JPMorgan New York 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 New York Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited)INVESTMENTS | Principal Amount ($000) | Value ($000) |
Municipal Bonds—94.8% (a) | ||
Alabama—0.3% | ||
Utility—0.3% | ||
Southeast Alabama Gas Supply District (The), Project No. 2, Series 2024 B, Rev., 5.00%, 5/1/2032 (b) | 1,000 | 1,051 |
California—0.4% | ||
Other Revenue—0.1% | ||
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement, Series 2021B-2, Rev., Zero Coupon, 6/1/2066 | 3,300 | 359 |
Transportation—0.3% | ||
California Infrastructure and Economic Development Bank, Brightline West Passenger Rail Project, Series 2020A, Rev., AMT, 3.95%, 1/30/2025 (b) (c) | 1,250 | 1,250 |
Total California | 1,609 | |
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—1.7% | ||
Utility—1.7% | ||
Main Street Natural Gas, Inc., Gas Supply | ||
Series 2022B, Rev., 5.00%, 6/1/2029 (b) | 2,750 | 2,857 |
Series 2024 A, Rev., 5.00%, 9/1/2031 (b) | 1,160 | 1,226 |
Series 2024B, Rev., 5.00%, 3/1/2032 (b) | 1,750 | 1,856 |
5,939 | ||
Kentucky—1.2% | ||
Utility—0.5% | ||
Kentucky Public Energy Authority, Series 2024A, Rev., 5.00%, 7/1/2030 (b) | 1,500 | 1,567 |
Water & Sewer—0.7% | ||
County of Knott, Solid Waste Water Project, Series 2024, Rev., AMT, 4.00%, 4/1/2025 (b) (c) | 2,555 | 2,548 |
Total Kentucky | 4,115 | |
New York—89.3% | ||
Education—4.6% | ||
New York State Dormitory Authority | ||
Series 2024, Rev., 5.25%, 7/1/2054 | 3,000 | 3,146 |
Series 2024A, Rev., 5.50%, 7/1/2054 | 1,200 | 1,347 |
New York State Dormitory Authority, Brooklyn Law School, Series 2019 A, Rev., 5.00%, 7/1/2033 | 2,400 | 2,490 |
New York State Dormitory Authority, Court Facilities Lease, Series 2005A, Rev., AMBAC, 5.50%, 5/15/2026 | 5,000 | 5,191 |
New York State Dormitory Authority, New York University | ||
Series 2001-1, Rev., AMBAC, 5.50%, 7/1/2024 | 1,570 | 1,572 |
Series 2001-1, Rev., AMBAC, 5.50%, 7/1/2025 | 2,280 | 2,331 |
New York State Dormitory Authority, School Districts Financing Program, Series 2009A, Rev., AGC, 5.00%, 10/1/2024 | 10 | 10 |
16,087 | ||
General Obligation—15.8% | ||
City of New York, Fiscal Year 2018, Series 2018F-1, GO, 5.00%, 4/1/2034 | 2,500 | 2,627 |
City of New York, Fiscal Year 2020, Series 2020C-1, GO, 5.00%, 8/1/2033 | 2,000 | 2,178 |
City of New York, Fiscal Year 2022, Series 2022D, Subseries D-1, GO, 5.25%, 5/1/2039 | 1,500 | 1,666 |
City of New York, Fiscal Year 2023, Series 2023A, Subseries A-4, GO, VRDO, 2.15%, 6/1/2024 (b) | 935 | 935 |
City of New York, Fiscal Year 2023 | ||
Series 2023A, Subseries A-1, GO, 5.00%, 9/1/2037 | 1,400 | 1,542 |
JPMorgan New York 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 | ||
Series 2023E, GO, 4.00%, 4/1/2042 | 1,000 | 975 |
City of New York, Fiscal Year 2024, Series 2024A, GO, 5.00%, 8/1/2045 | 3,850 | 4,142 |
City of Oneida, GO, BAN, 4.50%, 3/28/2025 | 3,600 | 3,624 |
City of Yonkers | ||
Series 2024 A, GO, AGM, 5.00%, 2/15/2041 | 1,000 | 1,087 |
Series 2024B, GO, AGM, 5.00%, 2/15/2041 | 1,000 | 1,087 |
Series 2024 A, GO, AGM, 5.00%, 2/15/2042 | 1,505 | 1,626 |
Series 2024B, GO, AGM, 5.00%, 2/15/2042 | 1,000 | 1,081 |
County of Albany, Series 2022A, GO, 4.00%, 6/1/2036 | 1,080 | 1,108 |
County of Monroe, GO, 4.00%, 6/1/2040 | 2,115 | 2,125 |
County of Nassau, Series 2021A, GO, AGM, 4.00%, 4/1/2036 | 2,000 | 2,070 |
County of Nassau, General Improvement | ||
Series 2022A, GO, 5.00%, 4/1/2037 | 1,000 | 1,114 |
Series 2023A, GO, AGM, 4.00%, 4/1/2042 | 1,500 | 1,502 |
County of Onondaga | ||
Series 2018, GO, 4.00%, 4/15/2029 | 2,760 | 2,770 |
Series 2022, GO, 4.00%, 6/15/2037 | 2,000 | 2,068 |
County of Suffolk, Series 2017D, GO, 4.00%, 10/15/2028 | 3,375 | 3,440 |
County of Westchester | ||
Series 2018A, GO, 5.00%, 12/1/2025 | 1,500 | 1,537 |
Series 2018-A, GO, 4.00%, 12/1/2028 | 1,000 | 1,021 |
Series 2023A, GO, 4.00%, 12/1/2038 | 2,000 | 2,054 |
Port Washington Union Free School District, GO, 4.00%, 8/1/2037 | 2,765 | 2,834 |
State of New York, Series 2023A, GO, 5.00%, 3/15/2041 | 1,000 | 1,108 |
Town of Babylon, Series 2022, GO, 4.00%, 12/15/2041 | 1,295 | 1,313 |
Town of Clarkstown, Series 2023, GO, 4.00%, 11/15/2039 | 990 | 1,018 |
Town of Huntington, Public Improvement, Series 2022A, GO, 4.00%, 6/15/2037 | 1,385 | 1,427 |
Town of Oyster Bay, Public Improvement, GO, AGM, 5.00%, 8/1/2029 | 500 | 542 |
Uniondale Union Free School District | ||
GO, 4.00%, 1/15/2038 | 2,000 | 2,029 |
GO, 4.00%, 1/15/2041 | 2,000 | 2,005 |
55,655 | ||
Hospital—1.0% | ||
New York State Dormitory Authority, Hospitals Center, Langone Hospitals Obligated Group, Rev., 5.00%, 7/1/2026 | 3,360 | 3,364 |
Industrial Development Revenue/Pollution Control Revenue—0.4% | ||
New York City Industrial Development Agency, Queens Baseball Stadium Project, Series 2021A, Rev., AGM, 5.00%, 1/1/2031 | 1,250 | 1,347 |
Other Revenue—25.1% | ||
Battery Park City Authority, Series 2019D-1, Rev., VRDO, 2.90%, 6/12/2024 (b) | 5,900 | 5,900 |
Chautauqua Tobacco Asset Securitization Corp., Series 2014, Rev., 5.00%, 6/1/2048 | 3,200 | 3,013 |
Hudson Yards Infrastructure Corp., Second Indenture | ||
Series 2017 A, Rev., 5.00%, 2/15/2031 | 1,585 | 1,646 |
Series 2017A, Rev., 5.00%, 2/15/2035 | 4,000 | 4,150 |
Series 2017A, Rev., 5.00%, 2/15/2037 | 2,500 | 2,588 |
Series 2017 A, Rev., 5.00%, 2/15/2038 | 2,125 | 2,195 |
Series 2022A, Rev., 4.00%, 2/15/2040 | 1,730 | 1,725 |
New York City Transitional Finance Authority, Building Aid, Fiscal Year 2015, Series 2015 S-1, Rev., 5.00%, 7/15/2031 | 2,500 | 2,516 |
JPMorgan New York 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 | ||
New York City Transitional Finance Authority, Building Aid, Fiscal Year 2019 | ||
Series 2019S-2A, Rev., 5.00%, 7/15/2034 | 2,000 | 2,093 |
Series 2019S-3A, Rev., 5.00%, 7/15/2034 | 4,000 | 4,186 |
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2017, Series 2017 E1, Rev., 5.00%, 2/1/2035 | 2,000 | 2,059 |
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2019, Series 2019A-1, Rev., 5.00%, 8/1/2035 | 1,000 | 1,055 |
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2022 | ||
Series 2022F, Subseries F-1, Rev., 4.00%, 2/1/2038 | 2,000 | 2,040 |
Series 2022B-1, Rev., 4.00%, 8/1/2039 | 4,475 | 4,439 |
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2023 | ||
Series 2023D, Subseries D-1, Rev., 5.25%, 11/1/2037 | 1,500 | 1,690 |
Series 2023F, Rev., 5.00%, 2/1/2042 | 2,000 | 2,170 |
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2024 | ||
Series 2024B, Rev., 5.00%, 5/1/2042 | 1,000 | 1,091 |
Series 2024F, Subseries F-1, Rev., 5.25%, 2/1/2053 | 1,000 | 1,086 |
Series 2024F, Subseries F-1, Rev., 4.25%, 2/1/2054 | 1,000 | 958 |
New York Convention Center Development Corp., Hotel Unit Fee Secured, Rev., 5.00%, 11/15/2030 | 2,000 | 2,030 |
New York Convention Center Development Corp., Subordinate Lien, Hotel Unit Fee Secured, Series B, Rev., Zero Coupon, 11/15/2033 | 4,090 | 2,664 |
New York Liberty Development Corp., Goldman Sachs Headquarters LLC, Series 2005, Rev., 5.25%, 10/1/2035 | 2,460 | 2,791 |
New York State Dormitory Authority, State Sales Tax | ||
Series 2015 B, Rev., 5.00%, 3/15/2030 | 5,000 | 5,072 |
Series 2016A, Rev., 5.00%, 3/15/2031 | 2,000 | 2,054 |
Series 2018E-2, Rev., 5.00%, 3/15/2033 | 2,000 | 2,118 |
Series 2017A, Rev., 5.00%, 3/15/2034 | 2,000 | 2,068 |
New York State Housing Finance Agency, 10 Barclay Street, Series 2004A, Rev., VRDO, 2.85%, 6/12/2024 (b) | 2,700 | 2,700 |
New York State Urban Development Corp., State Sales Tax, Series 2021 A, Rev., 4.00%, 3/15/2044 | 5,000 | 4,862 |
Suffolk Regional Off-Track Betting Co., Series 2024, Rev., 5.75%, 12/1/2044 | 1,000 | 1,033 |
Suffolk Tobacco Asset Securitization Corp., Series 2021 A-2, Rev., 5.00%, 6/1/2029 | 2,250 | 2,380 |
Triborough Bridge and Tunnel Authority, Series 2024B,SubseriesB-3, Rev., 5.00%, 11/15/2025 (b) | 5,000 | 5,100 |
Triborough Bridge and Tunnel Authority Sales Tax, Series 2024A SUB A2, Rev., 5.25%, 5/15/2059 | 2,500 | 2,682 |
Westchester County Local Development Corp., Kendal on Hudson Project, Series 2022B, Rev., 5.00%, 1/1/2032 | 240 | 251 |
Westchester Tobacco Asset Securitization Corp., Tobacco Settlement | ||
Series B, Rev., 5.00%, 6/1/2033 | 1,775 | 1,825 |
Series B, Rev., 5.00%, 6/1/2034 | 2,000 | 2,053 |
88,283 | ||
Special Tax—8.3% | ||
New York State Dormitory Authority, Personal Income Tax, Series 2015B, Rev., 5.00%, 2/15/2035 | 1,500 | 1,510 |
New York State Dormitory Authority, State Personal Income Tax, General Purpose | ||
Series 2021A, Rev., 5.00%, 3/15/2036 | 1,800 | 1,973 |
Series 2020A, Rev., 4.00%, 3/15/2047 | 1,700 | 1,608 |
New York State Thruway Authority, Personal Income Tax | ||
Series 2022A, Rev., 5.00%, 3/15/2037 | 1,500 | 1,670 |
Series 2021A-1, Rev., 4.00%, 3/15/2038 | 1,500 | 1,506 |
Series 2022A, Rev., 5.00%, 3/15/2041 | 5,000 | 5,434 |
Series 2021A-1, Rev., 4.00%, 3/15/2042 | 2,500 | 2,447 |
New York State Urban Development Corp., State Personal Income Tax, General Purpose | ||
Series 2019A, Rev., 5.00%, 3/15/2033 | 2,575 | 2,725 |
JPMorgan New York Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | Principal Amount ($000) | Value ($000) |
Municipal Bonds — continued | ||
Special Tax — continued | ||
Series 2020C, Rev., 4.00%, 3/15/2037 | 1,000 | 1,006 |
Series 2020 A, Rev., 4.00%, 3/15/2040 | 3,000 | 2,946 |
Series 2020E, Rev., 4.00%, 3/15/2045 | 1,500 | 1,439 |
New York State Urban Development Corp., State Personal Income Tax, State Facilities and Equipment, Series A-2, Rev., NATL - RE, 5.50%, 3/15/2025 | 5,000 | 5,076 |
29,340 | ||
Transportation—19.3% | ||
Metropolitan Transportation Authority, Series 2015 A-2, Rev., 5.00%, 5/15/2030 (b) | 2,185 | 2,321 |
Metropolitan Transportation Authority | ||
Series C-1, Rev., 5.25%, 11/15/2030 | 1,500 | 1,532 |
Series A-1, Rev., 5.00%, 11/15/2031 | 2,500 | 2,557 |
Series A-1, Rev., 4.00%, 11/15/2033 | 2,000 | 1,968 |
Metropolitan Transportation Authority, Dedicated Tax Fund | ||
Series 2012A, Rev., Zero Coupon, 11/15/2030 | 4,000 | 3,124 |
Series 2016A, Rev., 5.25%, 11/15/2034 | 1,020 | 1,058 |
New York State Thruway Authority | ||
Series K, Rev., 5.00%, 1/1/2028 | 1,000 | 1,006 |
Series K, Rev., 5.00%, 1/1/2030 | 2,500 | 2,515 |
Series L, Rev., 5.00%, 1/1/2032 | 2,250 | 2,378 |
Series N, Rev., 4.00%, 1/1/2041 | 2,500 | 2,468 |
New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project | ||
Series 2018, Rev., AMT, 5.00%, 1/1/2026 | 4,000 | 4,074 |
Series 2018, Rev., AMT, 5.00%, 1/1/2031 | 2,155 | 2,222 |
Series 2018, Rev., AMT, 4.00%, 1/1/2036 | 2,315 | 2,283 |
Port Authority of New York and New Jersey, Consolidated | ||
Series 186, Rev., AMT, 5.00%, 10/15/2027 | 2,000 | 2,004 |
Series 185, Rev., AMT, 5.00%, 9/1/2028 | 1,000 | 1,001 |
Series 185, Rev., AMT, 5.00%, 9/1/2030 | 2,000 | 2,003 |
Series 207, Rev., AMT, 5.00%, 9/15/2031 | 2,335 | 2,413 |
Series 185, Rev., AMT, 5.00%, 9/1/2032 | 1,750 | 1,753 |
Series 207, Rev., AMT, 5.00%, 9/15/2032 | 3,000 | 3,097 |
Series 214, Rev., AMT, 5.00%, 9/1/2036 | 2,950 | 3,076 |
Series 221, Rev., AMT, 4.00%, 7/15/2039 | 1,355 | 1,309 |
Series 244, Rev., 5.00%, 7/15/2041 | 2,000 | 2,221 |
Series 237, Rev., 5.00%, 1/15/2052 | 3,000 | 3,195 |
Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels | ||
Series 2023A, Rev., 5.00%, 5/15/2025 | 1,500 | 1,522 |
Series 2018B, Rev., 5.00%, 11/15/2030 | 3,355 | 3,708 |
Series B, Rev., 5.00%, 11/15/2031 | 1,100 | 1,146 |
Series 2013A, Rev., Zero Coupon, 11/15/2032 | 3,000 | 2,097 |
Series B, Rev., 5.00%, 11/15/2033 | 1,500 | 1,555 |
Series 2023A, Rev., 4.00%, 11/15/2037 | 1,600 | 1,619 |
Series 2022A, Rev., 4.00%, 5/15/2041 | 2,040 | 2,001 |
JPMorgan New York 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 | ||
Series 2019C, Rev., 4.00%, 11/15/2042 | 1,375 | 1,330 |
Series 2020 A, Rev., 5.00%, 11/15/2054 | 1,500 | 1,564 |
68,120 | ||
Utility—6.8% | ||
Long Island Power Authority, Electric System, Series 2021A, Rev., 4.00%, 9/1/2041 | 2,030 | 2,047 |
New York Power Authority, Green Transmission Project | ||
Series 2022A, Rev., AGM, 5.00%, 11/15/2035 | 840 | 941 |
Series 2022A, Rev., AGM, 4.00%, 11/15/2038 | 2,000 | 2,015 |
Utility Debt Securitization Authority | ||
Series 2016A, Rev., 5.00%, 6/15/2024 | 1,250 | 1,250 |
Series 2016A, Rev., 5.00%, 12/15/2034 | 3,250 | 3,325 |
Series 2023 TE-1, Rev., 5.00%, 12/15/2041 | 10,620 | 11,978 |
Utility Debt Securitization Authority, Restructuring Bond, Series 2016 B, Rev., 5.00%, 12/15/2035 | 2,450 | 2,505 |
24,061 | ||
Water & Sewer—8.0% | ||
New York City Municipal Water Finance Authority | ||
Series 2024, Subseries CC-2, Rev., 5.00%, 6/15/2046 | 2,000 | 2,160 |
Series 2024, Subseries BB-1, Rev., 5.25%, 6/15/2047 | 1,000 | 1,097 |
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Series 2018CC-1, Rev., 4.00%, 6/15/2037 | 1,150 | 1,153 |
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2015 | ||
Series 2015DD, Rev., 5.00%, 6/17/2024 | 2,000 | 2,001 |
Series 2015EE, Rev., 5.00%, 6/17/2024 | 2,000 | 2,001 |
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2020 | ||
Series 2020CC-1, Rev., 4.00%, 6/15/2041 | 2,000 | 1,985 |
Subseries 202DD-3, Rev., 4.00%, 6/15/2042 | 2,500 | 2,488 |
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2021, Series 2021, Subseries BB-2, Rev., 4.00%, 6/15/2042 | 1,075 | 1,065 |
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2022, Series 2022, Subseries BB-1, Rev., 4.00%, 6/15/2045 | 1,500 | 1,460 |
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2023, Series 2023DD, Rev., 5.25%, 6/15/2046 | 2,000 | 2,190 |
New York State Environmental Facilities Corp., State Clean Water and Drinking Water Revolving Funds, Municipal Water Finance Authority Projects - Second Resolution | ||
Series 2014A, Rev., 5.00%, 6/28/2024 | 1,500 | 1,501 |
Series 2016A, Rev., 5.00%, 6/15/2032 | 2,000 | 2,051 |
Series 2017E, Rev., 5.00%, 6/15/2038 | 1,240 | 1,281 |
New York State Environmental Facilities Corp., State Clean Water and Drinking Water Revolving Funds, Pooled Financing Program, Series 2005B, Rev., 5.50%, 10/15/2025 (d) | 4,175 | 4,268 |
New York State Environmental Facilities Corp., State Revolving Funds, Master Financing Program, Series 2021-B, Rev., 4.00%, 8/15/2039 | 1,380 | 1,390 |
28,091 | ||
Total New York | 314,348 | |
JPMorgan New York 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 | ||
Ohio—0.6% | ||
Transportation—0.3% | ||
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 | 1,500 | 1,484 |
Series A-2, Rev., 4.78%, 7/1/2058 | 1,000 | 986 |
2,470 | ||
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 $334,528) | 333,649 | |
Shares (000) | ||
Short-Term Investments—4.0% | ||
Investment Companies—4.0% | ||
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 3.51% (e) (f)(Cost $14,242) | 14,242 | 14,243 |
Total Investments—98.8% (Cost $348,770) | 347,892 | |
Assets in Excess of Other Liabilities—1.2% | 4,082 | |
Net Assets—100.0% | 351,974 | |
Percentages indicated are based on net assets. |
Abbreviations | |
AGC | Insured by Assured Guaranty Corp. |
AGM | Insured by Assured Guaranty Municipal Corp. |
AMBAC | Insured by American Municipal Bond Assurance Corp. |
AMT | Alternative Minimum Tax |
BAN | Bond Anticipation Note |
FHLMC | Federal Home Loan Mortgage Corp. |
FNMA | Federal National Mortgage Association |
GNMA | Government National Mortgage Association |
GO | General Obligation |
MTA | Metropolitan Transportation Authority |
NATL | Insured by National Public Finance Guarantee Corp. |
RE | Reinsured |
Rev. | Revenue |
VRDO | Variable Rate Demand Obligation |
(a) | The date shown represents the earliest of the prerefunded date, next put date or final maturity date. |
JPMorgan New York Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)(b) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of May 31, 2024. |
(c) | Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. |
(d) | Security is prerefunded or escrowed to maturity. |
(e) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
(f) | The rate shown is the current yield as of May 31, 2024. |
Futures contracts outstanding as of May 31, 2024 (amounts in thousands, except number of contracts):
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) |
Long Contracts | |||||
U.S. Treasury 2 Year Note | 166 | 09/30/2024 | USD | 33,833 | 27 |
U.S. Treasury 5 Year Note | 50 | 09/30/2024 | USD | 5,297 | 7 |
34 | |||||
Short Contracts | |||||
U.S. Treasury 10 Year Ultra Note | (51 ) | 09/19/2024 | USD | (5,727 ) | 1 |
35 |
Abbreviations | |
USD | United States Dollar |
JPMorgan New York 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 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 in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s net asset values (“NAV”) per share as of the report date.
Futures contracts are generally valued on the basis of available market quotations.
Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.
The various inputs that are used in determining the valuation of the Fund's investments are summarized into the three broad levels listed below.
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Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.
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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.
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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 | $— | $333,649 | $— | $333,649 |
Short-Term Investments | ||||
Investment Companies | 14,243 | — | — | 14,243 |
Total Investments in Securities | $14,243 | $333,649 | $— | $347,892 |
JPMorgan New York 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 | $35 | $— | $— | $35 |
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) | $26,813 | $51,203 | $63,772 | $(1 ) | $— (c) | $14,243 | 14,242 | $153 | $— |
(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. |
(c) | Amount rounds to less than one thousand. |