shares was in the third and fourth quintiles based upon the Peer Group and Universe, respectively, and the actual total expenses for the Institutional shares were in the third and second quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for the Morgan shares was in the fourth and third quintiles based upon the Peer Group and Universe, respectively, and the
actual total expenses for the Morgan shares were in the third quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.
The Trustees noted that the Municipal Money Market Fund’s net advisory fee for the Institutional shares was in the third and fourth quintiles based upon the Peer Group and Universe, respectively, and the actual total expenses for the Institutional shares were in the third and second quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for the Morgan shares was in the fourth and third quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for the Morgan shares were in the fourth and third quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for the Service shares was in the third and fourth quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for the Service shares were in the fifth quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.
The Trustees noted that the California Municipal Money Market Fund’s net advisory fee and actual total expenses for Morgan shares were in the second and third quintiles, respectively, based upon the Universe. The Trustees noted that the net advisory fee and actual total expenses for Service shares were in the second and fifth quintiles, respectively, based upon the Universe. After considering the factors identified above, the Trustees concluded that the advisory was satisfactory in light of the services provided to the Fund.
The Trustees noted that the New York Municipal Money Market Fund’s net advisory fee and actual total expenses for Morgan shares were both in the third quintile based upon the Universe. The Trustees noted that the net advisory fee and actual total expenses for the Service shares were in the third and fifth quintiles, respectively, based upon the Universe. After considering the factors identified above, the Trustees concluded that the advisory was satisfactory in light of the services provided to the Fund.
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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 (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. August 2021. | SAN-MMKT-821 |
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Semi-Annual Report
J.P. Morgan SMA Funds
August 31, 2021 (Unaudited)
JPMorgan Core Focus SMA Fund
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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.
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.
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October 8, 2021 (Unaudited)
Dear Shareholders,
As the global economy continued to rebound in 2021, financial markets largely provided investors with positive returns amid ultra-low interest rates and world-wide efforts to halt the pandemic. However, the way forward has not necessarily been smooth as supply chain bottlenecks, inflationary pressures and the spread of variants of COVID-19 all appear to have slowed progress toward full recovery.
“As the investment environment changes with the advancing economic cycle, J.P. Morgan Asset Management will continue to pursue innovative strategies and seek to apply our experience in risk management to seek to help investors build durable portfolios.” — Andrea L. Lisher |
Record corporate earnings, accommodative central bank policies, government stimulus and strong consumer spending bolstered global financial markets during the six months ended August 31, 2021. Within fixed income markets, lower rated bonds and high yield debt (also known as “junk bonds”) generally outperformed higher quality corporate credit and sovereign debt, including U.S. Treasury bonds. More broadly, equity markets outperformed fixed income markets during the reporting period: The S&P 500 Index returned 19.5% and the Bloomberg U.S. Aggregate Index (formerly Bloomberg Barclays U.S. Aggregate Index) returned 1.49%.
While the U.S. Federal Reserve (the “Fed”) has acknowledged that the spread of the delta variant of COVID-19 weighed on
economic growth in 2021, it has also noted robust improvement in the U.S. labor market and stronger-than-expected inflationary pressures. In response, the Fed has signaled that it may begin to taper off its $120 billion-a-month asset purchasing program by the end of 2021. Various economic data indicate that growth in consumer spending is likely to continue, particularly in the services sector, and both investment spending and the rebuilding of depleted inventories may increase into 2022.
As the investment environment may change with the advancing economic cycle, J.P. Morgan Asset Management will continue to pursue innovative strategies and seek to apply our experience in risk management to seek to help investors build durable portfolios. We seek to maintain our focus on the needs of our clients and shareholders with the same fundamental practices and principles that have driven our success for more than a century.
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
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JPMorgan Core Focus SMA Fund
SIX MONTHS ENDED AUGUST 31, 2021 (Unaudited)
REPORTING PERIOD RETURN: | ||||
Fund (SMA)* | 1.44% | |||
Bloomberg U.S. Aggregate Index (formerly Bloomberg Barclays U.S. Aggregate Index) | 1.49% | |||
Net Assets as of 8/31/2021 (In Thousands) | $26,703 | |||
Duration as of 8/31/2021 | 4.2 Years |
INVESTMENT OBJECTIVE**
The JPMorgan Core Focus SMA Fund (the “Fund”) seeks to maximize total return.
HOW DID THE MARKET PERFORM?
Bond markets generally underperformed equity markets during the period amid continued low interest rates and investor demand for higher returns on investments. Within global fixed income markets, high yield bonds (also called “junk bonds”), emerging markets debt and lower quality bonds largely outperformed investment grade corporate bonds, U.S. Treasury bonds and other sovereign debt.
While the global economic reopening continued over the period, the persistence of the pandemic and the emergence of new variants of COVID-19 slowed the pace of growth somewhat and put further strain on the global supply chain. Throughout the period, the U.S. Federal Reserve (the “Fed”) held interest rates at historic lows and maintained the pace of its monthly $120 billion combined asset purchasing programs. However, the Fed said at its July 2021 meeting that it could begin tapering its bond buying by calendar year-end 2021, but that it did not plan to raise interest rates by then.
Overall, interest rates edged lower and the yield curve flattened out somewhat. The yield curve shows the relationship between yields and maturity dates for a set of similar bonds at a given point in time. Investor demand for higher yields drove bonds rated single A and BBB to outperform bonds rated AA and AAA.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
For the six months ended August 31, 2021, the Fund underperformed the Bloomberg U.S. Aggregate Index (the “Benchmark”).
Relative to the Benchmark, the Fund’s shorter duration and underweight position in bonds with longer maturities were leading detractors from performance as interest rates fell during the period. Generally, bonds with shorter duration will experience a smaller increase in prices compared with longer duration bonds when interest rates fall.
The Fund’s security selection in agency mortgage-backed securities, particularly in agency residential mortgage-backed
securities passthroughs, was a leading contributor to relative performance. The Fund’s allocation to securitized credit, including asset-backed securities, non-agency mortgage-backed securities and commercial mortgage-backed securities, also contributed to 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 | PERCENT OF TOTAL INVESTMENTS | |||
Collateralized Mortgage Obligations | 31.5 | % | ||
Asset-Backed Securities | 28.8 | |||
Corporate Bonds | 24.3 | |||
Mortgage-Backed Securities | 6.3 | |||
Commercial Mortgage-Backed Securities | 5.5 | |||
U.S. Treasury Obligations | 0.0 | (a) | ||
Short-Term Investments | 3.6 |
* | 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. |
(a) | Amount rounds to less than 0.1%. |
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AVERAGE ANNUAL TOTAL RETURNS AS OF AUGUST 31, 2021 | ||||||||||||||
INCEPTION DATE OF FUND | 6 MONTH* | 1 YEAR | SINCE INCEPTION | |||||||||||
SMA | March 1, 2018 | 1.44 | % | 1.80 | % | 4.75 | % |
* | Not annualized. |
LIFE OF FUND PERFORMANCE (3/1/18 TO 8/31/21)
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 U.S. Aggregate Index from March 1, 2018 to August 31, 2021. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Bloomberg 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 U.S. Aggregate Index is an unmanaged index that represents securities that are SEC-registered, taxable and dollar denominated. The Bloomberg 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.
AUGUST 31, 2021 | J.P. MORGAN SMA FUNDS | 3 |
Table of Contents
JPMorgan Core Focus SMA Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Collateralized Mortgage Obligations — 31.7% |
| |||||||
FHLMC, REMIC |
| |||||||
Series 2926, Class EW, 5.00%, 1/15/2025 | 189 | 199 | ||||||
Series 3935, Class GA, 3.00%, 10/15/2026 | 269 | 281 | ||||||
Series 2488, Class GM, 6.00%, 8/15/2032 | 21 | 25 | ||||||
Series 4151, Class YC, 2.50%, 1/15/2033 | 123 | 127 | ||||||
Series 2740, Class PE, 5.50%, 1/15/2034 | 78 | 90 | ||||||
Series 2943, Class ZC, 5.00%, 2/15/2034 | 30 | 34 | ||||||
Series 2768, Class PK, 5.00%, 3/15/2034 | 28 | 32 | ||||||
Series 3237, Class CE, 5.50%, 11/15/2036 | 50 | 61 | ||||||
Series 3249, Class CB, 4.25%, 12/15/2036 | 41 | 45 | ||||||
Series 3258, Class XX, 5.50%, 12/15/2036 | 53 | 62 | ||||||
Series 4031, Class AB, 5.50%, 6/15/2037 | 98 | 113 | ||||||
Series 3404, Class DC, 5.50%, 1/15/2038 | 50 | 59 | ||||||
Series 3601, Class HB, 5.00%, 11/15/2039 | 25 | 29 | ||||||
Series 3626, Class ME, 5.00%, 1/15/2040 | 29 | 33 | ||||||
Series 3680, Class ZA, 4.50%, 6/15/2040 | 90 | 101 | ||||||
Series 3777, Class WA, 4.00%, 12/15/2040 | 68 | 74 | ||||||
Series 3772, Class NE, 4.50%, 12/15/2040 | 180 | 203 | ||||||
Series 3939, Class AZ, 4.00%, 3/15/2041 | 88 | 94 | ||||||
Series 4240, Class DK, 4.00%, 11/15/2042 | 50 | 53 | ||||||
Series 4283, Class EW, 4.50%, 12/15/2043 (a) | 71 | 78 | ||||||
Series 4887, Class EA, 2.50%, 6/15/2049 | 367 | 380 | ||||||
Series 4924, Class KA, 2.50%, 8/25/2049 | 209 | 218 | ||||||
FNMA, REMIC |
| |||||||
Series 2011-61, Class MG, 4.00%, 7/25/2026 (b) | 266 | 282 | ||||||
Series 2013-17, Class YM, 4.00%, 3/25/2033 | 65 | 72 | ||||||
Series 2003-32, Class UJ, 5.50%, 5/25/2033 | 19 | 21 | ||||||
Series 2003-82, Class Z, 5.50%, 8/25/2033 | 32 | 37 | ||||||
Series 2004-17, Class H, 5.50%, 4/25/2034 | 77 | 90 | ||||||
Series 2004-31, Class MZ, 4.25%, 5/25/2034 | 31 | 36 | ||||||
Series 2004-36, Class CB, 5.00%, 5/25/2034 | 21 | 24 | ||||||
Series 2004-91, Class BR, 5.50%, 12/25/2034 | 26 | 30 | ||||||
Series 2009-13, Class PM, 4.00%, 4/25/2035 | 54 | 56 | ||||||
Series 2005-29, Class WQ, 5.50%, 4/25/2035 | 94 | 109 | ||||||
Series 2005-109, Class GD, 6.00%, 10/25/2035 | 17 | 17 | ||||||
Series 2015-65, Class LD, 3.50%, 1/25/2036 | 147 | 162 | ||||||
Series 2005-122, Class PY, 6.00%, 1/25/2036 | 71 | 83 | ||||||
Series 2006-24, Class Z, 5.50%, 4/25/2036 | 84 | 96 | ||||||
Series 2007-36, Class PH, 5.50%, 4/25/2037 | 27 | 30 | ||||||
Series 2007-60, Class ZB, 4.75%, 5/25/2037 | 202 | 220 | ||||||
Series 2009-42, Class TZ, 4.50%, 3/25/2039 | 235 | 265 | ||||||
Series 2009-66, Class KE, 4.00%, 9/25/2039 | 44 | 48 | ||||||
Series 2009-105, Class DB, 4.50%, 12/25/2039 | 25 | 29 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Series 2010-43, Class EM, 5.00%, 5/25/2040 | 21 | 25 | ||||||
Series 2010-87, Class PJ, 3.50%, 6/25/2040 | 13 | 14 | ||||||
Series 2010-59, Class EB, 5.00%, 6/25/2040 | 300 | 382 | ||||||
Series 2012-113, Class PB, 2.00%, 10/25/2040 | 207 | 211 | ||||||
Series 2011-146, Class LX, 3.50%, 10/25/2040 | 200 | 212 | ||||||
Series 2011-1, Class QA, 4.50%, 10/25/2040 | 15 | 15 | ||||||
Series 2010-133, Class GP, 4.00%, 11/25/2040 | 250 | 284 | ||||||
Series 2010-123, Class KU, 4.50%, 11/25/2040 | 103 | 116 | ||||||
Series 2010-129, Class PZ, 4.50%, 11/25/2040 | 170 | 182 | ||||||
Series 2010-136, Class CY, 4.00%, 12/25/2040 | 290 | 329 | ||||||
Series 2010-141, Class AL, 4.00%, 12/25/2040 | 105 | 114 | ||||||
Series 2010-154, Class KZ, 4.50%, 1/25/2041 | 47 | 59 | ||||||
Series 2011-55, Class BZ, 3.50%, 6/25/2041 | 172 | 188 | ||||||
Series 2011-115, Class UC, 4.00%, 11/25/2041 | 70 | 77 | ||||||
Series 2013-114, Class LM, 4.00%, 3/25/2042 | 200 | 221 | ||||||
Series 2012-124, Class PA, 2.50%, 7/25/2042 | 214 | 222 | ||||||
Series 2012-120, Class PA, 3.50%, 10/25/2042 | 64 | 70 | ||||||
Series 2014-19, Class Z, 4.50%, 4/25/2044 | 279 | 322 | ||||||
Series 2016-103, Class LA, 3.00%, 5/25/2044 | 299 | 306 | ||||||
Series 2015-61, Class PV, 3.50%, 5/25/2044 | 18 | 20 | ||||||
Series 2016-32, Class PA, 3.00%, 12/25/2045 | 113 | 120 | ||||||
Series 2017-110, Class PB, 3.00%, 2/25/2057 | 265 | 284 | ||||||
GNMA |
| |||||||
Series 2003-46, Class HA, 4.50%, 6/20/2033 | 68 | 73 | ||||||
Series 2004-55, Class MC, 5.50%, 7/20/2034 | 15 | 17 | ||||||
Series 2005-16, Class CA, 5.00%, 2/20/2035 | 25 | 28 | ||||||
Series 2005-17, Class GE, 5.00%, 2/20/2035 | 114 | 127 | ||||||
Series 2008-25, Class AD, 4.50%, 3/20/2038 | 80 | 87 | ||||||
Series 2009-16, Class ZD, 6.00%, 3/20/2039 | 102 | 118 | ||||||
Series 2009-58, Class PA, 4.50%, 7/20/2039 | 120 | 131 | ||||||
Series 2010-69, Class ME, 3.00%, 4/20/2040 | 5 | 5 | ||||||
|
| |||||||
Total Collateralized Mortgage Obligations |
| 8,457 | ||||||
|
| |||||||
Asset-Backed Securities — 28.9% |
| |||||||
ACC Auto Trust Series 2021-A, Class A, 1.08%, 4/15/2027 (c) | 124 | 124 |
SEE NOTES TO FINANCIAL STATEMENTS.
4 | J.P. MORGAN SMA FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Asset-Backed Securities — continued | ||||||||
Aligned Data Centers Issuer LLC Series 2021-1A, Class A2, 1.94%, 8/15/2046 (c) | 330 | 332 | ||||||
American Credit Acceptance Receivables Trust |
| |||||||
Series 2020-1, Class B, 2.08%, 12/13/2023 (c) | 55 | 55 | ||||||
Series 2020-3, Class C, 1.85%, 6/15/2026 (c) | 148 | 151 | ||||||
Business Jet Securities LLC Series 2019-1, Class A, 4.21%, 7/15/2034 (c) | 73 | 75 | ||||||
CarMax Auto Owner Trust Series 2020-1, Class B, 2.21%, 9/15/2025 | 112 | 116 | ||||||
CarNow Auto Receivables Trust Series 2021-1A, Class A, 0.97%, 10/15/2024 (c) | 133 | 133 | ||||||
Carvana Auto Receivables Trust |
| |||||||
Series 2021-P1, Class B, 1.19%, 1/11/2027 | 200 | 200 | ||||||
Series 2021-P1, Class C, 1.53%, 3/10/2027 | 200 | 201 | ||||||
CoreVest American Finance Trust Series 2019-2, Class B, 3.42%, 6/15/2052 ‡ (c) | 250 | 270 | ||||||
Credit Acceptance Auto Loan Trust |
| |||||||
Series 2020-1A, Class A, 2.01%, 2/15/2029 (c) | 250 | 254 | ||||||
Series 2020-3A, Class A, 1.24%, 10/15/2029(c) | 250 | 253 | ||||||
Series 2020-3A, Class B, 1.77%, 12/17/2029(c) | 250 | 254 | ||||||
Diamond Resorts Owner Trust Series 2021-1A, Class A, 1.5 1%, 11/21/2033 (c) | 90 | 91 | ||||||
Drive Auto Receivables Trust |
| |||||||
Series 2019-1, Class D, 4.09%, 6/15/2026 | 240 | 248 | ||||||
Series 2020-1, Class D, 2.70%, 5/17/2027 | 400 | 411 | ||||||
DT Auto Owner Trust |
| |||||||
Series 2018-1A, Class D, 3.81%, 12/15/2023 (c) | 24 | 24 | ||||||
Series 2020-2A, Class A, 1.14%, 1/16/2024 (c) | 18 | 18 | ||||||
Series 2020-1A, Class B, 2.16%, 5/15/2024 (c) | 50 | 50 | ||||||
Series 2019-1A, Class C, 3.61%, 11/15/2024 (c) | 44 | 44 | ||||||
Series 2019-2A, Class C, 3.18%, 2/18/2025 (c) | 180 | 182 | ||||||
Exeter Automobile Receivables Trust Series 2020-1A, Class B, 2.26%, 4/15/2024 (c) | 26 | 26 | ||||||
First Investors Auto Owner Trust Series 2019-1A, Class B, 3.02%, 3/17/2025 (c) | 120 | 121 | ||||||
Flagship Credit Auto Trust |
| |||||||
Series 2018-2, Class B, 3.56%, 5/15/2023 (c) | 4 | 4 | ||||||
Series 2019-1, Class A, 3.11%, 8/15/2023 (c) | 7 | 7 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Series 2019-2, Class A, 2.83%, 10/16/2023 (c) | 30 | 30 | ||||||
Series 2017-4, Class C, 2.92%, 11/15/2023 (c) | 168 | 169 | ||||||
Series 2019-3, Class B, 2.48%, 8/15/2024 (c) | 225 | 229 | ||||||
Series 2019-1, Class D, 4.08%, 2/18/2025 (c) | 167 | 174 | ||||||
Series 2020-1, Class C, 2.24%, 1/15/2026 (c) | 500 | 514 | ||||||
FREED ABS Trust | ||||||||
Series 2020-FP1, Class A, 2.52%, 3/18/2027 (c) | 14 | 14 | ||||||
Series 2021-1CP, Class A, 0.66%, 3/20/2028 (c) | 141 | 140 | ||||||
FRTKL Series 2021-SFR1, Class A, 1.57%, 9/17/2038 (c) | 150 | 150 | ||||||
GLS Auto Receivables Issuer Trust Series 2019-3A, Class A, 2.58%, 7/17/2023 (c) | 4 | 4 | ||||||
GLS Auto Receivables Trust |
| |||||||
Series 2018-3A, Class B, 3.78%, 8/15/2023 (c) | 29 | 30 | ||||||
Series 2021-2A, Class B, 0.77%, 9/15/2025 (c) | 40 | 40 | ||||||
Goodgreen (Cayman Islands) Series 2018-1A, Class A, 3.93%, 10/15/2053 (a) (c) | 101 | 108 | ||||||
HERO Funding (Cayman Islands) Series 2017-3A, Class A2, 3.95%, 9/20/2048 (c) | 51 | 54 | ||||||
Lendingpoint Asset Securitization Trust Series 2021-A, Class A, 1.00%, 12/15/2028 (c) | 250 | 250 | ||||||
Lendmark Funding Trust Series 2019-1A, Class A, 3.00%, 12/20/2027 (c) | 175 | 178 | ||||||
Marlette Funding Trust |
| |||||||
Series 2020-1A, Class A, 2.24%, 3/15/2030 (c) | 2 | 2 | ||||||
Series 2021-1A, Class A, 0.60%, 6/16/2031 (c) | 74 | 74 | ||||||
NMEF Funding LLC Series 2021-A, Class A2, 0.81%, 12/15/2027 (c) | 310 | 310 | ||||||
Octane Receivables Trust Series 2021-1A, Class A, 0.93%, 3/22/2027 (c) | 96 | 96 | ||||||
Progress Residential Trust |
| |||||||
Series 2020-SFR2, Class A, 2.08%, 6/17/2037 (c) | 150 | 153 | ||||||
Series 2021-SFR8, Class A, 1.51%, 9/17/2038 (c) | 155 | 155 | ||||||
Santander Consumer Auto Receivables Trust |
| |||||||
Series 2020-AA, Class C, 3.71%, 2/17/2026 (c) | 400 | 421 | ||||||
Santander Drive Auto Receivables Trust |
| |||||||
Series 2020-4, Class D, 1.48%, 1/15/2027 | 200 | 203 | ||||||
Springleaf Funding Trust Series 2015-BA, Class B, 3.80%, 5/15/2028 ‡ (c) | 100 | 100 | ||||||
Tidewater Auto Receivables Trust Series 2018-AA, Class C, 3.84%, 11/15/2024 (c) | 66 | 66 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN SMA FUNDS | 5 |
Table of Contents
JPMorgan Core Focus SMA Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Asset-Backed Securities — continued | ||||||||
Towd Point Mortgage Trust | 42 | 43 | ||||||
US Auto Funding | 110 | 110 | ||||||
Westgate Resorts LLC |
| |||||||
Series 2018-1A, Class A, 3.38%, 12/20/2031 (c) | 67 | 68 | ||||||
Series 2018-1A, Class B, 3.58%, 12/20/2031 ‡ (c) | 67 | 68 | ||||||
Westlake Automobile Receivables Trust Series 2021-1A, Class C, 0.95%, 3/16/2026 (c) | 125 | 125 | ||||||
World Omni Auto Receivables Trust Series 2017-B, Class A3, 1.95%, 2/15/2023 | 7 | 7 | ||||||
|
| |||||||
Total Asset-Backed Securities |
| 7,729 | ||||||
|
| |||||||
Corporate Bonds — 24.4% |
| |||||||
Aerospace & Defense — 0.7% |
| |||||||
Boeing Co. (The) 2.75%, 2/1/2026 | 70 | 73 | ||||||
Northrop Grumman Corp. 3.20%, 2/1/2027 | 30 | 33 | ||||||
3.85%, 4/15/2045 | 20 | 23 | ||||||
Raytheon Technologies Corp. 4.15%, 5/15/2045 | 40 | 48 | ||||||
|
| |||||||
177 | ||||||||
|
| |||||||
Automobiles — 0.7% |
| |||||||
Hyundai Capital America 1.80%, 10/15/2025 (c) | 100 | 101 | ||||||
Nissan Motor Acceptance Corp. | 30 | 32 | ||||||
2.00%, 3/9/2026 (c) | 45 | 45 | ||||||
|
| |||||||
178 | ||||||||
|
| |||||||
Banks — 1.6% |
| |||||||
Bank of America Corp. | 60 | 66 | ||||||
5.00%, 1/21/2044 | 55 | 74 | ||||||
(ICE LIBOR USD 3 Month + 1.19%), 3.95%, 1/23/2049 (d) | 15 | 18 | ||||||
Citigroup, Inc. | 19 | 21 | ||||||
8.13%, 7/15/2039 | 30 | 51 | ||||||
Fifth Third Bancorp 3.65%, 1/25/2024 | 25 | 27 | ||||||
Mitsubishi UFJ Financial Group, Inc. (Japan) 3.78%, 3/2/2025 | 15 | 16 | ||||||
3.74%, 3/7/2029 | 55 | 63 | ||||||
Regions Financial Corp. 1.80%, 8/12/2028 | 20 | 20 | ||||||
Sumitomo Mitsui Financial Group, Inc. (Japan) | 25 | 28 | ||||||
Wells Fargo & Co. 4.65%, 11/4/2044 | 30 | 37 | ||||||
|
| |||||||
421 | ||||||||
|
|
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Beverages — 0.7% |
| |||||||
Anheuser-Busch Cos. LLC (Belgium) 4.90%, 2/1/2046 | 25 | 32 | ||||||
Anheuser-Busch InBev Finance, Inc. (Belgium) 4.90%, 2/1/2046 | 10 | 13 | ||||||
Anheuser-Busch InBev Worldwide, Inc. (Belgium) 4.00%, 4/13/2028 | 15 | 17 | ||||||
4.95%, 1/15/2042 | 45 | 57 | ||||||
Constellation Brands, Inc. | 10 | 11 | ||||||
3.75%, 5/1/2050 | 5 | 6 | ||||||
Keurig Dr Pepper, Inc. | 15 | 17 | ||||||
5.09%, 5/25/2048 | 5 | 7 | ||||||
Molson Coors Beverage Co. | 15 | 17 | ||||||
|
| |||||||
177 | ||||||||
|
| |||||||
Biotechnology — 0.6% |
| |||||||
AbbVie, Inc. | 10 | 12 | ||||||
4.70%, 5/14/2045 | 15 | 19 | ||||||
4.45%, 5/14/2046 | 25 | 31 | ||||||
4.88%, 11/14/2048 | 15 | 20 | ||||||
Biogen, Inc. | 30 | 30 | ||||||
3.15%, 5/1/2050 | 30 | 30 | ||||||
Gilead Sciences, Inc. 4.80%, 4/1/2044 | 15 | 19 | ||||||
|
| |||||||
161 | ||||||||
|
| |||||||
Capital Markets — 1.3% |
| |||||||
Credit Suisse USA, Inc. (Switzerland) 7.13%, 7/15/2032 | 15 | 22 | ||||||
Goldman Sachs Group, Inc. (The) | ||||||||
(ICE LIBOR USD 3 Month + 1.37%), 4.02%, 10/31/2038 (d) | 65 | 76 | ||||||
Macquarie Group Ltd. (Australia) | ||||||||
(ICE LIBOR USD 3 Month + 1.37%), 3.76%, 11/28/2028 (c) (d) | 20 | 22 | ||||||
(SOFR + 1.44%), 2.69%, 6/23/2032 (c) (d) | 100 | 101 | ||||||
Morgan Stanley | 35 | 38 | ||||||
3.95%, 4/23/2027 | 25 | 28 | ||||||
(ICE LIBOR USD 3 Month + 1.63%), 4.43%, 1/23/2030(d) | 50 | 59 | ||||||
(SOFR + 1.49%), 3.22%, 4/22/2042 (d) | 10 | 11 | ||||||
|
| |||||||
357 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
6 | J.P. MORGAN SMA FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Corporate Bonds — continued | ||||||||
Chemicals — 0.6% |
| |||||||
DuPont de Nemours, Inc. 5.32%, 11/15/2038 | 20 | 26 | ||||||
LYB International Finance II BV 3.50%, 3/2/2027 | 20 | 22 | ||||||
LYB International Finance III LLC | 20 | 21 | ||||||
Mosaic Co. (The) | 10 | �� | 10 | |||||
4.05%, 11/15/2027 | 10 | 12 | ||||||
Nutrien Ltd. (Canada) | 20 | 21 | ||||||
6.13%, 1/15/2041 | 20 | 29 | ||||||
Sherwin-Williams Co. (The) | 30 | 31 | ||||||
|
| |||||||
172 | ||||||||
|
| |||||||
Construction Materials — 0.3% |
| |||||||
Eagle Materials, Inc. 2.50%, 7/1/2031 | 50 | 50 | ||||||
Martin Marietta Materials, Inc. 3.45%, 6/1/2027 | 30 | 33 | ||||||
|
| |||||||
83 | ||||||||
|
| |||||||
Consumer Finance — 0.8% |
| |||||||
Avolon Holdings Funding Ltd. (Ireland) | 65 | 66 | ||||||
5.50%, 1/15/2026 (c) | 25 | 28 | ||||||
2.53%, 11/18/2027 (c) | 45 | 45 | ||||||
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 | ||||||
|
| |||||||
226 | ||||||||
|
| |||||||
Diversified Financial Services — 0.2% |
| |||||||
Element Fleet Management Corp. (Canada) 1.60%, 4/6/2024 (c) | 5 | 5 | ||||||
3.85%, 6/15/2025 (c) | 30 | 32 | ||||||
Shell International Finance BV (Netherlands) 5.50%, 3/25/2040 | 20 | 28 | ||||||
|
| |||||||
65 | ||||||||
|
| |||||||
Diversified Telecommunication Services — 1.2% |
| |||||||
AT&T, Inc. | 15 | 15 | ||||||
2.55%, 12/1/2033 (c) | 52 | 52 | ||||||
3.50%, 9/15/2053 (c) | 68 | 71 | ||||||
Deutsche Telekom International Finance BV (Germany) 8.75%, 6/15/2030 (b) | 25 | 38 | ||||||
Telefonica Emisiones SA (Spain) 7.05%, 6/20/2036 | 15 | 22 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Diversified Telecommunication Services — continued |
| |||||||
Verizon Communications, Inc. | 25 | 26 | ||||||
4.33%, 9/21/2028 | 41 | 48 | ||||||
4.86%, 8/21/2046 | 46 | 59 | ||||||
|
| |||||||
331 | ||||||||
|
| |||||||
Electric Utilities — 1.5% |
| |||||||
Cleveland Electric Illuminating Co. (The) | 20 | 27 | ||||||
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 | 24 | ||||||
Entergy Louisiana LLC 4.00%, 3/15/2033 | 40 | 46 | ||||||
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 | 19 | ||||||
Metropolitan Edison Co. 3.50%, 3/15/2023 (c) | 15 | 16 | ||||||
NextEra Energy Capital Holdings, Inc. 2.25%, 6/1/2030 | 30 | 31 | ||||||
Pacific Gas and Electric Co. 1.37%, 3/10/2023 | 80 | 79 | ||||||
PPL Capital Funding, Inc. 3.10%, 5/15/2026 | 20 | 22 | ||||||
Southern Co. (The) 3.25%, 7/1/2026 | 30 | 33 | ||||||
|
| |||||||
388 | ||||||||
|
| |||||||
Electrical Equipment — 0.1% |
| |||||||
Eaton Corp. 3.10%, 9/15/2027 | 25 | 27 | ||||||
|
| |||||||
Electronic Equipment, Instruments & Components — 0.3% |
| |||||||
Arrow Electronics, Inc. | 15 | 16 | ||||||
3.88%, 1/12/2028 | 15 | 16 | ||||||
Corning, Inc. | 20 | 29 | ||||||
4.38%, 11/15/2057 | 15 | 18 | ||||||
|
| |||||||
79 | ||||||||
|
| |||||||
Energy Equipment & Services — 0.6% |
| |||||||
Baker Hughes a GE Co. LLC | 30 | 33 | ||||||
4.08%, 12/15/2047 | 30 | 34 | ||||||
Halliburton Co. 4.50%, 11/15/2041 | 10 | 11 | ||||||
NOV, Inc. 3.60%, 12/1/2029 | 30 | 32 | ||||||
Schlumberger Holdings Corp. | 15 | 17 | ||||||
4.30%, 5/1/2029 (c) | 30 | 34 | ||||||
|
| |||||||
161 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN SMA FUNDS | 7 |
Table of Contents
JPMorgan Core Focus SMA Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Corporate Bonds — continued | ||||||||
Equity Real Estate Investment Trusts (REITs) — 2.5% |
| |||||||
American Tower Corp. | 30 | 33 | ||||||
3.95%, 3/15/2029 | 15 | 17 | ||||||
1.88%, 10/15/2030 | 50 | 49 | ||||||
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 | ||||||
Equinix, Inc. 3.20%, 11/18/2029 | 18 | 19 | ||||||
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 | 28 | ||||||
National Retail Properties, Inc. 4.00%, 11/15/2025 | 20 | 22 | ||||||
Realty Income Corp. 3.65%, 1/15/2028 | 25 | 28 | ||||||
Regency Centers LP 3.60%, 2/1/2027 | 45 | 50 | ||||||
Scentre Group Trust 1 (Australia) 3.63%, 1/28/2026 (c) | 60 | 67 | ||||||
Simon Property Group LP 4.75%, 3/15/2042 | 10 | 13 | ||||||
UDR, Inc. | 20 | 23 | ||||||
3.00%, 8/15/2031 | 20 | 21 | ||||||
VEREIT Operating Partnership LP | 10 | 12 | ||||||
2.85%, 12/15/2032 | 25 | 26 | ||||||
Welltower, Inc. | 25 | 27 | ||||||
6.50%, 3/15/2041 | 10 | 15 | ||||||
|
| |||||||
671 | ||||||||
|
| |||||||
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 | ||||||||
|
| |||||||
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 | 27 | ||||||
Tyson Foods, Inc. 5.15%, 8/15/2044 | 10 | 13 | ||||||
|
| |||||||
46 | ||||||||
|
|
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Gas Utilities — 0.0% (e) |
| |||||||
CenterPoint Energy Resources Corp. | ||||||||
0.70%, 3/2/2023 | 10 | 10 | ||||||
|
| |||||||
Health Care Equipment & Supplies — 0.3% |
| |||||||
Abbott Laboratories 4.75%, 11/30/2036 | 15 | 19 | ||||||
Becton Dickinson and Co. | 10 | 11 | ||||||
2.82%, 5/20/2030 | 30 | 32 | ||||||
Boston Scientific Corp. 4.70%, 3/1/2049 | 10 | 13 | ||||||
|
| |||||||
75 | ||||||||
|
| |||||||
Health Care Providers & Services — 0.6% |
| |||||||
Anthem, Inc. 4.63%, 5/15/2042 | 20 | 25 | ||||||
Cigna Corp. 3.40%, 3/15/2051 | 25 | 27 | ||||||
CVS Health Corp. | 10 | 12 | ||||||
4.78%, 3/25/2038 | 27 | 33 | ||||||
HCA, Inc. | 20 | 22 | ||||||
5.25%, 6/15/2049 | 15 | 20 | ||||||
Quest Diagnostics, Inc. 2.80%, 6/30/2031 | 30 | 32 | ||||||
|
| |||||||
171 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure — 0.2% |
| |||||||
McDonald’s Corp. 4.70%, 12/9/2035 | 30 | 37 | ||||||
Starbucks Corp. 4.45%, 8/15/2049 | 15 | 19 | ||||||
|
| |||||||
56 | ||||||||
|
| |||||||
Industrial Conglomerates — 0.4% |
| |||||||
General Electric Co. 6.75%, 3/15/2032 | 70 | 97 | ||||||
|
| |||||||
Insurance — 1.0% |
| |||||||
American Financial Group, Inc. 3.50%, 8/15/2026 | 20 | 22 | ||||||
American International Group, Inc. | 25 | 28 | ||||||
4.38%, 1/15/2055 | 15 | 19 | ||||||
Athene Global Funding | 25 | 26 | ||||||
2.95%, 11/12/2026 (c) | 30 | 32 | ||||||
Athene Holding Ltd. | 10 | 11 | ||||||
Cincinnati Financial Corp. 6.92%, 5/15/2028 | 20 | 26 | ||||||
Lincoln National Corp. 4.35%, 3/1/2048 | 20 | 24 | ||||||
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 | 19 | 22 | ||||||
|
| |||||||
258 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
8 | J.P. MORGAN SMA FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Corporate Bonds — continued | ||||||||
IT Services — 0.1% |
| |||||||
Fiserv, Inc. 2.65%, 6/1/2030 | 30 | 31 | ||||||
|
| |||||||
Media — 0.9% |
| |||||||
Charter Communications Operating LLC | 25 | 28 | ||||||
6.38%, 10/23/2035 | 20 | 27 | ||||||
5.75%, 4/1/2048 | 10 | 13 | ||||||
Comcast Corp. | 40 | 44 | ||||||
3.90%, 3/1/2038 | 45 | 53 | ||||||
Discovery Communications LLC 3.63%, 5/15/2030 | 25 | 27 | ||||||
ViacomCBS, Inc. 4.95%, 1/15/2031 | 30 | 36 | ||||||
|
| |||||||
228 | ||||||||
|
| |||||||
Metals & Mining — 0.3% |
| |||||||
Glencore Funding LLC (Australia) | 15 | 16 | ||||||
1.63%, 9/1/2025 (c) | 20 | 20 | ||||||
Newcrest Finance Pty. Ltd. (Australia) 3.25%, 5/13/2030 (c) | 10 | 11 | ||||||
Teck Resources Ltd. (Canada) 6.13%, 10/1/2035 | 20 | 26 | ||||||
|
| |||||||
73 | ||||||||
|
| |||||||
Multiline Retail — 0.1% |
| |||||||
Dollar General Corp. | 5 | 6 | ||||||
3.50%, 4/3/2030 | 20 | 23 | ||||||
Kohl’s Corp. 3.38%, 5/1/2031 | 10 | 10 | ||||||
|
| |||||||
39 | ||||||||
|
| |||||||
Multi-Utilities — 0.2% |
| |||||||
Ameren Corp. 1.75%, 3/15/2028 | 5 | 5 | ||||||
Dominion Energy, Inc. | ||||||||
Series C, 4.05%, 9/15/2042 | 20 | 23 | ||||||
Puget Energy, Inc. 2.38%, 6/15/2028 (c) | 10 | 10 | ||||||
Sempra Energy 3.80%, 2/1/2038 | 25 | 28 | ||||||
|
| |||||||
66 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 2.7% |
| |||||||
APT Pipelines Ltd. (Australia) 4.25%, 7/15/2027 (c) | 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. 5.05%, 11/15/2044 | 30 | 41 | ||||||
CNOOC Petroleum North America ULC (China) 5.88%, 3/10/2035 | 20 | 25 | ||||||
Devon Energy Corp. 5.25%, 9/15/2024 (c) | 20 | 22 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Oil, Gas & Consumable Fuels — continued | ||||||||
Enbridge, Inc. (Canada) | 20 | 22 | ||||||
4.50%, 6/10/2044 | 15 | 18 | ||||||
Energy Transfer LP | 15 | 15 | ||||||
4.00%, 10/1/2027 | 10 | 11 | ||||||
5.35%, 5/15/2045 | 30 | 36 | ||||||
6.25%, 4/15/2049 | 15 | 20 | ||||||
Enterprise Products Operating LLC | 15 | 16 | ||||||
5.10%, 2/15/2045 | 25 | 32 | ||||||
Gray Oak Pipeline LLC 2.60%, 10/15/2025 (c) | 50 | 51 | ||||||
Kinder Morgan, Inc. | 25 | 24 | ||||||
3.25%, 8/1/2050 | 10 | 10 | ||||||
Magellan Midstream Partners LP 4.20%, 10/3/2047 | 10 | 11 | ||||||
Marathon Petroleum Corp. 6.50%, 3/1/2041 | 15 | 21 | ||||||
MPLX LP | 15 | 17 | ||||||
4.50%, 4/15/2038 | 10 | 11 | ||||||
5.20%, 3/1/2047 | 15 | 19 | ||||||
ONEOK, Inc. 3.40%, 9/1/2029 | 30 | 32 | ||||||
4.45%, 9/1/2049 | 15 | 17 | ||||||
Phillips 66 | 20 | 25 | ||||||
Pioneer Natural Resources Co. 1.90%, 8/15/2030 | 30 | 29 | ||||||
Plains All American Pipeline LP 3.55%, 12/15/2029 | 30 | 32 | ||||||
Spectra Energy Partners LP 4.50%, 3/15/2045 | 20 | 24 | ||||||
Suncor Energy, Inc. (Canada) 5.35%, 7/15/2033 | 20 | 25 | ||||||
TransCanada PipeLines Ltd. (Canada) 4.63%, 3/1/2034 | 15 | 18 | ||||||
Williams Cos., Inc. (The) 3.90%, 1/15/2025 | 20 | 22 | ||||||
|
| |||||||
714 | ||||||||
|
| |||||||
Pharmaceuticals — 0.5% |
| |||||||
Mylan, Inc. 5.20%, 4/15/2048 | 10 | 12 | ||||||
Shire Acquisitions Investments Ireland DAC 3.20%, 9/23/2026 | 50 | 54 | ||||||
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 | 20 | ||||||
|
| |||||||
129 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN SMA FUNDS | 9 |
Table of Contents
JPMorgan Core Focus SMA Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Corporate Bonds — continued | ||||||||
Road & Rail — 0.9% | ||||||||
Burlington Northern Santa Fe LLC 4.40%, 3/15/2042 | 30 | 37 | ||||||
CSX Corp. | 15 | 16 | ||||||
4.30%, 3/1/2048 | 20 | 24 | ||||||
ERAC USA Finance LLC 5.63%, 3/15/2042 (c) | 30 | 42 | ||||||
Norfolk Southern Corp. | 10 | 13 | ||||||
2.90%, 8/25/2051 | 60 | 60 | ||||||
4.05%, 8/15/2052 | 15 | 18 | ||||||
Triton Container International Ltd. (Bermuda) 2.05%, 4/15/2026 (c) | 30 | 30 | ||||||
|
| |||||||
240 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 0.3% |
| |||||||
Broadcom Corp. | 30 | 31 | ||||||
3.88%, 1/15/2027 | 25 | 28 | ||||||
Microchip Technology, Inc. 0.97%, 2/15/2024 (c) | 21 | 21 | ||||||
|
| |||||||
80 | ||||||||
|
| |||||||
Software — 0.2% |
| |||||||
Oracle Corp. 3.85%, 7/15/2036 | 50 | 55 | ||||||
VMware, Inc. 1.80%, 8/15/2028 | 5 | 5 | ||||||
|
| |||||||
60 | ||||||||
|
| |||||||
Specialty Retail — 0.2% |
| |||||||
AutoZone, Inc. | 10 | 11 | ||||||
1.65%, 1/15/2031 | 20 | 19 | ||||||
O’Reilly Automotive, Inc. 1.75%, 3/15/2031 | 15 | 15 | ||||||
|
| |||||||
45 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals — 0.2% |
| |||||||
Dell International LLC | 15 | 16 | ||||||
6.02%, 6/15/2026 | 20 | 24 | ||||||
6.20%, 7/15/2030 | 10 | 13 | ||||||
|
| |||||||
53 | ||||||||
|
| |||||||
Tobacco — 0.4% |
| |||||||
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 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Tobacco — continued |
| |||||||
Reynolds American, Inc. (United Kingdom) 5.85%, 8/15/2045 | 25 | 31 | ||||||
|
| |||||||
105 | ||||||||
|
| |||||||
Trading Companies & Distributors — 0.4% |
| |||||||
Air Lease Corp. | 25 | 25 | ||||||
3.25%, 3/1/2025 | 10 | 11 | ||||||
3.25%, 10/1/2029 | 20 | 21 | ||||||
Aviation Capital Group LLC | 30 | 30 | ||||||
3.50%, 11/1/2027 (c) | 20 | 21 | ||||||
|
| |||||||
108 | ||||||||
|
| |||||||
Wireless Telecommunication Services — 0.3% |
| |||||||
Rogers Communications, Inc. (Canada) | ||||||||
4.50%, 3/15/2043 | 10 | 12 | ||||||
T-Mobile USA, Inc. | 15 | 17 | ||||||
4.50%, 4/15/2050 | 5 | 6 | ||||||
Vodafone Group plc (United Kingdom) | 25 | 28 | ||||||
5.00%, 5/30/2038 | 11 | 14 | ||||||
|
| |||||||
77 | ||||||||
|
| |||||||
Total Corporate Bonds |
| 6,503 | ||||||
|
| |||||||
Mortgage-Backed Securities — 6.3% |
| |||||||
FHLMC Gold Pools, Other |
| |||||||
Pool # U90067, 4.00%, 8/1/2042 | 97 | 106 | ||||||
FNMA, Other |
| |||||||
Pool # AM4660, 3.77%, 12/1/2025 | 129 | 143 | ||||||
Pool # AM5940, 3.24%, 6/1/2026 | 66 | 72 | ||||||
Pool # AN3452, 2.82%, 12/1/2026 | 495 | 535 | ||||||
Pool # BL0004, 3.50%, 9/1/2028 | 250 | 285 | ||||||
Pool # AM6428, 3.58%, 8/1/2029 | 84 | 93 | ||||||
Pool # AM6430, 3.58%, 8/1/2029 | 84 | 96 | ||||||
Pool # BL9673, 1.53%, 12/1/2030 | 345 | 348 | ||||||
|
| |||||||
Total Mortgage-Backed Securities |
| 1,678 | ||||||
|
| |||||||
Commercial Mortgage-Backed Securities — 5.5% |
| |||||||
20 Times Square Trust |
| |||||||
Series 2018-20TS, Class D, 3.20%, 5/15/2035 ‡ (a) (c) | 100 | 98 | ||||||
Series 2018-20TS, Class E, 3.20%, 5/15/2035 ‡ (a) (c) | 100 | 97 |
SEE NOTES TO FINANCIAL STATEMENTS.
10 | J.P. MORGAN SMA FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Commercial Mortgage-Backed Securities — continued |
| |||||||
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 | 8 | ||||||
Series 2014-GC23, Class A3, 3.36%, 7/10/2047 | 8 | 9 | ||||||
Commercial Mortgage Trust |
| |||||||
Series 2014-UBS2, Class A4, 3.69%, 3/10/2047 | 10 | 10 | ||||||
Series 2014-CR17, Class A4, 3.70%, 5/10/2047 | 28 | 30 | ||||||
Series 2014-UBS3, Class A3, 3.55%, 6/10/2047 | 24 | 25 | ||||||
FHLMC, Multi-Family Structured Pass-Through Certificates |
| |||||||
Series K731, Class AM, 3.60%, 2/25/2025 (a) | 200 | 217 | ||||||
Series K090, Class A2, 3.42%, 2/25/2029 | 120 | 137 | ||||||
FREMF Mortgage Trust |
| |||||||
Series 2013-K26, Class B, 3.72%, 12/25/2045 (a) (c) | 99 | 102 | ||||||
GPMT Ltd. (Cayman Islands) |
| |||||||
Series 2018-FL1, Class AS, 1.29%, 11/21/2035 ‡ (a) (c) | 76 | 76 | ||||||
GS Mortgage Securities Trust |
| |||||||
Series 2013-GC16, Class AS, 4.65%, 11/10/2046 | 111 | 119 | ||||||
Series 2013-GC16, Class B, 5.16%, 11/10/2046 (a) | 50 | 53 | ||||||
JPMBB Commercial Mortgage Securities Trust |
| |||||||
Series 2013-C15, Class C, 5.37%, 11/15/2045 (a) | 30 | 32 | ||||||
JPMorgan Chase Commercial Mortgage Securities Trust |
| |||||||
Series 2013-LC11, Class A4, 2.69%, 4/15/2046 | 14 | 14 | ||||||
Morgan Stanley Bank of America Merrill Lynch Trust |
| |||||||
Series 2015-C27, Class A3, 3.47%, 12/15/2047 | 126 | 133 | ||||||
SLG Office Trust |
| |||||||
Series 2021-OVA, Class A, 2.59%, 7/15/2041 (c) | 120 | 126 | ||||||
Wells Fargo Commercial Mortgage Trust |
| |||||||
Series 2015-NXS4, Class A3, 3.45%, 12/15/2048 | 123 | 131 | ||||||
WFRBS Commercial Mortgage Trust |
| |||||||
Series 2013-C13, Class A3, 2.75%, 5/15/2045 | 26 | 26 | ||||||
|
| |||||||
Total Commercial Mortgage-Backed Securities |
| 1,467 | ||||||
|
|
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
U.S. Treasury Obligations — 0.0% (e) |
| |||||||
U.S. Treasury Bonds 2.00%, 2/15/2050(Cost $11) | 10 | 10 | ||||||
|
| |||||||
SHARES | ||||||||
Short-Term Investments — 3.6% |
| |||||||
Investment Companies — 3.6% |
| |||||||
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05% (f) (g) | 959 | 959 | ||||||
|
| |||||||
Total Investments — 100.4% |
| 26,803 | ||||||
Liabilities in Excess of |
| (100 | ) | |||||
|
| |||||||
NET ASSETS — 100.0% |
| 26,703 | ||||||
|
|
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 | |
SOFR | Secured Overnight Financing Rate | |
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 August 31, 2021. | |
(b) | 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 August 31, 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, linked to the referenced benchmark. The interest rate shown is the current rate as of August 31, 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 August 31, 2021. | |
‡ | Value determined using significant unobservable inputs. |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN SMA FUNDS | 11 |
Table of Contents
STATEMENT OF ASSETS AND LIABILITIES
AS OF AUGUST 31, 2021 (Unaudited)
(Amounts in thousands, except per share amounts)
JPMorgan Core Focus SMA Fund | ||||
ASSETS: |
| |||
Investments in non-affiliates, at value | $ | 25,844 | ||
Investments in affiliates, at value | 959 | |||
Cash | — | (a) | ||
Receivables: | ||||
Interest from non-affiliates | 103 | |||
Dividends from affiliates | — | (a) | ||
Due from adviser | 13 | |||
|
| |||
Total Assets | 26,919 | |||
|
| |||
LIABILITIES: |
| |||
Payables: | ||||
Investment securities purchased | 155 | |||
Accrued liabilities: | ||||
Custodian and accounting fees | 8 | |||
Trustees’ and Chief Compliance Officer’s fees | — | (a) | ||
Other | 53 | |||
|
| |||
Total Liabilities | 216 | |||
|
| |||
Net Assets | $ | 26,703 | ||
|
| |||
NET ASSETS: |
| |||
Paid-in-Capital | $ | 25,456 | ||
Total distributable earnings (loss) | 1,247 | |||
|
| |||
Total Net Assets | $ | 26,703 | ||
|
| |||
Net Assets: |
| |||
SMA | $ | 26,703 | ||
Outstanding units of beneficial interest (shares) |
| |||
($0.0001 par value; unlimited number of shares authorized): | ||||
SMA | 2,557 | |||
Net Asset Value (b): | ||||
SMA — Offering and redemption price per share | $ | 10.44 | ||
Cost of investments in non-affiliates | $ | 24,735 | ||
Cost of investments in affiliates | 959 |
(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 | AUGUST 31, 2021 |
Table of Contents
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED AUGUST 31, 2021 (Unaudited)
(Amounts in thousands)
JPMorgan Core Focus SMA Fund | ||||
INVESTMENT INCOME: |
| |||
Interest income from non-affiliates | $ | 315 | ||
Interest income from affiliates | 2 | |||
Dividend income from affiliates | 1 | |||
|
| |||
Total investment income | 318 | |||
|
| |||
EXPENSES: |
| |||
Administration fees | 10 | |||
Custodian and accounting fees | 25 | |||
Professional fees | 39 | |||
Trustees’ and Chief Compliance Officer’s fees | 13 | |||
Printing and mailing costs | 3 | |||
Transfer agency fees | — | (a) | ||
Other | 2 | |||
|
| |||
Total expenses | 92 | |||
|
| |||
Less fees waived | (10 | ) | ||
Less expense reimbursements | (82 | ) | ||
|
| |||
Net expenses | — | |||
|
| |||
Net investment income (loss) | 318 | |||
|
| |||
REALIZED/UNREALIZED GAINS (LOSSES): | ||||
Net realized gain (loss) on transactions from: |
| |||
Investments in non-affiliates | 46 | |||
Investments in affiliates | — | (a) | ||
|
| |||
Net realized gain (loss) | 46 | |||
|
| |||
Change in net unrealized appreciation/depreciation on: |
| |||
Investments in non-affiliates | 41 | |||
Investments in affiliates | — | (a) | ||
|
| |||
Change in net unrealized appreciation/depreciation | 41 | |||
|
| |||
Net realized/unrealized gains (losses) | 87 | |||
|
| |||
Change in net assets resulting from operations | $ | 405 | ||
|
|
(a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 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 | ||||||||
Six Months Ended August 31, 2021 (Unaudited) | Year Ended February 28, 2021 | |||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: |
| |||||||
Net investment income (loss) | $ | 318 | $ | 758 | ||||
Net realized gain (loss) | 46 | 255 | ||||||
Change in net unrealized appreciation/depreciation | 41 | (559 | ) | |||||
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Change in net assets resulting from operations | 405 | 454 | ||||||
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DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
SMA | (328 | ) | (930 | ) | ||||
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Total distributions to shareholders | (328 | ) | (930 | ) | ||||
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CAPITAL TRANSACTIONS: | ||||||||
Change in net assets resulting from SMA capital transactions | 5,691 | (7,070 | ) | |||||
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NET ASSETS: |
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Change in net assets | 5,768 | (7,546 | ) | |||||
Beginning of period | 20,935 | 28,481 | ||||||
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End of period | $ | 26,703 | $ | 20,935 | ||||
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CAPITAL TRANSACTIONS: | ||||||||
SMA | ||||||||
Proceeds from shares issued | $ | 7,455 | $ | — | ||||
Distributions reinvested | 328 | 930 | ||||||
Cost of shares redeemed | (2,092 | ) | (8,000 | ) | ||||
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Change in net assets resulting from SMA capital transactions | $ | 5,691 | $ | (7,070 | ) | |||
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SHARE TRANSACTIONS: |
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SMA |
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Issued | 717 | — | ||||||
Reinvested | 31 | 89 | ||||||
Redeemed | (201 | ) | (760 | ) | ||||
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Change in SMA Shares | 547 | (671 | ) | |||||
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SEE NOTES TO FINANCIAL STATEMENTS.
14 | J.P. MORGAN SMA FUNDS | AUGUST 31, 2021 |
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THIS PAGE IS INTENTIONALLY LEFT BLANK
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 |
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SMA |
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Six Months Ended August 31, 2021 (Unaudited) | $ | 10.42 | $ | 0.13 | $ | 0.02 | $ | 0.15 | $ | (0.13 | ) | $ | — | $ | (0.13 | ) | ||||||||||||
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 | AUGUST 31, 2021 |
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| 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) | ||||||||||||||||||||
$ | 10.44 | 1.44 | % | $ | 26,703 | — | % | 2.39 | % | 0.69 | % | 22 | % | |||||||||||||
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.
AUGUST 31, 2021 | J.P. MORGAN SMA FUNDS | 17 |
Table of Contents
AS OF AUGUST 31, 2021 (Unaudited)
(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. (“JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), acts as Adviser (the “Adviser”) 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 manage 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 August 31, 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 | AUGUST 31, 2021 |
Table of Contents
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:
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 | $ | — | $ | 7,248 | $ | 481 | $ | 7,729 | ||||||||
Collateralized Mortgage Obligations | — | 8,457 | — | 8,457 | ||||||||||||
Commercial Mortgage-Backed Securities | — | 1,196 | 271 | 1,467 | ||||||||||||
Corporate Bonds | — | 6,503 | — | 6,503 | ||||||||||||
Mortgage-Backed Securities | — | 1,678 | — | 1,678 | ||||||||||||
U.S. Treasury Obligations | — | 10 | — | 10 | ||||||||||||
Short-Term Investments |
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Investment Companies | 959 | — | — | 959 | ||||||||||||
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Total Investments in Securities | $ | 959 | $ | 25,092 | $ | 752 | $ | 26,803 | ||||||||
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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 28, 2021 | 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 August 31, 2021 | ||||||||||||||||||||||||||||
Investments in Securities: | ||||||||||||||||||||||||||||||||||||
Asset-Backed Securities | $ | 812 | $ | — | $ | 2 | $ | — | (a) | $ | — | $ | (333 | ) | $ | — | $ | — | $ | 481 | ||||||||||||||||
Commercial Mortgage-Backed Securities | 345 | — | — | (a) | — | (a) | — | (74 | ) | — | — | 271 | ||||||||||||||||||||||||
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Total | $ | 1,157 | $ | — | $ | 2 | $ | — | (a) | $ | — | $ | (407 | ) | $ | — | $ | — | $ | 752 | ||||||||||||||||
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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 August 31, 2021, which were valued using significant unobservable inputs (level 3) amounted to $3. This amount is included in Change in net unrealized appreciation/depreciation on investments in non-affiliates on the Statement of Operations.
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.
AUGUST 31, 2021 | J.P. MORGAN SMA FUNDS | 19 |
Table of Contents
NOTES TO FINANCIAL STATEMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
(Dollar values in thousands)
Quantitative Information about Level 3 Fair Value Measurements #
Fair Value at August 31, 2021 | Valuation Technique(s) | Unobservable Input | Range (Weighted Average) (a) | |||||||||
$ | 68 | Discounted Cash Flow | Constant Prepayment Rate | 15.00% (15.00%) | ||||||||
Yield (Discount Rate of Cash Flows) | 0.14% (0.14%) | |||||||||||
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Asset-Backed Securities | 68 | |||||||||||
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97 | Discounted Cash Flow | Yield (Discount Rate of Cash Flows) | 4.99% (4.99%) | |||||||||
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Commercial Mortgage-Backed Securities | 97 | |||||||||||
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Total | $ | 165 | ||||||||||
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# | The table above does not include certain level 3 investments that are valued by brokers and Pricing Services. At August 31 2021, the value of these investments was $587. 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 August 31, 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 purchases at cost amount in the table below.
For the six months ended August 31, 2021 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at February 28, 2021 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at August 31, 2021 | Shares at August 31, 2021 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05% (a) (b) | $ | 1,175 | $ | 11,312 | $ | 11,528 | $ | — | (c) | $ | — | (c) | $ | 959 | 959 | $ | 1 | $ | — | |||||||||||||||||
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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 August 31, 2021. |
(c) | Amount rounds to less than one thousand. |
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 August 31, 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
20 | J.P. MORGAN SMA FUNDS | AUGUST 31, 2021 |
Table of Contents
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.
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.
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 six months ended August 31, 2021, the effective annualized 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, 2022.
For the six months ended August 31, 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 | |||||||
$10 | $ | 82 |
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 six months ended August 31, 2021 was $2.
AUGUST 31, 2021 | J.P. MORGAN SMA FUNDS | 21 |
Table of Contents
NOTES TO FINANCIAL STATEMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
(Dollar values in thousands)
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 six months ended August 31, 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 six months ended August 31, 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 | |||||||||||||
$ | 10,167 | $ | 4,049 | $ | 966 | $ | 997 |
5. Federal Income Tax Matters
For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at August 31, 2021 were as follows:
Aggregate Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | |||||||||||||
$ | 25,694 | $ | 1,131 | $ | 22 | $ | 1,109 |
At 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 six months ended August 31, 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 six months ended August 31, 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.
22 | J.P. MORGAN SMA FUNDS | AUGUST 31, 2021 |
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Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.25%, which has decreased to 1.00% pursuant to the amendment referenced below (the “Applicable Margin”), 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 10, 2021, the Credit Facility has been amended and restated for a term of 364 days, unless extended, and to include a reduction of the Applicable Margin charged for borrowing under the Credit Facility from 1.25% to 1.00%.
The Fund did not utilize the Credit Facility during the six months ended August 31, 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 August 31, 2021, the Fund had one individual shareholder and/or affiliated omnibus account and one individual shareholder and/or non-affiliated omnibus account, which owned 72.0% and 28.0% of the Fund’s outstanding shares, respectively.
Significant shareholder transactions by these shareholders 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.
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.
AUGUST 31, 2021 | J.P. MORGAN SMA FUNDS | 23 |
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NOTES TO FINANCIAL STATEMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
(Dollar values in thousands)
8. Other Matters
The Trust is seeking to achieve a unified board with common membership across the Trust and the following open-end registered investment companies also advised by J.P. Morgan Investment Management Inc.:
JPMorgan Trust I, JPMorgan Trust II, J.P. Morgan Fleming Mutual Fund Group, Inc., J.P. Morgan Mutual Fund Investment Trust, JPMorgan Insurance Trust, Undiscovered Managers Funds, JPMorgan Institutional Trust and J.P. Morgan Exchange-Traded Fund Trust (collectively with the Trust, the “J.P. Morgan Funds”).
At special shareholder meetings expected to take place on or about October 27, 2021, shareholders of the J.P. Morgan Funds are being asked to elect the same sixteen individuals (“Nominees”) to serve on their respective boards:
John F. Finn, Stephen P. Fisher, Gary L. French, Kathleen M. Gallagher, Robert J. Grassi, Frankie D. Hughes, Raymond Kanner, Thomas P. Lemke, Lawrence R. Maffia, Mary E. Martinez, Marilyn McCoy, Dr. Robert A. Oden, Jr., Marian U. Pardo, Emily A. Youssouf, Robert F. Deutsch, and Nina O. Shenker (the “Nominees”).
If shareholder approval is obtained for all of the J.P. Morgan Funds, this will result in a unified board structure across all of the J.P. Morgan Funds.
Information about the proposal, including the qualifications of each of the Nominees, is contained in the Trust’s proxy statement, which you can access from the EDGAR Database on the SEC’s website at http://www.sec.gov.
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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, March 1, 2021, and continued to hold your shares at the end of the reporting period, August 31, 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 March 1, 2021 | Ending Account Value August 31, 2021 | Expenses Paid During the Period†* | Annualized Expense Ratio | |||||||||||||
JPMorgan Core Focus SMA Fund | ||||||||||||||||
SMA | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,014.40 | $ | 0.00 | 0.00 | % | ||||||||
Hypothetical | 1,000.00 | 1,025.21 | 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 184/365 (to reflect the one-half year period). |
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BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT
(Unaudited)
The Board of Trustees has established various standing committees, composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in June and August 2021, at which the Trustees considered the continuation of the investment advisory agreement for the Fund whose semi-annual report is contained herein (the “Advisory Agreement”). In accordance with SEC guidance, due to the COVID-19 pandemic, the meetings were conducted through video conference. At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not parties to the Advisory Agreement or “interested persons” (as defined in the 1940 Act) of any party to the Advisory Agreement or any of their affiliates, approved the continuation of the Advisory Agreement on August 11, 2021.
As part of their review of the Advisory Agreement, the Trustees considered and reviewed performance and other information about the Fund received from the Adviser. This information includes the Fund’s performance as compared to the performance of its peers and benchmarks and analyses by the Adviser of the Fund’s performance. In addition, at each of their regular meetings throughout the year, the Trustees considered reports on the performance of certain J.P. Morgan Funds provided by an independent investment consulting firm (“independent consultant”). In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Broadridge, using data from Lipper Inc. and/or Morningstar Inc., independent providers of investment company data (together “Broadridge”). The Trustees’ independent consultant also provided additional quantitative and statistical analyses of certain Funds, including risk/ and performance return assessment as compared to the Fund’s objectives, benchmarks, and peers. Before voting on the Advisory Agreement, the Trustees reviewed the Advisory Agreement with representatives of the Adviser, counsel to the Trust and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the Advisory Agreement. The Trustees also discussed the Advisory
Agreement in executive sessions with independent legal counsel at which no representatives of the Adviser were present.
A summary of the material factors evaluated by the Trustees in determining whether to approve the Advisory Agreement is provided below. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. The Trustees considered information provided with respect to the Fund throughout the year, including additional reporting and information provided in connection with the COVID-19 pandemic, as well as materials furnished specifically in connection with the annual review process. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions.
After considering and weighing the factors and information they had received, the Trustees found that the overall arrangement between the Fund and the Adviser, as provided in the Advisory Agreement, was fair and reasonable under the circumstances and determined that the continuance of the Advisory Agreement was in the best interests of the Fund and its shareholders.
Nature, Extent and Quality of Services Provided by the Adviser
The Trustees received and considered information regarding the nature, extent and quality of services provided to the Fund under the Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. The Trustees considered the background and experience of the Adviser’s senior management, personnel changes, if any, and the expertise of, and the amount of attention given to the Fund by, investment personnel of the Adviser. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of the Fund and the infrastructure supporting the team, including personnel changes, if any. In addition, the Board considered its discussions with the Adviser regarding the Adviser’s business continuity plan and steps the Adviser was taking to provide ongoing services to the Fund during the COVID-19 pandemic, and the Adviser’s success in continuing to provide services to the Fund and its shareholders throughout this period. The Trustees also considered information provided by the Adviser and JPMorgan Distribution Services, Inc. (“JPMDS”) about the structure and distribution strategy of the Fund. The Trustees reviewed information relating to the Adviser’s risk governance model and reports showing the Adviser’s compliance structure and ongoing compliance processes. The Trustees also considered the quality of the administration services provided by the Adviser in its role as administrator.
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The Trustees also considered their knowledge of the nature and quality of services provided by the Adviser and its affiliates to the Fund gained from their experience as Trustees of the J.P. Morgan Funds. In addition, they considered the overall reputation and capabilities of the Adviser and its affiliates, the commitment of the Adviser to provide high quality service to the Fund, their overall confidence in the Adviser’s integrity and the Adviser’s responsiveness to questions or concerns raised by them, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to the Fund.
Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of the investment advisory services provided to the Fund by the Adviser.
Costs of Services Provided and Profitability to the Adviser and its Affiliates
The Trustees noted that there was no advisory fee charged to the Fund. The Trustees received and considered information regarding the profitability to the Adviser and its affiliates in providing services to the Fund. The Trustees reviewed and discussed this information. The Trustees recognized that this information is not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to the Fund, less expenses of providing such services. Expenses include direct and indirect costs and are calculated using an allocation methodology developed by the Adviser. The Trustees also recognized that it is difficult to make comparisons of profitability from fund investment advisory contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-traded fund managers’ operating profits and net income are net of distribution and marketing expenses. Based upon their review, and taking into consideration the factors noted above, the Trustees concluded that the profitability to the Adviser under the Advisory Agreement was not unreasonable in light of the services and benefits provided to the Fund.
The Trustees also considered that the Adviser did not earn fees from the Fund for providing administration services due to contractual waivers it has in place. The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A. (“JPMCB”) for custody and fund accounting, and other related services. In addition, the Trustees considered that the Adviser receives fees from sponsors of, and/or investors in, separately managed accounts that are invested in the Fund.
Fall-Out Benefits
The Trustees reviewed information regarding potential “fall-out” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Fund. The Trustees considered that the J.P. Morgan Funds’ operating accounts are held at JPMCB, which, as a result, will receive float benefits for certain J.P. Morgan Funds, as applicable. The Trustees also noted that the Adviser supports a diverse set of products and services, which benefits the Adviser by allowing it to leverage its infrastructure to serve additional clients, including benefits that may be received by the Adviser and its affiliates in connection with the Fund’s potential investments in other funds advised by the Adviser. The Trustees also reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser, as well as the Adviser’s use of affiliates to provide other services and the benefits to such affiliates of doing so.
Economies of Scale
The Trustees considered the extent to which the Fund may benefit from economies of scale. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Fund and those realized by the Adviser as assets increase. The Trustees noted that there was not an investment advisory fee charged to the Fund. The Trustees also considered that the Fund has implemented contractual expense limitations and fee waivers (“Fee Caps”) which allow the Fund’s shareholders to share potential economies of scale from the Fund’s inception. The Trustees considered the benefits to the Fund of the use of an affiliated distributor and custodian, including the ability to rely on existing infrastructure supporting distribution, custodial and transfer agent services and the ability to negotiate competitive fees for the Fund. The Trustees further considered the Adviser’s and JPMDS’s ongoing investments in their business in support of the Fund, including the Adviser’s and/or JPMDS’s investments in trading systems, technology (including improvements to the J.P. Morgan Funds’ website, and cybersecurity improvements), retention of key talent, and regulatory support enhancements. The Trustees concluded that the current fee structure for the Fund, including Fee Caps that the Adviser has in place to limit the overall net expense ratio of the Fund at competitive levels, was reasonable. The Trustees concluded that the Fund’s shareholders received the benefits of potential economies of scale through the Fee Caps and the Adviser’s reinvestment in its operations to serve the Fund and its shareholders. The Trustees noted that the Adviser’s reinvestment ensures sufficient resources in terms of personnel and infrastructure to support the Fund.
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BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENT
(Unaudited) (continued)
Fees Relative to Adviser’s Other Clients
The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser, including institutional separate accounts, collective investment trusts, ETFs and/or funds sub-advised by the Adviser, for investment management styles substantially similar to that of the Fund. The Trustees considered the complexity of investment management for registered mutual funds relative to the Adviser’s other clients and noted differences, as applicable, in the fee structure and the regulatory, legal and other risks and responsibilities of providing services to the different clients. The Trustees considered that serving as an adviser to a registered mutual fund involves greater responsibilities and risks than acting as a sub-adviser and observed that sub-advisory fees may be lower than those charged by the Adviser to the Fund. The Trustees also noted that the adviser, not the mutual fund, pays the sub-advisory fee and that many responsibilities related to the advisory function are retained by the primary adviser. The Trustees concluded that the fee rates charged to the Fund in comparison to those charged to the Adviser’s other clients were reasonable.
Investment Performance
The Trustees received and considered absolute and/or relative performance information for the Fund in a report prepared by Broadridge. The Trustees considered the total return performance information, which included the ranking of the Fund within a performance universe made up of funds with the same Broadridge investment classification and objective (the “Universe ”) and a subset of funds within the Universe (the “Peer Group”), by total return for the applicable one-year period. The Trustees reviewed a description of Broadridge’s methodology for selecting mutual funds in the Fund’s Universe and Peer Group and noted that Universe and Peer Group rankings were not calculated if the number of funds in the Universe and/or Peer Group did not meet a predetermined minimum. As part of this review, the Trustees also reviewed the Fund’s performance against its benchmark and considered the performance information provided for the Fund at regular Board meetings by the Adviser. The Trustees also engaged with the Adviser to consider what steps might be taken to improve performance, as applicable. The Broadridge performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to the Fund’s performance are summarized below:
The Trustees noted that the Fund’s performance was in the fourth and fifth quintiles based upon the Peer Group and
Universe, respectively, for the one-year period ended December 31, 2020. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the performance was satisfactory, under the circumstances.
Advisory Fees and Expense Ratios
The Fund is not charged a separate investment advisory fee by the Adviser because the Fund is offered as a component of the SMA Strategy to participants in separately managed account programs that hold both the Fund and other securities and investments directly for the SMA clients. The Adviser is compensated by the separately managed account sponsors. The Trustees considered the Fund’s contractual advisory fee rate and administration fee rate and compared the combined rate to the information prepared by Broadridge concerning management fee rates paid by other funds with the same Broadridge investment classification and objective (the “Universe”), as well as a subset of funds within the Universe (the “Peer Group”) as the Fund. The Trustees reviewed a description of Broadridge’s methodology for selecting mutual funds in the Fund’s Universe and Peer Group and noted that Universe and Peer Group rankings were not calculated if the number of funds in the Universe and/or Peer Group did not meet a predetermined minimum. The Trustees recognized that Broadridge reported the Fund’s management fee rate as the combined contractual advisory fee (which is 0.00%) and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for the Fund. The Trustees considered the Fee Caps currently in place for the Fund and considered the expenses of the Fund after taking into account any waivers and/or reimbursements, and, where deemed appropriate by the Trustee, additional waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of expense ratios because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determination as a result of the review of the Fund’s expense ratios are summarized below:
The Trustees noted that the Fund’s net advisory fee and actual total expenses were in the first quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.
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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. August 2021. | SAN-CFSMA-821 |
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Semi-Annual Report
J.P. Morgan Municipal Bond Funds
August 31, 2021 (Unaudited)
JPMorgan California Tax Free Bond Fund
JPMorgan High Yield Municipal Fund
JPMorgan Intermediate Tax Free Bond Fund
JPMorgan New York Tax Free Bond Fund
JPMorgan Short-Intermediate Municipal Bond Fund
JPMorgan Sustainable Municipal Income Fund
JPMorgan Tax Free Bond Fund
JPMorgan Ultra-Short Municipal Fund
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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.
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.
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October 8, 2021 (Unaudited)
Dear Shareholders,
As the global economy continued to rebound in 2021, financial markets largely provided investors with positive returns amid ultra-low interest rates and world-wide efforts to halt the pandemic. However, the way forward has not necessarily been smooth as supply chain bottlenecks, inflationary pressures and the spread of variants of COVID-19 all appear to have slowed progress toward full recovery.
“As the investment environment changes with the advancing economic cycle, J.P. Morgan Asset Management will continue to pursue innovative strategies and seek to apply our experience in risk management to seek to help investors build durable portfolios.” — Andrea L. Lisher |
Record corporate earnings, accommodative central bank policies, government stimulus and strong consumer spending bolstered global financial markets during the six months ended August 31, 2021. Within fixed income markets, lower rated bonds and high yield debt (also known as “junk bonds”) generally outperformed higher quality corporate credit and sovereign debt, including U.S. Treasury bonds. More broadly, equity markets outperformed fixed income markets during the reporting period: The S&P 500 Index returned 19.5% and the Bloomberg U.S. Aggregate Index (formerly Bloomberg Barclays U.S. Aggregate Index) returned 1.49%.
While the U.S. Federal Reserve (the “Fed”) has acknowledged that the spread of the delta variant of COVID-19 weighed on
economic growth in 2021, it has also noted robust improvement in the U.S. labor market and stronger-than-expected inflationary pressures. In response, the Fed has signaled that it may begin to taper off its $120 billion-a-month asset purchasing program by the end of 2021. Various economic data indicate that growth in consumer spending is likely to continue, particularly in the services sector, and both investment spending and the rebuilding of depleted inventories may increase into 2022.
As the investment environment may change with the advancing economic cycle, J.P. Morgan Asset Management will continue to pursue innovative strategies and seek to apply our experience in risk management to seek to help investors build durable portfolios. We seek to maintain our focus on the needs of our clients and shareholders with the same fundamental practices and principles that have driven our success for more than a century.
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
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 1 |
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J.P. Morgan Municipal Bond Funds
SIX MONTHS ENDED AUGUST 31, 2021 (Unaudited)
Bond markets generally underperformed equity markets during the period amid continued low interest rates and investor demand for higher returns on investments. Within global fixed income markets, high yield bonds (also called “junk bonds”), emerging markets debt and lower quality bond largely outperformed investment grade corporate bonds, U.S. Treasury bonds and other sovereign debt.
While the global reopening continued over the period, the persistence of the pandemic and the emergence of new variants of COVID-19 slowed the pace of growth somewhat and put further strain on the global supply chain. Throughout the period, the U.S. Federal Reserve (the “Fed”) held interest rates at historic lows and maintained the pace of its monthly $120 billion combined asset purchasing programs. However, the Fed said at its July meeting that it could begin tapering its bond buying by year-end 2021, but that it did not plan to raise interest rates by then.
Within the municipal bond sector, interest rates edged lower and the yield curve flattened out somewhat. The yield curve shows the relationship between yields and maturity dates for a set of similar bonds at a given point in time. Investor demand for higher yields drove bonds rated single A and BBB to outperform bonds rated AA and AAA.
For the six month period, the Bloomberg U.S. Aggregate Index (formerly Bloomberg Barclays U.S. Aggregate Index) returned 1.49% and the Bloomberg U.S. Municipal Index (formerly Bloomberg Barclays U.S. Municipal Index) returned 2.51%.
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JPMorgan California Tax Free Bond Fund
SIX MONTHS ENDED AUGUST 31, 2021 (Unaudited)
REPORTING PERIOD RETURN: | ||||
Fund (Class I Shares)* | 1.82% | |||
Bloomberg LB California 1–17 Year Muni Index (formerly Bloomberg Barclays LB California 1-17 Year Muni Index) | 1.85% | |||
Net Assets as of 8/31/2021 (In Thousands) . . . . . . . . . . . . . . . . . . | $430,711 | |||
Duration as of 8/31/2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 4.8 Years |
INVESTMENT OBJECTIVE**
The JPMorgan California Tax Free Bond Fund (the “Fund”) seeks to provide high after-tax total return for California residents consistent with moderate risk of capital.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
For the six months ended August 31, 2021, the Fund’s Class I Shares underperformed the Bloomberg LB California 1-17 Year Muni Index (the “Benchmark”).
Relative to the Benchmark, the Fund’s allocations to the transportation (mostly airports), special tax and industrial development revenue sectors, which generally had shorter duration, were leading detractors from performance as interest rates fell during the period. Generally, bonds with shorter duration will experience a smaller increase in price compared with longer duration bonds when interest rates fall. The Fund’s allocations to the general obligation, electric, hospitals, education and water & sewer sectors, which generally had longer durations during the period, were leading contributors to performance.
HOW WAS THE FUND POSITIONED?
The Fund’s portfolio managers preferred to invest in issuances from large, highly rated state and local municipalities. Among revenue bond sectors, the portfolio managers preferred essential service sectors, including water & sewer. Fund positioning is generally a result of security structure, duration, credit quality and the unique characteristics of the California municipal bond market.
CREDIT QUALITY ALLOCATIONS AS OF AUGUST 31, 2021 | PERCENT OF TOTAL INVESTMENTS | |||
AAA | 27.1 | % | ||
AA | 56.0 | |||
A | 15.6 | |||
BBB | 0.8 | |||
NR | 0.5 |
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 the 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. |
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 3 |
Table of Contents
JPMorgan California Tax Free Bond Fund
FUND COMMENTARY
SIX MONTHS ENDED AUGUST 31, 2021 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF AUGUST 31, 2021 | ||||||||||||||||||
INCEPTION DATE OF CLASS | 6 MONTH* | 1 YEAR | 5 YEAR | 10 YEAR | ||||||||||||||
CLASS A SHARES | September 10, 2001 | |||||||||||||||||
With Sales Charge** | (2.08 | )% | (2.67 | )% | 1.27 | % | 2.50 | % | ||||||||||
Without Sales Charge | 1.72 | 1.15 | 2.05 | 2.89 | ||||||||||||||
CLASS C SHARES | February 19, 2005 | |||||||||||||||||
With CDSC*** | 0.48 | (0.44 | ) | 1.55 | 2.48 | |||||||||||||
Without CDSC | 1.48 | 0.56 | 1.55 | 2.48 | ||||||||||||||
CLASS I SHARES | December 23, 1996 | 1.82 | 1.19 | 2.16 | 2.99 | |||||||||||||
CLASS R6 SHARES | October 1, 2018 | 1.87 | 1.29 | 2.23 | 3.02 |
* | Not annualized. |
** | Sales Charge for Class A Shares is 3.75%. |
*** | Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE (8/31/11 TO 8/31/21)
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 California Tax Free Bond Fund and the Bloomberg LB California 1-17 Year Muni Index from August 31, 2011 to August 31, 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 LB California 1-17 Year Muni 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 LB California 1-17 Year Muni Index represents the performance of California municipal bonds with maturities from 1 to 17 years.
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.
4 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
JPMorgan High Yield Municipal Fund
FUND COMMENTARY
SIX MONTHS ENDED AUGUST 31, 2021 (Unaudited)
REPORTING PERIOD RETURN: | ||||
Fund (Class I Shares)* | 5.20% | |||
Bloomberg U.S. Municipal Index (formerly Bloomberg Barclays U.S. Municipal Index) | 2.51% | |||
Bloomberg High Yield Municipal Bond Index (formerly Bloomberg Barclays High Yield Municipal Bond Index) | 6.15% | |||
Net Assets as of 8/31/2021 (In Thousands) | $528,265 | |||
Duration as of 8/31/2021 . . . | 6.8 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 six months ended August 31, 2021, the Fund’s Class I Shares outperformed the Bloomberg U.S. Municipal Index (the “Benchmark”) and the Bloomberg High Yield Municipal Bond Index.
Relative to the Benchmark, the Fund’s overweight allocations to bonds rated BBB and BB were leading contributors to performance as lower quality bonds generally outperformed higher quality bonds during the period. The Fund’s relatively longer duration also contributed to relative performance as interest rates edged lower during the period. Generally, bonds with longer duration will experience a greater increase in price than shorter duration bonds when interest rates fall. The Fund’s overweight positions in the education and hospitals sectors and its underweight positions in the pre-refunded and electric sectors also contributed to relative performance.
The Fund’s underweight allocations to the transportation sector and bonds issued by Illinois were leading detractors from 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. At the end of the reporting period, the Fund’s duration was 6.8 years compared with 5.1 years for the Benchmark.
CREDIT QUALITY ALLOCATIONS AS OF AUGUST 31, 2021 | PERCENT OF TOTAL INVESTMENTS | |||
AAA | 1.0 | % | ||
AA | 8.5 | |||
A | 10.0 | |||
BBB | 26.0 | |||
BB | 17.7 | |||
B | 0.6 | |||
CCC | 1.8 | |||
NR | 34.4 |
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. |
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 5 |
Table of Contents
JPMorgan High Yield Municipal Fund
FUND COMMENTARY
SIX MONTHS ENDED AUGUST 31, 2021 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF AUGUST 31, 2021 | ||||||||||||||||||
INCEPTION DATE OF CLASS | 6 MONTH* | 1 YEAR | 5 YEAR | 10 YEAR | ||||||||||||||
CLASS A SHARES | September 17, 2007 | |||||||||||||||||
With Sales Charge** | 1.19 | % | 5.74 | % | 3.45 | % | 3.85 | % | ||||||||||
Without Sales Charge | 5.15 | 9.90 | 4.25 | 4.26 | ||||||||||||||
CLASS C SHARES | September 17, 2007 | |||||||||||||||||
With CDSC*** | 3.90 | 8.28 | 3.72 | 3.84 | ||||||||||||||
Without CDSC | 4.90 | 9.28 | 3.72 | 3.84 | ||||||||||||||
CLASS I SHARES | September 17, 2007 | 5.20 | 10.01 | 4.36 | 4.36 | |||||||||||||
CLASS R6 SHARES | November 1, 2018 | 5.25 | 10.12 | 4.42 | 4.39 |
* | Not annualized. |
** | Sales Charge for Class A Shares is 3.75%. |
*** | Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE (8/31/11 TO 8/31/21)
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 U.S. Municipal Index and the Bloomberg High Yield Municipal Bond Index from August 31, 2011 to August 31, 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 U.S. Municipal Index and the Bloomberg 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 U.S. Municipal Index is a total return performance benchmark for the long-term, investment-grade tax-exempt bond market. The Bloomberg 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.
6 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
JPMorgan Intermediate Tax Free Bond Fund
FUND COMMENTARY
SIX MONTHS ENDED AUGUST 31, 2021 (Unaudited)
REPORTING PERIOD RETURN: | ||||
Fund (Class I Shares)* | 2.35% | |||
Bloomberg U.S. 1-15 Year Blend (1-17) Municipal Bond Index (formerly Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index) | 1.91% | |||
Net Assets as of 8/31/2021 (In Thousands) | $ | 4,586,568 | ||
Duration as of 8/31/2021 | 5.0 Years |
INVESTMENT OBJECTIVE**
The JPMorgan Intermediate Tax Free Bond Fund (the “Fund”) seeks to provide monthly dividends, which are excluded from gross income, and to protect the value of your investment by investing primarily in municipal obligations. For purposes of the Fund’s investment objective, “gross income” means gross income for federal tax purposes.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
For the six months ended August 31, 2021, the Fund’s Class I Shares outperformed the Bloomberg 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 contributor to performance as interest rates edged lower during the period. Generally, bonds with longer duration will experience a larger increase in price compared with shorter duration bonds when interest rates fall. The Fund’s underweight allocation to bonds rated AA and higher and its overweight allocation to bonds rated single-A and lower also contributed to relative performance. The Fund’s overweight positions in the special tax ad hospital sectors also helped relative performance.
The Fund’s overweight position in the electric sector and its slightly underweight position in the housing and lobal general obligation bond sectors were leading detractors from performance relative to the Benchmark.
HOW WAS THE FUND POSITIONED?
During the period, the Fund’s portfolio managers employed 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 AS OF AUGUST 31, 2021 | PERCENT OF TOTAL INVESTMENTS | |||
AAA | 13.6 | % | ||
AA | 47.1 | |||
A | 23.1 | |||
BBB | 9.5 | |||
BB | 1.6 | |||
B | 0.1 | |||
CCC | 0.8 | |||
NR | 4.2 |
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 the 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. |
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 7 |
Table of Contents
JPMorgan Intermediate Tax Free Bond Fund
FUND COMMENTARY
SIX MONTHS ENDED AUGUST 31, 2021 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF AUGUST 31, 2021 | ||||||||||||||||||
INCEPTION DATE OF CLASS | 6 MONTH* | 1 YEAR | 5 YEAR | 10 YEAR | ||||||||||||||
CLASS A SHARES | December 31, 2003 | |||||||||||||||||
With Sales Charge** | (1.63 | )% | (1.11 | )% | 1.58 | % | 2.24 | % | ||||||||||
Without Sales Charge | 2.18 | 2.70 | 2.35 | 2.63 | ||||||||||||||
CLASS C SHARES | December 31, 2003 | |||||||||||||||||
With CDSC*** | 0.95 | 1.20 | 1.80 | 2.12 | ||||||||||||||
Without CDSC | 1.95 | 2.20 | 1.80 | 2.12 | ||||||||||||||
CLASS I SHARES | September 10, 2001 | 2.35 | 3.01 | 2.62 | 2.90 | |||||||||||||
CLASS R6 SHARES | November 6, 2017 | 2.40 | 3.11 | 2.70 | 2.94 |
* | Not annualized. |
** | Sales Charge for Class A Shares is 3.75%. |
*** | Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE (8/31/11 TO 8/31/21)
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 Intermediate Tax Free Bond Fund and the Bloomberg U.S. 1-15 Year Blend (1-17) Municipal Bond Index from August 31, 2011 to August 31, 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 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 U.S. 1-15 Year Blend (1-17) Municipal Bond
Index represents the performance of municipal bonds with maturities from 1 to 17 years.
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 | AUGUST 31, 2021 |
Table of Contents
JPMorgan New York Tax Free Bond Fund
FUND COMMENTARY
SIX MONTHS ENDED AUGUST 31, 2021 (Unaudited)
REPORTING PERIOD RETURN: | ||||
Fund (Class A Shares, without a sales charge)* | 1.87% | |||
Bloomberg New York Intermediate (1–17 Year) Maturities Index (formerly Bloomberg Barclays New York Intermediate (1–17 Year) Maturities Index) | 2.08% | |||
Net Assets as of 8/31/2021 (In Thousands) | $ | 413,264 | ||
Duration as of 8/31/2021 | 4.5 Years |
INVESTMENT OBJECTIVE**
The JPMorgan New York Tax Free Bond Fund (the “Fund”) seeks to provide monthly dividends that are excluded from gross income for federal income tax purposes and are exempt from New York State and New York City personal income taxes. It also seeks to protect the value of your investment.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
For the six months ended August 31, 2021, the Fund’s Class A Shares underperformed the Bloomberg New York Intermediate (1-17 year) Maturities Index (the “Benchmark”).
Relative to the Benchmark, the Fund’s allocations to the general obligation, health care, education and water & sewer sectors, which had shorter durations during the period, were leading detractors during the period. Generally, bonds with shorter duration will experience a smaller increase in price compared with longer duration bonds when interest rates fall.
The Fund’s allocations to electric, transportation and special tax sectors, which had longer durations during the period, were leading contributors to relative performance.
HOW WAS THE FUND POSITIONED?
The Fund’s portfolio managers preferred to invest in issuances from large, highly rated state and local municipalities. Among revenue bond sectors, the Fund preferred essential service sectors. Fund positioning is generally a result of security structure, duration, credit quality and the unique characteristics of the New York State municipal bond market.
CREDIT QUALITY ALLOCATIONS AS OF AUGUST 31, 2021 | PERCENT OF TOTAL INVESTMENTS | |||
AAA | 17.3 | % | ||
AA | 53.0 | |||
A | 23.5 | |||
BBB | 6.0 | |||
NR | 0.2 |
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 the 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. |
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 9 |
Table of Contents
JPMorgan New York Tax Free Bond Fund
FUND COMMENTARY
SIX MONTHS ENDED AUGUST 31, 2021 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF AUGUST 31, 2021 | ||||||||||||||||||
INCEPTION DATE OF CLASS | 6 MONTH* | 1 YEAR | 5 YEAR | 10 YEAR | ||||||||||||||
CLASS A SHARES | February 16, 2001 | |||||||||||||||||
With Sales Charge** | (1.95 | )% | (1.41 | )% | 1.24 | % | 2.03 | % | ||||||||||
Without Sales Charge | 1.87 | 2.42 | 2.02 | 2.43 | ||||||||||||||
CLASS C SHARES | January 31, 2003 | |||||||||||||||||
With CDSC*** | 0.61 | 0.89 | 1.50 | 1.90 | ||||||||||||||
Without CDSC | 1.61 | 1.89 | 1.50 | 1.90 | ||||||||||||||
CLASS I SHARES | September 10, 2001 | 2.13 | 2.66 | 2.29 | 2.68 | |||||||||||||
CLASS R6 SHARES | October 1, 2018 | 2.04 | 2.77 | 2.32 | 2.70 |
* | Not annualized. |
** | Sales Charge for Class A Shares is 3.75%. |
*** | Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE (8/31/11 TO 8/31/21)
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 New York Tax Free Bond Fund and the Bloomberg New York Intermediate (1–17 Year) Maturities Index from August 31, 2011 to August 31, 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 New York Intermediate (1–17 Year) Maturities 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 New York Competitive Intermediate
(1–17 Year) Maturities Index represents the performance of New York municipal bonds with maturities from 1 to 17 years.
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 $10,000 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 | AUGUST 31, 2021 |
Table of Contents
JPMorgan Short-Intermediate Municipal Bond Fund
FUND COMMENTARY
SIX MONTHS ENDED AUGUST 31, 2021 (Unaudited)
REPORTING PERIOD RETURN: | ||||
Fund (Class A Shares, without a sales charge)* | 1.08% | |||
Bloomberg U.S. 1-5 Year Blend (1-6) Municipal Bond Index (formerly Bloomberg Barclays U.S. 1-5 Year Blend (1-6) Municipal Bond Index) | 0.94% | |||
Net Assets as of 8/31/2021 (In Thousands) | $1,712,367 | |||
Duration as of 8/31/2021 | 3.4 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 six months ended August 31, 2021, the Fund outperformed the Bloomberg U.S. 1-5 Year Blend (1-6) Municipal Bond Index (the “Benchmark”).
Relative to the Benchmark, the Fund’s longer duration was a leading contributor to performance as interest rates edged lower during the period. Generally, bonds of longer duration will experience a greater increase in price compared with shorter duration bonds when interest rates fall. The Fund’s overweight allocation to bonds rated single A and lower also contributed to performance as lower rated bonds largely outperformed higher rated bonds. The Fund’s overweight positions in the hospitals and leasing sectors and its underweight allocation in the pre-refunded sector also contributed to relative performance.
The Fund’s underweight allocations to the transportation, housing and industrial development revenue/pollution control revenue sectors were leading detractors from performance relative to the Benchmark. The Fund’s underweight allocation to New York State bonds also detracted from 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 AS OF AUGUST 31, 2021 | PERCENT OF TOTAL INVESTMENTS | |||
AAA | 20.9 | % | ||
AA | 46.0 | |||
A | 23.3 | |||
BBB | 8.1 | |||
BB | 0.5 | |||
NR | 1.2 |
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. |
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 11 |
Table of Contents
JPMorgan Short-Intermediate Municipal Bond Fund
FUND COMMENTARY
SIX MONTHS ENDED AUGUST 31, 2021 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF AUGUST 31, 2021 | ||||||||||||||||||
INCEPTION DATE OF CLASS | 6 MONTH* | 1 YEAR | 5 YEAR | 10 YEAR | ||||||||||||||
CLASS A SHARES | May 4, 1998 | |||||||||||||||||
With Sales Charge** | (1.21 | )% | (1.14 | )% | 1.06 | % | 1.03 | % | ||||||||||
Without Sales Charge | 1.08 | 1.14 | 1.52 | 1.26 | ||||||||||||||
CLASS C SHARES | November 1, 2001 | |||||||||||||||||
With CDSC*** | (0.19 | ) | (0.39 | ) | 1.02 | 0.85 | ||||||||||||
Without CDSC | 0.81 | 0.61 | 1.02 | 0.85 | ||||||||||||||
CLASS I SHARES | June 19, 2009 | 1.30 | 1.59 | 1.99 | 1.73 | |||||||||||||
CLASS R6 SHARES | October 1, 2018 | 1.33 | 1.64 | 2.00 | 1.74 |
* | Not annualized. |
** | Sales Charge for Class A Shares is 2.25%. |
*** | Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE (8/31/11 TO 8/31/21)
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 U.S. 1-5 Year Blend (1-6) Municipal Bond Index from August 31, 2011 to August 31, 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 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 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.
12 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
JPMorgan Sustainable Municipal Income Fund
FUND COMMENTARY
SIX MONTHS ENDED AUGUST 31, 2021 (Unaudited)
REPORTING PERIOD RETURN: | ||||
Fund (Class I Shares)* | 2.44% | |||
Bloomberg U.S. 1-15 Year Blend (1-17) Municipal Bond Index (formerly Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index) | 1.91% | |||
Net Assets as of 8/31/2021 (In Thousands) | $328,463 | |||
Duration as of 8/31/2021 | 5.1 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 six months ended August 31, 2021, the Fund’s Class I Shares outperformed the Bloomberg U.S. 1-15 Year Blend (1-17) Municipal Bond Index (the “Benchmark”).
Relative to the Benchmark, the Fund’s longer duration was the leading contributor to performance as interest rates edged lower during the period. Generally, bonds with longer duration will experience a greater increase in price compared with shorter duration bonds when interest rates fall. The Fund’s underweight allocation to bonds rated AA and higher and its overweight allocation to bonds rated single A and lower also contributed to relative performance as lower rated bonds largely outperformed higher rated bonds. The Fund’s overweight allocations to the hospitals and education sectors and its underweight position in the pre-refunded sectors also helped relative performance.
The Fund’s shorter duration profile within the outperforming housing sector was a leading detractor from performance relative to the Benchmark. The Fund’s underweight allocations to state general obligation bonds, transportation and New York State bonds also detracted from 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 5.1 years and the Benchmark’s was 4.3 years.
CREDIT QUALITY ALLOCATIONS AS OF AUGUST 31, 2021 | PERCENT OF TOTAL INVESTMENTS | |||
AAA | 15.0 | % | ||
AA | 42.0 | |||
A | 20.3 | |||
BBB | 12.6 | |||
BB | 2.0 | |||
NR | 8.1 |
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. |
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 13 |
Table of Contents
JPMorgan Sustainable Municipal Income Fund
FUND COMMENTARY
SIX MONTHS ENDED AUGUST 31, 2021 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF AUGUST 31, 2021 | ||||||||||||||||||
INCEPTION DATE OF CLASS | 6 MONTH* | 1 YEAR | 5 YEAR | 10 YEAR | ||||||||||||||
CLASS A SHARES | February 23, 1993 | |||||||||||||||||
With Sales Charge** | (1.56 | )% | (1.04 | )% | 1.62 | % | 2.52 | % | ||||||||||
Without Sales Charge | 2.29 | 2.82 | 2.41 | 2.91 | ||||||||||||||
CLASS C SHARES | November 4, 1997 | |||||||||||||||||
With CDSC*** | 0.93 | 1.17 | 1.83 | 2.44 | ||||||||||||||
Without CDSC | 1.93 | 2.17 | 1.83 | 2.44 | ||||||||||||||
CLASS I SHARES | February 9, 1993 | 2.44 | 3.10 | 2.64 | 3.17 | |||||||||||||
CLASS R6 SHARES | November 6, 2017 | 2.49 | 3.20 | 2.72 | 3.21 |
* | Not annualized. |
** | Sales Charge for Class A Shares is 3.75%. |
*** | Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE (8/31/11 TO 8/31/21)
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 U.S. 1-15 Year Blend (1-17) Municipal Bond Index from August 31, 2011 to August 31, 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 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 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.
14 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
FUND COMMENTARY
SIX MONTHS ENDED AUGUST 31, 2021 (Unaudited)
REPORTING PERIOD RETURN: | ||||
Fund (Class A Shares, without a sales charge)* | 3.42% | |||
Bloomberg U.S. Municipal Index (formerly Bloomberg Barclays U.S. Municipal Index) | 2.51% | |||
Net Assets as of 8/31/2021 (In Thousands) | $685,758 | |||
Duration as of 8/31/2021 | 6.4 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 six months ended August 31, 2021, the Fund outperformed the Bloomberg U.S. Municipal Index (the “Benchmark”).
Relative to the Benchmark, the Fund’s longer duration was a leading contributor to performance as interest rates edged lower during the period. Generally, bonds with longer duration will experience a larger increase in price than bonds of shorter duration as interest rates fall. The Fund’s overweight allocation to bonds rated single A and lower also contributed to relative performance as lower rated bonds largely outperformed higher rated bonds. The Fund’s underweight position in general obligation bonds and its overweight allocations to the leasing and hospital sectors also helped relative performance.
The Fund’s overweight allocation to the electric sector and its underweight allocation to the transportation sector were leading detractors from performance relative to the Benchmark. The Fund’s underweight allocations to California and New York state bonds also hurt 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 AS OF AUGUST 31, 2021 | PERCENT OF TOTAL INVESTMENTS | |||
AAA | 12.5 | % | ||
AA | 41.0 | |||
A | 21.8 | |||
BBB | 15.9 | |||
BB | 2.2 | |||
B | 0.4 | |||
CCC | 0.6 | |||
NR | 5.6 |
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. |
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 15 |
Table of Contents
JPMorgan Tax Free Bond Fund
FUND COMMENTARY
SIX MONTHS ENDED AUGUST 31, 2021 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF AUGUST 31, 2021 | ||||||||||||||||||
INCEPTION DATE OF CLASS | 6 MONTH* | 1 YEAR | 5 YEAR | 10 YEAR | ||||||||||||||
CLASS A SHARES | March 1, 1988 | |||||||||||||||||
With Sales Charge** | (0.50 | )% | 0.99 | % | 2.32 | % | 3.57 | % | ||||||||||
Without Sales Charge | 3.42 | 4.90 | 3.10 | 3.96 | ||||||||||||||
CLASS C SHARES | July 1, 2008 | |||||||||||||||||
With CDSC*** | 2.06 | 3.24 | 2.49 | 3.43 | ||||||||||||||
Without CDSC | 3.06 | 4.24 | 2.49 | 3.43 | ||||||||||||||
CLASS I SHARES | February 1, 1995 | 3.46 | 5.15 | 3.33 | 4.16 | |||||||||||||
CLASS R6 SHARES | October 1, 2018 | 3.49 | 5.20 | 3.36 | 4.18 |
* | Not annualized. |
** | Sales Charge for Class A Shares is 3.75%. |
*** | Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE (8/31/11 TO 8/31/21)
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 U.S. Municipal Index from August 31, 2011 to August 31, 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 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 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.
16 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
JPMorgan Ultra-Short Municipal Fund
FUND COMMENTARY
SIX MONTHS ENDED AUGUST 31, 2021 (Unaudited)
REPORTING PERIOD RETURN: | ||||
Fund (Class I Shares)* | 0.23% | |||
Bloomberg 1 Year Municipal Bond Index (formerly Bloomberg Barclays 1 Year Municipal Bond Index) | 0.28% | |||
Net Assets as of 8/31/2021 (In Thousands) | $5,647,467 | |||
Duration as of 8/31/2021 | 1.0 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 six months ended August 31, 2021, the Fund underperformed the Bloomberg 1 Year Municipal Bond Index (the “Benchmark”).
Relative to the Benchmark, the Fund’s shorter duration was a leading detractor from performance as interest rates edged lower during the period. Generally, bonds with shorter duration will experience a smaller price increase compared with longer duration bonds when interest rates fall. The Fund’s out-of-Benchmark allocation to variable rate demand notes, which generally do not experience price appreciation when interest rates fall, also detracted from relative performance. The Fund’s underweight allocations to bonds rated single A and BBB also hurt relative performance as lower rated bonds largely outperformed higher rated bonds.
The Fund’s underweight allocation to pre-refunded bonds, which are generally rated high quality, was a leading contributor to performance relative to the Benchmark. The Fund’s overweight allocations to the electric and industrial development revenue/pollution control revenue bond sectors, as well as its overweight allocation to New York state bonds also contributed 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 AS OF AUGUST 31, 2021 | PERCENT OF TOTAL INVESTMENTS | |||
AAA | 21.7 | % | ||
AA | 37.1 | |||
A | 15.7 | |||
BBB | 6.5 | |||
BB | 0.2 | |||
NR | 18.8 |
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. |
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 17 |
Table of Contents
JPMorgan Ultra-Short Municipal Fund
FUND COMMENTARY
SIX MONTHS ENDED AUGUST 31, 2021 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF AUGUST 31, 2021 | ||||||||||||||
INCEPTION DATE OF CLASS | 6 MONTH* | 1 YEAR | 5 YEAR | SINCE INCEPTION | ||||||||||
CLASS A SHARES** | May 31, 2016 | 0.13% | 0.18% | 0.87 | % | 0.86 | % | |||||||
CLASS I SHARES | May 31, 2016 | 0.23 | 0.29 | 1.07 | 1.06 |
* | Not annualized. |
** | Performance of Class A Shares reflects no initial sales charge. Prior to September 15, 2020, the maximum initial sales charge applicable to Class A Shares was 2.25%, which is not reflected in the performance shown in the table above. |
LIFE OF FUND PERFORMANCE (5/31/16 TO 8/31/21)
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 1 Year Municipal Bond Index from May 31, 2016 to August 31, 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 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 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.
18 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
JPMorgan California Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — 93.2% (a) |
| |||||||
California — 93.2% |
| |||||||
Certificate of Participation/Lease — 0.3% |
| |||||||
City of Livermore Series 2020B, COP, 4.00%, 10/1/2028 | 885 | 1,082 | ||||||
|
| |||||||
Education — 4.8% |
| |||||||
California Educational Facilities Authority, Pomona College, Capital Appreciation Series A, Rev., Zero Coupon, 7/1/2026 | 2,000 | 1,939 | ||||||
California Educational Facilities Authority, Stanford University | ||||||||
Series T-5, Rev., 5.00%, 3/15/2023 | 1,500 | 1,613 | ||||||
Series U-2, Rev., 5.00%, 10/1/2032 | 1,500 | 2,130 | ||||||
Series T-1, Rev., 5.00%, 3/15/2039 | 1,500 | 2,178 | ||||||
California Infrastructure & Economic Development Bank, Academy of Motion Picture Arts & Sciences Obligated Group, Green Bond Series 2020A, Rev., 5.00%, 11/1/2030 | 3,390 | 4,600 | ||||||
University of California | ||||||||
Series AM, Rev., 5.00%, 5/15/2028 | 1,500 | 1,692 | ||||||
Series 2020BE, Rev., 5.00%, 5/15/2035 | 2,000 | 2,639 | ||||||
Series AR, Rev., 5.00%, 5/15/2035 | 1,500 | 1,804 | ||||||
University of California, Limited Project Series O, Rev., 5.00%, 5/15/2034 | 1,500 | 1,892 | ||||||
|
| |||||||
20,487 | ||||||||
|
| |||||||
General Obligation — 31.6% |
| |||||||
Allan Hancock Joint Community College District GO, 5.00%, 8/1/2030 | 1,250 | 1,415 | ||||||
Chaffey Joint Union High School District | ||||||||
Series F, GO, Zero Coupon, 2/1/2033 | 230 | 186 | ||||||
Series F, GO, Zero Coupon, 2/1/2034 | 545 | 426 | ||||||
City and County of San Francisco | ||||||||
Series 2020-R1, GO, 5.00%, 6/15/2029 | 2,000 | 2,580 | ||||||
Series 2020-R1, GO, 5.00%, 6/15/2030 | 2,500 | 3,208 | ||||||
City and County of San Francisco, Transportation and Road Improvement Series 2020B, GO, 2.00%, 6/15/2029 | 2,500 | 2,673 | ||||||
City of San Jose, Disaster Preparedness, Public Safety and Infrastructure | ||||||||
Series A-1, GO, 5.00%, 9/1/2036 | 1,500 | 1,925 | ||||||
Series 2019A-1, GO, 5.00%, 9/1/2038 | 2,710 | 3,459 | ||||||
Coast Community College District, Election of 2002 Series 2006B, GO, AGM, Zero Coupon, 8/1/2030 | 2,000 | 1,777 | ||||||
County of Los Angeles, Beverly Hills Unified School District, Election of 2008, Capital Appreciation GO, Zero Coupon, 8/1/2023 | 1,500 | 1,496 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
General Obligation — continued |
| |||||||
County of Santa Clara, Campbell Union High School District, Election of 2016 | ||||||||
Series B, GO, 5.00%, 8/1/2033 | 370 | 446 | ||||||
Series B, GO, 5.00%, 8/1/2035 | 2,000 | 2,403 | ||||||
East Side Union High School District Series B, GO, NATL-RE, 5.25%, 2/1/2026 | 2,000 | 2,345 | ||||||
Escondido Union High School District, Election of 2008 | ||||||||
Series A, GO, AGC, Zero Coupon, 8/1/2025 | 1,500 | 1,467 | ||||||
Series A, GO, AGC, Zero Coupon, 8/1/2029 | 1,000 | 906 | ||||||
Evergreen Elementary School District, Election of 2006 Series B, GO, AGC, Zero Coupon, 8/1/2024 | 1,915 | 1,892 | ||||||
Los Angeles Unified School District, Dedicated Unlimited Ad Valorem Property Tax | ||||||||
Series A, GO, 5.00%, 7/1/2023 | 2,550 | 2,779 | ||||||
Series 2021A, GO, 5.00%, 7/1/2028 | 1,500 | 1,931 | ||||||
Series 2019A, GO, 5.00%, 7/1/2032 | 1,500 | 1,955 | ||||||
Manhattan Beach Unified School District, Election of 2008 Series 2009A, GO, Zero Coupon, 9/1/2031 | 2,335 | 2,025 | ||||||
Marin Healthcare District, Election of 2013 Series 2017A, GO, 5.00%, 8/1/2032 | 965 | 1,195 | ||||||
Menlo Park City School District, Capital Appreciation | ||||||||
GO, Zero Coupon, 7/1/2031 | 500 | 384 | ||||||
GO, Zero Coupon, 7/1/2032 | 880 | 645 | ||||||
Mount Diablo Unified School District, Election of 2010 Series 2012E, GO, 5.00%, 8/1/2026 | 1,210 | 1,264 | ||||||
Mount San Antonio Community College District, Election of 2008 Series 2013A, GO, Zero Coupon, 8/1/2023 | 3,205 | 2,113 | ||||||
Mountain View Los Altos Union High School District, Santa Clara County, Election of 2018 Series B, GO, 3.00%, 8/1/2031 | 1,000 | 1,169 | ||||||
Mountain View-Whisman School District, Election of 2020 Series A, GO, 4.00%, 9/1/2022 | 700 | 727 | ||||||
Murrieta Valley Unified School District GO, AGM, Zero Coupon, 9/1/2024 | 1,000 | 988 | ||||||
Napa Valley Community College District, Election of 2002 Series B, GO, NATL-RE, Zero Coupon, 8/1/2026 | 1,215 | 1,166 | ||||||
Napa Valley Unified School District, Election of 2006 Series A, GO, Zero Coupon, 8/1/2027 | 2,000 | 1,876 | ||||||
Newport Mesa Unified School District, Election of 2005 Series 2007, GO, NATL-RE, Zero Coupon, 8/1/2030 | 4,500 | 4,045 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 19 |
Table of Contents
JPMorgan California Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
General Obligation — continued |
| |||||||
Palo Alto Unified School District, Election of 2008 | ||||||||
GO, Zero Coupon, 8/1/2022 | 1,500 | 1,498 | ||||||
GO, Zero Coupon, 8/1/2025 | 1,015 | 1,000 | ||||||
GO, Zero Coupon, 8/1/2026 | 1,790 | 1,746 | ||||||
GO, Zero Coupon, 8/1/2027 | 2,360 | 2,272 | ||||||
San Diego Community College District, Election of 2002 GO, Zero Coupon, 8/1/2035 | 1,500 | 1,192 | ||||||
San Diego Unified School District, Election of 1998 | ||||||||
Series 1998C-2, GO, AGM, 5.50%, 7/1/2024 | 2,010 | 2,313 | ||||||
Series F-1, GO, AGM, 5.25%, 7/1/2028 | 2,500 | 3,263 | ||||||
San Francisco Bay Area Rapid Transit District, Election of 2004 | ||||||||
Series D, GO, 5.00%, 8/1/2032 | 2,000 | 2,348 | ||||||
Series 2019F-1, GO, 5.00%, 8/1/2035 | 3,000 | 3,925 | ||||||
San Jose Unified School District, Capital Appreciation, Election of 2002 | ||||||||
Series C, GO, NATL-RE, Zero Coupon, 8/1/2025 | 2,000 | 1,963 | ||||||
Series C, GO, NATL-RE, Zero Coupon, 8/1/2029 | 1,500 | 1,373 | ||||||
Series C, GO, NATL-RE, Zero Coupon, 6/1/2031 | 3,035 | 2,660 | ||||||
San Juan Unified School District GO, AGM, Zero Coupon, 8/1/2024 | 1,750 | 1,734 | ||||||
San Mateo County Community College District, Election of 2001 Series 2005B, GO, NATL-RE, Zero Coupon, 9/1/2027 | 1,130 | 1,077 | ||||||
San Mateo County Community College District, Election of 2005 | ||||||||
Series A, GO, NATL-RE, Zero Coupon, 9/1/2024 | 1,400 | 1,386 | ||||||
Series B, GO, NATL-RE, Zero Coupon, 9/1/2026 | 2,000 | 1,936 | ||||||
Series A, GO, NATL-RE, Zero Coupon, 9/1/2029 | 2,000 | 1,833 | ||||||
Series B, GO, NATL-RE, Zero Coupon, 9/1/2034 | 1,000 | 817 | ||||||
San Mateo County Community College District, Election of 2014 Series B, GO, 5.00%, 9/1/2033 | 1,000 | 1,284 | ||||||
San Rafael City Elementary School District, Election of 2002 Series 2004B, GO, NATL-RE, Zero Coupon, 8/1/2029 | 2,000 | 1,791 | ||||||
Santa Monica Community College District, Election of 2004 Series 2009C, GO, Zero Coupon, 8/1/2027 | 1,000 | 944 | ||||||
South San Francisco Unified School District, Measure J, Dedicated Unlimited Ad Valorem Property Tax Series C, GO, Zero Coupon, 9/1/2028 | 1,800 | 1,588 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
General Obligation — continued |
| |||||||
State of California, School Facilities GO, 4.00%, 9/1/2032 | 2,000 | 2,322 | ||||||
State of California, Various Purpose | ||||||||
GO, 5.00%, 9/1/2021 | 1,000 | 1,000 | ||||||
GO, 5.00%, 8/1/2026 | 1,320 | 1,614 | ||||||
GO, 5.00%, 8/1/2027 | 2,000 | 2,517 | ||||||
GO, 5.25%, 9/1/2027 | 1,575 | 1,578 | ||||||
GO, 5.00%, 11/1/2027 | 3,000 | 3,801 | ||||||
GO, 4.00%, 3/1/2029 | 1,000 | 1,236 | ||||||
GO, 5.00%, 11/1/2029 | 2,000 | 2,657 | ||||||
GO, 5.00%, 12/1/2029 | 2,000 | 2,217 | ||||||
GO, 5.00%, 8/1/2030 | 2,000 | 2,504 | ||||||
GO, 5.00%, 9/1/2030 | 1,000 | 1,002 | ||||||
GO, 5.00%, 8/1/2031 | 1,500 | 1,733 | ||||||
GO, 5.00%, 10/1/2031 | 1,000 | 1,317 | ||||||
GO, 5.00%, 11/1/2031 | 1,130 | 1,524 | ||||||
GO, 5.00%, 8/1/2032 | 1,500 | 1,873 | ||||||
GO, 5.00%, 10/1/2032 | 3,000 | 3,420 | ||||||
GO, 5.00%, 8/1/2033 | 1,000 | 1,211 | ||||||
GO, 5.00%, 3/1/2035 | 1,000 | 1,306 | ||||||
GO, 5.00%, 4/1/2036 | 1,000 | 1,288 | ||||||
GO, 5.00%, 8/1/2036 | 2,650 | 3,357 | ||||||
GO, 5.00%, 8/1/2037 | 1,430 | 1,808 | ||||||
Tulare Local Health Care District | ||||||||
GO, 4.00%, 8/1/2024 | 410 | 450 | ||||||
GO, 4.00%, 8/1/2025 | 455 | 514 | ||||||
Upland Unified School District, Election of 2008 Series 2008A, GO, AGM, Zero Coupon, 8/1/2030 | 1,500 | 1,331 | ||||||
|
| |||||||
136,389 | ||||||||
|
| |||||||
Hospital — 5.5% |
| |||||||
Abag Finance Authority for Nonprofit Corp., Sharp Healthcare Series 2014A, Rev., 5.00%, 8/1/2031 | 1,000 | 1,090 | ||||||
California Health Facilities Financing Authority, Adventist Health System | ||||||||
Series 2013A, Rev., 5.00%, 3/1/2026 | 1,400 | 1,500 | ||||||
Series 2016A, Rev., 4.00%, 3/1/2029 | 2,165 | 2,462 | ||||||
California Health Facilities Financing Authority, Cedars-Sinai Medical Center | ||||||||
Rev., 5.00%, 11/15/2030 | 250 | 298 | ||||||
Rev., 5.00%, 11/15/2032 | 400 | 476 | ||||||
Series 2016A, Rev., 5.00%, 8/15/2033 | 3,500 | 4,248 | ||||||
Series 2016B, Rev., 5.00%, 8/15/2035 | 1,500 | 1,818 |
SEE NOTES TO FINANCIAL STATEMENTS.
20 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Hospital — continued |
| |||||||
California Health Facilities Financing Authority, Kaiser Permanente Subseries A-1-G, Rev., 5.00%, 11/1/2027 | 1,720 | 2,181 | ||||||
California Health Facilities Financing Authority, Lucile Salter Packard Children’s Hospital at Stanford | ||||||||
Series 2014A, Rev., 5.00%, 8/15/2027 | 580 | 659 | ||||||
Series 2014A, Rev., 5.00%, 8/15/2028 | 850 | 965 | ||||||
Series 2014A, Rev., 5.00%, 8/15/2030 | 655 | 743 | ||||||
Series A, Rev., 5.00%, 8/15/2030 | 1,000 | 1,206 | ||||||
California Health Facilities Financing Authority, St. Joseph Health System Series 2013A, Rev., 5.00%, 7/1/2028 | 1,000 | 1,089 | ||||||
California Health Facilities Financing Authority, Stanford Healthcare Series 2017A, Rev., 5.00%, 11/15/2034 | 1,200 | 1,502 | ||||||
California Health Facilities Financing Authority, Sutter Health | ||||||||
Series 2018A, Rev., 5.00%, 11/15/2025 | 500 | 597 | ||||||
Series 2017A, Rev., 5.00%, 11/15/2034 | 1,500 | 1,871 | ||||||
California Public Finance Authority, Henry Mayo Newhall Hospital Rev., 4.00%, 10/15/2025 | 145 | 164 | ||||||
Regents of the University of California Medical Center Pooled Series 2016L, Rev., 5.00%, 5/15/2027 | 710 | 855 | ||||||
|
| |||||||
23,724 | ||||||||
|
| |||||||
Housing — 0.6% |
| |||||||
California Municipal Finance Authority, Linxs Apartments Project, Senior Lien Series 2018A, Rev., AMT, 5.00%, 12/31/2028 | 1,750 | 2,201 | ||||||
City of San Bernardino, Single Family Mortgage Series A, Rev., GNMA COLL, 7.50%, 5/1/2023 (b) | 185 | 197 | ||||||
|
| |||||||
2,398 | ||||||||
|
| |||||||
Industrial Development Revenue/Pollution Control Revenue — 0.7% |
| |||||||
California Infrastructure & Economic Development Bank, Green Bond Rev., 5.00%, 10/1/2028 | 950 | 1,145 | ||||||
California Pollution Control Financing Authority, Solid Waste Disposal, Waste Management, Inc., Project Series 2015B-1, Rev., AMT, 3.00%, 11/1/2025 | 1,500 | 1,658 | ||||||
|
| |||||||
2,803 | ||||||||
|
| |||||||
Other Revenue — 7.0% |
| |||||||
California County Tobacco Securitization Agency, Los Angeles County Securitization Corp. | ||||||||
Series 2020A, Rev., 5.00%, 6/1/2025 | 350 | 409 | ||||||
Series 2020A, Rev., 5.00%, 6/1/2026 | 600 | 725 | ||||||
Series 2020A, Rev., 5.00%, 6/1/2031 | 1,110 | 1,472 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Other Revenue — continued |
| |||||||
California County Tobacco Securitization Agency, Sonoma County Securitization Corp. | ||||||||
Rev., 5.00%, 6/1/2025 | 375 | 437 | ||||||
Rev., 5.00%, 6/1/2027 | 275 | 341 | ||||||
California State Public Works Board, State Office Buildings Series F, Rev., 5.00%, 5/1/2030 | 1,000 | 1,166 | ||||||
California State Public Works Board, Various Capital Projects Series B, Rev., 5.00%, 5/1/2030 | 2,435 | 3,248 | ||||||
Contra Costa County Transportation Authority, Sales Tax Series A, Rev., 5.00%, 3/1/2032 | 2,000 | 2,310 | ||||||
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Series 2017A-1, Rev., 5.00%, 6/1/2024 | 2,500 | 2,813 | ||||||
Los Angeles County Metropolitan Transportation Authority, Measure J Junior Subordinate Sales Tax Rev., 5.00%, 6/1/2037 | 1,000 | 1,314 | ||||||
Los Angeles County Metropolitan Transportation Authority, Proposition C Senior Sales Tax Series 2019-B, Rev., 5.00%, 7/1/2035 | 2,000 | 2,547 | ||||||
Midpeninsula Regional Open Space District, Promissory Notes | ||||||||
Rev., 5.00%, 9/1/2030 | 500 | 588 | ||||||
Rev., 5.00%, 9/1/2031 | 270 | 317 | ||||||
Pasadena Public Financing Authority, Rose Bowl Renovation Project Series 2010A, Rev., Zero Coupon, 3/1/2030 | 1,000 | 880 | ||||||
Riverside Public Financing Authority, Main Library Project Series 2019A, Rev., 5.00%, 11/1/2034 ‡ | 450 | 564 | ||||||
San Diego Regional Building Authority, County Operations Center Series 2016A, Rev., 5.00%, 10/15/2033 | 2,370 | 2,774 | ||||||
Santa Ana Financing Authority, Police Administration and Holding Facility Lease | ||||||||
Series A, Rev., NATL-RE, 6.25%, 7/1/2024 | 478 | 530 | ||||||
Series A, Rev., NATL-RE, 6.25%, 7/1/2024 (b) | 475 | 527 | ||||||
Santa Clara County Financing Authority Series 2021A, Rev., 5.00%, 5/1/2031 | 1,500 | 2,056 | ||||||
Santa Clara County Financing Authority, County Facilities | ||||||||
Series A, Rev., 5.00%, 5/1/2028 | 1,600 | 2,058 | ||||||
Series A, Rev., 5.00%, 5/1/2029 | 1,625 | 2,142 | ||||||
Tobacco Securitization Authority of Northern California | ||||||||
Class 1, Rev., 5.00%, 6/1/2028 | 500 | 639 | ||||||
Class 1, Rev., 5.00%, 6/1/2029 | 360 | 470 | ||||||
|
| |||||||
30,327 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 21 |
Table of Contents
JPMorgan California Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Prerefunded — 6.1% |
| |||||||
Bay Area Toll Authority, Toll Bridge Series F-1, Rev., 5.00%, 4/1/2022 (b) | 3,030 | 3,117 | ||||||
California Health Facilities Financing Authority, Sutter Health Series 2016A, Rev., 5.00%, 11/15/2025 (b) | 2,650 | 3,172 | ||||||
California Infrastructure & Economic Development Bank, Infrastructure State Revolving Fund Series 2014A, Rev., 5.00%, 10/1/2023 (b) | 1,000 | 1,101 | ||||||
County of Santa Clara, Campbell Union High School District GO, 5.00%, 8/1/2024 (b) | 1,700 | 1,940 | ||||||
Cupertino Union School District, 2013 Crossover Series A, GO, 5.00%, 8/1/2023 (b) | 1,000 | 1,093 | ||||||
Los Angeles Community College District Series A, GO, 5.00%, 8/1/2024 (b) | 1,500 | 1,711 | ||||||
San Jose Unified School District | ||||||||
GO, 5.00%, 8/1/2023 (b) | 1,750 | 1,913 | ||||||
Series C, GO, 5.00%, 8/1/2024 (b) | 2,460 | 2,808 | ||||||
San Juan Unified School District, Election of 2002 GO, 5.00%, 8/1/2023 (b) | 1,000 | 1,093 | ||||||
San Mateo Union High School District, Election of 2006 Series A, GO, 5.00%, 9/1/2023 (b) | 2,035 | 2,230 | ||||||
Silicon Valley Clean Water, Wastewater Rev., 5.00%, 2/1/2024 (b) | 790 | 883 | ||||||
Sonoma County Junior College District GO, 5.00%, 8/1/2023 (b) | 1,000 | 1,093 | ||||||
State of California Department of Water Resources, Central Valley Project, Water System Series AW, Rev., 5.00%, 12/1/2026 (b) | 2,600 | 3,216 | ||||||
Ventura County Public Financing Authority Series A, Rev., 5.00%, 11/1/2022 (b) | 1,000 | 1,057 | ||||||
|
| |||||||
26,427 | ||||||||
|
| |||||||
Transportation — 13.8% |
| |||||||
City of Long Beach Harbor | ||||||||
Series 2014B, Rev., 5.00%, 5/15/2024 | 250 | 283 | ||||||
Series 2014B, Rev., 5.00%, 5/15/2026 | 250 | 281 | ||||||
Series B, Rev., 5.00%, 5/15/2027 | 225 | 253 | ||||||
Series 2017A, Rev., AMT, 5.00%, 5/15/2028 | 250 | 306 | ||||||
Series A, Rev., AMT, 5.00%, 5/15/2033 | 500 | 606 | ||||||
Series A, Rev., 5.00%, 5/15/2036 | 750 | 963 | ||||||
City of Los Angeles Department of Airports, International Airport Senior | ||||||||
Series B, Rev., AMT, 5.00%, 5/15/2027 | 2,000 | 2,479 | ||||||
Series 2020B, Rev., 5.00%, 5/15/2029 | 1,830 | 2,407 | ||||||
Series A, Rev., AMT, 5.00%, 5/15/2029 | 2,000 | 2,065 | ||||||
Series 2020A, Rev., 5.00%, 5/15/2030 | 2,000 | 2,647 | ||||||
Series 2020A, Rev., 5.00%, 5/15/2034 | 1,000 | 1,307 | ||||||
Series 2020A, Rev., 5.00%, 5/15/2038 | 1,000 | 1,295 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Transportation — continued |
| |||||||
City of Los Angeles Department of Airports, International Airport Subordinate | ||||||||
Series 2018D, Rev., AMT, 5.00%, 5/15/2024 | 2,000 | 2,251 | ||||||
Series A, Rev., AMT, 5.00%, 5/15/2030 | 1,475 | 1,857 | ||||||
Series C, Rev., 5.00%, 5/15/2031 | 1,250 | 1,456 | ||||||
Series 2018C, Rev., AMT, 5.00%, 5/15/2034 | 1,250 | 1,547 | ||||||
Foothill Eastern Transportation Corridor Agency, Senior Lien Series 1995A, Rev., Zero Coupon, 1/1/2026 (b) | 1,795 | 1,754 | ||||||
Los Angeles County Metropolitan Transportation Authority, Proposition C Senior Sales Tax Series 2021-A, Rev., 5.00%, 7/1/2032 | 2,000 | 2,755 | ||||||
Port of Los Angeles, Harbor Department | ||||||||
Series B, Rev., 5.00%, 8/1/2025 | 1,000 | 1,004 | ||||||
Series 2014A, Rev., AMT, 5.00%, 8/1/2031 | 1,500 | 1,684 | ||||||
Port of Los Angeles, Harbor Department, Private Activity Series A, Rev., AMT, 5.00%, 8/1/2025 | 1,000 | 1,169 | ||||||
Port of Oakland, Intermediate Lien | ||||||||
Rev., AMT, 5.00%, 5/1/2027 | 1,250 | 1,537 | ||||||
Rev., AMT, 5.00%, 5/1/2028 | 1,000 | 1,258 | ||||||
Rev., AMT, 5.00%, 5/1/2029 | 1,075 | 1,380 | ||||||
San Bernardino County Transportation Authority Series A, Rev., 5.00%, 3/1/2029 | 2,000 | 2,048 | ||||||
San Diego Association of Governments, Mid-Coast Corridor Transit Project Series A, Rev., 5.00%, 11/15/2025 | 1,500 | 1,725 | ||||||
San Diego County Regional Airport Authority, Senior Airport | ||||||||
Series B, Rev., AMT, 5.00%, 7/1/2024 | 900 | 977 | ||||||
Series B, Rev., AMT, 5.00%, 7/1/2028 | 1,000 | 1,083 | ||||||
San Diego County Regional Airport Authority, Subordinate Airport | ||||||||
Series B, Rev., AMT, 5.00%, 7/1/2034 | 755 | 918 | ||||||
Series A, Rev., 5.00%, 7/1/2035 | 1,000 | 1,220 | ||||||
San Francisco City and County Airport Commission, San Francisco International Airport | ||||||||
Series 2017D, Rev., AMT, 5.00%, 5/1/2025 | 2,000 | 2,331 | ||||||
Series 2018G, Rev., AMT, 5.00%, 5/1/2027 | 1,200 | 1,483 | ||||||
Series H, Rev., AMT, 5.00%, 5/1/2027 | 1,400 | 1,730 | ||||||
Series 2012A, Rev., AMT, 5.00%, 5/1/2029 | 2,000 | 2,062 | ||||||
Series 2021A, Rev., AMT, 5.00%, 5/1/2031 | 2,500 | 3,331 | ||||||
Series 2019A, Rev., AMT, 5.00%, 5/1/2034 | 2,000 | 2,529 | ||||||
Series 2019A, Rev., AMT, 5.00%, 5/1/2035 | 1,000 | 1,262 |
SEE NOTES TO FINANCIAL STATEMENTS.
22 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Transportation — continued |
| |||||||
San Francisco City and County Airport Commission, San Francisco International Airport, Special Facilities, SFO Fuel Company LLC Series 2019A, Rev., AMT, 5.00%, 1/1/2025 | 1,790 | 2,062 | ||||||
|
| |||||||
59,305 | ||||||||
|
| |||||||
Utility — 5.9% |
| |||||||
City of San Francisco, Public Utilities Commission Water Series D, Rev., 5.00%, 11/1/2034 | 2,710 | 3,391 | ||||||
Los Angeles Department of Water and Power, Power System | ||||||||
Series 2013A, Rev., 5.00%, 7/1/2027 | 2,165 | 2,302 | ||||||
Series C, Rev., 5.00%, 7/1/2027 | 1,500 | 1,703 | ||||||
Series 2020A, Rev., 5.00%, 7/1/2029 | 2,000 | 2,648 | ||||||
Series D, Rev., 5.00%, 7/1/2032 | 2,480 | 3,160 | ||||||
Series 2019A, Rev., 5.00%, 7/1/2036 | 1,825 | 2,330 | ||||||
Series C, Rev., 5.00%, 7/1/2036 | 2,715 | 3,516 | ||||||
Series C, Rev., 5.00%, 7/1/2037 | 2,500 | 3,234 | ||||||
Santa Paula Utility Authority Rev., AGM, 5.00%, 2/1/2028 | 1,620 | 2,014 | ||||||
Southern California Public Power Authority, Apex Power Project Series 2014A, Rev., 5.00%, 7/1/2030 | 1,000 | 1,127 | ||||||
|
| |||||||
25,425 | ||||||||
|
| |||||||
Water & Sewer — 16.9% |
| |||||||
City of Bakersfield, Wastewater Series 2015A, Rev., 5.00%, 9/15/2031 | 2,000 | 2,358 | ||||||
City of Glendale Rev., 3.00%, 2/1/2027 | 1,725 | 1,959 | ||||||
City of Los Angeles, Wastewater System Series B, Rev., 5.00%, 6/1/2033 | 1,500 | 1,756 | ||||||
City of Los Angeles, Wastewater System, Green Bonds | ||||||||
Series A, Rev., 5.00%, 6/1/2028 | 1,825 | 2,140 | ||||||
Series A, Rev., 5.00%, 6/1/2034 | 1,000 | 1,265 | ||||||
Series 2018A, Rev., 5.00%, 6/1/2035 | 1,500 | 1,895 | ||||||
City of Santa Rosa, Wastewater Series B, Rev., AGM-CR, AMBAC, Zero Coupon, 9/1/2023 | 1,500 | 1,490 | ||||||
East Bay Municipal Utility District, Wastewater System Series A-2, Rev., 5.00%, 6/1/2038 | 1,580 | 2,243 | ||||||
East Bay Municipal Utility District, Water System Series 2019A, Rev., 5.00%, 6/1/2038 | 1,595 | 2,067 | ||||||
Eastern Municipal Water District Financing Authority, Water and Wastewater System | ||||||||
Series 2020A, Rev., 5.00%, 7/1/2032 | 1,050 | 1,412 | ||||||
Series 2016B, Rev., 5.00%, 7/1/2033 | 3,000 | 3,608 | ||||||
Series 2020A, Rev., 5.00%, 7/1/2034 | 1,250 | 1,667 | ||||||
Series 2020A, Rev., 5.00%, 7/1/2036 | 1,850 | 2,454 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Water & Sewer — continued |
| |||||||
Los Angeles Department of Water and Power, Water System Series 2020C, Rev., 5.00%, 7/1/2037 | 1,000 | 1,322 | ||||||
Marin Water District Financing Authority, Subordinate Lien Series 2012A, Rev., 5.00%, 7/1/2028 | 1,185 | 1,232 | ||||||
Metropolitan Water District of Southern California, Waterworks | ||||||||
Series 2012F, Rev., 5.00%, 7/1/2028 | 2,000 | 2,081 | ||||||
Series A, Rev., 5.00%, 10/1/2029 | 1,500 | 1,542 | ||||||
Series 2019A, Rev., 5.00%, 7/1/2038 | 2,500 | 3,197 | ||||||
Novato Sanitary District, Wastewater Rev., 5.00%, 2/1/2026 | 1,530 | 1,847 | ||||||
San Diego County Water Authority | ||||||||
Series 2021A, Rev., 5.00%, 5/1/2031 | 1,530 | 2,115 | ||||||
Series 2021B, Rev., 4.00%, 5/1/2033 | 2,000 | 2,544 | ||||||
Series 2021B, Rev., 4.00%, 5/1/2034 | 1,970 | 2,492 | ||||||
Santa Clara Valley Water District, Water System Series 2016A, Rev., 5.00%, 6/1/2030 | 1,600 | 1,902 | ||||||
Silicon Valley Clean Water, Wastewater Series A, Rev., 3.00%, 3/1/2024 | 2,000 | 2,109 | ||||||
Southern California Water Replenishment District | ||||||||
Rev., 5.00%, 8/1/2030 | 1,050 | 1,233 | ||||||
Rev., 5.00%, 8/1/2031 | 1,420 | 1,667 | ||||||
Rev., 5.00%, 8/1/2032 | 2,410 | 2,826 | ||||||
State of California Department of Water Resources, Central Valley Project, Water System | ||||||||
Series 2019BA, Rev., 5.00%, 12/1/2024 | 1,500 | 1,734 | ||||||
Series 2019BA, Rev., 5.00%, 12/1/2026 | 1,500 | 1,860 | ||||||
Series 2019BA, Rev., 5.00%, 12/1/2033 | 1,500 | 1,962 | ||||||
State of California Department of Water Resources, Central Valley Project, Water System, Tax-Exempt | ||||||||
Series BB, Rev., 5.00%, 12/1/2026 | 7,000 | 8,682 | ||||||
Series BB, Rev., 5.00%, 12/1/2028 | 3,000 | 3,931 | ||||||
Western Municipal Water District Facilities Authority, Tax-Exempt Series 2020A, Rev., 5.00%, 10/1/2029 | 325 | 434 | ||||||
|
| |||||||
73,026 | ||||||||
|
| |||||||
Total California | 401,393 | |||||||
|
| |||||||
Total Municipal Bonds | 401,393 | |||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 23 |
Table of Contents
JPMorgan California Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) | ||||||
Short-Term Investments — 6.2% |
| |||||||
Investment Companies — 6.2% |
| |||||||
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 0.02% (c) (d) | 26,723 | 26,737 | ||||||
|
| |||||||
Total Investments — 99.4% | 428,130 | |||||||
Other Assets Less Liabilities — 0.6% | 2,581 | |||||||
|
| |||||||
NET ASSETS — 100.0% | 430,711 | |||||||
|
|
Percentages indicated are based on net assets.
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 | |
COLL | Collateral | |
COP | Certificate of Participation | |
CR | Custodial Receipts | |
GNMA | Government National Mortgage Association | |
GO | General Obligation | |
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) | Security is prerefunded or escrowed to maturity. | |
(c) | 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. | |
(d) | The rate shown is the current yield as of August 31, 2021. | |
‡ | Value determined using significant unobservable inputs. |
SEE NOTES TO FINANCIAL STATEMENTS.
24 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
JPMorgan High Yield Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal BondS — 99.1% (a) |
| |||||||
Alaska — 0.5% |
| |||||||
Alaska Industrial Development and Export Authority, Providence Health & Services Series 2011A, Rev., 5.50%, 10/1/2041 | 325 | 326 | ||||||
Alaska Industrial Development and Export Authority, Tanana Chiefs Conference Project Series 2019A, Rev., 4.00%, 10/1/2036 | 2,000 | 2,309 | ||||||
|
| |||||||
Total Alaska | 2,635 | |||||||
|
| |||||||
Arizona — 5.3% |
| |||||||
Arizona Industrial Development Authority, Academics of Math & Science Projects | ||||||||
Rev., 4.00%, 7/1/2029 (b) | 400 | 444 | ||||||
Rev., 5.00%, 7/1/2039 (b) | 1,000 | 1,183 | ||||||
Arizona Industrial Development Authority, Aliante & Skye Canyon Campus Project Series 2021A, Rev., 4.00%, 12/15/2051 (b) | 350 | 382 | ||||||
Arizona Industrial Development Authority, Cadence Campus Project | ||||||||
Series 2020A, Rev., 4.00%, 7/15/2030 (b) | 500 | 555 | ||||||
Series 2020A, Rev., 4.00%, 7/15/2040 (b) | 800 | 872 | ||||||
Arizona Industrial Development Authority, Doral Academy of Northern Nevada Project | ||||||||
Series 2021A, Rev., 4.00%, 7/15/2041 (b) | 130 | 145 | ||||||
Series 2021A, Rev., 4.00%, 7/15/2051 (b) | 250 | 276 | ||||||
Arizona Industrial Development Authority, Equitable School Revolving Fund Series A, Rev., 5.00%, 11/1/2044 | 750 | 899 | ||||||
Arizona Industrial Development Authority, Fire MESA and Red Rock Campus Projects | ||||||||
Series 2019A, Rev., 3.55%, 7/15/2029 (b) | 1,295 | 1,408 | ||||||
Series 2019A, Rev., 5.00%, 7/15/2039 (b) | 1,325 | 1,525 | ||||||
Series 2019A, Rev., 5.00%, 7/15/2049 (b) | 1,675 | 1,902 | ||||||
Arizona Industrial Development Authority, Great Lakes Senior Living Communities LLC Project | ||||||||
Series 2019A, Rev., 5.00%, 1/1/2029 | 1,500 | 1,572 | ||||||
Series 2019A, Rev., 5.00%, 1/1/2037 | 1,000 | 1,048 | ||||||
Series 2019A, Rev., 5.00%, 1/1/2038 | 1,000 | 1,049 | ||||||
Series 2019A, Rev., 4.25%, 1/1/2039 | 1,000 | 997 | ||||||
Series 2019A, Rev., 4.50%, 1/1/2049 | 2,000 | 2,035 | ||||||
Arizona Industrial Development Authority, Macombs Facility Project Series 2021A, Rev., 4.00%, 7/1/2051 | 1,000 | 1,152 | ||||||
Arizona Industrial Development Authority, Pebble Campus Project Series 2020A, Rev., 5.00%, 7/15/2040 (b) | 415 | 477 | ||||||
Arizona Industrial Development Authority, Pinecrest Academy, Canyon Campus Project Rev., 5.00%, 7/15/2040 (b) | 2,515 | 2,932 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Arizona — continued |
| |||||||
Arizona Industrial Development Authority, Pinecrest Academy, Horizon, Inspirada and St. Rose Campus Projects | ||||||||
Series 2018A, Rev., 5.00%, 7/15/2028 (b) | 970 | 1,103 | ||||||
Series 2018A, Rev., 5.75%, 7/15/2038 (b) | 1,000 | 1,175 | ||||||
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 | 478 | ||||||
Series 2018A, Rev., 5.00%, 7/1/2038 | 300 | 323 | ||||||
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 | 424 | ||||||
Series 2018A, Rev., 5.00%, 7/1/2033 | 150 | 182 | ||||||
Series 2018A, Rev., 5.00%, 7/1/2037 | 200 | 241 | ||||||
La Paz County Industrial Development Authority, Charter School Solutions-Harmony Public Schools Project | ||||||||
Series 2018A, Rev., 5.00%, 2/15/2028 | 200 | 230 | ||||||
Series 2018A, Rev., 5.00%, 2/15/2038 | 405 | 478 | ||||||
Maricopa County Industrial Development Authority, Arizona Autism Charter School Project | ||||||||
Series 2020A, Rev., 4.00%, 7/1/2030 (b) | 320 | 357 | ||||||
Series 2020A, Rev., 5.00%, 7/1/2040 (b) | 620 | 725 | ||||||
Series 2020A, Rev., 5.00%, 7/1/2050 (b) | 780 | 899 | ||||||
Maricopa County Industrial Development Authority, Ottawa University | ||||||||
Rev., 5.00%, 10/1/2026 (b) | 150 | 161 | ||||||
Rev., 5.13%, 10/1/2030 (b) | 210 | 239 | ||||||
|
| |||||||
Total Arizona | 27,921 | |||||||
|
| |||||||
California — 5.1% |
| |||||||
California Community College Financing Authority, Orange Coast Properties LLC — Orange Coast College Project | ||||||||
Rev., 5.00%, 5/1/2037 | 750 | 883 | ||||||
Rev., 5.00%, 5/1/2038 | 400 | 470 | ||||||
California Community Housing Agency, Glendale Properties | ||||||||
Series 2021A-2, Rev., 4.00%, 8/1/2046 (b) | 500 | 553 | ||||||
Series 2021A-2, Rev., 4.00%, 8/1/2047 (b) | 1,500 | 1,634 | ||||||
California Health Facilities Financing Authority, Children’s Hospital Series 2017A, Rev., 5.00%, 8/15/2047 | 500 | 596 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 25 |
Table of Contents
JPMorgan High Yield Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
California — continued |
| |||||||
California Municipal Finance Authority, Community Health Centers of The Central Coast, Inc. | ||||||||
Series 2021A, Rev., 5.00%, 12/1/2036 (b) | 175 | 205 | ||||||
Series 2021A, Rev., 5.00%, 12/1/2046 (b) | 1,000 | 1,151 | ||||||
California Municipal Finance Authority, Eisenhower Medical Center Series 2017B, Rev., 5.00%, 7/1/2047 | 200 | 239 | ||||||
California Municipal Finance Authority, John Adams Academies Lincoln Project | ||||||||
Series 2019A, Rev., 4.00%, 10/1/2029 (b) | 410 | 443 | ||||||
Series 2019A, Rev., 5.00%, 10/1/2039 (b) | 900 | 995 | ||||||
California Municipal Finance Authority, Linxs Apartments Project, Senior Lien | ||||||||
Series 2018A, Rev., AMT, AGM, 3.25%, 12/31/2032 | 245 | 269 | ||||||
Series 2018A, Rev., AMT, AGM, 3.50%, 12/31/2035 | 240 | 265 | ||||||
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, Enso Village Project | ||||||||
Series 2021A, Rev., 5.00%, 11/15/2046 (b) | 200 | 233 | ||||||
Series 2021A, Rev., 5.00%, 11/15/2051 (b) | 500 | 581 | ||||||
Series 2021A, Rev., 5.00%, 11/15/2056 (b) | 500 | 578 | ||||||
California Public Finance Authority, Henry Mayo Newhall Hospital | ||||||||
Rev., 5.00%, 10/15/2029 | 200 | 240 | ||||||
Rev., 4.00%, 10/15/2031 (c) | 340 | 412 | ||||||
California Public Finance Authority, Laverne Elementary Preparatory Academy | ||||||||
Series 2019A, Rev., 4.25%, 6/15/2029 (b) | 765 | 788 | ||||||
Series 2019A, Rev., 5.00%, 6/15/2039 (b) | 785 | 812 | ||||||
California School Facilities Financing Authority, Capital Appreciation, Azusa Unified School District Series 2018A, Rev., AGM, Zero Coupon, 8/1/2030 | 200 | 175 | ||||||
California School Finance Authority, Kipp Projects School Facility Series 2015A, Rev., 5.00%, 7/1/2035 (b) | 100 | 114 | ||||||
California Statewide Communities Development Authority, Front Porch Communities & Services Series 2021A, Rev., 4.00%, 4/1/2041 | 1,000 | 1,189 | ||||||
CMFA Special Finance Agency VIII, Elan Huntington Beach Series 2021A-2, Rev., 4.00%, 8/1/2047 (b) | 1,000 | 1,073 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
California — continued |
| |||||||
CSCDA Community Improvement Authority | ||||||||
Series 2021A-1, Rev., 2.65%, 12/1/2046 (b) | 1,500 | 1,523 | ||||||
Series 2021B, Rev., 4.00%, 2/1/2057 (b) | 1,500 | 1,611 | ||||||
CSCDA Community Improvement Authority, Essential Housing, Jefferson-Anaheim | ||||||||
Series 2021A-1, Rev., 2.88%, 8/1/2041 (b) | 2,000 | 2,065 | ||||||
Rev., 3.13%, 8/1/2056 (b) | 2,400 | 2,442 | ||||||
CSCDA Community Improvement Authority, Essential Housing, Parallel-Anaheim Rev., 4.00%, 8/1/2056 (b) | 1,500 | 1,655 | ||||||
CSCDA Community Improvement Authority, Oceanaire-Long Beach Series 2021A-2, Rev., 4.00%, 9/1/2056 (b) | 2,115 | 2,329 | ||||||
Eastern Municipal Water District Financing Authority, Water and Wastewater System Series 2020A, Rev., 5.00%, 7/1/2037 | 80 | 106 | ||||||
Palomar Health Rev., 5.00%, 11/1/2039 | 500 | 585 | ||||||
Pomona Unified School District Series C, GO, 6.00%, 8/1/2029 (d) | 160 | 223 | ||||||
San Mateo Union High School District, Election of 2006 Series A, GO, Zero Coupon, 9/1/2022 | 100 | 73 | ||||||
Sunnyvale School District, Election of 2013 Series C, GO, 5.50%, 9/1/2034 | 175 | 259 | ||||||
|
| |||||||
Total California | 27,047 | |||||||
|
| |||||||
Colorado — 11.1% |
| |||||||
Aviation Station North Metropolitan District No. 2, Limited Tax Series A, GO, 5.00%, 12/1/2039 | 750 | 813 | ||||||
Bradburn Metropolitan District No. 2, Limited Tax | ||||||||
Series 2018A, GO, 5.00%, 12/1/2038 | 500 | 578 | ||||||
Series 2018B, GO, 7.25%, 12/15/2047 | 500 | 559 | ||||||
Broadway Park North Metropolitan District No. 2, Limited Tax | ||||||||
GO, 5.00%, 12/1/2040 (b) | 550 | 611 | ||||||
GO, 5.00%, 12/1/2049 (b) | 650 | 717 | ||||||
Canyon Pines Metropolitan District Special Improvement District No. 1 Series 2021A-2, 3.75%, 12/1/2040 | 1,325 | 1,282 | ||||||
Clear Creek Transit Metropolitan District No. 2, Limited Tax Series 2021A, GO, 5.00%, 12/1/2050 | 500 | 549 | ||||||
Colorado Crossing Metropolitan District No. 2, Limited Tax | ||||||||
Series 2020A-2, GO, 4.00%, 12/1/2030 | 1,065 | 1,127 | ||||||
Series 2020A-1, GO, 5.00%, 12/1/2047 | 2,000 | 2,170 | ||||||
Series 2020A-2, GO, 5.00%, 12/1/2050 | 2,000 | 2,163 | ||||||
Colorado Educational and Cultural Facilities Authority, Aspen View Academy Project Rev., 4.00%, 5/1/2051 | 175 | 194 |
SEE NOTES TO FINANCIAL STATEMENTS.
26 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Colorado — continued |
| |||||||
Colorado Educational and Cultural Facilities Authority, Global Village Academy Northglenn Project | ||||||||
Rev., 5.00%, 12/1/2040 (b) | 555 | 619 | ||||||
Rev., 5.00%, 12/1/2050 (b) | 735 | 805 | ||||||
Colorado Educational and Cultural Facilities Authority, Stargate Charter School Project | ||||||||
Series 2018A, Rev., 5.00%, 12/1/2032 | 500 | 622 | ||||||
Series 2018A, Rev., 5.00%, 12/1/2033 | 500 | 620 | ||||||
Series 2018A, Rev., 4.00%, 12/1/2048 | 500 | 566 | ||||||
Colorado Educational and Cultural Facilities Authority, Vega Collegiate Academy Project Rev., 5.00%, 2/1/2051 (b) | 750 | 834 | ||||||
Colorado Health Facilities Authority, Frasier Meadows Retirement Community Project | ||||||||
Series 2017A, Rev., 5.00%, 5/15/2022 | 280 | 287 | ||||||
Series A, Rev., 5.25%, 5/15/2028 | 1,000 | 1,185 | ||||||
Colorado Health Facilities Authority, Parkview Medical Center, Inc., Project Series 2020A, Rev., 4.00%, 9/1/2050 | 675 | 783 | ||||||
Copper Ridge Metropolitan District, Tax Increment and Sales Tax | ||||||||
Rev., 4.00%, 12/1/2029 | 1,000 | 1,050 | ||||||
Rev., 5.00%, 12/1/2039 | 1,000 | 1,079 | ||||||
Copperleaf Metropolitan District No. 4, Limited Tax | ||||||||
Series 2020A, GO, 5.00%, 12/1/2039 | 775 | 850 | ||||||
Series 2020A, GO, 5.00%, 12/1/2049 | 1,000 | 1,088 | ||||||
Cottonwood Highlands Metropolitan District No. 1, Limited Tax Series 2019A, GO, 5.00%, 12/1/2049 | 900 | 969 | ||||||
Cross Creek Metropolitan District No. 2, Unlimited Tax GO, AGM, 4.00%, 12/1/2045 | 1,000 | 1,146 | ||||||
Denver Health and Hospital Authority Series 2019A, Rev., 4.00%, 12/1/2037 | 1,250 | 1,459 | ||||||
DIATC Metropolitan District, Limited Tax and Improvement | ||||||||
GO, 3.25%, 12/1/2029 (b) | 590 | 623 | ||||||
GO, 5.00%, 12/1/2039 (b) | 1,240 | 1,349 | ||||||
Jefferson Center Metropolitan District No. 1 Series 2020A-2, Rev., 4.13%, 12/1/2040 | 285 | 304 | ||||||
Lanterns Metropolitan District No. 1 Series A, GO, 5.00%, 12/1/2039 | 1,375 | 1,496 | ||||||
Mirabelle Metropolitan District No. 2 | ||||||||
Series 2020A, GO, 5.00%, 12/1/2039 | 700 | 765 | ||||||
Series 2020A, GO, 5.00%, 12/1/2049 | �� | 1,250 | 1,355 | |||||
Painted Prairie Metropolitan District No. 2, Limited Tax GO, 5.25%, 12/1/2048 | 2,000 | 2,108 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Colorado — continued |
| |||||||
Painted Prairie Public Improvement Authority | ||||||||
Rev., 4.00%, 12/1/2029 | 1,000 | 1,086 | ||||||
Rev., 5.00%, 12/1/2039 | 2,500 | 2,749 | ||||||
Peak Metropolitan District No. 1 Series A, GO, 5.00%, 12/1/2051 (b) | 600 | 660 | ||||||
Public Authority for Colorado Energy, Natural Gas Purchase Rev., 6.13%, 11/15/2023 | 70 | 75 | ||||||
Raindance Metropolitan District No. 1, Non-Potable Water System Rev., 5.00%, 12/1/2040 | 750 | 824 | ||||||
Regional Transportation District, Denver Transit Partners Rev., 4.00%, 7/15/2036 | 190 | 228 | ||||||
Reunion Metropolitan District Series 2021A, Rev., 3.63%, 12/1/2044 | 500 | 500 | ||||||
Rocky Mountain Rail Park Metropolitan District, Limited Tax Series 2021A, GO, 5.00%, 12/1/2041 (b) | 1,250 | 1,355 | ||||||
South Suburban Park and Recreation District | ||||||||
COP, 4.00%, 12/15/2036 | 1,350 | 1,539 | ||||||
COP, 4.00%, 12/15/2037 | 500 | 568 | ||||||
STC Metropolitan District No. 2, Limited Tax Improvement | ||||||||
Series 2019A, GO, 3.00%, 12/1/2025 | 555 | 583 | ||||||
Series 2019A, GO, 4.00%, 12/1/2029 | 1,000 | 1,087 | ||||||
Series 2019A, GO, 5.00%, 12/1/2038 | 1,700 | 1,866 | ||||||
Sterling Ranch Community Authority Board, Limited Tax Supported District No. 2 | ||||||||
Series 2020A, Rev., 3.38%, 12/1/2030 | 500 | 551 | ||||||
Series 2020A, Rev., 3.75%, 12/1/2040 | 500 | 550 | ||||||
Thompson Crossing Metropolitan District No. 4 | ||||||||
GO, 5.00%, 12/1/2039 | 1,400 | 1,531 | ||||||
GO, 5.00%, 12/1/2049 | 1,500 | 1,621 | ||||||
Trails at Crowfoot Metropolitan District No. 3, Limited Tax | ||||||||
Series A, GO, 4.38%, 12/1/2030 | 620 | 667 | ||||||
Series A, GO, 5.00%, 12/1/2039 | 1,000 | 1,084 | ||||||
Transport Metropolitan District No. 3, Limited Tax | ||||||||
Series 2021A-1, GO, 4.13%, 12/1/2031 | 500 | 556 | ||||||
Series 2021A-1, GO, 5.00%, 12/1/2041 | 1,000 | 1,129 | ||||||
Series 2021A-1, GO, 5.00%, 12/1/2051 | 1,960 | 2,189 | ||||||
Verve Metropolitan District No. 1 | ||||||||
GO, 5.00%, 12/1/2036 | 525 | 586 | ||||||
GO, 5.00%, 12/1/2041 | 1,125 | 1,248 | ||||||
Westerly Metropolitan District No. 4, Limited Tax Series 2021A, GO, 5.00%, 12/1/2040 | 700 | 778 | ||||||
Willow Bend Metropolitan District, Limited Tax Series A, GO, 5.00%, 12/1/2039 | 600 | 652 | ||||||
|
| |||||||
Total Colorado | 58,987 | |||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 27 |
Table of Contents
JPMorgan High Yield Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Connecticut — 0.5% |
| |||||||
Connecticut State Health and Educational Facilities Authority, Mary Wade Home Series A-1, Rev., 5.00%, 10/1/2029 (b) | 400 | 450 | ||||||
Connecticut State Health and Educational Facilities Authority, McLean | ||||||||
Series 2020A, Rev., 5.00%, 1/1/2030 (b) | 250 | 288 | ||||||
Series 2020A, Rev., 5.00%, 1/1/2045 (b) | 500 | 562 | ||||||
Connecticut State Health and Educational Facilities Authority, The Griffin Hospital Series G-1, Rev., 5.00%, 7/1/2034 (b) | 225 | 277 | ||||||
State of Connecticut Series A, GO, 5.00%, 4/15/2037 | 1,000 | 1,248 | ||||||
|
| |||||||
Total Connecticut | 2,825 | |||||||
|
| |||||||
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 | 810 | ||||||
|
| |||||||
District of Columbia — 1.2% |
| |||||||
District of Columbia, Gallaudet University Project Rev., 5.00%, 4/1/2051 | 1,500 | 1,904 | ||||||
District of Columbia, International School Rev., 5.00%, 7/1/2039 | 650 | 794 | ||||||
District of Columbia, Kipp DC Project | ||||||||
Series 2017B, Rev., 5.00%, 7/1/2037 | 500 | 597 | ||||||
Rev., 4.00%, 7/1/2039 | 200 | 229 | ||||||
District of Columbia, Latin American Montessori Bilingual Public Charter School | ||||||||
Rev., 4.00%, 6/1/2030 | 1,000 | 1,138 | ||||||
Rev., 5.00%, 6/1/2040 | 1,000 | 1,204 | ||||||
District of Columbia, Rocketship Obligated Group Series 2020A, Rev., 5.00%, 6/1/2051 (b) | 400 | 471 | ||||||
|
| |||||||
Total District of Columbia | 6,337 | |||||||
|
| |||||||
Florida — 8.9% |
| |||||||
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 | 1,971 | ||||||
Capital Trust Agency, Inc., Franklin Academy Project | ||||||||
Rev., 4.00%, 12/15/2025 (b) | 300 | 329 | ||||||
Rev., 5.00%, 12/15/2026 (b) | 300 | 345 | ||||||
Rev., 5.00%, 12/15/2027 (b) | 330 | 378 | ||||||
Rev., 5.00%, 12/15/2028 (b) | 345 | 393 | ||||||
Rev., 5.00%, 12/15/2029 (b) | 365 | 413 | ||||||
Rev., 5.00%, 12/15/2030 (b) | 510 | 573 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Florida — continued |
| |||||||
Capital Trust Agency, Inc., Imagine School at Land O’Lakes Project | ||||||||
Series 2020A, Rev., 3.00%, 12/15/2029 (b) | 420 | 441 | ||||||
Series 2020A, Rev., 5.00%, 12/15/2039 (b) | 640 | 771 | ||||||
Capital Trust Agency, Inc., Liza Jackson Preparatory School, Inc., Project | ||||||||
Series 2020A, Rev., 4.00%, 8/1/2030 | 200 | 227 | ||||||
Series 2020A, Rev., 5.00%, 8/1/2040 | 300 | 367 | ||||||
Charlotte County, Utility System Series 2011, Rev., AGM, 5.25%, 10/1/2021 (d) | 200 | 201 | ||||||
City of Lakeland, Education Facilities, Florida Southern College Project Series 2012A, Rev., 5.00%, 9/1/2025 | 500 | 523 | ||||||
City of Tampa, H. Lee Moffitt Cancer Center Project | ||||||||
Series 2020B, Rev., 4.00%, 7/1/2038 | 190 | 224 | ||||||
Series 2020B, Rev., 4.00%, 7/1/2039 | 250 | 294 | ||||||
Series 2020B, Rev., 5.00%, 7/1/2040 | 390 | 495 | ||||||
Series 2020B, Rev., 4.00%, 7/1/2045 | 750 | 870 | ||||||
Series 2020B, Rev., 5.00%, 7/1/2050 | 1,785 | 2,226 | ||||||
County of Broward, Airport System Series 2019A, Rev., AMT, 4.00%, 10/1/2044 | 2,475 | 2,870 | ||||||
County of Lake, Imagine South Lake Charter School Project | ||||||||
Series A, Rev., 5.00%, 1/15/2029 (b) | 500 | 550 | ||||||
Series A, Rev., 5.00%, 1/15/2039 (b) | 550 | 618 | ||||||
Series A, Rev., 5.00%, 1/15/2049 (b) | 825 | 911 | ||||||
County of Palm Beach, Palm Beach Atlantic University | ||||||||
Rev., 5.00%, 4/1/2029 (b) | 400 | 460 | ||||||
Rev., 5.00%, 4/1/2039 (b) | 900 | 1,047 | ||||||
County of Palm Beach, Tuscan Gardens of Delray Beach Project | ||||||||
Series 2018-A, Rev., 4.25%, 4/1/2022 (c) | 1,000 | 920 | ||||||
Series 2018C, Rev., 6.25%, 4/2/2022 (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 | 257 | ||||||
Series 2020C, Rev., 5.00%, 9/15/2040 (b) | 525 | 593 | ||||||
Florida Development Finance Corp., Educational Facilities, River City Science Academy Projects Rev., 4.00%, 7/1/2045 | 600 | 647 | ||||||
Florida Development Finance Corp., Educational Facilities, UCP Charter Schools Project | ||||||||
Series 2020A, Rev., 4.00%, 6/1/2030 | 500 | 537 | ||||||
Series 2020A, Rev., 5.00%, 6/1/2040 | 830 | 915 |
SEE NOTES TO FINANCIAL STATEMENTS.
28 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Florida — continued |
| |||||||
Florida Development Finance Corp., Imagine School at Broward Project | ||||||||
Series A, Rev., 4.00%, 12/15/2029 (b) | 260 | 291 | ||||||
Series A, Rev., 5.00%, 12/15/2034 (b) | 525 | 624 | ||||||
Series A, Rev., 5.00%, 12/15/2039 (b) | 305 | 360 | ||||||
Florida Development Finance Corp., Mater Academy Project Series 2020A, Rev., 5.00%, 6/15/2040 (b) | 590 | �� | 688 | |||||
Florida Development Finance Corp., Pepin Academics of Pasco County, Inc., Project Series 2020A, Rev., 5.00%, 1/1/2040 (b) | 2,430 | 2,665 | ||||||
Florida Higher Educational Facilities Financial Authority, Ringling College Project | ||||||||
Rev., 5.00%, 3/1/2034 | 385 | 469 | ||||||
Rev., 5.00%, 3/1/2035 | 1,165 | 1,415 | ||||||
Rev., 5.00%, 3/1/2036 | 1,230 | 1,488 | ||||||
Rev., 5.00%, 3/1/2037 | 1,130 | 1,363 | ||||||
Rev., 5.00%, 3/1/2044 | 2,000 | 2,377 | ||||||
Florida Higher Educational Facilities Financial Authority, St. Leo University Project Rev., 5.00%, 3/1/2039 | 750 | 875 | ||||||
JEA Electric System Series B, Rev., 5.00%, 10/1/2021 | 25 | 25 | ||||||
Miami Beach Health Facilities Authority, Mount Sinai Medical Center Rev., 5.00%, 11/15/2029 | 545 | 615 | ||||||
Palm Beach County Health Facilities Authority, Acts Retirement Life Communities, Inc., Obligated Group Series 2020B, Rev., 4.00%, 11/15/2041 | 250 | 291 | ||||||
Palm Beach County Health Facilities Authority, Toby and Leon Cooperman Sinai Residences of Boca Raton Expansion Rev., 3.00%, 6/1/2027 | 1,255 | 1,315 | ||||||
Pinellas County Educational Facilities Authority, Pinellas Academy of Math and Science Project Series 2018A, Rev., 4.13%, 12/15/2028 (b) | 985 | 1,083 | ||||||
Pinellas County Industrial Development Authority, Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc., Project Rev., 5.00%, 7/1/2029 | 525 | 610 | ||||||
Sarasota County Health Facilities Authority, Sunnyside Village Project Rev., 5.00%, 5/15/2038 | 1,050 | 1,199 | ||||||
Seminole County Industrial Development Authority, Galileo Schools for Gifted Learning Series 2021A, Rev., 4.00%, 6/15/2051 (b) | 830 | 931 | ||||||
Seminole County Industrial Development Authority, Legacy Pointe at UCF Project | ||||||||
Series 2019B-2, Rev., 3.75%, 11/15/2025 | 2,000 | 2,019 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Florida — continued |
| |||||||
Series 2019A, Rev., 5.00%, 11/15/2029 | 1,000 | 1,120 | ||||||
Series 2019A, Rev., 5.25%, 11/15/2039 | 2,000 | 2,227 | ||||||
Tampa Bay Water, Regional Water Supply Authority, Utility System Series A, Rev., NATL-RE, 6.00%, 10/1/2029 | 500 | 694 | ||||||
|
| |||||||
Total Florida | 47,270 | |||||||
|
| |||||||
Georgia — 1.0% |
| |||||||
City of Atlanta, Department of Aviation Series 2012C, Rev., 5.00%, 1/1/2042 | 500 | 508 | ||||||
Cobb County, Kennestone Hospital Authority, Wellstar Health System, Inc., Project Series 2020A, Rev., 5.00%, 4/1/2050 | 230 | 288 | ||||||
Downtown Smyrna Development Authority Rev., 5.25%, 2/1/2028 | 220 | 257 | ||||||
George L Smith II Congress Center Authority, Convention Center Hotel First Series 2021A, Rev., 4.00%, 1/1/2054 | 500 | 569 | ||||||
George L Smith II Congress Center Authority, Convention Center Hotel Second | ||||||||
Series 2021B, Rev., 5.00%, 1/1/2036 (b) | 500 | 607 | ||||||
Series 2021B, Rev., 5.00%, 1/1/2054 (b) | 855 | 1,009 | ||||||
Glynn-Brunswick Memorial Hospital Authority, Southeast Georgia Health System Project Rev., 4.00%, 8/1/2036 | 375 | 446 | ||||||
Private Colleges and Universities Authority, Mercer University Project Rev., 4.00%, 10/1/2050 | 1,350 | 1,584 | ||||||
|
| |||||||
Total Georgia | 5,268 | |||||||
|
| |||||||
Idaho ��� 0.0% (e) |
| |||||||
Idaho Housing and Finance Association, Compass Public Charter School, Inc., Project Series A, Rev., 4.63%, 7/1/2029 (b) | 180 | 205 | ||||||
|
| |||||||
Illinois — 2.8% |
| |||||||
Chicago O’Hare International Airport, Transportation Infrastructure Properties LLC (TRIPS) Obligated Group Rev., AMT, 5.00%, 7/1/2038 | 500 | 599 | ||||||
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 | 1,309 | ||||||
Illinois Finance Authority, Social Bonds-Learn Chapter School Project Rev., 4.00%, 11/1/2051 | 500 | 576 | ||||||
Illinois Finance Authority, University of Illinois, Urbana-Champaign Project | ||||||||
Series 2019A, Rev., 5.00%, 10/1/2036 | 300 | 381 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 29 |
Table of Contents
JPMorgan High Yield Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Illinois — continued |
| |||||||
Series 2019A, Rev., 5.00%, 10/1/2037 | 400 | 507 | ||||||
Series 2019A, Rev., 5.00%, 10/1/2038 | 400 | 505 | ||||||
Series 2019A, Rev., 5.00%, 10/1/2039 | 350 | 441 | ||||||
Series 2019A, Rev., 5.00%, 10/1/2044 | 1,000 | 1,235 | ||||||
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project Series 2012B, Rev., 5.00%, 12/15/2028 | 1,610 | 1,669 | ||||||
Metropolitan Water Reclamation District of Greater Chicago Series C, GO, 5.25%, 12/1/2027 | 50 | 63 | ||||||
Northern Illinois University, Auxiliary Facilities System | ||||||||
Series 2020B, Rev., 4.00%, 4/1/2039 | 650 | 757 | ||||||
Series 2020B, Rev., 4.00%, 4/1/2041 | 1,450 | 1,683 | ||||||
Northern Illinois University, Board of Trustees, Auxiliary Facilities System Rev., 4.00%, 10/1/2043 | 325 | 380 | ||||||
Regional Transportation Authority Series A, Rev., NATL-RE, 6.00%, 7/1/2024 | 250 | 290 | ||||||
Southern Illinois University | ||||||||
Series 2021A, Rev., 4.00%, 4/1/2038 | 250 | 296 | ||||||
Series 2021A, Rev., 4.00%, 4/1/2039 | 250 | 294 | ||||||
Series 2021A, Rev., 4.00%, 4/1/2040 | 270 | 317 | ||||||
State of Illinois | ||||||||
GO, 5.13%, 5/1/2022 | 250 | 258 | ||||||
GO, 5.38%, 5/1/2023 | 250 | 271 | ||||||
GO, 4.13%, 3/1/2028 | 170 | 173 | ||||||
Upper Illinois River Valley Development Authority, Morris Hospital | ||||||||
Rev., 5.00%, 12/1/2028 | 1,050 | 1,246 | ||||||
Rev., 5.00%, 12/1/2029 | 875 | 1,035 | ||||||
Rev., 5.00%, 12/1/2033 | 250 | 291 | ||||||
Rev., 5.00%, 12/1/2034 | 20 | 23 | ||||||
|
| |||||||
Total Illinois | 14,785 | |||||||
|
| |||||||
Indiana — 2.4% |
| |||||||
City of Franklin, Otterbeit Homes | ||||||||
Series B, Rev., 4.00%, 7/1/2036 | 870 | 1,020 | ||||||
Series B, Rev., 4.00%, 7/1/2037 | 905 | 1,059 | ||||||
Series B, Rev., 4.00%, 7/1/2038 | 940 | 1,100 | ||||||
Series B, Rev., 4.00%, 7/1/2039 | 750 | 873 | ||||||
Series B, Rev., 4.00%, 7/1/2040 | 500 | 580 | ||||||
City of Goshen, Multi-Family, Green Oaks of Goshen Project Series 2021A, Rev., 5.00%, 8/1/2041 (b) | 1,000 | 995 | ||||||
Indiana Finance Authority, Educational Facilities, Kipp Indianapolis, Inc., Project | ||||||||
Series 2020A, Rev., 4.00%, 7/1/2030 | 105 | 117 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Indiana — continued |
| |||||||
Series 2020A, Rev., 5.00%, 7/1/2040 | 170 | 195 | ||||||
Series 2020A, Rev., 5.00%, 7/1/2055 | 455 | 516 | ||||||
Indiana Finance Authority, First Lien Wastewater, CWA Authority Project Series 2101A, Rev., 5.25%, 10/1/2021 | 250 | 251 | ||||||
Indiana Finance Authority, Goshen Health | ||||||||
Series A, Rev., 5.00%, 11/1/2035 | 665 | 808 | ||||||
Series A, Rev., 4.00%, 11/1/2036 | 235 | 267 | ||||||
Series A, Rev., 4.00%, 11/1/2037 | 330 | 374 | ||||||
Series A, Rev., 4.00%, 11/1/2038 | 340 | 385 | ||||||
Series A, Rev., 4.00%, 11/1/2039 | 360 | 407 | ||||||
Indiana Finance Authority, Marian University Project Series A, Rev., 4.00%, 9/15/2044 | 1,090 | 1,211 | ||||||
Indiana Finance Authority, Marquette Project Series A, Rev., 5.00%, 3/1/2030 | 1,000 | 1,120 | ||||||
Indiana Housing and Community Development Authority, Vita of Marion Project Series 2021A, Rev., 5.25%, 4/1/2041 (b) | 1,250 | 1,338 | ||||||
|
| |||||||
Total Indiana | 12,616 | |||||||
|
| |||||||
Iowa — 0.5% |
| |||||||
Iowa Finance Authority, Northcrest Inc., Project | ||||||||
Series 2018A, Rev., 5.00%, 3/1/2028 | 795 | 879 | ||||||
Series 2018A, Rev., 5.00%, 3/1/2038 | 250 | 273 | ||||||
Iowa Finance Authority, PHS Council Bluffs, Inc., Project | ||||||||
Rev., 3.95%, 8/1/2023 | 100 | 102 | ||||||
Rev., 4.45%, 8/1/2028 | 250 | 262 | ||||||
Rev., 5.00%, 8/1/2033 | 485 | 509 | ||||||
Rev., 5.00%, 8/1/2038 | 370 | 388 | ||||||
|
| |||||||
Total Iowa | 2,413 | |||||||
|
| |||||||
Kansas — 0.5% |
| |||||||
City of Lenexa, Kansas Health Care Facility, Lakeview Village, Inc. | ||||||||
Series A, Rev., 5.00%, 5/15/2032 | 500 | 569 | ||||||
Series A, Rev., 5.00%, 5/15/2039 | 850 | 958 | ||||||
City of Wichita, Health Care Facilities, Presbyterian Manors, Inc. | ||||||||
Series 2018 I, Rev., 5.00%, 5/15/2033 | 500 | 549 | ||||||
Series I, Rev., 5.00%, 5/15/2038 | 500 | 545 | ||||||
|
| |||||||
Total Kansas | 2,621 | |||||||
|
| |||||||
Kentucky — 0.3% |
| |||||||
City of Ashland, Kings Daughters Medical Center | ||||||||
Series 2016A, Rev., 4.00%, 2/1/2036 | 1,000 | 1,101 | ||||||
Series 2016A, Rev., 5.00%, 2/1/2040 | 500 | 572 | ||||||
|
| |||||||
Total Kentucky | 1,673 | |||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
30 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Louisiana — 1.3% |
| |||||||
Louisiana Public Facilities Authority, Lincoln Preparatory School Project Series 2021A, Rev., 5.25%, 6/1/2051 (b) | 1,145 | 1,266 | ||||||
Louisiana Public Facilities Authority, Mentorship Steam Academy Project | ||||||||
Series 2021A, Rev., 5.00%, 6/1/2051 (b) | 700 | 751 | ||||||
Series 2021A, Rev., 5.00%, 6/1/2056 (b) | 740 | 787 | ||||||
Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project Rev., 5.00%, 5/15/2042 | 500 | 596 | ||||||
Louisiana Public Facilities Authority, Young Audiences Charter School Project | ||||||||
Series A, Rev., 5.00%, 4/1/2030 (b) | 525 | 572 | ||||||
Series A, Rev., 5.00%, 4/1/2039 (b) | 1,425 | 1,505 | ||||||
Series A, Rev., 5.00%, 4/1/2049 (b) | 1,135 | 1,184 | ||||||
New Orleans Aviation Board, General Airport, North Terminal Project Series B, Rev., AMT, 5.00%, 1/1/2048 | 250 | 297 | ||||||
|
| |||||||
Total Louisiana | 6,958 | |||||||
|
| |||||||
Maine — 0.0% (e) |
| |||||||
Maine Health and Higher Educational Facilities Authority, Central Maine Medical Center Series A, Rev., 5.00%, 7/1/2023 (d) | 25 | 27 | ||||||
|
| |||||||
Maryland — 1.3% |
| |||||||
County of Frederick, Educational Facilities, Mount St. Mary’s University Series A, Rev., 5.00%, 9/1/2037 (b) | 1,500 | 1,697 | ||||||
Maryland Economic Development Corp., Bowie State University Project | ||||||||
Rev., 4.00%, 7/1/2040 | 300 | 347 | ||||||
Rev., 4.00%, 7/1/2050 | 1,500 | 1,705 | ||||||
Maryland Economic Development Corp., Port Covington Project | ||||||||
Rev., 4.00%, 9/1/2040 | 875 | 1,010 | ||||||
Rev., 4.00%, 9/1/2050 | 555 | 630 | ||||||
Maryland Health and Higher Educational Facilities Authority, Frederick Health System Issue | ||||||||
Rev., 3.25%, 7/1/2039 | 175 | 193 | ||||||
Rev., 4.00%, 7/1/2040 | 215 | 254 | ||||||
Maryland Health and Higher Educational Facilities Authority, Stevenson University Project | ||||||||
Rev., 4.00%, 6/1/2046 | 250 | 290 | ||||||
Rev., 4.00%, 6/1/2051 | 500 | 578 | ||||||
|
| |||||||
Total Maryland | 6,704 | |||||||
|
|
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Massachusetts — 2.0% |
| |||||||
Massachusetts Bay Transportation Authority, Sales Tax Series B, Rev., NATL-RE, 5.50%, 7/1/2028 | 300 | 395 | ||||||
Massachusetts Development Finance Agency, Emerson College | ||||||||
Rev., 5.00%, 1/1/2037 | 500 | 603 | ||||||
Rev., 5.00%, 1/1/2038 | 405 | 486 | ||||||
Rev., 5.00%, 1/1/2043 | 500 | 595 | ||||||
Massachusetts Development Finance Agency, Emmanuel College Series 2016A, Rev., 5.00%, 10/1/2043 | 500 | 585 | ||||||
Massachusetts Development Finance Agency, Newbridge On the Charles, Inc. Rev., 4.13%, 10/1/2042 (b) | 2,000 | 2,157 | ||||||
Massachusetts Development Finance Agency, Orchid Cove, Inc. | ||||||||
Rev., 4.00%, 10/1/2029 | 925 | 1,034 | ||||||
Rev., 4.00%, 10/1/2039 | 500 | 551 | ||||||
Rev., 5.00%, 10/1/2039 | 250 | 283 | ||||||
Massachusetts Development Finance Agency, Suffolk University Issue | ||||||||
Rev., 5.00%, 7/1/2036 | 450 | 559 | ||||||
Rev., 5.00%, 7/1/2037 | 605 | 750 | ||||||
Massachusetts Development Finance Agency, Wellforce Issue Series 2020C, Rev., AGM, 3.00%, 10/1/2045 | 1,280 | 1,369 | ||||||
Massachusetts Port Authority Series A, Rev., 5.00%, 7/1/2044 | 500 | 563 | ||||||
Massachusetts State College Building Authority Series B, Rev., AGC, 5.50%, 5/1/2028 | 350 | 428 | ||||||
Massachusetts Water Resources Authority Series B, Rev., AGM, 5.25%, 8/1/2032 | 100 | 144 | ||||||
|
| |||||||
Total Massachusetts | 10,502 | |||||||
|
| |||||||
Michigan — 3.8% |
| |||||||
City of Detroit, Social Bonds, Unlimited Tax | ||||||||
Series 2021A, GO, 5.00%, 4/1/2031 | 210 | 267 | ||||||
Series 2021A, GO, 4.00%, 4/1/2041 | 500 | 565 | ||||||
Series 2021A, GO, 4.00%, 4/1/2042 | 400 | 451 | ||||||
City of Detroit, Unlimited Tax | ||||||||
GO, 5.00%, 4/1/2035 | 500 | 592 | ||||||
GO, 5.00%, 4/1/2036 | 500 | 590 | ||||||
GO, 5.00%, 4/1/2037 | 500 | 589 | ||||||
Flint Hospital Building Authority, Hurley Medical Center Rev., 4.00%, 7/1/2038 | 1,800 | 2,077 | ||||||
Kalamazoo Economic Development Corp., Heritage Community of Kalamazoo Project | ||||||||
Rev., 5.00%, 5/15/2037 | 1,230 | 1,404 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 31 |
Table of Contents
JPMorgan High Yield Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Michigan — continued |
| |||||||
Rev., 5.00%, 5/15/2055 | 3,000 | 3,406 | ||||||
Michigan Finance Authority, Aqunias College Project Rev., 4.00%, 5/1/2031 | 540 | 568 | ||||||
Michigan Finance Authority, Kettering University Project | ||||||||
Rev., 4.00%, 9/1/2045 | 500 | 569 | ||||||
Rev., 4.00%, 9/1/2050 | 1,000 | 1,133 | ||||||
Michigan Finance Authority, Universal Learning Academy Rev., 6.00%, 11/1/2032 | 750 | 879 | ||||||
Michigan Strategic Fund, I-75 Improvement Project Rev., AMT, AGM, 4.13%, 6/30/2035 | 2,500 | 2,964 | ||||||
Michigan Strategic Fund, United Methodist Retirement Communities Obligated Group, Porter Hills Presbyterian Village Project | ||||||||
Rev., 5.00%, 5/15/2037 | 670 | 793 | ||||||
Rev., 5.00%, 5/15/2044 | 1,000 | 1,171 | ||||||
Michigan Strategic Fund, United Methodist Retirement Communities, Inc. Rev., 5.00%, 11/15/2034 | 1,280 | 1,505 | ||||||
Wayne County Airport Authority, Detroit Metropolitan Airport Series B, Rev., AMT, 5.00%, 12/1/2021 | 400 | 405 | ||||||
|
| |||||||
Total Michigan | 19,928 | |||||||
|
| |||||||
Minnesota — 0.8% |
| |||||||
City of Minneapolis, Health Care System, Fairview Health Services Series A, Rev., 4.00%, 11/15/2038 | 750 | 864 | ||||||
City of Wayzata, Folkestone Senior Living Community | ||||||||
Rev., 5.00%, 8/1/2032 | 100 | 109 | ||||||
Rev., 5.00%, 8/1/2033 | 200 | 218 | ||||||
Rev., 5.00%, 8/1/2035 | 200 | 218 | ||||||
Rev., 3.75%, 8/1/2036 | 250 | 263 | ||||||
Rev., 3.75%, 8/1/2037 | 500 | 527 | ||||||
Rev., 4.00%, 8/1/2038 | 350 | 370 | ||||||
Rev., 4.00%, 8/1/2039 | 250 | 264 | ||||||
City of Woodbury, Charter School Lease | ||||||||
Rev., 3.00%, 12/1/2030 | 250 | 266 | ||||||
Rev., 4.00%, 12/1/2040 | 200 | 220 | ||||||
Rev., 4.00%, 12/1/2050 | 250 | 272 | ||||||
Series 2021A, Rev., 4.00%, 7/1/2051 | 660 | 723 | ||||||
Minneapolis-St. Paul Housing Finance Board, Single Family Mortgage, City Living Home Programs Series 2007A-2, Rev., GNMA/FNMA/FHLMC, 5.52%, 3/1/2041 | 40 | 40 | ||||||
|
| |||||||
Total Minnesota | 4,354 | |||||||
|
|
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
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 | 137 | ||||||
Mississippi Hospital Equipment and Facilities Authority, Forrest County General Hospital Refunding Project | ||||||||
Series A, Rev., 4.00%, 1/1/2039 | 1,250 | 1,438 | ||||||
Series A, Rev., 4.00%, 1/1/2040 | 1,000 | 1,147 | ||||||
|
| |||||||
Total Mississippi | 2,930 | |||||||
|
| |||||||
Missouri — 2.0% |
| |||||||
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, St. Clair County Metrolink Project Rev., AGM, 5.25%, 7/1/2025 | 400 | 473 | ||||||
Health and Educational Facilities Authority of the State of Missouri, Lutheran Senior Services Projects | ||||||||
Series 2019A, Rev., 5.00%, 2/1/2029 | 550 | 623 | ||||||
Series 2019A, Rev., 5.00%, 2/1/2034 | 1,010 | 1,136 | ||||||
Series 2016A, Rev., 5.00%, 2/1/2036 | 2,500 | 2,865 | ||||||
Series 2019A, Rev., 5.00%, 2/1/2042 | 1,000 | 1,117 | ||||||
Joplin Industrial Development Authority, 32nd Street Place Community Improvement District Project | ||||||||
Rev., 3.50%, 11/1/2040 | 750 | 761 | ||||||
Rev., 4.25%, 11/1/2050 | 1,250 | 1,273 | ||||||
Plaza at Noah’s Ark Community Improvement District | ||||||||
Rev., 3.00%, 5/1/2024 | 200 | 206 | ||||||
Rev., 3.00%, 5/1/2025 | 225 | 233 | ||||||
Rev., 3.00%, 5/1/2026 | 275 | 285 | ||||||
Rev., 3.00%, 5/1/2030 | 500 | 510 | ||||||
Rev., 3.13%, 5/1/2035 | 500 | 506 | ||||||
St. Louis County Industrial Development Authority, Friendship Village Series 2018A, Rev., 5.00%, 9/1/2028 | 630 | 733 | ||||||
|
| |||||||
Total Missouri | 10,721 | |||||||
|
| |||||||
Montana — 0.1% |
| |||||||
Cascade County Elementary School District No. 1 Great Falls, School Building GO, 3.63%, 7/1/2038 | 335 | 370 | ||||||
Montana Board of Housing, Single Family Homeownership Series A-2, Rev., AMT, 4.00%, 12/1/2038 | 60 | 62 | ||||||
|
| |||||||
Total Montana | 432 | |||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
32 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Nevada — 0.5% |
| |||||||
City of Las Vegas, Special Improvement District No. 611, Local Improvement | ||||||||
3.50%, 6/1/2030 | 200 | 222 | ||||||
3.50%, 6/1/2031 | 160 | 176 | ||||||
3.75%, 6/1/2032 | 260 | 288 | ||||||
4.00%, 6/1/2033 | 185 | 207 | ||||||
4.00%, 6/1/2034 | 185 | 205 | ||||||
4.00%, 6/1/2035 | 185 | 205 | ||||||
4.00%, 6/1/2040 | 450 | 492 | ||||||
City of Reno, Sales Tax, Senior Lien, ReTrac-Reno Transportation Rail Access Corridor Project Series B, Rev., AGM, 4.00%, 6/1/2048 | 375 | 417 | ||||||
City of Sparks, Senior Sales Tax Series 2019A, Rev., 2.50%, 9/10/2021 (b) | 140 | 142 | ||||||
County of Clark, Passenger Facility Charge, Las Vegas-McCarran International Airport Passenger Facility Series 2019E, Rev., 5.00%, 7/1/2033 | 200 | 258 | ||||||
|
| |||||||
Total Nevada | 2,612 | |||||||
|
| |||||||
New Hampshire — 0.3% |
| |||||||
City of Manchester, School Facilities Rev., NATL-RE, 5.50%, 6/1/2027 | 100 | 126 | ||||||
New Hampshire Business Finance Authority, The Vista Project | ||||||||
Series A, Rev., 5.25%, 7/1/2039 (b) | 200 | 212 | ||||||
Series A, Rev., 5.63%, 7/1/2046 (b) | 1,000 | 1,067 | ||||||
|
| |||||||
Total New Hampshire | 1,405 | |||||||
|
| |||||||
New Jersey — 4.7% |
| |||||||
Atlantic County Improvement Authority (The), Atlantic City Campus Phase II Project | ||||||||
Series 2021A, Rev., AGM, 4.00%, 7/1/2047 | 50 | 59 | ||||||
Series 2021A, Rev., AGM, 4.00%, 7/1/2053 | 125 | 147 | ||||||
New Jersey Economic Development Authority, Black Horse EHT Urban Renewal LLC Project Series 2019A, Rev., 5.00%, 10/1/2039 (b) | 2,000 | 2,062 | ||||||
New Jersey Economic Development Authority, Golden Door Charter School Project | ||||||||
Series 2018A, Rev., 5.13%, 11/1/2029 (b) | 210 | 235 | ||||||
Series 2018-A, Rev., 6.25%, 11/1/2038 (b) | 525 | 627 | ||||||
New Jersey Economic Development Authority, Marion P. Thomas Charter School, Inc., Project Series 2018-A, Rev., 5.00%, 10/1/2033 (b) | 1,000 | 1,120 | ||||||
New Jersey Economic Development Authority, Motor Vehicle Surcharge Series A, Rev., NATL-RE, 5.25%, 7/1/2024 | 380 | 432 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
New Jersey — continued |
| |||||||
New Jersey Economic Development Authority, School Facilities Construction | ||||||||
Rev., 4.00%, 6/15/2046 | 875 | 1,015 | ||||||
Rev., 4.00%, 6/15/2050 | 1,000 | 1,156 | ||||||
New Jersey Economic Development Authority, State House Project Series 2017B, Rev., 4.13%, 6/15/2039 | 1,200 | 1,409 | ||||||
New Jersey Economic Development Authority, Transit Transportation Project | ||||||||
Series 2020A, Rev., 4.00%, 11/1/2037 | 1,500 | 1,751 | ||||||
Series 2020A, Rev., 4.00%, 11/1/2038 | 750 | 873 | ||||||
Series 2020A, Rev., 4.00%, 11/1/2039 | 2,000 | 2,319 | ||||||
New Jersey Economic Development Authority, White Horse HMT Urban Renewal LLC Project Rev., 5.00%, 1/1/2040 (b) | 3,000 | 3,083 | ||||||
New Jersey Educational Facilities Authority, Seton Hall University Issue, Tax-Exempt | ||||||||
Series 2020C, Rev., AGM, 3.25%, 7/1/2049 | 700 | 747 | ||||||
Series 2020C, Rev., AGM, 4.00%, 7/1/2050 | 725 | 830 | ||||||
New Jersey Health Care Facilities Financing Authority, St. Joseph’s Healthcare System Obligated Group Rev., 5.00%, 7/1/2041 | 1,500 | 1,757 | ||||||
New Jersey Higher Education Student Assistance Authority, Senior Student Loan | ||||||||
Series 2018A, Rev., AMT, 3.75%, 12/1/2031 | 715 | 769 | ||||||
Series 2018A, Rev., AMT, 4.00%, 12/1/2032 | 385 | 412 | ||||||
Series A, Rev., AMT, 4.00%, 12/1/2033 | 480 | 513 | ||||||
Series 2018A, Rev., AMT, 4.00%, 12/1/2034 | 285 | 305 | ||||||
Series A, Rev., AMT, 4.00%, 12/1/2035 | 190 | 203 | ||||||
New Jersey Transportation Trust Fund Authority | ||||||||
Series 2019BB, Rev., 4.00%, 6/15/2036 | 1,000 | 1,158 | ||||||
Series 2020AA, Rev., 4.00%, 6/15/2039 | 1,000 | 1,180 | ||||||
Series 2020AA, Rev., 4.00%, 6/15/2040 | 600 | 706 | ||||||
|
| |||||||
Total New Jersey | 24,868 | |||||||
|
| |||||||
New Mexico — 0.4% |
| |||||||
New Mexico Hospital Equipment Loan Council, Haverland Carter Lifestyle Group — La Vida Llena Expansion Project | ||||||||
Series A, Rev., 5.00%, 7/1/2033 | 360 | 413 | ||||||
Series A, Rev., 5.00%, 7/1/2034 | 375 | 430 | ||||||
Series A, Rev., 5.00%, 7/1/2039 | 1,225 | 1,396 | ||||||
|
| |||||||
Total New Mexico | 2,239 | |||||||
|
| |||||||
New York — 3.9% |
| |||||||
Buffalo and Erie County Industrial Land Development Corp., D’youville College Project | ||||||||
Rev., 4.00%, 11/1/2035 | 510 | 601 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 33 |
Table of Contents
JPMorgan High Yield Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
New York — continued |
| |||||||
Rev., 4.00%, 11/1/2040 | 1,035 | 1,202 | ||||||
Build NYC Resource Corp., Inwood Academy for Leadership Charter School Project | ||||||||
Series 2018A, Rev., 4.88%, 5/1/2031 (b) | 500 | 578 | ||||||
Series 2018A, Rev., 5.13%, 5/1/2038 (b) | 250 | 290 | ||||||
Build NYC Resource Corp., New World Preparatory Charter School Project | ||||||||
Series 2021A, Rev., 4.00%, 6/15/2051 | 170 | 186 | ||||||
Series 2021A, Rev., 4.00%, 6/15/2056 | 225 | 246 | ||||||
Jefferson County Civic Facility Development Corp., Samaritan Medical Center Project Series 2017A, Rev., 4.00%, 11/1/2042 | 1,000 | 1,062 | ||||||
Metropolitan Transportation Authority | ||||||||
Series 2019B-1, Rev., BAN, 5.00%, 5/15/2022 | 200 | 207 | ||||||
Series 2020A-1, Rev., BAN, 5.00%, 2/1/2023 | 500 | 533 | ||||||
Monroe County Industrial Development Corp., True North Rochester Preparatory Charter School Project | ||||||||
Series 2020A, Rev., 5.00%, 6/1/2040 (b) | 630 | 751 | ||||||
Series 2020A, Rev., 5.00%, 6/1/2059 (b) | 540 | 631 | ||||||
New York Liberty Development Corp., Goldman Sachs Headquarters Rev., 5.25%, 10/1/2035 | 525 | 754 | ||||||
New York State Dormitory Authority, Montefiore Obligated Group Series 2020A, Rev., AGM, 3.00%, 9/1/2050 | 950 | 995 | ||||||
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 | 1,015 | ||||||
Rev., AMT, 5.00%, 1/1/2025 | 3,250 | 3,719 | ||||||
Rev., AMT, 5.00%, 1/1/2028 | 500 | 623 | ||||||
Rev., AMT, 4.00%, 10/1/2030 | 1,000 | 1,198 | ||||||
Rev., AMT, 4.00%, 1/1/2036 | 500 | 569 | ||||||
Rev., AMT, 5.00%, 1/1/2036 | 375 | 453 | ||||||
Onondaga Civic Development Corp., Le Moyne College Project | ||||||||
Rev., 5.00%, 1/1/2037 | 300 | 360 | ||||||
Rev., 5.00%, 1/1/2038 | 200 | 240 | ||||||
Rev., 5.00%, 1/1/2043 | 500 | 594 | ||||||
Suffolk County Economic Development Corp., Peconic Landing at Southold Project, Inc. Rev., 5.00%, 12/1/2029 | 750 | 895 | ||||||
Suffolk County Economic Development Corp., St. Johnland Assisted Living Inc., Project | ||||||||
Rev., 5.13%, 11/1/2041 (b) | 850 | 893 | ||||||
Rev., 5.38%, 11/1/2054 (b) | 750 | 788 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
New York — continued |
| |||||||
Westchester County Local Development Corp., Miriam Osborn Memorial Home Association Project Rev., 5.00%, 7/1/2042 | 365 | 413 | ||||||
Yonkers Economic Development Corp., Charter School of Educational Excellence Project | ||||||||
Series 2019A, Rev., 4.00%, 10/15/2029 | 200 | 223 | ||||||
Series 2019A, Rev., 5.00%, 10/15/2039 | 315 | 374 | ||||||
|
| |||||||
Total New York | 20,393 | |||||||
|
| |||||||
North Carolina — 0.1% |
| |||||||
North Carolina Medical Care Commission, Retirement Facilities, Pennybyrn at Maryfield Project Series 2020A, Rev., 5.00%, 10/1/2040 | 355 | 408 | ||||||
|
| |||||||
North Dakota — 0.1% |
| |||||||
University of North Dakota, Housing Infrastructure Project Series 2021A, COP, AGM, 4.00%, 6/1/2051 | 570 | 655 | ||||||
|
| |||||||
Ohio — 3.2% |
| |||||||
Cleveland-Cuyahoga County, Port Authority Cultural Facility, Playhouse Square Foundation Project | ||||||||
Rev., 5.00%, 12/1/2033 | 1,000 | 1,188 | ||||||
Rev., 5.25%, 12/1/2038 | 500 | 596 | ||||||
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 | 223 | ||||||
County of Hardin, Economic Development Facilities Improvement, Ohio Northern University Rev., 5.00%, 5/1/2030 | 250 | 277 | ||||||
County of Ross, Adena Health System Obligated Group Project Rev., 5.00%, 12/1/2039 | 1,000 | 1,254 | ||||||
Northeast Ohio Medical University | ||||||||
Series 2021A, Rev., 3.00%, 12/1/2040 | 125 | 131 | ||||||
Series 2021A, Rev., 4.00%, 12/1/2045 | 120 | 136 | ||||||
Ohio Higher Educational Facility Commission, The Cleveland Institute of Art 2018 Project | ||||||||
Rev., 5.00%, 12/1/2028 | 500 | 581 | ||||||
Rev., 5.00%, 12/1/2033 | 270 | 312 | ||||||
Rev., 5.00%, 12/1/2038 | 685 | 782 | ||||||
Ohio Higher Educational Facility Commission, Tiffin University 2019 Project | ||||||||
Rev., 5.00%, 11/1/2034 | 2,875 | 3,352 | ||||||
Rev., 5.00%, 11/1/2039 | 4,890 | 5,645 |
SEE NOTES TO FINANCIAL STATEMENTS.
34 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Ohio — continued |
| |||||||
Ohio Higher Educational Facility Commission, University of Findlay 2019 Project Rev., 5.00%, 3/1/2034 | 2,000 | 2,376 | ||||||
|
| |||||||
Total Ohio | 16,909 | |||||||
|
| |||||||
Oklahoma — 0.3% |
| |||||||
Oklahoma Development Finance Authority, Health System, OU Medicine Project Series B, Rev., 5.00%, 8/15/2038 | 1,000 | 1,213 | ||||||
Tulsa Airports Improvement Trust Series A, Rev., AMT, 5.00%, 6/1/2025 | 420 | 471 | ||||||
|
| |||||||
Total Oklahoma | 1,684 | |||||||
|
| |||||||
Oregon — 0.5% |
| |||||||
Clackamas County Hospital Facility Authority, Mary’s Woods at Marylhurst Project | ||||||||
Series 2018A, Rev., 5.00%, 5/15/2038 | 220 | 241 | ||||||
Series 2018A, Rev., 5.00%, 5/15/2043 | 310 | 340 | ||||||
Clackamas County School District No. 7J Lake Oswego GO, AGM, 5.25%, 6/1/2025 | 165 | 195 | ||||||
Linn County Community School District No. 9 Lebanon GO, NATL-RE, 5.50%, 6/15/2030 | 20 | 27 | ||||||
Oregon State Facilities Authority, Samaritan Health Services Project, Tax-Exempt | ||||||||
Series 2020A, Rev., 5.00%, 10/1/2035 | 135 | 172 | ||||||
Series 2020A, Rev., 5.00%, 10/1/2040 | 585 | 731 | ||||||
Salem Hospital Facility Authority, Capital Manor Project Rev., 5.00%, 5/15/2038 | 1,000 | 1,160 | ||||||
|
| |||||||
Total Oregon | 2,866 | |||||||
|
| |||||||
Pennsylvania — 7.5% |
| |||||||
Aliquippa School District, Limited Tax | ||||||||
GO, 3.75%, 12/1/2033 | 2,000 | 2,267 | ||||||
GO, 3.88%, 12/1/2037 | 1,250 | 1,416 | ||||||
Allegheny County Hospital Development Authority, Allegheny Health Network Obligated Group Series 2018A, Rev., 4.00%, 4/1/2038 | 500 | 574 | ||||||
Allentown City School District, Limited Tax | ||||||||
Series C, GO, 4.00%, 2/1/2034 | 1,580 | 1,880 | ||||||
Series C, GO, 4.00%, 2/1/2035 | 1,000 | 1,187 | ||||||
Allentown Neighborhood Improvement Zone Development Authority, City Center Project | ||||||||
Rev., 5.00%, 5/1/2033 (b) | 250 | 299 | ||||||
Rev., 5.00%, 5/1/2042 (b) | 250 | 298 | ||||||
Berks County Industrial Development Authority, The Highlands at Wyomissing | ||||||||
Rev., 5.00%, 5/15/2033 | 500 | 569 | ||||||
Series 2017A, Rev., 5.00%, 5/15/2037 | 250 | 294 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Pennsylvania — continued |
| |||||||
Rev., 5.00%, 5/15/2038 | 500 | 566 | ||||||
Berks County Industrial Development Authority, Tower Health Project Rev., 5.00%, 11/1/2037 | 1,000 | 1,132 | ||||||
Bucks County Industrial Development Authority, Grand View Hospital Project Rev., 4.00%, 7/1/2046 | 890 | 1,014 | ||||||
Bucks County Industrial Development Authority, St. Luke’s University Health Network Project Rev., 4.00%, 8/15/2044 | 2,475 | 2,829 | ||||||
City of Erie Higher Education Building Authority Series 2021TT1, Rev., 4.00%, 5/1/2041 | 175 | 199 | ||||||
Cumberland County Municipal Authority, Asbury Pennsylvania Obligated Group Rev., 3.00%, 1/1/2024 | 1,000 | 1,028 | ||||||
Dallas Area Municipal Authority, Misericordia University Project | ||||||||
Rev., 3.25%, 5/1/2023 | 100 | 103 | ||||||
Rev., 5.00%, 5/1/2029 | 650 | 762 | ||||||
Rev., 5.00%, 5/1/2039 | 1,100 | 1,299 | ||||||
Franklin County Industrial Development Authority, Menno-Haven, Inc., Project | ||||||||
Rev., 5.00%, 12/1/2029 | 195 | 220 | ||||||
Rev., 5.00%, 12/1/2039 | 385 | 421 | ||||||
Rev., 5.00%, 12/1/2049 | 500 | 540 | ||||||
Lancaster County Hospital Authority, Health Care Facilities, Moravian Manors, Inc., Project | ||||||||
Series 2019A, Rev., 5.00%, 6/15/2032 | 545 | 629 | ||||||
Series 2019A, Rev., 5.00%, 6/15/2033 | 570 | 658 | ||||||
Series 2019A, Rev., 5.00%, 6/15/2038 | 1,110 | 1,273 | ||||||
Lancaster County Hospital Authority, St. Anne’s Retirement Community, Inc., Project | ||||||||
Rev., 5.00%, 3/1/2040 | 250 | 288 | ||||||
Rev., 5.00%, 3/1/2045 | 500 | 571 | ||||||
Rev., 5.00%, 3/1/2050 | 500 | 569 | ||||||
Luzerne County Industrial Development Authority Rev., AGM, 5.00%, 12/15/2024 | 70 | 80 | ||||||
Mercer County Industrial Development Authority, Thiel College Project Rev., 6.13%, 10/1/2050 (b) | 2,665 | 3,031 | ||||||
Montgomery County Higher Education and Health Authority, Arcadia University | ||||||||
Rev., 5.00%, 4/1/2034 | 275 | 346 | ||||||
Rev., 4.00%, 4/1/2036 | 520 | 602 | ||||||
Rev., 4.00%, 4/1/2037 | 545 | 629 | ||||||
Rev., 4.00%, 4/1/2038 | 695 | 800 | ||||||
Rev., 4.00%, 4/1/2039 | 725 | 832 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 35 |
Table of Contents
JPMorgan High Yield Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Pennsylvania — continued |
| |||||||
Northampton County Industrial Development Authority, Morningstar Senior Living, Inc., Project Rev., 5.00%, 11/1/2039 | 1,000 | 1,153 | ||||||
Philadelphia Authority for Industrial Development, Independence Charter School West Project | ||||||||
Rev., 4.00%, 6/15/2029 | 360 | 393 | ||||||
Rev., 5.00%, 6/15/2039 | 500 | 556 | ||||||
Philadelphia Authority for Industrial Development, International Education and Community Initiatives Project Series 2018-A, Rev., 4.50%, 6/1/2029 (b) | 700 | 799 | ||||||
Philadelphia Authority for Industrial Development, MAST Community Charter School II Project | ||||||||
Series 2020A, Rev., 5.00%, 8/1/2030 | 175 | 208 | ||||||
Series 2020A, Rev., 5.00%, 8/1/2040 | 315 | 386 | ||||||
School District of Philadelphia (The) Series B, GO, AGM, 4.00%, 9/1/2043 | 1,250 | 1,455 | ||||||
West Cornwall Township Municipal Authority, Pleasant View Retirement Community Project Rev., 5.00%, 12/15/2038 | 750 | 859 | ||||||
West Mifflin School District, Limited Tax | ||||||||
GO, 3.00%, 4/1/2034 | 1,000 | 1,100 | ||||||
GO, 3.00%, 4/1/2038 | 1,400 | 1,524 | ||||||
Wilkes-Barre Area School District | ||||||||
GO, 3.50%, 4/15/2038 | 370 | 415 | ||||||
GO, 3.50%, 4/15/2039 | 230 | 257 | ||||||
GO, 3.75%, 4/15/2044 | 1,000 | 1,126 | ||||||
|
| |||||||
Total Pennsylvania | 39,436 | |||||||
|
| |||||||
Rhode Island — 0.1% |
| |||||||
Rhode Island Commerce Corp. Series B, Rev., 5.00%, 7/1/2022 | 250 | 260 | ||||||
Rhode Island Student Loan Authority Series 2017A, Rev., AMT, 5.00%, 12/1/2024 | 100 | 114 | ||||||
|
| |||||||
Total Rhode Island | 374 | |||||||
|
| |||||||
South Carolina — 1.3% |
| |||||||
South Carolina Jobs-Economic Development Authority, Episcopal Home At Still Hopes Series 2018A, Rev., 5.00%, 4/1/2033 | 1,485 | 1,638 | ||||||
South Carolina Jobs-Economic Development Authority, Kiawah Life Plan Village, Inc., Project Rev., 8.75%, 7/1/2025 (b) | 300 | 303 | ||||||
South Carolina Jobs-Economic Development Authority, Lowcountry Leadership Charter School Project | ||||||||
Series A, Rev., 4.00%, 12/1/2029 (b) | 1,130 | 1,252 | ||||||
Series A, Rev., 5.00%, 12/1/2034 (b) | 1,405 | 1,646 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
South Carolina — continued |
| |||||||
Series A, Rev., 5.00%, 12/1/2039 (b) | 1,795 | 2,074 | ||||||
South Carolina Jobs-Economic Development Authority, Woodlands at Furman Project Series 2020A, Rev., 5.00%, 11/15/2029 | 110 | 129 | ||||||
|
| |||||||
Total South Carolina | 7,042 | |||||||
|
| |||||||
South Dakota — 0.1% |
| |||||||
South Dakota Health and Educational Facilities Authority, Sanford Health Obligated Group Rev., 5.00%, 11/1/2045 | 500 | 580 | ||||||
South Dakota Housing Development Authority, Homeownership Mortgage Series 2012A, Rev., AMT, 4.50%, 5/1/2031 | 15 | 15 | ||||||
|
| |||||||
Total South Dakota | 595 | |||||||
|
| |||||||
Tennessee — 1.9% |
| |||||||
Chattanooga Health Educational and Housing Facility Board, Commonspirit Health Series A-1, Rev., 4.00%, 8/1/2044 | 1,000 | 1,151 | ||||||
Metropolitan Government Nashville and Davidson County, Health and Educational Facilities Board, Trevecca Nazarene University Project Series 2021B, Rev., 4.00%, 10/1/2041 | 730 | 829 | ||||||
Metropolitan Nashville Airport Authority (The), Subordinate Airport Series 2019B, Rev., AMT, 5.00%, 7/1/2039 | 625 | 795 | ||||||
Nashville Metropolitan Development and Housing Agency, Tax Increment, Fifth Broadway Development Project | ||||||||
Rev., 4.50%, 6/1/2028 (b) | 500 | 554 | ||||||
Rev., 5.13%, 6/1/2036 (b) | 425 | 490 | ||||||
Shelby County Health Educational and Housing Facilities Board, The Farms at Bailey Station Project | ||||||||
Series 2019A, Rev., 5.75%, 10/1/2049 | 1,000 | 1,083 | ||||||
Series 2019A, Rev., 5.75%, 10/1/2054 | 1,500 | 1,619 | ||||||
Series 2019A, Rev., 5.75%, 10/1/2059 | 3,350 | 3,593 | ||||||
Tennessee Housing Development Agency, Homeownership Program Series 1A, Rev., AMT, 4.50%, 1/1/2038 | 20 | 20 | ||||||
|
| |||||||
Total Tennessee | 10,134 | |||||||
|
| |||||||
Texas — 5.9% |
| |||||||
Arlington Higher Education Finance Corp. Series 2021A, Rev., 4.00%, 8/15/2041 | 305 | 336 | ||||||
Arlington Higher Education Finance Corp., Basis Texas Charter Schools, Inc. Series 2020A, Rev., 4.00%, 6/15/2040 (b) | 1,810 | 1,866 |
SEE NOTES TO FINANCIAL STATEMENTS.
36 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Texas — continued |
| |||||||
Arlington Higher Education Finance Corp., Newman International Academy | ||||||||
Rev., 5.00%, 8/15/2041 | 300 | 332 | ||||||
Rev., 5.00%, 8/15/2051 | 850 | 926 | ||||||
Arlington Higher Education Finance Corp., Winfree Academy Charter Schools | ||||||||
Series 2019A, Rev., 5.15%, 8/15/2029 | 420 | 475 | ||||||
Series 2019A, Rev., 5.75%, 8/15/2043 | 1,000 | 1,180 | ||||||
Baytown Municipal Development District, Baytown Convention Center Hotel, First Lien Series 2021A, Rev., 4.00%, 10/1/2050 | 875 | 966 | ||||||
Bexar County Health Facilities Development Corp., Army Retirement Residence Foundation Project Rev., 4.00%, 7/15/2045 | 940 | 991 | ||||||
City of Houston, Airport System, Subordinate Lien Series 2018D, Rev., 5.00%, 7/1/2028 | 355 | 455 | ||||||
City of Houston, Airport System, United Airlines, Inc., Terminal Project | ||||||||
Rev., AMT, 5.00%, 7/1/2029 | 2,500 | 2,740 | ||||||
Series 2021B-1, Rev., AMT, 4.00%, 7/15/2041 | 550 | 598 | ||||||
City of Houston, Combined Utility System, Capital Appreciation Series A, Rev., AGM, Zero Coupon, 12/1/2027 (d) | 30 | 28 | ||||||
City of Temple, Reinvestment Zone Series A, Rev., 5.00%, 8/1/2028 | 895 | 1,004 | ||||||
Conroe Local Government Corp., Conroe Convention Center Hotel Series 2021A, Rev., 4.00%, 10/1/2050 | 550 | 606 | ||||||
Dallas Area Rapid Transit, Sales Tax, Senior Lien Rev., AMBAC, 5.25%, 12/1/2029 | 130 | 174 | ||||||
Danbury Higher Education Authority, Inc., Golden Rule Schools, Inc. Series 2019A, Rev., 5.00%, 8/15/2039 | 3,000 | 3,075 | ||||||
Matagorda County Navigation District No. 1, Pollution Control, Central Power and Light Co. Project Series 2001A, Rev., 2.60%, 11/1/2029 | 1,000 | 1,085 | ||||||
New Hope Cultural Education Facilities Finance Corp., Beta Academy | ||||||||
Series A, Rev., 3.38%, 8/15/2029 (b) | 300 | 307 | ||||||
Series A, Rev., 5.00%, 8/15/2039 (b) | 425 | 449 | ||||||
Series A, Rev., 5.00%, 8/15/2049 (b) | 670 | 705 | ||||||
New Hope Cultural Education Facilities Finance Corp., Cityscape Schools, Inc. | ||||||||
Series A, Rev., 4.00%, 8/15/2029 (b) | 330 | 380 | ||||||
Series A, Rev., 5.00%, 8/15/2039 (b) | 610 | 710 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Texas — continued |
| |||||||
New Hope Cultural Education Facilities Finance Corp., Legacy Midtown Park Project Series A, Rev., 5.50%, 7/1/2054 | 1,000 | 1,062 | ||||||
New Hope Cultural Education Facilities Finance Corp., Morningside Ministries Project | ||||||||
Series 2020A, Rev., 5.00%, 1/1/2035 | 865 | 973 | ||||||
Series 2020A, Rev., 5.00%, 1/1/2040 | 790 | 884 | ||||||
Series 2020A, Rev., 5.00%, 1/1/2055 | 2,000 | 2,220 | ||||||
New Hope Cultural Education Facilities Finance Corp., Presbyterian Village North Project Rev., 5.00%, 10/1/2039 | 1,000 | 1,098 | ||||||
New Hope Cultural Education Facilities Finance Corp., Quality Senior Housing Foundation Series A-1, Rev., 5.00%, 12/1/2039 | 1,420 | 1,599 | ||||||
New Hope Cultural Education Facilities Finance Corp., Wesleyan Homes, Inc., Project | ||||||||
Rev., 4.00%, 1/1/2029 | 300 | 312 | ||||||
Rev., 5.00%, 1/1/2039 | 205 | 220 | ||||||
Newark Higher Education Finance Corp., Austin Achieve Public Schools, Inc. | ||||||||
Rev., 4.25%, 6/15/2028 | 135 | 138 | ||||||
Rev., 5.00%, 6/15/2033 | 150 | 154 | ||||||
Rev., 5.00%, 6/15/2038 | 250 | 256 | ||||||
Permanent University Fund — University of Texas System Series B, Rev., 5.25%, 7/1/2028 | 140 | 182 | ||||||
San Antonio Education Facilities Corp., University of the Incarnate Word Series 2021A, Rev., 4.00%, 4/1/2051 | 1,000 | 1,156 | ||||||
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 | 597 | ||||||
Uptown Development Authority, Tax Increment Contract Rev., 4.00%, 9/1/2035 | 500 | 597 | ||||||
|
| |||||||
Total Texas | 31,023 | |||||||
|
| |||||||
Utah — 3.0% |
| |||||||
Mida Mountain Village Public Infrastructure District, Mountain Village Assessment Area | ||||||||
Series 2020B, 6.25%, 8/1/2030 (b) | 1,000 | 1,033 | ||||||
Series 2020A, 4.50%, 8/1/2040 | 1,000 | 1,143 | ||||||
4.00%, 8/1/2050 (b) | 1,750 | 1,845 | ||||||
Military Installation Development Authority, Tax Allocation Series 2021A-2, Rev., 4.00%, 6/1/2036 | 750 | 789 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 37 |
Table of Contents
JPMorgan High Yield Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Utah — continued |
| |||||||
Military Installation Development Authority, Tax Allocation and Hotel Tax | ||||||||
Series 2021A-1, Rev., 4.00%, 6/1/2036 | 500 | 531 | ||||||
Series 2021A-1, Rev., 4.00%, 6/1/2041 | 500 | 524 | ||||||
Utah Charter School Finance Authority, Mountain West Montessori Academy Project | ||||||||
Series 2020A, Rev., 3.13%, 6/15/2029 (b) | 650 | 690 | ||||||
Series 2020A, Rev., 5.00%, 6/15/2039 (b) | 475 | 545 | ||||||
Series 2020A, Rev., 5.00%, 6/15/2049 (b) | 825 | 931 | ||||||
Utah Charter School Finance Authority, Summit Academy Incorporated | ||||||||
Series A, Rev., 4.00%, 4/15/2032 | 250 | 290 | ||||||
Series A, Rev., 4.00%, 4/15/2033 | 260 | 299 | ||||||
Series A, Rev., 5.00%, 4/15/2034 | 235 | 287 | ||||||
Series A, Rev., 5.00%, 4/15/2039 | 700 | 845 | ||||||
Utah Charter School Finance Authority, The Freedom Academy Foundation, St. George Campus Project | ||||||||
Series 2021A, Rev., 5.00%, 6/15/2041 (b) | 870 | 1,015 | ||||||
Series 2021A, Rev., 5.00%, 6/15/2052 (b) | 1,295 | 1,486 | ||||||
Utah Infrastructure Agency, Tax-Exempt Telecommunications | ||||||||
Rev., 4.00%, 10/15/2033 | 500 | 585 | ||||||
Rev., 4.00%, 10/15/2036 | 500 | 579 | ||||||
Rev., 4.00%, 10/15/2039 | 700 | 803 | ||||||
Rev., 4.00%, 10/15/2041 | 250 | 290 | ||||||
Rev., 4.00%, 10/15/2042 | 475 | 542 | ||||||
Utah Transit Authority, Sales Tax | ||||||||
Series C, Rev., AGM, 5.25%, 6/15/2025 | 40 | 47 | ||||||
Series 2006C, Rev., AGM, 5.25%, 6/15/2032 | 450 | 617 | ||||||
|
| |||||||
Total Utah | 15,716 | |||||||
|
| |||||||
Vermont — 0.1% |
| |||||||
Vermont Student Assistance Corp., Education Loan | ||||||||
Series A, Rev., AMT, 4.00%, 6/15/2032 | 125 | 133 | ||||||
Series A, Rev., AMT, 4.00%, 6/15/2033 | 155 | 164 | ||||||
Series 2018A, Rev., AMT, 4.00%, 6/15/2034 | 130 | 138 | ||||||
|
| |||||||
Total Vermont | 435 | |||||||
|
| |||||||
Virginia — 3.4% |
| |||||||
Chesapeake Hospital Authority, Regional Medical Center | ||||||||
Rev., 4.00%, 7/1/2035 | 1,000 | 1,176 | ||||||
Rev., 4.00%, 7/1/2036 | 1,175 | 1,378 | ||||||
Rev., 4.00%, 7/1/2037 | 1,205 | 1,410 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Virginia — continued | ||||||||
Danville Industrial Development Authority, Averett University Series A, Rev., 4.75%, 10/1/2032 | 760 | 817 | ||||||
Fredericksburg Economic Development Authority, Stadium Project | ||||||||
Series B, Rev., 6.13%, 9/1/2029 (b) | 1,810 | 1,809 | ||||||
Series B, Rev., 7.00%, 9/1/2044 (b) | 1,000 | 998 | ||||||
Norfolk Redevelopment and Housing Authority, Fort Norfolk Retirement Community, Harbors Edge Project | ||||||||
Series 2019A, Rev., 5.00%, 1/1/2034 | 1,000 | 1,095 | ||||||
Series 2019A, Rev., 4.38%, 1/1/2039 | 1,400 | 1,509 | ||||||
Roanoke County Economic Development Authority, Residential Care Facility, Richfield Living | ||||||||
Series 2019A, Rev., 4.75%, 9/1/2029 | 1,000 | 1,003 | ||||||
Series 2020, Rev., 4.30%, 9/1/2030 | 770 | 745 | ||||||
Series 2019A, Rev., 5.00%, 9/1/2034 | 2,000 | 2,014 | ||||||
Series 2020, Rev., 5.00%, 9/1/2040 | 1,640 | 1,614 | ||||||
Roanoke Economic Development Authority, Carilion Clinic Obligated Group Series 2020A, Rev., 5.00%, 7/1/2047 | 1,550 | 2,378 | ||||||
Virginia Resources Authority, Infrastructure Pooled Financing Program Series 2011A, Rev., 5.00%, 11/1/2021 (d) | 70 | 71 | ||||||
|
| |||||||
Total Virginia | 18,017 | |||||||
|
| |||||||
Washington — 2.8% |
| |||||||
Pend Oreille County, Public Hospital District No. 1, Unlimited Tax | ||||||||
GO, 5.00%, 12/1/2033 | 1,000 | 1,156 | ||||||
GO, 5.00%, 12/1/2038 | 1,255 | 1,438 | ||||||
Pend Oreille County, Public Utility District No. 1, Box Canyon Production System Rev., 5.00%, 1/1/2039 | 2,605 | 3,060 | ||||||
Washington Health Care Facilities Authority, Commonspirit Health Series A-1, Rev., 4.00%, 8/1/2044 | 1,000 | 1,151 | ||||||
Washington Higher Education Facilities Authority, Seattle University Project | ||||||||
Rev., 3.50%, 5/1/2039 | 300 | 334 | ||||||
Rev., 3.63%, 5/1/2040 | 800 | 897 | ||||||
Rev., 4.00%, 5/1/2045 | 500 | 578 | ||||||
Washington State Housing Finance Commission, Judson Park Project | ||||||||
Rev., 4.00%, 7/1/2028 (b) | 535 | 573 | ||||||
Rev., 5.00%, 7/1/2033 (b) | 535 | 588 | ||||||
Rev., 5.00%, 7/1/2038 (b) | 300 | 327 |
SEE NOTES TO FINANCIAL STATEMENTS.
38 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Washington — continued |
| |||||||
Washington State Housing Finance Commission, The Heart Stone Project | ||||||||
Series 2018A, Rev., 4.50%, 7/1/2028 (b) | 965 | 1,074 | ||||||
Series 2018A, Rev., 5.00%, 7/1/2038 (b) | 825 | 915 | ||||||
Washington State Housing Finance Commission, Transforming Age Projects | ||||||||
Series 2019A, Rev., 5.00%, 1/1/2034 (b) | 745 | 862 | ||||||
Series 2019A, Rev., 5.00%, 1/1/2039 (b) | 1,495 | 1,715 | ||||||
|
| |||||||
Total Washington | 14,668 | |||||||
|
| |||||||
West Virginia — 0.6% |
| |||||||
West Virginia Hospital Finance Authority, Charleston Area Medical Center, Inc. | ||||||||
Series 2019A, Rev., 5.00%, 9/1/2038 | 1,250 | 1,542 | ||||||
Series 2019A, Rev., 5.00%, 9/1/2039 | 1,400 | 1,724 | ||||||
|
| |||||||
Total West Virginia | 3,266 | |||||||
|
| |||||||
Wisconsin — 6.2% |
| |||||||
Public Finance Authority, Blue Ridge Healthcare Facilities | ||||||||
Series 2020A, Rev., 4.00%, 1/1/2045 | 750 | 861 | ||||||
Series 2020A, Rev., 3.00%, 1/1/2050 | 750 | 791 | ||||||
Public Finance Authority, Carson Valley Medical Center Series 2021A, Rev., 4.00%, 12/1/2041 | 500 | 585 | ||||||
Public Finance Authority, Cedars Obligated Group, Cedars Obligated Group Rev., 4.25%, 5/1/2029 (b) | 960 | 964 | ||||||
Public Finance Authority, Community School of Davidson Project | ||||||||
Rev., 3.75%, 10/1/2023 | 155 | 158 | ||||||
Rev., 5.00%, 10/1/2033 | 775 | 905 | ||||||
Public Finance Authority, Coral Academy of Science Reno | ||||||||
Series 2019A, Rev., 5.00%, 6/1/2029 (b) | 370 | 416 | ||||||
Series 2019A, Rev., 5.00%, 6/1/2039 (b) | 710 | 782 | ||||||
Public Finance Authority, ENO River Academy Project | ||||||||
Series 2020A, Rev., 4.00%, 6/15/2030 (b) | 235 | 263 | ||||||
Series 2020A, Rev., 5.00%, 6/15/2040 (b) | 410 | 476 | ||||||
Series 2020A, Rev., 5.00%, 6/15/2054 (b) | 685 | 782 | ||||||
Public Finance Authority, First Mortgage Southminster, Inc. Rev., 4.25%, 10/1/2038 (b) | 2,000 | 2,034 | ||||||
Public Finance Authority, Minnesota College of Osteopathic Medicine | ||||||||
Series 2019A-1, Rev., 5.50%, 12/1/2048 (b) (f) | 17 | 9 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Wisconsin — continued |
| |||||||
Series 2019A-2, Rev., 7.25%, 12/1/2048 (b) (f) | 46 | 23 | ||||||
Public Finance Authority, Piedmont Community Charter School | ||||||||
Rev., 5.00%, 6/15/2027 | 160 | 190 | ||||||
Rev., 5.00%, 6/15/2028 | 505 | 610 | ||||||
Rev., 5.00%, 6/15/2034 | 215 | 258 | ||||||
Rev., 5.00%, 6/15/2039 | 390 | 463 | ||||||
Rev., 5.00%, 6/15/2049 | 1,000 | 1,166 | ||||||
Public Finance Authority, Presbyterian Villages of Michigan Obligated Group Rev., 4.00%, 11/15/2042 (b) | 3,955 | 4,064 | ||||||
Public Finance Authority, Ripple Ranch, LLC Obligate Series 2021A, Rev., 5.25%, 12/1/2051 (b) | 800 | 733 | ||||||
Public Finance Authority, Roseman University of Health Sciences Project | ||||||||
Rev., 5.00%, 4/1/2030 (b) | 500 | 610 | ||||||
Rev., 5.00%, 4/1/2040 (b) | 2,155 | 2,602 | ||||||
Public Finance Authority, Sky Harbour Capital LLC Rev., AMT, 4.25%, 7/1/2054 (g) | 1,000 | 1,023 | ||||||
Public Finance Authority, Ultimate Medical Academy Project | ||||||||
Series 2019A, Rev., 5.00%, 10/1/2028 (b) | 2,000 | 2,462 | ||||||
Series 2019A, Rev., 5.00%, 10/1/2029 (b) | 1,850 | 2,320 | ||||||
Series 2019A, Rev., 5.00%, 10/1/2034 (b) | 500 | 613 | ||||||
Public Finance Authority, Wilson Preparatory Academy | ||||||||
Series 2019A, Rev., 4.13%, 6/15/2029 (b) | 475 | 515 | ||||||
Series 2019A, Rev., 5.00%, 6/15/2039 (b) | 500 | 552 | ||||||
Series 2019A, Rev., 5.00%, 6/15/2049 (b) | 1,100 | 1,203 | ||||||
Wisconsin Health and Educational Facilities Authority, Rogers Memorial Hospital, Inc. | ||||||||
Series B, Rev., 5.00%, 7/1/2038 | 150 | 177 | ||||||
Series A, Rev., 5.00%, 7/1/2044 | 210 | 247 | ||||||
Wisconsin Health and Educational Facilities Authority, St. Camillus Health System | ||||||||
Series 2019A, Rev., 5.00%, 11/1/2026 | 355 | 394 | ||||||
Series 2019A, Rev., 5.00%, 11/1/2027 | 370 | 415 | ||||||
Series 2019A, Rev., 5.00%, 11/1/2028 | 470 | 528 | ||||||
Series 2019A, Rev., 5.00%, 11/1/2029 | 315 | 353 | ||||||
Series 2019A, Rev., 5.00%, 11/1/2030 | 515 | 575 | ||||||
Wisconsin Health and Educational Facilities Authority, St. John’s Communities, Inc., Project Series A, Rev., 4.25%, 9/15/2035 | 1,500 | 1,582 | ||||||
|
| |||||||
Total Wisconsin | 32,704 | |||||||
|
| |||||||
Total Municipal Bonds | 523,418 | |||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 39 |
Table of Contents
JPMorgan High Yield Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Collateralized Mortgage Obligations — 0.0% |
| |||||||
Southcross Holdco Equity 0.00%, 7/9/2070 ‡ | 3 | — | ||||||
|
| |||||||
SHARES | ||||||||
Short-Term Investments — 0.8% |
| |||||||
Investment Companies — 0.8% |
| |||||||
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 0.02% (h) (i) | 4,341 | 4,342 | ||||||
|
| |||||||
Total Investments — 99.9% | 527,760 | |||||||
Other Assets Less Liabilities — 0.1% | 505 | |||||||
|
| |||||||
NET ASSETS — 100.0% | 528,265 | |||||||
|
|
Percentages indicated are based on net assets.
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 August 31, 2021. | |
(d) | Security is prerefunded or escrowed to maturity. | |
(e) | Amount rounds to less than 0.1% of net assets. | |
(f) | Defaulted security. | |
(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 August 31, 2021. | |
‡ | Value determined using significant unobservable inputs. |
SEE NOTES TO FINANCIAL STATEMENTS.
40 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
JPMorgan Intermediate Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — 97.2% (a) |
| |||||||
Alabama — 3.2% |
| |||||||
Alabama Federal Aid Highway Finance Authority | ||||||||
Rev., 5.00%, 9/1/2023 | 20 | 22 | ||||||
Series B, Rev., 5.00%, 9/1/2023 | 30 | 33 | ||||||
Series A, Rev., 5.00%, 9/1/2032 | 25 | 31 | ||||||
Alabama Public School and College Authority, Capital Improvement | ||||||||
Series 2014-B, Rev., 5.00%, 1/1/2023 | 50 | 53 | ||||||
Series 2014-A, Rev., 5.00%, 2/1/2025 | 2,000 | 2,229 | ||||||
Series 2019A, Rev., 4.00%, 5/1/2033 | 85 | 103 | ||||||
Alabama Special Care Facilities Financing Authority-Birmingham, Children’s Hospital Health Care Facility Rev., 5.00%, 6/1/2023 | 115 | 125 | ||||||
Birmingham Airport Authority | ||||||||
Rev., 5.00%, 7/1/2028 | 350 | 447 | ||||||
Rev., 5.00%, 7/1/2029 | 375 | 491 | ||||||
Rev., 5.00%, 7/1/2030 | 250 | 334 | ||||||
Rev., 5.00%, 7/1/2031 | 175 | 232 | ||||||
Rev., 5.00%, 7/1/2032 | 150 | 198 | ||||||
Black Belt Energy Gas District, Gas Prepay Series 2018A, Rev., 4.00%, 12/1/2023 (b) | 5,500 | 5,920 | ||||||
City of Birmingham, Warrant | ||||||||
Series 2018B, GO, 4.00%, 12/1/2032 | 570 | 681 | ||||||
Series 2018B, GO, 4.00%, 12/1/2033 | 375 | 447 | ||||||
Series 2018B, GO, 4.00%, 12/1/2034 | 510 | 607 | ||||||
Series 2018B, GO, 4.00%, 12/1/2035 | 500 | 594 | ||||||
City of Huntsville, Electric System, Warrants Series A, Rev., 5.00%, 12/1/2023 | 35 | 39 | ||||||
City of Huntsville, Warrants | ||||||||
Series A, GO, 5.00%, 5/1/2030 | 2,765 | 3,454 | ||||||
Series A, GO, 5.00%, 5/1/2031 | 3,035 | 3,790 | ||||||
Series 2018-A, GO, 5.00%, 5/1/2033 | 70 | 87 | ||||||
City of Madison, Warrants GO, 5.00%, 4/1/2023 | 25 | 27 | ||||||
County of Mobile, Warrants | ||||||||
Series C, GO, 5.00%, 8/1/2022 (c) | 25 | 26 | ||||||
GO, 5.00%, 2/1/2033 | 25 | 32 | ||||||
Infirmary Health System Special Care Facilities Financing Authority of Mobile, Infirmary Health System, Inc. Series 2016A, Rev., 5.00%, 2/1/2025 | 320 | 367 | ||||||
Lower Alabama Gas District (The) Rev., 4.00%, 12/1/2025 (b) | 32,500 | 37,024 | ||||||
Montgomery County Public Building Authority, Facilities Project | ||||||||
Rev., 5.00%, 3/1/2024 (c) | 7,500 | 8,404 | ||||||
Rev., 5.00%, 3/1/2026 | 1,735 | 1,935 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Alabama — continued |
| |||||||
Shelby County Board of Education, Special Tax 5.00%, 2/1/2025 | 50 | 58 | ||||||
Southeast Alabama Gas Supply District (The), Project No. 1 | ||||||||
Series 2018A, Rev., 4.00%, 4/1/2024 (b) | 34,000 | 36,945 | ||||||
Series A, Rev., 5.00%, 4/1/2024 | 20,845 | 23,363 | ||||||
Southeast Alabama Gas Supply District (The), Project No. 2 Series 2018A, Rev., 4.00%, 6/1/2024 (b) | 16,015 | 17,503 | ||||||
UAB Medicine Finance Authority Series 2019B, Rev., 5.00%, 9/1/2035 | 55 | 71 | ||||||
University of West Alabama, General Fee | ||||||||
Rev., AGM, 5.00%, 1/1/2028 | 200 | 247 | ||||||
Rev., AGM, 5.00%, 1/1/2029 | 200 | 252 | ||||||
Rev., AGM, 5.00%, 1/1/2030 | 200 | 256 | ||||||
Water Works Board of the City of Birmingham (The) Series 2016A, Rev., 5.00%, 1/1/2030 | 150 | 184 | ||||||
|
| |||||||
Total Alabama | 146,611 | |||||||
|
| |||||||
Alaska — 0.4% |
| |||||||
Alaska Housing Finance Corp., State Capital Project Series 2019B, Rev., 5.00%, 6/1/2026 | 20 | 24 | ||||||
Alaska Industrial Development and Export Authority, Providence Health & Services Series 2011A, Rev., 5.50%, 10/1/2041 | 9,000 | 9,035 | ||||||
Alaska Industrial Development and Export Authority, Tanana Chiefs Conference Project | ||||||||
Series 2019A, Rev., 5.00%, 10/1/2024 | 800 | 906 | ||||||
Series 2019A, Rev., 5.00%, 10/1/2025 | 1,325 | 1,548 | ||||||
Series 2019A, Rev., 5.00%, 10/1/2026 | 1,385 | 1,666 | ||||||
Series 2019A, Rev., 5.00%, 10/1/2027 | 1,455 | 1,789 | ||||||
Series 2019A, Rev., 5.00%, 10/1/2028 | 1,530 | 1,918 | ||||||
Municipality of Anchorage Series C, GO, 5.00%, 9/1/2028 | 1,675 | 2,158 | ||||||
|
| |||||||
Total Alaska | 19,044 | |||||||
|
| |||||||
Arizona — 1.9% |
| |||||||
Arizona Department of Transportation State Highway Fund Rev., 5.00%, 7/1/2031 | 25 | 30 | ||||||
Arizona Industrial Development Authority, Aliante & Skye Canyon Campus Project | ||||||||
Series 2021A, Rev., 3.00%, 12/15/2031 (d) | 265 | 280 | ||||||
Series 2021A, Rev., 4.00%, 12/15/2041 (d) | 250 | 277 | ||||||
Arizona Industrial Development Authority, Children’s National Medical Center | ||||||||
Series 2020A, Rev., 4.00%, 9/1/2035 | 200 | 241 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 41 |
Table of Contents
JPMorgan Intermediate Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Arizona — continued |
| |||||||
Series 2020A, Rev., 4.00%, 9/1/2036 | 355 | 426 | ||||||
Series 2020A, Rev., 4.00%, 9/1/2037 | 820 | 985 | ||||||
Series 2020A, Rev., 4.00%, 9/1/2039 | 810 | 963 | ||||||
Series 2020A, Rev., 4.00%, 9/1/2046 | 2,750 | 3,194 | ||||||
Arizona Industrial Development Authority, Doral Academy of Northern Nevada Project | ||||||||
Series 2021A, Rev., 4.00%, 7/15/2026 (d) | 115 | 129 | ||||||
Series 2021A, Rev., 4.00%, 7/15/2027 (d) | 120 | 136 | ||||||
Series 2021A, Rev., 4.00%, 7/15/2028 (d) | 200 | 229 | ||||||
Series 2021A, Rev., 4.00%, 7/15/2029 (d) | 200 | 231 | ||||||
Series 2021A, Rev., 4.00%, 7/15/2030 (d) | 200 | 229 | ||||||
Series 2021A, Rev., 4.00%, 7/15/2031 (d) | 215 | 244 | ||||||
Series 2021A, Rev., 4.00%, 7/15/2032 (d) | 225 | 254 | ||||||
Series 2021A, Rev., 4.00%, 7/15/2033 (d) | 180 | 203 | ||||||
Series 2021A, Rev., 4.00%, 7/15/2034 (d) | 200 | 225 | ||||||
Series 2021A, Rev., 4.00%, 7/15/2035 (d) | 250 | 280 | ||||||
Series 2021A, Rev., 4.00%, 7/15/2037 (d) | 270 | 303 | ||||||
Series 2021A, Rev., 4.00%, 7/15/2041 (d) | 135 | 150 | ||||||
Arizona Industrial Development Authority, Great Lakes Senior Living Communities LLC Project | ||||||||
Series 2019A, Rev., 5.00%, 1/1/2022 | 675 | 679 | ||||||
Series 2019A, Rev., 5.00%, 1/1/2023 | 610 | 624 | ||||||
Series 2019A, Rev., 5.00%, 1/1/2024 | 1,475 | 1,526 | ||||||
Series 2019A, Rev., 5.00%, 1/1/2025 | 1,800 | 1,879 | ||||||
Series 2019A, Rev., 5.00%, 1/1/2026 | 1,875 | 1,969 | ||||||
Series 2019A, Rev., 5.00%, 1/1/2027 | 1,850 | 1,949 | ||||||
Series 2019A, Rev., 5.00%, 1/1/2028 | 1,500 | 1,581 | ||||||
Series 2019A, Rev., 5.00%, 1/1/2029 | 660 | 692 | ||||||
Series 2019A, Rev., 5.00%, 1/1/2030 | 3,670 | 3,856 | ||||||
Series 2019A, Rev., 4.00%, 1/1/2031 | 4,100 | 4,012 | ||||||
Series 2019A, Rev., 4.00%, 1/1/2032 | 4,265 | 4,149 | ||||||
Series 2019A, Rev., 4.00%, 1/1/2033 | 4,440 | 4,291 | ||||||
Series 2019A, Rev., 5.00%, 1/1/2034 | 1,770 | 1,860 | ||||||
Series 2019A, Rev., 5.00%, 1/1/2035 | 2,285 | 2,401 | ||||||
Series 2019A, Rev., 5.00%, 1/1/2036 | 1,835 | 1,928 | ||||||
Series 2019A, Rev., 5.00%, 1/1/2037 | 500 | 524 | ||||||
Series 2019A, Rev., 5.00%, 1/1/2038 | 500 | 524 | ||||||
Series 2019A, Rev., 4.25%, 1/1/2039 | 545 | 544 | ||||||
Series 2019A, Rev., 4.25%, 1/1/2040 | 1,320 | 1,318 | ||||||
Series 2019A, Rev., 5.00%, 1/1/2043 | 1,750 | 1,839 | ||||||
Arizona Industrial Development Authority, Macombs Facility Project | ||||||||
Series 2021A, Rev., 5.00%, 7/1/2032 | 165 | 214 | ||||||
Series 2021A, Rev., 5.00%, 7/1/2033 | 160 | 206 | ||||||
Series 2021A, Rev., 4.00%, 7/1/2034 | 165 | 196 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Arizona — continued |
| |||||||
Series 2021A, Rev., 4.00%, 7/1/2035 | 180 | 213 | ||||||
Series 2021A, Rev., 4.00%, 7/1/2036 | 155 | 183 | ||||||
Series 2021A, Rev., 4.00%, 7/1/2041 | 365 | 426 | ||||||
Arizona Industrial Development Authority, Pebble Campus Project | ||||||||
Series 2020A, Rev., 4.00%, 7/15/2030 (d) | 250 | 280 | ||||||
Series 2020A, Rev., 5.00%, 7/15/2040 (d) | 415 | 477 | ||||||
Arizona State University | ||||||||
Series 2017B, Rev., 5.00%, 7/1/2034 | 920 | 1,125 | ||||||
Series 2017B, Rev., 5.00%, 7/1/2035 | 1,000 | 1,220 | ||||||
Arizona State University, Green Bonds Series 2016B, Rev., 5.00%, 7/1/2042 | 30 | 36 | ||||||
Arizona Transportation Board, Excise Tax, Maricopa County Regional Area Road Fund Rev., 5.00%, 7/1/2023 | 95 | 103 | ||||||
Arizona Water Infrastructure Finance Authority, Water Quality Series 2014A, Rev., 5.00%, 10/1/2026 | 5,910 | 6,766 | ||||||
City of Cottonwood Rev., AGM, 5.00%, 7/1/2026 | 10 | 12 | ||||||
City of Glendale, Water and Sewer Rev., 5.00%, 7/1/2028 | 1,000 | 1,039 | ||||||
City of Mesa GO, 4.00%, 7/1/2033 | 30 | 36 | ||||||
City of Mesa, Utility System | ||||||||
Series 2019C, Rev., 5.00%, 7/1/2023 | 30 | 33 | ||||||
Series 2019A, Rev., 5.00%, 7/1/2029 | 40 | 52 | ||||||
Rev., 4.00%, 7/1/2031 | 50 | 58 | ||||||
Series 2019A, Rev., 5.00%, 7/1/2031 | 25 | 32 | ||||||
Series 2019A, Rev., 5.00%, 7/1/2033 | 25 | 32 | ||||||
City of Phoenix Civic Improvement Corp., Civic Plaza Expansion Series 2005B, Rev., BHAC-CR, FGIC, 5.50%, 7/1/2035 | 75 | 111 | ||||||
City of Phoenix Civic Improvement Corp., Junior Lien, Airport System | ||||||||
Rev., 5.00%, 7/1/2022 | 25 | 26 | ||||||
Rev., 5.00%, 7/1/2023 | 25 | 27 | ||||||
Series 2017D, Rev., 5.00%, 7/1/2024 | 275 | 312 | ||||||
Series 2017D, Rev., 5.00%, 7/1/2029 | 190 | 235 | ||||||
City of Phoenix Civic Improvement Corp., Senior Lien, Airport System | ||||||||
Series 2017B, Rev., 5.00%, 7/1/2027 | 150 | 188 | ||||||
Rev., AMT, 5.00%, 7/1/2037 | 1,000 | 1,240 | ||||||
City of Scottsdale, Water and Sewer System Rev., 5.25%, 7/1/2023 | 1,875 | 2,051 | ||||||
City of Surprise Rev., 5.00%, 7/1/2025 | 20 | 24 | ||||||
County of Pima Series 2020A, COP, 5.00%, 12/1/2021 | 25 | 25 |
SEE NOTES TO FINANCIAL STATEMENTS.
42 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Arizona — continued |
| |||||||
County of Pima, Sewer System Rev., 5.00%, 7/1/2023 | 30 | 33 | ||||||
County of Pinal Rev., 4.00%, 8/1/2037 | 75 | 88 | ||||||
Industrial Development Authority of The City of Phoenix, Downtown Phoenix Student Housing LLC — Arizona State University Project | ||||||||
Series 2018A, Rev., 5.00%, 7/1/2028 | 700 | 869 | ||||||
Series 2018A, Rev., 5.00%, 7/1/2029 | 1,300 | 1,604 | ||||||
Industrial Development Authority of The County of Yavapai, Regional Medical Center Series A, Rev., 5.25%, 8/1/2033 | 1,000 | 1,089 | ||||||
Kyrene Elementary School District No. 28, School Improvement Project Series 2019A, GO, 5.00%, 7/1/2029 | 55 | 70 | ||||||
Maricopa County Elementary School District No. 92 Pendergast Elementary, School Improvement, Project of 2016 Series 2016A, GO, 5.00%, 7/1/2023 | 20 | 22 | ||||||
Maricopa County High School District No. 214 Tolleson Union High School, School Improvement, Project of 2017 Series 2017B, GO, 5.00%, 7/1/2026 | 20 | 24 | ||||||
Maricopa County Industrial Development Authority, HonorHealth | ||||||||
Series 2019A, Rev., 5.00%, 9/1/2033 | 500 | 632 | ||||||
Series 2019A, Rev., 5.00%, 9/1/2034 | 1,000 | 1,261 | ||||||
Series 2019A, Rev., 5.00%, 9/1/2035 | 1,000 | 1,259 | ||||||
Maricopa County Industrial Development Authority, Ottawa University | ||||||||
Rev., 5.00%, 10/1/2026 (d) | 150 | 161 | ||||||
Rev., 5.13%, 10/1/2030 (d) | 215 | 244 | ||||||
Maricopa County Special Health Care District, Integrated Health Services | ||||||||
Series 2018C, GO, 5.00%, 7/1/2031 | 25 | 32 | ||||||
Series 2018C, GO, 5.00%, 7/1/2033 | 25 | 31 | ||||||
Maricopa County Unified School District No. 4 Mesa, School Improvement, Project of 2018 Series 2019A, GO, 5.00%, 7/1/2028 | 25 | 32 | ||||||
Maricopa County Unified School District No. 48 Scottsdale, School Improvement, Project of 2016 Series 2017B, GO, 5.00%, 7/1/2031 | 25 | 31 | ||||||
Maricopa County Unified School District No. 95, Queen Creek, School Improvement | ||||||||
GO, 5.00%, 7/1/2028 | 225 | 267 | ||||||
GO, 5.00%, 7/1/2029 | 500 | 593 | ||||||
Maricopa County Unified School District No. 97 Deer Valley, School Improvement, Project of 2013 Series 2019E, GO, 5.00%, 7/1/2027 | 50 | 63 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Arizona — continued |
| |||||||
Maricopa County Unified School District No. 9-Wickenburg, School Improvement Series 2017A, GO, AGM, 4.00%, 7/1/2023 | 50 | 53 | ||||||
Maricopa County Union High School District No. 216 Agua Fria, School Improvement | ||||||||
GO, 4.00%, 7/1/2034 | 50 | 60 | ||||||
GO, 4.00%, 7/1/2036 | 90 | 108 | ||||||
Mohave County Unified School District No. 1 Lake Havasu, School Improvement, Project of 2016 Series 2017A, GO, 4.00%, 7/1/2030 | 30 | 35 | ||||||
Pima County Community College District Rev., 5.00%, 7/1/2030 | 60 | 76 | ||||||
Pima County Elementary School District No. 39 Continental, School Improvement, Project of 2010 Series B, GO, AGM, 3.75%, 7/1/2029 | 20 | 21 | ||||||
Pinal County School District No. 1 Florence GO, 5.00%, 7/1/2023 | 70 | 76 | ||||||
Regional Public Transportation Authority, Transportation Excise Tax, Maricopa County Public Transportation Fund Rev., 5.25%, 7/1/2025 | 1,000 | 1,141 | ||||||
Salt River Project Agricultural Improvement and Power District, Arizona Salt River Project | ||||||||
Series 2011A, Rev., 5.00%, 12/1/2022 | 70 | 71 | ||||||
Series A, Rev., 5.00%, 12/1/2028 | 1,005 | 1,017 | ||||||
Series 2016A, Rev., 5.00%, 1/1/2036 | 7,000 | 8,475 | ||||||
Series 2019A, Rev., 5.00%, 1/1/2037 | 55 | 72 | ||||||
Scottsdale Municipal Property Corp., Excise Tax Rev., 5.00%, 7/1/2026 | 1,570 | 1,912 | ||||||
University of Arizona (The) | ||||||||
Series 2012A, Rev., 5.00%, 6/1/2022 | 1,000 | 1,035 | ||||||
Rev., 5.00%, 6/1/2026 | 10 | 11 | ||||||
University of Arizona (The), Stimulus Plan for Economic and Educational Development Series 2020A, Rev., 5.00%, 8/1/2036 | 75 | 98 | ||||||
|
| |||||||
Total Arizona | 86,798 | |||||||
|
| |||||||
Arkansas — 0.0% (e) |
| |||||||
State of Arkansas, Federal Highway GO, 5.00%, 10/1/2025 | 10 | 11 | ||||||
University of Arkansas, Various Facility Fayetteville Campus Series 2014A, Rev., 4.50%, 11/1/2026 | 45 | 51 | ||||||
|
| |||||||
Total Arkansas | 62 | |||||||
|
| |||||||
California — 10.1% |
| |||||||
Alameda County Joint Powers Authority, Multiple Capital Projects | ||||||||
Series 2013A, Rev., 5.25%, 12/1/2025 | 75 | 83 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 43 |
Table of Contents
JPMorgan Intermediate Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
California — continued |
| |||||||
Series 2013A, Rev., 5.25%, 12/1/2027 | 50 | 56 | ||||||
Anaheim Union High School District | ||||||||
GO, 5.00%, 8/1/2022 | 25 | 26 | ||||||
GO, 5.00%, 8/1/2025 | 65 | 74 | ||||||
Antelope Valley Union High School District GO, 4.00%, 8/1/2022 | 55 | 57 | ||||||
Arcadia Unified School District GO, 4.00%, 8/1/2038 | 9,385 | 10,573 | ||||||
Banning Unified School District GO, AGM, 5.00%, 8/1/2027 | 100 | 121 | ||||||
Bay Area Toll Authority, Toll Bridge | ||||||||
Series 2017S-7, Rev., 4.00%, 4/1/2033 | 35 | 41 | ||||||
Series 2019S-H, Rev., 5.00%, 4/1/2044 | 50 | 63 | ||||||
Bay Area Water Supply and Conservation Agency, Capital Cost Recovery Prepayment Program Series 2013 A, Rev., 5.00%, 10/1/2026 | 60 | 65 | ||||||
Belmont Joint Powers Financing Authority Rev., 5.00%, 8/1/2024 | 20 | 23 | ||||||
Beverly Hills Unified School District, Election of 2008 GO, 5.00%, 8/1/2026 | 30 | 35 | ||||||
Brentwood Union School District, Election of 2016 GO, 5.00%, 8/1/2031 | 20 | 24 | ||||||
California Community College Financing Authority, West Valley Mission Community College District Rev., 5.00%, 6/1/2025 (c) | 55 | 65 | ||||||
California Community Housing Agency, Glendale Properties Series 2021A-2, Rev., 4.00%, 8/1/2046 (d) | 2,965 | 3,282 | ||||||
California County Tobacco Securitization Agency, Los Angeles County Securitization Corp. | ||||||||
Series 2020A, Rev., 5.00%, 6/1/2024 | 350 | 395 | ||||||
Series 2020A, Rev., 5.00%, 6/1/2027 | 400 | 498 | ||||||
Series 2020A, Rev., 5.00%, 6/1/2029 | 400 | 522 | ||||||
Series 2020A, Rev., 5.00%, 6/1/2030 | 250 | 333 | ||||||
Series 2020A, Rev., 5.00%, 6/1/2031 | 250 | 331 | ||||||
Series 2020A, Rev., 5.00%, 6/1/2032 | 250 | 330 | ||||||
Series 2020A, Rev., 5.00%, 6/1/2033 | 300 | 395 | ||||||
Series 2020A, Rev., 4.00%, 6/1/2034 | 200 | 246 | ||||||
California Educational Facilities Authority, Claremont McKenna College | ||||||||
Series 2015A, Rev., 5.00%, 1/1/2028 | 1,000 | 1,188 | ||||||
Series 2015A, Rev., 5.00%, 1/1/2029 | 880 | 1,043 | ||||||
Series 2015A, Rev., 5.00%, 1/1/2030 | 1,185 | 1,402 | ||||||
Series 2015A, Rev., 5.00%, 1/1/2031 | 2,450 | 2,897 | ||||||
Series 2015A, Rev., 5.00%, 1/1/2032 | 2,000 | 2,363 | ||||||
Series 2015A, Rev., 4.00%, 1/1/2033 | 3,000 | 3,393 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
California — continued |
| |||||||
California Educational Facilities Authority, Pepperdine University Rev., 5.00%, 9/1/2022 (c) | 315 | 330 | ||||||
California Educational Facilities Authority, Santa Clara University Series 2017B, Rev., 5.00%, 4/1/2035 | 80 | 98 | ||||||
California Health Facilities Financing Authority, Cedars-Sinai Medical Center | ||||||||
Series A, Rev., 5.00%, 8/15/2026 | 45 | 55 | ||||||
Rev., 5.00%, 11/15/2027 | 6,250 | 7,457 | ||||||
California Health Facilities Financing Authority, Children’s Hospital Series 2019A, Rev., 5.00%, 11/1/2024 | 30 | 35 | ||||||
California Health Facilities Financing Authority, Kaiser Permanente Series 2017A, Subseries 2017A-2, Rev., 4.00%, 11/1/2038 | 4,000 | 4,679 | ||||||
California Health Facilities Financing Authority, Memorial Health Service Series 2012A, Rev., 5.00%, 10/1/2026 | 1,500 | 1,577 | ||||||
California Health Facilities Financing Authority, On Lok Senior Health Service | ||||||||
Rev., 3.00%, 8/1/2024 | 100 | 107 | ||||||
Rev., 3.00%, 8/1/2025 | 50 | 55 | ||||||
Rev., 3.00%, 8/1/2027 | 150 | 168 | ||||||
Rev., 3.00%, 8/1/2028 | 130 | 147 | ||||||
Rev., 3.00%, 8/1/2029 | 150 | 171 | ||||||
Rev., 5.00%, 8/1/2040 | 600 | 754 | ||||||
California Health Facilities Financing Authority, Sutter Health | ||||||||
Series 2016A, Rev., 3.25%, 11/15/2025 (c) | 1,425 | 1,600 | ||||||
Series 2016A, Rev., 5.00%, 11/15/2025 (c) | 1,550 | 1,855 | ||||||
Series 2017A, Rev., 5.00%, 11/15/2031 | 110 | 138 | ||||||
Series 2017A, Rev., 5.00%, 11/15/2032 | 25 | 31 | ||||||
Series 2017A, Rev., 5.00%, 11/15/2033 | 50 | 62 | ||||||
Series 2018A, Rev., 5.00%, 11/15/2035 | 25 | 31 | ||||||
Series 2018A, Rev., 5.00%, 11/15/2036 | 35 | 44 | ||||||
California Infrastructure & Economic Development Bank, Academy of Motion Picture Arts & Sciences Obligated Group Series 2015A, Rev., 5.00%, 11/1/2026 | 1,000 | 1,103 | ||||||
California Infrastructure & Economic Development Bank, Clean Water State Revolving Fund Rev., 5.00%, 10/1/2032 | 25 | 31 | ||||||
California Infrastructure & Economic Development Bank, Clean Water State Revolving Fund, Green Bond Rev., 5.00%, 10/1/2026 | 60 | 73 |
SEE NOTES TO FINANCIAL STATEMENTS.
44 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
California — continued |
| |||||||
California Infrastructure & Economic Development Bank, Independent System Operator Corp. Project Rev., 5.00%, 2/1/2023 (c) | 15 | 16 | ||||||
California Infrastructure & Economic Development Bank, Infrastructure State Revolving Fund | ||||||||
Series 2015A, Rev., 5.00%, 10/1/2021 (c) | 50 | 50 | ||||||
Series 2015A, Rev., 5.00%, 10/1/2025 (c) | 185 | 220 | ||||||
California Municipal Finance Authority, California Lutheran University | ||||||||
Rev., 5.00%, 10/1/2026 | 150 | 181 | ||||||
Rev., 5.00%, 10/1/2027 | 150 | 185 | ||||||
Rev., 5.00%, 10/1/2028 | 150 | 189 | ||||||
California Municipal Finance Authority, Civic Center Infrastructure Improvement Program | ||||||||
Rev., 5.00%, 6/1/2023 | 80 | 87 | ||||||
Rev., 5.00%, 6/1/2027 | 75 | 93 | ||||||
California Municipal Finance Authority, Community Medical Centers | ||||||||
Series 2017A, Rev., 5.00%, 2/1/2028 | 900 | 1,104 | ||||||
Series 2017A, Rev., 5.00%, 2/1/2029 | 1,250 | 1,530 | ||||||
California Municipal Finance Authority, Electric Utility Distribution System Rev., 5.00%, 10/1/2022 | 25 | 26 | ||||||
California Municipal Finance Authority, Linxs Apartments Project, Senior Lien | ||||||||
Series 2018A, Rev., AMT, AGM, 3.25%, 12/31/2032 | 6,680 | 7,322 | ||||||
Series 2018A, Rev., AMT, AGM, 3.50%, 12/31/2035 | 4,555 | 5,031 | ||||||
California Public Finance Authority, Enso Village Project, Green Bond | ||||||||
Series 2021B-3, Rev., 2.13%, 11/15/2027 (d) | 1,490 | 1,509 | ||||||
Series 2021B-2, Rev., 2.38%, 11/15/2028 (d) | 1,800 | 1,827 | ||||||
Series 2021B-1, Rev., 3.13%, 5/15/2029 (d) | 400 | 407 | ||||||
Series 2021A, Rev., 5.00%, 11/15/2036 (d) | 400 | 478 | ||||||
Series 2021A, Rev., 5.00%, 11/15/2046 (d) | 525 | 612 | ||||||
California Public Finance Authority, Henry Mayo Newhall Hospital | ||||||||
Rev., 4.00%, 10/15/2025 | 250 | 283 | ||||||
Rev., 4.00%, 10/15/2026 | 415 | 480 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
California — continued |
| |||||||
Rev., 4.00%, 10/15/2027 | 400 | 471 | ||||||
Rev., 4.00%, 10/15/2028 | 360 | 430 | ||||||
Rev., 5.00%, 10/15/2029 | 700 | 841 | ||||||
Rev., 5.00%, 10/15/2030 | 500 | 599 | ||||||
Rev., 4.00%, 10/15/2031 (b) | 345 | 418 | ||||||
Rev., 5.00%, 10/15/2031 | 535 | 640 | ||||||
California School Finance Authority, Kipp Socal Projects Series 2020A, Rev., 4.00%, 7/1/2040 (d) | 505 | 586 | ||||||
California State Public Works Board, California State University, Various Capital Projects Series C, Rev., 5.00%, 3/1/2032 | 3,025 | 3,721 | ||||||
California State Public Works Board, California State University, Various University Projects Series 2013H, Rev., 5.00%, 9/1/2023 (c) | 13,405 | 14,707 | ||||||
California State Public Works Board, State Office Buildings | ||||||||
Series F, Rev., 5.00%, 5/1/2026 | 3,100 | 3,625 | ||||||
Series F, Rev., 5.00%, 5/1/2027 | 5,000 | 5,840 | ||||||
California State University, Systemwide | ||||||||
Series 2012A, Rev., 4.00%, 11/1/2022 (c) | 145 | 152 | ||||||
Series 2017A, Rev., 5.00%, 11/1/2034 | 2,875 | 3,546 | ||||||
Series 2016A, Rev., 5.00%, 11/1/2045 | 30 | 36 | ||||||
California Statewide Communities Development Authority, Emanate Health, Tax-Exempt | ||||||||
Series 2020A, Rev., 5.00%, 4/1/2031 | 365 | 478 | ||||||
Series 2020A, Rev., 5.00%, 4/1/2032 | 900 | 1,174 | ||||||
Series 2020A, Rev., 5.00%, 4/1/2033 | 2,880 | 3,745 | ||||||
Series 2020A, Rev., 5.00%, 4/1/2034 | 1,910 | 2,475 | ||||||
Series 2020A, Rev., 5.00%, 4/1/2035 | 650 | 840 | ||||||
Calleguas Municipal Water District Series 2016A, Rev., 5.00%, 7/1/2023 | 35 | 38 | ||||||
Capistrano Unified School District Community Facilities District No. 90-2, Special Tax Rev., AGM, 4.00%, 9/1/2023 | 35 | 38 | ||||||
Castaic Lake Water Agency, Capital Appreciation, Water System Improvement Project Series 1999A, COP, AMBAC, Zero Coupon, 8/1/2025 | 10,445 | 10,175 | ||||||
Central Unified School District GO, 5.00%, 8/1/2025 | 110 | 130 | ||||||
Cerritos Community College District Series A, GO, 5.00%, 8/1/2029 | 45 | 51 | ||||||
Chaffey Community College District GO, 5.00%, 6/1/2022 | 25 | 26 | ||||||
Chino Valley Unified School District GO, 5.00%, 8/1/2022 | 60 | 63 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 45 |
Table of Contents
JPMorgan Intermediate Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
California — continued |
| |||||||
Chula Vista Municipal Financing Authority | ||||||||
Rev., 5.00%, 5/1/2022 | 40 | 42 | ||||||
Rev., 5.00%, 5/1/2025 | 15 | 17 | ||||||
Citrus Community College District Series A, GO, 5.00%, 8/1/2023 | 20 | 22 | ||||||
City of Alameda GO, 4.00%, 8/1/2033 | 10 | 11 | ||||||
City of Brea, Water Utility | ||||||||
Rev., 5.00%, 7/1/2025 | 25 | 30 | ||||||
Rev., 5.00%, 7/1/2028 | 90 | 116 | ||||||
City of Gilroy, Wastewater Rev., 5.00%, 8/1/2022 | 55 | 57 | ||||||
City of Los Alamitos COP, 5.00%, 10/1/2023 | 25 | 27 | ||||||
City of Los Angeles Department of Airports, International Airport Senior Series A, Rev., AMT, 5.00%, 5/15/2028 | 135 | 157 | ||||||
City of Los Angeles Department of Airports, International Airport Subordinate Series 2019C, Rev., 5.00%, 5/15/2033 | 45 | 58 | ||||||
City of Los Angeles, Wastewater System | ||||||||
Subseries B, Rev., 5.00%, 6/1/2023 | 120 | 130 | ||||||
Series 2013A, Rev., 5.00%, 6/1/2026 | 12,500 | 13,564 | ||||||
Series C, Rev., 5.00%, 6/1/2026 | 2,000 | 2,072 | ||||||
City of Oakland Series 2015A, GO, 5.00%, 1/15/2023 | 25 | 27 | ||||||
City of Pasadena Series 2016A, Rev., 5.00%, 6/1/2031 | 25 | 30 | ||||||
City of Richmond, Wastewater Series 2019B, Rev., 5.00%, 8/1/2023 | 40 | 44 | ||||||
City of San Francisco, Public Utilities Commission Subseries A, Rev., 5.00%, 11/1/2035 | 1,500 | 1,826 | ||||||
City of San Jose, Disaster Preparedness, Public Safety and Infrastructure Series A-1, GO, 5.00%, 9/1/2036 | 25 | 32 | ||||||
City of San Jose, Libraries, Parks and Public Safety Projects | ||||||||
Series 2019C, GO, 5.00%, 9/1/2028 | 50 | 65 | ||||||
Series 2019C, GO, 5.00%, 9/1/2032 | 100 | 130 | ||||||
City of Santa Rosa, Wastewater | ||||||||
Series 2014A, Rev., 5.00%, 9/1/2022 | 25 | 26 | ||||||
Series B, Rev., AGM-CR, AMBAC, Zero Coupon, 9/1/2023 | 5,000 | 4,968 | ||||||
City of Ukiah, Water System Rev., AGM, 5.00%, 9/1/2023 | 50 | 55 | ||||||
Coachella Valley Unified School District GO, 4.00%, 8/1/2027 | 20 | 22 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
California — continued |
| |||||||
Coachella Valley Unified School District, Election of 2005 Series 2012D, GO, AGM, 5.00%, 8/1/2022 (c) | 20 | 21 | ||||||
Contra Costa County Transportation Authority, Sales Tax | ||||||||
Series 2015A, Rev., 5.00%, 3/1/2022 | 25 | 26 | ||||||
Series 2012B, Rev., 5.00%, 3/1/2023 (c) | 50 | 54 | ||||||
Series 2017A, Rev., 5.00%, 3/1/2023 | 20 | 21 | ||||||
Series A, Rev., 5.00%, 3/1/2024 | 50 | 56 | ||||||
Corona Utility Authority, Water Projects Rev., 5.00%, 9/1/2022 | 40 | 42 | ||||||
County of Calaveras GO, 5.00%, 8/1/2026 | 100 | 118 | ||||||
County of Orange, Garden Grove Unified School District, Election of 2010 Series C, GO, 5.00%, 8/1/2023 (c) | 1,390 | 1,520 | ||||||
County of San Benito, Jail Facility Project COP, 5.00%, 10/1/2025 | 45 | 53 | ||||||
County of San Joaquin, County Administration Building Project COP, AGM, 5.00%, 11/15/2029 | 5 | 6 | ||||||
County of Santa Clara, Election of 2008 Series 2017C, GO, 5.00%, 8/1/2033 | 25 | 31 | ||||||
CSCDA Community Improvement Authority Series 2021A-1, Rev., 2.65%, 12/1/2046 (d) | 1,500 | 1,523 | ||||||
CSCDA Community Improvement Authority, Essential Housing, Altana-Glendale Series 2021A-1, Rev., 3.50%, 10/1/2046 (d) | 6,000 | 6,307 | ||||||
CSCDA Community Improvement Authority, Essential Housing, Jefferson-Anaheim Series 2021A-1, Rev., 2.88%, 8/1/2041 (d) | 2,580 | 2,664 | ||||||
CSCDA Community Improvement Authority, Senior Lien Series 2021A-1, Rev., 2.45%, 2/1/2047 (d) | 3,000 | 2,863 | ||||||
Desert Community College District | ||||||||
GO, 5.00%, 8/1/2022 | 50 | 52 | ||||||
GO, 5.00%, 8/1/2031 | 2,250 | 2,794 | ||||||
Desert Sands Unified School District | ||||||||
COP, 5.00%, 3/1/2023 | 70 | 75 | ||||||
Series A, GO, 5.00%, 6/1/2026 | 40 | 43 | ||||||
GO, 5.00%, 8/1/2026 | 2,200 | 2,608 | ||||||
Desert Sands Unified School District, Election of 2014 GO, 4.00%, 8/1/2038 | 1,000 | 1,161 | ||||||
Downey Public Finance Authority Rev., 5.00%, 12/1/2022 | 100 | 106 |
SEE NOTES TO FINANCIAL STATEMENTS.
46 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
California — continued |
| |||||||
Downey Unified School District, Election of 2014 Series B, GO, 5.00%, 8/1/2032 | 50 | 64 | ||||||
Dry Creek Joint Elementary School District Rev., AGM, 5.00%, 9/1/2022 | 25 | 26 | ||||||
East Bay Municipal Utility District, Water System Series 2015B, Rev., 5.00%, 6/1/2024 | 45 | 51 | ||||||
East Side Union High School District Series 2016B, GO, 5.00%, 8/1/2027 | 50 | 61 | ||||||
East Side Union High School District, Election of 2012 Series B, GO, 5.00%, 8/1/2030 | 25 | 29 | ||||||
El Camino Community College District Foundation (The) GO, 5.00%, 8/1/2022 | 25 | 26 | ||||||
El Centro Financing Authority | ||||||||
Series 2021B, Rev., 4.00%, 10/1/2028 | 250 | 297 | ||||||
Series 2021B, Rev., 4.00%, 10/1/2029 | 265 | 319 | ||||||
Series 2021B, Rev., 4.00%, 10/1/2030 | 275 | 334 | ||||||
Series 2021B, Rev., 4.00%, 10/1/2031 | 285 | 351 | ||||||
El Monte City School District GO, BAN, Zero Coupon, 4/1/2023 | 525 | 522 | ||||||
Elsinore Valley Municipal Water District Financing Authority Series 2016A, Rev., 5.00%, 7/1/2023 | 30 | 33 | ||||||
Escondido Union School District, Election of 2014 Series A, GO, 5.00%, 8/1/2027 | 100 | 117 | ||||||
Fairfield-Suisun Unified School District, Election of 2016 GO, 5.00%, 8/1/2026 | 50 | 61 | ||||||
Foothill-De Anza Community College District GO, 5.00%, 8/1/2024 (c) | 65 | 74 | ||||||
Fremont Union High School District Series 2019A, GO, 5.00%, 8/1/2030 | 75 | 94 | ||||||
Fullerton Joint Union High School District, Election of 2014 Series 2015A, GO, 5.00%, 8/1/2022 | 30 | 31 | ||||||
Glendale Unified School District Series 2015A, GO, 5.00%, 9/1/2023 | 25 | 27 | ||||||
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement | ||||||||
Series A, Rev., 5.00%, 6/1/2032 | 4,000 | 4,665 | ||||||
Series A-1, Rev., 3.50%, 6/1/2036 | 4,690 | 4,766 | ||||||
Grossmont-Cuyamaca Community College District, Election of 2002 Series 2008C, GO, AGC, Zero Coupon, 8/1/2026 | 19,585 | 18,795 | ||||||
Hayward Unified School District GO, AGM, 5.00%, 8/1/2027 | 55 | 67 | ||||||
Hillsborough City School District | ||||||||
Series A, GO, 4.00%, 9/1/2021 | 40 | 40 | ||||||
Series A, GO, 4.00%, 9/1/2022 | 35 | 36 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
California — continued |
| |||||||
Hollister Joint Powers Financing Authority Rev., AGM, 5.00%, 6/1/2031 | 65 | 78 | ||||||
Huntington Beach Union High School District GO, 5.00%, 8/1/2023 (c) | 10 | 11 | ||||||
Imperial Irrigation District Electric System Series 2016B-2, Rev., 5.00%, 11/1/2026 | 80 | 98 | ||||||
Irvine Ranch Water District COP, 5.00%, 3/1/2032 | 2,275 | 2,766 | ||||||
Jefferson Union High School District, Election of 2012 Series A, GO, 4.00%, 8/1/2022 | 65 | 67 | ||||||
John Swett Unified School District Series A-1, GO, AGM, 5.00%, 8/1/2027 | 50 | 63 | ||||||
La Canada Unified School District, Election of 2017 Series 2018A, GO, 5.00%, 8/1/2031 | 50 | 64 | ||||||
Lincoln Public Financing Authority Series A, Rev., 4.00%, 10/1/2023 | 25 | 27 | ||||||
Long Beach Bond Finance Authority, Natural Gas | ||||||||
Series 2007A, Rev., 5.25%, 11/15/2021 | 2,500 | 2,525 | ||||||
Series A, Rev., 5.25%, 11/15/2022 | 9,545 | 10,115 | ||||||
Long Beach Community College District, Election of 2002 Series D, GO, NATL-RE, Zero Coupon, 5/1/2022 | 5,265 | 5,256 | ||||||
Long Beach Community College District, Election of 2016 Series 2019C, GO, 4.00%, 8/1/2045 | 40 | 46 | ||||||
Los Angeles Community College District | ||||||||
Series G, GO, 4.00%, 8/1/2022 | 25 | 26 | ||||||
Series 2015A, GO, 5.00%, 8/1/2023 | 20 | 22 | ||||||
Series A, GO, 4.00%, 8/1/2024 (c) | 2,300 | 2,557 | ||||||
Series A, GO, 5.00%, 8/1/2024 (c) | 24,000 | 27,382 | ||||||
Los Angeles County Facilities, Inc., Vermont Corridor County Administration Building Series 2018A, Rev., 5.00%, 12/1/2023 | 25 | 28 | ||||||
Los Angeles County Metropolitan Transportation Authority, Proposition C Senior Sales Tax | ||||||||
Series 2017A, Rev., 5.00%, 7/1/2023 | 35 | 38 | ||||||
Series A, Rev., 5.00%, 7/1/2030 | 4,925 | 6,174 | ||||||
Los Angeles County Metropolitan Transportation Authority, R Senior Sales Tax Series 2016A, Rev., 5.00%, 6/1/2023 | 35 | 38 | ||||||
Los Angeles County Public Works Financing Authority Series 2019E1, Rev., 4.00%, 12/1/2023 | 35 | 38 | ||||||
Los Angeles Department of Water and Power, Power System | ||||||||
Series 2019B, Rev., 5.00%, 7/1/2024 | 275 | 313 | ||||||
Series 2014B, Rev., 5.00%, 7/1/2026 | 15 | 17 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 47 |
Table of Contents
JPMorgan Intermediate Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
California — continued |
| |||||||
Series 2014D, Rev., 5.00%, 7/1/2027 | 50 | 57 | ||||||
Series 2014D, Rev., 5.00%, 7/1/2028 | 1,250 | 1,418 | ||||||
Series B, Rev., 5.00%, 7/1/2029 | 10,000 | 12,298 | ||||||
Series 2015A, Rev., 5.00%, 7/1/2030 | 270 | 311 | ||||||
Series 2018A, Rev., 5.00%, 7/1/2030 | 35 | 44 | ||||||
Series D, Rev., 5.00%, 7/1/2030 | 2,710 | 3,065 | ||||||
Series 2019C, Rev., 5.00%, 7/1/2031 | 85 | 111 | ||||||
Series A, Rev., 5.00%, 7/1/2031 | 2,055 | 2,514 | ||||||
Series B, Rev., 5.00%, 7/1/2031 | 3,400 | 3,767 | ||||||
Series D, Rev., 5.00%, 7/1/2031 | 2,500 | 2,828 | ||||||
Series A, Rev., 5.00%, 7/1/2032 | 2,550 | 3,116 | ||||||
Series B, Rev., 5.00%, 7/1/2032 | 3,075 | 3,406 | ||||||
Series 2017A, Rev., 5.00%, 7/1/2033 | 5,000 | 6,099 | ||||||
Series D, Rev., 5.00%, 7/1/2033 | 390 | 441 | ||||||
Series 2018D, Rev., 5.00%, 7/1/2034 | 30 | 38 | ||||||
Series 2019B, Rev., 5.00%, 7/1/2034 | 110 | 141 | ||||||
Series D, Rev., 5.00%, 7/1/2034 | 4,750 | 5,365 | ||||||
Series D, Rev., 5.00%, 7/1/2035 | 250 | 282 | ||||||
Series 2019A, Rev., 5.00%, 7/1/2039 | 35 | 45 | ||||||
Series 2019D, Rev., 5.00%, 7/1/2044 | 30 | 38 | ||||||
Los Angeles Department of Water and Power, Water System | ||||||||
Series 2014A, Rev., 5.00%, 7/1/2024 | 35 | 40 | ||||||
Series 2016A, Rev., 5.00%, 7/1/2030 | 60 | 72 | ||||||
Series 2017A, Rev., 5.00%, 7/1/2030 | 30 | 37 | ||||||
Series 2018B, Rev., 5.00%, 7/1/2031 | 60 | 76 | ||||||
Los Angeles Unified School District | ||||||||
Series C, GO, 5.00%, 7/1/2024 | 11,670 | 13,261 | ||||||
Series C, GO, 5.00%, 7/1/2026 | 5,505 | 6,242 | ||||||
Los Angeles Unified School District, Election of 2005 | ||||||||
Series M-1, GO, 5.00%, 7/1/2032 | 2,095 | 2,621 | ||||||
Series M-1, GO, 5.00%, 7/1/2033 | 4,305 | 5,377 | ||||||
Los Angeles Unified School District, Headquarters Building Projects Series B, COP, 5.00%, 10/1/2030 | 1,250 | 1,312 | ||||||
Los Rios Community College District, Election of 2008 Series B, GO, 5.00%, 8/1/2022 | 25 | 26 | ||||||
Madera Irrigation District Rev., AGM, 5.00%, 9/1/2025 | 150 | 178 | ||||||
Marin Community College District GO, 5.00%, 8/1/2023 | 35 | 38 | ||||||
Marin Water District Financing Authority, Subordinate Lien Rev., 5.00%, 7/1/2027 | 40 | 50 | ||||||
Marina Coast Water District, Tax-Exempt, Senior Lien Series A, Rev., 5.00%, 6/1/2029 | 25 | 29 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
California — continued |
| |||||||
Menlo Park City School District, Capital Appreciation | ||||||||
GO, Zero Coupon, 7/1/2033 | 1,000 | 701 | ||||||
GO, Zero Coupon, 7/1/2035 | 725 | 464 | ||||||
GO, Zero Coupon, 7/1/2036 | 1,150 | 699 | ||||||
GO, Zero Coupon, 7/1/2037 | 1,950 | 1,130 | ||||||
GO, Zero Coupon, 7/1/2041 | 1,250 | 603 | ||||||
Merced City School District, Election of 2014 GO, 4.00%, 8/1/2025 | 50 | 57 | ||||||
Merced Community College District No. 1, School Facilities Improvement GO, 5.00%, 8/1/2022 | 25 | 26 | ||||||
Metropolitan Water District of Southern California, Waterworks | ||||||||
Series 2018B, Rev., 5.00%, 9/1/2028 | 700 | 907 | ||||||
Series 2016A, Rev., 5.00%, 7/1/2030 | 30 | 36 | ||||||
Series 2019A, Rev., 5.00%, 7/1/2030 | 75 | 98 | ||||||
Milpitas Redevelopment Agency Successor Agency, Redevelopment Project Area No. 1 Rev., 5.00%, 9/1/2027 | 75 | 88 | ||||||
Montebello Public Financing Authority, Sales Tax, Limited Tax Series 2019A, Rev., AGM, 4.00%, 6/1/2033 | 380 | 446 | ||||||
Mount San Antonio Community College District, Election of 2018 Series 2019A, GO, 5.00%, 8/1/2028 | 50 | 65 | ||||||
Mountain View-Los Altos Union High School District, Election of 2010 | ||||||||
Series C, GO, Zero Coupon, 8/1/2023 | 2,000 | 1,992 | ||||||
Series C, GO, Zero Coupon, 8/1/2027 | 1,000 | 950 | ||||||
Murrieta Valley Unified School District GO, AGM, 5.00%, 9/1/2025 | 1,400 | 1,619 | ||||||
Murrieta Valley Unified School District, Election of 2014 Series 2014A, GO, AGM, 4.00%, 3/1/2025 (c) | 25 | 28 | ||||||
Napa Sanitation District Rev., 4.00%, 8/1/2023 | 25 | 27 | ||||||
Nevada Irrigation District, Joint Powers Authority Series 2016A, Rev., 5.00%, 3/1/2024 | 95 | 106 | ||||||
Newhall School District, School Facilities Improvement, Election of 2011 Series 2011A, GO, 4.00%, 8/1/2022 | 35 | 36 | ||||||
Newport Mesa Unified School District, Election of 2005 Series 2007, GO, NATL-RE, Zero Coupon, 8/1/2031 | 8,375 | 7,369 | ||||||
North Orange County Community College District, Election of 2014 Series 2016A, GO, 4.00%, 8/1/2025 | 20 | 23 |
SEE NOTES TO FINANCIAL STATEMENTS.
48 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
California — continued |
| |||||||
Novato Sanitary District, Wastewater | ||||||||
Rev., 5.00%, 2/1/2022 | 30 | 31 | ||||||
Rev., 5.00%, 2/1/2026 | 65 | 78 | ||||||
Novato Unified School District, Election of 2019 Series 2019B, GO, 5.00%, 8/1/2026 | 25 | 31 | ||||||
Oakdale Irrigation District Series 2016A, Rev., 5.00%, 8/1/2022 | 30 | 31 | ||||||
Oakland Joint Powers Financing Authority Rev., 5.00%, 11/1/2025 | 100 | 118 | ||||||
Ocean View School District, Orange County, Election of 2016 Series 2016B, GO, 6.00%, 8/1/2026 | 115 | 147 | ||||||
Oceanside Unified School District GO, 5.00%, 8/1/2024 | 5 | 6 | ||||||
Ohlone Community College District, Election of 2010 Series D, GO, 4.00%, 8/1/2022 | 40 | 41 | ||||||
Orange County Sanitation District, Wastewater Series 2016A, Rev., 5.00%, 2/1/2027 | 45 | 54 | ||||||
Orange County Water District Series A, Rev., 5.00%, 8/15/2034 | 650 | 793 | ||||||
Orange Redevelopment Agency, Orange Merged and Amended Redevelopment Project Series 2014A, Rev., AGM, 5.00%, 9/1/2023 | 110 | 121 | ||||||
Orange Unified School District, Election of 2016 GO, 5.00%, 8/1/2031 | 85 | 108 | ||||||
Otay Water District Financing Authority Series 2018A, Rev., 5.00%, 9/1/2022 | 35 | 37 | ||||||
Palm Springs Financing Authority Rev., 5.00%, 11/1/2022 | 25 | 26 | ||||||
Palm Springs Unified School District, Election of 2008 Series D, GO, 4.00%, 8/1/2024 | 65 | 72 | ||||||
Palomar Community College District | ||||||||
GO, 5.00%, 5/1/2022 | 25 | 25 | ||||||
GO, 5.00%, 5/1/2023 | 20 | 22 | ||||||
Pittsburg Unified School District GO, 5.00%, 8/1/2023 | 55 | 60 | ||||||
Pleasanton Unified School District, Election of 2016 GO, 5.00%, 8/1/2027 | 20 | 25 | ||||||
Plumas Unified School District, Election of 2016 Series B, GO, 5.00%, 8/1/2024 | 50 | 57 | ||||||
Pomona Unified School District GO, AGM, 5.00%, 8/1/2027 | 50 | 60 | ||||||
Rancho Water District Financing Authority Series 2019A, Rev., 5.00%, 8/1/2023 | 25 | 27 | ||||||
Regents of the University of California Medical Center Pooled Series 2016L, Rev., 5.00%, 5/15/2041 | 155 | 183 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
California — continued |
| |||||||
Rio Hondo Community College District, Election of 2019 Series 2019B, GO, 5.00%, 8/1/2025 | 40 | 47 | ||||||
Riverside County Infrastructure Financing Authority Series 2016A, Rev., 4.00%, 11/1/2023 | 25 | 27 | ||||||
Riverside County Infrastructure Financing Authority, Capital Projects Series 2017C, Rev., 5.00%, 5/1/2025 | 25 | 29 | ||||||
Riverside County Infrastructure Financing Authority, Indio Law Building Series 2017A, Rev., 4.00%, 11/1/2023 | 40 | 43 | ||||||
Riverside County Public Financing Authority, Capital Facilities Project Rev., 4.25%, 11/1/2045 | 35 | 38 | ||||||
Riverside County Public Financing Authority, Desert Communities and Interstate 215 Corridor Projects Series 2017A, Rev., 5.00%, 10/1/2026 | 75 | 91 | ||||||
Riverside County Redevelopment Successor Agency, Desert Communities Redevelopment Project Series 2014D, Rev., AGM, 5.00%, 10/1/2026 | 115 | 131 | ||||||
Riverside County Transportation Commission, Sales Tax | ||||||||
Series 2013A, Rev., 5.00%, 6/1/2023 | 55 | 60 | ||||||
Series 2013A, Rev., 5.25%, 6/1/2023 (c) | 4,525 | 4,930 | ||||||
Series 2017B, Rev., 5.00%, 6/1/2032 | 60 | 75 | ||||||
Series 2017A, Rev., 5.00%, 6/1/2033 | 30 | 37 | ||||||
Series 2017B, Rev., 5.00%, 6/1/2035 | 45 | 57 | ||||||
Riverside Public Financing Authority Series 2012A, Rev., 5.00%, 11/1/2023 | 95 | 100 | ||||||
Riverside Unified School District, Election of 2016 Series B, GO, 4.00%, 8/1/2042 | 50 | 58 | ||||||
Ross Valley Public Financing Authority Series A, Rev., 4.00%, 1/1/2023 | 25 | 26 | ||||||
Rowland Unified School District, Election of 2012 Series A, GO, 5.25%, 8/1/2023 (c) | 2,750 | 3,020 | ||||||
Sacramento Area Flood Control Agency, Consolidated Capital Assessment District No. 2 Series 2016A, 5.00%, 10/1/2023 | 125 | 138 | ||||||
Sacramento City Financing Authority, Master Lease Program Facilities Series 2015A, Rev., 5.00%, 12/1/2023 | 135 | 150 | ||||||
Sacramento County Sanitation Districts Financing Authority Series 2014A, Rev., 5.00%, 12/1/2027 | 60 | 68 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 49 |
Table of Contents
JPMorgan Intermediate Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
California — continued |
| |||||||
San Diego Community College District | ||||||||
GO, 5.00%, 8/1/2022 | 30 | 31 | ||||||
GO, 5.00%, 8/1/2025 | 25 | 30 | ||||||
San Diego County Regional Airport Authority, Subordinate Airport Series 2019A, Rev., 5.00%, 7/1/2031 | 25 | 32 | ||||||
San Diego Public Facilities Financing Authority, Fire and Life Safety Facilities Series 2012B, Rev., 4.00%, 4/15/2027 | 70 | 72 | ||||||
San Dieguito School Facilities Financing Authority, Special Tax | ||||||||
Rev., 5.00%, 3/1/2024 | 30 | 34 | ||||||
Rev., 5.00%, 3/1/2025 | 125 | 144 | ||||||
San Francisco Bay Area Rapid Transit District, Election of 2004 | ||||||||
Series 2013C, GO, 4.00%, 8/1/2022 | 25 | 26 | ||||||
Series D, GO, 5.00%, 8/1/2030 | 3,000 | 3,531 | ||||||
Series 2019F-1, GO, 5.00%, 8/1/2031 | 85 | 112 | ||||||
Series D, GO, 5.00%, 8/1/2032 | 55 | 65 | ||||||
Series 2019F-1, GO, 5.00%, 8/1/2033 | 25 | 33 | ||||||
San Francisco Bay Area Rapid Transit District, Sales Tax | ||||||||
Series A, Rev., 5.00%, 7/1/2025 | 510 | 601 | ||||||
Series A, Rev., 5.00%, 7/1/2026 | 475 | 559 | ||||||
San Francisco City and County Airport Commission, San Francisco International Airport Series 2019H, Rev., AMT, 5.00%, 5/1/2029 | 175 | 226 | ||||||
San Francisco City and County Airport Commission, San Francisco International Airport, Special Facilities, SFO Fuel Company LLC Series 2019A, Rev., AMT, 5.00%, 1/1/2047 | 4,000 | 4,867 | ||||||
San Francisco County Transportation Authority, Sales Tax Rev., 3.00%, 2/1/2022 | 25 | 25 | ||||||
San Francisco Municipal Transportation Agency Series 2018B, Rev., 5.00%, 3/1/2028 | 60 | 74 | ||||||
San Joaquin County Transportation Authority, Measure K Sales Tax | ||||||||
Rev., 5.00%, 3/1/2023 | 20 | 21 | ||||||
Rev., 5.00%, 3/1/2026 | 40 | 48 | ||||||
Rev., 5.00%, 3/1/2031 | 2,185 | 2,677 | ||||||
Rev., 5.00%, 3/1/2032 | 2,000 | 2,451 | ||||||
Rev., 5.00%, 3/1/2033 | 750 | 917 | ||||||
San Joaquin Delta Community College District Series 2015A, GO, 5.00%, 8/1/2022 | 25 | 26 | ||||||
San Jose Unified School District GO, 5.00%, 8/1/2023 | 25 | 27 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
California — continued |
| |||||||
San Juan Unified School District, Election of 2002 GO, 5.00%, 8/1/2023 (c) | 9,210 | 10,069 | ||||||
San Juan Unified School District, Election of 2012 Series 2019N, GO, 4.00%, 8/1/2025 | 125 | 143 | ||||||
San Luis Coastal Unified School District, Election of 2014 | ||||||||
Series C, GO, 4.00%, 8/1/2025 | 25 | 29 | ||||||
Series A, GO, 5.00%, 8/1/2026 | 75 | 85 | ||||||
Series B, GO, 5.00%, 8/1/2026 | 75 | 92 | ||||||
San Luis Obispo Public Financing Authority, Los Osos Valley Road Interchange Project Rev., 4.00%, 11/1/2023 | 75 | 81 | ||||||
San Marcos Unified School District | ||||||||
GO, 5.00%, 8/1/2031 | 60 | 75 | ||||||
GO, 4.00%, 8/1/2033 | 25 | 29 | ||||||
San Marcos Unified School, District No. 4, Community Facilities, Special Tax Rev., 4.00%, 9/1/2025 | 55 | 61 | ||||||
San Mateo Foster City School District, Election of 2008 Series 2012C, GO, 5.00%, 8/1/2022 | 25 | 26 | ||||||
San Mateo Joint Powers Financing Authority, Maple Street Correctional Center Series 2014A, Rev., 5.00%, 6/15/2027 | 75 | 85 | ||||||
San Mateo Joint Powers Financing Authority, Youth Services Campus Series A, Rev., 5.00%, 7/15/2027 | 25 | 31 | ||||||
San Mateo Union High School District, Election of 2006 Series 2013A, GO, 5.00%, 9/1/2023 (c) | 80 | 88 | ||||||
Santa Clara County Financing Authority Series 2016A, Rev., 5.00%, 11/15/2023 | 65 | 72 | ||||||
Santa Clara County Financing Authority, County Facilities | ||||||||
Series A, Rev., 5.00%, 5/1/2028 | 25 | 32 | ||||||
Series 2019A, Rev., 4.00%, 5/1/2034 | 55 | 67 | ||||||
Santa Clara County Financing Authority, Multiple Facilities Projects Series 2015P, Rev., 5.00%, 5/15/2029 | 8,400 | 9,835 | ||||||
Santa Clara Unified School District GO, 5.00%, 7/1/2025 | 25 | 29 | ||||||
Santa Clara Unified School District, Election of 2014 | ||||||||
GO, 5.00%, 7/1/2022 | 35 | 36 | ||||||
GO, 5.00%, 7/1/2027 | 25 | 31 | ||||||
Santa Clara Valley Water District, Water System Series 2017A, Rev., 5.00%, 6/1/2035 | 3,115 | 3,784 |
SEE NOTES TO FINANCIAL STATEMENTS.
50 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
California — continued |
| |||||||
Santa Clarita Community College District GO, 4.00%, 8/1/2022 | 25 | 26 | ||||||
Santa Clarita Public Finance Authority, Open Space and Parkland Acquisition Program Series 2016B, Rev., 4.00%, 10/1/2026 | 75 | 88 | ||||||
Santa Cruz County Redevelopment Successor Agency Series 2015A, Rev., AGM, 5.00%, 9/1/2028 | 50 | 59 | ||||||
Santa Cruz Libraries Facilities Financing Authority, Special Tax Rev., 5.00%, 9/1/2026 | 150 | 183 | ||||||
Santa Margarita Water District, Community Facilities District No. 99-1, Special Tax Series 2017A, Rev., 5.00%, 9/1/2024 | 280 | 317 | ||||||
Santa Margarita-Dana Point Authority, Water District Improvement | ||||||||
Series A, Rev., 5.00%, 8/1/2031 | 950 | 1,182 | ||||||
Series A, Rev., 5.00%, 8/1/2032 | 1,030 | 1,281 | ||||||
Series A, Rev., 5.00%, 8/1/2033 | 1,455 | 1,808 | ||||||
Santa Monica Community College District, Election of 2016 | ||||||||
Series 2018A, GO, 5.00%, 8/1/2022 | 35 | 36 | ||||||
Series 2018A, GO, 4.00%, 8/1/2035 | 25 | 30 | ||||||
Santa Monica Public Financing Authority, City Services Building Project Rev., 5.00%, 7/1/2028 | 45 | 56 | ||||||
Santa Monica-Malibu Unified School District | ||||||||
Series 2016C, GO, 4.00%, 7/1/2024 | 30 | 33 | ||||||
GO, 5.00%, 8/1/2024 | 70 | 80 | ||||||
Santa Rosa High School District GO, 5.00%, 8/1/2022 (c) | 40 | 42 | ||||||
Santa Rosa Regional Resources Authority, Facilities Acquisition and Improvement Projects, Tax Exempt Series 2017A, Rev., 5.00%, 8/1/2031 | 100 | 124 | ||||||
Schools Infrastructure Financing Agency, Special Tax Rev., AGM, 4.00%, 9/1/2034 | 105 | 115 | ||||||
Scotts Valley Unified School District GO, 5.00%, 8/1/2023 | 30 | 33 | ||||||
Sewerage Agency of Southern Marin Rev., 5.00%, 7/1/2022 | 25 | 26 | ||||||
Sierra View Local Health Care District | ||||||||
Rev., 4.00%, 7/1/2026 | 150 | 173 | ||||||
Rev., 5.00%, 7/1/2027 | 155 | 191 | ||||||
Rev., 5.00%, 7/1/2028 | 165 | 207 | ||||||
Rev., 5.00%, 7/1/2029 | 160 | 205 | ||||||
Rev., 5.00%, 7/1/2030 | 155 | 203 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
California — continued |
| |||||||
Simi Valley Unified School District | ||||||||
GO, 4.00%, 8/1/2022 | 25 | 26 | ||||||
Series B, GO, 4.00%, 8/1/2022 | 30 | 31 | ||||||
GO, 5.00%, 8/1/2027 | 30 | 38 | ||||||
Sonoma County Junior College District Series 2013A, GO, 5.00%, 8/1/2022 | 25 | 26 | ||||||
Sonoma Valley Unified School District, Election of 2016 GO, 4.00%, 8/1/2042 | 25 | 29 | ||||||
South Orange County Public Financing Authority Rev., 5.00%, 4/1/2027 | 50 | 60 | ||||||
Southern California Water Replenishment District | ||||||||
Rev., 5.00%, 8/1/2023 | 25 | 27 | ||||||
Rev., 5.00%, 8/1/2026 | 75 | 89 | ||||||
Southwestern Community College District | ||||||||
Series 2016B, GO, 4.00%, 8/1/2023 | 35 | 38 | ||||||
Series 2016B, GO, 4.00%, 8/1/2025 | 50 | 57 | ||||||
Series A, GO, 4.00%, 8/1/2038 | 1,000 | 1,150 | ||||||
State Center Community College District | ||||||||
GO, 5.25%, 8/1/2022 (c) | 5,450 | 5,707 | ||||||
GO, 5.00%, 8/1/2030 | 40 | 47 | ||||||
State of California Department of Water Resources, Central Valley Project, Water System | ||||||||
Series AR, Rev., 5.00%, 12/1/2022 | 25 | 27 | ||||||
Series AX, Rev., 5.00%, 12/1/2022 | 35 | 37 | ||||||
Series BA, Rev., 5.00%, 12/1/2031 | 65 | 85 | ||||||
State of California, Various Purpose | ||||||||
GO, 5.13%, 4/1/2023 | 5 | 5 | ||||||
GO, 4.00%, 12/1/2024 | 15 | 16 | ||||||
GO, 5.00%, 10/1/2025 | 40 | 48 | ||||||
GO, AMBAC, 5.00%, 2/1/2027 | 565 | 701 | ||||||
GO, 5.00%, 8/1/2030 | 24,000 | 27,724 | ||||||
GO, 4.00%, 9/1/2033 | 1,340 | 1,553 | ||||||
Tahoe-Truckee Sanitation Agency, Wastewater Rev., 5.00%, 7/1/2022 | 35 | 36 | ||||||
Tahoe-Truckee Unified School District, Election of 2014, School Facilities Improvement District No. 2 Series B, GO, 5.00%, 8/1/2028 | 25 | 30 | ||||||
Temple City Unified School District GO, NATL-RE, 5.25%, 8/1/2022 | 2,485 | 2,597 | ||||||
Tustin Unified School District, School Facilities Improvement Districts No. 2002-1 GO, 5.00%, 6/1/2022 | 25 | 26 | ||||||
Union Elementary School District Series C, GO, 5.00%, 9/1/2027 | 50 | 63 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 51 |
Table of Contents
JPMorgan Intermediate Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
California — continued |
| |||||||
University of California | ||||||||
Series 2013 AF, Rev., 5.00%, 5/15/2023 (c) | 60 | 65 | ||||||
Series 2017AY, Rev., 5.00%, 5/15/2028 | 55 | 68 | ||||||
Series 2018AZ, Rev., 5.00%, 5/15/2029 | 30 | 38 | ||||||
Series 2018AZ, Rev., 5.00%, 5/15/2031 | 35 | 45 | ||||||
Series 2019BB, Rev., 5.00%, 5/15/2033 | 20 | 26 | ||||||
Series 2018AZ, Rev., 5.00%, 5/15/2034 | 25 | 32 | ||||||
University of California, Limited Project | ||||||||
Series G, Rev., 5.00%, 5/15/2022 (c) | 2,885 | 2,984 | ||||||
Series 2015-I, Rev., 5.00%, 5/15/2023 | 30 | 32 | ||||||
Series 2012G, Rev., 5.00%, 5/15/2029 | 5,615 | 5,809 | ||||||
Series 2017M, Rev., 5.00%, 5/15/2036 | 25 | 31 | ||||||
Val Verde Unified School District Series 2020A, GO, 4.00%, 8/1/2035 | 250 | 295 | ||||||
Ventura County Community College District GO, 5.00%, 8/1/2022 | 25 | 26 | ||||||
Ventura County Public Financing Authority Series 2016A, Rev., 5.00%, 11/1/2027 | 55 | 68 | ||||||
Vista Joint Powers Financing Authority Rev., 5.25%, 5/1/2037 | 100 | 116 | ||||||
Vista Unified School District, 2018 Election Series 2019A, GO, 5.00%, 8/1/2022 | 60 | 63 | ||||||
Walnut Energy Center Authority Series 2014A, Rev., 5.00%, 1/1/2022 | 25 | 25 | ||||||
West Hills Community College District, School Facilities Improvement District No. 2, 2008 Election Series 2012B, GO, AGM, 4.00%, 8/1/2038 | 25 | 26 | ||||||
West Hollywood Public Financing Authority, Hollywood Park Phase II Rev., 5.00%, 4/1/2022 | 45 | 46 | ||||||
West Valley-Mission Community College District, Election of 2012, Tax Exempt | ||||||||
GO, 5.00%, 8/1/2027 | 40 | 48 | ||||||
Series 2015B, GO, 5.00%, 8/1/2027 | 40 | 47 | ||||||
Westside Union School District, 2012 Election Series A, GO, 4.00%, 8/1/2022 | 25 | 26 | ||||||
Whittier Union High School District Series 2014B, GO, 4.00%, 8/1/2022 | 30 | 31 | ||||||
Wiseburn School District Series 2016A, GO, 5.00%, 8/1/2031 | 50 | 60 | ||||||
Yuba City Unified School District, School Facilities Project COP, AGM, 4.00%, 9/1/2021 | 1,100 | 1,251 | ||||||
|
| |||||||
Total California | 464,236 | |||||||
|
|
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Colorado — 2.2% |
| |||||||
Adams & Arapahoe Joint School District 28J Aurora GO, 5.00%, 12/1/2024 | 50 | 53 | ||||||
Adams 12 Five Star Schools, The City & County of Broomfield | ||||||||
GO, 5.50%, 12/15/2030 | 1,400 | 1,859 | ||||||
GO, 5.50%, 12/15/2032 | 625 | 826 | ||||||
Adams County School District No. 1, Mapleton Public Schools GO, 4.00%, 12/1/2030 | 25 | 29 | ||||||
Arapahoe County School District No. 6 Littleton | ||||||||
Series 2019A, GO, 5.50%, 12/1/2028 | 40 | 54 | ||||||
Series 2019A, GO, 5.50%, 12/1/2029 | 25 | 33 | ||||||
Board of Governors of Colorado State University System Series 2019A, Rev., 4.00%, 3/1/2037 | 50 | 60 | ||||||
Boulder Larimer & Weld Counties St. Vrain Valley School District Re1J Series 2016A, GO, 5.00%, 12/15/2028 | 5,000 | 5,930 | ||||||
Broadway Park North Metropolitan District No. 2, Limited Tax GO, 5.00%, 12/1/2040 (d) | 550 | 611 | ||||||
Canyon Pines Metropolitan District Special Improvement District No. 1 Series 2021A-2, 3.75%, 12/1/2040 | 1,325 | 1,282 | ||||||
City & County of Broomfield, Sales and Use Tax COP, 5.00%, 12/1/2025 | 30 | 36 | ||||||
City & County of Denver, Airport System | ||||||||
Series 2012A, Rev., AMT, 5.00%, 11/15/2022 | 25 | 26 | ||||||
Series 2017A, Rev., AMT, 5.00%, 11/15/2028 | 1,000 | 1,241 | ||||||
Series 2017B, Rev., 5.00%, 11/15/2033 | 25 | 31 | ||||||
Series 2018A, Rev., AMT, 5.00%, 12/1/2036 | 2,500 | 3,515 | ||||||
City of Aurora, First Lien Water, Green Bonds Rev., 5.00%, 8/1/2024 | 15 | 17 | ||||||
City of Colorado Springs, Utilities System Improvement Series A-1, Rev., 5.00%, 11/15/2023 | 30 | 33 | ||||||
City of Commerce City COP, AGM, 4.00%, 12/15/2037 | 150 | 173 | ||||||
City of Englewood | ||||||||
GO, 5.00%, 12/1/2025 | 45 | 54 | ||||||
GO, 5.00%, 12/1/2029 | 15 | 19 | ||||||
Clear Creek Transit Metropolitan District No. 2, Limited Tax | ||||||||
Series 2021A, GO, 5.00%, 12/1/2041 | 575 | 634 | ||||||
Series 2021A, GO, 5.00%, 12/1/2050 | 500 | 549 |
SEE NOTES TO FINANCIAL STATEMENTS.
52 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Colorado — continued |
| |||||||
Colorado Crossing Metropolitan District No. 2, Limited Tax | ||||||||
Series 2020A-2, GO, 4.00%, 12/1/2030 | 1,065 | 1,127 | ||||||
Series 2020A-1, GO, 5.00%, 12/1/2047 | 2,000 | 2,170 | ||||||
Colorado Educational and Cultural Facilities Authority, Aspen View Academy Project | ||||||||
Rev., 4.00%, 5/1/2025 | 25 | 27 | ||||||
Rev., 4.00%, 5/1/2027 | 30 | 34 | ||||||
Rev., 4.00%, 5/1/2029 | 35 | 40 | ||||||
Rev., 4.00%, 5/1/2031 | 30 | 34 | ||||||
Rev., 4.00%, 5/1/2041 | 85 | 96 | ||||||
Colorado Educational and Cultural Facilities Authority, Global Village Academy Northglenn Project | ||||||||
Rev., 4.00%, 12/1/2030 (d) | 595 | 636 | ||||||
Rev., 5.00%, 12/1/2040 (d) | 555 | 619 | ||||||
Colorado Educational and Cultural Facilities Authority, University Denver Project Rev., NATL-RE, 5.00%, 3/1/2035 | 5,055 | 6,927 | ||||||
Colorado Health Facilities Authority, Adventist Health System/Sunbelt Obligated Group Rev., 5.00%, 11/15/2028 | 30 | 36 | ||||||
Colorado Health Facilities Authority, Boulder Community Health Project | ||||||||
Rev., 5.00%, 10/1/2033 | 1,000 | 1,283 | ||||||
Rev., 5.00%, 10/1/2034 | 1,100 | 1,403 | ||||||
Rev., 4.00%, 10/1/2035 | 725 | 855 | ||||||
Rev., 4.00%, 10/1/2037 | 400 | 469 | ||||||
Rev., 4.00%, 10/1/2038 | 300 | 351 | ||||||
Rev., 4.00%, 10/1/2039 | 270 | 315 | ||||||
Rev., 4.00%, 10/1/2040 | 300 | 349 | ||||||
Colorado Health Facilities Authority, Commonspirit Health | ||||||||
Series A-1, Rev., 5.00%, 8/1/2031 | 2,500 | 3,201 | ||||||
Series A-2, Rev., 5.00%, 8/1/2031 | 1,000 | 1,280 | ||||||
Series A-1, Rev., 5.00%, 8/1/2032 | 2,000 | 2,553 | ||||||
Series A-2, Rev., 5.00%, 8/1/2032 | 2,000 | 2,553 | ||||||
Series A-1, Rev., 5.00%, 8/1/2034 | 1,865 | 2,366 | ||||||
Series A-2, Rev., 5.00%, 8/1/2034 | 2,000 | 2,537 | ||||||
Series A-1, Rev., 5.00%, 8/1/2035 | 2,500 | 3,166 | ||||||
Series A-2, Rev., 5.00%, 8/1/2035 | 2,000 | 2,533 | ||||||
Colorado Health Facilities Authority, Parkview Medical Center, Inc., Project | ||||||||
Series 2015A, Rev., 3.00%, 9/1/2024 | 235 | 253 | ||||||
Series 2020A, Rev., 4.00%, 9/1/2045 | 1,000 | 1,164 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Colorado — continued |
| |||||||
Colorado Health Facilities Authority, School Health System Series 2013A, Rev., 5.50%, 1/1/2035 | 4,500 | 5,025 | ||||||
Colorado Health Facilities Authority, Valley View Hospital Association Project Rev., 2.80%, 5/15/2023 (b) | 2,400 | 2,469 | ||||||
Colorado Mountain College Project COP, 5.00%, 8/1/2031 | 30 | 37 | ||||||
Colorado State Board for Community Colleges and Occupational Educational System Series 2019A, Rev., 5.00%, 11/1/2025 | 40 | 47 | ||||||
County of Adams | ||||||||
COP, 5.00%, 12/1/2031 | 1,100 | 1,301 | ||||||
COP, 5.00%, 12/1/2034 | 500 | 589 | ||||||
County of Eagle COP, 5.00%, 12/1/2028 | 25 | 30 | ||||||
County of Gunnison COP, 4.00%, 12/1/2033 | 50 | 60 | ||||||
County of Pueblo, Community Improvement Projects COP, 5.00%, 12/1/2026 | 50 | 61 | ||||||
Dawson Ridge Metropolitan District No. 1, Limited Tax Series A, GO, Zero Coupon, 10/1/2022 (c) | 10,000 | 9,979 | ||||||
Debeque School District No. 49JT GO, 4.00%, 12/1/2024 | 10 | 11 | ||||||
Denver Health and Hospital Authority | ||||||||
Series 2019A, Rev., 5.00%, 12/1/2030 | 1,000 | 1,286 | ||||||
Series 2019A, Rev., 5.00%, 12/1/2031 | 1,400 | 1,792 | ||||||
Series 2019A, Rev., 5.00%, 12/1/2032 | 1,330 | 1,699 | ||||||
Series 2019A, Rev., 5.00%, 12/1/2033 | 1,100 | 1,398 | ||||||
Douglas County School District No. Re-1 Douglas and Elbert Counties GO, 5.00%, 12/15/2028 | 20 | 26 | ||||||
Ebert Metropolitan District Series 2018A-2, GO, 5.00%, 12/1/2034 | 170 | 214 | ||||||
El Paso County School District No. 3 Widefield GO, 5.00%, 12/1/2034 | 50 | 61 | ||||||
El Paso County School District No. 49 Falcon Series 2017B, COP, 5.00%, 12/15/2028 | 25 | 30 | ||||||
Jefferson Center Metropolitan District No. 1 Series 2020A-2, Rev., 4.13%, 12/1/2040 | 290 | 309 | ||||||
Jefferson County School District R-1 COP, 5.00%, 12/15/2028 | 5 | 6 | ||||||
Larimer County School District No. R-1 Poudre GO, 5.00%, 12/15/2037 | 2,450 | 3,112 | ||||||
Montrose County School District RE-1J GO, 5.00%, 12/1/2036 | 200 | 242 | ||||||
Peak Metropolitan District No. 1 | ||||||||
Series A, GO, 4.00%, 12/1/2035 (d) | 500 | 538 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 53 |
Table of Contents
JPMorgan Intermediate Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Colorado — continued |
| |||||||
Series A, GO, 5.00%, 12/1/2041 (d) | 500 | 553 | ||||||
Series A, GO, 5.00%, 12/1/2051 (d) | 550 | 605 | ||||||
Raindance Metropolitan District No. 1, Non-Potable Water System Rev., 5.00%, 12/1/2040 | 750 | 824 | ||||||
Regional Transportation District, Denver Transit Partners | ||||||||
Rev., 5.00%, 7/15/2031 | 500 | 658 | ||||||
Rev., 5.00%, 1/15/2032 | 700 | 919 | ||||||
Rev., 4.00%, 7/15/2033 | 1,935 | 2,440 | ||||||
Rev., 4.00%, 7/15/2034 | 1,000 | 1,210 | ||||||
Rev., 4.00%, 7/15/2035 | 1,000 | 1,205 | ||||||
Reunion Metropolitan District Series 2021A, Rev., 3.63%, 12/1/2044 | 500 | 500 | ||||||
Rocky Mountain Rail Park Metropolitan District, Limited Tax | ||||||||
Series 2021A, GO, 5.00%, 12/1/2031 (d) | 750 | 830 | ||||||
Series 2021A, GO, 5.00%, 12/1/2041 (d) | 750 | 813 | ||||||
State of Colorado Series 2018A, COP, 4.00%, 12/15/2034 | 75 | 89 | ||||||
State of Colorado Department of Transportation Headquarters Facilities, Headquarters Facilities Lease Purchase Agreement | ||||||||
COP, 5.00%, 6/15/2023 | 45 | 49 | ||||||
COP, 5.00%, 6/15/2041 | 1,500 | 1,760 | ||||||
State of Colorado, Building Excellent Schools Today Series 2018N, COP, 5.00%, 3/15/2028 | 75 | 95 | ||||||
University of Colorado, Enterprise System | ||||||||
Series 2013A, Rev., 5.00%, 6/1/2023 | 25 | 27 | ||||||
Series 2014A, Rev., 5.00%, 6/1/2024 (c) | 60 | 68 | ||||||
Series 2015A, Rev., 5.00%, 6/1/2025 (c) | 25 | 29 | ||||||
Series 2019B, Rev., 5.00%, 6/1/2028 | 25 | 32 | ||||||
Series 2017A-1, Rev., 4.00%, 6/1/2032 | 25 | 29 | ||||||
University of Northern Colorado, Institutional Enterprise Series 2018B, Rev., 4.00%, 6/1/2035 | 250 | 292 | ||||||
Verve Metropolitan District No. 1 | ||||||||
GO, 5.00%, 12/1/2036 | 500 | 559 | ||||||
GO, 5.00%, 12/1/2041 | 1,125 | 1,247 | ||||||
Weld County School District No. RE-2 Eaton GO, 5.00%, 12/1/2035 | 40 | 52 | ||||||
|
| |||||||
Total Colorado | 100,649 | |||||||
|
| |||||||
Connecticut — 1.3% |
| |||||||
City of Derby Series A, GO, 5.00%, 8/1/2027 | 15 | 19 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Connecticut — continued |
| |||||||
City of Milford Series 2014B, GO, 4.00%, 11/1/2026 | 50 | 56 | ||||||
City of Stamford, Water Pollution Control System and Facility | ||||||||
Series 2013A, Rev., 5.50%, 8/15/2023 | 100 | 110 | ||||||
Series A, Rev., 5.00%, 8/15/2024 | 100 | 109 | ||||||
Series A, Rev., 5.00%, 8/15/2025 | 350 | 383 | ||||||
Series 2013A, Rev., 5.00%, 8/15/2026 | 150 | 164 | ||||||
Series 2013A, Rev., 5.00%, 8/15/2027 | 250 | 273 | ||||||
Series A, Rev., 5.00%, 8/15/2029 | 300 | 327 | ||||||
Connecticut State Health and Educational Facilities Authority, Connecticut State University System Series N, Rev., 5.00%, 11/1/2025 | 4,165 | 4,566 | ||||||
Connecticut State Health and Educational Facilities Authority, McLean | ||||||||
Series 2020A, Rev., 5.00%, 1/1/2030 (d) | 250 | 288 | ||||||
Series 2020A, Rev., 5.00%, 1/1/2045 (d) | 500 | 561 | ||||||
Connecticut State Health and Educational Facilities Authority, Nuvance Health Series 2019A, Rev., 5.00%, 7/1/2033 | 2,630 | 3,318 | ||||||
Connecticut State Health and Educational Facilities Authority, Sacred Heart University | ||||||||
Series K, Rev., 5.00%, 7/1/2032 | 700 | 910 | ||||||
Series K, Rev., 5.00%, 7/1/2033 | 625 | 809 | ||||||
Series K, Rev., 5.00%, 7/1/2034 | 725 | 936 | ||||||
Series K, Rev., 5.00%, 7/1/2035 | 525 | 676 | ||||||
Series K, Rev., 5.00%, 7/1/2036 | 1,000 | 1,284 | ||||||
Series K, Rev., 5.00%, 7/1/2037 | 1,750 | 2,240 | ||||||
Series K, Rev., 5.00%, 7/1/2038 | 2,750 | 3,512 | ||||||
Series K, Rev., 5.00%, 7/1/2040 | 1,600 | 2,033 | ||||||
Connecticut State Health and Educational Facilities Authority, Trinity College Series R, Rev., 4.00%, 6/1/2045 | 2,250 | 2,639 | ||||||
South Central Connecticut Regional Water Authority, Water System Series B-1, Rev., 5.00%, 8/1/2022 | 45 | 47 | ||||||
State of Connecticut | ||||||||
Series 2017A, GO, 5.00%, 4/15/2024 | 160 | 180 | ||||||
Series 2019A, GO, 5.00%, 4/15/2028 | 4,700 | 5,993 | ||||||
Series 2019A, GO, 5.00%, 4/15/2030 | 4,000 | 5,185 | ||||||
Series 2014A, GO, 4.00%, 3/1/2034 | 40 | 43 | ||||||
Series 2019A, GO, 5.00%, 4/15/2034 | 3,450 | 4,399 | ||||||
Series 2019A, GO, 5.00%, 4/15/2035 | 2,900 | 3,690 | ||||||
Series 2016A, GO, 4.00%, 3/15/2036 | 60 | 68 | ||||||
Series 2019A, GO, 5.00%, 4/15/2036 | 2,300 | 2,918 |
SEE NOTES TO FINANCIAL STATEMENTS.
54 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Connecticut — continued |
| |||||||
Series 2017A, GO, 4.00%, 4/15/2037 | 460 | 529 | ||||||
Series 2019A, GO, 4.00%, 4/15/2038 | 3,625 | 4,301 | ||||||
State of Connecticut Clean Water Fund, State Revolving Fund | ||||||||
Series 2017A, Rev., 4.00%, 5/1/2023 | 20 | 21 | ||||||
Series 2015A, Rev., 5.00%, 3/1/2024 | 70 | 78 | ||||||
Series 2015A, Rev., 5.00%, 3/1/2025 | 170 | 199 | ||||||
State of Connecticut, Special Tax Transportation Infrastructure Purposes | ||||||||
Series 2015A, Rev., 5.00%, 8/1/2026 | 5,000 | 5,889 | ||||||
Series 2013A, Rev., 5.00%, 10/1/2029 | 25 | 27 | ||||||
Series A, Rev., 5.00%, 9/1/2030 | 2,000 | 2,272 | ||||||
Series 2016A, Rev., 5.00%, 9/1/2031 | 25 | 30 | ||||||
Series 2015A, Rev., 5.00%, 8/1/2032 | 15 | 18 | ||||||
Town of Trumbull Series B, GO, 5.00%, 9/1/2025 | 50 | 59 | ||||||
|
| |||||||
Total Connecticut | 61,159 | |||||||
|
| |||||||
Delaware — 0.3% |
| |||||||
Delaware State Economic Development Authority, Newark Charter School, Inc., Project | ||||||||
Rev., 4.00%, 9/1/2023 | 355 | 377 | ||||||
Rev., 4.00%, 9/1/2025 | 385 | 429 | ||||||
Rev., 4.00%, 9/1/2030 | 530 | 616 | ||||||
Rev., 5.00%, 9/1/2040 | 1,550 | 1,940 | ||||||
Rev., 5.00%, 9/1/2050 | 600 | 739 | ||||||
Delaware State Economic Development Authority, St. Andrews School Project Rev., 4.00%, 7/1/2041 | 5,000 | 5,952 | ||||||
Delaware Transportation Authority, Transportation System | ||||||||
Rev., 5.00%, 7/1/2023 | 40 | 45 | ||||||
Rev., 5.00%, 7/1/2025 | 25 | 29 | ||||||
Rev., 5.00%, 7/1/2026 | 25 | 30 | ||||||
State of Delaware Series 2019A, GO, 5.00%, 10/1/2022 | 45 | 47 | ||||||
University of Delaware | ||||||||
Rev., 5.00%, 11/1/2035 | 525 | 673 | ||||||
Rev., 5.00%, 11/1/2039 | 875 | 1,113 | ||||||
|
| |||||||
Total Delaware | 11,990 | |||||||
|
| |||||||
District of Columbia — 1.2% |
| |||||||
District of Columbia | ||||||||
Series 2015A, GO, 5.00%, 6/1/2027 | 50 | 59 | ||||||
Series 2018A, GO, 5.00%, 6/1/2027 | 25 | 31 | ||||||
Series D, GO, 5.00%, 6/1/2028 | 1,500 | 1,871 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
District of Columbia — continued |
| |||||||
Series 2016A, GO, 5.00%, 6/1/2029 | 25 | 30 | ||||||
Series 2017A, GO, 5.00%, 6/1/2030 | 1,250 | 1,549 | ||||||
Series D, GO, 5.00%, 6/1/2030 | 3,750 | 4,603 | ||||||
Series D, GO, 5.00%, 6/1/2031 | 50 | 61 | ||||||
Series A, GO, 5.00%, 6/1/2035 | 7,175 | 8,342 | ||||||
Series A, GO, 5.00%, 6/1/2036 | 4,200 | 4,876 | ||||||
District of Columbia, Income Tax | ||||||||
Series 2012C, Rev., 4.00%, 12/1/2022 | 20 | 21 | ||||||
Series 2012A, Rev., 5.00%, 12/1/2022 | 20 | 21 | ||||||
Series 2019C, Rev., 5.00%, 10/1/2031 | 35 | 46 | ||||||
Series 2020A, Rev., 5.00%, 3/1/2038 | 70 | 91 | ||||||
Series 2020A, Rev., 5.00%, 3/1/2040 | 210 | 272 | ||||||
District of Columbia, Kipp DC Project | ||||||||
Rev., 5.00%, 9/10/2021 | 100 | 108 | ||||||
Rev., 5.00%, 7/1/2024 | 100 | 112 | ||||||
Rev., 5.00%, 7/1/2025 | 180 | 209 | ||||||
Series 2017A, Rev., 5.00%, 7/1/2025 | 100 | 116 | ||||||
Rev., 5.00%, 7/1/2026 | 185 | 220 | ||||||
Rev., 5.00%, 7/1/2027 | 115 | 140 | ||||||
Rev., 5.00%, 7/1/2028 | 250 | 312 | ||||||
Rev., 5.00%, 7/1/2029 | 255 | 326 | ||||||
District of Columbia, Water and Sewer Authority, Public Utility, Subordinate Lien Series B, Rev., 5.00%, 10/1/2037 | 100 | 118 | ||||||
Metropolitan Washington Airports Authority Aviation | ||||||||
Series C, Rev., 5.00%, 10/1/2021 | 30 | 30 | ||||||
Series 2019B, Rev., 5.00%, 10/1/2027 | 75 | 94 | ||||||
Series 2017A, Rev., AMT, 5.00%, 10/1/2029 | 180 | 224 | ||||||
Metropolitan Washington Airports Authority Dulles Toll Road, Metrorail and Capital Improvement Projects Series 2019B, Rev., AGM, 4.00%, 10/1/2053 | 500 | 577 | ||||||
Washington Convention and Sports Authority, Senior Lien Dedicated Tax | ||||||||
Series 2018A, Rev., 5.00%, 10/1/2025 | 1,750 | 2,069 | ||||||
Series A, Rev., 5.00%, 10/1/2026 | 5,005 | 6,101 | ||||||
Series A, Rev., 5.00%, 10/1/2027 | 4,620 | 5,767 | ||||||
Series 2018A, Rev., 5.00%, 10/1/2028 | 4,035 | 5,007 | ||||||
Series A, Rev., 5.00%, 10/1/2029 | 2,690 | 3,318 | ||||||
Washington Metropolitan Area Transit Authority | ||||||||
Series B, Rev., 5.00%, 7/1/2029 | 5 | 6 | ||||||
Series 2017B, Rev., 5.00%, 7/1/2030 | 50 | 62 | ||||||
Series A-1, Rev., 5.00%, 7/1/2030 | 5,185 | 6,407 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 55 |
Table of Contents
JPMorgan Intermediate Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
District of Columbia — continued |
| |||||||
Rev., 5.00%, 7/1/2034 | 5 | 6 | ||||||
Series 2017B, Rev., 5.00%, 7/1/2034 | 75 | 92 | ||||||
|
| |||||||
Total District of Columbia | 53,294 | |||||||
|
| |||||||
Florida — 3.0% |
| |||||||
Bay County School Board | ||||||||
Series 2020A, COP, AGM, 5.00%, 7/1/2032 | 825 | 1,080 | ||||||
Series 2020A, COP, AGM, 5.00%, 7/1/2033 | 675 | 879 | ||||||
Series 2020A, COP, AGM, 5.00%, 7/1/2034 | 1,000 | 1,296 | ||||||
Brevard County Health Facilities Authority, Health First, Inc., Project | ||||||||
Rev., 5.00%, 4/1/2022 | 1,000 | 1,028 | ||||||
Rev., 5.00%, 4/1/2024 | 1,250 | 1,402 | ||||||
Broward County Water & Sewer Utility Series B, Rev., 5.00%, 10/1/2025 | 35 | 42 | ||||||
Capital Projects Finance Authority, Capital Projects Loan Program — Florida Universities | ||||||||
Series 2020A-1, Rev., 5.00%, 10/1/2024 | 550 | 615 | ||||||
Series 2020A-1, Rev., 5.00%, 10/1/2025 | 1,000 | 1,151 | ||||||
Series 2020A-1, Rev., 5.00%, 10/1/2026 | 1,000 | 1,180 | ||||||
Series 2020A-1, Rev., 5.00%, 10/1/2027 | 1,000 | 1,205 | ||||||
Series 2020A-1, Rev., 5.00%, 10/1/2028 | 1,000 | 1,228 | ||||||
City of Gainesville, Utilities System Series 2017A, Rev., 5.00%, 10/1/2037 | 120 | 148 | ||||||
City of Jacksonville Series 2016A, Rev., 5.00%, 10/1/2027 | 100 | 123 | ||||||
City of Jacksonville, Health Care Facilities, Brooks Rehabilitation Project | ||||||||
Rev., 4.00%, 11/1/2036 | 500 | 585 | ||||||
Rev., 4.00%, 11/1/2037 | 1,040 | 1,214 | ||||||
Rev., 4.00%, 11/1/2038 | 1,085 | 1,264 | ||||||
Rev., 4.00%, 11/1/2039 | 1,650 | 1,916 | ||||||
Rev., 4.00%, 11/1/2040 | 2,170 | 2,515 | ||||||
City of Pompano Beach | ||||||||
GO, 5.00%, 7/1/2023 | 30 | 33 | ||||||
GO, 5.00%, 7/1/2030 | 110 | 140 | ||||||
City of Tallahassee, Utility System Rev., 5.00%, 10/1/2023 | 50 | 55 | ||||||
City of Tampa, H. Lee Moffitt Cancer Center Project | ||||||||
Series 2020B, Rev., 5.00%, 7/1/2026 | 100 | 121 | ||||||
Series 2020B, Rev., 5.00%, 7/1/2027 | 125 | 155 | ||||||
Series 2020B, Rev., 5.00%, 7/1/2028 | 230 | 292 | ||||||
Series 2020B, Rev., 5.00%, 7/1/2029 | 225 | 292 | ||||||
Series 2020B, Rev., 5.00%, 7/1/2030 | 250 | 330 | ||||||
Series 2020B, Rev., 5.00%, 7/1/2031 | 325 | 425 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Florida — continued |
| |||||||
Series 2020B, Rev., 5.00%, 7/1/2032 | 250 | 326 | ||||||
Series 2020B, Rev., 5.00%, 7/1/2033 | 250 | 324 | ||||||
Series 2020B, Rev., 5.00%, 7/1/2034 | 300 | 388 | ||||||
Series 2020B, Rev., 5.00%, 7/1/2035 | 300 | 387 | ||||||
Series 2020B, Rev., 5.00%, 7/1/2036 | 500 | 643 | ||||||
Series 2020B, Rev., 4.00%, 7/1/2038 | 185 | 218 | ||||||
Series 2020B, Rev., 4.00%, 7/1/2039 | 1,600 | 1,883 | ||||||
Series 2020B, Rev., 5.00%, 7/1/2040 | 2,340 | 2,972 | ||||||
Series 2020B, Rev., 4.00%, 7/1/2045 | 7,400 | 8,580 | ||||||
City of Tampa, Water and Sewer Improvement System Rev., 5.00%, 10/1/2021 (c) | 500 | 502 | ||||||
City of West Palm Beach, Special Obligation Series C, Rev., 5.00%, 10/1/2028 | 25 | 31 | ||||||
County of Broward, Airport System Series 2019A, Rev., AMT, 5.00%, 10/1/2027 | 1,850 | 2,308 | ||||||
County of Broward, Professional Sports Facilities, Civic Arena Project Rev., 5.00%, 9/1/2024 | 40 | 44 | ||||||
County of Escambia, Sales Tax Rev., 5.00%, 10/1/2025 | 15 | 18 | ||||||
County of Lee, Transportation Facilities Rev., AGM, 5.00%, 10/1/2035 | 190 | 216 | ||||||
County of Manatee Rev., 5.00%, 10/1/2026 | 25 | 28 | ||||||
County of Manatee, Public Utilities | ||||||||
Rev., 5.00%, 10/1/2028 | 535 | 674 | ||||||
Rev., 5.00%, 10/1/2031 | 815 | 1,016 | ||||||
County of Martin, Half-Cent Sales Tax Rev., 5.00%, 7/1/2022 | 25 | 26 | ||||||
County of Miami-Dade, Aviation | ||||||||
Rev., AMT, 5.00%, 10/1/2028 | 1,500 | 1,700 | ||||||
Rev., 5.00%, 10/1/2029 | 900 | 1,088 | ||||||
Series B, Rev., 5.00%, 10/1/2029 | 1,250 | 1,425 | ||||||
County of Miami-Dade, Building Better Communities Program | ||||||||
Series A, GO, 5.00%, 7/1/2033 | 2,835 | 3,422 | ||||||
Series 2016A, GO, 5.00%, 7/1/2034 | 5,355 | 6,455 | ||||||
County of Miami-Dade, Capital Asset Acquisition Series 2019B, Rev., 5.00%, 4/1/2040 | 45 | 57 | ||||||
County of Miami-Dade, Public Health Trust Program Series A, GO, 5.00%, 7/1/2036 | 3,000 | 3,866 | ||||||
County of Miami-Dade, Subordinate Special Obligation Rev., 5.00%, 10/1/2028 | 120 | 147 | ||||||
County of Miami-Dade, Transit System, Sales Surtax | ||||||||
Rev., 5.00%, 7/1/2022 | 90 | 94 |
SEE NOTES TO FINANCIAL STATEMENTS.
56 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Florida — continued |
| |||||||
Rev., 4.00%, 7/1/2034 | 35 | 40 | ||||||
Rev., 5.00%, 7/1/2034 | 475 | 611 | ||||||
County of Miami-Dade, Water and Sewer System | ||||||||
Rev., 5.00%, 10/1/2033 | 25 | 32 | ||||||
Series 2017A, Rev., 4.00%, 10/1/2037 | 40 | 47 | ||||||
Series 2017A, Rev., 4.00%, 10/1/2039 | 50 | 59 | ||||||
Series 2019B, Rev., 5.00%, 10/1/2044 | 40 | 50 | ||||||
County of Palm Beach, Airport System Rev., AMT, 5.00%, 10/1/2036 | 500 | 599 | ||||||
County of Palm Beach, Public Improvement Rev., 5.00%, 5/1/2038 | 1,545 | 1,833 | ||||||
County of Polk, Utility System Rev., 5.00%, 10/1/2030 | 50 | 67 | ||||||
County of Sarasota, Guaranteed Entitlement Rev., 4.50%, 10/1/2029 | 25 | 27 | ||||||
County of Sarasota, Utility System Series 2019A, Rev., 5.00%, 10/1/2038 | 35 | 44 | ||||||
County of Seminole, Water and Sewer Series 2015B, Rev., 5.00%, 10/1/2021 | 50 | 50 | ||||||
East Central Regional Wastewater Treatment Facilities Operation Board, Biosolids Project Rev., 5.00%, 10/1/2023 | 40 | 44 | ||||||
Escambia County Health Facilities Authority, Baptist Health Care Corp., Obligated Group Series 2020A, Rev., 5.00%, 8/15/2040 | 3,600 | 4,546 | ||||||
Florida Atlantic University Finance Corp., Student Housing Project | ||||||||
Series 2019A, Rev., 5.00%, 7/1/2027 | 300 | 372 | ||||||
Series 2019B, Rev., 5.00%, 7/1/2032 | 1,715 | 2,197 | ||||||
Series 2019B, Rev., 5.00%, 7/1/2033 | 1,475 | 1,880 | ||||||
Florida Department of Environmental Protection Series 2017A, Rev., 5.00%, 7/1/2028 | 40 | 51 | ||||||
Florida Department of Management Services Series 2018A, COP, 5.00%, 11/1/2026 | 20 | 25 | ||||||
Florida Development Finance Corp., Educational Facilities, Renaissance Charter School, Inc., Project | ||||||||
Series 2020C, Rev., 4.00%, 9/15/2030 (d) | 235 | 257 | ||||||
Series 2020C, Rev., 5.00%, 9/15/2040 (d) | 525 | 593 | ||||||
Florida Development Finance Corp., Imagine School at Broward Project | ||||||||
Series A, Rev., 2.63%, 12/15/2024 (d) | 300 | 307 | ||||||
Series A, Rev., 4.00%, 12/15/2029 (d) | 265 | 296 | ||||||
Series A, Rev., 5.00%, 12/15/2039 (d) | 305 | 360 | ||||||
Florida Development Finance Corp., Mater Academy Project | ||||||||
Series 2020A, Rev., 4.00%, 6/15/2025 (d) | 455 | 507 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Florida — continued |
| |||||||
Series 2020A, Rev., 5.00%, 6/15/2026 (d) | 370 | 438 | ||||||
Series 2020A, Rev., 5.00%, 6/15/2027 (d) | 390 | 473 | ||||||
Series 2020A, Rev., 5.00%, 6/15/2028 (d) | 410 | 494 | ||||||
Series 2020A, Rev., 5.00%, 6/15/2029 (d) | 400 | 479 | ||||||
Series 2020A, Rev., 5.00%, 6/15/2030 (d) | 375 | 447 | ||||||
Series 2020A, Rev., 5.00%, 6/15/2035 (d) | 1,000 | 1,177 | ||||||
Florida Development Finance Corp., The Mayflower Retirement Community Project | ||||||||
Series 2021B2, Rev., 1.75%, 6/1/2026 (d) | 925 | 928 | ||||||
Series 2021B1, Rev., 2.38%, 6/1/2027 (d) | 730 | 731 | ||||||
Florida Gulf Coast University Financing Corp., Housing Project Series 2019A, Rev., 5.00%, 2/1/2026 | 125 | 148 | ||||||
Florida Higher Educational Facilities Financial Authority, Florida Institute of Technology | ||||||||
Rev., 5.00%, 10/1/2021 | 85 | 85 | ||||||
Rev., 5.00%, 10/1/2022 | 110 | 115 | ||||||
Rev., 5.00%, 10/1/2023 | 125 | 137 | ||||||
Greater Orlando Aviation Authority, Airport Facilities Series 2019A, Rev., AMT, 5.00%, 10/1/2038 | 1,810 | 2,293 | ||||||
Halifax Hospital Medical Center Rev., 5.00%, 6/1/2022 | 25 | 26 | ||||||
Hillsborough County, Aviation Authority, Tampa International Airport Series 2018F, Rev., 5.00%, 10/1/2043 | 150 | 188 | ||||||
JEA Electric System | ||||||||
Series D, Rev., 5.00%, 4/1/2023 (c) | 10 | 11 | ||||||
Series A, Rev., 5.00%, 10/1/2023 (c) | 1,395 | 1,534 | ||||||
Key West Utility Board, Electric System Rev., 5.00%, 10/1/2027 | 45 | 56 | ||||||
Lee County School Board (The) Series 2016A, COP, 5.00%, 8/1/2035 | 25 | 30 | ||||||
Lee Memorial Health System | ||||||||
Series 2019A-1, Rev., 5.00%, 4/1/2028 | 3,375 | 4,260 | ||||||
Series 2019A-1, Rev., 5.00%, 4/1/2029 | 2,500 | 3,227 | ||||||
Manatee County School District, Sales Tax Rev., AGM, 5.00%, 10/1/2023 | 50 | 55 | ||||||
Orange County School Board Series 2016C, COP, 5.00%, 8/1/2033 | 40 | 48 | ||||||
Orlando Utilities Commission, Utility System Series 2012A, Rev., 5.00%, 10/1/2023 | 25 | 28 | ||||||
Palm Beach County Health Facilities Authority, Acts Retirement Life Communities, Inc., Obligated Group | ||||||||
Series 2020B, Rev., 4.00%, 11/15/2041 | 250 | 291 | ||||||
Series 2020B, Rev., 5.00%, 11/15/2042 | 500 | 612 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 57 |
Table of Contents
JPMorgan Intermediate Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Florida — continued |
| |||||||
Palm Beach County Health Facilities Authority, Toby and Leon Cooperman Sinai Residences of Boca Raton Expansion | ||||||||
Rev., 2.63%, 6/1/2025 | 4,185 | 4,311 | ||||||
Rev., 3.00%, 6/1/2027 | 7,780 | 8,152 | ||||||
Palm Beach County School District Series C, COP, 5.00%, 8/1/2029 | 16,000 | 20,348 | ||||||
School Board of Miami-Dade County (The) Series 2015A, COP, 5.00%, 5/1/2030 | 70 | 81 | ||||||
School District of Broward County Series 2019A, COP, 5.00%, 7/1/2029 | 35 | 45 | ||||||
Seminole County Industrial Development Authority, Galileo Schools for Gifted Learning | ||||||||
Series 2021A, Rev., 4.00%, 6/15/2036 (d) | 155 | 178 | ||||||
Series 2021A, Rev., 4.00%, 6/15/2041 (d) | 215 | 244 | ||||||
South Florida Water Management District COP, 5.00%, 10/1/2036 | 125 | 148 | ||||||
St. Johns County Industrial Development Authority, Vicar’s Landing Project | ||||||||
Series 2021A, Rev., 4.00%, 12/15/2025 | 180 | 199 | ||||||
Series 2021A, Rev., 4.00%, 12/15/2026 | 185 | 208 | ||||||
Series 2021A, Rev., 4.00%, 12/15/2027 | 215 | 244 | ||||||
Series 2021A, Rev., 4.00%, 12/15/2028 | 200 | 229 | ||||||
Series 2021A, Rev., 4.00%, 12/15/2030 | 200 | 228 | ||||||
Series 2021A, Rev., 4.00%, 12/15/2031 | 205 | 233 | ||||||
Series 2021A, Rev., 4.00%, 12/15/2036 | 500 | 560 | ||||||
Series 2021A, Rev., 4.00%, 12/15/2041 | 375 | 417 | ||||||
State of Florida Board of Education, Public Education Capital Outlay | ||||||||
Series 2012C, GO, 5.00%, 6/1/2023 | 40 | 42 | ||||||
Series 2015F, GO, 5.00%, 6/1/2026 | 25 | 29 | ||||||
State of Florida Department of Education | ||||||||
Series 2018A, Rev., 5.00%, 7/1/2024 | 1,025 | 1,158 | ||||||
Series A, Rev., 5.00%, 7/1/2025 | 2,375 | 2,778 | ||||||
Series A, Rev., 5.00%, 7/1/2026 | 3,385 | 4,084 | ||||||
State of Florida Department of Transportation Turnpike System | ||||||||
Series 2013A, Rev., 5.00%, 7/1/2022 | 35 | 36 | ||||||
Series 2013B, Rev., 5.00%, 7/1/2022 | 75 | 78 | ||||||
Series 2013A, Rev., 5.00%, 7/1/2023 | 30 | 33 | ||||||
Series 2016A, Rev., 5.00%, 7/1/2023 | 20 | 22 | ||||||
Series 2019A, Rev., 5.00%, 7/1/2024 | 25 | 28 | ||||||
Tohopekaliga Water Authority, Utility System | ||||||||
Rev., 4.00%, 10/1/2022 | 25 | 26 | ||||||
Rev., 4.00%, 10/1/2034 | 30 | 35 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Florida — continued |
| |||||||
Volusia County Educational Facility Authority, Embry Riddle Aeronautical University, Inc., Project | ||||||||
Series 2020A, Rev., 4.00%, 10/15/2035 | 400 | 469 | ||||||
Series 2020A, Rev., 4.00%, 10/15/2036 | 500 | 585 | ||||||
|
| |||||||
Total Florida | 137,985 | |||||||
|
| |||||||
Georgia — 1.9% |
| |||||||
Albany-Dougherty Inner City Authority, State University Projects | ||||||||
Rev., 5.00%, 7/1/2029 | 1,050 | 1,346 | ||||||
Rev., 5.00%, 7/1/2030 | 1,155 | 1,503 | ||||||
Rev., 5.00%, 7/1/2031 | 425 | 550 | ||||||
Athens-Clarke County Unified Government, Sales Tax GO, 5.00%, 12/1/2028 | 300 | 390 | ||||||
Cherokee County Board of Education, School System | ||||||||
GO, 5.00%, 8/1/2031 | 725 | 876 | ||||||
GO, 5.00%, 8/1/2032 | 750 | 906 | ||||||
GO, 5.00%, 8/1/2033 | 690 | 834 | ||||||
Cherokee County Water & Sewer Authority Rev., 5.00%, 8/1/2032 | 25 | 30 | ||||||
City of Atlanta, Water & Wastewater | ||||||||
Series 2013B, Rev., 5.00%, 11/1/2023 | 30 | 33 | ||||||
Rev., 5.00%, 11/1/2029 | 2,110 | 2,451 | ||||||
Rev., 5.00%, 11/1/2030 | 4,250 | 4,927 | ||||||
City of Columbus, Water & Sewerage | ||||||||
Series 2014A, Rev., 5.00%, 5/1/2027 | 445 | 501 | ||||||
Series 2014A, Rev., 5.00%, 5/1/2028 | 595 | 668 | ||||||
Rev., 5.00%, 5/1/2031 | 280 | 336 | ||||||
Rev., 5.00%, 5/1/2034 | 350 | 419 | ||||||
Rev., 5.00%, 5/1/2035 | 350 | 419 | ||||||
Clayton County Development Authority, Clayton State University | ||||||||
Rev., 5.00%, 7/1/2029 | 175 | 228 | ||||||
Rev., 5.00%, 7/1/2030 | 200 | 265 | ||||||
Rev., 5.00%, 7/1/2031 | 175 | 237 | ||||||
Rev., 5.00%, 7/1/2032 | 205 | 275 | ||||||
Rev., 5.00%, 7/1/2033 | 250 | 333 | ||||||
Rev., 5.00%, 7/1/2035 | 270 | 358 | ||||||
Cobb County, Kennestone Hospital Authority, Wellstar Health System, Inc., Project | ||||||||
Series 2020A, Rev., 4.00%, 4/1/2032 | 400 | 485 | ||||||
Series 2020A, Rev., 4.00%, 4/1/2033 | 500 | 604 | ||||||
Series 2020A, Rev., 4.00%, 4/1/2034 | 350 | 421 | ||||||
Series 2020A, Rev., 4.00%, 4/1/2035 | 250 | 300 |
SEE NOTES TO FINANCIAL STATEMENTS.
58 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Georgia — continued |
| |||||||
Series 2020A, Rev., 4.00%, 4/1/2036 | 505 | 604 | ||||||
Series 2020A, Rev., 3.00%, 4/1/2037 | 700 | 765 | ||||||
Series 2020A, Rev., 4.00%, 4/1/2039 | 475 | 563 | ||||||
Series 2020A, Rev., 3.00%, 4/1/2045 | 1,785 | 1,903 | ||||||
County of DeKalb, Water and Sewerage | ||||||||
Rev., 5.00%, 10/1/2021 | 35 | 35 | ||||||
Series B, Rev., 5.25%, 10/1/2022 | 4,810 | 5,078 | ||||||
Series B, Rev., 5.25%, 10/1/2023 | 8,660 | 9,574 | ||||||
Series 2006B, Rev., 5.25%, 10/1/2026 | 5,500 | 6,812 | ||||||
DeKalb Private Hospital Authority, Children’s Healthcare of Atlanta, Inc. Series 2019B, Rev., 5.00%, 7/1/2032 | 50 | 65 | ||||||
Forsyth County School District GO, 5.00%, 2/1/2022 | 30 | 31 | ||||||
Gainesville and Hall County Hospital Authority, Northeast Georgia Health System, Inc., Project Series 2017A, Rev., 5.00%, 2/15/2028 | 115 | 141 | ||||||
George L Smith II Congress Center Authority, Convention Center Hotel First | ||||||||
Series 2021A, Rev., 2.38%, 1/1/2031 | 500 | 530 | ||||||
Series 2021A, Rev., 4.00%, 1/1/2036 | 500 | 582 | ||||||
George L Smith II Congress Center Authority, Convention Center Hotel Second | ||||||||
Series 2021B, Rev., 3.63%, 1/1/2031 (d) | 1,170 | 1,313 | ||||||
Series 2021B, Rev., 5.00%, 1/1/2036 (d) | 1,000 | 1,214 | ||||||
Georgia Higher Education Facilities Authority, USG Real Estate Foundation II LLC Projects | ||||||||
Rev., 5.00%, 6/15/2023 | 645 | 700 | ||||||
Rev., 5.00%, 6/15/2024 | 580 | 655 | ||||||
Rev., 5.00%, 6/15/2025 | 650 | 761 | ||||||
Rev., 5.00%, 6/15/2026 | 500 | 604 | ||||||
Rev., 5.00%, 6/15/2027 | 500 | 620 | ||||||
Rev., 5.00%, 6/15/2028 | 500 | 635 | ||||||
Rev., 5.00%, 6/15/2029 | 705 | 916 | ||||||
Rev., 5.00%, 6/15/2030 | 500 | 645 | ||||||
Rev., 5.00%, 6/15/2031 | 800 | 1,027 | ||||||
Rev., 3.00%, 6/15/2032 | 1,175 | 1,317 | ||||||
Rev., 5.00%, 6/15/2033 | 1,660 | 2,112 | ||||||
Rev., 5.00%, 6/15/2034 | 1,125 | 1,423 | ||||||
Rev., 5.00%, 6/15/2035 | 1,250 | 1,578 | ||||||
Rev., 4.00%, 6/15/2036 | 1,000 | 1,180 | ||||||
Rev., 4.00%, 6/15/2037 | 1,500 | 1,765 | ||||||
Rev., 4.00%, 6/15/2039 | 1,785 | 2,084 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Georgia — continued |
| |||||||
Glynn-Brunswick Memorial Hospital Authority, Southeast Georgia Health System Project | ||||||||
Rev., 4.00%, 8/1/2035 | 500 | 597 | ||||||
Rev., 4.00%, 8/1/2036 | 375 | 446 | ||||||
Rev., 4.00%, 8/1/2037 | 495 | 587 | ||||||
Henry County, Water and Sewerage Authority | ||||||||
Rev., AGM-CR, BHAC-CR, NATL-RE, 5.25%, 2/1/2028 | 5,000 | 6,436 | ||||||
Rev., AGM-CR, BHAC-CR, NATL-RE, 5.25%, 2/1/2029 | 25 | 33 | ||||||
Main Street Natural Gas, Inc., Gas Project Series A, Rev., 5.50%, 9/15/2021 | 1,475 | 1,478 | ||||||
Newton County School District Series 2012A, GO, 5.00%, 4/1/2022 | 40 | 41 | ||||||
Polk School District, Sales Tax GO, 5.00%, 3/1/2025 | 360 | 419 | ||||||
Private Colleges and Universities Authority, Emory University | ||||||||
Series 2019A, Rev., 5.00%, 9/1/2028 | 40 | 52 | ||||||
Series A, Rev., 5.00%, 10/1/2043 | 2,005 | 2,185 | ||||||
State of Georgia | ||||||||
Series E, GO, 5.00%, 12/1/2023 | 20 | 22 | ||||||
Series A-2, GO, 5.00%, 2/1/2029 | 5,020 | 6,199 | ||||||
|
| |||||||
Total Georgia | 85,422 | |||||||
|
| |||||||
Hawaii — 0.5% |
| |||||||
City & County Honolulu, Wastewater System Series 2019A, Rev., 4.00%, 7/1/2025 | 25 | 28 | ||||||
City & County of Honolulu | ||||||||
Series 2019D, GO, 5.00%, 8/1/2023 | 20 | 22 | ||||||
Series B, GO, 5.00%, 10/1/2027 | 8,695 | 10,292 | ||||||
Series C, GO, 5.00%, 10/1/2027 | 3,000 | 3,551 | ||||||
City and County of Honolulu, Tax-Exempt Series 2017D, GO, 5.00%, 9/1/2023 | 20 | 22 | ||||||
State of Hawaii | ||||||||
Series FE, GO, 5.00%, 10/1/2027 | 1,315 | 1,613 | ||||||
Series FG, GO, 5.00%, 10/1/2028 | 2,500 | 3,058 | ||||||
Series FW, GO, 5.00%, 1/1/2032 | 5,000 | 6,408 | ||||||
|
| |||||||
Total Hawaii | 24,994 | |||||||
|
| |||||||
Idaho — 0.2% |
| |||||||
Idaho Housing and Finance Association, Federal Highway Trust | ||||||||
Series A, Rev., GRAN, 5.00%, 7/15/2025 | 2,550 | 2,994 | ||||||
Series A, Rev., GRAN, 5.00%, 7/15/2026 | 4,800 | 5,813 | ||||||
|
| |||||||
Total Idaho | 8,807 | |||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 59 |
Table of Contents
JPMorgan Intermediate Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Illinois — 5.6% |
| |||||||
Champaign County Community Unit School District No. 4 Champaign, School Building GO, 5.00%, 1/1/2031 | 305 | 362 | ||||||
Chicago O’Hare International Airport, General Airport, Senior Lien Series C, Rev., 5.00%, 1/1/2022 | 195 | 198 | ||||||
City of Altamont, Electric Ars Series 2019B, GO, 3.00%, 1/1/2024 | 35 | 37 | ||||||
City of Aurora Series 2015-C, GO, 3.00%, 12/30/2022 | 100 | 104 | ||||||
City of Chicago, Motor Fuel Tax Rev., 5.00%, 1/1/2022 | 20 | 20 | ||||||
City of Chicago, Pilsen Redevelopment Project Series 2014A, Rev., 5.00%, 6/1/2022 | 1,000 | 1,029 | ||||||
City of Chicago, Wastewater Transmission, Second Lien Rev., 5.00%, 1/1/2022 | 700 | 711 | ||||||
City of Chicago, Waterworks, Second Lien | ||||||||
Rev., 5.00%, 11/1/2021 | 1,500 | 1,512 | ||||||
Rev., 5.00%, 11/1/2022 | 600 | 633 | ||||||
Rev., 5.00%, 11/1/2027 | 1,000 | 1,137 | ||||||
Rev., 5.00%, 11/1/2030 | 500 | 563 | ||||||
City of Country Club Hills GO, 4.00%, 12/1/2021 | 40 | 40 | ||||||
City of Decatur GO, AGM, 5.00%, 3/1/2028 | 15 | 17 | ||||||
City of Rockford, Sales Tax | ||||||||
GO, 4.00%, 12/15/2027 | 255 | 299 | ||||||
GO, 4.00%, 12/15/2029 | 515 | 607 | ||||||
GO, 4.00%, 12/15/2030 | 360 | 421 | ||||||
City of Springfield, Electric System, Senior Lien | ||||||||
Rev., 5.00%, 3/1/2027 | 4,500 | 5,200 | ||||||
Rev., 5.00%, 3/1/2028 | 4,000 | 4,615 | ||||||
Rev., AGM, 3.50%, 3/1/2030 | 3,500 | 3,744 | ||||||
Cook County School District No. 111, Burbank GO, AGM, 4.00%, 12/1/2035 | 50 | 57 | ||||||
Cook County School District No. 122, Ridgeland, Capital Appreciation GO, AGM-CR, NATL-RE, Zero Coupon, 12/1/2021 (c) | 5,000 | 4,998 | ||||||
Cook County Township High School District No. 225, Glenbrook Series 2016A, GO, 5.00%, 12/1/2024 | 15 | 17 | ||||||
County of Cook, Sales Tax Rev., 5.00%, 11/15/2031 | 3,600 | 4,471 | ||||||
County of Du Page, Courthouse Project | ||||||||
GO, 5.00%, 1/1/2028 | 255 | 306 | ||||||
GO, 5.00%, 1/1/2029 | 730 | 875 | ||||||
County of Will GO, 4.00%, 11/15/2036 | 60 | 68 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Illinois — continued |
| |||||||
Du Page Cook and Will Counties Community College District No. 502 GO, 5.00%, 6/1/2023 | 25 | 27 | ||||||
DuPage and Cook Counties Community Consolidated School District No. 181 Hinsdale | ||||||||
Rev., 5.00%, 12/1/2025 | 25 | 30 | ||||||
Series 2018A, GO, 4.00%, 1/15/2032 | 25 | 28 | ||||||
DuPage County Community Unit School District No. 200 Wheaton-Warrenville GO, 5.00%, 10/1/2025 | 30 | 35 | ||||||
DuPage County High School District No. 87 Glenbard GO, 5.00%, 1/1/2028 | 25 | 29 | ||||||
Illinois Finance Authority, Advocate Health and Hospital Corp. Obligated Group | ||||||||
Series 2013A, Rev., 5.00%, 6/1/2023 | 20 | 22 | ||||||
Rev., 4.13%, 5/1/2025 | 5 | 6 | ||||||
Rev., 4.13%, 5/1/2025 (c) | 5 | 6 | ||||||
Rev., 4.13%, 5/1/2045 | 30 | 32 | ||||||
Illinois Finance Authority, Clean Water Initiative Revolving Fund Rev., 5.00%, 7/1/2039 | 80 | 102 | ||||||
Illinois Finance Authority, DePaul University Rev., 5.00%, 10/1/2021 | 305 | 306 | ||||||
Illinois Finance Authority, Plymouth Place, Inc. | ||||||||
Series 2021A, Rev., 5.00%, 5/15/2032 | 140 | 173 | ||||||
Series 2021A, Rev., 5.00%, 5/15/2033 | 145 | 179 | ||||||
Series 2021A, Rev., 5.00%, 5/15/2034 | 300 | 368 | ||||||
Series 2021A, Rev., 5.00%, 5/15/2035 | 315 | 384 | ||||||
Series 2021A, Rev., 5.00%, 5/15/2036 | 325 | 395 | ||||||
Illinois Finance Authority, Riverside Health System Rev., 4.00%, 11/15/2030 | 45 | 51 | ||||||
Illinois Finance Authority, Rush University Medical Center Obligated Group Series 2015A, Rev., 5.00%, 11/15/2024 | 1,000 | 1,147 | ||||||
Illinois Finance Authority, Social Bonds-Learn Chapter School Project | ||||||||
Rev., 4.00%, 11/1/2026 | 75 | 86 | ||||||
Rev., 4.00%, 11/1/2027 | 75 | 87 | ||||||
Rev., 4.00%, 11/1/2028 | 120 | 141 | ||||||
Rev., 4.00%, 11/1/2029 | 120 | 143 | ||||||
Rev., 4.00%, 11/1/2030 | 130 | 156 | ||||||
Rev., 4.00%, 11/1/2031 | 130 | 157 | ||||||
Rev., 4.00%, 11/1/2041 | 375 | 439 | ||||||
Illinois Finance Authority, Southern Illinois Healthcare Enterprises, Inc. Series C, Rev., 5.00%, 3/1/2025 | 400 | 463 |
SEE NOTES TO FINANCIAL STATEMENTS.
60 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Illinois — continued |
| |||||||
Illinois Finance Authority, Township High School District Rev., 4.00%, 12/1/2035 | 40 | 48 | ||||||
Illinois Sports Facilities Authority (The), State Tax | ||||||||
Rev., 5.00%, 6/15/2028 | 2,000 | 2,504 | ||||||
Rev., 5.00%, 6/15/2029 | 2,500 | 3,171 | ||||||
Rev., 5.00%, 6/15/2030 | 1,500 | 1,892 | ||||||
Illinois State Toll Highway Authority | ||||||||
Series 2019C, Rev., 5.00%, 1/1/2028 | 25 | 32 | ||||||
Series 2015B, Rev., 5.00%, 1/1/2029 | 35 | 42 | ||||||
Series 2019C, Rev., 5.00%, 1/1/2029 | 7,500 | 9,729 | ||||||
Series 2016B, Rev., 5.00%, 1/1/2030 | 30 | 36 | ||||||
Series 2019C, Rev., 5.00%, 1/1/2030 | 19,000 | 25,136 | ||||||
Series 2019C, Rev., 5.00%, 1/1/2031 | 11,050 | 14,442 | ||||||
Series 2016A, Rev., 5.00%, 12/1/2031 | 30 | 36 | ||||||
Kane Cook and DuPage Counties School District No. U-46 Elgin Series 2015D, GO, 5.00%, 1/1/2034 | 1,700 | 1,879 | ||||||
Kane County Community Unit School District No. 304 Geneva GO, 5.00%, 1/1/2029 | 20 | 25 | ||||||
Kane County School District No. 131 Aurora East Side | ||||||||
Series 2020A, GO, AGM, 4.00%, 12/1/2028 | 65 | 78 | ||||||
Series 2020A, GO, AGM, 4.00%, 12/1/2029 | 65 | 78 | ||||||
Series 2020B, GO, AGM, 4.00%, 12/1/2029 | 40 | 48 | ||||||
Series 2020A, GO, AGM, 4.00%, 12/1/2030 | 75 | 89 | ||||||
Series 2020A, GO, AGM, 4.00%, 12/1/2031 | 100 | 118 | ||||||
Series 2020A, GO, AGM, 4.00%, 12/1/2032 | 115 | 136 | ||||||
Series 2020A, GO, AGM, 4.00%, 12/1/2033 | 130 | 153 | ||||||
Series 2020A, GO, AGM, 4.00%, 12/1/2034 | 230 | 270 | ||||||
Series 2020A, GO, AGM, 4.00%, 12/1/2035 | 280 | 327 | ||||||
Series 2020A, GO, AGM, 4.00%, 12/1/2036 | 250 | 292 | ||||||
Lake County Community Consolidated School District No. 3 Beach Park | ||||||||
GO, AGM, 4.00%, 2/1/2030 | 730 | 871 | ||||||
GO, AGM, 4.00%, 2/1/2031 | 830 | 985 | ||||||
GO, AGM, 4.00%, 2/1/2032 | 535 | 632 | ||||||
GO, AGM, 4.00%, 2/1/2033 | 500 | 588 | ||||||
McHenry County Community Consolidated School District No. 47 Crystal Lake Rev., 4.00%, 2/1/2028 | 25 | 29 | ||||||
Northern Illinois University, Auxiliary Facilities System | ||||||||
Series 2020B, Rev., 5.00%, 4/1/2027 | 550 | 669 | ||||||
Series 2020B, Rev., 5.00%, 4/1/2028 | 650 | 808 | ||||||
Series 2020B, Rev., 5.00%, 4/1/2029 | 425 | 539 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Illinois — continued |
| |||||||
Series 2020B, Rev., 5.00%, 4/1/2030 | 250 | 323 | ||||||
Series 2020B, Rev., 5.00%, 4/1/2032 | 650 | 830 | ||||||
Series 2020B, Rev., 5.00%, 4/1/2033 | 675 | 860 | ||||||
Series 2020B, Rev., 5.00%, 4/1/2034 | 475 | 603 | ||||||
Regional Transportation Authority Series 2002A, Rev., NATL-RE, 6.00%, 7/1/2029 | 55 | 74 | ||||||
Sales Tax Securitization Corp. | ||||||||
Series 2017A, Rev., 5.00%, 1/1/2027 | 90 | 110 | ||||||
Series C, Rev., 5.50%, 1/1/2030 | 18,250 | 23,970 | ||||||
Series C, Rev., 5.50%, 1/1/2031 | 26,360 | 34,422 | ||||||
Series C, Rev., 5.25%, 1/1/2034 | 22,520 | 28,747 | ||||||
Southwestern Illinois Development Authority, Flood Prevention District Council Project Rev., 5.00%, 4/15/2030 | 625 | 810 | ||||||
State of Illinois | ||||||||
GO, 5.00%, 5/1/2022 | 160 | 165 | ||||||
Series 2018A, GO, 5.00%, 10/1/2022 | 180 | 189 | ||||||
GO, 5.00%, 3/1/2023 | 10 | 10 | ||||||
GO, 5.00%, 5/1/2023 | 120 | 129 | ||||||
Series 2018A, GO, 4.00%, 5/1/2024 | 50 | 55 | ||||||
Series D, GO, 5.00%, 11/1/2024 | 15,715 | 17,911 | ||||||
GO, 5.00%, 1/1/2025 | 700 | 802 | ||||||
GO, 5.00%, 3/1/2025 | 5,600 | 5,730 | ||||||
GO, 5.00%, 8/1/2025 | 25 | 26 | ||||||
GO, 5.00%, 2/1/2026 | 4,900 | 5,792 | ||||||
GO, 5.00%, 3/1/2026 | 5,910 | 6,042 | ||||||
Series 2017D, GO, 5.00%, 11/1/2026 | 5,175 | 6,240 | ||||||
GO, 5.00%, 6/1/2027 | 25 | 30 | ||||||
GO, 5.00%, 1/1/2028 | 150 | 175 | ||||||
GO, 4.13%, 3/1/2028 | 30 | 31 | ||||||
GO, 4.50%, 2/1/2029 | 450 | 491 | ||||||
Series A, GO, 5.00%, 5/1/2030 | 35 | 43 | ||||||
GO, 4.13%, 11/1/2031 | 40 | 45 | ||||||
GO, 4.00%, 6/1/2032 | 100 | 111 | ||||||
Series 2021A, GO, 4.00%, 3/1/2038 | 2,250 | 2,637 | ||||||
GO, 5.00%, 2/1/2039 | 2,255 | 2,467 | ||||||
Series 2021A, GO, 4.00%, 3/1/2039 | 2,100 | 2,454 | ||||||
State of Illinois Sales Tax | ||||||||
Rev., 5.00%, 6/15/2023 | 40 | 43 | ||||||
Series D, Rev., 5.00%, 6/15/2024 | 40 | 46 | ||||||
Village of Bolingbrook Series 2014A, GO, AGM, 5.00%, 1/1/2032 | 150 | 172 | ||||||
Village of Bolingbrook, Capital Appreciation Series C, GO, NATL-RE, Zero Coupon, 1/1/2023 | 2,195 | 2,176 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 61 |
Table of Contents
JPMorgan Intermediate Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Illinois — continued |
| |||||||
Village of Bolingbrook, Will and Dupage Counties, Special Service Areas Numbers 2001-1, 2001-2, 2001-3, and 2002-1 | ||||||||
Rev., AGM, 4.00%, 3/1/2026 | 620 | 706 | ||||||
Rev., AGM, 4.00%, 3/1/2027 | 375 | 436 | ||||||
Rev., AGM, 4.00%, 3/1/2028 | 1,000 | 1,172 | ||||||
Village of Westmont GO, 4.00%, 1/1/2027 | 45 | 53 | ||||||
Will County Community Unit School District No. 365-U Valley View, Limited School Bonds | ||||||||
GO, 4.00%, 1/1/2030 | 975 | 1,111 | ||||||
GO, 4.00%, 1/1/2033 | 1,000 | 1,135 | ||||||
GO, 3.00%, 7/1/2036 | 1,700 | 1,806 | ||||||
Will County Forest Preservation District, Limited Tax | ||||||||
GO, 5.00%, 12/15/2031 | 500 | 661 | ||||||
GO, 5.00%, 12/15/2032 | 500 | 659 | ||||||
GO, 5.00%, 12/15/2033 | 710 | 932 | ||||||
GO, 5.00%, 12/15/2034 | 915 | 1,197 | ||||||
Will Grundy Etc. Counties Community College District No. 525, Joliet Junior College GO, 5.00%, 1/1/2026 | 40 | 48 | ||||||
|
| |||||||
Total Illinois | 257,392 | |||||||
|
| |||||||
Indiana — 1.6% |
| |||||||
Brownsburg 1999 School Building Corp., Ad Valorem Property Tax First Mortgage Rev., 5.00%, 1/15/2028 | 10 | 12 | ||||||
Carmel Redevelopment Authority, Option Income Tax Lease Rental Series 2014B, Rev., 5.00%, 7/1/2023 | 25 | 27 | ||||||
City of Evansville, Waterworks District Series 2014B, Rev., 5.00%, 1/1/2022 (c) | 700 | 711 | ||||||
City of Fishers Series 2018C, GO, 5.00%, 1/1/2026 | 40 | 48 | ||||||
City of Franklin, Otterbeit Homes | ||||||||
Series B, Rev., 5.00%, 7/1/2025 | 1,500 | 1,750 | ||||||
Series B, Rev., 5.00%, 7/1/2027 | 500 | 616 | ||||||
Series B, Rev., 5.00%, 7/1/2030 | 670 | 859 | ||||||
Series B, Rev., 5.00%, 7/1/2032 | 735 | 933 | ||||||
Series B, Rev., 4.00%, 7/1/2034 | 805 | 945 | ||||||
Series B, Rev., 4.00%, 7/1/2035 | 685 | 804 | ||||||
City of Goshen, Multi-Family, Green Oaks of Goshen Project Series 2021A, Rev., 5.00%, 8/1/2041 (d) | 750 | 746 | ||||||
City of Greensburg, Sewage Works Rev., 3.00%, 5/1/2025 | 100 | 109 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Indiana — continued |
| |||||||
City of Jeffersonville, Vivera Senior Living of Jeffersonville Project Series 2020A, Rev., 5.25%, 11/1/2040 (d) | 4,560 | 4,782 | ||||||
City of Rockport, Indiana Michigan Power Co. Project Series A, Rev., 3.05%, 6/1/2025 | 11,600 | 12,731 | ||||||
East Allen Multi School Building Corp., Indiana Ad Valorem Property Tax, First Mortgage Rev., 5.00%, 1/15/2038 | 25 | 30 | ||||||
Fort Wayne Redevelopment Authority Lease Rental, Harrison Square Project | ||||||||
Rev., 5.00%, 8/1/2024 | 1,095 | 1,217 | ||||||
Rev., 5.00%, 2/1/2025 | 500 | 555 | ||||||
Greenfield Middle School Building Corp., Ad Valorem Property Tax First Mortgage | ||||||||
Rev., 4.00%, 7/15/2033 | 245 | 282 | ||||||
Rev., 4.00%, 1/15/2035 | 550 | 627 | ||||||
Hamilton Southeastern Consolidated School Building Corp., Ad Valorem Property Tax First Mortgage | ||||||||
Series B-2, Rev., 4.00%, 7/15/2023 | 5 | 5 | ||||||
Rev., 5.00%, 1/15/2026 | 30 | 36 | ||||||
Hobart Building Corp., Ad Valorem Property Tax First Mortgage Rev., 5.00%, 1/15/2029 | 65 | 78 | ||||||
Huntington Countywide School Building Corp., Ad Valorem Property Tax First Mortgage Rev., 5.00%, 1/15/2035 | 35 | 44 | ||||||
Indiana Bond Bank, Hamilton County Projects | ||||||||
Series 2019B, Rev., Zero Coupon, 7/15/2024 | 220 | 217 | ||||||
Series 2019B, Rev., Zero Coupon, 1/15/2025 | 200 | 196 | ||||||
Series 2019B, Rev., Zero Coupon, 7/15/2025 | 450 | 439 | ||||||
Series 2019B, Rev., Zero Coupon, 1/15/2026 | 370 | 358 | ||||||
Series 2019B, Rev., Zero Coupon, 7/15/2026 | 370 | 356 | ||||||
Series 2019B, Rev., Zero Coupon, 1/15/2027 | 325 | 310 | ||||||
Series 2019B, Rev., Zero Coupon, 7/15/2027 | 320 | 302 | ||||||
Series 2019B, Rev., Zero Coupon, 1/15/2028 | 450 | 420 | ||||||
Series 2019B, Rev., Zero Coupon, 7/15/2028 | 450 | 416 | ||||||
Series 2019B, Rev., Zero Coupon, 1/15/2029 | 560 | 511 |
SEE NOTES TO FINANCIAL STATEMENTS.
62 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Indiana — continued |
| |||||||
Series 2019B, Rev., Zero Coupon, 7/15/2029 | 735 | 663 | ||||||
Series 2019B, Rev., Zero Coupon, 1/15/2030 | 750 | 661 | ||||||
Series 2019B, Rev., Zero Coupon, 7/15/2030 | 740 | 640 | ||||||
Indiana Bond Bank, Special Program, Columbus Learning Center Project Series 2012C, Rev., 5.00%, 8/1/2022 | 20 | 21 | ||||||
Indiana Finance Authority, Educational Facilities, Kipp Indianapolis, Inc., Project Series 2020A, Rev., 4.00%, 7/1/2030 | 110 | 123 | ||||||
Indiana Finance Authority, Educational Facilities, Valparaiso University | ||||||||
Rev., 5.00%, 10/1/2024 | 1,000 | 1,124 | ||||||
Rev., 5.00%, 10/1/2025 | 675 | 780 | ||||||
Rev., 4.00%, 10/1/2034 | 170 | 198 | ||||||
Rev., 4.00%, 10/1/2035 | 415 | 483 | ||||||
Indiana Finance Authority, First Lien Wastewater, CWA Authority Project | ||||||||
Series 2101A, Rev., 5.25%, 10/1/2021 | 1,000 | 1,004 | ||||||
Series 2016A, Rev., 5.00%, 10/1/2036 | 70 | 85 | ||||||
Indiana Finance Authority, Franciscan Alliance, Inc., Obligated Group | ||||||||
Series 2016B, Rev., 5.00%, 11/1/2026 | 10 | 12 | ||||||
Series 2017B, Rev., 5.00%, 11/1/2032 | 25 | 31 | ||||||
Indiana Finance Authority, Goshen Health | ||||||||
Series A, Rev., 5.00%, 11/1/2030 | 500 | 618 | ||||||
Series A, Rev., 5.00%, 11/1/2031 | 1,020 | 1,252 | ||||||
Series A, Rev., 5.00%, 11/1/2032 | 530 | 649 | ||||||
Series A, Rev., 5.00%, 11/1/2033 | 1,110 | 1,354 | ||||||
Series A, Rev., 5.00%, 11/1/2034 | 760 | 925 | ||||||
Series A, Rev., 5.00%, 11/1/2035 | 665 | 808 | ||||||
Series A, Rev., 4.00%, 11/1/2036 | 230 | 262 | ||||||
Series A, Rev., 4.00%, 11/1/2037 | 335 | 380 | ||||||
Series A, Rev., 4.00%, 11/1/2038 | 340 | 385 | ||||||
Series A, Rev., 4.00%, 11/1/2039 | 355 | 401 | ||||||
Indiana Finance Authority, Green Bonds | ||||||||
Series 2019A, Rev., 5.00%, 2/1/2033 | 30 | 39 | ||||||
Series 2019A, Rev., 5.00%, 2/1/2034 | 35 | 45 | ||||||
Indiana Finance Authority, Rose-Hulman Institute of Technology Project | ||||||||
Rev., 5.00%, 6/1/2028 | 200 | 250 | ||||||
Rev., 5.00%, 6/1/2030 | 110 | 143 | ||||||
Rev., 5.00%, 6/1/2032 | 70 | 90 | ||||||
Rev., 4.00%, 6/1/2034 | 120 | 143 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Indiana — continued |
| |||||||
Indiana Finance Authority, State Revolving Fund Program | ||||||||
Series 2011A, Rev., 5.00%, 2/1/2022 (c) | 5,205 | 5,310 | ||||||
Series C, Rev., 5.00%, 2/1/2023 (c) | 3,000 | 3,206 | ||||||
Series 2017B, Rev., 5.00%, 2/1/2026 | 20 | 24 | ||||||
Series A, Rev., 5.00%, 2/1/2027 | 1,000 | 1,158 | ||||||
Series 2018A, Rev., 5.00%, 2/1/2035 | 100 | 125 | ||||||
Indiana Housing and Community Development Authority, Vita of Marion Project | ||||||||
Series 2021B, Rev., 4.00%, 4/1/2024 | 500 | 510 | ||||||
Series 2021A, Rev., 5.00%, 4/1/2031 (d) | 665 | 701 | ||||||
Series 2021A, Rev., 5.25%, 4/1/2041 (d) | 1,875 | 2,007 | ||||||
Indiana University Series A, Rev., 5.00%, 6/1/2022 (c) | 1,000 | 1,037 | ||||||
Indianapolis Local Public Improvement Bond Bank, Courthouse and Jail Project Series 2019A, Rev., 5.00%, 2/1/2032 | 225 | 289 | ||||||
Indianapolis Local Public Improvement Bond Bank, Pilot Infrastructure Project Series 2017C, Rev., 5.00%, 1/1/2035 | 195 | 241 | ||||||
Indianapolis Local Public Improvement Bond Bank, Stormwater Project Series 2013D, Rev., 5.00%, 1/1/2024 | 1,250 | 1,331 | ||||||
Lawrence Township School Building Corp., Ad Valorem Property Tax | ||||||||
Rev., 5.00%, 1/15/2030 | 150 | 196 | ||||||
Rev., 5.00%, 7/15/2030 | 250 | 328 | ||||||
Rev., 5.00%, 1/15/2031 | 230 | 306 | ||||||
Michigan City School Building Corp., Ad Valorem Property Tax First Mortgage Series 2016A, Rev., 5.00%, 1/15/2025 | 4,925 | 5,569 | ||||||
MSD Warren Township Vision 2005 School Building Corp., First Mortgage, Ad Valorem Property Tax Rev., 4.00%, 7/10/2032 | 25 | 30 | ||||||
North Adams Community Schools Renovation Building Corp., First Mortgage, Ad Valorem Property Tax Rev., 5.00%, 7/15/2032 | 25 | 31 | ||||||
Northern Wells Multi-School Building Corp., Ad Valorem Property Tax, First Mortgage Rev., 4.00%, 7/15/2035 | 50 | 57 | ||||||
Perry Township Multi School Building Corp., Ad Valorem Property Tax First Mortgage Series 2012B, Rev., 5.00%, 7/15/2022 | 25 | 26 | ||||||
Plainfield High School Building Corp., Ad Valorem Property Tax First Mortgage Refunding | ||||||||
Rev., 5.00%, 7/15/2023 | 750 | 818 | ||||||
Rev., 5.00%, 7/15/2024 | 1,255 | 1,419 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 63 |
Table of Contents
JPMorgan Intermediate Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Indiana — continued |
| |||||||
Series 2019A, Rev., 5.00%, 7/15/2028 | 30 | 38 | ||||||
Purdue University, Student Fee Series DD, Rev., 5.00%, 7/1/2026 | 1,000 | 1,219 | ||||||
Valparaiso Multi-Schools Building Corp., Unlimited AD Valorem Property Tax First Mortgage | ||||||||
Rev., 5.00%, 7/15/2022 | 30 | 31 | ||||||
Rev., 4.00%, 1/15/2024 | 50 | 55 | ||||||
Yorktown Redevelopment Authority, Ad Valorem Property Tax Lease Rev., 4.00%, 1/15/2026 | 35 | 40 | ||||||
|
| |||||||
Total Indiana | 71,143 | |||||||
|
| |||||||
Iowa — 0.3% |
| |||||||
City of Cedar Rapids, Sewer Series 2019C, Rev., 4.00%, 6/1/2031 | 25 | 29 | ||||||
City of Des Moines, Capital Loan Notes Series 2014E, GO, 5.00%, 6/1/2022 | 30 | 31 | ||||||
County of Linn | ||||||||
COP, 4.00%, 6/1/2030 | 490 | 572 | ||||||
COP, 4.00%, 6/1/2032 | 1,455 | 1,688 | ||||||
COP, 4.00%, 6/1/2033 | 1,615 | 1,870 | ||||||
COP, 4.00%, 6/1/2034 | 700 | 808 | ||||||
COP, 4.00%, 6/1/2035 | 575 | 663 | ||||||
Iowa Finance Authority, Senior Living Facility, Sunrise Retirement Community Project | ||||||||
Rev., 3.00%, 9/1/2022 | 315 | 318 | ||||||
Rev., 4.00%, 9/1/2025 | 115 | 122 | ||||||
Rev., 5.00%, 9/1/2026 | 85 | 94 | ||||||
Rev., 5.00%, 9/1/2028 | 200 | 226 | ||||||
Rev., 5.00%, 9/1/2030 | 110 | 124 | ||||||
Rev., 5.00%, 9/1/2031 | 100 | 112 | ||||||
Rev., 5.00%, 9/1/2036 | 440 | 487 | ||||||
Iowa Finance Authority, State Revolving Fund | ||||||||
Rev., 5.00%, 8/1/2026 (c) | 5,220 | 6,379 | ||||||
Rev., 5.00%, 8/1/2027 | 30 | 35 | ||||||
Rev., 5.00%, 8/1/2031 | 30 | 39 | ||||||
Iowa Finance Authority, Unitypoint Health Series 2016E, Rev., 5.00%, 8/15/2023 | 435 | 475 | ||||||
State of Iowa, IJOBS Program, Special Obligation Series 2016A, Rev., 5.00%, 6/1/2023 | 35 | 38 | ||||||
State of Iowa, Special Obligation Rev., 5.00%, 6/15/2024 | 200 | 226 | ||||||
Waukee Community School District Series 2016B, GO, 5.00%, 6/1/2022 | 20 | 21 | ||||||
|
| |||||||
Total Iowa | 14,357 | |||||||
|
|
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Kansas — 0.6% |
| |||||||
Butler County, Unified School District No. 385 Andover, School Building GO, 5.00%, 9/1/2027 (c) | 790 | 997 | ||||||
City of Manhattan, Meadowlark Hills | ||||||||
Series 2021A, Rev., 4.00%, 6/1/2026 | 315 | 352 | ||||||
Series 2021A, Rev., 4.00%, 6/1/2027 | 330 | 374 | ||||||
Series 2021A, Rev., 4.00%, 6/1/2028 | 300 | 345 | ||||||
Series 2021A, Rev., 4.00%, 6/1/2036 | 500 | 577 | ||||||
Series 2021A, Rev., 4.00%, 6/1/2046 | 500 | 564 | ||||||
City of Wichita, Airport Bonds Series 2015A, GO, 4.00%, 12/1/2040 | 25 | 28 | ||||||
Johnson and Miami Counties Unified School District No. 230 Spring Hills Series 2018-A, GO, 4.00%, 9/1/2033 | 2,965 | 3,473 | ||||||
Riley County Unified School District No. 383, Manhattan-Ogden | ||||||||
Series 2018A, GO, 5.00%, 9/1/2032 | 40 | 50 | ||||||
Series 2018A, GO, 5.00%, 9/1/2034 | 60 | 74 | ||||||
State of Kansas Department of Transportation | ||||||||
Series 2018A, Rev., 5.00%, 9/1/2023 | 20 | 22 | ||||||
Series 2015B, Rev., 5.00%, 9/1/2029 | 5,150 | 6,068 | ||||||
Series B, Rev., 5.00%, 9/1/2030 | 8,025 | 9,452 | ||||||
Series B, Rev., 5.00%, 9/1/2035 | 4,625 | 5,424 | ||||||
Wyandotte County Unified School District No. 203 Piper | ||||||||
Series A, GO, 5.00%, 9/1/2041 | 1,000 | 1,245 | ||||||
Series 2018A, GO, 5.00%, 9/1/2042 | 30 | 37 | ||||||
|
| |||||||
Total Kansas | 29,082 | |||||||
|
| |||||||
Kentucky — 1.4% |
| |||||||
City of Hazard, Appalachian Regional Healthcare, Inc. | ||||||||
Rev., 4.00%, 7/1/2035 | 1,300 | 1,570 | ||||||
Rev., 4.00%, 7/1/2037 | 1,000 | 1,200 | ||||||
Rev., 4.00%, 7/1/2038 | 1,040 | 1,244 | ||||||
County of Carroll, Kentucky Environmental Facilities | ||||||||
Series A, Rev., AMT, 2.00%, 2/1/2032 | 11,025 | 11,464 | ||||||
Series B, Rev., AMT, 2.13%, 10/1/2034 | 7,440 | 7,731 | ||||||
Jefferson County Capital Projects Corp. Series A, Rev., AGM, 4.25%, 6/1/2022 | 1,000 | 1,003 | ||||||
Kentucky Economic Development Finance Authority, Baptist Healthcare System Obligated Group Series B, Rev., 5.00%, 8/15/2028 | 2,885 | 3,582 | ||||||
Kentucky Economic Development Finance Authority, Commonspirit Health | ||||||||
Series A-1, Rev., 5.00%, 8/1/2031 | 1,250 | 1,600 |
SEE NOTES TO FINANCIAL STATEMENTS.
64 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
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Kentucky — continued |
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Series A-1, Rev., 5.00%, 8/1/2032 | 1,000 | 1,277 | ||||||
Series A-1, Rev., 5.00%, 8/1/2035 | 500 | 633 | ||||||
Kentucky Economic Development Finance Authority, Owensboro Health, Inc. | ||||||||
Series 2017A, Rev., AGM, 4.00%, 6/1/2037 | 1,750 | 1,957 | ||||||
Series A, Rev., 5.00%, 6/1/2037 | 2,795 | 3,277 | ||||||
Kentucky Public Energy Authority, Gas Supply | ||||||||
Series A, Rev., 4.00%, 4/1/2024 (b) | 6,450 | 7,019 | ||||||
Series 2019C, Rev., 4.00%, 2/1/2028 (b) | 15,000 | 17,767 | ||||||
Kentucky State Property and Buildings Commission, Project No. 84 Rev., NATL-RE, 5.00%, 8/1/2022 | 1,175 | 1,228 | ||||||
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Total Kentucky | 62,552 | |||||||
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Louisiana — 0.8% |
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City of Alexandria, Utilities Series 2013A, Rev., 5.00%, 5/1/2023 (c) | 1,400 | 1,513 | ||||||
City of Shreveport, Water and Sewer Improvement Series 2016B, Rev., 5.00%, 12/1/2031 | 75 | 91 | ||||||
City of Shreveport, Water and Sewer, Junior Lien | ||||||||
Series 2018C, Rev., 5.00%, 12/1/2023 | 370 | 408 | ||||||
Series C, Rev., 5.00%, 12/1/2024 | 510 | 585 | ||||||
Series 2018C, Rev., 5.00%, 12/1/2025 | 835 | 990 | ||||||
Series 2018C, Rev., 5.00%, 12/1/2026 | 500 | 612 | ||||||
Series 2018C, Rev., 5.00%, 12/1/2028 | 400 | 513 | ||||||
Series 2019B, Rev., AGM, 5.00%, 12/1/2029 | 300 | 384 | ||||||
Series C, Rev., 5.00%, 12/1/2029 | 1,500 | 1,913 | ||||||
Series 2019B, Rev., AGM, 5.00%, 12/1/2030 | 500 | 638 | ||||||
Series 2019B, Rev., AGM, 5.00%, 12/1/2031 | 500 | 637 | ||||||
Series 2019B, Rev., AGM, 5.00%, 12/1/2032 | 445 | 567 | ||||||
Series 2019B, Rev., AGM, 4.00%, 12/1/2033 | 325 | 379 | ||||||
Louisiana Public Facilities Authority, Lincoln Preparatory School Project | ||||||||
Series 2021A, Rev., 5.00%, 6/1/2031 (d) | 450 | 506 | ||||||
Series 2021A, Rev., 5.00%, 6/1/2041 (d) | 525 | 578 | ||||||
Louisiana Public Facilities Authority, Mentorship Steam Academy Project | ||||||||
Series 2021A, Rev., 5.00%, 6/1/2036 (d) | 385 | 424 | ||||||
Series 2021A, Rev., 5.00%, 6/1/2042 (d) | 440 | 477 | ||||||
Series 2021A, Rev., 5.00%, 6/1/2051 (d) | 705 | 756 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Louisiana — continued |
| |||||||
Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project | ||||||||
Rev., 5.00%, 5/15/2026 | 20 | 24 | ||||||
Rev., 5.00%, 5/15/2031 | 875 | 1,145 | ||||||
Rev., 5.00%, 5/15/2032 | 900 | 1,173 | ||||||
Rev., 5.00%, 5/15/2033 | 700 | 909 | ||||||
Rev., 5.00%, 5/15/2034 | 875 | 1,133 | ||||||
Louisiana Public Facilities Authority, Tulane University Project | ||||||||
Series 2016A, Rev., 5.00%, 12/15/2027 | 160 | 195 | ||||||
Series 2020A, Rev., 5.00%, 4/1/2032 | 150 | 195 | ||||||
Series 2020A, Rev., 5.00%, 4/1/2034 | 500 | 646 | ||||||
Louisiana State University, Agricultural and Mechanical College, Auxiliary Facilities System Rev., 3.75%, 7/1/2036 | 75 | 79 | ||||||
State of Louisiana | ||||||||
Series 2012C, GO, 5.00%, 7/15/2022 | 15 | 16 | ||||||
Series 2019A, Rev., 5.00%, 9/1/2022 | 30 | 31 | ||||||
Series 2019A, GO, 5.00%, 3/1/2035 | 13,000 | 16,620 | ||||||
Series 2019A, GO, 5.00%, 3/1/2038 | 3,470 | 4,407 | ||||||
|
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Total Louisiana | 38,544 | |||||||
|
| |||||||
Maine — 0.1% |
| |||||||
City of Portland GO, 5.00%, 4/1/2024 | 25 | 28 | ||||||
Maine Health and Higher Educational Facilities Authority, John F Murphy Homes, Inc. Series 2019B, Rev., 4.00%, 7/1/2036 | 25 | 29 | ||||||
Maine Health and Higher Educational Facilities Authority, Mainehealth | ||||||||
Series 2020A, Rev., 5.00%, 7/1/2033 | 1,000 | 1,310 | ||||||
Series 2020A, Rev., 5.00%, 7/1/2034 | 1,000 | 1,303 | ||||||
Series 2020A, Rev., 5.00%, 7/1/2035 | 500 | 650 | ||||||
Series 2020A, Rev., 4.00%, 7/1/2036 | 950 | 1,136 | ||||||
Maine Municipal Bond Bank Series C, Rev., 5.00%, 11/1/2034 | 660 | 818 | ||||||
Maine Municipal Bond Bank, Transcap Program Series 2015A, Rev., 5.00%, 9/1/2024 | 70 | 80 | ||||||
University of Maine System Rev., AGM, 4.00%, 3/1/2027 | 100 | 111 | ||||||
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Total Maine | 5,465 | |||||||
|
| |||||||
Maryland — 4.2% |
| |||||||
City of Baltimore, Consolidated Public Improvement Series 2017B, GO, 5.00%, 10/15/2027 | 2,000 | 2,527 | ||||||
City of Baltimore, Wastewater Projects Series 2017A, Rev., 5.00%, 7/1/2041 | 13,845 | 16,833 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 65 |
Table of Contents
JPMorgan Intermediate Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
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Maryland — continued |
| |||||||
County of Anne Arundel, Consolidated General Improvements | ||||||||
GO, 5.00%, 10/1/2026 | 6,285 | 7,723 | ||||||
GO, 5.00%, 10/1/2027 | 6,000 | 7,587 | ||||||
GO, 5.00%, 10/1/2034 | 3,360 | 4,073 | ||||||
GO, 5.00%, 10/1/2035 | 2,395 | 2,905 | ||||||
GO, 5.00%, 10/1/2037 | 3,400 | 4,119 | ||||||
County of Anne Arundel, Consolidated Water and Sewer | ||||||||
GO, 5.00%, 10/1/2026 | 2,260 | 2,777 | ||||||
GO, 5.00%, 10/1/2027 | 2,260 | 2,858 | ||||||
GO, 5.00%, 10/1/2034 | 1,875 | 2,273 | ||||||
GO, 5.00%, 10/1/2035 | 1,925 | 2,335 | ||||||
County of Baltimore, Consolidated Public Improvement | ||||||||
GO, 5.00%, 8/1/2026 | 1,400 | 1,650 | ||||||
GO, 5.00%, 3/1/2028 | 4,930 | 6,303 | ||||||
GO, 5.00%, 3/1/2029 | 5,540 | 7,033 | ||||||
GO, 5.00%, 3/1/2030 | 6,335 | 8,006 | ||||||
County of Baltimore, Metropolitan District, 2019 Crossover GO, 5.00%, 11/1/2024 | 25 | 29 | ||||||
County of Baltimore, Metropolitan District, 80th Issue | ||||||||
GO, 5.00%, 3/1/2027 | 4,830 | 6,009 | ||||||
GO, 5.00%, 3/1/2029 | 5,500 | 6,982 | ||||||
GO, 5.00%, 3/1/2030 | 5,665 | 7,158 | ||||||
GO, 5.00%, 3/1/2031 | 6,125 | 7,724 | ||||||
County of Howard, Consolidated Public Improvement | ||||||||
Series 2018A, GO, 5.00%, 2/15/2027 | 5,435 | 6,752 | ||||||
Series A, GO, 5.00%, 2/15/2029 | 6,605 | 8,380 | ||||||
Series D, GO, 5.00%, 2/15/2030 | 4,780 | 6,040 | ||||||
Series 2017D, GO, 4.00%, 2/15/2032 | 40 | 48 | ||||||
County of Montgomery, Consolidated Public Improvement | ||||||||
Series 2017C, GO, 5.00%, 10/1/2026 | 5,000 | 6,144 | ||||||
Series A, GO, 5.00%, 11/1/2026 | 4,150 | 5,112 | ||||||
County of Montgomery, Department of Liquor Control Series 2019A, Rev., 5.00%, 4/1/2027 | 75 | 93 | ||||||
County of Prince George’s, Consolidated Public Improvement Series 2018A, GO, 5.00%, 7/15/2029 | 10 | 13 | ||||||
Maryland Economic Development Corp., Port Covington Project Rev., 4.00%, 9/1/2040 | 875 | 1,010 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Maryland — continued |
| |||||||
Maryland Health and Higher Educational Facilities Authority, Frederick Health System Issue | ||||||||
Rev., 3.25%, 7/1/2039 | 175 | 193 | ||||||
Rev., 4.00%, 7/1/2040 | 215 | 254 | ||||||
Rev., 4.00%, 7/1/2045 | 800 | 932 | ||||||
Rev., 4.00%, 7/1/2050 | 1,295 | 1,495 | ||||||
Maryland Health and Higher Educational Facilities Authority, Lifebridge Health Issue | ||||||||
Rev., 4.00%, 7/1/2035 | 1,000 | 1,121 | ||||||
Rev., 4.00%, 7/1/2036 | 1,000 | 1,120 | ||||||
Maryland Health and Higher Educational Facilities Authority, Medstar Health Issue Series 2017A, Rev., 5.00%, 5/15/2045 | 1,205 | 1,466 | ||||||
Maryland Health and Higher Educational Facilities Authority, Stevenson University Project | ||||||||
Rev., 5.00%, 6/1/2029 | 150 | 192 | ||||||
Rev., 5.00%, 6/1/2031 | 175 | 231 | ||||||
Rev., 5.00%, 6/1/2033 | 200 | 262 | ||||||
Rev., 4.00%, 6/1/2034 | 350 | 421 | ||||||
Rev., 4.00%, 6/1/2035 | 475 | 570 | ||||||
Rev., 4.00%, 6/1/2037 | 445 | 530 | ||||||
Rev., 4.00%, 6/1/2039 | 465 | 551 | ||||||
Rev., 4.00%, 6/1/2040 | 250 | 295 | ||||||
State of Maryland Department of Transportation Rev., 5.00%, 10/1/2027 | 2,000 | 2,451 | ||||||
State of Maryland, State and Local Facilities Loan of 2017 | ||||||||
Series 2017A, GO, 5.00%, 3/15/2024 | 40 | 45 | ||||||
Series A, GO, 5.00%, 3/15/2028 | 5,280 | 6,549 | ||||||
Series A, GO, 4.00%, 3/15/2030 | 22,225 | 26,228 | ||||||
Series A, GO, 5.00%, 3/15/2031 | 1,920 | 2,374 | ||||||
State of Maryland, State and Local Facilities Loan of 2018 Series A, GO, 5.00%, 3/15/2029 | 4,225 | 5,378 | ||||||
Washington Suburban Sanitary District, Consolidated Public Improvement | ||||||||
Rev., GTD, 4.00%, 6/1/2025 | 40 | 45 | ||||||
Rev., GTD, 5.00%, 6/1/2030 | 25 | 33 | ||||||
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Total Maryland | 193,232 | |||||||
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Massachusetts — 3.3% |
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City of Westfield, Municipal Purpose Loan | ||||||||
GO, 5.00%, 10/15/2022 | 25 | 27 | ||||||
GO, 5.00%, 3/1/2024 | 20 | 22 |
SEE NOTES TO FINANCIAL STATEMENTS.
66 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
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Massachusetts — continued |
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City of Woburn GO, 5.00%, 7/15/2027 | 45 | 57 | ||||||
Commonwealth of Massachusetts | ||||||||
Series B, GO, 5.25%, 8/1/2023 | 10,000 | 10,980 | ||||||
Series 2006B, GO, AGM, 5.25%, 9/1/2023 | 15 | 17 | ||||||
Series 2016A, GO, 5.00%, 7/1/2026 | 45 | 55 | ||||||
Series 2018B, GO, 5.00%, 7/1/2026 | 45 | 55 | ||||||
Series 2019A, GO, 5.00%, 1/1/2027 | 25 | 31 | ||||||
Series 2017D, GO, 5.00%, 7/1/2027 | 45 | 56 | ||||||
Series A, GO, 5.00%, 7/1/2027 | 25 | 31 | ||||||
Series A, GO, 5.00%, 7/1/2036 | 3,535 | 4,122 | ||||||
Commonwealth of Massachusetts Federal Highway, Accelerated Bridge Program Series 2013A, Rev., GAN, 5.00%, 6/15/2022 (c) | 20 | 21 | ||||||
Commonwealth of Massachusetts Transportation Fund Series 2016A, Rev., 5.00%, 6/1/2027 | 15 | 18 | ||||||
Commonwealth of Massachusetts, Consolidated Loan Series E, GO, AMBAC, 5.00%, 11/1/2025 | 5,000 | 5,964 | ||||||
Commonwealth of Massachusetts, Consolidated Loan of 2014 Series 7, GO, 5.00%, 7/1/2024 | 40 | 45 | ||||||
Commonwealth of Massachusetts, Consolidated Loan of 2015 Series 2015D, GO, 4.00%, 9/1/2029 | 9,460 | 10,740 | ||||||
Commonwealth of Massachusetts, Consolidated Loan of 2016 | ||||||||
Series A, GO, 5.00%, 3/1/2031 | 2,250 | 2,514 | ||||||
Series A, GO, 5.00%, 3/1/2032 | 1,000 | 1,117 | ||||||
Series J, GO, 4.00%, 12/1/2039 | 13,125 | 15,143 | ||||||
Commonwealth of Massachusetts, Consolidated Loan of 2017 | ||||||||
Series A, GO, 5.00%, 4/1/2032 | 9,145 | 11,279 | ||||||
Series 2017A, GO, 5.00%, 4/1/2033 | 10,000 | 12,342 | ||||||
Series 2017D, GO, 5.00%, 2/1/2036 | 40 | 49 | ||||||
Commonwealth of Massachusetts, Consolidated Loan of 2018 | ||||||||
Series 2018B, GO, 5.00%, 1/1/2027 | 10,000 | 12,374 | ||||||
Series 2018A, GO, 5.00%, 1/1/2040 | 35 | 43 | ||||||
Commonwealth of Massachusetts, Consolidated Loan of 2020 Series 2020A, GO, 5.00%, 3/1/2023 | 20 | 21 | ||||||
Essex North Shore Agricultural and Technical School District, State Qualified School Bonds GO, 4.00%, 6/1/2043 | 35 | 39 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Massachusetts — continued |
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Massachusetts Bay Transportation Authority Assessment | ||||||||
Series A, Rev., 5.25%, 7/1/2025 | 2,250 | 2,677 | ||||||
Series A, Rev., 5.25%, 7/1/2027 | 10,530 | 13,389 | ||||||
Massachusetts Bay Transportation Authority, Sales Tax | ||||||||
Series 2014A, Rev., 5.00%, 7/1/2023 | 25 | 27 | ||||||
Series 2004A, Rev., 5.50%, 7/1/2024 | 25 | 29 | ||||||
Series B, Rev., NATL-RE, 5.50%, 7/1/2026 | 5 | 6 | ||||||
Series 2015A, Rev., 5.00%, 7/1/2027 | 25 | 29 | ||||||
Series 2017A-2, Rev., 5.00%, 7/1/2027 | 25 | 31 | ||||||
Series 2005A, Rev., 5.00%, 7/1/2028 | 25 | 32 | ||||||
Series A, Rev., 5.25%, 7/1/2029 | 5,000 | 6,672 | ||||||
Series A, Rev., 5.00%, 7/1/2031 | 1,255 | 1,721 | ||||||
Series A-1, Rev., 5.25%, 7/1/2033 | 5,000 | 7,233 | ||||||
Massachusetts Clean Water Trust (The), Revolving Funds | ||||||||
Series 21, Rev., 5.00%, 8/1/2031 | 110 | 140 | ||||||
Series 22, Rev., 5.00%, 8/1/2033 | 25 | 33 | ||||||
Massachusetts Development Finance Agency, Mass General Brigham Issue Series 2020A-2, Rev., 5.00%, 7/1/2029 | 75 | 98 | ||||||
Massachusetts Development Finance Agency, Milford Regional Medical Center | ||||||||
Series G, Rev., 5.00%, 7/15/2023 (d) | 120 | 129 | ||||||
Series G, Rev., 5.00%, 7/15/2024 (d) | 130 | 144 | ||||||
Series G, Rev., 5.00%, 7/15/2025 (d) | 120 | 137 | ||||||
Series G, Rev., 5.00%, 7/15/2027 (d) | 320 | 384 | ||||||
Series G, Rev., 5.00%, 7/15/2029 (d) | 600 | 747 | ||||||
Series G, Rev., 5.00%, 7/15/2031 (d) | 675 | 855 | ||||||
Series G, Rev., 5.00%, 7/15/2032 (d) | 400 | 505 | ||||||
Massachusetts Development Finance Agency, Suffolk University Issue | ||||||||
Rev., 5.00%, 7/1/2029 | 440 | 563 | ||||||
Rev., 5.00%, 7/1/2030 | 720 | 916 | ||||||
Rev., 5.00%, 7/1/2031 | 620 | 782 | ||||||
Rev., 5.00%, 7/1/2032 | 770 | 969 | ||||||
Rev., 5.00%, 7/1/2033 | 800 | 1,002 | ||||||
Rev., 5.00%, 7/1/2034 | 550 | 687 | ||||||
Massachusetts Development Finance Agency, Wellforce Issue | ||||||||
Series 2020C, Rev., AGM, 5.00%, 10/1/2028 | 1,165 | 1,485 | ||||||
Series 2020C, Rev., AGM, 5.00%, 10/1/2029 | 665 | 866 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 67 |
Table of Contents
JPMorgan Intermediate Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Massachusetts — continued |
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Series 2020C, Rev., AGM, 5.00%, 10/1/2030 | 675 | 896 | ||||||
Series 2020C, Rev., AGM, 5.00%, 10/1/2031 | 635 | 839 | ||||||
Series 2020C, Rev., AGM, 5.00%, 10/1/2033 | 1,290 | 1,692 | ||||||
Series 2020C, Rev., AGM, 5.00%, 10/1/2034 | 1,175 | 1,536 | ||||||
Series 2020C, Rev., AGM, 3.00%, 10/1/2045 | 1,770 | 1,893 | ||||||
Massachusetts Health and Educational Facilities Authority, Massachusetts Institute of Technology Series M, Rev., 5.25%, 7/1/2025 | 4,070 | 4,845 | ||||||
Massachusetts School Building Authority, Dedicated Sales Tax Series 2015B, Rev., 5.00%, 1/15/2025 | 40 | 46 | ||||||
Massachusetts Transportation Trust Fund Metropolitan Highway System, Commonwealth Contract Assistance Secured | ||||||||
Series A, Rev., 5.00%, 1/1/2028 | 3,765 | 4,782 | ||||||
Series 2019C, Rev., 5.00%, 1/1/2035 | 40 | 51 | ||||||
Massachusetts Water Resources Authority | ||||||||
Series B, Rev., AGM, 5.25%, 8/1/2023 | 20 | 22 | ||||||
Series B, Rev., AGM, 5.25%, 8/1/2024 | 3,110 | 3,566 | ||||||
Series C, Rev., 5.00%, 8/1/2030 | 55 | 69 | ||||||
Series B, Rev., AGM, 5.25%, 8/1/2036 | 20 | 31 | ||||||
Town of Longmeadow GO, 5.00%, 6/1/2025 | 25 | 29 | ||||||
Town of Middleborough, Municipal Purpose Loan GO, 4.00%, 10/1/2023 | 25 | 27 | ||||||
Town of South Hadley, Municipal Purpose Loan Series 2017A, GO, 4.00%, 6/15/2022 | 40 | 41 | ||||||
Town of Southwick, Municipal Purpose Loan GO, 5.00%, 12/15/2028 | 25 | 32 | ||||||
Town of Stoughton, Municipal Purpose Loan | ||||||||
GO, 5.00%, 10/15/2022 | 35 | 37 | ||||||
GO, 4.00%, 10/15/2038 | 50 | 59 | ||||||
University of Massachusetts Building Authority Series 2019-1, Rev., 5.00%, 5/1/2035 | 105 | 135 | ||||||
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Total Massachusetts | 150,078 | |||||||
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Michigan — 1.1% |
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Bath Community Schools, Unlimited Tax GO, Q-SBLF, 4.00%, 5/1/2025 | 100 | 113 | ||||||
Bendle Public School District, Unlimited Tax GO, Q-SBLF, 4.00%, 5/1/2035 | 40 | 45 | ||||||
Cadillac Area Public Schools, Unlimited Tax GO, Q-SBLF, 5.00%, 5/1/2041 | 45 | 56 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Michigan — continued |
| |||||||
Caledonia Community Schools, Unlimited Tax GO, Q-SBLF, 4.00%, 5/1/2044 | 70 | 75 | ||||||
Charter Township of Meridian, Unlimited Tax GO, 5.00%, 10/1/2023 | 30 | 33 | ||||||
City of Grand Rapids, Sanitary Sewer System | ||||||||
Series A, Rev., AGM-CR, BHAC-CR, FGIC, 5.50%, 1/1/2022 | 1,115 | 1,135 | ||||||
Rev., 5.00%, 1/1/2026 | 25 | 30 | ||||||
Rev., 5.00%, 1/1/2027 | 400 | 479 | ||||||
Rev., 5.00%, 1/1/2028 | 325 | 388 | ||||||
Rev., 5.00%, 1/1/2029 | 350 | 417 | ||||||
Rev., 5.00%, 1/1/2032 | 750 | 890 | ||||||
Rev., 5.00%, 1/1/2033 | 1,400 | 1,661 | ||||||
Rev., 5.00%, 1/1/2036 | 185 | 238 | ||||||
Rev., 4.00%, 1/1/2037 | 500 | 598 | ||||||
Rev., 5.00%, 1/1/2038 | 35 | 43 | ||||||
City of Troy, Limited Tax GO, 5.25%, 11/1/2021 (c) | 1,005 | 1,014 | ||||||
County of Genesee, Water Supply System GO, 5.00%, 2/1/2024 | 90 | 100 | ||||||
Dansville Schools, Unlimited Tax GO, Q-SBLF, 4.00%, 5/1/2039 | 25 | 28 | ||||||
Forest Hills Public Schools, Unlimited Tax GO, 5.00%, 5/1/2023 | 20 | 22 | ||||||
Grand Rapids Charter Township Economic Development Corp., Porter Hills Presbyterian Village Project | ||||||||
Rev., 4.00%, 5/15/2027 | 2,645 | 3,010 | ||||||
Rev., 5.00%, 5/15/2037 | 4,575 | 5,414 | ||||||
Grand Rapids Public Schools, Unlimited Tax | ||||||||
GO, AGM, 5.00%, 11/1/2030 | 1,350 | 1,728 | ||||||
GO, AGM, 5.00%, 11/1/2032 | 1,500 | 1,910 | ||||||
GO, AGM, 5.00%, 11/1/2034 | 1,045 | 1,324 | ||||||
GO, AGM, 5.00%, 11/1/2035 | 1,500 | 1,896 | ||||||
Grosse Pointe Public School System GO, 5.00%, 5/1/2035 | 45 | 58 | ||||||
Hartford Public Schools, School Building and Site, Unlimited Tax GO, Q-SBLF, 4.00%, 5/1/2037 | 35 | 39 | ||||||
Holland School District GO, AGM, 4.00%, 5/1/2035 | 25 | 27 | ||||||
Holt Public Schools, Unlimited Tax GO, Q-SBLF, 5.00%, 5/1/2028 | 45 | 57 | ||||||
Hudsonville Public Schools, Unlimited Tax Series 2020-I, GO, Q-SBLF, 5.00%, 5/1/2031 | 25 | 33 |
SEE NOTES TO FINANCIAL STATEMENTS.
68 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Michigan — continued |
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Huron School District, Unlimited Tax GO, Q-SBLF, 5.00%, 5/1/2044 | 35 | 43 | ||||||
Kalamazoo Economic Development Corp., Heritage Community of Kalamazoo Project | ||||||||
Rev., 2.63%, 5/15/2025 | 1,150 | 1,153 | ||||||
Rev., 2.88%, 5/15/2026 | 1,545 | 1,559 | ||||||
Lakeview School District, School Building and Site, Unlimited Tax GO, Q-SBLF, 5.00%, 5/1/2022 | 90 | 93 | ||||||
Lansing Community College, Building and Site | ||||||||
GO, 5.00%, 5/1/2029 | 60 | 76 | ||||||
GO, 5.00%, 5/1/2030 | 600 | 753 | ||||||
GO, 5.00%, 5/1/2032 | 635 | 792 | ||||||
Lapeer Community Schools GO, Q-SBLF, 5.00%, 5/1/2024 | 15 | 17 | ||||||
Lawrence Public Schools GO, Q-SBLF, 4.00%, 5/1/2026 | 30 | 33 | ||||||
Macomb Interceptor Drain Drainage District, Limited Tax GTD, 5.00%, 5/1/2028 | 85 | 108 | ||||||
Michigan Finance Authority, Aqunias College Project Rev., 4.00%, 5/1/2031 | 540 | 568 | ||||||
Michigan Finance Authority, Henry Ford Health System | ||||||||
Rev., 5.00%, 11/15/2023 | 510 | 563 | ||||||
Rev., 4.00%, 11/15/2035 | 1,900 | 2,154 | ||||||
Michigan Finance Authority, Kettering University Project Rev., 4.00%, 9/1/2045 | 500 | 569 | ||||||
Michigan Finance Authority, Local Government Loan Program, Detroit Water and Sewerage Department Water Supply System Local Project Series 2014D-4, Rev., 5.00%, 7/1/2034 | 50 | 56 | ||||||
Michigan Finance Authority, Trinity Health Credit Group | ||||||||
Rev., 5.00%, 12/1/2021 (c) | 1,000 | 1,012 | ||||||
Series 2017MI, Rev., 5.00%, 12/1/2027 | 50 | 62 | ||||||
Series 2017A-MI, Rev., 5.00%, 12/1/2029 | 125 | 157 | ||||||
Series 2017A-MI, Rev., 5.00%, 12/1/2035 | 130 | 162 | ||||||
Series 2016MI, Rev., 5.25%, 12/1/2041 | 475 | 567 | ||||||
Michigan State Hospital Finance Authority, Ascension Health Credit Group Series B-4, Rev., 5.00%, 11/15/2027 | 50 | 58 | ||||||
Michigan Strategic Fund, Community Colleges Skilled Trades Equipment Program Rev., 5.00%, 3/1/2025 | 315 | 364 | ||||||
Michigan Strategic Fund, Holland Home Obligated Group | ||||||||
Rev., 4.00%, 11/15/2022 | 185 | 192 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Michigan — continued |
| |||||||
Rev., 4.00%, 11/15/2023 | 185 | 197 | ||||||
Rev., 4.00%, 11/15/2024 | 585 | 639 | ||||||
Rev., 5.00%, 11/15/2029 | 1,700 | 2,027 | ||||||
Michigan Strategic Fund, United Methodist Retirement Communities Obligated Group, Porter Hills Presbyterian Village Project Rev., 5.00%, 5/15/2037 | 2,360 | 2,793 | ||||||
North Branch Area Schools, Unlimited Tax GO, Q-SBLF, 5.00%, 5/1/2023 | 20 | 22 | ||||||
Novi Community School District, School Building and Site, Unlimited Tax Series 2020-I, GO, 5.00%, 5/1/2030 | 30 | 40 | ||||||
Ottawa County Board of County Road Commissioners, Michigan Transportation Fund Notes Rev., 5.00%, 8/1/2025 | 25 | 29 | ||||||
Plymouth-Canton Community School District Series 2015B, GO, AGM, 4.00%, 5/1/2035 | 50 | 57 | ||||||
Roseville Community Schools, School Building and Site, Unlimited Tax GO, Q-SBLF, 5.00%, 5/1/2028 | 25 | 32 | ||||||
South Lyon Community Schools, School Building and Site GO, 4.00%, 5/1/2038 | 25 | 28 | ||||||
State of Michigan, Environmental Program | ||||||||
Series 2016A, GO, 5.00%, 12/1/2023 | 20 | 22 | ||||||
Series A, GO, 5.00%, 12/1/2028 | 4,300 | 4,947 | ||||||
State of Michigan, Trunk Line Fund Rev., 5.00%, 11/15/2021 | 4,980 | 5,029 | ||||||
University of Michigan | ||||||||
Rev., 5.00%, 4/1/2028 | 25 | 30 | ||||||
Series 2019A, Rev., 5.00%, 4/1/2029 | 25 | 33 | ||||||
Rev., 5.00%, 4/1/2031 | 15 | 18 | ||||||
Rev., 5.00%, 4/1/2033 | 2,190 | 2,604 | ||||||
Utica Community Schools, School Building and Site Unlimited Tax GO, Q-SBLF, 5.00%, 5/1/2028 | 25 | 32 | ||||||
Warren Consolidated Schools, School Building and Site, Unlimited Tax GO, Q-SBLF, 5.00%, 5/1/2034 | 25 | 30 | ||||||
Waterford School District GO, Q-SBLF, 4.00%, 5/1/2032 | 40 | 46 | ||||||
|
| |||||||
Total Michigan | 52,627 | |||||||
|
| |||||||
Minnesota — 0.5% |
| |||||||
Circle Pines Independent School District No. 12 Series 2015A, GO, Zero Coupon, 2/1/2023 | 800 | 798 | ||||||
City of Brainerd Series 2016A, GO, 5.00%, 10/1/2024 | 10 | 11 | ||||||
City of Brooklyn Park Series 2018A, GO, 5.00%, 2/1/2026 | 1,005 | 1,205 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 69 |
Table of Contents
JPMorgan Intermediate Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Minnesota — continued |
| |||||||
City of Hastings Series 2019A, GO, 5.00%, 2/1/2030 | 70 | 88 | ||||||
City of Minneapolis, Health Care System, Fairview Health Services | ||||||||
Series A, Rev., 4.00%, 11/15/2037 | 6,230 | 7,174 | ||||||
Series A, Rev., 4.00%, 11/15/2038 | 750 | 864 | ||||||
Series 2018A, Rev., 4.00%, 11/15/2048 | 2,000 | 2,276 | ||||||
Series A, Rev., 5.00%, 11/15/2049 | 1,000 | 1,223 | ||||||
City of New Hope, Capital Improvement Plan Series 2017A, GO, 5.00%, 2/1/2026 | 10 | 12 | ||||||
City of Savage Series 2019A, GO, 4.00%, 2/1/2029 | 25 | 29 | ||||||
City of Woodbury, Charter School Lease | ||||||||
Rev., 3.00%, 12/1/2030 | 250 | 266 | ||||||
Series 2021A, Rev., 4.00%, 7/1/2031 | 355 | 402 | ||||||
Rev., 4.00%, 12/1/2040 | 200 | 220 | ||||||
Series 2021A, Rev., 4.00%, 7/1/2041 | 445 | 493 | ||||||
Clearbrook-Gonvick Independent School District No. 2311 Series 2019A, GO, 5.00%, 2/1/2024 | 120 | 134 | ||||||
County of Douglas, Law Enforcement Center Series 2019B, GO, 5.00%, 2/1/2028 | 5 | 6 | ||||||
Duluth Economic Development Authority, Benedictine Health System | ||||||||
Series 2021A, Rev., 4.00%, 7/1/2031 | 800 | 892 | ||||||
Series 2021A, Rev., 4.00%, 7/1/2036 | 1,500 | 1,656 | ||||||
Series 2021A, Rev., 4.00%, 7/1/2041 | 930 | 1,019 | ||||||
Duluth Independent School District No. 709 | ||||||||
Series 2019B, COP, 5.00%, 2/1/2023 | 190 | 201 | ||||||
Series 2019B, COP, 5.00%, 2/1/2024 | 215 | 238 | ||||||
Series 2019B, COP, 5.00%, 2/1/2025 | 190 | 217 | ||||||
Series 2019B, COP, 5.00%, 2/1/2026 | 200 | 235 | ||||||
Series 2019B, COP, 5.00%, 2/1/2027 | 185 | 223 | ||||||
Series 2019B, COP, 5.00%, 2/1/2028 | 175 | 216 | ||||||
Hutchinson Independent School District No. 423 Series 2016A, GO, 5.00%, 2/1/2026 | 10 | 12 | ||||||
Itasca County Independent School District No. 318, School Building, Minnesota School District Credit Enhancement Program Series 2018A, GO, 5.00%, 2/1/2030 | 1,400 | 1,699 | ||||||
Lakeville Independent School District No. 194 Series 2020B, COP, 4.00%, 4/1/2026 | 140 | 162 | ||||||
Mahnomen Independent School District No. 432 Series A, GO, 2.00%, 2/1/2029 | 25 | 26 | ||||||
Minneapolis-St. Paul Metropolitan Airports Commission | ||||||||
Series 2019C, Rev., 5.00%, 1/1/2026 | 100 | 119 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Minnesota — continued |
| |||||||
Series A, Rev., 5.00%, 1/1/2026 | 25 | 30 | ||||||
Series A, Rev., 5.00%, 1/1/2027 | 85 | 105 | ||||||
Series A, Rev., 5.00%, 1/1/2032 | 35 | 42 | ||||||
Series 2019A, Rev., 5.00%, 1/1/2034 | 50 | 64 | ||||||
Minnesota Higher Education Facilities Authority, Carleton College Rev., 5.00%, 3/1/2027 | 725 | 892 | ||||||
Minnesota Municipal Power Agency Series 2014A, Rev., 5.00%, 10/1/2024 | 10 | 11 | ||||||
State of Minnesota, Various Purpose | ||||||||
Series 2017A, GO, 5.00%, 10/1/2029 | 65 | 82 | ||||||
Series 2019A, GO, 5.00%, 8/1/2035 | 30 | 39 | ||||||
|
| |||||||
Total Minnesota | 23,381 | |||||||
|
| |||||||
Mississippi — 1.1% |
| |||||||
City of Tupelo | ||||||||
GO, 4.00%, 12/1/2024 | 165 | 185 | ||||||
GO, 4.00%, 12/1/2025 | 150 | 173 | ||||||
GO, 4.00%, 12/1/2027 | 475 | 571 | ||||||
GO, 4.00%, 12/1/2030 | 545 | 663 | ||||||
Mississippi Development Bank, Department of Corrections Walnut Grove Correctional Facility Refunding Bonds Project Rev., 5.00%, 8/1/2025 | 35 | 41 | ||||||
Mississippi Development Bank, Department of Transportation Special Obligation, Industrial Development Authority Series 2015A, Rev., 5.00%, 1/1/2026 | 35 | 40 | ||||||
Mississippi Development Bank, Northwest Mississippi Community College Improvement Project | ||||||||
Rev., 4.00%, 3/1/2033 | 205 | 243 | ||||||
Rev., 4.00%, 3/1/2034 | 230 | 272 | ||||||
Rev., 4.00%, 3/1/2036 | 500 | 588 | ||||||
Rev., 4.00%, 3/1/2037 | 730 | 857 | ||||||
Mississippi Development Bank, Public Improvement Rev., 4.00%, 3/1/2025 | 100 | 112 | ||||||
Mississippi Development Bank, Rankin County Bond Project Rev., 5.00%, 3/1/2023 | 30 | 32 | ||||||
Mississippi Development Bank, Rankin County School District Project Rev., 3.50%, 6/1/2042 | 450 | 489 | ||||||
Mississippi Development Bank, Rankin County, Mississippi General Obligation Bond Project Rev., 5.00%, 8/1/2034 | 350 | 449 | ||||||
Mississippi State University Educational Building Corp., University Facilities Refinancing Series 2017A, Rev., 5.00%, 8/1/2028 | 25 | 31 |
SEE NOTES TO FINANCIAL STATEMENTS.
70 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Mississippi — continued |
| |||||||
Oxford School District GO, 4.00%, 5/1/2022 | 10 | 10 | ||||||
State of Mississippi | ||||||||
Series A, GO, 5.00%, 11/1/2030 | 1,250 | 1,526 | ||||||
Series A, GO, 5.00%, 11/1/2031 | 2,750 | 3,357 | ||||||
Series 2019B, GO, 5.00%, 10/1/2033 | 30 | 39 | ||||||
Series A, GO, 5.00%, 11/1/2034 | 7,595 | 9,244 | ||||||
Series A, GO, 4.00%, 11/1/2036 | 5,030 | 5,805 | ||||||
Series A, GO, 4.00%, 11/1/2038 | 21,155 | 24,341 | ||||||
State of Mississippi, Gaming Tax | ||||||||
Series 2019A, Rev., 5.00%, 10/15/2025 | 1,005 | 1,184 | ||||||
Series 2019A, Rev., 5.00%, 10/15/2026 | 1,500 | 1,822 | ||||||
|
| |||||||
Total Mississippi | 52,074 | |||||||
|
| |||||||
Missouri — 1.6% |
| |||||||
City of Gladstone Series A, COP, 3.00%, 12/1/2025 | 5 | 5 | ||||||
City of Kansas City, Downtown Arena Project Series E, Rev., 5.00%, 4/1/2028 | 90 | 104 | ||||||
Columbia School District GO, 4.00%, 3/1/2030 | 1,595 | 1,862 | ||||||
County of Jackson, Special Obligation Rev., 4.00%, 12/1/2023 | 25 | 27 | ||||||
Fort Zumwalt School District, Missouri Direct Deposit Program GO, 5.00%, 3/1/2036 | 40 | 48 | ||||||
Health and Educational Facilities Authority of the State of Missouri, City Art Institute Rev., 5.00%, 9/1/2030 | 210 | 263 | ||||||
Health and Educational Facilities Authority of the State of Missouri, Coxhealth and Obligated Group | ||||||||
Series 2019A, Rev., 5.00%, 11/15/2032 | 135 | 172 | ||||||
Series 2019A, Rev., 5.00%, 11/15/2038 | 250 | 314 | ||||||
Health and Educational Facilities Authority of the State of Missouri, Lutheran Senior Services Projects | ||||||||
Series 2019A, Rev., 5.00%, 2/1/2029 | 550 | 623 | ||||||
Series 2019A, Rev., 5.00%, 2/1/2042 | 1,000 | 1,117 | ||||||
Health and Educational Facilities Authority of the State of Missouri, Mercy Health Series 2018A, Rev., 5.00%, 6/1/2027 | 100 | 124 | ||||||
Health and Educational Facilities Authority of the State of Missouri, SSM Health System Series 2014A, Rev., 4.00%, 6/1/2023 | 100 | 107 | ||||||
Health and Educational Facilities Authority of the State of Missouri, St. Luke’s Health System, Inc. | ||||||||
Rev., 5.00%, 11/15/2034 | 1,000 | 1,311 | ||||||
Rev., 5.00%, 11/15/2035 | 1,350 | 1,766 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Missouri — continued |
| |||||||
Health and Educational Facilities Authority of the State of Missouri, Wright Memorial Hospital | ||||||||
Rev., 5.00%, 9/1/2022 | 540 | 561 | ||||||
Rev., 5.00%, 9/1/2024 | 300 | 334 | ||||||
Rev., 5.00%, 9/1/2025 | 315 | 362 | ||||||
Rev., 5.00%, 9/1/2026 | 620 | 730 | ||||||
Rev., 5.00%, 9/1/2029 | 1,420 | 1,772 | ||||||
Jefferson City School District, Missouri Direct Deposit Program GO, 5.00%, 3/1/2025 | 35 | 41 | ||||||
Kansas City Industrial Development Authority, City International Airport Terminal Modernization Project | ||||||||
Series 2019B, Rev., AMT, 5.00%, 3/1/2032 | 1,250 | 1,577 | ||||||
Series 2019B, Rev., AMT, 5.00%, 3/1/2033 | 2,250 | 2,831 | ||||||
Series 2019C, Rev., 5.00%, 3/1/2033 | 2,485 | 3,158 | ||||||
Metropolitan St. Louis Sewer District, Wastewater System Improvement | ||||||||
Series 2017A, Rev., 5.00%, 5/1/2029 | 6,765 | 8,411 | ||||||
Series 2015B, Rev., 5.00%, 5/1/2031 | 530 | 616 | ||||||
Series B, Rev., 5.00%, 5/1/2032 | 1,900 | 2,208 | ||||||
Series B, Rev., 5.00%, 5/1/2033 | 4,430 | 5,143 | ||||||
Series B, Rev., 5.00%, 5/1/2034 | 2,000 | 2,320 | ||||||
Series B, Rev., 5.00%, 5/1/2035 | 2,125 | 2,462 | ||||||
Missouri Highway and Transportation Commission, First Lien Series A, Rev., 5.00%, 5/1/2026 | 25,750 | 31,150 | ||||||
Missouri State Board of Public Buildings Series 2018A, Rev., 5.00%, 4/1/2027 | 25 | 30 | ||||||
Pattonville-Bridgeton Terrace Fire Protection District GO, 4.00%, 11/1/2025 | 25 | 29 | ||||||
St. Charles County Public Water Supply District No. 2 COP, 5.00%, 12/1/2026 | 15 | 18 | ||||||
|
| |||||||
Total Missouri | 71,596 | |||||||
|
| |||||||
Montana — 0.6% |
| |||||||
City of Missoula, Water System | ||||||||
Series 2019A, Rev., 5.00%, 7/1/2026 | 300 | 364 | ||||||
Series 2019A, Rev., 5.00%, 7/1/2027 | 535 | 666 | ||||||
Series 2019A, Rev., 5.00%, 7/1/2028 | 480 | 612 | ||||||
Series 2019A, Rev., 5.00%, 7/1/2029 | 1,000 | 1,270 | ||||||
Series 2019A, Rev., 5.00%, 7/1/2030 | 690 | 871 | ||||||
Series 2019A, Rev., 5.00%, 7/1/2031 | 870 | 1,097 | ||||||
Series 2019A, Rev., 5.00%, 7/1/2032 | 720 | 907 | ||||||
Series 2019A, Rev., 5.00%, 7/1/2033 | 565 | 710 | ||||||
Series 2019A, Rev., 5.00%, 7/1/2034 | 545 | 683 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 71 |
Table of Contents
JPMorgan Intermediate Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Montana — continued |
| |||||||
Series 2019A, Rev., 5.00%, 7/1/2035 | 550 | 688 | ||||||
Series 2019A, Rev., 5.00%, 7/1/2036 | 800 | 998 | ||||||
Series 2019A, Rev., 5.00%, 7/1/2038 | 850 | 1,055 | ||||||
Series 2019A, Rev., 5.00%, 7/1/2039 | 840 | 1,041 | ||||||
Series 2019A, Rev., 4.00%, 7/1/2044 | 3,500 | 4,076 | ||||||
Gallatin County School District No. 44 Belgrade, School Building | ||||||||
GO, 5.00%, 6/1/2027 | 205 | 254 | ||||||
GO, 5.00%, 6/1/2028 | 250 | 316 | ||||||
GO, 4.00%, 6/1/2029 | 290 | 352 | ||||||
GO, 4.00%, 6/1/2030 | 230 | 277 | ||||||
GO, 4.00%, 6/1/2031 | 370 | 442 | ||||||
GO, 4.00%, 6/1/2032 | 255 | 303 | ||||||
GO, 4.00%, 6/1/2033 | 155 | 183 | ||||||
GO, 4.00%, 6/1/2034 | 175 | 206 | ||||||
GO, 4.00%, 6/1/2035 | 270 | 317 | ||||||
GO, 4.00%, 6/1/2036 | 300 | 350 | ||||||
GO, 4.00%, 6/1/2037 | 410 | 477 | ||||||
GO, 4.00%, 6/1/2038 | 375 | 436 | ||||||
GO, 4.00%, 6/1/2039 | 385 | 446 | ||||||
Montana Facility Finance Authority, SCL Health System | ||||||||
Series A, Rev., 4.00%, 1/1/2035 | 4,000 | 4,814 | ||||||
Series A, Rev., 4.00%, 1/1/2036 | 3,000 | 3,596 | ||||||
Series A, Rev., 4.00%, 1/1/2038 | 960 | 1,145 | ||||||
Montana State Board of Regents, University of Montana Series 2019B, Rev., 5.00%, 11/15/2028 | 55 | 71 | ||||||
|
| |||||||
Total Montana | 29,023 | |||||||
|
| |||||||
Nebraska — 1.4% |
| |||||||
Central Plains Energy Project, Gas Project No. 3 | ||||||||
Rev., 5.25%, 9/1/2022 | 100 | 105 | ||||||
Series 2017A, Rev., 5.00%, 9/1/2042 | 1,500 | 2,220 | ||||||
Central Plains Energy Project, Gas Project No. 4 Series 2018A, Rev., 5.00%, 1/1/2024 (b) | 9,000 | 9,905 | ||||||
City of Columbus, Combined Utilities System Rev., 5.00%, 6/15/2027 | 145 | 180 | ||||||
City of Lincoln, Electric System | ||||||||
Series 2020A, Rev., 5.00%, 9/1/2025 | 40 | 47 | ||||||
Series 2020A, Rev., 5.00%, 9/1/2033 | 30 | 40 | ||||||
City of Lincoln, Water Rev., 5.00%, 8/15/2028 | 105 | 135 | ||||||
City of Omaha, Sanitary Sewerage System Rev., 5.00%, 11/15/2031 | 1,825 | 2,091 | ||||||
City of Omaha, Various Purpose GO, 4.00%, 4/15/2034 | 75 | 90 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Nebraska — continued |
| |||||||
County of Cherry, Limited Tax GO, 3.00%, 12/15/2023 | 15 | 16 | ||||||
Douglas County Hospital Authority No. 2, Children’s Hospital Obligated Group | ||||||||
Series 2020A, Rev., 5.00%, 11/15/2024 | 100 | 114 | ||||||
Series 2020A, Rev., 5.00%, 11/15/2025 | 175 | 207 | ||||||
Series 2020A, Rev., 5.00%, 11/15/2026 | 400 | 487 | ||||||
Series 2020A, Rev., 5.00%, 11/15/2027 | 400 | 500 | ||||||
Series 2020A, Rev., 5.00%, 11/15/2028 | 500 | 638 | ||||||
Series 2020A, Rev., 5.00%, 11/15/2029 | 285 | 370 | ||||||
Series 2020A, Rev., 5.00%, 11/15/2030 | 225 | 296 | ||||||
Series 2020A, Rev., 5.00%, 11/15/2031 | 275 | 359 | ||||||
Series 2020A, Rev., 5.00%, 11/15/2033 | 625 | 810 | ||||||
Series 2020A, Rev., 5.00%, 11/15/2034 | 600 | 776 | ||||||
Series 2020A, Rev., 4.00%, 11/15/2035 | 550 | 663 | ||||||
Series 2020A, Rev., 4.00%, 11/15/2036 | 425 | 511 | ||||||
Series 2020A, Rev., 4.00%, 11/15/2037 | 525 | 630 | ||||||
Series 2020A, Rev., 4.00%, 11/15/2038 | 600 | 718 | ||||||
Series 2020A, Rev., 4.00%, 11/15/2039 | 600 | 716 | ||||||
Douglas County Hospital Authority No. 2, Health Facilities, Nebraska Medicine | ||||||||
Rev., 5.00%, 5/15/2023 | 75 | 81 | ||||||
Rev., 5.00%, 5/15/2031 | 25 | 30 | ||||||
Douglas County School District, Elkhorn Public Schools | ||||||||
GO, 5.00%, 12/15/2025 | 160 | 192 | ||||||
GO, 5.00%, 12/15/2026 | 400 | 495 | ||||||
GO, 5.00%, 12/15/2027 | 175 | 222 | ||||||
GO, 5.00%, 12/15/2028 | 180 | 233 | ||||||
GO, 5.00%, 12/15/2029 | 250 | 331 | ||||||
GO, 5.00%, 12/15/2030 | 450 | 597 | ||||||
GO, 5.00%, 12/15/2031 | 325 | 428 | ||||||
GO, 4.00%, 12/15/2032 | 165 | 201 | ||||||
GO, 4.00%, 12/15/2033 | 185 | 225 | ||||||
GO, 4.00%, 12/15/2034 | 350 | 424 | ||||||
GO, 4.00%, 12/15/2035 | 350 | 422 | ||||||
Douglas County, Omaha School District No. 001 | ||||||||
GO, 4.00%, 12/15/2041 | 10,000 | 11,636 | ||||||
GO, 4.00%, 12/15/2042 | 10,000 | 11,609 | ||||||
Lancaster County School District No. 1, Lincoln Public Schools GO, 5.00%, 1/15/2026 | 1,675 | 2,005 | ||||||
Nebraska Educational Health Cultural and Social Services Finance Authority, Immanuel Retirement Communities Obligated Group | ||||||||
Series 2019A, Rev., 4.00%, 1/1/2033 | 150 | 171 |
SEE NOTES TO FINANCIAL STATEMENTS.
72 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Nebraska — continued |
| |||||||
Series 2019A, Rev., 4.00%, 1/1/2035 | 1,000 | 1,137 | ||||||
Series 2019A, Rev., 4.00%, 1/1/2036 | 1,250 | 1,420 | ||||||
Series 2019A, Rev., 4.00%, 1/1/2038 | 1,300 | 1,472 | ||||||
Omaha Public Facilities Corp., Omaha Baseball Stadium Project Series 2016A, Rev., 5.00%, 6/1/2023 | 25 | 27 | ||||||
Omaha Public Power District, Electric System | ||||||||
Series 2019A, Rev., 5.00%, 2/1/2031 | 35 | 45 | ||||||
Series 2017A, Rev., 5.00%, 2/1/2035 | 1,250 | 1,553 | ||||||
Series A, Rev., 5.00%, 2/1/2036 | 1,750 | 2,170 | ||||||
Series A, Rev., 5.00%, 2/1/2037 | 2,000 | 2,476 | ||||||
Public Power Generation Agency, Whelan Energy Center Unit 2 Series A, Rev., 5.00%, 1/1/2034 | 500 | 597 | ||||||
|
| |||||||
Total Nebraska | 62,823 | |||||||
|
| |||||||
Nevada — 0.7% |
| |||||||
Clark County School District, Limited Tax Series A, GO, 5.00%, 6/15/2026 | 2,080 | 2,513 | ||||||
County of Clark, Department of Aviation, Nevada Airport System, Subordinate Lien, McCarran International Airport Series 2019A, Rev., 5.00%, 7/1/2026 | 110 | 134 | ||||||
County of Clark, Flood Control Crossover, Limited Tax GO, 5.00%, 11/1/2024 | 200 | 230 | ||||||
County of Clark, Las Vegas Convention and Visitors Authority, Limited Tax Series 2015A, GO, 4.00%, 7/1/2033 | 75 | 84 | ||||||
County of Clark, Limited Tax Series B, GO, 5.00%, 11/1/2027 | 15,030 | 18,446 | ||||||
County of Clark, Passenger Facility Charge, Las Vegas-McCarran International Airport Passenger Facility | ||||||||
Series 2017B, Rev., AMT, 5.00%, 7/1/2024 | 200 | 226 | ||||||
Series 2015C, Rev., 5.00%, 7/1/2027 | 195 | 244 | ||||||
County of Clark, Stadium Improvement, Limited Tax | ||||||||
Series A, GO, 5.00%, 6/1/2026 | 1,985 | 2,405 | ||||||
Series A, GO, 5.00%, 6/1/2027 | 1,225 | 1,529 | ||||||
Series A, GO, 5.00%, 6/1/2028 | 1,165 | 1,488 | ||||||
Series A, GO, 5.00%, 6/1/2030 | 4,030 | 5,078 | ||||||
County of Clark, Transportation Improvement, Limited Tax Series 2018B, GO, 5.00%, 12/1/2024 | 40 | 46 | ||||||
County of Washoe, Fuel Tax | ||||||||
Rev., 5.00%, 2/1/2036 | 80 | 101 | ||||||
Rev., 5.00%, 2/1/2042 | 150 | 186 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Nevada — continued |
| |||||||
Las Vegas Valley Water District | ||||||||
Series C, GO, 5.00%, 9/15/2023 | 30 | 33 | ||||||
Series B, GO, 5.00%, 12/1/2023 | 45 | 50 | ||||||
Series 2019A, GO, 5.00%, 6/1/2030 | 40 | 52 | ||||||
State of Nevada Highway Improvement, Motor Vehicle Fuel Tax Rev., 5.00%, 12/1/2031 | 25 | 31 | ||||||
State of Nevada, Limited Tax Series 2015D, GO, 5.00%, 4/1/2023 | 25 | 27 | ||||||
Washoe County School District, Limited Tax, School Improvement Series 2020A, GO, 4.00%, 10/1/2035 | 45 | 54 | ||||||
|
| |||||||
Total Nevada | 32,957 | |||||||
|
| |||||||
New Hampshire — 0.0% (e) |
| |||||||
New Hampshire Municipal Bond Bank Series 2017B, Rev., 5.00%, 8/15/2023 | 20 | 22 | ||||||
|
| |||||||
New Jersey — 4.1% |
| |||||||
Atlantic City Board of Education GO, AGM, 4.00%, 4/1/2023 | 50 | 53 | ||||||
Atlantic County Improvement Authority (The), Atlantic City Campus Phase II Project | ||||||||
Series 2021A, Rev., AGM, 5.00%, 7/1/2032 | 100 | 133 | ||||||
Series 2021A, Rev., AGM, 5.00%, 7/1/2034 | 60 | 80 | ||||||
Series 2021A, Rev., AGM, 5.00%, 7/1/2035 | 75 | 99 | ||||||
Bergen County Improvement Authority (The), Guaranteed Governmental Loan Rev., GTD, 5.00%, 8/15/2034 | 50 | 63 | ||||||
Burlington County Bridge Commission, Governmental Leasing Program Rev., 5.00%, 4/15/2030 | 950 | 1,197 | ||||||
City of Jersey, General Improvement Series 2017A, GO, 5.00%, 11/1/2026 | 85 | 104 | ||||||
County of Middlesex, Redevelopment General Improvement GO, 4.00%, 1/15/2024 | 25 | 27 | ||||||
County of Ocean, General Improvement GO, 4.00%, 9/1/2023 | 75 | 81 | ||||||
Freehold Township Board of Education GO, 4.00%, 7/15/2025 | 85 | 96 | ||||||
Monmouth County Improvement Authority (The), Governmental Pooled Loan Project | ||||||||
Rev., GTD, 5.00%, 12/1/2021 | 20 | 20 | ||||||
Rev., GTD, 4.00%, 12/1/2024 | 35 | 40 | ||||||
Series 2019A, Rev., 4.00%, 8/1/2035 | 25 | 30 | ||||||
Monroe Township Commissioners Fire District No. 3 GO, 5.00%, 10/15/2022 | 25 | 26 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 73 |
Table of Contents
JPMorgan Intermediate Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
New Jersey — continued |
| |||||||
New Jersey Economic Development Authority, Motor Vehicle Surcharge Series 2017A, Rev., 4.00%, 7/1/2034 | 200 | 226 | ||||||
New Jersey Economic Development Authority, School Facilities Construction | ||||||||
Series LLL, Rev., 5.00%, 6/15/2028 | 2,750 | 3,470 | ||||||
Series LLL, Rev., 5.00%, 6/15/2029 | 1,970 | 2,527 | ||||||
Rev., 5.00%, 6/15/2033 | 300 | 392 | ||||||
Rev., 4.00%, 6/15/2034 | 500 | 600 | ||||||
Series 2019-LLL, Rev., 5.00%, 6/15/2034 | 1,000 | 1,275 | ||||||
Rev., 4.00%, 6/15/2035 | 400 | 479 | ||||||
Rev., 4.00%, 6/15/2036 | 575 | 686 | ||||||
Rev., 4.00%, 6/15/2037 | 640 | 760 | ||||||
Series EEE, Rev., 5.00%, 6/15/2043 | 2,000 | 2,467 | ||||||
New Jersey Economic Development Authority, Transit Transportation Project | ||||||||
Series 2020A, Rev., 4.00%, 11/1/2037 | 1,500 | 1,751 | ||||||
Series 2020A, Rev., 4.00%, 11/1/2038 | 3,250 | 3,783 | ||||||
New Jersey Educational Facilities Authority, Princeton University Series 2017 I, Rev., 5.00%, 7/1/2031 | 40 | 50 | ||||||
New Jersey Educational Facilities Authority, Stevens Institute of Technology | ||||||||
Series 2020A, Rev., 5.00%, 7/1/2032 | 420 | 540 | ||||||
Series 2020A, Rev., 5.00%, 7/1/2033 | 330 | 423 | ||||||
Series 2020A, Rev., 5.00%, 7/1/2034 | 265 | 339 | ||||||
Series 2020A, Rev., 5.00%, 7/1/2035 | 570 | 727 | ||||||
Series 2020A, Rev., 5.00%, 7/1/2036 | 1,095 | 1,393 | ||||||
New Jersey Transportation Trust Fund Authority | ||||||||
Series 2019BB, Rev., 5.00%, 6/15/2032 | 2,000 | 2,518 | ||||||
Series 2020AA, Rev., 4.00%, 6/15/2035 | 870 | 1,041 | ||||||
Series 2020AA, Rev., 4.00%, 6/15/2036 | 2,000 | 2,385 | ||||||
Series 2020AA, Rev., 4.00%, 6/15/2037 | 3,000 | 3,563 | ||||||
Series 2020AA, Rev., 4.00%, 6/15/2038 | 1,000 | 1,184 | ||||||
Series 2020AA, Rev., 4.00%, 6/15/2045 | 5,000 | 5,808 | ||||||
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement | ||||||||
Series A, Rev., 5.00%, 6/15/2024 | 10,880 | 12,272 | ||||||
Series A, Rev., 5.00%, 6/15/2029 | 10,000 | 11,918 | ||||||
Series 2018A, Rev., 5.00%, 6/15/2030 | 6,850 | 8,143 | ||||||
Series A, Rev., 5.00%, 6/15/2031 | 5,000 | 5,925 | ||||||
New Jersey Transportation Trust Fund Authority, Transportation Program Series 2013AA, Rev., 5.00%, 6/15/2036 | 5,000 | 5,384 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
New Jersey — continued |
| |||||||
New Jersey Transportation Trust Fund Authority, Transportation System | ||||||||
Series B, Rev., AMBAC, 5.25%, 12/15/2022 | 5,000 | 5,321 | ||||||
Series 2012A, Rev., 5.00%, 6/15/2042 | 500 | 519 | ||||||
Passaic Valley Water Commission, Water Supply System Rev., AGM, 5.00%, 12/15/2021 | 25 | 25 | ||||||
Rutgers The State University of New Jersey Series 2016M, Rev., 5.00%, 5/1/2030 | 100 | 119 | ||||||
State of New Jersey, Covid-19 Emergency Bonds GO, 4.00%, 6/1/2032 | 38,140 | 48,076 | ||||||
State of New Jersey, COVID-19 Emergency Bonds GO, 4.00%, 6/1/2031 | 19,000 | 23,732 | ||||||
Tobacco Settlement Financing Corp. | ||||||||
Series A, Rev., 5.00%, 6/1/2023 | 3,000 | 3,245 | ||||||
Series A, Rev., 5.00%, 6/1/2024 | 3,645 | 4,106 | ||||||
Series A, Rev., 5.00%, 6/1/2025 | 3,500 | 4,090 | ||||||
Series A, Rev., 5.00%, 6/1/2026 | 3,500 | 4,224 | ||||||
Series A, Rev., 5.00%, 6/1/2028 | 3,000 | 3,821 | ||||||
Series A, Rev., 5.00%, 6/1/2029 | 4,500 | 5,695 | ||||||
Series A, Rev., 4.00%, 6/1/2037 | 1,000 | 1,167 | ||||||
Township of Harrison GO, 4.00%, 8/1/2023 | 25 | 27 | ||||||
Township of Hazlet GO, 4.00%, 8/1/2023 | 25 | 27 | ||||||
Township of Montclair, General Improvement Series 2017A, GO, 4.00%, 3/1/2024 | 35 | 38 | ||||||
Township of Moorestown, General Improvement and Water Sewer Utility GO, 5.00%, 2/1/2028 | 30 | 38 | ||||||
Township of Mount Laurel GO, 4.00%, 4/15/2023 | 25 | 27 | ||||||
|
| |||||||
Total New Jersey | 188,375 | |||||||
|
| |||||||
New Mexico — 0.2% |
| |||||||
Albuquerque Municipal School District No. 12, School Building | ||||||||
GO, 5.00%, 8/1/2030 | 800 | 1,012 | ||||||
GO, 5.00%, 8/1/2031 | 850 | 1,074 | ||||||
GO, 5.00%, 8/1/2032 | 1,050 | 1,323 | ||||||
GO, 5.00%, 8/1/2033 | 1,385 | 1,741 | ||||||
GO, 5.00%, 8/1/2035 | 1,980 | 2,479 | ||||||
Baltimore County, Gross Receipts Tax Series B, Rev., NATL-RE-IBC, 5.70%, 4/1/2027 | 960 | 1,122 | ||||||
Central New Mexico Community College, Limited Tax GO, 5.00%, 8/15/2022 | 40 | 42 | ||||||
City of Santa Fe, Senior Lien, Gross Receipts Tax Series 2018A, Rev., 5.00%, 6/1/2032 | 30 | 38 | ||||||
City of Santa Fe, Wastewater Utility System Rev., 5.00%, 6/1/2024 | 45 | 51 |
SEE NOTES TO FINANCIAL STATEMENTS.
74 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
New Mexico — continued |
| |||||||
City of Santa Fe, Water Utility System Rev., 4.00%, 6/1/2031 | 50 | 57 | ||||||
New Mexico Finance Authority, Subordinate Lien Public Project Revolving Fund, Tax-Exempt | ||||||||
Series 2019C-1, Rev., 5.00%, 6/15/2029 | 100 | 131 | ||||||
Series 2019C-1, Rev., 4.00%, 6/15/2035 | 25 | 30 | ||||||
State of New Mexico, Severance Tax Permanent Fund Series 2017A, Rev., 5.00%, 7/1/2024 | 180 | 204 | ||||||
University of New Mexico (The), Subordinate Lien System Series 2014C, Rev., 5.00%, 6/1/2024 (c) | 50 | 57 | ||||||
|
| |||||||
Total New Mexico | 9,361 | |||||||
|
| |||||||
New York — 12.0% |
| |||||||
Battery Park City Authority, Tax-Exempt Series 2013A, Rev., 5.00%, 11/1/2021 | 35 | 35 | ||||||
Bedford Central School District, Boces Project GO, 4.00%, 7/1/2032 | 45 | 56 | ||||||
Buffalo and Erie County Industrial Land Development Corp., D’youville College Project | ||||||||
Rev., 4.00%, 11/1/2035 | 515 | 607 | ||||||
Rev., 4.00%, 11/1/2040 | 1,035 | 1,202 | ||||||
Build NYC Resource Corp., New World Preparatory Charter School Project | ||||||||
Series 2021A, Rev., 4.00%, 6/15/2041 | 240 | 268 | ||||||
Series 2021A, Rev., 4.00%, 6/15/2051 | 320 | 350 | ||||||
City of New York Series B, GO, 4.00%, 8/1/2022 | 25 | 26 | ||||||
City of New York, Fiscal Year 2006 Series H, Subseries 2006H-A, GO, 4.00%, 1/1/2023 | 20 | 21 | ||||||
City of New York, Fiscal Year 2013 | ||||||||
Series 2013J, GO, 5.00%, 8/1/2022 | 95 | 99 | ||||||
Series 2013J, GO, 5.00%, 8/1/2023 | 55 | 60 | ||||||
City of New York, Fiscal Year 2014 Series G, GO, 5.00%, 8/1/2025 | 9,520 | 10,619 | ||||||
City of New York, Fiscal Year 2015 Series 1, GO, 5.00%, 8/1/2023 | 20 | 22 | ||||||
City of New York, Fiscal Year 2016 | ||||||||
Series A, GO, 5.00%, 8/1/2023 | 20 | 22 | ||||||
Series C, GO, 5.00%, 8/1/2023 | 50 | 55 | ||||||
Series E, GO, 5.00%, 8/1/2023 | 75 | 81 | ||||||
Series C, GO, 4.00%, 8/1/2025 | 20 | 23 | ||||||
City of New York, Fiscal Year 2017 | ||||||||
Series 2017B-1, GO, 5.00%, 12/1/2022 | 30 | 32 | ||||||
Series C, GO, 5.00%, 8/1/2023 | 310 | 340 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
New York — continued |
| |||||||
City of New York, Fiscal Year 2018 | ||||||||
Series C, GO, 5.00%, 8/1/2022 | 95 | 99 | ||||||
Series A, GO, 4.00%, 8/1/2023 | 50 | 54 | ||||||
Series C, GO, 5.00%, 8/1/2024 | 20 | 23 | ||||||
Series A, GO, 5.00%, 8/1/2027 | 35 | 44 | ||||||
City of New York, Fiscal Year 2019 Series 2019A, GO, 5.00%, 8/1/2024 | 20 | 23 | ||||||
City of New York, Fiscal Year 2020 | ||||||||
Series B, Subseries B-1, GO, 5.00%, 10/1/2033 | 25 | 32 | ||||||
Series B, Subseries B-1, GO, 5.00%, 10/1/2039 | 90 | 115 | ||||||
County of Albany, Various Purpose GO, 5.00%, 4/1/2022 | 40 | 41 | ||||||
County of Monroe, Public Improvement GO, AGM, 5.00%, 6/1/2024 | 25 | 28 | ||||||
County of Suffolk | ||||||||
Series 2015B, GO, AGM, 5.00%, 10/1/2023 | 50 | 55 | ||||||
Series 2015C, GO, 5.00%, 5/1/2025 | 10 | 11 | ||||||
Series 2017D, GO, 5.00%, 10/15/2026 | 105 | 127 | ||||||
County of Westchester | ||||||||
Series 2016A, GO, 5.00%, 1/1/2022 | 15 | 15 | ||||||
Series 2019F, GO, 5.00%, 12/15/2025 | 30 | 36 | ||||||
Erie County Fiscal Stability Authority, Sales Tax and State Aid Secured Series 2017D, Rev., 5.00%, 9/1/2038 | 25 | 31 | ||||||
Erie County Industrial Development Agency (The), City School District of the City of Buffalo Project | ||||||||
Series 2016A, Rev., 5.00%, 5/1/2022 | 35 | 36 | ||||||
Series 2013A, Rev., 5.00%, 5/1/2024 | 25 | 27 | ||||||
Series 2013A, Rev., 5.00%, 5/1/2027 | 65 | 70 | ||||||
Hauppauge Union Free School District GO, 5.00%, 7/15/2023 | 20 | 22 | ||||||
Hudson Yards Infrastructure Corp., Second Indenture Series 2017A, Rev., 5.00%, 2/15/2037 | 50 | 60 | ||||||
Huntington Local Development Corp., Fountaingate Garden Project Series 2021C, Rev., 3.00%, 7/1/2025 | 865 | 903 | ||||||
Long Island Power Authority, Electric System | ||||||||
Series 2012B, Rev., 5.00%, 9/1/2024 | 20 | 21 | ||||||
Rev., 5.00%, 9/1/2034 | 5,000 | 6,377 | ||||||
Rev., 5.00%, 9/1/2035 | 3,000 | 3,830 | ||||||
Metropolitan Transportation Authority | ||||||||
Series 2018C, Subseries 2018C-2, Rev., BAN, 5.00%, 9/1/2021 | 3,350 | 3,350 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 75 |
Table of Contents
JPMorgan Intermediate Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
New York — continued |
| |||||||
Series 2011A, Rev., 4.00%, 11/15/2021 (c) | 10 | 10 | ||||||
Subseries C-1, Rev., 5.25%, 11/15/2029 | 6,000 | 7,100 | ||||||
Series 2017C-1, Rev., 5.00%, 11/15/2030 | 5,025 | 6,218 | ||||||
Subseries C-1, Rev., 5.00%, 11/15/2035 | 3,000 | 3,460 | ||||||
Metropolitan Transportation Authority, Dedicated Tax Fund | ||||||||
Series 2016A, Rev., 5.00%, 11/15/2025 | 45 | 54 | ||||||
Series 2016B-1, Rev., 5.00%, 11/15/2025 | 150 | 179 | ||||||
Middle Country Central School District at Centereach GO, 4.00%, 8/15/2022 | 35 | 36 | ||||||
Monroe County Industrial Development Corp., Rochester Schools Modernization Project | ||||||||
Rev., 5.00%, 5/1/2022 | 155 | 160 | ||||||
Rev., 5.00%, 5/1/2026 | 35 | 42 | ||||||
Rev., 5.00%, 5/1/2029 | 25 | 32 | ||||||
Rev., 5.00%, 5/1/2032 | 675 | 827 | ||||||
Rev., 5.00%, 5/1/2033 | 810 | 989 | ||||||
Monroe County Industrial Development Corp., True North Rochester Preparatory Charter School Project Series 2020A, Rev., 5.00%, 6/1/2040 (d) | 630 | 750 | ||||||
New York City Industrial Development Agency, United Jewish Appeal — Federation of Jewish Philanthropies of New York, Inc., Project Series 2004B, Rev., 5.00%, 7/1/2034 | 150 | 152 | ||||||
New York City Transitional Finance Authority, Building Aid, Fiscal Year 2013 Series 2013S-1, Rev., 5.00%, 7/15/2024 | 25 | 26 | ||||||
New York City Transitional Finance Authority, Building Aid, Fiscal Year 2015 | ||||||||
Series 2015S-2, Rev., 5.00%, 7/15/2040 | 50 | 58 | ||||||
Series S-1, Rev., 5.00%, 7/15/2040 | 45 | 52 | ||||||
New York City Transitional Finance Authority, Building Aid, Fiscal Year 2016 | ||||||||
Series 2016S-1, Rev., 5.00%, 7/15/2029 | 30 | 36 | ||||||
Series 2016 S-1, Rev., 5.00%, 7/15/2033 | 70 | 82 | ||||||
Series 2016S-1, Rev., 4.00%, 7/15/2036 | 45 | 51 | ||||||
Series 2016S-1, Rev., 5.00%, 7/15/2043 | 45 | 53 | ||||||
New York City Transitional Finance Authority, Building Aid, Fiscal Year 2018 | ||||||||
Series 2018S-2, Rev., 5.00%, 7/15/2030 | 25 | 31 | ||||||
Series 2018S-2, Rev., 5.00%, 7/15/2031 | 45 | 56 | ||||||
Series 2018S-4, Rev., 5.00%, 7/15/2032 | 25 | 32 | ||||||
New York City Transitional Finance Authority, Building Aid, Fiscal Year 2019 | ||||||||
Series S-3, Subseries S-3A, Rev., 5.00%, 7/15/2029 | 25 | 32 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
New York — continued |
| |||||||
Series 2019S-2A, Rev., 5.00%, 7/15/2030 | 125 | 159 | ||||||
Series S-2A, Rev., 4.00%, 7/15/2037 | 5,000 | 5,878 | ||||||
Series S-3, Subseries S-3A, Rev., 5.00%, 7/15/2037 | 180 | 227 | ||||||
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2012 Series 2012D-1, Rev., 5.00%, 11/1/2021 | 60 | 60 | ||||||
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2014 | ||||||||
Series 2014A-1, Rev., 5.00%, 11/1/2022 | 35 | 37 | ||||||
Series 2014B-1, Rev., 5.00%, 11/1/2026 | 40 | 45 | ||||||
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2015 | ||||||||
Series 2015E-1, Rev., 5.00%, 2/1/2024 | 25 | 28 | ||||||
Series B, Subseries B-1, Rev., 5.00%, 8/1/2029 | 55 | 62 | ||||||
Series 2015A-1, Rev., 5.00%, 8/1/2037 | 100 | 113 | ||||||
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2016 | ||||||||
Series 2016E-1, Rev., 5.00%, 2/1/2031 | 30 | 36 | ||||||
Series E-1, Rev., 5.00%, 2/1/2035 | 7,295 | 8,662 | ||||||
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2017 | ||||||||
Series C, Rev., 5.00%, 11/1/2030 | 5,685 | 7,005 | ||||||
Series E, Subseries E-1, Rev., 5.00%, 2/1/2031 | 1,410 | 1,724 | ||||||
Series E, Subseries E-1, Rev., 5.00%, 2/1/2032 | 7,000 | 8,543 | ||||||
Series 2017F-1, Rev., 5.00%, 5/1/2032 | 25 | 31 | ||||||
Series E, Subseries E-1, Rev., 5.00%, 2/1/2033 | 10,000 | 12,183 | ||||||
Series 2017A-1, Rev., 4.00%, 5/1/2036 | 40 | 45 | ||||||
Subseries E-1, Rev., 5.00%, 2/1/2039 | 2,525 | 3,060 | ||||||
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2019 | ||||||||
Series 2019C-1, Rev., 5.00%, 11/1/2022 | 40 | 42 | ||||||
Series 2019C-1, Rev., 5.00%, 11/1/2034 | 45 | 58 | ||||||
Series 2019C-1, Rev., 5.00%, 11/1/2035 | 65 | 84 | ||||||
Series 2019A-1, Rev., 5.00%, 8/1/2038 | 30 | 38 | ||||||
Series A, Subseries A-1, Rev., 5.00%, 8/1/2040 | 2,100 | 2,627 | ||||||
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2020 Series 2020-I, Rev., 5.00%, 11/1/2022 | 25 | 26 | ||||||
New York City Transitional Finance Authority, Future Tax Secured, Tax-Exempt, Fiscal Year 2013 Series 2013G, Rev., 4.00%, 11/1/2022 | 25 | 26 |
SEE NOTES TO FINANCIAL STATEMENTS.
76 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
New York — continued |
| |||||||
New York City Transitional Finance Authority, Future Tax Secured, Tax-Exempt, Fiscal Year 2018 | ||||||||
Series 2018-A-2, Rev., 5.00%, 8/1/2033 | 30 | 37 | ||||||
Series 2018-A-2, Rev., 5.00%, 8/1/2038 | 25 | 31 | ||||||
Series C-3, Rev., 5.00%, 5/1/2039 | 70 | 87 | ||||||
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 | 125 | 161 | ||||||
Series 2020B-1, Rev., 5.00%, 11/1/2035 | 35 | 46 | ||||||
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2012 | ||||||||
Series 2012EE, Rev., 4.00%, 6/15/2045 | 30 | 31 | ||||||
Series 2012FF, Rev., 4.00%, 6/15/2045 | 45 | 46 | ||||||
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2014 | ||||||||
Series 2014DD, Rev., 5.00%, 6/15/2023 (c) | 40 | 43 | ||||||
Series 2014DD, Rev., 5.00%, 6/15/2024 | 50 | 57 | ||||||
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2015 | ||||||||
Series 2015HH, Rev., 5.00%, 6/15/2029 | 75 | 88 | ||||||
Series FF, Rev., 5.00%, 6/15/2031 | 5,000 | 5,857 | ||||||
Series 2015AA, Rev., 4.00%, 6/15/2044 | 25 | 27 | ||||||
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2017 Series EE, Rev., 5.00%, 6/15/2036 | 5,000 | 6,132 | ||||||
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2018 | ||||||||
Series 2018CC-2, Rev., 5.00%, 6/15/2025 | 20 | 22 | ||||||
Series 2018EE, Rev., 5.00%, 6/15/2035 | 35 | 41 | ||||||
Series 2018FF, Rev., 5.00%, 6/15/2040 | 50 | 63 | ||||||
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2019 | ||||||||
Series 2019FF-2, Rev., 4.00%, 6/15/2037 | 16,245 | 19,405 | ||||||
Subseries 2019EE-2, Rev., 5.00%, 6/15/2040 | 35 | 45 | ||||||
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2020 | ||||||||
Series 2020CC-1, Rev., 4.00%, 6/15/2038 | 10,000 | 12,036 | ||||||
Series 2020AA, Rev., 5.00%, 6/15/2040 | 25 | 32 | ||||||
Series 2020CC-2, Rev., 4.00%, 6/15/2041 | 5,000 | 5,971 | ||||||
Subseries 202DD-3, Rev., 5.00%, 6/15/2041 | 140 | 180 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
New York — continued |
| |||||||
Subseries 202DD-3, Rev., 4.00%, 6/15/2042 | 1,880 | 2,215 | ||||||
New York Convention Center Development Corp., Hotel Unit Fee Secured Rev., 5.00%, 11/15/2025 | 2,000 | 2,372 | ||||||
New York Convention Center Development Corp., Subordinate Lien, Hotel Unit Fee Secured | ||||||||
Series B, Rev., Zero Coupon, 11/15/2025 | 805 | 775 | ||||||
Series B, Rev., Zero Coupon, 11/15/2026 | 1,250 | 1,181 | ||||||
Series B, Rev., Zero Coupon, 11/15/2027 | 1,500 | 1,387 | ||||||
Series 2016B, Rev., Zero Coupon, 11/15/2028 | 1,960 | 1,771 | ||||||
Series B, Rev., Zero Coupon, 11/15/2030 | 3,400 | 2,915 | ||||||
Series B, Rev., Zero Coupon, 11/15/2031 | 1,835 | 1,530 | ||||||
Series B, Rev., Zero Coupon, 11/15/2032 | 2,000 | 1,625 | ||||||
Series 2016B, Rev., AGM-CR, Zero Coupon, 11/15/2052 | 10,625 | 4,938 | ||||||
New York State Dormitory Authority, Columbia University | ||||||||
Series 2016A-2, Rev., 5.00%, 10/1/2024 | 15 | 17 | ||||||
Series 2016A-1, Rev., 5.00%, 10/1/2026 | 70 | 86 | ||||||
Series 2017B, Rev., 5.00%, 10/1/2026 | 30 | 37 | ||||||
New York State Dormitory Authority, Cornell University | ||||||||
Series 2019A, Rev., 5.00%, 7/1/2025 | 65 | 77 | ||||||
Series 2019A, Rev., 5.00%, 7/1/2029 | 25 | 33 | ||||||
New York State Dormitory Authority, Municipal Health Facilities Improvement Program Series 2018 1, Rev., 5.00%, 1/15/2031 | 3,445 | 4,310 | ||||||
New York State Dormitory Authority, New York University | ||||||||
Series 2016A, Rev., 5.00%, 7/1/2024 | 50 | 57 | ||||||
Series 2016A, Rev., 5.00%, 7/1/2027 | 60 | 73 | ||||||
Series 2019A, Rev., 5.00%, 7/1/2030 | 4,075 | 5,336 | ||||||
Series 2017A, Rev., 4.00%, 7/1/2035 | 25 | 29 | ||||||
Series 2017A, Rev., 4.00%, 7/1/2036 | 75 | 86 | ||||||
Series 2019A, Rev., 5.00%, 7/1/2036 | 45 | 58 | ||||||
Series 2017A, Rev., 4.00%, 7/1/2037 | 45 | 51 | ||||||
Series 2016A, Rev., 5.00%, 7/1/2039 | 140 | 167 | ||||||
Series 2019A, Rev., 5.00%, 7/1/2039 | 25 | 32 | ||||||
Series 2016A, Rev., 4.00%, 7/1/2043 | 3,500 | 3,912 | ||||||
Series 2019A, Rev., 4.00%, 7/1/2045 | 18,000 | 21,040 | ||||||
New York State Dormitory Authority, School Districts Financing Program | ||||||||
Series B, Rev., 5.00%, 10/1/2024 | 2,000 | 2,103 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 77 |
Table of Contents
JPMorgan Intermediate Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
New York — continued |
| |||||||
Series 2018A, Rev., 5.00%, 10/1/2026 | 285 | 347 | ||||||
Series 2019A, Rev., 5.00%, 4/1/2028 | 80 | 101 | ||||||
Series 2018A, Rev., 5.00%, 10/1/2030 | 25 | 30 | ||||||
Series 2018A, Rev., 5.00%, 10/1/2031 | 75 | 91 | ||||||
New York State Dormitory Authority, State Personal Income Tax, General Purpose | ||||||||
Series 2014A, Rev., 5.00%, 2/15/2023 | 90 | 96 | ||||||
Series 2015B, Rev., 5.00%, 2/15/2023 | 20 | 21 | ||||||
Series 2016D, Rev., 5.00%, 2/15/2023 (c) | 25 | 27 | ||||||
Series A, Rev., 5.00%, 2/15/2023 (c) | 3,000 | 3,212 | ||||||
Series 2015E, Rev., 5.00%, 3/15/2023 (c) | 50 | 54 | ||||||
Series 2014A, Rev., 5.00%, 2/15/2024 (c) | 15 | 17 | ||||||
Series 2015B, Rev., 5.00%, 2/15/2025 (c) | 5 | 6 | ||||||
Series A, Rev., 5.00%, 2/15/2027 | 20,000 | 22,316 | ||||||
Series 2012A, Rev., 5.00%, 2/15/2028 | 10,000 | 11,153 | ||||||
Series 2017A, Rev., 5.00%, 2/15/2028 | 40 | 50 | ||||||
Series A, Rev., 5.00%, 12/15/2028 | 20,000 | 21,241 | ||||||
Series 2014A, Rev., 5.00%, 2/15/2029 | 4,985 | 5,556 | ||||||
Series 2015E, Rev., 5.00%, 3/15/2029 | 125 | 147 | ||||||
Series 2012A, Rev., 5.00%, 12/15/2029 | 4,900 | 5,204 | ||||||
Series 2015E, Rev., 5.00%, 3/15/2030 | 30 | 35 | ||||||
Series 2014C, Rev., 5.00%, 3/15/2033 | 20,000 | 22,350 | ||||||
Series A, Rev., 5.00%, 3/15/2033 | 95 | 122 | ||||||
Series 2015B, Rev., 5.00%, 2/15/2039 | 50 | 57 | ||||||
Series 2017B, Rev., 5.00%, 2/15/2041 | 80 | 98 | ||||||
Series 2017B, Rev., 5.00%, 2/15/2042 | 30 | 37 | ||||||
Series 2019A, Rev., 5.00%, 3/15/2042 | 25 | 31 | ||||||
Series 2019A, Rev., 5.00%, 3/15/2043 | 95 | 119 | ||||||
New York State Dormitory Authority, State Sales Tax | ||||||||
Series 2016A, Rev., 5.00%, 3/15/2023 | 45 | 48 | ||||||
Series 2014A, Rev., 5.00%, 3/15/2028 | 25 | 28 | ||||||
Series 2015B, Rev., 5.00%, 3/15/2029 | 45 | 53 | ||||||
Series 2018C, Rev., 5.00%, 3/15/2029 | 40 | 51 | ||||||
Series 2014A, Rev., 5.00%, 3/15/2030 | 5,500 | 6,156 | ||||||
Series 2015B, Rev., 5.00%, 3/15/2030 | 8,000 | 9,459 | ||||||
Series A, Rev., 5.00%, 3/15/2031 | 5,000 | 5,597 | ||||||
Series B, Rev., 5.00%, 3/15/2031 | 6,600 | 7,797 | ||||||
Series 2014A, Rev., 5.00%, 3/15/2032 | 20,210 | 22,600 | ||||||
Series 2016A, Rev., 5.00%, 3/15/2032 | 35 | 43 | ||||||
Series 2016A, Rev., 5.00%, 3/15/2033 | 70 | 85 | ||||||
Series 2015B, Rev., 5.00%, 3/15/2038 | 80 | 94 | ||||||
Series 2018E, Rev., 5.00%, 3/15/2038 | 10,000 | 12,625 | ||||||
Series B, Rev., 5.00%, 3/15/2039 | 13,080 | 15,333 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
New York — continued |
| |||||||
Series 2018A, Rev., 5.00%, 3/15/2041 | 135 | 167 | ||||||
Series 2018E, Rev., 5.00%, 3/15/2041 | 225 | 283 | ||||||
Series 2018A, Rev., 5.00%, 3/15/2044 | 30 | 37 | ||||||
New York State Dormitory Authority, State University Dormitory Facilities | ||||||||
Series A, Rev., 5.00%, 7/1/2028 | 2,720 | 3,431 | ||||||
Series A, Rev., 5.00%, 7/1/2029 | 2,100 | 2,650 | ||||||
Series 2017A, Rev., 5.00%, 7/1/2030 | 750 | 929 | ||||||
Series 2018A, Rev., 5.00%, 7/1/2030 | 2,190 | 2,790 | ||||||
Series 2018A, Rev., 5.00%, 7/1/2031 | 4,430 | 5,625 | ||||||
Series A, Rev., 5.00%, 7/1/2032 | 3,130 | 3,968 | ||||||
Series 2017A, Rev., 5.00%, 7/1/2037 | 230 | 282 | ||||||
Series 2017A, Rev., 5.00%, 7/1/2042 | 25 | 30 | ||||||
New York State Dormitory Authority, Third General Resolution, State University Educational Facilities | ||||||||
Series A, Rev., 5.00%, 5/15/2025 | 2,000 | 2,068 | ||||||
Series A, Rev., 5.00%, 5/15/2028 | 2,000 | 2,068 | ||||||
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%, 6/15/2023 | 25 | 27 | ||||||
Series D, Rev., 5.00%, 6/15/2027 | 5,325 | 5,528 | ||||||
Series 2013A, Rev., 4.00%, 6/15/2028 | 10,000 | 10,666 | ||||||
Series 2019B, Rev., 5.00%, 6/15/2028 | 25 | 32 | ||||||
Series 2017E, Rev., 4.00%, 6/15/2037 | 40 | 46 | ||||||
Series 2019B, Rev., 5.00%, 6/15/2039 | 150 | 193 | ||||||
Series 2018B, Rev., 5.00%, 6/15/2043 | 50 | 62 | ||||||
New York State Thruway Authority | ||||||||
Series L, Rev., 5.00%, 1/1/2025 | 2,635 | 3,044 | ||||||
Series L, Rev., 5.00%, 1/1/2027 | 1,250 | 1,537 | ||||||
Series 2019B, Rev., 4.00%, 1/1/2039 | 5,000 | 5,935 | ||||||
New York State Urban Development Corp., State Personal Income Tax, General Purpose | ||||||||
Series 2013A-1, Rev., 4.00%, 3/15/2023 | 25 | 26 | ||||||
Series 2014A, Rev., 5.00%, 3/15/2024 | 40 | 45 | ||||||
Series 2016A, Rev., 5.00%, 3/15/2024 | 10 | 11 | ||||||
Series 2017C, Rev., 5.00%, 3/15/2027 | 5,750 | 7,138 | ||||||
Series 2013C, Rev., 5.00%, 3/15/2032 | 30 | 32 | ||||||
Series 2016A, Rev., 5.00%, 3/15/2032 | 350 | 418 | ||||||
Series 2015A, Rev., 5.00%, 3/15/2033 | 60 | 71 | ||||||
Series 2019A, Rev., 5.00%, 3/15/2035 | 25 | 32 | ||||||
Series 2019A, Rev., 5.00%, 3/15/2037 | 35 | 44 | ||||||
Series 2019A, Rev., 5.00%, 3/15/2038 | 45 | 56 |
SEE NOTES TO FINANCIAL STATEMENTS.
78 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
New York — continued |
| |||||||
New York State Urban Development Corp., State Sales Tax Series 2019A, Rev., 5.00%, 3/15/2041 | 70 | 89 | ||||||
New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project | ||||||||
Rev., AMT, 5.00%, 1/1/2022 | 5,000 | 5,076 | ||||||
Rev., AMT, 5.00%, 1/1/2025 | 5,000 | 5,721 | ||||||
Rev., AMT, 4.00%, 10/1/2030 | 5,350 | 6,408 | ||||||
Rev., AMT, 5.00%, 1/1/2036 | 9,900 | 11,963 | ||||||
Orange County Funding Corp., Mount Saint Mary College Project Series 2012B, Rev., 4.00%, 7/1/2023 | 160 | 163 | ||||||
Port Authority of New York & New Jersey, Consolidated Series 93, Rev., 6.13%, 6/1/2094 | 12,000 | 13,638 | ||||||
Port Authority of New York and New Jersey, Consolidated | ||||||||
Series 194, Rev., 5.00%, 10/15/2023 | 225 | 248 | ||||||
Series 179, Rev., 5.00%, 12/1/2023 | 50 | 55 | ||||||
Series 179, Rev., 5.00%, 12/1/2025 | 50 | 55 | ||||||
Series 207, Rev., AMT, 5.00%, 9/15/2033 | 800 | 989 | ||||||
Series 209, Rev., 5.00%, 7/15/2035 | 125 | 156 | ||||||
Series 214, Rev., AMT, 4.00%, 9/1/2043 | 3,000 | 3,477 | ||||||
Port Washington Union Free School District GO, 3.00%, 8/1/2027 | 70 | 73 | ||||||
Sales Tax Asset Receivable Corp., Fiscal Year 2015 | ||||||||
Series 2015A, Rev., 5.00%, 10/15/2024 (c) | 80 | 92 | ||||||
Series A, Rev., 5.00%, 10/15/2024 (c) | 18,785 | 21,594 | ||||||
Town of Southeast, Public Improvement Series 2019A, GO, 5.00%, 8/15/2022 | 45 | 47 | ||||||
Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels | ||||||||
Series 2013B, Rev., 5.00%, 11/15/2021 | 60 | 61 | ||||||
Series 2011A, Rev., 5.00%, 1/1/2022 (c) | 5,495 | 5,584 | ||||||
Series 2013B, Rev., 5.00%, 11/15/2023 | 90 | 100 | ||||||
Series 2016A, Rev., 5.00%, 11/15/2023 | 20 | 22 | ||||||
Series 2017C-1, Rev., 5.00%, 11/15/2024 | 110 | 127 | ||||||
Series 2017C-1, Rev., 4.00%, 11/15/2025 | 50 | 58 | ||||||
Series 2017C-1, Rev., 5.00%, 11/15/2025 | 150 | 179 | ||||||
Series 2012B, Rev., 5.00%, 11/15/2026 | 240 | 254 | ||||||
Series 2017B, Rev., 5.00%, 11/15/2027 | 500 | 623 | ||||||
Series 2015A, Rev., 5.00%, 11/15/2029 | 200 | 233 | ||||||
Series B, Rev., 5.00%, 11/15/2030 | 2,500 | 2,642 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
New York — continued |
| |||||||
Series 2012B, Rev., Zero Coupon, 11/15/2032 | 8,860 | 7,358 | ||||||
United Nations Development Corp., Senior Lien Series 2019A, Rev., 5.00%, 7/1/2022 | 50 | 52 | ||||||
Utility Debt Securitization Authority | ||||||||
Series 2016A, Rev., 5.00%, 6/15/2025 | 100 | 109 | ||||||
Series 2016B, Rev., 5.00%, 6/15/2025 | 50 | 54 | ||||||
Series 2016A, Rev., 5.00%, 6/15/2027 | 25 | 29 | ||||||
Rev., 5.00%, 12/15/2036 | 5,250 | 6,220 | ||||||
Utility Debt Securitization Authority, Federally Tax-Exempt | ||||||||
Series TE, Rev., 5.00%, 12/15/2029 | 1,500 | 1,664 | ||||||
Series TE, Rev., 5.00%, 12/15/2032 | 3,500 | 3,878 | ||||||
Series 2013TE, Rev., 5.00%, 12/15/2041 | 4,250 | 4,690 | ||||||
Wantagh Union Free School District Series 2013A, GO, 5.00%, 9/1/2022 | 30 | 31 | ||||||
Westchester County Local Development Corp., The Bethel Methodist Home D/B/A, The Knolls Project Rev., 5.00%, 7/1/2040 | 1,000 | 1,065 | ||||||
|
| |||||||
Total New York | 545,951 | |||||||
|
| |||||||
North Carolina — 1.4% |
| |||||||
City of Charlotte Series 2016A, GO, 5.00%, 7/1/2029 | 1,050 | 1,276 | ||||||
City of Charlotte, Airport Special Facilities | ||||||||
Rev., 5.00%, 7/1/2031 | 25 | 32 | ||||||
Series A, Rev., 5.00%, 7/1/2034 | 25 | 31 | ||||||
City of High Point, Combined Water & Sewer System Rev., 5.00%, 11/1/2028 | 25 | 30 | ||||||
City of Raleigh, Limited Obligation Rev., 5.00%, 2/1/2029 | 305 | 363 | ||||||
City of Wilmington Series A, Rev., 5.00%, 6/1/2028 | 400 | 451 | ||||||
County of Brunswick, Limited Obligation Rev., 5.00%, 4/1/2022 | 30 | 31 | ||||||
County of Buncombe, Limited Obligation | ||||||||
Series 2020A, Rev., 5.00%, 6/1/2030 | 75 | 100 | ||||||
Series 2020A, Rev., 5.00%, 6/1/2031 | 290 | 385 | ||||||
Series 2020A, Rev., 5.00%, 6/1/2033 | 125 | 165 | ||||||
County of Chatham, Limited Obligation Rev., 5.00%, 11/1/2026 | 1,880 | 2,161 | ||||||
County of Cumberland, Limited Obligation Rev., 5.00%, 11/1/2022 | 20 | 21 | ||||||
County of Durham GO, 5.00%, 11/1/2021 | 25 | 25 | ||||||
County of Harnett, Limited Obligation Rev., 4.00%, 10/1/2035 | 45 | 54 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 79 |
Table of Contents
JPMorgan Intermediate Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
North Carolina — continued |
| |||||||
County of Moore Series 2019A, GO, 5.00%, 1/15/2024 | 20 | 22 | ||||||
County of Onslow, Public Facilities Company Ltd., Limited Obligation | ||||||||
Rev., 5.00%, 10/1/2026 | 25 | 31 | ||||||
Rev., 4.00%, 10/1/2032 | 340 | 393 | ||||||
County of Union, Enterprise System Series 2019A, Rev., 5.00%, 6/1/2024 | 20 | 23 | ||||||
County of Wake, Limited Obligation | ||||||||
Rev., 5.00%, 9/1/2023 | 25 | 27 | ||||||
Rev., 5.00%, 9/1/2024 | 25 | 29 | ||||||
North Carolina Capital Facilities Finance Agency, High Point University | ||||||||
Rev., 5.00%, 5/1/2031 | 500 | 658 | ||||||
Rev., 4.00%, 5/1/2032 | 1,000 | 1,210 | ||||||
Rev., 4.00%, 5/1/2033 | 1,000 | 1,204 | ||||||
Rev., 4.00%, 5/1/2034 | 900 | 1,080 | ||||||
North Carolina Medical Care Commission, Retirement Facilities, Friends Homes, Inc. | ||||||||
Series 2020B-2, Rev., 2.30%, 9/1/2025 | 1,250 | 1,267 | ||||||
Series 2020B-1, Rev., 2.55%, 9/1/2026 | 1,575 | 1,598 | ||||||
North Carolina Medical Care Commission, Retirement Facilities, Pennybyrn at Maryfield Project Series 2020A, Rev., 5.00%, 10/1/2040 | 695 | 798 | ||||||
North Carolina Medical Care Commission, The Forest at Duke Project Rev., 4.00%, 9/1/2041 | 415 | 486 | ||||||
North Carolina Medical Care Commission, The Presbyterian Homes Obligated Group | ||||||||
Rev., 4.00%, 10/1/2035 | 650 | 770 | ||||||
Rev., 4.00%, 10/1/2040 | 600 | 697 | ||||||
North Carolina Medical Care Commission, Wake Forest Baptist Obligated Group Series 2019C, Rev., 2.55%, 6/1/2026 (b) | 13,800 | 14,793 | ||||||
North Carolina Turnpike Authority, Triangle Expressway System Series 2018A, Rev., 4.00%, 1/1/2035 | 85 | 100 | ||||||
Raleigh Durham Airport Authority | ||||||||
Series 2020B, Rev., 5.00%, 5/1/2026 | 30 | 36 | ||||||
Series 2015B, Rev., AMT, 5.00%, 5/1/2027 | 1,135 | 1,320 | ||||||
Series 2020B, Rev., 5.00%, 5/1/2029 | 25 | 33 | ||||||
Series 2020B, Rev., 5.00%, 5/1/2031 | 75 | 102 | ||||||
Series 2020A, Rev., AMT, 5.00%, 5/1/2032 | 2,600 | 3,379 | ||||||
State of North Carolina Rev., 5.00%, 3/1/2033 | 15,000 | 19,177 | ||||||
University of North Carolina at Chapel Hill Rev., 5.00%, 2/1/2032 | 25 | 32 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
North Carolina — continued |
| |||||||
University of North Carolina at Charlotte (The) Rev., 5.00%, 10/1/2029 | 45 | 56 | ||||||
University of North Carolina, School of the Arts | ||||||||
Rev., 5.00%, 2/1/2032 | 1,285 | 1,655 | ||||||
Rev., 5.00%, 2/1/2033 | 850 | 1,091 | ||||||
Rev., 5.00%, 2/1/2034 | 1,240 | 1,586 | ||||||
Rev., 5.00%, 2/1/2036 | 1,385 | 1,761 | ||||||
Rev., 4.00%, 2/1/2040 | 500 | 582 | ||||||
Rev., 4.00%, 2/1/2045 | 1,750 | 2,013 | ||||||
|
| |||||||
Total North Carolina | 63,134 | |||||||
|
| |||||||
North Dakota — 0.0% (e) |
| |||||||
City of Fargo Series 2014E, GO, 5.00%, 5/1/2025 | 290 | 326 | ||||||
|
| |||||||
Ohio — 2.2% |
| |||||||
Akron Bath Copley Joint Township Hospital District, Summa Health Obligated Group | ||||||||
Rev., 5.00%, 11/15/2028 | 130 | 165 | ||||||
Rev., 5.00%, 11/15/2029 | 275 | 355 | ||||||
Rev., 5.00%, 11/15/2030 | 350 | 460 | ||||||
Rev., 5.00%, 11/15/2031 | 300 | 397 | ||||||
Rev., 5.00%, 11/15/2032 | 350 | 458 | ||||||
American Municipal Power, Inc., Solar Electricity Prepayment Project, Green Bonds | ||||||||
Series 2019A, Rev., 5.00%, 2/15/2023 | 150 | 160 | ||||||
Series 2019A, Rev., 5.00%, 2/15/2024 | 225 | 251 | ||||||
Series 2019A, Rev., 5.00%, 2/15/2025 | 160 | 185 | ||||||
Series 2019A, Rev., 5.00%, 2/15/2026 | 200 | 239 | ||||||
Series 2019A, Rev., 5.00%, 2/15/2027 | 250 | 305 | ||||||
Series 2019A, Rev., 5.00%, 2/15/2028 | 225 | 283 | ||||||
Bowling Green State University, General Receipts | ||||||||
Series 2020A, Rev., 5.00%, 6/1/2033 | 375 | 481 | ||||||
Series 2020A, Rev., 5.00%, 6/1/2034 | 450 | 575 | ||||||
Series 2020A, Rev., 5.00%, 6/1/2035 | 650 | 830 | ||||||
Buckeye Tobacco Settlement Financing Authority | ||||||||
Series 2020A-2, Class 1, Rev., 5.00%, 6/1/2034 | 1,000 | 1,286 | ||||||
Series 2020A-2, Class 1, Rev., 4.00%, 6/1/2037 | 2,000 | 2,365 | ||||||
Series 2020A-2, Class 1, Rev., 4.00%, 6/1/2039 | 2,000 | 2,351 | ||||||
City of Cincinnati, Water System Series B, Rev., 5.00%, 12/1/2023 | 30 | 33 |
SEE NOTES TO FINANCIAL STATEMENTS.
80 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Ohio — continued |
| |||||||
City of Columbus, Various Purpose, Unlimited Tax Series 2017-1, GO, 5.00%, 4/1/2029 | 11,010 | 13,887 | ||||||
City of Dublin, Various Purpose GO, 5.00%, 12/1/2025 | 425 | 508 | ||||||
City of Huber Heights, Limited Tax, Various Purpose GO, 5.00%, 12/1/2032 | 25 | 30 | ||||||
City of Middleburg Heights, Southwest General Health Center Project, Tax-Exempt | ||||||||
Series 2020A, Rev., 5.00%, 8/1/2032 | 340 | 440 | ||||||
Series 2020A, Rev., 5.00%, 8/1/2033 | 325 | 419 | ||||||
Series 2020A, Rev., 5.00%, 8/1/2034 | 355 | 456 | ||||||
Series 2020A, Rev., 4.00%, 8/1/2041 | 905 | 1,048 | ||||||
City of North Ridgeville, Limited Tax GO, 4.00%, 12/1/2023 | 20 | 22 | ||||||
Cleveland Department of Public Utilities Division of Water | ||||||||
Series 2017BB, Rev., 5.00%, 1/1/2026 | 25 | 30 | ||||||
Series 2017BB, Rev., 5.00%, 1/1/2032 | 45 | 55 | ||||||
Cleveland-Cuyahoga County Port Authority, The Cleveland Museum of Natural History Project | ||||||||
Rev., 5.00%, 7/1/2027 | 125 | 153 | ||||||
Rev., 5.00%, 7/1/2029 | 175 | 223 | ||||||
Rev., 5.00%, 7/1/2030 | 200 | 259 | ||||||
Rev., 5.00%, 7/1/2031 | 200 | 264 | ||||||
Rev., 5.00%, 7/1/2032 | 225 | 296 | ||||||
Rev., 5.00%, 7/1/2033 | 250 | 328 | ||||||
Rev., 5.00%, 7/1/2034 | 200 | 261 | ||||||
Rev., 5.00%, 7/1/2035 | 200 | 261 | ||||||
Rev., 5.00%, 7/1/2036 | 300 | 390 | ||||||
Rev., 4.00%, 7/1/2037 | 200 | 240 | ||||||
Rev., 4.00%, 7/1/2038 | 250 | 300 | ||||||
Rev., 4.00%, 7/1/2039 | 280 | 335 | ||||||
Rev., 4.00%, 7/1/2040 | 200 | 238 | ||||||
Rev., 4.00%, 7/1/2046 | 750 | 881 | ||||||
Columbus City School District, Ohio School Facilities Construction and Improvement, Unlimited Tax Series 2016-A, GO, 5.00%, 12/1/2031 | 3,000 | 3,606 | ||||||
County of Cuyahoga, Sports Facilities Improvement Project, Excise Tax Rev., 5.00%, 12/1/2023 (c) | 1,835 | 2,034 | ||||||
County of Franklin, Health Care Facilities, Ohio Living Communities | ||||||||
Series 2020B, Rev., 4.00%, 7/1/2028 | 225 | 268 | ||||||
Series 2020B, Rev., 4.00%, 7/1/2029 | 265 | 315 | ||||||
Series 2020B, Rev., 4.00%, 7/1/2030 | 875 | 1,034 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Ohio — continued |
| |||||||
Series 2020B, Rev., 4.00%, 7/1/2031 | 925 | 1,088 | ||||||
Series 2020B, Rev., 4.00%, 7/1/2032 | 1,440 | 1,685 | ||||||
Series 2020B, Rev., 4.00%, 7/1/2033 | 385 | 449 | ||||||
Series 2020B, Rev., 4.00%, 7/1/2034 | 475 | 551 | ||||||
Series 2020B, Rev., 4.00%, 7/1/2035 | 365 | 422 | ||||||
Series 2020B, Rev., 5.00%, 7/1/2040 | 5,290 | 6,357 | ||||||
County of Franklin, Hospital Facilities, Nationwide Children’s Hospital Project Series 2016C, Rev., 5.00%, 11/1/2027 | 325 | 402 | ||||||
County of Franklin, Trinity Health Credit Group Series 2019A, Rev., 5.00%, 12/1/2036 | 1,250 | 1,619 | ||||||
County of Hamilton, Sales Tax Series 2016A, Rev., 5.00%, 12/1/2025 | 50 | 59 | ||||||
County of Hardin, Economic Development Facilities Improvement, Ohio Northern University | ||||||||
Rev., 4.00%, 5/1/2026 | 270 | 278 | ||||||
Rev., 5.00%, 5/1/2030 | 500 | 554 | ||||||
County of Warren, Healthcare Facilities, Otterbein Homes Obligated Group | ||||||||
Series A, Rev., 5.00%, 7/1/2027 | 840 | 1,035 | ||||||
Series A, Rev., 5.00%, 7/1/2028 | 1,200 | 1,286 | ||||||
Series A, Rev., 5.75%, 7/1/2028 | 750 | 815 | ||||||
Series A, Rev., 5.00%, 7/1/2031 | 250 | 319 | ||||||
Series A, Rev., 4.00%, 7/1/2033 | 920 | 1,088 | ||||||
Series A, Rev., 5.75%, 7/1/2033 | 1,400 | 1,513 | ||||||
Dayton City School District, School Facilities Construction and Improvement, Unlimited Tax GO, 5.00%, 11/1/2029 | 10 | 13 | ||||||
Lakota Local School District/Sandusky Seneca and Wood Counties, School Facilities Construction and Improvement GO, 5.00%, 1/15/2023 | 50 | 53 | ||||||
Miami Valley Career Technology Center, Various Purpose School Improvement, Unlimited Tax GO, 5.00%, 12/1/2032 | 35 | 44 | ||||||
New Albany Plain Local School District, School Improvement GO, 5.00%, 12/1/2023 | 25 | 28 | ||||||
Northeast Ohio Regional Sewer District, Wastewater Improvement | ||||||||
Rev., 4.00%, 11/15/2024 (c) | 15 | 17 | ||||||
Rev., 5.00%, 11/15/2024 (c) | 1,500 | 1,730 | ||||||
Rev., 4.00%, 11/15/2049 | 30 | 33 | ||||||
Ohio Air Quality Development Authority. American Electric Company Project Series 2014A, Rev., 2.40%, 10/1/2029 (b) | 1,820 | 1,921 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 81 |
Table of Contents
JPMorgan Intermediate Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Ohio — continued |
| |||||||
Ohio Higher Educational Facility Commission, Tiffin University 2019 Project | ||||||||
Rev., 3.00%, 11/1/2024 | 100 | 103 | ||||||
Rev., 3.00%, 11/1/2025 | 605 | 628 | ||||||
Rev., 3.00%, 11/1/2026 | 585 | 609 | ||||||
Rev., 3.00%, 11/1/2027 | 645 | 672 | ||||||
Rev., 3.00%, 11/1/2028 | 655 | 680 | ||||||
Rev., 5.00%, 11/1/2034 | 1,520 | 1,771 | ||||||
Ohio Higher Educational Facility Commission, University of Dayton 2018 Project Series B, Rev., 5.00%, 12/1/2029 | 1,105 | 1,386 | ||||||
Ohio Higher Educational Facility Commission, University of Findlay 2019 Project | ||||||||
Rev., 5.00%, 3/1/2029 | 720 | 874 | ||||||
Rev., 5.00%, 3/1/2034 | 3,000 | 3,563 | ||||||
Ohio Higher Educational Facility Commission, Xavier University 2020 Project | ||||||||
Rev., 5.00%, 5/1/2033 | 500 | 649 | ||||||
Rev., 5.00%, 5/1/2034 | 520 | 672 | ||||||
Rev., 5.00%, 5/1/2035 | 440 | 567 | ||||||
Rev., 5.00%, 5/1/2036 | 460 | 591 | ||||||
Rev., 4.00%, 5/1/2037 | 695 | 825 | ||||||
Rev., 4.00%, 5/1/2039 | 680 | 802 | ||||||
Ohio State University (The), General Receipts Series 2010D, Rev., 5.00%, 12/1/2028 | 20 | 26 | ||||||
Ohio Turnpike and Infrastructure Commission Series 2017A, Rev., 5.00%, 2/15/2026 | 55 | 66 | ||||||
Ohio Turnpike and Infrastructure Commission, Junior Lien Series 2018A, Rev., 5.00%, 2/15/2030 | 50 | 63 | ||||||
Ohio Water Development Authority, Fresh Water Series 2016A, Rev., 5.00%, 12/1/2030 | 55 | 66 | ||||||
Ohio Water Development Authority, Water Pollution Control Loan Fund | ||||||||
Series 2017A, Rev., 5.00%, 12/1/2029 | 25 | 31 | ||||||
Series 2019B, Rev., 5.00%, 12/1/2035 | 55 | 72 | ||||||
Port of Greater Cincinnati Development Authority, FC Cincinnati Public Improvements Project Rev., 3.75%, 12/1/2031 (d) | 245 | 253 | ||||||
Shaker Heights City School District, School Facilities Improvement, Unlimited Tax Series A, GO, 5.00%, 12/15/2026 | 1,000 | 1,232 | ||||||
State of Ohio Series 2014A, GO, 5.00%, 9/15/2022 | 25 | 26 | ||||||
State of Ohio, Capital Facilities Lease Appropriation Administrative Building Fund Projects | ||||||||
Series 2017A, Rev., 5.00%, 4/1/2027 (c) | 760 | 946 | ||||||
Series 2017A, Rev., 5.00%, 4/1/2033 | 25 | 30 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Ohio — continued |
| |||||||
State of Ohio, Capital Facilities Lease Appropriation Adult Correctional Building Fund Projects | ||||||||
Series 2017B, Rev., 5.00%, 10/1/2023 | 35 | 39 | ||||||
Series B, Rev., 5.00%, 10/1/2029 | 1,495 | 1,571 | ||||||
State of Ohio, Capital Facilities Lease Appropriation Park and Recreation Improvement Fund Projects Series 2017A, Rev., 5.00%, 12/1/2032 | 35 | 43 | ||||||
State of Ohio, Capital Facilities Lease Appropriation Transportation Building Fund Projects Series 2018A, Rev., 5.00%, 4/1/2029 | 1,760 | 2,227 | ||||||
State of Ohio, Cleveland Clinic Health System Obligated Group Series 2017A, Rev., 5.00%, 1/1/2032 | 170 | 213 | ||||||
State of Ohio, Higher Education Series 2018A, GO, 5.00%, 2/1/2030 | 30 | 36 | ||||||
State of Ohio, Highway Capital Improvements Full Faith and Credit/Highway User Receipts Series V, GO, 5.00%, 5/1/2034 | 10 | 13 | ||||||
State of Ohio, Major New State Infrastructure Project | ||||||||
Series 1, Rev., 5.00%, 12/15/2028 | 7,500 | 9,077 | ||||||
Series 2019-1, Rev., 5.00%, 12/15/2028 | 25 | 32 | ||||||
Series 1, Rev., 5.00%, 12/15/2029 | 7,000 | 8,449 | ||||||
University of Akron (The), General Receipts Series 2015A, Rev., 5.00%, 1/1/2025 | 110 | 127 | ||||||
|
| |||||||
Total Ohio | 102,149 | |||||||
|
| |||||||
Oklahoma — 0.3% |
| |||||||
Grand River Dam Authority | ||||||||
Series 2014A, Rev., 4.00%, 6/1/2024 | 25 | 28 | ||||||
Series 2016A, Rev., 5.00%, 6/1/2031 | 60 | 73 | ||||||
McClain County Economic Development Authority, Educational Facilities, Blanchard Public Schools Project | ||||||||
Rev., 4.00%, 9/1/2027 | 600 | 697 | ||||||
Rev., 4.00%, 9/1/2028 | 675 | 797 | ||||||
Oklahoma Capitol Improvement Authority Series 2014C, Rev., 5.00%, 7/1/2024 | 25 | 28 | ||||||
Oklahoma City Water Utilities Trust, Water and Sewer System Rev., 5.00%, 7/1/2022 | 25 | 26 | ||||||
Oklahoma County Finance Authority, Educational Facilities, Lease Midwest City-Del City Public Schools Project | ||||||||
Rev., 5.00%, 10/1/2022 | 250 | 263 | ||||||
Rev., 5.00%, 10/1/2023 | 180 | 197 |
SEE NOTES TO FINANCIAL STATEMENTS.
82 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Oklahoma — continued |
| |||||||
Rev., 5.00%, 10/1/2025 | 510 | 600 | ||||||
Rev., 5.00%, 10/1/2026 | 500 | 606 | ||||||
Oklahoma County Finance Authority, Educational Facilities, Western Heights Public Schools Project Rev., 5.00%, 9/1/2021 | 1,110 | 1,110 | ||||||
Oklahoma Development Finance Authority, Health System, OU Medicine Project Series 2018B, Rev., 5.00%, 8/15/2033 | 6,030 | 7,397 | ||||||
Oklahoma Turnpike Authority, Second Senior | ||||||||
Series 2017C, Rev., 5.00%, 1/1/2036 | 25 | 30 | ||||||
Series 2017A, Rev., 5.00%, 1/1/2038 | 2,000 | 2,347 | ||||||
Oklahoma Water Resources Board, Master Trust, Drinking Water Program Rev., 4.00%, 4/1/2032 | 30 | 34 | ||||||
Tulsa County Industrial Authority Educational Facilities Lease, Broken Arrow Public Schools Project Series A, Rev., 5.00%, 9/1/2028 | 15 | 19 | ||||||
University of Oklahoma (The) Series 2014C, Rev., 5.00%, 7/1/2031 | 50 | 52 | ||||||
|
| |||||||
Total Oklahoma | 14,304 | |||||||
|
| |||||||
Oregon — 1.2% |
| |||||||
City of Medford, Limited Tax GO, 5.00%, 7/15/2023 (c) | 25 | 27 | ||||||
City of Portland, 4th and Montgomery and Streetcar Projects Series A, GO, 5.00%, 2/1/2035 | 650 | 833 | ||||||
City of Portland, Sewer System, First Lien Series A, Rev., 5.00%, 6/1/2026 | 5,350 | 6,276 | ||||||
City of Portland, Sewer System, Second Lien | ||||||||
Series 2019A, Rev., 5.00%, 3/1/2031 | 85 | 112 | ||||||
Series 2020A, Rev., 5.00%, 5/1/2031 | 45 | 59 | ||||||
City of Salem | ||||||||
GO, 5.00%, 6/1/2026 | 460 | 560 | ||||||
GO, 5.00%, 6/1/2029 | 2,055 | 2,622 | ||||||
City of Tualatin GO, 5.00%, 6/15/2028 | 15 | 19 | ||||||
Clackamas County School District No. 7J Lake Oswego GO, 5.00%, 6/1/2029 | 20 | 25 | ||||||
Deschutes County Administrative School District No. 1 Bend-La Pine GO, 5.00%, 6/15/2026 | 4,725 | 5,756 | ||||||
Hillsboro School District No. 1J | ||||||||
GO, 5.00%, 6/15/2026 | 4,000 | 4,856 | ||||||
GO, 5.00%, 6/15/2027 | 1,470 | 1,836 | ||||||
Mount Hood Community College District, Full Faith and Credit GO, 5.00%, 6/1/2022 | 5 | 5 | ||||||
Multnomah and Clackamas Counties School District No. 10JT Gresham-Barlow Series 2019A, GO, Zero Coupon, 6/15/2035 | 600 | 430 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Oregon — continued |
| |||||||
Oregon State Facilities Authority, Samaritan Health Services Project, Tax-Exempt | ||||||||
Series 2020A, Rev., 5.00%, 10/1/2024 | 200 | 226 | ||||||
Series 2020A, Rev., 5.00%, 10/1/2025 | 200 | 234 | ||||||
Series 2020A, Rev., 5.00%, 10/1/2026 | 125 | 150 | ||||||
Series 2020A, Rev., 5.00%, 10/1/2027 | 150 | 185 | ||||||
Series 2020A, Rev., 5.00%, 10/1/2028 | 175 | 221 | ||||||
Series 2020A, Rev., 5.00%, 10/1/2029 | 300 | 385 | ||||||
Series 2020A, Rev., 5.00%, 10/1/2030 | 300 | 390 | ||||||
Series 2020A, Rev., 5.00%, 10/1/2035 | 140 | 178 | ||||||
Series 2020A, Rev., 5.00%, 10/1/2040 | 1,165 | 1,457 | ||||||
Oregon State Lottery | ||||||||
Series 2014C, Rev., 5.00%, 4/1/2024 | 25 | 28 | ||||||
Series 2015C, Rev., 5.00%, 4/1/2026 | 200 | 233 | ||||||
Series 2014A, Rev., 5.00%, 4/1/2027 | 100 | 112 | ||||||
Series A, Rev., 5.00%, 4/1/2031 | 1,950 | 2,391 | ||||||
Series A, Rev., 5.00%, 4/1/2032 | 1,750 | 2,140 | ||||||
Series A, Rev., 5.00%, 4/1/2033 | 3,500 | 4,277 | ||||||
Series A, Rev., 5.00%, 4/1/2035 | 2,470 | 3,008 | ||||||
Portland Community College District | ||||||||
GO, 5.00%, 6/15/2023 | 35 | 38 | ||||||
GO, 5.00%, 6/15/2026 | 710 | 863 | ||||||
GO, 5.00%, 6/15/2027 | 2,640 | 3,203 | ||||||
State of Oregon, Article XI-Q State Projects | ||||||||
Series 2019A, GO, 5.00%, 5/1/2030 | 40 | 52 | ||||||
Series 2016F, GO, 5.00%, 5/1/2032 | 2,885 | 3,474 | ||||||
State of Oregon, Department of Transportation Highway User Subordinate Lien, Tax-Exempt Series 2019A, Rev., 5.00%, 11/15/2038 | 40 | 52 | ||||||
State of Oregon, Higher Education | ||||||||
Series L, GO, 5.00%, 8/1/2035 | 1,930 | 2,374 | ||||||
Series L, GO, 5.00%, 8/1/2036 | 1,975 | 2,430 | ||||||
Washington and Multnomah Counties School District No. 48J Beaverton Series 2014B, GO, 5.00%, 6/15/2024 (c) | 105 | 119 | ||||||
Washington County Clean Water Services, Senior Lien Rev., 5.00%, 10/1/2022 | 25 | 26 | ||||||
Yamhill County Hospital Authority, Friendsview, Tax Exempt | ||||||||
Series 2021B-3, Rev., 1.75%, 11/15/2026 | 415 | 416 | ||||||
Series 2021A, Rev., 5.00%, 11/15/2036 | 610 | 740 | ||||||
Series 2021A, Rev., 5.00%, 11/15/2046 | 770 | 913 | ||||||
Series 2021A, Rev., 5.00%, 11/15/2051 | 550 | 650 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 83 |
Table of Contents
JPMorgan Intermediate Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Oregon — continued |
| |||||||
Yamhill County School District No. 40 McMinnville | ||||||||
GO, 4.00%, 6/15/2029 | 5 | 6 | ||||||
GO, 4.00%, 6/15/2035 | 75 | 85 | ||||||
|
| |||||||
Total Oregon | 54,472 | |||||||
|
| |||||||
Pennsylvania — 4.3% |
| |||||||
Allegheny County Hospital Development Authority, Allegheny Health Network Obligated Group | ||||||||
Series 2018A, Rev., 5.00%, 4/1/2028 | 7,000 | 8,861 | ||||||
Series 2018A, Rev., 5.00%, 4/1/2029 | 7,785 | 9,790 | ||||||
Series 2018A, Rev., 5.00%, 4/1/2030 | 5,000 | 6,248 | ||||||
Series 2018A, Rev., 5.00%, 4/1/2031 | 3,800 | 4,726 | ||||||
Allegheny County Hospital Development Authority, Pittsburgh Medical Center | ||||||||
Series 2019A, Rev., 5.00%, 7/15/2022 | 25 | 26 | ||||||
Series 2019A, Rev., 5.00%, 7/15/2027 | 3,000 | 3,730 | ||||||
Series 2019A, Rev., 5.00%, 7/15/2028 | 2,050 | 2,610 | ||||||
Allegheny County Sanitary Authority, Sewer Rev., AGM, 4.00%, 12/1/2035 | 5 | 6 | ||||||
Allentown City School District, Limited Tax | ||||||||
Series B, GO, 5.00%, 2/1/2029 | 3,110 | 3,965 | ||||||
Series B, GO, 5.00%, 2/1/2030 | 4,300 | 5,584 | ||||||
Berks County Industrial Development Authority, Tower Health Project | ||||||||
Rev., 5.00%, 11/1/2025 | 500 | 563 | ||||||
Rev., 5.00%, 11/1/2027 | 1,150 | 1,330 | ||||||
Rev., 5.00%, 11/1/2028 | 1,535 | 1,773 | ||||||
Rev., 5.00%, 11/1/2029 | 350 | 403 | ||||||
Rev., 5.00%, 11/1/2030 | 600 | 687 | ||||||
Berks County Municipal Authority (The), Tower Health Project | ||||||||
Series 2020B-2, Rev., 5.00%, 2/1/2027 (b) | 10,985 | 12,537 | ||||||
Series 2020A, Rev., 5.00%, 2/1/2028 | 1,050 | 1,216 | ||||||
Series 2020A, Rev., 5.00%, 2/1/2029 | 740 | 870 | ||||||
Series 2020A, Rev., 5.00%, 2/1/2030 | 800 | 950 | ||||||
Series 2020B-3, Rev., 5.00%, 2/1/2030 (b) | 2,015 | 2,354 | ||||||
Series 2020A, Rev., 5.00%, 2/1/2031 | 700 | 844 | ||||||
Series 2020A, Rev., 5.00%, 2/1/2032 | 750 | 910 | ||||||
Bucks County Industrial Development Authority, Grand View Hospital Project | ||||||||
Rev., 5.00%, 7/1/2025 | 370 | 423 | ||||||
Rev., 5.00%, 7/1/2026 | 450 | 528 | ||||||
Rev., 5.00%, 7/1/2027 | 475 | 570 | ||||||
Rev., 5.00%, 7/1/2028 | 500 | 611 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Pennsylvania — continued |
| |||||||
Rev., 5.00%, 7/1/2029 | 500 | 622 | ||||||
Rev., 5.00%, 7/1/2030 | 675 | 852 | ||||||
Rev., 5.00%, 7/1/2031 | 1,150 | 1,475 | ||||||
Rev., 5.00%, 7/1/2032 | 500 | 642 | ||||||
Rev., 5.00%, 7/1/2033 | 1,170 | 1,496 | ||||||
Rev., 5.00%, 7/1/2034 | 1,300 | 1,656 | ||||||
Rev., 5.00%, 7/1/2035 | 1,055 | 1,341 | ||||||
Centennial School District Bucks County GO, 5.00%, 12/15/2024 | 20 | 23 | ||||||
Chester County Industrial Development Authority, Longwood Gardens Project | ||||||||
Rev., 5.00%, 12/1/2032 | 475 | 618 | ||||||
Rev., 5.00%, 12/1/2033 | 740 | 958 | ||||||
Rev., 5.00%, 12/1/2034 | 400 | 516 | ||||||
Rev., 5.00%, 12/1/2035 | 175 | 225 | ||||||
Rev., 5.00%, 12/1/2036 | 305 | 391 | ||||||
Rev., 5.00%, 12/1/2037 | 450 | 574 | ||||||
Rev., 5.00%, 12/1/2038 | 950 | 1,207 | ||||||
City of Erie Higher Education Building Authority | ||||||||
Series 2021TT1, Rev., 4.00%, 5/1/2036 | 100 | 115 | ||||||
Series 2021TT1, Rev., 4.00%, 5/1/2041 | 100 | 113 | ||||||
City of Philadelphia, Airport System Series 2017B, Rev., AMT, 5.00%, 7/1/2032 | 250 | 304 | ||||||
Commonwealth Financing Authority, Tobacco Master Settlement Payment | ||||||||
Rev., 5.00%, 6/1/2024 | 1,275 | 1,436 | ||||||
Rev., 5.00%, 6/1/2025 | 1,875 | 2,188 | ||||||
Rev., 5.00%, 6/1/2026 | 1,120 | 1,348 | ||||||
Rev., 5.00%, 6/1/2027 | 1,500 | 1,855 | ||||||
Rev., 5.00%, 6/1/2028 | 2,620 | 3,321 | ||||||
Rev., 5.00%, 6/1/2029 | 1,120 | 1,407 | ||||||
Commonwealth of Pennsylvania | ||||||||
Series 1, GO, 5.00%, 6/15/2024 (c) | 50 | 57 | ||||||
Series A, COP, 5.00%, 7/1/2028 | 400 | 501 | ||||||
Series A, COP, 5.00%, 7/1/2029 | 300 | 375 | ||||||
Series A, COP, 5.00%, 7/1/2030 | 375 | 466 | ||||||
Series A, COP, 5.00%, 7/1/2031 | 425 | 527 | ||||||
Series A, COP, 5.00%, 7/1/2034 | 450 | 552 | ||||||
County of Allegheny Series C-77, GO, 5.00%, 11/1/2043 | 50 | 62 | ||||||
County of Berks GO, 5.00%, 11/15/2023 | 20 | 22 | ||||||
County of Bucks GO, 5.00%, 5/1/2027 | 325 | 394 | ||||||
County of Cambria | ||||||||
Series 2020B, GO, AGM, 4.00%, 8/1/2032 | 500 | 576 | ||||||
Series 2020B, GO, AGM, 4.00%, 8/1/2033 | 500 | 575 | ||||||
Series 2020B, GO, AGM, 4.00%, 8/1/2034 | 700 | 803 |
SEE NOTES TO FINANCIAL STATEMENTS.
84 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Pennsylvania — continued |
| |||||||
Delaware County Authority, Haverford College | ||||||||
Series 2017A, Rev., 5.00%, 10/1/2026 | 30 | 37 | ||||||
Series 2017A, Rev., 5.00%, 10/1/2030 | 40 | 49 | ||||||
Series 2017A, Rev., 5.00%, 10/1/2042 | 45 | 54 | ||||||
DuBois Hospital Authority, Penn Highlands Healthcare | ||||||||
Rev., 5.00%, 7/15/2029 | 1,700 | 2,085 | ||||||
Rev., 5.00%, 7/15/2030 | 2,000 | 2,438 | ||||||
Rev., 5.00%, 7/15/2031 | 1,450 | 1,761 | ||||||
Rev., 5.00%, 7/15/2032 | 1,525 | 1,847 | ||||||
Rev., 5.00%, 7/15/2034 | 1,675 | 2,019 | ||||||
Rev., 4.00%, 7/15/2043 | 5,670 | 6,324 | ||||||
Easton Area School District Series 2020B, GO, 5.00%, 2/1/2031 | 50 | 63 | ||||||
Erie City Water Authority | ||||||||
Series B, Rev., AGM, 5.00%, 12/1/2032 | 1,235 | 1,615 | ||||||
Series B, Rev., AGM, 5.00%, 12/1/2033 | 800 | 1,042 | ||||||
Series 2018D, Rev., 4.00%, 12/1/2036 | 35 | 42 | ||||||
Geisinger Authority, Health System Series 2020A, Rev., 4.00%, 4/1/2039 | 6,665 | 7,817 | ||||||
Kiski Valley Water Pollution Control Authority, Sewer Series 2020A, Rev., AGM, 4.00%, 9/1/2035 | 305 | 357 | ||||||
Lackawanna County Industrial Development Authority, University of Scranton Rev., 5.00%, 11/1/2021 | 10 | 10 | ||||||
Lancaster County Hospital Authority, Health Center, Masonic Villages Project Rev., 5.00%, 11/1/2028 | 1,215 | 1,388 | ||||||
Lehigh County Industrial Development Authority, Seven Generation Charter School | ||||||||
Series 2021A, Rev., 4.00%, 5/1/2031 | 340 | 379 | ||||||
Series 2021A, Rev., 4.00%, 5/1/2041 | 890 | 969 | ||||||
Montgomery County Higher Education and Health Authority, Arcadia University | ||||||||
Rev., 5.00%, 4/1/2027 | 815 | 986 | ||||||
Rev., 5.00%, 4/1/2028 | 600 | 742 | ||||||
Rev., 5.00%, 4/1/2029 | 815 | 1,027 | ||||||
Rev., 5.00%, 4/1/2030 | 760 | 974 | ||||||
Rev., 5.00%, 4/1/2031 | 705 | 897 | ||||||
Rev., 5.00%, 4/1/2032 | 945 | 1,198 | ||||||
Rev., 5.00%, 4/1/2033 | 920 | 1,160 | ||||||
Rev., 5.00%, 4/1/2034 | 520 | 653 | ||||||
Rev., 4.00%, 4/1/2036 | 515 | 596 | ||||||
Rev., 4.00%, 4/1/2037 | 545 | 629 | ||||||
Rev., 4.00%, 4/1/2038 | 695 | 800 | ||||||
Rev., 4.00%, 4/1/2039 | 305 | 350 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Pennsylvania — continued |
| |||||||
Montgomery County Higher Education and Health Authority, Thomas Jefferson University | ||||||||
Series 2018A, Rev., 5.00%, 9/1/2030 | 3,125 | 3,949 | ||||||
Series 2018A, Rev., 4.00%, 9/1/2038 | 2,950 | 3,402 | ||||||
Montgomery County Industrial Development Authority, Acts Retirement-Life Communities, Inc., Obligated Group Series 2020C, Rev., 4.00%, 11/15/2043 | 300 | 349 | ||||||
Montgomery County Industrial Development Authority, Waverly Heights Ltd. Project | ||||||||
Rev., 4.00%, 12/1/2024 | 155 | 173 | ||||||
Rev., 4.00%, 12/1/2025 | 150 | 171 | ||||||
Rev., 4.00%, 12/1/2026 | 150 | 175 | ||||||
Rev., 4.00%, 12/1/2027 | 200 | 231 | ||||||
Rev., 4.00%, 12/1/2028 | 205 | 236 | ||||||
Rev., 4.00%, 12/1/2029 | 250 | 287 | ||||||
Rev., 4.00%, 12/1/2030 | 300 | 343 | ||||||
Rev., 4.00%, 12/1/2031 | 300 | 342 | ||||||
Rev., 4.00%, 12/1/2032 | 435 | 493 | ||||||
Rev., 4.00%, 12/1/2033 | 400 | 453 | ||||||
Rev., 4.00%, 12/1/2034 | 165 | 187 | ||||||
Rev., 4.00%, 12/1/2035 | 175 | 198 | ||||||
Rev., 4.00%, 12/1/2036 | 175 | 198 | ||||||
Rev., 4.00%, 12/1/2037 | 100 | 113 | ||||||
Rev., 4.00%, 12/1/2038 | 100 | 113 | ||||||
Nazareth Area School District | ||||||||
Series D, GO, 5.00%, 11/15/2030 | 900 | 1,065 | ||||||
Series D, GO, 5.00%, 11/15/2035 | 1,390 | 1,632 | ||||||
Series D, GO, 5.00%, 11/15/2036 | 1,250 | 1,466 | ||||||
Series D, GO, 5.00%, 11/15/2037 | 550 | 644 | ||||||
Series E, GO, 5.00%, 11/15/2038 | 810 | 948 | ||||||
Pennsbury School District Series 2019A, GO, 4.00%, 8/1/2022 | 25 | 26 | ||||||
Pennsylvania Economic Development Financing Authority, Presbyterian Senior Living Project | ||||||||
Rev., 4.00%, 7/1/2030 | 1,265 | 1,459 | ||||||
Rev., 4.00%, 7/1/2033 | 1,750 | 2,003 | ||||||
Pennsylvania Economic Development Financing Authority, Waste Management, Inc., Project Rev., 2.80%, 12/1/2021 (b) | 8,855 | 8,913 | ||||||
Pennsylvania Higher Educational Facilities Authority, Trustees of the University | ||||||||
Series 2016A, Rev., 5.00%, 8/15/2023 | 50 | 55 | ||||||
Series 2015A, Rev., 5.00%, 10/1/2023 | 30 | 33 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 85 |
Table of Contents
JPMorgan Intermediate Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Pennsylvania — continued |
| |||||||
Pennsylvania Higher Educational Facilities Authority, University of Pennsylvania Health System | ||||||||
Rev., 5.00%, 8/15/2029 | 40 | 53 | ||||||
Rev., 5.00%, 8/15/2031 | 50 | 65 | ||||||
Rev., 5.00%, 8/15/2040 | 100 | 115 | ||||||
Pennsylvania State University (The) Series A, Rev., 5.00%, 9/1/2023 | 40 | 44 | ||||||
Pennsylvania Turnpike Commission | ||||||||
Series A, Rev., 5.00%, 12/1/2032 | 1,750 | 2,304 | ||||||
Series 2020B, Rev., 5.00%, 12/1/2033 | 470 | 624 | ||||||
Series A, Rev., 5.00%, 12/1/2033 | 1,240 | 1,625 | ||||||
Series A, Rev., 5.00%, 12/1/2034 | 1,400 | 1,819 | ||||||
Series A, Rev., 5.00%, 12/1/2035 | 2,000 | 2,593 | ||||||
Philadelphia Authority for Industrial Development, MAST Community Charter School II Project Series 2020A, Rev., 5.00%, 8/1/2030 | 260 | 310 | ||||||
Pittsburgh Water and Sewer Authority Series B, Rev., AGM, 5.00%, 9/1/2033 | 1,300 | 1,829 | ||||||
School District of the City of Erie (The), Limited Tax | ||||||||
Series 2019A, GO, AGM, 5.00%, 4/1/2027 | 525 | 641 | ||||||
Series 2019A, GO, AGM, 5.00%, 4/1/2028 | 550 | 687 | ||||||
Series 2019A, GO, AGM, 5.00%, 4/1/2029 | 310 | 396 | ||||||
Series 2019A, GO, AGM, 5.00%, 4/1/2030 | 425 | 546 | ||||||
Series 2019A, GO, AGM, 5.00%, 4/1/2031 | 525 | 672 | ||||||
Series 2019A, GO, AGM, 4.00%, 4/1/2033 | 1,150 | 1,359 | ||||||
Series 2019A, GO, AGM, 5.00%, 4/1/2034 | 825 | 1,044 | ||||||
School District of the City of Erie (The), Unlimited Tax | ||||||||
Series 2019C, GO, AGM, 5.00%, 4/1/2027 | 1,275 | 1,556 | ||||||
Series 2019C, GO, AGM, 5.00%, 4/1/2028 | 925 | 1,156 | ||||||
Series 2019C, GO, AGM, 5.00%, 4/1/2029 | 1,000 | 1,277 | ||||||
Series 2019C, GO, AGM, 5.00%, 4/1/2030 | 500 | 643 | ||||||
Spring-Ford Area School District GO, 5.00%, 6/1/2023 | 50 | 54 | ||||||
St. Mary Hospital Authority, Trinity Health Credit Group Series 2019PA, Rev., 5.00%, 12/1/2031 | 25 | 32 | ||||||
Swarthmore Borough Authority, Swarthmore College Series 2016B, Rev., 4.00%, 9/15/2041 | 50 | 57 | ||||||
Township of Hampton GO, 4.00%, 1/1/2039 | 45 | 52 | ||||||
Township of Lower Paxton GO, 4.00%, 4/1/2033 | 35 | 42 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Pennsylvania — continued |
| |||||||
Township of Palmer Series 2020D, GO, 4.00%, 11/15/2025 | 20 | 23 | ||||||
Township of Radnor Series B, GO, 4.00%, 7/15/2024 | 10 | 11 | ||||||
Township of Spring GO, 5.00%, 11/15/2028 | 25 | 32 | ||||||
Upper Merion Area School District | ||||||||
GO, 5.00%, 1/15/2029 | 350 | 418 | ||||||
GO, 5.00%, 1/15/2031 | 650 | 773 | ||||||
GO, 5.00%, 1/15/2033 | 480 | 570 | ||||||
GO, 5.00%, 1/15/2034 | 200 | 237 | ||||||
GO, 5.00%, 1/15/2035 | 475 | 562 | ||||||
Warwick School District GO, 4.00%, 3/1/2024 | 30 | 33 | ||||||
West Chester Area School District GO, 4.00%, 5/15/2040 | 40 | 47 | ||||||
Wilkes-Barre Area School District | ||||||||
GO, 5.00%, 4/15/2023 | 110 | 118 | ||||||
GO, 3.50%, 4/15/2038 | 370 | 415 | ||||||
GO, 3.50%, 4/15/2039 | 235 | 263 | ||||||
GO, 3.75%, 4/15/2044 | 1,500 | 1,688 | ||||||
|
| |||||||
Total Pennsylvania | 198,458 | |||||||
|
| |||||||
Puerto Rico — 0.3% |
| |||||||
Puerto Rico Public Finance Corp. (Puerto Rico) Series E, Rev., AGC-ICC, AGM-CR, 6.00%, 8/1/2026 (c) | 10,000 | 12,600 | ||||||
|
| |||||||
Rhode Island — 0.0% (e) |
| |||||||
Rhode Island Infrastructure Bank, Municipal Road and Bridge Series 2018A, Rev., 5.00%, 10/1/2024 | 25 | 29 | ||||||
Rhode Island Turnpike and Bridge Authority, Motor Fuel Tax Series 2019A, Rev., 4.00%, 10/1/2044 | 480 | 556 | ||||||
State of Rhode Island and Providence Plantations Consolidated Capital Development Loan Series 2019A, GO, 4.00%, 5/1/2037 | 50 | 60 | ||||||
|
| |||||||
Total Rhode Island | 645 | |||||||
|
| |||||||
South Carolina — 0.3% |
| |||||||
Beaufort-Jasper Water & Sewer Authority Series 2019A, Rev., 5.00%, 3/1/2029 | 25 | 33 | ||||||
Berkeley County School District | ||||||||
Rev., 5.00%, 12/1/2022 | 1,000 | 1,061 | ||||||
Rev., 5.00%, 12/1/2023 | 1,505 | 1,662 | ||||||
Charleston County Airport District Rev., 5.00%, 7/1/2026 | 100 | 122 |
SEE NOTES TO FINANCIAL STATEMENTS.
86 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
South Carolina — continued |
| |||||||
City of Spartanburg, Water System Series B, Rev., 5.00%, 6/1/2031 | 480 | 593 | ||||||
Easley Combined Utility System | ||||||||
Rev., AGM, 4.00%, 12/1/2033 | 600 | 719 | ||||||
Rev., AGM, 4.00%, 12/1/2034 | 780 | 932 | ||||||
Lexington County Health Services District, Inc., LexMed Obligated Group | ||||||||
Rev., 5.00%, 11/1/2029 | 575 | 711 | ||||||
Rev., 4.00%, 11/1/2030 | 750 | 872 | ||||||
Rev., 4.00%, 11/1/2031 | 500 | 579 | ||||||
Rev., 4.00%, 11/1/2032 | 535 | 619 | ||||||
Rev., 4.00%, 11/1/2033 | 200 | 231 | ||||||
Richland County School District No. 1 Series C, GO, SCSDE, 5.00%, 3/1/2025 | 4,000 | 4,569 | ||||||
South Carolina Jobs-Economic Development Authority, Kiawah Life Plan Village, Inc., Project Rev., 8.75%, 7/1/2025 (d) | 625 | 632 | ||||||
South Carolina State Fiscal Accountability Authority, Department of Mental Health Project Rev., 5.00%, 10/1/2037 | 300 | 368 | ||||||
Town of Hilton Head Island, Beach Preservation Fee Pledge Rev., 5.00%, 8/1/2023 | 35 | 38 | ||||||
|
| |||||||
Total South Carolina | 13,741 | |||||||
|
| |||||||
South Dakota — 0.0% (e) |
| |||||||
Brookings School District No. 005-1 GO, 4.00%, 7/1/2026 | 25 | 29 | ||||||
Harrisburg School District No. 41-2 GO, 4.00%, 1/15/2022 (c) | 55 | 56 | ||||||
|
| |||||||
Total South Dakota | 85 | |||||||
|
| |||||||
Tennessee — 5.7% |
| |||||||
Chattanooga Health Educational and Housing Facility Board, Commonspirit Health | ||||||||
Series A-1, Rev., 5.00%, 8/1/2031 | 1,000 | 1,281 | ||||||
Series A-1, Rev., 5.00%, 8/1/2032 | 1,000 | 1,277 | ||||||
Series A-1, Rev., 5.00%, 8/1/2034 | 750 | 951 | ||||||
Series A-1, Rev., 5.00%, 8/1/2035 | 500 | 633 | ||||||
City of Johnson City Series 2019B, GO, 5.00%, 6/1/2028 | 45 | 58 | ||||||
City of Kingsport Series B, GO, 5.00%, 3/1/2025 | 110 | 128 | ||||||
City of Knoxville, Electric System Series 2017-II, Rev., 5.00%, 7/1/2023 | 25 | 27 | ||||||
County of Anderson, Rural Elementary School Series A, GO, 5.00%, 5/1/2025 | 890 | 1,040 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Tennessee — continued |
| |||||||
County of Anderson, Rural High School | ||||||||
Series B, GO, 5.00%, 5/1/2024 | 750 | 844 | ||||||
Series 2018B, GO, 5.00%, 5/1/2025 | 785 | 917 | ||||||
County of Blount Series B, GO, 5.00%, 6/1/2027 | 1,000 | 1,210 | ||||||
County of Knox GO, 5.00%, 6/1/2029 | 1,410 | 1,801 | ||||||
County of Madison GO, 5.00%, 5/1/2026 | 3,770 | 4,557 | ||||||
County of Sevier GO, 5.00%, 6/1/2025 | 145 | 170 | ||||||
County of Shelby Series 2019B, GO, 5.00%, 4/1/2022 | 30 | 31 | ||||||
County of Shelby, Public Improvement Series A, GO, 4.00%, 4/1/2034 | 9,470 | 11,419 | ||||||
County of Sullivan GO, 4.00%, 5/1/2045 | 40 | 45 | ||||||
County of Washington Series 2016A, GO, 4.00%, 6/1/2032 | 35 | 40 | ||||||
County of Wilson GO, 5.00%, 4/1/2022 | 10 | 10 | ||||||
County of Wilson, District School GO, 5.00%, 4/1/2026 | 65 | 79 | ||||||
Franklin Special School District, School Improvement | ||||||||
GO, 5.00%, 6/1/2028 | 100 | 128 | ||||||
GO, 5.00%, 6/1/2030 | 300 | 390 | ||||||
Greeneville Health and Educational Facilities Board, Ballad Health Obligated Group | ||||||||
Series 2018A, Rev., 5.00%, 7/1/2031 | 4,500 | 4,881 | ||||||
Series 2018A, Rev., 5.00%, 7/1/2032 | 4,000 | 4,336 | ||||||
Series 2018A, Rev., 5.00%, 7/1/2033 | 5,300 | 5,742 | ||||||
Knox County Health Educational and Housing Facility Board, East Tennessee Children’s Hospital | ||||||||
Rev., 5.00%, 11/15/2025 | 855 | 1,015 | ||||||
Rev., 5.00%, 11/15/2027 | 800 | 1,003 | ||||||
Metropolitan Government Nashville and Davidson County, Health and Educational Facilities Board, Trevecca Nazarene University Project Series 2021B, Rev., 4.00%, 10/1/2041 | 1,135 | 1,289 | ||||||
Metropolitan Government of Nashville & Davidson County | ||||||||
GO, 5.00%, 7/1/2029 | 27,295 | 34,938 | ||||||
GO, 4.00%, 7/1/2036 | 24,290 | 29,093 | ||||||
Metropolitan Government of Nashville and Davidson County | ||||||||
GO, 5.00%, 7/1/2024 | 15 | 17 | ||||||
Series C, GO, 5.00%, 7/1/2025 (c) | 5,500 | 6,488 | ||||||
GO, 5.00%, 1/1/2031 | 15 | 18 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 87 |
Table of Contents
JPMorgan Intermediate Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Tennessee — continued |
| |||||||
GO, 4.00%, 7/1/2031 | 17,400 | 20,500 | ||||||
GO, 5.00%, 7/1/2031 | 10,000 | 12,718 | ||||||
GO, 4.00%, 7/1/2037 | 16,205 | 19,362 | ||||||
Metropolitan Nashville Airport Authority (The), Subordinate Airport | ||||||||
Series 2019A, Rev., 5.00%, 7/1/2031 | 850 | 1,122 | ||||||
Series 2019A, Rev., 5.00%, 7/1/2032 | 850 | 1,118 | ||||||
Series 2019A, Rev., 5.00%, 7/1/2033 | 825 | 1,081 | ||||||
Series 2019A, Rev., 5.00%, 7/1/2034 | 275 | 359 | ||||||
Series 2019A, Rev., 5.00%, 7/1/2035 | 545 | 710 | ||||||
Series 2019B, Rev., AMT, 5.00%, 7/1/2035 | 300 | 386 | ||||||
Series 2019A, Rev., 5.00%, 7/1/2036 | 1,150 | 1,494 | ||||||
Series 2019A, Rev., 5.00%, 7/1/2037 | 1,750 | 2,267 | ||||||
Series 2019A, Rev., 5.00%, 7/1/2039 | 1,800 | 2,321 | ||||||
Series 2019B, Rev., AMT, 5.00%, 7/1/2039 | 625 | 795 | ||||||
Series 2019A, Rev., 5.00%, 7/1/2044 | 1,620 | 2,063 | ||||||
Series 2019B, Rev., AMT, 4.00%, 7/1/2054 | 1,550 | 1,775 | ||||||
Shelby County Health Educational and Housing Facilities Board, The Farms at Bailey Station Project | ||||||||
Series 2019A, Rev., 5.75%, 10/1/2049 | 2,420 | 2,621 | ||||||
Series 2019A, Rev., 5.75%, 10/1/2054 | 4,280 | 4,618 | ||||||
Series 2019A, Rev., 5.75%, 10/1/2059 | 1,040 | 1,116 | ||||||
Tennessee Energy Acquisition Corp., Gas Project | ||||||||
Series 2017A, Rev., 4.00%, 5/1/2023 (b) | 22,170 | 23,416 | ||||||
Rev., 4.00%, 11/1/2025 (b) | 29,000 | 32,870 | ||||||
Series 2006B, Rev., 5.63%, 9/1/2026 | 5,000 | 6,119 | ||||||
Tennessee State School Bond Authority, Higher Educational Facilities Second Program | ||||||||
Series A, Rev., 5.00%, 11/1/2026 | 15 | 18 | ||||||
Series B, Rev., 5.00%, 11/1/2030 | 3,645 | 4,553 | ||||||
Series B, Rev., 5.00%, 11/1/2031 | 75 | 93 | ||||||
|
| |||||||
Total Tennessee | 259,351 | |||||||
|
| |||||||
Texas — 4.6% |
| |||||||
Alto Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2030 | 25 | 32 | ||||||
Arlington Higher Education Finance Corp. | ||||||||
Series 2021A, Rev., 5.00%, 8/15/2024 | 195 | 217 | ||||||
Series 2021A, Rev., 5.00%, 8/15/2025 | 205 | 235 | ||||||
Series 2021A, Rev., 5.00%, 8/15/2026 | 190 | 223 | ||||||
Series 2021A, Rev., 5.00%, 8/15/2027 | 105 | 125 | ||||||
Series 2021A, Rev., 5.00%, 8/15/2028 | 35 | 41 | ||||||
Series 2021A, Rev., 4.00%, 8/15/2029 | 40 | 45 | ||||||
Series 2021A, Rev., 4.00%, 8/15/2030 | 45 | 50 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Texas — continued |
| |||||||
Series 2021A, Rev., 4.00%, 8/15/2031 | 45 | 50 | ||||||
Series 2021A, Rev., 4.00%, 8/15/2036 | 170 | 188 | ||||||
Series 2021A, Rev., 4.00%, 8/15/2041 | 305 | 337 | ||||||
Arlington Higher Education Finance Corp., Uplift Education Series 2020A, Rev., PSF-GTD, 4.00%, 12/1/2032 | 20 | 24 | ||||||
Arlington Independent School District, Unlimited Tax | ||||||||
GO, PSF-GTD, 5.00%, 2/15/2031 | 40 | 52 | ||||||
GO, PSF-GTD, 4.00%, 2/15/2036 | 25 | 30 | ||||||
Austin Community College District, Limited Tax GO, 5.00%, 8/1/2030 | 35 | 44 | ||||||
Baytown Municipal Development District, Baytown Convention Center Hotel, First Lien | ||||||||
Series 2021A, Rev., 2.50%, 10/1/2031 | 270 | 271 | ||||||
Series 2021A, Rev., 4.00%, 10/1/2050 | 875 | 966 | ||||||
Belton Independent School District, Unlimited Tax GO, PSF-GTD, 4.00%, 2/15/2032 | 25 | 29 | ||||||
Bexar County Hospital District, Limited Tax GO, 4.00%, 2/15/2036 | 25 | 29 | ||||||
Board of Regents of the University of Texas System, Financing System | ||||||||
Series 2016E, Rev., 5.00%, 8/15/2026 | 25 | 31 | ||||||
Series 2016J, Rev., 5.00%, 8/15/2027 | 50 | 60 | ||||||
City of Austin GO, 5.00%, 9/1/2030 | 10 | 11 | ||||||
City of Austin, Airport System | ||||||||
Rev., AMT, 5.00%, 11/15/2033 | 500 | 568 | ||||||
Series 2019B, Rev., AMT, 5.00%, 11/15/2036 | 1,000 | 1,276 | ||||||
Series 2017B, Rev., AMT, 5.00%, 11/15/2046 | 5,000 | 5,970 | ||||||
City of Austin, Water & Wastewater System Series 2015A, Rev., 5.00%, 11/15/2023 | 25 | 28 | ||||||
City of Carrollton GO, 5.00%, 8/15/2024 | 10 | 11 | ||||||
City of College Station GO, 5.00%, 2/15/2024 | 25 | 28 | ||||||
City of Conroe Series 2019B, GO, 5.00%, 11/15/2028 | 20 | 26 | ||||||
City of Copperas Cove, Combination Tax GO, 5.00%, 8/15/2027 | 20 | 25 | ||||||
City of Dallas GO, 5.00%, 2/15/2029 | 2,505 | 2,891 | ||||||
City of Denton GO, 5.00%, 2/15/2025 | 25 | 29 | ||||||
City of El Paso | ||||||||
GO, 4.00%, 8/15/2031 | 75 | 87 | ||||||
Series 2020A, GO, 4.00%, 8/15/2035 | 750 | 900 | ||||||
City of Fort Worth, General Purpose, Tarrant Denton Parker Johnson, General Purpose GO, 5.00%, 3/1/2028 | 30 | 38 |
SEE NOTES TO FINANCIAL STATEMENTS.
88 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Texas — continued |
| |||||||
City of Fort Worth, Water and Sewer System Improvement Series 2015A, Rev., 5.00%, 2/15/2023 | 35 | 37 | ||||||
City of Frisco Series 2011, GO, 5.00%, 2/15/2023 | 2,160 | 2,168 | ||||||
City of Grand Prairie, Combination Tax | ||||||||
GO, 5.00%, 2/15/2026 | 20 | 24 | ||||||
Series 2019A, GO, 5.00%, 2/15/2029 | 20 | 25 | ||||||
City of Houston, Airport System, Subordinate Lien | ||||||||
Series 2018C, Rev., AMT, 5.00%, 7/1/2027 | 175 | 217 | ||||||
Series 2018B, Rev., 5.00%, 7/1/2030 | 85 | 108 | ||||||
Series 2018A, Rev., AMT, 5.00%, 7/1/2031 | 250 | 313 | ||||||
Series 2018D, Rev., 5.00%, 7/1/2038 | 65 | 81 | ||||||
City of Houston, Airport System, United Airlines, Inc., Terminal Series 2021B-1, Rev., AMT, 4.00%, 7/15/2041 | 3,600 | 3,916 | ||||||
City of Houston, Combined Utility System, First Lien | ||||||||
Series 2014C, Rev., 5.00%, 5/15/2023 | 20 | 22 | ||||||
Series 2016B, Rev., 4.00%, 11/15/2031 | 25 | 29 | ||||||
Series 2016B, Rev., 5.00%, 11/15/2036 | 1,435 | 1,752 | ||||||
Series 2016B, Rev., 4.00%, 11/15/2037 | 40 | 46 | ||||||
City of Houston, Combined Utility System, Junior Lien Series A, Rev., AGM, 5.75%, 12/1/2032 (c) | 2,000 | 2,995 | ||||||
City of Houston, Public Improvement Series A, GO, 5.00%, 3/1/2024 (c) | 5,300 | 5,939 | ||||||
City of Irving, Hotel Occupancy, Occupancy Tax | ||||||||
GO, 5.50%, 8/15/2027 | 2,785 | 3,570 | ||||||
GO, 5.00%, 8/15/2028 | 40 | 50 | ||||||
City of Irving, Waterworks & Sewer System Rev., 5.00%, 8/15/2029 | 20 | 26 | ||||||
City of Killeen GO, 4.00%, 8/1/2033 | 50 | 57 | ||||||
City of Laredo GO, 5.00%, 2/15/2023 | 45 | 48 | ||||||
City of Laredo, Waterworks & Sewer System | ||||||||
Rev., 4.00%, 3/1/2035 | 30 | 35 | ||||||
Rev., 4.00%, 3/1/2040 | 100 | 109 | ||||||
City of League City GO, 5.00%, 2/15/2023 | 20 | 21 | ||||||
City of Longview | ||||||||
GO, 5.00%, 6/1/2023 | 40 | 44 | ||||||
GO, 5.00%, 9/1/2023 | 25 | 27 | ||||||
City of Lubbock GO, 5.00%, 2/15/2026 | 35 | 42 | ||||||
City of Mansfield GO, 5.00%, 2/15/2024 | 30 | 34 | ||||||
City of McAllen GO, 5.00%, 2/15/2029 | 355 | 450 | ||||||
City of Mesquite GO, 5.00%, 2/15/2023 | 40 | 43 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Texas — continued |
| |||||||
City of Midland, Certificates of Obligation GO, 5.00%, 3/1/2024 | 55 | 62 | ||||||
City of Missouri GO, 5.00%, 6/15/2023 | 55 | 60 | ||||||
City of Pflugerville, Combination Tax, Certificates of Obligation GO, 5.00%, 8/1/2033 | 30 | 39 | ||||||
City of Pflugerville, Limited Tax GO, 5.00%, 8/1/2026 | 25 | 30 | ||||||
City of Plano | ||||||||
GO, 5.00%, 9/1/2028 | 2,210 | 2,741 | ||||||
GO, 5.00%, 9/1/2029 | 1,855 | 2,295 | ||||||
City of San Antonio, Electric and Gas Systems | ||||||||
Rev., 5.00%, 2/1/2023 | 35 | 37 | ||||||
Rev., 5.00%, 2/1/2026 | 6,000 | 7,203 | ||||||
Rev., 5.00%, 2/1/2028 | 310 | 394 | ||||||
Rev., 5.00%, 2/1/2029 | 100 | 123 | ||||||
Series 2020, Rev., 5.00%, 2/1/2036 | 30 | 39 | ||||||
City of San Antonio, General Improvement GO, 5.00%, 8/1/2027 | 20 | 25 | ||||||
City of The Colony, Combination Tax, Certificates of Obligation GO, 5.00%, 2/15/2023 | 25 | 27 | ||||||
City of Victoria, Utility System Rev., 5.00%, 12/1/2023 (c) | 2,705 | 2,999 | ||||||
City of Waco GO, 5.00%, 2/1/2023 | 35 | 37 | ||||||
City of Waco, Combination Tax, Certificates of Obligation GO, 5.00%, 2/1/2028 | 35 | 44 | ||||||
City of Wylie, Combination Tax GO, 4.00%, 2/15/2024 | 20 | 22 | ||||||
Cleveland Independent School District, Unlimited Tax School Building Series 2018A, GO, PSF-GTD, 5.00%, 2/15/2031 | 80 | 101 | ||||||
Coastal Water Authority, City of Houston Projects | ||||||||
Rev., 5.00%, 12/15/2022 | 3,160 | 3,172 | ||||||
Rev., 5.00%, 12/15/2025 | 5,115 | 5,136 | ||||||
Collin County Community College District, Limited Tax GO, 5.00%, 8/15/2029 | 11,990 | 15,065 | ||||||
Comal Independent School District, Unlimited Tax | ||||||||
Series B, GO, PSF-GTD, 5.00%, 2/1/2023 | 100 | 107 | ||||||
GO, PSF-GTD, 5.00%, 2/1/2026 | 35 | 42 | ||||||
Conroe Local Government Corp., Conroe Convention Center Hotel Series 2021A, Rev., 2.50%, 10/1/2031 | 125 | 126 | ||||||
County of Brazos, Limited Tax GO, 5.00%, 9/1/2025 | 45 | 53 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 89 |
Table of Contents
JPMorgan Intermediate Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Texas — continued |
| |||||||
County of Denton, Permanent Improvement GO, 5.00%, 7/15/2027 | 50 | 61 | ||||||
County of Harris, Toll Road, Senior Lien | ||||||||
Series 2016A, Rev., 5.00%, 8/15/2028 | 4,500 | 5,478 | ||||||
Series 2016A, Rev., 5.00%, 8/15/2036 | 60 | 72 | ||||||
County of Harris, Unlimited Tax Series 2015A, GO, 5.00%, 10/1/2026 | 350 | 417 | ||||||
County of Hays, Unlimited Tax GO, 5.00%, 2/15/2031 | 45 | 57 | ||||||
County of Hidalgo Series 2018B, GO, 5.00%, 8/15/2028 | 25 | 32 | ||||||
County of Lubbock GO, 5.00%, 2/15/2023 | 45 | 48 | ||||||
County of Parker, Unlimited Tax GO, 5.00%, 2/15/2023 | 20 | 21 | ||||||
County of Williamson, Limited Tax GO, 5.00%, 2/15/2027 | 50 | 62 | ||||||
Cypress-Fairbanks Independent School District, Unlimited Tax | ||||||||
GO, PSF-GTD, 5.00%, 2/15/2026 | 55 | 66 | ||||||
Series 2019A, GO, PSF-GTD, 5.00%, 2/15/2031 | 25 | 32 | ||||||
Dallas Area Rapid Transit, Sales Tax, Senior Lien | ||||||||
Rev., 5.00%, 12/1/2029 | 50 | 66 | ||||||
Series 2020A, Rev., 5.00%, 12/1/2030 | 45 | 60 | ||||||
Rev., 5.00%, 12/1/2031 | 45 | 59 | ||||||
Series 2016A, Rev., 5.00%, 12/1/2048 | 9,905 | 11,606 | ||||||
Dallas Fort Worth International Airport Series F, Rev., 5.00%, 11/1/2024 | 5,000 | 5,513 | ||||||
Dallas Independent School District, Unlimited Tax GO, 5.00%, 2/15/2031 | 30 | 38 | ||||||
Danbury Higher Education Authority, Inc., Golden Rule Schools, Inc. Rev., PSF-GTD, 4.00%, 2/15/2028 | 250 | 291 | ||||||
Forney Independent School District, Unlimited Tax GO, PSF-GTD, Zero Coupon, 8/16/2026 | 15 | 14 | ||||||
Fort Bend County Municipal Utility District No. 25, Unlimited Tax | ||||||||
GO, 4.00%, 10/1/2022 | 100 | 104 | ||||||
GO, 4.00%, 10/1/2023 | 150 | 161 | ||||||
GO, 4.00%, 10/1/2024 | 375 | 414 | ||||||
Fort Bend Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 8/15/2029 | 35 | 44 | ||||||
Garland Independent School District, Unlimited Tax, School Building Series 2015 A, GO, PSF-GTD, 5.00%, 2/15/2026 | 10 | 12 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Texas — continued |
| |||||||
Georgetown Independent School District, Unlimited Tax Series 2019-D, GO, 4.00%, 8/15/2033 | 30 | 35 | ||||||
Goose Creek Consolidated Independent School District Series 2019A, GO, PSF-GTD, 5.00%, 2/15/2027 | 30 | 37 | ||||||
Grand Parkway Transportation Corp., System Toll Series 2018A, Rev., 5.00%, 10/1/2034 | 45 | 56 | ||||||
Grapevine-Colleyville Independent School District, Unlimited Tax, School Building GO, PSF-GTD, 5.00%, 8/15/2027 | 1,000 | 1,182 | ||||||
Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System Series 2014A, Rev., 5.00%, 12/1/2028 | 185 | 212 | ||||||
Harris County Toll Road Authority (The), Senior Lien | ||||||||
Series 2018A, Rev., 5.00%, 8/15/2023 | 35 | 39 | ||||||
Series 2018A, Rev., 5.00%, 8/15/2024 | 30 | 34 | ||||||
Harris County-Houston Sports Authority, Taxable Senior Lien Series A, Rev., AGM, 5.00%, 11/15/2024 | 30 | 34 | ||||||
Haskell Consolidated Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2029 | 10 | 12 | ||||||
Houston Community College System, Combined Fee | ||||||||
Rev., 5.00%, 4/15/2023 | 25 | 27 | ||||||
Rev., 4.00%, 4/15/2031 | 25 | 28 | ||||||
Houston Community College System, Maintenance Tax GO, 5.00%, 2/15/2026 | 100 | 120 | ||||||
Houston Higher Education Finance Corp., Houston Baptist University Rev., 3.38%, 10/1/2037 | 250 | 250 | ||||||
Houston Independent School District, Maintenance Tax Notes GO, 5.00%, 7/15/2031 | 9,700 | 12,341 | ||||||
Hurst-Euless-Bedford Independent School District, Unlimited Tax Series 2017A, GO, 5.00%, 8/15/2024 | 80 | 91 | ||||||
Irving Independent School District, Unlimited Tax Series 2015A, GO, PSF-GTD, 5.00%, 2/15/2023 | 50 | 54 | ||||||
Keller Independent School District, Unlimited Tax Series B, GO, PSF-GTD, 5.00%, 8/15/2030 | 25 | 30 | ||||||
Killeen Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2035 | 25 | 31 |
SEE NOTES TO FINANCIAL STATEMENTS.
90 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Texas — continued |
| |||||||
La Porte Independent School District, Unlimited Tax GO, 4.00%, 2/15/2030 | 20 | 22 | ||||||
Lake Travis Independent School District, School Building Series 2018A, GO, PSF-GTD, 5.00%, 2/15/2029 | 35 | 43 | ||||||
Lancaster Independent School District Series 2015-C, GO, 5.00%, 2/15/2033 | 45 | 52 | ||||||
Lewisville Independent School District, Unlimited Tax | ||||||||
GO, 5.00%, 8/15/2023 | 20 | 22 | ||||||
Series 2016A, GO, PSF-GTD, 5.00%, 8/15/2024 | 10 | 11 | ||||||
Series A, GO, PSF-GTD, 4.00%, 8/15/2026 | 505 | 577 | ||||||
GO, PSF-GTD, 5.00%, 8/15/2026 | 35 | 43 | ||||||
Longview Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2025 | 80 | 93 | ||||||
Lufkin Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 8/15/2025 | 40 | 47 | ||||||
Matagorda County Navigation District No. 1, Pollution Control, Central Power and Light Co. Project Series 2001A, Rev., 2.60%, 11/1/2029 | 4,625 | 5,019 | ||||||
Metropolitan Transit Authority of Harris County Sales and Use Tax, Contractual Obligations Rev., 5.00%, 11/1/2023 | 25 | 28 | ||||||
New Hope Cultural Education Facilities Finance Corp., Westminster Project Rev., 4.00%, 11/1/2049 | 600 | 684 | ||||||
North Texas Municipal Water District Water System, Refunding and Improvement | ||||||||
Rev., 5.00%, 9/1/2027 | 2,900 | 3,545 | ||||||
Rev., 5.00%, 9/1/2035 | 20 | 23 | ||||||
North Texas Municipal Water District, Upper East Fork Wastewater Interceptor System Rev., 5.00%, 6/1/2027 | 15 | 19 | ||||||
North Texas Municipal Water District, Wastewater System Rev., 5.00%, 6/1/2027 | 15 | 19 | ||||||
North Texas Tollway Authority, First Tier Series 2017A, Rev., 5.00%, 1/1/2030 | 1,140 | 1,345 | ||||||
North Texas Tollway Authority, Second Tier | ||||||||
Series 2017B, Rev., 5.00%, 1/1/2026 | 550 | 585 | ||||||
Series 2017B, Rev., 5.00%, 1/1/2027 | 950 | 1,129 | ||||||
Series 2017B, Rev., 5.00%, 1/1/2030 | 1,100 | 1,293 | ||||||
North Texas Tollway Authority, Special Projects System | ||||||||
Series 2011D, Rev., 5.25%, 9/1/2021 (c) | 25 | 25 | ||||||
Series 2011A, Rev., 5.50%, 9/1/2021 (c) | 4,000 | 4,000 | ||||||
Series A, Rev., 6.00%, 9/1/2021 (c) | 3,000 | 3,000 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Texas — continued |
| |||||||
Pearland Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2024 | 25 | 28 | ||||||
Permanent University Fund — Texas A&M University System Series A, Rev., 5.25%, 7/1/2028 | 2,015 | 2,383 | ||||||
Pharr San Juan Alamo Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/1/2024 | 75 | 84 | ||||||
Port Authority of Houston of Harris County Texas Series 2015A, GO, 5.00%, 10/1/2023 | 25 | 28 | ||||||
San Antonio Education Facilities Corp., University of the Incarnate Word | ||||||||
Series 2021A, Rev., 4.00%, 4/1/2038 | 850 | 1,009 | ||||||
Series 2021A, Rev., 4.00%, 4/1/2039 | 1,000 | 1,184 | ||||||
Series 2021A, Rev., 4.00%, 4/1/2040 | 1,000 | 1,178 | ||||||
Series 2021A, Rev., 4.00%, 4/1/2041 | 900 | 1,058 | ||||||
San Antonio Water System, Junior Lien Series C, Rev., 5.00%, 5/15/2031 | 1,125 | 1,374 | ||||||
San Jacinto Community College District, Limited Tax | ||||||||
Series 2019A, GO, 5.00%, 2/15/2023 | 25 | 27 | ||||||
Series 2016A, GO, 5.00%, 2/15/2024 | 75 | 84 | ||||||
Series 2016B, GO, 5.00%, 2/15/2024 | 20 | 22 | ||||||
South Texas College, Limited Tax GO, 5.00%, 8/15/2023 | 40 | 44 | ||||||
Southwest Houston Redevelopment Authority, Tax Increment | ||||||||
Rev., AGM, 5.00%, 9/1/2027 | 40 | 48 | ||||||
Rev., AGM, 5.00%, 9/1/2028 | 190 | 233 | ||||||
Rev., AGM, 5.00%, 9/1/2030 | 175 | 221 | ||||||
Rev., AGM, 4.00%, 9/1/2031 | 225 | 264 | ||||||
Rev., AGM, 4.00%, 9/1/2032 | 250 | 292 | ||||||
Rev., AGM, 4.00%, 9/1/2033 | 225 | 261 | ||||||
Rev., AGM, 4.00%, 9/1/2034 | 225 | 260 | ||||||
Rev., AGM, 4.00%, 9/1/2035 | 225 | 260 | ||||||
Rev., AGM, 4.00%, 9/1/2036 | 350 | 403 | ||||||
Rev., AGM, 4.00%, 9/1/2037 | 390 | 449 | ||||||
State of Texas, Transportation Commission Mobility Fund Series 2017B, GO, 5.00%, 10/1/2030 | 11,185 | 14,009 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., Christus Health | ||||||||
Series 2018A, Rev., 5.00%, 7/1/2025 | 150 | 175 | ||||||
Series 2018A, Rev., 5.00%, 7/1/2028 | 40 | 51 | ||||||
Series 2018B, Rev., 5.00%, 7/1/2033 | 100 | 125 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 91 |
Table of Contents
JPMorgan Intermediate Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Texas — continued |
| |||||||
Tarrant County Cultural Education Facilities Finance Corp., Health Resources System Rev., 5.00%, 2/15/2026 | 50 | 60 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., Hospital, Cook Children’s Medical Center | ||||||||
Rev., 5.00%, 12/1/2027 | 50 | 63 | ||||||
Rev., 5.00%, 12/1/2029 | 25 | 33 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., Retirement Facility, MRC Stevenson Oaks Project | ||||||||
Series 2020A, Rev., 6.25%, 11/15/2031 | 500 | 597 | ||||||
Series 2020A, Rev., 6.63%, 11/15/2041 | 2,545 | 3,035 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., Retirement Facility, MRC Stevenson Oaks Project, Tax Exempt | ||||||||
Series 2020B-2, Rev., 3.00%, 11/15/2026 | 1,665 | 1,684 | ||||||
Series 2020B-1, Rev., 4.00%, 11/15/2027 | 18,900 | 19,284 | ||||||
Tarrant Regional, Water Control and Improvement District, Water System Rev., 4.00%, 3/1/2031 | 25 | 29 | ||||||
Texas A&M University, Financing System Series E, Rev., 5.00%, 5/15/2026 | 2,840 | 3,440 | ||||||
Texas Municipal Gas Acquisition and Supply Corp., I Gas Supply Senior Lien Series D, Rev., 6.25%, 12/15/2026 | 3,980 | 4,668 | ||||||
Texas Water Development Board, State Revolving Fund Rev., 5.00%, 8/1/2038 | 45 | 58 | ||||||
Texas Water Development Board, Water Implementation Fund | ||||||||
Series 2019A, Rev., 5.00%, 4/15/2023 | 25 | 27 | ||||||
Series 2018B, Rev., 5.00%, 4/15/2030 | 7,000 | 9,037 | ||||||
Town of Addison GO, 4.00%, 2/15/2023 | 100 | 106 | ||||||
Trinity River Authority, Central Regional Wastewater System | ||||||||
Rev., 5.00%, 8/1/2028 | 25 | 32 | ||||||
Rev., 5.00%, 8/1/2029 | 20 | 25 | ||||||
University of Houston Series 2017A, Rev., 5.00%, 2/15/2037 | 30 | 35 | ||||||
University of North Texas System Series 2015A, Rev., 5.00%, 4/15/2040 | 50 | 57 | ||||||
Waxahachie Independent School District, Unlimited Tax GO, PSF-GTD, 4.00%, 8/15/2041 | 25 | 27 | ||||||
Weslaco Independent School District, Limited Maintenance Tax Notes GO, AGM, 5.00%, 2/15/2028 | 25 | 31 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Texas — continued |
| |||||||
West Harris County Regional Water Authority | ||||||||
Rev., 5.00%, 12/15/2032 | 910 | 1,190 | ||||||
Rev., 5.00%, 12/15/2035 | 1,160 | 1,504 | ||||||
Rev., 5.00%, 12/15/2036 | 1,325 | 1,715 | ||||||
|
| |||||||
Total Texas | 210,430 | |||||||
|
| |||||||
Utah — 0.7% |
| |||||||
City of Orem | ||||||||
GO, 5.00%, 12/1/2026 | 155 | 191 | ||||||
GO, 5.00%, 12/1/2027 | 520 | 659 | ||||||
GO, 5.00%, 12/1/2028 | 565 | 732 | ||||||
City of Park City, Sales Tax Rev., 5.00%, 6/15/2026 | 2,165 | 2,610 | ||||||
City of Provo GO, 5.00%, 2/1/2027 | 1,230 | 1,522 | ||||||
City of Salt Lake, International Airport | ||||||||
Series 2018A, Rev., AMT, 5.00%, 7/1/2027 | 140 | 174 | ||||||
Series 2018A, Rev., AMT, 5.00%, 7/1/2031 | 120 | 149 | ||||||
Series 2018B, Rev., 5.00%, 7/1/2048 | 25 | 31 | ||||||
City of Salt Lake, Public Utilities Rev., 5.00%, 2/1/2032 | 10 | 12 | ||||||
County of Davis, Sales Tax Series 2019B, Rev., 5.00%, 4/1/2026 | 30 | 36 | ||||||
County of Utah, IHC Health Services, Inc. | ||||||||
Series 2018A, Rev., 5.00%, 5/15/2032 | 25 | 31 | ||||||
Series 2018A, Rev., 5.00%, 5/15/2034 | 70 | 88 | ||||||
Series 2018A, Rev., 5.00%, 5/15/2038 | 30 | 37 | ||||||
County of Utah, Transportation Sales Tax Rev., 5.00%, 12/1/2023 | 35 | 39 | ||||||
Davis School District, School District Bond Guaranty Program Series 2019A, GO, 5.00%, 6/1/2031 | 35 | 45 | ||||||
Jordan School District, School Building GO, 5.00%, 6/15/2026 | 950 | 1,117 | ||||||
Local Building Authority of Alpine School District Rev., 5.00%, 3/15/2025 | 75 | 87 | ||||||
Mida Mountain Village Public Infrastructure District, Mountain Village Assessment Area #2 | ||||||||
4.00%, 8/1/2024 (d) | 1,120 | 1,193 | ||||||
4.00%, 8/1/2026 (d) | 1,290 | 1,410 | ||||||
4.00%, 8/1/2028 (d) | 1,230 | 1,363 | ||||||
4.00%, 8/1/2031 (d) | 1,000 | 1,113 | ||||||
Military Installation Development Authority, Tax Allocation Series 2021A-2, Rev., 4.00%, 6/1/2036 | 1,150 | 1,210 |
SEE NOTES TO FINANCIAL STATEMENTS.
92 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Utah — continued |
| |||||||
Military Installation Development Authority, Tax Allocation and Hotel Tax | ||||||||
Series 2021A-1, Rev., 4.00%, 6/1/2036 | 650 | 690 | ||||||
Series 2021A-1, Rev., 4.00%, 6/1/2041 | 525 | 550 | ||||||
State of Utah GO, 5.00%, 7/1/2029 | 4,925 | 6,149 | ||||||
University of Utah (The) | ||||||||
Series 2013A, Rev., 5.00%, 8/1/2023 | 25 | 27 | ||||||
Series 2015B, Rev., 5.00%, 8/1/2023 | 40 | 44 | ||||||
Series 2014A-1, Rev., 5.00%, 8/1/2024 | 15 | 17 | ||||||
Series 2017A, Rev., 5.00%, 8/1/2032 | 40 | 49 | ||||||
Series 2019A, Rev., 5.00%, 8/1/2032 | 70 | 92 | ||||||
Utah Infrastructure Agency, Tax-Exempt Telecommunications | ||||||||
Series A, Rev., 5.00%, 10/15/2023 | 620 | 680 | ||||||
Series 2018A, Rev., 5.00%, 10/15/2025 | 1,450 | 1,670 | ||||||
Series A, Rev., 5.00%, 10/15/2028 | 1,000 | 1,223 | ||||||
Series 2018A, Rev., 5.25%, 10/15/2033 | 965 | 1,166 | ||||||
Utah Transit Authority, Sales Tax Series 2008A, Rev., 5.25%, 6/15/2022 | 25 | 26 | ||||||
Utah Transit Authority, Subordinate Sales Tax Rev., 4.00%, 12/15/2031 | 40 | 46 | ||||||
Utah Water Finance Agency, Loan Financing Program | ||||||||
Series 2019A, Rev., 5.00%, 3/1/2028 | 50 | 63 | ||||||
Series B, Rev., 5.00%, 3/1/2031 | 1,685 | 2,163 | ||||||
Series B, Rev., 5.00%, 3/1/2032 | 800 | 1,023 | ||||||
Series B, Rev., 5.00%, 3/1/2033 | 660 | 842 | ||||||
Series 2017C, Rev., 5.00%, 3/1/2034 | 350 | 424 | ||||||
West Jordan Municipal Building Authority Rev., 5.00%, 10/1/2023 | 5 | 5 | ||||||
West Valley City Municipal Building Authority Rev., AGM, 5.00%, 2/1/2039 | 30 | 36 | ||||||
|
| |||||||
Total Utah | 30,834 | |||||||
|
| |||||||
Vermont — 0.0% (e) |
| |||||||
City of Burlington, Public Improvement Series 2019A, GO, 4.00%, 11/1/2034 | 125 | 149 | ||||||
University of Vermont and State Agricultural College Rev., 5.00%, 10/1/2024 | 25 | 29 | ||||||
Vermont Educational and Health Buildings Financing Agency, Middlebury College Project Series A, Rev., 5.00%, 11/1/2023 | 20 | 21 | ||||||
Vermont Municipal Bond Bank Series 2017-4, Rev., 5.00%, 12/1/2027 | 25 | 32 | ||||||
|
| |||||||
Total Vermont | 231 | |||||||
|
|
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Virginia — 2.0% |
| |||||||
City of Alexandria Series 2017C, GO, 5.00%, 7/1/2026 | 4,065 | 4,961 | ||||||
City of Hampton, Public Improvement Series 2018A, GO, 5.00%, 9/1/2027 | 10 | 13 | ||||||
City of Newport News Rev., 5.00%, 7/15/2024 | 10 | 11 | ||||||
City of Portsmouth, Tax Exempt Series A, GO, 5.00%, 7/15/2029 | 5,215 | 6,510 | ||||||
City of Richmond, Public Improvement | ||||||||
Series 2017D, GO, 5.00%, 3/1/2025 | 35 | 41 | ||||||
Series 2017D, GO, 5.00%, 3/1/2029 | 7,750 | 10,156 | ||||||
County of Arlington, Public Improvement GO, 5.00%, 8/15/2029 | 7,455 | 9,372 | ||||||
County of Chesterfield, Public Improvement Series 2018A, GO, 5.00%, 1/1/2027 | 30 | 37 | ||||||
County of Fairfax, Sewer Series 2016A, Rev., 4.00%, 7/15/2038 | 50 | 57 | ||||||
County of Henrico, Public Improvement GO, 5.00%, 7/15/2025 | 25 | 30 | ||||||
Culpeper County Economic Development Authority, Capital Projects Rev., 5.00%, 6/1/2022 | 75 | 78 | ||||||
Fairfax County Water Authority Subseries B, Rev., 5.25%, 4/1/2025 | 3,500 | 4,121 | ||||||
Hampton Roads Transportation Accountability Commission, Transportation Fund, Senior Lien Series 2018A, Rev., 5.00%, 7/1/2027 | 45 | 57 | ||||||
Northern Virginia Transportation Authority, Special Tax | ||||||||
Rev., 5.00%, 6/1/2024 | 400 | 453 | ||||||
Rev., 5.00%, 6/1/2033 | 2,035 | 2,290 | ||||||
Rev., 5.00%, 6/1/2034 | 2,285 | 2,569 | ||||||
Powhatan County Economic Development Authority Rev., 5.00%, 10/15/2025 | 25 | 30 | ||||||
Virginia Beach Development Authority, Public Facility | ||||||||
Series 2015A, Rev., 5.00%, 3/1/2025 | 1,925 | 2,237 | ||||||
Series B, Rev., 5.00%, 7/15/2025 | 2,635 | 3,102 | ||||||
Virginia Beach Development Authority, Westminster-Canterbury on Chesapeake Bay Rev., 5.00%, 9/1/2021 | 30 | 30 | ||||||
Virginia College Building Authority, Education Facilities, Regent University Project | ||||||||
Rev., 5.00%, 6/1/2029 | 350 | 444 | ||||||
Rev., 5.00%, 6/1/2030 | 220 | 283 | ||||||
Rev., 5.00%, 6/1/2031 | 165 | 216 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 93 |
Table of Contents
JPMorgan Intermediate Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Virginia — continued |
| |||||||
Virginia College Building Authority, Educational Facilities, 21st Century College and Equipment Programs | ||||||||
Series 2009E-1, Rev., 5.00%, 2/1/2022 | 20 | 20 | ||||||
Series 2016A, Rev., 5.00%, 2/1/2022 | 40 | 42 | ||||||
Series 2017E, Rev., 5.00%, 2/1/2028 | 20 | 25 | ||||||
Virginia College Building Authority, Educational Facilities, Public Higher Education Financing Program Series B, Rev., 5.00%, 9/1/2024 | 250 | 286 | ||||||
Virginia College Building Authority, Educational Facilities, Washington & Lee University Project | ||||||||
Rev., NATL-RE, 5.25%, 1/1/2026 | 5,045 | 5,622 | ||||||
Rev., NATL-RE, 5.25%, 1/1/2031 | 30 | 39 | ||||||
Virginia Commonwealth Transportation Board, Capital Projects | ||||||||
Rev., 5.00%, 5/15/2023 | 25 | 27 | ||||||
Series 2017A, Rev., 5.00%, 5/15/2027 | 5,500 | 6,868 | ||||||
Series A, Rev., 5.00%, 5/15/2028 | 2,750 | 3,479 | ||||||
Series A, Rev., 5.00%, 5/15/2030 | 10,000 | 12,573 | ||||||
Series 2017A, Rev., 5.00%, 5/15/2032 | 35 | 44 | ||||||
Virginia Commonwealth Transportation Board, Federal Transportation | ||||||||
Series 2012A, Rev., GAN, 4.50%, 3/15/2022 | 65 | 67 | ||||||
Series 2013A, Rev., GAN, 5.00%, 3/15/2023 (c) | 30 | 32 | ||||||
Series 2013-A, Rev., GAN, 5.00%, 3/15/2023 | 20 | 22 | ||||||
Rev., GAN, 5.00%, 3/15/2024 | 20 | 22 | ||||||
Rev., GAN, 5.00%, 9/15/2024 | 15 | 17 | ||||||
Rev., GAN, 5.00%, 9/15/2025 | 45 | 53 | ||||||
Rev., GAN, 5.00%, 3/15/2026 | 20 | 24 | ||||||
Virginia Public Building Authority, Public Facilities Series 2016B, Rev., 5.00%, 8/1/2023 | 25 | 27 | ||||||
Virginia Public School Authority, School Financing 1997 Resolution Series 2015A, Rev., 5.00%, 8/1/2028 | 30 | 35 | ||||||
Virginia Resources Authority, Clean Water State Revolving Fund Rev., 5.50%, 10/1/2022 | 7,390 | 7,823 | ||||||
Virginia Resources Authority, Infrastructure Moral Obligation, Pooled Financing Program Series 2019C, Rev., 5.00%, 11/1/2029 | 25 | 33 | ||||||
Virginia Resources Authority, Infrastructure Tax Exempt Series A, Rev., 5.00%, 11/1/2022 | 40 | 42 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Virginia — continued |
| |||||||
Virginia Small Business Financing Authority, The Obligated Group of National Senior Campuses, Inc. | ||||||||
Rev., 5.00%, 1/1/2028 | 1,200 | 1,499 | ||||||
Rev., 5.00%, 1/1/2029 | 1,400 | 1,751 | ||||||
Rev., 5.00%, 1/1/2030 | 1,650 | 2,052 | ||||||
Rev., 5.00%, 1/1/2031 | 1,500 | 1,858 | ||||||
Rev., 5.00%, 1/1/2032 | 1,500 | 1,852 | ||||||
|
| |||||||
Total Virginia | 93,332 | |||||||
|
| |||||||
Washington — 4.9% |
| |||||||
Benton County School District No. 17 Kennewick, Unlimited Tax GO, 5.00%, 12/1/2027 | 50 | 58 | ||||||
Central Puget Sound Regional Transit Authority, Sales and Motor Vehicle Excise Tax, Green Bond | ||||||||
Series 2016 S-1, Rev., 5.00%, 11/1/2027 | 25 | 31 | ||||||
Series 2016 S-1, Rev., 5.00%, 11/1/2028 | 40 | 49 | ||||||
Chelan County Public Utility District No. 1, Capital Appreciation Series 1997A, Rev., NATL-RE, Zero Coupon, 6/1/2022 | 21,835 | 21,808 | ||||||
Chelan County School District No. 228 Cascade, Unlimited Tax GO, 5.00%, 12/1/2027 | 90 | 109 | ||||||
City of Everett, Limited Tax GO, 5.00%, 12/1/2026 | 60 | 74 | ||||||
City of Everett, Water and Sewer Rev., 5.00%, 12/1/2027 | 25 | 31 | ||||||
City of Lynnwood, Utility System Rev., 5.00%, 12/1/2026 | 40 | 49 | ||||||
City of Seattle, Municipal Light and Power Improvement Series A, Rev., 4.00%, 1/1/2048 | 2,000 | 2,284 | ||||||
City of Tacoma Rev., 5.00%, 12/1/2031 | 40 | 51 | ||||||
City of Tacoma, Electric System | ||||||||
Series 2013B, Rev., 5.00%, 1/1/2023 | 35 | 37 | ||||||
Rev., 5.00%, 1/1/2028 | 35 | 43 | ||||||
City of Wenatchee, Limited Tax GO, 4.00%, 12/1/2034 | 70 | 83 | ||||||
Clark County School District No. 114 Evergreen, Unlimited Tax GO, 5.00%, 12/1/2024 | 15 | 17 | ||||||
Clark County, Vancouver School District No. 37, Unlimited Tax GO, 5.00%, 12/1/2027 | 25 | 31 | ||||||
Clark Regional Wastewater District | ||||||||
Rev., 5.00%, 12/1/2030 | 200 | 260 | ||||||
Rev., 5.00%, 12/1/2032 | 125 | 162 | ||||||
Rev., 5.00%, 12/1/2033 | 105 | 135 |
SEE NOTES TO FINANCIAL STATEMENTS.
94 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Washington — continued |
| |||||||
Rev., 5.00%, 12/1/2034 | 180 | 231 | ||||||
Rev., 5.00%, 12/1/2035 | 160 | 205 | ||||||
Rev., 5.00%, 12/1/2037 | 310 | 398 | ||||||
County of Franklin, Limited Tax GO, AGM, 4.50%, 7/1/2022 (c) | 20 | 21 | ||||||
County of King, Limited Tax Series 2017B, GO, 4.00%, 6/1/2036 | 200 | 232 | ||||||
County of King, Sewer | ||||||||
Series 2016A, Rev., 5.00%, 7/1/2026 | 2,295 | 2,744 | ||||||
Rev., 5.00%, 7/1/2031 | 30 | 37 | ||||||
County of Kitsap, Sewer Rev., 4.00%, 12/1/2032 | 25 | 30 | ||||||
County of Spokane, Limited Tax Series 2019A, GO, 5.00%, 12/1/2040 | 25 | 32 | ||||||
Energy Northwest, Bonneville Power Administrator Series 2016-A, Rev., 5.00%, 7/1/2027 | 20,020 | 24,293 | ||||||
Energy Northwest, Columbia Generating Station | ||||||||
Rev., 5.00%, 7/1/2031 | 30 | 35 | ||||||
Series 2018C, Rev., 5.00%, 7/1/2031 | 35 | 45 | ||||||
Series 2018A, Rev., 5.00%, 7/1/2034 | 25 | 32 | ||||||
Series A, Rev., 5.00%, 7/1/2034 | 5,025 | 6,186 | ||||||
Rev., 5.00%, 7/1/2035 | 75 | 97 | ||||||
Rev., 5.00%, 7/1/2036 | 40 | 52 | ||||||
FYI Properties, State of Washington District Project — Green Bonds | ||||||||
Rev., 5.00%, 6/1/2030 | 35 | 43 | ||||||
Rev., 5.00%, 6/1/2031 | 5,650 | 6,925 | ||||||
Rev., 5.00%, 6/1/2032 | 235 | 287 | ||||||
Rev., 5.00%, 6/1/2033 | 5,345 | 6,515 | ||||||
Rev., 5.00%, 6/1/2034 | 5,990 | 7,281 | ||||||
Rev., 5.00%, 6/1/2035 | 7,200 | 8,737 | ||||||
Rev., 5.00%, 6/1/2036 | 4,915 | 5,949 | ||||||
Rev., 5.00%, 6/1/2037 | 7,395 | 8,930 | ||||||
Grant County Public Utility District No. 2, Priest Rapids Hydroelectric Project Series 2012A, Rev., 5.00%, 1/1/2022 (c) | 30 | 30 | ||||||
King County Fire Protection District No. 2, Unlimited Tax GO, 4.00%, 12/1/2025 | 125 | 144 | ||||||
King County Rural Library District, Unlimited Tax GO, 4.00%, 12/1/2023 | 75 | 81 | ||||||
King County School District No. 403 Renton, Unlimited Tax GO, 4.00%, 12/1/2036 | 35 | 43 | ||||||
King County School District No. 405 Bellevue, Unlimited Tax GO, 5.00%, 12/1/2023 | 25 | 28 | ||||||
King County School District No. 411 Issaquah, Unlimited Tax GO, 5.00%, 12/1/2027 | 30 | 38 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Washington — continued |
| |||||||
King County School District No. 412 Shoreline GO, 5.00%, 12/1/2025 | 60 | 66 | ||||||
King County School District No. 415 Kent, Unlimited Tax GO, 4.00%, 12/1/2037 | 40 | 49 | ||||||
Kitsap County School District No. 401 Central Kitsap, Unlimited Tax GO, 4.00%, 12/1/2031 | 45 | 53 | ||||||
Pierce County School District No.��10 Tacoma, Unlimited Tax GO, 5.00%, 12/1/2027 | 45 | 54 | ||||||
Pierce County School District No. 402 Franklin Pierce, Unlimited Tax GO, 5.00%, 12/1/2027 | 30 | 38 | ||||||
Port of Seattle, Intermediate Lien | ||||||||
Series B, Rev., 5.00%, 3/1/2032 | 4,000 | 4,524 | ||||||
Series 2015B, Rev., 5.00%, 3/1/2034 | 1,000 | 1,129 | ||||||
Port of Tacoma, Limited Tax | ||||||||
Series 2016A, GO, 5.00%, 12/1/2030 | 15 | 18 | ||||||
Series 2016A, GO, 5.00%, 12/1/2031 | 25 | 31 | ||||||
Shoreline Fire Department, Limited Tax GO, 5.00%, 12/1/2027 | 25 | 31 | ||||||
Snohomish County School District No. 15 Edmonds, Unlimited Tax GO, 5.00%, 12/1/2021 | 30 | 30 | ||||||
Spokane County School District No. 81, Unlimited Tax | ||||||||
GO, 5.00%, 12/1/2031 | 30 | 39 | ||||||
GO, 5.00%, 12/1/2034 | 25 | 32 | ||||||
State of Washington, Motor Vehicle Fuel Tax | ||||||||
Series 2018D, GO, 5.00%, 2/1/2025 | 75 | 87 | ||||||
Series R-2015H, GO, 5.00%, 7/1/2030 | 5,000 | 5,759 | ||||||
Series R-2016C, GO, 5.00%, 7/1/2030 | 30 | 36 | ||||||
State of Washington, State Agency Real Property Series 2018B, COP, 5.00%, 7/1/2041 | 40 | 49 | ||||||
State of Washington, State and Local Agency Personal Property Series 2013A, COP, 5.00%, 7/1/2023 | 25 | 27 | ||||||
State of Washington, State and Local Agency Real and Personal Property | ||||||||
Series 2017A, COP, 5.00%, 7/1/2029 | 35 | 43 | ||||||
COP, 5.00%, 7/1/2034 | 1,050 | 1,318 | ||||||
Series 2019A, COP, 5.00%, 1/1/2035 | 45 | 57 | ||||||
Series 2015C, COP, 4.00%, 1/1/2038 | 50 | 56 | ||||||
State of Washington, Various Purpose | ||||||||
Series R-2015A, GO, 4.00%, 7/1/2026 | 4,465 | 4,925 | ||||||
Series 2016C, GO, 5.00%, 2/1/2028 | 30 | 36 | ||||||
Series 2018C, GO, 5.00%, 2/1/2030 | 20 | 25 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 95 |
Table of Contents
JPMorgan Intermediate Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Washington — continued |
| |||||||
Series 2017A, GO, 5.00%, 8/1/2030 | 50 | 61 | ||||||
Series R-2018C, GO, 5.00%, 8/1/2033 | 70 | 87 | ||||||
Series C, GO, 5.00%, 2/1/2037 | 14,430 | 17,979 | ||||||
Series 2016A-1, GO, 5.00%, 8/1/2038 | 100 | 117 | ||||||
Series 2017D, GO, 5.00%, 2/1/2040 | 40 | 49 | ||||||
Series B, GO, 5.00%, 2/1/2040 | 20,965 | 24,009 | ||||||
Series 2018A, GO, 5.00%, 8/1/2040 | 10,000 | 12,340 | ||||||
Series 2020C, GO, 5.00%, 2/1/2041 | 75 | 96 | ||||||
Series 2018B, GO, 5.00%, 8/1/2042 | 4,050 | 4,981 | ||||||
Tacoma Metropolitan Park District, Unlimited Tax | ||||||||
GO, 5.00%, 12/1/2036 | 600 | 743 | ||||||
GO, 5.00%, 12/1/2037 | 1,750 | 2,164 | ||||||
Thurston and Pierce Counties Community Schools, Unlimited Tax | ||||||||
GO, 5.00%, 12/1/2027 | 30 | 38 | ||||||
GO, 4.00%, 12/1/2034 | 35 | 42 | ||||||
University of Washington | ||||||||
Series 2015C, Rev., 5.00%, 12/1/2023 | 25 | 28 | ||||||
Rev., 5.00%, 4/1/2029 | 1,860 | 2,292 | ||||||
Washington Health Care Facilities Authority, Commonspirit Health | ||||||||
Series A-1, Rev., 5.00%, 8/1/2031 | 780 | 999 | ||||||
Series A-2, Rev., 5.00%, 8/1/2031 | 1,000 | 1,280 | ||||||
Series A-1, Rev., 5.00%, 8/1/2032 | 1,000 | 1,277 | ||||||
Series A-2, Rev., 5.00%, 8/1/2032 | 1,000 | 1,277 | ||||||
Series A-1, Rev., 5.00%, 8/1/2034 | 1,250 | 1,586 | ||||||
Series A-2, Rev., 5.00%, 8/1/2034 | 1,000 | 1,269 | ||||||
Series A-1, Rev., 5.00%, 8/1/2035 | 750 | 950 | ||||||
Series A-2, Rev., 5.00%, 8/1/2035 | 1,000 | 1,266 | ||||||
Washington Health Care Facilities Authority, Multi-care Health System | ||||||||
Series 2017B, Rev., 5.00%, 8/15/2031 | 30 | 37 | ||||||
Series 2017B, Rev., 5.00%, 8/15/2034 | 35 | 43 | ||||||
Washington Health Care Facilities Authority, Providence Health and Services | ||||||||
Series 2012B, Rev., 4.00%, 10/1/2021 (b) | 2,000 | 2,006 | ||||||
Series B, Rev., 5.00%, 10/1/2021 (b) | 2,500 | 2,510 | ||||||
Washington Health Care Facilities Authority, Providence St. Joseph Health Series 2018B, Rev., 5.00%, 10/1/2025 | 50 | 59 | ||||||
Washington Health Care Facilities Authority, Seattle Cancer Care Alliance | ||||||||
Rev., 5.00%, 9/1/2038 | 1,300 | 1,690 | ||||||
Rev., 5.00%, 9/1/2039 | 100 | 130 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Washington — continued |
| |||||||
Washington Higher Education Facilities Authority, Seattle University Project | ||||||||
Rev., 3.50%, 5/1/2039 | 460 | 512 | ||||||
Rev., 3.63%, 5/1/2040 | 985 | 1,105 | ||||||
Rev., 4.00%, 5/1/2045 | 500 | 578 | ||||||
Washington State Housing Finance Commission, Rockwood Retirement Communities Project | ||||||||
Rev., 5.00%, 1/1/2032 (d) | 1,920 | 2,209 | ||||||
Series 2020A, Rev., 5.00%, 1/1/2041 (d) | 2,000 | 2,270 | ||||||
Washington State Housing Finance Commission, Rockwood Retirement Communities Project Temps-50M Series 2020B-2, Rev., 3.00%, 7/1/2027 (d) | 7,050 | 7,208 | ||||||
Washington State Housing Finance Commission, Rockwood Retirement Communities Project Temps-85M Series 2020B-1, Rev., 3.38%, 7/1/2028 (d) | 7,200 | 7,368 | ||||||
Washington State University | ||||||||
Rev., 5.00%, 4/1/2030 | 40 | 47 | ||||||
Series 2012B, Rev., 4.00%, 4/1/2035 | 25 | 25 | ||||||
Whitman County Reorganized School District No. 300, Colfax Unlimited Tax GO, 5.00%, 12/1/2032 | 40 | 50 | ||||||
Yakima and Benton Counties School District No. 116-200 Grandview, Unlimited Tax GO, 5.00%, 12/1/2032 | 25 | 31 | ||||||
Yakima County School District No. 208 West Valley GO, 4.00%, 12/1/2034 | 30 | 36 | ||||||
|
| |||||||
Total Washington | 226,369 | |||||||
|
| |||||||
West Virginia — 0.1% |
| |||||||
State of West Virginia | ||||||||
Series 2018A, GO, 5.00%, 6/1/2028 | 25 | 32 | ||||||
Series 2019A, GO, 5.00%, 12/1/2043 | 40 | 51 | ||||||
West Virginia Economic Development Authority, Solid Waste Disposal Facilities, Appalachian Power Co. Amos Project Series 2009-B, Rev., 2.63%, 6/1/2022 (b) | 6,460 | 6,571 | ||||||
|
| |||||||
Total West Virginia | 6,654 | |||||||
|
| |||||||
Wisconsin — 1.2% |
| |||||||
City of Mequon, Water System Series 2017A, Rev., 4.00%, 5/1/2027 | 25 | 29 | ||||||
County of Milwaukee, Airport Series 2019A, Rev., 5.00%, 12/1/2026 | 175 | 215 | ||||||
DeForest Area School District GO, 4.00%, 4/1/2031 | 25 | 30 | ||||||
McFarland School District, School Improvement Series 2018A, GO, 4.00%, 4/1/2025 | 25 | 28 |
SEE NOTES TO FINANCIAL STATEMENTS.
96 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Wisconsin — continued |
| |||||||
Milwaukee Area Technical College District Series 2018-19C, GO, 4.00%, 6/1/2023 | 40 | 43 | ||||||
Public Finance Authority, Acts Retirement Life Communities, Inc., Obligated Group | ||||||||
Series 2020A, Rev., 4.00%, 11/15/2037 | 300 | 353 | ||||||
Series 2020A, Rev., 5.00%, 11/15/2041 | 1,445 | 1,769 | ||||||
Public Finance Authority, Appalachian Regional Healthcare System Obligated Group | ||||||||
Series 2021A, Rev., 5.00%, 7/1/2035 | 300 | 388 | ||||||
Series 2021A, Rev., 5.00%, 7/1/2036 | 350 | 451 | ||||||
Series 2021A, Rev., 5.00%, 7/1/2037 | 300 | 385 | ||||||
Series 2021A, Rev., 5.00%, 7/1/2038 | 375 | 481 | ||||||
Series 2021A, Rev., 5.00%, 7/1/2039 | 350 | 447 | ||||||
Public Finance Authority, Blue Ridge Healthcare Facilities | ||||||||
Series 2020A, Rev., 5.00%, 1/1/2029 | 665 | 848 | ||||||
Series 2020A, Rev., 5.00%, 1/1/2030 | 540 | 702 | ||||||
Series 2020A, Rev., 5.00%, 1/1/2031 | 650 | 839 | ||||||
Series 2020A, Rev., 5.00%, 1/1/2032 | 680 | 874 | ||||||
Series 2020A, Rev., 5.00%, 1/1/2033 | 500 | 641 | ||||||
Series 2020A, Rev., 5.00%, 1/1/2034 | 500 | 639 | ||||||
Series 2020A, Rev., 5.00%, 1/1/2035 | 500 | 637 | ||||||
Series 2020A, Rev., 5.00%, 1/1/2036 | 500 | 634 | ||||||
Series 2020A, Rev., 5.00%, 1/1/2037 | 600 | 759 | ||||||
Series 2020A, Rev., 5.00%, 1/1/2038 | 735 | 925 | ||||||
Series 2020A, Rev., 5.00%, 1/1/2039 | 700 | 880 | ||||||
Series 2020A, Rev., 5.00%, 1/1/2040 | 500 | 627 | ||||||
Series 2020A, Rev., 4.00%, 1/1/2045 | 750 | 862 | ||||||
Public Finance Authority, Carson Valley Medical Center | ||||||||
Series 2021A, Rev., 3.00%, 12/1/2026 | 250 | 270 | ||||||
Series 2021A, Rev., 4.00%, 12/1/2031 | 350 | 422 | ||||||
Series 2021A, Rev., 4.00%, 12/1/2041 | 750 | 877 | ||||||
Public Finance Authority, ENO River Academy Project | ||||||||
Series 2020A, Rev., 4.00%, 6/15/2030 (d) | 235 | 263 | ||||||
Series 2020A, Rev., 5.00%, 6/15/2040 (d) | 405 | 470 | ||||||
Public Finance Authority, Piedmont Community Charter School | ||||||||
Rev., 5.00%, 6/15/2022 | 190 | 196 | ||||||
Rev., 5.00%, 6/15/2024 | 205 | 226 | ||||||
Rev., 5.00%, 6/15/2026 | 225 | 262 | ||||||
Rev., 5.00%, 6/15/2034 | 215 | 258 | ||||||
Rev., 5.00%, 6/15/2039 | 390 | 463 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Wisconsin — continued |
| |||||||
Public Finance Authority, Renown Regional Medical Center Project | ||||||||
Rev., 5.00%, 6/1/2031 | 1,050 | 1,376 | ||||||
Rev., 5.00%, 6/1/2032 | 1,650 | 2,154 | ||||||
Public Finance Authority, The Carmelite System, Inc., Obligated Group Rev., 3.25%, 1/1/2028 | 835 | 943 | ||||||
Public Finance Authority, Wakemed Hospital Series 2019A, Rev., 5.00%, 10/1/2044 | 12,500 | 15,288 | ||||||
State of Wisconsin | ||||||||
Series 2017-1, GO, 5.00%, 11/1/2023 | 30 | 33 | ||||||
Series 3, GO, 5.00%, 11/1/2030 | 4,190 | 5,173 | ||||||
Series 2017-3, GO, 5.00%, 11/1/2032 | 20 | 25 | ||||||
State of Wisconsin, Annual Appropriation Federally Tax-Exempt | ||||||||
Series A, Rev., 5.00%, 5/1/2028 | 7,200 | 8,958 | ||||||
Series 2017B, Rev., 5.00%, 5/1/2035 | 25 | 30 | ||||||
Wisconsin Department of Transportation | ||||||||
Series 1, Rev., 5.00%, 7/1/2022 | 40 | 42 | ||||||
Series 1, Rev., 5.00%, 7/1/2022 (c) | 20 | 21 | ||||||
Series 2015-1, Rev., 5.00%, 7/1/2023 | 35 | 38 | ||||||
Series 2017-1, Rev., 5.00%, 7/1/2023 | 35 | 38 | ||||||
Series 2015-1, Rev., 5.00%, 7/1/2026 | 25 | 29 | ||||||
Series 2017-1, Rev., 5.00%, 7/1/2030 | 60 | 69 | ||||||
Series 2017-2, Rev., 5.00%, 7/1/2030 | 30 | 37 | ||||||
Wisconsin Health and Educational Facilities Authority, Agnesian Healthcare, Inc. Rev., 5.00%, 7/1/2027 | 95 | 118 | ||||||
Wisconsin Health and Educational Facilities Authority, Aspirus, Inc., Obligated Group Rev., 5.00%, 8/15/2027 | 25 | 27 | ||||||
Wisconsin Health and Educational Facilities Authority, Three Pillars Senior Living Communities Rev., 4.00%, 8/15/2041 | 825 | 975 | ||||||
|
| |||||||
Total Wisconsin | 53,567 | |||||||
|
| |||||||
Wyoming — 0.6% |
| |||||||
County of Campbell, Solid Waste Facilities, Basin Electric Power Co-operative, Dry Fork Station Facilities Series 2019A, Rev., 3.63%, 7/15/2039 | 23,570 | 25,424 | ||||||
|
| |||||||
Total Municipal Bonds |
| 4,457,192 | ||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 97 |
Table of Contents
JPMorgan Intermediate Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE ($000) | ||||||
Short-Term Investments — 1.8% |
| |||||||
Investment Companies — 1.8% |
| |||||||
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 0.02% (f) (g) | 81,543 | 81,583 | ||||||
|
| |||||||
Total Investments — 99.0% | 4,538,775 | |||||||
Other Assets Less Liabilities — 1.0% | 47,793 | |||||||
|
| |||||||
NET ASSETS — 100.0% | 4,586,568 | |||||||
|
|
Percentages indicated are based on net assets.
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 | |
FGIC | Insured by Financial Guaranty Insurance Co. | |
GAN | Grant Anticipation Note | |
GO | General Obligation | |
GRAN | Grant Revenue Anticipation Note | |
GTD | Guaranteed | |
IBC | Insured Bond Certificates | |
ICC | Insured Custody Certificates | |
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 August 31, 2021. | |
(c) | Security is prerefunded or escrowed to maturity. | |
(d) | Securities exempt from registration under Rule 144A or section 4 (a)(2), of the Securities Act of 1933, as amended. | |
(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 August 31, 2021. |
Futures contracts outstanding as of August 31, 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 Ultra Note | (1,259 | ) | 12/2021 | USD | (186,293 | ) | (623 | ) | ||||||||||||
|
|
Abbreviations
USD | United States Dollar |
SEE NOTES TO FINANCIAL STATEMENTS.
98 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
JPMorgan New York Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — 97.6% (a) |
| |||||||
New York — 97.6% | ||||||||
Education — 7.3% | ||||||||
Erie County Industrial Development Agency (The), City School District of the City of Buffalo Project | ||||||||
Rev., 5.00%, 5/1/2023 | 1,710 | 1,849 | ||||||
Series A, Rev., 5.00%, 5/1/2023 | 2,000 | 2,064 | ||||||
New York City Educational Construction Fund Series 2021A, Rev., 5.00%, 4/1/2029 | 1,500 | 1,942 | ||||||
New York State Dormitory Authority, Court Facilities Lease Series A, Rev., AMBAC, 5.50%, 5/15/2026 | 5,000 | 6,156 | ||||||
New York State Dormitory Authority, Memorial Sloan Kettering Cancer Center Series 1, Rev., 5.00%, 7/1/2030 | 1,000 | 1,319 | ||||||
New York State Dormitory Authority, New York University | ||||||||
Series 1, Rev., AMBAC, 5.50%, 7/1/2022 | 1,000 | 1,045 | ||||||
Series 1, Rev., AMBAC, 5.50%, 7/1/2023 | 2,900 | 3,183 | ||||||
Series 1, Rev., AMBAC, 5.50%, 7/1/2024 | 1,570 | 1,805 | ||||||
Series 1, Rev., AMBAC, 5.50%, 7/1/2025 | 2,280 | 2,732 | ||||||
New York State Dormitory Authority, New York University Hospitals Center, Langone Hospitals Obligated Group Rev., 5.00%, 7/1/2026 | 3,360 | 3,789 | ||||||
New York State Dormitory Authority, Rochester Institute of Technology Series 2019A, Rev., 5.00%, 7/1/2036 | 900 | 1,150 | ||||||
New York State Dormitory Authority, School Districts Financing Program | ||||||||
Series 2009A, Rev., AGC, 5.00%, 10/1/2024 | 40 | 40 | ||||||
Series 2018A, Rev., 5.00%, 10/1/2027 | 2,000 | 2,450 | ||||||
Syracuse Industrial Development Agency, School District Project Series 2019A, Rev., 5.00%, 5/1/2025 | 500 | 585 | ||||||
|
| |||||||
30,109 | ||||||||
|
| |||||||
General Obligation — 18.4% |
| |||||||
City of Buffalo, General Improvement Series 2016B, GO, 5.00%, 11/15/2022 | 1,000 | 1,059 | ||||||
City of New York Series E-1, GO, 5.25%, 3/1/2035 | 1,300 | 1,646 | ||||||
City of New York, Fiscal Year 2012 Series A-1, GO, 5.00%, 8/1/2028 | 7,600 | 7,629 | ||||||
City of New York, Fiscal Year 2014 | ||||||||
Series 2014E, GO, 5.00%, 8/1/2024 | 1,250 | 1,366 | ||||||
Subseries D-1, GO, 5.00%, 8/1/2028 | 2,000 | 2,181 | ||||||
City of New York, Fiscal Year 2018 | ||||||||
Series C, GO, 5.00%, 8/1/2024 | 1,000 | 1,139 | ||||||
Series F, Subseries F-1, GO, 5.00%, 4/1/2034 | 2,500 | 3,118 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
General Obligation — continued |
| |||||||
City of New York, Fiscal Year 2019 Series 2019E, GO, 5.00%, 8/1/2027 | 1,750 | 2,191 | ||||||
City of Syracuse, Public Improvement | ||||||||
Series A, GO, 4.00%, 5/15/2024 | 1,000 | 1,098 | ||||||
Series 2020A, GO, AGM, 4.00%, 5/15/2025 | 1,000 | 1,128 | ||||||
City of White Plains, Public Improvement | ||||||||
GO, 4.00%, 9/15/2028 | 705 | 824 | ||||||
GO, 4.00%, 9/15/2029 | 1,100 | 1,279 | ||||||
City of Yonkers | ||||||||
Series 2021A, GO, 4.00%, 2/15/2024 | 250 | 272 | ||||||
Series 2021A, GO, AGM, 5.00%, 2/15/2028 | 325 | 409 | ||||||
County of Albany, Various Purpose Series 2021A, GO, 5.00%, 7/1/2028 | 380 | 488 | ||||||
County of Monroe | ||||||||
GO, 5.00%, 6/1/2022 | 1,080 | 1,119 | ||||||
GO, 5.00%, 6/1/2025 | 1,330 | 1,561 | ||||||
County of Nassau, General Improvement | ||||||||
Series C, GO, 5.00%, 10/1/2022 | 2,205 | 2,322 | ||||||
Series B, GO, 5.00%, 10/1/2024 | 1,580 | 1,807 | ||||||
Series A, GO, 5.00%, 1/1/2025 | 1,000 | 1,153 | ||||||
Series 2016B, GO, 5.00%, 10/1/2025 | 1,000 | 1,184 | ||||||
Series 2019B, GO, 5.00%, 4/1/2026 | 1,270 | 1,527 | ||||||
County of Onondaga GO, 4.00%, 4/15/2029 | 2,760 | 3,101 | ||||||
County of Westchester | ||||||||
Series 2018A, GO, 5.00%, 12/1/2022 | 1,350 | 1,433 | ||||||
Series 2019D, GO, 5.00%, 12/15/2023 | 2,930 | 3,254 | ||||||
Series 2019D, GO, 4.00%, 12/15/2030 | 1,635 | 1,960 | ||||||
Greece Central School District | ||||||||
Series B, GO, 4.50%, 12/15/2021 | 880 | 890 | ||||||
Series B, GO, 5.00%, 12/15/2022 | 765 | 813 | ||||||
Series 2012B, GO, 5.00%, 12/15/2023 | 500 | 531 | ||||||
Haverstraw-Stony Point Central School District GO, 3.00%, 10/15/2026 | 1,105 | 1,234 | ||||||
Kings Park Central School District GO, 2.00%, 9/1/2021 | 1,000 | 1,000 | ||||||
Middle Country Central School District at Centereach GO, 2.00%, 8/15/2022 | 1,000 | 1,018 | ||||||
New Rochelle City School District | ||||||||
Series 2021A, GO, 5.00%, 6/15/2028 | 1,280 | 1,651 | ||||||
Series 2021A, GO, 4.00%, 6/15/2030 | 1,340 | 1,659 | ||||||
Niagara Falls City School District GO, AGM, 5.00%, 6/15/2028 | 1,540 | 1,959 | ||||||
North Babylon Union Free School District GO, 4.00%, 7/1/2030 | 1,000 | 1,221 | ||||||
Orchard Park Central School District GO, 4.00%, 4/1/2029 | 1,685 | 1,935 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 99 |
Table of Contents
JPMorgan New York Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
General Obligation — continued |
| |||||||
Pelham Union Free School District Series 2020A, GO, 5.00%, 11/1/2027 | 910 | 1,156 | ||||||
State of New York, Tax-Exempt Series 2018A, GO, 5.00%, 2/15/2025 | 1,515 | 1,765 | ||||||
Syosset Central School District GO, 2.00%, 12/15/2027 | 1,380 | 1,473 | ||||||
Town of Brookhaven GO, 5.00%, 5/1/2027 | 2,000 | 2,352 | ||||||
Town of Brookhaven, Public Improvement GO, 4.00%, 7/15/2028 | 2,675 | 3,195 | ||||||
Town of East Hampton, Various Purpose GO, 5.00%, 8/15/2023 | 290 | 318 | ||||||
Town of Hempstead, Public Improvement GO, 4.00%, 6/15/2030 | 2,440 | 3,013 | ||||||
Town of Oyster Bay, Public Improvement GO, AGM, 4.00%, 3/1/2026 | 920 | 1,057 | ||||||
Village of Mamaroneck, Public Improvement GO, 3.00%, 8/15/2030 | 1,540 | 1,667 | ||||||
|
| |||||||
76,155 | ||||||||
|
| |||||||
Hospital — 0.2% |
| |||||||
New York State Dormitory Authority, Memorial Sloan-Kettering Cancer Center Rev., NATL-RE, 5.50%, 7/1/2023 | 690 | 740 | ||||||
|
| |||||||
Housing — 0.2% |
| |||||||
State of New York Mortgage Agency, Homeowner Mortgage Series 197, Rev., 3.50%, 10/1/2044 | 625 | 662 | ||||||
|
| |||||||
Industrial Development Revenue/Pollution Control Revenue — 1.1% |
| |||||||
New York City Industrial Development Agency, New York Stock Exchange Project, Fiscal Year 2019 | ||||||||
Series 2019A, Rev., 5.00%, 5/1/2023 | 1,310 | 1,410 | ||||||
Series 2019A, Rev., 5.00%, 5/1/2027 | 1,150 | 1,416 | ||||||
New York City Industrial Development Agency, Queens Baseball Stadium Project Rev., AGM, 4.00%, 1/1/2032 | 1,250 | 1,548 | ||||||
|
| |||||||
4,374 | ||||||||
|
| |||||||
Other Revenue — 26.1% |
| |||||||
Battery Park City Authority Series 2019A, Rev., 5.00%, 11/1/2038 | 2,000 | 2,605 | ||||||
Hudson Yards Infrastructure Corp., Second Indenture | ||||||||
Series 2017A, Rev., 5.00%, 2/15/2029 | 3,500 | 4,302 | ||||||
Series 2017A, Rev., 5.00%, 2/15/2030 | 1,600 | 1,959 | ||||||
Series 2017A, Rev., 5.00%, 2/15/2032 | 2,320 | 2,824 | ||||||
Series A, Rev., 5.00%, 2/15/2034 | 1,115 | 1,350 | ||||||
Series A, Rev., 5.00%, 2/15/2035 | 4,000 | 4,834 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Other Revenue — continued |
| |||||||
Series A, Rev., 5.00%, 2/15/2036 | 3,500 | 4,219 | ||||||
Nassau County Interim Finance Authority, Sales Tax | ||||||||
Series 2021A, Rev., 4.00%, 11/15/2033 | 1,000 | 1,264 | ||||||
Series 2021A, Rev., 4.00%, 11/15/2034 | 2,930 | 3,685 | ||||||
Series 2021A, Rev., 5.00%, 11/15/2035 | 935 | 1,266 | ||||||
New York City Transitional Finance Authority, Building Aid, Fiscal Year 2015 Series S-1, Rev., 5.00%, 7/15/2028 | 3,000 | 3,466 | ||||||
New York City Transitional Finance Authority, Building Aid, Fiscal Year 2018 Series S-4, Rev., 5.25%, 7/15/2035 | 4,000 | 5,130 | ||||||
New York City Transitional Finance Authority, Building Aid, Fiscal Year 2019 | ||||||||
Series 2019S-2A, Rev., 5.00%, 7/15/2026 | 1,900 | 2,319 | ||||||
Series S-2A, Rev., 5.00%, 7/15/2034 | 2,000 | 2,524 | ||||||
Series S-3A, Rev., 5.00%, 7/15/2034 | 4,000 | 5,048 | ||||||
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2017 Series E, Subseries E-1, Rev., 5.00%, 2/1/2032 | 2,000 | 2,441 | ||||||
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2019 | ||||||||
Series A, Subseries A-1, Rev., 5.00%, 8/1/2034 | 1,500 | 1,898 | ||||||
Series A, Subseries A-1, Rev., 5.00%, 8/1/2035 | 1,000 | 1,264 | ||||||
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2021 | ||||||||
Rev., 5.00%, 5/1/2033 | 1,745 | 2,327 | ||||||
Series E, Subseries E-1, Rev., 5.00%, 2/1/2036 | 1,000 | 1,320 | ||||||
New York City Transitional Finance Authority, Future Tax Secured, Tax-Exempt Subseries C-1, Rev., 5.00%, 5/1/2027 | 870 | 1,085 | ||||||
New York City Transitional Finance Authority, Future Tax Secured, Tax-Exempt, Fiscal Year 2012 Series D, Subseries D-1, Rev., 5.00%, 11/1/2021 | 2,000 | 2,016 | ||||||
New York City Transitional Finance Authority, Future Tax Secured, Tax-Exempt, Fiscal Year 2017 Series E, Subseries E-1, Rev., 5.00%, 2/1/2034 | 2,260 | 2,750 | ||||||
New York City Transitional Finance Authority, Future Tax Secured, Tax-Exempt, Fiscal Year 2021 | ||||||||
Series 2021A, Rev., 5.00%, 11/1/2029 | 2,000 | 2,644 | ||||||
Series 2021G1, Rev., 5.00%, 11/1/2038 | 1,250 | 1,650 |
SEE NOTES TO FINANCIAL STATEMENTS.
100 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Other Revenue — continued |
| |||||||
New York Convention Center Development Corp., Hotel Unit Fee Secured Rev., 5.00%, 11/15/2030 | 2,000 | 2,363 | ||||||
New York Convention Center Development Corp., Subordinate Lien, Hotel Unit Fee Secured | ||||||||
Series B, Rev., Zero Coupon, 11/15/2031 | 2,090 | 1,743 | ||||||
Series B, Rev., Zero Coupon, 11/15/2033 | 2,000 | 1,580 | ||||||
New York State Dormitory Authority, State Sales Tax | ||||||||
Series 2014A, Rev., 5.00%, 3/15/2029 | 2,500 | 2,798 | ||||||
Series A, Rev., 5.00%, 3/15/2031 | 5,100 | 5,914 | ||||||
Series 2014A, Rev., 5.00%, 3/15/2032 | 2,000 | 2,236 | ||||||
Series B, Rev., 5.00%, 3/15/2032 | 2,500 | 2,949 | ||||||
Series 2018E, Rev., 5.00%, 3/15/2033 | 2,000 | 2,552 | ||||||
Series B, Rev., 5.00%, 3/15/2033 | 2,500 | 2,947 | ||||||
Series A, Rev., 5.00%, 3/15/2034 | 2,000 | 2,444 | ||||||
New York State Thruway Authority Series 2021A-1, Rev., 5.00%, 3/15/2034 | 2,000 | 2,654 | ||||||
New York State Urban Development Corp., State Sales Tax Series 2019A, Rev., 5.00%, 3/15/2036 | 4,500 | 5,819 | ||||||
Trust for Cultural Resources of City of New York (The), Carnegie Hall Rev., 5.00%, 12/1/2031 | 275 | 357 | ||||||
United Nations Development Corp., Senior Lien Series 2019A, Rev., 5.00%, 7/1/2022 | 1,095 | 1,140 | ||||||
Westchester Tobacco Asset Securitization Corp., Tobacco Settlement | ||||||||
Series B, Rev., 5.00%, 9/10/2021 | 2,000 | 2,422 | ||||||
Series B, Rev., 5.00%, 6/1/2033 | 1,775 | 2,154 | ||||||
|
| |||||||
108,262 | ||||||||
|
| |||||||
Prerefunded — 2.1% |
| |||||||
Sales Tax Asset Receivable Corp., Fiscal Year 2015 Series A, Rev., 5.00%, 10/15/2024 (b) | 7,500 | 8,621 | ||||||
|
| |||||||
Special Tax — 8.5% |
| |||||||
New York State Dormitory Authority, State Personal Income Tax, General Purpose | ||||||||
Series E, Rev., 5.00%, 2/15/2029 | 1,715 | 1,753 | ||||||
Series A, Rev., 5.00%, 3/15/2033 | 1,500 | 1,926 | ||||||
Series A, Rev., 5.00%, 3/15/2035 | 1,500 | 1,915 | ||||||
Series 2019A, Rev., 5.00%, 3/15/2036 | 1,825 | 2,321 | ||||||
New York State Thruway Authority, State Personal Income Tax, Transportation | ||||||||
Series A, Rev., 5.00%, 3/15/2023 | 2,400 | 2,579 | ||||||
Series 2021A-1, Rev., 5.00%, 3/15/2035 | 2,500 | 3,317 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Special Tax — continued |
| |||||||
New York State Urban Development Corp., State Personal Income Tax, General Purpose | ||||||||
Series A, Rev., 5.00%, 3/15/2027 | 1,500 | 1,678 | ||||||
Series A, Rev., 5.00%, 3/15/2031 | 3,000 | 3,351 | ||||||
Series 2020E, Rev., 5.00%, 3/15/2032 | 1,500 | 1,975 | ||||||
Series A, Rev., 5.00%, 3/15/2032 | 2,500 | 2,948 | ||||||
Series 2019A, Rev., 5.00%, 3/15/2033 | 2,575 | 3,275 | ||||||
New York State Urban Development Corp., State Personal Income Tax, State Facilities and Equipment | ||||||||
Series A-2, Rev., NATL-RE, 5.50%, 3/15/2023 | 2,000 | 2,165 | ||||||
Series A-2, Rev., NATL-RE, 5.50%, 3/15/2025 | 5,000 | 5,920 | ||||||
|
| |||||||
35,123 | ||||||||
|
| |||||||
Transportation — 19.7% |
| |||||||
Metropolitan Transportation Authority | ||||||||
Series 2015C, Rev., 5.25%, 11/15/2030 | 1,500 | 1,770 | ||||||
Series 2016A-1, Rev., 5.00%, 11/15/2031 | 2,500 | 2,944 | ||||||
Series B, Rev., 5.00%, 11/15/2031 | 2,000 | 2,296 | ||||||
Subseries D-1, Rev., 5.00%, 11/15/2031 | 2,000 | 2,335 | ||||||
Series A-1, Rev., 5.00%, 11/15/2032 | 2,000 | 2,351 | ||||||
Series A-1, Rev., 4.00%, 11/15/2033 | 2,000 | 2,249 | ||||||
Metropolitan Transportation Authority, Dedicated Tax Fund | ||||||||
Series A, Rev., Zero Coupon, 11/15/2030 | 4,000 | 3,489 | ||||||
Series 2017B-2, Rev., 5.25%, 11/15/2033 | 1,000 | 1,255 | ||||||
Series 2016A, Rev., 5.25%, 11/15/2034 | 1,020 | 1,247 | ||||||
New York State Thruway Authority | ||||||||
Series K, Rev., 5.00%, 1/1/2028 | 1,000 | 1,150 | ||||||
Series K, Rev., 5.00%, 1/1/2030 | 2,500 | 2,865 | ||||||
Series L, Rev., 5.00%, 1/1/2032 | 2,250 | 2,800 | ||||||
Series N, Rev., 5.00%, 1/1/2033 | 2,225 | 2,906 | ||||||
Series 2016A, Rev., 5.00%, 1/1/2035 | 1,000 | 1,181 | ||||||
New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project | ||||||||
Rev., AMT, 5.00%, 1/1/2025 | 2,075 | 2,374 | ||||||
Rev., AMT, 5.00%, 1/1/2026 | 2,000 | 2,362 | ||||||
Rev., AMT, 5.00%, 1/1/2027 | 2,000 | 2,429 | ||||||
Port Authority of New York and New Jersey, Consolidated | ||||||||
Series 172, Rev., 5.00%, 10/1/2022 | 1,500 | 1,542 | ||||||
Series 186, Rev., AMT, 5.00%, 10/15/2027 | 2,000 | 2,278 | ||||||
Series 185, Rev., AMT, 5.00%, 9/1/2028 | 1,000 | 1,130 | ||||||
Series 184, Rev., 5.00%, 9/1/2030 | 2,020 | 2,301 | ||||||
Series 185, Rev., AMT, 5.00%, 9/1/2030 | 2,000 | 2,248 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 101 |
Table of Contents
JPMorgan New York Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Transportation — continued |
| |||||||
Series 207, Rev., AMT, 5.00%, 9/15/2031 | 2,335 | 2,904 | ||||||
Series 185, Rev., AMT, 5.00%, 9/1/2032 | 1,750 | 1,969 | ||||||
Series 207, Rev., AMT, 5.00%, 9/15/2032 | 3,000 | 3,727 | ||||||
Series 205, Rev., 5.00%, 11/15/2032 | 1,000 | 1,249 | ||||||
Rev., AMT, 5.00%, 9/1/2036 | 2,950 | 3,713 | ||||||
Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels | ||||||||
Series 2017B, Rev., 5.00%, 11/15/2029 | 2,500 | 3,095 | ||||||
Series B, Rev., 5.00%, 11/15/2029 | 1,600 | 2,128 | ||||||
Series B, Rev., 5.00%, 11/15/2030 | 5,355 | 7,023 | ||||||
Series 2016A, Rev., 5.00%, 11/15/2031 | 1,000 | 1,198 | ||||||
Series B, Rev., 5.00%, 11/15/2031 | 1,100 | 1,356 | ||||||
Series 2013A, Rev., Zero Coupon, 11/15/2032 | 3,000 | 2,451 | ||||||
Series B, Rev., 5.00%, 11/15/2033 | 1,500 | 1,844 | ||||||
Series C, Rev., 5.00%, 11/15/2035 | 1,375 | 1,749 | ||||||
|
| |||||||
81,908 | ||||||||
|
| |||||||
Utility — 7.6% |
| |||||||
Long Island Power Authority, Electric System | ||||||||
Series 2012B, Rev., 5.00%, 9/1/2024 | 2,735 | 2,868 | ||||||
Series 2019A, Rev., 5.00%, 9/1/2027 | 3,500 | 4,395 | ||||||
Series 2020A, Rev., 5.00%, 9/1/2032 | 1,410 | 1,881 | ||||||
Rev., 5.00%, 9/1/2034 | 1,500 | 1,913 | ||||||
Rev., 5.00%, 9/1/2035 | 2,000 | 2,553 | ||||||
Rev., 5.00%, 9/1/2036 | 1,225 | 1,559 | ||||||
Utility Debt Securitization Authority | ||||||||
Rev., 5.00%, 12/15/2032 | 2,500 | 2,977 | ||||||
Series A, Rev., 5.00%, 12/15/2033 | 3,000 | 3,618 | ||||||
Series A, Rev., 5.00%, 12/15/2034 | 4,595 | 5,533 | ||||||
Series B, Rev., 5.00%, 12/15/2034 | 2,450 | 2,951 | ||||||
Utility Debt Securitization Authority, Federally Tax-Exempt Series TE, Rev., 5.00%, 12/15/2030 | 1,000 | 1,108 | ||||||
|
| |||||||
31,356 | ||||||||
|
| |||||||
Water & Sewer — 6.4% |
| |||||||
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2012 Series EE, Rev., 5.00%, 6/15/2028 | 4,000 | 4,154 | ||||||
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2015 | ||||||||
Series 2015EE, Rev., 5.00%, 6/15/2028 | 2,000 | 2,264 | ||||||
Series DD, Rev., 5.00%, 6/15/2029 | 2,000 | 2,263 | ||||||
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2020 Series EE, Rev., 5.00%, 6/15/2031 | 2,570 | 3,524 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Water & Sewer — continued |
| |||||||
New York State Environmental Facilities Corp., State Clean Water and Drinking Water Revolving Funds, Municipal Water Finance Authority Projects — Second Resolution | ||||||||
Series A, Rev., 5.00%, 6/15/2027 | 1,500 | 1,696 | ||||||
Series A, Rev., 5.00%, 6/15/2031 | 2,150 | 2,600 | ||||||
Series A, Rev., 5.00%, 6/15/2032 | 2,000 | 2,417 | ||||||
Series 2015A, Rev., 5.00%, 6/15/2033 | 2,000 | 2,339 | ||||||
New York State Environmental Facilities Corp., State Clean Water and Drinking Water Revolving Funds, Pooled Financing Program Series 2005B, Rev., 5.50%, 10/15/2025 (b) | 4,175 | 4,996 | ||||||
|
| |||||||
26,253 | ||||||||
|
| |||||||
Total New York | 403,563 | |||||||
|
| |||||||
Total Municipal Bonds | 403,563 | |||||||
|
| |||||||
SHARES (000) | ||||||||
Short-Term Investments — 1.3% | ||||||||
Investment Companies — 1.3% | ||||||||
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 0.02% (c) (d) | 5,345 | 5,348 | ||||||
|
| |||||||
Total Investments — 98.9% | 408,911 | |||||||
Other Assets Less Liabilities — 1.1% | 4,353 | |||||||
|
| |||||||
NET ASSETS — 100.0% | 413,264 | |||||||
|
|
Percentages indicated are based on net assets.
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 | |
GO | General Obligation | |
MTA | Metropolitan Transportation Authority | |
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) | Security is prerefunded or escrowed to maturity. | |
(c) | 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. | |
(d) | The rate shown is the current yield as of August 31, 2021. |
SEE NOTES TO FINANCIAL STATEMENTS.
102 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
JPMorgan Short-Intermediate Municipal Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — 89.5% (a) |
| |||||||
Alabama — 1.7% |
| |||||||
Birmingham Airport Authority | ||||||||
Rev., 5.00%, 7/1/2027 | 250 | 312 | ||||||
Rev., 5.00%, 7/1/2028 | 350 | 447 | ||||||
Rev., 5.00%, 7/1/2029 | 375 | 490 | ||||||
Rev., 5.00%, 7/1/2030 | 250 | 334 | ||||||
Rev., 5.00%, 7/1/2031 | 175 | 232 | ||||||
Rev., 5.00%, 7/1/2032 | 150 | 198 | ||||||
Rev., 5.00%, 7/1/2033 | 325 | 428 | ||||||
Rev., 5.00%, 7/1/2034 | 375 | 494 | ||||||
Black Belt Energy Gas District, Gas Prepay Series 2018B-2, Rev., (SIFMA Municipal Swap Index Yield + 0.62%), 0.64%, 9/9/2021 (b) | 7,500 | 7,528 | ||||||
Black Belt Energy Gas District, Gas Prepay Project No. 4 Series 2019A-1, Rev., 4.00%, 12/1/2025 (c) | 10,160 | 11,567 | ||||||
Montgomery County Public Building Authority, Facilities Project Rev., 5.00%, 3/1/2023 | 500 | 536 | ||||||
Selma Industrial Development Board, International Paper Co. Project Series 2019A, Rev., 2.00%, 10/1/2024 (c) | 3,625 | 3,806 | ||||||
Southeast Alabama Gas Supply District (The), Project No. 1 Series A, Rev., 5.00%, 4/1/2022 | 3,220 | 3,310 | ||||||
|
| |||||||
Total Alabama | 29,682 | |||||||
|
| |||||||
Alaska — 1.3% |
| |||||||
Alaska Municipal Bond Bank Authority | ||||||||
Series 1, Rev., 5.00%, 12/1/2027 | 1,945 | 2,440 | ||||||
Series 1, Rev., 5.00%, 12/1/2028 | 1,230 | 1,579 | ||||||
Series 1, Rev., 5.00%, 12/1/2029 | 1,275 | 1,666 | ||||||
Series 1, Rev., 5.00%, 12/1/2030 | 875 | 1,166 | ||||||
Borough of North Slope | ||||||||
Series 2021A, GO, 5.00%, 6/30/2022 | 2,920 | 3,038 | ||||||
Series 2021B, GO, 5.00%, 6/30/2022 | 1,410 | 1,467 | ||||||
Series 2021A, GO, 5.00%, 6/30/2023 | 4,165 | 4,533 | ||||||
Series 2021B, GO, 5.00%, 6/30/2023 | 3,230 | 3,516 | ||||||
City of Anchorage, Electric Utilities, Senior Lien Series 2014A, Rev., 5.00%, 12/1/2023 (d) | 500 | 554 | ||||||
State of Alaska Series A, GO, 5.00%, 8/1/2029 | 1,300 | 1,527 | ||||||
|
| |||||||
Total Alaska | 21,486 | |||||||
|
| |||||||
Arizona — 2.0% |
| |||||||
Arizona Health Facilities Authority, Scottsdale Lincoln Hospitals Series 2014A, Rev., 5.00%, 12/1/2025 | 3,540 | 4,064 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Arizona — continued | ||||||||
Arizona Industrial Development Authority, Phoenix Children’s Hospital Series 2020A, Rev., 5.00%, 2/1/2027 | 125 | 154 | ||||||
City of Scottsdale GO, 5.00%, 7/1/2022 | 2,550 | 2,654 | ||||||
Maricopa County Elementary School District No. 6 Washington, School Improvement, Project of 2016 Series 2019B, GO, 5.00%, 7/1/2029 | 3,950 | 5,035 | ||||||
Maricopa County Industrial Development Authority, Banner Health | ||||||||
Series B, Rev., 5.00%, 10/18/2022 (c) | 7,370 | 7,769 | ||||||
Series C, Rev., 5.00%, 10/18/2024 (c) | 9,000 | 10,328 | ||||||
Series 2019D, Rev., 5.00%, 5/15/2026 (c) | 3,000 | 3,620 | ||||||
|
| |||||||
Total Arizona | 33,624 | |||||||
|
| |||||||
Arkansas — 0.8% |
| |||||||
Arkansas Development Finance Authority Public Safety Charges, Division of Emergency Management Project | ||||||||
Rev., 4.00%, 6/1/2028 | 1,000 | 1,201 | ||||||
Rev., 4.00%, 6/1/2030 | 1,195 | 1,421 | ||||||
Arkansas Development Finance Authority, Department of Community Correction Project Rev., 5.00%, 11/1/2026 | 325 | 396 | ||||||
City of Rogers, Sales Tax Series B, Rev., 5.00%, 11/1/2027 | 3,855 | 4,731 | ||||||
County of Sharp, Sales and Use Tax | ||||||||
Rev., 5.00%, 3/1/2024 | 595 | 658 | ||||||
Rev., 5.00%, 3/1/2025 | 600 | 686 | ||||||
Rev., 5.00%, 3/1/2026 | 685 | 806 | ||||||
University of Arkansas, Various Facility UAMS Campus | ||||||||
Rev., 5.00%, 3/1/2025 | 500 | 580 | ||||||
Rev., 5.00%, 3/1/2026 | 1,000 | 1,155 | ||||||
University of Central Arkansas, Student Housing System | ||||||||
Series 2017A, Rev., 5.00%, 11/1/2021 | 1,600 | 1,612 | ||||||
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 | 13,851 | |||||||
|
| |||||||
California — 13.7% |
| |||||||
Alameda County Transportation Commission, Sales Tax Rev., 4.00%, 3/1/2022 | 5,000 | 5,098 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 103 |
Table of Contents
JPMorgan Short-Intermediate Municipal Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued | ||||||||
California — continued | ||||||||
Allan Hancock Joint Community College District GO, 5.00%, 8/1/2022 | 1,050 | 1,097 | ||||||
Anaheim Housing and Public Improvements Authority, Electric Utility Distribution System Series 2016A, Rev., 5.00%, 10/1/2021 (d) | 1,275 | 1,280 | ||||||
Bay Area Toll Authority, Toll Bridge Series S-7, Rev., 4.00%, 4/1/2029 | 20,000 | 23,554 | ||||||
California Educational Facilities Authority, Claremont McKenna College Series 2015A, Rev., 4.00%, 1/1/2024 | 1,675 | 1,824 | ||||||
California Health Facilities Financing Authority, Adventist Health System Series 2011A, Rev., 3.00%, 3/1/2024 (c) | 8,065 | 8,452 | ||||||
California Health Facilities Financing Authority, Cedars-Sinai Medical Center Rev., 5.00%, 11/15/2025 | 1,850 | 2,212 | ||||||
California Health Facilities Financing Authority, Providence Health and Services | ||||||||
Series 2014A, Rev., 5.00%, 10/1/2021 | 750 | 753 | ||||||
Series 2014A, Rev., 5.00%, 10/1/2022 | 1,500 | 1,579 | ||||||
California Health Facilities Financing Authority, Stanford Health Clinic Series 2021A, Rev., 3.00%, 8/15/2025 (c) | 5,300 | 5,858 | ||||||
California Infrastructure and Economic Development Bank Series 2021A, Rev., 5.00%, 6/1/2028 | 5,750 | 7,408 | ||||||
California Infrastructure and Economic Development Bank, The J. Paul Getty Trust Series 2013A-2, Rev., (ICE LIBOR USD 1 Month + 0.33%), 0.40%, 10/1/2021 (b) | 3,250 | 3,251 | ||||||
California Municipal Finance Authority, Biola University Rev., 5.00%, 10/1/2021 | 370 | 371 | ||||||
California Municipal Finance Authority, California Lutheran University | ||||||||
Rev., 5.00%, 10/1/2025 | 275 | 321 | ||||||
Rev., 5.00%, 10/1/2026 | 150 | 181 | ||||||
Rev., 5.00%, 10/1/2027 | 150 | 185 | ||||||
California Municipal Finance Authority, NorthBay Healthcare Group | ||||||||
Series 2017A, Rev., 5.00%, 11/1/2023 | 500 | 545 | ||||||
Series 2017A, Rev., 5.00%, 11/1/2024 | 800 | 903 | ||||||
California Public Finance Authority, Enso Village Project, Green Bond Series 2021B-3, Rev., 2.13%, 11/15/2027 (e) | 1,500 | 1,519 | ||||||
California State Public Works Board, California State University, Davidson Library at Santa Barbara Series 2013C, Rev., 5.00%, 3/1/2023 (d) | 2,820 | 3,026 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
California — continued | ||||||||
California Statewide Communities Development Authority, Marin General Hospital Project, Green Bond Series 2018A, Rev., 5.00%, 8/1/2028 | 250 | 310 | ||||||
City and County of San Francisco Series 2014A, GO, 5.00%, 6/15/2025 | 5,310 | 5,515 | ||||||
City of Chula Vista, Police Facility Project | ||||||||
COP, 5.00%, 10/1/2021 | 360 | 361 | ||||||
COP, 5.00%, 10/1/2022 | 465 | 489 | ||||||
COP, 5.00%, 10/1/2023 | 1,000 | 1,102 | ||||||
City of Los Angeles Department of Airports, International Airport Senior | ||||||||
Series D, Rev., AMT, 5.00%, 5/15/2022 | 3,380 | 3,496 | ||||||
Series B, Rev., 4.00%, 5/15/2024 | 365 | 402 | ||||||
Series D, Rev., AMT, 5.00%, 5/15/2027 | 2,700 | 3,140 | ||||||
Series D, Rev., AMT, 5.00%, 5/15/2028 | 1,950 | 2,261 | ||||||
Series D, Rev., AMT, 5.00%, 5/15/2029 | 2,550 | 2,953 | ||||||
City of Los Angeles Department of Airports, International Airport Subordinate | ||||||||
Series C, Rev., 5.00%, 5/15/2022 | 750 | 776 | ||||||
Series C, Rev., 5.00%, 5/15/2024 | 700 | 790 | ||||||
City of Los Angeles, Wastewater System Series 2015-A, Rev., 5.00%, 6/1/2022 | 2,750 | 2,851 | ||||||
Contra Costa County Transportation Authority, Sales Tax | ||||||||
Series A, Rev., 5.00%, 3/1/2023 | 2,420 | 2,596 | ||||||
Series A, Rev., 5.00%, 3/1/2024 | 2,000 | 2,242 | ||||||
Eastern Municipal Water District, Water and Wastewater System Series C, Rev., 5.00%, 7/1/2022 | 1,700 | 1,769 | ||||||
Grossmont Healthcare District | ||||||||
Series 2015C, GO, 5.00%, 7/15/2026 | 1,000 | 1,173 | ||||||
Series D, GO, 5.00%, 7/15/2026 | 1,225 | 1,438 | ||||||
Los Angeles Community College District Series C, GO, 5.00%, 6/1/2026 | 5,000 | 6,091 | ||||||
Los Angeles Department of Water and Power, Water System Series A, Rev., 5.00%, 7/1/2025 | 100 | 118 | ||||||
Novato Unified School District | ||||||||
Series A, GO, 4.00%, 2/1/2022 | 535 | 544 | ||||||
Series A, GO, 5.00%, 2/1/2023 | 685 | 732 | ||||||
Series A, GO, 5.00%, 8/1/2025 | 1,500 | 1,709 | ||||||
Series A, GO, 5.00%, 8/1/2026 | 1,800 | 2,048 | ||||||
Oak Grove School District GO, 5.00%, 8/1/2023 | 1,200 | 1,311 | ||||||
Placentia-Yorba Linda Unified School District GO, 5.00%, 8/1/2025 | 1,770 | 2,098 |
SEE NOTES TO FINANCIAL STATEMENTS.
104 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued | ||||||||
California — continued | ||||||||
Port of Oakland, Intermediate Lien Rev., AMT, 5.00%, 5/1/2024 | 2,935 | 3,295 | ||||||
Sacramento Municipal Utility District, Electric | ||||||||
Series E, Rev., 5.00%, 8/15/2022 | 2,740 | 2,868 | ||||||
Series E, Rev., 5.00%, 8/15/2027 | 105 | 133 | ||||||
San Diego County Regional Transportation Commission, Sales Tax Series A, Rev., 5.00%, 4/1/2022 | 100 | 103 | ||||||
San Diego Public Facilities Financing Authority Series 2020A, Rev., 5.00%, 8/1/2027 | 250 | 315 | ||||||
San Francisco Bay Area Rapid Transit District, Election of 2004 | ||||||||
Series D, GO, 3.00%, 8/1/2022 | 2,735 | 2,809 | ||||||
Series 2015D, GO, 5.00%, 8/1/2028 | 1,685 | 1,985 | ||||||
San Francisco City and County Public Utilities Commission Wastewater Series 2018C, Rev., 2.13%, 10/1/2023 (c) | 10,000 | 10,295 | ||||||
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 | 1,804 | ||||||
San Francisco Unified School District, Proposition A, Election of 2011 Series B, GO, 5.00%, 6/15/2024 | 5,190 | 5,390 | ||||||
Santa Barbara Unified School District | ||||||||
Series A, GO, 4.00%, 8/1/2022 | 30 | 31 | ||||||
Series B, GO, 5.00%, 8/1/2026 | 50 | 61 | ||||||
Sonoma County Transportation Authority, Limited Tax Rev., 5.00%, 12/1/2024 | 1,000 | 1,155 | ||||||
State of California, Various Purpose | ||||||||
Series B, GO, 5.00%, 9/1/2023 | 2,810 | 3,083 | ||||||
GO, 5.00%, 11/1/2023 | 3,560 | 3,934 | ||||||
GO, 5.00%, 3/1/2026 | 13,210 | 15,374 | ||||||
GO, 5.00%, 9/1/2026 | 4,900 | 6,009 | ||||||
GO, 4.00%, 8/1/2028 | 4,000 | 4,664 | ||||||
GO, 4.00%, 8/1/2029 | 4,180 | 4,871 | ||||||
GO, 5.00%, 8/1/2029 | 7,830 | 9,513 | ||||||
GO, 4.00%, 8/1/2030 | 10,000 | 11,634 | ||||||
Stockton Public Financing Authority | ||||||||
Rev., 5.00%, 3/1/2027 | 630 | 753 | ||||||
Rev., 5.00%, 3/1/2029 | 465 | 574 | ||||||
Tobacco Securitization Authority of Northern California Rev., 0.45%, 6/1/2030 | 100 | 102 | ||||||
University of California Series AK, Rev., 5.00%, 5/15/2023 (c) | 11,505 | 12,460 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
California — continued | ||||||||
Walnut Energy Center Authority Series A, Rev., 5.00%, 1/1/2023 | 400 | 426 | ||||||
Whittier Union High School District GO, 5.00%, 8/1/2023 | 10,495 | 11,478 | ||||||
|
| |||||||
Total California | 232,851 | |||||||
|
| |||||||
Colorado — 1.6% |
| |||||||
City of Aurora COP, 4.00%, 12/1/2022 | 375 | 393 | ||||||
City of Longmon | ||||||||
Series A, COP, 5.00%, 12/1/2021 | 100 | 101 | ||||||
Series A, COP, 5.00%, 12/1/2022 | 100 | 106 | ||||||
Series A, COP, 5.00%, 12/1/2024 | 100 | 111 | ||||||
Colorado Bridge Enterprise, Tax-Exempt Series 2019A, Rev., 4.00%, 12/1/2027 | 5,000 | 5,883 | ||||||
Colorado Health Facilities Authority, Commonspirit Health Series B-2, Rev., 5.00%, 8/1/2026 (c) | 10,000 | 11,850 | ||||||
Colorado Health Facilities Authority, Parkview Medical Center, Inc., Project Rev., 5.00%, 9/1/2022 | 150 | 157 | ||||||
Colorado Health Facilities Authority, Valley View Hospital Association Project Rev., 2.80%, 5/15/2023 (c) | 1,060 | 1,090 | ||||||
Counties of Gunnison, Watershed School District No. 1 | ||||||||
Series 2014A, GO, 4.00%, 12/1/2022 | 300 | 315 | ||||||
Series 2014A, GO, 5.00%, 12/1/2024 (d) | 500 | 578 | ||||||
County of Eagle COP, 5.00%, 12/1/2022 | 200 | 212 | ||||||
Regional Transportation District, Denver Transit Partners | ||||||||
Rev., 5.00%, 1/15/2027 | 500 | 607 | ||||||
Rev., 5.00%, 7/15/2027 | 500 | 615 | ||||||
Rev., 5.00%, 1/15/2028 | 250 | 311 | ||||||
Rev., 5.00%, 7/15/2028 | 175 | 220 | ||||||
Rev., 5.00%, 1/15/2029 | 300 | 381 | ||||||
Rev., 5.00%, 7/15/2029 | 135 | 173 | ||||||
Rev., 5.00%, 1/15/2030 | 165 | 214 | ||||||
Rev., 5.00%, 7/15/2030 | 115 | 150 | ||||||
University of Colorado, Enterprise System | ||||||||
Series 2017A-2, Rev., 5.00%, 6/1/2022 (d) | 820 | 849 | ||||||
Series 2017A-2, Rev., 5.00%, 6/1/2022 | 260 | 270 | ||||||
Series A, Rev., 5.00%, 6/1/2022 (d) | 2,590 | 2,682 | ||||||
Series A, Rev., 5.00%, 6/1/2022 | 560 | 581 | ||||||
|
| |||||||
Total Colorado | 27,849 | |||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 105 |
Table of Contents
JPMorgan Short-Intermediate Municipal Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued | ||||||||
Connecticut — 2.4% |
| |||||||
Connecticut Housing Finance Authority, Housing Mortgage Finance Program Series E, Subseries E-3, Rev., 1.63%, 9/10/2021 (c) | 400 | 400 | ||||||
Connecticut State Health and Educational Facilities Authority, Hartford Healthcare Series 2020B-2, Rev., 5.00%, 1/1/2027 (c) | 7,750 | 9,454 | ||||||
State of Connecticut | ||||||||
GO, 5.00%, 7/15/2022 | 4,750 | 4,953 | ||||||
GO, 5.00%, 7/15/2023 | 4,260 | 4,648 | ||||||
GO, 5.00%, 7/15/2024 | 7,060 | 8,033 | ||||||
Series 2020C, GO, 4.00%, 6/1/2032 | 1,000 | 1,232 | ||||||
State of Connecticut, Special Tax Transportation Infrastructure Purposes Series C, Rev., 5.00%, 10/1/2026 | 10,000 | 12,265 | ||||||
|
| |||||||
Total Connecticut | 40,985 | |||||||
|
| |||||||
District of Columbia — 0.2% |
| |||||||
Metropolitan Washington Airports Authority Aviation Series 2013C, Rev., 5.00%, 10/1/2021 | 1,475 | 1,481 | ||||||
Washington Metropolitan Area Transit Authority Series B, Rev., 5.00%, 7/1/2029 | 1,120 | 1,390 | ||||||
|
| |||||||
Total District of Columbia | 2,871 | |||||||
|
| |||||||
Florida — 1.5% |
| |||||||
County of Miami-Dade, Aviation Series 2020A, Rev., 5.00%, 10/1/2032 | 2,000 | 2,625 | ||||||
Florida Higher Educational Facilities Financial Authority, Florida Institute of Technology | ||||||||
Rev., 5.00%, 10/1/2022 | 115 | 120 | ||||||
Rev., 5.00%, 10/1/2023 | 125 | 137 | ||||||
JEA Water and Sewer System Series A, Rev., 5.00%, 10/1/2025 | 250 | 297 | ||||||
Miami-Dade County Expressway Authority, Toll System Series 2014A, Rev., 5.00%, 7/1/2022 | 625 | 649 | ||||||
State of Florida, Department of Transportation, Right-of- Way Acquisition and Bridge Construction Series 2021A, GO, 5.00%, 7/1/2028 | 3,675 | 4,725 | ||||||
State of Florida, State Board of Education, Lottery Series B, Rev., 5.00%, 7/1/2027 | 8,540 | 10,417 | ||||||
Volusia County School Board | ||||||||
Series 2021A, COP, 5.00%, 8/1/2025 | 1,685 | 1,986 | ||||||
Series 2021A, COP, 5.00%, 8/1/2026 | 1,425 | 1,734 | ||||||
Series 2021A, COP, 5.00%, 8/1/2027 | 1,965 | 2,457 | ||||||
|
| |||||||
Total Florida | 25,147 | |||||||
|
|
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Georgia — 2.1% |
| |||||||
Atlanta Development Authority, Panther Place LLC Project | ||||||||
Series 2015A-1, Rev., 5.00%, 7/1/2027 | 1,000 | 1,161 | ||||||
Series 2015A-1, Rev., 5.00%, 7/1/2028 | 1,000 | 1,159 | ||||||
Cook County School District, Sales Tax GO, 5.00%, 10/1/2021 | 1,495 | 1,501 | ||||||
Dahlonega Downtown Development Authority, North Georgia MAC, LLC Project | ||||||||
Rev., 5.00%, 7/1/2023 | 325 | 353 | ||||||
Rev., 5.00%, 7/1/2025 | 250 | 292 | ||||||
Rev., 5.00%, 7/1/2026 | 275 | 332 | ||||||
Rev., 5.00%, 7/1/2028 | 375 | 461 | ||||||
Rev., 4.00%, 7/1/2032 | 1,000 | 1,150 | ||||||
Development Authority for Fulton County, Tech Athletic | ||||||||
Rev., 5.00%, 10/1/2022 (d) | 4,855 | 5,106 | ||||||
Rev., 5.00%, 10/1/2022 | 145 | 152 | ||||||
Private Colleges and Universities Authority, Emory University Series 2020B, Rev., 5.00%, 9/1/2030 | 10,755 | 14,461 | ||||||
State of Georgia | ||||||||
Series 2016E, GO, 5.00%, 12/1/2025 | 6,750 | 8,084 | ||||||
Series F, GO, 5.00%, 7/1/2028 | 2,000 | 2,462 | ||||||
|
| |||||||
Total Georgia | 36,674 | |||||||
|
| |||||||
Guam — 0.2% |
| |||||||
Territory of Guam (Guam) | ||||||||
Series F, Rev., 5.00%, 1/1/2028 (f) | 250 | 306 | ||||||
Series F, Rev., 5.00%, 1/1/2029 (f) | 750 | 934 | ||||||
Series F, Rev., 5.00%, 1/1/2030 (f) | 750 | 949 | ||||||
Series F, Rev., 5.00%, 1/1/2031 (f) | 750 | 969 | ||||||
|
| |||||||
Total Guam | 3,158 | |||||||
|
| |||||||
Hawaii — 0.5% |
| |||||||
City and County of Honolulu Series A, GO, 5.00%, 10/1/2029 | 675 | 797 | ||||||
State of Hawaii Series EF, GO, 5.00%, 11/1/2021 | 7,640 | 7,702 | ||||||
|
| |||||||
Total Hawaii | 8,499 | |||||||
|
| |||||||
Illinois — 7.2% |
| |||||||
Carol Stream Park District Series 2020C, GO, 4.00%, 11/1/2027 | 200 | 235 | ||||||
Carol Stream Park District, Limited Tax Series 2020A, GO, 4.00%, 11/1/2028 | 145 | 173 | ||||||
Champaign County Community Unit School District No. 4 Champaign | ||||||||
GO, 4.00%, 6/1/2028 | 1,255 | 1,491 |
SEE NOTES TO FINANCIAL STATEMENTS.
106 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued | ||||||||
Illinois — continued | ||||||||
GO, 4.00%, 6/1/2029 | 1,000 | 1,205 | ||||||
GO, 4.00%, 6/1/2030 | 1,285 | 1,579 | ||||||
Champaign County Community Unit School District No. 4 Champaign, Capital Appreciation | ||||||||
Series 2020A, GO, Zero Coupon, 1/1/2025 | 960 | 938 | ||||||
Series 2020A, GO, Zero Coupon, 1/1/2027 | 385 | 365 | ||||||
Series 2020A, GO, Zero Coupon, 1/1/2028 | 570 | 529 | ||||||
Chicago O’Hare International Airport, General Airport, Senior Lien | ||||||||
Series 2020B, Rev., 5.00%, 1/1/2028 | 1,000 | 1,259 | ||||||
Series 2020A, Rev., 5.00%, 1/1/2029 | 4,390 | 5,655 | ||||||
Series 2020A, Rev., 5.00%, 1/1/2030 | 4,605 | 6,058 | ||||||
Series 2020E, Rev., 5.00%, 1/1/2031 | 4,620 | 6,038 | ||||||
Chicago Transit Authority Capital Grant Receipts Rev., 5.00%, 6/1/2029 | 1,875 | 2,434 | ||||||
City of Chicago | ||||||||
Series 2015C, GO, 5.00%, 1/1/2022 (d) | 3,335 | 3,387 | ||||||
Series 2015C, GO, 5.00%, 1/1/2022 | 1,665 | 1,691 | ||||||
City of Waukegan | ||||||||
Series B, GO, AGM, 5.00%, 12/30/2025 | 1,075 | 1,260 | ||||||
Series B, GO, AGM, 5.00%, 12/30/2026 | 1,125 | 1,352 | ||||||
Series B, GO, AGM, 5.00%, 12/30/2027 | 1,185 | 1,461 | ||||||
City of Waukegan, First Lien, Water and Sewer System | ||||||||
Series C, Rev., AGM, 5.00%, 12/30/2023 | 535 | 589 | ||||||
Series C, Rev., AGM, 5.00%, 12/30/2026 | 680 | 821 | ||||||
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 | 1,490 | ||||||
Cook County Community School District No. 97, Oak Park | ||||||||
GO, 4.00%, 1/1/2028 | 500 | 594 | ||||||
GO, 4.00%, 1/1/2029 | 375 | 450 | ||||||
GO, 4.00%, 1/1/2030 | 285 | 340 | ||||||
Cook County High School District No. 207 Maine Township | ||||||||
Series 2019A, GO, 5.00%, 12/1/2027 | 1,915 | 2,402 | ||||||
Series 2019A, GO, 5.00%, 12/1/2028 | 1,930 | 2,462 | ||||||
Series 2019A, GO, 4.00%, 12/1/2029 | 1,945 | 2,387 | ||||||
Cook County School District No. 69, Skokie, Limited Tax | ||||||||
GO, 4.00%, 12/1/2026 | 470 | 548 | ||||||
GO, 4.00%, 12/1/2027 | 490 | 581 | ||||||
GO, 4.00%, 12/1/2028 | 545 | 655 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Illinois — continued | ||||||||
GO, 4.00%, 12/1/2029 | 515 | 631 | ||||||
GO, 4.00%, 12/1/2030 | 200 | 242 | ||||||
GO, 4.00%, 12/1/2031 | 820 | 984 | ||||||
Cook County School District No. 99 Cicero, Limited Tax | ||||||||
Series 2019B, GO, 5.00%, 12/1/2024 | 505 | 572 | ||||||
Series 2019B, GO, 5.00%, 12/1/2025 | 515 | 601 | ||||||
Cook County Township High School District No. 225, Glenbrook Series 2016A, GO, 5.00%, 12/1/2023 | 5 | 6 | ||||||
Cook County, Proviso Township High School District No. 209, Limited Tax | ||||||||
GO, 5.00%, 12/1/2022 | 2,975 | 3,147 | ||||||
GO, 5.00%, 12/1/2023 | 2,350 | 2,576 | ||||||
County of Du Page, Courthouse Project GO, 5.00%, 1/1/2024 | 335 | 371 | ||||||
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 | 780 | ||||||
GO, 4.00%, 1/1/2030 | 600 | 715 | ||||||
GO, 4.00%, 1/1/2031 | 1,000 | 1,182 | ||||||
Effingham Community Unit School District No. 40 Series 2019A, GO, 4.00%, 12/1/2028 | 565 | 680 | ||||||
Glenview Park District | ||||||||
GO, 5.00%, 12/1/2026 | 300 | 364 | ||||||
GO, 5.00%, 12/1/2029 | 350 | 433 | ||||||
Grundy and Kendall Counties Consolidated Grade School District No. 60-C GO, 4.00%, 2/1/2030 | 1,145 | 1,360 | ||||||
Illinois Finance Authority, Clean Water Initiative Revolving Fund Series 1998B, Rev., 5.00%, 1/1/2029 | 4,000 | 4,794 | ||||||
Illinois Finance Authority, DePaul University | ||||||||
Rev., 5.00%, 10/1/2023 | 200 | 219 | ||||||
Rev., 5.00%, 10/1/2025 | 300 | 354 | ||||||
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 | 2,337 | ||||||
Rev., 4.00%, 1/15/2032 | 2,120 | 2,512 | ||||||
Illinois Finance Authority, Silver Cross Hospital and Medical Centers Series 2015C, Rev., 5.00%, 8/15/2022 | 500 | 522 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 107 |
Table of Contents
JPMorgan Short-Intermediate Municipal Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued | ||||||||
Illinois — continued | ||||||||
Kane and DeKalb Counties Community Unit School District No. 301 GO, 5.00%, 1/1/2027 | 355 | 430 | ||||||
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 | 252 | ||||||
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 | 78 | ||||||
Series 2020B, GO, AGM, 4.00%, 12/1/2029 | 40 | 48 | ||||||
Series 2020A, GO, AGM, 4.00%, 12/1/2030 | 80 | 95 | ||||||
Lincoln Land Community College District No. 526 | ||||||||
GO, 4.00%, 12/15/2021 (d) | 440 | 445 | ||||||
GO, 5.00%, 12/15/2021 | 305 | 309 | ||||||
Madison-Macoupin Etc. Counties Community College District No. 536, Lewis and Clark Community | ||||||||
GO, AGM, 4.00%, 5/1/2025 | 400 | 445 | ||||||
GO, AGM, 4.00%, 5/1/2026 | 200 | 228 | ||||||
GO, AGM, 4.00%, 5/1/2028 | 350 | 410 | ||||||
GO, AGM, 4.00%, 5/1/2029 | 1,000 | 1,163 | ||||||
Peoria County Community Unit School District No. 309 Brimfield | ||||||||
GO, AGM, 4.00%, 4/1/2026 | 750 | 863 | ||||||
GO, AGM, 4.00%, 4/1/2027 | 780 | 915 | ||||||
GO, AGM, 4.00%, 4/1/2028 | 410 | 489 | ||||||
GO, AGM, 4.00%, 4/1/2029 | 240 | 291 | ||||||
GO, AGM, 4.00%, 4/1/2030 | 375 | 451 | ||||||
Peoria Public Building Commission | ||||||||
Series A, Rev., AGM, 4.00%, 12/1/2025 | 700 | 791 | ||||||
Series A, Rev., AGM, 4.00%, 12/1/2026 | 1,000 | 1,156 | ||||||
Series A, Rev., AGM, 4.00%, 12/1/2027 | 1,270 | 1,483 | ||||||
Series A, Rev., AGM, 5.00%, 12/1/2028 | 1,200 | 1,499 | ||||||
Series A, Rev., AGM, 5.00%, 12/1/2029 | 2,400 | 2,989 | ||||||
Sales Tax Securitization Corp. | ||||||||
Series C, Rev., 5.00%, 1/1/2024 | 3,000 | 3,317 | ||||||
Series C, Rev., 5.00%, 1/1/2025 | 4,250 | 4,878 | ||||||
Southwestern Illinois Development Authority, Hospital Sisters Services, Inc., Obligated Group Series A, Rev., 5.00%, 2/15/2027 | 2,000 | 2,458 | ||||||
State of Illinois Series D, GO, 5.00%, 11/1/2023 | 5,000 | 5,496 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Illinois — continued | ||||||||
State of Illinois Sales Tax | ||||||||
Series A, Rev., 5.00%, 6/15/2022 | 4,600 | 4,776 | ||||||
Series A, Rev., 5.00%, 6/15/2023 | 4,600 | 4,994 | ||||||
University of Illinois, Auxiliary Facilities System Series A, Rev., 5.00%, 9/10/2021 | 2,500 | 2,685 | ||||||
Will County Forest Preservation District, Limited Tax GO, 5.00%, 12/15/2027 | 805 | 1,011 | ||||||
Will County Township High School District No. 204 Joliet, Limited Tax GO, 4.00%, 1/1/2029 | 250 | 300 | ||||||
|
| |||||||
Total Illinois | 123,738 | |||||||
|
| |||||||
Indiana — 1.9% |
| |||||||
City of Evansville, Sewage Works Rev., 4.00%, 7/1/2027 | 985 | 1,165 | ||||||
City of Rockport, Indiana Michigan Power Co. Project Series 2009B, Rev., 3.05%, 6/1/2025 | 5,000 | 5,488 | ||||||
Fort Wayne Redevelopment Authority Lease Rental, Harrison Square Project Rev., 5.00%, 8/1/2023 | 1,000 | 1,091 | ||||||
Indiana Finance Authority, Indiana University Health Obligated Group | ||||||||
Series C, Rev., 5.00%, 12/1/2021 | 2,355 | 2,383 | ||||||
Series B, Rev., 2.25%, 7/1/2025 (c) | 5,000 | 5,297 | ||||||
Indiana Finance Authority, Indianapolis Power and Light Co. Project | ||||||||
Rev., 0.75%, 4/1/2026 (c) | 3,000 | 2,994 | ||||||
Rev., AMT, 0.95%, 4/1/2026 (c) | 4,525 | 4,493 | ||||||
Series 2021A, Rev., 1.40%, 8/1/2029 | 7,000 | 7,010 | ||||||
New Albany-Floyd County School Building Corp., First Mortgage Rev., 5.00%, 7/15/2022 | 835 | 870 | ||||||
Purdue University, Student Fee | ||||||||
Series DD, Rev., 5.00%, 7/1/2025 | 870 | 1,025 | ||||||
Series DD, Rev., 5.00%, 7/1/2027 | 10 | 13 | ||||||
|
| |||||||
Total Indiana | 31,829 | |||||||
|
| |||||||
Iowa — 0.7% |
| |||||||
Iowa Finance Authority, Health System Rev., (SIFMA Municipal Swap Index Yield + 0.58%), 0.60%, 9/9/2021 (b) (e) | 12,350 | 12,350 | ||||||
|
| |||||||
Kansas — 1.1% |
| |||||||
Butler County, Unified School District No. 375 Circle Series 2014-1, GO, 4.00%, 9/1/2022 (d) | 200 | 208 | ||||||
City of Wichita, Sales Tax, River District Stadium Star Bond Project | ||||||||
Rev., 5.00%, 9/1/2025 | 300 | 351 | ||||||
Rev., 5.00%, 9/1/2026 | 465 | 562 |
SEE NOTES TO FINANCIAL STATEMENTS.
108 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued | ||||||||
Kansas — continued | ||||||||
City of Wichita, Water and Sewer Utility Series 2014A, Rev., 5.00%, 10/1/2022 | 2,200 | 2,316 | ||||||
Kansas Development Finance Authority, State of Kansas Project Series F, Rev., 4.00%, 11/1/2029 | 6,820 | 8,116 | ||||||
Overland Park Development Corp., Overland Park Convention Center Hotel | ||||||||
Rev., 4.00%, 3/1/2022 | 1,455 | 1,460 | ||||||
Rev., 5.00%, 3/1/2023 | 1,520 | 1,556 | ||||||
Seward County Unified School District No. 480 Liberal Series 2017-B, GO, 5.00%, 9/1/2025 | 1,750 | 2,066 | ||||||
University of Kansas Hospital Authority, Health System Series 2017A, Rev., 5.00%, 3/1/2024 | 275 | 307 | ||||||
Wyandotte County Unified School District No. 202 Turner | ||||||||
Series 2019A, GO, AGM, 5.00%, 9/1/2025 | 400 | 468 | ||||||
Series 2019A, GO, AGM, 5.00%, 9/1/2026 | 220 | 265 | ||||||
Series 2019A, GO, AGM, 5.00%, 9/1/2027 | 325 | 402 | ||||||
Series 2019A, GO, AGM, 5.00%, 9/1/2028 | 400 | 503 | ||||||
Series 2019A, GO, AGM, 5.00%, 9/1/2029 | 375 | 469 | ||||||
|
| |||||||
Total Kansas | 19,049 | |||||||
|
| |||||||
Kentucky — 1.1% |
| |||||||
Kentucky Municipal Power Agency, Prairie State Project Series 2015A, Rev., NATL-RE, 5.00%, 9/1/2023 | 240 | 262 | ||||||
Kentucky Public Energy Authority, Gas Supply Series A, Rev., 4.00%, 4/1/2024 (c) | 2,500 | 2,721 | ||||||
Louisville and Jefferson County Metropolitan Government, Norton Healthcare, Inc. Series 2020D, Rev., 5.00%, 10/1/2029 (c) | 10,500 | 13,657 | ||||||
Northern Kentucky University Series A, Rev., 5.00%, 9/1/2024 | 1,310 | 1,460 | ||||||
|
| |||||||
Total Kentucky | 18,100 | |||||||
|
| |||||||
Louisiana — 1.4% |
| |||||||
City of Shreveport, Water and Sewer, Junior Lien | ||||||||
Series C, Rev., 3.00%, 12/1/2021 (d) | 175 | 176 | ||||||
Series C, Rev., 5.00%, 12/1/2022 | 270 | 285 | ||||||
Series 2018C, Rev., 5.00%, 12/1/2023 | 365 | 403 | ||||||
Series 2019B, Rev., AGM, 4.00%, 12/1/2025 | 400 | 455 | ||||||
Series 2018C, Rev., 5.00%, 12/1/2025 | 915 | 1,085 |
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 | 753 | ||||||
Series 2019B, Rev., AGM, 5.00%, 12/1/2028 | 500 | 641 | ||||||
Series 2019B, Rev., AGM, 5.00%, 12/1/2029 | 300 | 384 | ||||||
Jefferson Sales Tax District Series 2019B, Rev., AGM, 4.00%, 12/1/2032 | 5,815 | 7,052 | ||||||
Louisiana Public Facilities Authority, Louisiana Children’s Medical Center Project Rev., (SIFMA Municipal Swap Index Yield + 0.65%), 0.67%, 9/9/2021 (b) | 10,000 | 10,023 | ||||||
Louisiana Public Facilities Authority, Tulane University Project | ||||||||
Rev., 5.00%, 12/15/2022 | 230 | 244 | ||||||
Rev., 5.00%, 12/15/2025 | 250 | 298 | ||||||
Series 2020A, Rev., 5.00%, 4/1/2027 | 150 | 185 | ||||||
Series 2020A, Rev., 5.00%, 4/1/2028 | 165 | 209 | ||||||
Series 2020A, Rev., 5.00%, 4/1/2029 | 220 | 284 | ||||||
Series 2020A, Rev., 5.00%, 4/1/2030 | 130 | �� | 171 | |||||
Series 2020A, Rev., 5.00%, 4/1/2031 | 150 | 196 | ||||||
|
| |||||||
Total Louisiana | 23,896 | |||||||
|
| |||||||
Maryland — 0.6% |
| |||||||
County of Montgomery, Consolidated Public Improvement Series 2018A, GO, 5.00%, 11/1/2027 | 2,800 | 3,549 | ||||||
State of Maryland Department of Transportation Rev., 5.00%, 10/1/2025 | 6,100 | 7,263 | ||||||
|
| |||||||
Total Maryland | 10,812 | |||||||
|
| |||||||
Massachusetts — 3.2% |
| |||||||
City of Boston Series 2014A, GO, 5.00%, 3/1/2023 | 7,360 | 7,901 | ||||||
Commonwealth of Massachusetts Series A, GO, (ICE LIBOR USD 3 Month + 0.55%), 0.63%, 11/1/2021 (b) | 3,000 | 3,014 | ||||||
Commonwealth of Massachusetts, Consolidated Loan of 2015 Series D, GO, 4.00%, 9/1/2030 | 8,290 | 9,396 | ||||||
Massachusetts Bay Transportation Authority, Sales Tax Series 2021A-1, Rev., 5.00%, 7/1/2028 | 785 | 1,009 | ||||||
Massachusetts Clean Water Trust (The), Revolving Funds Rev., 5.00%, 8/1/2025 | 6,775 | 8,015 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 109 |
Table of Contents
JPMorgan Short-Intermediate Municipal Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued | ||||||||
Massachusetts — continued | ||||||||
Massachusetts Development Finance Agency, Northeastern University Issue | ||||||||
Series 2020A, Rev., 5.00%, 10/1/2027 | 1,000 | 1,258 | ||||||
Series 2020A, Rev., 5.00%, 10/1/2028 | 1,000 | 1,289 | ||||||
Series 2020A, Rev., 5.00%, 10/1/2030 | 660 | 888 | ||||||
Series 2020A, Rev., 5.00%, 10/1/2031 | 585 | 779 | ||||||
Series 2020A, Rev., 5.00%, 10/1/2032 | 425 | 564 | ||||||
Series 2020A, Rev., 5.00%, 10/1/2033 | 450 | 595 | ||||||
Series 2020A, Rev., 5.00%, 10/1/2034 | 500 | 659 | ||||||
Series 2020A, Rev., 5.00%, 10/1/2035 | 1,000 | 1,315 | ||||||
Massachusetts Development Finance Agency, Partners Healthcare System Issue Series 2017S, Rev., (SIFMA Municipal Swap Index Yield + 0.50%), 0.52%, 9/9/2021 (b) | 10,000 | 10,018 | ||||||
Massachusetts Development Finance Agency, Suffolk University Issue | ||||||||
Rev., 5.00%, 7/1/2025 | 525 | 612 | ||||||
Rev., 5.00%, 7/1/2026 | 435 | 523 | ||||||
Rev., 5.00%, 7/1/2027 | 420 | 518 | ||||||
Rev., 5.00%, 7/1/2028 | 525 | 658 | ||||||
Massachusetts Port Authority Series 2019-A, Rev., AMT, 5.00%, 7/1/2023 | 4,840 | 5,258 | ||||||
|
| |||||||
Total Massachusetts | 54,269 | |||||||
|
| |||||||
Michigan — 1.9% |
| |||||||
Avondale School District, Unlimited Tax Series 2020A, GO, Q-SBLF, 5.00%, 5/1/2029 | 1,835 | 2,406 | ||||||
City of Grand Rapids, Sanitary Sewer System Rev., 5.00%, 1/1/2022 | 350 | 356 | ||||||
City of Royal Oak, Limited Tax, Capital Improvement | ||||||||
GO, 5.00%, 4/1/2027 | 625 | 770 | ||||||
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 | 1,661 | ||||||
Rev., GTD, 5.00%, 1/1/2024 | 1,400 | 1,557 | ||||||
Grosse Pointe Public School System GO, 4.00%, 5/1/2027 | 765 | 906 | ||||||
Jackson Public Schools, Unlimited Tax | ||||||||
GO, Q-SBLF, 4.00%, 5/1/2025 | 570 | 644 | ||||||
GO, Q-SBLF, 4.00%, 5/1/2026 | 885 | 1,032 | ||||||
GO, Q-SBLF, 4.00%, 5/1/2027 | 1,090 | 1,287 | ||||||
Kalamazoo Public Schools, Unlimited Tax GO, 5.00%, 5/1/2022 | 1,000 | 1,032 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Michigan — continued | ||||||||
Michigan Finance Authority, Clean Water Revolving Fund Rev., 5.00%, 10/1/2021 | 2,250 | 2,259 | ||||||
Michigan State Hospital Finance Authority, Ascension Health Credit Group Series B-4, Rev., 5.00%, 11/15/2027 | 2,250 | 2,624 | ||||||
Michigan Strategic Fund, The Detroit Edison Co. Series CC, Rev., VRDO, 1.45%, 9/1/2021 (c) | 2,600 | 2,600 | ||||||
Northville Public Schools, School Building and Site | ||||||||
Series II, GO, 5.00%, 5/1/2027 | 375 | 464 | ||||||
Series II, GO, 5.00%, 5/1/2028 | 600 | 760 | ||||||
Series II, GO, 5.00%, 5/1/2029 | 250 | 323 | ||||||
Troy School District, School Building and Site GO, Q-SBLF, 5.00%, 5/1/2022 | 500 | 516 | ||||||
University of Michigan Series 2019C, Rev., 4.00%, 4/1/2024 (c) | 10,650 | 11,522 | ||||||
|
| |||||||
Total Michigan | 33,028 | |||||||
|
| |||||||
Minnesota — 0.4% |
| |||||||
Duluth Independent School District No. 709 | ||||||||
Series 2019B, COP, 5.00%, 2/1/2024 | 210 | 231 | ||||||
Series 2019C, COP, 5.00%, 2/1/2024 | 295 | 325 | ||||||
Series 2019B, COP, 5.00%, 2/1/2025 | 185 | 211 | ||||||
Series 2019C, COP, 5.00%, 2/1/2025 | 310 | 354 | ||||||
Series 2019B, COP, 5.00%, 2/1/2026 | 195 | 229 | ||||||
Series 2019C, COP, 5.00%, 2/1/2026 | 320 | 376 | ||||||
Series 2019B, COP, 5.00%, 2/1/2027 | 185 | 223 | ||||||
Series 2019B, COP, 5.00%, 2/1/2028 | 175 | 216 | ||||||
Series 2019C, COP, 5.00%, 2/1/2028 | 350 | 434 | ||||||
Minneapolis-St. Paul Metropolitan Airports Commission Series A, Rev., 5.00%, 1/1/2022 | 1,000 | 1,016 | ||||||
Minnesota Higher Education Facilities Authority, College of St. Scholastica, Inc. | ||||||||
Rev., 4.00%, 12/1/2024 | 100 | 110 | ||||||
Rev., 4.00%, 12/1/2025 | 185 | 209 | ||||||
Rev., 4.00%, 12/1/2026 | 185 | 213 | ||||||
Rev., 4.00%, 12/1/2027 | 195 | 228 | ||||||
Rev., 4.00%, 12/1/2028 | 240 | 284 | ||||||
Western Minnesota Municipal Power Agency, Power Supply | ||||||||
Series A, Rev., 5.00%, 1/1/2023 | 1,500 | 1,596 | ||||||
Series 2014A, Rev., 5.00%, 1/1/2024 | 1,000 | 1,110 | ||||||
|
| |||||||
Total Minnesota | 7,365 | |||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
110 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued | ||||||||
Mississippi — 0.7% |
| |||||||
County of Harrison, Tax-Exempt | ||||||||
Series A, GO, 5.00%, 10/1/2027 | 800 | 1,005 | ||||||
Series A, GO, 5.00%, 10/1/2028 | 345 | 444 | ||||||
Medical Center Educational Building Corp., Capital Improvements and Refinancing Project Rev., 5.00%, 6/1/2031 | 3,105 | 3,963 | ||||||
Mississippi Business Finance Corp., Pollution Control, Power Company Project Rev., 3.20%, 9/1/2028 | 4,000 | 4,201 | ||||||
State of Mississippi, Gaming Tax Series 2019A, Rev., 5.00%, 10/15/2028 | 1,400 | 1,787 | ||||||
|
| |||||||
Total Mississippi | 11,400 | |||||||
|
| |||||||
Missouri — 0.5% |
| |||||||
City of Chesterfield COP, 5.00%, 12/1/2021 | 1,000 | 1,012 | ||||||
City of St. Louis, St. Louis Lambert International Airport | ||||||||
Rev., 5.00%, 7/1/2022 | 1,000 | 1,040 | ||||||
Rev., 5.00%, 7/1/2023 | 1,080 | 1,175 | ||||||
City of St. Peters | ||||||||
COP, 4.00%, 5/1/2026 | 705 | 813 | ||||||
COP, 4.00%, 5/1/2027 | 730 | 860 | ||||||
COP, 4.00%, 5/1/2028 | 760 | 910 | ||||||
COP, 4.00%, 5/1/2029 | 760 | 921 | ||||||
COP, 4.00%, 5/1/2030 | 545 | 669 | ||||||
County of Greene, Special Obligation | ||||||||
Rev., 4.00%, 12/1/2028 | 300 | 361 | ||||||
Rev., 4.00%, 12/1/2029 | 200 | 243 | ||||||
Health and Educational Facilities Authority of the State of Missouri, State University Rev., 4.00%, 10/1/2021 | 300 | 301 | ||||||
North Kansas City School District 74, Improvement Bonds, Missouri Direct Deposit Program GO, 5.00%, 3/1/2022 | 350 | 359 | ||||||
|
| |||||||
Total Missouri | 8,664 | |||||||
|
| |||||||
Montana — 0.1% |
| |||||||
Gallatin County High School District No. 7 Bozeman Series 2017A, GO, 5.00%, 12/1/2023 | 515 | 571 | ||||||
Missoula County Elementary School District No. 1, School Building GO, 5.00%, 7/1/2024 | 520 | 590 | ||||||
State of Montana, Long-Range Building Program GO, 5.00%, 8/1/2022 | 1,000 | 1,044 | ||||||
|
| |||||||
Total Montana | 2,205 | |||||||
|
|
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Nebraska — 1.3% |
| |||||||
County of Sarpy, Limited Tax GO, 5.00%, 6/1/2026 | 2,320 | 2,815 | ||||||
Omaha School District, Omaha Public Schools | ||||||||
GO, 5.00%, 12/15/2029 | 6,665 | 8,866 | ||||||
GO, 5.00%, 12/15/2030 | 6,800 | 9,224 | ||||||
Southeast Community College, Tax Supported | ||||||||
COP, 5.00%, 12/15/2021 | 200 | 203 | ||||||
COP, 5.00%, 12/15/2026 | 275 | 340 | ||||||
COP, 5.00%, 12/15/2027 | 495 | 626 | ||||||
COP, 5.00%, 12/15/2028 | 540 | 690 | ||||||
|
| |||||||
Total Nebraska | 22,764 | |||||||
|
| |||||||
New Hampshire — 0.3% |
| |||||||
New Hampshire Municipal Bond Bank Series 2020A, Rev., 5.00%, 2/15/2029 | 1,870 | 2,443 | ||||||
State of New Hampshire Series A, GO, 5.00%, 3/1/2026 | 2,880 | 3,345 | ||||||
|
| |||||||
Total New Hampshire | 5,788 | |||||||
|
| |||||||
New Jersey — 4.5% |
| |||||||
City of Newark | ||||||||
Series 2020A, GO, AGM, 5.00%, 10/1/2027 | 1,000 | 1,233 | ||||||
Series 2020A, GO, AGM, 5.00%, 10/1/2028 | 750 | 943 | ||||||
New Jersey Economic Development Authority, School Facilities Construction | ||||||||
Series DDD, Rev., 5.00%, 6/15/2025 | 1,500 | 1,754 | ||||||
Series DDD, Rev., 5.00%, 6/15/2026 | 1,840 | 2,220 | ||||||
Rev., 5.00%, 6/15/2027 | 435 | 538 | ||||||
Rev., 5.00%, 6/15/2028 | 400 | 505 | ||||||
Rev., 5.00%, 6/15/2029 | 500 | 641 | ||||||
Rev., 5.00%, 6/15/2030 | 275 | 358 | ||||||
Rev., 5.00%, 6/15/2031 | 500 | 657 | ||||||
New Jersey Institute of Technology, Tax-Exempt | ||||||||
Series 2020A, Rev., 5.00%, 7/1/2027 | 175 | 216 | ||||||
Series 2020A, Rev., 5.00%, 7/1/2028 | 200 | 253 | ||||||
Series 2020A, Rev., 5.00%, 7/1/2029 | 270 | 350 | ||||||
Series 2020A, Rev., 5.00%, 7/1/2030 | 415 | 534 | ||||||
Series 2020A, Rev., 5.00%, 7/1/2032 | 725 | 925 | ||||||
New Jersey Transportation Trust Fund Authority Series 2021A, Rev., 5.00%, 6/15/2027 | 3,700 | 4,574 | ||||||
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement | ||||||||
Series A, Rev., 5.00%, 6/15/2028 | 3,000 | 3,585 | ||||||
Series A, Rev., 5.00%, 6/15/2029 | 5,350 | 6,376 | ||||||
Series A, Rev., 5.00%, 6/15/2031 | 4,750 | 5,629 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 111 |
Table of Contents
JPMorgan Short-Intermediate Municipal Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued | ||||||||
New Jersey — continued | ||||||||
New Jersey Turnpike Authority Series C-6, Rev., (ICE LIBOR USD 1 Month + 0.75%), 0.82%, 10/1/2021 (b) | 10,000 | 10,037 | ||||||
Passaic Valley Sewerage Commission, Sewer System | ||||||||
Series J, Rev., AGM, 3.00%, 12/1/2027 | 6,370 | 7,223 | ||||||
Series J, Rev., AGM, 3.00%, 12/1/2028 | 6,465 | 7,407 | ||||||
Series J, Rev., AGM, 3.00%, 12/1/2030 | 6,665 | 7,533 | ||||||
State of New Jersey, COVID-19 Emergency Bonds GO, 5.00%, 6/1/2025 | 7,330 | 8,568 | ||||||
State of New Jersey, Various Purpose GO, 4.00%, 6/1/2026 | 3,870 | 4,119 | ||||||
Township of South Brunswick GO, 5.00%, 9/1/2022 | 425 | 446 | ||||||
|
| |||||||
Total New Jersey | 76,624 | |||||||
|
| |||||||
New Mexico — 0.2% |
| |||||||
County of Sandoval | ||||||||
GO, 5.00%, 8/1/2024 | 1,100 | 1,250 | ||||||
GO, 5.00%, 8/1/2025 | 500 | 590 | ||||||
GO, 5.00%, 8/1/2026 | 650 | 790 | ||||||
|
| |||||||
Total New Mexico | 2,630 | |||||||
|
| |||||||
New York — 7.9% |
| |||||||
Bedford Central School District, Boces Project GO, 5.00%, 11/15/2022 | 2,410 | 2,552 | ||||||
City of Jamestown, Public Improvement GO, 5.00%, 6/1/2025 | 540 | 628 | ||||||
City of New York, Fiscal Year 2020 Series 2020-1, GO, 4.00%, 8/1/2027 | 2,450 | 2,921 | ||||||
County of Monroe | ||||||||
GO, 5.00%, 6/1/2028 | 350 | 449 | ||||||
GO, 5.00%, 6/1/2029 | 400 | 525 | ||||||
County of Orange, Public Improvement GO, 5.00%, 2/1/2023 | 1,000 | 1,069 | ||||||
Floral Park-Bellerose Union Free School District | ||||||||
GO, 5.00%, 12/1/2028 | 640 | 833 | ||||||
GO, 4.00%, 12/1/2029 | 670 | 823 | ||||||
Hampton Bays Union Free School District GO, 5.00%, 9/15/2022 | 2,025 | 2,127 | ||||||
Long Island Power Authority, Electric System | ||||||||
Rev., 5.00%, 9/1/2025 | 500 | 592 | ||||||
Rev., 5.00%, 9/1/2027 | 500 | 628 | ||||||
Rev., 5.00%, 9/1/2028 | 750 | 943 | ||||||
Longwood Central School District, Suffolk County GO, 5.00%, 6/15/2026 | 365 | 446 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
New York — continued | ||||||||
Metropolitan Transportation Authority Subseries C-1, Rev., 5.00%, 11/15/2024 | 3,000 | 3,431 | ||||||
Metropolitan Transportation Authority, Dedicated Tax Fund Subseries 2017B-2, Rev., 4.00%, 11/15/2032 | 4,000 | 4,658 | ||||||
Nassau County Local Economic Assistance Corp., Catholic Health Services, Long Island Obligated Group Project Series 2014B, Rev., 5.00%, 7/1/2023 | 800 | 869 | ||||||
New York City Industrial Development Agency, Queens Baseball Stadium Project Rev., AGM, 4.00%, 1/1/2032 | 1,000 | 1,238 | ||||||
New York City Industrial Development Agency, Yankee Stadium Project | ||||||||
Rev., AGM, 5.00%, 3/1/2028 | 1,000 | 1,264 | ||||||
Rev., AGM, 5.00%, 3/1/2029 | 2,000 | 2,586 | ||||||
Rev., AGM, 4.00%, 3/1/2031 | 2,500 | 3,071 | ||||||
Rev., AGM, 4.00%, 3/1/2032 | 1,500 | 1,837 | ||||||
New York Convention Center Development Corp., Hotel Unit Fee Secured Rev., 5.00%, 11/15/2026 | 5,000 | 5,940 | ||||||
New York State Dormitory Authority, Memorial Sloan-Kettering Cancer Center | ||||||||
Series 2017-1, Rev., 5.00%, 7/1/2026 | 1,000 | 1,218 | ||||||
Series 1, Rev., 4.00%, 7/1/2031 | 4,255 | 5,218 | ||||||
New York State Dormitory Authority, Montefiore Obligated Group Series 2018A, Rev., 5.00%, 8/1/2027 | 3,225 | 3,966 | ||||||
New York State Dormitory Authority, New School University Series 2015A, Rev., 5.00%, 7/1/2024 | 1,100 | 1,243 | ||||||
New York State Dormitory Authority, New York University Series 2019A, Rev., 5.00%, 7/1/2027 | 4,630 | 5,809 | ||||||
New York State Dormitory Authority, St. John’s University | ||||||||
Series 2021A, Rev., 4.00%, 7/1/2029 | 475 | 579 | ||||||
Series 2021A, Rev., 4.00%, 7/1/2030 | 550 | 679 | ||||||
Series 2021A, Rev., 4.00%, 7/1/2031 | 1,300 | 1,623 | ||||||
Series 2021A, Rev., 4.00%, 7/1/2032 | 1,100 | 1,368 | ||||||
Series 2021A, Rev., 4.00%, 7/1/2033 | 1,000 | 1,239 | ||||||
New York State Dormitory Authority, State Personal Income Tax, General Purpose Series 2021A, Rev., 5.00%, 3/15/2034 | 5,965 | 7,917 | ||||||
New York State Dormitory Authority, State Sales Tax Series 2017A, Rev., 5.00%, 3/15/2024 | 6,135 | 6,886 |
SEE NOTES TO FINANCIAL STATEMENTS.
112 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued | ||||||||
New York — continued | ||||||||
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 | 9,763 | ||||||
New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project, Tax-Exempt | ||||||||
Rev., 5.00%, 12/1/2027 | 800 | 991 | ||||||
Rev., 5.00%, 12/1/2028 | 500 | 632 | ||||||
Niagara Frontier Transportation Authority, Buffalo Niagara International Airport | ||||||||
Series 2019A, Rev., AMT, 5.00%, 4/1/2028 | 265 | 332 | ||||||
Series 2019A, Rev., AMT, 5.00%, 4/1/2029 | 265 | 340 | ||||||
Port Authority of New York and New Jersey, Consolidated Series 207, Rev., AMT, 5.00%, 9/15/2023 | 4,325 | 4,740 | ||||||
Sales Tax Asset Receivable Corp., Fiscal Year 2015 | ||||||||
Series 2015A, Rev., 5.00%, 10/15/2022 (d) | 4,800 | 5,063 | ||||||
Series 2015A, Rev., 5.00%, 10/15/2024 (d) | 4,500 | 5,173 | ||||||
Schenectady County Capital Resource Corp., Union College Project Rev., 5.00%, 1/1/2025 | 400 | 462 | ||||||
State of New York Series 2019A, GO, 5.00%, 3/1/2026 | 3,250 | 3,929 | ||||||
Syracuse Industrial Development Agency, School District Project | ||||||||
Series 2020A, Rev., 5.00%, 5/1/2030 | 555 | 704 | ||||||
Series 2018A, Rev., 5.00%, 5/1/2033 | 1,245 | 1,489 | ||||||
Town of East Hampton GO, 5.00%, 5/15/2023 | 1,000 | 1,083 | ||||||
Town of Oyster Bay, Public Improvement | ||||||||
GO, 4.00%, 11/1/2026 | 800 | 933 | ||||||
GO, 4.00%, 11/1/2027 | 675 | 800 | ||||||
Triborough Bridge and Tunnel Authority Series A, Rev., 5.00%, 11/15/2024 | 3,290 | 3,553 | ||||||
Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels | ||||||||
Series 2021A, Rev., BAN, 5.00%, 11/1/2025 | 5,000 | 5,957 | ||||||
Series 2021A-2, Rev., 2.00%, 5/15/2028 (c) | 10,000 | 10,693 | ||||||
White Plains City School District GO, 5.00%, 5/15/2024 | 1,550 | 1,757 | ||||||
|
| |||||||
Total New York | 135,569 | |||||||
|
|
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
North Carolina — 1.3% |
| |||||||
North Carolina Medical Care Commission, Wake Forest Baptist Obligated Group Series 2019C, Rev., 2.55%, 6/1/2026 (c) | 13,805 | 14,799 | ||||||
State of North Carolina, Build NC Programs, Limited Obligation Series 2017B, Rev., 5.00%, 9/10/2021 | 700 | 723 | ||||||
University of North Carolina at Chapel Hill Series B, Rev., (ICE LIBOR USD 1 Month + 0.40%), 0.47%, 10/1/2021 (b) | 5,750 | 5,762 | ||||||
Winston-Salem State University Foundation LLC, The Board of Governors of The University of North Carolina Rev., AGM, 5.00%, 10/1/2023 | 445 | 489 | ||||||
|
| |||||||
Total North Carolina | 21,773 | |||||||
|
| |||||||
Ohio — 1.3% |
| |||||||
Akron Bath Copley Joint Township Hospital District, Summa Health Obligated Group Rev., 5.00%, 11/15/2021 | 375 | 378 | ||||||
American Municipal Power, Inc., Prairie State Energy Campus Project Series 2019A, Rev., 2.30%, 2/15/2022 (c) | 5,000 | 5,008 | ||||||
City of Cleveland, Income Tax, Subordinate Lien, Public Facilities Improvements | ||||||||
Series 2018A, Rev., 5.00%, 10/1/2025 | 150 | 178 | ||||||
Series 2018A, Rev., 5.00%, 10/1/2027 | 250 | 314 | ||||||
Series 2018A, Rev., 5.00%, 10/1/2028 | 250 | 316 | ||||||
City of Dublin, Various Purpose GO, 4.00%, 12/1/2028 | 200 | 230 | ||||||
County of Franklin, Hospital Facilities, OhioHealth Corp. Series B, Rev., (SIFMA Municipal Swap Index Yield + 0.43%), 0.45%, 9/10/2021 (b) | 4,000 | 4,000 | ||||||
County of Hamilton, Sewer System, The Metropolitan Sewer District of Greater Cincinnati Series A, Rev., 5.00%, 12/1/2021 | 1,375 | 1,392 | ||||||
County of Lake, Hospital Facilities, Lake Hospital System, Inc. | ||||||||
Rev., 5.00%, 8/15/2023 | 1,445 | 1,573 | ||||||
Rev., 5.00%, 8/15/2024 | 1,655 | 1,869 | ||||||
Cuyahoga Community College District, Facilities Construction and Improvement GO, 5.00%, 12/1/2028 | 2,300 | 2,780 | ||||||
Franklin County Convention Facilities Authority, Greater Columbus Convention Center Hotel Expansion Project | ||||||||
Rev., 5.00%, 12/1/2025 | 250 | 290 | ||||||
Rev., 5.00%, 12/1/2026 | 625 | 743 | ||||||
Rev., 5.00%, 12/1/2029 | 800 | 1,005 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 113 |
Table of Contents
JPMorgan Short-Intermediate Municipal Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued | ||||||||
Ohio — continued | ||||||||
State of Ohio, University Hospitals Health System, Inc. Series B, Rev., VRDO, 0.09%, 9/7/2021 (c) | 2,500 | 2,500 | ||||||
|
| |||||||
Total Ohio | 22,576 | |||||||
|
| |||||||
Oklahoma — 2.4% |
| |||||||
Bryan County School Finance Authority, Durant Public Schools Project | ||||||||
Rev., 4.00%, 12/1/2028 | 385 | 466 | ||||||
Rev., 4.00%, 12/1/2029 | 415 | 510 | ||||||
Rev., 4.00%, 12/1/2030 | 435 | 531 | ||||||
Carter County Public Facilities Authority, Educational Facilities Lease, Ardmore City Schools Project | ||||||||
Rev., 5.00%, 9/1/2025 | 365 | 418 | ||||||
Rev., 5.00%, 9/1/2026 | 820 | 962 | ||||||
Rev., 5.00%, 9/1/2027 | 1,250 | 1,496 | ||||||
Cleveland County Educational Facilities Authority, Moore Public Schools Project Rev., 4.00%, 6/1/2027 | 9,000 | 10,690 | ||||||
Cleveland County Educational Facilities Authority, Norman Public Schools Project Rev., 5.00%, 6/1/2025 | 3,050 | 3,564 | ||||||
Custer County Economic Development Authority, Thomas Fay Public Schools | ||||||||
Rev., 4.00%, 12/1/2025 | 700 | 786 | ||||||
Rev., 4.00%, 12/1/2027 | 1,255 | 1,452 | ||||||
Grady County School Finance Authority, Educational Facilities Lease, Minco Public Schools Project | ||||||||
Rev., 5.00%, 9/1/2028 | 375 | 477 | ||||||
Rev., 5.00%, 9/1/2029 | 1,175 | 1,489 | ||||||
Grady County School Finance Authority, Educational Facilities Lease, Tuttle Public Schools Project Rev., 4.00%, 9/1/2029 | 300 | 367 | ||||||
Muskogee Industrial Trust, Muskogee Public Schools Project | ||||||||
Rev., 5.00%, 9/1/2024 | 890 | 1,000 | ||||||
Rev., 5.00%, 9/1/2025 | 850 | 984 | ||||||
Rev., 5.00%, 9/1/2026 | 1,800 | 2,138 | ||||||
Rev., 5.00%, 9/1/2027 | 480 | 583 | ||||||
Rev., 4.00%, 9/1/2028 | 2,500 | 2,931 | ||||||
Oklahoma County Finance Authority, Educational Facilities, Lease Midwest City-Del City Public Schools Project | ||||||||
Rev., 5.00%, 10/1/2022 | 500 | 526 | ||||||
Rev., 5.00%, 10/1/2023 | 355 | 389 | ||||||
Rev., 5.00%, 10/1/2025 | 1,000 | 1,176 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Oklahoma — continued | ||||||||
Pittsburg County Educational Facilities Authority, McAlester Public Schools Project | ||||||||
Rev., 4.00%, 12/1/2027 | 125 | 147 | ||||||
Rev., 4.00%, 12/1/2028 | 175 | 207 | ||||||
Tulsa County Industrial Authority Educational Facilities Lease, Jenks Public Schools Project Rev., 5.00%, 9/1/2021 | 2,000 | 2,000 | ||||||
University of Oklahoma (The), Tax Exempt | ||||||||
Series 2020B, Rev., 5.00%, 7/1/2026 | 810 | 977 | ||||||
Series 2020B, Rev., 5.00%, 7/1/2027 | 430 | 532 | ||||||
Series 2020B, Rev., 5.00%, 7/1/2028 | 455 | 577 | ||||||
Series 2020B, Rev., 5.00%, 7/1/2029 | 480 | 622 | ||||||
Series 2020B, Rev., 5.00%, 7/1/2032 | 1,105 | 1,440 | ||||||
Wagoner County School Development Authority, Wagoner Public Schools Project | ||||||||
Rev., 4.00%, 9/1/2025 | 625 | 696 | ||||||
Rev., 4.00%, 9/1/2027 | 725 | 832 | ||||||
Rev., 4.00%, 9/1/2028 | 300 | 348 | ||||||
|
| |||||||
Total Oklahoma | 41,313 | |||||||
|
| |||||||
Oregon — 0.2% |
| |||||||
City of Portland, Sewer System, First Lien Series 2014A, Rev., 5.00%, 10/1/2023 | 40 | 44 | ||||||
Port of Portland, International Airport | ||||||||
Series 23, Rev., 5.00%, 7/1/2023 | 1,000 | 1,088 | ||||||
Series 23, Rev., 5.00%, 7/1/2024 | 1,595 | 1,809 | ||||||
Yamhill County Hospital Authority, Friendsview, Tax Exempt Series 2021B-1, Rev., 2.50%, 11/15/2028 | 500 | 504 | ||||||
|
| |||||||
Total Oregon | 3,445 | |||||||
|
| |||||||
Pennsylvania — 7.2% |
| |||||||
Allegheny County Sanitary Authority, Sewer | ||||||||
Rev., 5.00%, 12/1/2021 | 3,500 | 3,542 | ||||||
Rev., 5.00%, 12/1/2022 | 3,000 | 3,181 | ||||||
Rev., 5.00%, 12/1/2023 | 4,000 | 4,428 | ||||||
Berks County Industrial Development Authority, Tower Health Project | ||||||||
Rev., 5.00%, 11/1/2023 | 1,000 | 1,071 | ||||||
Rev., 5.00%, 11/1/2024 | 1,000 | 1,100 | ||||||
Charleroi Borough Authority Water System | ||||||||
Rev., AGM, 4.00%, 12/1/2024 | 175 | 194 | ||||||
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 | 148 |
SEE NOTES TO FINANCIAL STATEMENTS.
114 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
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., 5.00%, 9/1/2026 | 250 | 305 | ||||||
Series 2020A, Rev., 5.00%, 9/1/2027 | 200 | 251 | ||||||
Series 2020A, Rev., 5.00%, 9/1/2028 | 175 | 225 | ||||||
Series 2020A, Rev., 5.00%, 9/1/2029 | 175 | 230 | ||||||
City of Philadelphia, Water and Wastewater System | ||||||||
Series A, Rev., 5.00%, 7/1/2022 | 1,510 | 1,571 | ||||||
Series 2014A, Rev., 5.00%, 7/1/2024 | 2,595 | 2,945 | ||||||
City of Pittsburgh Series 2020A, GO, 5.00%, 9/1/2027 | 350 | 437 | ||||||
Commonwealth Financing Authority, Tobacco Master Settlement Payment Rev., 5.00%, 6/1/2022 | 555 | 575 | ||||||
Commonwealth of Pennsylvania Series 2011, GO, 4.00%, 11/15/2021 (d) | 5,000 | 5,040 | ||||||
County of Chester GO, 4.00%, 7/15/2028 | 2,500 | 3,063 | ||||||
County of Lackawanna | ||||||||
Series 2020B, GO, 4.00%, 9/1/2027 | 1,480 | 1,745 | ||||||
Series 2020B, GO, 4.00%, 9/1/2028 | 1,495 | 1,792 | ||||||
Series 2020B, GO, 4.00%, 9/1/2029 | 1,525 | 1,828 | ||||||
County of Northampton | ||||||||
Series A, GO, 4.00%, 10/1/2026 | 750 | 867 | ||||||
Series A, GO, 4.00%, 10/1/2027 | 1,565 | 1,811 | ||||||
Series A, GO, 4.00%, 10/1/2028 | 920 | 1,060 | ||||||
County of Westmoreland Series A, GO, 5.00%, 8/15/2028 | 3,000 | 3,810 | ||||||
Lehigh County Industrial Development Authority, PPL Electric Utilities Corp. Project | ||||||||
Series 2016B, Rev., 1.80%, 8/15/2022 (c) | 4,000 | 4,056 | ||||||
Series 2016A, Rev., 1.80%, 9/1/2022 (c) | 2,500 | 2,537 | ||||||
Montgomery County Higher Education and Health Authority, Thomas Jefferson University Series 2018A, Rev., 5.00%, 9/1/2024 | 1,000 | 1,133 | ||||||
Panther Valley School District | ||||||||
GO, 2.00%, 10/15/2026 | 750 | 773 | ||||||
GO, 2.00%, 10/15/2027 | 680 | 697 | ||||||
GO, 2.00%, 10/15/2028 | 300 | 306 | ||||||
GO, 2.00%, 10/15/2029 | 300 | 304 | ||||||
Penn Hills School District | ||||||||
GO, 5.00%, 10/1/2026 | 4,845 | 5,864 | ||||||
GO, 5.00%, 10/1/2027 | 3,585 | 4,453 | ||||||
GO, 5.00%, 10/1/2028 | 3,585 | 4,558 | ||||||
GO, 5.00%, 10/1/2029 | 3,815 | 4,952 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Pennsylvania — continued | ||||||||
Pennsylvania Higher Educational Facilities Authority, Trustees of the University Series 2015C, Rev., 5.00%, 10/1/2022 | 5,055 | 5,323 | ||||||
Pennsylvania Turnpike Commission | ||||||||
Series A-1, Rev., (SIFMA Municipal Swap Index Yield + 0.60%), 0.62%, 9/9/2021 (b) | 13,000 | 13,096 | ||||||
Series A, Rev., 5.00%, 12/1/2021 | 655 | 663 | ||||||
Pittsburgh Water and Sewer Authority, First Lien Series A, Rev., 5.00%, 9/1/2023 | 270 | 295 | ||||||
Quaker Valley School District | ||||||||
GO, 5.00%, 10/1/2028 | 350 | 451 | ||||||
GO, 5.00%, 10/1/2029 | 425 | 560 | ||||||
GO, 5.00%, 10/1/2030 | 250 | 332 | ||||||
Schuylkill Valley School District | ||||||||
GO, 5.00%, 4/1/2022 | 255 | 262 | ||||||
GO, 5.00%, 4/1/2022 (d) | 95 | 98 | ||||||
Southcentral General Authority, Hanover Hospital, Inc. Rev., 5.00%, 12/1/2026 | 1,400 | 1,644 | ||||||
Southcentral General Authority, Wellspan Health Obligated Group Series 2014A, Rev., 5.00%, 6/1/2024 | 380 | 430 | ||||||
Southeastern Pennsylvania Transportation Authority | ||||||||
Rev., 5.00%, 6/1/2027 | 635 | 790 | ||||||
Rev., 5.00%, 6/1/2028 | 2,265 | 2,882 | ||||||
Rev., 5.00%, 6/1/2029 | 3,115 | 4,052 | ||||||
Sports and Exhibition Authority of Pittsburgh and Allegheny County, Sales Tax | ||||||||
Rev., AGM, 5.00%, 2/1/2028 | 2,590 | 3,275 | ||||||
Rev., AGM, 5.00%, 2/1/2029 | 2,750 | 3,560 | ||||||
Rev., AGM, 5.00%, 2/1/2030 | 2,925 | 3,814 | ||||||
Rev., AGM, 5.00%, 2/1/2031 | 4,750 | 6,165 | ||||||
State Public School Building Authority, Community College of Philadelphia Project Rev., 5.00%, 6/15/2024 | 2,625 | 2,946 | ||||||
Upper St. Clair Township School District | ||||||||
Series 2019B, GO, 4.00%, 10/1/2028 | 575 | 672 | ||||||
Series 2019B, GO, 4.00%, 10/1/2029 | 420 | 489 | ||||||
|
| |||||||
Total Pennsylvania | 122,938 | |||||||
|
| |||||||
Rhode Island — 0.3% |
| |||||||
Rhode Island Commerce Corp., Department of Transportation Series 2016-A, Rev., GAN, 5.00%, 6/15/2022 | 25 | 26 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 115 |
Table of Contents
JPMorgan Short-Intermediate Municipal Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued | ||||||||
Rhode Island — continued | ||||||||
Rhode Island Health and Educational Building Corp., Public School Financing Program | ||||||||
Series 2021F, Rev., 4.00%, 5/15/2027 | 1,200 | 1,425 | ||||||
Series 2021F, Rev., 4.00%, 5/15/2028 | 1,650 | 1,989 | ||||||
Series 2021F, Rev., 4.00%, 5/15/2029 | 2,000 | 2,448 | ||||||
|
| |||||||
Total Rhode Island | 5,888 | |||||||
|
| |||||||
South Carolina — 0.5% |
| |||||||
Piedmont Municipal Power Agency | ||||||||
Series 2021A, Rev., 3.00%, 1/1/2022 | 4,405 | 4,446 | ||||||
Series 2021A, Rev., 3.00%, 1/1/2023 | 3,315 | 3,440 | ||||||
|
| |||||||
Total South Carolina | 7,886 | |||||||
|
| |||||||
South Dakota — 0.1% |
| |||||||
South Dakota Health and Educational Facilities Authority, Sanford Health Obligated Group | ||||||||
Series B, Rev., 4.00%, 11/1/2021 | 500 | 503 | ||||||
Series B, Rev., 5.00%, 11/1/2022 | 375 | 396 | ||||||
|
| |||||||
Total South Dakota | 899 | |||||||
|
| |||||||
Tennessee — 1.6% |
| |||||||
County of Hamilton Series 2020B, GO, 5.00%, 3/1/2027 | 2,685 | 3,340 | ||||||
County of Rutherford Series A, GO, 5.00%, 4/1/2026 | 1,165 | 1,359 | ||||||
State of Tennessee | ||||||||
Series A, GO, 4.00%, 8/1/2022 (d) | 7,000 | 7,249 | ||||||
Series 2021A, GO, 5.00%, 11/1/2033 | 3,980 | 5,470 | ||||||
Tennergy Corp., Gas Supply Series 2021A, Rev., 4.00%, 9/1/2028 (c) | 6,500 | 7,763 | ||||||
Tennessee Energy Acquisition Corp., Gas Project | ||||||||
Series A, Rev., 4.00%, 5/1/2022 | 1,460 | 1,497 | ||||||
Series A, Rev., 4.00%, 5/1/2023 | 1,400 | 1,488 | ||||||
|
| |||||||
Total Tennessee | 28,166 | |||||||
|
| |||||||
Texas — 4.8% |
| |||||||
Abilene Independent School District, Unlimited Tax School Building GO, PSF-GTD, 4.00%, 2/15/2029 | 2,000 | 2,402 | ||||||
Arlington Higher Education Finance Corp., Uplift Education Series 2017A, Rev., PSF-GTD, 4.00%, 12/1/2029 | 1,000 | 1,161 | ||||||
Austin Community College District Public Facility Corp., Lease, Highland Campus Parking Garage Project | ||||||||
Series 2018C, Rev., 5.00%, 8/1/2026 | 250 | 305 | ||||||
Series 2018C, Rev., 5.00%, 8/1/2027 | 200 | 251 | ||||||
Series 2018C, Rev., 5.00%, 8/1/2029 | 325 | 401 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Texas — continued | ||||||||
Austin Convention Enterprises, Inc., Convention Center Hotel First Tier Series 2017A, Rev., 5.00%, 1/1/2022 | 750 | 759 | ||||||
Central Texas Regional Mobility Authority, Subordinated Lien Rev., BAN, 4.00%, 1/1/2022 | 1,545 | 1,550 | ||||||
City of Austin, Airport System | ||||||||
Series 2017B, Rev., AMT, 5.00%, 11/15/2026 | 1,095 | 1,337 | ||||||
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 | 586 | ||||||
City of Denton GO, 5.00%, 2/15/2023 | 1,045 | 1,118 | ||||||
City of El Paso GO, 5.00%, 8/15/2025 | 4,035 | 4,756 | ||||||
City of Galveston, Certificates of Obligation GO, 4.00%, 5/1/2024 | 635 | 697 | ||||||
City of Garland, Water and Sewer System Series 2018A, Rev., 5.00%, 3/1/2026 | 1,030 | 1,238 | ||||||
City of Houston, Public Improvement Series A, GO, 5.00%, 3/1/2025 | 1,195 | 1,390 | ||||||
City of San Antonio, Electric and Gas Systems Series B, Rev., 2.00%, 12/1/2021 (c) | 6,480 | 6,490 | ||||||
County of Galveston, Unlimited Tax | ||||||||
GO, 4.00%, 2/1/2024 | 980 | 1,066 | ||||||
GO, 4.00%, 2/1/2025 | 800 | 897 | ||||||
Cypress-Fairbanks Independent School District, Unlimited Tax Series 2020A, GO, PSF-GTD, 5.00%, 2/15/2026 | 3,855 | 4,634 | ||||||
Forney Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 8/15/2024 | 1,310 | 1,493 | ||||||
Grand Parkway Transportation Corp., System Toll Rev., BAN, 5.00%, 2/1/2023 | 10,000 | 10,656 | ||||||
Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System Series 2014A, Rev., 5.00%, 12/1/2026 | 1,910 | 2,188 | ||||||
Harris County Fresh Water Supply District No. 61 GO, AGM, 3.00%, 9/1/2025 | 530 | 584 | ||||||
Hereford Independent School District, School Building, Unlimited Tax | ||||||||
GO, PSF-GTD, 4.00%, 2/15/2028 | 1,420 | 1,667 | ||||||
GO, PSF-GTD, 4.00%, 2/15/2029 | 1,480 | 1,727 | ||||||
Houston Community College System, Limited Tax GO, 5.00%, 2/15/2023 (d) | 1,000 | 1,071 |
SEE NOTES TO FINANCIAL STATEMENTS.
116 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued | ||||||||
Texas — continued | ||||||||
Irving Hospital Authority, Baylor Scott and White Medical Center | ||||||||
Series 2017B, Rev., (SIFMA Municipal Swap Index Yield + 1.10%), 1.12%, 9/9/2021 (b) | 1,665 | 1,673 | ||||||
Series 2017A, Rev., 5.00%, 10/15/2022 | 250 | 263 | ||||||
Series 2017A, Rev., 5.00%, 10/15/2028 | 250 | 295 | ||||||
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 | 306 | ||||||
Klein Independent School District, Unlimited Tax Series B, GO, 5.00%, 8/1/2029 | 525 | 619 | ||||||
Lewisville Independent School District, Unlimited Tax | ||||||||
GO, PSF-GTD, 5.00%, 8/15/2025 | 750 | 820 | ||||||
GO, PSF-GTD, 5.00%, 8/15/2026 | 750 | 819 | ||||||
GO, PSF-GTD, 5.00%, 8/15/2027 | 650 | 710 | ||||||
Lower Colorado River Authority | ||||||||
Series B, Rev., 5.00%, 5/15/2022 (d) | 60 | 62 | ||||||
Series B, Rev., 5.00%, 5/15/2023 | 4,700 | 4,859 | ||||||
North Texas Tollway Authority, First Tier Series A, Rev., 4.00%, 1/1/2033 | 2,500 | 2,865 | ||||||
Odessa Junior College District, Consolidated Fund | ||||||||
Rev., AGM, 4.00%, 7/1/2022 | 740 | 763 | ||||||
Rev., AGM, 4.00%, 7/1/2023 | 950 | 1,016 | ||||||
Rev., AGM, 4.00%, 7/1/2025 | 440 | 499 | ||||||
Rev., AGM, 4.00%, 7/1/2026 | 300 | 348 | ||||||
Rev., AGM, 4.00%, 7/1/2027 | 430 | 508 | ||||||
Pasadena Independent School District, School Building, Unlimited Tax Series A, GO, PSF-GTD, 5.00%, 2/15/2028 | 1,000 | 1,112 | ||||||
Richardson Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2029 | 3,165 | 4,008 | ||||||
S&S Consolidated Independent School District GO, PSF-GTD, 4.00%, 2/15/2028 | 580 | 692 | ||||||
Southside Independent School District, School Building, Unlimited Tax GO, PSF-GTD, 5.00%, 8/15/2022 | 250 | 262 | ||||||
Southwest Higher Education Authority, Inc., Southern Methodist University Project | ||||||||
Rev., 5.00%, 10/1/2021 | 425 | 427 | ||||||
Rev., 5.00%, 10/1/2022 | 400 | 421 | ||||||
Rev., 5.00%, 10/1/2023 | 400 | 438 | ||||||
Texas Municipal Gas Acquisition and Supply Corp., I Gas Supply Senior Lien Series D, Rev., 6.25%, 12/15/2026 | 1,520 | 1,783 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Texas — continued | ||||||||
West Travis County Public Utility Agency | ||||||||
Rev., 5.00%, 8/15/2022 | 545 | 570 | ||||||
Rev., 5.00%, 8/15/2023 | 325 | 354 | ||||||
Rev., 5.00%, 8/15/2027 | 350 | 434 | ||||||
Wichita Falls Independent School District, Unlimited Tax | ||||||||
GO, PSF-GTD, 4.00%, 2/1/2028 | 1,100 | 1,326 | ||||||
GO, PSF-GTD, 4.00%, 2/1/2030 | 800 | 994 | ||||||
GO, PSF-GTD, 4.00%, 2/1/2031 | 1,000 | 1,229 | ||||||
|
| |||||||
Total Texas | 82,954 | |||||||
|
| |||||||
Utah — 0.9% |
| |||||||
City of Salt Lake, International Airport Series A, Rev., AMT, 5.00%, 7/1/2022 | 1,000 | 1,040 | ||||||
Utah Infrastructure Agency, Tax-Exempt Telecommunications Series A, Rev., 5.00%, 10/15/2025 | 10,380 | 12,167 | ||||||
West Valley City Municipal Building Authority | ||||||||
Rev., AGM, 4.00%, 2/1/2024 | 500 | 543 | ||||||
Rev., AGM, 5.00%, 2/1/2025 | 250 | 288 | ||||||
Rev., AGM, 5.00%, 2/1/2027 | 720 | 881 | ||||||
Rev., AGM, 5.00%, 2/1/2029 | 1,070 | 1,303 | ||||||
|
| |||||||
Total Utah | 16,222 | |||||||
|
| |||||||
Vermont — 0.1% |
| |||||||
University of Vermont and State Agricultural College | ||||||||
Rev., 5.00%, 10/1/2021 | 750 | 753 | ||||||
Rev., 5.00%, 10/1/2022 | 855 | 900 | ||||||
Vermont Municipal Bond Bank Series 3, Rev., 5.00%, 12/1/2021 | 400 | 405 | ||||||
|
| |||||||
Total Vermont | 2,058 | |||||||
|
| |||||||
Virginia — 2.6% |
| |||||||
County of Fairfax, Public Improvement Series 2019A, GO, 4.00%, 10/1/2026 | 7,715 | 9,101 | ||||||
County of Loudoun, Public Improvement Series A, GO, 5.00%, 12/1/2026 | 1,930 | 2,311 | ||||||
Fairfax County Water Authority Series B, Rev., 5.25%, 4/1/2024 | 5,615 | 6,348 | ||||||
Virginia College Building Authority, Educational Facilities, 21st Century College and Equipment Programs | ||||||||
Series 2017E, Rev., 5.00%, 2/1/2027 | 20,000 | 24,736 | ||||||
Series 2017C, Rev., 5.00%, 2/1/2028 | 1,000 | 1,235 | ||||||
Virginia Resources Authority, Infrastructure Pooled Financing Program Series C, Rev., 5.00%, 11/1/2027 | 1,235 | 1,523 | ||||||
|
| |||||||
Total Virginia | 45,254 | |||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 117 |
Table of Contents
JPMorgan Short-Intermediate Municipal Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued | ||||||||
Washington — 1.2% |
| |||||||
Snohomish County Public Utility District No. 1, Electric System Rev., 5.00%, 12/1/2025 | 500 | 597 | ||||||
Washington Health Care Facilities Authority, Commonspirit Health Series B-3, Rev., 5.00%, 8/1/2026 (c) | 17,000 | 20,146 | ||||||
|
| |||||||
Total Washington | 20,743 | |||||||
|
| |||||||
West Virginia — 0.2% |
| |||||||
West Virginia Economic Development Authority, Solid Waste Disposal Facilities, Appalachian Power Co. Amos Project Series 2009A, Rev., 2.63%, 6/1/2022 (c) | 2,905 | 2,955 | ||||||
|
| |||||||
Wisconsin — 1.8% |
| |||||||
Pewaukee School District Series 2019B, GO, 5.00%, 9/1/2027 | 200 | 251 | ||||||
State of Wisconsin | ||||||||
Series A, GO, 5.00%, 5/1/2026 | 5,050 | 5,921 | ||||||
Series 1, GO, 5.00%, 11/1/2026 | 1,135 | 1,398 | ||||||
Sun Prairie Area School District GO, 4.00%, 3/1/2028 | 2,500 | 2,953 | ||||||
Wauwatosa School District, School Building and Improvement | ||||||||
Series 2019A, GO, 5.00%, 3/1/2027 | 5,025 | 6,227 | ||||||
Series 2019A, GO, 5.00%, 3/1/2029 | 6,025 | 7,425 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Wisconsin — continued |
| |||||||
Wisconsin Department of Transportation | ||||||||
Series 2021A, Rev., 5.00%, 7/1/2027 | 1,650 | 2,071 | ||||||
Series 2021A, Rev., 5.00%, 7/1/2028 | 1,200 | 1,546 | ||||||
Series 2021A, Rev., 5.00%, 7/1/2029 | 1,970 | 2,600 | ||||||
Wisconsin Health and Educational Facilities Authority, Aspirus, Inc., Obligated Group Rev., 5.00%, 8/15/2025 | 325 | 380 | ||||||
|
| |||||||
Total Wisconsin | 30,772 | |||||||
|
| |||||||
Total Municipal Bonds | 1,532,599 | |||||||
|
| |||||||
Collateralized Mortgage Obligations — 0.0% (g) |
| |||||||
FNMA, REMIC Series 2002-36, Class FS, 0.58%, 6/25/2032 (c) | 69 | �� | 70 | |||||
|
| |||||||
SHARES (000) | ||||||||
Short-Term Investments — 10.3% |
| |||||||
Investment Companies — 10.3% |
| |||||||
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 0.02% (h) (i) | 176,646 | 176,734 | ||||||
|
| |||||||
Total Investments — 99.8% | 1,709,403 | |||||||
Other Assets Less Liabilities — 0.2% | 2,964 | |||||||
|
| |||||||
NET ASSETS — 100.0% | 1,712,367 | |||||||
|
|
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 | |
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 | |
REMIC | Real Estate Mortgage Investment Conduit | |
Rev. | Revenue | |
SIFMA | The Securities Industry and Financial Markets Association | |
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 August 31, 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 August 31, 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 August 31, 2021. |
SEE NOTES TO FINANCIAL STATEMENTS.
118 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
JPMorgan Sustainable Municipal Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — 98.1% (a) |
| |||||||
Alabama — 0.4% |
| |||||||
Lower Alabama Gas District (The), Gas Project Series 2016A, Rev., 5.00%, 9/1/2031 | 1,000 | 1,303 | ||||||
|
| |||||||
Alaska — 0.2% |
| |||||||
Alaska Housing Finance Corp., General Mortgage Series 2016A, Rev., 3.50%, 6/1/2046 | 490 | 518 | ||||||
|
| |||||||
Arizona — 2.2% |
| |||||||
Arizona Industrial Development Authority, Aliante & Skye Canyon Campus Project | ||||||||
Series 2021A, Rev., 3.00%, 12/15/2031 (b) | 260 | 276 | ||||||
Series 2021A, Rev., 4.00%, 12/15/2041 (b) | 250 | 276 | ||||||
Arizona Industrial Development Authority, Macombs Facility Project | ||||||||
Series 2021A, Rev., 5.00%, 7/1/2032 | 165 | 214 | ||||||
Series 2021A, Rev., 5.00%, 7/1/2033 | 155 | 200 | ||||||
Series 2021A, Rev., 4.00%, 7/1/2034 | 165 | 196 | ||||||
Series 2021A, Rev., 4.00%, 7/1/2035 | 185 | 218 | ||||||
Series 2021A, Rev., 4.00%, 7/1/2036 | 155 | 183 | ||||||
Series 2021A, Rev., 4.00%, 7/1/2041 | 500 | 584 | ||||||
Arizona Industrial Development Authority, Pebble Campus Project Series 2020A, Rev., 4.00%, 7/15/2030 (b) | 250 | 280 | ||||||
Arizona State University, Green Bonds Series 2015A, Rev., 5.00%, 7/1/2028 | 75 | 88 | ||||||
City of Tucson, Water System Rev., 5.00%, 7/1/2024 | 2,150 | 2,440 | ||||||
La Paz County Industrial Development Authority, Harmony Public School Project | ||||||||
Rev., 4.00%, 2/15/2041 | 420 | 477 | ||||||
Rev., 4.00%, 2/15/2046 | 335 | 379 | ||||||
Maricopa County Industrial Development Authority, HonorHealth Series 2019A, Rev., 5.00%, 9/1/2032 | 200 | 254 | ||||||
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%, 8/1/2027 | 750 | 939 | ||||||
|
| |||||||
Total Arizona | 7,299 | |||||||
|
| |||||||
California — 4.7% |
| |||||||
California Community Housing Agency, Glendale Properties | ||||||||
Series 2021A-2, Rev., 4.00%, 8/1/2046 (b) | 300 | 332 | ||||||
Series 2021A-2, Rev., 4.00%, 8/1/2047 (b) | 500 | 544 | ||||||
California Health Facilities Financing Authority, On Lok Senior Health Service | ||||||||
Rev., 3.00%, 8/1/2022 | 100 | 102 | ||||||
Rev., 3.00%, 8/1/2025 | 50 | 55 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
California — continued |
| |||||||
California Municipal Finance Authority, Community Health Centers of The Central Coast, Inc. | ||||||||
Series 2021A, Rev., 4.00%, 12/1/2026 (b) | 100 | 109 | ||||||
Series 2021A, Rev., 5.00%, 12/1/2027 (b) | 50 | 58 | ||||||
Series 2021A, Rev., 5.00%, 12/1/2028 (b) | 60 | 70 | ||||||
Series 2021A, Rev., 5.00%, 12/1/2029 (b) | 100 | 118 | ||||||
Series 2021A, Rev., 5.00%, 12/1/2031 (b) | 65 | 77 | ||||||
California Municipal Finance Authority, Eisenhower Medical Center Series 2017B, Rev., 5.00%, 7/1/2026 | 410 | 494 | ||||||
California Public Finance Authority, Enso Village Project, Green Bond | ||||||||
Series 2021B-1, Rev., 3.13%, 5/15/2029 (b) | 300 | 306 | ||||||
Series 2021A, Rev., 5.00%, 11/15/2036 (b) | 300 | 358 | ||||||
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 | 178 | ||||||
Series 2020A, Rev., 5.00%, 7/1/2030 (b) | 100 | 129 | ||||||
Series 2020A, Rev., 4.00%, 7/1/2040 (b) | 295 | 341 | ||||||
California Statewide Communities Development Authority, Emanate Health, Tax-Exempt Series 2020A, Rev., 3.00%, 4/1/2050 | 2,645 | 2,794 | ||||||
California Statewide Communities Development Authority, Front Porch Communities & Services Series 2021A, Rev., 4.00%, 4/1/2041 | 1,000 | 1,189 | ||||||
Contra Costa County Public Financing Authority, Capital Projects Series 2021A, Rev., 4.00%, 6/1/2038 | 4,185 | 5,104 | ||||||
CSCDA Community Improvement Authority, Essential Housing, Parallel-Anaheim Rev., 4.00%, 8/1/2056 (b) | 500 | 552 | ||||||
CSCDA Community Improvement Authority, Senior Lien Series 2021A-1, Rev., 2.45%, 2/1/2047 (b) | 575 | 549 | ||||||
Eastern Municipal Water District Financing Authority, Water and Wastewater System | ||||||||
Series 2020A, Rev., 5.00%, 7/1/2035 | 500 | 666 | ||||||
Series 2020A, Rev., 5.00%, 7/1/2036 | 500 | 663 | ||||||
State of California, Department of Veterans Affairs, Farm and Home Purchase Program Series B, Rev., 3.50%, 12/1/2045 | 385 | 408 | ||||||
|
| |||||||
Total California | 15,431 | |||||||
|
| |||||||
Colorado — 3.5% |
| |||||||
Aspen Fire Protection District | ||||||||
COP, 4.00%, 12/1/2034 | 200 | 236 | ||||||
COP, 4.00%, 12/1/2035 | 225 | 265 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 119 |
Table of Contents
JPMorgan Sustainable Municipal Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Colorado — continued |
| |||||||
COP, 4.00%, 12/1/2036 | 350 | 413 | ||||||
Clear Creek Transit Metropolitan District No. 2, Limited Tax Series 2021A, GO, 4.00%, 12/1/2031 | 525 | 563 | ||||||
Colorado Educational and Cultural Facilities Authority, Aspen View Academy Project | ||||||||
Rev., 4.00%, 5/1/2027 | 35 | 40 | ||||||
Rev., 4.00%, 5/1/2029 | 35 | 40 | ||||||
Rev., 4.00%, 5/1/2030 | 30 | 34 | ||||||
Rev., 4.00%, 5/1/2031 | 30 | 34 | ||||||
Rev., 4.00%, 5/1/2041 | 90 | 101 | ||||||
Colorado Educational and Cultural Facilities Authority, Global Village Academy Northglenn Project Rev., 4.00%, 12/1/2030 (b) | 595 | 636 | ||||||
Colorado Educational and Cultural Facilities Authority, University Corp. for Atmospheric Research Project Rev., 5.00%, 9/1/2022 | 470 | 492 | ||||||
Colorado Educational and Cultural Facilities Authority, Vega Collegiate Academy Project Rev., 5.00%, 2/1/2034 (b) | 300 | 343 | ||||||
Colorado Housing and Finance Authority, Single Family Mortgage | ||||||||
Series 2019F, Class I, Rev., GNMA COLL, 4.25%, 11/1/2049 | 260 | 290 | ||||||
Series 2020H, Class I, Rev., GNMA COLL, 3.00%, 5/1/2050 | 980 | 1,058 | ||||||
Series 2020B, Class I, Rev., 3.75%, 5/1/2050 | 1,915 | 2,108 | ||||||
Colorado School of Mines, Institutional Enterprise Series A, Rev., (ICE LIBOR USD 1 Month + 0.50%), 0.57%, 10/1/2021 (c) | 950 | 948 | ||||||
IDK PARTNERS III Trust, Mortgage Pass-Through Certificates Series 1999A, Rev., 5.10%, 8/1/2023 ‡ | — | (d) | — | (d) | ||||
Pueblo City Schools GO, 5.00%, 12/15/2031 | 3,000 | 3,952 | ||||||
|
| |||||||
Total Colorado | 11,553 | |||||||
|
| |||||||
Connecticut — 2.2% |
| |||||||
Connecticut Housing Finance Authority, Housing Mortgage Finance Program | ||||||||
Series D-1, Rev., 1.35%, 5/15/2022 | 175 | 176 | ||||||
Series D-1, Rev., 1.45%, 5/15/2023 | 1,020 | 1,038 | ||||||
Series D-1, Rev., 1.50%, 11/15/2023 | 1,220 | 1,248 | ||||||
Series 2020A-1, Rev., 3.50%, 11/15/2045 | 1,210 | 1,346 | ||||||
Series A-1, Rev., 4.00%, 11/15/2045 | 170 | 179 | ||||||
Series D, Subseries D-1, Rev., GNMA/FNMA/FHLMC, 4.00%, 11/15/2047 | 675 | 728 | ||||||
Subseries A-1, Rev., 4.00%, 11/15/2047 | 230 | 248 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Connecticut — continued |
| |||||||
Connecticut State Health and Educational Facilities Authority, Yale New Haven Health Series B, Rev., 1.80%, 7/1/2024 (e) | 225 | 233 | ||||||
Connecticut State Higher Education Supplemental Loan Authority, CHESLA Loan Program Series 2019B, Rev., AMT, 5.00%, 11/15/2027 | 250 | 308 | ||||||
University of Connecticut Series 2019A, Rev., 5.00%, 11/1/2035 | 1,250 | 1,572 | ||||||
|
| |||||||
Total Connecticut | 7,076 | |||||||
|
| |||||||
Delaware — 0.8% |
| |||||||
Delaware Health Facilities Authority, Beebe Medical Center Project Rev., 5.00%, 6/1/2034 | 2,200 | 2,706 | ||||||
|
| |||||||
District of Columbia — 2.3% |
| |||||||
District of Columbia, Gallaudet University Project | ||||||||
Rev., 5.00%, 4/1/2027 | 150 | 185 | ||||||
Rev., 5.00%, 4/1/2028 | 160 | 202 | ||||||
Series 2021A, Rev., 4.00%, 4/1/2033 | 165 | 202 | ||||||
Series 2021A, Rev., 4.00%, 4/1/2034 | 160 | 194 | ||||||
Series 2021A, Rev., 4.00%, 4/1/2035 | 200 | 240 | ||||||
Series 2021A, Rev., 4.00%, 4/1/2036 | 200 | 241 | ||||||
District of Columbia, Rocketship Obligated Group Series 2021A, Rev., 5.00%, 6/1/2031 (b) | 400 | 487 | ||||||
District of Columbia, Two Rivers Public Charter School, Inc. | ||||||||
Rev., 3.00%, 6/1/2030 | 1,000 | 1,035 | ||||||
Rev., 5.00%, 6/1/2040 | 1,000 | 1,178 | ||||||
Rev., 5.00%, 6/1/2050 | 500 | 580 | ||||||
District of Columbia, Water and Sewer Authority, Public Utility, Subordinate Lien Series A, Rev., 5.00%, 10/1/2045 | 1,500 | 1,745 | ||||||
Washington Metropolitan Area Transit Authority Series 2017B, Rev., 5.00%, 7/1/2025 | 1,000 | 1,176 | ||||||
|
| |||||||
Total District of Columbia | 7,465 | |||||||
|
| |||||||
Florida — 8.1% |
| |||||||
Broward County Water & Sewer Utility Series 2019A, Rev., 5.00%, 10/1/2038 | 3,000 | 3,872 | ||||||
City of Pompano Beach, John Knox Village Project | ||||||||
Rev., 3.50%, 9/1/2035 | 1,000 | 1,109 | ||||||
Rev., 4.00%, 9/1/2040 | 1,000 | 1,123 | ||||||
City of Port St. Lucie, Utility System Rev., NATL-RE, 5.25%, 9/1/2024 | 5,000 | 5,747 | ||||||
County of Broward, Fuel System, Fort Lauderdale Fuel Facilities LLC Project Series A, Rev., AMT, AGM, 5.00%, 4/1/2024 | 835 | 894 |
SEE NOTES TO FINANCIAL STATEMENTS.
120 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Florida — continued |
| |||||||
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 | 172 | ||||||
Rev., 4.00%, 7/1/2029 | 155 | 176 | ||||||
Rev., 4.00%, 7/1/2030 | 215 | 242 | ||||||
Florida Development Finance Corp., Mater Academy Project Series 2020A, Rev., 5.00%, 6/15/2040 (b) | 500 | 583 | ||||||
Florida Development Finance Corp., The Glenridge on Palmer Ranch Project Rev., 4.00%, 6/1/2026 | 110 | 122 | ||||||
Lee Memorial Health System Series 2019A-1, Rev., 5.00%, 4/1/2036 | 1,000 | 1,257 | ||||||
Miami Beach Redevelopment Agency, Historic Convention Village Series A, Rev., 5.00%, 2/1/2027 | 2,000 | 2,222 | ||||||
Palm Beach County Health Facilities Authority, BRRH Corp. Obligated Group Rev., 5.00%, 12/1/2021 (f) | 1,100 | 1,113 | ||||||
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 | 3,576 | ||||||
Seminole County Industrial Development Authority, Galileo Schools for Gifted Learning Series 2021A, Rev., 4.00%, 6/15/2041 (b) | 210 | 239 | ||||||
South Florida Water Management District COP, 5.00%, 10/1/2032 | 2,250 | 2,675 | ||||||
St. Johns County School Board Series 2019A, COP, 5.00%, 7/1/2031 | 570 | 735 | ||||||
|
| |||||||
Total Florida | 26,800 | |||||||
|
| |||||||
Georgia — 1.6% |
| |||||||
Albany-Dougherty Inner City Authority, State University Projects | ||||||||
Rev., 5.00%, 7/1/2027 | 335 | 412 | ||||||
Rev., 5.00%, 7/1/2028 | 350 | 441 | ||||||
Columbus Medical Center Hospital Authority, Piedmont Healthcare Inc., Project Series 2019B, Rev., 5.00%, 7/1/2029 (e) | 500 | 637 | ||||||
Gainesville and Hall County Hospital Authority, Northeast Georgia Health System, Inc., Project Series A, Rev., 5.00%, 2/15/2026 | 860 | 1,029 | ||||||
George L Smith II Congress Center Authority, Convention Center Hotel First Series 2021A, Rev., 2.38%, 1/1/2031 | 500 | 530 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Georgia — continued |
| |||||||
George L Smith II Congress Center Authority, Convention Center Hotel Second | ||||||||
Series 2021B, Rev., 3.63%, 1/1/2031 (b) | 415 | 466 | ||||||
Series 2021B, Rev., 5.00%, 1/1/2036 (b) | 500 | 607 | ||||||
Georgia Housing and Finance Authority, Single Family Mortgage | ||||||||
Series A, Rev., 4.00%, 12/1/2047 | 360 | 386 | ||||||
Series B, Rev., 4.00%, 12/1/2047 | 695 | 750 | ||||||
|
| |||||||
Total Georgia | 5,258 | |||||||
|
| |||||||
Guam — 0.2% |
| |||||||
Guam Government Waterworks Authority, Water and Wastewater System (Guam) | ||||||||
Rev., 5.00%, 7/1/2023 | 375 | 405 | ||||||
Rev., 5.00%, 7/1/2024 | 300 | 335 | ||||||
|
| |||||||
Total Guam | 740 | |||||||
|
| |||||||
Illinois — 4.7% |
| |||||||
City of Aurora, Single Family Mortgage | ||||||||
Series B, Rev., GNMA/FNMA/FHLMC, 5.45%, 12/1/2039 | 66 | 66 | ||||||
Series A, Rev., AMT, GNMA/FNMA/FHLMC, 5.50%, 12/1/2039 | 87 | 87 | ||||||
Illinois Finance Authority, Plymouth Place, Inc. | ||||||||
Series 2021A, Rev., 5.00%, 5/15/2032 | 135 | 167 | ||||||
Series 2021A, Rev., 5.00%, 5/15/2033 | 145 | 179 | ||||||
Illinois Finance Authority, Social Bonds-Learn Chapter School Project | ||||||||
Rev., 4.00%, 11/1/2030 | 130 | 156 | ||||||
Rev., 4.00%, 11/1/2031 | 135 | 163 | ||||||
Rev., 4.00%, 11/1/2041 | 375 | 440 | ||||||
Illinois Finance Authority, Southern Illinois Healthcare Enterprises, Inc. Series C, Rev., 5.00%, 3/1/2033 | 365 | 436 | ||||||
Illinois Housing Development Authority Series C, Rev., GNMA/FNMA/FHLMC COLL, 4.00%, 10/1/2049 | 1,635 | 1,812 | ||||||
Illinois Housing Development Authority, Homeowner Mortgage Series C, Rev., 3.50%, 8/1/2046 | 600 | 645 | ||||||
Peoria City School District No. 150 Series 2020A, GO, AGM, 4.00%, 12/1/2027 | 505 | 591 | ||||||
Southern Illinois University | ||||||||
Series 2021A, Rev., 4.00%, 4/1/2027 | 775 | 904 | ||||||
Series 2021A, Rev., 4.00%, 4/1/2028 | 715 | 845 | ||||||
Series 2021A, Rev., 4.00%, 4/1/2029 | 400 | 478 | ||||||
Series 2021A, Rev., 4.00%, 4/1/2030 | 525 | 633 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 121 |
Table of Contents
JPMorgan Sustainable Municipal Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Illinois — continued |
| |||||||
Series 2021A, Rev., 4.00%, 4/1/2031 | 500 | 609 | ||||||
Series 2021A, Rev., 5.00%, 4/1/2032 | 375 | 487 | ||||||
Series 2021A, Rev., 5.00%, 4/1/2033 | 300 | 389 | ||||||
Southwestern Illinois Development Authority, Flood Prevention District Council Project | ||||||||
Rev., 5.00%, 4/15/2026 | 250 | 298 | ||||||
Rev., 5.00%, 4/15/2027 | 365 | 446 | ||||||
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 | 1,523 | ||||||
GO, 5.00%, 12/15/2036 | 1,460 | 1,894 | ||||||
GO, 4.00%, 12/15/2037 | 1,000 | 1,173 | ||||||
|
| |||||||
Total Illinois | 15,278 | |||||||
|
| |||||||
Indiana — 4.1% |
| |||||||
City of Goshen, Multi-Family, Green Oaks of Goshen Project Series 2021A, Rev., 5.00%, 8/1/2041 (b) | 500 | 497 | ||||||
City of Jeffersonville, Vivera Senior Living of Jeffersonville Project Series 2020A, Rev., 4.75%, 11/1/2030 (b) | 570 | 592 | ||||||
County of St. Joseph, Economic Development, St. Mary’s College Project Series A, Rev., 5.00%, 4/1/2026 | 1,880 | 2,215 | ||||||
Indiana Finance Authority, Educational Facilities, Valparaiso University | ||||||||
Rev., 4.00%, 10/1/2034 | 165 | 192 | ||||||
Rev., 4.00%, 10/1/2035 | 220 | 256 | ||||||
Indiana Finance Authority, First Lien Wastewater, CWA Authority Project Series 2012A, Rev., 5.00%, 10/1/2030 | 1,250 | 1,313 | ||||||
Indiana Finance Authority, Rose-Hulman Institute of Technology Project | ||||||||
Rev., 5.00%, 6/1/2031 | 100 | 129 | ||||||
Rev., 4.00%, 6/1/2033 | 110 | 132 | ||||||
Indiana Finance Authority, State Revolving Fund Program Series 2021A, Rev., 5.00%, 2/1/2031 | 1,000 | 1,358 | ||||||
Indiana Health Facility Financing Authority, Ascension Health Credit Group Series A-1, Rev., 5.00%, 11/15/2034 | 1,670 | 1,963 | ||||||
Indiana Housing and Community Development Authority, Single Family Mortgage Series 2020A, Rev., 3.75%, 1/1/2049 | 955 | 1,057 | ||||||
Indiana Housing and Community Development Authority, Vita of Marion Project Series 2021B, Rev., 4.00%, 4/1/2024 | 500 | 510 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Indiana — continued |
| |||||||
Indianapolis Local Public Improvement Bond Bank, Stormwater Project Series 2019F, Rev., 5.00%, 1/1/2037 | 2,500 | 3,183 | ||||||
|
| |||||||
Total Indiana | 13,397 | |||||||
|
| |||||||
Iowa — 1.1% |
| |||||||
Iowa Finance Authority, Senior Living Facility, Sunrise Retirement Community Project | ||||||||
Rev., 5.00%, 9/1/2028 | 195 | 221 | ||||||
Rev., 5.00%, 9/1/2030 | 110 | 124 | ||||||
Rev., 5.00%, 9/1/2031 | 105 | 118 | ||||||
Rev., 5.00%, 9/1/2036 | 445 | 491 | ||||||
Iowa Finance Authority, Single Family Mortgage-Backed Securities Program Series C, Rev., GNMA/FNMA/FHLMC, 3.50%, 1/1/2047 | 1,085 | 1,160 | ||||||
Iowa Student Loan Liquidity Corp., Student Loan | ||||||||
Series A, Rev., AMT, 5.00%, 12/1/2025 | 1,000 | 1,168 | ||||||
Series 2019B, Rev., AMT, 5.00%, 12/1/2029 | 300 | 377 | ||||||
|
| |||||||
Total Iowa | 3,659 | |||||||
|
| |||||||
Kansas — 0.1% |
| |||||||
City of Manhattan, Meadowlark Hills Series 2021A, Rev., 4.00%, 6/1/2036 | 300 | 346 | ||||||
|
| |||||||
Louisiana — 0.9% |
| |||||||
Louisiana Local Government Environmental Facilities and Community Development Authority, LCTCS Act 391 Project Rev., 5.00%, 10/1/2028 | 670 | 854 | ||||||
Louisiana Public Facilities Authority, Lincoln Preparatory School Project | ||||||||
Series 2021A, Rev., 5.00%, 6/1/2031 (b) | 450 | 506 | ||||||
Series 2021A, Rev., 5.00%, 6/1/2041 (b) | 525 | 578 | ||||||
Louisiana Public Facilities Authority, Mentorship Steam Academy Project | ||||||||
Series 2021A, Rev., 5.00%, 6/1/2036 (b) | 385 | 424 | ||||||
Series 2021A, Rev., 5.00%, 6/1/2042 (b) | 440 | 477 | ||||||
|
| |||||||
Total Louisiana | 2,839 | |||||||
|
| |||||||
Maine — 0.7% |
| |||||||
City of Portland, General Airport Rev., 5.00%, 1/1/2031 | 370 | 474 | ||||||
Maine Health and Higher Educational Facilities Authority, Birch Bay Retirement Village | ||||||||
Series 2020A, Rev., 4.00%, 7/1/2024 | 250 | 274 | ||||||
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 | 25 | 25 | ||||||
Series B, Rev., AMT, 4.00%, 11/15/2043 | 30 | 31 | ||||||
Series A, Rev., 4.00%, 11/15/2045 | 370 | 389 | ||||||
|
| |||||||
Total Maine | 2,218 | |||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
122 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Maryland — 1.0% |
| |||||||
County of Baltimore, McDonogh School Facility | ||||||||
Series 2019B, Rev., 3.00%, 9/1/2024 | 320 | 329 | ||||||
Series 2019B, Rev., 3.00%, 9/1/2025 | 475 | 488 | ||||||
County of Baltimore, Riderwood Village, Inc., Project | ||||||||
Rev., 4.00%, 1/1/2032 | 475 | 561 | ||||||
Rev., 4.00%, 1/1/2033 | 600 | 708 | ||||||
Maryland Health and Higher Educational Facilities Authority, Stevenson University Project | ||||||||
Rev., 5.00%, 6/1/2029 | 150 | 192 | ||||||
Rev., 5.00%, 6/1/2031 | 175 | 231 | ||||||
Montgomery County Housing Opportunities Commission, Single Family Mortgage Series 2017A, Rev., 4.00%, 7/1/2048 | 840 | 911 | ||||||
|
| |||||||
Total Maryland | 3,420 | |||||||
|
| |||||||
Massachusetts — 5.8% |
| |||||||
Massachusetts Bay Transportation Authority, Sales Tax | ||||||||
Series 2012B-1, Rev., 5.00%, 7/1/2032 | 1,600 | 2,131 | ||||||
Series 2012B-1, Rev., 5.00%, 7/1/2033 | 3,015 | 4,001 | ||||||
Massachusetts Clean Water Trust (The), Poll Program Rev., 5.25%, 8/1/2024 | 3,000 | 3,442 | ||||||
Massachusetts Development Finance Agency, Southcoast Health System Obligated Group Issue | ||||||||
Series 2021G, Rev., 5.00%, 7/1/2029 | 150 | 193 | ||||||
Series 2021G, Rev., 5.00%, 7/1/2030 | 150 | 197 | ||||||
Massachusetts Health and Educational Facilities Authority, Massachusetts Institute of Technology Series L, Rev., 5.25%, 7/1/2033 | 820 | 1,189 | ||||||
Massachusetts Housing Finance Agency, Single Family Housing | ||||||||
Series 169, Rev., 4.00%, 12/1/2044 | 65 | 67 | ||||||
Series 183, Rev., 3.50%, 12/1/2046 | 135 | 142 | ||||||
Series 214, Rev., GNMA/FNMA/FHLMC, 3.75%, 12/1/2049 | 1,145 | 1,262 | ||||||
Massachusetts Water Resources Authority | ||||||||
Series B, Rev., AGM, 5.25%, 8/1/2028 | 3,000 | 3,931 | ||||||
Series B, Rev., AGM, 5.25%, 8/1/2029 | 2,000 | 2,686 | ||||||
|
| |||||||
Total Massachusetts | 19,241 | |||||||
|
| |||||||
Michigan — 1.0% |
| |||||||
City of Detroit, Social Bonds, Unlimited Tax | ||||||||
Series 2021A, GO, 5.00%, 4/1/2030 | 475 | 596 | ||||||
Series 2021A, GO, 5.00%, 4/1/2031 | 215 | 273 | ||||||
Eastern Michigan University | ||||||||
Series A, Rev., 5.00%, 3/1/2030 | 575 | 696 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Michigan — continued |
| |||||||
Michigan State Housing Development Authority, Single Family Mortgage Series B, Rev., AMT, 3.50%, 6/1/2047 | 605 | 645 | ||||||
Michigan Strategic Fund, The Detroit Edison Co. Series CC, Rev., VRDO, 1.45%, 9/1/2021 (e) | 570 | 570 | ||||||
Western Michigan University, Tax Exempt | ||||||||
Series 2021A, Rev., AGM, 5.00%, 11/15/2028 | 105 | 135 | ||||||
Series 2021A, Rev., AGM, 5.00%, 11/15/2029 | 100 | 131 | ||||||
Series 2021A, Rev., AGM, 5.00%, 11/15/2030 | 100 | 134 | ||||||
|
| |||||||
Total Michigan | 3,180 | |||||||
|
| |||||||
Minnesota — 1.8% |
| |||||||
City of Rochester, Health Care Facilities, Mayo Clinic Series B, Rev., 5.00%, 11/15/2029 | 965 | 1,277 | ||||||
City of Woodbury, Charter School Lease | ||||||||
Series 2021A, Rev., 4.00%, 7/1/2031 | 175 | 198 | ||||||
Series 2021A, Rev., 4.00%, 7/1/2041 | 445 | 493 | ||||||
Dakota County Community Development Agency, Single Family Mortgage, Mortgage-Backed Securities Program | ||||||||
Series A, Rev., GNMA/FNMA/FHLMC, 4.50%, 6/1/2035 | 20 | 20 | ||||||
Series A, Rev., GNMA/FNMA/FHLMC, 5.13%, 12/1/2040 | 17 | 17 | ||||||
Minneapolis-St. Paul Housing Finance Board, Single Family Mortgage, City Living Home Programs Series 2007A-2, Rev., GNMA/FNMA/FHLMC, 5.52%, 3/1/2041 | 155 | 155 | ||||||
Minnesota Housing Finance Agency, Non Profit Housing, State Appropriation | ||||||||
Rev., 5.25%, 8/1/2024 | 1,015 | 1,019 | ||||||
Rev., 5.25%, 8/1/2025 | 1,070 | 1,075 | ||||||
Rev., 5.25%, 8/1/2026 | 825 | 828 | ||||||
Minnesota Housing Finance Agency, Residential Housing Finance Series B, Rev., AMT, GNMA/FNMA/FHLMC COLL, 4.00%, 7/1/2047 | 460 | 496 | ||||||
Minnesota Office of Higher Education, Supplemental Student Loan Program Rev., AMT, 5.00%, 11/1/2027 | 300 | 367 | ||||||
State of Minnesota, Various Purpose Series A, GO, 5.00%, 10/1/2021 (f) | 35 | 35 | ||||||
|
| |||||||
Total Minnesota | 5,980 | |||||||
|
| |||||||
Mississippi — 0.4% |
| |||||||
Mississippi Home Corp., Single Family Mortgage Series 2019A, Rev., GNMA/FNMA/FHLMC, 4.00%, 12/1/2048 | 1,260 | 1,384 | ||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 123 |
Table of Contents
JPMorgan Sustainable Municipal Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Missouri — 1.3% |
| |||||||
Health and Educational Facilities Authority of the State of Missouri, Mercy Health Series A, Rev., 5.00%, 6/1/2031 | 1,000 | 1,267 | ||||||
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 | 850 | 893 | ||||||
Series 2020A, Rev., GNMA/FNMA/FHLMC, 3.50%, 11/1/2050 | 1,810 | 1,992 | ||||||
|
| |||||||
Total Missouri | 4,152 | |||||||
|
| |||||||
Nebraska — 0.6% |
| |||||||
Madison County Hospital Authority No. 1, Faith Regional Health Services Project | ||||||||
Rev., 5.00%, 7/1/2030 | 1,020 | 1,167 | ||||||
Rev., 5.00%, 7/1/2031 | 720 | 822 | ||||||
|
| |||||||
Total Nebraska | 1,989 | |||||||
|
| |||||||
Nevada — 0.4% |
| |||||||
City of Carson, Carson Tahoe Regional Healthcare Project | ||||||||
Rev., 5.00%, 9/1/2026 | 555 | 667 | ||||||
Rev., 5.00%, 9/1/2029 | 620 | 758 | ||||||
|
| |||||||
Total Nevada | 1,425 | |||||||
|
| |||||||
New Hampshire — 2.2% |
| |||||||
City of Manchester, School Facilities | ||||||||
Rev., NATL-RE, 5.50%, 6/1/2024 | 3,545 | 4,046 | ||||||
Rev., NATL-RE, 5.50%, 6/1/2027 | 900 | 1,135 | ||||||
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 | 327 | ||||||
Rev., 4.00%, 1/1/2041 | 750 | 827 | ||||||
|
| |||||||
Total New Hampshire | 7,257 | |||||||
|
| |||||||
New Jersey — 4.3% |
| |||||||
Atlantic County Improvement Authority (The), Atlantic City Campus Phase II Project | ||||||||
Series 2021A, Rev., AGM, 5.00%, 7/1/2029 | 100 | 130 | ||||||
Series 2021A, Rev., AGM, 5.00%, 7/1/2030 | 100 | 132 | ||||||
Series 2021A, Rev., AGM, 5.00%, 7/1/2031 | 100 | 135 | ||||||
Series 2021A, Rev., AGM, 5.00%, 7/1/2034 | 60 | 80 | ||||||
Series 2021A, Rev., AGM, 5.00%, 7/1/2035 | 75 | 99 | ||||||
Series 2021A, Rev., AGM, 4.00%, 7/1/2036 | 100 | 121 | ||||||
Series 2021A, Rev., AGM, 4.00%, 7/1/2037 | 75 | 91 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
New Jersey — continued |
| |||||||
Egg Harbor Township School District GO, AGM, 5.75%, 7/15/2024 | 1,215 | 1,405 | ||||||
Essex County Improvement Authority, CHF-Newark, LLC, NJIT Student Housing Project Series 2021A, Rev., 5.00%, 8/1/2033 | 170 | 226 | ||||||
Essex County Improvement Authority, North Star Academy Charter School of Newark, Inc., 2020 Project | ||||||||
Rev., 4.00%, 7/15/2023 (b) | 115 | 122 | ||||||
Rev., 4.00%, 7/15/2025 (b) | 370 | 412 | ||||||
Rev., 4.00%, 7/15/2027 (b) | 400 | 460 | ||||||
Rev., 4.00%, 7/15/2029 (b) | 430 | 506 | ||||||
Rev., 4.00%, 7/15/2030 (b) | 200 | 237 | ||||||
New Jersey Economic Development Authority, School Facilities Construction | ||||||||
Rev., 5.00%, 6/15/2030 | 270 | 352 | ||||||
Rev., 5.00%, 6/15/2033 | 300 | 392 | ||||||
New Jersey Educational Facilities Authority, Stevens Institute of Technology | ||||||||
Series 2020A, Rev., 5.00%, 7/1/2033 | 350 | 449 | ||||||
Series 2020A, Rev., 5.00%, 7/1/2034 | 280 | 358 | ||||||
New Jersey Health Care Facilities Financing Authority, University Hospital Issue | ||||||||
Series A, Rev., AGM, 5.00%, 7/1/2022 | 1,000 | 1,039 | ||||||
Series A, Rev., AGM, 5.00%, 7/1/2023 | 820 | 892 | ||||||
Series A, Rev., AGM, 5.00%, 7/1/2026 | 1,095 | 1,285 | ||||||
New Jersey Higher Education Student Assistance Authority, Senior Student Loan | ||||||||
Series 1A, Rev., AMT, 5.00%, 12/1/2024 | 1,750 | 2,011 | ||||||
Series A, Rev., 5.00%, 12/1/2024 | 1,100 | 1,261 | ||||||
New Jersey Housing and Mortgage Finance Agency, Riverside Senior Apartments Project Series 2019D, Rev., 1.35%, 6/1/2022 (e) | 1,000 | 1,007 | ||||||
New Jersey Housing and Mortgage Finance Agency, Single Family Housing Series 2018A, Rev., 4.50%, 10/1/2048 | 885 | 992 | ||||||
|
| |||||||
Total New Jersey | 14,194 | |||||||
|
| |||||||
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 | 1,060 | 1,175 | ||||||
|
| |||||||
New York — 4.9% |
| |||||||
Build NYC Resource Corp., New World Preparatory Charter School Project | ||||||||
Series 2021A, Rev., 4.00%, 6/15/2031 | 150 | 169 | ||||||
Series 2021A, Rev., 4.00%, 6/15/2041 | 135 | 150 |
SEE NOTES TO FINANCIAL STATEMENTS.
124 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
New York — continued |
| |||||||
Huntington Local Development Corp., Fountaingate Garden Project Series 2021C, Rev., 3.00%, 7/1/2025 | 860 | 897 | ||||||
Metropolitan Transportation Authority Series 2017B, Rev., 5.00%, 11/15/2021 | 1,300 | 1,313 | ||||||
Metropolitan Transportation Authority, Dedicated Tax Fund Series A, Rev., 5.00%, 11/15/2029 | 1,000 | 1,057 | ||||||
Monroe County Industrial Development Corp., Highland Hospital of Rochester Project Rev., 5.00%, 7/1/2029 | 1,000 | 1,277 | ||||||
New York City Industrial Development Agency, Queens Baseball Stadium Project Rev., AGM, 5.00%, 1/1/2031 | 500 | 668 | ||||||
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2015 Series FF, Rev., 5.00%, 6/15/2031 | 1,000 | 1,171 | ||||||
New York State Dormitory Authority, Montefiore Obligated Group Series 2020A, Rev., 5.00%, 9/1/2027 | 1,325 | 1,633 | ||||||
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 | 2,002 | ||||||
Port Authority of New York and New Jersey, Consolidated Series 194, Rev., 5.00%, 10/15/2030 | 2,000 | 2,364 | ||||||
State of New York Mortgage Agency, Homeowner Mortgage | ||||||||
Series 197, Rev., 3.50%, 10/1/2044 | 785 | 831 | ||||||
Series 195, Rev., 4.00%, 10/1/2046 | 745 | 790 | ||||||
Suffolk County Economic Development Corp., St. Johnland Assisted Living Inc., Project Rev., 4.63%, 11/1/2031 (b) | 1,250 | 1,303 | ||||||
Yonkers Economic Development Corp., Charter School of Educational Excellence Project Rev., 4.00%, 10/15/2030 | 355 | 414 | ||||||
|
| |||||||
Total New York | 16,039 | |||||||
|
| |||||||
North Carolina — 1.4% |
| |||||||
County of Randolph, Limited Obligation Series B, Rev., 5.00%, 10/1/2026 | 1,000 | 1,224 | ||||||
North Carolina Capital Facilities Finance Agency, High Point University Rev., 5.00%, 5/1/2031 | 500 | 659 | ||||||
North Carolina Housing Finance Agency, Homeownership Series 43, Rev., GNMA/FNMA/FHLMC, 4.00%, 7/1/2050 | 605 | 675 | ||||||
North Carolina Medical Care Commission, Caromont Health Series 2021B, Rev., 5.00%, 2/1/2026 (e) | 500 | 599 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
North Carolina — continued |
| |||||||
North Carolina Medical Care Commission, Lutheran Services for The Aging Series 2021A, Rev., 4.00%, 3/1/2031 | 290 | 330 | ||||||
North Carolina Medical Care Commission, The Forest at Duke Project | ||||||||
Rev., 4.00%, 9/1/2033 | 180 | 215 | ||||||
Rev., 4.00%, 9/1/2041 | 415 | 486 | ||||||
University of North Carolina at Charlotte (The) | ||||||||
Series 2020A, Rev., 5.00%, 10/1/2025 | 85 | 101 | ||||||
Series 2020A, Rev., 5.00%, 10/1/2027 | 200 | 250 | ||||||
|
| |||||||
Total North Carolina | 4,539 | |||||||
|
| |||||||
North Dakota — 0.8% |
| |||||||
North Dakota Housing Finance Agency, Home Mortgage Finance Program | ||||||||
Series 2016D, Rev., 3.50%, 7/1/2046 | 280 | 300 | ||||||
Series D, Rev., 4.00%, 7/1/2046 | 750 | 794 | ||||||
Series 2017D, Rev., FHA, 4.00%, 1/1/2048 | 880 | 955 | ||||||
University of North Dakota, Housing Infrastructure Project Series 2021A, COP, AGM, 4.00%, 6/1/2051 | 500 | 575 | ||||||
|
| |||||||
Total North Dakota | 2,624 | |||||||
|
| |||||||
Ohio — 4.6% |
| |||||||
American Municipal Power, Inc., Solar Electricity Prepayment Project, Green Bonds Series 2019A, Rev., 5.00%, 2/15/2035 | 825 | 1,035 | ||||||
Butler County Port Authority, Community First Solutions | ||||||||
Rev., 4.00%, 5/15/2037 | 210 | 248 | ||||||
Rev., 4.00%, 5/15/2038 | 110 | 130 | ||||||
Rev., 4.00%, 5/15/2039 | 115 | 135 | ||||||
Rev., 4.00%, 5/15/2040 | 115 | 135 | ||||||
Rev., 4.00%, 5/15/2041 | 125 | 146 | ||||||
County of Hardin, Economic Development Facilities Improvement, Ohio Northern University | ||||||||
Rev., 4.00%, 5/1/2026 | 240 | 247 | ||||||
Rev., 5.00%, 5/1/2030 | 250 | 277 | ||||||
Lakota Local School District Series A, GO, NATL-RE, 5.25%, 12/1/2025 | 1,500 | 1,804 | ||||||
Northeast Ohio Medical University | ||||||||
Series 2021A, Rev., 5.00%, 12/1/2028 | 125 | 155 | ||||||
Series 2021A, Rev., 5.00%, 12/1/2030 | 65 | 83 | ||||||
Series 2021A, Rev., 4.00%, 12/1/2035 | 150 | 176 | ||||||
Ohio Higher Educational Facility Commission, Case Western University Project | ||||||||
Series 2019C, Rev., 1.63%, 12/1/2026 (e) | 500 | 517 | ||||||
Series 2019B, Rev., 5.00%, 12/1/2031 | 750 | 974 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 125 |
Table of Contents
JPMorgan Sustainable Municipal Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Ohio — continued |
| |||||||
Ohio Housing Finance Agency, First-Time Homebuyer Program Series 2020A, Rev., GNMA/FNMA/FHLMC, 3.75%, 9/1/2050 | 940 | 1,055 | ||||||
Ohio Housing Finance Agency, Single Family Mortgage Series 2016D, Rev., GNMA/FNMA/FHLMC, 4.00%, 3/1/2047 | 570 | 616 | ||||||
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 | 1,927 | ||||||
Port of Greater Cincinnati Development Authority, FC Cincinnati Public Improvements Project Rev., 3.75%, 12/1/2031 (b) | 245 | 253 | ||||||
University of Akron (The), General Receipts Series 2019A, Rev., 5.00%, 1/1/2030 | 310 | 407 | ||||||
Youngstown State University, General Receipts | ||||||||
Rev., AGM, 4.00%, 12/15/2029 | 550 | 681 | ||||||
Rev., AGM, 4.00%, 12/15/2030 | 490 | 615 | ||||||
|
| |||||||
Total Ohio | 15,069 | |||||||
|
| |||||||
Oklahoma — 0.1% |
| |||||||
Oklahoma Housing Finance Agency, Deer Park and Apple Run Apartments Rev., 1.60%, 1/1/2022 (e) | 200 | 201 | ||||||
|
| |||||||
Oregon — 0.3% |
| |||||||
Yamhill County Hospital Authority, Friendsview, Tax Exempt | ||||||||
Series 2021B-3, Rev., 1.75%, 11/15/2026 | 170 | 171 | ||||||
Series 2021A, Rev., 5.00%, 11/15/2036 | 305 | 370 | ||||||
Series 2021A, Rev., 5.00%, 11/15/2046 | 500 | 592 | ||||||
|
| |||||||
Total Oregon | 1,133 | |||||||
|
| |||||||
Other — 0.3% |
| |||||||
Multi-Family Housing, Bond Pass-Through Certificates, Grand Reserve Apartments Series 8, Rev., 5.95%, 11/1/2023 (e) | 925 | 927 | ||||||
|
| |||||||
Pennsylvania — 6.5% |
| |||||||
Allegheny County Hospital Development Authority, Pittsburgh Medical Center Series 2019A, Rev., 5.00%, 7/15/2033 | 600 | 768 | ||||||
Bucks County Industrial Development Authority, Grand View Hospital Project Rev., 5.00%, 7/1/2032 | 500 | 642 | ||||||
Chester County Industrial Development Authority, Longwood Gardens Project | ||||||||
Rev., 4.00%, 12/1/2024 | 345 | 385 | ||||||
Rev., 4.00%, 12/1/2025 | 250 | 287 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Pennsylvania — continued |
| |||||||
Rev., 4.00%, 12/1/2026 | 250 | 293 | ||||||
Rev., 5.00%, 12/1/2027 | 200 | 251 | ||||||
Rev., 5.00%, 12/1/2035 | 175 | 225 | ||||||
Rev., 5.00%, 12/1/2036 | 185 | 237 | ||||||
Rev., 5.00%, 12/1/2037 | 200 | 255 | ||||||
City of Erie Higher Education Building Authority | ||||||||
Series 2021TT1, Rev., 4.00%, 5/1/2036 | 100 | 115 | ||||||
Series 2021TT1, Rev., 4.00%, 5/1/2041 | 100 | 113 | ||||||
Delaware County Authority, Neumann University | ||||||||
Rev., 4.00%, 10/1/2022 | 200 | 207 | ||||||
Rev., 5.00%, 10/1/2023 | 240 | 260 | ||||||
Geisinger Authority, Health System Series 2020B, Rev., 5.00%, 2/15/2027 (e) | 3,350 | 4,060 | ||||||
Lehigh County Industrial Development Authority, Seven Generation Charter School | ||||||||
Series 2021A, Rev., 4.00%, 5/1/2031 | 340 | 379 | ||||||
Series 2021A, Rev., 4.00%, 5/1/2041 | 885 | 964 | ||||||
Pennsylvania Economic Development Financing Authority, Presbyterian Senior Living Project Rev., 4.00%, 7/1/2041 | 750 | 849 | ||||||
Pennsylvania Higher Educational Facilities Authority, University of Pennsylvania Health System Rev., 4.00%, 8/15/2034 | 175 | 210 | ||||||
Pennsylvania Housing Finance Agency, Single Family Mortgage | ||||||||
Series 121, Rev., 3.50%, 10/1/2046 | 770 | 809 | ||||||
Series 122, Rev., AMT, 4.00%, 10/1/2046 | 255 | 273 | ||||||
Pennsylvania State University (The) | ||||||||
Series 2020E, Rev., 5.00%, 3/1/2029 | 710 | 927 | ||||||
Series 2020E, Rev., 5.00%, 3/1/2030 | 290 | 387 | ||||||
Series 2020E, Rev., 5.00%, 3/1/2031 | 710 | 940 | ||||||
Philadelphia Authority for Industrial Development, City Service Agreement, Affordable Housing Preservation Programs Project | ||||||||
Rev., 5.00%, 12/1/2023 | 2,020 | 2,225 | ||||||
Rev., AGM, 5.00%, 12/1/2026 | 1,550 | 1,885 | ||||||
Rev., AGM, 5.00%, 12/1/2027 | 680 | 835 | ||||||
Philadelphia Authority for Industrial Development, Russell Byers Charter School Project Rev., 5.00%, 5/1/2030 | 1,200 | 1,368 | ||||||
West Cornwall Township Municipal Authority, Lebanon Valley Brethren Home Project | ||||||||
Series 2021A, Rev., 4.00%, 11/15/2029 | 135 | 162 | ||||||
Series 2021A, Rev., 4.00%, 11/15/2030 | 190 | 228 | ||||||
Series 2021A, Rev., 4.00%, 11/15/2031 | 195 | 233 | ||||||
Series 2021A, Rev., 4.00%, 11/15/2036 | 365 | 430 | ||||||
Series 2021A, Rev., 4.00%, 11/15/2041 | 370 | 432 | ||||||
|
| |||||||
Total Pennsylvania | 21,634 | |||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
126 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
South Carolina — 0.7% |
| |||||||
South Carolina Jobs-Economic Development Authority, Kiawah Life Plan Village, Inc., Project Rev., 8.75%, 7/1/2025 (b) | 200 | 202 | ||||||
South Carolina State Housing Finance and Development Authority | ||||||||
Series A, Rev., 4.00%, 1/1/2047 | 210 | 224 | ||||||
Series B, Rev., FHA, GNMA/FNMA/FHLMC, 4.00%, 7/1/2047 | 535 | 578 | ||||||
Town of Hilton Head Island, Beach Preservation Fee Pledge Rev., 5.00%, 8/1/2026 | 1,000 | 1,174 | ||||||
|
| |||||||
Total South Carolina | 2,178 | |||||||
|
| |||||||
South Dakota — 0.8% |
| |||||||
South Dakota Housing Development Authority, Homeownership Mortgage | ||||||||
Series 2015D, Rev., 4.00%, 11/1/2045 | 850 | 901 | ||||||
Series A, Rev., 4.00%, 5/1/2049 | 1,650 | 1,813 | ||||||
|
| |||||||
Total South Dakota | 2,714 | |||||||
|
| |||||||
Tennessee — 1.4% |
| |||||||
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 | 1,428 | ||||||
Metropolitan Government Nashville and Davidson County, Health and Educational Facilities Board, Trevecca Nazarene University Project | ||||||||
Series 2021B, Rev., 4.00%, 10/1/2030 | 105 | 123 | ||||||
Series 2021B, Rev., 4.00%, 10/1/2031 | 220 | 256 | ||||||
Series 2021B, Rev., 4.00%, 10/1/2041 | 400 | 454 | ||||||
Shelby County Health Educational and Housing Facilities Board, The Farms at Bailey Station Project Series 2019A, Rev., 5.75%, 10/1/2049 | 1,000 | 1,083 | ||||||
Tennessee Housing Development Agency, Residential Finance Program | ||||||||
Series 2B, Rev., AMT, 4.00%, 7/1/2043 | 85 | 88 | ||||||
Rev., 3.50%, 1/1/2048 | 1,095 | 1,173 | ||||||
|
| |||||||
Total Tennessee | 4,605 | |||||||
|
| |||||||
Texas — 5.3% |
| |||||||
Arlington Higher Education Finance Corp. | ||||||||
Series 2021A, Rev., 5.00%, 8/15/2027 | 100 | 119 | ||||||
Series 2021A, Rev., 5.00%, 8/15/2028 | 40 | 47 | ||||||
Series 2021A, Rev., 4.00%, 8/15/2029 | 40 | 45 | ||||||
Series 2021A, Rev., 4.00%, 8/15/2030 | 40 | 45 | ||||||
Series 2021A, Rev., 4.00%, 8/15/2031 | 45 | 50 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Texas — continued |
| |||||||
Arlington Higher Education Finance Corp., Kipp Texas, Inc. | ||||||||
Rev., PSF-GTD, 5.00%, 8/15/2023 | 150 | 164 | ||||||
Rev., PSF-GTD, 5.00%, 8/15/2024 | 140 | 159 | ||||||
Rev., PSF-GTD, 5.00%, 8/15/2025 | 200 | 236 | ||||||
Rev., PSF-GTD, 5.00%, 8/15/2026 | 220 | 267 | ||||||
Rev., PSF-GTD, 5.00%, 8/15/2027 | 250 | 312 | ||||||
Arlington Higher Education Finance Corp., Newman International Academy | ||||||||
Rev., 4.00%, 8/15/2031 | 200 | 216 | ||||||
Rev., 5.00%, 8/15/2041 | 300 | 332 | ||||||
Baytown Municipal Development District, Baytown Convention Center Hotel, First Lien Series 2021A, Rev., 2.50%, 10/1/2031 | 275 | 276 | ||||||
Boerne School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/1/2029 | 1,000 | 1,302 | ||||||
Brazos Higher Education Authority, Inc., Tax-Exempt Student Loan Program | ||||||||
Series 2020-1A, Rev., AMT, 5.00%, 4/1/2025 | 350 | 396 | ||||||
Series 2020-1A, Rev., AMT, 5.00%, 4/1/2026 | 500 | 577 | ||||||
Central Texas Regional Mobility Authority, Senior Lien Rev., 5.00%, 1/1/2046 | 1,000 | 1,164 | ||||||
City of Austin, Water & Wastewater System Rev., 5.00%, 11/15/2027 | 665 | 842 | ||||||
Clear Creek Independent School District, Unlimited Tax Series B, GO, PSF-GTD, 1.35%, 8/15/2022 (e) | 500 | 505 | ||||||
Clifton Higher Education Finance Corp., Yes Prep Public Schools, Inc. Rev., PSF-GTD, 5.00%, 4/1/2029 | 130 | 169 | ||||||
Conroe Local Government Corp., Conroe Convention Center Hotel Series 2021A, Rev., 2.50%, 10/1/2031 | 225 | 226 | ||||||
Dallas Area Rapid Transit, Sales Tax, Senior Lien Series A, Rev., 5.00%, 12/1/2032 | 2,800 | 3,325 | ||||||
Houston Higher Education Finance Corp., Houston Baptist University Rev., 3.38%, 10/1/2037 | 250 | 250 | ||||||
Irving Hospital Authority, Baylor Scott and White Medical Center | ||||||||
Series 2017A, Rev., 5.00%, 10/15/2026 | 250 | 299 | ||||||
Series 2017A, Rev., 5.00%, 10/15/2027 | 500 | 595 | ||||||
Midtown Redevelopment Authority, Tax Increment Contract | ||||||||
Rev., 4.00%, 1/1/2031 | 365 | 434 | ||||||
Rev., 4.00%, 1/1/2032 | 500 | 588 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 127 |
Table of Contents
JPMorgan Sustainable Municipal Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Texas — continued |
| |||||||
New Hope Cultural Education Facilities Finance Corp., Westminster Project Rev., 4.00%, 11/1/2049 | 550 | 627 | ||||||
Newark Higher Education Finance Corp., The Hughen Center, Inc. | ||||||||
Series 2021A, Rev., PSF-GTD, 5.00%, 8/15/2030 | 180 | 234 | ||||||
Series 2021A, Rev., PSF-GTD, 5.00%, 8/15/2031 | 200 | 263 | ||||||
Northside Independent School District, School Building, Unlimited Tax GO, PSF-GTD, 1.60%, 8/1/2024 (e) | 340 | 352 | ||||||
Pasadena Independent School District, School Building, Unlimited Tax Series B, GO, PSF-GTD, 1.50%, 8/15/2024 (e) | 750 | 774 | ||||||
San Antonio Education Facilities Corp., University of the Incarnate Word Series 2021A, Rev., 4.00%, 4/1/2051 | 500 | 578 | ||||||
State of Texas, Water Financial Assistance Series 2015D, GO, 5.00%, 5/15/2033 | 450 | 523 | ||||||
Texas State Affordable Housing Corp., Single Family Mortgage, Heroes Home Loan Program Series 2019A, Rev., GNMA COLL, 4.25%, 3/1/2049 | 755 | 839 | ||||||
Uptown Development Authority, Tax Increment Contract Rev., 4.00%, 9/1/2033 | 400 | 480 | ||||||
|
| |||||||
Total Texas | 17,610 | |||||||
|
| |||||||
Utah — 3.1% |
| |||||||
Mida Mountain Village Public Infrastructure District, Mountain Village Assessment Area #2 4.00%, 8/1/2030 (b) | 1,000 | 1,111 | ||||||
Military Installation Development Authority, Tax Allocation Series 2021A-2, Rev., 4.00%, 6/1/2036 | 500 | 526 | ||||||
Military Installation Development Authority, Tax Allocation and Hotel Tax Series 2021A-1, Rev., 4.00%, 6/1/2036 | 250 | 265 | ||||||
Utah Associated Municipal Power System, Horse Butte Wind Project Series 2017B, Rev., 5.00%, 9/1/2033 | 1,700 | 2,075 | ||||||
Utah Charter School Finance Authority, The Freedom Academy Foundation, St. George Campus Project Series 2021A, Rev., 3.25%, 6/15/2031 (b) | 535 | 561 | ||||||
Utah Housing Corp., Single Family Mortgage Series D-2, Class III, Rev., FHA, 4.00%, 1/1/2045 | 780 | 837 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Utah — continued |
| |||||||
Utah State Board of Regents, Student Fee and Housing System Rev., NATL-RE, 5.25%, 4/1/2023 | 3,245 | 3,427 | ||||||
Utah Transit Authority, Sales Tax Series C, Rev., AGM, 5.25%, 6/15/2029 | 970 | 1,264 | ||||||
|
| |||||||
Total Utah | 10,066 | |||||||
|
| |||||||
Vermont — 1.8% |
| |||||||
Vermont Housing Finance Agency, Multiple Purpose Series B, Rev., AMT, 3.75%, 11/1/2045 | 645 | 672 | ||||||
Vermont Student Assistance Corp., Education Loan | ||||||||
Series A, Rev., AMT, 5.00%, 6/15/2023 | 1,000 | 1,078 | ||||||
Series 2016A, Rev., AMT, 5.00%, 6/15/2024 | 1,400 | 1,563 | ||||||
Series A, Rev., AMT, 5.00%, 6/15/2025 | 2,150 | 2,476 | ||||||
|
| |||||||
Total Vermont | 5,789 | |||||||
|
| |||||||
Virginia — 0.4% |
| |||||||
Henrico County Economic Development Authority, Westminster Canterbury Richmond | ||||||||
Rev., 3.00%, 10/1/2029 | 500 | 560 | ||||||
Rev., 3.00%, 10/1/2030 | 500 | 558 | ||||||
Virginia College Building Authority, Education Facilities, Regent University Project Rev., 5.00%, 6/1/2031 | 160 | 210 | ||||||
|
| |||||||
Total Virginia | 1,328 | |||||||
|
| |||||||
Washington — 4.2% |
| |||||||
FYI Properties, State of Washington District Project — Green Bonds Rev., 5.00%, 6/1/2039 | 5,000 | 6,014 | ||||||
King County Housing Authority, Highland Village Project | ||||||||
Rev., 5.00%, 1/1/2027 | 125 | 151 | ||||||
Rev., 5.00%, 1/1/2028 | 125 | 154 | ||||||
Rev., 5.00%, 1/1/2029 | 125 | 157 | ||||||
Rev., 4.00%, 1/1/2031 | 330 | 396 | ||||||
Rev., 4.00%, 1/1/2034 | 500 | 590 | ||||||
Washington Health Care Facilities Authority, Multi-care Health System Series B, Rev., 5.00%, 8/15/2035 | 1,850 | 2,276 | ||||||
Washington Higher Education Facilities Authority, Seattle Pacific University Project Series 2020A, Rev., 5.00%, 10/1/2035 | 710 | 902 | ||||||
Washington State Housing Finance Commission, Rockwood Retirement Communities Project Rev., 5.00%, 1/1/2032 (b) | 1,100 | 1,265 | ||||||
Washington State Housing Finance Commission, Single Family Program | ||||||||
Series 2A-R, Rev., AMT, 3.50%, 12/1/2046 | 165 | 172 | ||||||
Series 2N, Rev., GNMA/FNMA/FHLMC, 3.50%, 6/1/2047 | 1,475 | 1,567 | ||||||
|
| |||||||
Total Washington | 13,644 | |||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
128 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Wisconsin — 4.0% |
| |||||||
Public Finance Authority, Carson Valley Medical Center Series 2021A, Rev., 4.00%, 12/1/2041 | 250 | 293 | ||||||
Public Finance Authority, Coral Academy of Science Series 2021A, Rev., 4.00%, 7/1/2041 | 500 | 568 | ||||||
Public Finance Authority, Ripple Ranch, LLC Obligate Series 2021A, Rev., 5.25%, 12/1/2051 (b) | 200 | 183 | ||||||
Public Finance Authority, The Carmelite System, Inc., Obligated Group | ||||||||
Rev., 3.25%, 1/1/2025 | 580 | 631 | ||||||
Rev., 3.25%, 1/1/2026 | 1,545 | 1,700 | ||||||
Wisconsin Health and Educational Facilities Authority, Agnesian Healthcare, Inc. | ||||||||
Rev., 5.00%, 7/1/2024 | 250 | 283 | ||||||
Rev., 5.00%, 7/1/2025 | 250 | 293 | ||||||
Wisconsin Health and Educational Facilities Authority, Franciscan Sisters of Christian Charity Sponsored Ministries, Inc. | ||||||||
Series 2017A, Rev., 5.00%, 9/1/2022 (f) | 520 | 544 | ||||||
Series 2017A, Rev., 5.00%, 9/1/2023 (f) | 550 | 600 | ||||||
Series 2017A, Rev., 5.00%, 9/1/2024 (f) | 580 | 659 | ||||||
Series 2017A, Rev., 5.00%, 9/1/2025 (f) | 235 | 276 | ||||||
Series 2017A, Rev., 5.00%, 9/1/2026 (f) | 385 | 466 | ||||||
Series 2017A, Rev., 5.00%, 9/1/2027 (f) | 785 | 978 | ||||||
Wisconsin Health and Educational Facilities Authority, Gundersen Health System Series 2021A, Rev., 4.00%, 10/15/2034 | 725 | 888 | ||||||
Wisconsin Health and Educational Facilities Authority, Lawrence University of Wisconsin | ||||||||
Rev., 4.00%, 2/1/2022 | 280 | 283 | ||||||
Rev., 4.00%, 2/1/2023 | 280 | 292 | ||||||
Wisconsin Health and Educational Facilities Authority, Marshfield Clinic Health System, Inc. | ||||||||
Series C, Rev., 5.00%, 2/15/2027 | 400 | 492 | ||||||
Series C, Rev., 5.00%, 2/15/2028 | 575 | 705 | ||||||
Series C, Rev., 5.00%, 2/15/2029 | 375 | 457 | ||||||
Wisconsin Health and Educational Facilities Authority, Milwaukee Regional Medical Center Thermal Service Rev., 5.00%, 4/1/2035 | 1,165 | 1,466 | ||||||
Wisconsin Health and Educational Facilities Authority, Three Pillars Senior Living Communities Rev., 4.00%, 8/15/2041 | 825 | 975 | ||||||
|
| |||||||
Total Wisconsin | 13,032 | |||||||
|
|
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Wyoming — 0.5% |
| |||||||
Wyoming Community Development Authority | ||||||||
Series 5, Rev., 4.00%, 12/1/2046 | 590 | 637 | ||||||
Series 2020-2, Rev., 3.00%, 6/1/2049 | 1,000 | 1,089 | ||||||
|
| |||||||
Total Wyoming | 1,726 | |||||||
|
| |||||||
Total Municipal Bonds | 322,141 | |||||||
|
| |||||||
SHARES (000) | ||||||||
Short-Term Investments — 1.5% |
| |||||||
Investment Companies — 1.5% |
| |||||||
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 0.02% (g) (h) | 4,870 | 4,873 | ||||||
|
| |||||||
Total Investments — 99.6% | 327,014 | |||||||
Other Assets Less Liabilities — 0.4% | 1,449 | |||||||
|
| |||||||
NET ASSETS — 100.0% | 328,463 | |||||||
|
|
Percentages indicated are based on net assets.
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 129 |
Table of Contents
JPMorgan Sustainable Municipal Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
Abbreviations
| ||
AGM | Insured by Assured Guaranty Municipal Corp. | |
AMT | Alternative Minimum Tax | |
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 | |
VRDO | Variable Rate Demand Obligation |
(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, linked to the referenced benchmark. The interest rate shown is the current rate as of August 31, 2021. | |
(d) | Amount rounds to less than one thousand. | |
(e) | 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 August 31, 2021. | |
(f) | Security is prerefunded or escrowed to maturity. | |
(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 August 31, 2021. | |
‡ | Value determined using significant unobservable inputs. |
Futures contracts outstanding as of August 31, 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 Ultra Note | (12 | ) | 12/2021 | USD | (1,776 | ) | (6 | ) | ||||||||||||
|
|
Abbreviations | ||
USD | United States Dollar |
SEE NOTES TO FINANCIAL STATEMENTS.
130 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
JPMorgan Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — 94.3% (a) |
| |||||||
Alabama — 1.7% |
| |||||||
Black Belt Energy Gas District, Gas Supply Series 2021A, Rev., LIQ: Royal Bank of Canada, 4.00%, 12/1/2031 (b) | 5,000 | 6,238 | ||||||
City of Trussville, Warrants Series 2018A, GO, 4.00%, 8/1/2032 | 25 | 30 | ||||||
Montgomery County Public Building Authority, Facilities Project Rev., 5.00%, 3/1/2024 (c) | 1,000 | 1,121 | ||||||
Montgomery Water Works and Sanitary Sewer Board | ||||||||
Series 2019A, Rev., 4.00%, 9/1/2036 | 515 | 619 | ||||||
Series 2019A, Rev., 4.00%, 9/1/2037 | 800 | 962 | ||||||
Series 2019A, Rev., 4.00%, 9/1/2038 | 830 | 994 | ||||||
Southeast Alabama Gas Supply District (The), Project No. 1 Series 2018A, Rev., 4.00%, 4/1/2024 (b) | 500 | 543 | ||||||
Southeast Alabama Gas Supply District (The), Project No. 2 Series 2018A, Rev., 4.00%, 6/1/2024 (b) | 835 | 913 | ||||||
UAB Medicine Finance Authority | ||||||||
Series B-2, Rev., 3.50%, 9/1/2035 | 160 | 179 | ||||||
Series B-2, Rev., 5.00%, 9/1/2037 | 30 | 36 | ||||||
|
| |||||||
Total Alabama | 11,635 | |||||||
|
| |||||||
Alaska — 0.3% |
| |||||||
Alaska Housing Finance Corp., General Mortgage Series 2016A, Rev., 3.50%, 6/1/2046 | 485 | 513 | ||||||
Alaska Industrial Development and Export Authority, Tanana Chiefs Conference Project Series 2019A, Rev., 4.00%, 10/1/2044 | 1,500 | 1,700 | ||||||
University of Alaska Series S, Rev., 4.00%, 10/1/2021 | 70 | 70 | ||||||
|
| |||||||
Total Alaska | 2,283 | |||||||
|
| |||||||
Arizona — 2.4% |
| |||||||
Arizona Industrial Development Authority, Aliante & Skye Canyon Campus Project Series 2021A, Rev., 4.00%, 12/15/2051 (d) | 350 | 382 | ||||||
Arizona Industrial Development Authority, Children’s National Medical Center Series 2020A, Rev., 3.00%, 9/1/2050 | 2,600 | 2,751 | ||||||
Arizona Industrial Development Authority, Doral Academy of Northern Nevada Project Series 2021A, Rev., 4.00%, 7/15/2051 (d) | 250 | 276 | ||||||
Arizona Industrial Development Authority, Equitable School Revolving Fund | ||||||||
Series 2020A, Rev., 4.00%, 11/1/2045 | 1,000 | 1,151 | ||||||
Series 2020A, Rev., 4.00%, 11/1/2050 | 1,300 | 1,489 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Arizona — continued |
| |||||||
Arizona Industrial Development Authority, Great Lakes Senior Living Communities LLC Project Series 2019A, Rev., 4.50%, 1/1/2049 | 4,000 | 4,072 | ||||||
Arizona Industrial Development Authority, Macombs Facility Project Series 2021A, Rev., 4.00%, 7/1/2051 | 1,125 | 1,296 | ||||||
Arizona Industrial Development Authority, Phoenix Children’s Hospital Series 2020A, Rev., 3.00%, 2/1/2045 | 1,000 | 1,065 | ||||||
Arizona Industrial Development Authority, Pinecrest Academy, Canyon Campus Project Rev., 5.00%, 7/15/2040 (d) | 2,515 | 2,931 | ||||||
City of Chandler, Excise Tax Rev., 5.00%, 7/1/2028 | 25 | 30 | ||||||
City of Phoenix Civic Improvement Corp., Civic Plaza Expansion Series 2005B, Rev., BHAC-CR, FGIC, 5.50%, 7/1/2036 | 125 | 187 | ||||||
County of Pinal Rev., 4.00%, 8/1/2036 | 50 | 59 | ||||||
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 | 424 | ||||||
Series 2018A, Rev., 5.00%, 7/1/2033 | 150 | 182 | ||||||
Series 2018A, Rev., 5.00%, 7/1/2037 | 200 | 241 | ||||||
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 | 48 | ||||||
|
| |||||||
Total Arizona | 16,608 | |||||||
|
| |||||||
Arkansas — 0.1% |
| |||||||
County of Pulaski, Arkansas Children’s Hospital Rev., 5.00%, 3/1/2029 | 350 | 419 | ||||||
University of Arkansas, Student Fee, UALR Campus Rev., 5.00%, 10/1/2029 | 100 | 119 | ||||||
University of Arkansas, Various Facility Fayetteville Campus Series A, Rev., 5.00%, 11/1/2037 | 185 | 223 | ||||||
University of Arkansas, Various Facility Monticello Campus Series 2017A, Rev., 5.00%, 12/1/2027 | 100 | 124 | ||||||
|
| |||||||
Total Arkansas | 885 | |||||||
|
| |||||||
California — 7.4% |
| |||||||
Alta Loma School District, Election of 2016 Series 2017A, GO, 5.00%, 8/1/2032 | 60 | 75 | ||||||
Bay Area Toll Authority, Toll Bridge Series S-7, Rev., 4.00%, 4/1/2032 | 35 | 41 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 131 |
Table of Contents
JPMorgan Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
California — continued |
| |||||||
California Educational Facilities Authority, Claremont McKenna College Series 2015A, Rev., 4.00%, 1/1/2039 | 500 | 557 | ||||||
California Health Facilities Financing Authority, On Lok Senior Health Service Rev., 5.00%, 8/1/2050 | 1,000 | 1,235 | ||||||
California Health Facilities Financing Authority, Sutter Health Series 2016A, Rev., 5.00%, 11/15/2025 (c) | 250 | 299 | ||||||
California Public Finance Authority, Enso Village Project, Green Bond Series 2021A, Rev., 5.00%, 11/15/2051 (d) | 500 | 580 | ||||||
California Public Finance Authority, Henry Mayo Newhall Hospital | ||||||||
Rev., 5.00%, 10/15/2037 | 500 | 592 | ||||||
Rev., 5.00%, 10/15/2047 | 1,000 | 1,172 | ||||||
California School Finance Authority, Green Dot Public School Projects | ||||||||
Series 2018A, Rev., 5.00%, 8/1/2022 (d) | 80 | 83 | ||||||
Series 2018A, Rev., 5.00%, 8/1/2023 (d) | 175 | 191 | ||||||
Series 2018A, Rev., 5.00%, 8/1/2024 (d) | 160 | 179 | ||||||
Series 2018A, Rev., 5.00%, 8/1/2025 (d) | 150 | 173 | ||||||
Series 2018A, Rev., 5.00%, 8/1/2026 (d) | 150 | 178 | ||||||
Series 2018A, Rev., 5.00%, 8/1/2027 (d) | 150 | 182 | ||||||
Series 2018A, Rev., 5.00%, 8/1/2028 (d) | 190 | 237 | ||||||
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 | 37 | ||||||
Series��2016A, Rev., 5.00%, 11/1/2045 | 25 | 30 | ||||||
California Statewide Communities Development Authority, Marin General Hospital Project, Green Bond Series 2018A, Rev., 4.00%, 8/1/2045 | 1,500 | 1,555 | ||||||
City of Los Angeles Department of Airports, International Airport Subordinate | ||||||||
Series A, Rev., AMT, 5.00%, 5/15/2038 | 1,250 | 1,346 | ||||||
Series 2019E, Rev., AMT, 5.00%, 5/15/2039 | 155 | 196 | ||||||
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 | ||||||||
Series 2021A-1, Rev., 2.88%, 8/1/2041 (d) | 365 | 377 | ||||||
Rev., 3.13%, 8/1/2056 (d) | 2,000 | 2,036 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
California — continued |
| |||||||
CSCDA Community Improvement Authority, Essential Housing, Parallel-Anaheim Rev., 4.00%, 8/1/2056 (d) | 1,500 | 1,655 | ||||||
CSCDA Community Improvement Authority, Oceanaire-Long Beach Series 2021A-2, Rev., 4.00%, 9/1/2056 (d) | 2,115 | 2,330 | ||||||
East Bay Municipal Utility District, Wastewater System Series 2015A-1, Rev., 5.00%, 6/1/2036 | 2,450 | 2,859 | ||||||
East Bay Municipal Utility District, Water System Series B, Rev., 5.00%, 6/1/2033 | 515 | 602 | ||||||
Eastern Municipal Water District Financing Authority, Water and Wastewater System | ||||||||
Series 2020A, Rev., 4.00%, 7/1/2037 | 450 | 555 | ||||||
Series 2020A, Rev., 4.00%, 7/1/2038 | 1,000 | 1,231 | ||||||
El Monte City School District GO, BAN, Zero Coupon, 4/1/2023 | 900 | 895 | ||||||
Franklin-McKinley School District, Election of 2020 Series A, GO, 4.00%, 8/1/2049 | 1,415 | 1,622 | ||||||
Huntington Beach Union High School District | ||||||||
COP, AGM, 5.00%, 9/1/2031 | 115 | 157 | ||||||
COP, AGM, 4.00%, 9/1/2032 | 100 | 126 | ||||||
COP, AGM, 4.00%, 9/1/2033 | 110 | 137 | ||||||
COP, AGM, 4.00%, 9/1/2034 | 115 | 142 | ||||||
COP, AGM, 4.00%, 9/1/2035 | 100 | 123 | ||||||
Long Beach Bond Finance Authority, Natural Gas Series 2007A, Rev., 5.25%, 11/15/2021 | 2,000 | 2,020 | ||||||
Los Angeles Community College District, Election of 2008 Series F, GO, 5.00%, 8/1/2023 (c) | 60 | 66 | ||||||
Los Angeles County Metropolitan Transportation Authority, Measure J Junior Subordinate Sales Tax Series 2020A, Rev., 5.00%, 6/1/2030 | 20 | 27 | ||||||
Los Angeles Department of Water and Power, Power System | ||||||||
Series 2019D, Rev., 5.00%, 7/1/2038 | 35 | 45 | ||||||
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 Rev., 4.00%, 8/1/2035 | 150 | 166 | ||||||
Moulton-Niguel Water District Rev., 5.00%, 9/1/2038 | 35 | 45 | ||||||
Mount San Antonio Community College District, Election of 2008 Series A, GO, 0.00%, 8/1/2043 | 7,150 | 8,183 | ||||||
Mountain View Shoreline Regional Park Community Series 2018A, Rev., AGM, 5.00%, 8/1/2034 | 25 | 31 |
SEE NOTES TO FINANCIAL STATEMENTS.
132 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
California — continued |
| |||||||
Orange County Water District Series A, Rev., 5.00%, 8/15/2034 | 650 | 793 | ||||||
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 | 185 | ||||||
Riverside Public Financing Authority, Riverside Pavement Rehabilitation Project COP, AGM, 5.00%, 6/1/2033 | 1,500 | 1,615 | ||||||
San Diego Unified School District, Dedicated Unlimited Ad Valorem Property Tax, Election of 2008 Series 2012E, GO, Zero Coupon, 7/1/2049 | 1,000 | 513 | ||||||
San Lorenzo Valley Unified School District, Election of 2020 | ||||||||
Series 2020A, GO, 4.00%, 8/1/2045 | 1,000 | 1,157 | ||||||
Series 2020A, GO, 5.00%, 8/1/2050 | 2,505 | 3,069 | ||||||
Santa Clara Valley Transportation Authority, Sales Tax Series 2018A, Rev., 5.00%, 6/1/2024 | 30 | 34 | ||||||
Santa Maria Joint Union High School District, Santa Barbara and San Luis Obispo, Election of 2004 GO, Zero Coupon, 8/1/2037 | 2,450 | 1,151 | ||||||
South Monterey County Joint Union High School District, Election of 2018 Series A-1, GO, AGM, 5.00%, 8/1/2035 | 15 | 19 | ||||||
State of California GO, AGM, 5.25%, 8/1/2032 | 5,000 | 7,044 | ||||||
|
| |||||||
Total California | 50,873 | |||||||
|
| |||||||
Colorado — 3.4% |
| |||||||
Brighton Crossing Metropolitan District No. 6, Limited Tax Series 2020A, GO, 5.00%, 12/1/2050 | 670 | 740 | ||||||
Broadway Park North Metropolitan District No. 2, Limited Tax GO, 5.00%, 12/1/2049 (d) | 650 | 717 | ||||||
Colorado Crossing Metropolitan District No. 2, Limited Tax Series 2020A-2, GO, 5.00%, 12/1/2050 | 2,000 | 2,163 | ||||||
Colorado Educational and Cultural Facilities Authority, Aspen View Academy Project Rev., 4.00%, 5/1/2051 | 175 | 194 | ||||||
Colorado Educational and Cultural Facilities Authority, Global Village Academy Northglenn Project Rev., 5.00%, 12/1/2050 (d) | 740 | 811 | ||||||
Colorado Health Facilities Authority, Commonspirit Health Series A-2, Rev., 4.00%, 8/1/2049 | 2,500 | 2,860 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Colorado — continued |
| |||||||
Colorado Health Facilities Authority, Parkview Medical Center, Inc., Project Series 2020A, Rev., 4.00%, 9/1/2050 | 675 | 783 | ||||||
Colorado Health Facilities Authority, Vail Valley Medical Centre Project Rev., 4.00%, 1/15/2045 | 1,095 | 1,206 | ||||||
County of Adams COP, 4.00%, 12/1/2040 | 2,815 | 3,119 | ||||||
County of El Paso, The Colorado College Project Series 2020A, Rev., 5.00%, 6/1/2031 | 250 | 327 | ||||||
Denver Health and Hospital Authority | ||||||||
Series 2019A, Rev., 4.00%, 12/1/2040 | 1,635 | 1,895 | ||||||
Series A, Rev., 5.25%, 12/1/2045 | 1,000 | 1,080 | ||||||
Larimer County School District No. R-1 Poudre GO, 5.00%, 12/15/2037 | 1,000 | 1,270 | ||||||
Raindance Metropolitan District No. 1, Non-Potable Water System Rev., 5.25%, 12/1/2050 | 1,000 | 1,098 | ||||||
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, 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 | 1,920 | ||||||
Series 2021A-1, GO, 5.00%, 12/1/2051 | 1,000 | 1,117 | ||||||
Vauxmont Metropolitan District, Subordinate Convertible Tax | ||||||||
GO, AGM, 5.00%, 12/15/2024 | 265 | 302 | ||||||
GO, AGM, 5.00%, 12/15/2025 | 250 | 293 | ||||||
|
| |||||||
Total Colorado | 23,093 | |||||||
|
| |||||||
Connecticut — 0.9% |
| |||||||
Connecticut Housing Finance Authority, Housing Mortgage Finance Program | ||||||||
Series B-2, Rev., 4.00%, 11/15/2032 | 30 | 30 | ||||||
Series A-1, Rev., 4.00%, 11/15/2045 | 65 | 68 | ||||||
Subseries A-1, Rev., 4.00%, 11/15/2047 | 230 | 249 | ||||||
Connecticut State Health and Educational Facilities Authority, Covenant Home, Inc. Series B, Rev., 5.00%, 12/1/2025 | 1,000 | 1,184 | ||||||
Connecticut State Health and Educational Facilities Authority, Sacred Heart University Series K, Rev., 4.00%, 7/1/2045 | 2,875 | 3,312 | ||||||
State of Connecticut | ||||||||
Series 2016D, GO, 5.00%, 8/15/2026 | 25 | 31 | ||||||
Series 2012G, GO, 4.00%, 10/15/2027 | 45 | 47 | ||||||
Series A, GO, 5.00%, 4/15/2029 | 150 | 185 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 133 |
Table of Contents
JPMorgan Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Connecticut — continued |
| |||||||
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 | 70 | ||||||
Town of New Canaan | ||||||||
GO, 4.00%, 10/1/2036 | 240 | 290 | ||||||
GO, 4.00%, 10/1/2037 | 370 | 445 | ||||||
GO, 4.00%, 10/1/2039 | 100 | 120 | ||||||
University of Connecticut Series A, Rev., 5.00%, 2/15/2028 | 15 | 17 | ||||||
|
| |||||||
Total Connecticut | 6,078 | |||||||
|
| |||||||
Delaware — 1.5% |
| |||||||
County of New Castle GO, 5.00%, 4/1/2027 | 25 | 31 | ||||||
Delaware Health Facilities Authority, BayHealth Medical Center Project | ||||||||
Series 2017A, Rev., 4.00%, 7/1/2033 | 25 | 29 | ||||||
Series 2017A, Rev., 4.00%, 7/1/2043 | 1,275 | 1,436 | ||||||
Delaware State Economic Development Authority, Acts Retirement-Life Communities, Inc., Obligated Group Series 2018-B, Rev., 5.00%, 11/15/2048 | 1,000 | 1,157 | ||||||
Delaware State Economic Development Authority, Newark Charter School, Inc., Project | ||||||||
Series A, Rev., 5.00%, 9/1/2036 | 500 | 583 | ||||||
Series A, Rev., 5.00%, 9/1/2046 | 500 | 574 | ||||||
Rev., 5.00%, 9/1/2050 | 1,500 | 1,847 | ||||||
Delaware State Economic Development Authority, St. Andrews School Project Rev., 4.00%, 7/1/2041 | 3,000 | 3,571 | ||||||
University of Delaware Series 2019A, Rev., 5.00%, 11/1/2045 | 500 | 751 | ||||||
|
| |||||||
Total Delaware | 9,979 | |||||||
|
| |||||||
District of Columbia — 1.5% |
| |||||||
District of Columbia, Kipp DC Charter School Series A, Rev., 6.00%, 7/1/2023 (c) | 1,000 | 1,105 | ||||||
District of Columbia, Kipp DC Project | ||||||||
Series 2017B, Rev., 5.00%, 7/1/2027 | 30 | 37 | ||||||
Series 2017B, Rev., 5.00%, 7/1/2037 | 25 | 30 | ||||||
Rev., 4.00%, 7/1/2039 | 600 | 688 | ||||||
Rev., 4.00%, 7/1/2044 | 1,240 | 1,405 | ||||||
District of Columbia, National Public Radio, Inc. Rev., 5.00%, 4/1/2024 (c) | 25 | 28 | ||||||
District of Columbia, Rocketship Obligated Group Series 2021A, Rev., 5.00%, 6/1/2041 (d) | 250 | 298 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
District of Columbia — continued |
| |||||||
Metropolitan Washington Airports Authority Aviation | ||||||||
Series A, Rev., AMT, 5.00%, 10/1/2030 | 50 | 60 | ||||||
Series 2017A, Rev., AMT, 5.00%, 10/1/2032 | 415 | 514 | ||||||
Washington Metropolitan Area Transit Authority Series B, Rev., 5.00%, 7/1/2042 | 5,010 | 6,065 | ||||||
|
| |||||||
Total District of Columbia | 10,230 | |||||||
|
| |||||||
Florida — 3.2% |
| |||||||
City of Jacksonville Series B, Rev., 5.00%, 10/1/2024 | 20 | 23 | ||||||
City of Lakeland, Capital Improvement | ||||||||
Series 2021A, Rev., 5.00%, 10/1/2038 | 200 | 279 | ||||||
Series 2021A, Rev., 5.00%, 10/1/2039 | 275 | 388 | ||||||
Series 2021A, Rev., 5.00%, 10/1/2040 | 290 | 413 | ||||||
Series 2021A, Rev., 5.00%, 10/1/2041 | 200 | 286 | ||||||
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 System Rev., 5.00%, 9/1/2028 | 25 | 32 | ||||||
City of South Miami Health Facilities Authority, Inc., Baptist Health South Florida Obligated Group Rev., 4.00%, 8/15/2042 | 20 | 23 | ||||||
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 | 3,478 | ||||||
City of Tampa, The University of Tampa Project Series 2020A, Rev., 4.00%, 4/1/2050 | 2,000 | 2,278 | ||||||
County of Hillsborough, Parks and Recreation Program GO, NATL-RE, 5.25%, 7/1/2025 | 2,415 | 2,722 | ||||||
County of Miami-Dade, Public Health Trust Program Series A, GO, 5.00%, 7/1/2036 | 1,545 | 1,991 | ||||||
County of Miami-Dade, Subordinate Special Obligation Rev., 4.00%, 10/1/2040 | 105 | 118 | ||||||
County of Sarasota, Utility System | ||||||||
Series 2019A, Rev., 5.00%, 10/1/2038 | 25 | 31 | ||||||
Series 2016A, Rev., 4.00%, 10/1/2043 | 65 | 73 | ||||||
East Central Regional Wastewater Treatment Facilities Operation Board Rev., 5.00%, 10/1/2028 | 30 | 38 |
SEE NOTES TO FINANCIAL STATEMENTS.
134 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Florida — continued |
| |||||||
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 | 153 | ||||||
Florida Development Finance Corp., The Mayflower Retirement Community Project Series 2021A, Rev., 4.00%, 6/1/2041 (d) | 2,325 | 2,661 | ||||||
Florida Governmental Utility Authority | ||||||||
Rev., AGM, 4.00%, 10/1/2034 | 600 | 717 | ||||||
Rev., AGM, 4.00%, 10/1/2035 | 1,000 | 1,193 | ||||||
Rev., AGM, 4.00%, 10/1/2036 | 370 | 439 | ||||||
Florida Gulf Coast University Financing Corp., Housing Project | ||||||||
Series 2020A, Rev., 4.00%, 2/1/2035 | 300 | 358 | ||||||
Series 2020A, Rev., 4.00%, 2/1/2037 | 730 | 866 | ||||||
Series 2020A, Rev., 4.00%, 2/1/2038 | 535 | 632 | ||||||
Florida State Board of Governors, International University Dormitory Series 2015A, Rev., 4.00%, 5/1/2034 | 30 | 34 | ||||||
Monroe County School District | ||||||||
Series A, COP, 5.00%, 6/1/2032 | 100 | 122 | ||||||
Series A, COP, 5.00%, 6/1/2034 | 40 | 49 | ||||||
Orange County Convention Center, Tourist Development Tax Series 2016A, Rev., 4.00%, 10/1/2036 | 40 | 46 | ||||||
Orange County Health Facilities Authority, Orlando Health Obligated Group Series B, Rev., 4.00%, 10/1/2045 | 215 | 238 | ||||||
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 | 846 | ||||||
Series 2020A, Rev., 4.00%, 10/15/2038 | 750 | 873 | ||||||
Series 2020A, Rev., 4.00%, 10/15/2039 | 350 | 406 | ||||||
|
| |||||||
Total Florida | 21,979 | |||||||
|
| |||||||
Georgia — 4.4% |
| |||||||
Carroll City-County Hospital Authority, Tanner Medical Center Project Rev., GTD, 4.00%, 7/1/2050 | 1,450 | 1,709 | ||||||
Dalton Development Authority, Hamilton Health Care System Rev., NATL-RE, 5.50%, 8/15/2026 | 1,985 | 2,238 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Georgia — continued |
| |||||||
Dalton Whitfield County Joint Development Authority, Hamilton Health Care System Rev., 4.00%, 8/15/2041 | 1,000 | 1,133 | ||||||
Development Authority for Fulton County, WellStar Health System, Inc., Project Series 2020A, Rev., 4.00%, 4/1/2050 | 2,080 | 2,387 | ||||||
George L Smith II Congress Center Authority, Convention Center Hotel First Series 2021A, Rev., 4.00%, 1/1/2054 | 500 | 569 | ||||||
George L Smith II Congress Center Authority, Convention Center Hotel Second Series 2021B, Rev., 5.00%, 1/1/2054 (d) | 1,145 | 1,352 | ||||||
Georgia Higher Education Facilities Authority, USG Real Estate Foundation II LLC Projects Rev., 4.00%, 6/15/2038 | 2,000 | 2,341 | ||||||
Georgia Housing and Finance Authority, Single Family Mortgage Subseries A-1, Rev., AMT, 4.00%, 6/1/2044 | 65 | 67 | ||||||
Glynn-Brunswick Memorial Hospital Authority, Southeast Georgia Health System Project Rev., 4.00%, 8/1/2038 | 1,000 | 1,183 | ||||||
Main Street Natural Gas, Inc., Gas Supply | ||||||||
Series A, Rev., LIQ: Royal Bank of Canada, 4.00%, 9/1/2023 (b) | 5,000 | 5,347 | ||||||
Series 2019B, Rev., 4.00%, 12/2/2024 (b) | 8,600 | 9,544 | ||||||
Metropolitan Atlanta Rapid Transit Authority, Sales Tax, Third Indenture 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 | 904 | ||||||
Private Colleges and Universities Authority, Mercer University Project Rev., 4.00%, 10/1/2050 | 1,350 | 1,584 | ||||||
|
| |||||||
Total Georgia | 30,501 | |||||||
|
| |||||||
Hawaii — 0.3% |
| |||||||
City & County Honolulu, Wastewater System Series 2019B, Rev., 5.00%, 7/1/2040 | 35 | 45 | ||||||
City & County of Honolulu Series A, GO, 5.00%, 10/1/2037 | 1,970 | 2,300 | ||||||
|
| |||||||
Total Hawaii | 2,345 | |||||||
|
| |||||||
Idaho — 0.0% (e) |
| |||||||
Idaho Health Facilities Authority, Trinity Health Credit Group Series 2016ID, Rev., 5.00%, 12/1/2045 | 75 | 90 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 135 |
Table of Contents
JPMorgan Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Idaho — continued |
| |||||||
University of Idaho | ||||||||
Series 2018A, Rev., 5.00%, 4/1/2028 (c) | 20 | 25 | ||||||
Series 2018A, Rev., 5.00%, 4/1/2035 | 5 | 6 | ||||||
|
| |||||||
Total Idaho | 121 | |||||||
|
| |||||||
Illinois — 4.6% |
| |||||||
City of Rockford, Waterworks System Series 2018B, GO, 4.00%, 12/15/2022 | 105 | 110 | ||||||
Community Unit School District No. 427 DeKalb and Kane Counties Illinois, Limited Tax | ||||||||
Series 2021B, GO, 4.00%, 2/1/2039 | 410 | 475 | ||||||
Series 2021B, GO, 4.00%, 2/1/2040 | 455 | 525 | ||||||
Series 2021B, GO, 4.00%, 2/1/2041 | 465 | 534 | ||||||
Cook County Forest Preserve District, Limited Tax Series B, GO, 5.00%, 12/15/2037 | 295 | 305 | ||||||
County of Cook GO, 5.00%, 11/15/2034 | 700 | 840 | ||||||
County of Du Page, The Morton Abroretum Project Rev., 3.00%, 5/15/2047 | 3,335 | 3,452 | ||||||
DuPage and Cook Counties Township High School District No. 86 Hinsdale, School Building GO, 4.00%, 1/15/2039 | 800 | 919 | ||||||
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 | 134 | ||||||
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 (c) | 20 | 23 | ||||||
Series 2016C, Rev., 4.00%, 2/15/2041 | 930 | 1,055 | ||||||
Illinois Finance Authority, Social Bonds-Learn Chapter School Project Rev., 4.00%, 11/1/2051 | 500 | 576 | ||||||
Illinois Finance Authority, Southern Illinois Healthcare Enterprises, Inc. | ||||||||
Series C, Rev., 5.00%, 3/1/2033 | 305 | 364 | ||||||
Series 2017C, Rev., 5.00%, 3/1/2034 | 205 | 244 | ||||||
Illinois Finance Authority, Township High School District Rev., 4.00%, 12/1/2031 | 20 | 25 | ||||||
Illinois State Toll Highway Authority | ||||||||
Series 2019C, Rev., 5.00%, 1/1/2031 | 3,000 | 3,921 | ||||||
Series 2019A, Rev., 4.00%, 1/1/2044 | 65 | 76 | ||||||
Lake County Community Consolidated School District No. 3 Beach Park | ||||||||
GO, AGM, 4.00%, 2/1/2034 | 620 | 726 | ||||||
GO, AGM, 4.00%, 2/1/2035 | 500 | 584 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Illinois — continued |
| |||||||
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project Series 2002A, Rev., AGM-CR, NATL-RE, Zero Coupon, 12/15/2040 | 5,000 | 3,196 | ||||||
Northern Illinois University, Board of Trustees, Auxiliary Facilities System Rev., 4.00%, 10/1/2043 | 325 | 380 | ||||||
Sales Tax Securitization Corp. | ||||||||
Series C, Rev., 5.00%, 1/1/2026 | 3,500 | 4,151 | ||||||
Series C, Rev., 5.25%, 1/1/2043 | 1,500 | 1,875 | ||||||
State of Illinois | ||||||||
Series 2018A, GO, 5.00%, 10/1/2021 | 50 | 50 | ||||||
Series 2012A, GO, 4.00%, 1/1/2024 | 15 | 15 | ||||||
GO, 5.00%, 5/1/2024 | 205 | 230 | ||||||
Series D, GO, 5.00%, 11/1/2024 | 325 | 370 | ||||||
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 | 25 | ||||||
GO, 5.00%, 5/1/2027 | 175 | 195 | ||||||
GO, 5.00%, 6/1/2027 | 25 | 30 | ||||||
GO, 5.00%, 11/1/2028 | 20 | 24 | ||||||
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 | 26 | ||||||
GO, 4.13%, 11/1/2031 | 20 | 23 | ||||||
GO, 4.00%, 6/1/2033 | 15 | 17 | ||||||
GO, 4.00%, 6/1/2036 | 25 | 28 | ||||||
GO, 4.00%, 6/1/2037 | 45 | 49 | ||||||
GO, 5.50%, 7/1/2038 | 3,000 | 3,224 | ||||||
State of Illinois Sales Tax | ||||||||
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 | 148 | ||||||
Village of Bolingbrook Series A, GO, AGM, 5.00%, 1/1/2033 | 1,000 | 1,238 | ||||||
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 | 10 | ||||||
GO, AGM, 4.00%, 1/1/2024 | 75 | 81 | ||||||
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 | 77 | ||||||
GO, AGM, 4.00%, 1/1/2029 | 95 | 116 |
SEE NOTES TO FINANCIAL STATEMENTS.
136 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Illinois — continued |
| |||||||
Will County School District No. 86 Joliet, Limited Tax Series A, GO, 4.00%, 3/1/2024 | 220 | 239 | ||||||
Winnebago and Boone Counties School District No. 205 Rockford Series B, GO, 3.75%, 2/1/2033 | 35 | 37 | ||||||
|
| |||||||
Total Illinois | 31,463 | |||||||
|
| |||||||
Indiana — 1.5% |
| |||||||
City of Goshen, Multi-Family, Green Oaks of Goshen Project Series 2021A, Rev., 5.00%, 8/1/2041 (d) | 500 | 498 | ||||||
City of Lafayette, Local Income Tax Rev., 4.00%, 6/30/2028 | 180 | 214 | ||||||
Clarksville Redevelopment Authority Rev., 5.00%, 1/15/2031 | 30 | 39 | ||||||
Gary Community School Corp. GO, 4.00%, 7/15/2023 | 230 | 245 | ||||||
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 | 279 | ||||||
Rev., 4.00%, 7/15/2032 | 350 | 404 | ||||||
Indiana Finance Authority, Ascension Senior Credit Group Series 2006 B-1, Rev., 4.00%, 11/15/2046 | 15 | 17 | ||||||
Indiana Finance Authority, Butler University Project Rev., 4.00%, 2/1/2040 | 25 | 29 | ||||||
Indiana Finance Authority, Educational Facilities, Kipp Indianapolis, Inc., Project | ||||||||
Series 2020A, Rev., 5.00%, 7/1/2040 | 170 | 195 | ||||||
Series 2020A, Rev., 5.00%, 7/1/2055 | 460 | 521 | ||||||
Indiana Finance Authority, Educational Facilities, Valparaiso University | ||||||||
Rev., 5.00%, 10/1/2028 | 260 | 319 | ||||||
Rev., 5.00%, 10/1/2030 | 240 | 302 | ||||||
Rev., 5.00%, 10/1/2031 | 250 | 318 | ||||||
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 | 1,255 | ||||||
Indiana Finance Authority, Marian University Project Series A, Rev., 5.00%, 9/15/2034 | 1,100 | 1,348 | ||||||
Indiana Finance Authority, Parkview Health System, Inc. Series A, Rev., 4.00%, 11/1/2048 | 50 | 57 | ||||||
Indiana Finance Authority, State Revolving Fund Program Series 2011A, Rev., 5.00%, 2/1/2022 (c) | 4,000 | 4,080 | ||||||
Indiana Municipal Power Agency, Power Supply System Series 2016A, Rev., 5.00%, 1/1/2042 | 30 | 36 | ||||||
Merrillville Building Corp. Rev., 4.00%, 7/15/2034 | 35 | 41 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Indiana — continued |
| |||||||
University of Southern Indiana, Student Fee Series M, Rev., 5.00%, 10/1/2029 | 25 | 32 | ||||||
|
| |||||||
Total Indiana | 10,258 | |||||||
|
| |||||||
Iowa — 0.0% (e) |
| |||||||
Iowa Finance Authority, Single Family Mortgage-Backed Securities Program Series 2016D, Rev., AMT, GNMA/FNMA/FHLMC COLL, 3.50%, 7/1/2046 | 305 | 323 | ||||||
Iowa Finance Authority, State Revolving Fund Rev., 5.00%, 8/1/2034 | 15 | 19 | ||||||
|
| |||||||
Total Iowa | 342 | |||||||
|
| |||||||
Kansas — 0.0% (e) |
| |||||||
Leavenworth County Unified School District No. 464 Series B, GO, 4.00%, 9/1/2022 | 50 | 52 | ||||||
|
| |||||||
Kentucky — 0.3% |
| |||||||
City of Ashland, Kings Daughters Medical Center Series 2016A, Rev., 4.00%, 2/1/2036 | 1,750 | 1,926 | ||||||
Commonwealth of Kentucky, State Office Building Project COP, 4.00%, 6/15/2032 | 30 | 33 | ||||||
Kentucky Turnpike Authority, 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 | 23 | ||||||
|
| |||||||
Total Kentucky | 2,015 | |||||||
|
| |||||||
Louisiana — 1.1% |
| |||||||
City of Ruston, Sales Tax Rev., AGM, 5.00%, 6/1/2024 | 10 | 11 | ||||||
Lafayette Consolidated Government | ||||||||
GO, 5.00%, 3/1/2029 | 125 | 161 | ||||||
GO, 5.00%, 3/1/2030 | 150 | 197 | ||||||
Louisiana Local Government Environmental Facilities and Community Development Authority, Jefferson Parish Projects Rev., 5.00%, 4/1/2029 | 100 | 120 | ||||||
Louisiana Public Facilities Authority, Lincoln Preparatory School Project Series 2021A, Rev., 5.25%, 6/1/2051 (d) | 1,140 | 1,260 | ||||||
Louisiana Public Facilities Authority, Louisiana Children’s Medical Center Project Series 2015A1, Rev., 5.00%, 6/1/2039 | 25 | 31 | ||||||
Louisiana Public Facilities Authority, Mentorship Steam Academy Project Series 2021A, Rev., 5.00%, 6/1/2056 (d) | 740 | 788 | ||||||
Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project Rev., 5.00%, 5/15/2047 | 1,055 | 1,195 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 137 |
Table of Contents
JPMorgan Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Louisiana — continued |
| |||||||
St. Tammany Parish Hospital Service District No. 1, St. Tammany Parish Hospital Project Series A, Rev., 4.00%, 7/1/2043 | 50 | 57 | ||||||
State of Louisiana Series 2019A, GO, 5.00%, 3/1/2035 | 2,000 | 2,557 | ||||||
Tobacco Settlement Financing Corp. Series 2013A, Rev., 5.25%, 5/15/2035 | 1,000 | 1,076 | ||||||
|
| |||||||
Total Louisiana | 7,453 | |||||||
|
| |||||||
Maine — 0.4% |
| |||||||
Maine Health and Higher Educational Facilities Authority, Mainehealth Series 2020A, Rev., 4.00%, 7/1/2050 | 2,000 | 2,311 | ||||||
Maine Municipal Bond Bank Series E, Rev., 4.00%, 11/1/2021 | 100 | 101 | ||||||
Maine State Housing Authority, Mortgage Purchase Series A, Rev., 4.00%, 11/15/2045 | 220 | 231 | ||||||
|
| |||||||
Total Maine | 2,643 | |||||||
|
| |||||||
Maryland — 2.5% |
| |||||||
City of Baltimore, Stormwater Projects Series 2019A, Rev., 4.00%, 7/1/2044 | 50 | 59 | ||||||
City of Baltimore, Water Projects Series B, Rev., 4.00%, 7/1/2033 | 270 | 328 | ||||||
County of Baltimore, Equipment Acquisition Program COP, 5.00%, 3/1/2029 | 5,735 | 7,472 | ||||||
Maryland Economic Development Corp., Port Covington Project Rev., 4.00%, 9/1/2050 | 1,280 | 1,454 | ||||||
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 | 6,085 | ||||||
Maryland Health and Higher Educational Facilities Authority, Stevenson University Project | ||||||||
Rev., 4.00%, 6/1/2046 | 500 | 581 | ||||||
Rev., 4.00%, 6/1/2051 | 500 | 578 | ||||||
Maryland State Transportation Authority, Transportation Facilities Projects, Tax Exempt Rev., 5.00%, 7/1/2028 | 10 | 12 | ||||||
Montgomery County Housing Opportunities Commission, Single Family Mortgage Series A, Rev., 4.00%, 1/1/2031 | 140 | 147 | ||||||
|
| |||||||
Total Maryland | 16,841 | |||||||
|
|
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Massachusetts — 2.4% |
| |||||||
City of Lowell, Municipal Purpose Loan GO, 5.00%, 3/1/2028 | 90 | 115 | ||||||
Commonwealth of Massachusetts Transportation Fund, Rail Enhancement and Accelerated Bridge Programs Series B, Rev., 4.00%, 6/1/2046 | 2,480 | 2,817 | ||||||
Commonwealth of Massachusetts, Consolidated Loan of 2016 Series J, GO, 4.00%, 12/1/2039 | 3,690 | 4,257 | ||||||
Massachusetts Development Finance Agency, Boston College Issue | ||||||||
Series 2020U, Rev., 5.00%, 7/1/2038 | 755 | 1,090 | ||||||
Series 2020U, Rev., 5.00%, 7/1/2039 | 665 | 963 | ||||||
Series 2020U, Rev., 5.00%, 7/1/2040 | 535 | 783 | ||||||
Series 2017T, Rev., 4.00%, 7/1/2042 | 35 | 40 | ||||||
Massachusetts Development Finance Agency, Emerson College | ||||||||
Rev., 5.00%, 1/1/2036 | 825 | 996 | ||||||
Rev., 5.00%, 1/1/2037 | 315 | 379 | ||||||
Massachusetts Development Finance Agency, Southcoast Health System Obligated Group Issue | ||||||||
Series 2021G, Rev., 5.00%, 7/1/2032 | 250 | 333 | ||||||
Series 2021G, Rev., 5.00%, 7/1/2038 | 300 | 392 | ||||||
Massachusetts Development Finance Agency, Wellforce Issue Series 2020C, Rev., AGM, 3.00%, 10/1/2045 | 1,000 | 1,070 | ||||||
Massachusetts Housing Finance Agency, Single Family Housing | ||||||||
Series 177, Rev., AMT, 4.00%, 6/1/2039 | 245 | 258 | ||||||
Series 167, Rev., 4.00%, 12/1/2043 | 100 | 103 | ||||||
Series 169, Rev., 4.00%, 12/1/2044 | 260 | 268 | ||||||
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 | 2,604 | ||||||
Series 2017-1, Rev., 5.25%, 11/1/2042 | 50 | 63 | ||||||
|
| |||||||
Total Massachusetts | 16,543 | |||||||
|
| |||||||
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 | 760 | ||||||
Grand Rapids Charter Township Economic Development Corp., Porter Hills Presbyterian Village Project Rev., 5.00%, 5/15/2044 | 2,000 | 2,341 |
SEE NOTES TO FINANCIAL STATEMENTS.
138 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Michigan — continued |
| |||||||
Grand Rapids Public Schools, Unlimited Tax GO, AGM, 5.00%, 11/1/2043 | 1,000 | 1,237 | ||||||
Kentwood Economic Development Corp., Holland Home Obligated Group Rev., 4.00%, 11/15/2045 | 375 | 418 | ||||||
Michigan Finance Authority, Bronson Healthcare Group, Inc. Series A, Rev., 5.00%, 5/15/2054 | 1,525 | 1,809 | ||||||
Michigan Finance Authority, Trinity Health Credit Group Series 2016MI, Rev., 5.25%, 12/1/2041 | 1,000 | 1,193 | ||||||
Michigan State Building Authority, Facilities Program | ||||||||
Series 2016 I, Rev., 4.00%, 10/15/2036 | 50 | 57 | ||||||
Series 2015I, Rev., 4.00%, 4/15/2040 | 120 | 133 | ||||||
Michigan State Housing Development Authority, Single Family Mortgage Series 2015A, Rev., AMT, 4.00%, 6/1/2046 | 75 | 79 | ||||||
Michigan Strategic Fund, Holland Home Obligated Group Rev., 5.00%, 11/15/2043 | 750 | 871 | ||||||
Michigan Strategic Fund, United Methodist Retirement Communities Obligated Group, Porter Hills Presbyterian Village Project Rev., 5.00%, 5/15/2044 | 1,000 | 1,170 | ||||||
Niles Community Schools, Unlimited Tax GO, Q-SBLF, 4.00%, 5/1/2041 | 25 | 27 | ||||||
State of Michigan, Trunk Line Fund Rev., 5.00%, 11/15/2021 | 1,500 | 1,515 | ||||||
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, Unlimited Tax 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 | 167 | ||||||
Series 2021A, Rev., AGM, 5.00%, 11/15/2033 | 150 | 200 | ||||||
Series 2021A, Rev., AGM, 5.00%, 11/15/2046 | 500 | 642 | ||||||
Whitehall District Schools, Unlimited Tax GO, AGM, 5.00%, 5/1/2033 | 25 | 31 | ||||||
|
| |||||||
Total Michigan | 12,780 | |||||||
|
| |||||||
Minnesota — 2.0% |
| |||||||
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 | 351 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Minnesota — continued |
| |||||||
Series 2017B, GO, Zero Coupon, 2/1/2028 | 225 | 190 | ||||||
Series 2017B, GO, Zero Coupon, 2/1/2030 | 880 | 678 | ||||||
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 | 3,414 | ||||||
City of Rochester, Health Care Facilities, Mayo Clinic Series 2016B, Rev., 5.00%, 11/15/2036 | 30 | 46 | ||||||
City of Woodbury, Charter School Lease Rev., 4.00%, 12/1/2050 | 250 | 272 | ||||||
Duluth Independent School District No. 709 Series 2019B, COP, 5.00%, 2/1/2022 | 160 | 163 | ||||||
East Grand Forks Independent School District No. 595, School Building Series A, GO, 4.00%, 2/1/2027 | 15 | 17 | ||||||
Greenway Independent School District No. 316, Capital Appreciation | ||||||||
Series 2019F, GO, Zero Coupon, 2/1/2029 | 1,320 | 1,174 | ||||||
Series 2019F, GO, Zero Coupon, 2/1/2030 | 700 | 603 | ||||||
Series 2019F, GO, Zero Coupon, 2/1/2031 | 545 | 454 | ||||||
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 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 | 1,142 | ||||||
Rev., 4.00%, 3/1/2033 | 500 | 569 | ||||||
Minnesota Housing Finance Agency, Residential Housing Finance | ||||||||
Series 2014A, Rev., AMT, 4.00%, 7/1/2038 | 130 | 136 | ||||||
Series C, Rev., AMT, GNMA/FNMA/FHLMC, 4.00%, 1/1/2045 | 385 | 410 | ||||||
Series B, Rev., AMT, GNMA/FNMA/FHLMC COLL, 4.00%, 7/1/2047 | 235 | 253 | ||||||
Virginia Independent School District No. 706 Series A, GO, 5.00%, 2/1/2030 | 3,000 | 3,773 | ||||||
|
| |||||||
Total Minnesota | 13,886 | |||||||
|
| |||||||
Mississippi — 0.6% |
| |||||||
Mississippi Development Bank, Lafayette County School District Project Rev., 4.00%, 4/1/2033 | 20 | 24 | ||||||
Mississippi Development Bank, Northwest Mississippi Community College Improvement Project Rev., 4.00%, 3/1/2050 | 2,335 | 2,666 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 139 |
Table of Contents
JPMorgan Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Mississippi — continued |
| |||||||
Mississippi Development Bank, Special Obligation, Water and Sewer System Project Rev., AGM, 6.88%, 12/1/2040 | 1,000 | 1,131 | ||||||
|
| |||||||
Total Mississippi | 3,821 | |||||||
|
| |||||||
Missouri — 0.8% |
| |||||||
City of Sedalia COP, 4.00%, 7/15/2035 | 205 | 233 | ||||||
Health and Educational Facilities Authority of the State of Missouri, Lutheran Senior Services Projects | ||||||||
Series 2019A, Rev., 5.00%, 2/1/2034 | 1,000 | 1,125 | ||||||
Series 2019A, Rev., 5.00%, 2/1/2042 | 1,000 | 1,117 | ||||||
Health and Educational Facilities Authority of the State of Missouri, SSM Health System Series A, Rev., 4.00%, 6/1/2048 | 2,160 | 2,449 | ||||||
Health and Educational Facilities Authority of the State of Missouri, State University Rev., 4.00%, 10/1/2036 | 100 | 118 | ||||||
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 | 245 | 257 | ||||||
Series 2015B-2, Rev., GNMA/FNMA/FHLMC, 4.00%, 11/1/2045 | 325 | 348 | ||||||
St. Louis County Reorganized School District No. R-6 GO, 5.00%, 2/1/2023 | 10 | 11 | ||||||
|
| |||||||
Total Missouri | 5,670 | |||||||
|
| |||||||
Montana — 0.2% |
| |||||||
Montana Board of Housing, Single Family Homeownership Series A-2, Rev., AMT, 4.00%, 12/1/2038 | 55 | 57 | ||||||
Montana Facility Finance Authority, SCL Health System Series A, Rev., 4.00%, 1/1/2038 | 1,200 | 1,431 | ||||||
|
| |||||||
Total Montana | 1,488 | |||||||
|
| |||||||
Nebraska — 0.7% |
| |||||||
Central Plains Energy Project, Gas Project No. 3 | ||||||||
Series 2017A, Rev., 5.00%, 9/1/2034 | 1,000 | 1,377 | ||||||
Series 2017A, Rev., 5.00%, 9/1/2037 | 1,500 | 2,134 | ||||||
Douglas County Hospital Authority No. 2, Children’s Hospital Obligated Group | ||||||||
Series 2020A, Rev., 4.00%, 11/15/2040 | 575 | 683 | ||||||
Series 2020A, Rev., 4.00%, 11/15/2041 | 300 | 356 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Nebraska — continued |
| |||||||
Douglas County Hospital Authority No. 2, Health Facilities, Nebraska Medicine 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 | 115 | ||||||
Series A, Rev., 5.00%, 1/1/2034 | 185 | 221 | ||||||
Series 2016A, Rev., 5.00%, 1/1/2035 | 25 | 30 | ||||||
|
| |||||||
Total Nebraska | 4,928 | |||||||
|
| |||||||
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 | 417 | ||||||
Las Vegas Convention and Visitors Authority, Convention Center Expansion Series B, Rev., 4.00%, 7/1/2049 | 2,500 | 2,819 | ||||||
Truckee Meadows Water Authority Rev., 5.00%, 7/1/2031 | 15 | 18 | ||||||
|
| |||||||
Total Nevada | 3,254 | |||||||
|
| |||||||
New Hampshire — 0.5% |
| |||||||
New Hampshire Business Finance Authority, Springpoint Senior Living Project Rev., 4.00%, 1/1/2041 | 1,000 | 1,103 | ||||||
New Hampshire Business Finance Authority, The Lawrenceville School Project Series 2021A, Rev., 4.00%, 7/1/2051 | 2,000 | 2,364 | ||||||
|
| |||||||
Total New Hampshire | 3,467 | |||||||
|
| |||||||
New Jersey — 5.0% |
| |||||||
Atlantic County Improvement Authority (The), Atlantic City Campus Phase II Project | ||||||||
Series 2021A, Rev., AGM, 4.00%, 7/1/2047 | 50 | 59 | ||||||
Series 2021A, Rev., AGM, 4.00%, 7/1/2053 | 125 | 147 | ||||||
County of Middlesex, Civic Square II Redevelopment Associates LLC COP, 4.00%, 6/15/2022 | 110 | 113 | ||||||
New Jersey Economic Development Authority, Biomedical Research Facilities Series 2016A, Rev., 5.00%, 7/15/2027 | 240 | 289 | ||||||
New Jersey Economic Development Authority, School Facilities Construction | ||||||||
Series NN, Rev., 5.00%, 3/1/2024 | 150 | 161 | ||||||
Rev., 4.00%, 6/15/2046 | 1,375 | 1,595 | ||||||
Rev., 4.00%, 6/15/2050 | 1,000 | 1,156 | ||||||
New Jersey Economic Development Authority, State House Project Series 2017B, Rev., 4.13%, 6/15/2039 | 2,800 | 3,287 |
SEE NOTES TO FINANCIAL STATEMENTS.
140 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
New Jersey — continued |
| |||||||
New Jersey Educational Facilities Authority, Capital Improvement Series 2016B, Rev., 5.00%, 9/1/2036 | 105 | 125 | ||||||
New Jersey Housing and Mortgage Finance Agency, Single Family Housing Series 2018A, Rev., 4.50%, 10/1/2048 | 700 | 784 | ||||||
New Jersey Transportation Trust Fund Authority | ||||||||
Series BB, Rev., 4.00%, 6/15/2038 | 1,500 | 1,729 | ||||||
Series 2020AA, Rev., 4.00%, 6/15/2050 | 1,375 | 1,589 | ||||||
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement | ||||||||
Series A-1, Rev., 5.00%, 6/15/2027 | 2,670 | 3,202 | ||||||
Series A, Rev., 5.00%, 6/15/2031 | 3,000 | 3,556 | ||||||
New Jersey Transportation Trust Fund Authority, Transportation System Series A, Rev., Zero Coupon, 12/15/2036 | 10,355 | 7,358 | ||||||
New Jersey Turnpike Authority Series 2021A, Rev., 4.00%, 1/1/2042 | 1,000 | 1,193 | ||||||
State of New Jersey, Covid-19 Emergency Bonds GO, 4.00%, 6/1/2032 | 2,000 | 2,521 | ||||||
State of New Jersey, COVID-19 Emergency Bonds GO, 4.00%, 6/1/2031 | 1,000 | 1,249 | ||||||
Tobacco Settlement Financing Corp. | ||||||||
Series A, Rev., 4.00%, 6/1/2037 | 1,000 | 1,167 | ||||||
Series A, Rev., 5.00%, 6/1/2046 | 1,000 | 1,201 | ||||||
Series A, Rev., 5.25%, 6/1/2046 | 1,500 | 1,836 | ||||||
|
| |||||||
Total New Jersey | 34,317 | |||||||
|
| |||||||
New Mexico — 0.1% |
| |||||||
New Mexico Mortgage Finance Authority, Single Family Mortgage Program Series B-1, Class I, Rev., AMT, GNMA/FNMA/FHLMC, 3.75%, 3/1/2048 | 395 | 432 | ||||||
|
| |||||||
New York — 8.8% |
| |||||||
Buffalo and Erie County Industrial Land Development Corp., D’youville College Project Rev., 4.00%, 11/1/2045 | 2,300 | 2,632 | ||||||
City of New York Series 2018E-1, GO, 5.00%, 3/1/2041 | 225 | 277 | ||||||
County of Rockland Series B, GO, AGM, 5.00%, 9/1/2027 | 10 | 13 | ||||||
County of Suffolk Series 2020B, GO, AGM, 5.00%, 5/15/2030 | 1,240 | 1,634 | ||||||
Metropolitan Transportation Authority | ||||||||
Series H, Rev., 5.00%, 11/15/2022 (c) | 70 | 74 | ||||||
Series D, Rev., 5.00%, 11/15/2031 | 400 | 478 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
New York — continued |
| |||||||
Metropolitan Transportation Authority, Dedicated Tax Fund | ||||||||
Series 2012A, Rev., 5.00%, 11/15/2026 | 25 | 26 | ||||||
Subseries B-3B, Rev., 5.00%, 11/15/2028 | 25 | 30 | ||||||
Series 2016B-1, Rev., 5.00%, 11/15/2029 | 25 | 30 | ||||||
Series 2017B-1, Rev., 5.00%, 11/15/2035 | 95 | 118 | ||||||
Monroe County Industrial Development Corp., True North Rochester Preparatory Charter School Project Series 2020A, Rev., 5.00%, 6/1/2059 (d) | 540 | 631 | ||||||
Monroe County Industrial Development Corp., University of Rochester Project Series 2017C, Rev., 4.00%, 7/1/2033 | 60 | 70 | ||||||
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2017 Series 2017F-1, Rev., 4.00%, 5/1/2044 | 375 | 427 | ||||||
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2019 | ||||||||
Series 2019C-1, Rev., 5.00%, 11/1/2034 | 100 | 129 | ||||||
Series A, Subseries A-1, Rev., 5.00%, 8/1/2040 | 5,000 | 6,255 | ||||||
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 | 64 | ||||||
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 | 38 | ||||||
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2020 Series 2020AA, Rev., 5.00%, 6/15/2040 | 55 | 71 | ||||||
New York State Dormitory Authority, Cornell University, Green Bonds Series 2019D, Rev., 5.00%, 7/1/2036 | 640 | 949 | ||||||
New York State Dormitory Authority, New York University Series 2019A, Rev., 4.00%, 7/1/2045 | 2,000 | 2,338 | ||||||
New York State Dormitory Authority, School Districts Financing Program | ||||||||
Series 2018A, Rev., 5.00%, 10/1/2031 | 50 | 61 | ||||||
Series 2016A, Rev., 5.00%, 10/1/2032 | 35 | 42 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 141 |
Table of Contents
JPMorgan Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
New York — continued |
| |||||||
New York State Dormitory Authority, State Personal Income Tax, General Purpose Series 2021A, Rev., 5.00%, 3/15/2032 | 5,000 | 6,696 | ||||||
New York State Dormitory Authority, State Sales Tax | ||||||||
Series 2017A, Rev., 5.00%, 3/15/2036 | 100 | 122 | ||||||
Series 2018A, Rev., 5.00%, 3/15/2037 | 40 | 50 | ||||||
Series 2018C, Rev., 5.00%, 3/15/2038 | 1,250 | 1,555 | ||||||
New York State Dormitory Authority, State University Dormitory Facilities Series 2015B, Rev., 5.00%, 7/1/2026 | 15 | 18 | ||||||
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 | 2,158 | ||||||
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 | 4,356 | ||||||
New York State Urban Development Corp., State Sales Tax Series 2019A, Rev., 5.00%, 3/15/2041 | 2,000 | 2,551 | ||||||
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 | 1,707 | ||||||
Rev., AMT, 5.00%, 1/1/2036 | 1,125 | 1,359 | ||||||
Port Authority of New York & New Jersey, Consolidated Series 93, Rev., 6.13%, 6/1/2094 | 7,470 | �� | 8,491 | |||||
Port Authority of New York and New Jersey, Consolidated | ||||||||
Series 188, Rev., AMT, 5.00%, 5/1/2024 | 50 | 56 | ||||||
State of New York Mortgage Agency, Homeowner Mortgage Series 197, Rev., 3.50%, 10/1/2044 | 235 | 248 | ||||||
Suffolk County Economic Development Corp., St. Johnland Assisted Living Inc., Project | ||||||||
Rev., 5.13%, 11/1/2041 (d) | 850 | 893 | ||||||
Rev., 5.38%, 11/1/2054 (d) | 750 | 788 | ||||||
Tompkins County Development Corp., Tax Exempt Ithaca College Project Rev., 5.00%, 7/1/2032 | 80 | 98 | ||||||
Town of Orangetown, Rockland County, Sparkill-Palisades Fire District | ||||||||
GO, AGM, 4.00%, 11/15/2040 | 220 | 244 | ||||||
GO, AGM, 4.00%, 11/15/2041 | 205 | 228 | ||||||
GO, AGM, 4.00%, 11/15/2042 | 315 | 349 | ||||||
GO, AGM, 4.00%, 11/15/2043 | 325 | 356 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
New York — continued |
| |||||||
Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels | ||||||||
Series 2018B, Rev., 5.00%, 11/15/2031 | 75 | 103 | ||||||
Series 2018C, Rev., 5.00%, 11/15/2038 | 35 | 44 | ||||||
Series 2018A, Rev., 5.00%, 11/15/2045 | 105 | 130 | ||||||
Series 2021A-1, Rev., 4.00%, 5/15/2046 | 4,000 | 4,739 | ||||||
Utility Debt Securitization Authority, Federally Tax-Exempt Series 2013TE, Rev., 5.00%, 12/15/2041 | 4,250 | 4,689 | ||||||
Village of Tuxedo Park, Public Improvement GO, 4.00%, 8/1/2031 | 45 | 53 | ||||||
Westchester County Local Development Corp., The Bethel Methodist Home D/B/A, The Knolls Project Rev., 5.13%, 7/1/2055 | 1,100 | 1,161 | ||||||
Westchester Tobacco Asset Securitization Corp., Tobacco Settlement Series 2016B, Rev., 5.00%, 6/1/2025 | 130 | 152 | ||||||
|
| |||||||
Total New York | 59,879 | |||||||
|
| |||||||
North Carolina — 2.6% |
| |||||||
City of Charlotte, Water & Sewer System Rev., 5.00%, 7/1/2029 | 10 | 12 | ||||||
City of Greensboro, Combined Water and Sewer System, Green Bond Rev., 5.00%, 6/1/2027 | 10 | 12 | ||||||
City of Raleigh, Limited Obligation Series A, Rev., 4.00%, 10/1/2022 | 30 | 31 | ||||||
City of Winston-Salem Series B, GO, 4.00%, 6/1/2030 | 10 | 12 | ||||||
County of Burke, Limited Obligation | ||||||||
Rev., 5.00%, 4/1/2025 | 15 | 17 | ||||||
Rev., 5.00%, 4/1/2031 | 25 | 31 | ||||||
North Carolina Capital Facilities Finance Agency, Meredith College | ||||||||
Rev., 5.00%, 6/1/2027 | 105 | 124 | ||||||
Rev., 5.00%, 6/1/2028 | 805 | 949 | ||||||
Rev., 5.00%, 6/1/2030 | 400 | 466 | ||||||
North Carolina Housing Finance Agency, Homeownership Series A, Rev., AMT, 3.50%, 7/1/2039 | 150 | 158 | ||||||
North Carolina Medical Care Commission, Caromont Health Series 2021B, Rev., 5.00%, 2/1/2026 (b) | 1,095 | 1,311 | ||||||
Raleigh Durham Airport Authority Series 2020A, Rev., AMT, 5.00%, 5/1/2033 | 1,645 | 2,131 | ||||||
State of North Carolina Rev., 5.00%, 3/1/2033 | 7,735 | 9,888 | ||||||
Town of Fuquay-Varina Rev., 5.00%, 11/1/2030 | 10 | 13 |
SEE NOTES TO FINANCIAL STATEMENTS.
142 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
North Carolina — continued |
| |||||||
University of North Carolina at Chapel Hill Series 2021B, Rev., 5.00%, 12/1/2039 | 2,205 | 2,982 | ||||||
|
| |||||||
Total North Carolina | 18,137 | |||||||
|
| |||||||
North Dakota — 0.3% |
| |||||||
North Dakota Housing Finance Agency, Home Mortgage Finance Program | ||||||||
Series A, Rev., 4.00%, 7/1/2034 | 130 | 136 | ||||||
Series 2016D, Rev., 3.50%, 7/1/2046 | 285 | 305 | ||||||
University of North Dakota, Housing Infrastructure Project Series 2021A, COP, AGM, 4.00%, 6/1/2051 | 1,430 | 1,644 | ||||||
|
| |||||||
Total North Dakota | 2,085 | |||||||
|
| |||||||
Ohio — 3.3% |
| |||||||
American Municipal Power, Inc., Prairie State Energy Campus Project Series 2019A, Rev., 2.30%, 2/15/2022 (b) | 100 | 100 | ||||||
Athens City School District, School Facilities Construction and Improvement Series 2019A, GO, 4.00%, 12/1/2040 | 460 | 540 | ||||||
Buckeye Tobacco Settlement Financing Authority Series 2020A-2, Class 1, Rev., 4.00%, 6/1/2048 | 3,210 | 3,687 | ||||||
Butler County Port Authority, Community First Solutions Rev., 4.00%, 5/15/2046 | 250 | 290 | ||||||
Cleveland-Cuyahoga County Port Authority, The Cleveland Museum of Natural History Project Rev., 4.00%, 7/1/2051 | 1,000 | 1,169 | ||||||
County of Franklin, Health Care Facilities, Ohio Living Communities Series 2020B, Rev., 5.00%, 7/1/2045 | 5,565 | 6,624 | ||||||
County of Hardin, Economic Development Facilities Improvement, Ohio Northern University Rev., 5.25%, 5/1/2040 | 1,425 | 1,552 | ||||||
County of Union, Memorial Hospital GO, 4.00%, 12/1/2041 | 1,825 | 2,063 | ||||||
County of Warren, Healthcare Facilities, Otterbein Homes Obligated Group | ||||||||
Series A, Rev., 5.00%, 7/1/2031 | 115 | 135 | ||||||
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, Unlimited Tax GO, 4.00%, 12/1/2039 | 160 | 191 | ||||||
Greenville City School District, School Improvement GO, 5.25%, 1/1/2022 (c) | 2,000 | 2,034 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Ohio — continued |
| |||||||
Licking Heights Local School District, School Facilities Construction and Improvement Series A, GO, 4.00%, 10/1/2034 | 10 | 12 | ||||||
Miami University, General Receipts Rev., 5.00%, 9/1/2029 | 25 | 30 | ||||||
Northeast Ohio Medical University | ||||||||
Series 2021A, Rev., 3.00%, 12/1/2040 | 250 | 261 | ||||||
Series 2021A, Rev., 4.00%, 12/1/2045 | 115 | 131 | ||||||
Ohio Higher Educational Facility Commission, University of Dayton 2020 Project Rev., 5.00%, 2/1/2035 | 735 | 941 | ||||||
State of Ohio, Higher Education | ||||||||
Series B, GO, 5.00%, 8/1/2023 | 110 | 115 | ||||||
Series A, GO, 5.00%, 5/1/2033 | 1,500 | 1,859 | ||||||
University of Cincinnati, General Receipts Series 2017A, Rev., 5.00%, 6/1/2045 | 25 | 31 | ||||||
|
| |||||||
Total Ohio | 22,877 | |||||||
|
| |||||||
Oklahoma — 0.7% |
| |||||||
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 | 2,019 | ||||||
Oklahoma Development Finance Authority, Health System, OU Medicine Project Series 2018B, Rev., AGM, 4.00%, 8/15/2048 | 700 | 778 | ||||||
Oklahoma Turnpike Authority, Second Senior Series 2017A, Rev., 5.00%, 1/1/2037 | 1,665 | 1,955 | ||||||
|
| |||||||
Total Oklahoma | 4,762 | |||||||
|
| |||||||
Oregon — 0.1% |
| |||||||
City of Eugene, Electric Utility System Series 2016A, Rev., 4.00%, 8/1/2031 | 325 | 375 | ||||||
City of Sheridan, Full Faith and Credit GO, 4.00%, 12/1/2027 | 10 | 11 | ||||||
State of Oregon, Department of Transportation Highway User Senior Lien Series 2013A, Rev., 5.00%, 11/15/2022 | 5 | 5 | ||||||
State of Oregon, Department of Transportation Highway User Subordinate Lien, Tax-Exempt Series 2019A, Rev., 5.00%, 11/15/2042 | 35 | 45 | ||||||
Yamhill County School District No. 40 McMinnville GO, 4.00%, 9/10/2021 | 30 | 34 | ||||||
|
| |||||||
Total Oregon | 470 | |||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 143 |
Table of Contents
JPMorgan Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Pennsylvania — 8.3% |
| |||||||
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 | 2,270 | ||||||
Berks County Industrial Development Authority, Tower Health Project | ||||||||
Rev., 5.00%, 11/1/2036 | 50 | 57 | ||||||
Rev., 5.00%, 11/1/2037 | 430 | 487 | ||||||
Berks County Municipal Authority (The), Tower Health Project Series 2020B-3, Rev., 5.00%, 2/1/2030 (b) | 2,000 | 2,337 | ||||||
Bucks County Industrial Development Authority, Grand View Hospital Project Rev., 4.00%, 7/1/2046 | 1,110 | 1,265 | ||||||
Central Dauphin School District | ||||||||
GO, 4.00%, 8/1/2026 (c) | 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 | 29 | ||||||
Chester County Industrial Development Authority, Longwood Gardens Project Rev., 4.00%, 12/1/2049 | 3,345 | 3,898 | ||||||
City of Pittsburgh GO, 4.00%, 9/1/2031 | 1,155 | 1,350 | ||||||
Commonwealth Financing Authority, Tobacco Master Settlement Payment Rev., AGM, 4.00%, 6/1/2039 | 9,950 | 11,427 | ||||||
Commonwealth of Pennsylvania Series A, COP, 4.00%, 7/1/2046 | 1,200 | 1,353 | ||||||
County of Cambria Series 2020B, GO, AGM, 4.00%, 8/1/2035 | 700 | 802 | ||||||
DuBois Hospital Authority, Penn Highlands Healthcare Rev., 4.00%, 7/15/2048 | 1,200 | 1,327 | ||||||
Erie City Water Authority Series A, Rev., AGM, 5.00%, 12/1/2043 | 1,500 | 1,848 | ||||||
Lancaster County Hospital Authority, Health Center, Masonic Villages Project | ||||||||
Rev., 5.00%, 11/1/2034 | 35 | 42 | ||||||
Rev., 5.00%, 11/1/2036 | 510 | 614 | ||||||
Rev., 5.00%, 11/1/2037 | 250 | 300 | ||||||
Mifflinburg Area School District Series 2020A, GO, 4.00%, 6/15/2039 | 335 | 394 | ||||||
Montgomery County Higher Education and Health Authority, Thomas Jefferson University | ||||||||
Rev., 4.00%, 9/1/2036 | 1,655 | 1,937 | ||||||
Series 2018A, Rev., 4.00%, 9/1/2038 | 3,725 | 4,296 | ||||||
Series 2018A, Rev., 4.00%, 9/1/2043 | 3,740 | 4,269 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Pennsylvania — continued |
| |||||||
Montgomery County Industrial Development Authority, Acts Retirement-Life Communities, Inc., Obligated Group | ||||||||
Rev., 5.00%, 5/15/2022 (c) | 510 | 527 | ||||||
Series 2020C, Rev., 5.00%, 11/15/2045 | 1,770 | 2,153 | ||||||
Montgomery County Industrial Development Authority, Waverly Heights Ltd. Project | ||||||||
Rev., 5.00%, 12/1/2044 | 350 | 405 | ||||||
Rev., 5.00%, 12/1/2049 | 500 | 577 | ||||||
Northampton County General Purpose Authority, Moravian College Project Rev., 5.00%, 10/1/2036 | 100 | 115 | ||||||
Pennsylvania Economic Development Financing Authority, Waste Management, Inc., Project Rev., 2.80%, 12/1/2021 (b) | 2,950 | 2,969 | ||||||
Pennsylvania Housing Finance Agency, Single Family Mortgage | ||||||||
Series 118A, Rev., AMT, 3.50%, 4/1/2040 | 290 | 298 | ||||||
Series 122, Rev., AMT, 4.00%, 10/1/2046 | 265 | 284 | ||||||
Philadelphia Authority for Industrial Development, MAST Community Charter School II Project Series 2020A, Rev., 5.00%, 8/1/2040 | 315 | 386 | ||||||
Pittsburgh Water and Sewer Authority Series B, Rev., AGM, 5.00%, 9/1/2032 | 1,000 | 1,379 | ||||||
School District of Philadelphia (The) Series B, GO, AGM, 4.00%, 9/1/2043 | 1,250 | 1,455 | ||||||
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 | 696 | ||||||
GO, 4.00%, 12/15/2045 | 1,100 | 1,264 | ||||||
Upper Merion Area School District GO, 5.00%, 1/15/2036 | 250 | 295 | ||||||
West Cornwall Township Municipal Authority, Pleasant View Retirement Community Project | ||||||||
Rev., 3.00%, 12/15/2023 | 335 | 344 | ||||||
Rev., 4.00%, 12/15/2028 | 1,000 | 1,128 | ||||||
Rev., 5.00%, 12/15/2038 | 750 | 859 | ||||||
West Mifflin School District, Limited Tax GO, 3.00%, 4/1/2038 | 1,400 | 1,523 | ||||||
|
| |||||||
Total Pennsylvania | 57,050 | |||||||
|
| |||||||
Rhode Island — 0.0% (e) |
| |||||||
City of Pawtucket Series D, GO, AGM, 5.00%, 7/15/2028 | 200 | 252 |
SEE NOTES TO FINANCIAL STATEMENTS.
144 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Rhode Island — continued |
| |||||||
Rhode Island Health and Educational Building Corp., Public School Financing Program Series A, Rev., AGM, 5.00%, 5/15/2032 | 25 | 32 | ||||||
|
| |||||||
Total Rhode Island | 284 | |||||||
|
| |||||||
South Carolina — 0.9% |
| |||||||
City of Greenwood, Combined Public Utility System | ||||||||
Rev., 5.00%, 12/1/2023 | 220 | 243 | ||||||
Rev., 5.00%, 12/1/2026 | 340 | 417 | ||||||
Rev., 5.00%, 12/1/2028 | 250 | 322 | ||||||
Rev., 5.00%, 12/1/2030 | 675 | 886 | ||||||
City of North Charleston, Limited Obligation, Tax Increment Pledge Rev., 4.00%, 10/1/2040 | 90 | 107 | ||||||
Greenwood Metropolitan District, Sewer System Rev., 5.00%, 10/1/2027 | 10 | 12 | ||||||
South Carolina State Housing Finance and Development Authority Series A, Rev., 4.00%, 1/1/2047 | 205 | 219 | ||||||
South Carolina State Ports Authority Rev., AMT, 4.00%, 7/1/2040 | 1,095 | 1,204 | ||||||
Spartanburg County School District No. 7 Series 2019D, GO, SCSDE, 5.00%, 3/1/2044 | 1,970 | 2,478 | ||||||
|
| |||||||
Total South Carolina | 5,888 | |||||||
|
| |||||||
South Dakota — 0.4% |
| |||||||
Rapid City Area School District No. 51-4, Limited Tax, Capital Outlay | ||||||||
GO, 4.00%, 8/1/2029 | 1,165 | 1,382 | ||||||
GO, 4.00%, 8/1/2030 | 610 | 719 | ||||||
GO, 4.00%, 8/1/2031 | 420 | 492 | ||||||
South Dakota Board of Regents, Housing and Auxiliary Facility System Series 2019A, Rev., 4.00%, 4/1/2036 | 65 | 78 | ||||||
South Dakota Housing Development Authority, Homeownership Mortgage | ||||||||
Series D, Rev., AMT, 4.00%, 11/1/2029 | 35 | 35 | ||||||
Series 2012A, Rev., AMT, 4.50%, 5/1/2031 | 15 | 15 | ||||||
Series 2015D, Rev., 4.00%, 11/1/2045 | 255 | 271 | ||||||
|
| |||||||
Total South Dakota | 2,992 | |||||||
|
| |||||||
Tennessee — 5.1% |
| |||||||
City of Cleveland | ||||||||
Series 2018B, GO, 5.00%, 6/1/2022 | 205 | 212 | ||||||
Series 2018B, GO, 5.00%, 6/1/2027 | 245 | 306 | ||||||
Series 2018B, GO, 5.00%, 6/1/2028 | 260 | 333 | ||||||
Series 2018B, GO, 5.00%, 6/1/2030 | 285 | 362 | ||||||
Series 2018B, GO, 4.00%, 6/1/2031 | 300 | 360 | ||||||
Series 2018B, GO, 4.00%, 6/1/2032 | 310 | 372 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Tennessee — continued |
| |||||||
Series 2018B, GO, 4.00%, 6/1/2038 | 395 | 469 | ||||||
Series 2018B, GO, 4.00%, 6/1/2039 | 410 | 486 | ||||||
City of Oak Ridge | ||||||||
GO, 4.00%, 6/1/2037 | 695 | 795 | ||||||
GO, 4.00%, 6/1/2038 | 720 | 822 | ||||||
GO, 4.00%, 6/1/2039 | 750 | 856 | ||||||
County of Hamilton Series 2018A, GO, 5.00%, 4/1/2028 | 25 | 32 | ||||||
County of Williamson | ||||||||
GO, 4.00%, 4/1/2033 | 1,490 | 1,808 | ||||||
GO, 4.00%, 4/1/2034 | 1,485 | 1,797 | ||||||
County of Wilson | ||||||||
GO, 5.00%, 4/1/2030 | 3,625 | 4,701 | ||||||
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 | 4,589 | ||||||
Knox County Health Educational and Housing Facility Board, East Tennessee Children’s Hospital | ||||||||
Rev., 5.00%, 11/15/2024 | 800 | 918 | ||||||
Rev., 4.00%, 11/15/2043 | 105 | 121 | ||||||
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 | 1,427 | ||||||
Metropolitan Government Nashville and Davidson County, Health and Educational Facilities Board, Trevecca Nazarene University Project Series 2021B, Rev., 4.00%, 10/1/2051 | 2,000 | 2,226 | ||||||
Metropolitan Government Nashville and Davidson County, Health and Educational Facilities Board, Vanderbilt University Medical Center Series A, Rev., 5.00%, 7/1/2035 | 100 | 120 | ||||||
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 | 1,266 | ||||||
Metropolitan Nashville Airport Authority (The), Subordinate Airport Series 2019A, Rev., 5.00%, 7/1/2044 | 1,000 | 1,274 | ||||||
Shelby County Health Educational and Housing Facilities Board, The Farms at Bailey Station Project Series 2019A, Rev., 5.75%, 10/1/2054 | 1,000 | 1,079 | ||||||
Tennessee Energy Acquisition Corp., Commodity Project Series 2021A, Rev., 5.00%, 11/1/2031 (b) | 2,500 | 3,338 | ||||||
Tennessee Energy Acquisition Corp., Gas Project Rev., 4.00%, 11/1/2025 (b) | 4,000 | 4,534 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 145 |
Table of Contents
JPMorgan Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Tennessee — continued |
| |||||||
Tennessee Housing Development Agency, Homeownership Program Series 1A, Rev., AMT, 4.50%, 1/1/2038 | 10 | 10 | ||||||
Tennessee State School Bond Authority, Higher Educational Facilities Second Program Series B, Rev., 5.00%, 11/1/2025 (c) | 35 | 42 | ||||||
|
| |||||||
Total Tennessee | 34,706 | |||||||
|
| |||||||
Texas — 5.4% |
| |||||||
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 Series 2019, GO, 5.00%, 9/1/2033 | 2,000 | 2,598 | ||||||
City of Bryan, Electric System Rev., AGM, 4.00%, 7/1/2031 | 50 | 57 | ||||||
City of Conroe Series 2018A, GO, 5.00%, 3/1/2032 | 10 | 13 | ||||||
City of EI Paso, Combination Tax GO, 4.00%, 8/15/2040 | 475 | 515 | ||||||
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 (c) | 35 | 36 | ||||||
City of Houston, Airport System, United Airlines, Inc., Terminal E Project Rev., AMT, 5.00%, 7/1/2029 | 2,500 | 2,741 | ||||||
City of Houston, Combined Utility System, Junior Lien Series A, Rev., AGM, 5.75%, 12/1/2032 (c) | 2,500 | 3,744 | ||||||
City of Laredo | ||||||||
GO, 5.00%, 2/15/2027 | 30 | 35 | ||||||
GO, 5.00%, 2/15/2032 | 40 | 50 | ||||||
City of Lucas, Combination Tax, Certificates of Obligation GO, 5.00%, 2/1/2028 | 170 | 215 | ||||||
City of Mission, Combination Tax GO, AGM, 5.00%, 2/15/2031 | 575 | 714 | ||||||
City of Pearland, Certificates of Obligation 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 | 278 | ||||||
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, Certificates of Obligation Series 2016A, GO, 5.00%, 8/1/2031 | 50 | 59 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Texas — continued |
| |||||||
City of Waxahachie Series A, GO, 5.00%, 8/1/2025 | 45 | 53 | ||||||
Clifton Higher Education Finance Corp., Idea Public Schools | ||||||||
Series B, Rev., 4.00%, 8/15/2023 | 500 | 536 | ||||||
Series B, Rev., 5.00%, 8/15/2024 | 345 | 391 | ||||||
Series 2016B, Rev., 5.00%, 8/15/2025 | 460 | 541 | ||||||
Rev., 6.00%, 8/15/2033 | 1,250 | 1,373 | ||||||
Clifton Higher Education Finance Corp., Yes Prep Public Schools, Inc. | ||||||||
Rev., PSF-GTD, 4.00%, 4/1/2035 | 400 | 479 | ||||||
Rev., PSF-GTD, 4.00%, 4/1/2036 | 500 | 596 | ||||||
Clint Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 8/15/2025 (c) | 800 | 946 | ||||||
Conroe Local Government Corp., Conroe Convention Center Hotel Series 2021A, Rev., 4.00%, 10/1/2050 | 550 | 606 | ||||||
County of Galveston, Unlimited Tax GO, 4.00%, 2/1/2039 | 10 | 12 | ||||||
County of Harris, Toll Road, Senior Lien Series 2016A, Rev., 5.00%, 8/15/2022 | 10 | 10 | ||||||
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 | 47 | ||||||
County of Victoria, Limited Tax GO, 4.00%, 2/15/2030 | 15 | 18 | ||||||
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 | 26 | ||||||
El Paso County Hospital District GO, AGM-CR, 5.00%, 8/15/2023 | 510 | 555 | ||||||
Ennis Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 8/15/2028 | 30 | 38 | ||||||
Harris Montgomery Counties Municipal Utility District No. 386, Unlimited Tax GO, 4.00%, 9/1/2023 | 15 | 16 | ||||||
Highland Park Independent School District, Dallas County, Unlimited Tax 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 | 43 | ||||||
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, Contractual Obligations Rev., 5.00%, 11/1/2024 (c) | 15 | 17 |
SEE NOTES TO FINANCIAL STATEMENTS.
146 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Texas — continued |
| |||||||
Midlothian Independent School District, Unlimited Tax Series 2017A, GO, PSF-GTD, 4.00%, 2/15/2037 | 25 | 29 | ||||||
New Hope Cultural Education Facilities Finance Corp., Westminster Project | ||||||||
Rev., 4.00%, 11/1/2049 | 100 | 114 | ||||||
Rev., 4.00%, 11/1/2055 | 750 | 850 | ||||||
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, Second Tier Rev., 4.00%, 1/1/2038 | 200 | 232 | ||||||
North Texas Tollway Authority, Special Projects System Series A, Rev., 6.00%, 9/1/2021 (c) | 2,000 | 2,000 | ||||||
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 | 246 | ||||||
Plano Independent School District, Unlimited Tax School Building GO, PSF-GTD, 5.00%, 2/15/2026 | 40 | 48 | ||||||
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 | 196 | ||||||
San Antonio Education Facilities Corp., University of the Incarnate Word Series 2021A, Rev., 4.00%, 4/1/2051 | 1,750 | 2,022 | ||||||
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 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., Hendrick Medical Center Rev., 5.50%, 9/1/2023 (c) | 2,300 | 2,541 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., Retirement Facility, MRC Stevenson Oaks Project Series 2020A, Rev., 6.75%, 11/15/2051 | 3,000 | 3,564 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Texas — continued |
| |||||||
Texas Public Finance Authority Rev., 4.00%, 2/1/2035 | 2,315 | 2,772 | ||||||
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 | 606 | ||||||
Series 2019A, Rev., 4.00%, 10/15/2044 | 2,100 | 2,501 | ||||||
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 | 1,175 | ||||||
|
| |||||||
Total Texas | 37,139 | |||||||
|
| |||||||
Utah — 0.4% |
| |||||||
City of Lehi, Sales Tax Rev., 4.00%, 6/1/2039 | 480 | 552 | ||||||
City of Provo GO, 5.00%, 1/1/2032 | 10 | 12 | ||||||
City of Salt Lake, International Airport Series 2017B, Rev., 5.00%, 7/1/2042 | 260 | 316 | ||||||
City of South Jordan, Sales Tax Rev., 5.00%, 8/15/2038 | 25 | 32 | ||||||
Tooele County Municipal Building Authority, Cross-Over Lease Rev., 4.00%, 12/15/2042 | 25 | 28 | ||||||
University of Utah (The) Series 2018A, Rev., 5.00%, 8/1/2044 | 60 | 74 | ||||||
Utah Infrastructure Agency, Tax-Exempt Telecommunications | ||||||||
Rev., 4.00%, 10/15/2035 | 400 | 471 | ||||||
Rev., 4.00%, 10/15/2036 | 400 | 470 | ||||||
Rev., 4.00%, 10/15/2038 | 500 | 585 | ||||||
Rev., 4.00%, 10/15/2041 | 350 | 405 | ||||||
|
| |||||||
Total Utah | 2,945 | |||||||
|
| |||||||
Vermont — 0.7% |
| |||||||
City of Burlington, Public Improvement | ||||||||
Series 2019A, GO, 4.00%, 11/1/2037 | 500 | 596 | ||||||
Series 2019A, GO, 4.00%, 11/1/2039 | 435 | 515 | ||||||
Vermont Housing Finance Agency, Multiple Purpose Series A, Rev., AMT, 4.00%, 11/1/2046 | 165 | 177 | ||||||
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 | 751 | ||||||
Series 2018A, Rev., AMT, 3.63%, 6/15/2029 | 635 | 671 | ||||||
Series A, Rev., AMT, 3.75%, 6/15/2030 | 890 | 940 | ||||||
Series A, Rev., AMT, 4.00%, 6/15/2031 | 315 | 335 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 147 |
Table of Contents
JPMorgan Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Vermont — continued |
| |||||||
Series A, Rev., AMT, 4.00%, 6/15/2032 | 125 | 133 | ||||||
Series A, Rev., AMT, 4.00%, 6/15/2033 | 165 | 175 | ||||||
Series 2018A, Rev., AMT, 4.00%, 6/15/2034 | 125 | 132 | ||||||
|
| |||||||
Total Vermont | 4,462 | |||||||
|
| |||||||
Virginia — 0.9% |
| |||||||
Capital Region Airport Commission, Richmond International Airport | ||||||||
Series 2016A, Rev., 4.00%, 7/1/2035 | 350 | 394 | ||||||
Series 2016A, Rev., 4.00%, 7/1/2036 | 320 | 361 | ||||||
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 | 4,994 | ||||||
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 | 150 | 151 | ||||||
Series B, Rev., 5.00%, 11/1/2021 (c) | 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 | 5,976 | |||||||
|
| |||||||
Washington — 1.1% |
| |||||||
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 | 41 | ||||||
Series 2018B, Rev., 5.00%, 7/1/2031 | 10 | 13 | ||||||
Energy Northwest 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 | 18 | ||||||
Pierce and Lewis Counties School District No. 404, Unlimited Tax GO, 4.00%, 12/1/2025 | 5 | 6 | ||||||
Pierce County School District No. 416 White River, Unlimited Tax GO, 4.00%, 12/1/2030 | 10 | 12 | ||||||
Washington Health Care Facilities Authority, Commonspirit Health Series A-1, Rev., 5.00%, 8/1/2031 | 1,000 | 1,280 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Washington — continued |
| |||||||
Washington Health Care Facilities Authority, Seattle Cancer Care Alliance Rev., 4.00%, 9/1/2045 | 2,500 | 2,933 | ||||||
Washington State Housing Finance Commission, Rockwood Retirement Communities Project Series 2020A, Rev., 5.00%, 1/1/2041 (d) | 2,000 | 2,271 | ||||||
Washington State Housing Finance Commission, Single Family Program Series 2A-R, Rev., AMT, 3.50%, 12/1/2046 | 165 | 172 | ||||||
Western Washington University, Housing and Dining System, Junior Lien Series A, Rev., AMBAC, 5.50%, 10/1/2022 (c) | 495 | 506 | ||||||
|
| |||||||
Total Washington | 7,311 | |||||||
|
| |||||||
West Virginia — 0.2% |
| |||||||
West Virginia Hospital Finance Authority, United Health System Series A, Rev., 4.00%, 6/1/2051 | 1,000 | 1,134 | ||||||
|
| |||||||
Wisconsin — 2.9% |
| |||||||
Public Finance Authority, Blue Ridge Healthcare Facilities Series 2020A, Rev., 3.00%, 1/1/2050 | 1,000 | 1,054 | ||||||
Public Finance Authority, Coral Academy of Science Series 2021A, Rev., 4.00%, 7/1/2051 | 1,000 | 1,122 | ||||||
Public Finance Authority, ENO River Academy Project Series 2020A, Rev., 5.00%, 6/15/2054 (d) | 690 | 787 | ||||||
Public Finance Authority, KU Campus Development Corp. — Central District Development Project Rev., 5.00%, 3/1/2027 | 280 | 333 | ||||||
Public Finance Authority, Presbyterian Villages of Michigan Obligated Group Rev., 4.75%, 11/15/2053 (d) | 2,740 | 2,935 | ||||||
Public Finance Authority, The Carmelite System, Inc., Obligated Group Rev., 5.00%, 1/1/2040 | 3,000 | 3,642 | ||||||
Wisconsin Health and Educational Facilities Authority, Advocate Aurora Health Credit Group Series 2018A, Rev., 5.00%, 8/15/2033 | 55 | 69 | ||||||
Wisconsin Health and Educational Facilities Authority, Beloit Health System, Inc. Rev., 4.00%, 7/1/2046 | 15 | 17 | ||||||
Wisconsin Health and Educational Facilities Authority, Children’s Hospital of Wisconsin, Inc. Rev., 4.00%, 8/15/2047 | 4,800 | 5,473 | ||||||
Wisconsin Health and Educational Facilities Authority, Rogers Memorial Hospital, Inc. | ||||||||
Series B, Rev., 5.00%, 7/1/2038 | 150 | 177 | ||||||
Series A, Rev., 5.00%, 7/1/2044 | 210 | 246 | ||||||
Series A, Rev., 5.00%, 7/1/2049 | 750 | 877 | ||||||
Wisconsin Health and Educational Facilities Authority, St. John’s Communities, Inc., Project Series 2018A, Rev., 5.00%, 9/15/2040 | 665 | 713 |
SEE NOTES TO FINANCIAL STATEMENTS.
148 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Wisconsin — continued |
| |||||||
Wisconsin Health and Educational Facilities Authority, Thedacare, Inc. Rev., 4.00%, 12/15/2039 | 500 | 548 | ||||||
Wisconsin Health and Educational Facilities Authority, Three Pillars Senior Living Communities Rev., 4.00%, 8/15/2046 | 1,350 | 1,579 | ||||||
Wisconsin Housing and Economic Development Authority, Home Ownership Series B, Rev., 4.00%, 3/1/2048 | 600 | 652 | ||||||
|
| |||||||
Total Wisconsin | 20,224 | |||||||
|
| |||||||
Total Municipal Bonds | 646,584 | |||||||
|
| |||||||
SHARES (000) | ||||||||
Short-Term Investments — 4.5% |
| |||||||
Investment Companies — 4.5% |
| |||||||
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 0.02% (f) (g) (Cost $30,740) | 30,731 | 30,746 | ||||||
|
| |||||||
Total Investments — 98.8% | 677,330 | |||||||
Other Assets Less Liabilities — 1.2% | 8,428 | |||||||
|
| |||||||
NET ASSETS — 100.0% | 685,758 | |||||||
|
|
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 | |
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 | |
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 August 31, 2021. | |
(c) | Security is prerefunded or escrowed to maturity. | |
(d) | Securities exempt from registration under Rule 144A or section 4 (a)(2), of the Securities Act of 1933, as amended. | |
(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 August 31, 2021. |
Futures contracts outstanding as of August 31, 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 | (42 | ) | 12/2021 | USD | (5,604 | ) | (13 | ) | ||||||||||||
U.S. Treasury 10 Year Ultra Note | (150 | ) | 12/2021 | USD | (22,195 | ) | (74 | ) | ||||||||||||
|
| |||||||||||||||||||
(87 | ) | |||||||||||||||||||
|
|
Abbreviations
USD | United States Dollar |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 149 |
Table of Contents
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — 88.6% (a) |
| |||||||
Alabama — 0.9% |
| |||||||
Birmingham Airport Authority | ||||||||
Rev., 5.00%, 7/1/2023 | 125 | 136 | ||||||
Rev., 5.00%, 7/1/2024 | 150 | 170 | ||||||
Rev., 5.00%, 7/1/2025 | 250 | 295 | ||||||
Rev., 5.00%, 7/1/2026 | 225 | 273 | ||||||
Black Belt Energy Gas District, Gas Prepay Project No. 3 | ||||||||
Series 2018B-2, Rev., (SIFMA Municipal Swap Index Yield + 0.62%), 0.64%, 9/9/2021 (b) | 30,000 | 30,110 | ||||||
Series 2018A, Rev., 4.00%, 12/1/2023 (c) | 1,400 | 1,507 | ||||||
Black Belt Energy Gas District, Gas Supply | ||||||||
Series 2017A, Rev., LIQ: Royal Bank of Canada, 4.00%, 9/10/2021 (c) | 2,340 | 2,404 | ||||||
City of Centre, Warrant | ||||||||
GO, 3.00%, 9/1/2021 | 100 | 100 | ||||||
GO, 3.00%, 9/1/2022 | 110 | 113 | ||||||
GO, 4.00%, 9/1/2023 | 215 | 230 | ||||||
City of Hamilton, Warrants | ||||||||
GO, 2.00%, 8/1/2022 | 370 | 376 | ||||||
GO, 5.00%, 8/1/2023 | 240 | 261 | ||||||
Industrial Development Board of The City of Mobile, Alabama Power Control, Barry Plant Project Series 2007A, Rev., 1.00%, 6/26/2025 (c) | 4,750 | 4,829 | ||||||
Prattville Industrial Development Board, International Paper Co. Project | ||||||||
Series 2019B, Rev., 2.00%, 10/1/2024 (c) | 450 | 473 | ||||||
Series 2019C, Rev., 2.00%, 10/1/2024 (c) | 430 | 451 | ||||||
Selma Industrial Development Board, International Paper Co. Project Series 2020A, Rev., 1.37%, 6/16/2025 (c) | 2,670 | 2,763 | ||||||
Southeast Energy Authority A Cooperative District, Project No. 2 Series 2021B, Rev., 4.00%, 6/1/2027 | 2,415 | 2,843 | ||||||
State of Alabama Series 2013A, GO, 4.00%, 8/1/2023 | 1,250 | 1,343 | ||||||
University of West Alabama, General Fee | ||||||||
Rev., AGM, 4.00%, 1/1/2022 | 150 | 152 | ||||||
Rev., AGM, 4.00%, 1/1/2023 | 120 | 126 | ||||||
Rev., AGM, 4.00%, 1/1/2024 | 125 | 135 | ||||||
Rev., AGM, 4.00%, 1/1/2025 | 150 | 166 | ||||||
|
| |||||||
Total Alabama | 49,256 | |||||||
|
| |||||||
Alaska — 0.9% |
| |||||||
Alaska Municipal Bond Bank Authority | ||||||||
Series 1, Rev., 5.00%, 12/1/2021 | 450 | 455 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Alaska — continued |
| |||||||
Series 1, Rev., 5.00%, 5/1/2022 | 200 | 206 | ||||||
Series 1, Rev., 5.00%, 12/1/2022 | 500 | 530 | ||||||
Series 1, Rev., 5.00%, 12/1/2023 | 960 | 1,063 | ||||||
Series 1, Rev., 5.00%, 12/1/2024 | 870 | 1,001 | ||||||
Series 1, Rev., 5.00%, 12/1/2025 | 750 | 893 | ||||||
Series 1, Rev., 5.00%, 12/1/2026 | 675 | 827 | ||||||
Borough of North Slope Series 2021A, GO, 5.00%, 6/30/2024 | 2,000 | 2,269 | ||||||
City of Valdez, Exxon Pipeline Co. Project Series 1993-B, Rev., VRDO, 0.01%, 9/10/2021 (c) | 6,840 | 6,840 | ||||||
City of Valdez, Phillips Trans Alaska Project | ||||||||
Rev., VRDO, 0.04%, 9/8/2021 (c) | 12,200 | 12,200 | ||||||
Rev., VRDO, 0.04%, 9/10/2021 (c) | 23,100 | 23,100 | ||||||
|
| |||||||
Total Alaska | 49,384 | |||||||
|
| |||||||
Arizona — 0.4% |
| |||||||
Arizona Industrial Development Authority, Phoenix Children’s Hospital Series 2020A, Rev., 5.00%, 9/10/2021 | 130 | 155 | ||||||
Arizona State University Series 2008A, Rev., VRDO, 0.02%, 9/8/2021 (c) | 2,955 | 2,955 | ||||||
City of Tucson Series 2018-A, GO, 5.00%, 7/1/2026 | 325 | 396 | ||||||
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 | 151 | ||||||
Series 2018A, Rev., 5.00%, 7/1/2024 | 200 | 224 | ||||||
Industrial Development Authority of The County of Yavapai, Regional Medical Center | ||||||||
Rev., 5.00%, 8/1/2022 | 380 | 397 | ||||||
Rev., 5.00%, 8/1/2023 | 325 | 354 | ||||||
Maricopa County Industrial Development Authority, HonorHealth | ||||||||
Series 2021A, Rev., 5.00%, 9/10/2021 | 700 | 855 | ||||||
Series 2021A, Rev., 5.00%, 9/1/2024 | 175 | 200 | ||||||
Series 2021A, Rev., 5.00%, 9/1/2025 | 725 | 858 | ||||||
Maricopa County Pollution Control Corp., Public Service Co. of New Mexico Palo Verde Project Series 2010A, Rev., VRDO, 0.07%, 9/8/2021 (c) | 15,000 | 15,000 | ||||||
Maricopa County School District No. 24 Gila Bend | ||||||||
GO, AGM, 4.00%, 7/1/2022 | 300 | 310 | ||||||
GO, AGM, 5.00%, 7/1/2023 | 700 | 760 |
SEE NOTES TO FINANCIAL STATEMENTS.
150 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Arizona — continued |
| |||||||
Maricopa County Unified School District No. 95, Queen Creek, School Improvement GO, 3.00%, 7/1/2024 | 525 | 565 | ||||||
|
| |||||||
Total Arizona | 23,180 | |||||||
|
| |||||||
Arkansas — 0.1% |
| |||||||
Arkansas Development Finance Authority, Department of Community Correction Project | ||||||||
Rev., 5.00%, 11/1/2021 | 310 | 312 | ||||||
Rev., 5.00%, 11/1/2022 | 410 | 433 | ||||||
City of Centerton, Green Bond Rev., 3.00%, 12/1/2021 | 125 | 126 | ||||||
City of Heber Springs, Water and Sewer, Green Bond | ||||||||
Rev., 3.00%, 11/1/2021 | 50 | 50 | ||||||
Rev., 3.00%, 11/1/2023 | 100 | 105 | ||||||
County of Sharp, Sales and Use Tax | ||||||||
Rev., 5.00%, 9/10/2021 | 495 | 507 | ||||||
Rev., 5.00%, 3/1/2023 | 540 | 575 | ||||||
University of Arkansas, Various Facility Fayetteville Campus Series 2018A, Rev., 5.00%, 11/1/2021 | 330 | 333 | ||||||
University of Central Arkansas, Student Fee | ||||||||
Series 2020A, Rev., 5.00%, 11/1/2021 | 150 | 151 | ||||||
Series 2020A, Rev., 5.00%, 11/1/2022 | 200 | 211 | ||||||
Series 2020A, Rev., 5.00%, 11/1/2023 | 205 | 225 | ||||||
Series 2020A, Rev., 5.00%, 11/1/2024 | 160 | 182 | ||||||
Series 2020A, Rev., 5.00%, 11/1/2025 | 230 | 271 | ||||||
Series 2020A, Rev., 5.00%, 11/1/2026 | 220 | 267 | ||||||
Series 2020A, Rev., 5.00%, 11/1/2027 | 200 | 249 | ||||||
University of Central Arkansas, Student Housing System | ||||||||
Series 2019C, Rev., AGM, 3.00%, 9/10/2021 | 85 | 88 | ||||||
Series 2019C, Rev., AGM, 3.00%, 11/1/2021 | 75 | 75 | ||||||
Series 2019C, Rev., AGM, 3.00%, 11/1/2023 | 135 | 142 | ||||||
|
| |||||||
Total Arkansas | 4,302 | |||||||
|
| |||||||
California — 2.9% |
| |||||||
California Educational Facilities Authority, University of Southern California Series 2015A, Rev., 5.00%, 10/1/2025 (d) | 250 | 298 | ||||||
California Enterprise Development Authority, Riverside County, Library Facility Project | ||||||||
Rev., 4.00%, 11/1/2022 | 100 | 104 | ||||||
Rev., 4.00%, 11/1/2023 | 200 | 216 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
California — continued |
| |||||||
California Health Facilities Financing Authority, Adventist Health System Series 2011A, Rev., 3.00%, 3/1/2024 (c) | 1,615 | 1,692 | ||||||
California Health Facilities Financing Authority, Stanford Health Clinic Series 2021A, Rev., 3.00%, 8/15/2025 (c) | 20,000 | 22,105 | ||||||
California Infrastructure & Economic Development Bank Series 2018C, Rev., (SIFMA Municipal Swap Index Yield + 0.35%), 0.37%, 9/9/2021 (b) | 19,250 | 19,289 | ||||||
California Infrastructure & Economic Development Bank, Green Bond Series 2021A, Rev., 5.00%, 6/1/2026 | 4,500 | 5,479 | ||||||
California Infrastructure and Economic Development Bank, The J. Paul Getty Trust Series 2013A-2, Rev., (ICE LIBOR USD 1 Month + 0.33%), 0.40%, 10/1/2021 (b) | 6,750 | 6,751 | ||||||
California Municipal Finance Authority, California Lutheran University Rev., 5.00%, 10/1/2021 | 250 | 251 | ||||||
California Municipal Finance Authority, San Antonio Gardens Project | ||||||||
Rev., 4.00%, 11/15/2021 | 270 | 272 | ||||||
Rev., 4.00%, 11/15/2022 | 280 | 291 | ||||||
Rev., 4.00%, 11/15/2023 | 290 | 311 | ||||||
California Municipal Finance Authority, Solid Waste Disposal, Republic Services, Inc. | ||||||||
Rev., 0.16%, 9/1/2021 | 5,750 | 5,750 | ||||||
Series 2021A, Rev., AMT, 0.22%, 10/1/2021 (c) | 25,000 | 25,001 | ||||||
Rev., AMT, 0.30%, 1/18/2022 (c) | 11,000 | 11,001 | ||||||
California Municipal Finance Authority, UCR North District, Phase 1 Student Housing Project | ||||||||
Rev., 5.00%, 5/15/2023 | 360 | 389 | ||||||
Rev., 5.00%, 5/15/2024 | 300 | 338 | ||||||
Rev., 5.00%, 5/15/2025 | 425 | 496 | ||||||
Rev., 5.00%, 5/15/2026 | 500 | 601 | ||||||
Rev., 5.00%, 5/15/2027 | 725 | 894 | ||||||
California Pollution Control Financing Authority, American Water Capital Corp. Project Rev., 0.60%, 9/1/2023 (c) | 1,850 | 1,851 | ||||||
California School Finance Authority, Green Dot Public School Projects Series 2018A, Rev., 5.00%, 8/1/2022 (e) | 85 | 88 | ||||||
California School Finance Authority, Kipp Socal Projects | ||||||||
Series 2019A, Rev., 5.00%, 7/1/2022 (e) | 100 | 104 | ||||||
Series 2019A, Rev., 5.00%, 7/1/2023 (e) | 100 | 108 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 151 |
Table of Contents
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
California — continued |
| |||||||
California Statewide Communities Development Authority, Multi-Family Housing, Washington Court Apartments Series 2021E, Rev., 0.22%, 8/1/2022 (c) | 7,000 | 6,995 | ||||||
Chula Vista Elementary School District Rev., BAN, Zero Coupon, 8/1/2023 | 5,500 | 5,470 | ||||||
City of Tulare, Sewer System Series 2020A, Rev., 4.00%, 11/15/2021 | 110 | 111 | ||||||
Fairfax Elementary School District, Election of 2010 GO, AGM, 5.75%, 11/1/2021 (d) | 750 | 757 | ||||||
Irvine Ranch Water District | ||||||||
Series 2011A-1, (SIFMA Municipal Swap Index Yield + 0.03%), 0.05%, 9/9/2021 (b) | 10,000 | 9,998 | ||||||
Series 2011A-2, (SIFMA Municipal Swap Index Yield + 0.03%), 0.05%, 9/9/2021 (b) | 7,100 | 7,098 | ||||||
Metropolitan Water District of Southern California, Waterworks Series 2018A-1, Rev., VRDO, LIQ: TD Bank NA, 0.01%, 9/3/2021 (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%, 9/10/2021 | 2,750 | 2,838 | ||||||
Rev., AMT, 5.00%, 5/1/2023 | 3,500 | 3,780 | ||||||
Riverside County Asset Leasing Corp., Southwest Justice Center Series 2008A, Rev., VRDO, AGC, LOC: Wells Fargo Bank NA, 0.01%, 9/8/2021 (c) | 2,580 | 2,580 | ||||||
Santa Clara County Financing Authority, El Camino Hospital Series 2009A, Rev., VRDO, LOC: Wells Fargo Bank NA, 0.01%, 9/8/2021 (c) | 6,605 | 6,605 | ||||||
South Bay Union School District, San Diego County GO, BAN, Zero Coupon, 8/1/2022 | 2,000 | 1,992 | ||||||
Stockton Public Financing Authority | ||||||||
Series 2018A, Rev., 5.00%, 9/10/2021 | 450 | 452 | ||||||
Rev., 5.00%, 3/1/2023 | 360 | 382 | ||||||
Rev., 5.00%, 3/1/2025 | 570 | 647 | ||||||
Tender Option Bond Trust Receipts/Certificates Series 2018-XF2615, Rev., VRDO, LOC: Barclays Bank plc, 0.14%, 9/9/2021 (c) (e) | 5,230 | 5,230 | ||||||
|
| |||||||
Total California | 164,365 | |||||||
|
| |||||||
Colorado — 3.1% |
| |||||||
Arapahoe County School District No. 5 Cherry Creek GO, 5.00%, 12/15/2028 | 6,460 | 8,418 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Colorado — continued |
| |||||||
Arapahoe County School District No. 6 Littleton | ||||||||
Series 2019A, GO, 5.00%, 12/1/2021 | 2,585 | 2,617 | ||||||
Series 2019A, GO, 5.00%, 12/1/2022 | 1,370 | 1,453 | ||||||
City of Aurora, First Lien Water, Green Bonds Rev., 5.00%, 8/1/2023 | 2,355 | 2,572 | ||||||
City of Colorado Springs | ||||||||
COP, 5.00%, 9/10/2021 | 155 | 164 | ||||||
COP, 5.00%, 12/1/2021 | 145 | 147 | ||||||
COP, 5.00%, 12/1/2023 | 100 | 111 | ||||||
City of Colorado Springs, Utilities System Improvement | ||||||||
Series 2007A, Rev., VRDO, LIQ: TD Bank NA, 0.01%, 9/9/2021 (c) | 4,825 | 4,825 | ||||||
Series 2012A, Rev., VRDO, LIQ: U.S. Bank NA, 0.01%, 9/10/2021 (c) | 3,410 | 3,410 | ||||||
Colorado Health Facilities Authority, Valley View Hospital Association Project Rev., 2.80%, 5/15/2023 (c) | 1,470 | 1,513 | ||||||
Denver Health and Hospital Authority, 550 Acoma, Inc. | ||||||||
COP, 5.00%, 9/10/2021 | 295 | 312 | ||||||
COP, 5.00%, 12/1/2021 | 220 | 222 | ||||||
E-470 Public Highway Authority Series 2021B, Rev., (SOFR + 0.35%), 0.38%, 9/7/2021 (b) | 5,000 | 5,008 | ||||||
Regional Transportation District, Denver Transit Partners | ||||||||
Rev., 3.00%, 7/15/2023 | 50 | 52 | ||||||
Rev., 5.00%, 1/15/2024 | 200 | 221 | ||||||
Rev., 5.00%, 7/15/2024 | 150 | 169 | ||||||
Rev., 5.00%, 1/15/2025 | 165 | 189 | ||||||
Rev., 5.00%, 7/15/2025 | 200 | 233 | ||||||
Rev., 3.00%, 1/15/2026 | 110 | 121 | ||||||
Rev., 5.00%, 7/15/2026 | 225 | 270 | ||||||
State of Colorado | ||||||||
Series 2020A, COP, 5.00%, 12/15/2023 | 2,500 | 2,775 | ||||||
Series 2020A, COP, 5.00%, 12/15/2024 | 2,085 | 2,406 | ||||||
University of Colorado Hospital Authority Series 2019A, Rev., VRDO, 0.01%, 9/10/2021 (c) | 20,000 | 20,000 | ||||||
University of Colorado Hospital Authority, Health System | ||||||||
Series 2018 C, Rev., VRDO, LIQ: TD Bank NA, 0.02%, 9/1/2021 (c) | 43,250 | 43,250 | ||||||
Series 2018 B, Rev., VRDO, LIQ: TD Bank NA, 0.02%, 9/10/2021 (c) | 48,085 | 48,085 |
SEE NOTES TO FINANCIAL STATEMENTS.
152 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Colorado — continued |
| |||||||
University of Colorado, Enterprise System Series 2020A-1, Rev., VRDO, LIQ: TD Bank NA, 0.02%, 9/8/2021 (c) | 24,000 | 24,000 | ||||||
|
| |||||||
Total Colorado | 172,543 | |||||||
|
| |||||||
Connecticut — 2.4% |
| |||||||
City of Derby | ||||||||
Series A, GO, 5.00%, 8/1/2022 | 75 | 78 | ||||||
Series A, GO, 5.00%, 8/1/2023 | 150 | 163 | ||||||
Series A, GO, 5.00%, 8/1/2024 | 85 | 97 | ||||||
City of Milford GO, BAN, 2.00%, 11/2/2021 | 20,485 | 20,552 | ||||||
City of New Britain | ||||||||
GO, 5.00%, 9/1/2022 (d) | 50 | 52 | ||||||
GO, 5.00%, 9/1/2023 (d) | 110 | 121 | ||||||
City of New Haven | ||||||||
Series 2019A, GO, 5.00%, 9/10/2021 | 1,000 | 1,039 | ||||||
Series 2019B, GO, 5.00%, 2/1/2022 | 700 | 712 | ||||||
Connecticut Housing Finance Authority, Housing Mortgage Finance Program | ||||||||
Series 2020C-3, Rev., VRDO, LIQ: TD Bank NA, 0.02%, 9/9/2021 (c) | 20,000 | 20,000 | ||||||
Series E, Subseries E-3, Rev., 1.63%, 9/10/2021 (c) | 950 | 951 | ||||||
Rev., 0.38%, 11/15/2021 (c) | 5,855 | 5,856 | ||||||
Connecticut State Health and Educational Facilities Authority, Covenant Home, Inc. Series 2018B, Rev., 5.00%, 12/1/2021 | 1,000 | 1,011 | ||||||
Connecticut State Health and Educational Facilities Authority, Hartford Healthcare Series 2020B-1, Rev., 5.00%, 1/1/2025 (c) | 8,500 | 9,754 | ||||||
Connecticut State Health and Educational Facilities Authority, Stamford Hospital | ||||||||
Series L-1, Rev., 4.00%, 7/1/2022 | 500 | 515 | ||||||
Series L-1, Rev., 4.00%, 7/1/2023 | 275 | 293 | ||||||
Series L-1, Rev., 4.00%, 7/1/2024 | 300 | 330 | ||||||
Series L-1, Rev., 4.00%, 7/1/2025 | 300 | 339 | ||||||
Series L-1, Rev., 4.00%, 7/1/2026 | 350 | 405 | ||||||
Series L-1, Rev., 4.00%, 7/1/2027 | 350 | 413 | ||||||
Connecticut State Health and Educational Facilities Authority, University of New Haven Series K-1, Rev., 5.00%, 7/1/2022 | 675 | 699 | ||||||
New Canaan Housing Authority, Multi-Family Housing, Parish Project Rev., 0.44%, 3/1/2023 (c) | 12,475 | 12,502 | ||||||
State of Connecticut | ||||||||
Series 2020C, GO, 4.00%, 9/10/2021 | 850 | 967 | ||||||
Series G, GO, 5.00%, 11/1/2021 | 200 | 202 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Connecticut — continued |
| |||||||
Series 2020C, GO, 3.00%, 6/1/2022 | 1,000 | 1,022 | ||||||
Series 2021C, GO, 5.00%, 7/15/2022 | 20,000 | 20,854 | ||||||
Series 2020C, GO, 3.00%, 6/1/2023 | 600 | 630 | ||||||
Series 2020C, GO, 4.00%, 6/1/2023 | 400 | 427 | ||||||
Series 2020C, GO, 3.00%, 6/1/2024 | 1,065 | 1,147 | ||||||
Series 2020C, GO, 4.00%, 6/1/2024 | 500 | 552 | ||||||
Series 2020C, GO, 2.00%, 6/1/2025 | 3,350 | 3,563 | ||||||
State of Connecticut, Health and Educational Facility Authority, The Hotchkiss School Series 2000A, Rev., VRDO, LIQ: TD Bank NA, 0.01%, 9/9/2021 (c) | 25,090 | 25,090 | ||||||
Town of South Windsor GO, BAN, 1.50%, 2/11/2022 | 3,000 | 3,019 | ||||||
|
| |||||||
Total Connecticut | 133,355 | |||||||
|
| |||||||
Delaware — 0.1% |
| |||||||
Delaware Economic Development Authority, Delmarva Power and Light Co. Project Series 2020A, Rev., 1.05%, 7/1/2025 (c) | 6,000 | 6,137 | ||||||
Delaware Municipal Electric Corp. (The), Middletown and Seaford Project | ||||||||
Series 2019A, Rev., 5.00%, 10/1/2021 | 145 | 146 | ||||||
Series 2019A, Rev., 5.00%, 10/1/2022 | 150 | 157 | ||||||
Series 2019A, Rev., 5.00%, 10/1/2023 | 220 | 242 | ||||||
|
| |||||||
Total Delaware | 6,682 | |||||||
|
| |||||||
District of Columbia — 1.2% |
| |||||||
District of Columbia, Carnegie Endowment for International Peace Rev., VRDO, LOC: Wells Fargo Bank NA, 0.02%, 9/9/2021 (c) | 375 | 375 | ||||||
District of Columbia, Gallaudet University Project Rev., 5.00%, 9/10/2021 | 100 | 120 | ||||||
District of Columbia, Georgetown University Issue | ||||||||
Series 2017 B-1, Rev., VRDO, LOC: Bank of America NA, 0.02%, 9/9/2021 (c) | 1,190 | 1,190 | ||||||
Series 2007B-2, Rev., VRDO, LOC: Bank of America NA, 0.02%, 9/10/2021 (c) | 9,580 | 9,580 | ||||||
District of Columbia, International School Rev., 5.00%, 7/1/2022 | 500 | 518 | ||||||
District of Columbia, Kipp DC Project Rev., 5.00%, 9/10/2021 | 100 | 108 | ||||||
District of Columbia, Medlantic/Helix Issue, Tranche II | ||||||||
Series 1998A, Rev., VRDO, LOC: TD Bank NA, 0.02%, 9/1/2021 (c) | 2,660 | 2,660 | ||||||
Series 111-A, Rev., VRDO, LOC: PNC Bank NA, 0.02%, 9/8/2021 (c) | 5,200 | 5,200 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 153 |
Table of Contents
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
District of Columbia — continued |
| |||||||
Metropolitan Washington Airports Authority Aviation | ||||||||
Series 2021A, Rev., AMT, 5.00%, 9/1/2021 | 5,865 | 6,931 | ||||||
Series 2010D, Rev., VRDO, AMT, LOC: Barclays Bank plc, 0.01%, 9/9/2021 (c) | 18,025 | 18,025 | ||||||
Subseries C-2, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.01%, 9/10/2021 (c) | 10,805 | 10,805 | ||||||
Series 2021A, Rev., AMT, 5.00%, 10/1/2023 | 3,500 | 3,849 | ||||||
Series 2021A, Rev., AMT, 5.00%, 10/1/2024 | 6,000 | 6,860 | ||||||
|
| |||||||
Total District of Columbia | 66,221 | |||||||
|
| |||||||
Florida — 2.8% |
| |||||||
City of Fort Myers, Subordinate Utility System | ||||||||
Series 2020B, Rev., AGM, 5.00%, 9/10/2021 | 5,100 | 6,024 | ||||||
Series 2020B, Rev., AGM, 5.00%, 10/1/2021 | 2,000 | 2,008 | ||||||
Series 2020B, Rev., AGM, 5.00%, 10/1/2022 | 2,000 | 2,103 | ||||||
Series 2020B, Rev., AGM, 5.00%, 10/1/2023 | 2,125 | 2,330 | ||||||
Series 2020B, Rev., AGM, 5.00%, 10/1/2024 | 2,355 | 2,686 | ||||||
Series 2020B, Rev., AGM, 5.00%, 10/1/2026 | 2,225 | 2,710 | ||||||
City of Gainesville, Utilities System Series B, Rev., VRDO, LIQ: Barclays Bank plc, 0.02%, 9/8/2021 (c) | 10,200 | 10,200 | ||||||
City of Tallahassee, Energy System Rev., 5.00%, 10/1/2021 | 40 | 40 | ||||||
City of Tallahassee, Utility System | ||||||||
Rev., 5.00%, 10/1/2023 | 2,430 | 2,673 | ||||||
Rev., 5.00%, 10/1/2024 | 2,550 | 2,924 | ||||||
County of Escambia, International Paper Co. Project, Environmental Improvement Series 2019B, Rev., 2.00%, 10/1/2024 (c) | 775 | 814 | ||||||
County of Miami-Dade, Aviation | ||||||||
Series 2020A, Rev., 5.00%, 9/10/2021 | 2,400 | 2,746 | ||||||
Series 2020A, Rev., 5.00%, 10/1/2023 | 2,500 | 2,750 | ||||||
Series 2020A, Rev., 5.00%, 10/1/2025 | 1,375 | 1,629 | ||||||
County of Miami-Dade, Seaport Department Series A, Rev., VRDO, LOC: PNC Bank NA, 0.01%, 9/9/2021 (c) | 2,400 | 2,400 | ||||||
County of Miami-Dade, Stormwater Project Rev., 5.00%, 4/1/2026 | 2,000 | 2,414 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Florida — continued |
| |||||||
County of Okeechobee, Solid Waste Disposal, Waste Management, Inc., Okeechobee Landfill Project Rev., 0.55%, 7/1/2024 (c) | 2,250 | 2,255 | ||||||
Escambia County School Board Series 2020A, COP, 5.00%, 2/1/2026 | 1,895 | 2,250 | ||||||
Florida Department of Management Services Series 2018A, COP, 5.00%, 11/1/2021 | 215 | 217 | ||||||
Florida Governmental Utility Authority Rev., AGM, 5.00%, 7/1/2025 (d) | 200 | 236 | ||||||
Florida Higher Educational Facilities Financial Authority, Florida Institute of Technology Rev., 5.00%, 10/1/2021 | 115 | 115 | ||||||
Florida Higher Educational Facilities Financial Authority, Ringling College Project | ||||||||
Rev., 4.00%, 3/1/2022 | 55 | 56 | ||||||
Rev., 5.00%, 3/1/2023 | 185 | 197 | ||||||
Rev., 5.00%, 3/1/2024 | 110 | 121 | ||||||
Florida Higher Educational Facilities Financial Authority, St. Leo University Project | ||||||||
Rev., 5.00%, 3/1/2022 | 355 | 362 | ||||||
Rev., 5.00%, 3/1/2023 | 410 | 435 | ||||||
Highlands County Health Facilities Authority, Adventist Health System Series 2012I, Rev., VRDO, 0.02%, 9/9/2021 (c) | 12,945 | 12,945 | ||||||
JEA Water and Sewer System | ||||||||
Series Sub Series B-1, Rev., VRDO, LIQ: State Street Bank & Trust, 0.02%, 9/8/2021 (c) | 9,980 | 9,980 | ||||||
Series A-2, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.02%, 9/10/2021 (c) | 38,670 | 38,670 | ||||||
Lee Memorial Health System | ||||||||
Series 2019A-1, Rev., 5.00%, 4/1/2022 | 750 | 771 | ||||||
Series 2019A-1, Rev., 5.00%, 4/1/2023 | 400 | 430 | ||||||
Series 2019A-1, Rev., 5.00%, 4/1/2024 | 575 | 642 | ||||||
Miami-Dade County Industrial Development Authority, Solid Waste Disposal, Waste Management, Inc. of Florida Project | ||||||||
Series 2018B, Rev., AMT, (SIFMA Municipal Swap Index Yield + 0.38%), 0.39%, 9/9/2021 (b) | 10,500 | 10,500 | ||||||
Rev., AMT, 0.40%, 8/1/2023 | 2,600 | 2,598 | ||||||
Orange County Health Facilities Authority, The Nemours Foundation Project Series B, Rev., VRDO, LOC: Northern Trust Co., 0.01%, 9/9/2021 (c) | 775 | 775 | ||||||
Orlando Utilities Commission, Utility System Series B, Rev., VRDO, LIQ: TD Bank NA, 0.02%, 9/8/2021 (c) | 22,400 | 22,400 |
SEE NOTES TO FINANCIAL STATEMENTS.
154 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Florida — continued |
| |||||||
School Board of Miami-Dade County (The) Series 2014D, COP, 5.00%, 11/1/2021 | 450 | 454 | ||||||
Village Community Development District No. 13 Special Assessment Rev., 2.63%, 5/1/2024 | 380 | 389 | ||||||
West Palm Beach Community Redevelopment Agency, City Center Community Redevelopment Area | ||||||||
Rev., 5.00%, 3/1/2023 | 1,335 | 1,430 | ||||||
Rev., 5.00%, 3/1/2024 | 1,160 | 1,292 | ||||||
|
| |||||||
Total Florida | 155,971 | |||||||
|
| |||||||
Georgia — 0.9% |
| |||||||
City of Atlanta, Department of Aviation | ||||||||
Series 2020A, Rev., 5.00%, 7/1/2024 | 2,000 | 2,270 | ||||||
Series 2020B, Rev., AMT, 5.00%, 7/1/2024 | 1,170 | 1,325 | ||||||
Series 2020B, Rev., AMT, 5.00%, 7/1/2025 | 1,800 | 2,116 | ||||||
Series 2020A, Rev., 5.00%, 7/1/2026 | 4,000 | 4,870 | ||||||
Series 2020B, Rev., AMT, 5.00%, 7/1/2026 | 2,000 | 2,423 | ||||||
Clarke County Board of Education, Sales Tax GO, 5.00%, 9/1/2021 | 30 | 30 | ||||||
Dahlonega Downtown Development Authority, North Georgia MAC, LLC Project Rev., 5.00%, 7/1/2022 | 300 | 312 | ||||||
Georgia State Road and Tollway Authority | ||||||||
Rev., 5.00%, 6/1/2022 | 5,000 | 5,182 | ||||||
Rev., 5.00%, 6/1/2023 | 4,000 | 4,339 | ||||||
Main Street Natural Gas, Inc., Gas Supply | ||||||||
Series 2021C, Rev., 4.00%, 12/1/2022 | 400 | 419 | ||||||
Series 2021C, Rev., 4.00%, 12/1/2023 | 750 | 812 | ||||||
Series 2019A, Rev., 5.00%, 5/15/2024 | 1,500 | 1,685 | ||||||
Series 2021C, Rev., 4.00%, 12/1/2024 | 750 | 836 | ||||||
Municipal Electric Authority of Georgia, Project One Series 2008-B, Rev., VRDO, LOC: PNC Bank NA, 0.02%, 9/8/2021 (c) | 4,255 | 4,255 | ||||||
Paulding County School District, Sales Tax GO, 3.00%, 8/1/2022 | 1,500 | 1,540 | ||||||
Private Colleges and Universities Authority, Emory University | ||||||||
Series B, Rev., 5.00%, 10/1/2021 | 310 | 311 | ||||||
Series 2020B, Rev., 5.00%, 9/1/2025 | 13,345 | 15,821 | ||||||
Richmond County Hospital Authority, University Health Services, Inc., Project Rev., 5.00%, 1/1/2022 | 100 | 102 | ||||||
Savannah Economic Development Authority, International Paper Co. Project Series 2019A, Rev., 2.00%, 10/1/2024 (c) | 1,675 | 1,759 | ||||||
|
| |||||||
Total Georgia | 50,407 | |||||||
|
|
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Idaho — 0.0% (f) |
| |||||||
University of Idaho | ||||||||
Series 2020A, Rev., 5.00%, 4/1/2022 | 165 | 170 | ||||||
Series 2020A, Rev., 5.00%, 4/1/2023 | 355 | 382 | ||||||
Series 2020A, Rev., 5.00%, 4/1/2024 | 315 | 353 | ||||||
Series 2020A, Rev., 5.00%, 4/1/2025 | 330 | 383 | ||||||
|
| |||||||
Total Idaho | 1,288 | |||||||
|
| |||||||
Illinois — 3.7% |
| |||||||
Carol Stream Park District | ||||||||
Series 2020C, GO, 4.00%, 11/1/2024 | 210 | 232 | ||||||
Series 2020C, GO, 4.00%, 11/1/2025 | 405 | 458 | ||||||
Series 2020C, GO, 4.00%, 11/1/2026 | 535 | 617 | ||||||
Champaign Coles Et Al Counties Community College District No. 505 | ||||||||
Series 2018B, GO, 4.00%, 12/1/2021 | 2,500 | 2,524 | ||||||
Series 2018C, GO, 4.00%, 12/1/2021 | 465 | 469 | ||||||
Champaign County Community Unit School District No. 4 Champaign, Capital Appreciation | ||||||||
Series 2020A, GO, Zero Coupon, 1/1/2022 | 200 | 200 | ||||||
Series 2020A, GO, Zero Coupon, 1/1/2023 | 200 | 199 | ||||||
Series 2020A, GO, Zero Coupon, 1/1/2024 | 385 | 380 | ||||||
Chicago Midway International Airport, Second Lien Series 2014B, Rev., 5.00%, 1/1/2023 | 150 | 160 | ||||||
Chicago O’Hare International Airport, General Airport, Senior Lien | ||||||||
Series 2020B, Rev., 5.00%, 1/1/2024 | 500 | 556 | ||||||
Series 2020B, Rev., 5.00%, 1/1/2026 | 1,250 | 1,493 | ||||||
Chicago Park District, Unlimited Tax, Personal Property Replacement Tax Alternate Series 2011C, GO, 5.00%, 1/1/2022 | 175 | 178 | ||||||
Chicago Park District, Unlimited Tax, Special Recreation Activity Series 2018E, GO, 5.00%, 11/15/2021 | 300 | 303 | ||||||
Chicago Transit Authority Capital Grant Receipts | ||||||||
Rev., 5.00%, 6/1/2022 | 800 | 828 | ||||||
Rev., 5.00%, 6/1/2023 | 700 | 756 | ||||||
Rev., 5.00%, 6/1/2024 | 600 | 675 | ||||||
Rev., 5.00%, 6/1/2027 | 3,500 | 4,334 | ||||||
City of Aurora | ||||||||
Series 2019A, GO, 4.00%, 12/30/2021 | 470 | 476 | ||||||
Series 2019A, GO, 4.00%, 12/30/2022 | 1,525 | 1,601 | ||||||
Series 2019A, GO, 4.00%, 12/30/2023 | 1,595 | 1,732 | ||||||
Series 2019A, GO, 4.00%, 12/30/2024 | 1,655 | 1,850 | ||||||
City of Danville | ||||||||
GO, 2.00%, 12/1/2021 | 255 | 255 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 155 |
Table of Contents
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Illinois — continued |
| |||||||
GO, 3.00%, 12/1/2022 | 140 | 144 | ||||||
GO, 4.00%, 12/1/2023 | 145 | 156 | ||||||
City of Elgin | ||||||||
Series 2020A, GO, 2.00%, 12/15/2021 | 230 | 231 | ||||||
Series 2020A, GO, 3.00%, 12/15/2022 | 1,480 | 1,534 | ||||||
Series 2020A, GO, 3.00%, 12/15/2023 | 1,025 | 1,089 | ||||||
City of Rock Island | ||||||||
Series A, GO, AGM, 3.00%, 12/1/2021 | 130 | 131 | ||||||
Series B, GO, AGM, 3.00%, 12/1/2021 | 200 | 201 | ||||||
City of Rockford, Sales Tax | ||||||||
Series 2019A, GO, AGM, 4.00%, 12/15/2021 | 130 | 131 | ||||||
Series 2019A, GO, AGM, 4.00%, 12/15/2022 | 135 | 141 | ||||||
Series 2019A, GO, AGM, 4.00%, 12/15/2023 | 140 | 152 | ||||||
City of Waukegan Series A, GO, AGM, 4.00%, 12/30/2023 | 525 | 566 | ||||||
Clay Wayne & Marion Counties Community Unit School District No. 35 | ||||||||
GO, AGM, 5.00%, 12/1/2021 | 205 | 207 | ||||||
GO, AGM, 5.00%, 12/1/2022 | 165 | 174 | ||||||
GO, AGM, 5.00%, 12/1/2023 | 175 | 193 | ||||||
Cook County Community College District No. 508, Unlimited Tax GO, 5.25%, 12/1/2029 | 250 | 275 | ||||||
Cook County Community Consolidated School District No. 146, Tinley Park, Limited Tax GO, 4.00%, 12/1/2021 | 200 | 202 | ||||||
Cook County Community Consolidated School District No. 34, Glenview, Limited Tax | ||||||||
GO, 4.00%, 12/1/2021 | 175 | 177 | ||||||
GO, 4.00%, 12/1/2022 | 150 | 157 | ||||||
GO, 4.00%, 12/1/2023 | 150 | 162 | ||||||
Cook County Community School District No. 97, Oak Park | ||||||||
GO, 4.00%, 1/1/2022 | 400 | 405 | ||||||
GO, 4.00%, 1/1/2023 | 300 | 315 | ||||||
GO, 4.00%, 1/1/2024 | 275 | 298 | ||||||
Cook County Community Unit School District No. 401, Elmwood Park GO, 4.00%, 12/1/2023 | 3,440 | 3,473 | ||||||
Cook County High School District No. 207 Maine Township | ||||||||
Series 2019A, GO, 4.00%, 12/1/2021 | 8,330 | 8,409 | ||||||
Series 2019B, GO, 3.50%, 12/1/2022 | 325 | 339 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Illinois — continued |
| |||||||
Cook County School District No. 100, South Berwyn | ||||||||
Series 2019A, GO, 4.00%, 12/1/2021 | 100 | 101 | ||||||
Series 2019C, GO, 4.00%, 12/1/2021 | 165 | 166 | ||||||
Series 2019A, GO, 4.00%, 12/1/2022 | 235 | 245 | ||||||
Series 2019C, GO, 4.00%, 12/1/2022 | 605 | 630 | ||||||
Series 2019A, GO, 5.00%, 12/1/2023 | 345 | 378 | ||||||
Series 2019C, GO, 5.00%, 12/1/2023 | 660 | 723 | ||||||
Cook County School District No. 102, La Grange, Limited Tax | ||||||||
GO, AGM, 4.00%, 12/15/2021 | 840 | 849 | ||||||
GO, AGM, 4.00%, 12/15/2022 | 825 | 863 | ||||||
GO, AGM, 4.00%, 12/15/2023 | 825 | 893 | ||||||
GO, AGM, 4.00%, 12/15/2024 | 930 | 1,036 | ||||||
GO, AGM, 4.00%, 12/15/2025 | 985 | 1,125 | ||||||
Cook County School District No. 109, Indian Springs, Limited Tax | ||||||||
Series 2020A, GO, 4.00%, 12/1/2023 | 125 | 135 | ||||||
Series 2020A, GO, 4.00%, 12/1/2024 | 400 | 445 | ||||||
Cook County School District No. 145, Arbor Park | ||||||||
Series 2019B, GO, 4.00%, 12/1/2021 | 150 | 151 | ||||||
Series 2019D, GO, 4.00%, 12/1/2023 | 110 | 119 | ||||||
Cook County School District No. 148, Dolton | ||||||||
Series 2018A, GO, 5.00%, 12/1/2021 | 450 | 455 | ||||||
Series 2018A, GO, 5.00%, 12/1/2022 | 725 | 763 | ||||||
Cook County School District No. 151, South Holland, Limited Tax GO, 4.00%, 4/1/2022 | 190 | 194 | ||||||
Cook County School District No. 160, Country Club Hills | ||||||||
Series 2020A, GO, 4.00%, 12/1/2021 | 250 | 252 | ||||||
Series 2020A, GO, 4.00%, 12/1/2022 | 510 | 531 | ||||||
Series 2020A, GO, 4.00%, 12/1/2023 | 285 | 308 | ||||||
Series 2020A, GO, 4.00%, 12/1/2024 | 255 | 284 | ||||||
Cook County School District No. 160, Country Club Hills, Limited Tax | ||||||||
Series 2020B, GO, 4.00%, 12/1/2022 | 180 | 188 | ||||||
Series 2020B, GO, 4.00%, 12/1/2023 | 100 | 108 | ||||||
Series 2020B, GO, 4.00%, 12/1/2024 | 100 | 111 | ||||||
Cook County School District No. 63, East Maine, Limited Tax | ||||||||
GO, 5.00%, 12/1/2021 | 1,845 | 1,867 | ||||||
GO, 5.00%, 12/1/2022 | 1,935 | 2,037 |
SEE NOTES TO FINANCIAL STATEMENTS.
156 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Illinois — continued |
| |||||||
Cook County School District No. 69, Skokie, Limited Tax | ||||||||
GO, 4.00%, 12/1/2024 | 315 | 351 | ||||||
GO, 4.00%, 12/1/2025 | 460 | 525 | ||||||
Cook County School District No. 89, Maywood, Maywood-Melrose Park-Broadview, Limited Tax | ||||||||
Rev., AGM, 4.00%, 12/15/2021 | 515 | 520 | ||||||
Rev., AGM, 4.00%, 12/15/2022 | 535 | 557 | ||||||
Rev., AGM, 4.00%, 12/15/2023 | 555 | 600 | ||||||
Rev., AGM, 4.00%, 12/15/2024 | 580 | 646 | ||||||
Cook County School District No. 99 Cicero, Limited Tax | ||||||||
Series 2019B, GO, 5.00%, 12/1/2022 | 350 | 369 | ||||||
Series 2019B, GO, 5.00%, 12/1/2023 | 575 | 630 | ||||||
Cook County Township High School District No. 225, Glenbrook | ||||||||
GO, 5.00%, 12/1/2025 | 2,795 | 3,331 | ||||||
GO, 5.00%, 12/1/2026 | 2,565 | 3,157 | ||||||
Cook County, Proviso Township High School District No. 209, Limited Tax GO, 5.00%, 12/1/2021 | 2,825 | 2,858 | ||||||
County of Cook | ||||||||
GO, 5.00%, 11/15/2021 | 700 | 706 | ||||||
Series A, GO, 5.00%, 11/15/2021 | 355 | 359 | ||||||
Series C, GO, 5.00%, 11/15/2022 | 180 | 191 | ||||||
County of Will | ||||||||
GO, 5.00%, 11/15/2021 | 270 | 273 | ||||||
GO, 5.00%, 11/15/2022 | 475 | 503 | ||||||
GO, 5.00%, 11/15/2023 | 525 | 581 | ||||||
Du Page and Will Counties Community School District No. 204 Indian Prairie GO, 4.00%, 12/30/2025 | 1,710 | 1,967 | ||||||
Du Page Cook and Will Counties Community College District No. 502 GO, 5.00%, 6/1/2027 | 4,515 | 5,634 | ||||||
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 | 1,547 | ||||||
DuPage County School District No. 10 Itasca | ||||||||
GO, 5.00%, 1/1/2023 | 1,040 | 1,107 | ||||||
GO, 5.00%, 1/1/2024 | 1,090 | 1,210 | ||||||
Flagg-Rochelle Community Park District | ||||||||
Series A, GO, AGM, 4.00%, 1/1/2022 | 210 | 213 | ||||||
Series A, GO, AGM, 4.00%, 1/1/2023 | 220 | 230 | ||||||
Series A, GO, AGM, 4.00%, 1/1/2024 | 225 | 242 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Illinois — continued |
| |||||||
Grundy County School District No. 54 Series 2011A, GO, AGM, 7.25%, 12/1/2021 | 710 | 722 | ||||||
Hoffman Estates Park District | ||||||||
Series 2019A, GO, 4.00%, 12/1/2021 | 135 | 136 | ||||||
Series 2019B, GO, 4.00%, 12/1/2023 | 245 | 266 | ||||||
Illinois Finance Authority, Advocate Health Care Network Series 2008C-3A, Rev., VRDO, LIQ: Northern Trust Co., 0.02%, 9/10/2021 (c) | 2,650 | 2,650 | ||||||
Illinois Finance Authority, Edward Health Obligated Group Series 2008C, Rev., VRDO, LOC: TD Bank NA, 0.02%, 9/8/2021 (c) | 3,625 | 3,625 | ||||||
Illinois Finance Authority, Local Government Program, East Prairie School District Number 73 Project Rev., 5.00%, 9/10/2021 | 250 | 253 | ||||||
Illinois Finance Authority, Mccormick Theological Series 2001B, Rev., VRDO, LOC: Northern Trust Co., 0.02%, 9/8/2021 (c) | 15,250 | 15,250 | ||||||
Illinois Finance Authority, Northshore University Health System | ||||||||
Series 2020A, Rev., 5.00%, 9/10/2021 | 1,250 | 1,478 | ||||||
Series 2020A, Rev., 5.00%, 8/15/2022 | 750 | 785 | ||||||
Series 2020A, Rev., 5.00%, 8/15/2023 | 500 | 547 | ||||||
Series 2020A, Rev., 5.00%, 8/15/2024 | 1,000 | 1,140 | ||||||
Illinois Finance Authority, Northwestern University Series 2008-B, Rev., VRDO, 0.01%, 9/8/2021 (c) | 3,425 | 3,425 | ||||||
Illinois Finance Authority, OSF Healthcare System | ||||||||
Rev., 5.00%, 11/15/2024 (c) | 3,000 | 3,372 | ||||||
Rev., 5.00%, 11/15/2026 (c) | 4,000 | 4,789 | ||||||
Illinois Finance Authority, Presbyterian Homes Obligated Group Series 2021B, Rev., (SIFMA Municipal Swap Index Yield + 0.70%), 0.72%, 9/10/2021 (b) | 1,125 | 1,128 | ||||||
Illinois Finance Authority, The University of Chicago Series 2004B, Rev., VRDO, 0.02%, 9/9/2021 (c) | 14,369 | 14,369 | ||||||
Illinois Finance Authority, Water Facilities, American Water Capital Corp. Project Rev., 0.70%, 9/1/2023 (c) | 2,800 | 2,805 | ||||||
Illinois Finance Authority, Wesleyan University Rev., 5.00%, 9/1/2022 | 560 | 585 | ||||||
Illinois Housing Development Authority Series 2019A, Rev., FHA, 1.60%, 1/1/2023 (c) | 5,600 | 5,619 | ||||||
Illinois Municipal Electric Agency, Power Supply System Series 2015A, Rev., 5.00%, 2/1/2022 | 1,250 | 1,275 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 157 |
Table of Contents
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Illinois — continued |
| |||||||
Kane County School District No. 131 Aurora East Side | ||||||||
Series 2020A, GO, AGM, 3.00%, 12/1/2021 | 175 | 176 | ||||||
Series 2020B, GO, AGM, 3.00%, 12/1/2021 | 255 | 257 | ||||||
Series 2020A, GO, AGM, 4.00%, 12/1/2022 | 120 | 125 | ||||||
Series 2020B, GO, AGM, 4.00%, 12/1/2022 | 220 | 229 | ||||||
Series 2020A, GO, AGM, 5.00%, 12/1/2023 | 145 | 159 | ||||||
Series 2020B, GO, AGM, 5.00%, 12/1/2023 | 235 | 258 | ||||||
Series 2020A, GO, AGM, 5.00%, 12/1/2024 | 240 | 273 | ||||||
Series 2020A, GO, AGM, 5.00%, 12/1/2025 | 55 | 64 | ||||||
Series 2020B, GO, AGM, 5.00%, 12/1/2025 | 115 | 135 | ||||||
Kendall Kane and Will Counties Community Unit School District No. 308 | ||||||||
Series B, GO, 5.00%, 9/10/2021 | 1,375 | 1,440 | ||||||
Series B, GO, 4.00%, 10/1/2021 | 255 | 256 | ||||||
La Grange Park District Series 2012B, GO, 5.00%, 12/1/2021 | 415 | 420 | ||||||
Lake County School District No. 70 Libertyville, Debt Certificates Rev., 4.00%, 1/1/2023 | 300 | 315 | ||||||
Lee and Ogle Counties School District No. 170 Dixon | ||||||||
Series 2019A, GO, AGM, 3.00%, 1/30/2022 | 160 | 162 | ||||||
Series 2019B, GO, AGM, 3.00%, 1/30/2022 | 245 | 248 | ||||||
Series 2019A, GO, AGM, 3.00%, 1/30/2023 | 170 | 177 | ||||||
Series 2019B, GO, AGM, 3.00%, 1/30/2023 | 255 | 264 | ||||||
Lincoln Land Community College District No. 526 GO, 5.00%, 12/15/2021 | 125 | 127 | ||||||
Madison-Macoupin Etc. Counties Community College District No. 536, Lewis and Clark Community | ||||||||
GO, AGM, 4.00%, 5/1/2022 | 750 | 768 | ||||||
GO, AGM, 4.00%, 5/1/2023 | 700 | 740 | ||||||
Peoria Public Building Commission | ||||||||
Series A, Rev., AGM, 3.00%, 12/1/2022 | 75 | 77 | ||||||
Series A, Rev., AGM, 4.00%, 12/1/2024 | 655 | 724 | ||||||
Sangamon County Community Unit School District No. 5, Ball-Chatham | ||||||||
Series B, GO, 5.00%, 1/1/2022 | 1,650 | 1,676 | ||||||
GO, 4.00%, 2/1/2023 | 2,015 | 2,121 | ||||||
Sangamon Menard Etc Counties Community School District No. 8 Pleasant Plains | ||||||||
Series 2019C, GO, 4.00%, 9/10/2021 | 165 | 167 | ||||||
Series 2019C, GO, 4.00%, 1/1/2023 | 310 | 324 | ||||||
Series 2019C, GO, 4.00%, 1/1/2024 | 370 | 399 | ||||||
St. Charles Public Library District, Limited Tax | ||||||||
Rev., 3.00%, 11/1/2021 | 85 | 85 | ||||||
Rev., 4.00%, 11/1/2022 | 100 | 104 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Illinois — continued |
| |||||||
State of Illinois | ||||||||
GO, 5.00%, 2/1/2024 | 3,370 | 3,740 | ||||||
GO, 5.50%, 5/1/2025 | 2,500 | 2,941 | ||||||
GO, 5.50%, 5/1/2026 | 5,000 | 6,062 | ||||||
State of Illinois Sales Tax Rev., 5.00%, 6/15/2023 | 990 | 1,074 | ||||||
University of Illinois, Auxiliary Facilities System Series A, Rev., 5.00%, 9/10/2021 | 2,500 | 2,686 | ||||||
University of Illinois, Health Services System Series 2008, Rev., VRDO, LOC: Wells Fargo Bank NA, 0.02%, 9/8/2021 (c) | 2,550 | 2,550 | ||||||
Village of Arlington Heights | ||||||||
GO, 4.00%, 12/1/2023 | 1,130 | 1,222 | ||||||
GO, 4.00%, 12/1/2024 | 1,175 | 1,310 | ||||||
GO, 4.00%, 12/1/2025 | 695 | 796 | ||||||
Village of Bartlett | ||||||||
GO, 5.00%, 12/1/2021 | 980 | 992 | ||||||
GO, 5.00%, 12/1/2022 | 1,065 | 1,130 | ||||||
GO, 5.00%, 12/1/2023 | 1,130 | 1,245 | ||||||
Village of Bolingbrook Series 2013A, GO, Zero Coupon, 7/1/2023 (d) | 10,000 | 5,484 | ||||||
Village of Flossmoor GO, 3.00%, 12/1/2021 | 605 | 609 | ||||||
Village of Gilberts GO, 4.00%, 12/1/2021 | 225 | 227 | ||||||
Village of Hoffman Estates GO, 5.00%, 12/1/2021 | 210 | 213 | ||||||
Village of Midlothian | ||||||||
Series 2019A, GO, 4.00%, 1/1/2023 | 190 | 199 | ||||||
Series 2019A, GO, 4.00%, 1/1/2024 | 120 | 130 | ||||||
Village of Villa Park | ||||||||
Series 2018C, GO, 4.00%, 12/15/2021 | 505 | 510 | ||||||
Series B, GO, 4.00%, 12/15/2021 | 190 | 192 | ||||||
Series B, GO, 4.00%, 12/15/2022 | 200 | 210 | ||||||
Series B, GO, 4.00%, 12/15/2023 | 205 | 222 | ||||||
Village of Villa Park, Sales Tax Series A, GO, 4.00%, 12/15/2023 | 125 | 135 | ||||||
Washington County Community Unit School District No. 10 West Washington | ||||||||
GO, 4.00%, 1/15/2022 | 575 | 583 | ||||||
GO, 4.00%, 1/15/2023 | 685 | 716 | ||||||
Whiteside County Community Unit School District No. 6 Morrison Series A, GO, AGM, 4.00%, 12/1/2021 | 745 | 752 | ||||||
Will County Community High School District No. 210 Lincoln-Way GO, AGM, 4.00%, 1/1/2022 | 1,000 | 1,012 |
SEE NOTES TO FINANCIAL STATEMENTS.
158 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Illinois — continued |
| |||||||
Will County Township High School District No. 204 Joliet, Limited Tax GO, 4.00%, 1/1/2023 | 125 | 131 | ||||||
Will County, Community Consolidated School District No. 70-C Laraway, Lease Certificates Series A, Rev., AGM, 4.00%, 12/1/2021 | 400 | 404 | ||||||
Will Grundy Etc Counties Community College District No. 525, Joliet Junior College | ||||||||
GO, 5.00%, 1/1/2022 | 5,275 | 5,357 | ||||||
GO, 5.00%, 1/1/2023 | 5,495 | 5,836 | ||||||
GO, 5.00%, 1/1/2024 | 2,600 | 2,885 | ||||||
|
| |||||||
Total Illinois | 210,857 | |||||||
|
| |||||||
Indiana — 1.4% |
| |||||||
Brownsburg 1999 School Building Corp. Rev., BAN, 1.50%, 5/13/2022 (e) | 2,000 | 2,002 | ||||||
City of Evansville, Sewage Works Rev., 4.00%, 7/1/2026 | 3,710 | 4,298 | ||||||
City of Rockport, AEP Generating Co. Project | ||||||||
Series A, Rev., 1.35%, 9/1/2022 (c) | 2,000 | 2,021 | ||||||
Series B, Rev., 1.35%, 9/1/2022 (c) | 2,250 | 2,274 | ||||||
City of Rockport, Indiana Michigan Power Co. Project Series 2009B, Rev., 3.05%, 6/1/2025 | 6,500 | 7,134 | ||||||
Fort Wayne Community School Building Corp., Indiana Unlimited Ad Valorem Property Tax, First Mortgage | ||||||||
Rev., 4.00%, 1/15/2022 | 250 | 254 | ||||||
Rev., 4.00%, 7/15/2022 | 125 | 129 | ||||||
Fort Wayne Community Schools GO, 4.00%, 1/15/2022 | 755 | 766 | ||||||
Gary Community School Building Corp., Ad Valorem Property Tax First Mortgage | ||||||||
Series 2020B, Rev., 4.00%, 1/15/2022 | 150 | 152 | ||||||
Series 2020B, Rev., 4.00%, 7/15/2022 | 165 | 170 | ||||||
Series 2020B, Rev., 4.00%, 1/15/2023 | 165 | 173 | ||||||
Series 2020B, Rev., 4.00%, 7/15/2023 | 185 | 197 | ||||||
Series 2020B, Rev., 4.00%, 7/15/2025 | 215 | 241 | ||||||
Series 2020B, Rev., 4.00%, 1/15/2026 | 220 | 250 | ||||||
Series 2020B, Rev., 4.00%, 7/15/2026 | 235 | 269 | ||||||
Indiana Finance Authority, Butler University Project | ||||||||
Rev., 3.00%, 2/1/2022 | 210 | 212 | ||||||
Rev., 3.00%, 2/1/2023 | 225 | 234 | ||||||
Indiana Finance Authority, Goshen Health Series B, Rev., 2.10%, 11/1/2026 (c) | 2,700 | 2,848 | ||||||
Indiana Finance Authority, Indianapolis Power and Light Co. Project Series 2021B, Rev., 0.65%, 9/10/2021 | 4,500 | 4,492 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Indiana — continued |
| |||||||
Indiana Finance Authority, Marian University Project | ||||||||
Series A, Rev., 5.00%, 9/15/2021 | 60 | 60 | ||||||
Series A, Rev., 5.00%, 9/15/2022 | 50 | 52 | ||||||
Series A, Rev., 5.00%, 9/15/2023 | 75 | 81 | ||||||
Series A, Rev., 5.00%, 9/15/2024 | 155 | 175 | ||||||
Indiana Finance Authority, Trinity Health Credit Group Series 2008D-1, Rev., VRDO, 0.02%, 9/10/2021 (c) | 2,295 | 2,295 | ||||||
Indiana Health Facility Financing Authority, Ascension Health Credit Group | ||||||||
Series E-6, Rev., VRDO, 0.01%, 9/8/2021 (c) | 3,000 | 3,000 | ||||||
Series 2001A-2, Rev., 2.00%, 9/10/2021 (c) (d) | 125 | 128 | ||||||
Series 2001A-2, Rev., 2.00%, 2/1/2023 (c) | 24,875 | 25,463 | ||||||
Indiana State Finance Authority, Lease Appropriation, Stadium Project Series 2008A, Rev., VRDO, 0.02%, 9/9/2021 (c) | 6,620 | 6,620 | ||||||
Metropolitan School District of Southwest Allen County | ||||||||
Series 2019B, GO, 4.00%, 1/15/2022 | 100 | 101 | ||||||
Series 2019B, GO, 4.00%, 7/15/2022 | 590 | 610 | ||||||
Series 2019B, GO, 4.00%, 1/15/2023 | 520 | 547 | ||||||
Series 2019B, GO, 4.00%, 7/15/2023 | 485 | 519 | ||||||
Series 2019B, GO, 4.00%, 1/15/2024 | 575 | 626 | ||||||
Metropolitan School District Washington Township GO, 4.00%, 1/15/2022 | 590 | 598 | ||||||
North Putnam Middle School Building Corp., Ad Valorem Property Tax, First Mortgage | ||||||||
Rev., 3.00%, 1/15/2022 | 250 | 252 | ||||||
Rev., 3.00%, 7/15/2022 | 150 | 154 | ||||||
Purdue University, Student Facilities System Series 2007C, Rev., VRDO, 0.01%, 9/8/2021 (c) | 6,460 | 6,460 | ||||||
Tippecanoe County School Building Corp., Ad Valorem Property Tax First Mortgage | ||||||||
Rev., 4.00%, 1/15/2022 | 365 | 370 | ||||||
Rev., 4.00%, 7/15/2022 | 275 | 284 | ||||||
Rev., 4.00%, 1/15/2023 | 300 | 316 | ||||||
Rev., 4.00%, 7/15/2023 | 380 | 407 | ||||||
Town of Schererville, Sewage Works | ||||||||
Rev., 4.00%, 3/1/2022 | 75 | 76 | ||||||
Rev., 4.00%, 3/1/2023 | 75 | 79 | ||||||
Rev., 4.00%, 3/1/2024 | 110 | 120 | ||||||
|
| |||||||
Total Indiana | 77,509 | |||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 159 |
Table of Contents
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Iowa — 0.5% |
| |||||||
City of Altoona | ||||||||
Series 2020A, COP, 4.00%, 6/1/2022 | 225 | 231 | ||||||
Series 2020A, COP, 4.00%, 6/1/2023 | 275 | 294 | ||||||
City of Coralville Series 2016E, COP, 4.00%, 6/1/2023 | 325 | 337 | ||||||
City of Iowa Falls, Capital Lien GO, 3.00%, 6/1/2023 | 230 | 240 | ||||||
County of Plymouth GO, AGM, 3.00%, 6/1/2022 | 290 | 296 | ||||||
Iowa Finance Authority, Health System Rev., (SIFMA Municipal Swap Index Yield + 0.58%), 0.60%, 9/9/2021 (b) (e) | 18,650 | 18,649 | ||||||
Iowa Finance Authority, Single Family Mortgage-Backed Securities Program Rev., VRDO, GNMA/FNMA/FHLMC, LIQ: TD Bank NA, 0.02%, 9/10/2021 (c) | 8,500 | 8,500 | ||||||
North Polk Community School District, Services and Use Tax Series 2020B, Rev., 4.00%, 6/1/2022 | 450 | 463 | ||||||
|
| |||||||
Total Iowa | 29,010 | |||||||
|
| |||||||
Kansas — 0.5% |
| |||||||
Arkansas City Public Building Commission Rev., 3.00%, 9/1/2021 | 175 | 175 | ||||||
City of Manhattan, Temporary Notes GO, 1.50%, 6/15/2022 | 5,815 | 5,820 | ||||||
Johnson County Park and Recreation District | ||||||||
Series 2019B, COP, 3.00%, 9/1/2021 | 255 | 255 | ||||||
Series 2019A, COP, 5.00%, 9/1/2021 | 240 | 240 | ||||||
Series 2019B, COP, 3.00%, 9/1/2022 | 200 | 203 | ||||||
Series 2019A, COP, 5.00%, 9/1/2022 | 250 | 258 | ||||||
Series 2019B, COP, 3.00%, 9/1/2023 | 200 | 210 | ||||||
Series 2019A, COP, 5.00%, 9/1/2023 | 125 | 136 | ||||||
Kansas City, Kansas Community College | ||||||||
Series 2020A, COP, 4.00%, 4/1/2022 | 600 | 613 | ||||||
Series 2020A, COP, 4.00%, 4/1/2023 | 800 | 846 | ||||||
Series 2020A, COP, 4.00%, 4/1/2024 | 500 | 545 | ||||||
Kansas Development Finance Authority, State of Kansas Project | ||||||||
Series 2020R, Rev., 5.00%, 11/1/2021 | 6,960 | 7,016 | ||||||
Series 2020R, Rev., 5.00%, 11/1/2024 | 2,255 | 2,591 | ||||||
Series 2020R, Rev., 5.00%, 11/1/2025 | 3,570 | 4,242 | ||||||
Sedgwick County Unified School District No. 265 Goddard | ||||||||
Series 2020A, GO, 3.00%, 10/1/2021 | 275 | 276 | ||||||
Series 2020A, GO, 3.00%, 10/1/2022 | 295 | 304 | ||||||
Series 2020A, GO, 3.00%, 10/1/2023 | 350 | 370 | ||||||
Series 2020A, GO, 3.00%, 10/1/2024 | 1,050 | 1,135 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Kansas — continued |
| |||||||
Sedgwick County Unified School District No. 267 Renwick | ||||||||
Series 2019A, GO, 3.00%, 11/1/2022 | 100 | 103 | ||||||
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 | 200 | ||||||
Series 2019A, GO, AGM, 3.00%, 9/1/2022 | 125 | 128 | ||||||
Series 2019A, GO, AGM, 3.00%, 9/1/2023 | 400 | 420 | ||||||
Series 2019A, GO, AGM, 3.00%, 9/1/2024 | 400 | 430 | ||||||
|
| |||||||
Total Kansas | 26,622 | |||||||
|
| |||||||
Kentucky — 1.3% |
| |||||||
City of Ashland, Ashland Hospital Corp. DBA King’s Daughters Medical Center | ||||||||
Rev., 5.00%, 2/1/2022 | 500 | 509 | ||||||
Rev., 5.00%, 2/1/2023 | 600 | 639 | ||||||
Rev., 5.00%, 2/1/2024 | 575 | 636 | ||||||
City of Hazard, Appalachian Regl Healthcare, Inc. Rev., 5.00%, 7/1/2027 | 600 | 743 | ||||||
County of Owen, Water Facilities, Kentucky-American Water Co. Project Rev., 0.70%, 9/1/2023 (c) | 2,500 | 2,503 | ||||||
Kentucky Asset Liability Commission | ||||||||
Series 2021A, Rev., 4.00%, 11/1/2021 | 3,475 | 3,497 | ||||||
Series 2021A, Rev., 5.00%, 11/1/2022 | 4,500 | 4,758 | ||||||
Series 2021A, Rev., 5.00%, 11/1/2023 | 2,500 | 2,754 | ||||||
Series 2021A, Rev., 5.00%, 11/1/2024 | 2,500 | 2,861 | ||||||
Series 2021A, Rev., 5.00%, 11/1/2025 | 3,000 | 3,548 | ||||||
Kentucky Asset Liability Commission, Federal Highway Trust Fund Series 2020A, Rev., 5.00%, 9/1/2022 | 3,250 | 3,407 | ||||||
Kentucky Housing Corp., BTT Development III Portfolio Rev., 1.40%, 6/1/2022 (c) | 3,315 | 3,343 | ||||||
Kentucky Public Energy Authority, Gas Supply | ||||||||
Series A, Rev., 4.00%, 4/1/2022 | 1,210 | 1,237 | ||||||
Series A, Rev., 4.00%, 4/1/2024 (c) | 18,685 | 20,334 | ||||||
Kentucky State Property and Building Commission, Project No. 125 | ||||||||
Series A, Rev., 5.00%, 3/1/2022 | 5,500 | 5,634 | ||||||
Series A, Rev., 5.00%, 9/1/2022 | 3,000 | 3,147 | ||||||
Kentucky State Property and Buildings Commission, Project No. 110 Rev., 5.00%, 8/1/2024 | 85 | 96 | ||||||
Louisville and Jefferson County Metropolitan Government, Louisville Gas and Electric Co. Project Series 2020A, Rev., 0.90%, 9/10/2021 | 5,000 | 4,995 |
SEE NOTES TO FINANCIAL STATEMENTS.
160 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Kentucky — continued |
| |||||||
Louisville and Jefferson County Metropolitan Government, Norton Healthcare, Inc. Series 2011A, Rev., VRDO, LOC: PNC Bank NA, 0.02%, 9/8/2021 (c) | 1,700 | 1,700 | ||||||
Louisville Regional Airport Authority, Airport System Series A, Rev., AMT, 5.00%, 7/1/2022 | 1,000 | 1,039 | ||||||
Paducah Electric Plant Board | ||||||||
Rev., 5.00%, 10/1/2021 | 2,300 | 2,309 | ||||||
Rev., 5.00%, 10/1/2022 | 2,000 | 2,097 | ||||||
Rev., 5.00%, 10/1/2023 | 2,000 | 2,184 | ||||||
|
| |||||||
Total Kentucky | 73,970 | |||||||
|
| |||||||
Louisiana — 3.0% |
| |||||||
Calcasieu Parish School District No. 23, Public School Improvement | ||||||||
GO, 5.00%, 9/1/2023 | 180 | 196 | ||||||
GO, 5.00%, 9/1/2024 | 250 | 284 | ||||||
Calcasieu Parish School District No. 34 GO, AGM, 3.00%, 1/15/2022 | 520 | 525 | ||||||
City of Shreveport, Water and Sewer Improvement GO, 5.00%, 9/1/2021 | 145 | 145 | ||||||
City of Shreveport, Water and Sewer, Junior Lien | ||||||||
Series 2019B, Rev., AGM, 4.00%, 12/1/2023 | 310 | 335 | ||||||
Series 2019B, Rev., AGM, 5.00%, 12/1/2024 | 225 | 258 | ||||||
City of Youngsville, Sales Tax Rev., 3.00%, 12/1/2021 | 255 | 257 | ||||||
Louisiana Local Government Environmental Facilities and Community Development Authority, East Ascension Consolidated Gravity Drainage District No. 1 Rev., 5.00%, 12/1/2025 | 715 | 847 | ||||||
Louisiana Local Government Environmental Facilities and Community Development Authority, East Baton Rouge Sewerage Commission Projects Rev., 5.00%, 2/1/2023 (d) | 3,000 | 3,206 | ||||||
Louisiana Local Government Environmental Facilities and Community Development Authority, LCTCS Act 391 Project Rev., 5.00%, 10/1/2021 | 1,500 | 1,506 | ||||||
Louisiana Public Facilities Authority, Louisiana Children’s Medical Center Project Rev., (SIFMA Municipal Swap Index Yield + 0.65%), 0.67%, 9/9/2021 (b) | 40,000 | 40,090 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Louisiana — continued |
| |||||||
Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project Rev., 5.00%, 5/15/2025 (c) | 8,410 | 9,773 | ||||||
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 | 120 | ||||||
Louisiana Stadium and Exposition District Rev., BAN, 4.00%, 7/3/2023 | 3,325 | 3,505 | ||||||
Parish of St. Charles, Pollution Control, Shell Oil Co., Norco Project Series B, Rev., VRDO, 0.01%, 9/10/2021��(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 | 18,722 | ||||||
Subseries 2017B-2, Rev., 2.37%, 7/1/2026 (c) | 12,800 | 13,622 | ||||||
State of Louisiana Gasoline and Fuels Tax, Second Lien | ||||||||
Series 2017D, Rev., 0.55%, 5/1/2022 (c) | 16,035 | 16,040 | ||||||
Series 2017A, Rev., 0.60%, 5/1/2023 (c) | 60,000 | 60,060 | ||||||
Zachary Community School District No. 1 | ||||||||
GO, 3.00%, 3/1/2022 | 685 | 694 | ||||||
GO, 3.00%, 3/1/2023 | 715 | 744 | ||||||
|
| |||||||
Total Louisiana | 171,149 | |||||||
|
| |||||||
Maine — 0.0% (f) |
| |||||||
Maine Health and Higher Educational Facilities Authority, Mainehealth Series 2020A, Rev., 5.00%, 7/1/2026 | 250 | 302 | ||||||
|
| |||||||
Maryland — 1.6% |
| |||||||
County of Calvert, Consolidated Public Improvement | ||||||||
GO, 4.00%, 9/10/2021 | 2,245 | 2,561 | ||||||
GO, 4.00%, 7/1/2022 | 1,940 | 2,003 | ||||||
GO, 4.00%, 7/1/2023 | 2,070 | 2,218 | ||||||
GO, 4.00%, 7/1/2024 | 2,010 | 2,227 | ||||||
County of Montgomery, Public Improvement Series 2020B, GO, 4.00%, 11/1/2024 | 1,000 | 1,119 | ||||||
County of Montgomery, Trinity Health Credit Group Series 2013MD, Rev., VRDO, 0.08%, 9/10/2021 (c) | 24,500 | 24,500 | ||||||
Maryland Health and Higher Educational Facilities Authority, Anne Arundel Health System Issue Series 2009-B, Rev., VRDO, LOC: Bank of America NA, 0.02%, 9/10/2021 (c) | 1,900 | 1,900 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 161 |
Table of Contents
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Maryland — continued |
| |||||||
Maryland Health and Higher Educational Facilities Authority, Pooled Loan Program | ||||||||
Series 1985A, Rev., VRDO, LOC: TD Bank NA, 0.02%, 9/10/2021 (c) | 5,400 | 5,400 | ||||||
Series B, Rev., VRDO, LOC: TD Bank NA, 0.02%, 9/10/2021 (c) | 16,915 | 16,915 | ||||||
Maryland Stadium Authority, Sports Facilities, Football Stadium Rev., VRDO, LIQ: Sumitomo Mitsui Banking Corp., 0.01%, 9/10/2021 (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 | 3,341 | ||||||
Washington Suburban Sanitary Commission, Multi-Modal Bond Series A-2, Rev., VRDO, BAN, GTD, LIQ: TD Bank NA, 0.01%, 9/8/2021 (c) | 7,500 | 7,500 | ||||||
|
| |||||||
Total Maryland | 89,019 | |||||||
|
| |||||||
Massachusetts — 2.7% |
| |||||||
City of Boston Series 2020D, GO, 5.00%, 3/1/2024 | 2,335 | 2,617 | ||||||
City of Everett, Anticipation Notes GO, BAN, 2.00%, 2/11/2022 | 10,500 | 10,590 | ||||||
City of New Bedford GO, BAN, 2.00%, 4/15/2022 | 9,245 | 9,356 | ||||||
Commonwealth of Massachusetts Series A, GO, (ICE LIBOR USD 3 Month + 0.55%), 0.63%, 11/1/2021 (b) | 30,000 | 30,139 | ||||||
Commonwealth of Massachusetts, Consolidated Loan of 2014 Subseries D-2, GO, 1.70%, 8/1/2022 (c) | 5,500 | 5,577 | ||||||
Massachusetts Bay Transportation Authority, Sales Tax Series 2018A-2, Rev., VRDO, LIQ: State Street Bank & Trust, 0.01%, 9/8/2021 (c) | 3,355 | 3,355 | ||||||
Massachusetts Development Finance Agency, Northeastern University Issue | ||||||||
Series 2020A, Rev., 5.00%, 10/1/2022 | 3,600 | 3,788 | ||||||
Series 2020A, Rev., 5.00%, 10/1/2023 | 2,900 | 3,191 | ||||||
Series 2020A, Rev., 5.00%, 10/1/2024 | 1,580 | 1,811 | ||||||
Series 2020A, Rev., 5.00%, 10/1/2025 | 975 | 1,159 | ||||||
Series 2020A, Rev., 5.00%, 10/1/2026 | 895 | 1,097 | ||||||
Massachusetts Development Finance Agency, Partners Healthcare System Issue | ||||||||
Series 2017S-5, Rev., (SIFMA Municipal Swap Index Yield + 0.42%), 0.44%, 9/9/2021 (b) | 10,000 | 10,001 | ||||||
Series 2017S, Rev., (SIFMA Municipal Swap Index Yield + 0.50%), 0.52%, 9/9/2021 (b) | 1,500 | 1,503 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Massachusetts — continued |
| |||||||
Massachusetts Development Finance Agency, Suffolk University Issue | ||||||||
Rev., 5.00%, 7/1/2022 | 390 | 405 | ||||||
Rev., 5.00%, 7/1/2024 | 350 | 394 | ||||||
Massachusetts Development Finance Agency, Wellforce Issue | ||||||||
Series 2020C, Rev., AGM, 5.00%, 10/1/2021 | 120 | 120 | ||||||
Series 2020C, Rev., AGM, 5.00%, 10/1/2022 | 150 | 158 | ||||||
Series 2020C, Rev., AGM, 5.00%, 10/1/2023 | 100 | 109 | ||||||
Series 2020C, Rev., AGM, 5.00%, 10/1/2024 | 115 | 131 | ||||||
Series 2020C, Rev., AGM, 5.00%, 10/1/2025 | 175 | 206 | ||||||
Series 2020C, Rev., AGM, 5.00%, 10/1/2026 | 175 | 212 | ||||||
Massachusetts Development Finance Agency, Western New England University Issue Rev., 5.00%, 9/1/2021 | 265 | 265 | ||||||
Massachusetts Port Authority Series 2019-A, Rev., AMT, 5.00%, 9/10/2021 (d) | 2,500 | 2,598 | ||||||
Massachusetts Transportation Trust Fund Metropolitan Highway System Series 2010A-1, Rev., VRDO, LOC: Citibank NA, 0.01%, 9/8/2021 (c) | 14,200 | 14,200 | ||||||
Massachusetts Transportation Trust Fund Metropolitan Highway System, Commonwealth Contract Assistance Secured Series A, Rev., 5.00%, 9/10/2021 (c) | 10,000 | 10,635 | ||||||
Massachusetts Water Resources Authority Series A-3, Rev., VRDO, LIQ: Wells Fargo Bank NA, 0.02%, 9/8/2021 (c) | 27,170 | 27,170 | ||||||
University of Massachusetts Building Authority | ||||||||
Rev., 5.00%, 9/10/2021 (d) | 3,195 | 3,678 | ||||||
Rev., 5.00%, 11/1/2024 (d) | 6,290 | 7,243 | ||||||
Series 2015-1, Rev., 5.00%, 11/1/2025 (d) | 250 | 298 | ||||||
|
| |||||||
Total Massachusetts | 152,006 | |||||||
|
| |||||||
Michigan — 2.3% |
| |||||||
City of Charlevoix, Building Authority, Limited Tax | ||||||||
Rev., 4.00%, 9/10/2021 | 175 | 182 | ||||||
Rev., 4.00%, 10/1/2021 | 215 | 216 | ||||||
Rev., 4.00%, 10/1/2023 | 110 | 118 |
SEE NOTES TO FINANCIAL STATEMENTS.
162 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Michigan — continued |
| |||||||
City of Gladstone, Capital Improvement, Limited Tax | ||||||||
GO, AGM, 3.00%, 3/1/2022 | 250 | 253 | ||||||
GO, AGM, 3.00%, 3/1/2023 | 260 | 270 | ||||||
GO, AGM, 3.00%, 3/1/2024 | 265 | 282 | ||||||
GO, AGM, 3.00%, 3/1/2025 | 275 | 299 | ||||||
Frankenmuth School District, School Building and Site GO, Q-SBLF, 4.00%, 5/1/2023 | 200 | 213 | ||||||
Fulton School District, Unlimited Tax | ||||||||
GO, AGM, 4.00%, 5/1/2025 | 215 | 241 | ||||||
GO, AGM, 4.00%, 5/1/2026 | 220 | 253 | ||||||
GO, AGM, 4.00%, 5/1/2027 | 210 | 246 | ||||||
Grand Rapids Public Schools, Unlimited Tax GO, AGM, 5.00%, 11/1/2021 | 2,225 | 2,243 | ||||||
Hopkins Public Schools | ||||||||
Series 2019A, GO, Q-SBLF, 4.00%, 5/1/2022 | 160 | 164 | ||||||
Series 2019A, GO, Q-SBLF, 4.00%, 5/1/2023 | 365 | 388 | ||||||
Huron Valley School District, Unlimited Tax | ||||||||
GO, Q-SBLF, 2.00%, 9/10/2021 | 5,950 | 6,128 | ||||||
GO, Q-SBLF, 2.00%, 5/1/2022 | 5,000 | 5,063 | ||||||
GO, Q-SBLF, 2.00%, 5/1/2024 | 5,825 | 6,096 | ||||||
GO, Q-SBLF, 2.00%, 5/1/2025 | 2,050 | 2,171 | ||||||
Jackson Public Schools, Unlimited Tax | ||||||||
GO, Q-SBLF, 4.00%, 5/1/2023 | 605 | 643 | ||||||
GO, Q-SBLF, 4.00%, 5/1/2024 | 690 | 759 | ||||||
Kelloggsville Public Schools, School Building and Site GO, AGM, 4.00%, 5/1/2022 | 380 | 390 | ||||||
Kent Hospital Finance Authority, Spectrum Health System Series 2008B-3, Rev., VRDO, LIQ: Wells Fargo Bank NA, 0.02%, 9/8/2021 (c) | 34,040 | 34,040 | ||||||
Lakeview School District, School Building and Site, Unlimited Tax Series B, GO, VRDO, LOC: TD Bank NA, 0.02%, 9/9/2021 (c) | 8,330 | 8,330 | ||||||
Leland Public School District | ||||||||
GO, AGM, 4.00%, 5/1/2022 | 510 | 523 | ||||||
GO, AGM, 4.00%, 5/1/2023 | 785 | 834 | ||||||
Michigan Finance Authority, Bronson Healthcare Group, Inc. Series B, Rev., 3.50%, 11/15/2022 (c) | 4,165 | 4,313 | ||||||
Michigan Finance Authority, Trinity Health Credit Group Series MI-1, Rev., VRDO, 0.08%, 12/1/2021 (c) | 14,500 | 14,500 | ||||||
Michigan State Hospital Finance Authority, Ascension Health Credit Group Series 2010F-3, Rev., 4.00%, 9/10/2021 (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, 0.05%, 9/8/2021 (c) | 6,295 | 6,295 | ||||||
Michigan State Housing Development Authority, Woodland Hills Apartments Project Rev., 0.23%, 10/1/2022 (c) | 7,200 | 7,203 | ||||||
Michigan Strategic Fund, Holland Home Obligated Group | ||||||||
Rev., 4.00%, 11/15/2021 | 180 | 181 | ||||||
Rev., 4.00%, 11/15/2022 | 180 | 187 | ||||||
Rev., 4.00%, 11/15/2023 | 190 | 202 | ||||||
Michigan Strategic Fund, Waste Management, Inc. Project Rev., 0.58%, 8/1/2024 (c) | 3,000 | 3,001 | ||||||
South Haven Township and Casco Township, Water and Sewage Treatment Authority, Limited Tax | ||||||||
Rev., 4.00%, 9/10/2021 | 480 | 510 | ||||||
Rev., 4.00%, 5/1/2022 | 285 | 292 | ||||||
Rev., 4.00%, 5/1/2024 | 720 | 788 | ||||||
State of Michigan Rev., GAN, 5.00%, 3/15/2025 | 12,225 | 14,238 | ||||||
Waterford School District, Unlimited Tax | ||||||||
GO, Q-SBLF, 4.00%, 5/1/2022 | 650 | 667 | ||||||
GO, Q-SBLF, 4.00%, 5/1/2023 | 1,340 | 1,425 | ||||||
GO, Q-SBLF, 4.00%, 5/1/2024 | 1,360 | 1,494 | ||||||
Wayne County Airport Authority Series G, Rev., 5.00%, 12/1/2024 | 1,000 | 1,153 | ||||||
Wayne-Westland Community Schools, Building and Site Unlimited Tax | ||||||||
GO, Q-SBLF, 4.00%, 11/1/2021 | 785 | 790 | ||||||
GO, Q-SBLF, 4.00%, 5/1/2022 | 160 | 164 | ||||||
GO, Q-SBLF, 5.00%, 11/1/2022 | 290 | 306 | ||||||
|
| |||||||
Total Michigan | 129,160 | |||||||
|
| |||||||
Minnesota — 0.5% |
| |||||||
City of Minneapolis & St. Paul Housing and Redevelopment Authority, Health Care, Allina Health System Series 2007C-2, Rev., VRDO, LOC: Wells Fargo Bank NA, 0.02%, 9/9/2021 (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, 0.02%, 9/9/2021 (c) | 10,280 | 10,280 | ||||||
City of Wayzata, Folkestone Senior Living Community | ||||||||
Rev., 3.00%, 8/1/2022 | 200 | 203 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 163 |
Table of Contents
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Minnesota — continued |
| |||||||
Rev., 3.00%, 8/1/2023 | 100 | 103 | ||||||
Rev., 3.00%, 8/1/2024 | 100 | 104 | ||||||
Duluth Economic Development Authority, Benedictine Health System | ||||||||
Series 2021A, Rev., 3.00%, 7/1/2023 | 210 | 219 | ||||||
Series 2021A, Rev., 3.00%, 7/1/2024 | 100 | 105 | ||||||
Series 2021A, Rev., 3.00%, 7/1/2025 | 100 | 106 | ||||||
Series 2021A, Rev., 3.00%, 7/1/2026 | 180 | 192 | ||||||
Duluth Housing and Redevelopment Authority, Duluth Public Schools Academy Project | ||||||||
Series 2018-A, Rev., 3.38%, 11/1/2021 | 330 | 331 | ||||||
Series 2018-A, Rev., 3.63%, 11/1/2022 | 345 | 354 | ||||||
Series 2018-A, Rev., 3.88%, 11/1/2023 | 325 | 341 | ||||||
Duluth Independent School District No. 709 | ||||||||
Series 2019B, COP, 5.00%, 2/1/2022 | 160 | 163 | ||||||
Series 2019C, COP, 5.00%, 2/1/2022 | 135 | 137 | ||||||
Series 2019B, COP, 5.00%, 2/1/2023 | 185 | 196 | ||||||
Metropolitan Council, Minneapolis St. Paul Metropolitan Area Series 2020C, GO, GAN, 0.38%, 12/1/2022 | 5,000 | 5,005 | ||||||
Minneapolis-St. Paul Metropolitan Airports Commission Series 2016B, Rev., 5.00%, 1/1/2022 | 1,325 | 1,345 | ||||||
Minnesota Higher Education Facilities Authority, College of St. Scholastica, Inc. | ||||||||
Rev., 3.00%, 12/1/2021 | 75 | 75 | ||||||
Rev., 3.00%, 12/1/2022 | 100 | 103 | ||||||
Rev., 3.00%, 12/1/2023 | 100 | 105 | ||||||
Minnesota Tax and Aid Anticipation Borrowing Program Series 2020A, COP, 1.00%, 9/10/2021 | 40 | 40 | ||||||
|
| |||||||
Total Minnesota | 25,967 | |||||||
|
| |||||||
Mississippi — 0.3% |
| |||||||
City of Tupelo | ||||||||
GO, 4.00%, 12/1/2021 | 125 | 126 | ||||||
GO, 4.00%, 12/1/2022 | 245 | 257 | ||||||
GO, 4.00%, 12/1/2023 | 315 | 341 | ||||||
County of Warren, Gulf Opportunity Zone, International Paper Co. Project | ||||||||
Series 2020A, Rev., 1.37%, 6/16/2025 (c) | 1,750 | 1,812 | ||||||
Series 2020C, Rev., 1.37%, 6/16/2025 (c) | 1,500 | 1,552 | ||||||
Mississippi Business Finance Corp., Gulf Opportunity Zone Industrial Development, Chevron USA, Inc. Project Series 2010 H, Rev., VRDO, 0.01%, 9/3/2021 (c) | 11,335 | 11,335 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Mississippi — continued |
| |||||||
Mississippi Development Bank, Rankin County Bond Project Rev., 3.00%, 3/1/2022 | 100 | 101 | ||||||
Mississippi Development Bank, Special Obligation, Biloxi Project Rev., 3.00%, 3/1/2022 | 175 | 177 | ||||||
Mississippi Hospital Equipment and Facilities Authority, Forrest County General Hospital Refunding Project | ||||||||
Series B, Rev., 5.00%, 1/1/2022 | 320 | 325 | ||||||
Series B, Rev., 5.00%, 1/1/2023 | 370 | 393 | ||||||
Series B, Rev., 5.00%, 1/1/2024 | 370 | 408 | ||||||
State of Mississippi, Capital Improvements Project Series 2011A, GO, 5.00%, 10/1/2021 (d) | 25 | 25 | ||||||
State of Mississippi, Gaming Tax Series 2019A, Rev., 5.00%, 10/15/2021 | 700 | 704 | ||||||
|
| |||||||
Total Mississippi | 17,556 | |||||||
|
| |||||||
Missouri — 0.8% |
| |||||||
Belton School District No. 124, Belton School District Project COP, AGM, 4.00%, 1/15/2022 (d) | 100 | 101 | ||||||
City of Kansas City, Roe Bartle Convention Center Series 2008F, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.02%, 9/8/2021 (c) | 4,490 | 4,490 | ||||||
City of St. Peters | ||||||||
COP, 4.00%, 5/1/2022 | 605 | 620 | ||||||
COP, 4.00%, 5/1/2023 | 625 | 664 | ||||||
COP, 4.00%, 5/1/2024 | 650 | 712 | ||||||
COP, 4.00%, 5/1/2025 | 425 | 479 | ||||||
County of Greene, Special Obligation | ||||||||
Rev., 4.00%, 12/1/2021 | 205 | 207 | ||||||
Rev., 4.00%, 12/1/2022 | 260 | 273 | ||||||
Rev., 4.00%, 12/1/2023 | 520 | 563 | ||||||
Rev., 4.00%, 12/1/2024 | 540 | 602 | ||||||
County of Jackson, Harry S. Truman Sports Complex Project Rev., 5.00%, 12/1/2022 | 4,000 | 4,226 | ||||||
County of St. Louis, Special Obligation | ||||||||
Series 2021B, Rev., 5.00%, 12/1/2024 | 3,595 | 4,144 | ||||||
Series 2021B, Rev., 5.00%, 12/1/2025 | 1,885 | 2,249 | ||||||
Series 2021B, Rev., 5.00%, 12/1/2026 | 3,955 | 4,859 | ||||||
Greene County Reorganized School District No. R-8 | 500 | 507 | ||||||
Series 2019B, GO, 3.00%, 3/1/2023 | 595 | 621 |
SEE NOTES TO FINANCIAL STATEMENTS.
164 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Missouri — continued |
| |||||||
Health and Educational Facilities Authority of the State of Missouri, BJC Health System | ||||||||
Series C, Rev., VRDO, LIQ: BJC Health System, 0.02%, 9/10/2021 (c) | 1,285 | 1,285 | ||||||
Series 2021B, Rev., 4.00%, 5/1/2026 (c) | 7,500 | 8,697 | ||||||
Missouri Western State University, Auxiliary System Rev., 2.80%, 10/1/2022 | 50 | 50 | ||||||
Nixa Public Schools | ||||||||
Series 2019B, GO, 4.00%, 9/10/2021 | 175 | 178 | ||||||
Series 2019B, GO, 5.00%, 3/1/2023 | 200 | 215 | ||||||
St. Louis County Special School District | ||||||||
COP, 4.00%, 4/1/2022 | 395 | 404 | ||||||
COP, 4.00%, 4/1/2023 | 410 | 435 | ||||||
COP, 4.00%, 4/1/2024 | 605 | 661 | ||||||
Tender Option Bond Trust Receipts/Certificates Series 2018-XG0176, Rev., VRDO, LIQ: Royal Bank of Canada, 0.14%, 9/10/2021 (c) (e) | 8,200 | 8,200 | ||||||
|
| |||||||
Total Missouri | 45,442 | |||||||
|
| |||||||
Montana — 0.1% |
| |||||||
Montana State Board of Regents, Montana State University Series F, Rev., (SIFMA Municipal Swap Index Yield + 0.45%), 0.47%, 9/9/2021 (b) | 3,130 | 3,139 | ||||||
|
| |||||||
Nebraska — 0.1% |
| |||||||
City of Omaha, Special Tax Series A, Rev., 5.00%, 1/15/2022 | 125 | 127 | ||||||
County of Saunders | ||||||||
GO, 1.00%, 11/1/2021 | 100 | 100 | ||||||
GO, 2.00%, 11/1/2022 | 300 | 306 | ||||||
GO, 3.00%, 11/1/2023 | 325 | 344 | ||||||
GO, 3.00%, 11/1/2024 | 415 | 449 | ||||||
County of Washington, Wastewater and Solid Waste Disposal Facilities, Cargill Incorporated Projects Rev., AMT, 0.90%, 9/1/2025 (c) | 6,800 | 6,911 | ||||||
|
| |||||||
Total Nebraska | 8,237 | |||||||
|
| |||||||
Nevada — 0.5% |
| |||||||
City of Carson, Carson Tahoe Regional Healthcare Project Rev., 5.00%, 9/1/2027 | 610 | 752 | ||||||
City of Sparks, Senior Sales Tax Series 2019A, Rev., 2.50%, 9/10/2021 (e) | 595 | 605 | ||||||
Clark County School District, Limited Tax Series C, GO, 5.00%, 6/15/2023 | 2,000 | 2,174 | ||||||
County of Clark, Department of Aviation, Nevada Airport System, Subordinate Lien Series 2008D-3, Rev., VRDO, LOC: Bank of America NA, 0.02%, 9/8/2021 (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 | 4,594 | ||||||
County of Washoe, Water Facilities Bonds, Sierra Pacific Power Company Project | ||||||||
Rev., AMT, 0.63%, 4/15/2022 (c) | 4,000 | 4,007 | ||||||
Series 2016G, Rev., 1.85%, 4/15/2022 (c) | 5,000 | 5,049 | ||||||
State of Nevada Department of Business and Industry, Brightline West Passenger Rail Series 2020A, Rev., AMT, 0.25%, 2/1/2022 (c) (e) | 7,500 | 7,502 | ||||||
|
| |||||||
Total Nevada | 29,118 | |||||||
|
| |||||||
New Hampshire — 0.4% |
| |||||||
New Hampshire Business Finance Authority, Waste Management, Inc., Project Series 2018A, Rev., AMT, (SIFMA Municipal Swap Index Yield + 0.38%), 0.39%, 9/9/2021 (b) | 24,500 | 24,500 | ||||||
|
| |||||||
New Jersey — 3.4% |
| |||||||
Atlantic County Improvement Authority (The), Atlantic City Campus Phase II Project | ||||||||
Series 2021A, Rev., AGM, 5.00%, 7/1/2024 | 75 | 85 | ||||||
Series 2021A, Rev., AGM, 5.00%, 7/1/2025 | 100 | 117 | ||||||
Series 2021A, Rev., AGM, 5.00%, 7/1/2026 | 100 | 120 | ||||||
Borough of Paramus GO, BAN, 2.00%, 10/15/2021 | 7,510 | 7,527 | ||||||
Borough of Stone Harbor GO, BAN, 1.25%, 10/29/2021 | 16,255 | 16,279 | ||||||
Burlington County Bridge Commission, Governmental Leasing Program Series 2020C-1 & C-2, Rev., 2.00%, 11/11/2021 | 20,000 | 20,076 | ||||||
City of Newark | ||||||||
Series 2020A, GO, 5.00%, 10/1/2021 | 110 | 110 | ||||||
Series 2020B, GO, 5.00%, 10/1/2021 | 250 | 251 | ||||||
Series 2020A, GO, 5.00%, 10/1/2022 | 750 | 784 | ||||||
Series 2020B, GO, 5.00%, 10/1/2022 | 500 | 524 | ||||||
Series 2020A, GO, AGM, 5.00%, 10/1/2023 | 1,000 | 1,091 | ||||||
Series 2020B, GO, AGM, 5.00%, 10/1/2023 | 525 | 573 | ||||||
Series 2020A, GO, AGM, 5.00%, 10/1/2024 | 1,000 | 1,131 | ||||||
Series 2020B, GO, AGM, 5.00%, 10/1/2024 | 650 | 736 | ||||||
Series 2020A, GO, AGM, 5.00%, 10/1/2025 | 850 | 993 | ||||||
Series 2020B, GO, AGM, 5.00%, 10/1/2025 | 595 | 695 | ||||||
Series 2020A, GO, AGM, 5.00%, 10/1/2026 | 750 | 902 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 165 |
Table of Contents
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
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 | 345 | ||||||
East Brunswick Township Board of Education, School Energy Savings GO, 5.00%, 8/1/2022 | 110 | 115 | ||||||
Jersey City Municipal Utilities Authority, Water Project Notes Rev., 3.00%, 7/1/2022 | 16,000 | 16,355 | ||||||
New Brunswick Parking Authority, Tax-Exempt | ||||||||
Series 2020B, Rev., GTD, 5.00%, 9/1/2021 | 70 | 70 | ||||||
Series 2020B, Rev., GTD, 5.00%, 9/1/2022 | 350 | 366 | ||||||
Series 2020B, Rev., GTD, 5.00%, 9/1/2023 | 335 | 365 | ||||||
Series 2020B, Rev., GTD, 5.00%, 9/1/2024 | 425 | 482 | ||||||
Series 2020B, Rev., GTD, 5.00%, 9/1/2025 | 425 | 499 | ||||||
Series 2020A, Rev., GTD, 5.00%, 9/1/2026 | 500 | 605 | ||||||
New Jersey Economic Development Authority, School Facilities Construction | ||||||||
Rev., 5.00%, 6/15/2022 | 100 | 104 | ||||||
Rev., 5.00%, 6/15/2023 | 110 | 119 | ||||||
Rev., 5.00%, 6/15/2024 | 300 | 339 | ||||||
Rev., 5.00%, 6/15/2025 | 550 | 643 | ||||||
Rev., 5.00%, 6/15/2026 | 555 | 669 | ||||||
New Jersey Transportation Trust Fund Authority | ||||||||
Series 2021A, Rev., 5.00%, 6/15/2025 | 2,750 | 3,217 | ||||||
Series 2021A, Rev., 5.00%, 6/15/2026 | 2,500 | 3,015 | ||||||
New Jersey Turnpike Authority Series D, Rev., 5.00%, 1/1/2028 | 7,000 | 8,424 | ||||||
Passaic County Improvement Authority (The), City of Paterson Project Rev., GTD, 5.00%, 8/15/2026 | 350 | 427 | ||||||
Passaic Valley Sewerage Commission, Sewer System | ||||||||
Series J, Rev., AGM, 3.00%, 12/1/2025 | 1,825 | 2,012 | ||||||
Series J, Rev., AGM, 3.00%, 12/1/2026 | 6,285 | 7,038 | ||||||
State of New Jersey, COVID-19 Emergency Bonds | ||||||||
GO, 4.00%, 6/1/2023 | 21,380 | 22,783 | ||||||
GO, 5.00%, 6/1/2024 | 26,250 | 29,617 | ||||||
GO, 5.00%, 6/1/2025 | 12,670 | 14,812 | ||||||
Township of Chatham GO, BAN, 1.50%, 4/8/2022 | 11,475 | 11,568 | ||||||
Township of West Milford GO, BAN, 1.25%, 9/17/2021 | 18,738 | 18,746 | ||||||
|
| |||||||
Total New Jersey | 194,729 | |||||||
|
|
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
New Mexico — 0.2% |
| |||||||
City of Rio Rancho, Water and Wastewater System Rev., 5.00%, 5/15/2022 | 1,250 | 1,293 | ||||||
City of Santa Fe, El Castillo Retirement Residences Project Series 2019B-2, Rev., 2.25%, 5/15/2024 | 600 | 601 | ||||||
County of Sandoval GO, 5.00%, 8/1/2022 | 560 | 585 | ||||||
New Mexico Hospital Equipment Loan Council, Haverland Carter Lifestyle Group — La Vida Llena Expansion Project | ||||||||
Series C, Rev., 2.25%, 9/10/2021 | 1,525 | 1,526 | ||||||
Series C, Rev., 2.38%, 7/1/2024 | 1,525 | 1,526 | ||||||
University of New Mexico (The), Subordinate Lien System Series 2002B, Rev., VRDO, LIQ: U.S. Bank NA, 0.02%, 9/8/2021 (c) | 2,360 | 2,360 | ||||||
University of New Mexico, Gallup Branch Community College District GO, 2.00%, 10/15/2022 | 1,500 | 1,502 | ||||||
|
| |||||||
Total New Mexico | 9,393 | |||||||
|
| |||||||
New York — 21.7% |
| |||||||
Afton Central School District GO, BAN, 1.25%, 7/15/2022 | 6,000 | 6,055 | ||||||
Albany City School District | ||||||||
Series 2021A, GO, BAN, 3.00%, 3/25/2022 | 46,605 | 47,355 | ||||||
Series B, GO, BAN, 1.00%, 7/29/2022 | 65,590 | 66,111 | ||||||
Amsterdam City School District GO, BAN, 1.25%, 6/24/2022 | 23,548 | 23,754 | ||||||
Ardsley Union Free School District GO, BAN, 1.25%, 2/11/2022 | 2,694 | 2,708 | ||||||
Battery Park City Authority | ||||||||
Series 2019D-2, Rev., VRDO, LIQ: TD Bank NA, 0.02%, 9/9/2021 (c) | 935 | 935 | ||||||
Series 2019D-1, Rev., VRDO, LIQ: TD Bank NA, 0.02%, 9/10/2021 (c) | 14,855 | 14,855 | ||||||
Berlin Central School District GO, BAN, 2.00%, 6/29/2022 | 5,195 | 5,273 | ||||||
Brasher Falls Central School District Series 2021B, GO, BAN, 1.25%, 7/13/2022 | 15,811 | 15,960 | ||||||
Broome County Local Development Corp., United Health Services Hospitals, Inc., Project | ||||||||
Rev., AGM, 5.00%, 4/1/2024 | 500 | 560 | ||||||
Rev., AGM, 5.00%, 4/1/2025 | 500 | 580 | ||||||
Rev., AGM, 5.00%, 4/1/2026 | 500 | 599 | ||||||
Canaseraga Central School District GO, BAN, 1.25%, 7/20/2022 | 3,640 | 3,674 | ||||||
Canastota Central School District GO, BAN, 1.25%, 6/29/2022 | 19,200 | 19,378 |
SEE NOTES TO FINANCIAL STATEMENTS.
166 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
New York — continued |
| |||||||
Catskill Central School District GO, BAN, 1.25%, 6/29/2022 | 26,960 | 27,199 | ||||||
Central Square Central School District GO, BAN, 1.25%, 11/19/2021 | 11,995 | 12,023 | ||||||
Cheektowaga Central School District GO, BAN, 1.25%, 9/10/2021 | 15,400 | 15,434 | ||||||
Chenango Forks Central School District Series 2021B, GO, BAN, 1.25%, 6/30/2022 | 12,000 | 12,098 | ||||||
Chenango Valley Central School District GO, BAN, 1.25%, 6/24/2022 | 12,190 | 12,295 | ||||||
City of Jamestown, Public Improvement | ||||||||
GO, 5.00%, 9/10/2021 | 525 | 568 | ||||||
GO, 5.00%, 6/1/2022 | 500 | 518 | ||||||
GO, 5.00%, 6/1/2024 | 545 | 612 | ||||||
City of New York Subseries B-3, GO, VRDO, LOC: TD Bank NA, 0.02%, 9/10/2021 (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., 0.01%, 9/9/2021 (c) | 2,300 | 2,300 | ||||||
City of New York, Fiscal Year 2014 Series D, Subseries D-4, GO, VRDO, LOC: TD Bank NA, 0.01%, 9/1/2021 (c) | 6,100 | 6,100 | ||||||
City of New York, Fiscal Year 2020 Series 2020-1, GO, 5.00%, 8/1/2026 | 1,300 | 1,588 | ||||||
City of New York, Fiscal Year 2021 Series A, Subseries A-1, GO, 5.00%, 8/1/2024 | 15,000 | 17,092 | ||||||
City of Rochester Series 2021-I, GO, BAN, 1.50%, 3/3/2022 | 41,355 | 41,645 | ||||||
East Quogue Union Free School District GO, TAN, 1.25%, 6/24/2022 | 5,000 | 5,043 | ||||||
Edgemont Union Free School District at Greenburgh GO, BAN, 1.25%, 9/2/2022 | 3,800 | 3,841 | ||||||
Floral Park-Bellerose Union Free School District | ||||||||
GO, 5.00%, 12/1/2021 | 450 | 455 | ||||||
GO, 5.00%, 12/1/2022 | 475 | 504 | ||||||
GO, 5.00%, 12/1/2023 | 495 | 549 | ||||||
GO, 5.00%, 12/1/2024 | 525 | 607 | ||||||
GO, 5.00%, 12/1/2025 | 550 | 660 | ||||||
Frewsburg Central School District GO, BAN, 1.25%, 6/22/2022 | 6,177 | 6,229 | ||||||
Gananda Central School District GO, BAN, 1.25%, 6/30/2022 | 8,000 | 8,073 | ||||||
Geneva City School District GO, RAN, 1.25%, 6/22/2022 | 7,000 | 7,057 | ||||||
Gowanda Central School District GO, BAN, 1.25%, 6/21/2022 | 10,911 | 11,001 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
New York — continued |
| |||||||
Granville Central School District GO, BAN, 1.25%, 6/17/2022 | 13,951 | 14,070 | ||||||
Hamilton Central School District GO, BAN, 1.25%, 7/8/2022 | 5,796 | 5,859 | ||||||
Harborfields Central School District GO, BAN, 1.25%, 9/10/2021 | 14,609 | 14,772 | ||||||
Hempstead Town Local Development Corp., Adelphi University Project | ||||||||
Rev., 4.00%, 2/1/2022 | 50 | 51 | ||||||
Rev., 4.00%, 2/1/2023 | 100 | 105 | ||||||
Rev., 4.00%, 2/1/2024 | 200 | 216 | ||||||
Hempstead Union Free School District | ||||||||
Series A, GO, RAN, 1.00%, 6/30/2022 | 6,000 | 6,037 | ||||||
Series 2021B, GO, BAN, 1.00%, 7/13/2022 | 4,130 | 4,156 | ||||||
Hermon-DeKalb Central School District GO, BAN, 1.25%, 9/10/2021 | 14,000 | 14,118 | ||||||
Hoosick Falls Central School District GO, BAN, 1.25%, 8/5/2022 | 12,500 | 12,617 | ||||||
Jamesville-Dewitt Central School District GO, BAN, 1.25%, 9/10/2021 | 21,000 | 21,206 | ||||||
Lewiston-Porter Central School District GO, BAN, 1.25%, 6/15/2022 | 8,090 | 8,158 | ||||||
Lisbon Central School District GO, BAN, 1.25%, 7/15/2022 | 5,200 | 5,249 | ||||||
Long Island Power Authority, Electric System | ||||||||
Series 2019A, Rev., 5.00%, 9/1/2021 | 835 | 835 | ||||||
Series 2020A, Rev., 5.00%, 9/10/2021 | 680 | 832 | ||||||
Rev., 1.00%, 9/1/2025 | 25,000 | 25,297 | ||||||
Mcgraw Central School District GO, BAN, 1.25%, 6/28/2022 | 8,855 | 8,936 | ||||||
Metropolitan Transportation Authority Series 2002G-1F, Rev., (SOFR + 0.43%), 0.46%, 10/1/2021 (b) | 2,000 | 2,001 | ||||||
Metropolitan Transportation Authority, Dedicated Tax Fund Series 2019A, Rev., BAN, 5.00%, 9/10/2021 | 20,500 | 20,990 | ||||||
Middleburgh Central School District GO, BAN, 1.25%, 6/28/2022 | 9,770 | 9,852 | ||||||
Moriah Central School District GO, BAN, 1.25%, 7/14/2022 | 6,815 | 6,881 | ||||||
Mount Vernon City School District | ||||||||
GO, 5.00%, 12/1/2021 | 885 | 895 | ||||||
GO, 5.00%, 12/1/2022 | 1,965 | 2,079 | ||||||
New York City Housing Development Corp., Multi-Family Mortgage, West 26th Street Development Series 2011B, Rev., VRDO, 0.02%, 9/9/2021 (c) | 2,570 | 2,570 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 167 |
Table of Contents
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
New York — continued |
| |||||||
New York City Industrial Development Agency, Queens Baseball Stadium Project | ||||||||
Rev., AGM, 5.00%, 1/1/2024 | 1,000 | 1,110 | ||||||
Rev., AGM, 5.00%, 1/1/2025 | 2,000 | 2,306 | ||||||
Rev., AGM, 5.00%, 1/1/2026 | 1,000 | 1,191 | ||||||
Rev., AGM, 5.00%, 1/1/2027 | 1,000 | 1,225 | ||||||
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2003 Series 21-A, Rev., 5.00%, 9/10/2021 | 46,070 | 46,442 | ||||||
New York City Transitional Finance Authority, Future Tax Secured, Tax-Exempt, Fiscal Year 2022 Series A, Subseries A-1, Rev., 5.00%, 11/1/2023 | 14,500 | 16,018 | ||||||
New York City Water and Sewer System, Fiscal Year 2003 Subseries F1B, Rev., VRDO, LIQ: U.S. Bank NA, 0.02%, 9/1/2021 (c) | 150 | 150 | ||||||
New York City Water and Sewer System, Second General Resolution Series BB-1A, Rev., VRDO, LIQ: State Street Bank & Trust, 0.02%, 9/10/2021 (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., 0.01%, 9/10/2021 (c) | 11,390 | 11,390 | ||||||
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2011 Series DD-1, Rev., VRDO, LIQ: TD Bank NA, 0.01%, 9/1/2021 (c) | 11,200 | 11,200 | ||||||
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2015 Series 2015BB-3, Rev., VRDO, LIQ: Sumitomo Mitsui Banking Corp., 0.02%, 9/9/2021 (c) | 5,680 | 5,680 | ||||||
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2018 Series 2018CC-2, Rev., 5.00%, 6/15/2025 | 4,420 | 4,910 | ||||||
New York State Dormitory Authority, Fordham University Rev., 5.00%, 7/1/2023 | 920 | 1,003 | ||||||
New York State Dormitory Authority, School Districts Financing Program Series 2019A, Rev., 5.00%, 10/1/2022 | 7,490 | 7,888 | ||||||
New York State Dormitory Authority, St. John’s University | ||||||||
Series 2021A, Rev., 4.00%, 7/1/2022 | 1,500 | 1,549 | ||||||
Series 2021A, Rev., 5.00%, 7/1/2025 | 750 | 879 | ||||||
New York State Dormitory Authority, State Sales Tax Series 2018C, Rev., 5.00%, 9/10/2021 | 400 | 467 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
New York — continued |
| |||||||
New York State Housing Finance Agency, 330 West 39th Street Housing Series A, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 0.02%, 9/10/2021 (c) | 46,100 | 46,100 | ||||||
New York State Housing Finance Agency, 8 East 102nd Street Housing Series 2010A, Rev., VRDO, LOC: TD Bank NA, 0.02%, 9/10/2021 (c) | 40,445 | 40,445 | ||||||
New York State Housing Finance Agency, Service Contract Series 2003A-1, Rev., VRDO, LOC: Bank of America NA, 0.06%, 9/8/2021 (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 | 14,874 | ||||||
New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project, Tax-Exempt | ||||||||
Rev., 5.00%, 12/1/2021 | 1,000 | 1,012 | ||||||
Rev., 5.00%, 12/1/2022 | 750 | 793 | ||||||
Rev., 5.00%, 12/1/2023 | 800 | 881 | ||||||
Rev., 5.00%, 12/1/2024 | 800 | 915 | ||||||
Rev., 5.00%, 12/1/2025 | 500 | 590 | ||||||
Rev., 5.00%, 12/1/2026 | 750 | 908 | ||||||
Niagara Frontier Transportation Authority, Buffalo Niagara International Airport Series 2019A, Rev., AMT, 5.00%, 4/1/2022 | 845 | 868 | ||||||
North Syracuse Central School District GO, BAN, 1.25%, 8/5/2022 | 40,300 | 40,696 | ||||||
Northeastern Clinton Central School District GO, BAN, 1.25%, 9/2/2022 | 20,000 | 20,214 | ||||||
Oakfield-Alabama Central School District GO, BAN, 1.25%, 7/19/2022 | 11,000 | 11,107 | ||||||
Odessa-Montour Central School District GO, BAN, 1.25%, 7/15/2022 | 11,200 | 11,307 | ||||||
Owego Apalachin Central School District GO, BAN, 1.25%, 6/29/2022 | 22,476 | 22,685 | ||||||
Oxford Academy and Central School District GO, BAN, 2.00%, 7/8/2022 | 5,580 | 5,665 | ||||||
Palmyra Macedon Central School District GO, BAN, 1.25%, 6/16/2022 | 16,220 | 16,363 | ||||||
Pine Valley Central School District GO, BAN, 1.25%, 6/15/2022 | 6,420 | 6,472 | ||||||
Port Authority of New York and New Jersey, Consolidated Series 207, Rev., AMT, 5.00%, 9/15/2023 | 10,000 | 10,959 | ||||||
Sandy Creek Central School District GO, BAN, 1.25%, 6/24/2022 | 20,222 | 20,392 |
SEE NOTES TO FINANCIAL STATEMENTS.
168 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
New York — continued |
| |||||||
Schenectady City School District GO, BAN, 1.25%, 10/22/2021 | 31,755 | 31,805 | ||||||
Seneca Falls Central School District GO, BAN, 1.25%, 6/28/2022 | 14,715 | 14,850 | ||||||
Solvay Union Free School District GO, BAN, 1.25%, 6/29/2022 | 25,530 | 25,752 | ||||||
Town of Oyster Bay, Public Improvement | ||||||||
GO, 2.00%, 11/1/2021 | 415 | 416 | ||||||
GO, 4.00%, 11/1/2022 | 410 | 428 | ||||||
GO, 4.00%, 11/1/2023 | 1,000 | 1,081 | ||||||
GO, 4.00%, 11/1/2024 | 950 | 1,059 | ||||||
GO, 4.00%, 11/1/2025 | 495 | 565 | ||||||
Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels | ||||||||
Series 2005A, Rev., VRDO, LOC: Barclays Bank plc, 0.01%, 9/9/2021 (c) | 21,445 | 21,445 | ||||||
Series 2021A, Rev., BAN, 5.00%, 11/1/2025 | 15,000 | 17,871 | ||||||
Series 2021A-2, Rev., 2.00%, 5/15/2026 (c) | 16,000 | 17,117 | ||||||
Trust for Cultural Resources of The City of New York (The), American Museum of Natural History | ||||||||
Series 2014B-2, Rev., VRDO, 0.07%, 9/9/2021 (c) | 8,000 | 8,000 | ||||||
Series 2014B-1, (SIFMA Municipal Swap Index Yield + 0.04%), 0.06%, 9/16/2021 (b) | 5,000 | 5,000 | ||||||
Union Endicott Central School District GO, BAN, 1.25%, 6/24/2022 | 8,513 | 8,590 | ||||||
Waterville Central School District Series 2021B, GO, BAN, 1.25%, 7/15/2022 | 12,310 | 12,418 | ||||||
Watervliet City School District GO, BAN, 1.25%, 4/27/2022 | 10,000 | 10,070 | ||||||
Whitesboro Central School District GO, BAN, 1.25%, 6/24/2022 | 20,717 | 20,898 | ||||||
Williamson Central School District GO, BAN, 1.25%, 7/15/2022 | 9,272 | 9,361 | ||||||
Windsor Central School District GO, BAN, 1.25%, 6/16/2022 | 9,649 | 9,729 | ||||||
Yorkshire-Pioneer Central School District GO, BAN, 1.25%, 7/28/2022 | 14,000 | 14,130 | ||||||
|
| |||||||
Total New York | 1,231,549 | |||||||
|
| |||||||
North Carolina — 4.0% |
| |||||||
Buncombe County Metropolitan Sewerage District Series 2008A, Rev., VRDO, LIQ: Wells Fargo Bank NA, 0.02%, 9/9/2021 (c) | 19,975 | 19,975 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
North Carolina — continued |
| |||||||
City of Charlotte, 2003 Governmental Facilities Projects Series 2013G, COP, VRDO, LIQ: Wells Fargo Bank NA, 0.01%, 9/10/2021 (c) | 48,205 | 48,205 | ||||||
City of Charlotte, Water and Sewer System Series B, Rev., VRDO, LIQ: Wells Fargo Bank NA, 0.01%, 9/9/2021 (c) | 25,950 | 25,950 | ||||||
City of Raleigh, Downtown Improvement Projects Series 2005-B-1, COP, VRDO, LIQ: PNC Bank NA, 0.03%, 9/10/2021 (c) | 23,300 | 23,300 | ||||||
City of Raleigh, Limited Obligation Series 2016A, Rev., VRDO, LIQ: PNC Bank NA, 0.03%, 9/8/2021 (c) | 8,115 | 8,115 | ||||||
Columbus County Industrial Facilities and Pollution Control Financing Authority, International Paper Co. Project | ||||||||
Series 2019A, Rev., 2.00%, 10/1/2024 (c) | 825 | 866 | ||||||
Series 2019B, Rev., 2.00%, 10/1/2024 (c) | 825 | 866 | ||||||
Series 2020A, Rev., 1.37%, 6/16/2025 (c) | 1,780 | 1,842 | ||||||
County of Harnett, Limited Obligation | ||||||||
Rev., 3.00%, 12/1/2021 | 2,015 | 2,030 | ||||||
Rev., 4.00%, 12/1/2022 | 1,700 | 1,782 | ||||||
Rev., 4.00%, 12/1/2023 | 1,650 | 1,792 | ||||||
Rev., 4.00%, 12/1/2024 | 1,000 | 1,119 | ||||||
Rev., 5.00%, 12/1/2025 | 1,000 | 1,192 | ||||||
County of Orange, Limited Obligation | ||||||||
Series 2021A, Rev., 5.00%, 11/15/2022 | 1,405 | 1,488 | ||||||
Series 2021A, Rev., 5.00%, 11/15/2023 | 630 | 697 | ||||||
Series 2021A, Rev., 5.00%, 11/15/2024 | 350 | 404 | ||||||
Series 2021A, Rev., 5.00%, 11/15/2025 | 250 | 298 | ||||||
North Carolina Medical Care Commission, Caromont Health Series 2021B, Rev., 5.00%, 2/1/2026 (c) | 2,840 | 3,401 | ||||||
North Carolina Medical Care Commission, Moses Cone Health System Series 2001A, Rev., VRDO, LIQ: BMO Harris Bank NA, 0.02%, 9/9/2021 (c) | 26,170 | 26,170 | ||||||
North Carolina Turnpike Authority, Triangle Expressway System Rev., BAN, 5.00%, 2/1/2024 | 39,700 | 44,024 | ||||||
State of North Carolina, Build NC Programs, Limited Obligation Series 2020B, Rev., 5.00%, 5/1/2022 | 7,000 | 7,229 | ||||||
University of North Carolina at Chapel Hill Series B, Rev., (ICE LIBOR USD 1 Month + 0.40%), 0.47%, 10/1/2021 (b) | 3,750 | 3,758 | ||||||
|
| |||||||
Total North Carolina | 224,503 | |||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 169 |
Table of Contents
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Ohio — 4.2% |
| |||||||
Akron Bath Copley Joint Township Hospital District, Summa Health Obligated Group Rev., 5.00%, 11/15/2021 | 125 | 126 | ||||||
American Municipal Power, Inc., Prairie State Energy Campus Project Series 2019A, Rev., 2.30%, 2/15/2022 (c) | 10,000 | 10,016 | ||||||
City of Akron, Various Purpose | ||||||||
GO, 2.00%, 12/1/2022 | 565 | 577 | ||||||
GO, 2.00%, 12/1/2023 | 485 | 503 | ||||||
City of Centerville, Graceworks Lutheran Services Rev., 5.00%, 11/1/2021 | 285 | 286 | ||||||
City of Cleveland, Income Tax, Subordinate Lien, Public Facilities Improvements Series 2018A, Rev., 5.00%, 10/1/2022 | 265 | 279 | ||||||
City of Elyria, Limited Tax | ||||||||
Series 2019-2, GO, 4.00%, 12/1/2021 | 1,010 | 1,020 | ||||||
Series 2019-2, GO, 4.00%, 12/1/2022 | 935 | 979 | ||||||
City of Lakewood, Income Tax Rev., 0.75%, 3/22/2022 | 5,000 | 5,019 | ||||||
City of Lorain, Limited Tax | ||||||||
Series 2020A, GO, 4.00%, 12/1/2021 | 220 | 222 | ||||||
Series 2020A, GO, 4.00%, 12/1/2022 | 280 | 293 | ||||||
Series 2020A, GO, 4.00%, 12/1/2023 | 300 | 325 | ||||||
Series 2020A, GO, 4.00%, 12/1/2024 | 250 | 278 | ||||||
City of Toledo, Limited Tax, Capital Improvement | ||||||||
GO, AGM, 5.00%, 12/1/2021 | 1,275 | 1,290 | ||||||
GO, AGM, 5.00%, 12/1/2022 | 1,305 | 1,383 | ||||||
City of Whitehall, Special Obligation Nontax Rev., 1.00%, 12/8/2021 | 3,810 | 3,817 | ||||||
Cleveland-Cuyahoga County Port Authority, The Cleveland Museum of Natural History Project | ||||||||
Rev., 5.00%, 7/1/2025 | 100 | 116 | ||||||
Rev., 5.00%, 7/1/2026 | 125 | 150 | ||||||
County of Allen, Hospital Facilities, Catholic Health Partners Series 2012B, Rev., VRDO, 0.02%, 9/8/2021 (c) | 50,865 | 50,865 | ||||||
County of Allen, Hospital Facilities, Mercy Health Series B, Rev., 5.00%, 5/5/2022 (c) | 2,000 | 2,063 | ||||||
County of Franklin, Hospital Facilities, OhioHealth Corp. | ||||||||
Series 2009A, Rev., VRDO, LIQ: Barclays Bank plc, 0.01%, 9/8/2021 (c) | 38,030 | 38,030 | ||||||
Series 2011C, Rev., VRDO, 0.01%, 9/8/2021 (c) | 200 | 200 | ||||||
Series B, Rev., (SIFMA Municipal Swap Index Yield + 0.43%), 0.45%, 9/10/2021 (b) | 5,000 | 5,000 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Ohio — continued |
| |||||||
County of Ross, Adena Health System Obligated Group Project | ||||||||
Rev., 5.00%, 12/1/2021 | 335 | 339 | ||||||
Rev., 5.00%, 12/1/2022 | 355 | 376 | ||||||
Rev., 5.00%, 12/1/2023 | 490 | 539 | ||||||
Euclid City School District | ||||||||
COP, 4.00%, 12/1/2023 | 70 | 76 | ||||||
COP, 4.00%, 12/1/2024 | 180 | 200 | ||||||
Lancaster Port Authority, Gas Supply Series 2019A, Rev., LIQ: Royal Bank of Canada, 5.00%, 2/1/2025 (c) | 5,000 | 5,747 | ||||||
Ohio Housing Finance Agency, Carnegie Tower Project Rev., FHA, 0.35%, 9/10/2021 (c) | 10,200 | 10,224 | ||||||
Ohio Water Development Authority, Water Pollution Control Loan Fund Series 2016A, Rev., VRDO, LIQ: TD Bank NA, 0.01%, 9/8/2021 (c) | 73,645 | 73,645 | ||||||
State of Ohio, Capital Facilities Lease Appropriation Park and Recreation Improvement Fund Projects Series 2020B, Rev., VRDO, 0.01%, 9/10/2021 (c) | 12,000 | 12,000 | ||||||
State of Ohio, Infrastructure Improvement Series A, GO, VRDO, LOC: TD Bank NA, 0.01%, 9/8/2021 (c) | 1,985 | 1,985 | ||||||
State of Ohio, University Hospitals Health System, Inc. Series A, Rev., VRDO, 0.09%, 9/7/2021 (c) | 8,250 | 8,250 | ||||||
Village of Obetz, Various Purpose Rev., 5.00%, 12/1/2021 | 125 | 126 | ||||||
Zanesville City School District, Unlimited Tax GO, 4.00%, 9/10/2021 | 595 | 601 | ||||||
|
| |||||||
Total Ohio | 236,945 | |||||||
|
| |||||||
Oklahoma — 0.4% |
| |||||||
Bryan County School Finance Authority, Durant Public Schools Project | ||||||||
Rev., 4.00%, 9/10/2021 | 155 | 167 | ||||||
Rev., 4.00%, 12/1/2021 | 140 | 141 | ||||||
Rev., 4.00%, 12/1/2022 | 190 | 199 | ||||||
Rev., 4.00%, 12/1/2024 | 165 | 184 | ||||||
Canadian County Educational Facilities Authority, Mustang Public Schools Project Rev., 3.00%, 9/1/2023 | 1,000 | 1,054 | ||||||
City of Moore GO, 1.25%, 4/1/2022 | 1,550 | 1,560 | ||||||
Cleveland County Educational Facilities Authority, Lexington Public Schools Project | ||||||||
Rev., 4.00%, 9/1/2021 | 150 | 150 | ||||||
Rev., 4.00%, 9/1/2022 | 125 | 130 | ||||||
Rev., 4.00%, 9/1/2023 | 270 | 289 |
SEE NOTES TO FINANCIAL STATEMENTS.
170 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Oklahoma — continued |
| |||||||
Cleveland County Educational Facilities Authority, Moore Public Schools Project Rev., 4.00%, 6/1/2026 | 3,500 | 4,068 | ||||||
Custer County Economic Development Authority, Thomas Fay Public Schools | ||||||||
Rev., 4.00%, 12/1/2021 | 410 | 414 | ||||||
Rev., 4.00%, 12/1/2023 | 450 | 483 | ||||||
Elk City Industrial Authority, Sales Tax Rev., 2.00%, 5/1/2023 | 140 | 143 | ||||||
Ellis County Educational Facilities Authority, Fargo-Gage Public Schools Project | ||||||||
Rev., 3.00%, 9/10/2021 | 730 | 758 | ||||||
Rev., 3.00%, 3/1/2022 | 725 | 735 | ||||||
Garvin County Educational Facilities Authority, Pernell Public Schools Project | ||||||||
Rev., 4.00%, 9/1/2021 | 125 | 125 | ||||||
Rev., 4.00%, 9/1/2022 | 135 | 140 | ||||||
Rev., 4.00%, 9/1/2023 | 110 | 118 | ||||||
Rev., 4.00%, 9/1/2024 | 160 | 176 | ||||||
Grady County School Finance Authority, Educational Facilities Lease, Tuttle Public Schools Project | ||||||||
Rev., 4.00%, 9/1/2021 | 250 | 250 | ||||||
Rev., 4.00%, 9/1/2022 | 200 | 208 | ||||||
Rev., 4.00%, 9/1/2023 | 300 | 321 | ||||||
Rev., 4.00%, 9/1/2024 | 245 | 271 | ||||||
Kingfisher County Educational Facilities Authority, Lomega Public Schools Project | ||||||||
Rev., 3.00%, 3/1/2022 | 165 | 167 | ||||||
Rev., 3.00%, 3/1/2023 | 385 | 401 | ||||||
Rev., 3.00%, 3/1/2024 | 270 | 287 | ||||||
Muskogee Industrial Trust, Muskogee Public Schools Project Rev., 5.00%, 9/1/2023 | 900 | 977 | ||||||
Oklahoma Development Finance Authority, Gilcrease Expressway West Project Rev., AMT, 1.63%, 7/6/2023 | 4,885 | 4,931 | ||||||
Oklahoma Housing Finance Agency, Central Oklahoma Portfolio Rev., 0.28%, 9/10/2021 (c) | 2,500 | 2,504 | ||||||
Pittsburg County Educational Facilities Authority, McAlester Public Schools Project | ||||||||
Rev., 4.00%, 12/1/2024 | 250 | 277 | ||||||
Rev., 4.00%, 12/1/2026 | 250 | 289 | ||||||
Tulsa County Industrial Authority, Sand Springs Public Schools Project | ||||||||
Rev., 5.00%, 9/1/2021 | 325 | 325 | ||||||
Rev., 2.00%, 9/1/2022 | 125 | 127 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Oklahoma — continued |
| |||||||
Rev., 4.00%, 9/1/2023 | 175 | 186 | ||||||
Rev., 4.00%, 9/1/2024 | 435 | 476 | ||||||
Wagoner County School Development Authority, Wagoner Public Schools Project | ||||||||
Rev., 4.00%, 9/1/2021 | 225 | 225 | ||||||
Rev., 4.00%, 9/1/2023 | 525 | 558 | ||||||
|
| |||||||
Total Oklahoma | 23,814 | |||||||
|
| |||||||
Oregon — 0.2% |
| |||||||
County of Yamhill, Linfield University Project | ||||||||
Rev., 4.00%, 10/1/2021 | 165 | 165 | ||||||
Rev., 4.00%, 10/1/2022 | 250 | 259 | ||||||
Rev., 4.00%, 10/1/2023 | 435 | 465 | ||||||
Rev., 4.00%, 10/1/2024 | 425 | 468 | ||||||
Oregon State Facilities Authority, Linfield College Project Series 2015A, Rev., 5.00%, 9/10/2021 (d) | 1,000 | 1,177 | ||||||
State of Oregon, Housing and Community Services Department, Sha Rad Group II Apartment Projects Rev., 1.45%, 9/10/2021 (c) | 3,350 | 3,384 | ||||||
State of Oregon, Veterans Welfare Series 2015P, GO, VRDO, LIQ: U.S. Bank NA, 0.02%, 9/10/2021 (c) | 3,500 | 3,500 | ||||||
Yamhill County Hospital Authority, Friendsview, Tax Exempt | ||||||||
Series 2021B-3, Rev., 1.75%, 11/15/2026 | 415 | 416 | ||||||
Series 2021B-2, Rev., 2.13%, 11/15/2027 | 500 | 502 | ||||||
|
| |||||||
Total Oregon | 10,336 | |||||||
|
| |||||||
Pennsylvania — 4.4% |
| |||||||
Allegheny County Sanitary Authority, Sewer | ||||||||
Series 2020B, Rev., 3.00%, 6/1/2022 | 250 | 255 | ||||||
Series 2020A, Rev., 4.00%, 6/1/2024 | 300 | 330 | ||||||
Series 2020A, Rev., 4.00%, 6/1/2025 | 150 | 170 | ||||||
Series 2020B, Rev., 4.00%, 6/1/2025 | 210 | 238 | ||||||
Series 2020A, Rev., 5.00%, 6/1/2026 | 425 | 512 | ||||||
Allentown City School District, Obligation Tax GO, TRAN, 1.00%, 3/31/2022 | 2,250 | 2,250 | ||||||
Allentown Neighborhood Improvement Zone Development Authority, City Center Project Rev., 5.00%, 5/1/2023 (e) | 200 | 213 | ||||||
Ambridge Borough Water Authority | ||||||||
Rev., 4.00%, 11/15/2021 | 160 | 161 | ||||||
Rev., 4.00%, 11/15/2022 | 175 | 183 | ||||||
Rev., 4.00%, 11/15/2023 | 175 | 189 | ||||||
Apollo-Ridge School District | ||||||||
Series 2019A, GO, 2.00%, 9/1/2022 | 375 | 382 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 171 |
Table of Contents
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Pennsylvania — continued |
| |||||||
Series 2019A, GO, 4.00%, 9/1/2023 | 385 | 412 | ||||||
Series 2019A, GO, 4.00%, 9/1/2024 | 450 | 495 | ||||||
Armstrong School District | ||||||||
Series A, GO, 3.00%, 3/15/2022 | 235 | 238 | ||||||
Series B, GO, 3.00%, 3/15/2022 | 300 | 304 | ||||||
Series A, GO, 3.00%, 3/15/2023 | 240 | 250 | ||||||
Series B, GO, 3.00%, 3/15/2023 | 400 | 417 | ||||||
Berks County Municipal Authority (The), Tower Health Project | ||||||||
Series 2020A, Rev., 5.00%, 2/1/2022 | 500 | 506 | ||||||
Series 2020A, Rev., 5.00%, 2/1/2023 | 1,300 | 1,355 | ||||||
Series 2020A, Rev., 5.00%, 2/1/2024 | 425 | 458 | ||||||
Series 2020A, Rev., 5.00%, 2/1/2025 | 600 | 664 | ||||||
Series 2020A, Rev., 5.00%, 2/1/2026 | 1,015 | 1,149 | ||||||
Bethlehem Area School District GO, 5.00%, 10/15/2021 | 13,155 | 13,232 | ||||||
Big Beaver Falls Area School District, Unlimited Tax | ||||||||
GO, 4.00%, 3/15/2022 | 1,155 | 1,178 | ||||||
GO, 5.00%, 3/15/2023 | 1,200 | 1,285 | ||||||
Burgettstown Area School District | ||||||||
Series A, GO, 3.00%, 3/15/2022 | 100 | 101 | ||||||
Series A, GO, 4.00%, 3/15/2023 | 200 | 211 | ||||||
Carmichaels Area School District, Limited Tax | ||||||||
GO, 4.00%, 9/1/2022 | 190 | 197 | ||||||
GO, 4.00%, 9/1/2023 | 150 | 161 | ||||||
Charleroi Borough Authority Water System | ||||||||
Rev., AGM, 4.00%, 12/1/2021 | 225 | 227 | ||||||
Rev., AGM, 4.00%, 12/1/2022 | 165 | 173 | ||||||
Rev., AGM, 4.00%, 12/1/2023 | 225 | 243 | ||||||
Chester County Health and Education Facilities Authority, Main Line Health System | ||||||||
Series 2020A, Rev., 3.00%, 9/1/2023 | 230 | 243 | ||||||
Series 2020A, Rev., 3.00%, 9/1/2024 | 215 | 233 | ||||||
Series 2020A, Rev., 5.00%, 9/1/2025 | 250 | 297 | ||||||
City of Altoona, Guaranteed Sewer | ||||||||
GO, AGM, 5.00%, 12/1/2021 | 265 | 268 | ||||||
GO, AGM, 5.00%, 12/1/2022 | 200 | 212 | ||||||
GO, AGM, 5.00%, 12/1/2023 | 300 | 331 | ||||||
City of Lebanon Authority, Green Bond | ||||||||
Rev., 4.00%, 12/15/2021 | 240 | 243 | ||||||
Rev., 4.00%, 12/15/2022 | 275 | 288 | ||||||
Rev., 4.00%, 12/15/2023 | 360 | 389 | ||||||
City of Philadelphia | ||||||||
Series 2012A, GO, 5.00%, 9/15/2021 | 45 | 45 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Pennsylvania — continued |
| |||||||
Series 2019A, GO, 5.00%, 8/1/2022 | 4,755 | 4,968 | ||||||
Series 2017A, GO, 5.00%, 8/1/2026 | 6,030 | 7,339 | ||||||
City of Philadelphia, Airport System | ||||||||
Series 2020A, Rev., 5.00%, 7/1/2024 | 1,480 | 1,678 | ||||||
Series 2020A, Rev., 5.00%, 7/1/2025 | 1,550 | 1,824 | ||||||
Series 2020A, Rev., 5.00%, 7/1/2026 | 1,160 | 1,409 | ||||||
City of Philadelphia, Water and Wastewater System Rev., 5.00%, 11/1/2022 (d) | 1,465 | 1,547 | ||||||
City of Pittsburgh Series 2020A, GO, 5.00%, 9/1/2026 | 300 | 364 | ||||||
Conewago Valley School District Series 2013A, GO, 2.00%, 9/15/2021 | 570 | 570 | ||||||
Connellsville Area School District | ||||||||
Series A, GO, AGM, 2.00%, 5/15/2022 | 70 | 71 | ||||||
Series A, GO, AGM, 2.00%, 5/15/2023 | 70 | 72 | ||||||
Cornell School District | ||||||||
GO, AGM, 2.00%, 9/10/2021 | 200 | 200 | ||||||
GO, AGM, 4.00%, 9/1/2022 | 200 | 207 | ||||||
County of Armstrong | ||||||||
GO, AGM, 4.00%, 6/1/2022 | 380 | 391 | ||||||
Series A, GO, 4.00%, 6/1/2022 | 430 | 441 | ||||||
GO, AGM, 4.00%, 6/1/2023 | 225 | 240 | ||||||
Series A, GO, 5.00%, 6/1/2023 | 225 | 244 | ||||||
GO, AGM, 4.00%, 6/1/2024 | 230 | 253 | ||||||
GO, AGM, 4.00%, 6/1/2025 | 240 | 271 | ||||||
County of Indiana | ||||||||
GO, 2.00%, 12/15/2021 | 60 | 60 | ||||||
GO, 2.00%, 12/15/2022 | 180 | 184 | ||||||
GO, 2.00%, 12/15/2023 | 260 | 270 | ||||||
GO, 3.00%, 12/15/2024 | 430 | 466 | ||||||
GO, 3.00%, 12/15/2025 | 250 | 275 | ||||||
GO, 3.00%, 12/15/2026 | 435 | 486 | ||||||
County of Lackawanna | ||||||||
Series 2020A, GO, 4.00%, 3/15/2022 | 200 | 204 | ||||||
Series 2020B, GO, 4.00%, 9/1/2022 | 135 | 140 | ||||||
Series 2020A, GO, 4.00%, 3/15/2023 | 200 | 211 | ||||||
Series 2020B, GO, 4.00%, 9/1/2023 | 305 | 327 | ||||||
Series 2020A, GO, 4.00%, 3/15/2024 | 300 | 327 | ||||||
Series 2020B, GO, 4.00%, 9/1/2024 | 680 | 750 | ||||||
Series 2020A, GO, 4.00%, 3/15/2025 | 300 | 335 | ||||||
Series 2020B, GO, 4.00%, 9/1/2025 | 685 | 775 | ||||||
Series 2020B, GO, 4.00%, 9/1/2026 | 1,445 | 1,672 | ||||||
County of Somerset | ||||||||
GO, 2.00%, 10/1/2021 | 285 | 285 | ||||||
GO, 2.00%, 10/1/2022 | 340 | 346 |
SEE NOTES TO FINANCIAL STATEMENTS.
172 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Pennsylvania — continued |
| |||||||
GO, 2.00%, 10/1/2023 | 335 | 346 | ||||||
GO, 2.00%, 10/1/2024 | 300 | 316 | ||||||
County of York Series 2020A, GO, 5.00%, 6/1/2026 | 1,305 | 1,577 | ||||||
Dallas School District | ||||||||
GO, AGM, 4.00%, 10/15/2021 | 275 | 276 | ||||||
GO, AGM, 4.00%, 10/15/2022 | 300 | 312 | ||||||
GO, AGM, 5.00%, 10/15/2023 | 175 | 191 | ||||||
GO, AGM, 5.00%, 10/15/2024 | 325 | 367 | ||||||
East Stroudsburg Area School District GO, 3.00%, 9/1/2026 | 2,805 | 3,136 | ||||||
Emmaus General Authority Rev., VRDO, AGM, LIQ: Wells Fargo Bank NA, 0.02%, 9/8/2021 (c) | 4,100 | 4,100 | ||||||
Iroquois School District | ||||||||
GO, 4.00%, 10/1/2021 | 300 | 301 | ||||||
GO, 4.00%, 10/1/2022 | 390 | 406 | ||||||
GO, 4.00%, 10/1/2023 | 200 | 216 | ||||||
Juniata County School District GO, AGM, 5.00%, 11/15/2021 | 185 | 187 | ||||||
Lackawanna County Industrial Development Authority, University of Scranton Rev., 5.00%, 11/1/2021 | 1,000 | 1,008 | ||||||
Lycoming County Water and Sewer Authority | ||||||||
Rev., AGM, 4.00%, 11/15/2021 | 245 | 247 | ||||||
Rev., AGM, 4.00%, 11/15/2022 | 200 | 208 | ||||||
Rev., AGM, 4.00%, 11/15/2023 | 150 | 162 | ||||||
Mars Area School District | ||||||||
Series 2019B, GO, AGM, 5.00%, 9/10/2021 | 120 | 120 | ||||||
Series 2019B, GO, AGM, 5.00%, 9/1/2023 | 115 | 126 | ||||||
Middletown Township Sewer Authority | ||||||||
Rev., GTD, 4.00%, 10/1/2021 | 330 | 331 | ||||||
Rev., GTD, 4.00%, 10/1/2022 | 265 | 276 | ||||||
Rev., GTD, 4.00%, 10/1/2023 | 210 | 226 | ||||||
Montgomery County Higher Education and Health Authority, Arcadia University | ||||||||
Rev., 5.00%, 4/1/2022 | 300 | 308 | ||||||
Rev., 5.00%, 4/1/2023 | 300 | 321 | ||||||
Rev., 5.00%, 4/1/2024 | 300 | 332 | ||||||
Rev., 5.00%, 4/1/2025 | 250 | 286 | ||||||
Rev., 5.00%, 4/1/2026 | 165 | 195 | ||||||
Montgomery County Industrial Development Authority, Meadowood Senior Living Project Series A, Rev., 3.00%, 12/1/2021 | 250 | 251 | ||||||
Montour School District GO, 3.00%, 10/1/2023 | 200 | 211 | ||||||
Muncy School District GO, 4.00%, 9/10/2021 | 345 | 367 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Pennsylvania — continued |
| |||||||
Municipality of Norristown Series 2020A, GO, 4.00%, 5/1/2023 | 6,000 | 6,149 | ||||||
Municipality of Penn Hills | ||||||||
Series A, GO, 3.00%, 12/1/2021 | 340 | 342 | ||||||
Series A, GO, 3.00%, 12/1/2022 | 345 | 357 | ||||||
Series A, GO, 3.00%, 12/1/2023 | 305 | 323 | ||||||
Neshannock Township School District | ||||||||
Series 2019AA, GO, 4.00%, 9/1/2021 | 100 | 100 | ||||||
Series 2019AA, GO, 4.00%, 9/1/2022 | 150 | 156 | ||||||
Series 2019AA, GO, 4.00%, 9/1/2023 | 200 | 215 | ||||||
New Castle Area School District | ||||||||
GO, 3.00%, 3/1/2022 | 610 | 618 | ||||||
GO, 3.00%, 3/1/2023 | 1,000 | 1,040 | ||||||
GO, 4.00%, 3/1/2024 | 240 | 259 | ||||||
Northeast Bradford School District | ||||||||
GO, AGM, 2.00%, 6/1/2022 | 320 | 324 | ||||||
GO, AGM, 3.00%, 6/1/2023 | 330 | 346 | ||||||
Northwestern Lehigh School District GO, 5.00%, 2/15/2023 | 680 | 727 | ||||||
Penn Hills School District | ||||||||
GO, 3.00%, 10/1/2022 | 1,725 | 1,776 | ||||||
GO, 4.00%, 10/1/2023 | 1,790 | 1,920 | ||||||
GO, 4.00%, 10/1/2024 | 1,855 | 2,051 | ||||||
GO, 5.00%, 10/1/2025 | 4,615 | 5,422 | ||||||
Pennsylvania Economic Development Financing Authority, Republic Services, Inc. Project Series 2010B, Rev., 0.16%, 10/1/2021 (c) | 2,125 | 2,125 | ||||||
Pennsylvania Economic Development Financing Authority, Waste Management, Inc., Project Series 2017A, Rev., AMT, 0.58%, 8/1/2024 (c) | 5,500 | 5,503 | ||||||
Pennsylvania Higher Educational Facilities Authority, State System of Higher Education Series AX, Rev., AGM, 5.00%, 6/15/2022 | 1,375 | 1,426 | ||||||
Pennsylvania Turnpike Commission | ||||||||
Series A-1, Rev., (SIFMA Municipal Swap Index Yield + 0.60%), 0.62%, 9/9/2021 (b) | 18,000 | 18,134 | ||||||
Series A, Rev., 5.00%, 12/1/2022 | 1,000 | 1,061 | ||||||
Series 2020B, Rev., 5.00%, 12/1/2023 | 425 | 471 | ||||||
Series A, Rev., 5.00%, 12/1/2023 | 1,000 | 1,108 | ||||||
Series 2020B, Rev., 5.00%, 12/1/2024 | 450 | 519 | ||||||
Series 2020B, Rev., 5.00%, 12/1/2025 | 325 | 388 | ||||||
Series 2020B, Rev., 5.00%, 12/1/2026 | 400 | 494 | ||||||
Philadelphia Authority for Industrial Development Series B-2, Rev., VRDO, LOC: TD Bank NA, 0.02%, 9/10/2021 (c) | 7,785 | 7,785 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 173 |
Table of Contents
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Pennsylvania — continued |
| |||||||
Philadelphia Gas Works Co., 1998 General Ordinance Series A-2, Rev., VRDO, LOC: TD Bank NA, 0.02%, 9/9/2021 (c) | 20,300 | 20,300 | ||||||
Pittsburgh School District | ||||||||
GO, 5.00%, 9/1/2022 | 1,690 | 1,772 | ||||||
GO, 5.00%, 9/1/2023 | 1,810 | 1,983 | ||||||
Pittsburgh Water and Sewer Authority, First Lien Series A, Rev., 5.00%, 9/1/2022 | 250 | 262 | ||||||
Punxsutawney Area School District | ||||||||
Series 2020A, GO, AGM, 5.00%, 9/10/2021 | 290 | 305 | ||||||
Series 2020A, GO, AGM, 4.00%, 10/15/2021 | 315 | 317 | ||||||
Series 2020A, GO, AGM, 5.00%, 10/15/2023 | 250 | 275 | ||||||
Series 2020A, GO, AGM, 5.00%, 10/15/2024 | 150 | 171 | ||||||
School District of Philadelphia (The) | ||||||||
Series 2019A, GO, 5.00%, 9/1/2021 | 800 | 800 | ||||||
Series 2019A, GO, 5.00%, 9/1/2022 | 1,050 | 1,100 | ||||||
Series 2019A, GO, 5.00%, 9/1/2023 | 1,050 | 1,147 | ||||||
School District of the City of Erie (The), Limited Tax | ||||||||
Series 2019B, GO, AGM, 5.00%, 4/1/2022 | 325 | 334 | ||||||
Series 2019B, GO, AGM, 5.00%, 4/1/2023 | 315 | 338 | ||||||
Selinsgrove Area School District | ||||||||
Series A, GO, 2.00%, 9/1/2021 | 125 | 125 | ||||||
Series A, GO, 2.00%, 3/1/2022 | 5 | 5 | ||||||
Series B, GO, 3.00%, 3/1/2022 | 130 | 132 | ||||||
Series A, GO, 2.00%, 9/1/2022 | 400 | 407 | ||||||
Series A, GO, 2.00%, 3/1/2023 | 5 | 5 | ||||||
Series B, GO, 3.00%, 3/1/2023 | 95 | 99 | ||||||
Series A, GO, 2.00%, 9/1/2023 | 585 | 605 | ||||||
Southcentral General Authority, Wellspan Health Obligated Group Series C, Rev., VRDO, LIQ: Bank of America NA, 0.04%, 9/9/2021 (c) | 16,000 | 16,000 | ||||||
Southeastern Pennsylvania Transportation Authority | ||||||||
Rev., 5.00%, 6/1/2022 | 500 | 518 | ||||||
Rev., 5.00%, 6/1/2023 | 750 | 813 | ||||||
Rev., 5.00%, 6/1/2024 | 755 | 852 | ||||||
Rev., 5.00%, 6/1/2025 | 1,250 | 1,463 | ||||||
Rev., 5.00%, 6/1/2026 | 750 | 907 | ||||||
Sports and Exhibition Authority of Pittsburgh and Allegheny County, Sales Tax | ||||||||
Rev., AGM, 4.00%, 2/1/2022 | 1,125 | 1,143 | ||||||
Rev., AGM, 4.00%, 2/1/2023 | 1,500 | 1,578 | ||||||
Rev., AGM, 5.00%, 2/1/2026 | 1,995 | 2,386 | ||||||
Spring-Benner-Walker Joint Authority Series 2020A, Rev., 4.00%, 9/1/2024 | 440 | 487 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Pennsylvania — continued |
| |||||||
State Public School Building Authority, Community College of Philadelphia Project Series 2019A, Rev., AGM, 5.00%, 6/15/2022 | 310 | 321 | ||||||
Steel Valley School District, Allegheny County, Pennsylvania Unlimited Tax | ||||||||
Series 2019B, GO, 3.00%, 11/1/2021 | 230 | 231 | ||||||
Series 2019B, GO, 4.00%, 11/1/2022 | 240 | 250 | ||||||
Series 2019B, GO, 4.00%, 11/1/2023 | 250 | 270 | ||||||
Steelton-Highspire School District, Limited Tax | ||||||||
GO, 4.00%, 11/15/2022 | 60 | 63 | ||||||
GO, 4.00%, 11/15/2023 | 85 | 91 | ||||||
Township of Butler | ||||||||
GO, 4.00%, 10/1/2021 | 475 | 476 | ||||||
GO, 5.00%, 10/1/2022 | 250 | 263 | ||||||
GO, 5.00%, 10/1/2023 | 260 | 285 | ||||||
GO, 5.00%, 10/1/2024 | 275 | 313 | ||||||
Township of East Coventry | ||||||||
GO, 3.00%, 12/1/2025 | 345 | 380 | ||||||
GO, 3.00%, 12/1/2026 | 275 | 307 | ||||||
Township of East Pennsboro, Cumberland County | ||||||||
GO, 3.00%, 9/1/2021 | 190 | 190 | ||||||
GO, 3.00%, 9/1/2022 | 175 | 180 | ||||||
Township of Radnor | ||||||||
GO, 2.00%, 6/15/2022 | 190 | 193 | ||||||
GO, 3.00%, 6/15/2024 | 145 | 156 | ||||||
Township of Rostraver GO, AGM, 4.00%, 9/1/2021 | 100 | 100 | ||||||
Uniontown Area School District | ||||||||
GO, 2.00%, 10/1/2023 | 530 | 548 | ||||||
GO, 3.00%, 10/1/2024 | 900 | 970 | ||||||
University of Pittsburgh of the Commonwealth System of Higher Education Rev., (SIFMA Municipal Swap Index Yield + 0.36%), 0.38%, 9/9/2021 (b) | 47,000 | 47,206 | ||||||
Upper Allegheny Joint Sanitary Authority | ||||||||
Series 2019A, Rev., AGM, 3.00%, 9/1/2021 | 285 | 285 | ||||||
Series 2019A, Rev., AGM, 4.00%, 9/1/2022 | 200 | 207 | ||||||
Series 2019A, Rev., AGM, 4.00%, 9/1/2023 | 215 | 230 | ||||||
Waynesboro Area School District, Franklin County | ||||||||
GO, 5.00%, 10/1/2021 | 580 | 583 | ||||||
GO, 5.00%, 10/1/2022 | 305 | 320 | ||||||
GO, 5.00%, 10/1/2023 | 320 | 351 | ||||||
Wilkes-Barre Area School District GO, 5.00%, 4/15/2023 | 115 | 123 |
SEE NOTES TO FINANCIAL STATEMENTS.
174 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Pennsylvania — continued |
| |||||||
Wyalusing Area School District | ||||||||
GO, 3.00%, 4/1/2022 | 150 | 152 | ||||||
GO, AGM, 4.00%, 4/1/2022 | 315 | 322 | ||||||
GO, 3.00%, 4/1/2023 | 200 | 209 | ||||||
GO, AGM, 4.00%, 4/1/2023 | 400 | 424 | ||||||
GO, 3.00%, 4/1/2024 | 185 | 198 | ||||||
GO, 3.00%, 4/1/2025 | 200 | 218 | ||||||
GO, 3.00%, 4/1/2026 | 300 | 334 | ||||||
|
| |||||||
Total Pennsylvania | 251,113 | |||||||
|
| |||||||
Rhode Island — 0.3% |
| |||||||
City of Pawtucket | ||||||||
Series 2019D, GO, AGM, 3.00%, 7/15/2022 | 210 | 215 | ||||||
Series 2019C, GO, AGM, 4.00%, 7/15/2022 | 210 | 217 | ||||||
Series 2019D, GO, AGM, 3.00%, 7/15/2023 | 70 | 74 | ||||||
Series 2019C, GO, AGM, 4.00%, 7/15/2023 | 380 | 406 | ||||||
Rhode Island Health and Educational Building Corp., Public School Financing Program | ||||||||
Series 2021F, Rev., 4.00%, 5/15/2024 | 1,790 | 1,970 | ||||||
Series 2021F, Rev., 3.00%, 5/15/2026 | 1,225 | 1,367 | ||||||
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%, 9/10/2021 (c) | 12,105 | 12,105 | ||||||
Rhode Island Turnpike and Bridge Authority, Motor Fuel Tax | ||||||||
Series 2019A, Rev., 5.00%, 10/1/2021 | 300 | 301 | ||||||
Series 2019A, Rev., 5.00%, 10/1/2023 | 125 | 137 | ||||||
|
| |||||||
Total Rhode Island | 16,808 | |||||||
|
| |||||||
South Carolina — 0.5% |
| |||||||
Charleston County School District GO, SCSDE, 5.00%, 3/1/2024 | 3,000 | 3,362 | ||||||
Chester Sewer District, Wastewater System Improvement Rev., 4.00%, 6/1/2023 | 75 | 80 | ||||||
County Square Redevelopment Corp., Greenville County, South Carolina Project Rev., BAN, 2.00%, 9/10/2021 | 7,000 | 7,068 | ||||||
Educational Facilities Authority, Wofford College Rev., 2.37%, 4/1/2022 (c) | 500 | 505 | ||||||
Piedmont Municipal Power Agency | ||||||||
Series 2021A, Rev., 4.00%, 1/1/2024 | 1,525 | 1,658 | ||||||
Series 2021A, Rev., 4.00%, 1/1/2025 | 2,350 | 2,633 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
South Carolina — continued |
| |||||||
South Carolina Jobs-Economic Development Authority, Lowcountry Leadership Charter School Project Series A, Rev., 2.38%, 12/1/2024 (e) | 600 | 610 | ||||||
South Carolina Jobs-Economic Development Authority, Woodlands at Furman Project Series 2020A, Rev., 4.00%, 11/15/2023 | 130 | 136 | ||||||
South Carolina Transportation Infrastructure Bank Series 2003B, Rev., (ICE LIBOR USD 1 Month + 0.45%), 0.52%, 10/1/2021 (b) | 9,905 | 9,906 | ||||||
|
| |||||||
Total South Carolina | 25,958 | |||||||
|
| |||||||
South Dakota — 0.0% (f) |
| |||||||
South Dakota Board of Regents, Housing and Auxiliary Facility System Rev., 5.00%, 4/1/2022 | 375 | 386 | ||||||
|
| |||||||
Tennessee — 1.6% |
| |||||||
Chattanooga Health Educational & Housing Facility Board, Battery Heights Apartment Rev., 0.20%, 8/1/2023 (c) | 2,000 | 1,999 | ||||||
City of Memphis, General Improvement | ||||||||
Series 2020A, GO, 5.00%, 12/1/2021 | 875 | 886 | ||||||
Series 2020A, GO, 5.00%, 12/1/2022 | 2,035 | 2,160 | ||||||
Series 2020A, GO, 5.00%, 12/1/2023 | 2,135 | 2,366 | ||||||
Series 2020A, GO, 5.00%, 12/1/2024 | 2,245 | 2,590 | ||||||
County of Hamilton | ||||||||
Series 2020B, GO, 5.00%, 3/1/2022 | 3,255 | 3,334 | ||||||
Series 2020B, GO, 5.00%, 3/1/2023 | 3,270 | 3,509 | ||||||
Series 2020B, GO, 5.00%, 3/1/2024 | 3,355 | 3,760 | ||||||
County of Shelby, Public Improvement Series 2006B, GO, VRDO, 0.02%, 9/9/2021 (c) | 5,015 | 5,015 | ||||||
Knox County Health Educational and Housing Facility Board, University Health System, Inc. Rev., 5.00%, 4/1/2025 | 1,000 | 1,154 | ||||||
Knoxville’s Community Development Corp., Austin Homes 18 Project Rev., 0.22%, 10/1/2023 (c) | 4,500 | 4,498 | ||||||
Lewisburg Industrial Development Board, Lewisburg Summit Apartments Rev., 1.55%, 3/1/2022 (c) | 1,900 | 1,913 | ||||||
Memphis-Shelby County Airport Authority | ||||||||
Series 2021B, Rev., AMT, 5.00%, 7/1/2022 | 305 | 317 | ||||||
Series 2021C, Rev., AMT, 5.00%, 7/1/2022 | 185 | 192 | ||||||
Series 2021C, Rev., AMT, 5.00%, 7/1/2023 | 645 | 701 | ||||||
Series 2021C, Rev., AMT, 5.00%, 7/1/2024 | 850 | 961 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 175 |
Table of Contents
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Tennessee — continued |
| |||||||
Metropolitan Government Nashville and Davidson County Industrial Development Board, Waste Management, Inc. of Tennessee Project Rev., 0.58%, 8/1/2024 (c) | 1,150 | 1,150 | ||||||
Metropolitan Government Nashville and Davidson County, Health and Educational Facilities Board, Trevecca Nazarene University Project Rev., 3.00%, 10/1/2024 | 325 | 337 | ||||||
Metropolitan Government of Nashville and Davidson County | ||||||||
Series 2021C, GO, 5.00%, 1/1/2024 | 10,000 | 11,117 | ||||||
Series 2021A, GO, 5.00%, 7/1/2026 | 600 | 731 | ||||||
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 | 10,282 | ||||||
Tennergy Corp., Gas Supply Series 2019A, Rev., LIQ: Royal Bank of Canada, 5.00%, 10/1/2024 (c) | 10,000 | 11,362 | ||||||
Tennessee Energy Acquisition Corp., Commodity Project | ||||||||
Series 2021A, Rev., 5.00%, 11/1/2022 | 175 | 185 | ||||||
Series 2021A, Rev., 5.00%, 11/1/2023 | 250 | 275 | ||||||
Series 2021A, Rev., 5.00%, 11/1/2024 | 250 | 285 | ||||||
Series 2021A, Rev., 5.00%, 11/1/2025 | 290 | 341 | ||||||
Series 2021A, Rev., 5.00%, 11/1/2026 | 350 | 424 | ||||||
Series 2021A, Rev., 5.00%, 11/1/2027 | 1,000 | 1,241 | ||||||
Tennessee Energy Acquisition Corp., Gas Project Series 2017A, Rev., 4.00%, 5/1/2023 (c) | 17,045 | 18,004 | ||||||
|
| |||||||
Total Tennessee | 91,089 | |||||||
|
| |||||||
Texas — 6.7% |
| |||||||
Arlington Higher Education Finance Corp., Trinity Basin Preparatory, Inc. | ||||||||
Rev., PSF-GTD, 3.00%, 8/15/2022 | 635 | 652 | ||||||
Rev., PSF-GTD, 3.00%, 8/15/2023 | 655 | 690 | ||||||
Austin Community College District Public Facility Corp., Lease, Highland Campus Parking Garage Project | ||||||||
Series 2018C, Rev., 5.00%, 8/1/2024 | 200 | 228 | ||||||
Series 2018C, Rev., 5.00%, 8/1/2025 | 200 | 235 | ||||||
Austin Community College District, Combined Fee | ||||||||
Rev., 5.00%, 2/1/2022 | 165 | 168 | ||||||
Rev., 5.00%, 2/1/2023 | 170 | 182 | ||||||
Avery Ranch Road District No. 1, Unlimited Tax | ||||||||
GO, 3.00%, 9/10/2021 | 615 | 631 | ||||||
GO, 3.00%, 8/15/2023 | 810 | 854 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Texas — continued |
| |||||||
Big Oaks Municipal Utility District, Waterworks & Sewer System, Unlimited Tax | ||||||||
GO, AGM, 3.00%, 3/1/2022 | 345 | 350 | ||||||
GO, AGM, 3.00%, 3/1/2023 | 905 | 940 | ||||||
Board of Regents of the University of Texas System, Financing System Series 2008B, Rev., VRDO, LIQ: University of Texas Investment Management Co. (The), 0.01%, 9/9/2021 (c) | 4,495 | 4,495 | ||||||
Bridgestone Municipal Utility District, Unlimited Tax | ||||||||
Series A, GO, AGM, 2.00%, 5/1/2022 | 110 | 111 | ||||||
Series A, GO, AGM, 3.00%, 5/1/2023 | 85 | 89 | ||||||
Brushy Creek Municipal Utility District, Unlimited Tax | ||||||||
GO, 3.00%, 6/1/2022 | 235 | 240 | ||||||
GO, 3.00%, 6/1/2023 | 250 | 262 | ||||||
Capital Area Housing Finance Corp., Multi-Family Housing, Grand Avenue Flats Ltd. Rev., 0.29%, 8/1/2024 (c) | 11,100 | 11,089 | ||||||
Central Texas Regional Mobility Authority, Subordinated Lien | ||||||||
Rev., BAN, 4.00%, 1/1/2022 | 2,455 | 2,463 | ||||||
Series 2020F, Rev., BAN, 5.00%, 1/1/2025 | 6,430 | 7,248 | ||||||
City of Austin, Airport System Rev., AMT, 5.00%, 11/15/2022 | 4,250 | 4,493 | ||||||
City of Austin, Public Improvement GO, 5.00%, 9/1/2021 | 30 | 30 | ||||||
City of El Paso Series 2020A, GO, 5.00%, 8/15/2024 | 275 | 313 | ||||||
City of El Paso, Certificates of Obligation, Combination Tax | ||||||||
GO, 5.00%, 8/15/2022 | 400 | 419 | ||||||
GO, 5.00%, 8/15/2023 | 515 | 564 | ||||||
GO, 5.00%, 8/15/2024 | 700 | 797 | ||||||
City of Galveston, Certificates of Obligation GO, 4.00%, 5/1/2022 | 590 | 605 | ||||||
City of Houston, Airport System, Subordinate Lien | ||||||||
Series 2021A, Rev., AMT, 5.00%, 9/10/2021 | 850 | 925 | ||||||
Series 2021A, Rev., AMT, 5.00%, 7/1/2024 | 500 | 566 | ||||||
Series 2021A, Rev., AMT, 5.00%, 7/1/2025 | 500 | 586 | ||||||
Series 2021A, Rev., AMT, 5.00%, 7/1/2026 | 1,250 | 1,511 | ||||||
Series 2021A, Rev., AMT, 5.00%, 7/1/2027 | 1,000 | 1,240 | ||||||
City of Houston, Combined Utility System, First Lien | ||||||||
Series 2012A, Rev., VRDO, LIQ: TD Bank NA, 0.02%, 9/9/2021 (c) | 27,250 | 27,250 |
SEE NOTES TO FINANCIAL STATEMENTS.
176 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Texas — continued |
| |||||||
Series 2004B-6, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.02%, 9/10/2021 (c) | 9,000 | 9,000 | ||||||
Series B-2, Rev., VRDO, LOC: Citibank NA, 0.02%, 9/10/2021 (c) | 22,500 | 22,500 | ||||||
City of Irving, Hotel Occupancy, Occupancy Tax | ||||||||
Rev., 5.00%, 8/15/2022 | 50 | 52 | ||||||
Rev., 5.00%, 8/15/2023 | 50 | 54 | ||||||
City of Kenedy, Combination Tax, Certificates of Obligation | ||||||||
GO, 4.00%, 5/1/2022 | 120 | 123 | ||||||
GO, 4.00%, 5/1/2023 | 125 | 133 | ||||||
City of Port Aransas, Combination Tax, Certificates of Obligation | ||||||||
Series 2020A, GO, AGM, 4.00%, 2/15/2022 | 350 | 356 | ||||||
Series 2020A, GO, AGM, 4.00%, 2/15/2023 | 365 | 385 | ||||||
Series 2020A, GO, AGM, 5.00%, 2/15/2024 | 380 | 424 | ||||||
Series 2020A, GO, AGM, 5.00%, 2/15/2025 | 400 | 463 | ||||||
City of Port Arthur | ||||||||
GO, AGM, 3.00%, 2/15/2022 | 765 | 775 | ||||||
GO, AGM, 5.00%, 2/15/2023 | 910 | 972 | ||||||
City of Sulphur Springs | ||||||||
GO, AGM, 3.00%, 9/1/2021 | 100 | 100 | ||||||
GO, AGM, 3.00%, 9/1/2022 | 520 | 534 | ||||||
City of Universal City, Improvement Bonds | ||||||||
GO, 4.00%, 9/1/2021 | 145 | 150 | ||||||
GO, 2.00%, 8/15/2023 | 230 | 238 | ||||||
Clear Brook City Municipal Utility District, Unlimited Tax GO, AGM, 2.10%, 2/1/2023 | 450 | 461 | ||||||
County of Bexar, Tax Exempt Venue Project | ||||||||
Rev., 5.00%, 8/15/2022 | 275 | 285 | ||||||
Rev., 5.00%, 8/15/2023 | 275 | 297 | ||||||
County of Collin, Limited Tax GO, 5.00%, 2/15/2022 | 9,755 | 9,974 | ||||||
County of Kaufman, Limited Tax | ||||||||
Series 2020A, GO, 5.00%, 2/15/2022 | 250 | 255 | ||||||
Series 2020A, GO, 5.00%, 2/15/2023 | 110 | 118 | ||||||
Series 2020A, GO, 5.00%, 2/15/2024 | 125 | 139 | ||||||
Series 2020A, GO, 5.00%, 2/15/2025 | 130 | 151 | ||||||
County of Kaufman, Unlimited Tax | ||||||||
GO, 5.00%, 2/15/2023 | 155 | 166 | ||||||
GO, 5.00%, 2/15/2024 | 210 | 234 | ||||||
GO, 5.00%, 2/15/2025 | 255 | 295 | ||||||
Cypress Hill Municipal Utility District No. 1, Unlimited Tax | ||||||||
GO, 2.00%, 9/1/2021 | 290 | 290 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Texas — continued |
| |||||||
GO, 2.00%, 9/1/2022 | 190 | 193 | ||||||
GO, 3.00%, 9/1/2023 | 270 | 283 | ||||||
Cypress-Fairbanks Independent School District, Unlimited Tax | ||||||||
Series 2020A, GO, PSF-GTD, 4.00%, 2/15/2022 | 4,430 | 4,508 | ||||||
Series 2020A, GO, PSF-GTD, 5.00%, 2/15/2023 | 5,000 | 5,353 | ||||||
Series 2020A, GO, PSF-GTD, 5.00%, 2/15/2024 | 10,000 | 11,180 | ||||||
Florence Independent School District, Unlimited Tax | ||||||||
GO, PSF-GTD, 3.00%, 8/15/2026 | 230 | 235 | ||||||
GO, PSF-GTD, 3.00%, 8/15/2027 | 115 | 118 | ||||||
Fort Bend County Levee Improvement District No. 11, Levee Improvement, Unlimited Tax GO, AGM, 3.00%, 9/1/2023 | 400 | 421 | ||||||
Fort Bend County Municipal Utility District No. 116, Unlimited Tax | ||||||||
GO, 3.00%, 9/1/2021 | 330 | 330 | ||||||
GO, 3.00%, 9/1/2022 | 460 | 472 | ||||||
GO, 3.00%, 9/1/2023 | 450 | 474 | ||||||
Fort Bend County Municipal Utility District No. 151, Unlimited Tax GO, 3.00%, 9/1/2021 | 190 | 190 | ||||||
Galveston Public Facility Corp., The Oleanders at Broadway Rev., 0.47%, 8/1/2024 (c) | 3,700 | 3,703 | ||||||
Grand Parkway Transportation Corp., System Toll Series 2013B, Rev., 5.00%, 10/1/2023 (d) | 21,060 | 23,176 | ||||||
Greenhawe Water Control and Improvement District No. 2 | ||||||||
GO, AGM, 3.00%, 9/1/2022 | 190 | 195 | ||||||
GO, AGM, 3.00%, 9/1/2023 | 200 | 211 | ||||||
Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System | ||||||||
Series 2016D, Rev., VRDO, 0.02%, 9/8/2021 (c) | 11,995 | 11,995 | ||||||
Series 2019F, Rev., VRDO, 0.02%, 9/8/2021 (c) | 18,300 | 18,300 | ||||||
Series 2019C, Rev., (SIFMA Municipal Swap Index Yield + 0.42%), 0.44%, 9/9/2021 (b) | 10,000 | 9,996 | ||||||
Series 2019C-2, Rev., (SIFMA Municipal Swap Index Yield + 0.57%), 0.59%, 9/9/2021 (b) | 9,000 | 9,039 | ||||||
Series 2020C-3, Rev., 5.00%, 9/10/2021 (c) | 5,000 | 6,114 | ||||||
Series 2019A, Rev., 5.00%, 12/1/2021 | 1,750 | 1,771 | ||||||
Series 2019A, Rev., 5.00%, 12/1/2022 | 1,700 | 1,803 | ||||||
Series 2019A, Rev., 5.00%, 12/1/2023 | 2,230 | 2,469 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 177 |
Table of Contents
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Texas — continued |
| |||||||
Harris County Fresh Water Supply District No. 61 | ||||||||
GO, AGM, 4.00%, 9/1/2023 | 445 | 478 | ||||||
GO, AGM, 3.00%, 9/1/2024 | 695 | 751 | ||||||
Harris County Municipal Utility District No. 096, Unlimited Tax, Green Bond | ||||||||
GO, 2.00%, 9/1/2021 | 185 | 185 | ||||||
GO, 2.00%, 9/1/2023 | 195 | 201 | ||||||
Harris County Municipal Utility District No. 152, Unlimited Tax | ||||||||
GO, AGM, 3.00%, 8/1/2022 | 280 | 287 | ||||||
GO, AGM, 3.00%, 8/1/2023 | 400 | 420 | ||||||
Harris County Municipal Utility District No. 157, Unlimited Tax GO, AGM, 3.00%, 3/1/2023 | 425 | 442 | ||||||
Harris County Municipal Utility District No. 276, Unlimited Tax | ||||||||
GO, 3.00%, 9/1/2022 | 365 | 375 | ||||||
GO, 3.00%, 9/1/2023 | 745 | 784 | ||||||
Harris County Municipal Utility District No. 281, Unlimited Tax, Green Bond | ||||||||
GO, 2.00%, 9/1/2021 | 130 | 130 | ||||||
GO, 2.00%, 9/1/2022 | 300 | 305 | ||||||
GO, 2.00%, 9/1/2023 | 305 | 315 | ||||||
Harris County Municipal Utility District No. 374, Unlimited Tax | ||||||||
GO, 3.00%, 9/1/2021 | 100 | 100 | ||||||
GO, 3.00%, 9/1/2022 | 145 | 149 | ||||||
GO, 3.00%, 9/1/2023 | 115 | 120 | ||||||
Harris County Municipal Utility District No. 391, Unlimited Tax | ||||||||
GO, 3.00%, 9/1/2021 | 375 | 375 | ||||||
GO, 3.00%, 9/1/2023 | 400 | 421 | ||||||
Harris County Municipal Utility District No. 419, Unlimited Tax | ||||||||
GO, 3.00%, 9/1/2021 | 70 | 70 | ||||||
GO, 3.00%, 9/1/2022 | 175 | 180 | ||||||
GO, 3.00%, 9/1/2023 | 455 | 479 | ||||||
Harris County Municipal Utility District No. 55, Unlimited Tax | ||||||||
GO, 3.00%, 2/1/2022 | 260 | 263 | ||||||
GO, 3.00%, 2/1/2023 | 785 | 815 | ||||||
Harris County Water Control and Improvement District No. 119, Unlimited Tax | ||||||||
GO, AGM, 2.00%, 10/1/2021 | 835 | 837 | ||||||
GO, AGM, 3.00%, 10/1/2022 | 365 | 375 | ||||||
GO, AGM, 3.00%, 10/1/2023 | 375 | 395 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Texas — continued |
| |||||||
Hunters Glen Municipal Utility District, Waterworks and Sewer System | ||||||||
Series 2019A, GO, AGM, 2.00%, 4/1/2022 | 330 | 333 | ||||||
Series 2019A, GO, AGM, 2.00%, 4/1/2023 | 595 | 611 | ||||||
La Joya Independent School District, Maintenance Tax | ||||||||
GO, AGM, 4.00%, 2/15/2022 | 390 | 397 | ||||||
GO, AGM, 4.00%, 2/15/2023 | 420 | 443 | ||||||
Love Field Airport Modernization Corp. Rev., AMT, 5.00%, 9/1/2021 | 125 | 126 | ||||||
Lower Neches Valley Authority Industrial Development Corp., ExxonMobil Project Rev., VRDO, 0.01%, 9/3/2021 (c) | 5,900 | 5,900 | ||||||
Lytle Independent School District, Unlimited Tax GO, PSF-GTD, 4.00%, 2/15/2028 | 255 | 308 | ||||||
Matagorda County Navigation District No. 1, Pollution Control, Central Power and Light Co. Project Rev., AMT, 0.90%, 9/1/2023 (c) | 3,750 | 3,774 | ||||||
McLennan County Junior College District Rev., AGM, 3.00%, 4/15/2022 | 100 | 102 | ||||||
Metropolitan Transit Authority of Harris County Sales and Use Tax Series 2016A, Rev., 5.00%, 11/1/2024 | 6,290 | 7,233 | ||||||
Mission Economic Development Corp., Waste Management, Inc., Project Rev., AMT, (SIFMA Municipal Swap Index Yield + 0.38%), 0.39%, 9/1/2021 (b) | 10,000 | 10,000 | ||||||
Montgomery County Municipal Utility District No. 94, Unlimited Tax | ||||||||
GO, 2.00%, 10/1/2021 | 60 | 60 | ||||||
GO, 2.00%, 10/1/2022 | 185 | 188 | ||||||
GO, 2.00%, 10/1/2023 | 185 | 192 | ||||||
New Hope Cultural Education Facilities Finance Corp., Morningside Ministries Project | ||||||||
Series 2020A, Rev., 2.10%, 1/1/2023 | 90 | 91 | ||||||
Series 2020A, Rev., 2.20%, 1/1/2024 | 180 | 184 | ||||||
Series 2020A, Rev., 2.25%, 1/1/2025 | 315 | 323 | ||||||
New Hope Cultural Education Facilities Finance Corp., Presbyterian Village North Project | ||||||||
Rev., 5.00%, 10/1/2021 | 1,425 | 1,429 | ||||||
Rev., 5.00%, 10/1/2022 | 1,495 | 1,545 | ||||||
North Texas Tollway Authority, First Tier Series 2017A, Rev., 5.00%, 1/1/2025 | 4,725 | 5,027 | ||||||
North Texas Tollway Authority, Second Tier | ||||||||
Series B, Rev., 4.00%, 1/1/2022 | 800 | 810 | ||||||
Series B, Rev., 5.00%, 1/1/2023 | 5,000 | 5,319 | ||||||
Series B, Rev., 5.00%, 1/1/2024 | 5,500 | 6,108 |
SEE NOTES TO FINANCIAL STATEMENTS.
178 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 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 | 100 | ||||||
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 | 560 | ||||||
GO, AGM, 3.00%, 9/1/2022 | 195 | 200 | ||||||
GO, 4.00%, 9/1/2022 | 710 | 736 | ||||||
GO, AGM, 3.00%, 9/1/2023 | 345 | 363 | ||||||
GO, 4.00%, 9/1/2023 | 740 | 794 | ||||||
GO, AGM, 3.00%, 9/1/2024 | 600 | 645 | ||||||
Plano Independent School District, Unlimited Tax School Building GO, PSF-GTD, 5.00%, 2/15/2025 | 1,140 | 1,325 | ||||||
Robstown Independent School District, Unlimited Tax | ||||||||
GO, PSF-GTD, 2.00%, 2/15/2022 | 325 | 328 | ||||||
GO, PSF-GTD, 3.00%, 2/15/2023 | 650 | 675 | ||||||
GO, PSF-GTD, 3.00%, 2/15/2024 | 360 | 384 | ||||||
Sienna Plantation Municipal Utility District No. 3, Unlimited Tax | ||||||||
GO, 2.00%, 3/1/2022 | 225 | 227 | ||||||
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 | 2,723 | ||||||
State of Texas, Veterans | ||||||||
Series A, GO, VRDO, LIQ: State Street Bank & Trust, 0.03%, 9/10/2021 (c) | 11,495 | 11,495 | ||||||
GO, VRDO, LIQ: Sumitomo Mitsui Banking Corp., 0.04%, 9/10/2021 (c) | 16,685 | 16,685 | ||||||
State of Texas, Veterans Housing Assistance Program Series 2008 B, GO, VRDO, LIQ: State Street Bank & Trust, 0.03%, 9/8/2021 (c) | 5,730 | 5,730 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., Texas Health Resources System Series 2008-C, Rev., VRDO, 0.01%, 9/8/2021 (c) | 1,175 | 1,175 | ||||||
Tarrant Regional Water District Water Supply System Series 2020C, Rev., 4.00%, 9/10/2021 | 3,325 | 3,390 | ||||||
Texas A&M University, Financing System Series 2013B, Rev., 5.00%, 5/15/2023 (d) | 18,515 | 20,025 | ||||||
Town of Horizon City, Combination Tax | ||||||||
GO, AGM, 3.00%, 8/15/2022 | 170 | 174 | ||||||
GO, AGM, 4.00%, 8/15/2023 | 230 | 247 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Texas — continued |
| |||||||
Travis County Housing Finance Corp., Multi-Family Housing, Enclave on Ross Apartments Rev., 0.23%, 2/1/2024 (c) | 10,000 | 9,993 | ||||||
Travis County Municipal Utility District No. 4, Unlimited Contract Tax | ||||||||
Series 2019A, GO, AGM, 2.00%, 9/1/2022 | 410 | 417 | ||||||
Series 2019A, GO, AGM, 3.00%, 9/1/2023 | 650 | 684 | ||||||
Travis County Water Control and Improvement District No. 17, Texas Steiner Ranch Defined Area Unlimited Tax | ||||||||
GO, 4.00%, 9/10/2021 | 300 | 339 | ||||||
GO, 3.00%, 5/1/2024 | 400 | 427 | ||||||
GO, 4.00%, 5/1/2026 | 280 | 324 | ||||||
Upper Trinity Regional Water District, Regional Treated Water Supply System Rev., 4.00%, 8/1/2027 | 900 | 1,072 | ||||||
Wichita Falls Independent School District, Unlimited Tax | ||||||||
GO, PSF-GTD, 3.00%, 2/1/2023 | 1,400 | 1,456 | ||||||
GO, PSF-GTD, 4.00%, 2/1/2024 | 1,000 | 1,091 | ||||||
GO, PSF-GTD, 4.00%, 2/1/2025 | 1,520 | 1,711 | ||||||
Williamson County Municipal Utility District No. 11, Unlimited Tax GO, AGM, 4.00%, 8/1/2022 | 110 | 114 | ||||||
|
| |||||||
Total Texas | 377,443 | |||||||
|
| |||||||
Utah — 0.2% |
| |||||||
City of Murray, Sales Tax Rev., 4.00%, 11/15/2021 | 150 | 151 | ||||||
City of Salt Lake, International Airport | ||||||||
Series 2021A, Rev., AMT, 5.00%, 7/1/2022 | 250 | 260 | ||||||
Series 2021A, Rev., AMT, 5.00%, 7/1/2023 | 300 | 326 | ||||||
Series 2021A, Rev., AMT, 5.00%, 7/1/2024 | 1,000 | 1,130 | ||||||
Series 2021A, Rev., AMT, 5.00%, 7/1/2025 | 1,325 | 1,550 | ||||||
Series 2021A, Rev., AMT, 5.00%, 7/1/2026 | 1,660 | 2,003 | ||||||
County of Utah, IHC Health Services, Inc. Series 2016D, Rev., VRDO, LIQ: U.S. Bank NA, 0.02%, 9/10/2021 (c) | 5,000 | 5,000 | ||||||
Utah Charter School Finance Authority, Summit Academy Incorporated | ||||||||
Series A, Rev., 5.00%, 4/15/2022 | 35 | 36 | ||||||
Series A, Rev., 5.00%, 4/15/2023 | 85 | 91 | ||||||
Utah Charter School Finance Authority, Utah Charter Academies Project Rev., 4.00%, 10/15/2021 | 305 | 306 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 179 |
Table of Contents
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Utah — continued |
| |||||||
Utah Infrastructure Agency, Tax-Exempt Telecommunications | ||||||||
Rev., 3.00%, 9/10/2021 | 125 | 137 | ||||||
Rev., 3.00%, 10/15/2023 | 60 | 63 | ||||||
|
| |||||||
Total Utah | 11,053 | |||||||
|
| |||||||
Vermont — 0.2% |
| |||||||
Vermont Educational and Health Buildings Financing Agency, Fletcher Allen Health Series A, Rev., VRDO, LOC: TD Bank NA, 0.02%, 9/8/2021 (c) | 10,000 | 10,000 | ||||||
|
| |||||||
Virginia — 2.6% |
| |||||||
Chesapeake Economic Development Authority, Virginia Electric and Power Co. Project Series 2008A, Rev., 1.90%, 6/1/2023 (c) | 4,250 | 4,344 | ||||||
Chesapeake Hospital Authority, Regional Medical Center | ||||||||
Rev., 5.00%, 7/1/2023 | 925 | 1,004 | ||||||
Rev., 5.00%, 7/1/2024 | 885 | 994 | ||||||
County of Fairfax, Public Improvement Series 2021A, GO, 4.00%, 9/10/2021 | 2,740 | 2,962 | ||||||
Fairfax County Industrial Development Authority, Virginia Health Care, Inova Health System Project | ||||||||
Series 2016C, Rev., VRDO, 0.02%, 9/10/2021 (c) | 13,775 | 13,775 | ||||||
Series 2018C, Rev., VRDO, 0.02%, 9/10/2021 (c) | 49,305 | 49,305 | ||||||
Halifax County Industrial Development Authority, Electric and Power Co. Project Series 2010A, Rev., 0.45%, 4/1/2022 (c) | 8,000 | 8,007 | ||||||
Loudoun County Economic Development Authority, Howard Hughes Medical Institute | ||||||||
Series 2003B, Rev., VRDO, 0.02%, 9/8/2021 (c) | 18,650 | 18,650 | ||||||
Series 2003E, Rev., VRDO, 0.01%, 9/10/2021 (c) | 5,710 | 5,710 | ||||||
Series 2003F, Rev., VRDO, 0.01%, 9/10/2021 (c) | 4,050 | 4,050 | ||||||
Norfolk Economic Development Authority, Sentara Healthcare Series 2016A, Rev., VRDO, 0.01%, 9/10/2021 (c) | 3,135 | 3,135 | ||||||
Peninsula Ports Authority, Dominion Terminal Associates Project — DETC Issue Rev., 1.70%, 10/1/2022 (c) | 1,550 | 1,572 | ||||||
Rockingham County Economic Development Authority, Sunnyside Presbyterian Home | ||||||||
Series 2020A, Rev., 4.00%, 12/1/2021 | 270 | 272 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Virginia — continued |
| |||||||
Series 2020A, Rev., 4.00%, 12/1/2022 | 295 | 308 | ||||||
Series 2020A, Rev., 4.00%, 12/1/2023 | 100 | 108 | ||||||
Wise County Industrial Development Authority, Electric and Power Co. Project Series 2009A, Rev., 0.75%, 9/2/2025 (c) | 22,765 | 22,977 | ||||||
York County Economic Development Authority, Electric and Power Co. Project Series 2009A, Rev., 1.90%, 6/1/2023 (c) | 8,000 | 8,183 | ||||||
|
| |||||||
Total Virginia | 145,356 | |||||||
|
| |||||||
Washington — 1.2% |
| |||||||
Chelan County Public Utility District No. 1 Series 2008B, Rev., VRDO, LIQ: Barclays Bank plc, 0.01%, 9/8/2021 (c) | 2,350 | 2,350 | ||||||
City of Seattle, Municipal Light and Power Improvement Rev., 5.00%, 9/1/2021 | 20 | 20 | ||||||
Douglas County Public Utility District No. 1, Wells Hydro Electric Series B, Rev., 4.00%, 9/1/2021 | 25 | 25 | ||||||
King County Housing Authority, Highland Village Project | ||||||||
Rev., 4.00%, 1/1/2022 | 120 | 121 | ||||||
Rev., 4.00%, 1/1/2023 | 100 | 105 | ||||||
Rev., 5.00%, 1/1/2024 | 120 | 133 | ||||||
King County School District No. 407 Riverview, Unlimited Tax GO, 4.00%, 12/1/2023 | 500 | 542 | ||||||
Kitsap County School District No. 401 Central Kitsap, Unlimited Tax GO, 4.00%, 12/1/2021 | 75 | 76 | ||||||
Port of Tacoma, Subordinate Lien Series 2008B, Rev., VRDO, LOC: Bank of America NA, 0.02%, 9/8/2021 (c) | 29,980 | 29,980 | ||||||
Snohomish County School District No. 15 Edmonds, Unlimited Tax GO, 5.00%, 12/1/2021 | 330 | 334 | ||||||
State of Washington, Various Purpose Series R-2013C, GO, 5.00%, 7/1/2025 | 8,000 | 8,703 | ||||||
Washington Health Care Facilities Authority, Catholic Health Initiatives Series 2013B, Rev., (SIFMA Municipal Swap Index Yield + 1.40%), 1.42%, 9/9/2021 (b) | 10,000 | 10,054 | ||||||
Washington Health Care Facilities Authority, Commonspirit Health Series B-1, Rev., 5.00%, 8/1/2024 (c) | 11,000 | 12,211 | ||||||
Washington Health Care Facilities Authority, Overlake Hospital Medical Center Series 2017B, Rev., 5.00%, 7/1/2022 | 1,210 | 1,258 | ||||||
Washington State Housing Finance Commission, Transforming Age Projects Series 2019B, Rev., 2.38%, 9/10/2021 (e) | 3,500 | 3,504 | ||||||
|
| |||||||
Total Washington | 69,416 | |||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
180 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
West Virginia — 0.2% |
| |||||||
Berkeley County Board of Education | ||||||||
GO, 4.00%, 5/1/2022 | 600 | 615 | ||||||
GO, 5.00%, 5/1/2025 | 360 | 417 | ||||||
West Virginia Economic Development Authority, Solid Waste Disposal Facilities, Appalachian Power Co. Amos Project | ||||||||
Series 2009A, Rev., 2.63%, 6/1/2022 (c) | 3,805 | 3,870 | ||||||
Series 2011A, Rev., AMT, 1.00%, 9/1/2025 (c) | 5,650 | 5,695 | ||||||
West Virginia State School Building Authority, Lottery Capital Improvement Series 2016A, Rev., 5.00%, 7/1/2026 | 1,520 | 1,788 | ||||||
|
| |||||||
Total West Virginia | 12,385 | |||||||
|
| |||||||
Wisconsin — 1.2% |
| |||||||
Big Foot Union High School District | ||||||||
GO, 4.00%, 3/1/2022 | 100 | 102 | ||||||
GO, 4.00%, 3/1/2023 | 115 | 121 | ||||||
City of Fort Atkinson | ||||||||
GO, 3.00%, 2/1/2022 | 120 | 121 | ||||||
GO, 4.00%, 2/1/2023 | 230 | 242 | ||||||
City of Kaukauna, Sanitary Sewer System Series 2019C, Rev., BAN, 2.63%, 9/1/2024 | 510 | 521 | ||||||
City of Kaukauna, Storm Water System Series 2019D, Rev., BAN, 2.63%, 9/1/2024 | 660 | 674 | ||||||
City of Milwaukee, Promissory Notes | ||||||||
Series 2015N2, GO, 4.00%, 9/10/2021 | 1,955 | 2,133 | ||||||
Series 2017N4, GO, 5.00%, 4/1/2024 | 3,045 | 3,404 | ||||||
City of Oak Creek | ||||||||
GO, 3.00%, 4/1/2022 | 135 | 137 | ||||||
GO, 3.00%, 4/1/2023 | 180 | 188 | ||||||
City of Racine | ||||||||
Series 2019B, GO, 5.00%, 9/10/2021 | 125 | 138 | ||||||
Series 2019B, GO, 4.00%, 12/1/2021 | 165 | 166 | ||||||
Series 2019B, GO, 4.00%, 12/1/2022 | 145 | 152 | ||||||
City of Shawano, Promissory Notes | ||||||||
GO, 3.00%, 4/1/2022 | 140 | 142 | ||||||
GO, 3.00%, 4/1/2023 | 150 | 157 | ||||||
City of Watertown, Promissory Notes | ||||||||
GO, 3.00%, 6/1/2023 | 125 | 131 | ||||||
GO, 3.00%, 6/1/2024 | 425 | 457 | ||||||
City of Waukesha, Promissory Notes | ||||||||
Series 2019C, GO, 3.00%, 10/1/2021 | 450 | 451 | ||||||
Series 2019C, GO, 3.00%, 10/1/2022 | 425 | 438 | ||||||
Series 2019C, GO, 3.00%, 10/1/2023 | 350 | 370 | ||||||
County of Douglas GO, 5.00%, 2/1/2022 | 520 | 531 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Wisconsin — continued |
| |||||||
County of Manitowoc | ||||||||
GO, AGM, 3.00%, 4/1/2022 | 875 | 889 | ||||||
GO, AGM, 3.00%, 11/1/2022 | 50 | 51 | ||||||
GO, AGM, 3.00%, 4/1/2023 | 895 | 932 | ||||||
GO, AGM, 3.00%, 11/1/2023 | 150 | 158 | ||||||
GO, AGM, 4.00%, 4/1/2024 | 680 | 743 | ||||||
County of Rusk | ||||||||
GO, 3.00%, 3/1/2022 | 130 | 132 | ||||||
GO, 3.00%, 3/1/2023 | 260 | 271 | ||||||
GO, 3.00%, 3/1/2024 | 270 | 288 | ||||||
Gale-Ettrick-Trempealeau School District | ||||||||
GO, 2.00%, 4/1/2022 | 105 | 106 | ||||||
GO, 2.00%, 4/1/2023 | 130 | 133 | ||||||
Gibraltar Area School District, Promissory Notes GO, 4.00%, 3/1/2022 | 315 | 321 | ||||||
Lakeshore Technical College District | ||||||||
Series 2019A, GO, 3.00%, 9/10/2021 | 405 | 432 | ||||||
Series 2019A, GO, 3.00%, 3/1/2022 | 75 | 76 | ||||||
Series 2019A, GO, 3.00%, 3/1/2023 | 110 | 115 | ||||||
Milwaukee Redevelopment Authority, Public Schools Rev., 4.00%, 11/15/2021 | 55 | 55 | ||||||
Pewaukee School District Series 2019A, GO, 5.00%, 9/10/2021 | 375 | 419 | ||||||
PMA Levy and Aid Anticipation Notes Program | ||||||||
Series 2020A, Rev., 3.00%, 10/22/2021 | 17,200 | 17,272 | ||||||
Series 2020B, Rev., 3.00%, 10/22/2021 | 10,000 | 10,041 | ||||||
Poynette School District | ||||||||
GO, 3.00%, 4/1/2022 | 340 | 346 | ||||||
GO, 3.00%, 4/1/2023 | 265 | 276 | ||||||
River Falls School District GO, 3.00%, 9/10/2021 | 1,830 | 2,033 | ||||||
Village of DeForest Series C, Rev., 3.00%, 5/1/2023 | 4,865 | 4,876 | ||||||
Village of Mount Pleasant, Promissory Notes | ||||||||
Series 2019A, GO, 3.00%, 3/1/2022 | 265 | 269 | ||||||
Series 2019A, GO, 5.00%, 3/1/2023 | 380 | 407 | ||||||
Wisconsin Department of Transportation | ||||||||
Series 2021A, Rev., 5.00%, 7/1/2024 | 1,250 | 1,419 | ||||||
Series 2021A, Rev., 5.00%, 7/1/2025 | 1,750 | 2,063 | ||||||
Series 2021A, Rev., 5.00%, 7/1/2026 | 1,330 | 1,621 | ||||||
Wisconsin Health and Educational Facilities Authority, Advocate Aurora Health Credit Group Series 2018B-2, Rev., 5.00%, 1/25/2023 (c) | 5,750 | 6,119 | ||||||
Wisconsin Health and Educational Facilities Authority, Franciscan Sisters of Christian Charity Sponsored Ministries, Inc. Series 2017A, Rev., 5.00%, 9/1/2021 (d) | 160 | 160 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 181 |
Table of Contents
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) | ||||||
Municipal Bonds — continued |
| |||||||
Wisconsin — continued |
| |||||||
Wisconsin Health and Educational Facilities Authority, Hmong American Peace Academy | ||||||||
Rev., 4.00%, 3/15/2022 | 110 | 112 | ||||||
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 | 4,003 | ||||||
Wittenberg Birnamwood School District | ||||||||
GO, AGM, 4.00%, 3/1/2022 | 260 | 265 | ||||||
GO, AGM, 4.00%, 3/1/2023 | 280 | 295 | ||||||
|
| |||||||
Total Wisconsin | 67,865 | |||||||
|
| |||||||
Total Municipal Bonds | 5,000,658 | |||||||
|
|
INVESTMENTS | SHARES | VALUE ($000) | ||||||
Short-Term Investments — 11.9% |
| |||||||
Investment Companies — 11.9% |
| |||||||
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 0.02% (g) (h) (Cost $672,571) | 672,246 | 672,582 | ||||||
|
| |||||||
Total Investments — 100.5% |
| 5,673,240 | ||||||
Liabilities in Excess of |
| (25,773 | ) | |||||
|
| |||||||
NET ASSETS — 100.0% |
| 5,647,467 | ||||||
|
|
Percentages indicated are based on net assets.
Abbreviations
AGC | Insured by Assured Guaranty Corp. | |
AGM | Insured by Assured Guaranty Municipal Corp. | |
AMT | Alternative Minimum Tax | |
BAN | Bond Anticipation Note | |
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 | |
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 |
SOFR | Secured Overnight Financing Rate | |
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 August 31, 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 August 31, 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 August 31, 2021. |
SEE NOTES TO FINANCIAL STATEMENTS.
182 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
THIS PAGE IS INTENTIONALLY LEFT BLANK
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 183 |
Table of Contents
STATEMENTS OF ASSETS AND LIABILITIES
AS OF AUGUST 31, 2021 (Unaudited)
(Amounts in thousands, except per share amounts)
JPMorgan California Tax Free Bond Fund | JPMorgan High Yield Municipal Fund | JPMorgan Intermediate Tax Free Bond Fund | ||||||||||
ASSETS: | ||||||||||||
Investments in non-affiliates, at value | $ | 401,393 | $ | 523,418 | $ | 4,457,192 | ||||||
Investments in affiliates, at value | 26,737 | 4,342 | 81,583 | |||||||||
Cash | — | (a) | — | (a) | 1,128 | |||||||
Deposits at broker for futures contracts | — | — | 3,272 | |||||||||
Receivables: | ||||||||||||
Investment securities sold | — | 1,785 | 6,151 | |||||||||
Investment securities sold — delayed delivery securities | — | 12,309 | 16,988 | |||||||||
Fund shares sold | 473 | 558 | 3,114 | |||||||||
Interest from non-affiliates | 3,498 | 5,548 | 44,607 | |||||||||
Dividends from affiliates | — | (a) | — | (a) | 1 | |||||||
Variation margin on futures contracts | — | — | 393 | |||||||||
|
|
|
|
|
| |||||||
Total Assets | 432,101 | 547,960 | 4,614,429 | |||||||||
|
|
|
|
|
| |||||||
LIABILITIES: | ||||||||||||
Payables: | ||||||||||||
Investment securities purchased | — | 5,561 | 5,819 | |||||||||
Investment securities purchased — delayed delivery securities | — | 13,090 | 16,799 | |||||||||
Fund shares redeemed | 1,181 | 639 | 3,718 | |||||||||
Accrued liabilities: | ||||||||||||
Investment advisory fees | 95 | 131 | 944 | |||||||||
Administration fees | 23 | 23 | 143 | |||||||||
Distribution fees | 53 | 63 | 85 | |||||||||
Service fees | 8 | 23 | 84 | |||||||||
Custodian and accounting fees | 11 | 29 | 186 | |||||||||
Trustees’ and Chief Compliance Officer’s fees | — | — | (a) | — | ||||||||
Other | 19 | 136 | 83 | |||||||||
|
|
|
|
|
| |||||||
Total Liabilities | 1,390 | 19,695 | 27,861 | |||||||||
|
|
|
|
|
| |||||||
Net Assets | $ | 430,711 | $ | 528,265 | $ | 4,586,568 | ||||||
|
|
|
|
|
|
(a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
184 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
JPMorgan | JPMorgan High Yield Municipal Fund | JPMorgan Intermediate Tax Free Bond Fund | ||||||||||
NET ASSETS: |
| |||||||||||
Paid-in-Capital | $ | 412,346 | $ | 497,677 | $ | 4,194,384 | ||||||
Total distributable earnings (loss) | 18,365 | 30,588 | 392,184 | |||||||||
|
|
|
|
|
| |||||||
Total Net Assets | $ | 430,711 | $ | 528,265 | $ | 4,586,568 | ||||||
|
|
|
|
|
| |||||||
Net Assets: | ||||||||||||
Class A | $ | 156,729 | $ | 199,631 | $ | 350,950 | ||||||
Class C | 30,316 | 31,956 | 16,794 | |||||||||
Class I | 93,977 | 275,494 | 632,953 | |||||||||
Class R6 | 149,689 | 21,184 | 3,585,871 | |||||||||
�� |
|
|
|
|
|
| ||||||
Total | $ | 430,711 | $ | 528,265 | $ | 4,586,568 | ||||||
|
|
|
|
|
| |||||||
Outstanding units of beneficial interest (shares) | ||||||||||||
Class A | 14,035 | 16,752 | 30,517 | |||||||||
Class C | 2,739 | 2,687 | 1,499 | |||||||||
Class I | 8,616 | 23,121 | 56,121 | |||||||||
Class R6 | 13,725 | 1,778 | 317,981 | |||||||||
Net Asset Value (a): | ||||||||||||
Class A — Redemption price per share | $ | 11.17 | $ | 11.92 | $ | 11.50 | ||||||
Class C — Offering price per share (b) | 11.07 | 11.89 | 11.20 | |||||||||
Class I — Offering and redemption price per share | 10.91 | 11.92 | 11.28 | |||||||||
Class R6 — Offering and redemption price per share | 10.91 | 11.92 | 11.28 | |||||||||
Class A maximum sales charge | 3.75 | % | 3.75 | % | 3.75 | % | ||||||
Class A maximum public offering price per share | $ | 11.61 | $ | 12.38 | $ | 11.95 | ||||||
|
|
|
|
|
| |||||||
Cost of investments in non-affiliates | $ | 379,961 | $ | 490,371 | $ | 4,098,842 | ||||||
Cost of investments in affiliates | 26,734 | 4,342 | 81,566 |
(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.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 185 |
Table of Contents
STATEMENTS OF ASSETS AND LIABILITIES
AS OF AUGUST 31, 2021 (Unaudited) (continued)
(Amounts in thousands, except per share amounts)
JPMorgan New York Tax Free Bond Fund | JPMorgan Short- Intermediate Municipal Bond Fund | JPMorgan Sustainable Municipal Income Fund | ||||||||||
ASSETS: | ||||||||||||
Investments in non-affiliates, at value | $ | 403,563 | $ | 1,532,669 | $ | 322,141 | ||||||
Investments in affiliates, at value | 5,348 | 176,734 | 4,873 | |||||||||
Cash | — | 82 | — | |||||||||
Deposits at broker for futures contracts | — | — | 35 | |||||||||
Receivables: | ||||||||||||
Investment securities sold | — | — | (a) | 915 | ||||||||
Investment securities sold — delayed delivery securities | — | 95 | 2,953 | |||||||||
Fund shares sold | 112 | 2,806 | 177 | |||||||||
Interest from non-affiliates | 4,636 | 15,168 | 3,168 | |||||||||
Dividends from affiliates | — | (a) | 2 | — | (a) | |||||||
Variation margin on futures contracts | — | — | 4 | |||||||||
|
|
|
|
|
| |||||||
Total Assets | 413,659 | 1,727,556 | 334,266 | |||||||||
|
|
|
|
|
| |||||||
LIABILITIES: | ||||||||||||
Payables: | ||||||||||||
Due to custodian | — | — | — | (a) | ||||||||
Investment securities purchased | — | 10,780 | 2,509 | |||||||||
Investment securities purchased — delayed delivery securities | — | 3,078 | 2,885 | |||||||||
Fund shares redeemed | 151 | 934 | 211 | |||||||||
Accrued liabilities: | ||||||||||||
Investment advisory fees | 100 | 227 | 67 | |||||||||
Administration fees | 23 | 20 | 9 | |||||||||
Distribution fees | 54 | 22 | 32 | |||||||||
Service fees | 23 | 59 | 22 | |||||||||
Custodian and accounting fees | 10 | 37 | 11 | |||||||||
Trustees’ and Chief Compliance Officer’s fees | — | (a) | 1 | — | (a) | |||||||
Other | 34 | 31 | 57 | |||||||||
|
|
|
|
|
| |||||||
Total Liabilities | 395 | 15,189 | 5,803 | |||||||||
|
|
|
|
|
| |||||||
Net Assets | $ | 413,264 | $ | 1,712,367 | $ | 328,463 | ||||||
|
|
|
|
|
|
(a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
186 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
JPMorgan New York Tax Free Bond Fund | JPMorgan Short- Intermediate Municipal Bond Fund | JPMorgan Sustainable Municipal Income Fund | ||||||||||
NET ASSETS: |
| |||||||||||
Paid-in-Capital | $ | 389,381 | $ | 1,663,161 | $ | 312,119 | ||||||
Total distributable earnings (loss) | 23,883 | 49,206 | 16,344 | |||||||||
|
|
|
|
|
| |||||||
Total Net Assets | $ | 413,264 | $ | 1,712,367 | $ | 328,463 | ||||||
|
|
|
|
|
| |||||||
Net Assets: | ||||||||||||
Class A | $ | 166,508 | $ | 94,155 | $ | 126,331 | ||||||
Class C | 29,373 | 4,041 | 8,493 | |||||||||
Class I | 86,042 | 931,648 | 121,842 | |||||||||
Class R6 | 131,341 | 682,523 | 71,797 | |||||||||
|
|
|
|
|
| |||||||
Total | $ | 413,264 | $ | 1,712,367 | $ | 328,463 | ||||||
|
|
|
|
|
| |||||||
Outstanding units of beneficial interest (shares) | ||||||||||||
Class A | 23,789 | 8,689 | 12,512 | |||||||||
Class C | 4,196 | 369 | 850 | |||||||||
Class I | 12,230 | 85,494 | 12,161 | |||||||||
Class R6 | 18,674 | 62,654 | 7,169 | |||||||||
Net Asset Value (a): | ||||||||||||
Class A — Redemption price per share | $ | 7.00 | $ | 10.84 | $ | 10.10 | ||||||
Class C — Offering price per share (b) | 7.00 | 10.94 | 9.99 | |||||||||
Class I — Offering and redemption price per share | 7.04 | 10.90 | 10.02 | |||||||||
Class R6 — Offering and redemption price per share | 7.03 | 10.89 | 10.02 | |||||||||
Class A maximum sales charge | 3.75 | % | 2.25 | % | 3.75 | % | ||||||
Class A maximum public offering price per share | $ | 7.27 | $ | 11.09 | $ | 10.49 | ||||||
|
|
|
|
|
| |||||||
Cost of investments in non-affiliates | $ | 377,329 | $ | 1,472,828 | $ | 305,608 | ||||||
Cost of investments in affiliates | 5,346 | 176,726 | 4,871 |
(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.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 187 |
Table of Contents
STATEMENTS OF ASSETS AND LIABILITIES
AS OF AUGUST 31, 2021 (Unaudited) (continued)
(Amounts in thousands, except per share amounts)
JPMorgan Tax Free Bond Fund | JPMorgan | |||||||
ASSETS: |
| |||||||
Investments in non-affiliates, at value | $ | 646,584 | $ | 5,000,658 | ||||
Investments in affiliates, at value | 30,746 | 672,582 | ||||||
Cash | — | 21 | ||||||
Deposits at broker for futures contracts | 467 | — | ||||||
Receivables: | ||||||||
Investment securities sold | 191 | 602 | ||||||
Investment securities sold — delayed delivery securities | 4,597 | 315 | ||||||
Fund shares sold | 1,267 | 48,656 | ||||||
Interest from non-affiliates | 6,195 | 24,152 | ||||||
Dividends from affiliates | 1 | 11 | ||||||
Variation margin on futures contracts | 51 | — | ||||||
Due from adviser | — | 9 | ||||||
|
|
|
| |||||
Total Assets | 690,099 | 5,747,006 | ||||||
|
|
|
| |||||
LIABILITIES: | ||||||||
Payables: | ||||||||
Due to custodian | — | (a) | — | |||||
Investment securities purchased | — | 89,012 | ||||||
Investment securities purchased — delayed delivery securities | 3,688 | — | ||||||
Fund shares redeemed | 273 | 9,077 | ||||||
Accrued liabilities: | ||||||||
Investment advisory fees | 163 | — | ||||||
Administration fees | 36 | — | ||||||
Distribution fees | 80 | 21 | ||||||
Service fees | 14 | 1,111 | ||||||
Custodian and accounting fees | 32 | 83 | ||||||
Trustees’ and Chief Compliance Officer’s fees | — | (a) | — | (a) | ||||
Other | 55 | 235 | ||||||
|
|
|
| |||||
Total Liabilities | 4,341 | 99,539 | ||||||
|
|
|
| |||||
Net Assets | $ | 685,758 | $ | 5,647,467 | ||||
|
|
|
|
(a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
188 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
JPMorgan Tax Free Bond Fund | JPMorgan | |||||||
NET ASSETS: |
| |||||||
Paid-in-Capital | $ | 644,539 | $ | 5,634,358 | ||||
Total distributable earnings (loss) | 41,219 | 13,109 | ||||||
|
|
|
| |||||
Total Net Assets | $ | 685,758 | $ | 5,647,467 | ||||
|
|
|
| |||||
Net Assets: | ||||||||
Class A | $ | 335,507 | $ | 95,809 | ||||
Class C | 15,152 | — | ||||||
Class I | 180,678 | 5,551,658 | ||||||
Class R6 | 154,421 | — | ||||||
|
|
|
| |||||
Total | $ | 685,758 | $ | 5,647,467 | ||||
|
|
|
| |||||
Outstanding units of beneficial interest (shares) | ||||||||
Class A | 26,319 | 9,507 | ||||||
Class C | 1,199 | — | ||||||
Class I | 14,237 | 551,273 | ||||||
Class R6 | 12,172 | — | ||||||
Net Asset Value (a): | ||||||||
Class A — Redemption price per share | $ | 12.75 | $ | 10.08 | ||||
Class C — Offering price per share (b) | 12.63 | — | ||||||
Class I — Offering and redemption price per share | 12.69 | 10.07 | ||||||
Class R6 — Offering and redemption price per share | 12.69 | — | ||||||
Class A maximum sales charge | 3.75 | % | — | |||||
Class A maximum public offering price per share | $ | 13.25 | $ | — | ||||
|
|
|
| |||||
Cost of investments in non-affiliates | $ | 594,510 | $ | 4,980,453 | ||||
Cost of investments in affiliates | 30,740 | 672,571 |
(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.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 189 |
Table of Contents
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED AUGUST 31, 2021 (Unaudited)
(Amounts in thousands)
JPMorgan California Tax Free Bond Fund | JPMorgan High Yield Municipal Fund | JPMorgan Intermediate Tax Free Bond Fund | ||||||||||
INVESTMENT INCOME: | ||||||||||||
Interest income from non-affiliates | $ | 4,333 | $ | 8,982 | $ | 62,231 | ||||||
Dividend income from affiliates | 2 | 1 | 10 | |||||||||
|
|
|
|
|
| |||||||
Total investment income | 4,335 | 8,983 | 62,241 | |||||||||
|
|
|
|
|
| |||||||
EXPENSES: | ||||||||||||
Investment advisory fees | 643 | 906 | 7,004 | |||||||||
Administration fees | 161 | 194 | 1,751 | |||||||||
Distribution fees: | ||||||||||||
Class A | 196 | 241 | 414 | |||||||||
Class C | 120 | 123 | 68 | |||||||||
Service fees: | ||||||||||||
Class A | 196 | 241 | 414 | |||||||||
Class C | 40 | 41 | 23 | |||||||||
Class I | 120 | 339 | 797 | |||||||||
Custodian and accounting fees | 33 | 78 | 399 | |||||||||
Interest expense to affiliates | — | 1 | — | (a) | ||||||||
Professional fees | 28 | 48 | 51 | |||||||||
Trustees’ and Chief Compliance Officer’s fees | 13 | 14 | 18 | |||||||||
Printing and mailing costs | 3 | 7 | 25 | |||||||||
Registration and filing fees | 31 | 70 | 60 | |||||||||
Transfer agency fees (See Note 2.H.) | 4 | 4 | 23 | |||||||||
Other | 5 | 5 | 32 | |||||||||
|
|
|
|
|
| |||||||
Total expenses | 1,593 | 2,312 | 11,079 | |||||||||
| �� |
|
|
|
| |||||||
Less fees waived | (376 | ) | (649 | ) | (3,145 | ) | ||||||
Less expense reimbursements | (50 | ) | (58 | ) | — | |||||||
|
|
|
|
|
| |||||||
Net expenses | 1,167 | 1,605 | 7,934 | |||||||||
|
|
|
|
|
| |||||||
Net investment income (loss) | 3,168 | 7,378 | 54,307 | |||||||||
|
|
|
|
|
| |||||||
REALIZED/UNREALIZED GAINS (LOSSES): | ||||||||||||
Net realized gain (loss) on transactions from: | ||||||||||||
Investments in non-affiliates | (200 | ) | 943 | 5,660 | ||||||||
Investments in affiliates | 3 | (1 | ) | (14 | ) | |||||||
Futures contracts | — | — | (3,651 | ) | ||||||||
|
|
|
|
|
| |||||||
Net realized gain (loss) | (197 | ) | 942 | 1,995 | ||||||||
|
|
|
|
|
| |||||||
Change in net unrealized appreciation/depreciation on: | ||||||||||||
Investments in non-affiliates | 4,263 | 17,238 | 53,926 | |||||||||
Investments in affiliates | (3 | ) | — | (a) | 11 | |||||||
Futures contracts | — | — | (623 | ) | ||||||||
|
|
|
|
|
| |||||||
Change in net unrealized appreciation/depreciation | 4,260 | 17,238 | 53,314 | |||||||||
|
|
|
|
|
| |||||||
Net realized/unrealized gains (losses) | 4,063 | 18,180 | 55,309 | |||||||||
|
|
|
|
|
| |||||||
Change in net assets resulting from operations | $ | 7,231 | $ | 25,558 | $ | 109,616 | ||||||
|
|
|
|
|
|
(a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
190 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
JPMorgan New York Tax Free Bond Fund | JPMorgan Short- Intermediate Municipal Bond Fund | JPMorgan Sustainable Municipal Income Fund | ||||||||||
INVESTMENT INCOME: | ||||||||||||
Interest income from non-affiliates | $ | 4,852 | $ | 14,453 | $ | 3,904 | ||||||
Dividend income from affiliates | 1 | 9 | 1 | |||||||||
|
|
|
|
|
| |||||||
Total investment income | 4,853 | 14,462 | 3,905 | |||||||||
|
|
|
|
|
| |||||||
EXPENSES: | ||||||||||||
Investment advisory fees | 624 | 2,115 | 484 | |||||||||
Administration fees | 156 | 634 | 121 | |||||||||
Distribution fees: | ||||||||||||
Class A | 211 | 111 | 160 | |||||||||
Class C | 114 | 17 | 33 | |||||||||
Service fees: | ||||||||||||
Class A | 211 | 111 | 160 | |||||||||
Class C | 38 | 6 | 11 | |||||||||
Class I | 109 | 1,116 | 148 | |||||||||
Custodian and accounting fees | 28 | 94 | 40 | |||||||||
Interest expense to affiliates | — | — | (a) | — | ||||||||
Professional fees | 30 | 38 | 31 | |||||||||
Trustees’ and Chief Compliance Officer’s fees | 14 | 15 | 14 | |||||||||
Printing and mailing costs | 3 | 5 | 2 | |||||||||
Registration and filing fees | 31 | 62 | 39 | |||||||||
Transfer agency fees (See Note 2.H.) | 7 | 7 | 3 | |||||||||
Other | 5 | 15 | 6 | |||||||||
|
|
|
|
|
| |||||||
Total expenses | 1,581 | 4,346 | 1,252 | |||||||||
|
|
|
|
|
| |||||||
Less fees waived | (286 | ) | (2,211 | ) | (365 | ) | ||||||
Less expense reimbursements | — | (2 | ) | — | ||||||||
|
|
|
|
|
| |||||||
Net expenses | 1,295 | 2,133 | 887 | |||||||||
|
|
|
|
|
| |||||||
Net investment income (loss) | 3,558 | 12,329 | 3,018 | |||||||||
|
|
|
|
|
| |||||||
REALIZED/UNREALIZED GAINS (LOSSES): | ||||||||||||
Net realized gain (loss) on transactions from: | ||||||||||||
Investments in non-affiliates | 1 | (503 | ) | 349 | ||||||||
Investments in affiliates | (1 | ) | (1 | ) | (1 | ) | ||||||
Futures contracts | — | — | 16 | |||||||||
|
|
|
|
|
| |||||||
Net realized gain (loss) | — | (a) | (504 | ) | 364 | |||||||
|
|
|
|
|
| |||||||
Change in net unrealized appreciation/depreciation on: | ||||||||||||
Investments in non-affiliates | 4,433 | 9,732 | 3,921 | |||||||||
Investments in affiliates | 1 | 1 | — | (a) | ||||||||
Futures contracts | — | — | (6 | ) | ||||||||
|
|
|
|
|
| |||||||
Change in net unrealized appreciation/depreciation | 4,434 | 9,733 | 3,915 | |||||||||
|
|
|
|
|
| |||||||
Net realized/unrealized gains (losses) | 4,434 | 9,229 | 4,279 | |||||||||
|
|
|
|
|
| |||||||
Change in net assets resulting from operations | $ | 7,992 | $ | 21,558 | $ | 7,297 | ||||||
|
|
|
|
|
|
(a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 191 |
Table of Contents
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED AUGUST 31, 2021 (Unaudited) (continued)
(Amounts in thousands)
JPMorgan Tax Free Bond Fund | JPMorgan | |||||||
INVESTMENT INCOME: | ||||||||
Interest income from non-affiliates | $ | 9,194 | $ | 14,814 | ||||
Dividend income from affiliates | 4 | 47 | ||||||
|
|
|
| |||||
Total investment income | 9,198 | 14,861 | ||||||
|
|
|
| |||||
EXPENSES: | ||||||||
Investment advisory fees | 1,004 | 4,571 | ||||||
Administration fees | 251 | 2,286 | ||||||
Distribution fees: | ||||||||
Class A | 402 | 147 | ||||||
Class C | 60 | — | ||||||
Service fees: | ||||||||
Class A | 402 | 147 | ||||||
Class C | 20 | — | ||||||
Class I | 229 | 7,472 | ||||||
Custodian and accounting fees | 78 | 245 | ||||||
Interest expense to affiliates | — | (a) | — | |||||
Professional fees | 35 | 52 | ||||||
Trustees’ and Chief Compliance Officer’s fees | 14 | 20 | ||||||
Printing and mailing costs | 3 | 12 | ||||||
Registration and filing fees | 62 | 235 | ||||||
Transfer agency fees (See Note 2.H.) | 8 | 20 | ||||||
Other | 8 | 59 | ||||||
|
|
|
| |||||
Total expenses | 2,576 | 15,266 | ||||||
|
|
|
| |||||
Less fees waived | (705 | ) | (7,682 | ) | ||||
|
|
|
| |||||
Net expenses | 1,871 | 7,584 | ||||||
|
|
|
| |||||
Net investment income (loss) | 7,327 | 7,277 | ||||||
|
|
|
| |||||
REALIZED/UNREALIZED GAINS (LOSSES): | ||||||||
Net realized gain (loss) on transactions from: | ||||||||
Investments in non-affiliates | 225 | (84 | ) | |||||
Investments in affiliates | (3 | ) | (20 | ) | ||||
Futures contracts | (562 | ) | — | |||||
|
|
|
| |||||
Net realized gain (loss) | (340 | ) | (104 | ) | ||||
|
|
|
| |||||
Change in net unrealized appreciation/depreciation on: | ||||||||
Investments in non-affiliates | 14,992 | 5,815 | ||||||
Investments in affiliates | 4 | 20 | ||||||
Futures contracts | (140 | ) | — | |||||
|
|
|
| |||||
Change in net unrealized appreciation/depreciation | 14,856 | 5,835 | ||||||
|
|
|
| |||||
Net realized/unrealized gains (losses) | 14,516 | 5,731 | ||||||
|
|
|
| |||||
Change in net assets resulting from operations | $ | 21,843 | $ | 13,008 | ||||
|
|
|
|
(a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
192 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED
(Amounts in thousands)
JPMorgan California Tax Free Bond Fund | JPMorgan High Yield Municipal Fund | |||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | Year Ended February 28, 2021 | Six Months Ended August 31, 2021 (Unaudited) | Year Ended February 28, 2021 | |||||||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: |
| |||||||||||||||
Net investment income (loss) | $ | 3,168 | $ | 6,302 | $ | 7,378 | $ | 14,687 | ||||||||
Net realized gain (loss) | (197 | ) | (129 | ) | 942 | (3,564 | ) | |||||||||
Distributions of capital gains received from investment company affiliates | — | — | (a) | — | — | (a) | ||||||||||
Change in net unrealized appreciation/depreciation | 4,260 | (7,247 | ) | 17,238 | (15,351 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | 7,231 | (1,074 | ) | 25,558 | (4,228 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Class A | (1,122 | ) | (2,120 | ) | (2,750 | ) | (5,122 | ) | ||||||||
Class C | (148 | ) | (431 | ) | (386 | ) | (890 | ) | ||||||||
Class I | (750 | ) | (1,333 | ) | (3,986 | ) | (8,504 | ) | ||||||||
Class R6 | (1,204 | ) | (2,386 | ) | (315 | ) | (439 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (3,224 | ) | (6,270 | ) | (7,437 | ) | (14,955 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Change in net assets resulting from capital transactions | 1,842 | 66,593 | 20,393 | (25,822 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS: |
| |||||||||||||||
Change in net assets | 5,849 | 59,249 | 38,514 | (45,005 | ) | |||||||||||
Beginning of period | 424,862 | 365,613 | 489,751 | 534,756 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 430,711 | $ | 424,862 | $ | 528,265 | $ | 489,751 | ||||||||
|
|
|
|
|
|
|
|
(a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 193 |
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
JPMorgan Intermediate Tax Free Bond Fund | JPMorgan New York Tax Free Bond Fund | |||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | Year Ended February 28, 2021 | Six Months Ended August 31, 2021 (Unaudited) | Year Ended February 28, 2021 | |||||||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: |
| |||||||||||||||
Net investment income (loss) | $ | 54,307 | $ | 126,027 | $ | 3,558 | $ | 7,696 | ||||||||
Net realized gain (loss) | 1,995 | 51,626 | — | (a) | (1,044 | ) | ||||||||||
Distributions of capital gains received from investment company affiliates | — | — | (a) | — | — | (a) | ||||||||||
Change in net unrealized appreciation/depreciation | 53,314 | (97,800 | ) | 4,434 | (8,679 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | 109,616 | 79,853 | 7,992 | (2,027 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Class A | (3,366 | ) | (4,936 | ) | (1,415 | ) | (2,780 | ) | ||||||||
Class C | (137 | ) | (324 | ) | (177 | ) | (523 | ) | ||||||||
Class I | (7,367 | ) | (15,413 | ) | (831 | ) | (1,728 | ) | ||||||||
Class R6 | (44,191 | ) | (104,860 | ) | (1,305 | ) | (2,462 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (55,061 | ) | (125,533 | ) | (3,728 | ) | (7,493 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Change in net assets resulting from capital transactions | (99,320 | ) | (591,833 | ) | 839 | (29,677 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS: |
| |||||||||||||||
Change in net assets | (44,765 | ) | (637,513 | ) | 5,103 | (39,197 | ) | |||||||||
Beginning of period | 4,631,333 | 5,268,846 | 408,161 | 447,358 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 4,586,568 | $ | 4,631,333 | $ | 413,264 | $ | 408,161 | ||||||||
|
|
|
|
|
|
|
|
(a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
194 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
JPMorgan Short-Intermediate Municipal Bond Fund | JPMorgan Sustainable Municipal Income Fund | |||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | Year Ended February 28, 2021 | Six Months Ended August 31, 2021 (Unaudited) | Year Ended February 28, 2021 | |||||||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: |
| |||||||||||||||
Net investment income (loss) | $ | 12,329 | $ | 28,092 | $ | 3,018 | $ | 5,467 | ||||||||
Net realized gain (loss) | (504 | ) | 1,191 | 364 | (50 | ) | ||||||||||
Distributions of capital gains received from investment company affiliates | — | — | (a) | — | — | (a) | ||||||||||
Change in net unrealized appreciation/depreciation | 9,733 | (16,498 | ) | 3,915 | (2,572 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | 21,558 | 12,785 | 7,297 | 2,845 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Class A | (463 | ) | (779 | ) | (1,106 | ) | (1,927 | ) | ||||||||
Class C | (11 | ) | (33 | ) | (53 | ) | (125 | ) | ||||||||
Class I | (6,629 | ) | (11,441 | ) | (1,182 | ) | (2,091 | ) | ||||||||
Class R6 | (5,411 | ) | (14,636 | ) | (713 | ) | (1,289 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (12,514 | ) | (26,889 | ) | (3,054 | ) | (5,432 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Change in net assets resulting from capital transactions | 99,074 | (43,014 | ) | 15,148 | 26,239 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS: |
| |||||||||||||||
Change in net assets | 108,118 | (57,118 | ) | 19,391 | 23,652 | |||||||||||
Beginning of period | 1,604,249 | 1,661,367 | 309,072 | 285,420 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 1,712,367 | $ | 1,604,249 | $ | 328,463 | $ | 309,072 | ||||||||
|
|
|
|
|
|
|
|
(a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 195 |
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
JPMorgan Tax Free Bond Fund | JPMorgan Ultra-Short Municipal Fund | |||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | Year Ended February 28, 2021 | Six Months Ended August 31, 2021 (Unaudited) | Year Ended February 28, 2021 | |||||||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: |
| |||||||||||||||
Net investment income (loss) | $ | 7,327 | $ | 13,381 | $ | 7,277 | $ | 27,753 | ||||||||
Net realized gain (loss) | (340 | ) | (1,806 | ) | (104 | ) | (6,192 | ) | ||||||||
Distributions of capital gains received from investment company affiliates | — | — | (a) | — | — | (a) | ||||||||||
Change in net unrealized appreciation/depreciation | 14,856 | (9,442 | ) | 5,835 | (6,202 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | 21,843 | 2,133 | 13,008 | 15,359 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Class A | (3,400 | ) | (5,779 | ) | (34 | ) | (512 | ) | ||||||||
Class C | (121 | ) | (357 | ) | — | — | ||||||||||
Class I | (2,144 | ) | (4,166 | ) | (7,595 | ) | (26,593 | ) | ||||||||
Class R6 | (1,778 | ) | (2,984 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total distributions to shareholders | (7,443 | ) | (13,286 | ) | (7,629 | ) | (27,105 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Change in net assets resulting from capital transactions | 42,178 | 88,555 | (1,168,534 | ) | 2,664,857 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS: |
| |||||||||||||||
Change in net assets | 56,578 | 77,402 | (1,163,155 | ) | 2,653,111 | |||||||||||
Beginning of period | 629,180 | 551,778 | 6,810,622 | 4,157,511 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 685,758 | $ | 629,180 | $ | 5,647,467 | $ | 6,810,622 | ||||||||
|
|
|
|
|
|
|
|
(a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
196 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
JPMorgan California Tax Free Bond Fund | JPMorgan High Yield Municipal Fund | |||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | Year Ended February 28, 2021 | Six Months Ended August 31, 2021 (Unaudited) | Year Ended February 28, 2021 | |||||||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Class A | ||||||||||||||||
Proceeds from shares issued | $ | 15,741 | $ | 66,895 | $ | 31,213 | $ | 56,724 | ||||||||
Distributions reinvested | 1,104 | 2,091 | 2,716 | 5,048 | ||||||||||||
Cost of shares redeemed | (15,697 | ) | (38,270 | ) | (20,495 | ) | (68,231 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class A capital transactions | 1,148 | 30,716 | 13,434 | (6,459 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class C | ||||||||||||||||
Proceeds from shares issued | 897 | 5,484 | 2,223 | 11,663 | ||||||||||||
Distributions reinvested | 146 | 418 | 384 | 877 | ||||||||||||
Cost of shares redeemed | (4,276 | ) | (23,934 | ) | (4,321 | ) | (16,305 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class C capital transactions | (3,233 | ) | (18,032 | ) | (1,714 | ) | (3,765 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class I | ||||||||||||||||
Proceeds from shares issued | 10,641 | 73,425 | 44,700 | 164,748 | ||||||||||||
Distributions reinvested | 747 | 1,326 | 3,942 | 8,426 | ||||||||||||
Cost of shares redeemed | (18,494 | ) | (33,301 | ) | (39,256 | ) | (203,574 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class I capital transactions | (7,106 | ) | 41,450 | 9,386 | (30,400 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R6 | ||||||||||||||||
Proceeds from shares issued | 32,035 | 42,624 | 1,688 | 17,390 | ||||||||||||
Distributions reinvested | 1,203 | 2,383 | 315 | 439 | ||||||||||||
Cost of shares redeemed | (22,205 | ) | (32,548 | ) | (2,716 | ) | (3,027 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R6 capital transactions | 11,033 | 12,459 | (713 | ) | 14,802 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total change in net assets resulting from capital transactions | $ | 1,842 | $ | 66,593 | $ | 20,393 | $ | (25,822 | ) | |||||||
�� |
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SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 197 |
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
JPMorgan California Tax Free Bond Fund | JPMorgan High Yield Municipal Fund | |||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | Year Ended February 28, 2021 | Six Months Ended August 31, 2021 (Unaudited) | Year Ended February 28, 2021 | |||||||||||||
SHARE TRANSACTIONS: | ||||||||||||||||
Class A | ||||||||||||||||
Issued | 1,411 | 6,019 | 2,648 | 5,104 | ||||||||||||
Reinvested | 99 | 188 | 230 | 455 | ||||||||||||
Redeemed | (1,408 | ) | (3,497 | ) | (1,734 | ) | (6,266 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class A Shares | 102 | 2,710 | 1,144 | (707 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class C | ||||||||||||||||
Issued | 82 | 497 | 189 | 1,076 | ||||||||||||
Reinvested | 13 | 38 | 32 | 79 | ||||||||||||
Redeemed | (387 | ) | (2,182 | ) | (367 | ) | (1,483 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class C Shares | (292 | ) | (1,647 | ) | (146 | ) | (328 | ) | ||||||||
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|
|
| |||||||||
Class I | ||||||||||||||||
Issued | 975 | 6,735 | 3,788 | 15,171 | ||||||||||||
Reinvested | 69 | 122 | 334 | 761 | ||||||||||||
Redeemed | (1,698 | ) | (3,055 | ) | (3,323 | ) | (18,464 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class I Shares | (654 | ) | 3,802 | 799 | (2,532 | ) | ||||||||||
|
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|
|
|
|
| |||||||||
Class R6 | ||||||||||||||||
Issued | 2,939 | 3,939 | 143 | 1,568 | ||||||||||||
Reinvested | 110 | 219 | 27 | 39 | ||||||||||||
Redeemed | (2,038 | ) | (3,003 | ) | (233 | ) | (274 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R6 Shares | 1,011 | 1,155 | (63 | ) | 1,333 | |||||||||||
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|
SEE NOTES TO FINANCIAL STATEMENTS.
198 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
JPMorgan Intermediate Tax Free Bond Fund | JPMorgan New York Tax Free Bond Fund | |||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | Year Ended February 28, 2021 | Six Months Ended August 31, 2021 (Unaudited) | Year Ended February 28, 2021 | |||||||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Class A | ||||||||||||||||
Proceeds from shares issued | $ | 69,682 | $ | 185,301 | $ | 16,753 | $ | 39,618 | ||||||||
Distributions reinvested | 3,313 | 4,835 | 1,385 | 2,723 | ||||||||||||
Cost of shares redeemed | (34,337 | ) | (127,422 | ) | (19,798 | ) | (36,969 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class A capital transactions | 38,658 | 62,714 | (1,660 | ) | 5,372 | |||||||||||
|
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|
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|
|
| |||||||||
Class C | ||||||||||||||||
Proceeds from shares issued | 680 | 5,895 | 1,832 | 4,671 | ||||||||||||
Distributions reinvested | 136 | 319 | 176 | 515 | ||||||||||||
Cost of shares redeemed | (3,300 | ) | (15,832 | ) | (4,128 | ) | (30,592 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class C capital transactions | (2,484 | ) | (9,618 | ) | (2,120 | ) | (25,406 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class I | ||||||||||||||||
Proceeds from shares issued | 80,608 | 366,473 | 5,584 | 14,428 | ||||||||||||
Distributions reinvested | 7,136 | 15,053 | 813 | 1,691 | ||||||||||||
Cost of shares redeemed | (84,105 | ) | (409,978 | ) | (9,188 | ) | (31,305 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class I capital transactions | 3,639 | (28,452 | ) | (2,791 | ) | (15,186 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Class R6 | ||||||||||||||||
Proceeds from shares issued | 274,030 | 1,729,151 | 19,549 | 39,540 | ||||||||||||
Distributions reinvested | 43,612 | 103,803 | 1,305 | 2,455 | ||||||||||||
Cost of shares redeemed | (456,775 | ) | (2,449,431 | ) | (13,444 | ) | (36,452 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R6 capital transactions | (139,133 | ) | (616,477 | ) | 7,410 | 5,543 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total change in net assets resulting from capital transactions | $ | (99,320 | ) | $ | (591,833 | ) | $ | 839 | $ | (29,677 | ) | |||||
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|
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 199 |
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
JPMorgan Intermediate Tax Free Bond Fund | JPMorgan New York Tax Free Bond Fund | |||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | Year Ended February 28, 2021 | Six Months Ended August 31, 2021 (Unaudited) | Year Ended February 28, 2021 | |||||||||||||
SHARE TRANSACTIONS: | ||||||||||||||||
Class A | ||||||||||||||||
Issued | 6,059 | 16,309 | 2,396 | 5,732 | ||||||||||||
Reinvested | 288 | 425 | 198 | 394 | ||||||||||||
Redeemed | (2,991 | ) | (11,274 | ) | (2,830 | ) | (5,392 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class A Shares | 3,356 | 5,460 | (236 | ) | 734 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class C | ||||||||||||||||
Issued | 60 | 532 | 262 | 676 | ||||||||||||
Reinvested | 12 | 29 | 25 | 75 | ||||||||||||
Redeemed | (295 | ) | (1,437 | ) | (591 | ) | (4,441 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class C Shares | (223 | ) | (876 | ) | (304 | ) | (3,690 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Class I | ||||||||||||||||
Issued | 7,154 | 33,152 | 793 | 2,068 | ||||||||||||
Reinvested | 633 | 1,350 | 116 | 243 | ||||||||||||
Redeemed | (7,457 | ) | (37,062 | ) | (1,308 | ) | (4,559 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class I Shares | 330 | (2,560 | ) | (399 | ) | (2,248 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Class R6 | ||||||||||||||||
Issued | 24,285 | 156,661 | 2,782 | 5,698 | ||||||||||||
Reinvested | 3,871 | 9,319 | 186 | 353 | ||||||||||||
Redeemed | (40,425 | ) | (218,578 | ) | (1,911 | ) | (5,321 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R6 Shares | (12,269 | ) | (52,598 | ) | 1,057 | 730 | ||||||||||
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|
SEE NOTES TO FINANCIAL STATEMENTS.
200 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
JPMorgan Short-Intermediate Municipal Bond Fund | JPMorgan Sustainable Municipal Income Fund | |||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | Year Ended February 28, 2021 | Six Months Ended August 31, 2021 (Unaudited) | Year Ended February 28, 2021 | |||||||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Class A | ||||||||||||||||
Proceeds from shares issued | $ | 27,091 | $ | 60,770 | $ | 9,261 | $ | 47,636 | ||||||||
Distributions reinvested | 458 | 771 | 1,089 | 1,899 | ||||||||||||
Cost of shares redeemed | (14,805 | ) | (33,469 | ) | (11,496 | ) | (20,025 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class A capital transactions | 12,744 | 28,072 | (1,146 | ) | 29,510 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class C | ||||||||||||||||
Proceeds from shares issued | 421 | 3,057 | 355 | 2,266 | ||||||||||||
Distributions reinvested | 11 | 31 | 52 | 122 | ||||||||||||
Cost of shares redeemed | (1,044 | ) | (2,785 | ) | (1,217 | ) | (5,965 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class C capital transactions | (612 | ) | 303 | (810 | ) | (3,577 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Class I | ||||||||||||||||
Proceeds from shares issued | 260,452 | 569,979 | 17,328 | 46,166 | ||||||||||||
Distributions reinvested | 6,596 | 11,270 | 1,163 | 2,043 | ||||||||||||
Cost of shares redeemed | (169,864 | ) | (386,079 | ) | (9,903 | ) | (49,863 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class I capital transactions | 97,184 | 195,170 | 8,588 | (1,654 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R6 | ||||||||||||||||
Proceeds from shares issued | 265,452 | 255,400 | 16,292 | 21,958 | ||||||||||||
Distributions reinvested | 5,285 | 14,404 | 707 | 1,273 | ||||||||||||
Cost of shares redeemed | (280,979 | ) | (536,363 | ) | (8,483 | ) | (21,271 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R6 capital transactions | (10,242 | ) | (266,559 | ) | 8,516 | 1,960 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total change in net assets resulting from capital transactions | $ | 99,074 | $ | (43,014 | ) | $ | 15,148 | $ | 26,239 | |||||||
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 201 |
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
JPMorgan Short-Intermediate Municipal Bond Fund | JPMorgan Sustainable Municipal Income Fund | |||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | Year Ended February 28, 2021 | Six Months Ended August 31, 2021 (Unaudited) | Year Ended February 28, 2021 | |||||||||||||
SHARE TRANSACTIONS: | ||||||||||||||||
Class A | ||||||||||||||||
Issued | 2,501 | 5,628 | 919 | 4,791 | ||||||||||||
Reinvested | 42 | 71 | 108 | 191 | ||||||||||||
Redeemed | (1,366 | ) | (3,106 | ) | (1,141 | ) | (2,020 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class A Shares | 1,177 | 2,593 | (114 | ) | 2,962 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class C | ||||||||||||||||
Issued | 37 | 287 | 36 | 231 | ||||||||||||
Reinvested | 1 | 3 | 5 | 12 | ||||||||||||
Redeemed | (95 | ) | (257 | ) | (122 | ) | (610 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class C Shares | (57 | ) | 33 | (81 | ) | (367 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Class I | ||||||||||||||||
Issued | 23,897 | 52,415 | 1,732 | 4,691 | ||||||||||||
Reinvested | 606 | 1,039 | 116 | 207 | ||||||||||||
Redeemed | (15,586 | ) | (35,675 | ) | (990 | ) | (5,135 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class I Shares | 8,917 | 17,779 | 858 | (237 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R6 | ||||||||||||||||
Issued | 24,366 | 23,492 | 1,630 | 2,208 | ||||||||||||
Reinvested | 485 | 1,330 | 71 | 129 | ||||||||||||
Redeemed | (25,783 | ) | (49,385 | ) | (849 | ) | (2,149 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R6 Shares | (932 | ) | (24,563 | ) | 852 | 188 | ||||||||||
|
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|
|
|
|
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|
SEE NOTES TO FINANCIAL STATEMENTS.
202 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
JPMorgan Tax Free Bond Fund | JPMorgan Ultra-Short Municipal Fund | |||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | Year Ended February 28, 2021 | Six Months Ended August 31, 2021 (Unaudited) | Year Ended February 28, 2021 | |||||||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Class A | ||||||||||||||||
Proceeds from shares issued | $ | 55,289 | $ | 135,267 | $ | 24,042 | $ | 246,999 | ||||||||
Distributions reinvested | 3,339 | 5,656 | 34 | 512 | ||||||||||||
Cost of shares redeemed | (32,151 | ) | (66,686 | ) | (72,335 | ) | (210,001 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class A capital transactions | 26,477 | 74,237 | (48,259 | ) | 37,510 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class C | ||||||||||||||||
Proceeds from shares issued | 856 | 3,303 | — | — | ||||||||||||
Distributions reinvested | 121 | 348 | — | — | ||||||||||||
Cost of shares redeemed | (2,711 | ) | (13,493 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class C capital transactions | (1,734 | ) | (9,842 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Class I | ||||||||||||||||
Proceeds from shares issued | 21,007 | 62,872 | 1,795,567 | 8,428,561 | ||||||||||||
Distributions reinvested | 1,893 | 3,783 | 7,593 | 26,591 | ||||||||||||
Cost of shares redeemed | (22,286 | ) | (63,956 | ) | (2,923,435 | ) | (5,827,805 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class I capital transactions | 614 | 2,699 | (1,120,275 | ) | 2,627,347 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R6 | ||||||||||||||||
Proceeds from shares issued | 28,818 | 53,081 | — | — | ||||||||||||
Distributions reinvested | 1,777 | 2,981 | — | — | ||||||||||||
Cost of shares redeemed | (13,774 | ) | (34,601 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from Class R6 capital transactions | 16,821 | 21,461 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total change in net assets resulting from capital transactions | $ | 42,178 | $ | 88,555 | $ | (1,168,534 | ) | $ | 2,664,857 | |||||||
|
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|
|
|
|
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|
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 203 |
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
JPMorgan Tax Free Bond Fund | JPMorgan Ultra-Short Municipal Fund | |||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | Year Ended February 28, 2021 | Six Months Ended August 31, 2021 (Unaudited) | Year Ended February 28, 2021 | |||||||||||||
SHARE TRANSACTIONS: | ||||||||||||||||
Class A | ||||||||||||||||
Issued | 4,352 | 10,911 | 2,386 | 24,565 | ||||||||||||
Reinvested | 263 | 457 | 3 | 51 | ||||||||||||
Redeemed | (2,535 | ) | (5,436 | ) | (7,176 | ) | (20,899 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class A Shares | 2,080 | 5,932 | (4,787 | ) | 3,717 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class C | ||||||||||||||||
Issued | 67 | 270 | — | — | ||||||||||||
Reinvested | 10 | 28 | — | — | ||||||||||||
Redeemed | (216 | ) | (1,108 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class C Shares | (139 | ) | (810 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Class I | ||||||||||||||||
Issued | 1,662 | 5,111 | 178,284 | 837,628 | ||||||||||||
Reinvested | 150 | 308 | 754 | 2,647 | ||||||||||||
Redeemed | (1,763 | ) | (5,317 | ) | (290,294 | ) | (579,918 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class I Shares | 49 | 102 | (111,256 | ) | 260,357 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Class R6 | ||||||||||||||||
Issued | 2,286 | 4,304 | — | — | ||||||||||||
Reinvested | 140 | 242 | — | — | ||||||||||||
Redeemed | (1,091 | ) | (2,866 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Class R6 Shares | 1,335 | 1,680 | — | — | ||||||||||||
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
204 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
THIS PAGE IS INTENTIONALLY LEFT BLANK
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 205 |
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 California Tax Free Bond Fund |
| |||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | $ | 11.06 | $ | 0.08 | $ | 0.11 | $ | 0.19 | $ | (0.08 | ) | $ | — | $ | (0.08 | ) | ||||||||||||
Year Ended February 28, 2021 | 11.25 | 0.17 | (0.19 | ) | (0.02 | ) | (0.17 | ) | — | (0.17 | ) | |||||||||||||||||
Year Ended February 29, 2020 | 10.71 | 0.23 | 0.54 | 0.77 | (0.23 | ) | — | (0.23 | ) | |||||||||||||||||||
Year Ended February 28, 2019 | 10.64 | 0.28 | 0.07 | 0.35 | (0.28 | ) | — | (0.28 | ) | |||||||||||||||||||
Year Ended February 28, 2018 | 10.78 | 0.28 | (0.14 | ) | 0.14 | (0.28 | ) | — | (0.28 | ) | ||||||||||||||||||
Year Ended February 28, 2017 | 11.15 | 0.27 | (0.37 | ) | (0.10 | ) | (0.27 | ) | — | (f) | (0.27 | ) | ||||||||||||||||
Class C |
| |||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | 10.96 | 0.05 | 0.11 | 0.16 | (0.05 | ) | — | (0.05 | ) | |||||||||||||||||||
Year Ended February 28, 2021 | 11.15 | 0.12 | (0.20 | ) | (0.08 | ) | (0.11 | ) | — | (0.11 | ) | |||||||||||||||||
Year Ended February 29, 2020 | 10.62 | 0.18 | 0.53 | 0.71 | (0.18 | ) | — | (0.18 | ) | |||||||||||||||||||
Year Ended February 28, 2019 | 10.55 | 0.22 | 0.07 | 0.29 | (0.22 | ) | — | (0.22 | ) | |||||||||||||||||||
Year Ended February 28, 2018 | 10.69 | 0.22 | (0.14 | ) | 0.08 | (0.22 | ) | — | (0.22 | ) | ||||||||||||||||||
Year Ended February 28, 2017 | 11.06 | 0.21 | (0.37 | ) | (0.16 | ) | (0.21 | ) | — | (f) | (0.21 | ) | ||||||||||||||||
Class I |
| |||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | 10.80 | 0.08 | 0.12 | 0.20 | (0.09 | ) | — | (0.09 | ) | |||||||||||||||||||
Year Ended February 28, 2021 | 10.99 | 0.18 | (0.19 | ) | (0.01 | ) | (0.18 | ) | — | (0.18 | ) | |||||||||||||||||
Year Ended February 29, 2020 | 10.47 | 0.24 | 0.52 | 0.76 | (0.24 | ) | — | (0.24 | ) | |||||||||||||||||||
Year Ended February 28, 2019 | 10.41 | 0.28 | 0.07 | 0.35 | (0.29 | ) | — | (0.29 | ) | |||||||||||||||||||
Year Ended February 28, 2018 | 10.55 | 0.29 | (0.14 | ) | 0.15 | (0.29 | ) | — | (0.29 | ) | ||||||||||||||||||
Year Ended February 28, 2017 | 10.92 | 0.27 | (0.36 | ) | (0.09 | ) | (0.28 | ) | — | (f) | (0.28 | ) | ||||||||||||||||
Class R6 |
| |||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | 10.80 | 0.09 | 0.11 | 0.20 | (0.09 | ) | — | (0.09 | ) | |||||||||||||||||||
Year Ended February 28, 2021 | 10.99 | 0.19 | (0.19 | ) | — | (f) | (0.19 | ) | — | (0.19 | ) | |||||||||||||||||
Year Ended February 29, 2020 | 10.47 | 0.25 | 0.52 | 0.77 | (0.25 | ) | — | (0.25 | ) | |||||||||||||||||||
October 1, 2018 (g) through February 28, 2019 | 10.33 | 0.13 | 0.13 | 0.26 | (0.12 | ) | — | (0.12 | ) |
(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.
206 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 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 | Portfolio turnover rate (c) | ||||||||||||||||||||
$ | 11.17 | 1.72 | % | $ | 156,729 | 0.60 | % | 1.42 | % | 0.93 | % | 5 | % | |||||||||||||
11.06 | (0.19 | ) | 154,108 | 0.59 | 1.54 | 0.93 | 6 | |||||||||||||||||||
11.25 | 7.29 | 126,253 | 0.60 | 2.13 | 0.96 | 8 | ||||||||||||||||||||
10.71 | 3.31 | 67,275 | 0.60 | 2.63 | 0.97 | 17 | ||||||||||||||||||||
10.64 | 1.27 | 69,092 | 0.60 | 2.58 | 0.98 | 8 | ||||||||||||||||||||
10.78 | (0.95 | ) | 78,688 | 0.59 | 2.42 | 0.97 | 14 | |||||||||||||||||||
11.07 | 1.48 | 30,316 | 1.10 | 0.93 | 1.43 | 5 | ||||||||||||||||||||
10.96 | (0.70 | ) | 33,234 | 1.09 | 1.07 | 1.43 | 6 | |||||||||||||||||||
11.15 | 6.72 | 52,168 | 1.10 | 1.66 | 1.47 | 8 | ||||||||||||||||||||
10.62 | 2.82 | 46,950 | 1.10 | 2.13 | 1.48 | 17 | ||||||||||||||||||||
10.55 | 0.78 | 54,655 | 1.10 | 2.08 | 1.48 | 8 | ||||||||||||||||||||
10.69 | (1.46 | ) | 69,042 | 1.09 | 1.92 | 1.47 | 14 | |||||||||||||||||||
10.91 | 1.82 | 93,977 | 0.50 | 1.53 | 0.68 | 5 | ||||||||||||||||||||
10.80 | (0.09 | ) | 100,163 | 0.49 | 1.62 | 0.68 | 6 | |||||||||||||||||||
10.99 | 7.37 | 60,122 | 0.50 | 2.26 | 0.71 | 8 | ||||||||||||||||||||
10.47 | 3.39 | 62,069 | 0.50 | 2.72 | 0.72 | 17 | ||||||||||||||||||||
10.41 | 1.41 | 143,734 | 0.50 | 2.68 | 0.71 | 8 | ||||||||||||||||||||
10.55 | (0.86 | ) | 141,018 | 0.49 | 2.52 | 0.56 | 14 | |||||||||||||||||||
10.91 | 1.87 | 149,689 | 0.40 | 1.62 | 0.43 | 5 | ||||||||||||||||||||
10.80 | 0.01 | 137,357 | 0.39 | 1.74 | 0.43 | 6 | ||||||||||||||||||||
10.99 | 7.48 | 127,070 | 0.40 | 2.35 | 0.46 | 8 | ||||||||||||||||||||
10.47 | 2.58 | 80,424 | 0.35 | 2.95 | 0.48 | 17 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 207 |
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 High Yield Municipal Fund |
| |||||||||||||||||||||||||||
Class A |
| |||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | $ | 11.50 | $ | 0.17 | $ | 0.42 | $ | 0.59 | $ | (0.17 | ) | $ | — | $ | (0.17 | ) | ||||||||||||
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 |
| |||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | 11.47 | 0.14 | 0.42 | 0.56 | (0.14 | ) | — | (0.14 | ) | |||||||||||||||||||
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 |
| |||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | 11.50 | 0.17 | 0.43 | 0.60 | (0.18 | ) | — | (0.18 | ) | |||||||||||||||||||
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 |
| |||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | 11.50 | 0.18 | 0.42 | 0.60 | (0.18 | ) | — | (0.18 | ) | |||||||||||||||||||
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.
208 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 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 | Portfolio turnover rate (c) | ||||||||||||||||||||
$ | 11.92 | 5.15 | % | $ | 199,631 | 0.65 | % | 2.82 | % | 1.01 | % | 16 | % | |||||||||||||
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 | ||||||||||||||||||||
11.89 | 4.90 | 31,956 | 1.15 | 2.32 | 1.51 | 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 | ||||||||||||||||||||
11.92 | 5.20 | 275,494 | 0.55 | 2.92 | 0.76 | 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 | ||||||||||||||||||||
11.92 | 5.25 | 21,184 | 0.45 | 3.02 | 0.51 | 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.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 209 |
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 Intermediate Tax Free Bond Fund |
| |||||||||||||||||||||||||||
Class A |
| |||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | $ | 11.37 | $ | 0.12 | $ | 0.13 | $ | 0.25 | $ | (0.12 | ) | $ | — | $ | (0.12 | ) | ||||||||||||
Year Ended February 28, 2021 | 11.52 | 0.22 | (0.16 | ) | 0.06 | (0.21 | ) | — | (0.21 | ) | ||||||||||||||||||
Year Ended February 29, 2020 | 10.91 | 0.24 | 0.61 | 0.85 | (0.24 | ) | — | (0.24 | ) | |||||||||||||||||||
Year Ended February 28, 2019 | 10.80 | 0.25 | 0.11 | 0.36 | (0.25 | ) | — | (0.25 | ) | |||||||||||||||||||
Year Ended February 28, 2018 | 10.94 | 0.24 | (0.15 | ) | 0.09 | (0.23 | ) | — | (0.23 | ) | ||||||||||||||||||
Year Ended February 28, 2017 | 11.30 | 0.24 | (0.33 | ) | (0.09 | ) | (0.24 | ) | (0.03 | ) | (0.27 | ) | ||||||||||||||||
Class C |
| |||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | 11.07 | 0.08 | 0.14 | 0.22 | (0.09 | ) | — | (0.09 | ) | |||||||||||||||||||
Year Ended February 28, 2021 | 11.23 | 0.15 | (0.16 | ) | (0.01 | ) | (0.15 | ) | — | (0.15 | ) | |||||||||||||||||
Year Ended February 29, 2020 | 10.63 | 0.18 | 0.60 | 0.78 | (0.18 | ) | — | (0.18 | ) | |||||||||||||||||||
Year Ended February 28, 2019 | 10.53 | 0.18 | 0.11 | 0.29 | (0.19 | ) | — | (0.19 | ) | |||||||||||||||||||
Year Ended February 28, 2018 | 10.68 | 0.18 | (0.15 | ) | 0.03 | (0.18 | ) | — | (0.18 | ) | ||||||||||||||||||
Year Ended February 28, 2017 | 11.04 | 0.17 | (0.32 | ) | (0.15 | ) | (0.18 | ) | (0.03 | ) | (0.21 | ) | ||||||||||||||||
Class I |
| |||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | 11.15 | 0.13 | 0.13 | 0.26 | (0.13 | ) | — | (0.13 | ) | |||||||||||||||||||
Year Ended February 28, 2021 | 11.31 | 0.24 | (0.16 | ) | 0.08 | (0.24 | ) | — | (0.24 | ) | ||||||||||||||||||
Year Ended February 29, 2020 | 10.71 | 0.27 | 0.60 | 0.87 | (0.27 | ) | — | (0.27 | ) | |||||||||||||||||||
Year Ended February 28, 2019 | 10.61 | 0.27 | 0.10 | 0.37 | (0.27 | ) | — | (0.27 | ) | |||||||||||||||||||
Year Ended February 28, 2018 | 10.75 | 0.27 | (0.14 | ) | 0.13 | (0.27 | ) | — | (0.27 | ) | ||||||||||||||||||
Year Ended February 28, 2017 | 11.12 | 0.27 | (0.34 | ) | (0.07 | ) | (0.27 | ) | (0.03 | ) | (0.30 | ) | ||||||||||||||||
Class R6 |
| |||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | 11.15 | 0.13 | 0.14 | 0.27 | (0.14 | ) | — | (0.14 | ) | |||||||||||||||||||
Year Ended February 28, 2021 | 11.31 | 0.25 | (0.16 | ) | 0.09 | (0.25 | ) | — | (0.25 | ) | ||||||||||||||||||
Year Ended February 29, 2020 | 10.71 | 0.28 | 0.60 | 0.88 | (0.28 | ) | — | (0.28 | ) | |||||||||||||||||||
Year Ended February 28, 2019 | 10.60 | 0.28 | 0.11 | 0.39 | (0.28 | ) | — | (0.28 | ) | |||||||||||||||||||
November 6, 2017 (f) through February 28, 2018 | 10.83 | 0.09 | (0.23 | ) | (0.14 | ) | (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.
210 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 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 | Portfolio turnover rate (c) | ||||||||||||||||||||
$ | 11.50 | 2.18 | % | $ | 350,950 | 0.65 | % | 2.02 | % | 0.90 | % | 6 | % | |||||||||||||
11.37 | 0.57 | 308,709 | 0.64 | 1.93 | 0.90 | 34 | ||||||||||||||||||||
11.52 | 7.86 | 250,087 | 0.65 | 2.17 | 0.90 | 20 | ||||||||||||||||||||
10.91 | 3.34 | 222,295 | 0.64 | 2.32 | 0.90 | 48 | ||||||||||||||||||||
10.80 | 0.83 | 174,653 | 0.71 | 2.17 | 0.91 | 30 | ||||||||||||||||||||
10.94 | (0.78 | ) | 176,590 | 0.74 | 2.16 | 0.92 | 21 | |||||||||||||||||||
11.20 | 1.95 | 16,794 | 1.20 | 1.47 | 1.40 | 6 | ||||||||||||||||||||
11.07 | (0.07 | ) | 19,061 | 1.19 | 1.38 | 1.40 | 34 | |||||||||||||||||||
11.23 | 7.38 | 29,173 | 1.20 | 1.63 | 1.40 | 20 | ||||||||||||||||||||
10.63 | 2.76 | 37,603 | 1.19 | 1.76 | 1.40 | 48 | ||||||||||||||||||||
10.53 | 0.24 | 50,481 | 1.22 | 1.65 | 1.41 | 30 | ||||||||||||||||||||
10.68 | (1.39 | ) | 63,357 | 1.36 | 1.55 | 1.43 | 21 | |||||||||||||||||||
11.28 | 2.35 | 632,953 | 0.40 | 2.27 | 0.65 | 6 | ||||||||||||||||||||
11.15 | 0.75 | 622,009 | 0.39 | 2.17 | 0.65 | 34 | ||||||||||||||||||||
11.31 | 8.19 | 660,041 | 0.40 | 2.42 | 0.64 | 20 | ||||||||||||||||||||
10.71 | 3.57 | 523,544 | 0.39 | 2.57 | 0.65 | 48 | ||||||||||||||||||||
10.61 | 1.17 | 770,626 | 0.39 | 2.45 | 0.64 | 30 | ||||||||||||||||||||
10.75 | (0.59 | ) | 3,559,628 | 0.46 | 2.45 | 0.51 | 21 | |||||||||||||||||||
11.28 | 2.40 | 3,585,871 | 0.30 | 2.37 | 0.40 | 6 | ||||||||||||||||||||
11.15 | 0.85 | 3,681,554 | 0.29 | 2.27 | 0.40 | 34 | ||||||||||||||||||||
11.31 | 8.30 | 4,329,545 | 0.30 | 2.52 | 0.39 | 20 | ||||||||||||||||||||
10.71 | 3.77 | 3,911,573 | 0.29 | 2.66 | 0.40 | 48 | ||||||||||||||||||||
10.60 | (1.26 | ) | 3,497,046 | 0.29 | 2.73 | 0.41 | 30 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 211 |
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 New York Tax Free Bond Fund |
| |||||||||||||||||||||||||||
Class A |
| |||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | $ | 6.93 | $ | 0.06 | $ | 0.07 | $ | 0.13 | $ | (0.06 | ) | $ | — | $ | (0.06 | ) | ||||||||||||
Year Ended February 28, 2021 | 7.06 | 0.12 | (0.13 | ) | (0.01 | ) | (0.12 | ) | — | (0.12 | ) | |||||||||||||||||
Year Ended February 29, 2020 | 6.71 | 0.14 | 0.35 | 0.49 | (0.14 | ) | — | (0.14 | ) | |||||||||||||||||||
Year Ended February 28, 2019 | 6.70 | 0.18 | 0.01 | 0.19 | (0.18 | ) | — | (0.18 | ) | |||||||||||||||||||
Year Ended February 28, 2018 | 6.84 | 0.20 | (0.14 | ) | 0.06 | (0.20 | ) | — | (0.20 | ) | ||||||||||||||||||
Year Ended February 28, 2017 | 7.10 | 0.20 | (0.25 | ) | (0.05 | ) | (0.20 | ) | (0.01 | ) | (0.21 | ) | ||||||||||||||||
Class C |
| |||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | 6.93 | 0.04 | 0.07 | 0.11 | (0.04 | ) | — | (0.04 | ) | |||||||||||||||||||
Year Ended February 28, 2021 | 7.05 | 0.09 | (0.13 | ) | (0.04 | ) | (0.08 | ) | — | (0.08 | ) | |||||||||||||||||
Year Ended February 29, 2020 | 6.71 | 0.10 | 0.34 | 0.44 | (0.10 | ) | — | (0.10 | ) | |||||||||||||||||||
Year Ended February 28, 2019 | 6.69 | 0.14 | 0.02 | 0.16 | (0.14 | ) | — | (0.14 | ) | |||||||||||||||||||
Year Ended February 28, 2018 | 6.84 | 0.16 | (0.15 | ) | 0.01 | (0.16 | ) | — | (0.16 | ) | ||||||||||||||||||
Year Ended February 28, 2017 | 7.09 | 0.15 | (0.24 | ) | (0.09 | ) | (0.15 | ) | (0.01 | ) | (0.16 | ) | ||||||||||||||||
Class I |
| |||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | 6.96 | 0.07 | 0.08 | 0.15 | (0.07 | ) | — | (0.07 | ) | |||||||||||||||||||
Year Ended February 28, 2021 | 7.09 | 0.14 | (0.13 | ) | 0.01 | (0.14 | ) | — | (0.14 | ) | ||||||||||||||||||
Year Ended February 29, 2020 | 6.75 | 0.15 | 0.34 | 0.49 | (0.15 | ) | — | (0.15 | ) | |||||||||||||||||||
Year Ended February 28, 2019 | 6.73 | 0.20 | 0.01 | 0.21 | (0.19 | ) | — | (0.19 | ) | |||||||||||||||||||
Year Ended February 28, 2018 | 6.87 | 0.21 | (0.14 | ) | 0.07 | (0.21 | ) | — | (0.21 | ) | ||||||||||||||||||
Year Ended February 28, 2017 | 7.13 | 0.21 | (0.25 | ) | (0.04 | ) | (0.21 | ) | (0.01 | ) | (0.22 | ) | ||||||||||||||||
Class R6 |
| |||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | 6.96 | 0.07 | 0.07 | 0.14 | (0.07 | ) | — | (0.07 | ) | |||||||||||||||||||
Year Ended February 28, 2021 | 7.09 | 0.15 | (0.14 | ) | 0.01 | (0.14 | ) | — | (0.14 | ) | ||||||||||||||||||
Year Ended February 29, 2020 | 6.75 | 0.16 | 0.34 | 0.50 | (0.16 | ) | — | (0.16 | ) | |||||||||||||||||||
October 1, 2018 (f) through February 28, 2019 | 6.64 | 0.08 | 0.11 | 0.19 | (0.08 | ) | — | (0.08 | ) |
(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.
212 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 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 | Portfolio turnover rate (c) | ||||||||||||||||||||
$ | 7.00 | 1.87 | % | $ | 166,508 | 0.75 | % | 1.59 | % | 0.93 | % | 6 | % | |||||||||||||
6.93 | (0.13 | ) | 166,435 | 0.74 | 1.77 | 0.93 | 5 | |||||||||||||||||||
7.06 | 7.31 | 164,358 | 0.75 | 1.96 | 0.95 | 13 | ||||||||||||||||||||
6.71 | 2.86 | 120,371 | 0.75 | 2.66 | 0.96 | 21 | ||||||||||||||||||||
6.70 | 0.81 | 128,973 | 0.75 | 2.85 | 0.96 | 8 | ||||||||||||||||||||
6.84 | (0.72 | ) | 148,293 | 0.75 | 2.78 | 0.95 | 16 | |||||||||||||||||||
7.00 | 1.61 | 29,373 | 1.25 | 1.09 | 1.43 | 6 | ||||||||||||||||||||
6.93 | (0.51 | ) | 31,173 | 1.24 | 1.26 | 1.43 | 5 | |||||||||||||||||||
7.05 | 6.62 | 57,781 | 1.25 | 1.49 | 1.45 | 13 | ||||||||||||||||||||
6.71 | 2.50 | 67,242 | 1.25 | 2.16 | 1.45 | 21 | ||||||||||||||||||||
6.69 | 0.15 | 83,807 | 1.25 | 2.35 | 1.45 | 8 | ||||||||||||||||||||
6.84 | (1.21 | ) | 107,094 | 1.38 | 2.15 | 1.46 | 16 | |||||||||||||||||||
7.04 | 2.13 | 86,042 | 0.50 | 1.84 | 0.68 | 6 | ||||||||||||||||||||
6.96 | 0.12 | 87,928 | 0.49 | 2.02 | 0.68 | 5 | ||||||||||||||||||||
7.09 | 7.38 | 105,497 | 0.50 | 2.22 | 0.70 | 13 | ||||||||||||||||||||
6.75 | 3.26 | 87,158 | 0.50 | 2.92 | 0.70 | 21 | ||||||||||||||||||||
6.73 | 1.06 | 163,141 | 0.50 | 3.10 | 0.69 | 8 | ||||||||||||||||||||
6.87 | (0.50 | ) | 118,856 | 0.50 | 3.03 | 0.55 | 16 | |||||||||||||||||||
7.03 | 2.04 | 131,341 | 0.40 | 1.93 | 0.43 | 6 | ||||||||||||||||||||
6.96 | 0.22 | 122,625 | 0.39 | 2.11 | 0.43 | 5 | ||||||||||||||||||||
7.09 | 7.49 | 119,722 | 0.40 | 2.32 | 0.44 | 13 | ||||||||||||||||||||
6.75 | 2.89 | 91,813 | 0.40 | 2.93 | 0.45 | 21 |
SEE NOTES TO FINANCIAL STATEMENTS.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 213 |
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 |
| |||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | $ | 10.78 | $ | 0.06 | $ | 0.06 | $ | 0.12 | $ | (0.06 | ) | $ | — | $ | (0.06 | ) | ||||||||||||
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 |
| |||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | 10.88 | 0.03 | 0.06 | 0.09 | (0.03 | ) | — | (0.03 | ) | |||||||||||||||||||
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 |
| |||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | 10.84 | 0.08 | 0.06 | 0.14 | (0.08 | ) | — | (0.08 | ) | |||||||||||||||||||
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 |
| |||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | 10.83 | 0.08 | 0.06 | 0.14 | (0.08 | ) | — | (0.08 | ) | |||||||||||||||||||
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.
214 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 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 | Portfolio turnover rate (c) | ||||||||||||||||||||
$ | 10.84 | 1.08 | % | $ | 94,155 | 0.70 | % | 1.01 | % | 0.85 | % | 14 | % | |||||||||||||
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 | |||||||||||||||||||
10.94 | 0.81 | 4,041 | 1.20 | 0.52 | 1.36 | 14 | ||||||||||||||||||||
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 | |||||||||||||||||||
10.90 | 1.30 | 931,648 | 0.25 | 1.46 | 0.60 | 14 | ||||||||||||||||||||
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 | |||||||||||||||||||
10.89 | 1.33 | 682,523 | 0.20 | 1.51 | 0.35 | 14 | ||||||||||||||||||||
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.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 215 |
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 |
| |||||||||||||||||||||||||||
Class A |
| |||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | $ | 9.96 | $ | 0.09 | $ | 0.14 | $ | 0.23 | $ | (0.09 | ) | $ | — | $ | (0.09 | ) | ||||||||||||
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 |
| |||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | �� | 9.86 | 0.06 | 0.13 | 0.19 | (0.06 | ) | — | (0.06 | ) | ||||||||||||||||||
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 |
| |||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | 9.88 | 0.10 | 0.14 | 0.24 | (0.10 | ) | — | (0.10 | ) | |||||||||||||||||||
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 |
| |||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | 9.88 | 0.10 | 0.15 | 0.25 | (0.11 | ) | — | (0.11 | ) | |||||||||||||||||||
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.
216 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 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) | ||||||||||||||||||||
$ | 10.10 | 2.29 | % | $ | 126,331 | 0.70 | % | 1.72 | % | 0.96 | % | 12 | % | |||||||||||||
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 | |||||||||||||||||||
9.99 | 1.93 | 8,493 | 1.25 | 1.17 | 1.46 | 12 | ||||||||||||||||||||
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 | |||||||||||||||||||
10.02 | 2.44 | 121,842 | 0.45 | 1.97 | 0.71 | 12 | ||||||||||||||||||||
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 | |||||||||||||||||||
10.02 | 2.49 | 71,797 | 0.35 | 2.07 | 0.46 | 12 | ||||||||||||||||||||
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.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 217 |
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 | ||||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | $ | 12.46 | $ | 0.13 | $ | 0.29 | $ | 0.42 | $ | (0.13 | ) | $ | — | $ | (0.13 | ) | ||||||||||||
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 |
| |||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | 12.35 | 0.10 | 0.28 | 0.38 | (0.10 | ) | — | (0.10 | ) | |||||||||||||||||||
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 |
| |||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | 12.41 | 0.15 | 0.28 | 0.43 | (0.15 | ) | — | (0.15 | ) | |||||||||||||||||||
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 |
| |||||||||||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | 12.41 | 0.15 | 0.28 | 0.43 | (0.15 | ) | — | (0.15 | ) | |||||||||||||||||||
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.
218 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 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) | ||||||||||||||||||||
$ | 12.75 | 3.42 | % | $ | 335,507 | 0.67 | % | 2.08 | % | 0.94 | % | 7 | % | |||||||||||||
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 | |||||||||||||||||||
12.63 | 3.06 | 15,152 | 1.25 | 1.51 | 1.44 | 7 | ||||||||||||||||||||
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 | |||||||||||||||||||
12.69 | 3.46 | 180,678 | 0.45 | 2.30 | 0.69 | 7 | ||||||||||||||||||||
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 | ||||||||||||||||||||
12.69 | 3.49 | 154,421 | 0.40 | 2.35 | 0.44 | 7 | ||||||||||||||||||||
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.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 219 |
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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 |
| |||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | $ | 10.07 | $ | — | (f) | $ | 0.01 | $ | 0.01 | $ | — | (f) | ||||||||
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 |
| |||||||||||||||||||
Six Months Ended August 31, 2021 (Unaudited) | 10.06 | 0.01 | 0.01 | 0.02 | (0.01 | ) | ||||||||||||||
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.
220 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 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 | Portfolio turnover rate (c) | ||||||||||||||||||||
$ | 10.08 | 0.13 | % | $ | 95,809 | 0.44 | % | 0.05 | % | 0.75 | % | 25 | % | |||||||||||||
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 | |||||||||||||||||
10.07 | 0.23 | 5,551,658 | 0.24 | 0.24 | 0.50 | 25 | ||||||||||||||||||||
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.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 221 |
Table of Contents
AS OF AUGUST 31, 2021 (Unaudited)
(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 8 separate funds of the Trusts (each, a “Fund” and collectively, the “Funds”) covered by this report:
Classes Offered | Trust | Diversification Classification | ||||
JPMorgan California Tax Free Bond Fund | Class A, Class C, Class I and Class R6 | JPM I | Diversified | |||
JPMorgan High Yield Municipal Fund | Class A, Class C, Class I and Class R6 | JPM I | Diversified | |||
JPMorgan Intermediate Tax Free Bond Fund | Class A, Class C, Class I and Class R6 | JPM I | Diversified | |||
JPMorgan New York Tax Free Bond 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 | 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 |
The investment objective of JPMorgan California Tax Free Bond Fund (“California Tax Free Bond Fund”) is to seek to provide high after-tax total return for California residents consistent with moderate risk of capital.
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 Intermediate Tax Free Bond Fund (“Intermediate Tax Free Bond Fund”) is to seek to provide monthly dividends, which are excluded from gross income, and to protect the value of your investment by investing primarily in municipal obligations. For purposes of the Fund’s investment objective, “gross income” means gross income for federal tax purposes.
The investment objective of JPMorgan New York Tax Free Bond Fund (“New York Tax Free Bond Fund”) is to seek to provide monthly dividends that are excluded from gross income for federal income tax purposes and are exempt from New York State and New York City personal income taxes. It also seeks to protect the value of your investment.
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.
The investment objective of JPMorgan Sustainable Municipal Income Fund (“Sustainable Municipal Income Fund”) is to seek current income exempt from federal income taxes.
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.
222 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
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 may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material.
Fixed income instruments are valued based on prices received from Pricing Services. The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.
Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s net asset values (“NAV”) per share as of the report date.
Futures contracts are generally valued on the basis of available market quotations.
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.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 223 |
Table of Contents
NOTES TO FINANCIAL STATEMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
(Dollar values in thousands)
The following tables represent each valuation input as presented on the Schedules of Portfolio Investments (“SOIs”):
California 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 | ||||||||||||||||
California | ||||||||||||||||
Certificate of Participation/Lease | $ | — | $ | 1,082 | $ | — | $ | 1,082 | ||||||||
Education | — | 20,487 | — | 20,487 | ||||||||||||
General Obligation | — | 136,389 | — | 136,389 | ||||||||||||
Hospital | — | 23,724 | — | 23,724 | ||||||||||||
Housing | — | 2,398 | — | 2,398 | ||||||||||||
Industrial Development Revenue/Pollution Control Revenue | — | 2,803 | — | 2,803 | ||||||||||||
Other Revenue | — | 29,763 | 564 | 30,327 | ||||||||||||
Prerefunded | — | 26,427 | — | 26,427 | ||||||||||||
Transportation | — | 59,305 | — | 59,305 | ||||||||||||
Utility | — | 25,425 | — | 25,425 | ||||||||||||
Water & Sewer | — | 73,026 | — | 73,026 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total California | — | 400,829 | 564 | 401,393 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Municipal Bonds | — | 400,829 | 564 | 401,393 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Short-Term Investments | ||||||||||||||||
Investment Companies | 26,737 | — | — | 26,737 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 26,737 | $ | 400,829 | $ | 564 | $ | 428,130 | ||||||||
|
|
|
|
|
|
|
|
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 | — | 523,418 | — | 523,418 | ||||||||||||
Short-Term Investments | ||||||||||||||||
Investment Companies | 4,342 | — | — | 4,342 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 4,342 | $ | 523,418 | $ | — | (a) | $ | 527,760 | |||||||
|
|
|
|
|
|
|
|
(a) | Value is zero. |
Intermediate 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 | $ | — | $ | 4,457,192 | $ | — | $ | 4,457,192 | ||||||||
Short-Term Investments | ||||||||||||||||
Investment Companies | 81,583 | — | — | 81,583 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 81,583 | $ | 4,457,192 | $ | — | $ | 4,538,775 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Depreciation in Other Financial Instruments | ||||||||||||||||
Futures Contracts | $ | (623 | ) | $ | — | $ | — | $ | (623 | ) | ||||||
|
|
|
|
|
|
|
|
224 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
Table of Contents
New York 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 | $ | — | $ | 403,563 | $ | — | $ | 403,563 | ||||||||
Short-Term Investments | ||||||||||||||||
Investment Companies | 5,348 | — | — | 5,348 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 5,348 | $ | 403,563 | $ | — | $ | 408,911 | ||||||||
|
|
|
|
|
|
|
|
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 | $ | — | $ | 70 | $ | — | $ | 70 | ||||||||
Municipal Bonds | — | 1,532,599 | — | 1,532,599 | ||||||||||||
Short-Term Investments | ||||||||||||||||
Investment Companies | 176,734 | — | — | 176,734 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 176,734 | $ | 1,532,669 | $ | — | $ | 1,709,403 | ||||||||
|
|
|
|
|
|
|
|
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 | $ | — | $ | 1,303 | $ | — | $ | 1,303 | ||||||||
Alaska | — | 518 | — | 518 | ||||||||||||
Arizona | — | 7,299 | — | 7,299 | ||||||||||||
California | — | 15,431 | — | 15,431 | ||||||||||||
Colorado | — | 11,553 | — | (a) | 11,553 | |||||||||||
Connecticut | — | 7,076 | — | 7,076 | ||||||||||||
Delaware | — | 2,706 | — | 2,706 | ||||||||||||
District of Columbia | — | 7,465 | — | 7,465 | ||||||||||||
Florida | — | 26,800 | — | 26,800 | ||||||||||||
Georgia | — | 5,258 | — | 5,258 | ||||||||||||
Guam | — | 740 | — | 740 | ||||||||||||
Illinois | — | 15,278 | — | 15,278 | ||||||||||||
Indiana | — | 13,397 | — | 13,397 | ||||||||||||
Iowa | — | 3,659 | — | 3,659 | ||||||||||||
Kansas | — | 346 | — | 346 | ||||||||||||
Louisiana | — | 2,839 | — | 2,839 | ||||||||||||
Maine | — | 2,218 | — | 2,218 | ||||||||||||
Maryland | — | 3,420 | — | 3,420 | ||||||||||||
Massachusetts | — | 19,241 | — | 19,241 | ||||||||||||
Michigan | — | 3,180 | — | 3,180 | ||||||||||||
Minnesota | — | 5,980 | — | 5,980 | ||||||||||||
Mississippi | — | 1,384 | — | 1,384 | ||||||||||||
Missouri | — | 4,152 | — | 4,152 | ||||||||||||
Nebraska | — | 1,989 | — | 1,989 | ||||||||||||
Nevada | — | 1,425 | — | 1,425 | ||||||||||||
New Hampshire | — | 7,257 | — | 7,257 | ||||||||||||
New Jersey | — | 14,194 | — | 14,194 | ||||||||||||
New Mexico | — | 1,175 | — | 1,175 | ||||||||||||
New York | — | 16,039 | — | 16,039 |
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 225 |
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NOTES TO FINANCIAL STATEMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
(Dollar values in thousands)
Sustainable Municipal Income Fund (continued) | ||||||||||||||||
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
North Carolina | $ | — | $ | 4,539 | $ | — | $ | 4,539 | ||||||||
North Dakota | — | 2,624 | — | 2,624 | ||||||||||||
Ohio | — | 15,069 | — | 15,069 | ||||||||||||
Oklahoma | — | 201 | — | 201 | ||||||||||||
Oregon | — | 1,133 | — | 1,133 | ||||||||||||
Other | — | 927 | — | 927 | ||||||||||||
Pennsylvania | — | 21,634 | — | 21,634 | ||||||||||||
South Carolina | — | 2,178 | — | 2,178 | ||||||||||||
South Dakota | — | 2,714 | — | 2,714 | ||||||||||||
Tennessee | — | 4,605 | — | 4,605 | ||||||||||||
Texas | — | 17,610 | — | 17,610 | ||||||||||||
Utah | — | 10,066 | — | 10,066 | ||||||||||||
Vermont | — | 5,789 | — | 5,789 | ||||||||||||
Virginia | — | 1,328 | — | 1,328 | ||||||||||||
Washington | — | 13,644 | — | 13,644 | ||||||||||||
Wisconsin | — | 13,032 | — | 13,032 | ||||||||||||
Wyoming | — | 1,726 | — | 1,726 | ||||||||||||
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Total Municipal Bonds | — | 322,141 | — | (a) | 322,141 | |||||||||||
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Short-Term Investments | ||||||||||||||||
Investment Companies | 4,873 | — | — | 4,873 | ||||||||||||
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| |||||||||
Total Investments in Securities | $ | 4,873 | $ | 322,141 | $ | — | (a) | $ | 327,014 | |||||||
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| |||||||||
Depreciation in Other Financial Instruments | ||||||||||||||||
Futures Contracts | $ | (6 | ) | $ | — | $ | — | $ | (6 | ) | ||||||
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(a) | Amount rounds to less than one thousand. |
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 | $ | — | $ | 646,584 | $ | — | $ | 646,584 | ||||||||
Short-Term Investments | ||||||||||||||||
Investment Companies | 30,746 | — | — | 30,746 | ||||||||||||
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| |||||||||
Total Investments in Securities | $ | 30,746 | $ | 646,584 | $ | — | $ | 677,330 | ||||||||
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Depreciation in Other Financial Instruments | ||||||||||||||||
Futures Contracts | $ | (87 | ) | $ | — | $ | — | $ | (87 | ) | ||||||
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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 | $ | — | $ | 5,000,658 | $ | — | $ | 5,000,658 | ||||||||
Short-Term Investments | ||||||||||||||||
Investment Companies | 672,582 | — | — | 672,582 | ||||||||||||
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Total Investments in Securities | $ | 672,582 | $ | 5,000,658 | $ | — | $ | 5,673,240 | ||||||||
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226 | J.P. MORGAN MUNICIPAL BOND FUNDS | AUGUST 31, 2021 |
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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 August 31, 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 — High Yield Municipal Fund, Intermediate Tax Free Bond Fund, Short Intermediate Municipal Bond Fund, Sustainable Municipal Income Fund, Tax Free Bond Fund and Ultra-Short Municipal 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.
High Yield Municipal Fund, Intermediate Tax Free Bond Fund, Short Intermediate Municipal Bond Fund, Sustainable Municipal Income Fund, Tax Free Bond Fund and Ultra-Short Municipal Fund had when-issued securities, delayed delivery securities or forward commitments outstanding as of August 31, 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 August 31, 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 the interest earned on cash collateral investments but are required to pay the borrower a rebate for the use of the 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.
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 six months ended August 31, 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
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 227 |
Table of Contents
NOTES TO FINANCIAL STATEMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
(Dollar values in thousands)
tables below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into such Underlying Funds. Reinvestment amounts are included in the purchases at cost amounts in the tables below.
California Tax Free Bond Fund
For the six months ended August 31, 2021 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at February 28, 2021 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at August 31, 2021 | Shares at August 31, 2021 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 0.02% (a) (b) | $ | 18,709 | $ | 61,522 | $ | 53,494 | $ | 3 | $ | (3 | ) | $ | 26,737 | 26,723 | $ | 2 | $ | — | ||||||||||||||||||
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High Yield Municipal Fund
For the six months ended August 31, 2021 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at February 28, 2021 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at August 31, 2021 | Shares at August 31, 2021 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 0.02% (a) (b) | $ | 5,698 | $ | 63,578 | $ | 64,933 | $ | (1 | ) | $ | — | (c) | $ | 4,342 | 4,341 | $ | 1 | $ | — | |||||||||||||||||
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Intermediate Tax Free Bond Fund
For the six months ended August 31, 2021 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at February 28, 2021 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at August 31, 2021 | Shares at August 31, 2021 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 0.02% (a) (b) | $ | 229,398 | $ | 524,323 | $ | 672,135 | $ | (14 | ) | $ | 11 | $ | 81,583 | 81,543 | $ | 10 | $ | — | ||||||||||||||||||
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New York Tax Free Bond Fund
For the six months ended August 31, 2021 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at February 28, 2021 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at August 31, 2021 | Shares at August 31, 2021 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 0.02% (a) (b) | $ | 12,075 | $ | 51,885 | $ | 58,612 | $ | (1 | ) | $ | 1 | $ | 5,348 | 5,345 | $ | 1 | $ | — | ||||||||||||||||||
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Short-Intermediate Municipal Bond Fund
For the six months ended August 31, 2021 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at February 28, 2021 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at August 31, 2021 | Shares at August 31, 2021 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 0.02% (a) (b) | $ | 7,161 | $ | 567,937 | $ | 398,364 | $ | (1 | ) | $ | 1 | $ | 176,734 | 176,646 | $ | 9 | $ | — | ||||||||||||||||||
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Sustainable Municipal Income Fund
For the six months ended August 31, 2021 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at February 28, 2021 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at August 31, 2021 | Shares at August 31, 2021 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 0.02% (a) (b) | $ | 1,085 | $ | 51,241 | $ | 47,452 | $ | (1 | ) | $ | — | (c) | $ | 4,873 | 4,870 | $ | 1 | $ | — | |||||||||||||||||
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Tax Free Bond Fund
For the six months ended August 31, 2021 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at February 28, 2021 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at August 31, 2021 | Shares at August 31, 2021 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 0.02% (a) (b) | $ | 32,164 | $ | 75,473 | $ | 76,892 | $ | (3 | ) | $ | 4 | $ | 30,746 | 30,731 | $ | 4 | $ | — | ||||||||||||||||||
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Ultra-Short Municipal Fund
For the six months ended August 31, 2021 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at February 28, 2021 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at August 31, 2021 | Shares at August 31, 2021 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 0.02% (a) (b) | $ | 213,242 | $ | 3,069,978 | $ | 2,610,638 | $ | (20 | ) | $ | 20 | $ | 672,582 | 672,246 | $ | 47 | $ | — | ||||||||||||||||||
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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 August 31, 2021. |
(c) | Amount rounds to less than one thousand. |
F. Futures Contracts — Intermediate Tax Free Bond Fund, Sustainable Municipal Income Fund and Tax Free Bond Fund used interest rate and treasury futures contracts to manage and hedge interest rate risk associated with portfolio investments. The Funds 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 Funds are 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 Funds 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 Funds to interest rate risk. The Funds 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 Funds 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 Funds to unlimited risk of loss. The Funds 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 Funds’ credit risk is limited to failure of the exchange or board of trade.
AUGUST 31, 2021 | J.P. MORGAN MUNICIPAL BOND FUNDS | 229 |
Table of Contents
NOTES TO FINANCIAL STATEMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
(Dollar values in thousands)
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 Funds’ 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 Funds’ futures contracts activity during the six months ended August 31, 2021:
Intermediate Tax Free Bond Fund | Sustainable Municipal Income Fund | Tax Free Bond Fund | ||||||||||
Futures Contracts — Interest: | ||||||||||||
Average Notional Balance Short | $ | 128,171 | (a) | $ | 1,790 | (b) | $ | 17,319 | ||||
Ending Notional Balance Short | 186,293 | 1,776 | 27,799 |
(a) | For the period April 1, 2021 through August 31, 2021. |
(b) | For the period July 1, 2021 through August 31, 2021. |
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 interest accrued using the effective interest method, which adjusts for amortization of premiums and accretion of discounts.
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 six months ended August 31, 2021 are as follows:
Class A | Class C | Class I | Class R6 | Total | ||||||||||||||||
California Tax Free Bond Fund | ||||||||||||||||||||
Transfer agency fees | $ | 3 | $ | 1 | $ | — | (a) | $ | — | (a) | $ | 4 | ||||||||
High Yield Municipal Fund | ||||||||||||||||||||
Transfer agency fees | 2 | — | (a) | 2 | — | (a) | 4 | |||||||||||||
Intermediate Tax Free Bond Fund | ||||||||||||||||||||
Transfer agency fees | 5 | — | (a) | 4 | 14 | 23 | ||||||||||||||
New York Tax Free Bond Fund | ||||||||||||||||||||
Transfer agency fees | 5 | 1 | 1 | — | (a) | 7 | ||||||||||||||
Short-Intermediate Municipal Bond Fund | ||||||||||||||||||||
Transfer agency fees | — | (a) | — | (a) | 4 | 3 | 7 | |||||||||||||
Sustainable Municipal Income Fund | ||||||||||||||||||||
Transfer agency fees | 2 | — | (a) | 1 | — | (a) | 3 | |||||||||||||
Tax Free Bond Fund | ||||||||||||||||||||
Transfer agency fees | 6 | — | (a) | 2 | — | (a) | 8 | |||||||||||||
Ultra-Short Municipal Fund | ||||||||||||||||||||
Transfer agency fees | 1 | n/a | 19 | n/a | 20 |
(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 August 31, 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
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“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.
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.
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:
California Tax Free Bond Fund | 0.30 | % | ||
High Yield Municipal Fund | 0.35 | |||
Intermediate Tax Free Bond Fund | 0.30 | |||
New York Tax Free Bond Fund | 0.30 | |||
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 six months ended August 31, 2021, the effective annualized rate was 0.075% 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, except for Ultra-Short Municipal Fund which has no sales charge, 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 six months ended August 31, 2021, JPMDS retained the following:
Front-End Sales Charge | CDSC | |||||||
California Tax Free Bond Fund | $2 | $ | — | |||||
High Yield Municipal Fund | 5 | 1 | ||||||
Intermediate Tax Free Bond Fund | 15 | — | (a) | |||||
New York Tax Free Bond Fund | 3 | — | ||||||
Short-Intermediate Municipal Bond Fund | 9 | — | ||||||
Sustainable Municipal Income Fund | 1 | — | ||||||
Tax Free Bond Fund | 8 | — | (a) |
(a) | Amount rounds to less than one thousand. |
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NOTES TO FINANCIAL STATEMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
(Dollar values in thousands)
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 | ||||||||
California Tax Free Bond Fund | 0.25% | 0.25 | % | 0.25 | % | |||||
High Yield Municipal Fund | 0.25 | 0.25 | 0.25 | |||||||
Intermediate Tax Free Bond Fund | 0.25 | 0.25 | 0.25 | |||||||
New York Tax Free Bond 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.
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 | |||||||||||
California Tax Free Bond Fund | 0.60% | 1.10 | % | 0.50 | % | 0.40 | % | |||||||
High Yield Municipal Fund | 0.65 | 1.15 | 0.55 | 0.45 | ||||||||||
Intermediate Tax Free Bond Fund | 0.65 | 1.20 | 0.40 | 0.30 | ||||||||||
New York Tax Fre Bond Fund | 0.75 | 1.25 | 0.50 | 0.40 | ||||||||||
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 six months ended August 31, 2021 and the contractual expense limitation percentages in the table above are in place until at least June 30, 2022.
For the six months ended August 31, 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 | ||||||||||||||||
California Tax Free Bond Fund | $ | 37 | $ | 24 | $ | 308 | $ | 369 | $ | 50 | ||||||||||
High Yield Municipal Fund | 95 | 63 | 487 | 645 | 58 | |||||||||||||||
Intermediate Tax Free Bond Fund | 1,412 | 941 | 741 | 3,094 | — | |||||||||||||||
New York Tax Free Bond Fund | 36 | 24 | 221 | 281 | — | |||||||||||||||
Short-Intermediate Municipal Bond Fund | 774 | 516 | 895 | 2,185 | 2 | |||||||||||||||
Sustainable Municipal Income Fund | 103 | 69 | 191 | 363 | — | |||||||||||||||
Tax Free Bond Fund | 71 | 47 | 572 | 690 | — | |||||||||||||||
Ultra-Short Municipal Fund | 4,571 | 2,286 | 672 | 7,529 | — |
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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 six months ended August 31, 2021 were as follows:
California Tax Free Bond Fund | $ | 7 | ||
High Yield Municipal Fund | 4 | |||
Intermediate Tax Free Bond Fund | 51 | |||
New York Tax Free Bond Fund | 5 | |||
Short-Intermediate Municipal Bond Fund | 26 | |||
Sustainable Municipal Income Fund | 2 | |||
Tax Free Bond Fund | 15 | |||
Ultra-Short Municipal Fund | 153 |
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 six months ended August 31, 2021, High Yield Municipal Fund, Intermediate Tax Free Bond Fund, Short-Intermediate Municipal Bond Fund, Sustainable Municipal Income Fund, Tax Free Bond Fund and Ultra-Short Municipal 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 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 six months ended August 31, 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 | |||||||||||||
California Tax Free Bond Fund | $ | 20,301 | $ | 23,250 | $ | — | $ | — | ||||||||
High Yield Municipal Fund | 90,685 | 79,966 | — | — | ||||||||||||
Intermediate Tax Free Bond Fund | 271,859 | 338,751 | — | — | ||||||||||||
New York Tax Free Bond Fund | 34,885 | 24,576 | — | — | ||||||||||||
Short-Intermediate Municipal Bond Fund | 225,901 | 220,128 | — | — | ||||||||||||
Sustainable Municipal Income Fund | 52,002 | 37,029 | — | — | ||||||||||||
Tax Free Bond Fund | 82,243 | 42,021 | — | — | ||||||||||||
Ultra-Short Municipal Fund | 1,214,942 | 1,836,951 | — | 100,848 |
During the six months ended August 31, 2021, there were no purchases of U.S. Government securities.
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NOTES TO FINANCIAL STATEMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
(Dollar values in thousands)
5. Federal Income Tax Matters
For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at August 31, 2021 were as follows:
Aggregate Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | |||||||||||||
California Tax Free Bond Fund | $ | 406,695 | $ | 21,790 | $ | 355 | $ | 21,435 | ||||||||
High Yield Municipal Fund | 494,713 | 33,917 | 870 | 33,047 | ||||||||||||
Intermediate Tax Free Bond Fund | 4,180,408 | 360,685 | 2,941 | 357,744 | ||||||||||||
New York Tax Free Bond Fund | 382,675 | 26,386 | 150 | 26,236 | ||||||||||||
Short-Intermediate Municipal Bond Fund | 1,649,554 | 61,032 | 1,183 | 59,849 | ||||||||||||
Sustainable Municipal Income Fund | 310,479 | 16,674 | 145 | 16,529 | ||||||||||||
Tax Free Bond Fund | 625,250 | 52,322 | 329 | 51,993 | ||||||||||||
Ultra-Short Municipal Fund | 5,653,024 | 21,258 | 1,042 | 20,216 |
At 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 | |||||||
California Tax Free Bond Fund | $ | 2,649 | $ | 195 | ||||
High Yield Municipal Fund | 2,324 | 1,050 | ||||||
New York Tax Free Bond Fund | 2,202 | 149 | ||||||
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 | |||||||
California Tax Free Bond Fund | $ | — | (a) | $ | — | |||
High Yield Municipal Fund | — | 185 | ||||||
New York Tax Free Bond Fund | 1 | 2 | ||||||
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 | |||||||
Intermediate Tax Free Bond Fund | $ | 16,422 | $ | 3,027 | ||||
New York Tax Free Bond Fund | — | 35 | ||||||
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).
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The Funds had no borrowings outstanding from another fund at August 31, 2021. Average borrowings from the Facility during the six months ended August 31, 2021 were as follows:
Average Borrowings | Average Interest Rate Paid | Number of Days Outstanding | Interest Paid | |||||||||||||
High Yield Municipal Fund | $ | 5,627 | 0.82 | % | 2 | $ | — | (a) |
(a) | Amount rounds to less than one thousand. |
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 six months ended August 31, 2021.
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 1.25%, which has decreased to 1.00% pursuant to the amendment referenced below (the “Applicable Margin”), 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 10, 2021, the Credit Facility has been amended and restated for a term of 364 days, unless extended, and to include a reduction of the Applicable Margin charged for borrowing under the Credit Facility from 1.25% to 1.00%.
The Funds did not utilize the Credit Facility during the six months ended August 31, 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 August 31, 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 | |||||||||||||
California Tax Free Bond Fund | 1 | 64.6 | % | — | — | |||||||||||
High Yield Municipal Fund | 1 | 14.1 | 3 | 43.9 | % | |||||||||||
Intermediate Tax Free Bond Fund | 1 | 82.2 | — | — | ||||||||||||
New York Tax Free Bond Fund | 1 | 77.8 | — | — | ||||||||||||
Short-Intermediate Municipal Bond Fund | 1 | 70.6 | 1 | 14.5 | ||||||||||||
Sustainable Municipal Income Fund | 1 | 43.8 | 2 | 31.9 | ||||||||||||
Tax Free Bond Fund | 1 | 47.4 | 1 | 27.4 | ||||||||||||
Ultra-Short Municipal Fund | 1 | 78.1 | 1 | 15.8 |
Significant shareholder transactions by these shareholders may impact the Funds’ performance and liquidity.
High Yield Municipal Fund invests in high yield securities that are not rated or rated below investment grade (commonly known as “junk bonds”). These securities are considered to be high risk investments. Investments in lower-rated securities or unrated securities of comparable quality tend to be more sensitive to economic conditions than higher rated securities. Junk bonds involve a greater risk of default by the issuer because such securities are generally unsecured and are often subordinated to other creditors’ claims. The market price of these securities can change suddenly and unexpectedly. As a result, the Fund is intended for investors who are able and willing to assume a high degree of risk.
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NOTES TO FINANCIAL STATEMENTS
AS OF AUGUST 31, 2021 (Unaudited) (continued)
(Dollar values in thousands)
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. California Tax Free Bond Fund and New York Tax Free Bond 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.
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.
8. Other Matters
The Trusts are seeking to achieve a unified board with common membership across the Trusts and the following open-end registered investment companies also advised by J.P. Morgan Investment Management Inc.:
J.P. Morgan Fleming Mutual Fund Group, Inc., J.P. Morgan Mutual Fund Investment Trust, JPMorgan Insurance Trust, Undiscovered Managers Funds, JPMorgan Institutional Trust and J.P. Morgan Exchange-Traded Fund Trust (collectively with the Trusts, the “J.P. Morgan Funds”).
At special shareholder meetings expected to take place on or about October 27, 2021, shareholders of the J.P. Morgan Funds are being asked to elect the same sixteen individuals (“Nominees”) to serve on their respective boards:
John F. Finn, Stephen P. Fisher, Gary L. French, Kathleen M. Gallagher, Robert J. Grassi, Frankie D. Hughes, Raymond Kanner, Thomas P. Lemke, Lawrence R. Maffia, Mary E. Martinez, Marilyn McCoy, Dr. Robert A. Oden, Jr., Marian U. Pardo, Emily A. Youssouf, Robert F. Deutsch, and Nina O. Shenker (the “Nominees”).
If shareholder approval is obtained for all of the J.P. Morgan Funds, this will result in a unified board structure across all of the J.P. Morgan Funds.
Information about the proposal, including the qualifications of each of the Nominees, is contained in the Trust’s proxy statement, which you can access from the EDGAR Database on the SEC’s website at http://www.sec.gov.
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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, if applicable, 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, March 1, 2021, and continued to hold your shares at the end of the reporting period, August 31, 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 March 1, 2021 | Ending Account Value August 31, 2021 | Expenses Paid During the Period* | Annualized Expense Ratio | |||||||||||||
JPMorgan California Tax Free Bond Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,017.20 | $ | 3.05 | 0.60 | % | ||||||||
Hypothetical | 1,000.00 | 1,022.18 | 3.06 | 0.60 | ||||||||||||
Class C | ||||||||||||||||
Actual | 1,000.00 | 1,014.80 | 5.59 | 1.10 | ||||||||||||
Hypothetical | 1,000.00 | 1,019.66 | 5.60 | 1.10 | ||||||||||||
Class I | ||||||||||||||||
Actual | 1,000.00 | 1,018.20 | 2.54 | 0.50 | ||||||||||||
Hypothetical | 1,000.00 | 1,022.68 | 2.55 | 0.50 | ||||||||||||
Class R6 | ||||||||||||||||
Actual | 1,000.00 | 1,018.70 | 2.04 | 0.40 | ||||||||||||
Hypothetical | 1,000.00 | 1,023.19 | 2.04 | 0.40 | ||||||||||||
JPMorgan High Yield Municipal Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual | 1,000.00 | 1,051.50 | 3.36 | 0.65 | ||||||||||||
Hypothetical | 1,000.00 | 1,021.93 | 3.31 | 0.65 | ||||||||||||
Class C | ||||||||||||||||
Actual | 1,000.00 | 1,049.00 | 5.94 | 1.15 | ||||||||||||
Hypothetical | 1,000.00 | 1,019.41 | 5.85 | 1.15 | ||||||||||||
Class I | ||||||||||||||||
Actual | 1,000.00 | 1,052.00 | 2.84 | 0.55 | ||||||||||||
Hypothetical | 1,000.00 | 1,022.43 | 2.80 | 0.55 | ||||||||||||
Class R6 | ||||||||||||||||
Actual | 1,000.00 | 1,052.50 | 2.33 | 0.45 | ||||||||||||
Hypothetical | 1,000.00 | 1,022.94 | 2.29 | 0.45 |
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SCHEDULE OF SHAREHOLDER EXPENSES
(Unaudited) (continued)
Hypothetical $1,000 Investment
Beginning Account Value March 1, 2021 | Ending Account Value August 31, 2021 | Expenses Paid During the Period* | Annualized Expense Ratio | |||||||||||||
JPMorgan Intermediate Tax Free Bond Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,021.80 | $ | 3.31 | 0.65 | % | ||||||||
Hypothetical | 1,000.00 | 1,021.93 | 3.31 | 0.65 | ||||||||||||
Class C | ||||||||||||||||
Actual | 1,000.00 | 1,019.50 | 6.11 | 1.20 | ||||||||||||
Hypothetical | 1,000.00 | 1,019.16 | 6.11 | 1.20 | ||||||||||||
Class I | ||||||||||||||||
Actual | 1,000.00 | 1,023.50 | 2.04 | 0.40 | ||||||||||||
Hypothetical | 1,000.00 | 1,023.19 | 2.04 | 0.40 | ||||||||||||
Class R6 | ||||||||||||||||
Actual | 1,000.00 | 1,024.00 | 1.53 | 0.30 | ||||||||||||
Hypothetical | 1,000.00 | 1,023.69 | 1.53 | 0.30 | ||||||||||||
JPMorgan New York Tax Free Bond Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual | 1,000.00 | 1,018.70 | 3.82 | 0.75 | ||||||||||||
Hypothetical | 1,000.00 | 1,021.42 | 3.82 | 0.75 | ||||||||||||
Class C | ||||||||||||||||
Actual | 1,000.00 | 1,016.10 | 6.35 | 1.25 | ||||||||||||
Hypothetical | 1,000.00 | 1,018.90 | 6.36 | 1.25 | ||||||||||||
Class I | ||||||||||||||||
Actual | 1,000.00 | 1,021.30 | 2.55 | 0.50 | ||||||||||||
Hypothetical | 1,000.00 | 1,022.68 | 2.55 | 0.50 | ||||||||||||
Class R6 | ||||||||||||||||
Actual | 1,000.00 | 1,020.40 | 2.04 | 0.40 | ||||||||||||
Hypothetical | 1,000.00 | 1,023.19 | 2.04 | 0.40 | ||||||||||||
JPMorgan Short-Intermediate Municipal Bond Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual | 1,000.00 | 1,010.80 | 3.55 | 0.70 | ||||||||||||
Hypothetical | 1,000.00 | 1,021.68 | 3.57 | 0.70 | ||||||||||||
Class C | ||||||||||||||||
Actual | 1,000.00 | 1,008.10 | 6.07 | 1.20 | ||||||||||||
Hypothetical | 1,000.00 | 1,019.16 | 6.11 | 1.20 | ||||||||||||
Class I | ||||||||||||||||
Actual | 1,000.00 | 1,013.00 | 1.27 | 0.25 | ||||||||||||
Hypothetical | 1,000.00 | 1,023.95 | 1.28 | 0.25 | ||||||||||||
Class R6 | ||||||||||||||||
Actual | 1,000.00 | 1,013.30 | 1.01 | 0.20 | ||||||||||||
Hypothetical | 1,000.00 | 1,024.20 | 1.02 | 0.20 | ||||||||||||
JPMorgan Sustainable Municipal Income Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual | 1,000.00 | 1,022.90 | 3.57 | 0.70 | ||||||||||||
Hypothetical | 1,000.00 | 1,021.68 | 3.57 | 0.70 | ||||||||||||
Class C | ||||||||||||||||
Actual | 1,000.00 | 1,019.30 | 6.36 | 1.25 | ||||||||||||
Hypothetical | 1,000.00 | 1,018.90 | 6.36 | 1.25 | ||||||||||||
Class I | ||||||||||||||||
Actual | 1,000.00 | 1,024.40 | 2.30 | 0.45 | ||||||||||||
Hypothetical | 1,000.00 | 1,022.94 | 2.29 | 0.45 | ||||||||||||
Class R6 | ||||||||||||||||
Actual | 1,000.00 | 1,024.90 | 1.79 | 0.35 | ||||||||||||
Hypothetical | 1,000.00 | 1,023.44 | 1.79 | 0.35 |
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Beginning Account Value March 1, 2021 | Ending Account Value August 31, 2021 | Expenses Paid During the Period* | Annualized Expense Ratio | |||||||||||||
JPMorgan Tax Free Bond Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual | $ | 1,000.00 | $ | 1,034.20 | $ | 3.44 | 0.67 | % | ||||||||
Hypothetical | 1,000.00 | 1,021.83 | 3.41 | 0.67 | ||||||||||||
Class C | ||||||||||||||||
Actual | 1,000.00 | 1,030.60 | 6.40 | 1.25 | ||||||||||||
Hypothetical | 1,000.00 | 1,018.90 | 6.36 | 1.25 | ||||||||||||
Class I | ||||||||||||||||
Actual | 1,000.00 | 1,034.60 | 2.31 | 0.45 | ||||||||||||
Hypothetical | 1,000.00 | 1,022.94 | 2.29 | 0.45 | ||||||||||||
Class R6 | ||||||||||||||||
Actual | 1,000.00 | 1,034.90 | 2.05 | 0.40 | ||||||||||||
Hypothetical | 1,000.00 | 1,023.19 | 2.04 | 0.40 | ||||||||||||
JPMorgan Ultra-Short Municipal Fund | ||||||||||||||||
Class A | ||||||||||||||||
Actual | 1,000.00 | 1,001.30 | 2.22 | 0.44 | ||||||||||||
Hypothetical | 1,000.00 | 1,022.99 | 2.24 | 0.44 | ||||||||||||
Class I | ||||||||||||||||
Actual | �� | 1,000.00 | 1,002.30 | 1.21 | 0.24 | |||||||||||
Hypothetical | 1,000.00 | 1,024.00 | 1.22 | 0.24 |
* | Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). |
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BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS
(Unaudited)
The Board of Trustees has established various standing committees composed of Trustees with diverse backgrounds, to which the Board of Trustees has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board of Trustees and its investment committees (money market and alternative products, equity, and fixed income) meet regularly throughout the year and consider factors that are relevant to their annual consideration of investment advisory agreements at each meeting. They also meet for the specific purpose of considering investment advisory agreement annual renewals. The Board of Trustees held meetings in June and August 2021, at which the Trustees considered the continuation of the investment advisory agreements for each Fund whose semi-annual report is contained herein (each an “Advisory Agreement” and collectively, the “Advisory Agreements”). In accordance with SEC guidance, due to the COVID-19 pandemic, the meetings were conducted through video conference. At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered the investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not parties to an Advisory Agreement or “interested persons” (as defined in the 1940 Act) of any party to an Advisory Agreement or any of their affiliates, approved the continuation of each Advisory Agreement on August 11, 2021.
As part of their review of the Advisory Agreements, the Trustees considered and reviewed performance and other information about the Funds received from the Adviser. This information includes the Funds’ performance as compared to the performance of their peers and benchmarks and analyses by the Adviser of the Funds’ performance. In addition, at each of their regular meetings throughout the year, the Trustees considered reports on the performance of certain J.P. Morgan Funds provided by an independent investment consulting firm (“independent consultant”). In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Broadridge, using data from Lipper Inc. and/or Morningstar Inc., independent providers of investment company data (together, “Broadridge”). The Trustees’ independent consultant also provided additional quantitative and statistical analyses of certain Funds, including risk/ and performance return assessment as compared to the Funds’ objectives, benchmarks, and peers. Before voting on the Advisory Agreements, the Trustees reviewed the Advisory Agreements with representatives of the Adviser, counsel to the Trusts and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the Advisory
Agreements. The Trustees also discussed the Advisory Agreements in executive sessions with independent legal counsel at which no representatives of the Adviser were present.
A summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement is provided below. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. The Trustees considered information provided with respect to the Funds throughout the year including additional reporting and information provided in connection with the COVID-19 pandemic, as well as materials furnished specifically in connection with the annual review process. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions.
After considering and weighing the factors and information they had received, the Trustees found that the compensation to be received by the Adviser from each Fund under the applicable Advisory Agreement was fair and reasonable under the circumstances and determined that the continuance of each Advisory Agreement was in the best interests of each Fund and its shareholders.
Nature, Extent and Quality of Services Provided by the Adviser
The Trustees received and considered information regarding the nature, extent and quality of services provided to each Fund under the applicable Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. The Trustees considered the background and experience of the Adviser’s senior management, personnel changes, if any, and the expertise of, and the amount of attention given to each Fund by, investment personnel of the Adviser. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of each Fund and the infrastructure supporting the team, including personnel changes, if any. In addition, the Board considered its discussions with the Adviser regarding the Adviser’s business continuity plan and steps the Adviser was taking to provide ongoing services to the Funds during the COVID-19 pandemic, and the Adviser’s success in continuing to provide services to the Funds and their shareholders throughout this period. The Trustees also considered information provided by the Adviser and JPMorgan Distribution Services, Inc. (“JPMDS”) about the structure and distribution strategy of each Fund. The Trustees reviewed information relating to the Adviser’s risk governance model and reports showing the Adviser’s compliance structure and ongoing compliance processes. The Trustees also considered the quality of administration services provided by the Adviser in its role as administrator.
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The Trustees also considered their knowledge of the nature and quality of services provided by the Adviser and its affiliates to the Funds gained from their experience as Trustees of the J.P. Morgan Funds. In addition, they considered the overall reputation and capabilities of the Adviser and its affiliates, the commitment of the Adviser to provide high quality service to the Funds, their overall confidence in the Adviser’s integrity and the Adviser’s responsiveness to questions or concerns raised by them, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to each Fund.
Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of the investment advisory services provided to each Fund by the Adviser.
Costs of Services Provided and Profitability to the Adviser and its Affiliates
The Trustees received and considered information regarding the profitability to the Adviser and its affiliates in providing services to each Fund. The Trustees reviewed and discussed this information. The Trustees recognized that this information is not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to the Funds, less expenses of providing such services. Expenses include direct and indirect costs and are calculated using an allocation methodology developed by the Adviser. The Trustees also recognized that it is difficult to make comparisons of profitability from fund investment advisory contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-traded fund managers’ operating profits and net income are net of distribution and marketing expenses. Based upon their review, and taking into consideration the factors noted above, the Trustees concluded that the profitability to the Adviser under each Advisory Agreement was not unreasonable in light of the services and benefits provided to each Fund.
The Trustees also considered that JPMDS, an affiliate of the Adviser, and the Adviser earn fees from the Funds for providing shareholder and administration services, respectively. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, which also acts as the Funds’ distributor and that these fees are in turn generally paid to financial intermediaries that sell the Funds, including financial intermediaries that are affiliates of the Adviser (although they are retained by JPMDS in certain instances). The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A.
(“JPMCB”) for custody and fund accounting, and other related services.
Fall-Out Benefits
The Trustees reviewed information regarding potential “fall-out” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Funds. The Trustees considered that the J.P. Morgan Funds’ operating accounts are held at JPMCB, which as a result, will receive float benefits for certain J.P. Morgan Funds, as applicable. The Trustees also noted that the Adviser supports a diverse set of products and services, which benefits the Adviser by allowing it to leverage its infrastructure to serve additional clients, including benefits that may be received by the Adviser and its affiliates in connection with the Fund’s potential investments in other funds advised by the Adviser. The Trustees also reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser, as well as the Adviser’s use of affiliates to provide other services and the benefits to such affiliates of doing so.
Economies of Scale
The Trustees considered the extent to which the Funds may benefit from economies of scale. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Funds and those realized by the Adviser as assets increase. The Trustees considered the extent to which the Funds were priced to scale and whether it would be appropriate to add advisory fee breakpoints. The Trustees noted certain Funds with contractual expense limitations and fee waivers (“Fee Caps”) which allow a Fund’s shareholders to share potential economies of scale from a Fund’s inception, prior to reaching scale. The Trustees also noted that other Funds which had achieved scale as asset levels had increased, no longer had Fee Caps in place for some or all of their share classes, but shared economies of scale through lower average expenses. The Trustees noted that the fees remain satisfactory relative to peer funds. The Trustees considered the benefits to the Funds of the use of an affiliated distributor and custodian, including the ability to rely on existing infrastructure supporting distribution, custodial and transfer agent services and the ability to negotiate competitive fees for the Funds. The Trustees further considered the Adviser’s and JPMDS’s ongoing investments in their business in support of the Funds, including the Adviser’s and/or JPMDS’s investments in trading systems, technology (including improvements to the J.P. Morgan Funds’ website, and cybersecurity improvements), retention of key talent, and regulatory support enhancements. The Trustees concluded that the current fee structure for each Fund, including any Fee Caps the Adviser has in place that serve to limit the overall net expense ratios of each Fund at competitive levels, was reasonable. The Trustees concluded that, for Funds with
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BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS
(Unaudited) (continued)
Fee Caps in place for some or all of their share classes, the relevant Fund’s shareholders received the benefits of potential economies of scale through the Fee Caps and for Funds that achieved scale and no longer had Fee Caps in place for some or all of their share classes, the relevant Fund’s shareholders benefitted from lower average expenses resulting from increased assets. The Trustees also concluded that all Funds benefitted from the Adviser’s reinvestment in its operations to serve the Funds and their shareholders. The Trustees noted that the Adviser’s reinvestment ensures sufficient resources in terms of personnel and infrastructure to support the Funds.
Independent Written Evaluation of the Funds’ Senior Officer
The Trustees noted that, upon their direction, the Senior Officer for the Sustainable Municipal Income Fund, Short-Intermediate Municipal Bond Fund and Tax Free Bond Fund had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. In determining whether to continue the Advisory Agreements, the Trustees considered the Senior Officer’s report.
Fees Relative to Adviser’s Other Clients
The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser, including institutional separate accounts, collective investment trusts, ETFs and/or funds sub-advised by the Adviser, and for investment management styles substantially similar to that of each Fund. The Trustees considered the complexity of investment management for registered mutual funds relative to the Adviser’s other clients and noted differences, as applicable, in the fee structure and the regulatory, legal and other risks and responsibilities of providing services to the different clients. The Trustees considered that serving as an adviser to a registered mutual fund involves greater responsibilities and risks than acting as a sub-adviser and observed that sub-advisory fees may be lower than those charged by the Adviser to each Fund. The Trustees also noted that the adviser, not the mutual fund, pays the sub-advisory fee and that many responsibilities related to the advisory function are retained by the primary adviser. The Trustees concluded that the fee rates charged to each Fund in comparison to those charged to the Adviser’s other clients were reasonable.
Investment Performance
The Trustees received and considered absolute and/or relative performance information for the Funds in a report prepared by Broadridge. The Trustees considered the total return performance information, which included the ranking of the Funds within a performance universe made up of funds with the same Broadridge investment classification and objective (the “Universe”), as well as a subset of funds within the Universe
(the “Peer Group”), by total return for applicable one-, three- and five-year periods. The Trustees reviewed a description of Broadridge’s methodology for selecting mutual funds in each Fund’s Universe and Peer Group, and noted that Universe and Peer Group rankings were not calculated if the number of funds in the Universe and/or Peer Group did not meet a predetermined minimum. The Broadridge materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. As part of this review, the Trustees also reviewed each Fund’s performance against its benchmark and considered the performance information provided for the Funds at regular Board meetings by the Adviser and the Trustees’ independent consultant and also considered the special analysis prepared for certain Funds by the Trustees’ independent consultant. The special analysis includes a multi-factor quantitative scoring system for summarizing a Fund’s historical investment performance. The approach relies on multiple metrics, incorporates several time periods, adjusts for risk and considers how a fund’s customized peer group (as selected by the Independent Consultant) has performed. The Trustees also engaged with the Adviser to consider what steps might be taken to improve performance, as applicable. The Broadridge performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund’s performance for certain representative classes are summarized below:
The Trustees noted that the California Tax Free Bond Fund’s performance for Class A shares was in the second, third and fifth quintiles based upon the Peer Group, and in the second, third and fourth quintiles based upon the Universe for the one-, three-, and five-year periods ended December 31, 2020, respectively. The Trustees noted that the performance for Class I shares was in the second, third and third quintiles based upon the Universe for the one-, three-, and five-year periods ended December 31, 2020, respectively. The Trustees noted that the performance for Class R6 shares was in the first quintile based upon both the Peer Group and Universe for the one-year period ended December 31, 2020. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory, under the circumstances.
The Trustees noted that the High Yield Municipal Fund’s performance for Class A shares was in the third, second and fourth quintiles based upon the Peer Group, and in the fourth, third and fourth quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2020, respectively. The Trustees noted that the performance for Class I shares was in the third, second and third quintiles based
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upon the Peer Group, and in the fourth, third and fourth quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2020, respectively. The Trustees noted that the performance for Class R6 shares was in the fourth quintile based upon both the Peer Group and Universe for the one-year period ended December 31, 2020. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory, under the circumstances. The Trustees requested, however, that the Adviser provide additional Fund performance information to be reviewed with the members of the Board’s fixed income committee at each of their regular meetings over the course of next year.
The Trustees noted that the Intermediate Tax Free Bond Fund’s performance for Class A shares was in the first, fourth and fifth quintiles based upon the Peer Group, and in the second, third and fifth quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2020, respectively. The Trustees noted that the performance for Class I shares was in the first, fourth and fourth quintiles based upon the Peer Group, and in the second, second and fourth quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2020, respectively. The Trustees noted that the performance for Class R6 shares was in the first and fifth quintiles based upon the Peer Group, and in the first and second quintiles based upon the Universe for the one- and three-year periods ended December 31, 2020, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory, under the circumstances.
The Trustees noted that the New York Tax Free Bond Fund’s performance for Class A shares was in the fourth quintile based upon both the Peer Group and Universe, for each of the one-, three-, and five-year periods ended December 31, 2020. The Trustees noted that performance for Class I shares was in the third quintile based upon the Universe for each of the one-, three-, and five-year periods ended December 31, 2020. The Trustees noted that the performance for Class R6 shares was in the second quintile based upon the Universe for the one-year period ended December 31, 2020. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory, under the circumstances.
The Trustees noted that the Short-Intermediate Municipal Bond Fund’s performance for Class A shares was in the second quintile based upon both the Peer Group and Universe, for each of the one-, three-, and five-year periods ended December 31, 2020. The Trustees noted that the performance for Class I shares was in the first quintile based upon the Peer Group for both the one- and three-year periods ended December 31, 2020, and in the first quintile based upon the Universe for each of the one-, three, and five-year periods ended December 31, 2020. The Trustees noted that the performance for Class R6 shares was in the first quintile based upon both the Peer Group and Universe, for the one-year period ended December 31, 2020. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.
The Trustees noted that the Sustainable Municipal Income Fund’s performance for Class A shares was in the second, fifth and fifth quintiles based upon the Peer Group, and in the second, fourth and fourth quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2020, respectively. The Trustees noted that the performance for Class I shares was in the second, third and third quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2020, respectively. The Trustees noted that the performance for Class R6 shares was in the first quintile based upon the Peer Group for the one-year period ended December 31, 2021, and in the second and third quintiles based upon the Universe for the one- and three-year periods ended December 31, 2020, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory, under the circumstances.
The Trustees noted that the Tax Free Bond Fund’s performance for Class A shares was in the second, third and fourth quintiles based upon the Peer Group, and in the second, third and third quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2020, respectively. The Trustees noted that the performance for Class I shares was in the second, second and third quintiles based upon the Universe, for the one-, three-, and five-year periods ended December 31, 2020, respectively. The Trustees noted that the performance for Class R6 shares was in the second quintile based upon both the Peer Group and Universe for the one-year period ended December 31, 2020. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation
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(Unaudited) (continued)
prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory, under the circumstances.
The Trustees noted that the Ultra-Short Municipal Fund’s performance for Class A shares was in the fifth quintile based upon both the Peer Group and the Universe for both the one- and three-year periods ended December 31, 2020. The Trustees notes that the performance for Class I shares was also in the fifth quintile based upon both the Peer Group and Universe for both the one- and three-year periods ended December 31, 2020. The Trustees discussed the performance and investment strategy of the Fund with the Advisor and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, concluded that the performance was satisfactory, under the circumstances. The Trustees requested, however, that the Adviser provide additional Fund performance information to be reviewed with the members of the Board’s fixed income committee at each of their regular meetings over the course of next year.
Advisory Fees and Expense Ratios
The Trustees considered the contractual advisory fee rate and administration fee rate paid by each Fund to the Adviser and compared the combined rate to the information prepared by Broadridge concerning management fee rates paid by other funds in the same Broadridge category as each Fund. The Trustees recognized that Broadridge reported each Fund’s management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for each Fund and noted that Universe and Peer Group rankings were not calculated if the number of funds in the Universe and/or Peer Group did not meet a predetermined minimum. For each Fund that had a Fee Cap in place, the Trustees considered, the net advisory fee rate and net expense ratio for each class, as applicable, taking into account any waivers and/or reimbursements. The Trustees also considered any proposed changes to a Fee Cap, and, where deemed appropriate by the Trustees, additional waivers and/or reimbursements. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determinations as a result of the review of each Fund’s advisory fees and expense ratios for certain representative classes are summarized below:
The Trustees noted that the California Tax Free Bond Fund’s net advisory fee and the actual total expenses for Class A shares were in the first quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee and actual total expenses for Class I shares were in the second and
fourth quintiles, respectively, based upon the Universe. The Trustees noted that the net advisory fee and the actual total expenses for Class R6 shares were in the second quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.
The Trustees noted that the High Yield Municipal Fund’s net advisory fee for Class A shares was in the second and first quintiles based upon the Peer Group and Universe, respectively, and the actual total expenses for Class A shares were in the first quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee for Class I shares was in the second quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class I shares were in the first and second quartiles for the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee and actual total expenses for Class R6 shares were in the second and first quintiles, respectively, based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.
The Trustees noted that the Intermediate Tax Free Bond Fund’s net advisory fee for Class A shares was in the first and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class A shares were in the first quintile based upon both the Peer Group and Universe. The Trustees noted that both the net advisory fee and actual total expenses for Class I shares were in the first and second quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class R6 shares was in the second quintile based upon both the Peer Group Universe, and that the actual total expenses for Class R6 shares were in the second and first quintiles based upon the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.
The Trustees noted that the New York Tax Free Bond Fund’s net advisory fee for Class A shares was in the second quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class A shares were in the second and third quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee and actual total expenses for Class I shares were in the second and third quintiles, respectively, based upon the Universe. The Trustees noted that the net advisory fee and actual total expenses for Class R6 shares were in the second and first quintiles, respectively, based upon the Universe. After considering the factors identified above, in light of this information, the
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Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.
The Trustees noted that the Short-Intermediate Municipal Bond Fund’s net advisory fee for Class A shares was in the first quintile based upon both the Peer Group and Universe, and that the actual total expenses for Class A shares were in the fifth and fourth quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee and actual total expenses for both Class I shares and Class R6 shares were in the first quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.
The Trustees noted that the Sustainable Municipal Income Fund’s net advisory fee for Class A shares was in the first and second quintiles based upon the Peer Group and Universe, respectively, and that the actual total expenses for Class A shares were also in the first and second quintiles based upon the Peer Group and Universe, respectively. The Trustees noted that both the net advisory fee and actual total expenses for Class I shares were in the second quintile based upon the Universe. The Trustees noted that the net advisory fee actual total expenses for Class R6 shares were in the second and first
quintiles, respectively, based upon the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.
The Trustees noted that the Tax Free Bond Fund’s net advisory fee and actual total expenses for Class A shares were in the first quintile based upon both the Peer Group and Universe. The Trustees noted that the net advisory fee and actual total expenses for Class I shares were in the first and second quintiles, respectively, based upon the Universe. The Trustees noted that the net advisory fee and actual total expenses for Class R6 shares were in the first quintile for both the Peer Group and the Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.
The Trustees noted that the Ultra-Short Municipal Fund’s net advisory fee and actual total expenses for both Class A shares and Class I shares were in the first quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.
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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. August 2021. | SAN-MUNIBOND-821 |
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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.
Not applicable to a semi-annual 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.
(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)).
(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 to a semi-annual report.
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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.
(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.
(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.
(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.
(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.
(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.
(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.
(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.
(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.
Not applicable to a semi-annual report.
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 to a semi-annual report.
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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.
Not applicable.
(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 | ||
November 1, 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 | ||
November 1, 2021 | ||
By: | /s/ Timothy J. Clemens | |
Timothy J. Clemens | ||
Treasurer and Principal Financial Officer | ||
November 1, 2021 |