JPMorgan California Tax Free Bond Fund
Schedule of Portfolio Investments as of May 31, 2024
(Unaudited)
THE “UNAUDITED MUTUAL FUNDS HOLDINGS” LIST (“the List”) IS TO BE USED FOR REPORTING PURPOSES ONLY. IT IS NOT TO BE REPRODUCED FOR USE AS ADVERTISING OR SALES LITERATURE WITH THE GENERAL PUBLIC. The list is submitted for the general information of the shareholders of the Fund. It is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by a prospectus. The list has been created from the books and records of the Fund. Holdings are available 60 days after the fund’s fiscal quarter, using a trade date accounting convention, by contacting the appropriate service center. The list is subject to change without notice. The list is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security. |
JPMorgan Asset Management is the marketing name for the asset management business of J.P. Morgan Chase & Co. |
J.P. Morgan Distribution Services, Inc., member FINRA. |
© J.P. Morgan Chase & Co., 2024. |
JPMorgan California Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited)INVESTMENTS | Principal Amount ($000) | Value ($000) |
Municipal Bonds—95.2% (a) | ||
Alabama—0.9% | ||
Other Revenue—0.5% | ||
Energy Southeast A Cooperative District, Series 2024B, Rev., 5.25%, 6/1/2032 (b) | 1,500 | 1,593 |
Utility—0.4% | ||
Southeast Alabama Gas Supply District (The), Project No. 2, Series 2024 B, Rev., 5.00%, 5/1/2032 (b) | 1,000 | 1,051 |
Total Alabama | 2,644 | |
California—90.3% | ||
Certificate of Participation/Lease—0.4% | ||
County of San Diego, County Public Health and Capital Improvement | ||
Series 2023, COP, 5.00%, 10/1/2036 | 670 | 776 |
Series 2023, COP, 5.00%, 10/1/2037 | 425 | 489 |
1,265 | ||
Education—6.3% | ||
California Educational Facilities Authority, Stanford University | ||
Series T-1, Rev., 5.00%, 3/15/2039 | 1,535 | 1,807 |
Series U-4, Rev., 5.00%, 6/1/2043 | 2,000 | 2,340 |
Series U-6, Rev., 5.00%, 5/1/2045 | 1,500 | 1,748 |
California Enterprise Development Authority, Riverside County, Rocketship Public Schools-Obligated Group No. 2 | ||
Series 2022A, Rev., 4.00%, 6/1/2027 (c) | 315 | 307 |
Series 2022A, Rev., 4.00%, 6/1/2031 (c) | 1,250 | 1,191 |
California School Finance Authority, Green Dot Public Schools Project, Series 2022A, Rev., 5.00%, 8/1/2032 (c) | 350 | 359 |
California State University, Systemwide, Series 2023A, Rev., 5.00%, 11/1/2044 | 2,660 | 2,932 |
Palmdale Elementary School District | ||
Series 2023, 5.00%, 8/1/2041 | 250 | 274 |
Series 2023, 4.00%, 8/1/2043 | 1,000 | 991 |
Series 2023, 5.00%, 8/1/2044 | 800 | 870 |
University of California | ||
Series 2020BE, Rev., 5.00%, 5/15/2034 | 1,065 | 1,171 |
Series 2016AR, Rev., 5.00%, 5/15/2035 | 1,500 | 1,538 |
Series 2023BN, Rev., 5.00%, 5/15/2042 | 3,000 | 3,322 |
18,850 | ||
General Obligation—19.0% | ||
Allan Hancock Joint Community College District, GO, 5.00%, 8/1/2030 | 1,250 | 1,252 |
City and County of San Francisco, California General Obligation, Earthquake Safety and Emergency Response, Series 2018C, GO, 4.00%, 8/20/2024 | 2,500 | 2,501 |
Clovis Unified School District, Election of 2020, Series C, GO, 5.00%, 8/1/2041 | 1,000 | 1,106 |
Coast Community College District, Election of 2002, Series 2006B, GO, AGM, Zero Coupon, 8/1/2030 | 2,000 | 1,602 |
East Side Union High School District, Series B, GO, NATL - RE, 5.25%, 2/1/2026 | 2,000 | 2,037 |
Encinitas Union School District, Election 2010 | ||
Series 2015, GO, Zero Coupon, 8/1/2025 | 1,325 | 776 |
Series 2015, GO, Zero Coupon, 8/1/2025 | 3,000 | 1,594 |
Escondido Union High School District, Capital Appreciation, Election of 2008 | ||
Series A, GO, AGC, Zero Coupon, 8/1/2025 | 1,500 | 1,439 |
Series A, GO, AGC, Zero Coupon, 8/1/2029 | 1,000 | 832 |
Evergreen School District, Series 2009B, GO, AGC, Zero Coupon, 8/1/2024 | 1,915 | 1,904 |
Los Alamitos Unified School District, School Facilities Improvement District, Election of 2018, Series C, GO, 4.00%, 8/1/2045 | 1,235 | 1,240 |
JPMorgan California Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | Principal Amount ($000) | Value ($000) |
Municipal Bonds — continued | ||
General Obligation — continued | ||
Los Angeles Community College District, Election of 2008 | ||
Series M, GO, 5.00%, 8/1/2037 | 550 | 628 |
Series M, GO, 5.00%, 8/1/2038 | 300 | 341 |
Los Angeles Unified School District, Series 2024A, GO, 5.00%, 7/1/2034 | 1,295 | 1,498 |
Los Angeles Unified School District, Dedicated Unlimited Ad Valorem Property Tax, Series 2023 QRR, GO, 5.25%, 7/1/2040 | 1,000 | 1,147 |
Menlo Park City School District, Capital Appreciation | ||
GO, Zero Coupon, 7/1/2031 | 500 | 380 |
GO, Zero Coupon, 7/1/2032 | 880 | 640 |
Murrieta Valley Unified School District, GO, AGM, Zero Coupon, 9/1/2024 | 1,000 | 991 |
Napa Valley Unified School District, Election of 2006, Series 2010A, GO, Zero Coupon, 8/1/2027 | 2,000 | 1,783 |
Palo Alto Unified School District, Election of 2008 | ||
Series 2008-2, GO, Zero Coupon, 8/1/2025 | 1,015 | 975 |
Series 2008-2, GO, Zero Coupon, 8/1/2026 | 1,790 | 1,661 |
San Diego Unified School District, Series 2023 A-3, GO, 4.00%, 7/1/2053 | 1,500 | 1,448 |
San Diego Unified School District, Election of 1998 | ||
Series C-2, GO, AGM, 5.50%, 7/1/2024 | 2,010 | 2,013 |
Series G-1, GO, AGM, 5.25%, 7/1/2028 | 2,115 | 2,290 |
San Diego Unified School District, Election of 1998, Series G-1, GO, AGM, 5.25%, 7/1/2028 (d) | 385 | 415 |
San Francisco Unified School District, GO, 5.00%, 6/15/2031 | 1,440 | 1,592 |
San Jose Evergreen Community College District | ||
Series C, GO, 4.00%, 9/1/2041 | 650 | 661 |
Series C, GO, 4.00%, 9/1/2043 | 1,500 | 1,516 |
San Jose Unified School District, Election of 2002, Series C, GO, NATL - RE, Zero Coupon, 6/1/2031 | 3,035 | 2,370 |
San Mateo County Community College District, Election of 2005 | ||
Series A, GO, NATL - RE, Zero Coupon, 9/1/2026 | 1,100 | 1,016 |
Series A, GO, NATL - RE, Zero Coupon, 9/1/2029 | 2,000 | 1,659 |
Series 2006B, GO, NATL - RE, Zero Coupon, 9/1/2034 | 1,000 | 685 |
San Mateo County Community College District, Election of 2014, Series 2018B, GO, 5.00%, 9/1/2033 | 1,000 | 1,072 |
San Rafael City Elementary School District, Election of 2002, Series 2004B, GO, NATL - RE, Zero Coupon, 8/1/2029 | 2,000 | 1,646 |
Santa Monica Community College District, Election of 2004, Series 2009C, GO, Zero Coupon, 8/1/2027 | 1,000 | 892 |
South San Francisco Unified School District, Measure J, Dedicated Unlimited Ad Valorem Property Tax, Series 2016C, GO, Zero Coupon, 9/1/2028 | 1,800 | 1,539 |
State of California, Various Purpose, GO, 4.00%, 10/1/2041 | 6,000 | 6,056 |
William S Hart Union High School District, Capital Appreciation Election 2001, Series 2005B, GO, AGM, Zero Coupon, 9/1/2029 | 2,500 | 2,064 |
Windsor Unified School District, Series 2023, GO, 5.00%, 8/1/2037 | 1,370 | 1,573 |
56,834 | ||
Hospital—10.7% | ||
California Enterprise Development Authority, Scripps Health, Series 2024 C-1, Rev., VRDO, 2.00%, 6/12/2024 (b) | 5,000 | 5,000 |
California Health Facilities Financing Authority, Adventist Health System | ||
Series 2013A, Rev., 5.00%, 3/1/2026 | 1,400 | 1,400 |
Series 2016A, Rev., 4.00%, 3/1/2029 | 2,165 | 2,163 |
Series 2024A, Rev., 5.25%, 12/1/2043 | 1,350 | 1,464 |
Series 2024A, Rev., 5.25%, 12/1/2044 | 1,500 | 1,616 |
California Health Facilities Financing Authority, Cedars-Sinai Medical Center | ||
Rev., 5.00%, 11/15/2030 | 250 | 255 |
Rev., 5.00%, 11/15/2032 | 400 | 407 |
Series A, Rev., 5.00%, 8/15/2033 | 3,500 | 3,594 |
JPMorgan California Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | Principal Amount ($000) | Value ($000) |
Municipal Bonds — continued | ||
Hospital — continued | ||
Series B, Rev., 5.00%, 8/15/2035 | 1,500 | 1,540 |
California Health Facilities Financing Authority, Children's Hospital of Orange County, Series 2024B, Rev., 5.00%, 5/1/2031 (b) | 1,000 | 1,099 |
California Health Facilities Financing Authority, Lucile Salter Packard Children's Hospital at Stanford | ||
Series 2014A, Rev., 5.00%, 8/15/2027 | 580 | 581 |
Series 2014A, Rev., 5.00%, 8/15/2028 | 850 | 852 |
Series 2014A, Rev., 5.00%, 8/15/2030 | 655 | 657 |
Series A, Rev., 5.00%, 8/15/2030 | 1,000 | 1,029 |
California Health Facilities Financing Authority, Scripps Health, Series 2024 B2, Rev., 5.00%, 2/4/2031 (b) | 1,800 | 1,966 |
California Health Facilities Financing Authority, Sutter Health | ||
Series 2018A, Rev., 5.00%, 11/15/2025 | 500 | 510 |
Series 2017A, Rev., 5.00%, 11/15/2034 | 1,500 | 1,579 |
California Statewide Communities Development Authority, Kaiser Permanente, Series 2009 C-2, Rev., 5.00%, 11/1/2029 (b) | 2,000 | 2,139 |
California Statewide Communities Development Authority, Loma Linda University Medical Center | ||
Series 2016 A, Rev., 5.25%, 12/1/2056 (c) | 1,000 | 1,004 |
Series 2018 A, Rev., 5.50%, 12/1/2058 (c) | 1,000 | 1,018 |
Regents of the University of California, Medical Center Pooled, Series 2022P, Rev., 5.00%, 5/15/2037 | 2,105 | 2,363 |
32,236 | ||
Housing—3.1% | ||
California Enterprise Development Authority, Pamona Properties LLC Project | ||
Series 2024A, Rev., 5.00%, 1/15/2039 | 3,220 | 3,432 |
Series 2024A, Rev., 5.00%, 1/15/2045 | 1,500 | 1,561 |
California Municipal Finance Authority, Linxs Apartments Project, Senior Lien, Series 2018A, Rev., AMT, 5.00%, 12/31/2028 | 1,750 | 1,770 |
California Municipal Finance Authority, Terracina At Westpark Apartments, Series 2024A, Rev., 3.20%, 8/1/2027 (b) | 2,500 | 2,434 |
9,197 | ||
Industrial Development Revenue/Pollution Control Revenue—2.3% | ||
California Pollution Control Financing Authority, Poseidon Resources Channelside LP Desalination Project, Rev., AMT, 5.00%, 7/1/2035 (c) | 2,105 | 2,292 |
California Pollution Control Financing Authority, Solid Waste Disposal, Waste Management, Inc., Project, Series B-1, Rev., AMT, 3.00%, 11/1/2025 | 1,500 | 1,485 |
Rialto Public Financing Authority, Police Station Project | ||
Series 2023 A, Rev., 5.00%, 6/1/2036 | 450 | 500 |
Series 2023 A, Rev., 5.00%, 6/1/2038 | 400 | 439 |
Series 2023 A, Rev., 5.00%, 6/1/2048 | 2,000 | 2,122 |
6,838 | ||
Other Revenue—11.2% | ||
California Community Choice Financing Authority, Green Bond | ||
Series 2022A-1, Rev., 4.00%, 8/1/2025 | 500 | 499 |
Series 2022A-1, Rev., 4.00%, 8/1/2026 | 1,000 | 995 |
California County Tobacco Securitization Agency, Los Angeles County Securitization Corp., Series 2020A, Rev., 5.00%, 6/1/2030 | 1,095 | 1,192 |
California Infrastructure and Economic Development Bank, California Academy of Science, Series 2024A, Rev., 3.25%, 8/1/2029 | 3,000 | 2,924 |
California Infrastructure and Economic Development Bank, The J. Paul Getty Trust, Series 2023 B, Rev., 5.00%, 10/1/2026 (b) | 3,000 | 3,098 |
California Municipal Finance Authority, Series 2021A, Rev., AMT, 4.00%, 10/1/2024 (b) | 1,000 | 999 |
California Municipal Finance Authority, Republic Services, Inc., Project, Series 2024A, Rev., AMT, 3.88%, 3/1/2034 (b) | 2,000 | 1,995 |
Contra Costa County Transportation Authority, Sales Tax, Series 2015A, Rev., 5.00%, 3/1/2032 | 2,000 | 2,022 |
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement, Series 2017A-1, Rev., 5.00%, 6/1/2024 (d) | 2,510 | 2,510 |
JPMorgan California Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | Principal Amount ($000) | Value ($000) |
Municipal Bonds — continued | ||
Other Revenue — continued | ||
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement | ||
Series 2021 B, Rev., 3.00%, 6/1/2046 | 1,790 | 1,650 |
Series 2021B-2, Rev., Zero Coupon, 6/1/2066 | 7,700 | 839 |
Jurupa Public Financing Authority, Series 2024, AGM, 5.00%, 9/1/2035 (e) | 2,000 | 2,288 |
Los Angeles County Metropolitan Transportation Authority, Measure R Junior Subordinate Sales Tax, Series 2020A, Rev., 4.00%, 6/1/2035 | 1,500 | 1,570 |
Los Angeles County Metropolitan Transportation Authority, Sales Tax, Series 2021A, Rev., 5.00%, 7/1/2045 | 1,000 | 1,081 |
Los Angeles County Public Works Financing Authority, Series 2022G, Rev., 5.00%, 12/1/2037 | 1,500 | 1,668 |
Municipal Improvement Corp. of Los Angeles | ||
Series 2023-A, Rev., 5.00%, 5/1/2042 | 1,000 | 1,117 |
Series 2023-A, Rev., 5.00%, 5/1/2043 | 1,000 | 1,111 |
San Bernardino County Transportation Authority, Sales Tax, Series 2023 A, Rev., 5.00%, 3/1/2039 | 1,060 | 1,216 |
Santa Ana Financing Authority, Police Administration and Holding Facility Lease, Series 1994A, Rev., NATL - RE, 6.25%, 7/1/2024 (d) | 170 | 170 |
Santa Ana Financing Authority, Police Administration and Holding Facility Lease, Series 1994A, Rev., NATL - RE, 6.25%, 7/1/2024 | 172 | 173 |
Tobacco Securitization Authority of Northern California, Series 2021 B-1, Rev., 4.00%, 6/1/2049 | 2,400 | 2,392 |
Tobacco Securitization Authority of Southern California, Series 2019 A, Rev., 5.00%, 6/1/2048 | 1,000 | 1,020 |
Tobacco Securitization Authority of Southern California, San Diego County Tobacco Asset Securitization Corp., Series 2019 A, Rev., 5.00%, 6/1/2038 | 1,000 | 1,048 |
33,577 | ||
Prerefunded—4.0% | ||
California Health Facilities Financing Authority, Sutter Health, Series 2016A, Rev., 5.00%, 11/15/2025 (d) | 1,150 | 1,178 |
Campbell Union High School District, GO, 5.00%, 8/1/2024 (d) | 1,700 | 1,704 |
Campbell Union High School District, Election of 2016Series B, GO, 5.00%, 8/1/2026 (d) | 2,370 | 2,457 |
Los Angeles Community College District, Series 2015A, GO, 5.00%, 8/1/2024 (d) | 1,500 | 1,503 |
San Jose Unified School District, Election of 2012, Tax-ExemptSeries C, GO, 5.00%, 8/1/2024 (d) | 2,460 | 2,465 |
State of California Department of Water Resources, Central Valley Project, Water System, Series AW, Rev., 5.00%, 12/1/2026 (d) | 2,600 | 2,707 |
12,014 | ||
Transportation—9.5% | ||
Burbank-Glendale-Pasadena Airport Authority Brick Campaign | ||
Series 2024B, Rev., AMT, AGM, 4.38%, 7/1/2049 | 1,000 | 973 |
Series 2024B, Rev., AMT, 5.25%, 7/1/2049 | 1,000 | 1,064 |
California Infrastructure and Economic Development Bank, Academy of Motion Picture | ||
Series 2023A, Rev., 5.00%, 11/1/2024 | 275 | 277 |
Series 2023A, Rev., 5.00%, 11/1/2034 | 1,000 | 1,155 |
California Infrastructure and Economic Development Bank, Brightline West Passenger Rail Project, Series 2020A, Rev., AMT, 3.95%, 1/30/2025 (b) (c) | 1,550 | 1,550 |
City of Long Beach Harbor | ||
Series C, Rev., AMT, 5.00%, 5/15/2030 | 2,000 | 2,015 |
Series 2019A, Rev., 5.00%, 5/15/2039 | 1,425 | 1,529 |
City of Los Angeles Department of Airports | ||
Series 2022A, Rev., AMT, 5.00%, 5/15/2034 | 1,895 | 2,046 |
Series 2020A, Rev., 5.00%, 5/15/2039 | 2,000 | 2,166 |
Series 2022B, Rev., 4.00%, 5/15/2041 | 1,755 | 1,770 |
City of Los Angeles Department of Airports, International Airport Subordinate, Series 2018C, Rev., AMT, 5.00%, 5/15/2034 | 1,250 | 1,288 |
Foothill Eastern Transportation Corridor Agency, Capital Appreciation, Senior Lien, Series 1995A, Rev., Zero Coupon, 1/1/2026 (d) | 1,795 | 1,701 |
JPMorgan California Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | Principal Amount ($000) | Value ($000) |
Municipal Bonds — continued | ||
Transportation — continued | ||
Norman Y Mineta San Jose International Airport SJC, Series 2021A, Rev., AMT, 5.00%, 3/1/2032 | 2,000 | 2,133 |
Port of Los Angeles, Harbor Department | ||
Series 2019B, Rev., 5.00%, 8/1/2026 | 3,420 | 3,550 |
Series 2014A, Rev., AMT, 5.00%, 8/1/2031 | 1,500 | 1,501 |
San Diego County Regional Airport Authority, Series 2023B, Rev., AMT, 5.25%, 7/1/2037 | 1,500 | 1,656 |
San Francisco City and County Airport Commission, San Francisco International Airport | ||
Series 2019A, Rev., AMT, 5.00%, 5/1/2037 | 1,500 | 1,561 |
Series 2020A, Rev., AMT, 5.00%, 5/1/2037 | 545 | 574 |
28,509 | ||
Utility—9.5% | ||
California Community Choice Financing Authority, Clean Energy Project | ||
Series 2023 G-1, Rev., 5.25%, 4/1/2030 (b) | 2,175 | 2,310 |
Series 2024 A, Rev., 5.00%, 4/1/2032 (b) | 2,000 | 2,118 |
City of Glendale, Electric, Series 2024, Rev., 5.00%, 2/1/2054 | 3,000 | 3,229 |
Los Angeles Department of Water and Power, Power System | ||
Series 2022C, Rev., 5.00%, 7/1/2038 | 2,410 | 2,688 |
Series 2020B, Rev., 5.00%, 7/1/2039 | 2,000 | 2,183 |
Series 2023E, Rev., 5.00%, 7/1/2040 | 1,825 | 2,044 |
Series 2023 D, Rev., 5.00%, 7/1/2041 | 5,000 | 5,554 |
Los Angeles Department of Water and Power, Water System, Series 2021 B, Rev., 5.00%, 7/1/2051 | 2,500 | 2,667 |
Sacramento Municipal Utility District, Electric, Series 2023K, Rev., 5.00%, 8/15/2041 | 1,200 | 1,343 |
Southern California Public Power Authority, Series 2024-1, Rev., 5.00%, 7/1/2044 | 3,000 | 3,335 |
Southern California Public Power Authority, Apex Power Project, Series 2014A, Rev., 5.00%, 8/30/2024 | 1,000 | 1,003 |
28,474 | ||
Water & Sewer—14.3% | ||
California Infrastructure and Economic Development Bank, Clean Water State Revolving Fund, Rev., 4.00%, 10/1/2040 | 3,000 | 3,108 |
City of Bakersfield, Wastewater, Series 2015A, Rev., 5.00%, 9/15/2031 | 2,000 | 2,041 |
City of Los Angeles, Wastewater System | ||
Series A, Rev., 5.00%, 6/1/2028 | 1,825 | 1,850 |
Series 2018A, Rev., 5.00%, 6/1/2034 | 1,000 | 1,065 |
Series 2018A, Rev., 5.00%, 6/1/2035 | 1,500 | 1,597 |
City of San Francisco, Public Utilities Commission Water | ||
Series 2020, Subseries C-10, Rev., 4.00%, 11/1/2040 | 2,650 | 2,709 |
Series 2023AB, Subseries A, Rev., 5.00%, 11/1/2041 | 1,850 | 2,068 |
East Bay Municipal Utility District, Water System, Series 2024 A, Rev., 5.00%, 6/1/2049 | 2,750 | 3,000 |
Eastern Municipal Water District, Water and Wastewater, Series 2016A, Rev., 5.00%, 7/1/2035 | 2,885 | 2,973 |
Goleta Water District | ||
Series 2023A, Rev., 5.00%, 9/1/2025 | 300 | 305 |
Series 2023A, Rev., 5.00%, 9/1/2027 | 450 | 471 |
Series 2023A, Rev., 5.00%, 9/1/2029 | 260 | 281 |
Series 2023A, Rev., 5.00%, 9/1/2031 | 335 | 372 |
Series 2023A, Rev., 5.00%, 9/1/2034 | 175 | 199 |
Metropolitan Water District of Southern California, Waterworks | ||
Series 2022B, Rev., 5.00%, 7/1/2039 | 1,250 | 1,408 |
Series 2020C, Rev., 5.00%, 7/1/2040 | 1,500 | 1,641 |
Orange County Sanitation District, Series 2015A, Rev., 5.00%, 8/5/2024 | 1,500 | 1,503 |
JPMorgan California Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | Principal Amount ($000) | Value ($000) |
Municipal Bonds — continued | ||
Water & Sewer — continued | ||
San Diego Public Facilities Financing Authority, Series 2023A, Rev., 5.00%, 8/1/2042 | 1,180 | 1,328 |
San Francisco City and County Public Utilities Commission Wastewater | ||
Series 2018B, Rev., 5.00%, 10/1/2026 | 1,075 | 1,118 |
Series 2018B, Rev., 5.00%, 10/1/2036 | 1,675 | 1,783 |
Santa Clara Valley Water District, Water System, Series A, Rev., 5.00%, 6/1/2030 | 1,600 | 1,640 |
Southern California Water Replenishment District | ||
Rev., 5.00%, 8/1/2030 | 1,050 | 1,072 |
Rev., 5.00%, 8/1/2031 | 1,420 | 1,450 |
Rev., 5.00%, 8/1/2032 | 2,410 | 2,461 |
Rev., 5.00%, 8/1/2038 | 1,250 | 1,328 |
State of California Department of Water Resources, Central Valley Project, Series BF, Rev., 5.00%, 12/1/2035 | 2,000 | 2,298 |
State of California Department of Water Resources, Central Valley Project, Water System, Series 2023A, Rev., 5.00%, 6/1/2042 | 1,665 | 1,839 |
42,908 | ||
Total California | 270,702 | |
Florida—0.3% | ||
Transportation—0.3% | ||
Florida Development Finance Corp., Brightline Florida Passenger Rail Project, Series 2024, Rev., AMT, 5.50%, 7/1/2053 | 1,000 | 1,039 |
Georgia—1.5% | ||
Utility—1.5% | ||
Main Street Natural Gas, Inc., Gas Supply | ||
Series 2022B, Rev., 5.00%, 6/1/2029 (b) | 2,000 | 2,078 |
Series 2024 A, Rev., 5.00%, 9/1/2031 (b) | 1,150 | 1,216 |
Series 2024B, Rev., 5.00%, 3/1/2032 (b) | 1,250 | 1,325 |
4,619 | ||
Kentucky—0.5% | ||
Water & Sewer—0.5% | ||
County of Knott, Solid Waste Water Project, Series 2024, Rev., AMT, 4.00%, 4/1/2025 (b) (c) | 1,500 | 1,496 |
Ohio—0.7% | ||
Transportation—0.4% | ||
Jefferson County Port Authority, JSW Steel USA Ohio, Inc., Project, Series 2023, Rev., 5.00%, 12/1/2028 (b) (c) | 1,000 | 1,011 |
Utility—0.3% | ||
Ohio Air Quality Development Authority, Duke Energy Corp., Series 2022A, Rev., AMT, 4.25%, 6/1/2027 (b) | 1,000 | 996 |
Total Ohio | 2,007 | |
Puerto Rico—0.7% | ||
Other Revenue—0.7% | ||
Puerto Rico Sales Tax Financing Corp. Sales Tax | ||
Series A-1, Rev., 4.75%, 7/1/2053 | 1,000 | 989 |
Series A-2, Rev., 4.78%, 7/1/2058 | 1,000 | 986 |
1,975 |
JPMorgan California Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | Principal Amount ($000) | Value ($000) |
Municipal Bonds — continued | ||
Other Revenue — continued | ||
Wisconsin—0.3% | ||
Housing—0.3% | ||
Wisconsin Housing and Economic Development Authority Home Ownership, Series 2024 A, Rev., GNMA / FNMA / FHLMC, 6.00%, 9/1/2054 | 1,000 | 1,071 |
Total Municipal Bonds (Cost $286,859) | 285,553 | |
Shares (000) | ||
Short-Term Investments—4.3% | ||
Investment Companies—4.3% | ||
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 3.51% (f) (g)(Cost $12,858) | 12,858 | 12,859 |
Total Investments—99.5% (Cost $299,717) | 298,412 | |
Assets in Excess of Other Liabilities—0.5% | 1,486 | |
Net Assets—100.0% | 299,898 |
Percentages indicated are based on net assets. |
Abbreviations | |
AGC | Insured by Assured Guaranty Corp. |
AGM | Insured by Assured Guaranty Municipal Corp. |
AMT | Alternative Minimum Tax |
COP | Certificate of Participation |
FHLMC | Federal Home Loan Mortgage Corp. |
FNMA | Federal National Mortgage Association |
GNMA | Government National Mortgage Association |
GO | General Obligation |
NATL | Insured by National Public Finance Guarantee Corp. |
RE | Reinsured |
Rev. | Revenue |
VRDO | Variable Rate Demand Obligation |
(a) | The date shown represents the earliest of the prerefunded date, next put date or final maturity date. |
(b) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of May 31, 2024. |
(c) | Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. |
(d) | Security is prerefunded or escrowed to maturity. |
(e) | All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. |
(f) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
(g) | The rate shown is the current yield as of May 31, 2024. |
Futures contracts outstanding as of May 31, 2024 (amounts in thousands, except number of contracts):
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) |
Long Contracts | |||||
U.S. Treasury 2 Year Note | 141 | 09/30/2024 | USD | 28,738 | 23 |
U.S. Treasury 5 Year Note | 39 | 09/30/2024 | USD | 4,132 | 5 |
28 |
JPMorgan California Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) |
Short Contracts | |||||
U.S. Treasury 10 Year Ultra Note | (43 ) | 09/19/2024 | USD | (4,829 ) | 1 |
29 |
Abbreviations | |
USD | United States Dollar |
JPMorgan California Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)(Dollar values in thousands)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.
Under Section 2(a)(41) of the Investment Company Act of 1940, the Board is required to determine fair value for securities that do not have readily available market quotations. Under SEC Rule 2a-5 (Good Faith Determinations of Fair Value), the Board may designate the performance of these fair valuation determinations to a valuation designee. The Board has designated the Adviser as the “Valuation Designee” to perform fair valuation determinations for the Fund on behalf of the Board subject to appropriate oversight by the Board. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to help oversee and carry out the policies for the valuation of investments held in the Fund. The Adviser, as Valuation Designee, remains responsible for the valuation determinations.
This oversight by the AVC 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 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.
Futures contracts are generally valued on the basis of available market quotations.
Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.
The various inputs that are used in determining the valuation of the Fund's investments are summarized into the three broad levels listed below.
•
Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.
•
Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.
•
Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund's assumptions in determining the fair value of investments).
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.
The following table represents each valuation input as presented on the Schedule of Portfolio Investments:
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |
Investments in Securities | ||||
Municipal Bonds | $— | $285,553 | $— | $285,553 |
Short-Term Investments | ||||
Investment Companies | 12,859 | — | — | 12,859 |
Total Investments in Securities | $12,859 | $285,553 | $— | $298,412 |
JPMorgan California Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)(Dollar values in thousands)Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |
Appreciation in Other Financial Instruments | ||||
Futures Contracts | $29 | $— | $— | $29 |
B. Investment Transactions with Affiliates— The Fund invested in an Underlying Fund 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 such Underlying Fund. Reinvestment amounts are included in the purchases at cost amounts in the table below.
For the period ended May 31, 2024 | |||||||||
Security Description | Value at February 29, 2024 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at May 31, 2024 | Shares at May 31, 2024 | Dividend Income | Capital Gain Distributions |
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 3.51% (a) (b) | $15,118 | $44,878 | $47,137 | $(1 ) | $1 | $12,859 | 12,858 | $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 May 31, 2024. |