JPMorgan California Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2020 (Unaudited)
Investments | Principal Amount ($000) | Value ($000) | ||||||
MUNICIPAL BONDS — 94.5%(a) |
| |||||||
California — 94.5% |
| |||||||
Certificate of Participation/Lease — 0.2% |
| |||||||
City of Livermore Series 2020B, COP, 4.00%, 10/1/2028 | 885 | 1,096 | ||||||
|
| |||||||
Education — 5.1% |
| |||||||
California Educational Facilities Authority Series T-1, Rev., 5.00%, 3/15/2039 | 1,500 | 2,303 | ||||||
California Educational Facilities Authority, Pomona College Series A, Rev., Zero Coupon, 7/1/2026 | 2,000 | 1,929 | ||||||
California Educational Facilities Authority, Stanford University | ||||||||
Series T-5, Rev., 5.00%, 3/15/2023 | 1,500 | 1,666 | ||||||
Series U-2, Rev., 5.00%, 10/1/2032 | 1,500 | 2,154 | ||||||
California Infrastructure and Economic Development Bank, Academy of Motion Picture Arts and Sciences Obligated Group Series 2020A, Rev., 5.00%, 11/1/2030 | 3,390 | 4,560 | ||||||
The Regents of the University of California Series 2020BE, Rev., 5.00%, 5/15/2035 | 2,000 | 2,671 | ||||||
University of California | ||||||||
Series AB, Rev., 5.00%, 5/15/2026 | 570 | 582 | ||||||
Series AM, Rev., 5.00%, 5/15/2028 | 1,500 | 1,735 | ||||||
Series AR, Rev., 5.00%, 5/15/2035 | 1,500 | 1,830 | ||||||
University of California, Limited Project Series O, Rev., 5.00%, 5/15/2034 | 1,500 | 1,917 | ||||||
|
| |||||||
21,347 | ||||||||
|
| |||||||
General Obligation — 33.4% |
| |||||||
City and County of San Francisco | ||||||||
Series 2020-R1, GO, 5.00%, 6/15/2029 | 2,000 | 2,650 | ||||||
Series 2020-R1, GO, 5.00%, 6/15/2030 | 2,500 | 3,302 | ||||||
City and County of San Francisco, Transportation and Road Improvement Series 2020B, GO, 2.00%, 6/15/2029 | 2,500 | 2,705 | ||||||
City of San Jose Series A-1, GO, 5.00%, 9/1/2036 | 1,500 | 1,970 | ||||||
City of San Jose, Disaster Preparedness, Public Safety and Infrastructure Series 2019A-1, GO, 5.00%, 9/1/2038 | 2,710 | 3,540 | ||||||
Coast Community College District, Election of 2002 Series B, GO, AGM, Zero Coupon, 8/1/2030 | 2,000 | 1,762 | ||||||
Counties of Santa Barbara, San Luis Obispo and Ventura, Allan Hancock Joint Community College District GO, 5.00%, 8/1/2030 | 1,250 | 1,449 | ||||||
County of Contra Costa, Mount Diablo Unified School District, Election of 2010 Series 2012E, GO, 5.00%, 8/1/2026 | 1,210 | 1,306 | ||||||
County of Los Angeles, Beverly Hills Unified School District, Election of 2008, Capital Appreciation GO, Zero Coupon, 8/1/2023 | 1,500 | 1,488 | ||||||
County of Riverside, Murrieta Valley Unified School District, Election of 2006 GO, AGM, Zero Coupon, 9/1/2024 | 1,000 | 975 | ||||||
County of San Mateo, South San Francisco Unified School District, Measure J, Dedicated Unlimited Ad Valorem Property Tax Series C, GO, Zero Coupon, 9/1/2028 | 1,800 | 1,575 | ||||||
County of Santa Clara, Campbell Union High School District, Election 2016 | ||||||||
Series B, GO, 5.00%, 8/1/2033 | 370 | 460 | ||||||
Series B, GO, 5.00%, 8/1/2035 | 2,000 | 2,476 | ||||||
County of Santa Clara, Palo Alto Unified School District, Election of 2008 | ||||||||
GO, Zero Coupon, 8/1/2022 | 1,500 | 1,494 | ||||||
GO, Zero Coupon, 8/1/2025 | 1,015 | 994 | ||||||
GO, Zero Coupon, 8/1/2026 | 1,790 | 1,732 | ||||||
County of Santa Clara, San Jose Unified School District | ||||||||
GO, 5.00%, 8/1/2021 | 575 | 594 | ||||||
GO, 5.00%, 8/1/2028 | 1,750 | 1,967 | ||||||
Series C, GO, 5.00%, 8/1/2030 | 900 | 1,051 | ||||||
Series C, GO, 5.00%, 8/1/2031 | 1,560 | 1,821 | ||||||
East Side Union High School District Series B, GO, NATL-RE, 5.25%, 2/1/2026 | 2,000 | 2,414 |
JPMorgan California Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2020 (Unaudited) (continued)
Investments | Principal Amount ($000) | Value ($000) | ||||||
Escondido Union High School District, Election of 2008 | ||||||||
Series A, GO, AGC, Zero Coupon, 8/1/2025 | 1,500 | 1,448 | ||||||
Series 2009A, GO, AGC, Zero Coupon, 8/1/2029 | 1,000 | 890 | ||||||
Evergreen Elementary School District, Election of 2006 Series B, GO, AGC, Zero Coupon, 8/1/2024 | 1,915 | 1,872 | ||||||
Los Angeles Unified School District | ||||||||
Series A, GO, 5.00%, 7/1/2023 | 2,550 | 2,860 | ||||||
Series 2019A, GO, 5.00%, 7/1/2032 | 1,500 | 1,990 | ||||||
Manhattan Beach Unified School District, Election of 2008 Series 2009A, GO, Zero Coupon, 9/1/2031 | 2,335 | 2,000 | ||||||
Marin Healthcare District, Election of 2013 Series 2017A, GO, 5.00%, 8/1/2032 | 965 | 1,213 | ||||||
Menlo Park City School District | ||||||||
GO, Zero Coupon, 7/1/2031 | 500 | 379 | ||||||
GO, Zero Coupon, 7/1/2032 | 880 | 638 | ||||||
Mount San Antonio Community College District, Election of 2008 Series 2013A, GO, Zero Coupon, 8/1/2030 | 3,205 | 2,090 | ||||||
Mountain View Los Altos Union High School District, Santa Clara County Election of 2018 Series B, GO, 3.00%, 8/1/2031 | 1,000 | 1,199 | ||||||
Mountain View-Whisman School District, Election of 2020 Series A, GO, 4.00%, 9/1/2022 | 700 | 747 | ||||||
Napa Valley Community College District, Capital Appreciation, Election of 2002 Series B, GO, NATL-RE, Zero Coupon, 8/1/2026 | 1,215 | 1,162 | ||||||
Napa Valley Unified School District, Election of 2006, Capital Appreciation Series A, GO, Zero Coupon, 8/1/2027 | 2,000 | 1,856 | ||||||
Newport Mesa Unified School District, Election of 2005 GO, NATL-RE, Zero Coupon, 8/1/2030 | 4,500 | 3,976 | ||||||
Palo Alto Unified School District, Election of 2008 GO, Zero Coupon, 8/1/2027 | 2,360 | 2,245 | ||||||
San Diego Community College District, Election of 2002 GO, Zero Coupon, 8/1/2035 | 1,500 | 1,171 | ||||||
San Diego Unified School District, Dedicated Unlimited Ad Valorem Property Tax, Election of 2018 Series 2019A, GO, 5.00%, 7/1/2021 | 2,065 | 2,123 | ||||||
San Diego Unified School District, Election of 1998 | ||||||||
Series 1998C-2, GO, AGM, 5.50%, 7/1/2024 | 2,010 | 2,385 | ||||||
Series F-1, GO, AGM, 5.25%, 7/1/2028 | 2,500 | 3,373 | ||||||
San Francisco Bay Area Rapid Transit District, Election of 2004 | ||||||||
Series D, GO, 5.00%, 8/1/2032 | 2,000 | 2,414 | ||||||
Series 2019F-1, GO, 5.00%, 8/1/2035 | 3,000 | 4,015 | ||||||
San Jose Unified School District, Election of 2002 | ||||||||
Series C, GO, NATL-RE, Zero Coupon, 8/1/2025 | 2,000 | 1,949 | ||||||
Series C, GO, NATL-RE, Zero Coupon, 6/1/2031 | 3,035 | 2,627 | ||||||
San Juan Unified School District GO, AGM, Zero Coupon, 8/1/2024 | 1,750 | 1,721 | ||||||
San Mateo County Community College District, Election of 2001 Series 2005B, GO, NATL-RE, Zero Coupon, 9/1/2027 | 1,130 | 1,070 | ||||||
San Mateo County Community College District, Election of 2005 | ||||||||
Series A, GO, NATL-RE, Zero Coupon, 9/1/2024 | 1,400 | 1,377 | ||||||
Series B, GO, NATL-RE, Zero Coupon, 9/1/2026 | 2,000 | 1,927 | ||||||
Series A, GO, NATL-RE, Zero Coupon, 9/1/2029 | 2,000 | 1,813 | ||||||
Series B, GO, NATL-RE, Zero Coupon, 9/1/2034 | 1,000 | 802 | ||||||
San Mateo County Community College District, Election of 2014 Series B, GO, 5.00%, 9/1/2033 | 1,000 | 1,309 | ||||||
San Rafael City Elementary School District, Election of 2002 Series 2004B, GO, NATL-RE, Zero Coupon, 8/1/2029 | 2,000 | 1,785 | ||||||
Santa Monica Community College District, Election of 2004 Series 2009C, GO, Zero Coupon, 8/1/2027 | 1,000 | 946 | ||||||
State of California | ||||||||
GO, 5.00%, 9/1/2021 | 1,000 | 1,036 | ||||||
GO, 5.25%, 9/1/2027 | 1,575 | 1,633 | ||||||
GO, 5.00%, 11/1/2029 | 2,000 | 2,731 | ||||||
State of California, School Facilities GO, 4.00%, 9/1/2032 | 2,000 | 2,356 | ||||||
State of California, Various Purpose | ||||||||
GO, 5.00%, 8/1/2026 | 1,320 | 1,662 | ||||||
GO, 5.00%, 8/1/2027 | 2,000 | 2,590 | ||||||
GO, 5.00%, 11/1/2027 | 3,000 | 3,911 | ||||||
GO, 4.00%, 3/1/2029 | 1,000 | 1,266 |
JPMorgan California Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2020 (Unaudited) (continued)
Investments | Principal Amount ($000) | Value ($000) | ||||||
GO, 5.00%, 12/1/2029 | 2,000 | 2,272 | ||||||
GO, 5.00%, 8/1/2030 | 2,000 | 2,552 | ||||||
GO, 5.00%, 9/1/2030 | 1,000 | 1,036 | ||||||
GO, 5.00%, 8/1/2031 | 1,500 | 1,773 | ||||||
GO, 5.00%, 10/1/2031 | 1,000 | 1,346 | ||||||
GO, 5.00%, 8/1/2032 | 1,500 | 1,900 | ||||||
GO, 5.00%, 10/1/2032 | 3,000 | 3,497 | ||||||
GO, 5.00%, 8/1/2033 | 1,000 | 1,225 | ||||||
GO, 5.00%, 4/1/2036 | 1,000 | 1,303 | ||||||
GO, 5.00%, 8/1/2036 | 2,650 | 3,416 | ||||||
GO, 5.00%, 8/1/2037 | 1,430 | 1,838 | ||||||
Tulare Local Health Care District | ||||||||
GO, 4.00%, 8/1/2024 | 410 | 460 | ||||||
GO, 4.00%, 8/1/2025 | 455 | 525 | ||||||
Upland Unified School District Series 2008A, GO, AGM, Zero Coupon, 8/1/2030 | 1,500 | 1,310 | ||||||
|
| |||||||
138,735 | ||||||||
|
| |||||||
Hospital — 5.7% |
| |||||||
Abag Finance Authority for Nonprofit Corps., Sharp Healthcare Series 2014A, Rev., 5.00%, 8/1/2031 | 1,000 | 1,107 | ||||||
California Health Facilities Financing Authority, Adventist Health System | ||||||||
Series 2013A, Rev., 5.00%, 3/1/2026 | 1,400 | 1,541 | ||||||
Series 2016A, Rev., 4.00%, 3/1/2029 | 2,165 | 2,467 | ||||||
California Health Facilities Financing Authority, Cedars-Sinai Medical Center | ||||||||
Rev., 5.00%, 11/15/2030 | 250 | 301 | ||||||
Rev., 5.00%, 11/15/2032 | 400 | 480 | ||||||
Series 2016A, Rev., 5.00%, 8/15/2033 | 3,500 | 4,270 | ||||||
Series 2016B, Rev., 5.00%, 8/15/2035 | 1,500 | 1,823 | ||||||
California Health Facilities Financing Authority, Healthcare Series 2017A, Rev., 5.00%, 11/15/2034 | 1,200 | 1,513 | ||||||
California Health Facilities Financing Authority, Kaiser Permanente Subseries A-1-G, Rev., 5.00%, 11/1/2027 | 1,720 | 2,222 | ||||||
California Health Facilities Financing Authority, Lucile Salter Packard Children’s Hospital at Stanford | ||||||||
Series 2014A, Rev., 5.00%, 8/15/2027 | 580 | 667 | ||||||
Series 2014A, Rev., 5.00%, 8/15/2028 | 850 | 975 | ||||||
Series 2014A, Rev., 5.00%, 8/15/2030 | 655 | 749 | ||||||
Series A, Rev., 5.00%, 8/15/2030 | 1,000 | 1,208 | ||||||
California Health Facilities Financing Authority, St. Joseph Health System Series 2013A, Rev., 5.00%, 7/1/2028 | 1,000 | 1,110 | ||||||
California Health Facilities Financing Authority, Sutter Health | ||||||||
Series 2018A, Rev., 5.00%, 11/15/2025 | 500 | 609 | ||||||
Series 2017A, Rev., 5.00%, 11/15/2034 | 1,500 | 1,900 | ||||||
Regents of the University of California Medical Center Pooled Series 2016L, Rev., 5.00%, 5/15/2027 | 710 | 876 | ||||||
|
| |||||||
23,818 | ||||||||
|
| |||||||
Housing — 0.6% |
| |||||||
California Municipal Finance Authority, Linxs Apartments Project, Senior Lien Series 2018A, Rev., AMT, 5.00%, 12/31/2028 | 1,750 | 2,170 | ||||||
City of San Bernardino, Single Family Mortgage Series A, Rev., GNMA COLL, 7.50%, 5/1/2023(b) | 230 | 252 | ||||||
|
| |||||||
2,422 | ||||||||
|
| |||||||
Industrial Development Revenue/Pollution Control Revenue — 0.7% |
| |||||||
California Infrastructure and Economic Development Bank, Infrastructure State Revolving Fund Series 2014A, Rev., 5.00%, 10/1/2028 | 1,000 | 1,132 | ||||||
California Pollution Control Financing Authority, Solid Waste Disposal, Waste Management, Inc., Project Series 2015B-1, Rev., AMT, 3.00%, 11/1/2025 | 1,500 | 1,653 | ||||||
|
| |||||||
2,785 | ||||||||
|
| |||||||
Other Revenue — 6.3% |
| |||||||
California County Tobacco Securitization Agency, Senior | ||||||||
Series 2020A, Rev., 5.00%, 6/1/2025 | 350 | 423 | ||||||
Series 2020A, Rev., 5.00%, 6/1/2026 | 600 | 745 | ||||||
Series 2020A, Rev., 5.00%, 6/1/2031 | 1,110 | 1,484 | ||||||
California County Tobacco Securitization Agency, Sonoma County Securitization Corp. | ||||||||
Rev., 5.00%, 6/1/2025 | 375 | 453 | ||||||
Rev., 5.00%, 6/1/2027 | 275 | 350 | ||||||
California State Public Works Board Series F, Rev., 5.00%, 5/1/2030 | 1,000 | 1,194 | ||||||
California State Public Works Board, Various Capital Projects Series B, Rev., 5.00%, 5/1/2030 | 2,435 | 3,342 |
JPMorgan California Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2020 (Unaudited) (continued)
Investments | Principal Amount ($000) | Value ($000) | ||||||
City of Glendale Rev., 3.00%, 2/1/2027 | 1,725 | 2,003 | ||||||
Contra Costa County Transportation Authority, Sales Tax Series A, Rev., 5.00%, 3/1/2032 | 2,000 | 2,347 | ||||||
Golden State Tobacco Securitization Corp., Tobacco Settlement Series 2017A-1, Rev., 5.00%, 6/1/2024 | 2,500 | 2,895 | ||||||
Midpeninsula Regional Open Space District, Promissory Notes | ||||||||
Rev., 5.00%, 9/1/2030 | 500 | 605 | ||||||
Rev., 5.00%, 9/1/2031 | 270 | 326 | ||||||
Pasadena Public Financing Authority, Rose Bowl Renovation Project Series 2010A, Rev., Zero Coupon, 3/1/2030 | 1,000 | 870 | ||||||
Riverside Public Financing Authority, Main Library Project Series 2019A, Rev., 5.00%, 11/1/2034‡ | 450 | 580 | ||||||
San Diego Regional Building Authority, County Operations Center Series 2016A, Rev., 5.00%, 10/15/2033 | 2,370 | 2,805 | ||||||
Santa Ana Financing Authority, Police Administration and Holding Facility Lease | ||||||||
Series A, Rev., NATL-RE, 6.25%, 7/1/2024 | 618 | 696 | ||||||
Series A, Rev., NATL-RE, 6.25%, 7/1/2024(b) | 615 | 690 | ||||||
Santa Clara County Financing Authority | ||||||||
Series A, Rev., 5.00%, 5/1/2028 | 1,600 | 2,113 | ||||||
Series A, Rev., 5.00%, 5/1/2029 | 1,625 | 2,201 | ||||||
|
| |||||||
26,122 | ||||||||
|
| |||||||
Prerefunded — 5.5% | ||||||||
Bay Area Toll Authority, Toll Bridge, San Francisco Series F-1, Rev., 5.00%, 4/1/2022(b) | 3,030 | 3,225 | ||||||
California Health Facilities Financing Authority, Sutter Health | ||||||||
Series 2011D, Rev., 5.00%, 8/15/2021(b) | 1,000 | 1,034 | ||||||
Series 2016A, Rev., 5.00%, 11/15/2025(b) | 2,650 | 3,259 | ||||||
County of Sacramento, San Juan Unified School District, Election of 2002 GO, 5.00%, 8/1/2023(b) | 1,000 | 1,127 | ||||||
County of Santa Clara, Campbell Union High School District GO, 5.00%, 8/1/2024(b) | 1,700 | 1,996 | ||||||
County of Santa Clara, San Jose Unified School District GO, 5.00%, 8/1/2021(b) | 1,610 | 1,662 | ||||||
Cupertino Union School District Series A, GO, 5.00%, 8/1/2023(b) | 1,000 | 1,128 | ||||||
Los Angeles Community College District Series A, GO, 5.00%, 8/1/2024(b) | 1,500 | 1,761 | ||||||
San Diego Community College District, Election of 2006 GO, 5.00%, 8/1/2021(b) | 1,000 | 1,032 | ||||||
San Francisco City and County, Airport Commission Series 2011C, Rev., AMT, 5.00%, 5/1/2021(b) | 1,000 | 1,020 | ||||||
San Mateo Union High School District, Election of 2006 Series A, GO, 5.00%, 9/1/2023(b) | 2,035 | 2,299 | ||||||
Sonoma County Junior College District GO, 5.00%, 8/1/2023(b) | 1,000 | 1,127 | ||||||
Southern California Public Power Authority, Canyon Power Project Series 2016A, Rev., 5.00%, 7/1/2021(b) | 500 | 514 | ||||||
University of California Series AB, Rev., 5.00%, 5/15/2021(b) | 430 | 439 | ||||||
Ventura County Public Financing Authority Series A, Rev., 5.00%, 11/1/2022(b) | 1,000 | 1,092 | ||||||
|
| |||||||
22,715 | ||||||||
|
| |||||||
Transportation — 12.5% | ||||||||
City of Long Beach Harbor | ||||||||
Series 2014B, Rev., 5.00%, 5/15/2024 | 250 | 288 | ||||||
Series 2014B, Rev., 5.00%, 5/15/2026 | 250 | 289 | ||||||
Series B, Rev., 5.00%, 5/15/2027 | 225 | 260 | ||||||
Series A, Rev., AMT, 5.00%, 5/15/2033 | 500 | 605 | ||||||
Series A, Rev., 5.00%, 5/15/2036 | 750 | 957 | ||||||
City of Los Angeles Department of Airports, International Airport Senior | ||||||||
Series 2020A, Rev., 5.00%, 5/15/2030 | 2,000 | 2,697 | ||||||
Series 2020A, Rev., 5.00%, 5/15/2034 | 1,000 | 1,320 | ||||||
Series 2020A, Rev., 5.00%, 5/15/2038 | 1,000 | 1,305 | ||||||
City of Los Angeles Department of Airports, International Airport Subordinate Series 2018D, Rev., AMT, 5.00%, 5/15/2024 | 2,000 | 2,305 |
JPMorgan California Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2020 (Unaudited) (continued)
Investments | Principal Amount ($000) | Value ($000) | ||||||
City of Los Angeles, Department of Airports | ||||||||
Series B, Rev., AMT, 5.00%, 5/15/2027 | 2,000 | 2,522 | ||||||
Series A, Rev., AMT, 5.00%, 5/15/2029 | 2,000 | 2,119 | ||||||
Series A, Rev., AMT, 5.00%, 5/15/2030 | 1,475 | 1,864 | ||||||
Series C, Rev., 5.00%, 5/15/2031 | 1,250 | 1,468 | ||||||
Series 2018C, Rev., AMT, 5.00%, 5/15/2034 | 1,250 | 1,536 | ||||||
City of Los Angeles, Harbor Department | ||||||||
Series 2011A, Rev., AMT, 5.00%, 8/1/2021 | 1,000 | 1,029 | ||||||
Series B, Rev., 5.00%, 8/1/2025 | 1,000 | 1,031 | ||||||
Series 2014A, Rev., AMT, 5.00%, 8/1/2031 | 1,500 | 1,709 | ||||||
Foothill Eastern Transportation Corridor Agency, Senior Lien Series 1995A, Rev., Zero Coupon, 1/1/2026(b) | 1,795 | 1,746 | ||||||
Los Angeles County, Metropolitan Transportation Authority Series 2019-B, Rev., 5.00%, 7/1/2035 | 2,000 | 2,580 | ||||||
Port of Los Angeles, Private Activity Series A, Rev., AMT, 5.00%, 8/1/2025 | 1,000 | 1,199 | ||||||
San Bernardino County Transportation Authority Series A, Rev., 5.00%, 3/1/2029 | 2,000 | 2,114 | ||||||
San Diego Association of Governments, Mid-Coast Corridor Transit Project Series A, Rev., 5.00%, 11/15/2025 | 1,500 | 1,777 | ||||||
San Diego County Regional Airport Authority, Senior Airport | ||||||||
Series B, Rev., AMT, 5.00%, 7/1/2024 | 900 | 997 | ||||||
Series B, Rev., AMT, 5.00%, 7/1/2028 | 1,000 | 1,100 | ||||||
San Diego County Regional Airport Authority, Subordinate Airport | ||||||||
Series B, Rev., AMT, 5.00%, 7/1/2034 | 755 | 913 | ||||||
Series A, Rev., 5.00%, 7/1/2035 | 1,000 | 1,223 | ||||||
San Francisco City and County Airport Commission, International Airport Series H, Rev., AMT, 5.00%, 5/1/2027 | 1,400 | 1,755 | ||||||
San Francisco City and County, Airport Commission | ||||||||
Series 2018A, Rev., AMT, 5.00%, 5/1/2021 | 1,025 | 1,044 | ||||||
Series 2019A, Rev., AMT, 5.00%, 1/1/2025 | 1,790 | 2,088 | ||||||
Series 2017D, Rev., AMT, 5.00%, 5/1/2025 | 2,000 | 2,378 | ||||||
Series 2011D, Rev., 5.00%, 5/1/2026 | 1,615 | 1,646 | ||||||
Series 2012A, Rev., AMT, 5.00%, 5/1/2029 | 2,000 | 2,121 | ||||||
Series 2019A, Rev., AMT, 5.00%, 5/1/2034 | 2,000 | 2,536 | ||||||
Series 2019A, Rev., AMT, 5.00%, 5/1/2035 | 1,000 | 1,265 | ||||||
|
| |||||||
51,786 | ||||||||
|
| |||||||
Utility — 6.3% |
| |||||||
Los Angeles Department of Water and Power System | ||||||||
Series 2013A, Rev., 5.00%, 7/1/2027 | 2,165 | 2,374 | ||||||
Series C, Rev., 5.00%, 7/1/2027 | 1,500 | 1,750 | ||||||
Series 2020A, Rev., 5.00%, 7/1/2029 | 2,000 | 2,723 | ||||||
Series D, Rev., 5.00%, 7/1/2032 | 2,480 | 3,239 | ||||||
Series 2019A, Rev., 5.00%, 7/1/2036 | 1,825 | 2,389 | ||||||
Series C, Rev., 5.00%, 7/1/2036 | 2,715 | 3,603 | ||||||
Series C, Rev., 5.00%, 7/1/2037 | 2,500 | 3,308 | ||||||
San Francisco City and County Public Utilities Commission, Water Revenue Series D, Rev., 5.00%, 11/1/2034 | 2,710 | 3,442 | ||||||
Santa Paula Utility Authority Rev., AGM, 5.00%, 2/1/2028 | 1,620 | 2,074 | ||||||
Southern California Public Power Authority, Apex Power Project Series 2014A, Rev., 5.00%, 7/1/2030 | 1,000 | 1,156 | ||||||
|
| |||||||
26,058 | ||||||||
|
| |||||||
Water & Sewer — 18.2% |
| |||||||
California State Department of Water Resources, Central Valley Project, Water System | ||||||||
Series 2019BA, Rev., 5.00%, 12/1/2024 | 1,500 | 1,783 | ||||||
Series 2019BA, Rev., 5.00%, 12/1/2026 | 1,500 | 1,912 | ||||||
Series AW, Rev., 5.00%, 12/1/2032 | 2,600 | 3,272 | ||||||
Series 2019BA, Rev., 5.00%, 12/1/2033 | 1,500 | 2,007 | ||||||
City of Bakersfield, Wastewater Series 2015A, Rev., 5.00%, 9/15/2031 | 2,000 | 2,411 |
JPMorgan California Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2020 (Unaudited) (continued)
Investments | Principal Amount ($000) | Value ($000) | ||||||
City of Los Angeles, Wastewater System Series B, Rev., 5.00%, 6/1/2033 | 1,500 | 1,792 | ||||||
City of Los Angeles, Wastewater System, Green Bonds | ||||||||
Series A, Rev., 5.00%, 6/1/2028 | 1,825 | 2,202 | ||||||
Series A, Rev., 5.00%, 6/1/2034 | 1,000 | 1,297 | ||||||
Series 2018A, Rev., 5.00%, 6/1/2035 | 1,500 | 1,941 | ||||||
City of Santa Rosa, Wastewater, Capital Appreciation Series B, Rev., AGM-CR, AMBAC, Zero Coupon, 9/1/2023 | 1,500 | 1,479 | ||||||
County of Marin, Marin Water District Financing Authority, Subordinated Lien Series 2012A, Rev., 5.00%, 7/1/2028 | 1,185 | 1,274 | ||||||
County of San Mateo, Silicon Valley Clean Water Rev., 5.00%, 2/1/2030 | 790 | 903 | ||||||
East Bay Municipal Utility District Water System Series 2019A, Rev., 5.00%, 6/1/2038 | 1,595 | 2,108 | ||||||
Eastern Municipal Utility District, Wastewater System Series A-2, Rev., 5.00%, 6/1/2038 | 1,580 | 2,304 | ||||||
Eastern Municipal Water District Financing Authority, Water and Wastewater System | ||||||||
Series 2020A, Rev., 5.00%, 7/1/2032 | 1,050 | 1,451 | ||||||
Series 2016B, Rev., 5.00%, 7/1/2033 | 3,000 | 3,685 | ||||||
Series 2020A, Rev., 5.00%, 7/1/2034 | 1,250 | 1,713 | ||||||
Series 2020A, Rev., 5.00%, 7/1/2036 | 1,850 | 2,516 | ||||||
Metropolitan Water District of Southern California, Waterworks | ||||||||
Series 2012F, Rev., 5.00%, 7/1/2028 | 2,000 | 2,152 | ||||||
Series A, Rev., 5.00%, 10/1/2029 | 1,500 | 1,594 | ||||||
Series 2019A, Rev., 5.00%, 7/1/2038 | 2,500 | 3,266 | ||||||
Novato Sanitary District Rev., 5.00%, 2/1/2026 | 1,530 | 1,910 | ||||||
San Diego County Water Authority Series 2016B, Rev., 5.00%, 5/1/2036 | 1,300 | 1,574 | ||||||
Santa Clara Valley Water District, Water System Series 2016A, Rev., 5.00%, 6/1/2030 | 1,600 | 1,958 | ||||||
Silicon Valley Clean Water, Wastewater Series A, Rev., 3.00%, 3/1/2024 | 2,000 | 2,135 | ||||||
Southern California Water Replenishment District | ||||||||
Rev., 5.00%, 8/1/2030 | 1,050 | 1,270 | ||||||
Rev., 5.00%, 8/1/2031 | 1,420 | 1,711 | ||||||
Rev., 5.00%, 8/1/2032 | 2,410 | 2,892 | ||||||
State of California Department of Water Resources, Central Valley Project, Water System, Tax-Exempt | ||||||||
Series BB, Rev., 5.00%, 12/1/2026 | 7,000 | 8,923 | ||||||
Series BB, Rev., 5.00%, 12/1/2028 | 7,000 | 9,410 | ||||||
Western Municipal Water District Facilities Authority, Tax-Exempt | ||||||||
Series 2020A, Rev., 5.00%, 10/1/2029 | 325 | 448 | ||||||
Series 2020A, Rev., 5.00%, 10/1/2031 | 305 | 429 | ||||||
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75,722 | ||||||||
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Total California | 392,606 | |||||||
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TOTAL MUNICIPAL BONDS (Cost $368,488) | 392,606 | |||||||
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Shares (000) | ||||||||
SHORT-TERM INVESTMENTS — 4.7% | ||||||||
INVESTMENT COMPANIES — 4.7% | ||||||||
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 0.09%(c)(d)(Cost $19,350) | 19,346 | 19,358 | ||||||
|
| |||||||
Total Investments — 99.2% (Cost $387,838) | 411,964 | |||||||
Other Assets Less Liabilities — 0.8% |
| 3,526 | ||||||
|
| |||||||
Net Assets — 100.0% |
| 415,490 | ||||||
|
|
Percentages indicated are based on net assets.
JPMorgan California Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2020 (Unaudited) (continued)
Abbreviations
AGC | Insured by Assured Guaranty Corp. | |
AGM | Insured by Assured Guaranty Municipal Corp. | |
AMBAC | Insured by American Municipal Bond Assurance Corp. | |
AMT | Alternative Minimum Tax | |
COLL | Collateral | |
COP | Certificate of Participation | |
CR | Custodial Receipts | |
GNMA | Government National Mortgage Association | |
GO | General Obligation | |
NATL | Insured by National Public Finance Guarantee Corp. | |
RE | Reinsured | |
Rev. | Revenue | |
(a) | The date shown represents the earliest of the prerefunded date, next put date or final maturity date. | |
(b) | Security is prerefunded or escrowed to maturity. | |
(c) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
(d) | The rate shown is the current yield as of November 30, 2020. | |
‡ | Value determined using significant unobservable inputs. |
A. Valuation of Investments — Investments are valued in accordance with U.S. generally accepted accounting principles (“GAAP”) and the Fund’s valuation policies set forth by, and under the supervision and responsibility of, the Board of Trustees of the Trust (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.
J.P. Morgan Investment Management Inc. (the “Administrator”) has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Board with the oversight and monitoring of the valuation of the Fund’s investments. The Administrator implements the valuation policies of the Fund’s investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Fund. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Board.
A market-based approach is primarily used to value the Fund’s investments. Investments for which market quotations are not readily available are fair valued by approved affiliated and/or unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include the use of related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material.
Fixed income instruments are valued based on prices received from Pricing Services. The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.
Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s net asset values per share as of the report date.
Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.
The various inputs that are used in determining the valuation of the Fund’s investments are summarized into the three broad levels listed below.
• | Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments. |
• | Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs. |
• | Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s assumptions in determining the fair value of investments). |
JPMorgan California Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF NOVEMBER 30, 2020 (Unaudited) (continued)
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.
The following table represents each valuation input as presented on the Schedule of Portfolio Investments (amounts in thousands):
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Investments in Securities |
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Municipal Bonds |
| |||||||||||||||
California |
| |||||||||||||||
Certificate of Participation/Lease | $ | — | $ | 1,096 | $ | — | $ | 1,096 | ||||||||
Education | — | 21,347 | — | 21,347 | ||||||||||||
General Obligation | — | 138,735 | — | 138,735 | ||||||||||||
Hospital | — | 23,818 | — | 23,818 | ||||||||||||
Housing | — | 2,422 | — | 2,422 | ||||||||||||
Industrial Development Revenue/Pollution Control Revenue | — | 2,785 | — | 2,785 | ||||||||||||
Other Revenue | — | 25,542 | 580 | 26,122 | ||||||||||||
Prerefunded | — | 22,715 | — | 22,715 | ||||||||||||
Transportation | — | 51,786 | — | 51,786 | ||||||||||||
Utility | — | 26,058 | — | 26,058 | ||||||||||||
Water & Sewer | — | 75,722 | — | 75,722 | ||||||||||||
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Total California | — | 392,026 | 580 | 392,606 | ||||||||||||
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Total Municipal Bonds | — | 392,026 | 580 | 392,606 | ||||||||||||
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Short-Term Investments |
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Investment Companies | 19,358 | — | — | 19,358 | ||||||||||||
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Total Investments in Securities | $ | 19,358 | $ | 392,026 | $ | 580 | $ | 411,964 | ||||||||
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B. Investment Transactions with Affiliates — The Fund invested in an Underlying Fund which is advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. The Fund assumes the issuer listed in the table below to be an affiliated issuer. The Underlying Fund’s distributions may be reinvested into the Underlying Fund. Reinvestment amounts are included in the purchase cost amount in the table below. Amounts in the table below are in thousands.
For the period ended November 30, 2020 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at February 29, 2020 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at November 30, 2020 | Shares at November 30, 2020 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 0.09% (a)(b) | $ | 27,424 | $ | 106,451 | $ | 114,523 | $ | (1 | ) | $ | 7 | $ | 19,358 | 19,346 | $ | 65 | $ | — | ||||||||||||||||||
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(a) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
(b) | The rate shown is the current yield as of November 30, 2020. |