JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2019 (Unaudited)
Investments | Principal Amount ($000) | Value ($000) | ||||||
MUNICIPAL BONDS — 97.5% (a) | ||||||||
Alabama — 1.3% | ||||||||
Education — 0.0% (b) | ||||||||
Alabama Public School and College Authority, Capital Improvement Series2014-B, Rev., 5.00%, 1/1/2021 | 20 | 21 | ||||||
|
| |||||||
General Obligation — 0.1% | ||||||||
City of Hamilton | ||||||||
GO, 3.00%, 8/1/2020 | 55 | 56 | ||||||
GO, 3.00%, 8/1/2021 | 365 | 375 | ||||||
GO, 2.00%, 8/1/2022 | 370 | 375 | ||||||
GO, 5.00%, 8/1/2023 | 240 | 270 | ||||||
|
| |||||||
1,076 | ||||||||
|
| |||||||
Industrial Development Revenue/Pollution Control Revenue — 0.0% (b) | ||||||||
Prattville Industrial Development Board, International Paper Company Project | ||||||||
Series 2019C, Rev., VRDO, 2.00%, 5/1/2020 (c) | 430 | 434 | ||||||
Series 2019B, Rev., VRDO, 2.00%, 10/1/2024 (c) | 450 | 454 | ||||||
|
| |||||||
888 | ||||||||
|
| |||||||
Special Tax — 0.0% (b) | ||||||||
Hoover City Board of Education Rev., 4.00%, 2/15/2020 | 80 | 80 | ||||||
|
| |||||||
Utility — 1.2% | ||||||||
Black Belt Energy Gas District, Gas Prepay Series2018B-2, Rev., VRDO, (SIFMA Municipal Swap Index Yield + 0.62%), 1.72%, 12/10/2019 (d) | 30,000 | 30,000 | ||||||
Black Belt Energy Gas District, Gas Supply Series 2016A, Rev., LIQ: Royal Bank of Canada, 4.00%, 6/1/2021 (c) | 11,450 | 11,881 | ||||||
Southeast Alabama Gas Supply District (The), Project No. 1 Series A, Rev., 5.00%, 4/1/2020 | 1,000 | 1,011 | ||||||
Southeast Alabama Gas Supply District (The), Project No. 2 Series A, Rev., 4.00%, 6/1/2020 | 1,000 | 1,013 | ||||||
|
| |||||||
43,905 | ||||||||
|
| |||||||
Total Alabama | 45,970 | |||||||
|
| |||||||
Alaska — 0.0% (b) | ||||||||
Other Revenue — 0.0% (b) | ||||||||
Alaska Municipal Bond Bank Authority | ||||||||
Series 2019 1, Rev., 5.00%, 5/1/2021 | 215 | 226 | ||||||
Series 2019 1, Rev., 5.00%, 5/1/2022 | 200 | 218 | ||||||
|
| |||||||
444 | ||||||||
|
| |||||||
Total Alaska | 444 | |||||||
|
| |||||||
Arizona — 1.4% | ||||||||
Certificate of Participation/Lease — 0.0% (b) | ||||||||
Arizona State University Series 2018A, COP, 5.00%, 6/1/2020 | 1,000 | 1,019 | ||||||
|
| |||||||
Education — 0.0% (b) | ||||||||
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 | 156 | ||||||
Series 2018A, Rev., 5.00%, 7/1/2024 | 200 | 228 | ||||||
|
| |||||||
384 | ||||||||
|
| |||||||
General Obligation — 0.2% | ||||||||
Maricopa County School District No.24-Gila Bend, School Improvement | ||||||||
Series 2019, GO, AGM, 2.00%, 7/1/2020 | 585 | 588 | ||||||
Series 2019, GO, AGM, 3.00%, 7/1/2021 | 575 | 592 | ||||||
Series 2019, GO, AGM, 4.00%, 7/1/2022 | 300 | 321 | ||||||
Series 2019, GO, AGM, 5.00%, 7/1/2023 | 700 | 789 | ||||||
Maricopa County School District No. 66, Roosevelt Elementary | ||||||||
GO, 5.00%, 7/1/2020 | 1,450 | 1,481 | ||||||
GO, 5.00%, 7/1/2021 | 1,520 | 1,608 | ||||||
Maricopa County School District No. 66, Roosevelt Elementary, Arizona School Improvement | ||||||||
Series 2018A, GO, 5.00%, 7/1/2020 | 1,025 | 1,047 | ||||||
Series2017-A, GO, 5.00%, 7/1/2021 | 1,150 | 1,217 | ||||||
|
| |||||||
7,643 | ||||||||
|
| |||||||
Hospital — 0.0% (b) | ||||||||
Industrial Development Authority of the County of Yavapai (The), Regional Medical Center | ||||||||
Rev., 5.00%, 8/1/2021 | 225 | 239 | ||||||
Rev., 5.00%, 8/1/2022 | 380 | 417 | ||||||
Industrial Development Authority of the County of Yavapai (The), Yavapai Regional Medical Center Rev., 5.00%, 8/1/2023 | 325 | 367 | ||||||
|
| |||||||
1,023 | ||||||||
|
|
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2019 (Unaudited) (continued)
Investments | Principal Amount ($000) | Value ($000) | ||||||
Industrial Development Revenue/Pollution Control Revenue — 0.1% | ||||||||
Coconino County Pollution Control Corp., Nevada Power Company Projects Series B, Rev., VRDO, 1.60%, 5/21/2020 (c) | 1,100 | 1,101 | ||||||
|
| |||||||
Other Revenue — 0.8% | ||||||||
Industrial Development Authority of The City of Phoenix, Health Care Facilities, Mayo Clinic Series 2014A, Rev., VRDO, LIQ: Bank of America NA, 1.10%, 12/2/2019 (c) | 30,790 | 30,790 | ||||||
|
| |||||||
Transportation — 0.3% | ||||||||
Arizona Department of Transportation State Highway Fund Series 2013A, Rev., 5.00%, 7/1/2020 | 400 | 409 | ||||||
Arizona Transportation Board, Maricopa County Regional Area Road Fund Rev., 5.00%, 7/1/2020 | 8,565 | 8,757 | ||||||
|
| |||||||
9,166 | ||||||||
|
| |||||||
Water & Sewer — 0.0% (b) | ||||||||
Arizona Water Infrastructure Finance Authority, Water Quality Rev., 4.00%, 10/1/2020 (e) | 540 | 553 | ||||||
|
| |||||||
Total Arizona | 51,679 | |||||||
|
| |||||||
Arkansas — 0.1% |
| |||||||
Education — 0.0% (b) | ||||||||
Board of Trustees of the University of Arkansas, Various Facility, Fayetteville Campus Series 2018A, Rev., 5.00%, 11/1/2021 | 330 | 354 | ||||||
University of Central Arkansas, Student Housing System | ||||||||
Series 2019C, Rev., AGM, 3.00%, 11/1/2021 | 75 | 77 | ||||||
Series 2019C, Rev., AGM, 3.00%, 11/1/2022 | 85 | 89 | ||||||
Series 2019C, Rev., AGM, 3.00%, 11/1/2023 | 135 | 143 | ||||||
|
| |||||||
663 | ||||||||
|
| |||||||
General Obligation — 0.0% (b) | ||||||||
City of Fayetteville, Library Improvement GO, 3.00%, 1/1/2020 | 200 | 200 | ||||||
|
| |||||||
Other Revenue — 0.1% | ||||||||
Arkansas Development Finance Authority, 900 West Capitol Building Project Rev., 3.00%, 4/1/2021 | 500 | 511 | ||||||
Arkansas Development Finance Authority, Department of Community Correction Project | ||||||||
Rev., 5.00%, 11/1/2021 | 310 | 331 | ||||||
Rev., 5.00%, 11/1/2022 | 410 | 454 | ||||||
County of Sharp | ||||||||
Rev., 5.00%, 3/1/2021 | 270 | 282 | ||||||
Rev., 5.00%, 3/1/2022 | 495 | 533 | ||||||
Rev., 5.00%, 3/1/2023 | 540 | 597 | ||||||
|
| |||||||
2,708 | ||||||||
|
| |||||||
Water & Sewer — 0.0% (b) | ||||||||
City of Centerton | ||||||||
Rev., 3.00%, 12/1/2019 | 150 | 150 | ||||||
Rev., 3.00%, 12/1/2021 | 125 | 129 | ||||||
City of Heber Springs, Greenstar | ||||||||
Rev., 3.00%, 11/1/2021 | 50 | 52 | ||||||
Rev., 3.00%, 11/1/2023 | 100 | 105 | ||||||
Northwest Arkansas Conservation Authority, Wastewater Rev., 3.00%, 3/1/2020 | 280 | 281 | ||||||
|
| |||||||
717 | ||||||||
|
| |||||||
Total Arkansas | 4,288 | |||||||
|
| |||||||
California — 2.2% | ||||||||
Education — 0.2% | ||||||||
California Educational Facilities Authority, Art Center College of Design | ||||||||
Series 2018A, Rev., 5.00%, 12/1/2019 | 125 | 125 | ||||||
Series 2018A, Rev., 5.00%, 12/1/2020 | 180 | 187 | ||||||
California Municipal Finance Authority, California Lutheran University | ||||||||
Rev., 5.00%, 10/1/2020 | 325 | 335 | ||||||
Rev., 5.00%, 10/1/2021 | 250 | 266 | ||||||
California Municipal Finance Authority, River Springs Charter School Rev., RAN, 4.00%, 8/15/2020 (f) | 1,000 | 1,012 | ||||||
California School Finance Authority, Green Dot Public School Projects | ||||||||
Series 2018A, Rev., 5.00%, 8/1/2020 (f) | 50 | 51 | ||||||
Series 2018A, Rev., 5.00%, 8/1/2021 (f) | 50 | 53 | ||||||
Series 2018A, Rev., 5.00%, 8/1/2022 (f) | 85 | 92 | ||||||
California School Finance Authority, Kipp Socal Project | ||||||||
Series 2019A, Rev., 5.00%, 7/1/2022 (f) | 100 | 109 | ||||||
Series 2019A, Rev., 5.00%, 7/1/2023 (f) | 100 | 111 |
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2019 (Unaudited) (continued)
Investments | Principal Amount ($000) | Value ($000) | ||||||
Chula Vista Elementary School District Rev., BAN, 0.00%, 8/1/2023 | 5,500 | 5,273 | ||||||
|
| |||||||
7,614 | ||||||||
|
| |||||||
General Obligation — 0.2% | ||||||||
Mount San Antonio Community College District GO, BAN, 0.00%, 4/1/2022 | 250 | 243 | ||||||
Sacramento City Unified School District Series 2019D, GO, 4.00%, 8/1/2021 (g) | 4,475 | 4,676 | ||||||
South Bay Union School District/San Diego County GO, BAN, 0.00%, 8/1/2022 | 2,000 | 1,923 | ||||||
|
| |||||||
6,842 | ||||||||
|
| |||||||
Hospital — 0.1% | ||||||||
California Health Facilities Financing Authority, Adventist Health System Series 2011A, Rev., 3.00%, 3/1/2024 (c) | 2,000 | 2,115 | ||||||
California Public Finance Authority, Henry Mayo Newhall Hospital Rev., 5.00%, 10/15/2020 | 100 | 102 | ||||||
Pioneers Memorial Healthcare District Rev., 3.00%, 10/1/2020 | 265 | 267 | ||||||
|
| |||||||
2,484 | ||||||||
|
| |||||||
Housing — 0.1% | ||||||||
California Municipal Finance Authority, UCR North District, Phase 1 Student Housing Project | ||||||||
Rev., 5.00%, 5/15/2023 | 360 | 406 | ||||||
Rev., 5.00%, 5/15/2024 | 300 | 348 | ||||||
Rev., 5.00%, 5/15/2025 | 425 | 506 | ||||||
Rev., 5.00%, 5/15/2026 | 500 | 608 | ||||||
Rev., 5.00%, 5/15/2027 | 725 | 898 | ||||||
Rev., 5.00%, 5/15/2028 | 1,000 | 1,253 | ||||||
|
| |||||||
4,019 | ||||||||
|
| |||||||
Other Revenue — 1.2% | ||||||||
California Enterprise Development Authority, Riverside County, Library Facility | ||||||||
Rev., 4.00%, 11/1/2022 | 100 | 108 | ||||||
Rev., 4.00%, 11/1/2023 | 200 | 221 | ||||||
California Infrastructure and Economic Development Bank, California Academy of Sciences Series 2018D, Rev., VRDO, (ICE LIBOR USD 1 Month + 0.38%), 1.57%, 12/10/2019 (d) | 17,010 | 16,993 | ||||||
California Infrastructure and Economic Development Bank, The J. Paul Getty Trust | ||||||||
Series2012B-2, Rev., VRDO, (ICE LIBOR USD 1 Month + 0.20%), 1.45%, 1/1/2020 (d) | 11,615 | 11,626 | ||||||
Series2013A-2, Rev., VRDO, 1.58%, 1/1/2020 (c) | 6,750 | 6,771 | ||||||
Series2011A-4, Rev., VRDO, (ICE LIBOR USD 3 Month + 0.37%), 1.71%, 1/1/2020 (d) | 1,000 | 1,000 | ||||||
California Municipal Finance Authority, Hollywood El Entro Apartments Series 2019A, Rev., VRDO, 1.40%, 5/1/2021 (c) | 1,750 | 1,751 | ||||||
California Statewide Communities Development Authority, Front Porch Communities and Services Series 2017A, Rev., 5.00%, 4/1/2020 | 75 | 76 | ||||||
Tender Option Bond Trust Receipts/Certificates Series 2018-XF2615, Rev., VRDO, LIQ: Barclays Bank plc, LOC: Barclays Bank plc, 1.30%, 12/10/2019 (c) (f) | 5,230 | 5,230 | ||||||
|
| |||||||
43,776 | ||||||||
|
| |||||||
Prerefunded — 0.1% | ||||||||
Pittsburg Unified School District Financing Authority Rev., AGM, 5.50%, 9/1/2046 (e) | 3,000 | 3,232 | ||||||
|
| |||||||
Utility — 0.0% (b) | ||||||||
California Municipal Finance Authority, San Antonio Gardens Project | ||||||||
Rev., 4.00%, 11/15/2021 | 270 | 283 | ||||||
Rev., 4.00%, 11/15/2022 | 280 | 299 | ||||||
Rev., 4.00%, 11/15/2023 | 290 | 316 | ||||||
|
| |||||||
898 | ||||||||
|
| |||||||
Water & Sewer — 0.3% | ||||||||
California State Department of Water Resources, Central Valley Project, Water System Series AU, Rev., VRDO, (SIFMA Municipal Swap Index Yield + 0.22%), 1.32%, 12/10/2019 (d) | 12,000 | 12,009 | ||||||
Stockton Public Financing Authority, Green Bonds | ||||||||
Series 2018A, Rev., 5.00%, 10/1/2020 | 500 | 516 | ||||||
Series 2018A, Rev., 5.00%, 10/1/2021 | 450 | 481 | ||||||
|
| |||||||
13,006 | ||||||||
|
| |||||||
Total California | 81,871 | |||||||
|
|
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2019 (Unaudited) (continued)
Investments | Principal Amount ($000) | Value ($000) | ||||||
Colorado — 0.9% | ||||||||
Certificate of Participation/Lease — 0.0% (b) | ||||||||
City of Colorado Springs CO | ||||||||
COP, 5.00%, 12/1/2020 | 120 | 124 | ||||||
COP, 5.00%, 12/1/2021 | 145 | 156 | ||||||
COP, 5.00%, 12/1/2022 | 155 | 172 | ||||||
COP, 5.00%, 12/1/2023 | 100 | 114 | ||||||
Denver Health and Hospital Authority, 550 Acoma, Inc. | ||||||||
COP, 5.00%, 12/1/2020 | 110 | 114 | ||||||
COP, 5.00%, 12/1/2021 | 220 | 235 | ||||||
COP, 5.00%, 12/1/2022 | 295 | 324 | ||||||
|
| |||||||
1,239 | ||||||||
|
| |||||||
Education — 0.4% | ||||||||
University of Colorado Hospital Authority | ||||||||
Series2017B-2, Rev., VRDO, 1.15%, 12/10/2019 (c) | 14,740 | 14,740 | ||||||
|
| |||||||
General Obligation — 0.2% | ||||||||
Arapahoe County School District No. 6 Littleton | ||||||||
Series 2019A, GO, 5.00%, 12/1/2021 | 2,585 | 2,784 | ||||||
Series 2019A, GO, 5.00%, 12/1/2022 | 1,370 | 1,526 | ||||||
City of Aurora, Sterling Hills West Metropolitan District | ||||||||
GO, 5.00%, 12/1/2019 | 110 | 110 | ||||||
GO, 5.00%, 12/1/2020 | 100 | 103 | ||||||
Denver City and County School District No. 1 | ||||||||
Series B, GO, 4.00%, 12/1/2019 (e) | 255 | 255 | ||||||
Interlocken Metropolitan District | ||||||||
SeriesA-1, GO, AGM, 5.00%, 12/1/2019 | 150 | 150 | ||||||
SeriesA-1, GO, AGM, 5.00%, 12/1/2020 | 175 | 182 | ||||||
|
| |||||||
5,110 | ||||||||
|
| |||||||
Hospital — 0.1% | ||||||||
Colorado Health Facilities Authority, Frasier Meadows Retirement Community Project Series 2017B, Rev., 5.00%, 5/15/2021 | 395 | 412 | ||||||
Colorado Health Facilities Authority, The Evangelical Lutheran Good Samaritan Society Project Rev., 5.00%, 6/1/2020 (e) | 400 | 408 | ||||||
Colorado Health Facilities Authority, Valley View Hospital Association Project Rev., VRDO, 2.80%, 5/15/2023 (c) | 1,555 | 1,609 | ||||||
|
| |||||||
2,429 | ||||||||
|
| |||||||
Other Revenue — 0.0% (b) | ||||||||
City of Grand Junction Rev., 5.00%, 3/1/2021 | 35 | 37 | ||||||
|
| |||||||
Transportation — 0.2% | ||||||||
E-470 Public Highway Authority, Senior LIBOR Index Series 2019A, Rev., VRDO, 1.56%, 12/10/2019 (c) | 8,000 | 7,999 | ||||||
|
| |||||||
Utility — 0.0% (b) | ||||||||
Colorado Water Resources and Power Development Authority, Clean Water Series A, Rev., 5.00%, 3/1/2020 | 200 | 202 | ||||||
|
| |||||||
Water & Sewer — 0.0% (b) | ||||||||
Town of Milliken, Water Activity Enterprise Rev., 3.00%, 12/1/2020 | 195 | 198 | ||||||
|
| |||||||
Total Colorado | 31,954 | |||||||
|
| |||||||
Connecticut — 2.1% | ||||||||
Education — 0.2% | ||||||||
Connecticut State Health and Educational Facilities Authority | ||||||||
SeriesK-1, Rev., 5.00%, 7/1/2021 | 665 | 700 | ||||||
SeriesK-1, Rev., 5.00%, 7/1/2022 | 675 | 730 | ||||||
Connecticut State Health and Educational Facilities Authority, Yale University Issue SeriesB-1, Rev., 5.00%, 7/1/2020 (c) | 4,000 | 4,088 | ||||||
|
| |||||||
5,518 | ||||||||
|
| |||||||
General Obligation — 1.7% | ||||||||
City of Derby | ||||||||
Series A, GO, 5.00%, 8/1/2020 | 140 | 143 | ||||||
Series A, GO, 5.00%, 8/1/2021 | 220 | 234 | ||||||
Series A, GO, 5.00%, 8/1/2022 | 75 | 82 | ||||||
Series A, GO, 5.00%, 8/1/2023 | 150 | 169 | ||||||
Series A, GO, 5.00%, 8/1/2024 | 85 | 98 | ||||||
City of Hartford | ||||||||
Series B, GO, 4.00%, 4/1/2020 (e) | 115 | 116 | ||||||
City of New Britain | ||||||||
GO, BAN, 5.00%, 12/19/2019 | 6,500 | 6,511 | ||||||
City of New Haven | ||||||||
Series 2019A, GO, 5.00%, 8/1/2021 | 1,300 | 1,372 | ||||||
Series 2019B, GO, 5.00%, 2/1/2022 | 700 | 749 | ||||||
Series 2019A, GO, 5.00%, 8/1/2022 | 1,000 | 1,086 |
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2019 (Unaudited) (continued)
Investments | Principal Amount ($000) | Value ($000) | ||||||
State of Connecticut | ||||||||
Series C, GO, VRDO, LIQ: Bank of America NA, 1.16%, 12/10/2019 (c) | 5,030 | 5,030 | ||||||
Series 2019A, GO, 5.00%, 4/15/2020 | 28,040 | 28,437 | ||||||
Series C, GO, 5.00%, 12/1/2020 | 475 | 476 | ||||||
Series G, GO, 5.00%, 11/1/2021 | 200 | 214 | ||||||
Tender Option Bond Trust Receipts/Certificates | ||||||||
Series 2017-YX1047, GO, VRDO, LIQ: Barclays Bank plc, 1.16%, 12/10/2019 (c) (f) | 6,890 | 6,890 | ||||||
Series 2018-YX1095, GO, VRDO, LIQ: Barclays Bank plc, 1.16%, 12/10/2019 (c) (f) | 4,500 | 4,500 | ||||||
Town of Windham GO, BAN, 3.00%, 10/1/2020 | 6,250 | 6,334 | ||||||
|
| |||||||
62,441 | ||||||||
|
| |||||||
Hospital — 0.0% (b) |
| |||||||
Connecticut State Health and Educational Facilities Authority, Covenant Home, Inc. Series 2018B, Rev., 5.00%, 12/1/2021 | 1,000 | 1,068 | ||||||
|
| |||||||
Housing — 0.1% |
| |||||||
Connecticut Housing Finance Authority Series E, SubseriesE-3, Rev., VRDO, 1.63%, 11/15/2022 (c) | 1,750 | 1,752 | ||||||
|
| |||||||
Other Revenue — 0.1% |
| |||||||
Tender Option Bond Trust Receipts/Certificates Series 2017-YX1077, Rev., VRDO, LIQ: Barclays Bank plc, 1.16%, 12/10/2019 (c) (f) | 4,550 | 4,550 | ||||||
|
| |||||||
Total Connecticut | 75,329 | |||||||
|
| |||||||
Delaware — 0.0% (b) |
| |||||||
Utility — 0.0% (b) |
| |||||||
Delaware Municipal Electric Corp. (The), Middletown and Seaford Project | ||||||||
Series 2019A, Rev., 5.00%, 10/1/2020 | 195 | 201 | ||||||
Series 2019A, Rev., 5.00%, 10/1/2021 | 145 | 154 | ||||||
Series 2019A, Rev., 5.00%, 10/1/2022 | 150 | 165 | ||||||
Series 2019A, Rev., 5.00%, 10/1/2023 | 220 | 248 | ||||||
|
| |||||||
768 | ||||||||
|
| |||||||
Total Delaware | 768 | |||||||
|
| |||||||
District of Columbia — 0.3% | ||||||||
Education — 0.0% (b) | ||||||||
District of Columbia, International School Issue Rev., 5.00%, 7/1/2022 | 500 | 541 | ||||||
|
| |||||||
Other Revenue — 0.1% | ||||||||
District of Columbia, Income Tax Series C, Rev., 4.13%, 12/1/2024 | 3,710 | 3,710 | ||||||
District of Columbia, Kipp DC Issue Rev., 5.00%, 7/1/2023 | 100 | 112 | ||||||
|
| |||||||
3,822 | ||||||||
|
| |||||||
Transportation — 0.2% | ||||||||
Metropolitan Washington Airports Authority, Airport System SubseriesC-2, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.10%, 12/10/2019 (c) | 5,930 | 5,930 | ||||||
|
| |||||||
Total District of Columbia | 10,293 | |||||||
|
| |||||||
Florida — 3.0% |
| |||||||
Education — 0.1% |
| |||||||
Florida Higher Educational Facilities Financial Authority, Florida Institute of Technology | ||||||||
Rev., 5.00%, 10/1/2020 | 115 | 118 | ||||||
Rev., 5.00%, 10/1/2021 | 115 | 122 | ||||||
Florida Higher Educational Facilities Financial Authority, Ringling College Project | ||||||||
Rev., 4.00%, 3/1/2021 | 60 | 62 | ||||||
Rev., 4.00%, 3/1/2022 | 55 | 58 | ||||||
Rev., 5.00%, 3/1/2023 | 185 | 206 | ||||||
Rev., 5.00%, 3/1/2024 | 110 | 125 | ||||||
Florida Higher Educational Facilities Financial Authority, St. Leo University Project | ||||||||
Series 2019, Rev., 5.00%, 3/1/2021 | 350 | 364 | ||||||
Series 2019, Rev., 5.00%, 3/1/2022 | 355 | 377 | ||||||
Series 2019, Rev., 5.00%, 3/1/2023 | 410 | 445 | ||||||
|
| |||||||
1,877 | ||||||||
|
| |||||||
General Obligation — 0.0% (b) |
| |||||||
City of Lauderhill | ||||||||
GO, 3.00%, 1/1/2020 | 460 | 461 | ||||||
GO, 3.00%, 1/1/2021 | 425 | 433 | ||||||
|
| |||||||
894 | ||||||||
|
| |||||||
Hospital — 0.6% | ||||||||
Highlands County Health Facilities Authority, Adventist Health System/Sunbelt Obligated Group Series2007A-2, Rev., VRDO, 1.14%, 12/10/2019 (c) | 15,000 | 15,000 |
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2019 (Unaudited) (continued)
Investments | Principal Amount ($000) | Value ($000) | ||||||
Lee Memorial Health System | ||||||||
Series2019A-1, Rev., 5.00%, 4/1/2020 | 1,875 | 1,898 | ||||||
Series2019A-1, Rev., 5.00%, 4/1/2022 | 750 | 813 | ||||||
Series2019A-1, Rev., 5.00%, 4/1/2023 | 400 | 446 | ||||||
Series2019A-1, Rev., 5.00%, 4/1/2024 | 575 | 660 | ||||||
Orange County Health Facilities Authority, The Nemours Foundation Project Series B, Rev., VRDO, LOC: Northern Trust Co., 1.06%, 12/10/2019 (c) | 950 | 950 | ||||||
|
| |||||||
19,767 | ||||||||
|
| |||||||
Other Revenue — 0.1% | ||||||||
Citizens Property Insurance Corp. Series2015A-1, Rev., 5.00%, 6/1/2020 | 1,060 | 1,063 | ||||||
County of Escambia, International Paper Co. Series 2019B, Rev., VRDO, 2.00%, 10/1/2024 (c) | 775 | 782 | ||||||
County of Hillsborough, Capital Improvement Program Rev., 5.00%, 8/1/2021 | 30 | 32 | ||||||
Village Community Development District No. 13 Rev.,, 2.63%, 5/1/2024 (f) | 500 | 501 | ||||||
West Palm Beach Community Redevelopment Agency, City Center Community Redevelopment Area | ||||||||
5.00%, 3/1/2023 | 1,335 | 1,493 | ||||||
5.00%, 3/1/2024 | 1,160 | 1,335 | ||||||
|
| |||||||
5,206 | ||||||||
|
| |||||||
Prerefunded — 0.3% | ||||||||
County of Miami-Dade, Water and Sewer System Rev., AGM, 5.00%, 10/1/2029 (e) | 10,000 | 10,323 | ||||||
Orlando-Orange County Expressway Authority Series C, Rev., 5.00%, 7/1/2035 (e) | 25 | 25 | ||||||
|
| |||||||
10,348 | ||||||||
|
| |||||||
Transportation — 0.4% | ||||||||
Florida Development Finance Corp., Virgin Trains USA Passenger Rail Project Series B, Rev., VRDO, AMT, 1.90%, 3/17/2020 (c) | 15,000 | 15,005 | ||||||
|
| |||||||
Utility — 0.7% | ||||||||
County of Martin, Utilities System Series A, Rev., 5.00%, 10/1/2020 | 90 | 93 | ||||||
Orlando Utilities Commission Series B, Rev., VRDO, LIQ: TD Bank NA, 1.06%, 12/10/2019 (c) | 25,820 | 25,820 | ||||||
|
| |||||||
25,913 | ||||||||
|
| |||||||
Water & Sewer — 0.8% | ||||||||
Broward County, Water and Sewer Utility Series 2012B, Rev., 5.00%, 10/1/2020 | 20 | 21 | ||||||
JEA Water and Sewer System Series2008A-1, Rev., VRDO, LIQ: U.S. Bank NA, 1.13%, 12/2/2019 (c) | 30,600 | 30,600 | ||||||
|
| |||||||
30,621 | ||||||||
|
| |||||||
Total Florida | 109,631 | |||||||
|
| |||||||
Georgia — 3.3% | ||||||||
Education — 1.6% | ||||||||
Private Colleges & Universities Authority Series C, Rev., VRDO, (SIFMA Municipal Swap Index Yield + 0.65%), 1.35%, 12/10/2019 (d) | 57,865 | 57,878 | ||||||
|
| |||||||
General Obligation — 0.1% | ||||||||
Clarke County School District, Sales Tax GO, 5.00%, 9/1/2021 | 30 | 32 | ||||||
Dougherty County School District, Sales Tax | ||||||||
Series 2018, GO, 4.00%, 12/1/2019 | 1,775 | 1,775 | ||||||
Series 2018, GO, 4.00%, 12/1/2020 | 1,250 | 1,286 | ||||||
Hall County School District Series 2018, GO, 5.00%, 11/1/2020 | 1,250 | 1,294 | ||||||
Pike County School District GO, 4.00%, 10/1/2020 | 400 | 409 | ||||||
|
| |||||||
4,796 | ||||||||
|
| |||||||
Hospital — 0.0% (b) | ||||||||
Richmond County Hospital Authority, University Health Services, Inc. Project Rev., RAN, 5.00%, 1/1/2022 | 100 | 108 | ||||||
|
| |||||||
Industrial Development Revenue/Pollution Control Revenue — 0.0% (b) | ||||||||
Savannah Economic Development Authority, International Paper Company Project Series 2019A, Rev., VRDO, 2.00%, 10/1/2024 (c) | 825 | 833 | ||||||
|
|
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2019 (Unaudited) (continued)
Investments | Principal Amount ($000) | Value ($000) | ||||||
Other Revenue — 0.0% (b) | ||||||||
Dahlonega Downtown Development Authority, North Georgia MAC, LLC Project | ||||||||
Series 2017, Rev., 5.00%, 7/1/2020 | 275 | 281 | ||||||
Series 2017, Rev., 5.00%, 7/1/2021 | 370 | 391 | ||||||
Series 2017, Rev., 5.00%, 7/1/2022 | 300 | 328 | ||||||
|
| |||||||
1,000 | ||||||||
|
| |||||||
Prerefunded — 0.7% |
| |||||||
DeKalb County Hospital Authority, Medical Center, Inc. Project | ||||||||
Rev., RAN, 6.00%, 9/1/2030 (e) | 5,470 | 5,668 | ||||||
Rev., RAN, 6.13%, 9/1/2040 (e) | 17,925 | 18,589 | ||||||
|
| |||||||
24,257 | ||||||||
|
| |||||||
Transportation — 0.7% |
| |||||||
Georgia State Road and Tollway Authority, Federal Highway Series B, Rev., 5.00%, 6/1/2020 | 15,445 | 15,739 | ||||||
Metropolitan Atlanta Rapid Transit Authority | ||||||||
Series A, Rev., 3.00%, 7/1/2020 | 2,900 | 2,932 | ||||||
Series A, Rev., 3.75%, 7/1/2021 | 5,585 | 5,816 | ||||||
|
| |||||||
24,487 | ||||||||
|
| |||||||
Utility — 0.2% |
| |||||||
Municipal Electric Authority of Georgia Series B, Rev., VRDO, LOC: Barclays Bank plc, 1.12%, 12/10/2019 (c) | 5,980 | 5,980 | ||||||
Water & Sewer — 0.0% (b) |
| |||||||
East Point Building Authority, Water and Sewer Project Rev., AGM, 5.00%, 2/1/2020 | 550 | 553 | ||||||
|
| |||||||
Total Georgia | 119,892 | |||||||
|
| |||||||
Hawaii — 0.1% | ||||||||
General Obligation — 0.1% | ||||||||
City and County of Honolulu, Rail Transit Project Series 2017H, GO, VRDO, (SIFMA Municipal Swap Index Yield + 0.30%), 1.40%, 12/10/2019 (d) | 5,000 | 5,000 | ||||||
|
| |||||||
Idaho — 0.0% (b) |
| |||||||
Housing — 0.0% (b) | ||||||||
Idaho Housing and Finance Association, Federal Highway Trust Series A, Rev., GRAN, 5.00%, 7/15/2021 | 25 | 26 | ||||||
|
| |||||||
Transportation — 0.0% (b) | ||||||||
Idaho Housing and Finance Association, Federal Highway Trust Series A, Rev., GRAN, 5.00%, 7/15/2020 | 425 | 435 | ||||||
|
| |||||||
Total Idaho | 461 | |||||||
|
| |||||||
Illinois — 7.0% |
| |||||||
Education — 1.6% | ||||||||
Illinois Educational Facilities Authority, University of Chicago | ||||||||
SeriesB-1, Rev., VRDO, 1.80%, 2/13/2020 (c) | 5,500 | 5,506 | ||||||
Series 1998B, Rev., VRDO, 1.87%, 2/13/2020 (c) | 12,490 | 12,506 | ||||||
Illinois Finance Authority, Chicago International Charter School Project, Refunding and Improvement Rev., 3.00%, 12/1/2019 | 185 | 185 | ||||||
Illinois Finance Authority, Local Government Program, East Prairie School District Number 73 Project | ||||||||
Rev., 4.00%, 12/1/2019 | 200 | 200 | ||||||
Rev., 4.00%, 12/1/2020 | 230 | 236 | ||||||
Rev., 5.00%, 12/1/2021 | 250 | 269 | ||||||
Illinois Finance Authority, North Park University Project Rev., VRDO, LOC: U.S. Bank NA, 1.07%, 12/10/2019 (c) | 9,050 | 9,050 | ||||||
Illinois Finance Authority, Northwestern University Subseries2008-B, Rev., VRDO, 1.05%, 12/10/2019 (c) | 3,425 | 3,425 | ||||||
Illinois Finance Authority, The University of Chicago Rev., VRDO, 1.10%, 12/10/2019 (c) | 20,028 | 20,028 | ||||||
Illinois Finance Authority, Wesleyan University Rev., 5.00%, 9/1/2022 | 560 | 607 | ||||||
Lake County School District No. 70 Libertyville Series 2019, Rev., 4.00%, 1/1/2023 | 300 | 324 | ||||||
Peoria Public Building Commission, School District No. 150 Project Rev., 5.00%, 12/1/2019 | 300 | 300 | ||||||
University of Illinois, Auxiliary Facilities System Series A, Rev., 5.00%, 4/1/2024 | 2,500 | 2,785 | ||||||
Will County, Community Consolidated School District No.70-C Laraway, Lease Certificates | ||||||||
Series A, Rev., AGM, 4.00%, 12/1/2019 | 370 | 370 | ||||||
Series A, Rev., AGM, 4.00%, 12/1/2020 | 385 | 395 |
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2019 (Unaudited) (continued)
Investments | Principal Amount ($000) | Value ($000) | ||||||
Series A, Rev., AGM, 4.00%, 12/1/2021 | 400 | 421 | ||||||
|
| |||||||
56,607 | ||||||||
|
| |||||||
General Obligation — 2.6% | ||||||||
Adams County School District No. 172 | ||||||||
GO, AGM, 4.00%, 2/1/2020 | 300 | 301 | ||||||
GO, AGM, 4.00%, 2/1/2021 | 300 | 308 | ||||||
Buffalo Grove Park District, Lake and Cook Counties GO, 2.00%, 12/30/2020 | 330 | 333 | ||||||
Champaign Coles Et Al Counties Community College District No. 505 | ||||||||
Series 2018B, GO, 4.00%, 12/1/2019 | 2,490 | 2,490 | ||||||
Series 2018C, GO, 4.00%, 12/1/2019 | 430 | 430 | ||||||
Series 2018B, GO, 4.00%, 12/1/2020 | 1,250 | 1,284 | ||||||
Series 2018B, GO, 4.00%, 12/1/2021 | 2,500 | 2,632 | ||||||
Series 2018C, GO, 4.00%, 12/1/2021 | 465 | 489 | ||||||
Chicago Park District, Limited Tax | ||||||||
Series 2011B, GO, 4.00%, 1/1/2020 | 50 | 50 | ||||||
Series 2013B, GO, 5.00%, 1/1/2020 | 225 | 226 | ||||||
Series 2011B, GO, 4.00%, 1/1/2021 | 100 | 102 | ||||||
Series 2013B, GO, 5.00%, 1/1/2021 | 100 | 104 | ||||||
Chicago Park District, Unlimited Tax | ||||||||
Series 2011C, GO, 3.00%, 1/1/2020 | 100 | 100 | ||||||
Series 2011C, GO, 5.00%, 1/1/2022 | 175 | 186 | ||||||
Chicago Park District, Unlimited Tax, Special Recreation Activity Series 2018E, GO, 5.00%, 11/15/2021 | 300 | 319 | ||||||
City of Calumet Series 2018, GO, 4.00%, 3/1/2020 | 150 | 151 | ||||||
City of Kankakee Series 2011A, GO, AGM, 4.30%, 1/1/2021 | 1,040 | 1,059 | ||||||
City of Rock Island | ||||||||
Series A, GO, AGM, 2.00%, 12/1/2019 | 130 | 130 | ||||||
Series B, GO, AGM, 2.00%, 12/1/2019 | 150 | 150 | ||||||
Series B, GO, AGM, 3.00%, 12/1/2020 | 200 | 203 | ||||||
Series A, GO, AGM, 3.00%, 12/1/2021 | 130 | 134 | ||||||
Series B, GO, AGM, 3.00%, 12/1/2021 | 200 | 205 | ||||||
City of Rockford | ||||||||
Series 2019A, GO, AGM, 4.00%, 12/15/2020 | 100 | 103 | ||||||
Series 2019A, GO, AGM, 4.00%, 12/15/2021 | 130 | 136 | ||||||
Series 2019A, GO, AGM, 4.00%, 12/15/2022 | 135 | 144 | ||||||
Series 2019A, GO, AGM, 4.00%, 12/15/2023 | 140 | 152 | ||||||
City of Waukegan | ||||||||
Series A, GO, AGM, 3.00%, 12/30/2019 | 430 | 431 | ||||||
Series A, GO, AGM, 3.00%, 12/30/2020 | 590 | 600 | ||||||
Series A, GO, AGM, 4.00%, 12/30/2023 | 525 | 572 | ||||||
Clay Wayne and Marion Counties Community Unit School District No. 35 | ||||||||
Series 2019, GO, AGM, 5.00%, 12/1/2019 | 135 | 135 | ||||||
Series 2019, GO, AGM, 5.00%, 12/1/2020 | 145 | 150 | ||||||
Series 2019, GO, AGM, 5.00%, 12/1/2021 | 205 | 219 | ||||||
Series 2019, GO, AGM, 5.00%, 12/1/2022 | 165 | 181 | ||||||
Series 2019, GO, AGM, 5.00%, 12/1/2023 | 175 | 197 | ||||||
Clinton and St. Clair Counties Community Unit School District No. 3, School Building GO, 5.00%, 12/1/2019 | 380 | 380 | ||||||
Cook County | ||||||||
Series 2018, GO, 5.00%, 11/15/2020 | 900 | 929 | ||||||
Series 2018, GO, 5.00%, 11/15/2021 | 700 | 744 | ||||||
Series A, GO, 5.00%, 11/15/2021 | 355 | 378 | ||||||
Series C, GO, 5.00%, 11/15/2022 | 180 | 197 | ||||||
Cook County Community College District No. 508 GO, 5.25%, 12/1/2029 | 250 | 282 | ||||||
Cook County Community Consolidated School District No. 34 Glenview | ||||||||
GO, 4.00%, 12/1/2019 | 175 | 175 | ||||||
GO, 4.00%, 12/1/2020 | 100 | 103 | ||||||
GO, 4.00%, 12/1/2021 | 175 | 184 | ||||||
GO, 4.00%, 12/1/2022 | 150 | 162 | ||||||
GO, 4.00%, 12/1/2023 | 150 | 165 | ||||||
Cook County Community Consolidated School District No. 65 Evanston GO, 5.00%, 12/1/2020 | 270 | 280 |
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2019 (Unaudited) (continued)
Investments | Principal Amount ($000) | Value ($000) | ||||||
Cook County Community Unit School District No. 401 Elmwood Park Series 2013, GO, 4.00%, 12/1/2023 | 3,440 | 3,591 | ||||||
Cook County High School District No. 207 Maine Township | ||||||||
Series 2019A, GO, 4.00%, 12/1/2021 | 8,330 | 8,780 | ||||||
Series 2019B, GO, 3.50%, 12/1/2022 | 325 | 345 | ||||||
Cook County School District No. 100 South Berwyn | ||||||||
Series 2019A, GO, 3.00%, 12/1/2020 | 100 | 101 | ||||||
Series 2019C, GO, 3.00%, 12/1/2020 | 100 | 102 | ||||||
Series 2019A, GO, 4.00%, 12/1/2021 | 100 | 105 | ||||||
Series 2019C, GO, 4.00%, 12/1/2021 | 165 | 173 | ||||||
Series 2019A, GO, 4.00%, 12/1/2022 | 235 | 251 | ||||||
Series 2019C, GO, 4.00%, 12/1/2022 | 605 | 647 | ||||||
Series 2019A, GO, 5.00%, 12/1/2023 | 345 | 388 | ||||||
Series 2019C, GO, 5.00%, 12/1/2023 | 660 | 742 | ||||||
Cook County School District No. 145, Arbor Park | ||||||||
Series 2019B, GO, 4.00%, 12/1/2021 | 150 | 157 | ||||||
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 | 478 | ||||||
Series 2018A, GO, 5.00%, 12/1/2022 | 725 | 793 | ||||||
Cook County School District No. 63 East Maine | ||||||||
GO, 5.00%, 12/1/2019 | 2,305 | 2,305 | ||||||
GO, 5.00%, 12/1/2020 | 2,170 | 2,251 | ||||||
GO, 5.00%, 12/1/2021 | 1,845 | 1,980 | ||||||
GO, 5.00%, 12/1/2022 | 1,935 | 2,146 | ||||||
Cook County School District No. 99 Cicero | ||||||||
Series 2019B, GO, 5.00%, 12/1/2022 | 350 | 384 | ||||||
Series 2019B, GO, 5.00%, 12/1/2023 | 575 | 648 | ||||||
Cook County Township High School District No. 208 Riverside-Brookfield Series C, GO, 3.00%, 12/15/2019 | 690 | 690 | ||||||
Cook County, Community Consolidated School District No. 146 Tinley Park | ||||||||
GO, 3.00%, 12/1/2019 | 250 | 250 | ||||||
GO, 4.00%, 12/1/2020 | 200 | 205 | ||||||
GO, 4.00%, 12/1/2021 | 200 | 211 | ||||||
Cook County, Proviso Township High School District No. 209 GO, 5.00%, 12/1/2021 | 2,825 | 3,027 | ||||||
County of DuPage High School District No. 87 Glenbard GO, 3.00%, 10/1/2022 | 1,500 | 1,568 | ||||||
County of Will | ||||||||
Series 2019, GO, 5.00%, 11/15/2020 | 810 | 839 | ||||||
Series 2019, GO, 5.00%, 11/15/2021 | 270 | 290 | ||||||
Series 2019, GO, 5.00%, 11/15/2022 | 475 | 527 | ||||||
Series 2019, GO, 5.00%, 11/15/2023 | 525 | 599 | ||||||
DuPage County Community High School District No. 94 | ||||||||
GO, 4.00%, 1/1/2020 | 300 | 301 | ||||||
GO, 4.00%, 1/1/2021 | 200 | 206 | ||||||
Flagg-Rochelle Community Park District | ||||||||
Series A, GO, AGM, 4.00%, 1/1/2021 | 100 | 103 | ||||||
Series A, GO, AGM, 4.00%, 1/1/2022 | 210 | 220 | ||||||
Series A, GO, AGM, 4.00%, 1/1/2023 | 220 | 235 | ||||||
Series A, GO, AGM, 4.00%, 1/1/2024 | 225 | 245 | ||||||
Grundy and Will Counties Community Unit School District No. 1 Coal City GO, 4.00%, 2/1/2020 | 1,595 | 1,602 | ||||||
Grundy County School District No. 54 Series 2011A, GO, AGM, 7.25%, 12/1/2021 | 710 | 788 | ||||||
Grundy Kendall and Will Counties Community High School District No. 111 GO, 4.00%, 1/1/2020 | 855 | 857 | ||||||
Hoffman Estates Park District | ||||||||
Series 2019A, GO, 4.00%, 12/1/2020 | 1,300 | 1,335 | ||||||
Series 2019A, GO, 4.00%, 12/1/2021 | 135 | 142 | ||||||
Series 2019B, GO, 4.00%, 12/1/2023 | 245 | 269 | ||||||
Jackson County Community Unit School District No. 186 | ||||||||
GO, AGM, 4.00%, 12/1/2019 | 200 | 200 | ||||||
GO, AGM, 4.00%, 12/1/2020 | 265 | 272 |
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2019 (Unaudited) (continued)
Investments | Principal Amount ($000) | Value ($000) | ||||||
Kendall Kane and Will Counties Community Unit School District No. 308 | ||||||||
Series B, GO, 4.00%, 10/1/2020 | 225 | 230 | ||||||
Series B, GO, 4.00%, 10/1/2021 | 255 | 267 | ||||||
Series B, GO, 5.00%, 10/1/2022 | 1,375 | 1,500 | ||||||
La Grange Park District | ||||||||
Series 2012B, GO, 5.00%, 12/1/2021 | 415 | 444 | ||||||
Lee & Ogle Counties School District No. 170 Dixon | ||||||||
Series 2019A, GO, AGM, 3.00%, 1/30/2020 | 50 | 50 | ||||||
Series 2019A, GO, AGM, 3.00%, 1/30/2021 | 50 | 51 | ||||||
Series 2019B, GO, AGM, 3.00%, 1/30/2021 | 120 | 122 | ||||||
Series 2019A, GO, AGM, 3.00%, 1/30/2022 | 160 | 165 | ||||||
Series 2019B, GO, AGM, 3.00%, 1/30/2022 | 245 | 252 | ||||||
Series 2019A, GO, AGM, 3.00%, 1/30/2023 | 170 | 176 | ||||||
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 | 134 | ||||||
Sangamon County Community Unit School District No. 5 Series B, GO, 5.00%, 1/1/2022 | 1,650 | 1,767 | ||||||
Sangamon Menard Etc Counties Community School District No. 8 Pleasant Plains | ||||||||
Series 2019C, GO, 4.00%, 1/1/2022 | 165 | 173 | ||||||
Series 2019C, GO, 4.00%, 1/1/2023 | 310 | 333 | ||||||
Series 2019C, GO, 4.00%, 1/1/2024 | 370 | 404 | ||||||
State of Illinois | ||||||||
Series D, GO, 5.00%, 11/1/2020 | 5,000 | 5,132 | ||||||
GO, 5.00%, 2/1/2024 | 3,370 | 3,716 | ||||||
Tazewell and Woodford Counties, Community Unit School District No. 701 Series 2017A, GO, 4.00%, 12/1/2019 | 260 | 260 | ||||||
Town of Cicero GO, 5.00%, 12/1/2019 | 550 | 550 | ||||||
Village of Antioch | ||||||||
GO, 2.00%, 12/1/2019 | 285 | 285 | ||||||
GO, 3.00%, 12/1/2020 | 290 | 294 | ||||||
Village of Bartlett | ||||||||
GO, 5.00%, 12/1/2021 (g) | 980 | 1,049 | ||||||
GO, 5.00%, 12/1/2022 (g) | 1,065 | 1,176 | ||||||
GO, 5.00%, 12/1/2023 (g) | 1,130 | 1,283 | ||||||
Village of Bolingbrook | ||||||||
Series A, GO, AGM, 4.00%, 1/1/2020 | 100 | 100 | ||||||
Series A, GO, AGM, 4.00%, 1/1/2021 | 185 | 190 | ||||||
Village of Flossmoor | ||||||||
GO, 3.00%, 12/1/2019 | 425 | 425 | ||||||
GO, 3.00%, 12/1/2020 | 585 | 594 | ||||||
GO, 3.00%, 12/1/2021 | 605 | 624 | ||||||
Village of Franklin Park GO, 4.00%, 1/1/2021 | 500 | 514 | ||||||
Village of Gilberts Series 2011, GO, 4.00%, 12/1/2021 | 440 | 450 | ||||||
Village of Hoffman Estates | ||||||||
Series A, GO, 2.00%, 12/1/2019 | 110 | 110 | ||||||
GO, 5.00%, 12/1/2019 | 380 | 380 | ||||||
Series A, GO, 3.00%, 12/1/2020 | 110 | 112 | ||||||
GO, 5.00%, 12/1/2020 | 270 | 280 | ||||||
GO, 5.00%, 12/1/2021 | 210 | 226 | ||||||
Village of Oswego GO, 2.00%, 12/15/2019 | 100 | 100 | ||||||
Village of Palatine Series A, GO, 4.00%, 12/1/2019 | 1,250 | 1,250 | ||||||
Village of South Holland Series 2012, GO, 2.00%, 12/15/2019 | 1,005 | 1,005 | ||||||
Village of Sugar Grove, Kane County, Waterworks and Sewerage GO, 3.00%, 5/1/2020 | 390 | 393 | ||||||
Village of Villa Park | ||||||||
Series B, GO, 4.00%, 12/15/2020 | 125 | 128 | ||||||
Series B, GO, 4.00%, 12/15/2021 | 190 | 200 | ||||||
Series B, GO, 4.00%, 12/15/2022 | 200 | 215 | ||||||
Series B, GO, 4.00%, 12/15/2023 | 205 | 225 | ||||||
Village of Villa Park, Illinois Alternate Source | ||||||||
Series 2018C, GO, 3.00%, 12/15/2019 | 325 | 325 | ||||||
Series 2018C, GO, 3.00%, 12/15/2020 | 415 | 422 | ||||||
Series 2018C, GO, 4.00%, 12/15/2021 | 505 | 531 |
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2019 (Unaudited) (continued)
Investments | Principal Amount ($000) | Value ($000) | ||||||
Village of Villa Park, Sales Tax Series A, GO, 4.00%, 12/15/2023 | 125 | 137 | ||||||
Village of Woodridge | ||||||||
Series 2017, GO, 3.00%, 2/1/2020 | 270 | 271 | ||||||
Series 2017, GO, 3.00%, 2/1/2021 | 250 | 254 | ||||||
Washington County Community Unit School Dist No. 10 West Washington | ||||||||
GO, 4.00%, 1/15/2021 | 740 | 762 | ||||||
GO, 4.00%, 1/15/2022 | 575 | 604 | ||||||
GO, 4.00%, 1/15/2023 | 685 | 734 | ||||||
Whiteside and Lee Counties, Sterling Community Unit School District No. 5 GO, AGM, 4.00%, 12/1/2020 | 320 | 329 | ||||||
Whiteside County Community Unit School District No. 6 Morrison | ||||||||
Series A, GO, AGM, 4.00%, 12/1/2020 | 205 | 211 | ||||||
Series A, GO, AGM, 4.00%, 12/1/2021 | 745 | 781 | ||||||
Will County Township High School District No. 204 Joliet | ||||||||
GO, 4.00%, 1/1/2021 | 75 | 77 | ||||||
GO, 4.00%, 1/1/2023 | 125 | 135 | ||||||
Winnebago and Stephenson Counties School District No. 323, School Building GO, 5.00%, 11/1/2020 | 100 | 103 | ||||||
|
| |||||||
93,126 | ||||||||
|
| |||||||
Hospital — 1.7% | ||||||||
Illinois Finance Authority, Ascension Health Alliance Senior Credit Group SeriesE-2, Rev., VRDO, 1.75%, 4/1/2021 (c) | 250 | 251 | ||||||
Illinois Finance Authority, Little Co. Mary Hospital Series 2008B, Rev., VRDO, LOC: Barclays Bank plc, 1.13%, 12/10/2019 (c) | 42,220 | 42,220 | ||||||
Illinois Finance Authority, Little Company of Mary Hospital and Health Care Centers Series A, Rev., VRDO, LOC: Barclays Bank plc, 1.13%, 12/10/2019 (c) | 18,840 | 18,840 | ||||||
|
| |||||||
61,311 | ||||||||
|
| |||||||
Other Revenue — 1.0% | ||||||||
City of Rochelle Series A, Rev., AGM, 3.00%, 6/30/2020 | 275 | 278 | ||||||
Illinois Finance Authority, Carle Foundation Series B, Rev., VRDO, LOC: Northern Trust Co., 1.07%, 12/10/2019 (c) | 6,115 | 6,115 | ||||||
Metropolitan Pier and Exposition Authority, Illinois Dedicated State Tax, Capital Appreciation Series 1992A, Rev.,NATL-RE, 0.00%, 6/15/2020 | 130 | 129 | ||||||
Peoria Public Building Commission | ||||||||
Series A, Rev., AGM, 3.00%, 12/1/2019 | 200 | 200 | ||||||
Series A, Rev., AGM, 3.00%, 12/1/2022 | 75 | 78 | ||||||
Series A, Rev., AGM, 4.00%, 12/1/2024 | 655 | 727 | ||||||
Sales Tax Securitization Corp. Series C, Rev., 5.00%, 1/1/2023 | 2,700 | 2,945 | ||||||
St Charles Public Library District | ||||||||
Series 2019, Rev., 3.00%, 11/1/2020 | 100 | 101 | ||||||
Series 2019, Rev., 3.00%, 11/1/2021 | 85 | 88 | ||||||
Series 2019, Rev., 4.00%, 11/1/2022 | 100 | 107 | ||||||
State of Illinois, Sales Tax, Junior Obligation | ||||||||
Series A, Rev., 5.00%, 6/15/2020 | 4,600 | 4,683 | ||||||
Series B, Rev., 5.00%, 6/15/2020 | 5,000 | 5,084 | ||||||
Rev., 5.00%, 6/15/2021 | 110 | 115 | ||||||
Series 2018B, Rev., 5.00%, 6/15/2021 | 5,000 | 5,215 | ||||||
Rev., 5.00%, 6/15/2023 | 990 | 1,082 | ||||||
Tender Option Bond Trust Receipts/Certificates | ||||||||
Series 2015-XF1045, Rev., VRDO, LIQ: Barclays Bank plc, 1.25%, 12/10/2019 (c) (f) | 6,550 | 6,550 | ||||||
Series 2018, Rev., VRDO, LIQ: Barclays Bank plc, 1.25%, 12/10/2019 (c) (f) | 4,500 | 4,500 | ||||||
|
| |||||||
37,997 | ||||||||
|
| |||||||
Prerefunded — 0.1% | ||||||||
Chicago O’Hare International Airport, Third Lien Series 2011C, Rev., 6.50%, 1/1/2041 (e) | 5,000 | 5,286 | ||||||
|
| |||||||
Special Tax — 0.0% (b) | ||||||||
Village of Hampshire, Special Service Area No. 14, Lakewood Crossing Rev., 1.90%, 3/1/2020 | 200 | 200 | ||||||
|
| |||||||
Transportation — 0.0% (b) | ||||||||
Chicago Midway International Airport, Second Lien | ||||||||
Series 2014A, Rev., AMT, 5.00%, 1/1/2021 | 1,000 | 1,038 | ||||||
Series 2014B, Rev., 5.00%, 1/1/2023 | 150 | 167 |
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2019 (Unaudited) (continued)
Investments | Principal Amount ($000) | Value ($000) | ||||||
Chicago O’Hare International Airport, General Airport, Senior Lien Series 2016G, Rev., AMT, 5.00%, 1/1/2021 | 200 | 208 | ||||||
Chicago Transit Authority, Federal Transit Administration Section 5307 Urbanized Area Formula Funds Rev., 5.00%, 6/1/2021 | 270 | 283 | ||||||
|
| |||||||
1,696 | ||||||||
|
| |||||||
Water & Sewer — 0.0% (b) | ||||||||
City of Chicago, Wastewater Transmission Series 1998A, Rev.,NATL-RE, 0.00%, 1/1/2020 | 40 | 40 | ||||||
|
| |||||||
Total Illinois | 256,263 | |||||||
|
| |||||||
Indiana — 4.0% | ||||||||
Education — 0.4% | ||||||||
Fort Wayne Community School Building Corp., First Mortgage | ||||||||
Rev., 4.00%, 7/15/2020 | 165 | 168 | ||||||
Rev., 4.00%, 1/15/2021 | 100 | 103 | ||||||
Rev., 4.00%, 7/15/2021 | 250 | 261 | ||||||
Rev., 4.00%, 1/15/2022 | 250 | 264 | ||||||
Rev., 4.00%, 7/15/2022 | 125 | 133 | ||||||
Hammond Multi-School Building Corp., First Mortgage | ||||||||
Rev., 4.00%, 7/15/2020 | 615 | 624 | ||||||
Rev., 4.00%, 7/15/2021 | 670 | 697 | ||||||
Indiana Finance Authority, Butler University Project | ||||||||
Rev., 3.00%, 2/1/2020 | 300 | 301 | ||||||
Rev., 3.00%, 2/1/2021 | 140 | 143 | ||||||
Rev., 3.00%, 2/1/2022 | 210 | 217 | ||||||
Rev., 3.00%, 2/1/2023 | 225 | 237 | ||||||
Indiana Finance Authority, Marian University Project | ||||||||
Series A, Rev., 5.00%, 9/15/2020 | 50 | 51 | ||||||
Series A, Rev., 5.00%, 9/15/2021 | 60 | 64 | ||||||
Series A, Rev., 5.00%, 9/15/2022 | 50 | 54 | ||||||
Series A, Rev., 5.00%, 9/15/2023 | 75 | 84 | ||||||
Series A, Rev., 5.00%, 9/15/2024 | 155 | 177 | ||||||
North Putnam Middle School Building Corp., Property Tax, First Mortgage | ||||||||
Series 2019, Rev., 3.00%, 1/15/2021 | 170 | 173 | ||||||
Series 2019, Rev., 3.00%, 7/15/2021 | 190 | 195 | ||||||
Series 2019, Rev., 3.00%, 1/15/2022 | 250 | 259 | ||||||
Series 2019, Rev., 3.00%, 7/15/2022 | 150 | 157 | ||||||
Purdue University, Student Facilities System Series 2007C, Rev., VRDO, 0.92%, 12/10/2019 (c) | 6,575 | 6,575 | ||||||
South Madison Elementary School Building Corp., Indiana Ad Valorem Property Tax | ||||||||
Rev., 4.00%, 7/15/2020 | 70 | 71 | ||||||
Rev., 4.00%, 1/15/2021 | 100 | 103 | ||||||
Rev., 4.00%, 7/15/2021 | 80 | 84 | ||||||
Southmont School Building Corp., Ad Valorem Property Tax | ||||||||
Rev., 4.00%, 1/15/2020 | 550 | 552 | ||||||
Rev., 4.00%, 7/15/2020 | 190 | 193 | ||||||
Tippecanoe County School Building Corp. | ||||||||
Rev., 4.00%, 1/15/2020 | 125 | 125 | ||||||
Rev., 4.00%, 7/15/2020 | 240 | 244 | ||||||
Rev., 4.00%, 1/15/2021 | 300 | 310 | ||||||
Rev., 4.00%, 7/15/2021 | 200 | 209 | ||||||
Rev., 4.00%, 1/15/2022 | 365 | 386 | ||||||
Rev., 4.00%, 7/15/2022 | 275 | 295 | ||||||
Rev., 4.00%, 1/15/2023 | 300 | 325 | ||||||
Rev., 4.00%, 7/15/2023 | 380 | 416 | ||||||
|
| |||||||
14,250 | ||||||||
|
| |||||||
General Obligation — 0.4% | ||||||||
Fort Wayne Community Schools | ||||||||
GO, 2.00%, 7/15/2020 (g) | 450 | 452 | ||||||
GO, 4.00%, 1/15/2021 (g) | 455 | 468 | ||||||
GO, 4.00%, 7/15/2021 (g) | 630 | 657 | ||||||
GO, 4.00%, 1/15/2022 (g) | 755 | 796 | ||||||
Franklin Township Community School Corp. | ||||||||
GO, 4.00%, 7/15/2020 | 1,415 | 1,437 | ||||||
GO, 4.00%, 1/15/2021 | 1,465 | 1,507 | ||||||
Metropolitan School District Washington Township | ||||||||
GO, 4.00%, 7/15/2021 (g) | 250 | 261 | ||||||
GO, 4.00%, 1/15/2022 (g) | 590 | 623 | ||||||
Vinton-Tecumseh School Building Corp. Series C, GO, BAN, 2.50%, 4/1/2020 | 10,000 | 10,035 | ||||||
|
| |||||||
16,236 | ||||||||
|
| |||||||
Hospital — 1.3% | ||||||||
Indiana Finance Authority, Goshen Health Series B, Rev., VRDO, 2.10%, 11/1/2026 (c) | 2,700 | 2,733 |
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2019 (Unaudited) (continued)
Investments | Principal Amount ($000) | Value ($000) | ||||||
Indiana Finance Authority, Health Obligation | ||||||||
Series L, Rev., VRDO, (SIFMA Municipal Swap Index Yield + 0.28%), 1.38%, 12/10/2019 (d) | 10,000 | 10,003 | ||||||
Series B, Rev., 2.25%, 7/1/2025 (c) | 5,000 | 5,188 | ||||||
Indiana Finance Authority, University Health Obligated Group Series E, Rev., VRDO, LOC: Bank of America NA, 1.10%, 12/10/2019 (c) | 1,055 | 1,055 | ||||||
Indiana Health Facility Financing Authority, Ascension Health Credit Group | ||||||||
Rev., VRDO, 1.37%, 5/1/2020 (c) | 3,675 | 3,677 | ||||||
Series 2001A-2, Rev., VRDO, 2.00%, 2/1/2023 (c) | 25,000 | 25,494 | ||||||
|
| |||||||
48,150 | ||||||||
|
| |||||||
Other Revenue — 1.0% |
| |||||||
Indiana Finance Authority, Lease Appropriation Series2007A-3, Rev., VRDO, LIQ: U.S. Bank NA, 1.14%, 12/2/2019 (c) | 27,835 | 27,835 | ||||||
Indiana State Finance Authority, Lease Appropriation, Stadium Project Series A, Rev., VRDO, 1.08%, 12/10/2019 (c) | 6,995 | 6,995 | ||||||
|
| |||||||
34,830 | ||||||||
|
| |||||||
Prerefunded — 0.0% (b) |
| |||||||
Indiana Health Facility Financing Authority, Ascension Health Credit Group Rev., 1.37%, 5/1/2020 (c) (e) | 95 | 95 | ||||||
|
| |||||||
Utility — 0.9% |
| |||||||
City of Rockport, AEP Generating Company Project | ||||||||
Series A, Rev., VRDO, 1.35%, 9/1/2022 (c) | 2,000 | 1,990 | ||||||
Series B, Rev., VRDO, 1.35%, 9/1/2022 (c) | 2,250 | 2,239 | ||||||
City of Rockport, Indiana Michigan Power Company Project Series 2009B, Rev., 3.05%, 6/1/2025 | 6,500 | 6,941 | ||||||
Indiana Finance Authority, Duke Energy Indiana, Inc., Project SeriesA-3, Rev., VRDO, LOC: Mizuho Bank Ltd., 1.12%, 12/10/2019 (c) | 20,000 | 20,000 | ||||||
|
| |||||||
31,170 | ||||||||
|
| |||||||
Water & Sewer — 0.0% (b) |
| |||||||
City of Martinsville, Waterworks | ||||||||
Rev., AGM, 2.00%, 1/1/2020 | 305 | 305 | ||||||
Rev., AGM, 2.00%, 7/1/2020 | 310 | 312 | ||||||
|
| |||||||
617 | ||||||||
|
| |||||||
Total Indiana | 145,348 | |||||||
|
| |||||||
Iowa — 0.6% | ||||||||
Certificate of Participation/Lease — 0.0% (b) |
| |||||||
City of Coralville Series 2016E, COP, 4.00%, 6/1/2023 | 325 | 327 | ||||||
|
| |||||||
General Obligation — 0.1% | ||||||||
City of Iowa Falls | ||||||||
GO, 3.00%, 6/1/2020 | 120 | 121 | ||||||
GO, 3.00%, 6/1/2023 | 230 | 242 | ||||||
City of Sac City | ||||||||
GO, 5.00%, 6/1/2020 | 150 | 153 | ||||||
GO, 5.00%, 6/1/2021 | 160 | 169 | ||||||
County of Plymouth | ||||||||
GO, AGM, 3.00%, 6/1/2020 | 280 | 282 | ||||||
GO, AGM, 3.00%, 6/1/2021 | 565 | 579 | ||||||
GO, AGM, 3.00%, 6/1/2022 | 290 | 301 | ||||||
Waukee Community School District GO, 5.00%, 6/1/2020 | 45 | 46 | ||||||
|
| |||||||
1,893 | ||||||||
|
| |||||||
Hospital — 0.5% |
| |||||||
Iowa Finance Authority, Health Systems Rev., VRDO, (SIFMA Municipal Swap Index Yield + 0.58%), 1.68%, 12/10/2019 (d) (f) | 19,950 | 19,950 | ||||||
|
| |||||||
Other Revenue — 0.0% (b) |
| |||||||
City of Coralville, Annual Appropriation Series 2018D, Rev., 3.00%, 5/1/2020 | 300 | 300 | ||||||
State of Iowa, Ijobs Program Series A, Rev., 5.00%, 6/1/2021 | 400 | 422 | ||||||
|
| |||||||
722 | ||||||||
|
| |||||||
Total Iowa | 22,892 | |||||||
|
| |||||||
Kansas — 0.5% | ||||||||
Certificate of Participation/Lease — 0.1% |
| |||||||
Johnson County Park & Recreation District | ||||||||
Series 2019B, COP, 3.00%, 9/1/2020 | 340 | 344 | ||||||
Series 2019A, COP, 5.00%, 9/1/2020 | 200 | 206 | ||||||
Series 2019B, COP, 3.00%, 9/1/2021 | 255 | 263 | ||||||
Series 2019A, COP, 5.00%, 9/1/2021 | 240 | 255 | ||||||
Series 2019B, COP, 3.00%, 9/1/2022 | 200 | 209 | ||||||
Series 2019A, COP, 5.00%, 9/1/2022 | 250 | 274 |
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2019 (Unaudited) (continued)
Investments | Principal Amount ($000) | Value ($000) | ||||||
Series 2019B, COP, 3.00%, 9/1/2023 | 200 | 211 | ||||||
Series 2019A, COP, 5.00%, 9/1/2023 | 125 | 141 | ||||||
|
| |||||||
1,903 | ||||||||
|
| |||||||
General Obligation — 0.3% | ||||||||
City of Manhattan GO, 1.50%, 6/15/2022 (g) | 5,915 | 5,915 | ||||||
County of Reno, Temporary Notes GO, 3.00%, 12/1/2021 | 4,605 | 4,680 | ||||||
Sedgwick County Unified School District No. 267 Renwick | ||||||||
Series 2019A, GO, 3.00%, 11/1/2022 | 100 | 105 | ||||||
Series 2019A, GO, 3.00%, 11/1/2023 | 100 | 106 | ||||||
Wyandotte County Unified School District No. 202 Turner | ||||||||
Series 2019A, GO, AGM, 2.00%, 9/1/2021 | 200 | 203 | ||||||
Series 2019A, GO, AGM, 3.00%, 9/1/2022 | 125 | 130 | ||||||
Series 2019A, GO, AGM, 3.00%, 9/1/2023 | 400 | 422 | ||||||
Series 2019A, GO, AGM, 3.00%, 9/1/2024 | 400 | 427 | ||||||
|
| |||||||
11,988 | ||||||||
|
| |||||||
Hospital — 0.0% (b) | ||||||||
City of Lenexa, Kansas Health Care Facility, Lakeview Village, Inc. Series A, Rev., 5.00%, 5/15/2020 | 440 | 446 | ||||||
|
| |||||||
Other Revenue — 0.1% | ||||||||
Overland Park Development Corp., Overland Park Convention Center | ||||||||
Rev., 3.00%, 3/1/2020 | 2,235 | 2,244 | ||||||
Rev., 4.00%, 3/1/2021 | 1,400 | 1,445 | ||||||
|
| |||||||
3,689 | ||||||||
|
| |||||||
Total Kansas | 18,026 | |||||||
|
| |||||||
Kentucky — 1.1% | ||||||||
General Obligation — 0.0% (b) | ||||||||
Lexington-Fayette Urban County Government, Various Purpose Series 2014A, GO, 5.00%, 9/1/2020 | 20 | 21 | ||||||
|
| |||||||
Housing — 0.3% | ||||||||
Kentucky Housing Corp. Rev., VRDO, 1.40%, 6/1/2022 (c) | 3,315 | 3,317 | ||||||
Kentucky Housing Corp., Henry Greene Apartments Project Rev., 2.00%, 9/1/2020 (c) | 7,200 | 7,236 | ||||||
|
| |||||||
10,553 | ||||||||
|
| |||||||
Industrial Development Revenue/Pollution Control Revenue — 0.3% | ||||||||
Louisville/Jefferson County Metropolitan Government, Louisville Gas and Electric Co. Project Series 2003A, Rev., VRDO, 1.85%, 4/1/2021 (c) | 10,000 | 10,059 | ||||||
|
| |||||||
Other Revenue — 0.1% | ||||||||
Kentucky Rural Water Finance Corp., Construction SeriesE-2018-1, Rev., 2.25%, 3/1/2020 | 1,565 | 1,566 | ||||||
Kentucky State Property and Buildings Commission, Project No. 110 Rev., 5.00%, 8/1/2024 | 85 | 98 | ||||||
Kentucky State Property and Buildings Commission, Project No. 99 Series A, Rev., 5.00%, 11/1/2021 | 1,540 | 1,591 | ||||||
|
| |||||||
3,255 | ||||||||
|
| |||||||
Prerefunded — 0.0% (b) | ||||||||
Franklin County Public Properties Corp., Justice Center Project Series A, Rev., 4.50%, 4/1/2031 (e) | 40 | 42 | ||||||
|
| |||||||
Transportation — 0.0% (b) | ||||||||
Louisville Regional Airport Authority, Airport System Series A, Rev., AMT, 5.00%, 7/1/2022 | 1,000 | 1,092 | ||||||
|
| |||||||
Utility — 0.4% | ||||||||
Kentucky Public Energy Authority, Gas Supply | ||||||||
Series 2018A, Rev., 4.00%, 4/1/2020 | 780 | 786 | ||||||
Series 2018A, Rev., 4.00%, 4/1/2021 | 775 | 800 | ||||||
Series A, Rev., 4.00%, 4/1/2022 | 1,210 | 1,277 | ||||||
Louisville/Jefferson County Metropolitan Government, Kentucky Pollution Control, Louisville Gas and Electric Company Project Series B, Rev., VRDO, AMT, 2.55%, 5/3/2021 (c) | 2,750 | 2,794 | ||||||
Paducah Electric Plant Board | ||||||||
Rev., 5.00%, 10/1/2020 | 2,250 | 2,317 | ||||||
Rev., 5.00%, 10/1/2021 | 2,300 | 2,447 | ||||||
Rev., 5.00%, 10/1/2022 | 2,000 | 2,192 | ||||||
Rev., 5.00%, 10/1/2023 | 2,000 | 2,255 | ||||||
|
| |||||||
14,868 | ||||||||
|
| |||||||
Total Kentucky | 39,890 | |||||||
|
| |||||||
Louisiana — 1.7% | ||||||||
General Obligation — 0.4% | ||||||||
Calcasieu Parish School District No. 23 | ||||||||
GO, 5.00%, 9/1/2023 | 180 | 204 | ||||||
GO, 5.00%, 9/1/2024 | 250 | 290 |
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2019 (Unaudited) (continued)
Investments | Principal Amount ($000) | Value ($000) | ||||||
Calcasieu Parish School District No. 31 GO, 3.00%, 3/1/2020 | 370 | 372 | ||||||
Calcasieu Parish School District No. 34 GO, 3.00%, 1/15/2022 | 520 | 538 | ||||||
City of Shreveport, Water and Sewer GO, 5.00%, 9/1/2021 | 145 | 154 | ||||||
Iberia Parishwide School District GO, 2.00%, 3/1/2021 | 150 | 152 | ||||||
St. Martin Parish School Board GO, 3.00%, 3/1/2021 | 335 | 342 | ||||||
St. Tammany Parish Wide School District No. 12 GO, 2.00%, 3/1/2020 | 200 | 200 | ||||||
State of Louisiana Series2013-C, GO, 5.00%, 7/15/2021 | 10,105 | 10,726 | ||||||
|
| |||||||
12,978 | ||||||||
|
| |||||||
Hospital — 1.1% | ||||||||
Louisiana Public Facilities Authority, Christus Health Series 2018D, Rev., 5.00%, 7/1/2020 | 700 | 715 | ||||||
Louisiana Public Facilities Authority, Louisiana Children’s Medical Center Project Rev., VRDO, (SIFMA Municipal Swap Index Yield + 0.65%), 1.75%, 12/10/2019(d) | 40,000 | 40,136 | ||||||
Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project | ||||||||
Rev., 4.00%, 5/15/2020 | 195 | 198 | ||||||
Rev., 5.00%, 5/15/2020 | 325 | 330 | ||||||
|
| |||||||
41,379 | ||||||||
|
| |||||||
Industrial Development Revenue/Pollution Control Revenue — 0.0% (b) | ||||||||
Parish of St Charles, Pollution Control, Shell Oil Co., Norco Project Series B, Rev., VRDO, 1.20%, 12/2/2019 (c) | 150 | 150 | ||||||
|
| |||||||
Other Revenue — 0.2% | ||||||||
City of Youngsville LA | ||||||||
Rev., 3.00%, 12/1/2019 | 255 | 255 | ||||||
Rev., 3.00%, 12/1/2020 | 250 | 254 | ||||||
Rev., 3.00%, 12/1/2021 | 255 | 264 | ||||||
Louisiana Local Government Environmental Facilities and Community Development Authority, East Ascension Consolidated Gravity Drainage District No. 1 Project Series 2015, Rev., 5.00%, 12/1/2025 | 715 | 859 | ||||||
Louisiana Local Government Environmental Facilities and Community Development Authority, Lake Charles Public Improvement Projects Rev., 4.00%, 5/1/2020 | 200 | 202 | ||||||
Louisiana Local Government Environmental Facilities and Community Development Authority, LCTCS Act 391 Project Rev., 5.00%, 10/1/2021 | 1,500 | 1,600 | ||||||
Louisiana Office Facilities Corp., Lease, Capitol Complex Program Series A, Rev., 5.00%, 5/1/2020 | 4,290 | 4,357 | ||||||
|
| |||||||
7,791 | ||||||||
|
| |||||||
Transportation — 0.0% (b) | ||||||||
New Orleans Aviation Board, General Airport, North Terminal Project Series A, Rev., 5.00%, 1/1/2020 | 135 | 136 | ||||||
|
| |||||||
Water & Sewer — 0.0% (b) | ||||||||
City of Shreveport, Water and Sewer, Junior Lien | ||||||||
Series 2019B, Rev., AGM, 4.00%, 12/1/2023 | 310 | 340 | ||||||
Series 2019B, Rev., AGM, 5.00%, 12/1/2024 | 225 | 263 | ||||||
|
| |||||||
603 | ||||||||
|
| |||||||
Total Louisiana | 63,037 | |||||||
|
| |||||||
Maryland — 1.5% | ||||||||
Hospital — 1.4% | ||||||||
County of Montgomery, CHE Trinity Health Credit Group Series MD, Rev., VRDO, 1.22%, 3/2/2020 (c) | 52,500 | 52,500 | ||||||
|
| |||||||
Other Revenue — 0.1% | ||||||||
Maryland Stadium Authority, Construction and Revitalization Program | ||||||||
Series 2018A, Rev., 5.00%, 5/1/2020 | 800 | 812 | ||||||
Series 2018A, Rev., 5.00%, 5/1/2021 | 1,215 | 1,280 | ||||||
|
| |||||||
2,092 | ||||||||
|
| |||||||
Total Maryland | 54,592 | |||||||
|
| |||||||
Massachusetts — 4.3% | ||||||||
Education — 0.1% | ||||||||
Massachusetts Development Finance Agency, Suffolk University | ||||||||
Rev., 4.00%, 7/1/2020 | 250 | 254 | ||||||
Rev., 5.00%, 7/1/2021 | 500 | 529 | ||||||
Rev., 5.00%, 7/1/2022 | 390 | 424 | ||||||
Rev., 5.00%, 7/1/2024 | 350 | 403 |
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2019 (Unaudited) (continued)
Investments | Principal Amount ($000) | Value ($000) | ||||||
Massachusetts Development Finance Agency, Western New England University | ||||||||
Rev., 5.00%, 9/1/2020 | 300 | 308 | ||||||
Rev., 5.00%, 9/1/2021 | 265 | 281 | ||||||
|
| |||||||
2,199 | ||||||||
|
| |||||||
General Obligation — 1.5% | ||||||||
City of Greenfield GO, BAN, 2.00%, 10/1/2020 | 4,853 | 4,882 | ||||||
City of Lowell GO, BAN, 2.00%, 9/25/2020 | 4,389 | 4,414 | ||||||
Commonwealth of Massachusetts Series A, GO, VRDO, (ICE LIBOR USD 3 Month + 0.55%), 1.83%, 2/1/2020 (d) | 30,000 | 30,149 | ||||||
Commonwealth of Massachusetts, Consolidated Loan of 2014 SubseriesD-2, GO, VRDO, 1.70%, 8/1/2022 (c) | 5,500 | 5,565 | ||||||
Masconomet Regional School District GO, 5.00%, 5/1/2020 | 20 | 20 | ||||||
Southeastern Massachusetts Regional 911 District GO, BAN, 2.00%, 11/4/2020 | 7,000 | 7,040 | ||||||
Town of Bridgewater GO, BAN, 2.25%, 6/26/2020 | 3,500 | 3,516 | ||||||
|
| |||||||
55,586 | ||||||||
|
| |||||||
Hospital — 0.3% | ||||||||
Massachusetts Development Finance Agency, Partners Healthcare System | ||||||||
Series2017S-5, Rev., VRDO, (SIFMA Municipal Swap Index Yield + 0.42%), 1.52%, 12/10/2019 (d) | 10,000 | 10,004 | ||||||
Series 2017S, Rev., VRDO, (SIFMA Municipal Swap Index Yield + 0.50%), 1.60%, 12/10/2019 (d) | 1,500 | 1,503 | ||||||
|
| |||||||
11,507 | ||||||||
|
| |||||||
Housing — 0.1% |
| |||||||
Massachusetts Housing Finance Agency, Construction Loan Series 2017A, Rev., 1.85%, 6/1/2020 | 1,630 | 1,631 | ||||||
|
| |||||||
Prerefunded — 0.1% |
| |||||||
Commonwealth of Massachusetts, Consolidated Loan of 2011 Series 2011A, GO, 5.00%, 4/1/2028 (e) | 20 | 21 | ||||||
Massachusetts Clean Water Trust (The), Revolving Funds Subseries 16B, Rev., 5.00%, 8/1/2021 (e) | 4,720 | 4,842 | ||||||
|
| |||||||
4,863 | ||||||||
|
| |||||||
Transportation — 2.2% |
| |||||||
Massachusetts Bay Transportation Authority, Sales Tax SeriesA-2, Rev., VRDO, LIQ: State Street Bank & Trust, 1.02%, 12/10/2019 (c) | 30,785 | 30,785 | ||||||
Massachusetts Port Authority | ||||||||
Series2019-A, Rev., AMT, 5.00%, 7/1/2020 | 2,295 | 2,345 | ||||||
Series2019-A, Rev., AMT, 5.00%, 7/1/2021 | 3,000 | 3,174 | ||||||
Series2019-A, Rev., AMT, 5.00%, 7/1/2022 | 2,500 | 2,730 | ||||||
Massachusetts Transportation Trust Fund Metropolitan Highway System, Commonwealth Contract Assistance Secured Series A, Rev., 5.00%, 1/1/2023 (c) | 10,000 | 11,095 | ||||||
Merrimack Valley Regional Transit Authority Rev., RAN, 2.25%, 6/26/2020 | 8,400 | 8,441 | ||||||
Metrowest Regional Transit Authority Rev., RAN, 2.00%, 9/18/2020 | 9,657 | 9,716 | ||||||
Pioneer Valley Transit Authority Rev., RAN, 2.00%, 7/16/2020 | 13,000 | 13,047 | ||||||
|
| |||||||
81,333 | ||||||||
|
| |||||||
Water & Sewer — 0.0% (b) |
| |||||||
Massachusetts Clean Water Trust (The), Revolving Funds Series 15A, Rev., 5.00%, 8/1/2020 | 200 | 205 | ||||||
|
| |||||||
Total Massachusetts | 157,324 | |||||||
|
| |||||||
Michigan — 2.8% |
| |||||||
Education — 0.8% |
| |||||||
University of Michigan Series 2019C, Rev., 4.00%, 4/1/2024 (c) | 25,000 | 27,641 | ||||||
|
| |||||||
General Obligation — 0.5% |
| |||||||
City of Garden, Capital Improvement GO, 4.00%, 10/1/2020 | 795 | 813 | ||||||
City of Marquette, Capital Improvement | ||||||||
GO, 4.00%, 5/1/2020 | 75 | 76 | ||||||
GO, 4.00%, 5/1/2021 | 150 | 156 | ||||||
City of Marquette, Limited Tax | ||||||||
GO, 3.00%, 5/1/2020 | 85 | 86 | ||||||
GO, 3.00%, 5/1/2021 | 125 | 128 | ||||||
Frankenmuth School District School Building and Site GO,Q-SBLF, 4.00%, 5/1/2023 (g) | 200 | 218 | ||||||
Grand Rapids Public Schools | ||||||||
Series 2019, GO, AGM, 5.00%, 11/1/2020 | 2,075 | 2,145 |
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2019 (Unaudited) (continued)
Investments | Principal Amount ($000) | Value ($000) | ||||||
Series 2019, GO, AGM, 5.00%, 11/1/2021 | 2,225 | 2,381 | ||||||
Series 2019, GO, AGM, 5.00%, 11/1/2023 | 1,700 | 1,939 | ||||||
Grosse Pointe Public School System | ||||||||
GO, 4.00%, 5/1/2020 | 500 | 506 | ||||||
GO, 4.00%, 5/1/2021 | 240 | 249 | ||||||
Hopkins Public Schools | ||||||||
Series 2019A, GO,Q-SBLF, 4.00%, 5/1/2020 | 85 | 86 | ||||||
Series 2019A, GO,Q-SBLF, 4.00%, 5/1/2021 | 180 | 187 | ||||||
Series 2019A, GO,Q-SBLF, 4.00%, 5/1/2022 | 160 | 170 | ||||||
Series 2019A, GO,Q-SBLF, 4.00%, 5/1/2023 | 365 | 397 | ||||||
Kalamazoo Public Schools, School Building and Site | ||||||||
GO, 4.00%, 5/1/2020 | 1,820 | 1,841 | ||||||
GO, 4.00%, 5/1/2021 | 775 | 806 | ||||||
Kelloggsville Public Schools, School Building and Site | ||||||||
GO, AGM, 4.00%, 5/1/2021 | 360 | 374 | ||||||
GO, AGM, 4.00%, 5/1/2022 | 380 | 405 | ||||||
Leland Public School District | ||||||||
GO, AGM, 4.00%, 5/1/2022 | 510 | 543 | ||||||
GO, AGM, 4.00%, 5/1/2023 | 785 | 855 | ||||||
Marshall Public Schools Series 2016, GO,Q-SBLF, 4.00%, 5/1/2020 | 850 | 860 | ||||||
Wayne-Westland Community Schools, Building and Site | ||||||||
Series 2019, GO,Q-SBLF, 4.00%, 5/1/2020 | 190 | 192 | ||||||
Series 2019, GO,Q-SBLF, 4.00%, 11/1/2020 | 875 | 897 | ||||||
Series 2019, GO,Q-SBLF, 4.00%, 5/1/2021 | 200 | 207 | ||||||
Series 2019, GO,Q-SBLF, 4.00%, 11/1/2021 | 785 | 825 | ||||||
Series 2019, GO,Q-SBLF, 4.00%, 5/1/2022 | 160 | 170 | ||||||
Series 2019, GO,Q-SBLF, 5.00%, 11/1/2022 | 290 | 320 | ||||||
|
| |||||||
17,832 | ||||||||
|
| |||||||
Hospital — 0.6% |
| |||||||
Michigan Finance Authority, Bronson Healthcare Group, Inc. Series B, Rev., 3.50%, 11/15/2022 (c) | 4,165 | 4,403 | ||||||
Michigan Finance Authority, CHE Trinity Health Credit Group SeriesMI-1, Rev., VRDO, 1.22%, 3/2/2020 (c) | 15,000 | 15,000 | ||||||
Michigan State Hospital Finance Authority, Ascension Health Subordinate Credit Group Series A, Subseries2016A-1, Rev., VRDO, 1.37%, 5/1/2020 (c) | 2,095 | 2,096 | ||||||
|
| |||||||
21,499 | ||||||||
|
| |||||||
Housing — 0.3% |
| |||||||
Michigan State Housing Development Authority, Single-Family Mortgage Series D, Rev., VRDO, LIQ: Industrial & Commercial Bank of China, 1.12%, 12/10/2019 (c) | 9,905 | 9,905 | ||||||
|
| |||||||
Other Revenue — 0.6% |
| |||||||
Detroit Downtown Development Authority, Tax Increment | ||||||||
Series B, Rev., AGM, 5.00%, 7/1/2020 | 1,200 | 1,224 | ||||||
Series 2018A, Rev., AGM, 5.00%, 7/1/2021 | 500 | 526 | ||||||
Michigan Finance Authority SeriesA-1, Rev., 4.00%, 8/20/2020 | 10,000 | 10,203 | ||||||
Michigan Strategic Fund, Holland Home Obligated Group | ||||||||
Rev., 4.00%, 11/15/2020 | 200 | 203 | ||||||
Rev., 4.00%, 11/15/2021 | 180 | 186 | ||||||
Rev., 4.00%, 11/15/2022 | 180 | 189 | ||||||
Rev., 4.00%, 11/15/2023 | 190 | 202 | ||||||
Tender Option Bond Trust Receipts/Certificates Series 2018-XM0717, Rev., VRDO, AGM, LIQ: Morgan Stanley Bank, 1.30%, 12/10/2019 (c) (f) | 9,410 | 9,410 | ||||||
|
| |||||||
22,143 | ||||||||
|
| |||||||
Transportation — 0.0% (b) |
| |||||||
Gerald R Ford International Airport Authority, Limited Tax Rev., 5.00%, 1/1/2021 | 815 | 848 | ||||||
Wayne County Airport Authority, Junior Lien | ||||||||
Series 2017B, Rev., AMT, 5.00%, 12/1/2019 | 550 | 550 | ||||||
Series B, Rev., AMT, 5.00%, 12/1/2020 | 550 | 570 | ||||||
|
| |||||||
1,968 | ||||||||
|
| |||||||
Total Michigan | 100,988 | |||||||
|
| |||||||
Minnesota — 0.3% |
| |||||||
Certificate of Participation/Lease — 0.1% |
| |||||||
Duluth Independent School District No. 709 | ||||||||
Series 2019B, COP, 5.00%, 2/1/2020 | 180 | 181 | ||||||
Series 2019C, COP, 5.00%, 2/1/2020 | 150 | 151 | ||||||
Series 2019B, COP, 5.00%, 2/1/2021 | 145 | 151 |
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2019 (Unaudited) (continued)
Investments | Principal Amount ($000) | Value ($000) | ||||||
Series 2019B, COP, 5.00%, 2/1/2022 | 160 | 172 | ||||||
Series 2019C, COP, 5.00%, 2/1/2022 | 135 | 145 | ||||||
Series 2019B, COP, 5.00%, 2/1/2023 | 185 | 204 | ||||||
St. Paul Independent School District No. 625 Series B, COP, 5.00%, 2/1/2021 | 930 | 971 | ||||||
|
| |||||||
1,975 | ||||||||
|
| |||||||
Education — 0.1% | ||||||||
Minnesota Higher Education Facilities Authority, College of St. Scholastica, Inc. | ||||||||
Rev., 2.00%, 12/1/2019 | 150 | 150 | ||||||
Rev., 3.00%, 12/1/2020 | 75 | 76 | ||||||
Rev., 3.00%, 12/1/2021 | 75 | 77 | ||||||
Rev., 3.00%, 12/1/2022 | 100 | 104 | ||||||
Rev., 3.00%, 12/1/2023 | 100 | 105 | ||||||
Minnesota Higher Education Facilities Authority, Trustees of the Hamline University Series 2017B, Rev., 4.00%, 10/1/2020 | 780 | 795 | ||||||
University of Minnesota Series A, Rev., 5.00%, 4/1/2022 | 2,715 | 2,957 | ||||||
|
| |||||||
4,264 | ||||||||
|
| |||||||
General Obligation — 0.1% | ||||||||
City of Glencoe | ||||||||
Series2018-A, GO, 3.00%, 8/1/2020 | 75 | 76 | ||||||
Series2018-A, GO, 3.00%, 8/1/2021 | 80 | 82 | ||||||
State of Minnesota, Trunk Highway Series B, GO, 5.00%, 8/1/2021 | 1,765 | 1,878 | ||||||
|
| |||||||
2,036 | ||||||||
|
| |||||||
Housing — 0.0% (b) | ||||||||
City of Wayzata, Folkestone Senior Living Community | ||||||||
Rev., 3.00%, 8/1/2022 | 200 | 206 | ||||||
Rev., 3.00%, 8/1/2023 | 100 | 104 | ||||||
Rev., 3.00%, 8/1/2024 | 100 | 104 | ||||||
Duluth Housing and Redevelopment Authority, Public Schools Academy Project | ||||||||
Series2018-A, Rev., 3.38%, 11/1/2021 | 330 | 336 | ||||||
Series2018-A, Rev., 3.63%, 11/1/2022 | 345 | 356 | ||||||
Series2018-A, Rev., 3.88%, 11/1/2023 | 325 | 341 | ||||||
Housing and Redevelopment Authority of The City of St Paul Minnesota, Parking Enterprise Series A, Rev., 3.00%, 8/1/2020 | 515 | 521 | ||||||
|
| |||||||
1,968 | ||||||||
|
| |||||||
Other Revenue — 0.0% (b) | ||||||||
State of Minnesota, General Fund Appropriation Series B, Rev., 5.00%, 3/1/2020 | 400 | 404 | ||||||
|
| |||||||
Total Minnesota | 10,647 | |||||||
|
| |||||||
Mississippi — 0.5% | ||||||||
General Obligation — 0.2% | ||||||||
City of Tupelo | ||||||||
Series 2019, GO, 4.00%, 12/1/2019 | 170 | 170 | ||||||
Series 2019, GO, 4.00%, 12/1/2020 | 360 | 370 | ||||||
Series 2019, GO, 4.00%, 12/1/2021 | 125 | 132 | ||||||
Series 2019, GO, 4.00%, 12/1/2022 | 245 | 265 | ||||||
Series 2019, GO, 4.00%, 12/1/2023 | 315 | 347 | ||||||
State of Mississippi Series F, GO, 5.00%, 11/1/2020 | 4,000 | 4,140 | ||||||
|
| |||||||
5,424 | ||||||||
|
| |||||||
Hospital — 0.1% | ||||||||
Mississippi Hospital Equipment & Facilities Authority Series B2, Rev., VRDO, 1.80%, 3/2/2020 (c) | 2,700 | 2,700 | ||||||
Mississippi Hospital Equipment & Facilities Authority, Forrest County General Hospital Refunding Project | ||||||||
Series B, Rev., 5.00%, 1/1/2021 | 270 | 280 | ||||||
Series B, Rev., 5.00%, 1/1/2022 | 320 | 343 | ||||||
Series B, Rev., 5.00%, 1/1/2023 | 370 | 409 | ||||||
Series B, Rev., 5.00%, 1/1/2024 | 370 | 420 | ||||||
|
| |||||||
4,152 | ||||||||
|
| |||||||
Industrial Development Revenue/Pollution Control Revenue — 0.2% | ||||||||
Mississippi Business Finance Corp., Gulf Opportunity Zone Industrial Development, Chevron USA, Inc. Project Series E, Rev., VRDO, 1.09%, 12/10/2019 (c) | 6,200 | 6,200 | ||||||
|
|
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2019 (Unaudited) (continued)
Investments | Principal Amount ($000) | Value ($000) | ||||||
Other Revenue — 0.0% (b) |
| |||||||
Mississippi Development Bank, Rankin County Project Rev., 3.00%, 3/1/2022 | 100 | 104 | ||||||
Mississippi Development Bank, Special Obligation, Biloxi project | ||||||||
Rev., 3.00%, 3/1/2020 | 125 | 125 | ||||||
Rev., 3.00%, 3/1/2021 | 130 | 133 | ||||||
Rev., 3.00%, 3/1/2022 | 175 | 181 | ||||||
State of Mississippi Series E, Rev., 5.00%, 10/15/2020 | 100 | 103 | ||||||
State of Mississippi, Gaming Tax Series 2019A, Rev., 5.00%, 10/15/2021 | 700 | 749 | ||||||
|
| |||||||
1,395 | ||||||||
|
| |||||||
Prerefunded — 0.0% (b) |
| |||||||
State of Mississippi, Capital Improvements Project Series 2011A, GO, 5.00%, 10/1/2036 (e) | 25 | 27 | ||||||
|
| |||||||
Total Mississippi | 17,198 | |||||||
|
| |||||||
Missouri — 1.8% |
| |||||||
Certificate of Participation/Lease — 0.0% (b) |
| |||||||
Belton School District No. 124 Series 2019, COP, AGM, 4.00%, 1/15/2022 | 100 | 105 | ||||||
Blue EyeR-V School District COP, 4.00%, 4/1/2021 | 75 | 78 | ||||||
City of Arnold COP, 3.00%, 12/15/2019 | 120 | 120 | ||||||
City of Waynesville Series C, COP, 2.00%, 4/15/2020 | 250 | 251 | ||||||
County of Stone | ||||||||
COP, 3.00%, 12/1/2019 | 100 | 100 | ||||||
COP, 3.00%, 12/1/2020 | 145 | 147 | ||||||
Village of Country Club | ||||||||
COP, AGM, 3.00%, 4/1/2020 | 100 | 100 | ||||||
COP, AGM, 3.00%, 4/1/2021 | 165 | 169 | ||||||
|
| |||||||
1,070 | ||||||||
|
| |||||||
Education — 0.1% |
| |||||||
Health and Educational Facilities Authority of the State of Missouri, Lutheran Senior Services Projects Series 2019B, Rev., 2.88%, 2/1/2022 | 3,270 | 3,283 | ||||||
Missouri Western State University, Auxiliary System Rev., 2.80%, 10/1/2022 | 50 | 50 | ||||||
|
| |||||||
3,333 | ||||||||
|
| |||||||
General Obligation — 0.0% (b) |
| |||||||
Greene County Reorganized School District No.R-8 | ||||||||
Series 2019B, GO, 3.00%, 3/1/2022 (g) | 500 | 519 | ||||||
Series 2019B, GO, 3.00%, 3/1/2023 (g) | 595 | 626 | ||||||
|
| |||||||
1,145 | ||||||||
|
| |||||||
Industrial Development Revenue/Pollution Control Revenue — 0.0% (b) |
| |||||||
Cape Girardeau County IDA, South Eastern Health Series 2017A, Rev., 5.00%, 3/1/2020 | 320 | 323 | ||||||
Hannibal IDA, Healthcare Facilities Rev., 5.00%, 10/1/2020 | 300 | 308 | ||||||
|
| |||||||
631 | ||||||||
|
| |||||||
Other Revenue �� 1.6% |
| |||||||
City of Kansas City, Roe Bartle Convention Center Series F, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.13%, 12/10/2019 (c) | 4,490 | 4,490 | ||||||
County of Jackson, Harry S. Truman Sports Complex Project Rev., 5.00%, 12/1/2022 | 4,000 | 4,429 | ||||||
Missouri Development Finance Board, The Nelson Gallery Foundation Series A, Rev., VRDO, LIQ: U.S. Bank NA, 1.13%, 12/2/2019 (c) | 39,970 | 39,970 | ||||||
Tender Option Bond Trust Receipts/Certificates Series 2018-XG0176, Rev., VRDO, LIQ: Royal Bank of Canada, 1.20%, 12/10/2019 (c) (f) | 8,200 | 8,200 | ||||||
|
| |||||||
57,089 | ||||||||
|
| |||||||
Transportation — 0.1% |
| |||||||
St. Louis Lambert International Airport Series B, Rev., AMT, AGM, 5.00%, 7/1/2021 | 1,305 | 1,381 | ||||||
|
| |||||||
Total Missouri | 64,649 | |||||||
|
| |||||||
Montana — 0.1% |
| |||||||
Education — 0.1% |
| |||||||
Montana State Board of Regents, Montana State University Series F, Rev., VRDO, (SIFMA Municipal Swap Index Yield + 0.45%), 1.55%, 12/10/2019 (d) | 3,225 | 3,225 | ||||||
|
| |||||||
Nebraska — 0.0% (b) |
| |||||||
General Obligation — 0.0% (b) |
| |||||||
Papio-Missouri River Natural Resource District | ||||||||
GO, 4.00%, 12/15/2019 | 720 | 721 | ||||||
GO, 4.00%, 12/15/2020 | 405 | 417 | ||||||
|
| |||||||
1,138 | ||||||||
|
|
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2019 (Unaudited) (continued)
Investments | Principal Amount ($000) | Value ($000) | ||||||
Other Revenue — 0.0% (b) |
| |||||||
Upper Republican Natural Resource District, Limited Obligation, Occupation Tax Supported, River Flow Enhancement Series 2017B, Rev., AGM, 3.00%, 12/15/2020 | 250 | 255 | ||||||
|
| |||||||
Special Tax — 0.0% (b) |
| |||||||
City of Omaha | ||||||||
Series A, Rev., 2.20%, 1/15/2021 | 125 | 126 | ||||||
Series A, Rev., 5.00%, 1/15/2022 | 125 | 135 | ||||||
|
| |||||||
261 | ||||||||
|
| |||||||
Total Nebraska | 1,654 | |||||||
|
| |||||||
Nevada — 1.0% | ||||||||
General Obligation — 0.1% |
| |||||||
Clark County School District | ||||||||
Series 2014A, GO, 5.00%, 6/15/2020 | 50 | 51 | ||||||
Series C, GO, 5.00%, 6/15/2023 | 2,000 | 2,245 | ||||||
|
| |||||||
2,296 | ||||||||
|
| |||||||
Hospital — 0.0% (b) |
| |||||||
City of Carson, Carson Tahoe Regional Healthcare Project | ||||||||
Rev., 5.00%, 9/1/2020 | 250 | 256 | ||||||
Rev., 5.00%, 9/1/2027 | 610 | 739 | ||||||
|
| |||||||
995 | ||||||||
|
| |||||||
Industrial Development Revenue/Pollution Control Revenue — 0.1% |
| |||||||
County of Humboldt, Sierra Pacific Power Company Project Series 2016B, Rev., VRDO, 1.85%, 4/15/2022 (c) | 4,550 | 4,595 | ||||||
|
| |||||||
Transportation — 0.5% |
| |||||||
Clark County, Department of Aviation, Nevada Airport System, Junior Subordinate Lien Series A, Rev., 5.00%, 7/1/2021 | 18,500 | 19,607 | ||||||
|
| |||||||
Utility — 0.1% |
| |||||||
Clark County, Nevada Power Co. Projects Rev., VRDO, 1.60%, 5/21/2020 (c) | 3,000 | 3,003 | ||||||
|
| |||||||
Water & Sewer — 0.2% |
| |||||||
County of Washoe, Sierra Pacific Power Company Project Series 2016G, Rev., VRDO, 1.85%, 4/15/2022 (c) | 5,000 | 5,050 | ||||||
|
| |||||||
Total Nevada | 35,546 | |||||||
|
| |||||||
New Hampshire — 0.2% | ||||||||
Education — 0.2% |
| |||||||
New Hampshire Health and Education Facilities Authority Act, Dartmouth College Rev., VRDO, LIQ: U.S. Bank NA, 1.04%, 12/10/2019 (c) | 7,310 | 7,310 | ||||||
|
| |||||||
New Jersey — 7.7% | ||||||||
Education — 0.2% |
| |||||||
New Jersey Economic Development Authority, School Facilities Construction | ||||||||
Series 2017DDD, Rev., 5.00%, 6/15/2020 | 500 | 509 | ||||||
Series PP, Rev., 5.00%, 6/15/2020 | 200 | 204 | ||||||
Series XX, Rev., 5.00%, 6/15/2021 | 5,000 | 5,267 | ||||||
New Jersey Educational Facilities Authority Series C, Rev., 5.00%, 7/1/2021 | 150 | 159 | ||||||
New Jersey Educational Facilities Authority, The William Paterson University Series 2012D, Rev., 5.00%, 7/1/2020 | 100 | 102 | ||||||
|
| |||||||
6,241 | ||||||||
|
| |||||||
General Obligation — 6.2% |
| |||||||
Borough of Carlstadt GO, BAN, 2.00%, 6/26/2020 | 5,000 | 5,018 | ||||||
Borough of Carteret Series 2019, GO, BAN, 2.25%, 6/5/2020 | 5,999 | 6,026 | ||||||
Borough of East Rutherford | ||||||||
GO, AGM, 5.00%, 12/1/2019 | 145 | 145 | ||||||
GO, AGM, 5.00%, 12/1/2020 | 290 | 301 | ||||||
Borough of Fanwood GO, TAN, 2.00%, 2/14/2020 | 3,000 | 3,004 | ||||||
Borough of Franklin NJ/Sussex County GO, BAN, 2.00%, 7/31/2020 | 2,193 | 2,201 | ||||||
Borough of Haledon GO, 2.00%, 10/30/2020 | 3,650 | 3,672 | ||||||
Borough of Middlesex Series A, GO, BAN, 2.25%, 6/25/2020 | 5,282 | 5,311 | ||||||
Borough of Stanhope GO, BAN, 2.00%, 5/21/2020 | 4,639 | 4,655 | ||||||
Borough of Sussex GO, BAN, 2.00%, 10/23/2020 | 2,027 | 2,037 | ||||||
City of Atlantic, Tax Appeal | ||||||||
Series 2017A, GO, 5.00%, 3/1/2020 | 650 | 655 | ||||||
Series 2017B, GO, AGM, 5.00%, 3/1/2020 | 200 | 202 | ||||||
City of Bridgeton GO, BAN, 2.00%, 8/21/2020 | 9,397 | 9,428 |
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2019 (Unaudited) (continued)
Investments | Principal Amount ($000) | Value ($000) | ||||||
City of Englewood GO, 2.00%, 3/27/2020 | 5,130 | 5,140 | ||||||
City of Linwood, Bemporary Nobas GO, BAN, 2.00%, 7/21/2020 | 4,935 | 4,951 | ||||||
City of Newark GO, 2.00%, 10/7/2020 | 49,420 | 49,631 | ||||||
City of Newark, New Jersey School Promissory Notes GO, 2.50%, 7/29/2020 | 30,582 | 30,785 | ||||||
City of Orange Township GO, 3.00%, 12/5/2019 | 3,890 | 3,890 | ||||||
City of Somers Point GO, BAN, 3.00%, 12/3/2019 | 6,755 | 6,755 | ||||||
East Brunswick Township Board of Education, School Energy Savings | ||||||||
GO, 5.00%, 8/1/2020 | 65 | 67 | ||||||
GO, 5.00%, 8/1/2021 | 55 | 58 | ||||||
GO, 5.00%, 8/1/2022 | 110 | 121 | ||||||
Penns Grove-Carneys Point Regional School District GO, 2.50%, 7/10/2020 | 7,158 | 7,201 | ||||||
Township of Florence Series 2019A, GO, BAN, 3.00%, 1/21/2020 | 5,315 | 5,328 | ||||||
Township of Franklin GO, BAN, 2.00%, 7/17/2020 | 3,158 | 3,168 | ||||||
Township of Galloway GO, BAN, 2.00%, 8/13/2020 | 6,920 | 6,949 | ||||||
Township of Haddon Series 2019A, GO, BAN, 2.00%, 10/29/2020 | 15,758 | 15,861 | ||||||
Township of Logan GO, BAN, 1.75%, 10/21/2020 | 2,360 | 2,369 | ||||||
Township of Pemberton Series 2019, GO, BAN, 2.25%, 6/9/2020 | 6,230 | 6,259 | ||||||
Township of Springfield GO, BAN, 2.00%, 7/30/2020 | 11,000 | 11,045 | ||||||
Township of Upper GO, BAN, 3.25%, 1/24/2020 | 4,510 | 4,522 | ||||||
Township of Waterford Series 2019A, GO, BAN, 2.00%, 12/1/2020 | 2,718 | �� | 2,736 | |||||
Township of West Orange GO, BAN, 2.00%, 7/24/2020 | 6,692 | 6,718 | ||||||
Township of Westampton Series B, GO, BAN, 2.00%, 6/4/2020 | 2,205 | 2,210 | ||||||
Township of Willingboro Series 2019, GO, BAN, 2.75%, 4/24/2020 | 4,973 | 5,000 | ||||||
|
| |||||||
223,419 | ||||||||
|
| |||||||
Hospital — 0.0% (b) | ||||||||
New Jersey Health Care Facilities Financing Authority, Holy Name Medical Center Series 2010, Rev., 4.50%, 7/1/2020 | 375 | 381 | ||||||
|
| |||||||
Housing — 0.4% | ||||||||
New Jersey Housing & Mortgage Finance Agency, Oceanport Gardens Series C, Rev., VRDO, 1.58%, 6/1/2020 (c) | 1,000 | 1,001 | ||||||
New Jersey Housing and Mortgage Finance Agency, Multifamily Conduit, Garden Spires Project Series 2018A, Rev., VRDO, 2.02%, 8/1/2020 (c) | 8,000 | 8,032 | ||||||
New Jersey Housing and Mortgage Finance Agency, Multifamily Conduit, Georgia King Village Project Series2018-E, Rev., VRDO, 2.45%, 10/1/2020 (c) | 4,500 | 4,539 | ||||||
|
| |||||||
13,572 | ||||||||
|
| |||||||
Industrial Development Revenue/Pollution Control Revenue — 0.0% (b) | ||||||||
Passaic County Utilities Authority, Solid Waste Disposal | ||||||||
Series 2018, Rev., 4.25%, 3/1/2020 | 180 | 181 | ||||||
Series 2018, Rev., 4.38%, 3/1/2021 | 255 | 265 | ||||||
|
| |||||||
446 | ||||||||
|
| |||||||
Other Revenue — 0.2% | ||||||||
Garden State Preservation Trust Series A, Rev., 5.00%, 11/1/2020 | 25 | 26 | ||||||
Tender Option Bond Trust Receipts/Certificates Series 2018-XL0058, Rev., VRDO, LIQ: Barclays Bank plc, 1.22%, 12/10/2019 (c) (f) | 5,000 | 5,000 | ||||||
The Cumberland County Improvement Authority, Vineland Public Safety Building Project Series 2017, Rev., 5.00%, 12/15/2021 | 340 | 366 | ||||||
Tobacco Settlement Financing Corp. Series A, Rev., 5.00%, 6/1/2020 | 3,000 | 3,051 | ||||||
|
| |||||||
8,443 | ||||||||
|
| |||||||
Transportation — 0.7% | ||||||||
New Jersey Transportation Trust Fund Authority Series 2013A, Rev., 5.00%, 6/15/2020 | 9,635 | 9,816 | ||||||
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Series A, Rev., 5.00%, 6/15/2021 | 6,000 | 6,327 |
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2019 (Unaudited) (continued)
Investments | Principal Amount ($000) | Value ($000) | ||||||
New Jersey Transportation Trust Fund Authority, Transportation System SeriesB-4, Rev., 5.25%, 12/15/2019 | 225 | 225 | ||||||
New Jersey Turnpike Authority | ||||||||
SeriesC-1, Rev., (ICE LIBOR USD 1 Month + 0.34%), 1.59%, 1/1/2020 (d) | 4,000 | 4,006 | ||||||
Series B, Rev., 5.00%, 1/1/2025 | 5,345 | 5,952 | ||||||
|
| |||||||
26,326 | ||||||||
|
| |||||||
Water & Sewer — 0.0% (b) | ||||||||
Logan Township Municipal Utilities Authority Rev., 4.00%, 5/1/2020 | 100 | 101 | ||||||
|
| |||||||
Total New Jersey | 278,929 | |||||||
|
| |||||||
New Mexico — 0.4% | ||||||||
General Obligation — 0.1% | ||||||||
Albuquerque Municipal School District No. 12, Education Technology Notes GO, 5.00%, 8/1/2020 | 25 | 25 | ||||||
County of Sandoval | ||||||||
GO, 3.00%, 8/1/2020 | 330 | 334 | ||||||
GO, 5.00%, 8/1/2021 | 535 | 568 | ||||||
GO, 5.00%, 8/1/2022 | 560 | 616 | ||||||
University of New Mexico, Gallup Branch Community College District Series 2012, GO, 2.00%, 10/15/2022 | 1,500 | 1,501 | ||||||
|
| |||||||
3,044 | ||||||||
|
| |||||||
Other Revenue — 0.1% |
| |||||||
City of Farmington Rev., VRDO, 1.87%, 4/1/2020 (c) | 5,000 | 5,003 | ||||||
City of Santa Fe, El Castillo Retirement Residences Project Series2019B-2, Rev., 2.25%, 5/15/2024 | 600 | 600 | ||||||
|
| |||||||
5,603 | ||||||||
|
| |||||||
Utility — 0.1% |
| |||||||
New Mexico Hospital Equipment Loan Council, Haverland Carter Lifestyle Group – La Vida Llena Expansion Project | ||||||||
Series C, Rev., 2.25%, 7/1/2023 | 1,525 | 1,526 | ||||||
Series C, Rev., 2.38%, 7/1/2024 | 1,525 | 1,526 | ||||||
|
| |||||||
3,052 | ||||||||
|
| |||||||
Water & Sewer — 0.1% | ||||||||
City of Rio Rancho NM Water and Wastewater System | ||||||||
Rev., 5.00%, 5/15/2020 | 825 | 839 | ||||||
Rev., 5.00%, 5/15/2021 | 720 | 760 | ||||||
Rev., 5.00%, 5/15/2022 | 1,250 | 1,363 | ||||||
|
| |||||||
2,962 | ||||||||
|
| |||||||
Total New Mexico | 14,661 | |||||||
|
| |||||||
New York — 15.1% | ||||||||
Education — 0.1% | ||||||||
Hempstead Town Local Development Corp., Adelphi University Project | ||||||||
Series 2019, Rev., 4.00%, 2/1/2020 | 100 | 101 | ||||||
Series 2019, Rev., 4.00%, 2/1/2021 | 75 | 77 | ||||||
Series 2019, Rev., 4.00%, 2/1/2022 | 50 | 53 | ||||||
Series 2019, Rev., 4.00%, 2/1/2023 | 100 | 108 | ||||||
Series 2019, Rev., 4.00%, 2/1/2024 | 200 | 221 | ||||||
New York State Dormitory Authority, Fordham University Rev., 5.00%, 7/1/2023 | 920 | 1,043 | ||||||
|
| |||||||
1,603 | ||||||||
|
| |||||||
General Obligation — 9.2% | ||||||||
Batavia City School District GO, BAN, 2.00%, 6/16/2020 | 8,069 | 8,096 | ||||||
Beacon City School District GO, BAN, 2.50%, 6/19/2020 | 8,944 | 9,006 | ||||||
Brasher Falls Central School District GO, BAN, 2.00%, 7/15/2020 | 3,900 | 3,917 | ||||||
Carmel Central School District GO, TAN, 1.75%, 12/27/2019 | 9,000 | 9,003 | ||||||
Chateaugay Central School District Series A, GO, BAN, 2.00%, 12/19/2019 | 4,235 | 4,237 | ||||||
City of Ithaca Series B, GO, BAN, 2.00%, 7/24/2020 | 2,310 | 2,318 | ||||||
City of Jamestown, Public Improvement | ||||||||
GO, 5.00%, 6/1/2020 | 450 | 458 | ||||||
GO, 5.00%, 6/1/2021 | 475 | 502 | ||||||
GO, 5.00%, 6/1/2022 | 500 | 546 | ||||||
GO, 5.00%, 6/1/2023 | 525 | 591 | ||||||
GO, 5.00%, 6/1/2024 | 545 | 631 | ||||||
City of New York SubseriesG-4, GO, VRDO, LIQ: Barclays Bank plc, 1.08%, 12/10/2019 (c) | 20,000 | 20,000 | ||||||
SubseriesJ-10, GO, VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 1.08%, 12/10/2019 (c) | 17,850 | 17,850 | ||||||
City of Ogdensburg Series 2019, GO, BAN, 3.00%, 4/24/2020 | 1,500 | 1,507 |
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2019 (Unaudited) (continued)
Investments | Principal Amount ($000) | Value ($000) | ||||||
City of Troy Series B, GO, BAN, 2.00%, 7/31/2020 | 8,272 | 8,303 | ||||||
City of Yonkers | ||||||||
Series 2019A, GO, BAN, 2.25%, 12/17/2019 | 22,600 | 22,610 | ||||||
Series 2019A, GO, BAN, 3.00%, 12/17/2019 | 10,000 | 10,007 | ||||||
Clifton-Fine Central School District GO, BAN, 1.75%, 7/15/2020 | 3,980 | 3,987 | ||||||
County of Clinton Series B, GO, BAN, 2.00%, 7/30/2020 | 7,389 | 7,418 | ||||||
County of Orange, Public Improvement GO, 5.00%, 2/1/2023 | 2,295 | 2,574 | ||||||
County of Suffolk, Longwood Central School District GO, 5.00%, 6/15/2021 | 300 | 318 | ||||||
Fallsburg Central School District GO, BAN, 2.00%, 6/26/2020 | 9,000 | 9,032 | ||||||
Fort Ann Central School District GO, BAN, 2.25%, 6/26/2020 | 3,355 | 3,370 | ||||||
General Brown Central School District GO, BAN, 2.25%, 6/26/2020 | 5,500 | 5,530 | ||||||
Geneva City School District GO, RAN, 2.25%, 6/24/2020 | 6,000 | 6,030 | ||||||
Germantown Central School District GO, BAN, 2.25%, 6/26/2020 | 8,890 | 8,939 | ||||||
Gorham-Middlesex Central School District GO, BAN, 2.25%, 6/25/2020 | 9,500 | 9,552 | ||||||
Gouverneur Central School District GO, BAN, 2.00%, 6/26/2020 | 6,500 | 6,523 | ||||||
Grand Island Central School District GO, BAN, 2.00%, 8/13/2020 | 5,300 | 5,323 | ||||||
Hartford Central School District GO, BAN, 2.00%, 6/18/2020 | 3,760 | 3,774 | ||||||
Hempstead Union Free School District GO, TAN, 2.50%, 6/25/2020 | 6,750 | 6,791 | ||||||
Hinsdale Central School District GO, BAN, 2.25%, 6/26/2020 | 4,570 | 4,594 | ||||||
Johnson City Central School District GO, BAN, 2.00%, 8/7/2020 | 2,292 | 2,301 | ||||||
Lansing Central School District GO, BAN, 2.00%, 6/30/2020 | 3,150 | 3,160 | ||||||
Lewiston-Porter Central School District Series A, GO, BAN, 2.50%, 6/17/2020 | 3,750 | 3,775 | ||||||
Lynbrook Union Free School District GO, BAN, 2.00%, 6/26/2020 | 7,000 | 7,028 | ||||||
Menands Union Free School District GO, BAN, 2.25%, 6/26/2020 | 7,200 | 7,236 | ||||||
Morrisville-Eaton Central School District GO, BAN, 2.00%, 6/26/2020 | 5,372 | 5,395 | ||||||
Mount Vernon City School District | ||||||||
GO, 5.00%, 12/1/2021 | 885 | 953 | ||||||
GO, 5.00%, 12/1/2022 | 1,965 | 2,199 | ||||||
Peru Central School District GO, BAN, 2.00%, 6/26/2020 | 5,500 | 5,519 | ||||||
Poland Central School District GO, BAN, 2.25%, 6/26/2020 | 11,741 | 11,807 | ||||||
Rocky Point Union Free School District GO, TAN, 2.00%, 6/25/2020 | 4,500 | 4,516 | ||||||
Romulus Central School District GO, BAN, 2.00%, 6/26/2020 | 7,700 | 7,726 | ||||||
Salamanca City School District GO, BAN, 1.75%, 6/26/2020 | 8,600 | 8,618 | ||||||
Sharon Springs Central School District GO, BAN, 2.00%, 6/26/2020 | 3,540 | 3,553 | ||||||
Shenendehowa Central School District GO, BAN, 1.95%, 6/26/2020 | 6,000 | 6,020 | ||||||
Sherburne Earlville Central School District GO, BAN, 2.00%, 6/26/2020 | 10,095 | 10,129 | ||||||
Southwestern Central School District Series B, GO, BAN, 2.00%, 7/22/2020 | 8,464 | 8,495 | ||||||
St Regis Falls Central School District GO, BAN, 2.00%, 7/8/2020 | 4,751 | 4,770 | ||||||
Stillwater Central School District GO, BAN, 2.00%, 6/26/2020 | 6,100 | 6,126 | ||||||
Tioga Central School District GO, BAN, 2.00%, 8/14/2020 | 5,150 | 5,172 | ||||||
Town of East Fishkill Series A, GO, BAN, 3.50%, 12/17/2019 | 3,426 | 3,429 | ||||||
Town of LaGrange Series B, GO, BAN, 2.50%, 6/12/2020 | 3,780 | 3,805 | ||||||
Town of Victor GO, BAN, 2.00%, 7/30/2020 | 5,000 | 5,018 | ||||||
Wheatland Chili Central School District GO, BAN, 2.25%, 6/24/2020 | 4,940 | 4,967 | ||||||
|
| |||||||
335,054 | ||||||||
|
| |||||||
Hospital — 0.0% (b) | ||||||||
Jefferson County Civic Facility Development Corp., Samaritan Medical Center Project Series A, Rev., 3.00%, 11/1/2020 | 575 | 580 | ||||||
New York State Dormitory Authority, Mount Sinai Hospital Series 2010A, Rev., 5.00%, 7/1/2020 (e) | 45 | 46 | ||||||
|
| |||||||
626 | ||||||||
|
|
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2019 (Unaudited) (continued)
Investments | Principal Amount ($000) | Value ($000) | ||||||
Other Revenue — 2.9% | ||||||||
New York City Transitional Finance Authority Future Tax Secured SubseriesB-5, Rev., VRDO, LIQ: U.S. Bank NA, 1.16%, 12/2/2019 (c) | 40,745 | 40,745 | ||||||
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2003 SubseriesA-4, Rev., VRDO, LIQ: TD Bank NA, 1.19%, 12/2/2019 (c) | 35,000 | 35,000 | ||||||
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2013 SubseriesA-7, Rev., VRDO, LIQ: State Street Bank & Trust, 1.06%, 12/10/2019 (c) | 21,030 | 21,030 | ||||||
New York City Transitional Finance Authority, New York City Recovery Series 3, Subseries3-G, Rev., VRDO, LIQ: Bank of New York Mellon, 1.07%, 12/10/2019 (c) | 2,495 | 2,495 | ||||||
New York State Dormitory Authority, North Shore, Long Island Jewish Obligated Group Series 2015A, Rev., 4.00%, 5/1/2020 | 150 | 152 | ||||||
New York State Dormitory Authority, Sales Tax Series 2018C, Rev., 5.00%, 3/15/2025 | 400 | 478 | ||||||
Schenectady Metroplex Development Authority Series 2018A, Rev., BAN, 4.00%, 12/27/2019 | 1,240 | 1,242 | ||||||
Tender Option Bond Trust Receipts/Certificates Series 2017-XF0591, Rev., VRDO, LIQ: Bank of America NA, 1.25%, 12/10/2019 (c) (f) | 6,000 | 6,000 | ||||||
|
| |||||||
107,142 | ||||||||
|
| |||||||
Prerefunded — 0.3% | ||||||||
New York City Water and Sewer System Rev., 5.00%, 6/15/2047 (e) | 7,165 | 8,128 | ||||||
Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels Series 2011A, Rev., 5.00%, 1/1/2028 (e) | 1,120 | 1,213 | ||||||
|
| |||||||
9,341 | ||||||||
|
| |||||||
Special Tax — 0.0% (b) | ||||||||
New York State Dormitory Authority, State Personal Income Tax, General Purpose Series 2014A, Rev., 5.00%, 2/15/2021 | 200 | 209 | ||||||
|
| |||||||
Transportation — 2.0% | ||||||||
Metropolitan Transportation Authority | ||||||||
Series2018B-1A, Rev., BAN, 5.00%, 5/15/2020 | 10,010 | 10,175 | ||||||
Series 2019A, Rev., BAN, 5.00%, 3/1/2022 | 20,000 | 21,668 | ||||||
New York State Thruway Authority Series L, Rev., 5.00%, 1/1/2021 | 50 | 52 | ||||||
New York Transportation Development Corp., Delta Air Lines, Inc., Laguardia Airport Terminals C&D Redevelopment Project Rev., AMT, 5.00%, 1/1/2022 | 14,650 | 15,670 | ||||||
Niagara Frontier Transportation Authority, Buffalo Niagara International Airport | ||||||||
Series 2019A, Rev., AMT, 5.00%, 4/1/2020 | 500 | 506 | ||||||
Series 2019A, Rev., AMT, 5.00%, 4/1/2021 | 1,540 | 1,615 | ||||||
Series 2019A, Rev., AMT, 5.00%, 4/1/2022 | 845 | 913 | ||||||
Port Authority of New York and New Jersey Rev., AMT, 5.00%, 9/15/2023 | 10,000 | 11,322 | ||||||
Triborough Bridge and Tunnel Authority Series D, Rev., VRDO, (SOFR + 0.50%), 1.53%, 12/2/2019 (d) | 10,000 | 10,014 | ||||||
|
| |||||||
71,935 | ||||||||
|
| |||||||
Water & Sewer — 0.6% | ||||||||
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2013 SubseriesAA-2, Rev., VRDO, LIQ: Bank of Tokyo-Mitsubishi UFJ Ltd., 1.08%, 12/10/2019 (c) | 12,560 | 12,560 | ||||||
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2015 SeriesBB-3, Rev., VRDO, LIQ: Sumitomo Mitsui Banking Corp., 1.10%, 12/10/2019 (c) | 5,680 | 5,680 | ||||||
New York City Water and Sewer System, Second General Resolution Series 2010CC, Rev., VRDO, LIQ: Barclays Bank plc, 1.08%, 12/10/2019 (c) | 5,090 | 5,090 | ||||||
|
| |||||||
23,330 | ||||||||
|
| |||||||
Total New York | 549,240 | |||||||
|
|
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2019 (Unaudited) (continued)
Investments | Principal Amount ($000) | Value ($000) | ||||||
North Carolina — 0.7% |
| |||||||
Education — 0.1% |
| |||||||
North Carolina Capital Facilities Finance Agency, Meredith College Rev., 5.00%, 6/1/2020 | 275 | 280 | ||||||
University of North Carolina, Chapel Hill Series B, Rev., VRDO, (ICE LIBOR USD 1 Month + 0.40%), 1.59%, 1/1/2020 (d) | 3,750 | 3,753 | ||||||
Winston-Salem State University Foundation LLC, The Board of Governors of The University of North Carolina Rev., AGM, 4.00%, 10/1/2020 | 120 | 123 | ||||||
|
| |||||||
4,156 | ||||||||
|
| |||||||
General Obligation — 0.0% (b) |
| |||||||
County of Union Series A, GO, 5.00%, 3/1/2020 | 20 | 20 | ||||||
|
| |||||||
Hospital — 0.4% |
| |||||||
North Carolina Medical Care Commission, Wake Forest Baptist Obligated Group Series 2019B, Rev., VRDO, 2.20%, 12/1/2022 (c) | 13,500 | 13,686 | ||||||
|
| |||||||
Housing — 0.1% |
| |||||||
Asheville Housing Authority, Ledgewood Village, Multifamily Housing Rev., VRDO, 1.90%, 12/1/2020 (c) | 4,000 | 4,000 | ||||||
|
| |||||||
Industrial Development Revenue/Pollution Control Revenue — 0.1% |
| |||||||
Columbus County Industrial Facilities and Pollution Control Financing Authority, International Paper Co. Project | ||||||||
Series 2019A, Rev., VRDO, 2.00%, 10/1/2024 (c) | 825 | 833 | ||||||
Series 2019B, Rev., VRDO, 2.00%, 10/1/2024 (c) | 825 | 833 | ||||||
|
| |||||||
1,666 | ||||||||
|
| |||||||
Other Revenue — 0.0% (b) |
| |||||||
County of Buncombe, Limited Obligation Series 2014A, Rev., 5.00%, 6/1/2021 | 20 | 21 | ||||||
|
| |||||||
Transportation — 0.0% (b) |
| |||||||
North Carolina Turnpike Authority, Monroe Connector System Series 2011, Rev., 5.00%, 7/1/2020 | 420 | 429 | ||||||
|
| |||||||
Total North Carolina |
| 23,978 | ||||||
|
| |||||||
Ohio — 3.3% |
| |||||||
Certificate of Participation/Lease — 0.0% (b) |
| |||||||
Euclid City School District | ||||||||
COP, 4.00%, 12/1/2023 | 70 | 76 | ||||||
COP, 4.00%, 12/1/2024 | 70 | 78 | ||||||
Goshen Local School District, School Facilities Project | ||||||||
COP, 4.00%, 12/15/2019 | 240 | 240 | ||||||
COP, 1.50%, 12/15/2020 | 280 | 281 | ||||||
|
| |||||||
675 | ||||||||
|
| |||||||
General Obligation — 1.1% |
| |||||||
City of Cincinnati, Unlimited Tax Refunding and Improvement Series 2014A, GO, 5.00%, 12/1/2019 | 5,925 | 5,925 | ||||||
City of Elyria | ||||||||
Series2019-2, GO, 4.00%, 12/1/2021 (g) | 1,010 | 1,064 | ||||||
Series2019-2, GO, 4.00%, 12/1/2022 (g) | 935 | 1,008 | ||||||
City of Elyria, Improvement, Various Purpose GO, 5.00%, 12/1/2019 | 1,340 | 1,340 | ||||||
City of Euclid, Various Purpose Improvement Series 2019, GO, BAN, 3.00%, 4/30/2020 | 1,350 | 1,360 | ||||||
City of Gahanna GO, BAN, 3.00%, 8/6/2020 | 1,400 | 1,415 | ||||||
City of Lorain, Streetscape Improvements GO, BAN, 3.00%, 6/18/2020 | 540 | 545 | ||||||
City of Marysville, Various Purpose Series 2019B, GO, BAN, 3.00%, 3/26/2020 | 910 | 915 | ||||||
City of Middletown, Various Purpose GO, 4.00%, 12/1/2019 | 500 | 500 | ||||||
City of Moraine GO, BAN, 2.50%, 6/25/2020 | 2,725 | 2,742 | ||||||
City of Olmsted Falls, Various Purpose Series 2019, GO, BAN, 3.00%, 6/11/2020 | 1,365 | 1,377 | ||||||
City of Rocky River GO, BAN, 2.00%, 9/24/2020 | 3,375 | 3,395 | ||||||
City of Seven Hills Series 2019C, GO, BAN, 3.50%, 4/9/2020 | 700 | 705 | ||||||
City of Seven Hills, Capital Improvement Series 2019, GO, BAN, 3.00%, 4/9/2020 | 500 | 503 | ||||||
City of Toledo | ||||||||
GO, AGM, 2.00%, 12/1/2019 | 180 | 180 | ||||||
GO, AGM, 4.00%, 12/1/2020 | 100 | 103 | ||||||
City of Toledo, Capital Improvement | ||||||||
GO, AGM, 5.00%, 12/1/2020 (g) | 615 | 637 |
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2019 (Unaudited) (continued)
Investments | Principal Amount ($000) | Value ($000) | ||||||
GO, AGM, 5.00%, 12/1/2021 (g) | 1,275 | 1,366 | ||||||
GO, AGM, 5.00%, 12/1/2022 (g) | 1,305 | 1,445 | ||||||
City of Willoughby GO, BAN, 2.25%, 6/19/2020 | 6,400 | 6,433 | ||||||
County of Licking Series 2019, GO, BAN, 3.00%, 5/8/2020 | 1,500 | 1,511 | ||||||
County of Mahoning, Various Purpose Notes GO, 3.00%, 9/16/2020 | 3,100 | 3,141 | ||||||
County of Union GO, BAN, 2.00%, 9/9/2020 | 1,500 | 1,508 | ||||||
Township of Violet GO, BAN, 3.00%, 1/9/2020 | 1,500 | 1,503 | ||||||
Zanesville City School District GO, 4.00%, 12/1/2021 | 595 | 628 | ||||||
|
| |||||||
41,249 | ||||||||
|
| |||||||
Hospital — 1.3% | ||||||||
Akron, Bath and Copley Joint Township Hospital District, Summa Health Obligated Group Rev., 5.00%, 11/15/2021 | 125 | 134 | ||||||
City of Centerville, Graceworks Lutheran Services | ||||||||
Rev., 5.00%, 11/1/2020 | 275 | 281 | ||||||
Rev., 5.00%, 11/1/2021 | 285 | 297 | ||||||
County of Allen, Hospital Facilities, Mercy Health Series B, Rev., 5.00%, 5/5/2022 (c) | 2,000 | 2,173 | ||||||
County of Franklin, Ohio Hospital Facilities Series C, Rev., VRDO, 1.11%, 12/10/2019 (c) | 27,470 | 27,470 | ||||||
County of Ross, Adena Health System | ||||||||
Rev., 5.00%, 12/1/2020 | 1,000 | 1,037 | ||||||
Rev., 5.00%, 12/1/2021 | 335 | 359 | ||||||
Rev., 5.00%, 12/1/2022 | 355 | 393 | ||||||
Rev., 5.00%, 12/1/2023 | 490 | 556 | ||||||
County of Warren, Healthcare Facilities, Otterbein Homes Obligated Group Series 2016A, Rev., 5.00%, 7/1/2021 | 50 | 53 | ||||||
Franklin County, Hospital Facilities, OhioHealth Corp. Series B, Rev., VRDO, (SIFMA Municipal Swap Index Yield + 0.43%), 1.53%, 12/10/2019 (d) | 5,000 | 5,010 | ||||||
State of Ohio, University Hospitals Health System, Inc. Series A, Rev., VRDO, 1.28%, 12/2/2019 (c) | 8,250 | 8,250 | ||||||
|
| |||||||
46,013 | ||||||||
|
| |||||||
Industrial Development Revenue/Pollution Control Revenue — 0.0% (b) | ||||||||
Ohio Water Development Authority, Water Pollution Control Loan Fund Rev., 5.25%, 12/1/2020 | 35 | 36 | ||||||
|
| |||||||
Other Revenue — 0.2% | ||||||||
City of Cleveland, Subordinate Lien, Public Facilities Improvements Series 2018A, Rev., 5.00%, 10/1/2022 | 265 | 293 | ||||||
City of Whitehall Rev., 2.25%, 12/9/2020 (g) | 3,810 | 3,838 | ||||||
County of Mahoning, Various Purpose Sales Tax Supported Improvement Notes Rev., 3.00%, 9/16/2020 | 750 | 760 | ||||||
Village of Obetz | ||||||||
Rev., 5.00%, 12/1/2019 | 110 | 110 | ||||||
Rev., 5.00%, 12/1/2020 | 185 | 192 | ||||||
Rev., 5.00%, 12/1/2021 | 125 | 134 | ||||||
|
| |||||||
5,327 | ||||||||
|
| |||||||
Transportation — 0.2% | ||||||||
City of Cleveland, Airport System Series 2006A, Rev.,AGM-CR, AMBAC, 5.25%, 1/1/2020 | 2,000 | 2,006 | ||||||
Columbus Regional Airport Authority, Columbus Ohio Regional Airport Authority Rev., VRDO, LOC: U.S. Bank NA, 1.09%, 12/10/2019 (c) | 5,665 | 5,665 | ||||||
|
| |||||||
7,671 | ||||||||
|
| |||||||
Utility — 0.3% | ||||||||
American Municipal Power, Inc. Series 2019A, Rev., VRDO, 2.30%, 2/15/2022 (c) | 10,000 | 10,150 | ||||||
|
| |||||||
Water & Sewer — 0.2% | ||||||||
Ohio Water Development Authority, Water Pollution Control Loan Fund Series 2016 A, Rev., LIQ: TD Bank NA, 1.06%, 12/10/2019 (c) | 7,500 | 7,500 | ||||||
|
| |||||||
Total Ohio |
| 118,621 | ||||||
|
| |||||||
Oklahoma — 0.4% |
| |||||||
Education — 0.3% | ||||||||
Canadian County Educational Facilities Authority, Yukon Public Schools Project Series 2019, Rev., 5.00%, 12/1/2020 | 2,050 | 2,115 |
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2019 (Unaudited) (continued)
Investments | Principal Amount ($000) | Value ($000) | ||||||
Cleveland County Educational Facilities Authority, Lexington Public Schools Project | ||||||||
Series 2019, Rev., 4.00%, 9/1/2020 | 110 | 112 | ||||||
Series 2019, Rev., 4.00%, 9/1/2021 | 150 | 157 | ||||||
Series 2019, Rev., 4.00%, 9/1/2022 | 125 | 133 | ||||||
Series 2019, Rev., 4.00%, 9/1/2023 | 270 | 293 | ||||||
Cleveland County Educational Facilities Authority, Norman Public Schools Project Series 2019, Rev., 5.00%, 6/1/2020 | 1,200 | 1,222 | ||||||
Cushing Educational Facilities Authority, Public Schools Project Rev., 5.00%, 9/1/2020 | 50 | 51 | ||||||
Custer County Economic Development Authority, Thomas Fay Public Schools | ||||||||
Rev., 4.00%, 12/1/2021 | 410 | 431 | ||||||
Rev., 4.00%, 12/1/2023 | 450 | 493 | ||||||
Ellis County Educational Facilities Authority, Fargo-Gaage Public Schools Project | ||||||||
Rev., 3.00%, 3/1/2022 | 725 | 749 | ||||||
Rev., 3.00%, 3/1/2023 | 730 | 765 | ||||||
Grady County School Finance Authority, Tuttle Public Schools Project | ||||||||
Rev., 4.00%, 9/1/2021 | 250 | 262 | ||||||
Rev., 4.00%, 9/1/2022 | 200 | 214 | ||||||
Rev., 4.00%, 9/1/2023 | 300 | 329 | ||||||
Rev., 4.00%, 9/1/2024 | 245 | 274 | ||||||
Kingfisher County Educational Facilities Authority, Lomega Public Schools Project | ||||||||
Rev., 3.00%, 3/1/2022 | 165 | 171 | ||||||
Rev., 3.00%, 3/1/2023 | 385 | 402 | ||||||
Rev., 3.00%, 3/1/2024 | 270 | 285 | ||||||
Tulsa County Industrial Authority, Sand Springs Public Schools Project | ||||||||
Rev., 2.00%, 9/1/2020 | 70 | 70 | ||||||
Rev., 5.00%, 9/1/2021 | 325 | 346 | ||||||
Rev., 2.00%, 9/1/2022 | 125 | 127 | ||||||
Rev., 4.00%, 9/1/2023 | 175 | 190 | ||||||
Rev., 4.00%, 9/1/2024 | 435 | 482 | ||||||
|
| |||||||
9,673 | ||||||||
|
| |||||||
Housing — 0.1% | ||||||||
Oklahoma Housing Finance Agency, Green Rural Development Portfolio Series 2018, Rev., VRDO, 1.90%, 3/1/2020 (c) | 1,500 | 1,502 | ||||||
Oklahoma Housing Finance Agency, Sooner Haven Apartments Rev., VRDO, 2.37%, 10/1/2020 (c) | 2,375 | 2,395 | ||||||
|
| |||||||
3,897 | ||||||||
|
| |||||||
Industrial Development Revenue/Pollution Control Revenue — 0.0% (b) | ||||||||
Elk City Industrial Authority Rev., 2.00%, 5/1/2023 | 140 | 142 | ||||||
|
| |||||||
Prerefunded — 0.0% (b) | ||||||||
Oklahoma Turnpike Authority, Turnpike System, Second Senior Series B, Rev., 5.00%, 1/1/2029 (e) | 20 | 21 | ||||||
|
| |||||||
Total Oklahoma | 13,733 | |||||||
|
| |||||||
Oregon — 0.2% | ||||||||
General Obligation — 0.1% | ||||||||
County of Washington Series 2016, GO, 5.00%, 6/1/2021 | 1,875 | 1,983 | ||||||
Salem-Keizer School District No. 24J | ||||||||
GO, 4.00%, 6/15/2020 | 225 | 229 | ||||||
GO, 4.00%, 6/15/2021 | 175 | 183 | ||||||
GO, 5.00%, 6/15/2021 | 500 | 529 | ||||||
|
| |||||||
2,924 | ||||||||
|
| |||||||
Housing — 0.1% | ||||||||
State of Oregon Housing and Community Services Department, Sha Rad Group II Apartment Projects Rev., VRDO, 0.00%, 12/6/2019 (c) | 3,350 | 3,350 | ||||||
|
| |||||||
Total Oregon | 6,274 | |||||||
|
| |||||||
Pennsylvania — 8.2% | ||||||||
Education — 3.0% | ||||||||
Pennsylvania Higher Educational Facilities Authority Series AN, Rev., 5.00%, 6/15/2020 | 5,975 | 6,097 | ||||||
Pennsylvania Higher Educational Facilities Authority, Associates Independent Colleges Rev., VRDO, 2.72%, 5/1/2021 (c) | 2,500 | 2,509 | ||||||
School District of Philadelphia (The) Series C, Rev., TRAN, 4.00%, 3/31/2020 | 43,000 | 43,385 | ||||||
State Public School Building Authority, Community College of Philadelphia Project | ||||||||
Series 2019A, Rev., AGM, 5.00%, 6/15/2021 | 295 | 311 | ||||||
Series 2019A, Rev., AGM, 5.00%, 6/15/2022 | 310 | 337 |
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2019 (Unaudited) (continued)
Investments | Principal Amount ($000) | Value ($000) | ||||||
University of Pittsburgh of the Commonwealth System of Higher Education Rev., VRDO, (SIFMA Municipal Swap Index Yield + 0.24%), 1.34%, 12/10/2019 (d) | 11,510 | 11,507 | ||||||
University ofPittsburgh-of the Commonwealth System of Higher Education Rev., VRDO, (SIFMA Municipal Swap Index Yield + 0.36%), 0.00%, 12/10/2019 (d) | 47,000 | 47,000 | ||||||
|
| |||||||
111,146 | ||||||||
|
| |||||||
General Obligation — 2.2% |
| |||||||
Allentown City School District GO, 2.05%, 1/2/2020 | 3,750 | 3,751 | ||||||
Apollo-Ridge School District | ||||||||
Series 2019A, GO, 2.00%, 9/1/2022 (g) | 375 | 380 | ||||||
Series 2019A, GO, 4.00%, 9/1/2023 (g) | 385 | 420 | ||||||
Series 2019A, GO, 4.00%, 9/1/2024 (g) | 450 | 499 | ||||||
Armstrong School District | ||||||||
Series A, GO, 3.00%, 3/15/2020 | 165 | 166 | ||||||
Series B, GO, 3.00%, 3/15/2020 | 160 | 161 | ||||||
Series A, GO, 3.00%, 3/15/2021 | 230 | 235 | ||||||
Series B, GO, 3.00%, 3/15/2021 | 105 | 107 | ||||||
Series A, GO, 3.00%, 3/15/2022 | 235 | 243 | ||||||
Series B, GO, 3.00%, 3/15/2022 | 300 | 310 | ||||||
Series A, GO, 3.00%, 3/15/2023 | 240 | 251 | ||||||
Series B, GO, 3.00%, 3/15/2023 | 400 | 419 | ||||||
Bethlehem Area School District GO, 5.00%, 10/15/2021 | 13,155 | 14,060 | ||||||
Big Beaver Falls Area School District | ||||||||
GO, 4.00%, 3/15/2022 (g) | 1,155 | 1,219 | ||||||
GO, 5.00%, 3/15/2023 (g) | 1,200 | 1,332 | ||||||
Burgettstown Area School District | ||||||||
Series A, GO, 3.00%, 3/15/2022 | 100 | 103 | ||||||
Series A, GO, 4.00%, 3/15/2023 | 200 | 214 | ||||||
Butler Area School District GO, AGM, 4.00%, 10/1/2020 | 865 | 884 | ||||||
Carmichaels Area School District | ||||||||
GO, 4.00%, 9/1/2022 | 190 | 202 | ||||||
GO, 4.00%, 9/1/2023 | 150 | 163 | ||||||
City of Altoona, Guaranteed Sewer | ||||||||
GO, AGM, 2.00%, 12/1/2019 | 825 | 825 | ||||||
GO, AGM, 5.00%, 12/1/2020 | 315 | 326 | ||||||
GO, AGM, 5.00%, 12/1/2021 | 265 | 283 | ||||||
GO, AGM, 5.00%, 12/1/2022 | 200 | 221 | ||||||
GO, AGM, 5.00%, 12/1/2023 | 300 | 340 | ||||||
City of Philadelphia | ||||||||
Series 2009B, GO, VRDO, LOC: Barclays Bank plc, 1.11%, 12/10/2019 (c) | 12,965 | 12,965 | ||||||
Series 2019A, GO, 5.00%, 8/1/2020 | 1,725 | 1,769 | ||||||
Series 2012A, GO, 5.00%, 9/15/2021 | 45 | 48 | ||||||
Series 2019A, GO, 5.00%, 8/1/2022 | 4,755 | 5,211 | ||||||
Conewago Valley School District Series 2013A, GO, 2.00%, 9/1/2022 | 570 | 570 | ||||||
Connellsville Area School District | ||||||||
Series A, GO, AGM, 2.00%, 5/15/2020 | 145 | 145 | ||||||
Series A, GO, AGM, 2.00%, 5/15/2021 | 70 | 71 | ||||||
Series A, GO, AGM, 2.00%, 5/15/2022 | 70 | 71 | ||||||
Series A, GO, AGM, 2.00%, 5/15/2023 | 70 | 71 | ||||||
Cornell School District | ||||||||
GO, AGM, 2.00%, 9/1/2020 | 200 | 201 | ||||||
GO, AGM, 2.00%, 9/1/2021 | 200 | 202 | ||||||
GO, AGM, 4.00%, 9/1/2022 | 200 | 213 | ||||||
County of Armstrong | ||||||||
Series A, GO, 4.00%, 6/1/2021 | 230 | 239 | ||||||
Series A, GO, 4.00%, 6/1/2022 | 430 | 458 | ||||||
Series A, GO, 5.00%, 6/1/2023 | 225 | 252 | ||||||
County of Somerset | ||||||||
GO, 2.00%, 10/1/2020 | 225 | 226 | ||||||
GO, 2.00%, 10/1/2021 | 285 | 287 | ||||||
GO, 2.00%, 10/1/2022 | 340 | 344 | ||||||
GO, 2.00%, 10/1/2023 | 335 | 340 | ||||||
GO, 2.00%, 10/1/2024 | 300 | 304 | ||||||
Dallas School District | ||||||||
Series 2019, GO, AGM, 4.00%, 10/15/2020 | 290 | 297 | ||||||
Series 2019, GO, AGM, 4.00%, 10/15/2021 | 275 | 289 | ||||||
Series 2019, GO, AGM, 4.00%, 10/15/2022 | 300 | 322 | ||||||
Series 2019, GO, AGM, 5.00%, 10/15/2023 | 175 | 199 | ||||||
Series 2019, GO, AGM, 5.00%, 10/15/2024 | 325 | 379 | ||||||
Iroquois School District | ||||||||
GO, 3.00%, 10/1/2020 | 185 | 188 | ||||||
GO, 4.00%, 10/1/2021 | 300 | 314 | ||||||
GO, 4.00%, 10/1/2022 | 390 | 419 | ||||||
GO, 4.00%, 10/1/2023 | 200 | 219 |
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2019 (Unaudited) (continued)
Investments | Principal Amount ($000) | Value ($000) | ||||||
Juniata County School District GO, AGM, 5.00%, 11/15/2021 | 185 | 198 | ||||||
Lower Merion School District Series B, GO, VRDO, LOC: U.S. Bank NA, 1.06%, 12/10/2019 (c) | 3,950 | 3,950 | ||||||
Mars Area School District | ||||||||
Series 2019B, GO, AGM, 5.00%, 9/1/2020 | 145 | 149 | ||||||
Series 2019B, GO, AGM, 5.00%, 9/1/2021 | 120 | 128 | ||||||
Series 2019B, GO, AGM, 5.00%, 9/1/2023 | 115 | 129 | ||||||
Montour School District GO, 3.00%, 10/1/2023 | 200 | 211 | ||||||
Muncy School District GO, 4.00%, 5/15/2023 | 345 | 374 | ||||||
Municipality of Monroeville GO, 3.00%, 6/1/2020 | 1,075 | 1,084 | ||||||
Municipality of Penn Hills | ||||||||
Series A, GO, 3.00%, 12/1/2019 | 295 | 295 | ||||||
Series A, GO, 3.00%, 12/1/2020 | 275 | 280 | ||||||
Series A, GO, 3.00%, 12/1/2021 | 340 | 352 | ||||||
Series A, GO, 3.00%, 12/1/2022 | 345 | 361 | ||||||
Series A, GO, 3.00%, 12/1/2023 | 305 | 323 | ||||||
Neshannock Township School District | ||||||||
Series 2019AA, GO, 4.00%, 9/1/2021 | 100 | 105 | ||||||
Series 2019AA, GO, 4.00%, 9/1/2022 | 150 | 160 | ||||||
Series 2019AA, GO, 4.00%, 9/1/2023 | 200 | 218 | ||||||
Northeast Bradford School District | ||||||||
GO, AGM, 2.00%, 6/1/2020 | 125 | 126 | ||||||
GO, AGM, 2.00%, 6/1/2021 | 150 | 151 | ||||||
GO, AGM, 2.00%, 6/1/2022 | 320 | 324 | ||||||
GO, AGM, 3.00%, 6/1/2023 | 330 | 347 | ||||||
Northwestern Lehigh School District | ||||||||
Series 2019, GO, 5.00%, 2/15/2021 | 155 | 162 | ||||||
Series 2019, GO, 5.00%, 2/15/2023 | 680 | 758 | ||||||
Parkland School District GO, 4.00%, 4/15/2020 | 1,500 | 1,516 | ||||||
Pittsburgh School District | ||||||||
Series 2019, GO, 5.00%, 9/1/2022 | 1,690 | 1,864 | ||||||
Series 2019, GO, 5.00%, 9/1/2023 | 1,810 | 2,058 | ||||||
School District of Philadelphia (The) | ||||||||
Series 2019A, GO, 5.00%, 9/1/2020 | 600 | 617 | ||||||
Series 2019A, GO, 5.00%, 9/1/2021 | 800 | 850 | ||||||
Series 2019A, GO, 5.00%, 9/1/2022 | 1,050 | 1,153 | ||||||
Series 2019A, GO, 5.00%, 9/1/2023 | 1,050 | 1,186 | ||||||
School District of the City of Erie (The) | ||||||||
Series 2019B, GO, AGM, 5.00%, 4/1/2020 | 420 | 425 | ||||||
Series 2019B, GO, AGM, 5.00%, 4/1/2021 | 400 | 418 | ||||||
Series 2019B, GO, AGM, 5.00%, 4/1/2022 | 325 | 352 | ||||||
Series 2019B, GO, AGM, 5.00%, 4/1/2023 | 315 | 350 | ||||||
Selinsgrove Area School District | ||||||||
Series A, GO, 2.00%, 3/1/2020 | 100 | 100 | ||||||
Series B, GO, 3.00%, 3/1/2020 | 110 | 110 | ||||||
Series A, GO, 2.00%, 9/1/2020 | 100 | 101 | ||||||
Series A, GO, 2.00%, 3/1/2021 | 5 | 5 | ||||||
Series B, GO, 3.00%, 3/1/2021 | 110 | 112 | ||||||
Series A, GO, 2.00%, 9/1/2021 | 125 | 127 | ||||||
Series A, GO, 2.00%, 3/1/2022 | 5 | 5 | ||||||
Series B, GO, 3.00%, 3/1/2022 | 130 | 135 | ||||||
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 | 100 | ||||||
Series A, GO, 2.00%, 9/1/2023 | 585 | 597 | ||||||
Steel Valley School District | ||||||||
Series 2019B, GO, 3.00%, 11/1/2021 | 230 | 236 | ||||||
Series 2019B, GO, 4.00%, 11/1/2022 | 240 | 256 | ||||||
Series 2019B, GO, 4.00%, 11/1/2023 | 250 | 272 | ||||||
Steelton-Highspire School District | ||||||||
GO, 4.00%, 11/15/2022 | 60 | 64 | ||||||
GO, 4.00%, 11/15/2023 | 85 | 92 | ||||||
Township of East Pennsboro, Cumberland County | ||||||||
Series 2019, GO, 3.00%, 9/1/2020 | 150 | 152 |
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2019 (Unaudited) (continued)
Investments | Principal Amount ($000) | Value ($000) | ||||||
Series 2019, GO, 3.00%, 9/1/2021 | 190 | 196 | ||||||
Series 2019, GO, 3.00%, 9/1/2022 | 175 | 183 | ||||||
Township of Rostraver | ||||||||
GO, AGM, 3.00%, 9/1/2020 | 140 | 142 | ||||||
GO, AGM, 4.00%, 9/1/2021 | 100 | 105 | ||||||
Waynesboro Area School District, Franklin County | ||||||||
Series 2019, GO, 5.00%, 10/1/2020 | 485 | 499 | ||||||
Series 2019, GO, 5.00%, 10/1/2021 | 580 | 618 | ||||||
Series 2019, GO, 5.00%, 10/1/2022 | 305 | 336 | ||||||
Series 2019, GO, 5.00%, 10/1/2023 | 320 | 364 | ||||||
Wilkes-Barre Area School District Series 2019, GO, 5.00%, 4/15/2023 | 115 | 128 | ||||||
Wyalusing Area School District, Bradford and Wyoming Counties | ||||||||
Series 2019, GO, AGM, 4.00%, 4/1/2021 | 375 | 388 | ||||||
Series 2019, GO, AGM, 4.00%, 4/1/2022 | 315 | 333 | ||||||
Series 2019, GO, AGM, 4.00%, 4/1/2023 | 400 | 433 | ||||||
|
| |||||||
81,302 | ||||||||
|
| |||||||
Hospital — 0.5% |
| |||||||
General Authority of Southcentral, Wellspan Health Obligation Series C, Rev., VRDO, LIQ: Bank of America NA, 1.11%, 12/10/2019 (c) | 16,000 | 16,000 | ||||||
Lancaster County Hospital Authority, Health Care Facilities, Moravian Manors, Inc. Project Series 2019B, Rev., 2.88%, 12/15/2023 | 1,000 | 1,000 | ||||||
Northampton County General Purpose Authority, Saint Luke’s Hospital Project Series 2010A, Rev., 5.00%, 8/15/2020 | 25 | 26 | ||||||
|
| |||||||
17,026 | ||||||||
|
| |||||||
Industrial Development Revenue/Pollution Control Revenue — 0.1% |
| |||||||
Franklin County Industrial Development Authority, Menno-Haven, Inc., Project Rev., 4.00%, 12/1/2020 | 520 | 528 | ||||||
Lackawanna County Industrial Development Authority, University of Scranton | ||||||||
Rev., 4.00%, 11/1/2020 | 100 | 103 | ||||||
Rev., 5.00%, 11/1/2021 | 1,000 | 1,070 | ||||||
Montgomery County Industrial Development Authority, Meadowood Senior Living Project | ||||||||
Series 2018A, Rev., 3.00%, 12/1/2019 | 140 | 140 | ||||||
Series A, Rev., 3.00%, 12/1/2020 | 250 | 253 | ||||||
Series A, Rev., 3.00%, 12/1/2021 | 250 | 255 | ||||||
|
| |||||||
2,349 | ||||||||
|
| |||||||
Other Revenue — 0.7% |
| |||||||
Allentown Neighborhood Improvement Zone Development Authority, City Center Project Rev., 5.00%, 5/1/2023 (f) | 250 | 271 | ||||||
City of Lebanon Authority | ||||||||
Rev., 4.00%, 12/15/2020 (g) | 405 | 416 | ||||||
Rev., 4.00%, 12/15/2021 (g) | 240 | 252 | ||||||
Rev., 4.00%, 12/15/2022 (g) | 275 | 297 | ||||||
Rev., 4.00%, 12/15/2023 (g) | 360 | 397 | ||||||
Commonwealth Financing Authority, Tobacco Master Settlement Payment | ||||||||
Series 2018, Rev., 5.00%, 6/1/2020 | 555 | 565 | ||||||
Series 2018, Rev., 5.00%, 6/1/2021 | 535 | 563 | ||||||
Cumberland County Municipal Authority, AICUP Financing Program-Messiah College Project Rev., VRDO, 2.00%, 4/30/2020 (c) | 250 | 250 | ||||||
Emmaus General Authority Rev., VRDO, AGM, LIQ: Wells Fargo Bank NA, 1.05%, 12/10/2019 (c) | 5,385 | 5,385 | ||||||
Tender Option Bond Trust Receipts/Certificates | ||||||||
Series 2018-XL0060, Rev., VRDO, LIQ: Barclays Bank plc, LOC: Barclays Bank plc, 1.20%, 12/10/2019 (c) (f) | 5,650 | 5,650 | ||||||
Series2018-XX1, Rev., VRDO, LIQ: Barclays Bank plc, LOC: Barclays Bank plc, 1.20%, 12/10/2019 (c) (f) | 8,000 | 8,000 | ||||||
Urban Redevelopment Authority of Pittsburgh, Crawford Square Apartments Project Rev., VRDO, 2.25%, 6/1/2020 (c) | 1,850 | 1,850 | ||||||
|
| |||||||
23,896 | ||||||||
|
| |||||||
Prerefunded — 0.0% (b) |
| |||||||
City of Philadelphia, Water and Wastewater Rev., 5.00%, 11/1/2027 (e) | 1,465 | 1,627 |
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2019 (Unaudited) (continued)
Investments | Principal Amount ($000) | Value ($000) | ||||||
Pennsylvania Turnpike Commission, Convertible Capital Appreciation Series B2, Rev., 5.35%, 12/1/2024 (e) | 30 | 31 | ||||||
Pennsylvania Turnpike Commission, Oil Franchise Tax SeriesA-2, Rev., AGC, 5.00%, 12/1/2023 (e) | 30 | 30 | ||||||
|
| |||||||
1,688 | ||||||||
|
| |||||||
Transportation — 0.9% |
| |||||||
Pennsylvania Turnpike Commission | ||||||||
Series 2nd, Rev., VRDO, LOC: TD Bank NA, 1.12%, 12/10/2019 (c) | 12,855 | 12,855 | ||||||
SeriesA-1, Rev., VRDO, (SIFMA Municipal Swap Index Yield + 0.60%), 1.70%, 12/10/2019 (d) | 18,000 | 18,091 | ||||||
Series B, SubseriesB-2, Rev., 5.00%, 6/1/2020 | 50 | 51 | ||||||
Series A, Rev., 5.00%, 12/1/2022 | 1,000 | 1,110 | ||||||
Series A, Rev., 5.00%, 12/1/2023 | 1,000 | 1,143 | ||||||
Pennsylvania Turnpike Commission, Senior Lien Series A, Rev., 5.00%, 12/1/2020 | 110 | 114 | ||||||
|
| |||||||
33,364 | ||||||||
|
| |||||||
Utility — 0.7% |
| |||||||
Philadelphia Gas Works Co. SeriesA-2, Rev., VRDO, LOC: TD Bank NA, 1.12%, 12/10/2019 (c) | 13,300 | 13,300 | ||||||
Philadelphia Gas Works Co., 1998 General Ordinance Series C, Rev., VRDO, LOC: Barclays Bank plc, 1.11%, 12/10/2019 (c) | 10,585 | 10,585 | ||||||
|
| |||||||
23,885 | ||||||||
|
| |||||||
Water & Sewer — 0.1% |
| |||||||
Ambridge Borough Water Authority | ||||||||
Rev., 3.00%, 11/15/2020 | 195 | 198 | ||||||
Rev., 4.00%, 11/15/2021 | 160 | 168 | ||||||
Rev., 4.00%, 11/15/2022 | 175 | 188 | ||||||
Rev., 4.00%, 11/15/2023 | 175 | 192 | ||||||
Charleroi Borough Authority, Water System | ||||||||
Rev., AGM, 2.00%, 12/1/2019 | 120 | 120 | ||||||
Rev., AGM, 3.00%, 12/1/2020 | 305 | 310 | ||||||
Rev., AGM, 4.00%, 12/1/2021 | 225 | 237 | ||||||
Rev., AGM, 4.00%, 12/1/2022 | 165 | 177 | ||||||
Rev., AGM, 4.00%, 12/1/2023 | 225 | 247 | ||||||
Middletown Township Sewer Authority | ||||||||
Rev., 3.00%, 10/1/2020 | 270 | 274 | ||||||
Rev., 4.00%, 10/1/2021 | 330 | 347 | ||||||
Rev., 4.00%, 10/1/2022 | 265 | 284 | ||||||
Rev., 4.00%, 10/1/2023 | 210 | 230 | ||||||
Pittsburgh Water & Sewer Authority Series A, Rev., 5.00%, 9/1/2022 | 250 | 275 | ||||||
Upper Allegheny Joint Sanitary Authority | ||||||||
Series 2019A, Rev., AGM, 3.00%, 9/1/2020 | 125 | 127 | ||||||
Series 2019A, Rev., AGM, 3.00%, 9/1/2021 | 285 | 293 | ||||||
Series 2019A, Rev., AGM, 4.00%, 9/1/2022 | 200 | 214 | ||||||
Series 2019A, Rev., AGM, 4.00%, 9/1/2023 | 215 | 235 | ||||||
|
| |||||||
4,116 | ||||||||
|
| |||||||
Total Pennsylvania | 298,772 | |||||||
|
| |||||||
Rhode Island — 0.9% | ||||||||
Education — 0.8% | ||||||||
Rhode Island Health and Educational Building Corp. Rev., VRDO, LOC: TD Bank NA, 1.11%, 12/10/2019 (c) | 25,120 | 25,120 | ||||||
Rhode Island Health and Educational Building Corp., Higher Education Facility, Rhode Island School of Design Issue Series 2008A, Rev., VRDO, LOC: U.S. Bank NA, 1.07%, 12/10/2019 (c) | 4,725 | 4,725 | ||||||
Rhode Island Health and Educational Building Corp., Public School Program, Providence Public Building Authority Series 2013A, Rev., 5.00%, 5/15/2022 | 15 | 16 | ||||||
|
| |||||||
29,861 | ||||||||
|
| |||||||
General Obligation — 0.1% |
| |||||||
City of Pawtucket | ||||||||
Series 2019C, GO, AGM, 3.00%, 7/15/2020 | 185 | 187 | ||||||
Series 2019D, GO, AGM, 3.00%, 7/15/2020 | 185 | 187 | ||||||
Series 2019D, GO, AGM, 3.00%, 7/15/2021 | 125 | 129 | ||||||
Series 2019C, GO, AGM, 4.00%, 7/15/2021 | 185 | 193 | ||||||
Series 2019D, GO, AGM, 3.00%, 7/15/2022 | 210 | 219 | ||||||
Series 2019C, GO, AGM, 4.00%, 7/15/2022 | 210 | 225 | ||||||
Series 2019D, GO, AGM, 3.00%, 7/15/2023 | 70 | 74 | ||||||
Series 2019C, GO, AGM, 4.00%, 7/15/2023 | 380 | 415 | ||||||
|
| |||||||
1,629 | ||||||||
|
|
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2019 (Unaudited) (continued)
Investments | Principal Amount ($000) | Value ($000) | ||||||
Other Revenue — 0.0% (b) |
| |||||||
Providence Public Building Authority, Capital Improvement Series A, Rev., 5.00%, 9/15/2020 | 200 | 205 | ||||||
|
| |||||||
Transportation — 0.0% (b) |
| |||||||
Rhode Island Commerce Corp., First Lien Special Facility, Rhode Island Airport Corp. Intermodal Facility Project Series 2018, Rev., 5.00%, 7/1/2020 | 585 | 597 | ||||||
Rhode Island Turnpike and Bridge Authority | ||||||||
Series 2019A, Rev., 5.00%, 10/1/2021 | 300 | 321 | ||||||
Series 2019A, Rev., 5.00%, 10/1/2023 | 125 | 142 | ||||||
|
| |||||||
1,060 | ||||||||
|
| |||||||
Total Rhode Island | 32,755 | |||||||
|
| |||||||
South Carolina — 0.8% | ||||||||
Education — 0.0% (b) | ||||||||
Educational Facilities Authority, Wofford College Series B, Rev., VRDO, 2.37%, 4/1/2022 (c) | 500 | 510 | ||||||
South Carolina Jobs-Economic Development Authority, Lowcountry Leadership Charter School Project Series A, Rev., 2.38%, 12/1/2024 (f) | 600 | 596 | ||||||
|
| |||||||
1,106 | ||||||||
|
| |||||||
General Obligation — 0.5% | ||||||||
County of Richland Series 2019A, GO, BAN, 3.00%, 2/27/2020 | 17,200 | 17,277 | ||||||
|
| |||||||
Industrial Development Revenue/Pollution Control Revenue — 0.0% (b) | ||||||||
South Carolina Jobs-Economic Development Authority, Episcopal Home At Still Hopes Series 2018A, Rev., 5.00%, 4/1/2021 | 500 | 517 | ||||||
|
| |||||||
Transportation — 0.3% | ||||||||
South Carolina Transportation Infrastructure Bank Series 2003B, Rev., VRDO, (ICE LIBOR USD 1 Month + 0.45%), 1.64%, 1/1/2020 (d) | 9,950 | 9,963 | ||||||
|
| |||||||
Total South Carolina | 28,863 | |||||||
|
| |||||||
South Dakota — 0.0% (b) | ||||||||
Housing — 0.0% (b) | ||||||||
South Dakota Board of Regents, Housing and Auxiliary Facility System Series 2017, Rev., 5.00%, 4/1/2022 | 375 | 406 | ||||||
|
| |||||||
Other Revenue — 0.0% (b) | ||||||||
South Dakota State Building Authority Series A, Rev., 3.00%, 6/1/2020 | 200 | 202 | ||||||
|
| |||||||
Total South Dakota | 608 | |||||||
|
| |||||||
Tennessee — 3.0% | ||||||||
Education — 0.5% | ||||||||
Knox County Health Educational & Housing Facility Board, Meadowbrook Apartments Project Rev., VRDO, 1.50%, 7/1/2021 (c) | 650 | 651 | ||||||
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board Rev., 1.50%, 7/1/2020 | 3,750 | 3,755 | ||||||
Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, East Webster Street Apartments Project Rev., VRDO, 2.05%, 4/1/2020 (c) | 2,500 | 2,508 | ||||||
Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Oakwood Flats Apartments Project Rev., VRDO, 2.10%, 10/1/2020 (c) | 6,500 | 6,540 | ||||||
Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Trevecca Nazarene University Project Series 2019, Rev., 3.00%, 10/1/2024 | 525 | 538 | ||||||
Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Twelfth and Wedgewood Apartments Project Series 2017, Rev., VRDO, GNMA, 1.80%, 12/1/2020 (c) | 4,000 | 4,000 | ||||||
|
| |||||||
17,992 | ||||||||
|
| |||||||
General Obligation — 0.1% | ||||||||
City of Memphis, General Improvement GO, 5.00%, 6/1/2020 | 25 | 25 | ||||||
County of Shelby, Public Improvment Series B, GO, VRDO, 1.10%, 12/10/2019 (c) | 2,000 | 2,000 |
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2019 (Unaudited) (continued)
Investments | Principal Amount ($000) | Value ($000) | ||||||
County of Sumner, School and Public Improvement Series 2013, GO, 5.00%, 12/1/2019 | 105 | 105 | ||||||
|
| |||||||
2,130 | ||||||||
|
| |||||||
Hospital — 1.8% | ||||||||
Chattanooga Health Educational and Housing Facility Board, Catholic Health Services Series 2004C, Rev., VRDO, 1.23%, 12/10/2019 (c) | 21,940 | 21,940 | ||||||
Rutherford County Health and Educational Facilities Board Rev., VRDO, 2.50%, 11/1/2020 (c) | 3,500 | 3,534 | ||||||
Shelby County Health Educational and Housing Facilities Board, Methodist Le Bonheur Healthcare Series B, Rev., VRDO, AGM, LOC: U.S. Bank NA, 1.15%, 12/2/2019 (c) | 30,000 | 30,000 | ||||||
Shelby County Health Educational and Housing Facilities Board, The Farms at Bailey Station Series2019B-1, Rev., 4.00%, 12/1/2026 (f) | 10,000 | 10,023 | ||||||
|
| |||||||
65,497 | ||||||||
|
| |||||||
Housing — 0.5% | ||||||||
Highlands Residential Services, Walnut Village Project Series 2019, Rev., VRDO, GNMA COLL, 1.80%, 4/1/2021 (c) | 1,000 | 1,004 | ||||||
Knox County Health Educational and Housing Facility Board, Clear Springs Apartments Project Series 2019, Rev., VRDO, 1.80%, 5/1/2021 (c) | 800 | 805 | ||||||
Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Multifamily Housing, Dandridge Towers Project Rev., VRDO, 1.87%, 7/1/2020 (c) | 2,400 | 2,404 | ||||||
Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Multifamily Housing, Trevecca Towers I/East Project Rev., VRDO, 2.00%, 1/1/2021 (c) | 10,000 | 10,068 | ||||||
Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Multifamily Housing, Trevecca Towers II Project Rev., 2.00%, 1/1/2021 (c) | 5,000 | 5,040 | ||||||
|
| |||||||
19,321 | ||||||||
|
| |||||||
Industrial Development Revenue/Pollution Control Revenue — 0.1% | ||||||||
Lewisburg Industrial Development Board, Lewisburg Summit Apartments Rev., VRDO, 1.55%, 3/1/2022 (c) | 1,900 | 1,907 | ||||||
|
| |||||||
Utility — 0.0% (b) | ||||||||
Tennessee Energy Acquisition Corp., Gas Project | ||||||||
Series A, Rev., 4.00%, 5/1/2020 | 780 | 788 | ||||||
Series 2017A, Rev., 4.00%, 5/1/2021 | 730 | 754 | ||||||
|
| |||||||
1,542 | ||||||||
|
| |||||||
Water & Sewer — 0.0% (b) | ||||||||
Jackson Energy Authority, Wastewater System Rev., 5.00%, 12/1/2019 | 350 | 350 | ||||||
|
| |||||||
Total Tennessee | 108,739 | |||||||
|
| |||||||
Texas — 7.2% | ||||||||
Education — 0.2% | ||||||||
Arlington Higher Education Finance Corp., Uplift Education Series 2017A, Rev.,PSF-GTD, 3.00%, 12/1/2019 | 435 | 435 | ||||||
Austin Community College District Public Facility Corp., Lease, Highland Campus Parking Garage Project | ||||||||
Series 2018C, Rev., 5.00%, 8/1/2024 | 200 | 233 | ||||||
Series 2018C, Rev., 5.00%, 8/1/2025 | 200 | 239 | ||||||
Austin Community College District, Combined Fee | ||||||||
Rev., 5.00%, 2/1/2020 | 110 | 111 | ||||||
Rev., 5.00%, 2/1/2021 | 160 | 167 | ||||||
Rev., 5.00%, 2/1/2022 | 165 | 178 | ||||||
Rev., 5.00%, 2/1/2023 | 170 | 190 | ||||||
McLennan County Junior College District | ||||||||
Rev., AGM, 3.00%, 4/15/2020 | 300 | 302 | ||||||
Rev., AGM, 3.00%, 4/15/2021 | 350 | 358 | ||||||
Rev., AGM, 3.00%, 4/15/2022 | 100 | 104 | ||||||
New Hope Cultural Education Facilities Finance Corp., Longhorn Village Project Rev., 5.00%, 1/1/2020 | 195 | 195 | ||||||
New Hope Cultural Education Facilities Finance Corp., Presbyterian Village North Project | ||||||||
Rev., 5.00%, 10/1/2020 | 675 | 688 | ||||||
Rev., 5.00%, 10/1/2021 | 1,425 | 1,484 | ||||||
Rev., 5.00%, 10/1/2022 | 1,495 | 1,586 |
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2019 (Unaudited) (continued)
Investments | Principal Amount ($000) | Value ($000) | ||||||
University of Texas (The), Board of Regents, Financing System | ||||||||
Series A, Rev., 5.00%, 8/15/2020 | 25 | 26 | ||||||
Series 2016D, Rev., 5.00%, 8/15/2021 | 25 | 26 | ||||||
|
| |||||||
6,322 | ||||||||
|
| |||||||
General Obligation — 3.0% | ||||||||
Avery Ranch Road District No. 1 | ||||||||
Series 2019, GO, 3.00%, 8/15/2022 | 615 | 644 | ||||||
Series 2019, GO, 3.00%, 8/15/2023 | 810 | 857 | ||||||
Big Oaks Municipal Utility District | ||||||||
GO, AGM, 3.00%, 3/1/2021 (g) | 335 | 341 | ||||||
GO, AGM, 3.00%, 3/1/2022 (g) | 345 | 357 | ||||||
GO, AGM, 3.00%, 3/1/2023 (g) | 905 | 947 | ||||||
Bridgestone Municipal Utility District | ||||||||
Series A, GO, AGM, 2.00%, 5/1/2021 | 1,480 | 1,494 | ||||||
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 | ||||||||
GO, 3.00%, 6/1/2021 | 200 | 205 | ||||||
GO, 3.00%, 6/1/2022 | 235 | 244 | ||||||
GO, 3.00%, 6/1/2023 | 250 | 262 | ||||||
City of Galveston | ||||||||
GO, 3.00%, 5/1/2021 | 130 | 133 | ||||||
GO, 4.00%, 5/1/2022 | 590 | 628 | ||||||
City of Granbury Series 2018, GO, 2.00%, 8/15/2020 | 185 | 186 | ||||||
City of Grand Prairie GO, 5.00%, 2/15/2021 | 20 | 21 | ||||||
City of Kenedy, Certificates of Obligation | ||||||||
GO, 4.00%, 5/1/2020 | 315 | 319 | ||||||
GO, 4.00%, 5/1/2021 | 130 | 135 | ||||||
GO, 4.00%, 5/1/2022 | 120 | 127 | ||||||
GO, 4.00%, 5/1/2023 | 125 | 136 | ||||||
City of Odessa Series 2017, GO, 4.00%, 3/1/2020 | 300 | 302 | ||||||
City of Port Arthur | ||||||||
GO, AGM, 3.00%, 2/15/2020 | 455 | 457 | ||||||
GO, AGM, 3.00%, 2/15/2021 | 350 | 358 | ||||||
GO, AGM, 3.00%, 2/15/2022 | 765 | 792 | ||||||
GO, AGM, 5.00%, 2/15/2023 | 910 | 1,012 | ||||||
City of Sulphur Springs | ||||||||
Series 2019, GO, AGM, 3.00%, 9/1/2020 | 100 | 101 | ||||||
Series 2019, GO, AGM, 3.00%, 9/1/2021 | 100 | 103 | ||||||
Series 2019, GO, AGM, 3.00%, 9/1/2022 | 520 | 543 | ||||||
City of Universal City | ||||||||
GO, 4.00%, 8/15/2020 | 215 | 219 | ||||||
GO, 4.00%, 8/15/2021 | 140 | 147 | ||||||
GO, 4.00%, 8/15/2022 | 145 | 155 | ||||||
GO, 2.00%, 8/15/2023 | 230 | 234 | ||||||
City of Wylie GO, 5.00%, 2/15/2020 | 20 | 20 | ||||||
Clear Brook City Municipal Utility District Series 2019, GO, AGM, 2.10%, 2/1/2023 | 450 | 456 | ||||||
Clear Creek Independent School District, School Building Series B, GO, VRDO,PSF-GTD, 1.45%, 8/14/2020 (c) | 2,200 | 2,202 | ||||||
Counties of Travis, Williamson and Hays, City of Austin, Public Improvement GO, 5.00%, 9/1/2021 | 30 | 32 | ||||||
County of Bexar, Harlandale Independent School District GO,PSF-GTD, 3.00%, 8/15/2021 (c) | 4,000 | 4,045 | ||||||
County of Denton GO, 5.00%, 7/15/2020 | 50 | 51 | ||||||
County of La Salle | ||||||||
GO, AGM, 5.00%, 3/1/2020 | 315 | 318 | ||||||
GO, AGM, 5.00%, 3/1/2021 | 345 | 362 | ||||||
County of La Salle, Unlimited Tax | ||||||||
GO, AGM, 5.00%, 3/1/2020 | 2,075 | 2,095 | ||||||
GO, AGM, 5.00%, 3/1/2021 | 2,135 | 2,238 | ||||||
County of Lubbock GO, 5.00%, 2/15/2020 | 20 | 20 | ||||||
County of Nueces GO, 1.95%, 2/15/2026 | 2,000 | 2,000 | ||||||
Cuero Independent School District, School Building Series 2014, GO,PSF-GTD, 5.00%, 8/15/2021 | 100 | 106 | ||||||
Cypress Hill Municipal Utility District No. 1 | ||||||||
GO, 2.00%, 9/1/2020 | 30 | 30 | ||||||
GO, 2.00%, 9/1/2021 | 290 | 293 | ||||||
GO, 2.00%, 9/1/2022 | 190 | 193 | ||||||
GO, 3.00%, 9/1/2023 | 270 | 284 | ||||||
Cypress-Fairbanks Independent School District GO,PSF-GTD, 4.00%, 2/15/2020 | 6,065 | 6,100 | ||||||
Florence Independent School District | ||||||||
GO,PSF-GTD, 3.00%, 8/15/2026 | 230 | 239 | ||||||
GO,PSF-GTD, 3.00%, 8/15/2027 | 115 | 119 |
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2019 (Unaudited) (continued)
Investments | Principal Amount ($000) | Value ($000) | ||||||
Fort Bend County Levee Improvement District No. 11 GO, AGM, 3.00%, 9/1/2023 | 400 | 420 | ||||||
Fort Bend County Municipal Utility District No. 116 | ||||||||
Series 2019, GO, 3.00%, 9/1/2021 | 330 | 339 | ||||||
Series 2019, GO, 3.00%, 9/1/2022 | 460 | 479 | ||||||
Series 2019, GO, 3.00%, 9/1/2023 | 450 | 473 | ||||||
Fort Bend County Municipal Utility District No. 151 GO, 3.00%, 9/1/2021 | 190 | 196 | ||||||
Georgetown Independent School District Series2019-B, GO,PSF-GTD, 2.75%, 8/1/2022 (c) | 8,000 | 8,284 | ||||||
Greenhawe Water Control & Improvement District No. 2 | ||||||||
GO, AGM, 3.00%, 9/1/2022 | 190 | 198 | ||||||
GO, AGM, 3.00%, 9/1/2023 | 200 | 210 | ||||||
Harris County Fresh Water Supply District No. 61 | ||||||||
Series 2019, GO, AGM, 4.00%, 9/1/2023 | 445 | 486 | ||||||
Series 2019, GO, AGM, 3.00%, 9/1/2024 | 695 | 739 | ||||||
Harris County Municipal Utility District No. 096 | ||||||||
Series 2019, GO, 2.00%, 9/1/2021 | 185 | 187 | ||||||
Series 2019, GO, 2.00%, 9/1/2023 | 195 | 198 | ||||||
Harris County Municipal Utility District No. 152 | ||||||||
GO, AGM, 3.00%, 8/1/2022 | 280 | 290 | ||||||
GO, AGM, 3.00%, 8/1/2023 | 400 | 419 | ||||||
Harris County Municipal Utility District No. 157 GO, AGM, 3.00%, 3/1/2023 | 425 | 445 | ||||||
Harris County Municipal Utility District No. 276 | ||||||||
GO, 3.00%, 9/1/2022 | 365 | 380 | ||||||
GO, 3.00%, 9/1/2023 | 745 | 783 | ||||||
Harris County Municipal Utility District No. 281 | ||||||||
Series 2019, GO, 2.00%, 9/1/2020 | 135 | 136 | ||||||
Series 2019, GO, 2.00%, 9/1/2021 | 130 | 131 | ||||||
Series 2019, GO, 2.00%, 9/1/2022 | 300 | 304 | ||||||
Series 2019, GO, 2.00%, 9/1/2023 | 305 | 310 | ||||||
Harris County Municipal Utility District No. 374 | ||||||||
Series 2019, GO, 3.00%, 9/1/2021 | 100 | 103 | ||||||
Series 2019, GO, 3.00%, 9/1/2022 | 145 | 150 | ||||||
Series 2019, GO, 3.00%, 9/1/2023 | 115 | 121 | ||||||
Harris County Municipal Utility District No. 391 | ||||||||
GO, 3.00%, 9/1/2020 | 95 | 96 | ||||||
GO, 3.00%, 9/1/2021 | 375 | 386 | ||||||
GO, 3.00%, 9/1/2023 | 400 | 420 | ||||||
Harris County Municipal Utility District No. 419 | ||||||||
GO, 3.00%, 9/1/2020 | 75 | 76 | ||||||
GO, 3.00%, 9/1/2021 | 70 | 72 | ||||||
GO, 3.00%, 9/1/2022 | 175 | 182 | ||||||
GO, 3.00%, 9/1/2023 | 455 | 477 | ||||||
Harris County Municipal Utility District No. 55 | ||||||||
GO, 2.00%, 2/1/2021 | 470 | 473 | ||||||
GO, 3.00%, 2/1/2022 | 260 | 269 | ||||||
GO, 3.00%, 2/1/2023 | 785 | 822 | ||||||
Harris County Water Control and Improvement District No. 119 | ||||||||
GO, AGM, 2.00%, 10/1/2021 | 835 | 845 | ||||||
GO, AGM, 3.00%, 10/1/2022 | 365 | 381 | ||||||
GO, AGM, 3.00%, 10/1/2023 | 375 | 396 | ||||||
Hunters Glen Municipal Utility District, Waterworks & Sewer System | ||||||||
Series 2019A, GO, AGM, 2.00%, 4/1/2020 | 120 | 120 | ||||||
Series 2019A, GO, AGM, 2.00%, 4/1/2021 | 110 | 111 | ||||||
Series 2019A, GO, AGM, 2.00%, 4/1/2022 | 330 | 334 | ||||||
Series 2019A, GO, AGM, 2.00%, 4/1/2023 | 595 | 604 | ||||||
La Joya Independent School District | ||||||||
GO, AGM, 4.00%, 2/15/2021 | 380 | 393 | ||||||
GO, AGM, 4.00%, 2/15/2022 | 390 | 413 | ||||||
GO, AGM, 4.00%, 2/15/2023 | 420 | 454 | ||||||
Lytle Independent School District GO,PSF-GTD, 4.00%, 2/15/2028 | 255 | 298 | ||||||
Midlothian Independent School District, School Building Series B, GO,PSF-GTD, 2.50%, 8/1/2020 (c) | 5,000 | 5,038 | ||||||
Montgomery County Municipal Utility District No. 94 | ||||||||
GO, 2.00%, 10/1/2020 | 20 | 20 | ||||||
GO, 2.00%, 10/1/2021 | 60 | 61 | ||||||
GO, 2.00%, 10/1/2022 | 185 | 188 | ||||||
GO, 2.00%, 10/1/2023 | 185 | 188 |
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2019 (Unaudited) (continued)
Investments | Principal Amount ($000) | Value ($000) | ||||||
New Caney Independent School District, School Building GO,PSF-GTD, 3.00%, 8/15/2021 (c) | 1,500 | 1,543 | ||||||
Northside Independent School District, School Building | ||||||||
GO, VRDO,PSF-GTD, 1.45%, 6/1/2020 (c) | 4,000 | 4,002 | ||||||
GO,PSF-GTD, 2.00%, 6/1/2021 (c) | 3,035 | 3,066 | ||||||
Northwest Harris County Municipal Utility District No. 19 | ||||||||
GO, AGM, 2.00%, 10/1/2020 | 40 | 40 | ||||||
GO, AGM, 2.00%, 10/1/2021 | 100 | 101 | ||||||
GO, AGM, 2.00%, 10/1/2022 | 100 | 101 | ||||||
GO, AGM, 2.00%, 10/1/2023 | 105 | 106 | ||||||
Pecan Grove Municipal Utility District | ||||||||
Series 2019, GO, 4.00%, 9/1/2021 | 560 | 586 | ||||||
Series 2019, GO, 4.00%, 9/1/2022 | 710 | 760 | ||||||
Series 2019, GO, 4.00%, 9/1/2023 | 740 | 807 | ||||||
Sienna Plantation Municipal Utility District No. 3 | ||||||||
GO, 2.00%, 3/1/2021 | 200 | 202 | ||||||
GO, 2.00%, 3/1/2022 | 225 | 228 | ||||||
GO, 2.00%, 3/1/2023 | 185 | 187 | ||||||
State of Texas Series A, GO, VRDO, LIQ: State Street Bank & Trust, 1.21%, 12/10/2019 (c) | 12,370 | 12,370 | ||||||
State of Texas, Veterans GO, VRDO, LIQ: Sumitomo Mitsui Banking Corp., 1.15%, 12/10/2019 (c) | 19,505 | 19,505 | ||||||
Town of Horizon City | ||||||||
Series 2019, GO, AGM, 3.00%, 8/15/2020 | 155 | 157 | ||||||
Series 2019, GO, AGM, 3.00%, 8/15/2021 | 300 | 309 | ||||||
Series 2019, GO, AGM, 3.00%, 8/15/2022 | 170 | 177 | ||||||
Series 2019, GO, AGM, 4.00%, 8/15/2023 | 230 | 252 | ||||||
Travis County Municipal Utility District No. 4 | ||||||||
Series 2019A, GO, AGM, 2.00%, 9/1/2022 | 410 | 415 | ||||||
Series 2019A, GO, AGM, 3.00%, 9/1/2023 | 650 | 684 | ||||||
Williamson County Municipal Utility District No. 11 | ||||||||
GO, AGM, 4.00%, 8/1/2020 | 255 | 259 | ||||||
GO, AGM, 4.00%, 8/1/2021 | 140 | 146 | ||||||
GO, AGM, 4.00%, 8/1/2022 | 110 | 117 | ||||||
|
| |||||||
107,880 | ||||||||
|
| |||||||
Hospital — 0.9% |
| |||||||
Harris County Cultural Education Facilities Finance Corp., Children’s Hospital Series A, Rev., 5.00%, 10/1/2020 | 3,255 | 3,357 | ||||||
Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System | ||||||||
Series 2019C, Rev., VRDO, (SIFMA Municipal Swap Index Yield + 0.42%), 1.52%, 12/10/2019 (d) | 10,000 | 10,000 | ||||||
Series2019C-2, Rev., VRDO, (SIFMA Municipal Swap Index Yield + 0.57%), 1.67%, 12/10/2019 (d) | 9,000 | 9,000 | ||||||
Series 2019A, Rev., 5.00%, 12/1/2021 | 1,750 | 1,878 | ||||||
Series 2019A, Rev., 5.00%, 12/1/2022 | 1,700 | 1,884 | ||||||
Series 2019A, Rev., 5.00%, 12/1/2023 | 2,230 | 2,545 | ||||||
Tarrant County Cultural Education Facilities Finance Corp., Christus Health Series A, Rev., 5.00%, 7/1/2020 | 3,460 | 3,533 | ||||||
|
| |||||||
32,197 | ||||||||
|
| |||||||
Industrial Development Revenue/Pollution Control Revenue — 0.1% |
| |||||||
Matagorda County Navigation District No. 1, Pollution Control Rev., VRDO, AMT, 1.75%, 9/1/2020 (c) | 4,000 | 4,007 | ||||||
|
| |||||||
Other Revenue — 2.1% |
| |||||||
City of Irving, Hotel Occupancy | ||||||||
Rev., 5.00%, 8/15/2020 (g) | 125 | 128 | ||||||
Rev., 5.00%, 8/15/2021 (g) | 25 | 26 | ||||||
Rev., 5.00%, 8/15/2022 (g) | 50 | 55 | ||||||
Rev., 5.00%, 8/15/2023 (g) | 50 | 56 | ||||||
State of Texas Rev., TRAN, 4.00%, 8/27/2020 | 75,915 | 77,496 | ||||||
|
| |||||||
77,761 | ||||||||
|
| |||||||
Prerefunded — 0.0% (b) |
| |||||||
Austin Independent School District Series 2013A, GO,PSF-GTD, 5.00%, 8/1/2032 (e) | 30 | 32 | ||||||
|
| |||||||
Transportation — 0.8% |
| |||||||
Brazoria County Toll Road Authority, Limited Contract Tax and Subordinate Lien Toll Road Series 2017B, Rev., BAN, 1.45%, 3/1/2020 | 7,000 | 7,003 |
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2019 (Unaudited) (continued)
Investments | Principal Amount ($000) | Value ($000) | ||||||
Central Texas Regional Mobility Authority, Subordinated Lien Rev., BAN, 4.00%, 1/1/2022 | 2,455 | 2,548 | ||||||
City of Austin, Airport System Series 2019, Rev., AMT, 5.00%, 11/15/2022 | 4,250 | 4,697 | ||||||
Harris County Toll Road Authority, Senior Lien | ||||||||
Series 2018A, Rev., 5.00%, 8/15/2020 | 1,500 | 1,540 | ||||||
Series A, Rev., 5.00%, 8/15/2021 | 1,500 | 1,597 | ||||||
Love Field Airport Modernization Corp. Rev., AMT, 5.00%, 11/1/2021 | 125 | 134 | ||||||
North Texas Tollway Authority | ||||||||
Series B, Rev., 4.00%, 1/1/2022 | 800 | 845 | ||||||
Series B, Rev., 5.00%, 1/1/2023 | 5,000 | 5,562 | ||||||
Series B, Rev., 5.00%, 1/1/2024 | 5,500 | 6,299 | ||||||
Port Beaumont Navigation District Rev., 4.00%, 9/1/2020 | 155 | 158 | ||||||
|
| |||||||
30,383 | ||||||||
|
| |||||||
Utility — 0.1% |
| |||||||
City of Houston, Combined Utility System First Lien Series2004B-6, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 1.09%, 12/10/2019 (c) | 1,540 | 1,540 | ||||||
County of Bexar, Tax Exempt Revenue Project | ||||||||
Rev., 5.00%, 8/15/2020 | 235 | 241 | ||||||
Rev., 5.00%, 8/15/2022 | 275 | 302 | ||||||
Rev., 5.00%, 8/15/2023 | 275 | 311 | ||||||
|
| |||||||
2,394 | ||||||||
|
| |||||||
Water & Sewer — 0.0% (b) |
| |||||||
Canyon Regional Water Authority, Wells Ranch I Project Rev., 4.00%, 8/1/2020 | 20 | 21 | ||||||
Trinity River Authority Central Regional Wastewater System Rev., 5.00%, 8/1/2020 | 675 | 692 | ||||||
|
| |||||||
713 | ||||||||
|
| |||||||
Total Texas | 261,689 | |||||||
|
| |||||||
Utah — 0.4% |
| |||||||
Education — 0.0% (b) |
| |||||||
Utah Charter School Finance Authority | ||||||||
Series A, Rev., 5.00%, 4/15/2020 | 65 | 66 | ||||||
Series A, Rev., 5.00%, 4/15/2021 | 40 | 42 | ||||||
Series A, Rev., 5.00%, 4/15/2022 | 35 | 38 | ||||||
Series A, Rev., 5.00%, 4/15/2023 | 85 | 94 | ||||||
Utah Charter School Finance Authority, Utah Charter Academies Project | ||||||||
Rev., 3.00%, 10/15/2020 | 220 | 223 | ||||||
Rev., 4.00%, 10/15/2021 | 305 | 320 | ||||||
|
| |||||||
783 | ||||||||
|
| |||||||
Hospital — 0.4% |
| |||||||
County of Utah Hospital, IHC Health Services, Inc. | ||||||||
Series C, Rev., VRDO, LIQ: U.S. Bank NA, 1.09%, 12/10/2019 (c) | 2,500 | 2,500 | ||||||
Series D, Rev., VRDO, LIQ: U.S. Bank NA, 1.09%, 12/10/2019 (c) | 11,275 | 11,275 | ||||||
|
| |||||||
13,775 | ||||||||
|
| |||||||
Other Revenue — 0.0% (b) |
| |||||||
City of Murray, Sales Tax | ||||||||
Series 2018, Rev., 3.00%, 11/15/2020 | 235 | 239 | ||||||
Series 2018, Rev., 4.00%, 11/15/2021 | 150 | 158 | ||||||
West Valley City Municipal Building Authority Series 2019, Rev., AGM, 5.00%, 2/1/2021 | 90 | 94 | ||||||
|
| |||||||
491 | ||||||||
|
| |||||||
Utility — 0.0% (b) |
| |||||||
City of Lehi, Electric Utility | ||||||||
Series 2018, Rev., 5.00%, 6/1/2020 | 85 | 87 | ||||||
Series 2018, Rev., 5.00%, 6/1/2021 | 75 | 79 | ||||||
|
| |||||||
166 | ||||||||
|
| |||||||
Total Utah | 15,215 | |||||||
|
| |||||||
Virginia — 2.2% |
| |||||||
Education — 0.2% |
| |||||||
Virginia College Building Authority, Public Higher Education Financing Program Series 2014B, Rev., 5.00%, 9/1/2020 | 7,685 | 7,906 | ||||||
|
| |||||||
General Obligation — 0.1% |
| |||||||
City of Charlottesville, Public Improvement Series 2012B, GO, 4.00%, 7/15/2020 | 200 | 204 | ||||||
City of Poquoson GO, 5.00%, 2/15/2020 | 120 | 121 | ||||||
Commonwealth of Virginia Series A, GO, 5.00%, 6/1/2021 | 1,480 | 1,566 | ||||||
|
| |||||||
1,891 | ||||||||
|
|
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2019 (Unaudited) (continued)
Investments | Principal Amount ($000) | Value ($000) | ||||||
Hospital — 0.5% |
| |||||||
Chesapeake Hospital Authority, Regional Medical Center | ||||||||
Rev., 5.00%, 7/1/2023 | 925 | 1,045 | ||||||
Rev., 5.00%, 7/1/2024 | 885 | 1,029 | ||||||
Fairfax County Industrial Development Authority, Health Care Series C, Rev., VRDO, 1.09%, 12/10/2019 (c) | 14,170 | 14,170 | ||||||
Norfolk Economic Development Authority, Sentara Healthcare Series B, Rev., VRDO, 1.11%, 12/10/2019 (c) | 1,315 | 1,315 | ||||||
|
| |||||||
17,559 | ||||||||
|
| |||||||
Industrial Development Revenue/Pollution Control Revenue — 0.5% |
| |||||||
Chesapeake Economic Development Authority, Virginia Electric and Power Co. Project Series 2008A, Rev., VRDO, 1.90%, 6/1/2023 (c) | 4,250 | 4,305 | ||||||
Wise County Industrial Development Authority Series2009-A, Rev., VRDO, 2.15%, 9/1/2020 (c) | 7,500 | 7,545 | ||||||
York County Economic Development Authority, Electric and Power Company Project Series 2009A, Rev., VRDO, 1.90%, 6/1/2023 (c) | 8,000 | 8,100 | ||||||
|
| |||||||
19,950 | ||||||||
|
| |||||||
Other Revenue — 0.7% |
| |||||||
Virginia Public Building Authority, Public Facilities | ||||||||
Series 2014C, Rev., 5.00%, 8/1/2020 | 18,830 | 19,316 | ||||||
Series A, Rev., 5.00%, 8/1/2020 | 5,220 | 5,355 | ||||||
|
| |||||||
24,671 | ||||||||
|
| |||||||
Prerefunded — 0.2% |
| |||||||
Fairfax County EDA, Community Services Facilities Projects Series A, Rev., 4.50%, 3/1/2037 (e) | 8,235 | 8,582 | ||||||
|
| |||||||
Transportation — 0.0% (b) |
| |||||||
Peninsula Ports Authority, Dominion Term Association Project Rev., VRDO, 1.70%, 10/1/2022 (c) | 1,550 | 1,548 | ||||||
Virginia Commonwealth Transportation Board, Federal Transportation SeriesB-G, Rev., 5.00%, 3/15/2021 | 25 | 26 | ||||||
|
| |||||||
1,574 | ||||||||
|
| |||||||
Total Virginia | 82,133 | |||||||
|
| |||||||
Washington — 2.2% |
| |||||||
General Obligation — 0.0% (b) |
| |||||||
Kitsap County School District No. 401 Central Kitsap, Unlimited Tax GO, 4.00%, 12/1/2021 | 75 | 79 | ||||||
Pend Oreille County, Public Hospital District No. 1 | ||||||||
GO, 3.00%, 12/1/2019 | 155 | 155 | ||||||
GO, 3.00%, 12/1/2020 | 155 | 157 | ||||||
Snohomish County School District No. 15 Edmonds GO, 5.00%, 12/1/2021 | 330 | 355 | ||||||
Snohomish County, Everett School District No. 2 GO, 5.00%, 12/1/2020 | 25 | 26 | ||||||
Snohomish County, School District No. 25, Marysville GO, 5.00%, 12/1/2020 | 170 | 176 | ||||||
|
| |||||||
948 | ||||||||
|
| |||||||
Hospital — 0.8% |
| |||||||
Washington Health Care Facilities Authority, Catholic Health Initiatives | ||||||||
Series 2013B, Rev., VRDO, (SIFMA Municipal Swap Index Yield + 1.00%), 2.10%, 12/10/2019 (d) | 5,000 | 5,012 | ||||||
Series 2013B, Rev., VRDO, (SIFMA Municipal Swap Index Yield + 1.40%), 2.50%, 12/10/2019 (d) | 10,000 | 10,227 | ||||||
Washington Health Care Facilities Authority, Commonspirit Health SeriesB-1, Rev., 5.00%, 8/1/2024 (c) | 11,000 | 12,507 | ||||||
Washington Health Care Facilities Authority, Overlake Hospital Medical Center Series 2017B, Rev., 5.00%, 7/1/2022 | 1,210 | 1,319 | ||||||
WBRP 3.2, Washington Biomedical Research Properties Series 2015A, Rev., 5.00%, 1/1/2021 | 25 | 26 | ||||||
|
| |||||||
29,091 | ||||||||
|
| |||||||
Housing — 0.7% |
| |||||||
Washington State Housing Finance Commission, Multi-Family Housing, Cathedral Plaza Apartments Rev., 2.37%, 7/1/2020 (c) | 13,500 | 13,571 | ||||||
Washington State Housing Finance Commission, Multi-Family Housing, The O’Malley Apartments Rev., VRDO, 2.37%, 7/1/2020 (c) | 8,500 | 8,545 |
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2019 (Unaudited) (continued)
Investments | Principal Amount ($000) | Value ($000) | ||||||
Washington State Housing Finance Commission, Transforming Age Project Series 2019B, Rev., 2.38%, 1/1/2026 (f) | 3,500 | 3,502 | ||||||
|
| |||||||
25,618 | ||||||||
|
| |||||||
Utility — 0.5% | ||||||||
City of Seattle, Municipal Light and Power Improvement Rev., 5.00%, 9/1/2021 | 20 | 21 | ||||||
Energy Northwest, Columbia Generating Station Series 2012A, Rev., 5.00%, 7/1/2020 | 18,750 | 19,172 | ||||||
|
| |||||||
19,193 | ||||||||
|
| |||||||
Water & Sewer — 0.2% | ||||||||
Cascade Water Alliance Rev., 5.00%, 1/1/2021 | 20 | 21 | ||||||
City of Seattle, Wastewater System Improvement Rev., 5.00%, 9/1/2020 | 25 | 26 | ||||||
County of King, Junior Lien, Sewer Rev., 2.45%, 12/1/2020 (c) | 6,615 | 6,644 | ||||||
|
| |||||||
6,691 | ||||||||
|
| |||||||
Total Washington | 81,541 | |||||||
|
| |||||||
West Virginia — 0.1% | ||||||||
Utility — 0.1% | ||||||||
West Virginia Economic Development Authority, Appalachian Power Co. - AMOS Project Series 2009A, Rev., VRDO, 2.63%, 6/1/2022 (c) | 3,805 | 3,902 | ||||||
|
| |||||||
Wisconsin — 2.6% | ||||||||
Education — 1.6% | ||||||||
Milwaukee Redevelopment Authority, Milwaukee Public Schools Rev., 4.00%, 11/15/2021 | 55 | 58 | ||||||
Wisconsin Health and Educational Facilities Authority, Advocate Aurora Health Credit Group Series2018C-1, Rev., VRDO, (SIFMA Municipal Swap Index Yield + 0.35%), 1.45%, 12/10/2019 (d) | 21,865 | 21,865 | ||||||
Wisconsin Health and Educational Facilities Authority, Franciscan Sisters of Christian Charity Sponsored Ministries, Inc. | ||||||||
Series 2017A, Rev., 5.00%, 9/1/2020 | 155 | 159 | ||||||
Series 2017A, Rev., 5.00%, 9/1/2021 | 160 | 169 | ||||||
Wisconsin Health and Educational Facilities Authority, Medical College Series 2008B, Rev., VRDO, LOC: U.S. Bank NA, 1.13%, 12/2/2019 (c) | 32,930 | 32,930 | ||||||
Wisconsin Health and Educational Facilities Authority, St. Camillus Health System Series2019B-3, Rev., 2.25%, 11/1/2026 | 4,000 | 4,020 | ||||||
|
| |||||||
59,201 | ||||||||
|
| |||||||
General Obligation — 0.4% | ||||||||
Big Foot Union High School District | ||||||||
Series 2019, GO, 4.00%, 3/1/2020 | 100 | 101 | ||||||
Series 2019, GO, 4.00%, 3/1/2021 | 130 | 134 | ||||||
Series 2019, GO, 4.00%, 3/1/2022 | 100 | 106 | ||||||
Series 2019, GO, 4.00%, 3/1/2023 | 115 | 124 | ||||||
City of Fort Atkinson | ||||||||
GO, 3.00%, 2/1/2021 | 115 | 117 | ||||||
GO, 3.00%, 2/1/2022 | 120 | 124 | ||||||
GO, 4.00%, 2/1/2023 | 230 | 248 | ||||||
City of Kenosha GO, 3.00%, 2/1/2021 | 1,000 | 1,021 | ||||||
City of Middletown | ||||||||
GO, 3.00%, 3/1/2020 | 200 | 201 | ||||||
GO, 3.00%, 3/1/2021 | 355 | 363 | ||||||
City of Racine | ||||||||
Series 2019B, GO, 4.00%, 6/1/2021 (g) | 120 | 125 | ||||||
Series 2019B, GO, 4.00%, 12/1/2021 (g) | 165 | 173 | ||||||
Series 2019B, GO, 4.00%, 12/1/2022 (g) | 145 | 156 | ||||||
Series 2019B, GO, 5.00%, 12/1/2023 (g) | 125 | 142 | ||||||
City of Shawano, Promissory Notes | ||||||||
Series 2019, GO, 3.00%, 4/1/2020 | 150 | 151 | ||||||
Series 2019, GO, 3.00%, 4/1/2021 | 250 | 256 | ||||||
Series 2019, GO, 3.00%, 4/1/2022 | 140 | 145 | ||||||
Series 2019, GO, 3.00%, 4/1/2023 | 150 | 157 | ||||||
City of Waukesha | ||||||||
Series 2019C, GO, 3.00%, 10/1/2020 | 575 | 584 | ||||||
Series 2019C, GO, 3.00%, 10/1/2021 | 450 | 464 | ||||||
Series 2019C, GO, 3.00%, 10/1/2022 | 425 | 447 | ||||||
Series 2019C, GO, 3.00%, 10/1/2023 | 350 | 372 |
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2019 (Unaudited) (continued)
Investments | Principal Amount ($000) | Value ($000) | ||||||
County of Douglas | ||||||||
GO, 5.00%, 2/1/2020 | 350 | 352 | ||||||
GO, 5.00%, 2/1/2021 | 350 | 365 | ||||||
GO, 5.00%, 2/1/2022 | 520 | 561 | ||||||
County of Manitowoc | ||||||||
GO, AGM, 3.00%, 11/1/2022 | 50 | 52 | ||||||
GO, AGM, 3.00%, 11/1/2023 | 150 | 158 | ||||||
Eleva-Strum School District | ||||||||
GO, 3.00%, 4/1/2020 | 230 | 231 | ||||||
GO, 3.00%, 4/1/2021 | 450 | 461 | ||||||
Gale-Ettrick-Trempealeau School District | ||||||||
GO, 2.00%, 4/1/2020 | 85 | 85 | ||||||
GO, 2.00%, 4/1/2021 | 50 | 50 | ||||||
GO, 2.00%, 4/1/2022 | 105 | 106 | ||||||
GO, 2.00%, 4/1/2023 | 130 | 132 | ||||||
Gibraltar Area School District | ||||||||
GO, 4.00%, 3/1/2020 | 440 | 443 | ||||||
GO, 4.00%, 3/1/2021 | 700 | 724 | ||||||
GO, 4.00%, 3/1/2022 | 315 | 334 | ||||||
Lakeshore Technical College District | ||||||||
Series 2019A, GO, 3.00%, 3/1/2022 | 75 | 78 | ||||||
Series 2019A, GO, 3.00%, 3/1/2023 | 110 | 115 | ||||||
Series 2019A, GO, 3.00%, 3/1/2024 | 405 | 429 | ||||||
Pewaukee School District Series 2019A, GO, 5.00%, 3/1/2024 | 375 | 432 | ||||||
Poynette School District | ||||||||
GO, 3.00%, 4/1/2020 | 125 | 126 | ||||||
GO, 3.00%, 4/1/2021 | 100 | 102 | ||||||
GO, 3.00%, 4/1/2022 | 340 | 353 | ||||||
GO, 3.00%, 4/1/2023 | 265 | 278 | ||||||
Randall Consolidated School Joint No. 1 | ||||||||
GO, 4.00%, 3/1/2020 | 380 | 382 | ||||||
GO, 4.00%, 3/1/2021 | 175 | 181 | ||||||
Village of Menomonee Falls, Promissory Note Series A, GO, 3.00%, 6/1/2021 | 270 | 277 | ||||||
Village of Mount Pleasant | ||||||||
Series 2019A, GO, 3.00%, 3/1/2020 | 100 | 100 | ||||||
Series 2019A, GO, 3.00%, 3/1/2021 | 285 | 291 | ||||||
Series 2019A, GO, 3.00%, 3/1/2022 | 265 | 274 | ||||||
Series 2019A, GO, 5.00%, 3/1/2023 | 380 | 423 | ||||||
Village of Pulaski GO, AGM, 3.00%, 4/1/2020 | 160 | 161 | ||||||
Western Technical College District, Promissory Notes Series 2019C, GO, 3.00%, 4/1/2020 | 150 | 151 | ||||||
Wittenberg Birnamwood School District | ||||||||
GO, AGM, 4.00%, 3/1/2021 | 130 | 134 | ||||||
GO, AGM, 4.00%, 3/1/2022 | 260 | 276 | ||||||
GO, AGM, 4.00%, 3/1/2023 | 280 | 304 | ||||||
|
| |||||||
14,632 | ||||||||
|
| |||||||
Other Revenue — 0.4% | ||||||||
City of Kaukauna Series 2019D, Rev., BAN, 2.63%, 9/1/2024 | 660 | 678 | ||||||
City of Racine Rev., RAN, 3.25%, 4/1/2020 | 1,500 | 1,501 | ||||||
Village of DeForest Series C, Rev., RAN, 3.00%, 5/1/2023 | 4,865 | 4,986 | ||||||
Village of Howard Rev., RAN, 2.00%, 12/1/2021 | 6,965 | 7,012 | ||||||
|
| |||||||
14,177 | ||||||||
|
| |||||||
Transportation — 0.1% | ||||||||
Wisconsin Department of Transportation | ||||||||
Series 1, Rev., 5.00%, 7/1/2020 | 2,135 | 2,183 | ||||||
Series 1, Rev., 5.00%, 7/1/2021 | 25 | 26 | ||||||
|
| |||||||
2,209 | ||||||||
|
| |||||||
Utility — 0.1% | ||||||||
WPPI Energy, Power Supply System Series A, Rev., 5.00%, 7/1/2020 | 3,275 | 3,346 | ||||||
|
| |||||||
Water & Sewer — 0.0% (b) | ||||||||
City of Kaukauna, Outagamie & Calumet Counties, Sanitary Sewer System Series 2019C, Rev., BAN, 2.63%, 9/1/2024 | 510 | 524 | ||||||
|
| |||||||
Total Wisconsin | 94,089 | |||||||
|
| |||||||
TOTAL MUNICIPAL BONDS |
| 3,549,911 | ||||||
|
| |||||||
Shares (000) | ||||||||
SHORT-TERM INVESTMENTS — 5.7% |
| |||||||
INVESTMENT COMPANIES — 5.7% |
| |||||||
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 1.04% (h) (i) | 205,733 | 205,733 | ||||||
|
| |||||||
Total Investments — 103.2% |
| 3,755,644 | ||||||
Liabilities in Excess of Other Assets — (3.2)% |
| (115,613 | ) | |||||
|
| |||||||
Net Assets — 100.0% |
| 3,640,031 | ||||||
|
|
Percentages indicated are based on net assets.
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2019 (Unaudited) (continued)
Abbreviations
AGC | Insured by Assured Guaranty Corp. | |
AGM | Insured by Assured Guaranty Municipal Corp. | |
AMBAC | Insured by American Municipal Bond Assurance Corp. | |
AMT | Alternative Minimum Tax | |
BAN | Bond Anticipation Note | |
COLL | Collateral | |
COP | Certificate of Participation | |
CR | Custodial Receipts | |
EDA | Economic Development Authority | |
GNMA | Government National Mortgage Association | |
GO | General Obligation | |
GRAN | Grant Revenue Anticipation Note | |
ICE | Intercontinental Exchange | |
IDA | Industrial Development Authority | |
LIBOR | London Interbank Offered Rate | |
LIQ | Liquidity Agreement | |
LOC | Letter of Credit | |
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 | |
RAN | Revenue Anticipation Note | |
RE | Reinsured | |
Rev. | Revenue | |
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. The interest rate shown is the rate in effect as of November 30, 2019. |
(a) | The date shown represents the earliest of the prerefunded date, next put date or final maturity date. | |
(b) | Amount rounds to less than 0.1% of net assets. | |
(c) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of November 30, 2019. | |
(d) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of November 30, 2019. | |
(e) | Security is prerefunded or escrowed to maturity. | |
(f) | Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. | |
(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 November 30, 2019. |
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2019 (Unaudited) (continued)
A. Valuation of Investments — Investments are valued in accordance with U.S. generally accepted accounting principles (“GAAP”) and the Fund’s valuation policies set forth by, and under the supervision and responsibility of, the Board of Trustees of the Trust (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.
J.P. Morgan Investment Management Inc. (the “Administrator”) has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Board with the oversight and monitoring of the valuation of the Fund’s investments. The Administrator implements the valuation policies of the Fund’s investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Fund. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and at least on a quarterly basis with the AVC and the Board.
Fixed income instruments are 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 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 inopen-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s net asset values per share as of the report date.
Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.
The various inputs that are used in determining the valuation of the Fund’s investments are summarized into the three broad levels listed below.
• | Level 1 – Unadjusted inputs using quoted prices in active markets for identical investments. |
• | Level 2 – Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs. |
• | Level 3 – Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s assumptions in determining the fair value of investments). |
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.
The following table represents each valuation input as presented on the Schedule of Portfolio Investments (“SOI”) (amounts in thousands):
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Total Investments in Securities (a) | $ | 205,733 | $ | 3,549,911 | $ | — | $ | 3,755,644 | ||||||||
|
|
|
|
|
|
|
|
(a) | All portfolio holdings designated as level 1 and level 2 are disclosed individually on the SOIs. Level 1 consists of a money market mutual fund that is held for daily investments of cash. Please refer to the SOIs for industry specifics of portfolio holdings. |
There were no transfers into or out of level 3 for the period ended November 30, 2019.
B. Investment Transactions with Affiliates — The Fund invested in an Underlying Fund which is advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. The Fund assumes the issuer listed in the table below to be an affiliated issuer. The Underlying Fund’s distributions may be reinvested into the Underlying Fund. Reinvestment amounts are included in the purchase cost amount in the table below. Amounts in the table below are in thousands.
For the period ended November 30, 2019 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at February 28, 2019 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at November 30, 2019 | Shares at November 30, 2019 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 1.04% (a) (b) | $ | 106,738 | $ | 2,528,637 | $ | 2,429,659 | $ | 17 | $ | — | $ | 205,733 | 205,733 | $ | 1,134 | $ | — |
(a) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
(b) | The rate shown is the current yield as of November 30, 2019. |