UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-23117
JPMorgan Trust IV
(Exact name of registrant as specified in charter)
277 Park Avenue
New York, NY 10172
(Address of principal executive offices) (Zip code)
Gregory S. Samuels
277 Park Avenue
New York, NY 10172
(Name and Address of Agent for Service)
Registrant’s telephone number, including area code: (800) 480-4111
Date of fiscal year end: Last Day of February
Date of reporting period: March 1, 2021 through February 28, 2022
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. Section 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
a.) The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1).
b.) A copy of the notice transmitted to shareholders in reliance on Rule 30e-3 under the 1940 Act that contains disclosures specified by paragraph (c)(3) of that rule is included in the Annual Report. Not Applicable. Notices do not incorporate disclosures from the
shareholder reports.
Annual Report
J.P. Morgan Money Market Funds
February 28, 2022
JPMorgan Prime Money Market Fund
JPMorgan Institutional Tax Free Money Market Fund
JPMorgan Securities Lending Money Market Fund
JPMorgan Liquid Assets Money Market Fund
JPMorgan U.S. Government Money Market Fund
JPMorgan U.S. Treasury Plus Money Market Fund
JPMorgan Federal Money Market Fund
JPMorgan 100% U.S. Treasury Securities Money Market Fund
JPMorgan Tax Free Money Market Fund
JPMorgan Municipal Money Market Fund
JPMorgan California Municipal Money Market Fund
JPMorgan New York Municipal Money Market Fund
CONTENTS
The following disclosure applies to the JPMorgan Liquid Assets Money Market Fund, JPMorgan Tax Free Money Market Fund, JPMorgan Municipal Money Market Fund, JPMorgan California Municipal Money Market Fund and JPMorgan New York Municipal Money Market Fund.
You could lose money by investing in a Fund. Although each Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. A Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in a Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Funds’ sponsor has no legal obligation to provide financial support to the Funds, and you should not expect that the sponsor will provide financial support to the Funds at any time.
The following disclosure applies to the JPMorgan Prime Money Market Fund, JPMorgan Institutional Tax Free Money Market Fund and JPMorgan Securities Lending Money Market Fund.
You could lose money by investing in a Fund. Because the share price of each Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. A Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in a Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Funds’ sponsor has no legal obligation to provide financial support to the Funds, and you should not expect that the sponsor will provide financial support to the Funds at any time.
Any gain resulting from the sale or exchange of Fund shares will be taxable as long-term or short-term gain, depending upon how long you have held your shares.
The following disclosure applies to the JPMorgan U.S. Government Money Market Fund, JPMorgan U.S. Treasury Plus Money Market Fund, JPMorgan Federal Money Market Fund and the JPMorgan 100% U.S. Treasury Securities Money Market Fund.
You could lose money by investing in a Fund. Although each Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in a Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Funds’ sponsor has no legal obligation to provide financial support to the Funds, and you should not expect that the sponsor will provide financial support to the Funds at any time.
Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of a Fund or the securities markets.
Prospective investors should refer to the Funds’ prospectuses for a discussion of the Funds’ investment objectives, strategies and risks. Call J.P. Morgan Funds Service Center at 1-800-480-4111 (retail investors) or 1-800-766-7722 (institutional investors) for a prospectus containing more complete information about a Fund, including management fees and other expenses. Please read it carefully before investing.
LETTER TO SHAREHOLDERS
April 5, 2022 (Unaudited)
Dear Shareholders,
Financial markets delivered a mixed performance amid low interest rates, surging inflationary pressure and fresh waves of pandemic resurgence during the twelve months ended February 28, 2022. While the U.S. Federal Reserve (the “Fed”) maintained historically low interest rates throughout the period, it began to taper off its monthly asset purchases in November 2021 and indicated it would raise interest rates in 2022 in response to strong job growth and persistent inflation.
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| | “Amid global market uncertainties, JPMorgan Global Liquidity will continue to apply our global expertise and resources in seeking to provide investors with quality short-term fixed income solutions.” —John T. Donohue |
Within fixed income markets, only high yield bonds (also known as “junk bonds”) and lower rated investment grade bonds provided positive returns as investors largely sought higher returns in equity markets. Money market mutual funds generally benefitted from investor demand for short-term fixed income securities as nominal interest rates began to rise in the second half of the period.
Looking ahead, we believe the U.S. economy is likely to maintain its momentum as the pandemic recedes and consumers spend more of their accumulated savings and household wealth
on goods and services. Meanwhile, a tight U.S. labor market, rising wages and surging inflation prompted the Fed in March 2022 to raise interest rates for the first time since December 2018 and to signal up to six more rate increases this year, which is expected to bring the central bank’s policy rate to 2.5%.
Notably, Russia’s military invasion of Ukraine has jolted the energy sector and weighed on global financial markets, though it has had a limited impact on short-term debt markets. The duration and scope of the conflict will be a key factor in investment outcomes in 2022 and beyond. We believe the best defense for investors is a diversified portfolio, a patient approach to long-term investments and a focus on valuations and fundamentals.
Amid global market uncertainties, JPMorgan Global Liquidity will continue to apply our global expertise and resources in seeking to provide investors with quality short-term fixed income solutions. On behalf of JPMorgan Global Liquidity, we thank you for your continued partnership and trust in our company and our product.
Sincerely yours,
John T. Donohue
CEO Asset Management Americas & Head of Global Liquidity
J.P. Morgan Asset Management
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| FEBRUARY 28, 2022 | | J.P. MORGAN MONEY MARKET FUNDS | | | | | | | | 1 |
JPMorgan Prime Money Market Fund
FUND FACTS
TWELVE MONTHS ENDED FEBRUARY 28, 2022 (Unaudited)
| | |
| Objective† | | Seeks current income while seeking to maintain liquidity and a low volatility of principal |
| Primary Investments | | High quality, short-term, U.S. dollar-denominated money market instruments |
| Suggested investment time frame | | Short-term |
| Share classes offered | | Academy, Agency, Capital, Class C, Empower, IM, Institutional Class, Morgan, Premier and Reserve |
| Net Assets as of February 28, 2022 | | $69.6 Billion |
| Weighted Average Maturity^ | | 22 calendar days |
| Weighted Average Life^^ | | 44 calendar days |
| | | | |
MATURITY SCHEDULE*^ | |
| 1 calendar day | | | 49.8 | % |
| 2–7 calendar days | | | 18.2 | |
| 8–30 calendar days | | | 7.5 | |
| 31–60 calendar days | | | 9.1 | |
| 61–90 calendar days | | | 7.9 | |
| 91–180 calendar days | | | 6.4 | |
| 181+ calendar days | | | 1.1 | |
| | | | |
7-DAY SEC YIELD AS OF FEBRUARY 28, 2022(1) | |
| Academy Shares | | | 0.07 | % |
| Agency Shares | | | 0.01 | |
| Capital Shares | | | 0.07 | |
| Class C Shares | | | 0.01 | |
| Empower Shares | | | 0.07 | |
| IM Shares | | | 0.07 | |
| Institutional Class Shares | | | 0.05 | |
| Morgan Shares | | | 0.01 | |
| Premier Shares | | | 0.01 | |
| Reserve Shares | | | 0.01 | |
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111 (retail investors) or 1-800-766-7722 (institutional investors).
An investment in a money market fund is not insured by the FDIC or any other government agency.
| † | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
| ^ | The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made and may utilize the interest rate reset date for variable or floating rate securities. |
| ^^ | The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made. |
| * | Percentages indicated are based upon total investments as of February 28, 2022. |
| (1) | The yields for Academy Shares, Agency Shares, Capital Shares, Class C Shares, Empower Shares, IM Shares, Institutional Class Shares, Morgan Shares, Premier Shares and Reserve Shares reflect the reimbursements and/or waivers of certain expenses. Without these reimbursements and/or waivers, the yields would have been (0.02)%, (0.12)%, (0.02)%, (5.97)%, (0.02)%, 0.03%, (0.07)%, (0.33)%, (0.27)% and (0.52)% for Academy Shares, Agency Shares, Capital Shares, Class C Shares, Empower Shares, IM Shares, Institutional Class Shares, Morgan Shares, Premier Shares and Reserve Shares, respectively. |
| | An unaudited, uncertified list of prior-day portfolio holdings of the JPMorgan Prime Money Market Fund is available upon request. Please contact your J.P. Morgan representative to obtain further information regarding this facility and information on holdings. |
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| 2 | | | | | | | | J.P. MORGAN MONEY MARKET FUNDS | | FEBRUARY 28, 2022 |
JPMorgan Institutional Tax Free Money Market Fund
FUND FACTS
TWELVE MONTHS ENDED FEBRUARY 28, 2022 (Unaudited)
| | |
| Objective† | | Aims to provide current income, while seeking to maintain liquidity and a low volatility of principal* |
| Primary Investments | | High quality short-term municipal securities, the interest on which is excluded from federal income taxes |
| Suggested investment time frame | | Short-term |
| Share classes offered | | Agency, Capital, IM and Institutional Class |
| Net Assets as of February 28, 2022 | | $1.3 Billion |
| Weighted Average Maturity^ | | 22 calendar days |
| Weighted Average Life^^ | | 22 calendar days |
| | | | |
MATURITY SCHEDULE**^ | |
| 1 calendar day | | | 22.7 | % |
| 2–7 calendar days | | | 47.1 | |
| 8–30 calendar days | | | 11.0 | |
| 31–60 calendar days | | | 5.7 | |
| 61–90 calendar days | | | 3.5 | |
| 91–180 calendar days | | | 10.0 | |
| | | | |
7-DAY SEC YIELD AS OF FEBRUARY 28, 2022(1) | |
| Agency Shares | | | 0.01 | % |
| Capital Shares | | | 0.02 | |
| IM Shares | | | 0.04 | |
| Institutional Class Shares | | | 0.01 | |
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-766-7722 (institutional investors).
An investment in a money market fund is not insured by the FDIC or any other government agency.
| † | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
| ^ | The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made and may utilize the interest rate reset date for variable or floating rate securities. |
| ^^ | The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made. |
| * | A portion of the Fund’s income distributions may be subject to the Alternative Minimum Tax (AMT), and some investors may be subject to certain state and local taxes. |
| ** | Percentages indicated are based upon total investments as of February 28, 2022. |
| (1) | The yields for Agency Shares, Capital Shares, IM Shares and Institutional Class Shares reflect the reimbursements and/or waivers of certain expenses. Without these reimbursements and/or waivers, the yields would have been (0.28)%, (0.04)%, (0.01)% and (0.10)% for Agency Shares, Capital Shares, IM Shares and Institutional Class Shares, respectively. |
| | An unaudited, uncertified list of prior-day portfolio holdings of the JPMorgan Institutional Tax Free Money Market Fund is available upon request. Please contact your J.P. Morgan representative to obtain further information regarding this facility and information on holdings. |
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| FEBRUARY 28, 2022 | | J.P. MORGAN MONEY MARKET FUNDS | | | | | | | | 3 |
JPMorgan Securities Lending Money Market Fund
FUND FACTS
TWELVE MONTHS ENDED FEBRUARY 28, 2022 (Unaudited)
| | |
| Objective† | | Seeks current income while seeking to maintain liquidity and a low volatility of principal |
| Primary Investments | | High quality, short-term, U.S. dollar-denominated money market instruments |
| Suggested investment time frame | | Short-term |
| Share classes offered | | Agency SL |
| Net Assets as of February 28, 2022 | | $1.9 Billion |
| Weighted Average Maturity^ | | 35 calendar days |
| Weighted Average Life^^ | | 66 calendar days |
| | | | |
MATURITY SCHEDULE*^ | |
| 1 calendar day | | | 55.2 | % |
| 2–7 calendar days | | | 12.8 | |
| 8–30 calendar days | | | 4.6 | |
| 31–60 calendar days | | | 3.7 | |
| 61–90 calendar days | | | 8.3 | |
| 91–180 calendar days | | | 8.0 | |
| 181+ calendar days | | | 7.4 | |
| | | | |
7-DAY SEC YIELD AS OF FEBRUARY 28, 2022(1) | |
| Agency SL Shares | | | 0.09 | % |
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-766-7722 (institutional investors).
An investment in a money market fund is not insured by the FDIC or any other government agency.
| † | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
| ^ | The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made and may utilize the interest rate reset date for variable or floating rate securities. |
| ^^ | The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made. |
| * | Percentages indicated are based upon total investments as of February 28, 2022. |
| (1) | The yield for Agency SL Shares reflects the reimbursements and/or waivers of certain expenses. Without these reimbursements and/or waivers, the yield would have been (0.01)% for Agency SL Shares. |
| | An unaudited, uncertified list of prior-day portfolio holdings of the JPMorgan Securities Lending Money Market Fund is available upon request. Please contact your J.P. Morgan representative to obtain further information regarding this facility and information on holdings. |
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| 4 | | | | | | | | J.P. MORGAN MONEY MARKET FUNDS | | FEBRUARY 28, 2022 |
JPMorgan Liquid Assets Money Market Fund
FUND FACTS
TWELVE MONTHS ENDED FEBRUARY 28, 2022 (Unaudited)
| | |
| Objective† | | Seeks current income with liquidity and stability of principal |
| Primary Investments | | High quality, short-term instruments including corporate notes, U.S. government securities, asset-backed securities, repurchase agreements, commercial paper, funding agreements, certificates of deposit, municipal obligations and bank obligations |
| Suggested investment time frame | | Short-term |
| Share classes offered | | Agency, Capital, Class C, E*Trade^, Institutional Class, Investor, Morgan, Premier and Reserve Shares |
| Net Assets as of February 28, 2022 | | $6.3 Billion |
| Weighted Average Maturity^^ | | 25 calendar days |
| Weighted Average Life^^^ | | 49 calendar days |
| | | | |
MATURITY SCHEDULE*^^ | |
| 1 calendar day | | | 47.3 | % |
| 2–7 calendar days | | | 20.1 | |
| 8–30 calendar days | | | 6.7 | |
| 31–60 calendar days | | | 10.5 | |
| 61–90 calendar days | | | 4.8 | |
| 91–180 calendar days | | | 8.6 | |
| 181+ calendar days | | | 2.0 | |
| | | | |
7-DAY SEC YIELD AS OF FEBRUARY 28, 2022(1) | |
| Agency Shares | | | 0.01 | % |
| Capital Shares | | | 0.04 | |
| Class C Shares | | | 0.01 | |
| Institutional Class Shares | | | 0.02 | |
| Investor Shares | | | 0.01 | |
| Morgan Shares | | | 0.01 | |
| Premier Shares | | | 0.01 | |
| Reserve Shares | | | 0.01 | |
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111 (retail investors) or 1-800-766-7722 (institutional investors).
An investment in a money market fund is not insured by the FDIC or any other government agency. Although the Fund strives to preserve the value of the investment at $1.00 per share, it is possible to lose money by investing in the Fund.
| † | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
| ^ | E*Trade Shares had no assets from the close of business on October 19, 2016. |
| ^^ | The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made and may utilize the interest rate reset date for variable or floating rate securities. |
| ^^^ | The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made. |
| * | Percentages indicated are based upon total investments as of February 28, 2022. |
| (1) | The yields for Agency Shares, Capital Shares, Class C Shares, Institutional Class Shares, Investor Shares, Morgan Shares, Premier Shares and Reserve Shares reflect the reimbursements and/or waivers of certain expenses. Without these reimbursements and/or waivers, the yields would have been (0.13)%, (0.03)%, (0.98)%, (0.08)%, (0.33)%, (0.43)%, (0.28)% and (0.53)% for Agency Shares, Capital Shares, Class C Shares, Institutional Class Shares, Investor Shares, Morgan Shares, Premier Shares and Reserve Shares, respectively. |
| | An unaudited, uncertified list of prior-day portfolio holdings of the JPMorgan Liquid Assets Money Market Fund is available upon request. Please contact your J.P. Morgan representative to obtain further information regarding this facility and information on holdings. |
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| FEBRUARY 28, 2022 | | J.P. MORGAN MONEY MARKET FUNDS | | | | | | | | 5 |
JPMorgan U.S. Government Money Market Fund
FUND FACTS
TWELVE MONTHS ENDED FEBRUARY 28, 2022 (Unaudited)
| | |
| Objective† | | Seeks high current income with liquidity and stability of principal |
| Primary Investments | | High quality, short-term securities issued or guaranteed by the U.S. government or by U.S. government agencies or instrumentalities and repurchase agreements collateralized by such obligations |
| Suggested investment time frame | | Short-term |
| Share classes offered | | Academy, Agency, Capital, E*Trade, Empower, IM, Institutional Class, Investor, Morgan, Premier, Reserve and Service Shares |
| Net Assets as of February 28, 2022 | | $244.7 Billion |
| Weighted Average Maturity^ | | 13 calendar days |
| Weighted Average Life^^ | | 57 calendar days |
| | | | |
MATURITY SCHEDULE*^ | |
| 1 calendar day | | | 74.3 | % |
| 2–7 calendar days | | | 8.7 | |
| 8–30 calendar days | | | 3.5 | |
| 31–60 calendar days | | | 3.6 | |
| 61–90 calendar days | | | 7.0 | |
| 91–180 calendar days | | | 1.8 | |
| 181+ calendar days | | | 1.1 | |
| | | | |
7-DAY SEC YIELD AS OF FEBRUARY 28, 2022(1) | |
| Academy Shares | | | 0.03 | % |
| Agency Shares | | | 0.01 | |
| Capital Shares | | | 0.03 | |
| E*Trade Shares | | | 0.01 | |
| Empower Shares | | | 0.03 | |
| IM Shares | | | 0.03 | |
| Institutional Class Shares | | | 0.01 | |
| Investor Shares | | | 0.00 | |
| Morgan Shares | | | 0.00 | |
| Premier Shares | | | 0.01 | |
| Reserve Shares | | | 0.00 | |
| Service Shares | | | 0.00 | |
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111 (retail investors) or 1-800-766-7722 (institutional investors).
An investment in a money market fund is not insured by the FDIC or any other government agency. Although the Fund strives to preserve the value of the investment at $1.00 per share, it is possible to lose money by investing in the Fund.
| † | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
| ^ | The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made and may utilize the interest rate reset date for variable or floating rate securities. |
| ^^ | The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made. |
| * | Percentages indicated are based upon total investments as of February 28, 2022. |
| (1) | The yields for Academy Shares, Agency Shares, Capital Shares, E*Trade Shares, Empower Shares, IM Shares, Institutional Class Shares, Investor Shares, Morgan Shares, Premier Shares, Reserve Shares and Service Shares reflect the reimbursements and/or waivers of certain expenses. Without these reimbursements and/or waivers, the yields would have been (0.12)%, (0.22)%, (0.12)%, (0.97)%, (0.12)%, (0.07)%, (0.17)%, (0.42)%, (0.52)%, (0.37)%, (0.62)% and (0.97)% for Academy Shares, Agency Shares, Capital Shares, E*Trade Shares, Empower Shares, IM Shares, Institutional Class Shares, Investor Shares, Morgan Shares, Premier Shares, Reserve Shares and Service Shares, respectively. |
| | An unaudited, uncertified list of prior-day portfolio holdings of the JPMorgan U.S. Government Money Market Fund is available upon request. Please contact your J.P. Morgan representative to obtain further information regarding this facility and information on holdings. |
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| 6 | | | | | | | | J.P. MORGAN MONEY MARKET FUNDS | | FEBRUARY 28, 2022 |
JPMorgan U.S. Treasury Plus Money Market Fund
FUND FACTS
TWELVE MONTHS ENDED FEBRUARY 28, 2022 (Unaudited)
| | |
| Objective† | | Seeks current income with liquidity and stability of principal |
| Primary Investments | | Direct obligations of the U.S. Treasury including Treasury bills, bonds and notes and other obligations issued or guaranteed by the U.S. Treasury and repurchase agreements collateralized by U.S. Treasury securities |
| Suggested investment time frame | | Short-term |
| Share classes offered | | Academy, Agency, Capital, Class C, Empower, IM, Institutional Class, Investor, Morgan, Premier and Reserve Shares |
| Net Assets as of February 28, 2022 | | $22.9 Billion |
| Weighted Average Maturity^ | | 31 calendar days |
| Weighted Average Life^^ | | 48 calendar days |
| | | | |
MATURITY SCHEDULE*^ | |
| 1 calendar day | | | 68.5 | % |
| 2–7 calendar days | | | 3.4 | |
| 31–60 calendar days | | | 6.7 | |
| 61–90 calendar days | | | 10.5 | |
| 91–180 calendar days | | | 3.9 | |
| 181+ calendar days | | | 7.0 | |
| | | | |
7-DAY SEC YIELD AS OF FEBRUARY 28, 2022(1) | |
| Academy Shares | | | 0.01 | % |
| Agency Shares | | | 0.01 | |
| Capital Shares | | | 0.01 | |
| Class C Shares | | | 0.00 | |
| Empower Shares | | | 0.01 | |
| IM Shares | | | 0.02 | |
| Institutional Class Shares | | | 0.01 | |
| Investor Shares | | | 0.00 | |
| Morgan Shares | | | 0.00 | |
| Premier Shares | | | 0.01 | |
| Reserve Shares | | | 0.00 | |
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111 (retail investors) or 1-800-766-7722 (institutional investors).
An investment in a money market fund is not insured by the FDIC or any other government agency. Although the Fund strives to preserve the value of the investment at $1.00 per share, it is possible to lose money by investing in the Fund.
| † | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
| ^ | The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made and may utilize the interest rate reset date for variable or floating rate securities. |
| ^^ | The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made. |
| * | Percentages indicated are based upon total investments as of February 28, 2022. |
| (1) | The yields for Academy Shares, Agency Shares, Capital Shares, Class C Shares, Empower Shares, IM Shares, Institutional Class Shares, Investor Shares, Morgan Shares, Premier Shares and Reserve Shares reflect the reimbursements and/or waivers of certain expenses. Without these reimbursements and/or waivers, the yields would have been (0.09)%, (0.19)%, (0.09)%, (1.04)%, (0.11)%, (0.03)%, (0.14)%, (0.39)%, (0.49)%, (0.34)%, and (0.59)% for Academy Shares, Agency Shares, Capital Shares, Class C Shares, Empower Shares, IM Shares, Institutional Class Shares, Investor Shares, Morgan Shares, Premier Shares and Reserve Shares, respectively. |
| | An unaudited, uncertified list of prior-day portfolio holdings of the JPMorgan U.S. Treasury Plus Money Market Fund is available upon request. Please contact your J.P. Morgan representative to obtain further information regarding this facility and information on holdings. |
| | | | | | | | | | |
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| FEBRUARY 28, 2022 | | J.P. MORGAN MONEY MARKET FUNDS | | | | | | | | 7 |
JPMorgan Federal Money Market Fund
FUND FACTS
TWELVE MONTHS ENDED FEBRUARY 28, 2022 (Unaudited)
| | |
| Objective† | | Aims to provide current income while still preserving capital and maintaining liquidity |
| Primary Investments | | Direct obligations of the U.S. Treasury including Treasury bills, bonds and notes as well as debt obligations issued or guaranteed by U.S. government agencies or instrumentalities |
| Suggested investment time frame | | Short-term |
| Share classes offered | | Agency, Institutional Class, Morgan and Premier Shares |
| Net Assets as of February 28, 2022 | | $1.7 Billion |
| Weighted Average Maturity^ | | 25 calendar days |
| Weighted Average Life^^ | | 49 calendar days |
| | | | |
MATURITY SCHEDULE*^ | |
| 1 calendar day | | | 7.6 | % |
| 2-7 calendar days | | | 6.0 | |
| 8–30 calendar days | | | 54.8 | |
| 31–60 calendar days | | | 27.1 | |
| 91–180 calendar days | | | 4.5 | |
| | | | |
7-DAY SEC YIELD AS OF FEBRUARY 28, 2022(1) | |
| Agency Shares | | | 0.01 | % |
| Institutional Class Shares | | | 0.01 | |
| Morgan Shares | | | 0.00 | |
| Premier Shares | | | 0.01 | |
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111 (retail investors) or 1-800-766-7722 (institutional investors).
An investment in a money market fund is not insured by the FDIC or any other government agency. Although the Fund strives to preserve the value of the investment at $1.00 per share, it is possible to lose money by investing in the Fund.
| † | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
| ^ | The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made and may utilize the interest rate reset date for variable or floating rate securities. |
| ^^ | The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made. |
| * | Percentages indicated are based upon total investments as of February 28, 2022. |
| (1) | The yields for Agency Shares, Institutional Class Shares, Morgan Shares and Premier Shares reflect the reimbursements and/or waivers of certain expenses. Without these reimbursements and/or waivers, the yields would have been (0.29)%, (0.24)%, (0.59)% and (0.44)% for Agency Shares, Institutional Class Shares, Morgan Shares and Premier Shares, respectively. |
| | An unaudited, uncertified list of prior-day portfolio holdings of the JPMorgan Federal Money Market Fund is available upon request. Please contact your J.P. Morgan representative to obtain further information regarding this facility and information on holdings. |
| | | | | | | | | | |
| | | | | |
| 8 | | | | | | | | J.P. MORGAN MONEY MARKET FUNDS | | FEBRUARY 28, 2022 |
JPMorgan 100% U.S. Treasury Securities Money Market Fund
FUND FACTS
TWELVE MONTHS ENDED FEBRUARY 28, 2022 (Unaudited)
| | |
| Objective† | | Aims to provide the highest possible level of current income while still maintaining liquidity and providing maximum safety of principal |
| Primary Investments | | Direct obligations of the U.S. Treasury including Treasury bills, bonds and notes |
| Suggested investment time frame | | Short-term |
| Share classes offered | | Academy, Agency, Capital, Empower, IM, Institutional Class, Morgan, Premier and Reserve Shares |
| Net Assets as of February 28, 2022 | | $91.8 Billion |
| Weighted Average Maturity^ | | 34 calendar days |
| Weighted Average Life^^ | | 62 calendar days |
| | | | |
MATURITY SCHEDULE*^ | |
| 1 calendar day | | | 7.8 | % |
| 2–7 calendar days | | | 0.1 | |
| 8–30 calendar days | | | 42.5 | |
| 31–60 calendar days | | | 36.1 | |
| 61–90 calendar days | | | 8.0 | |
| 91–180 calendar days | | | 5.5 | |
| | | | |
7-DAY SEC YIELD AS OF FEBRUARY 28, 2022(1) | |
| Academy Shares | | | 0.01 | % |
| Agency Shares | | | 0.01 | |
| Capital Shares | | | 0.01 | |
| Empower Shares | | | 0.01 | |
| IM Shares | | | 0.01 | |
| Institutional Class Shares | | | 0.01 | |
| Morgan Shares | | | 0.00 | |
| Premier Shares | | | 0.01 | |
| Reserve Shares | | | 0.00 | |
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111 (retail investors) or 1-800-766-7722 (institutional investors).
An investment in a money market fund is not insured by the FDIC or any other government agency. Although the Fund strives to preserve the value of the investment at $1.00 per share, it is possible to lose money by investing in the Fund.
| † | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
| ^ | The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made and may utilize the interest rate reset date for variable or floating rate securities. |
| ^^ | The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made. |
| * | Percentages indicated are based upon total investments as of February 28, 2022. |
| (1) | The yields for Academy Shares, Agency Shares, Capital Shares, Empower Shares, IM Shares, Institutional Class Shares, Morgan Shares, Premier Shares and Reserve Shares reflect the reimbursements and/or waivers of certain expenses. Without these reimbursements and/or waivers, the yields would have been (0.07)%, (0.17)%, (0.07)%, (0.10)%, (0.02)%, (0.12)%, (0.47)%, (0.32)%, and (0.57)% for Academy Shares, Agency Shares, Capital Shares, Empower Shares, IM Shares, Institutional Class Shares, Morgan Shares, Premier Shares and Reserve Shares, respectively. |
| | An unaudited, uncertified list of prior-day portfolio holdings of the JPMorgan 100% U.S. Treasury Securities Money Market Fund is available upon request. Please contact your J.P. Morgan representative to obtain further information regarding this facility and information on holdings. |
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| FEBRUARY 28, 2022 | | J.P. MORGAN MONEY MARKET FUNDS | | | | | | | | 9 |
JPMorgan Tax Free Money Market Fund
FUND FACTS
TWELVE MONTHS ENDED FEBRUARY 28, 2022 (Unaudited)
| | |
| Objective† | | Aims to provide the highest possible level of current income which is excluded from gross income, while still preserving capital and maintaining liquidity* |
| Primary Investments | | High quality short-term municipal securities, the interest on which is excluded from federal income taxes |
| Suggested investment time frame | | Short-term |
| Share classes offered | | Agency, Institutional Class, Morgan, Premier and Reserve Shares |
| Net Assets as of February 28, 2022 | | $7.6 Billion |
| Weighted Average Maturity^ | | 19 calendar days |
| Weighted Average Life^^ | | 19 calendar days |
| | | | |
MATURITY SCHEDULE**^ | |
| 1 calendar day | | | 6.4 | % |
| 2-7 calendar days | | | 63.8 | |
| 8–30 calendar days | | | 14.4 | |
| 31–60 calendar days | | | 4.9 | |
| 61–90 calendar days | | | 3.2 | |
| 91–180 calendar days | | | 7.2 | |
| 181+ calendar days | | | 0.1 | |
| | | | |
7-DAY SEC YIELD AS OF FEBRUARY 28, 2022(1) | |
| Agency Shares | | | 0.01 | % |
| Institutional Class Shares | | | 0.02 | |
| Morgan Shares | | | 0.01 | |
| Premier Shares | | | 0.01 | |
| Reserve Shares | | | 0.01 | |
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111 (retail investors) or 1-800-766-7722 (institutional investors).
An investment in a money market fund is not insured by the FDIC or any other government agency. Although the Fund strives to preserve the value of the investment at $1.00 per share, it is possible to lose money by investing in the Fund.
| † | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
| ^ | The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made and may utilize the interest rate reset date for variable or floating rate securities. |
| ^^ | The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made. |
| * | A portion of the Fund’s income distributions may be subject to the Alternative Minimum Tax (AMT), and some investors may be subject to certain state and local taxes. |
| ** | Percentages indicated are based upon total investments as of February 28, 2022. |
| (1) | The yields for Agency Shares, Institutional Class Shares, Morgan Shares, Premier Shares and Reserve Shares reflect the reimbursements and/or waivers of certain expenses. Without these reimbursements and/or waivers, the yields would have been (0.07)%, (0.02)%, (0.37)%, (0.22)% and (0.47)% for Agency Shares, Institutional Class Shares, Morgan Shares, Premier Shares and Reserve Shares, respectively. |
| | An unaudited, uncertified list of prior-day portfolio holdings of the JPMorgan Tax Free Money Market Fund is available upon request. Please contact your J.P. Morgan representative to obtain further information regarding this facility and information on holdings. |
| | | | | | | | | | |
| | | | | |
| 10 | | | | | | | | J.P. MORGAN MONEY MARKET FUNDS | | FEBRUARY 28, 2022 |
JPMorgan Municipal Money Market Fund
FUND FACTS
TWELVE MONTHS ENDED FEBRUARY 28, 2022 (Unaudited)
| | |
| Objective† | | Seeks as high a level of current interest income exempt from federal income tax as is consistent with liquidity and stability of principal* |
| Primary Investments | | High quality short-term municipal securities, the interest on which is excluded from federal income taxes |
| Suggested investment time frame | | Short-term |
| Share classes offered | | Agency, E*Trade^, Institutional Class, Morgan, Premier and Service Shares |
| Net Assets as of February 28, 2022 | | $999.4 Million |
| Weighted Average Maturity^^ | | 20 calendar days |
| Weighted Average Life^^^ | | 20 calendar days |
| | | | |
MATURITY SCHEDULE**^^ | |
| 1 calendar day | | | 16.5 | % |
| 2–7 calendar days | | | 55.8 | |
| 8–30 calendar days | | | 10.4 | |
| 31–60 calendar days | | | 8.3 | |
| 61–90 calendar days | | | 0.8 | |
| 91–180 calendar days | | | 8.2 | |
| | | | |
7-DAY SEC YIELD AS OF FEBRUARY 28, 2022(1) | |
| Agency Shares | | | 0.01 | % |
| Institutional Class Shares | | | 0.02 | |
| Morgan Shares | | | 0.01 | |
| Premier Shares | | | 0.01 | |
| Service Shares | | | 0.01 | |
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111 (retail investors) or 1-800-766-7722 (institutional investors).
An investment in a money market fund is not insured by the FDIC or any other government agency. Although the Fund strives to preserve the value of the investment at $1.00 per share, it is possible to lose money by investing in the Fund.
| † | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
| ^ | E*Trade Shares had no assets from the close of business on September 21, 2016. |
| ^^ | The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made and may utilize the interest rate reset date for variable or floating rate securities. |
| ^^^ | The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made. |
| * | A portion of the Fund’s income distributions may be subject to the Alternative Minimum Tax (AMT), and some investors may be subject to certain state and local taxes. |
| ** | Percentages indicated are based upon total investments as of February 28, 2022. |
| (1) | The yields for Agency Shares, Institutional Class Shares, Morgan Shares, Premier Shares and Service Shares reflect the reimbursements and/or waivers of certain expenses. Without these reimbursements and/or waivers, the yields would have been (0.07)%, (0.03)%, (0.37)%, (0.22)% and (0.82)% for Agency Shares, Institutional Class Shares, Morgan Shares, Premier Shares and Service Shares, respectively. |
| | An unaudited, uncertified list of prior-day portfolio holdings of the JPMorgan Municipal Money Market Fund is available upon request. Please contact your J.P. Morgan representative to obtain further information regarding this facility and information on holdings. |
| | | | | | | | | | |
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| FEBRUARY 28, 2022 | | J.P. MORGAN MONEY MARKET FUNDS | | | | | | | | 11 |
JPMorgan California Municipal Money Market Fund
FUND FACTS
TWELVE MONTHS ENDED FEBRUARY 28, 2022 (Unaudited)
| | |
|
| Objective† | | Aims to provide the highest possible level of current income which is exempt from federal and California personal income taxes, while still preserving capital and maintaining liquidity* |
| Primary Investment | | California short-term municipal obligations |
| Suggested investment time frame | | Short-term |
| Share classes offered | | Agency, E*Trade^, Institutional Class, Morgan, Premier and Service |
| Net Assets as of February 28, 2022 | | $229.3 Million |
| Weighted Average Maturity^^ | | 18 calendar days |
| Weighted Average Life^^^ | | 18 calendar days |
| | | | |
MATURITY SCHEDULE**^^ | |
| 1 calendar day | | | 11.4 | % |
| 2–7 calendar days | | | 60.0 | |
| 8–30 calendar days | | | 13.5 | |
| 31–60 calendar days | | | 6.5 | |
| 61–90 calendar days | | | 1.1 | |
| 91–180 calendar days | | | 7.3 | |
| 181+ calendar days | | | 0.2 | |
| | | | |
7-DAY SEC YIELD AS OF FEBRUARY 28, 2022(1) | |
| Agency Shares | | | 0.01 | % |
| Institutional Class Shares | | | 0.02 | |
| Morgan Shares | | | 0.01 | |
| Premier Shares | | | 0.01 | |
| Service Shares | | | 0.01 | |
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111 (retail investors) or 1-800-766-7722 (institutional investors).
An investment in a money market fund is not insured by the FDIC or any other government agency. Although the Fund strives to preserve the value of the investment at $1.00 per share, it is possible to lose money by investing in the Fund.
| † | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
| ^ | E*Trade Shares had no assets from the close of business on September 21, 2016. |
| ^^ | The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made and may utilize the interest rate reset date for variable or floating rate securities. |
| ^^^ | The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made. |
| * | A portion of the Fund’s income distributions may be subject to the Alternative Minimum Tax (AMT), and some investors may be subject to certain state and local taxes. |
| ** | Percentages indicated are based upon total investments as of February 28, 2022. |
| (1) | The yields for Agency Shares, Institutional Class Shares, Morgan Shares, Premier Shares and Service Shares reflect the reimbursements and/or waivers of certain expenses. Without these reimbursements and/or waivers, the yields would have been (0.19)%, (0.14)%, (0.49)%, (0.34)% and (0.94)% for Agency Shares, Institutional Class Shares, Morgan Shares, Premier Shares and Service Shares, respectively. |
| | An unaudited, uncertified list of prior-day portfolio holdings of the JPMorgan California Municipal Money Market Fund is available upon request. Please contact your J.P. Morgan representative to obtain further information regarding this facility and information on holdings. |
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| 12 | | | | | | | | J.P. MORGAN MONEY MARKET FUNDS | | FEBRUARY 28, 2022 |
JPMorgan New York Municipal Money Market Fund
FUND FACTS
TWELVE MONTHS ENDED FEBRUARY 28, 2022 (Unaudited)
| | |
|
| Objective† | | Aims to provide the highest possible level of current income which is excluded from gross income and exempt from New York State and New York City personal income taxes, while still preserving capital and maintaining liquidity* |
| Primary Investment | | New York short-term municipal obligations |
| Suggested investment time frame. | | Short-term |
| Share classes offered | | Agency, E*Trade^, Institutional Class, Morgan, Premier, Reserve and Service |
| Net Assets as of February 28, 2022 | | $627.4 Million |
| Weighted Average Maturity^^ | | 24 calendar days |
| Weighted Average Life^^^ | | 24 calendar days |
| | | | |
MATURITY SCHEDULE**^^ | |
| 1 calendar day | | | 10.6 | % |
| 2–7 calendar day | | | 71.8 | |
| 8–30 calendar days | | | 1.1 | |
| 31–60 calendar days | | | 2.4 | |
| 61–90 calendar days | | | 1.3 | |
| 91–180 calendar days | | | 12.8 | |
| | | | |
7-DAY SEC YIELD AS OF FEBRUARY 28, 2022(1) | |
| Agency Shares | | | 0.01 | % |
| Institutional Class Shares | | | 0.02 | |
| Morgan Shares | | | 0.01 | |
| Premier Shares | | | 0.01 | |
| Reserve Shares | | | 0.01 | |
| Service Shares | | | 0.01 | |
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111 (retail investors) or 1-800-766-7722 (institutional investors).
An investment in a money market fund is not insured by the FDIC or any other government agency. Although the Fund strives to preserve the value of the investment at $1.00 per share, it is possible to lose money by investing in the Fund.
| † | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
| ^ | E*Trade Shares had no assets from the close of business on September 21, 2016. |
| ^^ | The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made and may utilize the interest rate reset date for variable or floating rate securities. |
| ^^^ | The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made. |
| * | A portion of the Fund’s income distributions may be subject to the Alternative Minimum Tax (AMT), and some investors may be subject to certain state and local taxes. |
| ** | Percentages indicated are based upon total investments as of February 28, 2022. |
| (1) | The yields for Agency Shares, Institutional Class Shares, Morgan Shares, Premier Shares, Reserve Shares and Service Shares reflect the reimbursements and/or waivers of certain expenses. Without these reimbursements and/or waivers, the yields would have been (0.11)%, (0.07)%, (0.41)%, (0.26)%, (0.51)% and (0.86)% for Agency Shares, Institutional Class Shares, Morgan Shares, Premier Shares, Reserve Shares and Service Shares, respectively. |
| | An unaudited, uncertified list of prior-day portfolio holdings of the JPMorgan New York Municipal Money Market Fund is available upon request. Please contact your J.P. Morgan representative to obtain further information regarding this facility and information on holdings. |
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| FEBRUARY 28, 2022 | | J.P. MORGAN MONEY MARKET FUNDS | | | | | | | | 13 |
JPMorgan Prime Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Repurchase Agreements — 13.2% | |
| | |
Barclays Capital, Inc., 0.26%, dated 2/28/2022, due 4/4/2022, repurchase price $80,020, collateralized by Collateralized Mortgage Obligations, 0.00% - 4.69%, due 5/15/2031 - 1/16/2054, with a value of $86,400. | | | 80,000 | | | | 80,000 | |
| | |
Barclays Capital, Inc., 0.26%, dated 2/28/2022, due 4/4/2022, repurchase price $100,025, collateralized by Collateralized Mortgage Obligations, 0.00% - 7.01%, due 5/15/2028 - 12/16/2072, with a value of $108,000. | | | 100,000 | | | | 100,000 | |
| | |
Barclays Capital, Inc., 0.26%, dated 2/28/2022, due 4/4/2022, repurchase price $400,101, collateralized by Collateralized Mortgage Obligations, 0.00% - 8.98%, due 2/25/2026 - 1/18/2063 and FNMA, 2.39% - 12.94%, due 3/26/2029 - 12/27/2050, with a value of $432,000. | | | 400,000 | | | | 400,000 | |
| | |
BMO Capital Markets Corp., 0.17%, dated 2/28/2022, due 3/1/2022, repurchase price $100,000, collateralized by Asset-Backed Securities, 1.35% - 3.72%, due 7/15/2027 - 2/25/2047, Collateralized Mortgage Obligations, 3.25% - 3.57%, due 9/17/2058 - 10/25/2059 and Corporate Notes and Bonds, 3.50% -8.25%, due 4/30/2028 - 3/1/2032, with a value of $108,026. | | | 100,000 | | | | 100,000 | |
| | |
BMO Capital Markets Corp., 0.17%, dated 2/28/2022, due 3/1/2022, repurchase price $110,001, collateralized by Asset-Backed Securities, 0.00% - 4.19%, due 10/15/2024 - 7/25/2056, Collateralized Mortgage Obligations, 0.00% - 3.43%, due 7/25/2036 -6/14/2052, Corporate Notes and Bonds, 1.25% - 15.50%, due 4/1/2022 - 1/15/2051^ and U.S. Treasury Securities, 1.38%, due 11/15/2031, with a value of $117,855. | | | 110,000 | | | | 110,000 | |
| | |
BMO Capital Markets Corp., 0.19%, dated 2/28/2022, due 3/7/2022, repurchase price $175,006, collateralized by Asset-Backed Securities, 0.00% - 4.19%, due 5/20/2024 - 1/25/2047, Collateralized Mortgage Obligations, 0.00% - 3.93%, due 1/19/2035 - 5/10/2058, Corporate Notes and Bonds, 1.00% - 9.81%, due 12/7/2022 - 12/15/2061^, FHLMC, 3.48%, due 9/25/2028 and Sovereign Government Securities, 0.75% - 1.25%, due 10/21/2022 -3/4/2025, with a value of $187,393. | | | 175,000 | | | | 175,000 | |
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| |
| | |
BMO Capital Markets Corp., 0.24%, dated 2/28/2022, due 3/7/2022, repurchase price $50,002, collateralized by Corporate Notes and Bonds, 2.75% - 9.46%, due 11/15/2022 - 11/23/2081^, with a value of $53,592. | | | 50,000 | | | | 50,000 | |
| | |
BNP Paribas SA, 0.24%, dated 2/28/2022, due 3/1/2022, repurchase price $150,001, collateralized by Asset-Backed Securities, 0.31% - 6.91%, due 2/15/2023 - 4/25/2047, Collateralized Mortgage Obligations, 0.38% - 6.37%, due 2/27/2026 - 3/25/2067, Corporate Notes and Bonds, 0.86% - 9.88%, due 4/30/2022 - 6/4/2081^, FNMA, 3.74% -7.05%, due 7/25/2029 - 12/26/2041 and Sovereign Government Securities, 2.84% -7.50%, due 1/31/2027 - 6/20/2030, with a value of $161,563. | | | 150,000 | | | | 150,000 | |
| | |
BNP Paribas SA, 0.20%, dated 2/28/2022, due 3/16/2022, repurchase price $115,010, collateralized by Asset-Backed Securities, 2.19% - 5.34%, due 4/14/2025 - 1/26/2032, Collateralized Mortgage Obligations, 0.41% - 6.37%, due 2/27/2026 - 11/25/2068, Corporate Notes and Bonds, 2.25% - 5.88%, due 4/6/2027 - 7/15/2080^, FNMA, 2.80% - 10.69%, due 7/25/2023 -12/27/2050 and Sovereign Government Securities, 8.30%, due 8/15/2031, with a value of $124,161. | | | 115,000 | | | | 115,000 | |
| | |
BNP Paribas SA, 0.30%, dated 2/28/2022, due 4/4/2022, repurchase price $100,029, collateralized by Asset-Backed Securities, 0.50% - 7.48%, due 10/1/2023 - 1/25/2059, with a value of $110,083. | | | 100,000 | | | | 100,000 | |
| | |
BNP Paribas SA, 0.34%, dated 2/28/2022, due 4/4/2022, repurchase price $185,061, collateralized by Asset-Backed Securities, 2.75% - 8.01%, due 1/14/2028 - 1/25/2059, with a value of $203,788. | | | 185,000 | | | | 185,000 | |
| | |
BofA Securities, Inc., 0.10%, dated 2/28/2022, due 3/1/2022, repurchase price $100,000, collateralized by Commercial Paper, 0.00%, due 3/1/2022 - 3/28/2022, with a value of $105,000. | | | 100,000 | | | | 100,000 | |
| | |
BofA Securities, Inc., 0.17%, dated 2/28/2022, due 3/1/2022, repurchase price $100,000, collateralized by Common Stocks and Preferred Stocks, 4.45% - 8.00%, due 8/1/2042^, with a value of $108,000. | | | 100,000 | | | | 100,000 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 14 | | | | | | | | J.P. MORGAN MONEY MARKET FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Repurchase Agreements — continued | |
| | |
BofA Securities, Inc., 0.17%, dated 2/28/2022, due 3/1/2022, repurchase price $100,000, collateralized by Common Stocks and Preferred Stocks, 4.45% - 8.00%, due 8/1/2042^, with a value of $108,000. | | | 100,000 | | | | 100,000 | |
| | |
BofA Securities, Inc., 0.44%, dated 2/28/2022, due 4/4/2022, repurchase price $345,148, collateralized by Corporate Notes and Bonds, 0.75% - 6.13%, due 4/1/2023 -9/15/2055, with a value of $362,251. | | | 345,000 | | | | 345,000 | |
| | |
Credit Suisse Securities USA LLC, 0.20%, dated 2/28/2022, due 3/1/2022, repurchase price $140,001, collateralized by Asset-Backed Securities, 0.00% -19.95%, due 8/28/2023 - 2/15/2068 and Collateralized Mortgage Obligations, 1.91% - 7.09%, due 4/15/2026 -2/15/2041, with a value of $153,333. | | | 140,000 | | | | 140,000 | |
| | |
Credit Suisse Securities USA LLC, 0.47%, dated 2/28/2022, due 4/4/2022, repurchase price $160,073, collateralized by Asset-Backed Securities, 0.00% -10.00%, due 4/12/2024 - 8/25/2060 and Collateralized Mortgage Obligations, 0.00% - 4.14%, due 3/29/2022 -5/25/2056, with a value of $174,956. | | | 160,000 | | | | 160,000 | |
| | |
Goldman Sachs & Co. LLC, 0.44%, dated 2/28/2022, due 4/29/2022, repurchase price $500,367, collateralized by Asset-Backed Securities, 0.00% - 8.22%, due 12/10/2024 - 2/25/2063 and Corporate Notes and Bonds, 0.00%, due 3/15/2023, with a value of $535,000. | | | 500,000 | | | | 500,000 | |
| | |
HSBC Securities USA, Inc., 0.18%, dated 2/28/2022, due 3/1/2022, repurchase price $20,000, collateralized by Corporate Notes and Bonds, 0.40% - 4.88%, due 10/10/2023 - 5/15/2048, Municipal Debt Securities, 0.00% - 3.00%, due 8/1/2031 - 2/1/2037 and Sovereign Government Securities, 4.38%, due 1/23/2031, with a value of $21,000. | | | 20,000 | | | | 20,000 | |
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| |
| | |
HSBC Securities USA, Inc., 0.18%, dated 2/28/2022, due 3/1/2022, repurchase price $225,001, collateralized by Corporate Notes and Bonds, 0.95% -5.80%, due 6/1/2022 - 2/4/2061, FHLMC, 2.50% - 4.00%, due 5/1/2045 -12/1/2051, FNMA, 3.50%, due 11/1/2046, GNMA, 2.50% - 3.50%, due 11/20/2044 - 5/20/2051, Sovereign Government Securities, 2.50% - 5.25%, due 4/11/2022 - 4/20/2055 and U.S. Treasury Securities, 0.00%, due 5/26/2022 - 1/26/2023, with a value of $234,887. | | | 225,000 | | | | 225,000 | |
| | |
ING Financial Markets LLC, 0.15%, dated 2/28/2022, due 3/1/2022, repurchase price $66,000, collateralized by Corporate Notes and Bonds, 1.45% - 6.50%, due 11/15/2022 - 4/15/2048 and Sovereign Government Securities, 4.25%, due 3/13/2025, with a value of $69,510. | | | 66,000 | | | | 66,000 | |
| | |
ING Financial Markets LLC, 0.17%, dated 2/28/2022, due 3/1/2022, repurchase price $37,000, collateralized by Corporate Notes and Bonds, 4.13% - 9.25%, due 7/6/2024 - 1/15/2042^ and Sovereign Government Securities, 6.25%, due 9/26/2022, with a value of $39,961. | | | 37,000 | | | | 37,000 | |
| | |
ING Financial Markets LLC, 0.30%, dated 2/28/2022, due 3/30/2022, repurchase price $175,044, collateralized by Common Stocks, with a value of $189,090. | | | 175,000 | | | | 175,000 | |
| | |
ING Financial Markets LLC, 0.30%, dated 2/28/2022, due 4/22/2022, repurchase price $100,044, collateralized by Common Stocks, with a value of $108,053. | | | 100,000 | | | | 100,000 | |
| | |
Mitsubishi UFJ Trust & Banking Corp., 0.20%, dated 2/28/2022, due 3/3/2022, repurchase price $1,000,017, collateralized by Corporate Notes and Bonds, 0.00% - 4.15%, due 5/13/2022 -2/25/2032, with a value of $1,042,334. | | | 1,000,000 | | | | 1,000,000 | |
| | |
Royal Bank of Canada, 0.17%, dated 2/28/2022, due 3/1/2022, repurchase price $125,001, collateralized by Asset-Backed Securities, 1.90%, due 2/23/2039, Certificates of Deposit, 0.00% - 0.20%, due 3/3/2022 - 7/1/2022, Commercial Paper, 0.00%, due 3/1/2022 - 3/2/2022 and Corporate Notes and Bonds, 0.30% -6.50%, due 5/15/2022 - 6/1/2060^, with a value of $131,261. | | | 125,000 | | | | 125,000 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MONEY MARKET FUNDS | | | | | | | | 15 |
JPMorgan Prime Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Repurchase Agreements — continued | |
| | |
Societe Generale SA, 0.14%, dated 2/28/2022, due 3/1/2022, repurchase price $600,002, collateralized by Asset-Backed Securities, 2.70% - 8.00%, due 5/17/2027 - 5/28/2069, Collateralized Mortgage Obligations, 0.98% - 3.33%, due 11/18/2049 - 1/18/2052, Corporate Notes and Bonds, 0.00% - 8.38%, due 3/30/2022 - 10/27/2081^, FNMA, 2.14%, due 10/25/2049, Sovereign Government Securities, 1.25% - 7.35%, due 7/21/2025 - 6/9/2051 and U.S. Treasury Securities, 4.25%, due 11/15/2040, with a value of $630,753. | | | 600,000 | | | | 600,000 | |
| | |
Societe Generale SA, 0.21%, dated 2/28/2022, due 3/1/2022, repurchase price $475,003, collateralized by Asset-Backed Securities, 0.25% - 7.13%, due 1/2/2024 - 2/28/2041, Collateralized Mortgage Obligations, 0.38% - 5.40%, due 6/15/2034 - 5/25/2060, Corporate Notes and Bonds, 1.09% -13.00%, due 3/17/2022 - 10/22/2090^, FNMA, 2.34% - 4.39%, due 2/25/2030 -9/25/2048 and Sovereign Government Securities, 3.50% - 8.88%, due 1/30/2023 - 6/15/2045, with a value of $512,497. | | | 475,000 | | | | 475,000 | |
| | |
Societe Generale SA, 0.23%, dated 2/28/2022, due 3/1/2022, repurchase price $200,001, collateralized by Asset-Backed Securities, 0.42% - 7.13%, due 1/2/2024 - 5/25/2037, Collateralized Mortgage Obligations, 0.38% - 4.50%, due 6/15/2035 - 6/25/2058, Corporate Notes and Bonds, 1.16% - 13.00%, due 3/15/2022 - 6/4/2081^, FNMA, 2.99% -4.39%, due 2/25/2030 - 2/25/2047 and Sovereign Government Securities, 0.40% -10.13%, due 1/5/2023 - 6/15/2045, with a value of $215,328. | | | 200,000 | | | | 200,000 | |
| | |
Societe Generale SA, 0.23%, dated 2/28/2022, due 3/2/2022, repurchase price $370,005, collateralized by Asset-Backed Securities, 0.25% - 6.64%, due 1/2/2024 - 2/25/2037, Collateralized Mortgage Obligations, 0.59% - 5.45%, due 6/15/2034 - 5/25/2065, Corporate Notes and Bonds, 1.16% - 13.00%, due 3/15/2022 - 11/1/2051^, FNMA, 2.14% -4.39%, due 2/25/2030 - 8/25/2050 and Sovereign Government Securities, 1.25% -10.13%, due 7/26/2022 - 9/30/2049, with a value of $399,163. | | | 370,000 | | | | 370,000 | |
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| |
| | |
Societe Generale SA, 0.20%, dated 2/28/2022, due 3/31/2022, repurchase price $160,028, collateralized by Asset-Backed Securities, 3.06% - 5.88%, due 5/17/2027 - 5/28/2069, Collateralized Mortgage Obligations, 3.06%, due 11/18/2049, Corporate Notes and Bonds, 0.00% - 8.04%, due 7/15/2022 -12/10/2061, FNMA, 2.14%, due 10/25/2049 and Sovereign Government Securities, 1.25% - 5.10%, due 10/26/2026 - 4/23/2048, with a value of $168,290. | | | 160,000 | | | | 160,000 | |
| | |
Societe Generale SA, 0.60%, dated 2/28/2022, due 5/16/2022, repurchase price $200,255, collateralized by Asset-Backed Securities, 0.25% - 7.13%, due 1/2/2024 - 10/25/2037, Collateralized Mortgage Obligations, 0.41% - 4.37%, due 6/15/2035 - 4/15/2050, Corporate Notes and Bonds, 0.20% - 13.00%, due 3/15/2022 - 8/6/2061^, FNMA, 2.14% -4.39%, due 10/25/2030 - 10/25/2049 and Sovereign Government Securities, 2.78% - 10.13%, due 7/26/2022 -9/21/2047, with a value of $215,530. | | | 200,000 | | | | 200,000 | |
| | |
Societe Generale SA, 0.31%, dated 2/28/2022, due 5/31/2022, repurchase price $500,396, collateralized by Asset-Backed Securities, 0.34% - 7.13%, due 1/2/2024 - 10/25/2037, Collateralized Mortgage Obligations, 0.53% - 4.50%, due 11/15/2032 - 9/17/2058, Corporate Notes and Bonds, 1.15% - 13.00%, due 3/15/2022 - 6/1/2042^, FNMA, 3.45% -4.39%, due 10/25/2030 - 2/25/2047 and Sovereign Government Securities, 2.63% -10.13%, due 6/27/2022 - 2/16/2061, with a value of $539,607. | | | 500,000 | | | | 500,000 | |
| | |
TD Securities (USA) LLC, 0.14%, dated 2/28/2022, due 3/1/2022, repurchase price $380,001, collateralized by Corporate Notes and Bonds, 0.65% -6.50%, due 12/1/2023 - 8/23/2051, with a value of $399,012. | | | 380,000 | | | | 380,000 | |
| | |
TD Securities (USA) LLC, 0.18%, dated 2/28/2022, due 3/1/2022, repurchase price $100,001, collateralized by Corporate Notes and Bonds, 1.61% -5.95%, due 3/30/2028 - 4/1/2049, with a value of $105,001. | | | 100,000 | | | | 100,000 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 16 | | | | | | | | J.P. MORGAN MONEY MARKET FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Repurchase Agreements — continued | |
| | |
TD Securities (USA) LLC, 0.18%, dated 2/28/2022, due 3/4/2022, repurchase price $1,040,021, collateralized by Asset-Backed Securities, 0.39% - 5.88%, due 7/20/2024 - 1/11/2036, Corporate Notes and Bonds, 0.50% - 10.75%, due 4/5/2022 - 8/1/2069^ and Municipal Debt Securities, 1.85% - 7.62%, due 8/1/2029 - 4/1/2057, with a value of $1,094,825. | | | 1,040,000 | | | | 1,040,000 | |
| | |
UBS Securities LLC, 0.25%, dated 2/28/2022, due 3/7/2022, repurchase price $300,015, collateralized by Certificates of Deposit, 0.00% - 1.85%, due 3/11/2022 - 12/15/2022, Commercial Paper, 0.00%, due 6/30/2022, Corporate Notes and Bonds, 0.45% - 11.50%, due 8/15/2022 - 12/15/2066^, FNMA, 0.00% - 2.63%, due 10/5/2022 - 6/17/2025, Tennessee Valley Authority, 0.00%, due 11/1/2025 - 7/15/2026 and U.S. Treasury Securities, 0.00% - 2.50%, due 9/8/2022 - 2/15/2045, with a value of $318,509. | | | 300,000 | | | | 300,000 | |
| | |
Wells Fargo Securities LLC, 0.44%, dated 2/28/2022, due 4/18/2022, repurchase price $125,075, collateralized by Certificates of Deposit, 0.00% - 2.65%, due 3/10/2022 - 3/4/2026, with a value of $131,403. | | | 125,000 | | | | 125,000 | |
| | | | | | | | |
| | |
Total Repurchase Agreements
(Cost $9,208,000) | | | | | | | 9,208,000 | |
| | | | | | | | |
|
Corporate Notes — 0.4% | |
|
Banks — 0.4% | |
| | |
Barclays Bank plc (United Kingdom) (OBFR + 0.16%), 0.23%, 3/1/2022 (b) (c)
(Cost $300,000) | | | 300,000 | | | | 300,000 | |
| | | | | | | | |
|
Municipal Bonds — 0.2% | |
|
Alaska — 0.1% | |
| | |
Alaska Housing Finance Corp., State Capital Project Series 2018A, Rev., VRDO, 0.18%, 3/7/2022 (d) | | | 75,000 | | | | 75,000 | |
| | | | | | | | |
|
California — 0.1% | |
| | |
Metropolitan Water District of Southern California, Waterworks Series 2021A, Rev., VRDO, LIQ: Bank of America NA, 0.18%, 3/7/2022 (d) | | | 62,520 | | | | 62,520 | |
| | | | | | | | |
| | |
Total Municipal Bonds
(Cost $137,520) | | | | | | | 137,520 | |
| | | | | | | | |
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Short-Term Investments — 85.6% | |
|
Time Deposits — 31.4% | |
| | |
Agricultural Bank of China Ltd. | | | | | | | | |
| | |
0.09%, 3/1/2022 | | | 475,000 | | | | 475,000 | |
| | |
0.09%, 3/2/2022 | | | 465,000 | | | | 465,000 | |
| | |
0.09%, 3/4/2022 | | | 300,000 | | | | 300,000 | |
| | |
Australia & New Zealand Banking Group Ltd. | | | | | | | | |
| | |
0.08%, 3/2/2022 | | | 360,000 | | | | 360,000 | |
| | |
0.08%, 3/3/2022 | | | 700,000 | | | | 700,000 | |
| | |
Canadian Imperial Bank of Commerce 0.07%, 3/1/2022 | | | 460,000 | | | | 460,000 | |
| | |
Cooperatieve Rabobank UA 0.07%, 3/4/2022 | | | 1,300,000 | | | | 1,300,000 | |
| | |
Credit Agricole Corporate and Investment Bank | | | | | | | | |
| | |
0.07%, 3/1/2022 | | | 276,396 | | | | 276,396 | |
| | |
0.10%, 3/1/2022 | | | 340,000 | | | | 340,000 | |
| | |
0.10%, 3/1/2022 | | | 225,000 | | | | 225,000 | |
| | |
0.10%, 3/2/2022 | | | 150,000 | | | | 150,000 | |
| | |
0.10%, 3/3/2022 | | | 380,000 | | | | 380,000 | |
| | |
0.10%, 3/4/2022 | | | 250,000 | | | | 250,000 | |
| | |
0.10%, 3/7/2022 | | | 450,000 | | | | 450,000 | |
| | |
DBS Bank Ltd. 0.08%, 3/3/2022 | | | 200,000 | | | | 200,000 | |
| | |
DNB Bank ASA 0.07%, 3/1/2022 | | | 500,000 | | | | 500,000 | |
| | |
Erste Group Bank AG | | | | | | | | |
| | |
0.07%, 3/1/2022 | | | 1,000,000 | | | | 1,000,000 | |
| | |
0.07%, 3/1/2022 | | | 360,000 | | | | 360,000 | |
| | |
First Abu Dhabi Bank USC NV | | | | | | | | |
| | |
0.07%, 3/1/2022 | | | 500,000 | | | | 500,000 | |
| | |
0.07%, 3/1/2022 | | | 500,000 | | | | 500,000 | |
| | |
Industrial & Commercial Bank of China Ltd. 0.09%, 3/1/2022 | | | 250,000 | | | | 250,000 | |
| | |
ING Bank NV | | | | | | | | |
| | |
0.08%, 3/2/2022 | | | 800,000 | | | | 800,000 | |
| | |
0.08%, 3/3/2022 | | | 800,000 | | | | 800,000 | |
| | |
KBC Bank NV 0.07%, 3/1/2022 | | | 2,300,000 | | | | 2,300,000 | |
| | |
Mizuho Bank Ltd. | | | | | | | | |
| | |
0.07%, 3/1/2022 | | | 500,000 | | | | 500,000 | |
| | |
0.07%, 3/1/2022 | | | 950,000 | | | | 950,000 | |
| | |
National Bank of Canada (Canada) | | | | | | | | |
| | |
0.10%, 3/1/2022 (d) | | | 250,000 | | | | 250,000 | |
| | |
Nordea Bank Abp | | | | | | | | |
| | |
0.07%, 3/1/2022 | | | 1,000,000 | | | | 1,000,000 | |
| | |
0.07%, 3/1/2022 | | | 1,400,000 | | | | 1,400,000 | |
| | |
Royal Bank of Canada | | | | | | | | |
| | |
0.07%, 3/1/2022 | | | 700,000 | | | | 700,000 | |
| | |
0.07%, 3/1/2022 | | | 625,000 | | | | 625,000 | |
| | |
Skandinaviska Enskilda Banken AB | | | | | | | | |
| | |
0.07%, 3/1/2022 | | | 1,000,000 | | | | 1,000,000 | |
| | |
0.07%, 3/1/2022 | | | 1,300,000 | | | | 1,300,000 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MONEY MARKET FUNDS | | | | | | | | 17 |
JPMorgan Prime Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Short-Term Investments — continued | |
|
Time Deposits — continued | |
| | |
Svenska Handelsbanken AB 0.07%, 3/1/2022 | | | 800,000 | | | | 800,000 | |
| | | | | | | | |
| | |
Total Time Deposits
(Cost $21,866,396) | | | | | | | 21,866,396 | |
| | | | | | | | |
|
Certificates of Deposit — 28.7% | |
| | |
Bank of Montreal (Canada) | | | | | | | | |
| | |
(SOFR + 0.15%), 0.20%, 3/1/2022 (b) | | | 150,000 | | | | 149,985 | |
| | |
(SOFR + 0.15%), 0.20%, 3/1/2022 (b) | | | 100,000 | | | | 99,969 | |
| | |
(SOFR + 0.15%), 0.20%, 3/1/2022 (b) | | | 70,000 | | | | 70,006 | |
| | |
(SOFR + 0.25%), 0.30%, 3/1/2022 (b) | | | 170,000 | | | | 169,938 | |
| | |
0.24%, 3/10/2022 | | | 100,000 | | | | 100,004 | |
| | |
(ICE LIBOR USD 3 Month + 0.05%), 0.26%, 3/16/2022 (b) | | | 179,000 | | | | 179,012 | |
| | |
0.23%, 5/11/2022 | | | 100,000 | | | | 99,960 | |
| | |
0.22%, 5/18/2022 | | | 100,000 | | | | 99,946 | |
| | |
0.21%, 6/22/2022 | | | 177,000 | | | | 176,782 | |
| | |
0.20%, 7/13/2022 | | | 100,000 | | | | 99,832 | |
| | |
0.24%, 10/12/2022 | | | 165,000 | | | | 164,338 | |
| | |
Bank of Nova Scotia (The) (Canada) | | | | | | | | |
| | |
(SOFR + 0.15%), 0.20%, 3/1/2022 (b) | | | 70,000 | | | | 69,973 | |
| | |
(SOFR + 0.15%), 0.20%, 3/1/2022 (b) | | | 25,000 | | | | 25,001 | |
| | |
(SOFR + 0.16%), 0.21%, 3/1/2022 (b) | | | 100,000 | | | | 99,991 | |
| | |
(SOFR + 0.18%), 0.23%, 3/1/2022 (b) | | | 100,000 | | | | 100,021 | |
| | |
0.23%, 5/10/2022 | | | 100,000 | | | | 99,971 | |
| | |
0.22%, 5/13/2022 | | | 28,860 | | | | 28,850 | |
| | |
Barclays Bank plc (United Kingdom) 0.26%, 4/1/2022 | | | 150,000 | | | | 150,002 | |
| | |
Canadian Imperial Bank of Commerce (Canada) | | | | | | | | |
| | |
(SOFR + 0.15%), 0.20%, 3/1/2022 (b) | | | 405,000 | | | | 404,956 | |
| | |
(SOFR + 0.15%), 0.20%, 3/1/2022 (b) | | | 175,000 | | | | 174,982 | |
| | |
(SOFR + 0.15%), 0.20%, 3/1/2022 (b) | | | 100,000 | | | | 100,006 | |
| | |
(SOFR + 0.15%), 0.20%, 3/1/2022 (b) | | | 100,000 | | | | 99,961 | |
| | |
(SOFR + 0.25%), 0.30%, 3/1/2022 (b) | | | 135,000 | | | | 134,960 | |
| | |
0.24%, 4/7/2022 | | | 175,000 | | | | 175,011 | |
| | |
0.24%, 10/12/2022 | | | 100,000 | | | | 99,561 | |
| | |
China Construction Bank Corp. (China) | | | | | | | | |
| | |
0.10%, 3/2/2022 | | | 50,000 | | | | 50,000 | |
| | |
0.10%, 3/3/2022 | | | 100,000 | | | | 100,000 | |
| | |
Cooperatieve Rabobank UA (Netherlands) | | | | | | | | |
| | |
(SOFR + 0.14%), 0.19%, 3/1/2022 (b) | | | 100,000 | | | | 100,000 | |
| | |
(SOFR + 0.15%), 0.20%, 3/1/2022 (b) | | | 185,000 | | | | 184,982 | |
| | |
(SOFR + 0.16%), 0.21%, 3/1/2022 (b) | | | 100,000 | | | | 100,000 | |
| | |
0.20%, 6/27/2022 | | | 46,500 | | | | 46,445 | |
| | |
0.22%, 7/5/2022 (e) | | | 100,000 | | | | 99,790 | |
| | |
0.23%, 10/14/2022 | | | 75,000 | | | | 74,641 | |
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| |
|
Certificates of Deposit — continued | |
| | |
Credit Agricole Corporate and Investment Bank (France) | | | | | | | | |
| | |
(SOFR + 0.12%), 0.17%, 3/1/2022 (b) | | | 100,000 | | | | 99,992 | |
| | |
0.15%, 3/7/2022 | | | 200,000 | | | | 200,003 | |
| | |
Credit Industriel et Commercial (France) | | | | | | | | |
| | |
(SOFR + 0.12%), 0.17%, 3/1/2022 (b) | | | 100,000 | | | | 99,996 | |
| | |
(SOFR + 0.13%), 0.18%, 3/1/2022 (b) | | | 450,000 | | | | 450,054 | |
| | |
(SOFR + 0.21%), 0.26%, 3/1/2022 (b) | | | 125,000 | | | | 124,979 | |
| | |
(SOFR + 0.22%), 0.27%, 3/1/2022 (b) | | | 120,000 | | | | 120,032 | |
| | |
0.22%, 3/7/2022 (e) | | | 400,000 | | | | 399,993 | |
| | |
0.24%, 4/7/2022 (e) | | | 200,500 | | | | 200,454 | |
| | |
Credit Suisse AG (Switzerland) (SOFR + 0.18%), 0.23%, 3/1/2022 (b) | | | 360,000 | | | | 360,048 | |
| | |
DZ Bank AG (United Kingdom) 0.12%, 3/17/2022 (e) | | | 200,000 | | | | 199,967 | |
| | |
Goldman Sachs Bank USA (SOFR + 0.21%), 0.26%, 3/1/2022 (b) | | | 129,000 | | | | 128,993 | |
| | |
Industrial & Commercial Bank of China Ltd. (China) | | | | | | | | |
| | |
0.09%, 3/1/2022 | | | 250,000 | | | | 250,000 | |
| | |
0.09%, 3/2/2022 | | | 200,000 | | | | 200,000 | |
| | |
0.10%, 3/4/2022 | | | 700,000 | | | | 699,999 | |
| | |
ING Bank NV (Netherlands) | | | | | | | | |
| | |
0.18%, 5/13/2022 | | | 275,000 | | | | 275,000 | |
| | |
0.21%, 7/13/2022 | | | 225,000 | | | | 225,000 | |
| | |
Kookmin Bank (South Korea) | | | | | | | | |
| | |
(ICE LIBOR USD 1 Month + 0.21%), 0.39%, 3/29/2022 (b) | | | 100,000 | | | | 100,035 | |
| | |
0.25%, 8/2/2022 | | | 38,000 | | | | 37,935 | |
| | |
Korea Development Bank (South Korea) 0.26%, 4/18/2022 | | | 50,000 | | | | 49,999 | |
| | |
Mitsubishi UFJ Trust & Banking Corp. (Japan) | | | | | | | | |
| | |
0.18%, 3/1/2022 (e) | | | 50,000 | | | | 50,000 | |
| | |
(SOFR + 0.16%), 0.21%, 3/1/2022 (b) | | | 55,000 | | | | 54,994 | |
| | |
0.18%, 3/7/2022 (e) | | | 75,000 | | | | 74,996 | |
| | |
0.18%, 3/15/2022 | | | 100,000 | | | | 100,002 | |
| | |
0.19%, 4/5/2022 (e) | | | 50,000 | | | | 49,985 | |
| | |
0.20%, 4/27/2022 | | | 30,000 | | | | 29,996 | |
| | |
Mizuho Bank Ltd. (Japan) | | | | | | | | |
| | |
(SOFR + 0.16%), 0.21%, 3/1/2022 (b) | | | 265,000 | | | | 264,994 | |
| | |
0.15%, 3/15/2022 | | | 125,000 | | | | 125,002 | |
| | |
0.17%, 4/7/2022 | | | 525,000 | | | | 524,974 | |
| | |
0.17%, 4/8/2022 | | | 120,000 | | | | 119,993 | |
| | |
0.25%, 5/10/2022 | | | 250,000 | | | | 249,922 | |
| | |
0.30%, 6/1/2022 | | | 177,000 | | | | 176,881 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 18 | | | | | | | | J.P. MORGAN MONEY MARKET FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Short-Term Investments — continued | |
|
Certificates of Deposit — continued | |
| | |
MUFG Bank Ltd. (Japan) | | | | | | | | |
| | |
(SOFR + 0.19%), 0.24%, 3/1/2022 (b) | | | 162,000 | | | | 161,990 | |
| | |
(SOFR + 0.19%), 0.24%, 3/1/2022 (b) | | | 150,000 | | | | 150,011 | |
| | |
0.17%, 3/14/2022 | | | 70,000 | | | | 70,001 | |
| | |
0.18%, 4/20/2022 | | | 175,000 | | | | 174,927 | |
| | |
0.25%, 5/6/2022 | | | 500,000 | | | | 499,716 | |
| | |
0.30%, 6/6/2022 | | | 165,000 | | | | 164,866 | |
| | |
National Australia Bank Ltd. (Australia) | | | | | | | | |
| | |
0.17%, 4/20/2022 (e) | | | 150,000 | | | | 149,915 | |
| | |
0.20%, 4/22/2022 (e) | | | 150,000 | | | | 149,910 | |
| | |
0.25%, 4/28/2022 (e) | | | 180,000 | | | | 179,876 | |
| | |
0.30%, 6/7/2022 (e) | | | 100,000 | | | | 99,854 | |
| | |
Natixis SA (France) | | | | | | | | |
| | |
(SOFR + 0.13%), 0.18%, 3/1/2022 (b) | | | 300,000 | | | | 300,027 | |
| | |
(SOFR + 0.13%), 0.18%, 3/1/2022 (b) | | | 175,000 | | | | 175,022 | |
| | |
0.20%, 7/13/2022 | | | 200,000 | | | | 199,633 | |
| | |
Nordea Bank Abp (Finland) | | | | | | | | |
| | |
0.23%, 4/21/2022 | | | 78,250 | | | | 78,244 | |
| | |
0.20%, 6/29/2022 | | | 125,000 | | | | 124,843 | |
| | |
0.20%, 7/1/2022 | | | 200,000 | | | | 199,741 | |
| | |
Norinchukin Bank (The) (Japan) | | | | | | | | |
| | |
0.12%, 3/3/2022 | | | 125,000 | | | | 125,001 | |
| | |
0.15%, 3/7/2022 | | | 100,000 | | | | 100,001 | |
| | |
0.12%, 3/11/2022 | | | 200,000 | | | | 200,002 | |
| | |
0.15%, 3/14/2022 | | | 150,000 | | | | 150,002 | |
| | |
Oversea-Chinese Banking Corp. Ltd. (Singapore) | | | | | | | | |
| | |
0.25%, 3/15/2022 | | | 75,000 | | | | 75,004 | |
| | |
0.21%, 9/27/2022 | | | 150,000 | | | | 149,356 | |
| | |
Royal Bank of Canada (Canada) | | | | | | | | |
| | |
(SOFR + 0.17%), 0.22%, 3/1/2022 (b) | | | 70,000 | | | | 69,989 | |
| | |
(ICE LIBOR USD 3 Month + 0.03%), 0.22%, 3/7/2022 (b) | | | 100,000 | | | | 100,063 | |
| | |
(ICE LIBOR USD 3 Month + 0.05%), 0.25%, 3/11/2022 (b) | | | 70,000 | | | | 70,003 | |
| | |
Shinhan Bank (South Korea) | | | | | | | | |
| | |
0.17%, 4/4/2022 | | | 50,000 | | | | 49,998 | |
| | |
0.20%, 7/6/2022 | | | 50,000 | | | | 49,918 | |
| | |
0.32%, 8/10/2022 | | | 15,000 | | | | 14,971 | |
| | |
Skandinaviska Enskilda Banken AB (Sweden) | | | | | | | | |
| | |
0.24%, 4/28/2022 | | | 100,000 | | | | 99,983 | |
| | |
0.23%, 5/11/2022 | | | 100,000 | | | | 99,966 | |
| | |
Standard Chartered Bank (United Kingdom) | | | | | | | | |
| | |
0.20%, 3/1/2022 | | | 100,000 | | | | 100,000 | |
| | |
(SOFR + 0.19%), 0.24%, 3/1/2022 (b) | | | 175,000 | | | | 174,994 | |
| | |
0.17%, 3/24/2022 | | | 100,000 | | | | 99,997 | |
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| |
|
Certificates of Deposit — continued | |
| | |
0.17%, 3/28/2022 | | | 100,000 | | | | 99,995 | |
| | |
0.18%, 4/8/2022 | | | 150,000 | | | | 149,984 | |
| | |
Sumitomo Mitsui Banking Corp. (Japan) | | | | | | | | |
| | |
(SOFR + 0.19%), 0.24%, 3/1/2022 (b) | | | 100,000 | | | | 99,984 | |
| | |
(SOFR + 0.22%), 0.27%, 3/1/2022 (b) | | | 385,000 | | | | 385,058 | |
| | |
0.17%, 4/12/2022 | | | 300,000 | | | | 299,979 | |
| | |
0.17%, 4/14/2022 | | | 150,000 | | | | 149,988 | |
| | |
0.18%, 4/21/2022 | | | 200,000 | | | | 199,978 | |
| | |
0.20%, 4/27/2022 | | | 300,000 | | | | 299,964 | |
| | |
0.25%, 5/6/2022 | | | 412,000 | | | | 411,928 | |
| | |
0.25%, 5/9/2022 | | | 40,000 | | | | 39,991 | |
| | |
Sumitomo Mitsui Trust Bank Ltd. (Japan) | | | | | | | | |
| | |
(SOFR + 0.15%), 0.20%, 3/1/2022 (b) | | | 100,000 | | | | 99,988 | |
| | |
(SOFR + 0.19%), 0.24%, 3/1/2022 (b) | | | 100,000 | | | | 99,993 | |
| | |
(SOFR + 0.20%), 0.25%, 3/1/2022 (b) | | | 147,000 | | | | 146,985 | |
| | |
0.07%, 3/2/2022 | | | 50,000 | | | | 50,000 | |
| | |
0.14%, 3/3/2022 | | | 75,000 | | | | 75,000 | |
| | |
0.17%, 4/13/2022 | | | 100,000 | | | | 99,992 | |
| | |
0.17%, 4/14/2022 | | | 50,000 | | | | 49,996 | |
| | |
0.25%, 5/3/2022 (e) | | | 100,000 | | | | 99,931 | |
| | |
0.25%, 5/10/2022 | | | 500,000 | | | | 499,873 | |
| | |
0.30%, 5/19/2022 (e) | | | 170,000 | | | | 169,822 | |
| | |
0.30%, 5/23/2022 (e) | | | 200,000 | | | | 199,770 | |
| | |
Svenska Handelsbanken AB (Sweden) | | | | | | | | |
| | |
(ICE LIBOR USD 1 Month + 0.08%), 0.21%, 3/10/2022 (b) | | | 200,000 | | | | 200,062 | |
| | |
(ICE LIBOR USD 3 Month + 0.04%), 0.25%, 3/16/2022 (b) | | | 50,000 | | | | 50,003 | |
| | |
0.20%, 6/28/2022 | | | 100,000 | | | | 99,880 | |
| | |
Toronto-Dominion Bank (The) (Canada) | | | | | | | | |
| | |
(US Federal Funds Effective Rate (continuous series) + 0.11%), 0.19%, 3/1/2022 (b) | | | 250,000 | | | | 249,951 | |
| | |
(US Federal Funds Effective Rate (continuous series) + 0.11%), 0.19%, 3/1/2022 (b) | | | 125,000 | | | | 125,000 | |
| | |
0.26%, 4/21/2022 (e) | | | 125,000 | | | | 124,958 | |
| | |
0.24%, 4/27/2022 | | | 141,250 | | | | 141,250 | |
| | |
0.27%, 4/27/2022 (e) | | | 175,000 | | | | 174,928 | |
| | |
0.21%, 6/23/2022 | | | 150,000 | | | | 149,813 | |
| | |
Westpac Banking Corp. (Australia) 0.20%, 6/24/2022 | | | 97,000 | | | | 96,891 | |
| | |
Woori Bank (South Korea) | | | | | | | | |
| | |
0.19%, 3/1/2022 (c) | | | 41,500 | | | | 41,500 | |
| | |
0.16%, 3/10/2022 (c) | | | 20,000 | | | | 20,001 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MONEY MARKET FUNDS | | | | | | | | 19 |
JPMorgan Prime Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Short-Term Investments — continued | |
|
Certificates of Deposit — continued | |
| | |
0.17%, 4/1/2022 (c) | | | 102,000 | | | | 101,992 | |
| | |
0.17%, 4/6/2022 (c) | | | 25,000 | | | | 24,997 | |
| | |
0.17%, 4/7/2022 (c) | | | 25,000 | | | | 24,997 | |
| | | | | | | | |
| | |
Total Certificates of Deposit
(Cost $19,941,047) | | | | | | | 19,935,340 | |
| | | | | | | | |
|
Commercial Paper — 25.5% | |
| | |
Australia & New Zealand Banking Group Ltd. (Australia) | | | | | | | | |
| | |
(SOFR + 0.19%), 0.24%, 3/1/2022 (b) (c) | | | 70,000 | | | | 69,990 | |
| | |
(ICE LIBOR USD 3 Month + 0.03%), 0.21%, 3/2/2022 (b) (c) | | | 70,000 | | | | 70,000 | |
| | |
Bank of Montreal (Canada) (SOFR + 0.26%), 0.31%, 3/1/2022 (b) | | | 65,000 | | | | 64,978 | |
| | |
Bank of Nova Scotia (The) (Canada) | | | | | | | | |
| | |
(SOFR + 0.15%), 0.20%, 3/1/2022 (b) (c) | | | 200,000 | | | | 200,008 | |
| | |
0.23%, 4/8/2022 (c) (e) | | | 100,000 | | | | 99,979 | |
| | |
0.21%, 6/22/2022 (c) (e) | | | 170,000 | | | | 169,702 | |
| | |
0.20%, 9/15/2022 (c) (e) | | | 100,000 | | | | 99,527 | |
| | |
0.21%, 10/6/2022 (c) (e) | | | 75,000 | | | | 74,584 | |
| | |
Barclays Bank plc (United Kingdom) | | | | | | | | |
| | |
(SOFR + 0.14%), 0.19%, 3/1/2022 (b) (c) | | | 100,000 | | | | 100,000 | |
| | |
0.23%, 3/4/2022 (c) (e) | | | 100,000 | | | | 99,999 | |
| | |
Bedford Row Funding Corp. | | | | | | | | |
| | |
(US Federal Funds Effective Rate (continuous series) + 0.12%), 0.20%, 3/1/2022 (b) (c) | | | 150,000 | | | | 149,987 | |
| | |
(US Federal Funds Effective Rate (continuous series) + 0.12%), 0.20%, 3/1/2022 (b) (c) | | | 130,000 | | | | 129,988 | |
| | |
0.25%, 4/28/2022 (c) (e) | | | 75,000 | | | | 74,954 | |
| | |
(ICE LIBOR USD 3 Month + 0.05%), 0.54%, 5/20/2022 (b) (c) | | | 135,000 | | | | 135,042 | |
| | |
(ICE LIBOR USD 3 Month + 0.05%), 0.57%, 5/26/2022 (b) (c) | | | 50,000 | | | | 50,019 | |
| | |
BNG Bank NV (Netherlands) 0.08%, 3/7/2022 (c) (e) | | | 15,000 | | | | 15,000 | |
| | |
BNP Paribas SA (France) | | | | | | | | |
| | |
0.08%, 3/1/2022 (e) | | | 650,000 | | | | 649,999 | |
| | |
0.08%, 3/2/2022 (e) | | | 300,000 | | | | 299,999 | |
| | |
0.08%, 3/3/2022 (e) | | | 150,000 | | | | 149,999 | |
| | |
0.18%, 3/22/2022 (e) | | | 500,000 | | | | 499,959 | |
| | |
0.18%, 3/22/2022 (e) | | | 136,000 | | | | 135,989 | |
| | |
0.35%, 5/4/2022 (e) | | | 262,000 | | | | 261,830 | |
| | |
BNZ International Funding Ltd. (New Zealand) | | | | | | | | |
| | |
(SOFR + 0.18%), 0.23%, 3/1/2022 (b) (c) | | | 140,000 | | | | 140,000 | |
| | |
0.19%, 4/22/2022 (c) (e) | | | 50,000 | | | | 49,981 | |
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| |
|
Commercial Paper — continued | |
| | |
0.25%, 5/4/2022 (c) (e) | | | 100,000 | | | | 99,943 | |
| | |
BofA Securities, Inc. | | | | | | | | |
| | |
(SOFR + 0.22%), 0.27%, 3/1/2022 (b) | | | 65,000 | | | | 65,012 | |
| | |
(SOFR + 0.22%), 0.27%, 3/1/2022 (b) | | | 25,000 | | | | 25,004 | |
| | |
BPCE SA (France) | | | | | | | | |
| | |
0.22%, 3/7/2022 (c) (e) | | | 200,000 | | | | 199,997 | |
| | |
0.22%, 5/6/2022 (c) (e) | | | 15,000 | | | | 14,988 | |
| | |
Caisse d’Amortissement de la Dette Sociale (France) | | | | | | | | |
| | |
0.15%, 4/5/2022 (c) (e) | | | 50,000 | | | | 49,991 | |
| | |
0.15%, 4/7/2022 (c) (e) | | | 50,000 | | | | 49,990 | |
| | |
Caisse des Depots et Consignations (France) | | | | | | | | |
| | |
0.14%, 3/15/2022 (c) (e) | | | 100,000 | | | | 99,997 | |
| | |
0.14%, 3/16/2022 (c) (e) | | | 350,000 | | | | 349,983 | |
| | |
Canadian Imperial Bank of Commerce (Canada) | | | | | | | | |
| | |
0.07%, 3/1/2022 (c) (e) | | | 70,000 | | | | 70,000 | |
| | |
0.24%, 5/6/2022 (c) (e) | | | 200,000 | | | | 199,872 | |
| | |
CDP Financial, Inc. (Canada)
0.62%, 8/1/2022 (c) (e) | | | 70,000 | | | | 69,790 | |
| | |
Commonwealth Bank of Australia (Australia) 0.27%, 10/20/2022 (c) (e) | | | 25,000 | | | | 24,844 | |
| | |
Cooperatieve Rabobank UA (Netherlands) 0.07%, 3/1/2022 (e) | | | 1,225,000 | | | | 1,224,998 | |
| | |
Credit Industriel et Commercial (France) (SOFR + 0.22%), 0.27%, 3/1/2022 (b) (c) | | | 10,000 | | | | 10,002 | |
| | |
DZ Bank AG (Germany) 0.15%, 3/25/2022 (e) | | | 100,000 | | | | 99,992 | |
| | |
Erste Finance (Delaware) LLC (Austria) 0.07%, 3/1/2022 (c) (e) | | | 905,000 | | | | 904,998 | |
| | |
First Abu Dhabi Bank PJSC (United Arab Emirates) | | | | | | | | |
| | |
0.18%, 4/12/2022 (c) (e) | | | 125,000 | | | | 124,968 | |
| | |
0.23%, 5/5/2022 (c) (e) | | | 488,000 | | | | 487,701 | |
| | |
0.35%, 6/6/2022 (c) (e) | | | 500,000 | | | | 499,269 | |
| | |
Goldman Sachs International Bank (United Kingdom) | | | | | | | | |
| | |
0.25%, 4/1/2022 (c) (e) | | | 180,000 | | | | 179,971 | |
| | |
0.18%, 4/8/2022 (e) | | | 300,000 | | | | 299,929 | |
| | |
Kookmin Bank (South Korea) | | | | | | | | |
| | |
0.18%, 4/14/2022 (c) (e) | | | 100,000 | | | | 99,971 | |
| | |
0.21%, 5/19/2022 (c) (e) | | | 25,000 | | | | 24,973 | |
| | |
LMA-Americas LLC | | | | | | | | |
| | |
0.16%, 3/21/2022 (c) (e) | | | 50,300 | | | | 50,295 | |
| | |
0.18%, 4/12/2022 (c) (e) | | | 50,500 | | | | 50,482 | |
| | |
0.20%, 4/20/2022 (c) (e) | | | 68,900 | | | | 68,864 | |
| | |
0.18%, 5/3/2022 (c) (e) | | | 75,000 | | | | 74,939 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 20 | | | | | | | | J.P. MORGAN MONEY MARKET FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Short-Term Investments — continued | |
|
Commercial Paper — continued | |
| | |
Macquarie Bank Ltd. (Australia) | | | | | | | | |
| | |
(SOFR + 0.12%), 0.17%, 3/1/2022 (b) (c) | | | 100,000 | | | | 99,998 | |
| | |
(SOFR + 0.18%), 0.23%, 3/1/2022 (b) (c) | | | 100,000 | | | | 100,004 | |
| | |
(SOFR + 0.23%), 0.28%, 3/1/2022 (b) (c) | | | 170,000 | | | | 170,000 | |
| | |
0.17%, 4/6/2022 (c) (e) | | | 115,000 | | | | 114,978 | |
| | |
0.25%, 5/2/2022 (c) (e) | | | 85,000 | | | | 84,936 | |
| | |
0.30%, 5/23/2022 (c) (e) | | | 245,000 | | | | 244,665 | |
| | |
Manhattan Asset Funding Co. LLC
0.25%, 5/3/2022 (e) | | | 55,000 | | | | 54,960 | |
| | |
Matchpoint Finance plc (Ireland) Series A, 0.16%, 3/22/2022 (c) (e) | | | 100,000 | | | | 99,992 | |
| | |
Mitsubishi UFJ Trust & Banking Corp. (Japan) 0.29%, 4/19/2022 (c) (e) | | | 25,000 | | | | 24,991 | |
| | |
National Australia Bank Ltd. (Australia) | | | | | | | | |
| | |
(US Federal Funds Effective Rate (continuous series) + 0.07%), 0.15%, 3/1/2022 (b) (c) | | | 100,000 | | | | 100,000 | |
| | |
(US Federal Funds Effective Rate (continuous series) + 0.14%), 0.22%, 3/1/2022 (b) (c) | | | 60,000 | | | | 60,002 | |
| | |
(SOFR + 0.12%), 0.17%, 3/1/2022 (b) (c) | | | 147,000 | | | | 147,000 | |
| | |
(SOFR + 0.19%), 0.24%, 3/1/2022 (b) (c) | | | 260,000 | | | | 260,000 | |
| | |
(ICE LIBOR USD 1 Month + 0.09%), 0.21%, 3/8/2022 (b) (c) | | | 150,000 | | | | 150,041 | |
| | |
(ICE LIBOR USD 3 Month + 0.04%), 0.26%, 3/25/2022 (b) (c) | | | 300,000 | | | | 300,032 | |
| | |
0.23%, 4/6/2022 (c) (e) | | | 100,000 | | | | 99,978 | |
| | |
National Bank of Canada (Canada) | | | | | | | | |
| | |
(SOFR + 0.15%), 0.20%, 3/1/2022 (b) (c) | | | 35,000 | | | | 34,996 | |
| | |
0.25%, 3/24/2022 (c) (e) | | | 220,000 | | | | 219,983 | |
| | |
Nationwide Building Society (United Kingdom) | | | | | | | | |
| | |
0.13%, 3/1/2022 (c) (e) | | | 250,000 | | | | 249,999 | |
| | |
0.13%, 3/14/2022 (e) | | | 220,000 | | | | 219,991 | |
| | |
0.16%, 3/18/2022 (c) (e) | | | 150,000 | | | | 149,992 | |
| | |
Nieuw Amsterdam Receivables Corp. | | | | | | | | |
| | |
0.15%, 3/16/2022 (c) (e) | | | 45,000 | | | | 44,997 | |
| | |
0.13%, 3/17/2022 (c) (e) | | | 50,000 | | | | 49,997 | |
| | |
NRW Bank (Germany) 0.08%, 3/7/2022 (c) (e) | | | 110,000 | | | | 109,998 | |
| | |
Old Line Funding LLC | | | | | | | | |
| | |
(BSBY1M + 0.09%), 0.18%, 3/1/2022 (b) (c) | | | 130,000 | | | | 130,000 | |
| | |
Pricoa Short Term Funding LLC
0.25%, 4/7/2022 (c) (e) | | | 50,000 | | | | 49,988 | |
| | |
Royal Bank of Canada (Canada) | | | | | | | | |
| | |
(US Federal Funds Effective Rate (continuous series) + 0.11%), 0.19%, 3/1/2022 (b) (c) | | | 100,000 | | | | 99,986 | |
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| |
|
Commercial Paper — continued | |
| | |
(SOFR + 0.18%), 0.23%, 3/1/2022 (b) (c) | | | 135,000 | | | | 134,998 | |
| | |
(ICE LIBOR USD 3 Month + 0.04%), 0.22%, 3/2/2022 (b) (c) | | | 75,000 | | | | 75,000 | |
| | |
(ICE LIBOR USD 3 Month + 0.03%), 0.22%, 3/7/2022 (b) (c) | | | 35,000 | | | | 35,022 | |
| | |
0.23%, 5/5/2022 (c) (e) | | | 200,000 | | | | 199,879 | |
| | |
0.21%, 6/22/2022 (c) (e) | | | 158,000 | | | | 157,700 | |
| | |
0.20%, 7/8/2022 (c) (e) | | | 100,000 | | | | 99,768 | |
| | |
Sheffield Receivables Co. LLC (United Kingdom) | | | | | | | | |
| | |
(SOFR + 0.16%), 0.21%, 3/1/2022 (b) (c) | | | 109,000 | | | | 109,000 | |
| | |
(SOFR + 0.20%), 0.25%, 3/1/2022 (b) (c) | | | 90,000 | | | | 90,000 | |
| | |
(SOFR + 0.21%), 0.26%, 3/1/2022 (b) (c) | | | 50,000 | | | | 50,000 | |
| | |
Shinhan Bank (South Korea) Series A, 0.18%, 5/4/2022 (c) (e) | | | 50,000 | | | | 49,970 | |
| | |
Skandinaviska Enskilda Banken AB (Sweden) | | | | | | | | |
| | |
0.21%, 5/4/2022 (c) (e) | | | 225,000 | | | | 224,858 | |
| | |
0.24%, 6/21/2022 (c) (e) | | | 200,000 | | | | 199,640 | |
| | |
0.20%, 6/27/2022 (c) (e) | | | 100,000 | | | | 99,800 | |
| | |
Societe Generale SA (France) | | | | | | | | |
| | |
0.07%, 3/1/2022 (c) (e) | | | 300,000 | | | | 300,000 | |
| | |
0.30%, 6/1/2022 (c) (e) | | | 151,000 | | | | 150,808 | |
| | |
Sumitomo Mitsui Banking Corp. (Japan) 0.25%, 5/10/2022 (c) (e) | | | 100,000 | | | | 99,927 | |
| | |
Sumitomo Mitsui Trust Bank Ltd. (Japan) | | | | | | | | |
| | |
0.25%, 3/21/2022 (c) (e) | | | 25,000 | | | | 24,998 | |
| | |
0.25%, 4/4/2022 (c) (e) | | | 30,000 | | | | 29,994 | |
| | |
Svenska Handelsbanken AB (Sweden) | | | | | | | | |
| | |
(SOFR + 0.20%), 0.25%, 3/1/2022 (b) (c) | | | 50,000 | | | | 50,000 | |
| | |
0.20%, 6/24/2022 (c) (e) | | | 100,000 | | | | 99,823 | |
| | |
0.24%, 7/1/2022 (c) (e) | | | 150,000 | | | | 149,713 | |
| | |
Swedbank AB (Sweden) 0.10%, 3/2/2022 (e) | | | 400,000 | | | | 399,998 | |
| | |
Toronto-Dominion Bank (The) (Canada) | | | | | | | | |
| | |
(US Federal Funds Effective Rate (continuous series) + 0.11%), 0.19%, 3/1/2022 (b) (c) | | | 100,000 | | | | 99,981 | |
| | |
0.23%, 4/12/2022 (c) (e) | | | 133,000 | | | | 132,968 | |
| | |
0.23%, 5/19/2022 (c) (e) | | | 100,000 | | | | 99,891 | |
| | |
0.20%, 7/8/2022 (c) (e) | | | 100,000 | | | | 99,767 | |
| | |
UBS AG (Switzerland) | | | | | | | | |
| | |
(SOFR + 0.22%), 0.27%, 3/1/2022 (b) (c) | | | 50,000 | | | | 50,000 | |
| | |
(SOFR + 0.23%), 0.28%, 3/1/2022 (b) (c) | | | 88,000 | | | | 88,000 | |
| | |
0.22%, 3/23/2022 (c) (e) | | | 250,000 | | | | 249,979 | |
| | |
0.24%, 3/29/2022 (c) (e) | | | 300,000 | | | | 299,960 | |
| | |
0.20%, 7/6/2022 (c) (e) | | | 90,000 | | | | 89,791 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MONEY MARKET FUNDS | | | | | | | | 21 |
JPMorgan Prime Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Short-Term Investments — continued | |
|
Commercial Paper — continued | |
| | |
0.27%, 7/20/2022 (c) (e) | | | 150,000 | | | | 149,598 | |
| | |
United Overseas Bank Ltd. (Singapore) | | | | | | | | |
| | |
(SOFR + 0.18%), 0.23%, 3/1/2022 (b) (c) | | | 70,000 | | | | 70,000 | |
| | |
(SOFR + 0.18%), 0.23%, 3/1/2022 (b) (c) | | | 25,000 | | | | 25,000 | |
| | |
(SOFR + 0.19%), 0.24%, 3/1/2022 (b) (c) | | | 100,000 | | | | 100,000 | |
| | |
0.19%, 4/27/2022 (c) (e) | | | 100,000 | | | | 99,955 | |
| | |
Westpac Banking Corp. (Australia) | | | | | | | | |
| | |
0.23%, 4/1/2022 (c) (e) | | | 75,000 | | | | 74,989 | |
| | |
0.20%, 6/17/2022 (c) (e) | | | 200,000 | | | | 199,663 | |
| | |
0.20%, 7/1/2022 (c) (e) | | | 27,400 | | | | 27,347 | |
| | |
0.20%, 7/15/2022 (c) (e) | | | 124,250 | | | | 123,961 | |
| | |
0.20%, 9/8/2022 (c) (e) | | | 57,000 | | | | 56,733 | |
| | | | | | | | |
| |
Total Commercial Paper
(Cost $17,756,307) | | | | 17,752,259 | |
| | | | | |
| | |
Total Short-Term Investments
(Cost $59,563,750) | | | | | | | 59,553,995 | |
| | | | | | | | |
Total Investments — 99.4%
(Cost $69,209,270) * | | | | | | | 69,199,515 | |
Other Assets Less Liabilities — 0.6% | | | | | | | 402,041 | |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | | 69,601,556 | |
| | | | | | | | |
Percentages indicated are based on net assets.
Abbreviations
| | |
| BSBY | | Bloomberg Short Term Bank Yield Index |
| FHLMC | | Federal Home Loan Mortgage Corp. |
| FNMA | | Federal National Mortgage Association |
| GNMA | | Government National Mortgage Association |
| ICE | | Intercontinental Exchange |
| LIBOR | | London Interbank Offered Rate |
| LIQ | | Liquidity Agreement |
| OBFR | | Overnight Bank Funding Right |
| PJSC | | Public Joint Stock Company |
| Rev. | | Revenue |
| SOFR | | Secured Overnight Financing Rate |
| USD | | United States Dollar |
| VRDO | | Variable Rate Demand Obligation |
| |
| (a) | | The date shown represents the earliest of the next put date, next demand date or final maturity date. |
| (b) | | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of February 28, 2022. |
| | |
| (c) | | Securities exempt from registration under Rule 144A or section 4 (a) (2), of the Securities Act of 1933, as amended. |
| (d) | | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of February 28, 2022. |
| (e) | | The rate shown is the effective yield as of February 28, 2022. |
| * | | The cost of securities is substantially the same for federal income tax purposes. |
| ^ | | Certain securities are perpetual and thus, do not have predetermined maturity dates. The coupon rates for these securities are fixed for a period of time and may be structured to adjust thereafter. The coupon rates shown are the rates in effect as of February 28, 2022. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 22 | | | | | | | | J.P. MORGAN MONEY MARKET FUNDS | | FEBRUARY 28, 2022 |
JPMorgan Institutional Tax Free Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — 68.4% | |
|
Alaska — 3.6% | |
| | |
Alaska Housing Finance Corp., Home Mortgage Series 2007A, Rev., VRDO, LIQ: State Street Bank & Trust, 0.20%, 3/7/2022 (b) | | | 31,000 | | | | 31,000 | |
| | |
City of Valdez, Exxon Pipeline Co. Project | | | | | | | | |
| | |
Series 1993-A, Rev., VRDO, 0.08%, 3/1/2022 (b) | | | 5,635 | | | | 5,635 | |
| | |
Series 1993-B, Rev., VRDO, 0.08%, 3/1/2022 (b) | | | 2,235 | | | | 2,235 | |
| | |
Series 1993-C, Rev., VRDO, 0.08%, 3/1/2022 (b) | | | 7,450 | | | | 7,450 | |
| | | | | | | | |
| | |
| | | | | | | 46,320 | |
| | | | | | | | |
|
Arizona — 0.7% | |
| | |
Salt River Pima-Maricopa Indian Community Rev., VRDO, LOC: Bank of America NA, 0.25%, 3/7/2022 (b) | | | 1,030 | | | | 1,030 | |
| | |
Tender Option Bond Trust Receipts/Certificates | | | | | | | | |
| | |
Series 2021-XG0312, Rev., VRDO, LIQ: Royal Bank of Canada, 0.23%, 3/7/2022 (b) (c) | | | 2,560 | | | | 2,560 | |
| | |
Series 2021-XF2944, Rev., VRDO, LOC: Barclays Bank plc, 0.24%, 3/7/2022 (b) (c) | | | 3,000 | | | | 3,000 | |
| | |
Series 2019-XG0231, Rev., VRDO, LIQ: Bank of America NA, 0.28%, 3/7/2022 (b) (c) | | | 2,760 | | | | 2,760 | |
| | | | | | | | |
| | |
| | | | | | | 9,350 | |
| | | | | | | | |
|
California — 3.0% | |
| | |
City of Los Angeles Rev., TRAN, 4.00%, 6/23/2022 | | | 1,465 | | | | 1,480 | |
| | |
County of Los Angeles Rev., TRAN, 4.00%, 6/30/2022 | | | 1,935 | | | | 1,957 | |
| | |
RBC Municipal Products, Inc. Trust, Floater Certificates Series 2018-G-26, Rev., VRDO, LOC: Royal Bank of Canada, 0.35%, 6/1/2022 (b) (c) | | | 5,000 | | | | 5,000 | |
| | |
San Diego Unified School District Series A, Rev., TRAN, 4.00%, 6/30/2022 | | | 185 | | | | 187 | |
| | |
Tender Option Bond Trust Receipts/Certificates | | | | | | | | |
| | |
Series 2017-XG0121, Rev., VRDO, LIQ: Bank of America NA, 0.23%, 3/7/2022 (b) (c) | | | 6,515 | | | | 6,515 | |
| | |
Series 2018-ZF2771, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.23%, 3/7/2022 (b) (c) | | | 1,670 | | | | 1,670 | |
| | |
Series 2020-XM0837, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.23%, 3/7/2022 (b) (c) | | | 2,500 | | | | 2,500 | |
| | |
Series 2020-YX1149, Rev., VRDO, LIQ: Barclays Bank plc, 0.23%, 3/7/2022 (b) (c) | | | 1,000 | | | | 1,000 | |
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| |
|
California — continued | |
| | |
Series 2021-XF1244, GO, VRDO, LIQ: TD Bank NA, 0.23%, 3/7/2022 (b) (c) | | | 400 | | | | 400 | |
| | |
Series 2021-XL0167, GO, VRDO, LIQ: Bank of America NA, 0.23%, 3/7/2022 (b) (c) | | | 1,065 | | | | 1,065 | |
| | |
Series 2022-XX1175, Rev., VRDO, LIQ: Barclays Bank plc, 0.23%, 3/7/2022 (b) (c) | | | 11,250 | | | | 11,250 | |
| | |
Series 2021-XG0340, Rev., VRDO, LOC: Bank of America NA, 0.25%, 3/7/2022 (b) (c) | | | 5,415 | | | | 5,415 | |
| | | | | | | | |
| | |
| | | | | | | 38,439 | |
| | | | | | | | |
|
Colorado — 1.0% | |
| | |
City of Colorado Springs, Utilities System Improvement Series 2009C, Rev., VRDO, LIQ: Sumitomo Mitsui Banking Corp., 0.20%, 3/7/2022 (b) | | | 9,265 | | | | 9,265 | |
| | |
Colorado State Education Loan Program Series 2021A, Rev., TRAN, 4.00%, 6/29/2022 | | | 520 | | | | 526 | |
| | |
Tender Option Bond Trust Receipts/Certificates Series 2018-XG0195, COP, VRDO, LIQ: Bank of America NA, 0.29%, 3/7/2022 (b) (c) | | | 3,615 | | | | 3,615 | |
| | | | | | | | |
| | |
| | | | | | | 13,406 | |
| | | | | | | | |
|
Connecticut — 2.9% | |
| | |
RBC Municipal Products, Inc. Trust, Floater Certificates Series 2019-G-110, Rev., VRDO, LOC: Royal Bank of Canada, 0.38%, 4/1/2022 (b) (c) | | | 10,000 | | | | 10,000 | |
| | |
Tender Option Bond Trust Receipts/Certificates | | | | | | | | |
| | |
Series 2018-XG0204, Rev., VRDO, LIQ: Barclays Bank plc, 0.23%, 3/7/2022 (b) (c) | | | 2,630 | | | | 2,630 | |
| | |
Series 2022-ZF1275, Rev., VRDO, LIQ: Royal Bank of Canada, 0.23%, 3/7/2022 (b) (c) | | | 7,500 | | | | 7,500 | |
| | |
Town of East Lyme GO, BAN, 0.75%, 8/11/2022 | | | 3,922 | | | | 3,922 | |
| | |
Town of North Branford GO, BAN, 2.00%, 8/4/2022 | | | 12,455 | | | | 12,520 | |
| | | | | | | | |
| | |
| | | | | | | 36,572 | |
| | | | | | | | |
|
Florida — 6.2% | |
| | |
City of Lakeland, Education Facilities, Florida Southern College Project Series 2012B, Rev., VRDO, LOC: TD Bank NA, 0.20%, 3/7/2022 (b) | | | 1,205 | | | | 1,205 | |
| | |
County of St. Lucie, Power and Light Co. Project Rev., VRDO, 0.11%, 3/1/2022 (b) | | | 33,600 | | | | 33,600 | |
| | |
Highlands County Health Facilities Authority, Adventist Health System Series 2012I-2, Rev., VRDO, 0.19%, 3/7/2022 (b) | | | 7,150 | | | | 7,150 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MONEY MARKET FUNDS | | | | | | | | 23 |
JPMorgan Institutional Tax Free Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Florida — continued | |
| | |
RBC Municipal Products, Inc. Trust, Floater Certificates | | | | | | | | |
| | |
Series 2018-G-41, Rev., VRDO, LOC: Royal Bank of Canada, 0.40%, 3/1/2022 (b) | | | 5,665 | | | | 5,665 | |
| | |
Series 2019-G113, Rev., VRDO, LOC: Royal Bank of Canada, 0.40%, 7/1/2022 (b) | | | 17,500 | | | | 17,500 | |
| | |
Tender Option Bond Trust Receipts/Certificates | | | | | | | | |
| | |
Series 2021-XG0323, Rev., VRDO, LOC: Royal Bank of Canada, 0.23%, 3/7/2022 (b) (c) | | | 3,255 | | | | 3,255 | |
| | |
Series 2020-XF2882, Rev., VRDO, AGM-CR, LOC: Barclays Bank plc, 0.24%, 3/7/2022 (b) (c) | | | 2,800 | | | | 2,800 | |
| | |
Series 2020-XX1136, Rev., VRDO, LOC: Barclays Bank plc, 0.24%, 3/7/2022 (b) (c) | | | 4,745 | | | | 4,745 | |
| | |
Series 2020-YX1128, Rev., VRDO, LOC: Barclays Bank plc, 0.24%, 3/7/2022 (b) (c) | | | 3,870 | | | | 3,870 | |
| | | | | | | | |
| | |
| | | | | | | 79,790 | |
| | | | | | | | |
|
Georgia — 1.4% | |
| | |
Development Authority of Monroe County (The), Gulf Power Co. Plant Scherer Project Rev., VRDO, 0.11%, 3/1/2022 (b) | | | 9,800 | | | | 9,800 | |
| | |
Tender Option Bond Trust Receipts/Certificates | | | | | | | | |
| | |
Series 2021-XM0961, Rev., VRDO, GTD, LIQ: Wells Fargo Bank NA, 0.23%, 3/7/2022 (b) (c) | | | 3,515 | | | | 3,515 | |
| | |
Series 2021-ZF1260, Rev., VRDO, LIQ: Bank of America NA, 0.24%, 3/7/2022 (b) (c) | | | 1,820 | | | | 1,820 | |
| | |
Series 2020-ZF0873, Rev., VRDO, LIQ: TD Bank NA, 0.25%, 3/7/2022 (b) (c) | | | 3,000 | | | | 3,000 | |
| | | | | | | | |
| | |
| | | | | | | 18,135 | |
| | | | | | | | |
|
Idaho — 0.1% | |
| | |
State of Idaho GO, TAN, 3.00%, 6/30/2022 | | | 990 | | | | 998 | |
| | | | | | | | |
|
Illinois — 1.7% | |
| | |
Illinois Finance Authority, North Shore Country Day School Project Rev., VRDO, LOC: BMO Harris Bank NA, 0.24%, 3/7/2022 (b) | | | 9,500 | | | | 9,500 | |
| | |
Illinois Finance Authority, The University of Chicago Medical Center | | | | | | | | |
| | |
Series 2009E-1, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.20%, 3/7/2022 (b) | | | 1,100 | | | | 1,100 | |
| | |
Series 2011B, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.25%, 3/7/2022 (b) | | | 2,330 | | | | 2,330 | |
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| |
|
Illinois — continued | |
| | |
Tender Option Bond Trust Receipts/Certificates | | | | | | | | |
| | |
Series 2018-XF2535, Rev., VRDO, LIQ: Barclays Bank plc, 0.23%, 3/7/2022 (b) (c) | | | 3,840 | | | | 3,840 | |
| | |
Series 2020-XG0299, Rev., VRDO, LOC: Barclays Bank plc, 0.24%, 3/7/2022 (b) (c) | | | 2,500 | | | | 2,500 | |
| | |
Series 2021-XM0938, GO, VRDO, LIQ: Bank of America NA, 0.25%, 3/7/2022 (b) (c) | | | 2,550 | | | | 2,550 | |
| | | | | | | | |
| | |
| | | | | | | 21,820 | |
| | | | | | | | |
|
Indiana — 0.8% | |
| | |
Indiana Finance Authority, Parkview Health System, Inc. Series 2009B, Rev., VRDO, LOC: Wells Fargo Bank NA, 0.09%, 3/1/2022 (b) | | | 9,835 | | | | 9,835 | |
| | | | | | | | |
|
Iowa — 3.3% | |
| | |
Iowa Finance Authority Economic Development Series 2009A, Rev., VRDO, 0.23%, 3/7/2022 (b) | | | 4,000 | | | | 4,000 | |
| | |
Iowa Finance Authority, CJ Bio America, Inc., Project Rev., VRDO, LOC: Korea Development Bank, 0.24%, 3/7/2022 (b) (c) | | | 20,000 | | | | 20,000 | |
| | |
Iowa Finance Authority, Single Family Mortgage-Backed Securities Program | | | | | | | | |
| | |
Rev., VRDO, GNMA/FNMA/FHLMC, LIQ: TD Bank NA, 0.19%, 3/7/2022 (b) | | | 500 | | | | 500 | |
| | |
Series 2020B, Rev., VRDO, GNMA/FNMA/FHLMC, LIQ: TD Bank NA, 0.20%, 3/7/2022 (b) | | | 3,000 | | | | 3,000 | |
| | |
Iowa Finance Authority, Unity Point Health Series 2013B-1, Rev., VRDO, LOC: TD Bank NA, 0.09%, 3/1/2022 (b) | | | 14,710 | | | | 14,710 | |
| | | | | | | | |
| | |
| | | | | | | 42,210 | |
| | | | | | | | |
|
Kentucky — 1.3% | |
| | |
RBC Municipal Products, Inc. Trust, Floater Certificates Series G-116, Rev., VRDO, LOC: Royal Bank of Canada, 0.40%, 5/2/2022 (b) (c) | | | 12,000 | | | | 12,000 | |
| | |
Tender Option Bond Trust Receipts/Certificates | | | | | | | | |
| | |
Series 2020-XG0320, Rev., VRDO, LOC: Barclays Bank plc, 0.24%, 3/7/2022 (b) (c) | | | 2,250 | | | | 2,250 | |
| | |
Series 2020-XM0881, Rev., VRDO, AGM, LIQ: Royal Bank of Canada, 0.24%, 3/7/2022 (b) (c) | | | 2,800 | | | | 2,800 | |
| | | | | | | | |
| | |
| | | | | | | 17,050 | |
| | | | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 24 | | | | | | | | J.P. MORGAN MONEY MARKET FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Louisiana — 0.1% | |
| | |
Tender Option Bond Trust Receipts/Certificates Series 2021-XG0338, Rev., VRDO, LOC: Bank of America NA, 0.27%, 3/7/2022 (b) (c) | | | 1,525 | | | | 1,525 | |
| | | | | | | | |
|
Maine — 0.9% | |
| | |
City of South Portland, Middle School Project GO, BAN, 0.75%, 4/15/2022 | | | 10,000 | | | | 10,001 | |
| | |
Tender Option Bond Trust Receipts/Certificates Series 2021-XL0179, Rev., VRDO, LIQ: Barclays Bank plc, 0.23%, 3/7/2022 (b) (c) | | | 1,670 | | | | 1,670 | |
| | | | | | | | |
| | |
| | | | | | | 11,671 | |
| | | | | | | | |
|
Maryland — 2.9% | |
| | |
City of Baltimore Series 2015-ZF2095, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.23%, 3/7/2022 (b) (c) | | | 6,665 | | | | 6,665 | |
| | |
RBC Municipal Products, Inc. Trust, Floater Certificates | | | | | | | | |
| | |
Series 2018-G-28, Rev., VRDO, LOC: Royal Bank of Canada, 0.40%, 7/1/2022 (b) (c) | | | 10,115 | | | | 10,115 | |
| | |
Series 2018-G-42, Rev., VRDO, LOC: Royal Bank of Canada, 0.40%, 7/1/2022 (b) | | | 5,000 | | | | 5,000 | |
| | |
Tender Option Bond Trust Receipts/Certificates | | | | | | | | |
| | |
Series 2021-XG0332, Rev., VRDO, LIQ: Bank of America NA, 0.23%, 3/7/2022 (b) (c) | | | 6,940 | | | | 6,940 | |
| | |
Series 2021-XG0335, Rev., VRDO, LOC: Bank of America NA, 0.23%, 3/7/2022 (b) (c) | | | 4,355 | | | | 4,355 | |
| | |
Series 2018-ZM0621, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.25%, 3/7/2022 (b) (c) | | | 4,000 | | | | 4,000 | |
| | | | | | | | |
| | |
| | | | | | | 37,075 | |
| | | | | | | | |
|
Massachusetts — 0.7% | |
| | |
City of Chicopee, Municipal Purpose Loan GO, 5.00%, 6/1/2022 | | | 275 | | | | 278 | |
| | |
City of Westfield GO, BAN, 1.50%, 6/10/2022 | | | 4,840 | | | | 4,851 | |
| | |
Tender Option Bond Trust Receipts/Certificates Series 2020-ZF0968, Rev., VRDO, FHA, LIQ: TD Bank NA, 0.24%, 3/7/2022 (b) (c) | | | 3,335 | | | | 3,335 | |
| | |
Town of Grafton Series 2021A, GO, 5.00%, 4/1/2022 | | | 155 | | | | 155 | |
| | | | | | | | |
| | |
| | | | | | | 8,619 | |
| | | | | | | | |
|
Michigan — 0.7% | |
| | |
L’Anse Creuse Public Schools, School Building and Site GO, VRDO, Q-SBLF, LOC: TD Bank NA, 0.20%, 3/7/2022 (b) | | | 8,815 | | | | 8,815 | |
| | | | | | | | |
|
Mississippi — 3.3% | |
| | |
County of Jackson, Chevron USA, Inc., Project Rev., VRDO, 0.08%, 3/1/2022 (b) | | | 1,145 | | | | 1,145 | |
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| |
|
Mississippi — continued | |
| | |
Mississippi Business Finance Corp., Gulf Opportunity Zone Industrial Development, Chevron USA, Inc. Project | | | | | | | | |
| | |
Series 2007B, Rev., VRDO, 0.08%, 3/1/2022 (b) | | | 2,405 | | | | 2,405 | |
| | |
Series 2009A, Rev., VRDO, 0.08%, 3/1/2022 (b) | | | 410 | | | | 410 | |
| | |
Series 2009C, Rev., VRDO, 0.08%, 3/1/2022 (b) | | | 865 | | | | 865 | |
| | |
Series 2009F, Rev., VRDO, 0.08%, 3/1/2022 (b) | | | 4,825 | | | | 4,825 | |
| | |
Series 2010 H, Rev., VRDO, 0.08%, 3/1/2022 (b) | | | 7,950 | | | | 7,950 | |
| | |
Series 2010 I, Rev., VRDO, 0.08%, 3/1/2022 (b) | | | 2,810 | | | | 2,810 | |
| | |
Series 2010K, Rev., VRDO, 0.08%, 3/1/2022 (b) | | | 4,480 | | | | 4,480 | |
| | |
Series 2010L, Rev., VRDO, 0.08%, 3/1/2022 (b) | | | 6,330 | | | | 6,330 | |
| | |
Series 2011A, Rev., VRDO, 0.08%, 3/1/2022 (b) | | | 2,475 | | | | 2,475 | |
| | |
Series 2011B, Rev., VRDO, 0.08%, 3/1/2022 (b) | | | 4,975 | | | | 4,975 | |
| | |
Series 2011C, Rev., VRDO, 0.08%, 3/1/2022 (b) | | | 3,200 | | | | 3,200 | |
| | | | | | | | |
| | |
| | | | | | | 41,870 | |
| | | | | | | | |
|
Missouri — 2.6% | |
| | |
Health and Educational Facilities Authority of the State of Missouri, BJC Health System Series C, Rev., VRDO, LIQ: BJC Health System, 0.19%, 3/7/2022 (b) | | | 15,820 | | | | 15,820 | |
| | |
Industrial Development Authority of the City of St. Louis Missouri (The), Mid-America Transplant Services Project Rev., VRDO, LOC: BMO Harris Bank NA, 0.08%, 3/1/2022 (b) | | | 1,780 | | | | 1,780 | |
| | |
Missouri Development Finance Board, Cultural Facilities, Kauffman Center for The Performing Arts Project Series 2007A, Rev., VRDO, LIQ: PNC Bank NA, 0.09%, 3/1/2022 (b) | | | 10,725 | | | | 10,725 | |
| | |
RBC Municipal Products, Inc. Trust, Floater Certificates Series C-16, Rev., VRDO, LOC: Royal Bank of Canada, 0.25%, 3/7/2022 (b) | | | 4,950 | | | | 4,950 | |
| | | | | | | | |
| | |
| | | | | | | 33,275 | |
| | | | | | | | |
|
Nevada — 0.1% | |
| | |
Tender Option Bond Trust Receipts/Certificates Series 2020-XM0866, Rev., VRDO, LOC: Royal Bank of Canada, 0.24%, 3/7/2022 (b) (c) | | | 1,000 | | | | 1,000 | |
| | | | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MONEY MARKET FUNDS | | | | | | | | 25 |
JPMorgan Institutional Tax Free Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
New Hampshire — 0.0% (d) | |
| | |
Town of Salem GO, 5.00%, 3/15/2022 | | | 135 | | | | 135 | |
| | | | | | | | |
|
New Jersey — 2.8% | |
| | |
Borough of Dumont GO, BAN, 2.00%, 6/2/2022 | | | 3,530 | | | | 3,541 | |
| | |
City of Ventnor City GO, BAN, 1.00%, 7/14/2022 | | | 19,500 | | | | 19,508 | |
| | |
Hudson County Improvement Authority, County Guaranteed Pooled Notes Series 2021B-1, Rev., GTD, 1.50%, 4/28/2022 | | | 3,080 | | | | 3,084 | |
| | |
Tender Option Bond Trust Receipts/Certificates Series 2021-XF1245, Rev., VRDO, LIQ: Bank of America NA, 0.24%, 3/7/2022 (b) (c) | | | 1,330 | | | | 1,330 | |
| | |
Township of South Orange Village, Water Utility GO, BAN, 1.50%, 7/7/2022 | | | 9,000 | | | | 9,020 | |
| | | | | | | | |
| | |
| | | | | | | 36,483 | |
| | | | | | | | |
|
New York — 11.5% | |
| | |
City of New York, Fiscal Year 2014 | | | | | | | | |
| | |
Series D, Subseries D-4, GO, VRDO, LOC: TD Bank NA, 0.09%, 3/1/2022 (b) | | | 2,900 | | | | 2,900 | |
| | |
Series 2014J, GO, 5.00%, 8/1/2022 | | | 570 | | | | 580 | |
| | |
City of New York, Fiscal Year 2019 Series D, Subseries D-4, GO, VRDO, LIQ: Barclays Bank plc, 0.10%, 3/1/2022 (b) | | | 360 | | | | 360 | |
| | |
Metropolitan Transportation Authority, Dedicated Tax Fund Series 2008A-1, Rev., VRDO, LOC: TD Bank NA, 0.09%, 3/1/2022 (b) | | | 6,675 | | | | 6,675 | |
| | |
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2011 Subseries 2011A-4, Rev., VRDO, LIQ: Barclays Bank plc, 0.10%, 3/1/2022 (b) | | | 10,000 | | | | 10,000 | |
| | |
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2013 Subseries C-5, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.21%, 3/7/2022 (b) | | | 22,000 | | | | 22,000 | |
| | |
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2014 Subseries D-3, Rev., VRDO, LIQ: Mizuho Bank Ltd., 0.11%, 3/1/2022 (b) | | | 1,785 | | | | 1,785 | |
| | |
New York City Water and Sewer System, Fiscal Year 2003 Subseries F-1-A, Rev., VRDO, LIQ: Barclays Bank plc, 0.19%, 3/7/2022 (b) | | | 9,405 | | | | 9,405 | |
| | |
New York City Water and Sewer System, Fiscal Year 2012 Subseries 2012A-2, Rev., VRDO, LIQ: Mizuho Bank Ltd., 0.07%, 3/1/2022 (b) | | | 12,630 | | | | 12,630 | |
| | |
New York City Water and Sewer System, Second General Resolution | | | | | | | | |
| | |
Series 2009-BB-2, Rev., VRDO, LIQ: UBS AG, 0.09%, 3/1/2022 (b) | | | 4,160 | | | | 4,160 | |
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| |
|
New York — continued | |
| | |
Subseries CC-2, Rev., VRDO, LIQ: State Street Bank & Trust, 0.09%, 3/1/2022 (b) | | | 400 | | | | 400 | |
| | |
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2008 Series 2008-BB-5, Rev., VRDO, LIQ: Bank of America NA, 0.07%, 3/1/2022 (b) | | | 4,800 | | | | 4,800 | |
| | |
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2009 Series 2009BB-1, Rev., VRDO, LIQ: UBS AG, 0.09%, 3/1/2022 (b) | | | 10,750 | | | | 10,750 | |
| | |
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2014 | | | | | | | | |
| | |
Series AA, Subseries AA1, Rev., VRDO, LIQ: TD Bank NA, 0.09%, 3/1/2022 (b) | | | 8,000 | | | | 8,000 | |
| | |
Series AA, Subseries AA-1, Rev., VRDO, LIQ: Mizuho Bank Ltd., 0.09%, 3/1/2022 (b) | | | 10,375 | | | | 10,375 | |
| | |
Phoenix Central School District GO, BAN, 1.00%, 6/30/2022 | | | 6,000 | | | | 6,006 | |
| | |
RBC Municipal Products, Inc. Trust, Floater Certificates Series E-118, GO, VRDO, LOC: Royal Bank of Canada, 0.11%, 3/1/2022 (b) | | | 13,425 | | | | 13,425 | |
| | |
Tender Option Bond Trust Receipts/Certificates | | | | | | | | |
| | |
Series 2017-ZM0544, Rev., VRDO, LIQ: Bank of America NA, 0.23%, 3/7/2022 (b) (c) | | | 2,220 | | | | 2,220 | |
| | |
Series 2018-XF0635, Rev., VRDO, LIQ: TD Bank NA, 0.23%, 3/7/2022 (b) (c) | | | 6,185 | | | | 6,185 | |
| | |
Series 2018-XF2656, Rev., VRDO, LIQ: Bank of America NA, 0.23%, 3/7/2022 (b) | | | 800 | | | | 800 | |
| | |
Series 2020-XF0947, Rev., VRDO, LIQ: TD Bank NA, 0.23%, 3/7/2022 (b) (c) | | | 500 | | | | 500 | |
| | |
Series 2021-XF1251, Rev., VRDO, LIQ: TD Bank NA, 0.23%, 3/7/2022 (b) (c) | | | 2,000 | | | | 2,000 | |
| | |
Series 2022-XF1286, Rev., VRDO, LIQ: TD Bank NA, 0.23%, 3/7/2022 (b) (c) | | | 2,500 | | | | 2,500 | |
| | |
Series 2017-XF2419, Rev., VRDO, LOC: Barclays Bank plc, 0.24%, 3/7/2022 (b) (c) | | | 1,215 | | | | 1,215 | |
| | |
Series 2020-XF2917, Rev., VRDO, LOC: Barclays Bank plc, 0.24%, 3/7/2022 (b) (c) | | | 2,475 | | | | 2,475 | |
| | |
Series 2021-XF2935, Rev., VRDO, AGM, LOC: Barclays Bank plc, 0.24%, 3/7/2022 (b) (c) | | | 1,250 | | | | 1,250 | |
| | |
Series 2021-XG0311, Rev., VRDO, LOC: Barclays Bank plc, 0.24%, 3/7/2022 (b) (c) | | | 1,430 | | | | 1,430 | |
| | |
Triborough Bridge and Tunnel Authority Subseries 2005 B-3, Rev., VRDO, LOC: State Street Bank & Trust, 0.08%, 3/1/2022 (b) | | | 2,055 | | | | 2,055 | |
| | | | | | | | |
| | |
| | | | | | | 146,881 | |
| | | | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 26 | | | | | | | | J.P. MORGAN MONEY MARKET FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
North Carolina — 0.3% | |
| | |
Tender Option Bond Trust Receipts/Certificates Series 2019-ZF2813, Rev., VRDO, LIQ: Barclays Bank plc, 0.25%, 3/7/2022 (b) (c) | | | 3,415 | | | | 3,415 | |
| | | | | | | | |
|
North Dakota — 0.3% | |
| | |
Tender Option Bond Trust Receipts/Certificates Series 2021-XG0336, COP, VRDO, AGM, LOC: TD Bank NA, 0.24%, 3/7/2022 (b) (c) | | | 3,200 | | | | 3,200 | |
| | | | | | | | |
|
Ohio — 0.2% | |
| | |
RBC Municipal Products, Inc. Trust, Floater Certificates Series 2019-E-132, Rev., VRDO, LOC: Royal Bank of Canada, 0.23%, 3/7/2022 (b) (c) | | | 2,065 | | | | 2,065 | |
| | | | | | | | |
|
Oklahoma — 0.1% | |
| | |
Tender Option Bond Trust Receipts/Certificates Series 2020-XF2884, Rev., VRDO, LOC: Barclays Bank plc, 0.24%, 3/7/2022 (b) (c) | | | 1,370 | | | | 1,370 | |
| | | | | | | | |
|
Pennsylvania — 2.2% | |
| | |
Philadelphia Gas Works Co. Series D, Rev., VRDO, LOC: TD Bank NA, 0.20%, 3/7/2022 (b) | | | 11,565 | | | | 11,565 | |
| | |
RBC Municipal Products, Inc. Trust, Floater Certificates Series E-101, Rev., VRDO, LOC: Royal Bank of Canada, 0.23%, 3/7/2022 (b) (c) | | | 10,000 | | | | 10,000 | |
| | |
Tender Option Bond Trust Receipts/Certificates | | | | | | | | |
| | |
Series 2018-XF2654, Rev., VRDO, LIQ: Bank of America NA, 0.24%, 3/7/2022 (b) | | | 4,420 | | | | 4,420 | |
| | |
Series 2020-XM0876, Rev., VRDO, LIQ: Royal Bank of Canada, 0.24%, 3/7/2022 (b) (c) | | | 1,875 | | | | 1,875 | |
| | | | | | | | |
| | |
| | | | | | | 27,860 | |
| | | | | | | | |
|
Rhode Island — 1.9% | |
| | |
City of Cranston | | | | | | | | |
| | |
Series 2021A, GO, 5.00%, 8/15/2022 | | | 260 | | | | 265 | |
| | |
Series 2021-1, GO, BAN, 1.00%, 8/23/2022 | | | 5,000 | | | | 5,002 | |
| | |
Tender Option Bond Trust Receipts/Certificates | | | | | | | | |
| | |
Series 2018-XF2559, Rev., VRDO, LIQ: Citibank NA, 0.23%, 3/7/2022 (b) | | | 9,000 | | | | 9,000 | |
| | |
Series 2018-ZM0631, Rev., VRDO, LIQ: Royal Bank of Canada, 0.25%, 3/7/2022 (b) | | | 6,035 | | | | 6,035 | |
| | |
Series 2018-ZM0632, Rev., VRDO, LIQ: Royal Bank of Canada, 0.25%, 3/7/2022 (b) | | | 4,050 | | | | 4,050 | |
| | | | | | | | |
| | |
| | | | | | | 24,352 | |
| | | | | | | | |
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| |
|
South Carolina — 1.1% | |
| | |
County Square Redevelopment Corp., Greenville County, South Carolina Project Rev., BAN, 2.00%, 3/3/2022 | | | 2,065 | | | | 2,065 | |
| | |
RBC Municipal Products, Inc. Trust, Floater Certificates Series 2019-G-109, Rev., VRDO, LOC: Royal Bank of Canada, 0.40%, 4/1/2022 (b) (c) | | | 5,000 | | | | 5,000 | |
| | |
South Carolina Public Service Authority Series 2019A, Rev., VRDO, LOC: Bank of America NA, 0.23%, 3/7/2022 (b) | | | 7,645 | | | | 7,645 | |
| | | | | | | | |
| | |
| | | | | | | 14,710 | |
| | | | | | | | |
|
Tennessee — 0.5% | |
| | |
Tender Option Bond Trust Receipts/Certificates | | | | | | | | |
| | |
Series 2018-XF2576, Rev., VRDO, LOC: Barclays Bank plc, 0.24%, 3/7/2022 (b) (c) | | | 2,000 | | | | 2,000 | |
| | |
Series 2018-XL0062, Rev., VRDO, LOC: Citibank NA, 0.25%, 3/7/2022 (b) | | | 4,420 | | | | 4,420 | |
| | | | | | | | |
| | |
| | | | | | | 6,420 | |
| | | | | | | | |
|
Texas — 7.7% | |
| | |
Collin County Housing Finance Corp., Multi-Family Housing, Huntington Apartments Project Rev., VRDO, LOC: Northern Trust Co., 0.27%, 3/7/2022 (b) | | | 12,305 | | | | 12,305 | |
| | |
Lower Neches Valley Authority Industrial Development Corp., ExxonMobil Project | | | | | | | | |
| | |
Series 2001A-2, Rev., VRDO, 0.08%, 3/1/2022 (b) | | | 5,350 | | | | 5,350 | |
| | |
Series 2002A, Rev., VRDO, 0.08%, 3/1/2022 (b) | | | 11,470 | | | | 11,470 | |
| | |
Subseries A-3, Rev., VRDO, 0.08%, 3/1/2022 (b) | | | 1,010 | | | | 1,010 | |
| | |
RBC Municipal Products, Inc. Trust, Floater Certificates | | | | | | | | |
| | |
Series E-149, Rev., VRDO, LOC: Royal Bank of Canada, 0.23%, 3/7/2022 (b) (c) | | | 5,500 | | | | 5,500 | |
| | |
Series 2019-G112, Rev., VRDO, LOC: Royal Bank of Canada, 0.40%, 7/1/2022 (b) (c) | | | 9,000 | | | | 9,000 | |
| | |
State of Texas, Veterans | | | | | | | | |
| | |
Series 2011A, GO, VRDO, LIQ: State Street Bank & Trust, 0.20%, 3/7/2022 (b) | | | 3,870 | | | | 3,870 | |
| | |
Series 2012B, GO, VRDO, LIQ: State Street Bank & Trust, 0.20%, 3/7/2022 (b) | | | 5,330 | | | | 5,330 | |
| | |
Series 2013B, GO, VRDO, LIQ: State Street Bank & Trust, 0.20%, 3/7/2022 (b) | | | 7,900 | | | | 7,900 | |
| | |
Series 2015 A, GO, VRDO, LIQ: State Street Bank & Trust, 0.20%, 3/7/2022 (b) | | | 3,725 | | | | 3,725 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MONEY MARKET FUNDS | | | | | | | | 27 |
JPMorgan Institutional Tax Free Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Texas — continued | |
| | |
State of Texas, Veterans Housing Assistance Program | | | | | | | | |
| | |
Series 2008 B, GO, VRDO, LIQ: State Street Bank & Trust, 0.20%, 3/7/2022 (b) | | | 19,005 | | | | 19,005 | |
| | |
Series 2010C, GO, VRDO, LIQ: State Street Bank & Trust, 0.20%, 3/7/2022 (b) | | | 2,810 | | | | 2,810 | |
| | |
Tender Option Bond Trust Receipts/Certificates | | | | | | | | |
| | |
Series 2018-ZF2721, GO, VRDO, LIQ: Morgan Stanley Bank, 0.23%, 3/7/2022 (b) (c) | | | 3,335 | | | | 3,335 | |
| | |
Series 2022-XM0971, Rev., VRDO, LIQ: Royal Bank of Canada, 0.23%, 3/7/2022 (b) (c) | | | 3,400 | | | | 3,400 | |
| | |
Series 2018-XF0645, Rev., VRDO, LIQ: TD Bank NA, 0.25%, 3/7/2022 (b) (c) | | | 4,000 | | | | 4,000 | |
| | | | | | | | |
| | |
| | | | | | | 98,010 | |
| | | | | | | | |
|
Utah — 0.8% | |
| | |
City of Murray, IHC Health Services, Inc. Series 2005D, Rev., VRDO, LIQ: Wells Fargo Bank NA, 0.07%, 3/1/2022 (b) | | | 1,885 | | | | 1,885 | |
| | |
County of Utah, IHC Health Services, Inc. Series 2018C, Rev., VRDO, LIQ: TD Bank NA, 0.07%, 3/1/2022 (b) | | | 5,025 | | | | 5,025 | |
| | |
Tender Option Bond Trust Receipts/Certificates Series 2018-XG0171, Rev., VRDO, LIQ: Royal Bank of Canada, 0.24%, 3/7/2022 (b) (c) | | | 3,000 | | | | 3,000 | |
| | | | | | | | |
| | |
| | | | | | | 9,910 | |
| | | | | | | | |
|
Virginia — 1.2% | |
| | |
Tender Option Bond Trust Receipts/Certificates | | | | | | | | |
| | |
Series 2020-XF0955, Rev., VRDO, LIQ: TD Bank NA, 0.23%, 3/7/2022 (b) (c) | | | 5,335 | | | | 5,335 | |
| | |
Series 2020-ZF0997, Rev., VRDO, LIQ: Bank of America NA, 0.23%, 3/7/2022 (b) (c) | | | 3,055 | | | | 3,055 | |
| | |
Series 2020-ZF0998, Rev., VRDO, LIQ: Bank of America NA, 0.23%, 3/7/2022 (b) (c) | | | 1,660 | | | | 1,660 | |
| | |
Series 2020-ZF0999, Rev., VRDO, LIQ: Bank of America NA, 0.23%, 3/7/2022 (b) (c) | | | 2,270 | | | | 2,270 | |
| | |
Series 2021-XM0932, Rev., VRDO, LIQ: Bank of America NA, 0.23%, 3/7/2022 (b) (c) | | | 2,825 | | | | 2,825 | |
| | | | | | | | |
| | |
| | | | | | | 15,145 | |
| | | | | | | | |
|
Wisconsin — 0.5% | |
| | |
Tender Option Bond Trust Receipts/Certificates Series 2020-XL0148, Rev., VRDO, AGM, LOC: Barclays Bank plc, 0.24%, 3/7/2022 (b) (c) | | | 6,745 | | | | 6,745 | |
| | | | | | | | |
| | |
Total Municipal Bonds
(Cost $874,655) | | | | | | | 874,476 | |
| | | | | | | | |
| | | | | | | | |
| INVESTMENTS (a) | |
SHARES
(000) | | | VALUE
($000) | |
Variable Rate Demand Preferred Shares — 7.5% | |
|
New York — 1.7% | |
| | |
Nuveen New York AMT-Free Municipal Income Fund | | | | | | | | |
| | |
Series 2, LIQ: Royal Bank of Canada, 0.25%, 3/7/2022 # (c) | | | 6,600 | | | | 6,600 | |
| | |
Series 3, LIQ: Sumitomo Mitsui Banking Corp., 0.25%, 3/7/2022 # (c) | | | 15,000 | | | | 15,000 | |
| | | | | | | | |
| | |
| | | | | | | 21,600 | |
| | | | | | | | |
|
Other — 5.8% | |
| | |
Nuveen AMT-Free Municipal Credit Income Fund Series 5, LIQ: Societe Generale, 0.25%, 3/7/2022 # (c) | | | 17,400 | | | | 17,400 | |
| | |
Nuveen AMT-Free Municipal Income Fund | | | | | | | | |
| | |
Series 3, LIQ: TD Bank NA, 0.25%, 3/7/2022 # (c) | | | 5,000 | | | | 5,000 | |
| | |
Series 4-4895, LIQ: Barclays Bank plc, 0.25%, 3/7/2022 # (c) | | | 30,000 | | | | 30,000 | |
| | |
Nuveen AMT-Free Quality Municipal Income Fund Series 5-1000, LOC: Sumitomo Mitsui Banking Corp., 0.25%, 3/7/2022 # (c) | | | 5,000 | | | | 5,000 | |
| | |
Nuveen Enhanced AMT-Free Municipal Credit Opportunities Fund Series 6, LIQ: Sumitomo Mitsui Banking Corp., 0.25%, 3/7/2022 # (c) | | | 16,700 | | | | 16,700 | |
| | | | | | | | |
| | |
| | | | | | | 74,100 | |
| | | | | | | | |
| | |
Total Variable Rate Demand Preferred Shares
(Cost $95,700) | | | | | | | 95,700 | |
| | | | | | | | |
| | |
| | | PRINCIPAL
AMOUNT
($000) | | | | |
Short-Term Investments — 22.7% | |
|
Commercial Paper — 22.7% | |
| | |
Alachua County Health Facilities Authority Series 08-A, 0.12%, 3/3/2022 | | | 6,240 | | | | 6,240 | |
| | |
Board of Regents of the University of Texas System | | | | | | | | |
| | |
Series A, 0.21%, 3/14/2022 | | | 10,000 | | | | 10,000 | |
| | |
Series A, 0.11%, 3/16/2022 | | | 10,000 | | | | 9,999 | |
| | |
Series A, 0.16%, 3/21/2022 | | | 3,000 | | | | 3,000 | |
| | |
Series A, 0.15%, 3/29/2022 | | | 5,000 | | | | 4,999 | |
| | |
California Statewide Communities Development Authority | | | | | | | | |
| | |
Series 9B-4, 0.12%, 3/8/2022 | | | 5,000 | | | | 5,000 | |
| | |
Series 9B-1, 0.12%, 3/9/2022 | | | 10,000 | | | | 10,000 | |
| | |
Series 9B-3, 0.14%, 3/10/2022 | | | 5,000 | | | | 5,000 | |
| | |
Series D, 0.23%, 3/22/2022 | | | 5,000 | | | | 5,000 | |
| | |
Series 08-B, 0.16%, 4/1/2022 | | | 1,000 | | | | 1,000 | |
| | |
Series 9B-4, 0.14%, 5/3/2022 | | | 2,500 | | | | 2,498 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 28 | | | | | | | | J.P. MORGAN MONEY MARKET FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Short-Term Investments — continued | |
|
Commercial Paper — continued | |
| | |
Series 08-C, 0.14%, 5/4/2022 | | | 10,000 | | | | 9,993 | |
| | |
Series 08-B, 0.16%, 6/8/2022 | | | 5,000 | | | | 4,994 | |
| | |
0.17%, 6/14/2022 | | | 3,000 | | | | 2,996 | |
| | |
City of Dallas, Waterworks & Sewer System | | | | | | | | |
| | |
Series G, 0.17%, 4/12/2022 | | | 15,600 | | | | 15,595 | |
| | |
Series G, 0.33%, 4/12/2022 | | | 1,300 | | | | 1,300 | |
| | |
City of Garland, Water & Sewer System Series 2015, 0.50%, 4/14/2022 | | | 5,000 | | | | 5,000 | |
| | |
City of Houston, Tax Exempt | | | | | | | | |
| | |
Series G-2, 0.18%, 3/10/2022 | | | 5,000 | | | | 5,000 | |
| | |
Series H-2, 0.18%, 3/10/2022 | | | 5,000 | | | | 5,000 | |
| | |
City of Los Angeles, Wastewater System Tax Exempt Series A-2, 0.17%, 3/1/2022 | | | 10,000 | | | | 10,000 | |
| | |
City of Rochester, Tax Exempt Series 2011, 0.30%, 4/6/2022 | | | 8,000 | | | | 7,999 | |
| | |
City of Jacksonville, Tax Exempt | | | | | | | | |
| | |
Series 92, 0.48%, 5/17/2022 | | | 10,000 | | | | 9,999 | |
| | |
Series 94, 0.48%, 5/17/2022 | | | 10,000 | | | | 9,999 | |
| | |
East Bay Municipal Utility District, Tax Exempt | | | | | | | | |
| | |
Series A-2, 0.12%, 3/2/2022 | | | 3,000 | | | | 3,000 | |
| | |
Series A-1, 0.10%, 3/3/2022 | | | 10,000 | | | | 10,000 | |
| | |
Series A-2, 0.23%, 4/5/2022 | | | 6,200 | | | | 6,199 | |
| | |
Health and Educational Facilities Authority of the State of Missouri, Tax Exempt Series 14-C, 0.12%, 3/10/2022 | | | 10,000 | | | | 10,000 | |
| | |
Indiana Finance Authority, Tax Exempt Series D-2, 0.17%, 3/9/2022 | | | 9,000 | | | | 9,000 | |
| | |
Los Angeles County Metropolitan Transportation Authority Series A, 0.17%, 3/1/2022 | | | 9,800 | | | | 9,800 | |
| | |
Louisville and Jefferson County Metropolitan Sewer District, Tax Exempt | | | | | | | | |
| | |
Series A-1, 0.12%, 3/11/2022 | | | 7,500 | | | | 7,500 | |
| | |
Series A-1, 0.13%, 3/14/2022 | | | 5,000 | | | | 5,000 | |
| | |
Lower Colorado River Authority, Tax Exempt | | | | | | | | |
| | |
Series B, 0.12%, 3/3/2022 | | | 2,170 | | | | 2,170 | |
| | |
Series B, 0.13%, 3/3/2022 | | | 1,918 | | | | 1,918 | |
| | |
Series B, 0.13%, 4/5/2022 | | | 1,735 | | | | 1,734 | |
| | |
Maryland Health and Higher Educational Facilities Authority Series B, 0.11%, 3/7/2022 | | | 5,790 | | | | 5,790 | |
| | |
Municipal Improvement Corp. of Los Angeles | | | | | | | | |
| | |
Series A-1, 0.19%, 3/16/2022 | | | 4,500 | | | | 4,500 | |
| | |
Series A-2, 0.20%, 3/16/2022 | | | 5,200 | | | | 5,200 | |
| | |
Omaha Public Power District, Tax Exempt | | | | | | | | |
| | |
Series A, 0.25%, 3/15/2022 | | | 12,500 | | | | 12,500 | |
| | |
Series A, 0.12%, 3/16/2022 | | | 7,000 | | | | 6,999 | |
| | |
San Diego County Water Authority, Tax Exempt Series 10, 0.17%, 3/2/2022 | | | 8,000 | | | | 8,000 | |
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
|
Commercial Paper — continued | |
| | |
San Francisco City & County Public Utilities Commission Wastewater, Tax Exempt Series A-1, 0.17%, 3/9/2022 | | | 10,000 | | | | 10,000 | |
| | |
Southwestern Illinois Development Authority, Tax Exempt Series 17-B, 0.30%, 4/5/2022 | | | 5,000 | | | | 4,999 | |
| | |
Stafford County & Staunton Industrial Development Authority, Tax Exempt Series 8-A1, 0.25%, 3/11/2022 | | | 1,465 | | | | 1,465 | |
| | |
State of California, Tax Exempt Series A-1, 0.17%, 3/1/2022 | | | 10,000 | | | | 10,000 | |
| | |
Texas Public Finance Authority, Tax Exempt Series 19, 0.26%, 3/16/2022 | | | 3,300 | | | | 3,300 | |
| | | | | | | | |
| |
Total Commercial Paper
(Cost $289,718) | | | | 289,685 | |
| | | | | |
| | |
Total Short-Term Investments
(Cost $289,718) | | | | | | | 289,685 | |
| | | | | | | | |
Total Investments — 98.6%
(Cost $1,260,073) | | | | | | | 1,259,861 | |
Other Assets Less Liabilities — 1.4% | | | | | | | 18,052 | |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | | 1,277,913 | |
| | | | | | | | |
Percentages indicated are based on net assets.
Abbreviations
| | |
| AGM | | Insured by Assured Guaranty Municipal Corp. |
| AMT | | Alternative Minimum Tax |
| BAN | | Bond Anticipation Note |
| COP | | Certificate of Participation |
| CR | | Custodial Receipts |
| FHA | | Federal Housing Administration |
| FHLMC | | Federal Home Loan Mortgage Corp. |
| FNMA | | Federal National Mortgage Association |
| GNMA | | Government National Mortgage Association |
| GO | | General Obligation |
| GTD | | Guaranteed |
| LIQ | | Liquidity Agreement |
| LOC | | Letter of Credit |
| Q-SBLF | | Qualified School Bond Loan Fund |
| Rev. | | Revenue |
| TAN | | Tax Anticipation Note |
| TRAN | | Tax & Revenue Anticipation Note |
| VRDO | | Variable Rate Demand Obligation |
| |
| (a) | | The date shown represents the earliest of the next put date, next demand date or final maturity date. |
| (b) | | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of February 28, 2022. |
| (c) | | Securities exempt from registration under Rule 144A or section 4 (a) (2), of the Securities Act of 1933, as amended. |
| (d) | | Amount rounds to less than 0.1% of net assets. |
| # | | Variable Rate Demand Preferred Shares of a closed-end investment company which has a weekly demand feature. The interest rate shown is the rate in effect as of February 28, 2022. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MONEY MARKET FUNDS | | | | | | | | 29 |
JPMorgan Securities Lending Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
|
Municipal Bonds — 2.7% | |
|
Hawaii — 0.8% | |
| | |
State of Hawaii | | | | | | | | |
| | |
Series 2021GG, GO, 0.25%, 8/1/2022 | | | 8,000 | | | | 7,988 | |
| | |
Series 2021GD, GO, 0.25%, 10/1/2022 | | | 4,000 | | | | 3,987 | |
| | |
Series 2021GE, GO, 0.25%, 10/1/2022 | | | 1,750 | | | | 1,744 | |
| | | | | | | | |
| | |
| | | | | | | 13,719 | |
| | | | | | | | |
|
Michigan — 1.9% | |
| | |
Michigan Finance Authority, School Loan Revolving Fund Series 2019C, Rev., VRDO, LOC: Bank of America NA, 0.17%, 3/7/2022 (b) | | | 22,750 | | | | 22,750 | |
| | |
Michigan Finance Authority, School Loan Revolving Fund, Federally Taxable Series 2019D, Rev., VRDO, LOC: PNC Bank NA, 0.17%, 3/7/2022 (b) | | | 14,700 | | | | 14,700 | |
| | | | | | | | |
| | |
| | | | | | | 37,450 | |
| | | | | | | | |
| | |
Total Municipal Bonds
(Cost $51,200) | | | | | | | 51,169 | |
| | | | | |
|
Repurchase Agreements — 0.5% | |
| | |
Societe Generale SA, 0.23%, dated 2/28/2022, due 3/2/2022, repurchase price $10,000, collateralized by Corporate Notes and Bonds, 0.20% - 8.20%, due 6/28/2022 - 3/22/2030, FNMA, 2.34% -4.39%, due 12/26/2030 - 2/25/2047 and Sovereign Government Securities, 2.63% -10.13%, due 7/26/2022 - 9/30/2049, with a value of $10,793. (Cost $10,000) | | | 10,000 | | | | 10,000 | |
| | | | | | | | |
|
Short-Term Investments — 96.8% | |
|
Commercial Paper — 43.4% | |
| | |
Barclays Bank plc (United Kingdom) 0.09%, 3/1/2022 (c) (d) | | | 75,000 | | | | 75,000 | |
| | |
BNP Paribas SA (France) 0.07%, 3/1/2022 (d) | | | 36,265 | | | | 36,265 | |
| | |
China Construction Bank Corp. (China) 0.09%, 3/1/2022 (c) (d) | | | 75,000 | | | | 75,000 | |
| | |
Commonwealth Bank of Australia (Australia) 0.27%, 10/14/2022 (c) (d) | | | 50,000 | | | | 49,701 | |
| | |
Cooperatieve Rabobank UA (Netherlands) 0.07%, 3/1/2022 (d) | | | 75,000 | | | | 75,000 | |
| | |
DBS Bank Ltd. (Singapore) 0.30%, 6/2/2022 (c) (d) | | | 30,000 | | | | 29,957 | |
| | |
DNB Bank ASA (Norway) | | | | | | | | |
| | |
0.07%, 3/2/2022 (c) (d) | | | 43,000 | | | | 43,000 | |
| | |
0.23%, 5/4/2022 (c) (d) | | | 16,500 | | | | 16,490 | |
| | |
Landesbank Baden-Wurttemberg (Germany) 0.09%, 3/2/2022 (d) | | | 61,000 | | | | 61,000 | |
| | |
Macquarie Bank Ltd. (Australia) 0.25%, 5/2/2022 (c) (d) | | | 1,500 | | | | 1,499 | |
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
|
Commercial Paper — continued | |
| | |
National Australia Bank Ltd. (Australia) (US Federal Funds Effective Rate (continuous series) + 0.14%), 0.22%, 3/1/2022 (c) (e) | | | 32,000 | | | | 32,001 | |
| | |
Nieuw Amsterdam Receivables Corp. 0.16%, 3/9/2022 (c) (d) | | | 5,000 | | | | 5,000 | |
| | |
NRW Bank (Germany) 0.06%, 3/2/2022 (c) (d) | | | 60,000 | | | | 60,000 | |
| | |
Royal Bank of Canada (Canada) 0.21%, 6/22/2022 (c) (d) | | | 35,000 | | | | 34,933 | |
| | |
Skandinaviska Enskilda Banken AB (Sweden) 0.20%, 4/21/2022 (c) (d) | | | 30,000 | | | | 29,988 | |
| | |
Svenska Handelsbanken AB (Sweden) 0.27%, 10/18/2022 (c) (d) | | | 50,000 | | | | 49,686 | |
| | |
Toronto-Dominion Bank (The) (Canada) (US Federal Funds Effective Rate (continuous series) + 0.10%), 0.18%, 3/1/2022 (c) (e) | | | 77,000 | | | | 76,994 | |
| | |
UBS AG (Switzerland) 0.27%, 7/20/2022 (c) (d) | | | 30,000 | | | | 29,919 | |
| | |
United Overseas Bank Ltd. (Singapore) | | | | | | | | |
| | |
0.23%, 5/5/2022 (c) (d) | | | 35,000 | | | | 34,978 | |
| | |
0.23%, 5/10/2022 (c) (d) | | | 18,000 | | | | 17,987 | |
| | | | | | | | |
| | |
Total Commercial Paper
(Cost $834,976) | | | | | | | 834,398 | |
| | | | | | | | |
|
Certificates of Deposit — 35.2% | |
| | |
Bank of Nova Scotia (The) (Canada) | | | | | | | | |
| | |
(SOFR + 0.14%), 0.19%, 3/1/2022 (e) | | | 41,000 | | | | 41,000 | |
| | |
(SOFR + 0.14%), 0.19%, 3/1/2022 (e) | | | 35,000 | | | | 34,999 | |
| | |
Canadian Imperial Bank of Commerce (Canada) | | | | | | | | |
| | |
(SOFR + 0.14%), 0.19%, 3/1/2022 (e) | | | 50,000 | | | | 50,001 | |
| | |
0.24%, 4/6/2022 | | | 42,000 | | | | 42,003 | |
| | |
KBC Bank NV (Belgium) 0.07%, 3/4/2022 | | | 35,000 | | | | 35,000 | |
| | |
Kookmin Bank (South Korea) 0.16%, 3/14/2022 | | | 63,000 | | | | 63,002 | |
| | |
Mizuho Bank Ltd. (Japan) 0.25%, 5/5/2022 | | | 37,000 | | | | 36,992 | |
| | |
MUFG Bank Ltd. (Japan) (SOFR + 0.19%), 0.24%, 3/1/2022 (e) | | | 65,000 | | | | 64,996 | |
| | |
Shinhan Bank (South Korea) 0.25%, 10/6/2022 | | | 37,000 | | | | 36,824 | |
| | |
Standard Chartered Bank (United Kingdom) (SOFR + 0.19%), 0.24%, 3/1/2022 (e) | | | 30,000 | | | | 29,999 | |
| | |
Sumitomo Mitsui Banking Corp. (Japan) 0.25%, 5/6/2022 | | | 25,000 | | | | 24,996 | |
| | |
Sumitomo Mitsui Trust Bank Ltd. (Japan) | | | | | | | | |
| | |
0.07%, 3/1/2022 | | | 45,000 | | | | 45,000 | |
| | |
0.25%, 5/11/2022 | | | 26,000 | | | | 25,993 | |
| | |
Svenska Handelsbanken AB (Sweden) 0.20%, 6/21/2022 | | | 50,000 | | | | 49,944 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 30 | | | | | | | | J.P. MORGAN MONEY MARKET FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
|
Short-Term Investments — continued | |
|
Certificates of Deposit — continued | |
| | |
Westpac Banking Corp. (Australia) (SOFR + 0.14%), 0.19%, 3/1/2022 (e) | | | 75,000 | | | | 74,980 | |
| | |
Woori Bank (South Korea) 0.16%, 3/10/2022 (c) | | | 20,000 | | | | 20,000 | |
| | | | | | | | |
| | |
Total Certificates of Deposit
(Cost $676,000) | | | | | | | 675,729 | |
| | | | | |
|
Time Deposits — 18.2% | |
| | |
Credit Agricole Corporate and Investment Bank 0.07%, 3/1/2022 | | | 75,582 | | | | 75,582 | |
| | |
Erste Group Bank AG 0.07%, 3/1/2022 | | | 85,000 | | | | 85,000 | |
| | |
First Abu Dhabi Bank USC NV 0.07%, 3/1/2022 | | | 85,000 | | | | 85,000 | |
| | |
Mizuho Bank Ltd. 0.07%, 3/1/2022 | | | 50,000 | | | | 50,000 | |
| | |
Skandinaviska Enskilda Banken AB 0.07%, 3/1/2022 | | | 55,000 | | | | 55,000 | |
| | | | | | | | |
| |
Total Time Deposits
(Cost $350,582) | | | | 350,582 | |
| | | | | |
| |
Total Short-Term Investments
(Cost $1,861,558) | | | | 1,860,709 | |
| | | | | | | | |
Total Investments — 100.0%
(Cost $1,922,758) | | | | 1,921,878 | |
Other Assets Less Liabilities — 0.0% (f) | | | | 116 | |
| | | | | |
NET ASSETS — 100.0% | | | | 1,921,994 | |
| | | | | |
Percentages indicated are based on net assets.
Abbreviations
| | |
| FNMA | | Federal National Mortgage Association |
| GO | | General Obligation |
| LOC | | Letter of Credit |
| Rev. | | Revenue |
| SOFR | | Secured Overnight Financing Rate |
| VRDO | | Variable Rate Demand Obligation |
| |
| (a) | | The date shown represents the earliest of the next put date, next demand date or final maturity date. |
| (b) | | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of February 28, 2022. |
| (c) | | Securities exempt from registration under Rule 144A or section 4 (a) (2), of the Securities Act of 1933, as amended. |
| (d) | | The rate shown is the effective yield as of February 28, 2022. |
| (e) | | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of February 28, 2022. |
| (f) | | Amount rounds to less than 0.1% of net assets. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MONEY MARKET FUNDS | | | | | | | | 31 |
JPMorgan Liquid Assets Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Repurchase Agreements — 12.2% | |
| | |
Barclays Capital, Inc., 0.26%, dated 2/28/2022, due 4/4/2022, repurchase price $20,005, collateralized by Collateralized Mortgage Obligations, 0.84% - 3.04%, due 8/15/2036 - 10/18/2052, with a value of $21,600. | | | 20,000 | | | | 20,000 | |
| | |
Barclays Capital, Inc., 0.26%, dated 2/28/2022, due 4/4/2022, repurchase price $30,008, collateralized by Collateralized Mortgage Obligations, 0.84% - 1.13%, due 8/15/2036 - 8/17/2057, with a value of $32,400. | | | 30,000 | | | | 30,000 | |
| | |
BMO Capital Markets Corp., 0.19%, dated 2/28/2022, due 3/7/2022, repurchase price $50,002, collateralized by Asset-Backed Securities, 0.00% - 3.66%, due 5/20/2024 - 6/25/2038, Corporate Notes and Bonds, 0.90% - 11.88%, due 11/9/2022 - 8/15/2062^ and FHLMC, 0.25%, due 9/8/2023, with a value of $53,369. | | | 50,000 | | | | 50,000 | |
| | |
BNP Paribas SA, 0.24%, dated 2/28/2022, due 3/1/2022, repurchase price $50,000, collateralized by Asset-Backed Securities, 6.91%, due 1/23/2029, Corporate Notes and Bonds, 0.00% - 10.75%, due 4/11/2024 - 3/1/2026 and Sovereign Government Securities, 7.25% - 8.50%, due 12/23/2023 - 1/31/2047, with a value of $54,007. | | | 50,000 | | | | 50,000 | |
| | |
BNP Paribas SA, 0.20%, dated 2/28/2022, due 3/16/2022, repurchase price $10,001, collateralized by Asset-Backed Securities, 5.34%, due 8/15/2025 and FNMA, 3.70% -6.25%, due 2/26/2024 - 11/25/2041, with a value of $10,794. | | | 10,000 | | | | 10,000 | |
| | |
BofA Securities, Inc., 0.44%, dated 2/28/2022, due 4/4/2022, repurchase price $100,043, collateralized by Collateralized Mortgage Obligations, 0.71% -6.50%, due 11/15/2033 - 11/25/2053, Corporate Notes and Bonds, 0.75% - 3.80%, due 9/2/2023 - 1/10/2024, Municipal Debt Securities, 6.50%, due 7/1/2036 and Sovereign Government Securities, 1.13% -10.38%, due 3/11/2022 - 3/11/2061, with a value of $107,420. | | | 100,000 | | | | 100,000 | |
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| |
| | |
Credit Suisse Securities USA LLC, 0.47%, dated 2/28/2022, due 4/4/2022, repurchase price $40,018, collateralized by Asset-Backed Securities, 0.00% - 15.00%, due 4/17/2025 - 1/25/2060, Collateralized Mortgage Obligations, 0.00% - 6.75%, due 5/30/2023 - 11/27/2051 and Corporate Notes and Bonds, 0.00%, due 2/8/2023, with a value of $43,255. | | | 40,000 | | | | 40,000 | |
| | |
HSBC Securities USA, Inc., 0.18%, dated 2/28/2022, due 3/1/2022, repurchase price $25,000, collateralized by Corporate Notes and Bonds, 2.30% - 8.10%, due 3/25/2028 - 5/15/2051, Sovereign Government Securities, 1.25%, due 4/7/2026 and U.S. Treasury Securities, 0.00% - 0.75%, due 6/7/2022 -11/15/2029, with a value of $25,875. | | | 25,000 | | | | 25,000 | |
| | |
ING Financial Markets LLC, 0.30%, dated 2/28/2022, due 3/30/2022, repurchase price $25,006, collateralized by Common Stocks, with a value of $27,013. | | | 25,000 | | | | 25,000 | |
| | |
Societe Generale SA, 0.21%, dated 2/28/2022, due 3/1/2022, repurchase price $125,001, collateralized by Asset-Backed Securities, 0.39% - 3.95%, due 5/15/2027 - 5/25/2037, Collateralized Mortgage Obligations, 0.53%, due 4/15/2036, Corporate Notes and Bonds, 1.38% - 13.00%, due 3/17/2022 - 4/1/2061^, Sovereign Government Securities, 0.40% - 8.75%, due 10/21/2023 - 3/11/2061 and U.S. Treasury Securities, 1.75%, due 3/31/2022, with a value of $134,593. | | | 125,000 | | | | 125,000 | |
| | |
Societe Generale SA, 0.23%, dated 2/28/2022, due 3/2/2022, repurchase price $70,001, collateralized by Asset-Backed Securities, 0.43% - 1.84%, due 9/25/2035 - 10/25/2037, Collateralized Mortgage Obligations, 3.25% - 4.50%, due 10/15/2036 - 6/25/2058, Corporate Notes and Bonds, 1.38% - 10.88%, due 3/17/2022 - 9/1/2050^, FNMA, 4.39%, due 2/25/2047 and Sovereign Government Securities, 2.63% - 10.13%, due 7/26/2022 - 1/23/2050, with a value of $75,502. | | | 70,000 | | | | 70,000 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 32 | | | | | | | | J.P. MORGAN MONEY MARKET FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Repurchase Agreements — continued | |
| | |
Societe Generale SA, 0.31%, dated 2/28/2022, due 5/31/2022, repurchase price $75,059, collateralized by Asset-Backed Securities, 0.25% - 7.13%, due 4/22/2025 - 10/25/2037, Collateralized Mortgage Obligations, 2.60% - 5.40%, due 6/15/2035 - 5/25/2060, Corporate Notes and Bonds, 1.57% - 13.00%, due 9/15/2022 - 8/15/2048^, FNMA, 2.24% - 4.39%, due 2/25/2030 - 2/25/2047 and Sovereign Government Securities, 2.63% -10.13%, due 1/5/2023 - 1/23/2050, with a value of $81,030. | | | 75,000 | | | | 75,000 | |
| | |
TD Securities (USA) LLC, 0.14%, dated 2/28/2022, due 3/1/2022, repurchase price $45,000, collateralized by Corporate Notes and Bonds, 2.50% - 3.70%, due 11/15/2029 -10/12/2031, with a value of $47,251. | | | 45,000 | | | | 45,000 | |
| | |
TD Securities (USA) LLC, 0.18%, dated 2/28/2022, due 3/4/2022, repurchase price $100,002, collateralized by Corporate Notes and Bonds, 1.15%, due 7/8/2027 and U.S. Treasury Securities, 2.75%, due 11/15/2023, with a value of $102,900. | | | 100,000 | | | | 100,000 | |
| | | | | | | | |
| | |
Total Repurchase Agreements
(Cost $765,000) | | | | | | | 765,000 | |
| | | | | |
|
Short-Term Investments — 87.6% | |
|
Commercial Paper — 31.5% | |
| | |
ABN AMRO Funding USA LLC (Netherlands) 0.20%, 4/5/2022 (b) (c) | | | 46,500 | | | | 46,491 | |
| | |
Atlantic Asset Securitization LLC (SOFR + 0.18%), 0.23%, 3/1/2022 (b) (d) | | | 25,000 | | | | 25,000 | |
| | |
Australia & New Zealand Banking Group Ltd. (Australia) (SOFR + 0.19%), 0.24%, 3/1/2022 (b) (d) | | | 5,000 | | | | 5,000 | |
| | |
Banco Del Estado De Chile (Chile) Series A, 0.24%, 3/21/2022 (b) (c) | | | 30,000 | | | | 29,996 | |
| | |
Bank of Montreal (Canada) (SOFR + 0.26%), 0.31%, 3/1/2022 (d) | | | 25,000 | | | | 25,000 | |
| | |
Bank of Nova Scotia (The) (Canada) | | | | | | | | |
| | |
(SOFR + 0.15%), 0.20%, 3/1/2022 (b) (d) | | | 25,000 | | | | 25,000 | |
| | |
0.21%, 6/22/2022 (b) (c) | | | 20,000 | | | | 19,987 | |
| | |
0.21%, 10/6/2022 (b) (c) | | | 35,000 | | | | 34,955 | |
| | |
Barclays Bank plc (United Kingdom) 0.09%, 3/1/2022 (b) (c) | | | 190,000 | | | | 190,000 | |
| | |
Bedford Row Funding Corp. | | | | | | | | |
| | |
(US Federal Funds Effective Rate (continuous series) + 0.12%), 0.20%, 3/1/2022 (b) (d) | | | 25,000 | | | | 25,000 | |
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
|
| |
|
Commercial Paper — continued | |
| | |
(ICE LIBOR USD 3 Month + 0.05%), 0.54%, 5/20/2022 (b) (d) | | | 25,000 | | | | 25,000 | |
| | |
BNP Paribas SA (France) | | | | | | | | |
| | |
0.08%, 3/1/2022 (c) | | | 25,000 | | | | 25,000 | |
| | |
0.18%, 3/22/2022 (c) | | | 16,000 | | | | 15,998 | |
| | |
0.18%, 4/7/2022 (c) | | | 50,000 | | | | 49,991 | |
| | |
0.35%, 5/4/2022 (c) | | | 23,000 | | | | 22,986 | |
| | |
BofA Securities, Inc. (SOFR + 0.22%), 0.27%, 3/1/2022 (d) | | | 15,000 | | | | 15,000 | |
| | |
Cancara Asset Securitisation LLC 0.16%, 3/16/2022 (c) | | | 10,000 | | | | 9,999 | |
| | |
CDP Financial, Inc. (Canada) 0.62%, 8/1/2022 (b) (c) | | | 15,000 | | | | 14,960 | |
| | |
Cooperatieve Rabobank UA (Netherlands) 0.07%, 3/1/2022 (c) | | | 175,000 | | | | 175,000 | |
| | |
First Abu Dhabi Bank PJSC (United Arab Emirates) | | | | | | | | |
| | |
0.18%, 4/12/2022 (b) (c) | | | 25,000 | | | | 24,995 | |
| | |
0.23%, 5/5/2022 (b) (c) | | | 30,000 | | | | 29,987 | |
| | |
0.35%, 6/7/2022 (b) (c) | | | 55,000 | | | | 54,948 | |
| | |
Goldman Sachs International Bank (United Kingdom) 0.18%, 4/8/2022 (c) | | | 50,000 | | | | 49,990 | |
| | |
Lloyds Bank plc (United Kingdom) 0.13%, 3/17/2022 (c) | | | 25,000 | | | | 24,999 | |
| | |
Macquarie Bank Ltd. (Australia) | | | | | | | | |
| | |
(SOFR + 0.18%), 0.23%, 3/1/2022 (b) (d) | | | 10,000 | | | | 10,000 | |
| | |
(SOFR + 0.23%), 0.28%, 3/1/2022 (b) (d) | | | 50,000 | | | | 50,000 | |
| | |
0.17%, 4/6/2022 (b) (c) | | | 30,000 | | | | 29,995 | |
| | |
0.30%, 5/23/2022 (b) (c) | | | 40,000 | | | | 39,972 | |
| | |
National Australia Bank Ltd. (Australia) | | | | | | | | |
| | |
(US Federal Funds Effective Rate (continuous series) + 0.07%), 0.15%, 3/1/2022 (b) (d) | | | 25,000 | | | | 25,000 | |
| | |
(US Federal Funds Effective Rate (continuous series) + 0.14%), 0.22%, 3/1/2022 (b) (d) | | | 25,000 | | | | 25,000 | |
| | |
(SOFR + 0.12%), 0.17%, 3/1/2022 (b) (d) | | | 13,000 | | | | 13,000 | |
| | |
(SOFR + 0.19%), 0.24%, 3/1/2022 (b) (d) | | | 24,000 | | | | 24,000 | |
| | |
(ICE LIBOR USD 1 Month + 0.09%), 0.21%, 3/8/2022 (b) (d) | | | 25,000 | | | | 25,000 | |
| | |
0.23%, 3/31/2022 (b) (c) | | | 30,000 | | | | 29,994 | |
| | |
National Bank of Canada (Canada) | | | | | | | | |
| | |
(SOFR + 0.15%), 0.20%, 3/1/2022 (b) (d) | | | 15,000 | | | | 15,000 | |
| | |
0.25%, 3/24/2022 (b) (c) | | | 20,000 | | | | 19,997 | |
| | |
Nationwide Building Society (United Kingdom) 0.13%, 3/14/2022 (c) | | | 25,000 | | | | 24,999 | |
| | |
0.16%, 3/18/2022 (b) (c) | | | 50,000 | | | | 49,996 | |
| | |
NRW Bank (Germany) 0.08%, 3/7/2022 (b) (c) | | | 100,000 | | | | 99,999 | |
��
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MONEY MARKET FUNDS | | | | | | | | 33 |
JPMorgan Liquid Assets Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
|
Short-Term Investments — continued | |
|
Commercial Paper — continued | |
| | |
Royal Bank of Canada (Canada) | | | | | | | | |
| | |
(ICE LIBOR USD 3 Month + 0.04%), 0.22%, 3/2/2022 (b) (d) | | | 25,000 | | | | 25,000 | |
| | |
0.23%, 5/5/2022 (b) (c) | | | 50,000 | | | | 49,979 | |
| | |
0.21%, 6/22/2022 (b) (c) | | | 20,000 | | | | 19,987 | |
| | |
0.24%, 10/12/2022 (b) (c) | | | 15,000 | | | | 14,978 | |
| | |
Sheffield Receivables Co. LLC (United Kingdom) (SOFR + 0.21%), 0.26%, 3/1/2022 (b) (d) | | | 20,000 | | | | 20,000 | |
| | |
Skandinaviska Enskilda Banken AB (Sweden) | | | | | | | | |
| | |
0.21%, 5/4/2022 (b) (c) | | | 21,000 | | | | 20,992 | |
| | |
0.24%, 6/21/2022 (b) (c) | | | 25,000 | | | | 24,981 | |
| | |
0.20%, 6/27/2022 (b) (c) | | | 100,000 | | | | 99,935 | |
| | |
Sumitomo Mitsui Trust Bank Ltd. (Japan) 0.25%, 4/4/2022 (b) (c) | | | 15,000 | | | | 14,996 | |
| | |
Svenska Handelsbanken AB (Sweden) | | | | | | | | |
| | |
(SOFR + 0.20%), 0.25%, 3/1/2022 (b) (d) | | | 10,000 | | | | 10,000 | |
| | |
0.24%, 7/1/2022 (b) (c) | | | 25,000 | | | | 24,980 | |
| | |
Toronto-Dominion Bank (The) (Canada) 0.20%, 7/8/2022 (b) (c) | | | 25,000 | | | | 24,982 | |
| | |
UBS AG (Switzerland) | | | | | | | | |
| | |
(SOFR + 0.22%), 0.27%, 3/1/2022 (b) (d) | | | 15,000 | | | | 15,000 | |
| | |
(SOFR + 0.23%), 0.28%, 3/1/2022 (b) (d) | | | 8,000 | | | | 8,000 | |
| | |
0.24%, 3/29/2022 (b) (c) | | | 50,000 | | | | 49,991 | |
| | |
0.20%, 7/6/2022 (b) (c) | | | 25,000 | | | | 24,982 | |
| | |
United Overseas Bank Ltd. (Singapore) | | | | | | | | |
| | |
(SOFR + 0.18%), 0.23%, 3/1/2022 (b) (d) | | | 10,000 | | | | 10,000 | |
| | |
(SOFR + 0.18%), 0.23%, 3/1/2022 (b) (d) | | | 6,000 | | | | 6,000 | |
| | |
0.23%, 5/10/2022 (b) (c) | | | 25,000 | | | | 24,989 | |
| | |
Westpac Banking Corp. (Australia) | | | | | | | | |
| | |
0.20%, 7/1/2022 (b) (c) | | | 20,000 | | | | 19,987 | |
| | |
0.21%, 9/30/2022 (b) (c) | | | 20,000 | | | | 19,975 | |
| | | | | | | | |
| | |
Total Commercial Paper
(Cost $1,976,968) | | | | | | | 1,976,968 | |
| | | | | |
|
Certificates of Deposit — 30.4% | |
| | |
Bank of Montreal (Canada) | | | | | | | | |
| | |
(SOFR + 0.15%), 0.20%, 3/1/2022 (d) | | | 10,000 | | | | 10,000 | |
| | |
(SOFR + 0.25%), 0.30%, 3/1/2022 (d) | | | 15,000 | | | | 15,000 | |
| | |
(ICE LIBOR USD 3 Month + 0.05%), 0.26%, 3/16/2022 (d) | | | 10,000 | | | | 10,000 | |
| | |
0.23%, 5/11/2022 | | | 50,000 | | | | 50,000 | |
| | |
0.21%, 6/22/2022 | | | 21,000 | | | | 21,000 | |
| | |
0.24%, 10/12/2022 | | | 30,000 | | | | 30,000 | |
| | |
Bank of Nova Scotia (The) (Canada) | | | | | | | | |
| | |
(SOFR + 0.15%), 0.20%, 3/1/2022 (d) | | | 10,000 | | | | 10,000 | |
| | |
(SOFR + 0.16%), 0.21%, 3/1/2022 (d) | | | 20,000 | | | | 20,000 | |
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
|
| |
|
Certificates of Deposit — continued | |
| | |
Barclays Bank plc (United Kingdom) 0.26%, 4/1/2022 | | | 50,000 | | | | 50,000 | |
| | |
BNP Paribas SA (SOFR + 0.00%), 0.20%, 3/1/2022 (d) | | | 10,000 | | | | 10,000 | |
| | |
Canadian Imperial Bank of Commerce (Canada) | | | | | | | | |
| | |
(SOFR + 0.15%), 0.20%, 3/1/2022 (d) | | | 25,000 | | | | 25,000 | |
| | |
(SOFR + 0.15%), 0.20%, 3/1/2022 (d) | | | 80,000 | | | | 80,000 | |
| | |
(SOFR + 0.25%), 0.30%, 3/1/2022 (d) | | | 10,000 | | | | 10,000 | |
| | |
China Construction Bank Corp. (China) 0.10%, 3/2/2022 | | | 50,000 | | | | 50,000 | |
| | |
Cooperatieve Rabobank UA (Netherlands) | | | | | | | | |
| | |
(SOFR + 0.15%), 0.20%, 3/1/2022 (d) | | | 16,000 | | | | 16,000 | |
| | |
(SOFR + 0.16%), 0.21%, 3/1/2022 (d) | | | 25,000 | | | | 25,000 | |
| | |
0.22%, 7/5/2022 (c) | | | 50,000 | | | | 49,962 | |
| | |
0.23%, 10/14/2022 | | | 25,000 | | | | 25,000 | |
| | |
Credit Industriel et Commercial (France) | | | | | | | | |
| | |
(SOFR + 0.16%), 0.21%, 3/1/2022 (d) | | | 15,000 | | | | 15,000 | |
| | |
(SOFR + 0.21%), 0.26%, 3/1/2022 (d) | | | 25,000 | | | | 25,000 | |
| | |
(SOFR + 0.22%), 0.27%, 3/1/2022 (d) | | | 11,000 | | | | 11,000 | |
| | |
0.22%, 3/7/2022 (c) | | | 50,000 | | | | 49,998 | |
| | |
Credit Suisse AG (Switzerland) (SOFR + 0.18%), 0.23%, 3/1/2022 (d) | | | 32,000 | | | | 32,000 | |
| | |
Erste Group Bank AG (Austria) 0.15%, 3/4/2022 | | | 25,000 | | | | 25,000 | |
| | |
Goldman Sachs Bank USA (SOFR + 0.21%), 0.26%, 3/1/2022 (d) | | | 11,000 | | | | 11,000 | |
| | |
Industrial & Commercial Bank of China Ltd. (China) | | | | | | | | |
| | |
0.09%, 3/2/2022 | | | 25,000 | | | | 25,000 | |
| | |
0.10%, 3/4/2022 | | | 50,000 | | | | 50,000 | |
| | |
ING Bank NV (Netherlands)
0.21%, 7/13/2022 | | | 25,000 | | | | 25,000 | |
| | |
Kookmin Bank (South Korea) (ICE LIBOR USD 1 Month + 0.21%), 0.39%, 3/29/2022 (d) | | | 25,000 | | | | 25,000 | |
| | |
Korea Development Bank (South Korea) 0.26%, 4/20/2022 | | | 10,000 | | | | 10,000 | |
| | |
Landesbank Baden-Wurttemberg (Germany) 0.09%, 3/1/2022 | | | 75,000 | | | | 75,000 | |
| | |
Mitsubishi UFJ Trust & Banking Corp. (Japan) | | | | | | | | |
| | |
0.18%, 3/1/2022 (c) | | | 60,000 | | | | 60,000 | |
| | |
(SOFR + 0.16%), 0.21%, 3/1/2022 (d) | | | 15,000 | | | | 15,000 | |
| | |
0.18%, 3/7/2022 (c) | | | 25,000 | | | | 24,999 | |
| | |
Mizuho Bank Ltd. (Japan) | | | | | | | | |
| | |
0.15%, 3/11/2022 | | | 50,000 | | | | 50,000 | |
| | |
0.17%, 4/7/2022 | | | 25,000 | | | | 25,000 | |
| | |
0.30%, 6/1/2022 | | | 35,000 | | | | 35,000 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 34 | | | | | | | | J.P. MORGAN MONEY MARKET FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
|
Short-Term Investments — continued | |
|
Certificates of Deposit — continued | |
| | |
MUFG Bank Ltd. (Japan) | | | | | | | | |
| | |
(SOFR + 0.19%), 0.24%, 3/1/2022 (d) | | | 10,000 | | | | 10,000 | |
| | |
(SOFR + 0.19%), 0.24%, 3/1/2022 (d) | | | 14,000 | | | | 14,000 | |
| | |
0.20%, 3/2/2022 | | | 20,000 | | | | 20,000 | |
| | |
0.18%, 4/20/2022 | | | 20,000 | | | | 20,000 | |
| | |
0.25%, 5/3/2022 | | | 25,000 | | | | 25,000 | |
| | |
0.30%, 6/6/2022 | | | 20,000 | | | | 20,000 | |
| | |
National Australia Bank Ltd. (United Kingdom) | | | | | | | | |
| | |
0.17%, 4/20/2022 (c) | | | 50,000 | | | | 49,988 | |
| | |
0.25%, 4/28/2022 (c) | | | 20,000 | | | | 19,992 | |
| | |
Natixis SA (France) | | | | | | | | |
| | |
(SOFR + 0.13%), 0.18%, 3/1/2022 (d) | | | 25,000 | | | | 25,000 | |
| | |
(SOFR + 0.13%), 0.18%, 3/1/2022 (d) | | | 50,000 | | | | 50,000 | |
| | |
0.20%, 7/13/2022 | | | 10,000 | | | | 10,000 | |
| | |
Nordea Bank Abp (Finland) 0.20%, 6/29/2022 | | | 25,000 | | | | 25,000 | |
| | |
Norinchukin Bank (The) (Japan) | | | | | | | | |
| | |
0.15%, 3/7/2022 | | | 50,000 | | | | 50,000 | |
| | |
0.12%, 3/11/2022 | | | 25,000 | | | | 25,000 | |
| | |
Oversea-Chinese Banking Corp. Ltd. (Singapore) 0.25%, 3/15/2022 | | | 25,000 | | | | 25,000 | |
| | |
Royal Bank of Canada (Canada) (SOFR + 0.17%), 0.22%, 3/1/2022 (d) | | | 10,000 | | | | 10,000 | |
| | |
Standard Chartered Bank (United Kingdom) | | | | | | | | |
| | |
(SOFR + 0.19%), 0.24%, 3/1/2022 (d) | | | 16,000 | | | | 16,000 | |
| | |
0.18%, 4/8/2022 | | | 80,000 | | | | 80,000 | |
| | |
Sumitomo Mitsui Banking Corp. (Japan) | | | | | | | | |
| | |
(SOFR + 0.22%), 0.27%, 3/1/2022 (d) | | | 25,000 | | | | 25,000 | |
| | |
0.17%, 4/14/2022 | | | 25,000 | | | | 25,000 | |
| | |
0.20%, 4/26/2022 | | | 30,000 | | | | 30,000 | |
| | |
0.25%, 5/9/2022 | | | 10,000 | | | | 10,000 | |
| | |
Sumitomo Mitsui Trust Bank Ltd. (Japan) | | | | | | | | |
| | |
(SOFR + 0.19%), 0.24%, 3/1/2022 (d) | | | 25,000 | | | | 25,000 | |
| | |
(SOFR + 0.20%), 0.25%, 3/1/2022 (d) | | | 13,000 | | | | 13,000 | |
| | |
0.07%, 3/2/2022 | | | 35,000 | | | | 35,000 | |
| | |
0.17%, 4/13/2022 | | | 50,000 | | | | 50,000 | |
| | |
Svenska Handelsbanken AB (Sweden) 0.20%, 6/28/2022 | | | 25,000 | | | | 25,000 | |
| | |
Toronto-Dominion Bank (The) (Canada) | | | | | | | | |
| | |
(US Federal Funds Effective Rate (continuous series) + 0.11%), 0.19%, 3/1/2022 (d) | | | 25,000 | | | | 25,000 | |
| | |
0.26%, 4/21/2022 (c) | | | 25,000 | | | | 24,991 | |
| | |
0.27%, 4/27/2022 (c) | | | 25,000 | | | | 24,989 | |
| | | | | | | | |
| | |
Total Certificates of Deposit
(Cost $1,903,919) | | | | | | | 1,903,919 | |
| | | | | | | | |
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
|
| |
|
Time Deposits — 25.7% | |
| | |
Agricultural Bank of China Ltd. | | | | | | | | |
| | |
0.09%, 3/1/2022 | | | 25,000 | | | | 25,000 | |
| | |
0.09%, 3/2/2022 | | | 35,000 | | | | 35,000 | |
| | |
0.09%, 3/4/2022 | | | 100,000 | | | | 100,000 | |
| | |
Australia & New Zealand Banking Group Ltd. | | | | | | | | |
| | |
0.08%, 3/2/2022 | | | 100,000 | | | | 100,000 | |
| | |
0.08%, 3/3/2022 | | | 100,000 | | | | 100,000 | |
| | |
Credit Agricole Corporate and Investment Bank | | | | | | | | |
| | |
0.07%, 3/1/2022 | | | 71,048 | | | | 71,048 | |
| | |
0.10%, 3/1/2022 | | | 25,000 | | | | 25,000 | |
| | |
0.10%, 3/3/2022 | | | 20,000 | | | | 20,000 | |
| | |
0.10%, 3/4/2022 | | | 125,000 | | | | 125,000 | |
| | |
Erste Group Bank AG 0.07%, 3/1/2022 | | | 250,000 | | | | 250,000 | |
| | |
First Abu Dhabi Bank USC NV 0.07%, 3/1/2022 | | | 200,000 | | | | 200,000 | |
| | |
Industrial & Commercial Bank of China Ltd.
0.09%, 3/1/2022 | | | 100,000 | | | | 100,000 | |
| | |
ING Bank NV 0.08%, 3/3/2022 | | | 100,000 | | | | 100,000 | |
| | |
Mizuho Bank Ltd. 0.07%, 3/1/2022 | | | 120,000 | | | | 120,000 | |
| | |
Royal Bank of Canada 0.07%, 3/1/2022 | | | 140,000 | | | | 140,000 | |
| | |
Skandinaviska Enskilda Banken AB 0.07%, 3/1/2022 | | | 100,000 | | | | 100,000 | |
| | | | | | | | |
| |
Total Time Deposits
(Cost $1,611,048) | | | | 1,611,048 | |
| | | | | |
| |
Total Short-term Investments
(Cost $5,491,935) | | | | 5,491,935 | |
| | | | | | | | |
Total Investments — 99.8%
(Cost $6,256,935) * | | | | 6,256,935 | |
Other Assets Less Liabilities — 0.2% | | | | 14,538 | |
| | | | | |
NET ASSETS — 100.0% | | | | 6,271,473 | |
| | | | | |
Percentages indicated are based on net assets.
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MONEY MARKET FUNDS | | | | | | | | 35 |
JPMorgan Liquid Assets Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
Abbreviations
| | |
| FHLMC | | Federal Home Loan Mortgage Corp. |
| FNMA | | Federal National Mortgage Association |
| ICE | | Intercontinental Exchange |
| LIBOR | | London Interbank Offered Rate |
| PJSC | | Public Joint Stock Company |
| SOFR | | Secured Overnight Financing Rate |
| USD | | United States Dollar |
| |
| (a) | | The date shown represents the earliest of the next put date, next demand date or final maturity date. |
| (b) | | Securities exempt from registration under Rule 144A or section 4 (a) (2), of the Securities Act of 1933, as amended. |
| | |
| (c) | | The rate shown is the effective yield as of February 28, 2022. |
| (d) | | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of February 28, 2022. |
| * | | The cost of securities is substantially the same for federal income tax purposes. |
| ^ | | Certain securities are perpetual and thus, do not have predetermined maturity dates. The coupon rates for these securities are fixed for a period of time and may be structured to adjust thereafter. The coupon rates shown are the rates in effect as of February 28, 2022. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 36 | | | | | | | | J.P. MORGAN MONEY MARKET FUNDS | | FEBRUARY 28, 2022 |
JPMorgan U.S. Government Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Repurchase Agreements — 73.7% | |
| | |
Agency Joint Trading Account I, J.P. Morgan Investment Management Inc., as agent, 0.05%, dated 2/28/2022, due 3/1/2022, repurchase price $1,600,002. (b) | | | 1,600,000 | | | | 1,600,000 | |
| | |
Agency Joint Trading Account II, J.P. Morgan Investment Management Inc., as agent, 0.05-0.06%, dated 2/28/2022, due 3/1/2022, repurchase price $469,699. (c) | | | 469,698 | | | | 469,698 | |
| | |
Agency Joint Trading Account III, J.P. Morgan Investment Management Inc., as agent, 0.05%, dated 2/28/2022, due 3/1/2022, repurchase price $78,679. (d) | | | 78,679 | | | | 78,679 | |
| | |
Bank of America NA, 0.05%, dated 2/28/2022, due 3/1/2022, repurchase price $750,001, collateralized by GNMA, 3.00%, due 11/20/2042 - 10/20/2046, with a value of $765,000. | | | 750,000 | | | | 750,000 | |
| | |
Bank of Montreal, 0.05%, dated 2/28/2022, due 3/1/2022, repurchase price $515,001, collateralized by FHLMC, 0.49% - 3.50%, due 6/15/2027 - 3/1/2052, FNMA, 0.44% - 6.00%, due 4/25/2025 - 2/1/2052 and GNMA, 0.26% - 3.50%, due 6/16/2028 - 1/20/2072, with a value of $528,775. | | | 515,000 | | | | 515,000 | |
| | |
Bank of Montreal, 0.06%, dated 2/28/2022, due 3/7/2022, repurchase price $300,004, collateralized by FHLMC, 3.00%, due 2/1/2052, FNMA, 2.00% - 2.50%, due 2/1/2037 - 2/1/2052 and GNMA, 0.30% - 5.50%, due 9/20/2033 - 1/20/2052, with a value of $307,080. | | | 300,000 | | | | 300,000 | |
| | |
Bank of Montreal, 0.06%, dated 2/28/2022, due 3/7/2022, repurchase price $400,005, collateralized by FHLMC, 3.50%, due 8/1/2051, FNMA, 3.50%, due 8/1/2044 and GNMA, 0.30% - 8.00%, due 7/20/2029 - 9/20/2069, with a value of $408,630. | | | 400,000 | | | | 400,000 | |
| | |
Bank of Montreal, 0.07%, dated 2/28/2022, due 3/7/2022, repurchase price $600,008, collateralized by FFCB, 0.71% - 4.80%, due 4/1/2022 - 2/22/2028, FHLB, 0.25% - 3.25%, due 3/11/2022 - 2/18/2037, FHLMC, 0.55% - 7.25%, due 9/2/2025 - 12/1/2051, FNMA, 1.50% - 5.50%, due 7/1/2025 - 3/1/2052 and GNMA, 0.30% - 6.05%, due 6/15/2027 - 1/20/2072, with a value of $613,178. | | | 600,000 | | | | 600,000 | |
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
| | |
Bank of Nova Scotia (The), 0.06%, dated 2/28/2022, due 3/1/2022, repurchase price $250,000, collateralized by FFCB, 1.94%, due 6/30/2031, GNMA, 3.00% - 6.50%, due 5/15/2040 - 4/20/2051 and U.S. Treasury Securities, 1.25% - 3.13%, due 11/15/2028 - 8/15/2031, with a value of $255,000. | | | 250,000 | | | | 250,000 | |
| | |
BMO Capital Markets Corp., 0.07%, dated 2/28/2022, due 3/7/2022, repurchase price $500,007, collateralized by FFCB, 0.13% - 3.07%, due 7/13/2022 - 11/28/2033, FHLB, 0.63%, due 12/22/2023, FHLMC, 0.25% - 4.50%, due 1/25/2023 - 12/25/2051, FNMA, 0.50% - 12.50%, due 10/25/2023 - 4/25/2053, GNMA, 0.36% - 189.00%, due 4/20/2034 - 1/20/2072 and Tennessee Valley Authority, 4.63%, due 9/15/2060, with a value of $515,039. | | | 500,000 | | | | 500,000 | |
| | |
BNP Paribas SA, 0.06%, dated 2/28/2022, due 3/1/2022, repurchase price $2,500,004, collateralized by FFCB, 1.95% - 2.99%, due 7/18/2034 - 8/13/2040, FHLB, 3.93%, due 7/11/2033, FHLMC, 0.00% - 7.00%, due 12/11/2025 - 1/1/2052, FNMA, 0.00% - 6.50%, due 6/1/2023 - 2/1/2052, GNMA, 0.51% - 6.50%, due 9/15/2024 - 1/20/2052 and U.S. Treasury Securities, 0.00% - 7.50%, due 3/10/2022 - 2/15/2051, with a value of $2,551,304. | | | 2,500,000 | | | | 2,500,000 | |
| | |
BNP Paribas SA, 0.05%, dated 2/28/2022, due 3/2/2022, repurchase price $2,000,006, collateralized by FHLB, 4.00%, due 9/1/2028, FHLMC, 0.00% - 7.00%, due 11/15/2025 - 5/1/2050, FNMA, 2.50% - 6.00%, due 6/1/2023 - 2/1/2052, GNMA, 0.54% - 5.00%, due 9/15/2027 - 1/20/2052 and U.S. Treasury Securities, 0.00% - 5.25%, due 5/3/2022 - 5/15/2051, with a value of $2,040,314. | | | 2,000,000 | | | | 2,000,000 | |
| | |
BNP Paribas SA, 0.05%, dated 2/28/2022, due 3/3/2022, repurchase price $5,250,022, collateralized by FFCB, 3.99%, due 6/20/2033, FHLMC, 0.69% - 7.50%, due 11/1/2027 - 3/1/2052, FNMA, 0.88% - 7.00%, due 12/18/2026 - 2/1/2057, GNMA, 0.46% - 5.00%, due 11/20/2034 - 7/20/2051 and U.S. Treasury Securities, 0.00% - 7.63%, due 3/17/2022 - 2/15/2052, with a value of $5,355,109. | | | 5,250,000 | | | | 5,250,000 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MONEY MARKET FUNDS | | | | | | | | 37 |
JPMorgan U.S. Government Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Repurchase Agreements — continued | |
| | |
BNP Paribas SA, 0.05%, dated 2/28/2022, due 3/7/2022, repurchase price $2,500,024, collateralized by FFCB, 1.95%, due 8/13/2040, FHLMC, 0.00% - 7.50%, due 8/1/2024 -2/1/2052, FNMA, 2.00% - 6.50%, due 8/1/2034 - 1/1/2052, GNMA, 0.51% - 6.50%, due 11/20/2026 - 9/20/2051 and U.S. Treasury Securities, 0.00% - 5.25%, due 3/22/2022 - 11/15/2050, with a value of $2,550,305. | | | 2,500,000 | | | | 2,500,000 | |
| | |
BNP Paribas SA, 0.06%, dated 2/28/2022, due 3/7/2022, repurchase price $1,000,012, collateralized by FFCB, 1.95% - 3.46%, due 3/9/2038 - 12/22/2045, FHLB, 4.10%, due 10/24/2033, FHLMC, 0.00% - 8.00%, due 3/15/2028 - 9/1/2051, FNMA, 0.00% - 8.00%, due 5/15/2022 - 1/1/2052, GNMA, 0.61% - 5.00%, due 9/15/2024 - 8/20/2051 and U.S. Treasury Securities, 0.00% - 7.63%, due 6/21/2022 - 8/15/2051, with a value of $1,020,362. | | | 1,000,000 | | | | 1,000,000 | |
| | |
BNP Paribas SA, 0.06%, dated 2/28/2022, due 3/7/2022, repurchase price $1,000,012, collateralized by FFCB, 2.99% - 3.46%, due 7/18/2034 - 3/9/2038, FHLB, 0.90% - 3.93%, due 2/26/2027 - 7/11/2033, FHLMC, 0.00% - 4.50%, due 12/11/2025 - 2/1/2052, FNMA, 0.00% - 6.50%, due 9/1/2022 - 9/1/2051, GNMA, 0.46% - 5.00%, due 10/15/2026 - 8/20/2051 and U.S. Treasury Securities, 0.00% - 7.63%, due 6/30/2022 - 2/15/2051, with a value of $1,020,529. | | | 1,000,000 | | | | 1,000,000 | |
| | |
BNP Paribas SA, 0.06%, dated 2/28/2022, due 3/7/2022, repurchase price $1,500,018, collateralized by FFCB, 1.95%, due 8/13/2040, FHLMC, 2.15% - 8.00%, due 11/15/2025 - 2/1/2052, FNMA, 2.00% - 6.50%, due 6/1/2023 - 3/1/2052, GNMA, 0.46% - 5.00%, due 10/20/2041 - 8/20/2051 and U.S. Treasury Securities, 0.00% - 7.50%, due 1/15/2023 - 11/15/2051, with a value of $1,530,500. | | | 1,500,000 | | | | 1,500,000 | |
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
| | |
Canadian Imperial Bank of Commerce, 0.05%, dated 2/28/2022, due 3/1/2022, repurchase price $125,000, collateralized by FHLMC, 2.05% - 4.00%, due 10/1/2038 - 4/1/2051, FNMA, 1.78% - 5.50%, due 1/1/2029 - 2/1/2052 and GNMA, 1.82% - 4.70%, due 10/20/2049 - 8/20/2069, with a value of $127,500. | | | 125,000 | | | | 125,000 | |
| | |
Credit Agricole Corporate and Investment Bank, 0.05%, dated 2/28/2022, due 3/1/2022, repurchase price $225,000, collateralized by GNMA, 2.00%, due 1/20/2051, with a value of $229,500. | | | 225,000 | | | | 225,000 | |
| | |
Daiwa Capital Markets America, Inc., 0.05%, dated 2/28/2022, due 3/1/2022, repurchase price $3,000,004, collateralized by FHLB, 0.00%, due 3/25/2022, FHLMC, 1.00% - 6.50%, due 7/1/2024 - 2/1/2052, FNMA, 1.50% - 6.50%, due 3/25/2022 - 12/1/2051, GNMA, 1.50% - 5.60%, due 10/15/2032 - 2/20/2052 and U.S. Treasury Securities, 0.00% - 7.25%, due 3/15/2022 - 11/15/2051, with a value of $3,060,009. | | | 3,000,000 | | | | 3,000,000 | |
| | |
Federal Reserve Bank of New York, 0.05%, dated 2/28/2022, due 3/1/2022, repurchase price $3,000,004, collateralized by U.S. Treasury Securities, 0.25% - 2.38%, due 2/29/2024 - 11/15/2049, with a value of $3,000,004. | | | 3,000,000 | | | | 3,000,000 | |
| | |
Federal Reserve Bank of New York, 0.05%, dated 2/28/2022, due 3/1/2022, repurchase price $4,850,007, collateralized by U.S. Treasury Securities, 0.13% - 2.38%, due 3/31/2023 - 11/15/2049, with a value of $4,850,007. | | | 4,850,000 | | | | 4,850,000 | |
| | |
Federal Reserve Bank of New York, 0.05%, dated 2/28/2022, due 3/1/2022, repurchase price $5,500,008, collateralized by U.S. Treasury Securities, 0.13% - 2.38%, due 12/31/2022 - 5/15/2024, with a value of $5,500,008. | | | 5,500,000 | | | | 5,500,000 | |
| | |
Federal Reserve Bank of New York, 0.05%, dated 2/28/2022, due 3/1/2022, repurchase price $5,800,008, collateralized by U.S. Treasury Securities, 0.13% - 2.38%, due 5/31/2023 - 11/15/2049, with a value of $5,800,008. | | | 5,800,000 | | | | 5,800,000 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 38 | | | | | | | | J.P. MORGAN MONEY MARKET FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Repurchase Agreements — continued | |
| | |
Federal Reserve Bank of New York, 0.05%, dated 2/28/2022, due 3/1/2022, repurchase price $9,300,013, collateralized by U.S. Treasury Securities, 0.13% - 2.38%, due 4/30/2023 - 11/15/2049, with a value of $9,300,013. | | | 9,300,000 | | | | 9,300,000 | |
| | |
Federal Reserve Bank of New York, 0.05%, dated 2/28/2022, due 3/1/2022, repurchase price $9,500,013, collateralized by U.S. Treasury Securities, 0.13% - 0.25%, due 2/28/2023 - 5/15/2024, with a value of $9,500,013. | | | 9,500,000 | | | | 9,500,000 | |
| | |
Federal Reserve Bank of New York, 0.05%, dated 2/28/2022, due 3/1/2022, repurchase price $9,500,013, collateralized by U.S. Treasury Securities, 0.13% - 0.38%, due 2/28/2023 - 7/15/2024, with a value of $9,500,013. | | | 9,500,000 | | | | 9,500,000 | |
| | |
Federal Reserve Bank of New York, 0.05%, dated 2/28/2022, due 3/1/2022, repurchase price $9,500,013, collateralized by U.S. Treasury Securities, 0.13% - 2.88%, due 2/28/2023 - 11/15/2049, with a value of $9,500,013. | | | 9,500,000 | | | | 9,500,000 | |
| | |
Federal Reserve Bank of New York, 0.05%, dated 2/28/2022, due 3/1/2022, repurchase price $9,500,013, collateralized by U.S. Treasury Securities, 0.13% - 2.75%, due 4/30/2023 - 11/15/2049, with a value of $9,500,013. | | | 9,500,000 | | | | 9,500,000 | |
| | |
Federal Reserve Bank of New York, 0.05%, dated 2/28/2022, due 3/1/2022, repurchase price $9,500,013, collateralized by U.S. Treasury Securities, 0.25% - 2.88%, due 11/30/2023 - 11/15/2049, with a value of $9,500,013. | | | 9,500,000 | | | | 9,500,000 | |
| | |
Federal Reserve Bank of New York, 0.05%, dated 2/28/2022, due 3/1/2022, repurchase price $9,500,013, collateralized by U.S. Treasury Securities, 0.25% - 2.38%, due 5/15/2024 - 11/15/2049, with a value of $9,500,013. | | | 9,500,000 | | | | 9,500,000 | |
| | |
Federal Reserve Bank of New York, 0.05%, dated 2/28/2022, due 3/1/2022, repurchase price $9,500,013, collateralized by U.S. Treasury Securities, 0.25% - 2.38%, due 3/31/2024 - 11/15/2049, with a value of $9,500,013. | | | 9,500,000 | | | | 9,500,000 | |
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
| | |
Federal Reserve Bank of New York, 0.05%, dated 2/28/2022, due 3/1/2022, repurchase price $9,500,013, collateralized by U.S. Treasury Securities, 0.25% - 2.38%, due 3/31/2024 - 11/15/2049, with a value of $9,500,013. | | | 9,500,000 | | | | 9,500,000 | |
| | |
Federal Reserve Bank of New York, 0.05%, dated 2/28/2022, due 3/1/2022, repurchase price $9,500,013, collateralized by U.S. Treasury Securities, 0.25% - 2.38%, due 5/15/2024 - 11/15/2049, with a value of $9,500,013. | | | 9,500,000 | | | | 9,500,000 | |
| | |
Federal Reserve Bank of New York, 0.05%, dated 2/28/2022, due 3/1/2022, repurchase price $9,500,013, collateralized by U.S. Treasury Securities, 0.25% - 2.88%, due 11/30/2023 - 11/15/2049, with a value of $9,500,013. | | | 9,500,000 | | | | 9,500,000 | |
| | |
Fixed Income Clearing Corp., 0.05%, dated 2/28/2022, due 3/1/2022, repurchase price $7,000,010, collateralized by U.S. Treasury Securities, 0.00% - 4.50%, due 8/11/2022 - 5/15/2051, with a value of $7,140,000. | | | 7,000,000 | | | | 7,000,000 | |
| | |
Goldman Sachs & Co. LLC, 0.06%, dated 2/28/2022, due 3/3/2022, repurchase price $2,750,013, collateralized by GNMA, 1.94% - 7.00%, due 6/20/2023 - 4/15/2063, with a value of $2,805,000. | | | 2,750,000 | | | | 2,750,000 | |
| | |
ING Financial Markets LLC, 0.06%, dated 2/28/2022, due 3/17/2022, repurchase price $200,006, collateralized by FHLMC, 1.84% - 3.50%, due 8/1/2046 - 11/1/2051, FNMA, 1.50% - 4.00%, due 8/1/2034 - 9/1/2057 and GNMA, 5.00%, due 11/20/2048, with a value of $204,010. | | | 200,000 | | | | 200,000 | |
| | |
ING Financial Markets LLC, 0.07%, dated 2/28/2022, due 3/17/2022, repurchase price $300,009, collateralized by FHLMC, 1.43% - 7.00%, due 9/1/2029 - 11/1/2051, FNMA, 1.50% - 5.50%, due 7/1/2028 - 9/1/2057 and GNMA, 2.00% - 3.00%, due 10/20/2049 - 5/20/2051, with a value of $306,032. | | | 300,000 | | | | 300,000 | |
| | |
ING Financial Markets LLC, 0.07%, dated 2/28/2022, due 3/17/2022, repurchase price $300,009, collateralized by U.S. Treasury Securities, 0.00% - 3.13%, due 3/31/2022 - 8/15/2051, with a value of $306,035. | | | 300,000 | | | | 300,000 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MONEY MARKET FUNDS | | | | | | | | 39 |
JPMorgan U.S. Government Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Repurchase Agreements — continued | |
| | |
ING Financial Markets LLC, 0.07%, dated 2/28/2022, due 3/17/2022, repurchase price $350,011, collateralized by FHLMC, 1.50% - 7.00%, due 9/1/2029 - 1/1/2052, FNMA, 1.50% - 5.50%, due 8/1/2028 - 5/1/2058 and GNMA, 5.00%, due 11/20/2048 - 1/20/2049, with a value of $357,037. | | | 350,000 | | | | 350,000 | |
| | |
ING Financial Markets LLC, 0.07%, dated 2/28/2022, due 3/17/2022, repurchase price $500,015, collateralized by FHLMC, 1.84% - 5.00%, due 4/1/2038 - 11/1/2051, FNMA, 1.50% - 4.50%, due 8/1/2028 - 1/1/2057 and GNMA, 2.00% - 5.00%, due 1/20/2049 - 10/20/2051, with a value of $510,041. | | | 500,000 | | | | 500,000 | |
| | |
ING Financial Markets LLC, 0.07%, dated 2/28/2022, due 3/18/2022, repurchase price $100,003, collateralized by FHLMC, 1.50% - 7.00%, due 11/1/2029 - 11/1/2051, FNMA, 1.50% - 5.00%, due 6/1/2027 - 1/1/2057 and GNMA, 5.00%, due 11/20/2048, with a value of $102,012. | | | 100,000 | | | | 100,000 | |
| | |
ING Financial Markets LLC, 0.07%, dated 2/28/2022, due 3/18/2022, repurchase price $350,011, collateralized by U.S. Treasury Securities, 0.00% - 4.38%, due 3/24/2022 - 11/15/2051, with a value of $357,041. | | | 350,000 | | | | 350,000 | |
| | |
ING Financial Markets LLC, 0.08%, dated 2/28/2022, due 3/18/2022, repurchase price $200,008, collateralized by FHLMC, 1.90%, due 3/1/2047 and FNMA, 1.50% - 5.50%, due 7/1/2034 - 12/1/2051, with a value of $204,010. | | | 200,000 | | | | 200,000 | |
| | |
Metropolitan Life Insurance Co., 0.06%, dated 2/28/2022, due 3/1/2022, repurchase price $1,000,002, collateralized by U.S. Treasury Securities, 0.00%, due 8/15/2027 - 11/15/2050, with a value of $1,020,003. | | | 1,000,000 | | | | 1,000,000 | |
| | |
Mitsubishi UFJ Trust & Banking Corp., 0.06%, dated 2/28/2022, due 3/1/2022, repurchase price $1,300,002, collateralized by GNMA, 2.00% - 5.00%, due 8/15/2038 - 12/20/2051, with a value of $1,323,463. | | | 1,300,000 | | | | 1,300,000 | |
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
| | |
Natixis SA, 0.05%, dated 2/28/2022, due 3/1/2022, repurchase price $600,001, collateralized by FFCB, 2.58% - 2.90%, due 11/17/2036 - 12/9/2041, FHLMC, 0.00% - 6.00%, due 7/15/2033 - 11/25/2051, FNMA, 0.43% - 5.50%, due 4/1/2031 - 12/25/2058, GNMA, 0.43% - 5.50%, due 9/16/2031 - 5/16/2063 and U.S. Treasury Securities, 0.00% - 6.00%, due 4/7/2022 - 11/15/2051, with a value of $616,136. | | | 600,000 | | | | 600,000 | |
| | |
Natixis SA, 0.06%, dated 2/28/2022, due 3/7/2022, repurchase price $500,005, collateralized by U.S. Treasury Securities, 0.00% - 5.38%, due 6/21/2022 - 11/15/2050, with a value of $510,021. | | | 500,000 | | | | 500,000 | |
| | |
Nomura Securities International, Inc., 0.05%, dated 2/28/2022, due 3/1/2022, repurchase price $2,000,003, collateralized by FHLMC, 1.50% - 5.00%, due 2/1/2042 - 3/1/2052, FNMA, 2.00% - 4.50%, due 7/1/2034 - 8/1/2058, GNMA, 3.00% - 4.50%, due 8/20/2044 - 1/20/2051 and U.S. Treasury Securities, 0.00% - 1.88%, due 7/7/2022 - 2/28/2027, with a value of $2,040,004. | | | 2,000,000 | | | | 2,000,000 | |
| | |
Norinchukin Bank (The), 0.08%, dated 2/28/2022, due 3/1/2022, repurchase price $300,001, collateralized by U.S. Treasury Securities, 0.63% - 6.75%, due 6/30/2025 - 8/15/2030, with a value of $305,491. | | | 300,000 | | | | 300,000 | |
| | |
Norinchukin Bank (The), 0.08%, dated 2/28/2022, due 3/4/2022, repurchase price $700,006, collateralized by U.S. Treasury Securities, 0.63% - 6.75%, due 6/30/2025 - 8/15/2030, with a value of $712,812. | | | 700,000 | | | | 700,000 | |
| | |
Norinchukin Bank (The), 0.08%, dated 2/28/2022, due 3/9/2022, repurchase price $500,010, collateralized by U.S. Treasury Securities, 0.63% - 6.75%, due 6/30/2025 - 8/15/2030, with a value of $509,152. | | | 500,000 | | | | 500,000 | |
| | |
Norinchukin Bank (The), 0.06%, dated 2/28/2022, due 3/10/2022, repurchase price $500,008, collateralized by U.S. Treasury Securities, 0.63% - 6.75%, due 6/30/2025 - 8/15/2030, with a value of $509,152. | | | 500,000 | | | | 500,000 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 40 | | | | | | | | J.P. MORGAN MONEY MARKET FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Repurchase Agreements — continued | |
| | |
Norinchukin Bank (The), 0.06%, dated 2/28/2022, due 3/14/2022, repurchase price $250,006, collateralized by U.S. Treasury Securities, 0.63% - 6.75%, due 6/30/2025 - 8/15/2030, with a value of $254,576. | | | 250,000 | | | | 250,000 | |
| | |
RBC Capital Markets LLC, 0.05%, dated 2/28/2022, due 3/1/2022, repurchase price $2,000,003, collateralized by FFCB, 0.20% - 2.75%, due 6/26/2023 - 2/2/2037, FHLB, 2.00% - 2.50%, due 6/10/2022 - 2/25/2027, FHLMC, 0.00% - 8.15%, due 3/15/2022 - 5/25/2051, FNMA, 0.25% - 8.00%, due 3/25/2022 - 1/25/2052, GNMA, 1.00% - 8.00%, due 12/20/2022 - 5/20/2051 and U.S. Treasury Securities, 0.00% - 7.13%, due 3/3/2022 - 2/15/2052, with a value of $2,055,737. | | | 2,000,000 | | | | 2,000,000 | |
| | |
Royal Bank of Canada, 0.05%, dated 2/28/2022, due 3/1/2022, repurchase price $1,450,002, collateralized by FHLMC, 3.00%, due 9/1/2051, GNMA, 1.00% - 4.50%, due 9/20/2049 - 1/20/2052 and U.S. Treasury Securities, 0.00% - 3.75%, due 4/15/2022 - 2/15/2048, with a value of $1,479,045. | | | 1,450,000 | | | | 1,450,000 | |
| | |
Royal Bank of Canada, 0.06%, dated 2/28/2022, due 3/7/2022, repurchase price $1,000,012, collateralized by FHLMC, 1.82% - 7.62%, due 12/15/2023 - 2/1/2052 and FNMA, 1.25% - 5.00%, due 10/1/2022 - 3/1/2052, with a value of $1,021,174. | | | 1,000,000 | | | | 1,000,000 | |
| | |
Royal Bank of Canada, 0.06%, dated 2/28/2022, due 3/14/2022, repurchase price $400,009, collateralized by FHLMC, 2.00% - 6.50%, due 12/15/2023 - 1/1/2052 and FNMA, 1.25% - 5.00%, due 1/1/2024 - 7/1/2060, with a value of $408,314. | | | 400,000 | | | | 400,000 | |
| | |
Societe Generale SA, 0.05%, dated 2/28/2022, due 3/4/2022, repurchase price $500,003, collateralized by U.S. Treasury Securities, 0.00% - 7.50%, due 4/30/2022 - 5/15/2051, with a value of $510,000. | | | 500,000 | | | | 500,000 | |
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
| | |
Societe Generale SA, 0.06%, dated 2/28/2022, due 3/15/2022, repurchase price $500,011, collateralized by FHLMC, 0.84% - 5.55%, due 10/15/2022 - 8/1/2051, FNMA, 1.48% - 4.50%, due 11/1/2026 - 1/1/2052, GNMA, 0.28% - 4.00%, due 12/20/2036 - 12/20/2071 and U.S. Treasury Securities, 0.00% - 3.38%, due 3/31/2022 - 11/15/2048, with a value of $510,014. | | | 500,000 | | | | 500,000 | |
| | |
Societe Generale SA, 0.06%, dated 2/28/2022, due 3/16/2022, repurchase price $750,018, collateralized by U.S. Treasury Securities, 0.00% - 6.88%, due 3/15/2022 - 5/15/2051, with a value of $765,000. | | | 750,000 | | | | 750,000 | |
| | |
Societe Generale SA, 0.06%, dated 2/28/2022, due 3/16/2022, repurchase price $1,000,027, collateralized by U.S. Treasury Securities, 0.00% - 7.25%, due 3/15/2022 - 5/15/2051, with a value of $1,020,000. | | | 1,000,000 | | | | 1,000,000 | |
| | |
Societe Generale SA, 0.06%, dated 2/28/2022, due 3/16/2022, repurchase price $2,000,053, collateralized by U.S. Treasury Securities, 0.00% - 7.63%, due 3/3/2022 - 11/15/2050, with a value of $2,040,000. | | | 2,000,000 | | | | 2,000,000 | |
| | |
Sumitomo Mitsui Banking Corp., 0.06%, dated 2/28/2022, due 3/1/2022, repurchase price $3,000,005, collateralized by GNMA, 2.00% - 4.50%, due 12/20/2043 - 8/20/2051, with a value of $3,060,005. | | | 3,000,000 | | | | 3,000,000 | |
| | | | | | | | |
| | |
Total Repurchase Agreements
(Cost $180,313,377) | | | | | | | 180,313,377 | |
| | | | | | | | |
|
U.S. Treasury Obligations — 13.4% | |
| | |
U.S. Treasury Floating Rate Notes | | | | | | | | |
| | |
(US Treasury 3 Month Bill Money Market Yield - 0.02%), 0.37%, 3/1/2022 (e) | | | 10,450,000 | | | | 10,453,649 | |
| | |
(US Treasury 3 Month Bill Money Market Yield + 0.03%), 0.41%, 3/1/2022 (e) | | | 800,000 | | | | 800,209 | |
| | |
(US Treasury 3 Month Bill Money Market Yield + 0.04%), 0.42%, 3/1/2022 (e) | | | 1,715,825 | | | | 1,716,058 | |
| | |
(US Treasury 3 Month Bill Money Market Yield + 0.06%), 0.44%, 3/1/2022 (e) | | | 250,000 | | | | 249,995 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MONEY MARKET FUNDS | | | | | | | | 41 |
JPMorgan U.S. Government Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
|
U.S. Treasury Obligations — continued | |
| | |
U.S. Treasury Notes | | | | | | | | |
| | |
0.38%, 3/31/2022 | | | 849,000 | | | | 849,206 | |
| | |
1.75%, 3/31/2022 | | | 825,000 | | | | 826,134 | |
| | |
1.88%, 3/31/2022 | | | 329,250 | | | | 329,730 | |
| | |
2.25%, 4/15/2022 | | | 109,250 | | | | 109,542 | |
| | |
0.13%, 4/30/2022 | | | 2,978,210 | | | | 2,978,435 | |
| | |
1.75%, 4/30/2022 | | | 1,630,450 | | | | 1,634,965 | |
| | |
1.88%, 4/30/2022 | | | 3,101,000 | | | | 3,110,216 | |
| | |
1.75%, 5/15/2022 | | | 1,728,300 | | | | 1,734,255 | |
| | |
2.13%, 5/15/2022 | | | 1,500,000 | | | | 1,506,330 | |
| | |
0.13%, 5/31/2022 | | | 700,000 | | | | 700,094 | |
| | |
1.88%, 5/31/2022 | | | 735,000 | | | | 738,304 | |
| | |
1.75%, 6/15/2022 | | | 250,000 | | | | 251,217 | |
| | |
0.13%, 6/30/2022 | | | 475,295 | | | | 475,359 | |
| | |
2.13%, 6/30/2022 | | | 309,400 | | | | 311,495 | |
| | |
1.75%, 7/15/2022 | | | 125,000 | | | | 125,775 | |
| | |
0.13%, 7/31/2022 | | | 200,000 | | | | 200,020 | |
| | |
1.88%, 7/31/2022 | | | 275,014 | | | | 277,054 | |
| | |
2.00%, 7/31/2022 | | | 105,000 | | | | 105,834 | |
| | |
1.50%, 8/15/2022 | | | 650,000 | | | | 654,173 | |
| | |
1.63%, 8/15/2022 | | | 548,000 | | | | 551,819 | |
| | |
0.13%, 8/31/2022 | | | 200,000 | | | | 200,011 | |
| | |
1.63%, 8/31/2022 | | | 500,000 | | | | 503,745 | |
| | |
1.88%, 8/31/2022 | | | 100,000 | | | | 100,874 | |
| | |
0.13%, 10/31/2022 | | | 1,329,700 | | | | 1,329,945 | |
| | |
1.88%, 10/31/2022 | | | 135,000 | | | | 136,601 | |
| | | | | | | | |
| | |
Total U.S. Treasury Obligations
(Cost $32,961,044) | | | | | | | 32,961,044 | |
| | | | | | | | |
|
U.S. Government Agency Securities — 6.2% | |
| | |
Federal Farm Credit System | | | | | | | | |
| | |
DN, 0.01%, 3/1/2022 (f) | | | 16,695 | | | | 16,695 | |
| | |
(Federal Reserve Bank Prime Loan Rate US - 3.19%), 0.06%, 3/1/2022 (e) | | | 250,000 | | | | 250,000 | |
| | |
(SOFR + 0.01%), 0.06%, 3/1/2022 (e) | | | 485,000 | | | | 485,000 | |
| | |
(Federal Reserve Bank Prime Loan Rate US - 3.17%), 0.08%, 3/1/2022 (e) | | | 25,000 | | | | 24,998 | |
| | |
(SOFR + 0.08%), 0.12%, 3/1/2022 (e) | | | 200,000 | | | | 200,000 | |
| | |
(US Federal Funds Effective Rate (continuous series) + 0.06%), 0.14%, 3/1/2022 (e) | | | 475,000 | | | | 475,000 | |
| | |
(SOFR + 0.09%), 0.14%, 3/1/2022 (e) | | | 275,000 | | | | 275,000 | |
| | |
(Federal Reserve Bank Prime Loan Rate US - 3.10%), 0.15%, 3/1/2022 (e) | | | 325,000 | | | | 325,000 | |
| | |
(Federal Reserve Bank Prime Loan Rate US - 3.08%), 0.17%, 3/1/2022 (e) | | | 250,000 | | | | 250,000 | |
| | |
(US Treasury 3 Month Bill Money Market Yield - 0.04%), 0.34%, 3/1/2022 (e) | | | 450,000 | | | | 449,964 | |
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
| | |
(US Treasury 3 Month Bill Money Market Yield + 0.09%), 0.47%, 3/1/2022 (e) | | | 200,000 | | | | 199,999 | |
| | |
(Federal Reserve Bank Prime Loan Rate US - 3.15%), 0.11%, 3/2/2022 (e) | | | 200,000 | | | | 199,985 | |
| | |
DN, 0.07%, 3/21/2022 (f) | | | 35,000 | | | | 34,999 | |
| | |
DN, 0.08%, 6/13/2022 (f) | | | 30,000 | | | | 29,993 | |
| | |
FHLB | | | | | | | | |
| | |
DN, 0.01%, 3/1/2022 (f) | | | 30,000 | | | | 30,000 | |
| | |
(SOFR + 0.01%), 0.06%, 3/1/2022 (e) | | | 1,499,200 | | | | 1,499,200 | |
| | |
(SOFR + 0.01%), 0.06%, 3/1/2022 (e) | | | 490,000 | | | | 490,000 | |
| | |
(SOFR + 0.01%), 0.06%, 3/1/2022 (e) | | | 480,000 | | | | 480,000 | |
| | |
(SOFR + 0.08%), 0.12%, 3/1/2022 (e) | | | 1,135,000 | | | | 1,135,000 | |
| | |
(SOFR + 0.20%), 0.25%, 3/1/2022 (e) | | | 250,000 | | | | 250,000 | |
| | |
(SOFR + 0.00%), 1.00%, 3/1/2022 (e) | | | 1,500,000 | | | | 1,500,000 | |
| | |
(SOFR + 0.01%), 1.00%, 3/1/2022 (e) | | | 235,000 | | | | 235,000 | |
| | |
(SOFR + 0.01%), 0.06%, 3/2/2022 (e) | | | 265,000 | | | | 265,000 | |
| | |
FNMA | | | | | | | | |
| | |
(SOFR + 0.17%), 0.22%, 3/1/2022 (e) | | | 249,750 | | | | 249,750 | |
| | |
(SOFR + 0.20%), 0.25%, 3/1/2022 (e) | | | 1,200,000 | | | | 1,200,000 | |
| | |
(SOFR + 0.20%), 0.25%, 3/1/2022 (e) | | | 1,950,000 | | | | 1,950,000 | |
| | |
(SOFR + 0.23%), 0.28%, 3/1/2022 (e) | | | 840,000 | | | | 840,000 | |
| | |
(SOFR + 0.24%), 0.29%, 3/1/2022 (e) | | | 1,000,000 | | | | 1,000,000 | |
| | |
(SOFR + 0.35%), 0.40%, 3/1/2022 (e) | | | 750,000 | | | | 750,000 | |
| | | | | | | | |
| | |
Total U.S. Government Agency Securities
(Cost $15,090,583) | | | | | | | 15,090,583 | |
| | | | | | | | |
Short-Term Investments — 5.3% | |
|
U.S. Treasury Obligations — 5.3% | |
| | |
U.S. Treasury Bills | | | | | | | | |
| | |
0.06%, 3/17/2022 (f) | | | 50,000 | | | | 49,999 | |
| | |
0.09%, 4/19/2022 (f) | | | 3,823,750 | | | | 3,823,281 | |
| | |
0.11%, 4/26/2022 (f) | | | 2,800,000 | | | | 2,799,521 | |
| | |
0.13%, 5/3/2022 (f) | | | 2,500,000 | | | | 2,499,453 | |
| | |
0.07%, 5/12/2022 (f) | | | 122,650 | | | | 122,634 | |
| | |
0.32%, 5/26/2022 (f) | | | 3,247,535 | | | | 3,245,086 | |
| | |
0.10%, 10/6/2022 (f) | | | 500,000 | | | | 499,711 | |
| | | | | | | | |
| | |
Total U.S. Treasury Obligations
(Cost $13,039,685) | | | | | | | 13,039,685 | |
| | | | | | | | |
| | |
Total Short-Term Investments
(Cost $13,039,685) | | | | | | | 13,039,685 | |
| | | | | | | | |
Total Investments — 98.6%
(Cost $241,404,689) | | | | | | | 241,404,689 | |
Other Assets Less Liabilities — 1.4% | | | | | | | 3,341,613 | |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | | 244,746,302 | |
| | | | | | | | |
Percentages indicated are based on net assets.
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 42 | | | | | | | | J.P. MORGAN MONEY MARKET FUNDS | | FEBRUARY 28, 2022 |
Abbreviations
| | |
| ACES | | Alternative Credit Enhancement Securities |
| DN | | Discount Notes |
| FFCB | | Federal Farm Credit Bank |
| FHLB | | Federal Home Loan Bank |
| FHLMC | | Federal Home Loan Mortgage Corp. |
| FNMA | | Federal National Mortgage Association |
| GNMA | | Government National Mortgage Association |
| SOFR | | Secured Overnight Financing Rate |
| |
| (a) | | The date shown represents the earliest of the next put date, next demand date or final maturity date. |
| (b) | | Agency Joint Trading Account I — At February 28, 2022, certain Funds had undivided interests in the Agency Joint Trading Account I with a maturity date of March 1, 2022, as follows (amounts in thousands): |
| | | | | | | | | | |
| | | |
| Fund | | Principal
Amount | | Repurchase
Price | | | Collateral
Value
Allocation | |
JPMorgan U.S. Government Money Market Fund | | $1,600,000 | | $ | 1,600,002 | | | $ | 1,632,025 | |
Repurchase Agreements — At February 28, 2022, the Principal Amounts of certain Funds’ interests in the Agency Joint Trading Account I were as follows (amounts in thousands):
| | | | | | | | |
| | |
| Counterparty | | Interest
Rate | | | JPMorgan
U.S. Government Money
Market Fund | |
BNP Paribas SA | | | 0.05 | % | | $ | 450,000 | |
Credit Agricole Corporate and Investment Bank | | | 0.05 | % | | | 400,000 | |
TD Securities (USA) LLC | | | 0.05 | % | | | 750,000 | |
| | | | | | | | |
Total | | | | | | $ | 1,600,000 | |
| | | | | | | | |
At February 28, 2022, the Agency Joint Trading Account I was fully collateralized by:
| | | | | | | | |
| | |
| Issuer | | Interest Rates | | | Maturity Dates | |
FFCB | | | 0.07% - 5.16% | | | | 3/14/2022 - 9/16/2041 | |
FHLB | | | 0.07% - 5.50% | | | | 3/11/2022 - 7/15/2036 | |
FHLMC | | | 0.13% - 7.00% | | | | 6/8/2022 - 2/1/2050 | |
FNMA | | | 0.25% - 7.25% | | | | 4/5/2022 - 1/1/2052 | |
GNMA | | | 0.81% - 8.50% | | | | 12/15/2024 - 7/20/2051 | |
Tennessee Valley Authority | | | 0.75% - 7.13% | | | | 8/15/2022 - 9/15/2065 | |
U.S. Treasury Securities | | | 0.00% - 7.50% | | | | 10/15/2022 - 5/15/2041 | |
| | |
| (c) | | Agency Joint Trading Account II — At February 28, 2022, certain Funds had undivided interests in the Agency Joint Trading Account II with a maturity date of March 1, 2022, as follows (amounts in thousands): |
| | | | | | | | | | |
| | | |
| Fund | | Principal
Amount | | Repurchase
Price | | | Collateral
Value
Allocation | |
JPMorgan U.S. Government Money Market Fund | | $469,698 | | $ | 469,699 | | | $ | 479,105 | |
Repurchase Agreements — At February 28, 2022, the Principal Amounts of certain Funds’ interests in the Agency Joint Trading Account II were as follows (amounts in thousands):
| | | | | | | | |
| | |
| Counterparty | | Interest
Rate | | | JPMorgan
U.S. Government Money
Market Fund | |
BofA Securities, Inc. | | | 0.05 | % | | $ | 313,132 | |
Citibank NA | | | 0.06 | % | | | 74,163 | |
Citigroup Global Markets Holdings, Inc. | | | 0.06 | % | | | 82,403 | |
| | | | | | | | |
Total | | | | | | $ | 469,698 | |
| | | | | | | | |
At February 28, 2022, the Agency Joint Trading Account II was fully collateralized by:
| | | | | | | | |
| | |
| Issuer | | Interest Rates | | | Maturity Dates | |
FHLMC | | | 2.50% - 5.00% | | | | 2/1/2026 - 1/1/2050 | |
FNMA | | | 1.50% - 6.00% | | | | 11/1/2022 - 1/1/2061 | |
GNMA | | | 2.35% - 4.50% | | | | 11/15/2042 - 7/20/2051 | |
| U.S. Treasury Securities | | | 0.50% - 3.13% | | | | 11/30/2023 - 8/15/2051 | |
| | |
| (d) | | Agency Joint Trading Account III — At February 28, 2022, certain Funds had undivided interests in the Agency Joint Trading Account III with a maturity date of March 1, 2022, as follows (amounts in thousands): |
| | | | | | | | | | |
| | | |
| Fund | | Principal
Amount | | Repurchase
Price | | | Collateral
Value
Allocation | |
JPMorgan U.S. Government Money Market Fund | | $78,679 | | $ | 78,679 | | | $ | 80,262 | |
Repurchase Agreements — At February 28, 2022, the Principal Amounts of certain Funds’ interests in the Agency Joint Trading Account III were as follows (amounts in thousands):
| | | | | | | | |
| | |
| Counterparty | | Interest
Rate | | | JPMorgan
U.S. Government Money
Market Fund | |
BNP Paribas SA | | | 0.05 | % | | $ | 78,679 | |
At February 28, 2022, the Agency Joint Trading Account III was fully collateralized by:
| | | | | | |
| | |
| Issuer | | Interest Rates | | Maturity Dates | |
| FHLMC | | 0.69% - 7.50% | | | 11/15/2025 - 2/1/2052 | |
| FNMA | | 1.90% - 8.00% | | | 9/1/2022 - 2/1/2052 | |
| | |
| (e) | | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of February 28, 2022. |
| (f) | | The rate shown is the effective yield as of February 28, 2022. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MONEY MARKET FUNDS | | | | | | | | 43 |
JPMorgan U.S. Treasury Plus Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Repurchase Agreements — 62.1% | |
| | |
Barclays Capital, Inc., 0.05%, dated 2/28/2022, due 3/1/2022, repurchase price $90,679, collateralized by U.S. Treasury Securities, 0.37%, due 1/31/2024, with a value of $92,493. | | | 90,679 | | | | 90,679 | |
| | |
BNP Paribas SA, 0.05%, dated 2/28/2022, due 3/1/2022, repurchase price $175,000, collateralized by U.S. Treasury Securities, 0.00% - 5.25%, due 6/21/2022 - 8/15/2051, with a value of $178,500. | | | 175,000 | | | | 175,000 | |
| | |
Citigroup Global Markets Holdings, Inc., 0.05%, dated 2/28/2022, due 3/1/2022, repurchase price $500,001, collateralized by U.S. Treasury Securities, 0.13% - 2.88%, due 1/15/2023 - 8/15/2025, with a value of $510,000. | | | 500,000 | | | | 500,000 | |
| | |
Federal Reserve Bank of New York, 0.05%, dated 2/28/2022, due 3/1/2022, repurchase price $200,000, collateralized by U.S. Treasury Securities, 2.38% - 2.88%, due 8/15/2045 - 11/15/2049, with a value of $200,000. | | | 200,000 | | | | 200,000 | |
| | |
Federal Reserve Bank of New York, 0.05%, dated 2/28/2022, due 3/1/2022, repurchase price $500,001, collateralized by U.S. Treasury Securities, 0.25% - 2.38%, due 4/15/2024 - 11/15/2049, with a value of $500,001. | | | 500,000 | | | | 500,000 | |
| | |
Federal Reserve Bank of New York, 0.05%, dated 2/28/2022, due 3/1/2022, repurchase price $2,800,004, collateralized by U.S. Treasury Securities, 0.25% - 2.38%, due 12/31/2022 - 11/15/2049, with a value of $2,800,004. | | | 2,800,000 | | | | 2,800,000 | |
| | |
Federal Reserve Bank of New York, 0.05%, dated 2/28/2022, due 3/1/2022, repurchase price $3,200,004, collateralized by U.S. Treasury Securities, 0.25% - 2.88%, due 5/15/2024 - 11/15/2049, with a value of $3,200,005. | | | 3,200,000 | | | | 3,200,000 | |
| | |
Federal Reserve Bank of New York, 0.05%, dated 2/28/2022, due 3/1/2022, repurchase price $4,650,006, collateralized by U.S. Treasury Securities, 0.13% - 2.38%, due 5/31/2023 - 11/15/2049, with a value of $4,650,007. | | | 4,650,000 | | | | 4,650,000 | |
| | |
J.P. Morgan Securities LLC, 0.05%, dated 2/28/2022, due 3/1/2022, repurchase price $250,000, collateralized by U.S. Treasury Securities, 0.00%, due 7/21/2022, with a value of $255,000. | | | 250,000 | | | | 250,000 | |
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| |
| | |
Norinchukin Bank (The), 0.08%, dated 2/28/2022, due 3/1/2022, repurchase price $200,000, collateralized by U.S. Treasury Securities, 1.50% - 6.75%, due 6/30/2025 - 4/15/2028, with a value of $202,889. | | | 200,000 | | | | 200,000 | |
| | |
Norinchukin Bank (The), 0.08%, dated 2/28/2022, due 3/7/2022, repurchase price $250,004, collateralized by U.S. Treasury Securities, 1.50% - 6.75%, due 6/30/2025 - 4/15/2028, with a value of $253,612. | | | 250,000 | | | | 250,000 | |
| | |
Societe Generale SA, 0.05%, dated 2/28/2022, due 3/3/2022, repurchase price $500,002, collateralized by U.S. Treasury Securities, 0.00% - 3.75%, due 3/1/2022 - 11/15/2050, with a value of $510,000. | | | 500,000 | | | | 500,000 | |
| | |
Treasury Joint Trading Account I, J.P. Morgan Investment Management Inc., as agent, 0.05%, dated 2/28/2022, due 3/1/2022, repurchase price $890,561. (b) | | | 890,560 | | | | 890,560 | |
| | | | | | | | |
| | |
Total Repurchase Agreements
(Cost $14,206,239) | | | | | | | 14,206,239 | |
| | | | | | | | |
U.S. Treasury Obligations — 19.7% | |
| | |
U.S. Treasury Floating Rate Notes | | | | | | | | |
| | |
(US Treasury 3 Month Bill Money Market Yield - 0.02%), 0.37%, 3/1/2022 (c) | | | 190,000 | | | | 190,092 | |
| | |
(US Treasury 3 Month Bill Money Market Yield + 0.06%), 0.44%, 3/1/2022 (c) | | | 800,000 | | | | 799,977 | |
| | |
(US Treasury 3 Month Bill Money Market Yield + 0.06%), 0.44%, 3/1/2022 (c) | | | 350,000 | | | | 350,001 | |
| | |
(US Treasury 3 Month Bill Money Market Yield + 0.11%), 0.49%, 3/1/2022 (c) | | | 328,000 | | | | 328,047 | |
| | |
U.S. Treasury Notes | | | | | | | | |
| | |
0.38%, 3/31/2022 | | | 85,000 | | | | 85,019 | |
| | |
1.75%, 3/31/2022 | | | 338,000 | | | | 338,463 | |
| | |
1.88%, 3/31/2022 | | | 58,600 | | | | 58,685 | |
| | |
1.88%, 4/30/2022 | | | 500,000 | | | | 501,487 | |
| | |
2.13%, 5/15/2022 | | | 300,000 | | | | 301,266 | |
| | |
0.13%, 8/31/2022 | | | 100,000 | | | | 100,002 | |
| | |
1.63%, 8/31/2022 | | | 50,000 | | | | 50,376 | |
| | |
1.50%, 9/15/2022 | | | 225,000 | | | | 226,711 | |
| | |
1.75%, 9/30/2022 | | | 100,000 | | | | 100,963 | |
| | |
1.38%, 10/15/2022 | | | 456,000 | | | | 459,631 | |
| | |
0.13%, 10/31/2022 | | | 300,000 | | | | 300,052 | |
| | |
1.88%, 10/31/2022 | | | 140,000 | | | | 141,660 | |
| | |
2.00%, 10/31/2022 | | | 169,000 | | | | 171,145 | |
| | | | | | | | |
| | |
Total U.S. Treasury Obligations
(Cost $4,503,577) | | | | | | | 4,503,577 | |
| | | | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 44 | | | | | | | | J.P. MORGAN MONEY MARKET FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Short-Term Investments — 14.7% | |
|
U.S. Treasury Obligations — 14.7% | |
| | |
U.S. Treasury Bills | | | | | | | | |
| | |
0.11%, 4/26/2022 (d) | | | 1,000,000 | | | | 999,829 | |
| | |
0.43%, 5/19/2022 (d) | | | 500,000 | | | | 499,527 | |
| | |
0.15%, 5/26/2022 (d) | | | 1,005,000 | | | | 1,004,630 | |
| | |
0.10%, 6/2/2022 (d) | | | 380,000 | | | | 379,907 | |
| | |
0.12%, 6/9/2022 (d) | | | 475,000 | | | | 474,840 | |
| | | | | | | | |
| | |
Total U.S. Treasury Obligations
(Cost $3,358,733) | | | | | | | 3,358,733 | |
| | | | | | | | |
| | |
Total Short-Term Investments
(Cost $3,358,733) | | | | | | | 3,358,733 | |
| | | | | | | | |
Total Investments — 96.5%
(Cost $22,068,549) * | | | | | | | 22,068,549 | |
Other Assets Less Liabilities — 3.5% | | | | | | | 812,080 | |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | | 22,880,629 | |
| | | | | | | | |
Percentages indicated are based on net assets.
| | |
| (a) | | The date shown represents the earliest of the next put date, next demand date or final maturity date. |
| (b) | | Treasury Joint Trading Account I — At February 28, 2022, certain Funds had undivided interests in the Treasury Joint Trading Account I with a maturity date of March 1, 2022, as follows (amounts in thousands): |
| | | | | | | | | | |
| | | |
| Fund | | Principal
Amount | | Repurchase
Price | | | Collateral
Value
Allocation | |
JPMorgan U.S. Treasury Plus Money Market Fund | | $890,560 | | $ | 890,561 | | | $ | 908,372 | |
Repurchase Agreements — At February 28, 2022, the Principal Amounts of certain Funds’ interests in the Treasury Joint Trading Account I were as follows (amounts in thousands):
| | | | | | | | |
| | |
| Counterparty | | Interest
Rate | | | JPMorgan
U.S. Treasury Plus Money
Market Fund | |
| BNP Paribas SA | | | 0.05% | | | $ | 763,337 | |
| Citibank NA | | | 0.05% | | | | 127,223 | |
| | | | | | | | |
Total | | | | | | $ | 890,560 | |
| | | | | | | | |
At February 28, 2022, the Treasury Joint Trading Account I was fully collateralized by:
| | | | | | |
| | |
| Issuer | | Interest Rates | | Maturity Dates | |
| U.S. Treasury Securities | | 0.00% - 7.63% | | | 3/1/2022 - 2/15/2052 | |
| | |
| (c) | | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of February 28, 2022. |
| (d) | | The rate shown is the effective yield as of February 28, 2022. |
| * | | The cost of securities is substantially the same for federal income tax purposes. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MONEY MARKET FUNDS | | | | | | | | 45 |
JPMorgan Federal Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
U.S. Government Agency Securities — 12.4% | |
| | |
Federal Farm Credit System | | | | | | | | |
| | |
(SOFR + 0.08%), 0.12%, 3/1/2022 (b) | | | 20,000 | | | | 20,000 | |
| | |
(SOFR + 0.08%), 0.13%, 3/1/2022 (b) | | | 12,000 | | | | 12,000 | |
| | |
(SOFR + 0.09%), 0.14%, 3/1/2022 (b) | | | 20,000 | | | | 20,000 | |
| | |
DN, 0.07%, 3/21/2022 (c) | | | 25,000 | | | | 24,999 | |
| | |
FHLB | | | | | | | | |
| | |
(SOFR + 0.08%), 0.12%, 3/1/2022 (b) | | | 25,000 | | | | 25,000 | |
| | |
DN, 0.05%, 3/10/2022 (c) | | | 10,000 | | | | 10,000 | |
| | |
DN, 0.06%, 3/21/2022 (c) | | | 100,000 | | | | 99,997 | |
| | | | | | | | |
| | |
Total U.S. Government Agency Securities
(Cost $211,996) | | | | | | | 211,996 | |
| | | | | | | | |
U.S. Treasury Obligations — 5.8% | |
| | |
U.S. Treasury Floating Rate Notes | | | | | | | | |
| | |
(US Treasury 3 Month Bill Money Market Yield — 0.02%), 0.37%, 3/1/2022 (b) | | | 25,000 | | | | 25,012 | |
| | |
(US Treasury 3 Month Bill Money Market Yield + 0.06%), 0.44%, 3/1/2022 (b) | | | 25,000 | | | | 24,999 | |
| | |
U.S. Treasury Notes | | | | | | | | |
| | |
0.13%, 5/31/2022 | | | 25,000 | | | | 25,003 | |
| | |
1.75%, 6/15/2022 | | | 25,000 | | | | 25,122 | |
| | | | | | | | |
| | |
Total U.S. Treasury Obligations
(Cost $100,136) | | | | | | | 100,136 | |
| | | | | | | | |
Short-Term Investments — 79.4% | |
|
U.S. Treasury Obligations — 79.4% | |
| | |
U.S. Treasury Bills | | | | | | | | |
| | |
0.04%, 3/3/2022 (c) | | | 100,000 | | | | 100,000 | |
| | |
0.05%, 3/8/2022 (c) | | | 100,000 | | | | 99,999 | |
| | |
0.04%, 3/10/2022 (c) | | | 325,000 | | | | 324,997 | |
| | |
0.05%, 3/22/2022 (c) | | | 225,000 | | | | 224,994 | |
| | |
0.06%, 3/24/2022 (c) | | | 135,000 | | | | 134,995 | |
| | |
0.09%, 3/31/2022 (c) | | | 30,000 | | | | 29,998 | |
| | |
0.07%, 4/5/2022 (c) | | | 150,000 | | | | 149,990 | |
| | |
0.09%, 4/12/2022 (c) | | | 25,000 | | | | 24,997 | |
| | |
0.14%, 4/19/2022 (c) | | | 150,000 | | | | 149,971 | |
| | |
0.06%, 4/21/2022 (c) | | | 100,000 | | | | 99,991 | |
| | |
0.09%, 6/2/2022 (c) | | | 25,000 | | | | 24,994 | |
| | | | | | | | |
| | |
Total U.S. Treasury Obligations
(Cost $1,364,926) | | | | | | | 1,364,926 | |
| | | | | | | | |
| | |
Total Short-Term Investments
(Cost $1,364,926) | | | | | | | 1,364,926 | |
| | | | | | | | |
Total Investments — 97.6%
(Cost $1,677,058) * | | | | | | | 1,677,058 | |
Other Assets Less Liabilities — 2.4% | | | | | | | 41,714 | |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | | 1,718,772 | |
| | | | | | | | |
Percentages indicated are based on net assets.
Abbreviations
| | |
| DN | | Discount Notes |
| FHLB | | Federal Home Loan Bank |
| SOFR | | Secured Overnight Financing Rate |
| |
| (a) | | The date shown represents the earliest of the next put date, next demand date or final maturity date. |
| (b) | | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of February 28, 2022. |
| (c) | | The rate shown is the effective yield as of February 28, 2022. |
| * | | The cost of securities is substantially the same for federal income tax purposes. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 46 | | | | | | | | J.P. MORGAN MONEY MARKET FUNDS | | FEBRUARY 28, 2022 |
JPMorgan 100% U.S. Treasury Securities Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE ($000) | |
U.S. Treasury Obligations — 8.8% | |
| | |
U.S. Treasury Floating Rate Notes | | | | | | | | |
| | |
(US Treasury 3 Month Bill Money Market Yield - 0.02%), 0.37%, 3/1/2022 (b) | | | 2,800,000 | | | | 2,801,221 | |
| | |
(US Treasury 3 Month Bill Money Market Yield + 0.03%), 0.41%, 3/1/2022 (b) | | | 155,000 | | | | 155,034 | |
| | |
(US Treasury 3 Month Bill Money Market Yield + 0.04%), 0.42%, 3/1/2022 (b) | | | 350,000 | | | | 350,232 | |
| | |
(US Treasury 3 Month Bill Money Market Yield + 0.06%), 0.44%, 3/1/2022 (b) | | | 1,878,190 | | | | 1,878,125 | |
| | |
(US Treasury 3 Month Bill Money Market Yield + 0.11%), 0.49%, 3/1/2022 (b) | | | 150,000 | | | | 149,994 | |
| | |
U.S. Treasury Notes | | | | | | | | |
| | |
2.38%, 3/15/2022 | | | 100,000 | | | | 100,088 | |
| | |
0.38%, 3/31/2022 | | | 1,254,000 | | | | 1,254,285 | |
| | |
1.75%, 3/31/2022 | | | 125,000 | | | | 125,173 | |
| | |
1.88%, 4/30/2022 | | | 200,000 | | | | 200,542 | |
| | |
0.13%, 5/31/2022 | | | 125,000 | | | | 125,017 | |
| | |
1.75%, 5/31/2022 | | | 175,000 | | | | 175,732 | |
| | |
1.88%, 5/31/2022 | | | 200,000 | | | | 200,899 | |
| | |
1.75%, 6/15/2022 | | | 125,000 | | | | 125,609 | |
| | |
0.13%, 7/31/2022 | | | 50,000 | | | | 50,005 | |
| | |
2.00%, 7/31/2022 | | | 350,000 | | | | 352,777 | |
| | | | | | | | |
| | |
Total U.S. Treasury Obligations
(Cost $8,044,733) | | | | | | | 8,044,733 | |
| | | | | | | | |
Short-Term Investments — 96.3% | |
|
U.S. Treasury Obligations — 96.3% | |
| | |
U.S. Treasury Bills | | | | | | | | |
| | |
0.05%, 3/1/2022 (c) | | | 2,224,000 | | | | 2,224,000 | |
| | |
0.05%, 3/3/2022 (c) | | | 75,000 | | | | 75,000 | |
| | |
0.05%, 3/8/2022 (c) | | | 4,060,000 | | | | 4,059,958 | |
| | |
0.06%, 3/10/2022 (c) | | | 3,810,000 | | | | 3,809,949 | |
| | |
0.04%, 3/15/2022 (c) | | | 6,900,000 | | | | 6,899,893 | |
| | |
0.04%, 3/17/2022 (c) | | | 6,733,000 | | | | 6,732,879 | |
| | |
0.08%, 3/22/2022 (c) | | | 6,858,000 | | | | 6,857,696 | |
| | |
0.07%, 3/24/2022 (c) | | | 6,504,000 | | | | 6,503,721 | |
| | |
0.09%, 3/29/2022 (c) | | | 6,000,000 | | | | 5,999,535 | |
| | |
0.09%, 3/31/2022 (c) | | | 3,000,000 | | | | 2,999,787 | |
| | |
0.13%, 4/5/2022 (c) | | | 5,956,050 | | | | 5,955,283 | |
| | |
0.09%, 4/7/2022 (c) | | | 4,000,000 | | | | 3,999,634 | |
| | |
0.20%, 4/12/2022 (c) | | | 6,000,000 | | | | 5,998,609 | |
| | |
0.12%, 4/14/2022 (c) | | | 3,550,000 | | | | 3,549,474 | |
| | |
0.20%, 4/19/2022 (c) | | | 4,975,000 | | | | 4,973,632 | |
| | |
0.15%, 4/21/2022 (c) | | | 1,500,000 | | | | 1,499,677 | |
| | |
0.04%, 4/26/2022 (c) | | | 4,500,000 | | | | 4,498,810 | |
| | |
0.13%, 5/3/2022 (c) | | | 1,500,000 | | | | 1,499,672 | |
| | |
0.04%, 5/5/2022 (c) | | | 1,000,000 | | | | 999,716 | |
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE ($000) | |
| | | | | | | | |
|
U.S. Treasury Obligations — continued | |
| | |
0.14%, 5/10/2022 (c) | | | 1,000,000 | | | | 999,728 | |
| | |
0.18%, 5/12/2022 (c) | | | 2,037,000 | | | | 2,036,271 | |
| | |
0.07%, 5/19/2022 (c) | | | 500,000 | | | | 499,926 | |
| | |
0.28%, 5/26/2022 (c) | | | 1,500,000 | | | | 1,498,982 | |
| | |
0.04%, 6/2/2022 (c) | | | 2,500,000 | | | | 2,498,383 | |
| | |
0.34%, 6/7/2022 (c) | | | 1,000,000 | | | | 999,088 | |
| | |
0.42%, 6/14/2022 (c) | | | 750,000 | | | | 749,090 | |
| | | | | | | | |
| | |
Total U.S. Treasury Obligations
(Cost $88,418,393) | | | | | | | 88,418,393 | |
| | | | | | | | |
| | |
Total Short-Term Investments
(Cost $88,418,393) | | | | | | | 88,418,393 | |
| | | | | | | | |
Total Investments — 105.1%
(Cost $96,463,126) | | | | | | | 96,463,126 | |
Liabilities in Excess of Other Assets — (5.1)% | | | | | | | (4,655,709 | ) |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | | 91,807,417 | |
| | | | | | | | |
Percentages indicated are based on net assets.
| | |
| (a) | | The date shown represents the earliest of the next put date, next demand date or final maturity date. |
| (b) | | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of February 28, 2022. |
| (c) | | The rate shown is the effective yield as of February 28, 2022. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MONEY MARKET FUNDS | | | | | | | | 47 |
JPMorgan Tax Free Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — 58.6% | |
|
Alabama — 0.1% | |
| | |
Mobile County Industrial Development Authority, Pollution Control, Exxon Mobil Corp. Project Rev., VRDO, 0.08%, 3/1/2022 (b) | | | 1,325 | | | | 1,325 | |
| | |
Mobile Downtown Redevelopment Authority, Gulf Opportunity Zone, Austal USA LLC Project Series 2011A, Rev., VRDO, LOC: Bank of America NA, 0.22%, 3/7/2022 (b) (c) | | | 6,970 | | | | 6,970 | |
| | | | | | | | |
| | |
| | | | | | | 8,295 | |
| | | | | | | | |
|
Alaska — 0.1% | |
| | |
Alaska Housing Finance Corp., Home Mortgage | | | | | | | | |
| | |
Series 2007A, Rev., VRDO, LIQ: State Street Bank & Trust, 0.20%, 3/7/2022 (b) | | | 2,920 | | | | 2,920 | |
| | |
Series 2007B, Rev., VRDO, LIQ: State Street Bank & Trust, 0.20%, 3/7/2022 (b) | | | 4,270 | | | | 4,270 | |
| | | | | | | | |
| | |
| | | | | | | 7,190 | |
| | | | | | | | |
|
Arizona — 0.9% | |
| | |
Industrial Development Authority of the City of Phoenix (The), Mayo Clinic Series 2014B, Rev., VRDO, LIQ: Northern Trust Co., 0.06%, 3/1/2022 (b) | | | 22,433 | | | | 22,433 | |
| | |
RBC Municipal Products, Inc. Trust, Floater Certificates Series E-147, Rev., VRDO, LOC: Royal Bank of Canada, 0.23%, 3/7/2022 (b) | | | 21,000 | | | | 21,000 | |
| | |
Salt River Pima-Maricopa Indian Community Rev., VRDO, LOC: Bank of America NA, 0.25%, 3/7/2022 (b) | | | 21,160 | | | | 21,160 | |
| | |
Tender Option Bond Trust Receipts/Certificates Series 2021-XF2944, Rev., VRDO, LOC: Barclays Bank plc, 0.24%, 3/7/2022 (b) (c) | | | 5,215 | | | | 5,215 | |
| | | | | | | | |
| | |
| | | | | | | 69,808 | |
| | | | | | | | |
|
California — 1.1% | |
| | |
California Municipal Finance Authority, Recovery Zone Facility, Chevron USA, Inc., Project | | | | | | | | |
| | |
Series 2010A, Rev., VRDO, 0.06%, 3/1/2022 (b) | | | 11,700 | | | | 11,700 | |
| | |
Series 2010A, Rev., VRDO, 0.06%, 3/1/2022 (b) | | | 5,250 | | | | 5,250 | |
| | |
City of Los Angeles Rev., TRAN, 4.00%, 6/23/2022 | | | 2,750 | | | | 2,782 | |
| | |
County of Los Angeles Rev., TRAN, 4.00%, 6/30/2022 | | | 530 | | | | 536 | |
| | |
County of Sacramento, Special Facilities Apartment, Cessna Aircraft Co. Project Rev., VRDO, LOC: Bank of America NA, 0.23%, 3/7/2022 (b) | | | 7,075 | | | | 7,075 | |
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
|
California — continued | |
| | |
Santa Clara County Housing Authority, Multi-Family Housing, Timberwood Apartments Series 2005B, Rev., VRDO, LOC: Union Bank of California, 0.27%, 3/7/2022 (b) | | | 8,990 | | | | 8,990 | |
| | |
Tender Option Bond Trust Receipts/Certificates | | | | | | | | |
| | |
Series 2020-XF2867, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.22%, 3/7/2022 (b) (c) | | | 8,000 | | | | 8,000 | |
| | |
Series 2018-XF2737, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.23%, 3/7/2022 (b) (c) | | | 5,125 | | | | 5,125 | |
| | |
Series 2018-XM0647, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.23%, 3/7/2022 (b) (c) | | | 8,970 | | | | 8,970 | |
| | |
Series 2019-XM0741, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.23%, 3/7/2022 (b) (c) | | | 6,785 | | | | 6,785 | |
| | |
Series 2021-XF2962, Rev., VRDO, LIQ: Barclays Bank plc, 0.23%, 3/7/2022 (b) (c) | | | 13,700 | | | | 13,700 | |
| | |
Series 2018-ZF0679, Rev., VRDO, LIQ: Bank of America NA, 0.24%, 3/7/2022 (b) (c) | | | 2,350 | | | | 2,350 | |
| | |
Series 2021-ZF1267, Rev., VRDO, LOC: Bank of America NA, 0.27%, 3/7/2022 (b) (c) | | | 4,400 | | | | 4,400 | |
| | | | | | | | |
| | |
| | | | | | | 85,663 | |
| | | | | | | | |
|
Colorado — 2.2% | |
| | |
City of Colorado Springs, Utilities System Improvement | | | | | | | | |
| | |
Series 2009C, Rev., VRDO, LIQ: Sumitomo Mitsui Banking Corp., 0.20%, 3/7/2022 (b) | | | 24,640 | | | | 24,640 | |
| | |
Series 2008-A, Rev., VRDO, LIQ: U.S. Bank NA, 0.21%, 3/7/2022 (b) | | | 10,640 | | | | 10,640 | |
| | |
Colorado Housing and Finance Authority, Multi-Family, Greentree Village Apartments Project Rev., VRDO, LOC: U.S. Bank NA, 0.22%, 3/7/2022 (b) | | | 4,305 | | | | 4,305 | |
| | |
Colorado Housing and Finance Authority, Single Family Mortgage Series 2019D, Class I, Rev., VRDO, AMT, LIQ: Royal Bank of Canada, 0.21%, 3/7/2022 (b) | | | 12,500 | | | | 12,500 | |
| | |
County of Arapahoe, Multi-Family Rental Housing, Hunter’s Run Holdings LP Rev., VRDO, LOC: FHLMC, 0.23%, 3/7/2022 (b) | | | 12,880 | | | | 12,880 | |
| | |
Tender Option Bond Trust Receipts/Certificates | | | | | | | | |
| | |
Series 2019-XF2849, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.23%, 3/7/2022 (b) (c) | | | 4,000 | | | | 4,000 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 48 | | | | | | | | J.P. MORGAN MONEY MARKET FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Colorado — continued | |
| | |
Series 2020-XF1209, GO, VRDO, LIQ: Royal Bank of Canada, 0.23%, 3/7/2022 (b) (c) | | | 7,330 | | | | 7,330 | |
| | |
Series 2020-XF2905, GO, VRDO, AGM, LOC: Barclays Bank plc, 0.24%, 3/7/2022 (b) (c) | | | 5,200 | | | | 5,200 | |
| | |
Series 2020-XX1130, Rev., VRDO, LOC: Barclays Bank plc, 0.24%, 3/7/2022 (b) (c) | | | 7,760 | | | | 7,760 | |
| | |
Series 2016-ZF0467, Rev., VRDO, LOC: Royal Bank of Canada, 0.27%, 3/7/2022 (b) (c) | | | 27,895 | | | | 27,895 | |
| | |
University of Colorado Hospital Authority Series 2018 B, Rev., VRDO, LIQ: TD Bank NA, 0.19%, 3/7/2022 (b) | | | 8,310 | | | | 8,310 | |
| | |
University of Colorado, Hospital Authority | | | | | | | | |
| | |
Series 2018 C, Rev., VRDO, LIQ: TD Bank NA, 0.19%, 3/7/2022 (b) | | | 34,220 | | | | 34,220 | |
| | |
Series B-1, Rev., VRDO, 0.19%, 3/7/2022 (b) | | | 6,840 | | | | 6,840 | |
| | | | | | | | |
| | |
| | | | | | | 166,520 | |
| | | | | | | | |
|
Connecticut — 0.1% | |
| | |
RBC Municipal Products, Inc. Trust, Floater Certificates Series G-3, GO, VRDO, LOC: Royal Bank of Canada, 0.23%, 3/7/2022 (b) | | | 5,000 | | | | 5,000 | |
| | | | | | | | |
|
Delaware — 0.1% | |
| | |
Delaware State Economic Development Authority, YMCA Delaware Project Rev., VRDO, LOC: PNC Bank NA, 0.20%, 3/7/2022 (b) | | | 3,485 | | | | 3,485 | |
| | | | | | | | |
|
District of Columbia — 1.8% | |
| | |
District of Columbia, Medlantic/Helix Issue, Tranche II Series 1998A, Rev., VRDO, LOC: TD Bank NA, 0.19%, 3/7/2022 (b) | | | 19,935 | | | | 19,935 | |
| | |
Metropolitan Washington Airports Authority Aviation | | | | | | | | |
| | |
Subseries 2009D-2, Rev., VRDO, LOC: TD Bank NA, 0.09%, 3/1/2022 (b) | | | 3,995 | | | | 3,995 | |
| | |
Subseries A-1, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.23%, 3/7/2022 (b) | | | 15,405 | | | | 15,405 | |
| | |
Subseries A-3, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.23%, 3/7/2022 (b) | | | 3,200 | | | | 3,200 | |
| | |
RBC Municipal Products, Inc. Trust, Floater Certificates Series E-108, GO, VRDO, LOC: Royal Bank of Canada, 0.23%, 3/7/2022 (b) (c) | | | 50,000 | | | | 50,000 | |
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
|
District of Columbia — continued | |
| | |
Tender Option Bond Trust Receipts/Certificates | | | | | | | | |
| | |
Series 2019-XF0853, Rev., VRDO, LOC: TD Bank NA, 0.25%, 3/7/2022 (b) (c) | | | 23,950 | | | | 23,950 | |
| | |
Series 2019-XG0267, Rev., VRDO, LOC: Bank of America NA, 0.25%, 3/7/2022 (b) (c) | | | 20,700 | | | | 20,700 | |
| | | | | | | | |
| | |
| | | | | | | 137,185 | |
| | | | | | | | |
|
Florida — 3.7% | |
| | |
Alachua County Housing Finance Authority, Multi-Family, Santa Fe Apartments Project Series 2008, Rev., VRDO, LOC: FNMA, 0.20%, 3/7/2022 (b) | | | 1,350 | | | | 1,350 | |
| | |
City of Jacksonville, Health Care Facilities, Baptist Health | | | | | | | | |
| | |
Series 2019B, Rev., VRDO, 0.20%, 3/7/2022 (b) | | | 30,805 | | | | 30,805 | |
| | |
Series 2019C, Rev., VRDO, 0.20%, 3/7/2022 (b) | | | 44,845 | | | | 44,845 | |
| | |
County of Broward, Power and Light Co. Project | | | | | | | | |
| | |
Rev., VRDO, 0.13%, 3/1/2022 (b) | | | 13,625 | | | | 13,625 | |
| | |
Series 2018A, Rev., VRDO, AMT, 0.13%, 3/1/2022 (b) | | | 9,225 | | | | 9,225 | |
| | |
County of Escambia, Gulf Power Co., Project Rev., VRDO, 0.12%, 3/1/2022 (b) | | | 9,300 | | | | 9,300 | |
| | |
County of St. Lucie, Power and Light Co. Project Rev., VRDO, 0.11%, 3/1/2022 (b) | | | 11,465 | | | | 11,465 | |
| | |
Florida Housing Finance Agency, Sun Pointe Cove Apartments Rev., VRDO, FNMA, LIQ: FNMA, 0.20%, 3/7/2022 (b) | | | 8,500 | | | | 8,500 | |
| | |
Florida Housing Finance Corp., Multi-Family Mortgage, Kings Terrace LLC Series 2013B, Rev., VRDO, LIQ: FHLMC, 0.20%, 3/7/2022 (b) | | | 12,000 | | | | 12,000 | |
| | |
Highlands County Health Facilities Authority, Adventist Health System | | | | | | | | |
| | |
Series 2012I-1, Rev., VRDO, 0.19%, 3/7/2022 (b) | | | 3,200 | | | | 3,200 | |
| | |
Series 2012I-2, Rev., VRDO, 0.19%, 3/7/2022 (b) | | | 41,950 | | | | 41,950 | |
| | |
Series 2007A, Rev., VRDO, 0.20%, 3/7/2022 (b) | | | 14,350 | | | | 14,350 | |
| | |
Hillsborough County Industrial Development Authority, Baycare Health System Series 2020C, Rev., VRDO, LOC: TD Bank NA, 0.19%, 3/7/2022 (b) | | | 25,100 | | | | 25,100 | |
| | |
Hillsborough County, Housing Finance Authority, Multi-Family Housing, Brandywine Apartments Rev., VRDO, LOC: Citibank NA, 0.22%, 3/7/2022 (b) | | | 5,705 | | | | 5,705 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MONEY MARKET FUNDS | | | | | | | | 49 |
JPMorgan Tax Free Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Florida — continued | |
| | |
Pinellas County Housing Finance Authority, Booker Creek Apartments Rev., VRDO, LOC: FHLMC, 0.20%, 3/7/2022 (b) | | | 4,070 | | | | 4,070 | |
| | |
Tender Option Bond Trust Receipts/Certificates | | | | | | | | |
| | |
Series 2018-ZM0586, Rev., VRDO, LIQ: Citibank NA, 0.23%, 3/7/2022 (b) (c) | | | 7,500 | | | | 7,500 | |
| | |
Series 2019-XX1109, Rev., VRDO, LIQ: Barclays Bank plc, 0.23%, 3/7/2022 (b) (c) | | | 4,375 | | | | 4,375 | |
| | |
Series 2021-XG0345, Rev., VRDO, LIQ: Wells Fargo Bank NA, 0.23%, 3/7/2022 (b) (c) | | | 9,470 | | | | 9,470 | |
| | |
Series 2020-XG0295, Rev., VRDO, LIQ: Bank of America NA, 0.24%, 3/7/2022 (b) (c) | | | 6,000 | | | | 6,000 | |
| | |
Series 2021-XM0941, Rev., VRDO, LIQ: Bank of America NA, 0.24%, 3/7/2022 (b) (c) | | | 2,000 | | | | 2,000 | |
| | |
Series 2021-XM0942, Rev., VRDO, LIQ: Bank of America NA, 0.24%, 3/7/2022 (b) (c) | | | 3,475 | | | | 3,475 | |
| | |
Series 2019-XG0252, Rev., VRDO, AMBAC, LIQ: Bank of America NA, 0.25%, 3/7/2022 (b) (c) | | | 9,600 | | | | 9,600 | |
| | | | | | | | |
| | |
| | | | | | | 277,910 | |
| | | | | | | | |
|
Georgia — 0.6% | |
| | |
Development Authority of Monroe County (The), Gulf Power Co. Plant Scherer Project Rev., VRDO, 0.11%, 3/1/2022 (b) | | | 14,600 | | | | 14,600 | |
| | |
Development Authority of Monroe County (The), Power and Light Co. Project Rev., VRDO, | | | | | | | | |
| | |
AMT, 0.13%, 3/1/2022 (b) | | | 2,800 | | | | 2,800 | |
| | |
Rev., VRDO, AMT, 0.14%, 3/1/2022 (b) | | | 2,000 | | | | 2,000 | |
| | |
Griffin-Spalding County Development Authority, Industrial Development, Norcom, Inc. Project Rev., VRDO, LOC: Bank of America NA, 0.28%, 3/7/2022 (b) | | | 850 | | | | 850 | |
| | |
Tender Option Bond Trust Receipts/Certificates | | | | | | | | |
| | |
Series 2018-ZF2614, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.23%, 3/7/2022 (b) (c) | | | 6,500 | | | | 6,500 | |
| | |
Series 2017-ZF0589, Rev., VRDO, LIQ: Bank of America NA, 0.24%, 3/7/2022 (b) (c) | | | 3,750 | | | | 3,750 | |
| | |
Series 2018-ZF0656, Rev., VRDO, LIQ: Bank of America NA, 0.24%, 3/7/2022 (b) (c) | | | 6,130 | | | | 6,130 | |
| | |
Series 2021-XL0193, Rev., VRDO, LIQ: Bank of America NA, 0.24%, 3/7/2022 (b) (c) | | | 5,000 | | | | 5,000 | |
| | | | | | | | |
| | |
| | | | | | | 41,630 | |
| | | | | | | | |
|
Hawaii — 0.2% | |
| | |
RBC Municipal Products, Inc. Trust, Floater Certificates Series G-13, GO, VRDO, LOC: Royal Bank of Canada, 0.23%, 3/7/2022 (b) (c) | | | 17,325 | | | | 17,325 | |
| | | | | | | | |
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
|
Idaho — 0.2% | |
| | |
Idaho Health Facilities Authority, Trinity Health Credit Group Series 2013ID, Rev., VRDO, 0.23%, 5/2/2022 (b) | | | 12,000 | | | | 12,000 | |
| | | | | | | | |
|
Illinois — 2.4% | |
| | |
County of Kane, Glenwood School for Boys Rev., VRDO, LOC: Northern Trust Co., 0.24%, 3/7/2022 (b) | | | 3,450 | | | | 3,450 | |
| | |
County of Lake, A L Hansen Manufacturing Co. Project Rev., VRDO, LOC: BMO Harris Bank NA, 0.24%, 3/7/2022 (b) | | | 510 | | | | 510 | |
| | |
County of Lake, Multi-Family Housing, Whispering Oaks Apartments Project Rev., VRDO, LIQ: FHLMC, 0.20%, 3/7/2022 (b) | | | 21,500 | | | | 21,500 | |
| | |
County of Will, ExxonMobil Project Rev., VRDO, 0.11%, 3/1/2022 (b) | | | 3,985 | | | | 3,985 | |
| | |
Illinois Finance Authority, American Youth Hostels Project Rev., VRDO, LOC: BMO Harris Bank NA, 0.20%, 3/7/2022 (b) | | | 2,920 | | | | 2,920 | |
| | |
Illinois Finance Authority, Fenwick High School Project Rev., VRDO, LOC: PNC Bank NA, 0.21%, 3/7/2022 (b) | | | 9,225 | | | | 9,225 | |
| | |
Illinois Finance Authority, Hospital Sisters Services, Inc., Obligated Group Series 2012G, Rev., VRDO, LOC: Bank of Montreal, 0.19%, 3/7/2022 (b) | | | 16,945 | | | | 16,945 | |
| | |
Illinois Finance Authority, St. Ignatius College Prep Rev., VRDO, LOC: PNC Bank NA, 0.19%, 3/7/2022 (b) | | | 9,550 | | | | 9,550 | |
| | |
Illinois Finance Authority, The University of Chicago Medical Center | | | | | | | | |
| | |
Series 2009E-1, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.20%, 3/7/2022 (b) | | | 18,000 | | | | 18,000 | |
| | |
Series 2011B, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.25%, 3/7/2022 (b) | | | 38,820 | | | | 38,820 | |
| | |
Illinois Housing Development Authority, Homeowner Mortgage Series C-3, Rev., VRDO, AMT, LIQ: FHLB, 0.24%, 3/7/2022 (b) | | | 4,400 | | | | 4,400 | |
| | |
Jackson-Union Counties Regional Port District, Port Facility, Enron Transportation Services Rev., VRDO, LOC: Wells Fargo Bank NA, 0.22%, 3/7/2022 (b) | | | 14,200 | | | | 14,200 | |
| | |
RBC Municipal Products, Inc. Trust, Floater Certificates Series E-151, GO, VRDO, LOC: Royal Bank of Canada, 0.24%, 3/7/2022 (b) (c) | | | 32,500 | | | | 32,500 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 50 | | | | | | | | J.P. MORGAN MONEY MARKET FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Illinois — continued | |
| | |
Southwestern Illinois Development Authority, Molinero Inc., Project Rev., VRDO, LOC: BMO Harris Bank NA, 0.20%, 3/7/2022 (b) | | | 4,495 | | | | 4,495 | |
| | |
Tender Option Bond Trust Receipts/Certificates Series 2020-XL0145, Rev., VRDO, LOC: Barclays Bank plc, 0.24%, 3/7/2022 (b) (c) | | | 3,420 | | | | 3,420 | |
| | | | | | | | |
| | |
| | | | | | | 183,920 | |
| | | | | | | | |
|
Indiana — 0.1% | |
| | |
Gary Chicago International Airport Authority, Special Purpose Facilities, Jet Center Project Rev., VRDO, LOC: BMO Harris Bank NA, 0.24%, 3/7/2022 (b) | | | 2,600 | | | | 2,600 | |
| | |
Indiana Finance Authority, Duke Energy Indiana, Inc. Project Series 2009A-5, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.10%, 3/1/2022 (b) | | | 1,250 | | | | 1,250 | |
| | |
Indiana Finance Authority, Parkview Health System, Inc. | | | | | | | | |
| | |
Series 2009B, Rev., VRDO, LOC: Wells Fargo Bank NA, 0.09%, 3/1/2022 (b) | | | 2,050 | | | | 2,050 | |
| | |
Series 2009-C, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.19%, 3/7/2022 (b) | | | 1,875 | | | | 1,875 | |
| | | | | | | | |
| | |
| | | | | | | 7,775 | |
| | | | | | | | |
|
Iowa — 4.1% | |
| | |
City of Chillicothe, Gas and Electric Project Rev., VRDO, 0.21%, 3/7/2022 (b) | | | 6,850 | | | | 6,850 | |
| | |
County of Louisa, Pollution Control, Midwest Power System, Inc. Rev., VRDO, 0.21%, 3/7/2022 (b) | | | 34,700 | | | | 34,700 | |
| | |
Iowa Finance Authority, CJ Bio America, Inc., Project Rev., VRDO, LOC: Korea Development Bank, 0.24%, 3/7/2022 (b) (c) | | | 52,000 | | | | 52,000 | |
| | |
Iowa Finance Authority, Midwestern Disaster Area, Archer-Daniels-Midland Co. Project | | | | | | | | |
| | |
Rev., VRDO, 0.23%, 3/7/2022 (b) | | | 80,395 | | | | 80,395 | |
| | |
Rev., VRDO, 0.23%, 3/7/2022 (b) | | | 41,560 | | | | 41,560 | |
| | |
Iowa Finance Authority, Midwestern Disaster Area, Cargill, Inc. Project Series 2011A, Rev., VRDO, 0.23%, 3/7/2022 (b) | | | 29,100 | | | | 29,100 | |
| | |
Iowa Finance Authority, Multi-Family Housing | | | | | | | | |
| | |
Series A, Rev., VRDO, AMT, LIQ: Wells Fargo Bank NA, 0.22%, 3/7/2022 (b) | | | 11,030 | | | | 11,030 | |
| | |
Series B, Rev., VRDO, AMT, LIQ: Wells Fargo Bank NA, 0.22%, 3/7/2022 (b) | | | 7,875 | | | | 7,875 | |
| | |
Iowa Finance Authority, Single Family Mortgage-Backed Securities Program Rev., VRDO, GNMA/FNMA/FHLMC, LIQ: TD Bank NA, 0.19%, 3/7/2022 (b) | | | 4,100 | | | | 4,100 | |
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
|
Iowa — continued | |
| | |
Series 2018B, Rev., VRDO, GNMA/FNMA/FHLMC, LIQ: TD Bank NA, 0.20%, 3/7/2022 (b) | | | 5,385 | | | | 5,385 | |
| | |
Series 2019B, Rev., VRDO, GNMA/FNMA/FHLMC, LIQ: U.S. Bank NA, 0.20%, 3/7/2022 (b) | | | 15,600 | | | | 15,600 | |
| | |
Series 2019E, Rev., VRDO, GNMA/FNMA/FHLMC, LIQ: TD Bank NA, 0.20%, 3/7/2022 (b) | | | 7,660 | | | | 7,660 | |
| | |
Series 2020B, Rev., VRDO, GNMA/FNMA/FHLMC, LIQ: TD Bank NA, 0.20%, 3/7/2022 (b) | | | 15,500 | | | | 15,500 | |
| | | | | | | | |
| | |
| | | | | | | 311,755 | |
| | | | | | | | |
|
Kansas — 0.2% | |
| | |
RBC Municipal Products, Inc. Trust, Floater Certificates Series G-23, GO, VRDO, LOC: Royal Bank of Canada, 0.23%, 3/7/2022 (b) (c) | | | 12,500 | | | | 12,500 | |
| | | | | | | | |
|
Kentucky — 0.2% | |
| | |
County of Daviess, Scott Paper Co., Project Series 1993A, Rev., VRDO, 0.24%, 3/7/2022 (b) | | | 17,600 | | | | 17,600 | |
| | | | | | | | |
|
Louisiana — 0.0% (d) | |
| | |
Tender Option Bond Trust Receipts/Certificates Series 2019-XM0738, Rev., VRDO, LOC: Royal Bank of Canada, 0.24%, 3/7/2022 (b) | | | 3,245 | | | | 3,245 | |
| | | | | | | | |
|
Maine — 0.9% | |
| | |
City of South Portland, Middle School Project GO, BAN, 0.75%, 4/15/2022 | | | 15,000 | | | | 15,011 | |
| | |
Maine State Housing Authority, Mortgage Purchase | | | | | | | | |
| | |
Series 2005G, Rev., VRDO, AMT, LIQ: Bank of America NA, 0.22%, 3/7/2022 (b) | | | 9,940 | | | | 9,940 | |
| | |
Series 2017D-2, Rev., VRDO, AMT, LIQ: TD Bank NA, 0.23%, 3/7/2022 (b) | | | 42,585 | | | | 42,585 | |
| | | | | | | | |
| | |
| | | | | | | 67,536 | |
| | | | | | | | |
|
Maryland — 1.1% | |
| | |
County of Montgomery, Trinity Health Credit Group Series 2013MD, Rev., VRDO, 0.12%, 3/1/2022 (b) | | | 14,010 | | | | 14,010 | |
| | |
Maryland Community Development Administration, Housing and Community Development Series 2006J, Rev., VRDO, AMT, LIQ: Wells Fargo Bank NA, 0.21%, 3/7/2022 (b) | | | 8,060 | | | | 8,060 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MONEY MARKET FUNDS | | | | | | | | 51 |
JPMorgan Tax Free Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Maryland — continued | |
| | |
Maryland Health and Higher Educational Facilities Authority, Pooled Loan Program Series B, Rev., VRDO, LOC: TD Bank NA, 0.19%, 3/7/2022 (b) | | | 9,550 | | | | 9,550 | |
| | |
Maryland Stadium Authority, Sports Facilities, Football Stadium | | | | | | | | |
| | |
Rev., VRDO, LIQ: Sumitomo Mitsui Banking Corp., 0.21%, 3/7/2022 (b) | | | 16,925 | | | | 16,925 | |
| | |
Tender Option Bond Trust Receipts/Certificates | | | | | | | | |
| | |
Series 2018-XF2581, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.23%, 3/7/2022 (b) (c) | | | 6,485 | | | | 6,485 | |
| | |
Series 2018-ZM0618, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.23%, 3/7/2022 (b) (c) | | | 3,350 | | | | 3,350 | |
| | |
Series 2018-XG0177, Rev., VRDO, LOC: Barclays Bank plc, 0.24%, 3/7/2022 (b) (c) | | | 3,750 | | | | 3,750 | |
| | |
Series 2019-ZF2799, Rev., VRDO, LIQ: Barclays Bank plc, 0.24%, 3/7/2022 (b) (c) | | | 13,485 | | | | 13,485 | |
| | |
Series 2018-XF0605, Rev., VRDO, LIQ: Bank of America NA, 0.25%, 3/7/2022 (b) (c) | | | 3,300 | | | | 3,300 | |
| | |
Series 2018-ZM0596, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.25%, 3/7/2022 (b) (c) | | | 7,500 | | | | 7,500 | |
| | | | | | | | |
| | |
| | | | | | | 86,415 | |
| | | | | | | | |
|
Massachusetts — 1.6% | |
| | |
Massachusetts Development Finance Agency, Boston College Issue Series 2020U, Rev., 5.00%, 7/1/2022 | | | 100 | | | | 101 | |
| | |
Massachusetts Development Finance Agency, First Mortgage Brookhaven Series 2005B, Rev., VRDO, LOC: Bank of America NA, 0.22%, 3/7/2022 (b) | | | 1,300 | | | | 1,300 | |
| | |
Massachusetts Health and Educational Facilities Authority, Baystate Medical Centre Rev., VRDO, LOC: TD Bank NA, 0.07%, 3/1/2022 (b) | | | 11,945 | | | | 11,945 | |
| | |
Massachusetts Health and Educational Facilities Authority, Capital Asset Program | | | | | | | | |
| | |
Series M-4A, Rev., VRDO, LOC: Bank of America NA, 0.21%, 3/7/2022 (b) | | | 950 | | | | 950 | |
| | |
Series M-2, Rev., VRDO, LOC: Bank of America NA, 0.24%, 3/7/2022 (b) | | | 1,145 | | | | 1,145 | |
| | |
Massachusetts Housing Finance Agency, Single Family Housing Series 208, Rev., VRDO, LIQ: Royal Bank of Canada, 0.20%, 3/7/2022 (b) | | | 3,400 | | | | 3,400 | |
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
|
Massachusetts — continued | |
| | |
RBC Municipal Products, Inc. Trust, Floater Certificates Series E-148, GO, VRDO, LOC: Royal Bank of Canada, 0.23%, 3/7/2022 (b) (c) | | | 10,000 | | | | 10,000 | |
| | |
Tender Option Bond Trust Receipts/Certificates | | | | | | | | |
| | |
Series 2018-XF2692, Rev., VRDO, LIQ: Citibank NA, 0.21%, 3/7/2022 (b) | | | 4,190 | | | | 4,190 | |
| | |
Series 2020-XM0915, GO, VRDO, LIQ: Wells Fargo Bank NA, 0.23%, 3/7/2022 (b) (c) | | | 6,750 | | | | 6,750 | |
| | |
Town of Holbrook GO, BAN, 1.50%, 3/17/2022 | | | 8,343 | | | | 8,348 | |
| | |
Town of Millbury GO, BAN, 2.00%, 9/2/2022 | | | 8,953 | | | | 9,035 | |
| | |
Town of Norwood GO, BAN, 1.00%, 6/24/2022 | | | 16,182 | | | | 16,225 | |
| | |
Town of Swampscott GO, BAN, 1.25%, 3/11/2022 | | | 6,455 | | | | 6,457 | |
| | |
Town of Westborough GO, BAN, 2.00%, 3/29/2022 | | | 38,367 | | | | 38,421 | |
| | | | | | | | |
| | |
| | | | | | | 118,267 | |
| | | | | | | | |
|
Michigan — 3.0% | |
| | |
Michigan Finance Authority, Trinity Health Credit Group Series MI-1, Rev., VRDO, 0.12%, 3/1/2022 (b) | | | 13,950 | | | | 13,950 | |
| | |
Michigan State Housing Development Authority, Rental Housing | | | | | | | | |
| | |
Series 2016C, Rev., VRDO, AMT, LIQ: Royal Bank of Canada, 0.22%, 3/7/2022 (b) | | | 51,615 | | | | 51,615 | |
| | |
Series 2016D, Rev., VRDO, AMT, LOC: Bank of America NA, 0.22%, 3/7/2022 (b) | | | 18,035 | | | | 18,035 | |
| | |
Series 2016E, Rev., VRDO, AMT, LIQ: UBS AG, 0.22%, 3/7/2022 (b) | | | 4,285 | | | | 4,285 | |
| | |
Series 2018C, Rev., VRDO, AMT, LOC: Bank of America NA, 0.22%, 3/7/2022 (b) | | | 18,945 | | | | 18,945 | |
| | |
Series 2002A, Rev., VRDO, AMT, LOC: Bank of America NA, 0.23%, 3/7/2022 (b) | | | 19,860 | | | | 19,860 | |
| | |
Michigan State Housing Development Authority, Single Family Mortgage Series 2007E, Rev., VRDO, AMT, LIQ: Royal Bank of Canada, 0.22%, 3/7/2022 (b) | | | 22,975 | | | | 22,975 | |
| | |
Rib Floater Trust Various States Series 2018-009, Rev., VRDO, LOC: Barclays Bank plc, 0.24%, 3/7/2022 (b) (c) | | | 40,950 | | | | 40,950 | |
| | |
Tender Option Bond Trust Receipts/Certificates | | | | | | | | |
| | |
Series 2017-XF0597, Rev., VRDO, LIQ: Royal Bank of Canada, 0.23%, 3/7/2022 (b) | | | 3,000 | | | | 3,000 | |
| | |
Series 2017-XG0158, Rev., VRDO, LIQ: Bank of America NA, 0.23%, 3/7/2022 (b) (c) | | | 4,075 | | | | 4,075 | |
| | |
Series 2018-XG0186, Rev., VRDO, LIQ: Bank of America NA, 0.23%, 3/7/2022 (b) (c) | | | 21,540 | | | | 21,540 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 52 | | | | | | | | J.P. MORGAN MONEY MARKET FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Michigan — continued | |
| | |
Series 2022-ZF1278, Rev., VRDO, LIQ: Royal Bank of Canada, 0.23%, 3/7/2022 (b) (c) | | | 7,500 | | | | 7,500 | |
| | | | | | | | |
| | |
| | | | | | | 226,730 | |
| | | | | | | | |
|
Minnesota — 0.9% | |
| | |
Minnesota Housing Finance Agency, Residential Housing Finance | | | | | | | | |
| | |
Series 2015G, Rev., VRDO, AMT, LIQ: Royal Bank of Canada, 0.20%, 3/7/2022 (b) | | | 845 | | | | 845 | |
| | |
Series 2017F, Rev., VRDO, AMT, GNMA/FNMA/FHLMC, LIQ: Royal Bank of Canada, 0.20%, 3/7/2022 (b) | | | 31,100 | | | | 31,100 | |
| | |
Series 2016F, Rev., VRDO, AMT, GNMA/FNMA/FHLMC COLL, LIQ: FHLB, 0.22%, 3/7/2022 (b) | | | 31,850 | | | | 31,850 | |
| | |
Series 2017-C, Rev., VRDO, AMT, GNMA/FNMA/FHLMC COLL, LIQ: FHLB, 0.22%, 3/7/2022 (b) | | | 4,600 | | | | 4,600 | |
| | | | | | | | |
| | |
| | | | | | | 68,395 | |
| | | | | | | | |
|
Mississippi — 0.2% | |
| | |
Mississippi Business Finance Corp., Gulf Opportunity Zone Industrial Development, Chevron USA, Inc. Project | | | | | | | | |
| | |
Series 2007B, Rev., VRDO, 0.08%, 3/1/2022(b) | | | 2,275 | | | | 2,275 | |
| | |
Series 2009A, Rev., VRDO, 0.08%, 3/1/2022(b) | | | 2,235 | | | | 2,235 | |
| | |
Series 2010K, Rev., VRDO, 0.08%, 3/1/2022(b) | | | 2,305 | | | | 2,305 | |
| | |
Series 2011D, Rev., VRDO, 0.08%, 3/1/2022(b) | | | 1,350 | | | | 1,350 | |
| | |
Series 2010A, Rev., VRDO, 0.21%, 3/7/2022(b) | | | 10,000 | | | | 10,000 | |
| | | | | | | | |
| | |
| | | | | | | 18,165 | |
| | | | | | | | |
|
Missouri — 1.4% | |
| | |
Health and Educational Facilities Authority of the State of Missouri, BJC Health System Series C, Rev., VRDO, LIQ: BJC Health System, 0.19%, 3/7/2022 (b) | | | 7,180 | | | | 7,180 | |
| | |
Health and Educational Facilities Authority of the State of Missouri, SSM Healthcare Series 2014F, Rev., VRDO, 0.19%, 3/7/2022 (b) | | | 26,800 | | | | 26,800 | |
| | |
Industrial Development Authority of the City of St. Louis Missouri (The), Mid-America Transplant Services Project Rev., VRDO, LOC: BMO Harris Bank NA, 0.08%, 3/1/2022 (b) | | | 520 | | | | 520 | |
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
|
Missouri — continued | |
| | |
Industrial Development Authority of the City of St. Louis Missouri (The), Parkview Health System Obligated Group Rev., VRDO, LOC: FHLMC, 0.20%, 3/7/2022 (b) | | | 1,550 | | | | 1,550 | |
| | |
RBC Municipal Products, Inc. Trust, Floater Certificates | | | | | | | | |
| | |
Series C17, Rev., VRDO, LOC: Royal Bank of Canada, 0.24%, 3/7/2022 (b) | | | 14,000 | | | | 14,000 | |
| | |
Series C-16, Rev., VRDO, LOC: Royal Bank of Canada, 0.25%, 3/7/2022 (b) | | | 25,050 | | | | 25,050 | |
| | |
Tender Option Bond Trust Receipts/Certificates | | | | | | | | |
| | |
Series 2021-XF1214, Rev., VRDO, LIQ: Royal Bank of Canada, 0.23%, 3/7/2022 (b) (c) | | | 2,000 | | | | 2,000 | |
| | |
Series 2020-XG0300, Rev., VRDO, LIQ: Bank of America NA, 0.24%, 3/7/2022 (b) (c) | | | 7,500 | | | | 7,500 | |
| | |
Series 2020-XG0303, Rev., VRDO, AGM, LOC: Barclays Bank plc, 0.24%, 3/7/2022 (b) (c) | | | 12,605 | | | | 12,605 | |
| | |
Series 2018-XG0184, Rev., VRDO, LOC: Citibank NA, 0.25%, 3/7/2022 (b) | | | 5,000 | | | | 5,000 | |
| | | | | | | | |
| | |
| | | | | | | 102,205 | |
| | | | | | | | |
|
Nebraska — 0.4% | |
| | |
County of Washington, Cargill, Inc., Recovery Zone Facility Project Series 2010B, Rev., VRDO, 0.23%, 3/7/2022 (b) | | | 9,800 | | | | 9,800 | |
| | |
Tender Option Bond Trust Receipts/Certificates | | | | | | | | |
| | |
Series 2021-XL0174, Rev., VRDO, LIQ: Bank of America NA, 0.22%, 3/7/2022 (b) (c) | | | 16,000 | | | | 16,000 | |
| | |
Series 2018-XF2558, Rev., VRDO, LIQ: TD Bank NA, 0.25%, 3/7/2022(b) | | | 8,000 | | | | 8,000 | |
| | | | | | | | |
| | |
| | | | | | | 33,800 | |
| | | | | | | | |
|
Nevada — 0.8% | |
| | |
County of Clark, Industrial Development, Southwest Gas Corp. Project | | | | | | | | |
| | |
Series 2003A, Rev., VRDO, AMT, LOC: Wells Fargo Bank NA, 0.22%, 3/7/2022 (b) | | | 11,700 | | | | 11,700 | |
| | |
Series 2008A, Rev., VRDO, AMT, LOC: MUFG Union Bank NA, 0.23%, 3/7/2022 (b) | | | 30,000 | | | | 30,000 | |
| | |
Nevada Housing Division, Multi-Unit Housing Series 2000A, Rev., VRDO, LOC: FNMA, 0.19%, 3/7/2022 (b) | | | 6,950 | | | | 6,950 | |
| | |
RBC Municipal Products, Inc. Trust, Floater Certificates Series 2019-G98, GO, VRDO, LOC: Royal Bank of Canada, 0.23%, 3/7/2022 (b) | | | 4,750 | | | | 4,750 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MONEY MARKET FUNDS | | | | | | | | 53 |
JPMorgan Tax Free Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Nevada — continued | |
| | |
Tender Option Bond Trust Receipts/Certificates Series 2020-XM0866, Rev., VRDO, LOC: Royal Bank of Canada, 0.24%, 3/7/2022 (b) | | | 5,000 | | | | 5,000 | |
| | | | | | | | |
| | |
| | | | | | | 58,400 | |
| | | | | | | | |
|
New Jersey — 2.4% | |
| | |
Borough of Beachwood, General Improvement Water Utility Series 2021A, GO, BAN, 1.00%, 3/3/2022 | | | 15,326 | | | | 15,327 | |
| | |
City of Englewood GO, BAN, 1.00%, 3/23/2022 | | | 8,908 | | | | 8,912 | |
| | |
Rib Floater Trust Various States Series 2018-020, Rev., VRDO, LIQ: Barclays Bank plc, 0.25%, 3/7/2022 (b) (c) | | | 41,825 | | | | 41,825 | |
| | |
Tender Option Bond Trust Receipts/Certificates | | | | | | | | |
| | |
Series 2021-XM0943, Rev., VRDO, LIQ: Bank of America NA, 0.23%, 3/7/2022 (b) (c) | | | 5,000 | | | | 5,000 | |
| | |
Series 2022-XF2978, Rev., VRDO, LIQ: Barclays Bank plc, 0.23%, 3/7/2022 (b) (c) | | | 8,000 | | | | 8,000 | |
| | |
Series 2018-XX1093, Rev., VRDO, LOC: Barclays Bank plc, 0.24%, 3/7/2022 (b) (c) | | | 9,300 | | | | 9,300 | |
| | |
Township of Maplewood GO, BAN, 1.00%, 7/29/2022 | | | 8,900 | | | | 8,932 | |
| | |
Township of Woodbridge, Housing, Sewer and Parking Utility GO, BAN, 1.00%, 3/18/2022 | | | 83,605 | | | | 83,637 | |
| | | | | | | | |
| | |
| | | | | | | 180,933 | |
| | | | | | | | |
|
New Mexico — 0.2% | |
| | |
New Mexico Mortgage Finance Authority Series 2008-B, Rev., VRDO, LOC: FHLMC, 0.20%, 3/7/2022 (b) | | | 2,675 | | | | 2,675 | |
| | |
University of New Mexico (The), Subordinate Lien System Series 2002C, Rev., VRDO, LIQ: U.S. Bank NA, 0.21%, 3/7/2022 (b) | | | 11,835 | | | | 11,835 | |
| | | | | | | | |
| | |
| | | | | | | 14,510 | |
| | | | | | | | |
|
New York — 9.0% | |
| | |
City of New York, Fiscal Year 2012 Series D, Subseries D-3A, GO, VRDO, LIQ: Bank of New York Mellon Corp. (The), 0.08%, 3/1/2022 (b) | | | 370 | | | | 370 | |
| | |
Gorham-Middlesex Central School District GO, BAN, 1.00%, 6/23/2022 | | | 29,796 | | | | 29,873 | |
| | |
Horseheads Central School District GO, BAN, 1.00%, 6/23/2022 | | | 82,328 | | | | 82,546 | |
| | |
Johnson City Central School District Series 2021A, GO, BAN, 1.00%, 6/28/2022 | | | 22,000 | | | | 22,059 | |
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
|
New York — continued | |
| | |
Metropolitan Transportation Authority Subseries 2012G-2, Rev., VRDO, LOC: TD Bank NA, 0.19%, 3/7/2022 (b) | | | 11,610 | | | | 11,610 | |
| | |
Metropolitan Transportation Authority, Dedicated Tax Fund | | | | | | | | |
| | |
Series 2008A-1, Rev., VRDO, LOC: TD Bank NA, 0.09%, 3/1/2022 (b) | | | 200 | | | | 200 | |
| | |
Series 2008A-2B, Rev., VRDO, LOC: PNC Bank NA, 0.19%, 3/7/2022 (b) | | | 18,555 | | | | 18,555 | |
| | |
Subseries 2008B-3C, Rev., VRDO, LOC: PNC Bank NA, 0.19%, 3/7/2022 (b) | | | 13,370 | | | | 13,370 | |
| | |
New York City Housing Development Corp., Multi-Family Rental Housing, West 89th Street Development Series 2000A, Rev., VRDO, LOC: FNMA, 0.19%, 3/7/2022 (b) | | | 3,830 | | | | 3,830 | |
| | |
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2013 Subseries C-5, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.21%, 3/7/2022 (b) | | | 5,000 | | | | 5,000 | |
| | |
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2014 Subseries D-3, Rev., VRDO, LIQ: Mizuho Bank Ltd., 0.11%, 3/1/2022 (b) | | | 4,365 | | | | 4,365 | |
| | |
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2015 Subseries A-3, Rev., VRDO, LIQ: Mizuho Bank Ltd., 0.09%, 3/1/2022 (b) | | | 1,970 | | | | 1,970 | |
| | |
New York City Water and Sewer System, Fiscal Year 2003 Subseries F-1-A, Rev., VRDO, LIQ: Barclays Bank plc, 0.19%, 3/7/2022 (b) | | | 14,595 | | | | 14,595 | |
| | |
New York City Water and Sewer System, Fiscal Year 2012 Subseries 2012A-2, Rev., VRDO, LIQ: Mizuho Bank Ltd., 0.07%, 3/1/2022 (b) | | | 4,725 | | | | 4,725 | |
| | |
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2008 | | | | | | | | |
| | |
Series 2008-BB-5, Rev., VRDO, LIQ: Bank of America NA, 0.07%, 3/1/2022 (b) | | | 9,425 | | | | 9,425 | |
| | |
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2014 Series AA, Subseries AA1, Rev., VRDO, LIQ: TD Bank NA, 0.09%, 3/1/2022 (b) | | | 5,250 | | | | 5,250 | |
| | |
New York State Energy Research and Development Authority, Consolidated Edison Co. of New York, Inc. Project Subseries A-3, Rev., VRDO, LOC: Mizuho Bank Ltd., 0.18%, 3/7/2022 (b) | | | 920 | | | | 920 | |
| | |
Subseries 2004C-2, Rev., VRDO, LOC: Mizuho Bank Ltd., 0.22%, 3/7/2022 (b) | | | 18,785 | | | | 18,785 | |
| | |
New York State Housing Finance Agency, 330 Riverdale Avenue Apartments Series 2008A, Rev., VRDO, LOC: Bank of America NA, 0.21%, 3/7/2022 (b) | | | 9,435 | | | | 9,435 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 54 | | | | | | | | J.P. MORGAN MONEY MARKET FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
New York — continued | |
| | |
New York State Housing Finance Agency, 360 West 43rd Street Housing Series A, Rev., VRDO, LOC: FNMA, 0.19%, 3/7/2022 (b) | | | 2,400 | | | | 2,400 | |
| | |
New York State Housing Finance Agency, Tribeca Pointe LLC Series A, Rev., VRDO, LOC: FNMA, 0.19%, 3/7/2022 (b) | | | 1,500 | | | | 1,500 | |
| | |
New York State Housing Finance Agency, Weyant Green Apartments Series 2007A, Rev., VRDO, LOC: FNMA, 0.21%, 3/7/2022 (b) | | | 100 | | | | 100 | |
| | |
New York State Housing Finance Agency, Worth Street, 23rd Chelsea Assocs LLC | | | | | | | | |
| | |
Series A, Rev., VRDO, LOC: FNMA, 0.19%, 3/7/2022 (b) | | | 3,400 | | | | 3,400 | |
| | |
Series A, Rev., VRDO, LOC: FNMA, 0.19%, 3/7/2022 (b) | | | 2,100 | | | | 2,100 | |
| | |
Phoenix Central School District GO, BAN, 1.00%, 6/30/2022 | | | 26,215 | | | | 26,286 | |
| | |
RBC Municipal Products, Inc. Trust, Floater Certificates | | | | | | | | |
| | |
Series E-24, Rev., VRDO, LOC: Royal Bank of Canada, 0.11%, 3/1/2022 (b) (c) | | | 17,605 | | | | 17,605 | |
| | |
Series 2018-E-129, Rev., VRDO, LOC: Royal Bank of Canada, 0.23%, 3/7/2022 (b) | | | 35,000 | | | | 35,000 | |
| | |
Series 2019E-137, Rev., VRDO, LOC: Royal Bank of Canada, 0.23%, 3/7/2022 (b) | | | 9,900 | | | | 9,900 | |
| | |
Series E-146, Rev., VRDO, LOC: Royal Bank of Canada, 0.23%, 3/7/2022 (b) | | | 41,225 | | | | 41,225 | |
| | |
Series E-86, GO, VRDO, LOC: Royal Bank of Canada, 0.23%, 3/7/2022 (b) (c) | | | 19,165 | | | | 19,165 | |
| | |
Series E-87, GO, VRDO, LOC: Royal Bank of Canada, 0.23%, 3/7/2022 (b) (c) | | | 14,600 | | | | 14,600 | |
| | |
Series E-88, GO, VRDO, LOC: Royal Bank of Canada, 0.23%, 3/7/2022 (b) (c) | | | 25,835 | | | | 25,835 | |
| | |
Series E-99, Rev., VRDO, LOC: Royal Bank of Canada, 0.23%, 3/7/2022 (b) (c) | | | 27,000 | | | | 27,000 | |
| | |
Series 2018-E-126, Rev., VRDO, LOC: Royal Bank of Canada, 0.25%, 3/7/2022 (b) | | | 35,000 | | | | 35,000 | |
| | |
Rome City School District GO, BAN, 1.50%, 7/27/2022 | | | 14,065 | | | | 14,142 | |
| | |
South Lewis Central School District GO, BAN, 1.00%, 7/29/2022 | | | 36,490 | | | | 36,621 | |
| | |
Tender Option Bond Trust Receipts/Certificates | | | | | | | | |
| | |
Series 2020-XG0272, Rev., VRDO, LIQ: Bank of America NA, 0.23%, 3/7/2022 (b) (c) | | | 12,000 | | | | 12,000 | |
| | |
Series 2020-YX1158, Rev., VRDO, LIQ: Barclays Bank plc, 0.23%, 3/7/2022 (b) (c) | | | 6,740 | | | | 6,740 | |
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
|
New York — continued | |
| | |
Series 2021-XF2932, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.23%, 3/7/2022 (b) (c) | | | 8,950 | | | | 8,950 | |
| | |
Series 2021-XL0165, GO, VRDO, LIQ: Bank of America NA, 0.23%, 3/7/2022 (b) (c) | | | 4,445 | | | | 4,445 | |
| | |
Series 2021-XM0933, GO, VRDO, LIQ: Bank of America NA, 0.23%, 3/7/2022 (b) (c) | | | 6,000 | | | | 6,000 | |
| | |
Series 2021-XM0937, GO, VRDO, LIQ: Bank of America NA, 0.23%, 3/7/2022 (b) (c) | | | 2,905 | | | | 2,905 | |
| | |
Series 2021-ZF1248, Rev., VRDO, LIQ: Royal Bank of Canada, 0.23%, 3/7/2022 (b) (c) | | | 2,055 | | | | 2,055 | |
| | |
Series 2022-XX1172, Rev., VRDO, LIQ: Barclays Bank plc, 0.23%, 3/7/2022 (b) (c) | | | 16,250 | | | | 16,250 | |
| | |
Series 2016-ZF0381, Rev., VRDO, LIQ: TD Bank NA, 0.24%, 3/7/2022 (b) (c) | | | 4,370 | | | | 4,370 | |
| | |
Series 2018-XF0685, Rev., VRDO, LIQ: TD Bank NA, 0.24%, 3/7/2022 (b) (c) | | | 20,000 | | | | 20,000 | |
| | |
Series 2020-XF2878, Rev., VRDO, LOC: Barclays Bank plc, 0.24%, 3/7/2022 (b) (c) | | | 16,730 | | | | 16,730 | |
| | |
Series 2020-XF2903, Rev., VRDO, LOC: Barclays Bank plc, 0.24%, 3/7/2022 (b) (c) | | | 13,600 | | | | 13,600 | |
| | | | | | | | |
| | |
| | | | | | | 682,807 | |
| | | | | | | | |
|
North Carolina — 0.7% | |
| | |
City of Raleigh, Downtown Improvement Projects Series 2005-B-1, COP, VRDO, LIQ: PNC Bank NA, 0.20%, 3/7/2022 (b) | | | 26,700 | | | | 26,700 | |
| | |
North Carolina Medical Care Commission, Moses Cone Health System Series 2001B, Rev., VRDO, LIQ: Bank of Montreal, 0.09%, 3/1/2022 (b) | | | 3,800 | | | | 3,800 | |
| | |
Person County Industrial Facilities and Pollution Control Financing Authority, Recovery Zone Facility, Certainteed Gypsum, Inc. Rev., VRDO, LOC: Credit Industriel et Commercial, 0.24%, 3/7/2022 (b) | | | 23,885 | | | | 23,885 | |
| | |
University of North Carolina, Hospital at Chapel Hill Series 2001 B, Rev., VRDO, LIQ: TD Bank NA, 0.09%, 3/1/2022 (b) | | | 1,300 | | | | 1,300 | |
| | | | | | | | |
| | |
| | | | | | | 55,685 | |
| | | | | | | | |
|
Ohio — 1.4% | |
| | |
City of Blue Ash, Economic Development, Ursuline Academy of Cincinnati Project Rev., VRDO, LOC: PNC Bank NA, 0.21%, 3/7/2022 (b) | | | 200 | | | | 200 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MONEY MARKET FUNDS | | | | | | | | 55 |
JPMorgan Tax Free Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Ohio — continued | |
| | |
County of Franklin, CHE Trinity Health Credit Group Series 2013OH, Rev., VRDO, 0.23%, 5/2/2022 (b) | | | 18,000 | | | | 18,000 | |
| | |
County of Hamilton, Hospital Facilities, The Elizabeth Gamble Deaconess Home Association Series 2002B, Rev., VRDO, LOC: PNC Bank NA, 0.19%, 3/7/2022 (b) | | | 7,500 | | | | 7,500 | |
| | |
RBC Municipal Products, Inc. Trust, Floater Certificates | | | | | | | | |
| | |
Series 2019-E132, Rev., VRDO, LOC: Royal Bank of Canada, 0.23%, 3/7/2022 (b) | | | 42,350 | | | | 42,350 | |
| | |
Series 2019-E-134, Rev., VRDO, LOC: Royal Bank of Canada, 0.23%, 3/7/2022 (b) | | | 11,870 | | | | 11,870 | |
| | |
Series G-30, GO, VRDO, LOC: Royal Bank of Canada, 0.23%, 3/7/2022 (b) | | | 3,905 | | | | 3,905 | |
| | |
State of Ohio, University Hospitals Health System, Inc. Series 2018 B, Rev., VRDO, LOC: PNC Bank NA, 0.19%, 3/7/2022 (b) | | | 5,470 | | | | 5,470 | |
| | |
Tender Option Bond Trust Receipts/Certificates | | | | | | | | |
| | |
Series 2021-ZF2950, Rev., VRDO, LIQ: Barclays Bank plc, 0.23%, 3/7/2022 (b) (c) | | | 4,410 | | | | 4,410 | |
| | |
Series 2021-ZF2951, Rev., VRDO, LIQ: Barclays Bank plc, 0.23%, 3/7/2022 (b) (c) | | | 4,385 | | | | 4,385 | |
| | |
Series 2020-XF2889, Rev., VRDO, LOC: Barclays Bank plc, 0.24%, 3/7/2022 (b) (c) | | | 4,705 | | | | 4,705 | |
| | | | | | | | |
| | |
| | | | | | | 102,795 | |
| | | | | | | | |
|
Oklahoma — 0.2% | |
| | |
RBC Municipal Products, Inc. Trust, Floater Certificates Series E-140, Rev., VRDO, LOC: Royal Bank of Canada, 0.23%, 3/7/2022 (b) | | | 12,400 | | | | 12,400 | |
| | | | | | | | |
|
Oregon — 0.1% | |
| | |
Tender Option Bond Trust Receipts/Certificates Series 2018-ZM0637, Rev., VRDO, LIQ: Royal Bank of Canada, 0.23%, 3/7/2022 (b) | | | 7,500 | | | | 7,500 | |
| | | | | | | | |
|
Other — 1.5% | |
| | |
Eagle Tax-Exempt Trust Series 0055F, Class A, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.20%, 3/7/2022 (b) (c) | | | 14,000 | | | | 14,000 | |
| | |
FHLMC, Multi-Family VRD Certificates | | | | | | | | |
| | |
Series M019, Class A, Rev., VRDO, LIQ: FHLMC, 0.23%, 3/7/2022 (b) (c) | | | 30,536 | | | | 30,536 | |
| | |
Series M020, Class A, Rev., VRDO, LIQ: FHLMC, 0.23%, 3/7/2022 (b) (c) | | | 3,130 | | | | 3,130 | |
| | |
Series M021, Class A, Rev., VRDO, LIQ: FHLMC, 0.23%, 3/7/2022 (b) (c) | | | 36,510 | | | | 36,510 | |
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
|
Other — continued | |
| | |
Series M025, Class A, Rev., VRDO, LIQ: FHLMC, 0.24%, 3/7/2022 (b) (c) | | | 18,220 | | | | 18,220 | |
| | |
Series M026, Class A, Rev., VRDO, LIQ: FHLMC, 0.24%, 3/7/2022 (b) (c) | | | 8,530 | | | | 8,530 | |
| | | | | | | | |
| | |
| | | | | | | 110,926 | |
| | | | | | | | |
|
Pennsylvania — 4.9% | |
| | |
County of Allegheny | | | | | | | | |
| | |
Series 2000C-50, GO, VRDO, LOC: PNC Bank NA, 0.19%, 3/7/2022 (b) | | | 24,360 | | | | 24,360 | |
| | |
Series C-51, GO, VRDO, LOC: PNC Bank NA, 0.19%, 3/7/2022 (b) | | | 12,000 | | | | 12,000 | |
| | |
Delaware Valley Regional Finance Authority, Local Government | | | | | | | | |
| | |
Series 2020A, Rev., VRDO, LOC: TD Bank NA, 0.19%, 3/7/2022 (b) | | | 25,150 | | | | 25,150 | |
| | |
Series 2020D, Rev., VRDO, LOC: TD Bank NA, 0.19%, 3/7/2022 (b) | | | 26,510 | | | | 26,510 | |
| | |
Montgomery County Redevelopment Authority, Multi-Family Housing, Brookside Manors Apartments Project Series 2001A, Rev., VRDO, LOC: FNMA, 0.20%, 3/7/2022 (b) | | | 17,110 | | | | 17,110 | |
| | |
Montgomery County Redevelopment Authority, Multi-Family Housing, Kingswood Apartments Project Series 2001A, Rev., VRDO, LOC: FNMA, 0.26%, 3/7/2022 (b) | | | 17,080 | | | | 17,080 | |
| | |
Pennsylvania Higher Educational Facilities Authority, Susquehanna University Project Series 2001 H9, Rev., VRDO, LOC: PNC Bank NA, 0.19%, 3/7/2022 (b) | | | 3,100 | | | | 3,100 | |
| | |
Pennsylvania Housing Finance Agency, Single Family Mortgage | | | | | | | | |
| | |
Series 2020-132B, Rev., VRDO, LIQ: TD Bank NA, 0.19%, 3/7/2022 (b) | | | 12,075 | | | | 12,075 | |
| | |
Series 2004-86B, Rev., VRDO, AMT, LIQ: TD Bank NA, 0.23%, 3/7/2022 (b) | | | 15,125 | | | | 15,125 | |
| | |
Pennsylvania Turnpike Commission | | | | | | | | |
| | |
Series 2020A, Rev., VRDO, LOC: Barclays Bank plc, 0.19%, 3/7/2022 (b) | | | 18,475 | | | | 18,475 | |
| | |
Series 2019-2, Rev., VRDO, LOC: TD Bank NA, 0.20%, 3/7/2022 (b) | | | 25,050 | | | | 25,050 | |
| | |
Philadelphia Gas Works Co. Series D, Rev., VRDO, LOC: TD Bank NA, 0.20%, 3/7/2022 (b) | | | 3,560 | | | | 3,560 | |
| | |
Philadelphia Gas Works Co. 1998 General Ordinance Series B, Rev., VRDO, LOC: TD Bank NA, 0.20%, 3/7/2022 (b) | | | 18,115 | | | | 18,115 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 56 | | | | | | | | J.P. MORGAN MONEY MARKET FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Pennsylvania — continued | |
| | |
RBC Municipal Products, Inc. Trust, Floater Certificates | | | | | | | | |
| | |
Series E-111, Rev., VRDO, LOC: Royal Bank of Canada, 0.11%, 3/1/2022 (b) (c) | | | 635 | | | | 635 | |
| | |
Series E-101, Rev., VRDO, LOC: Royal Bank of Canada, 0.23%, 3/7/2022 (b) (c) | | | 103,050 | | | | 103,050 | |
| | |
Tender Option Bond Trust Receipts/Certificates | | | | | | | | |
| | |
Series 2019-ZF2779, Rev., VRDO, LIQ: Barclays Bank plc, 0.23%, 3/7/2022 (b) (c) | | | 5,070 | | | | 5,070 | |
| | |
Series 2018-XG0201, Rev., VRDO, GTD, LOC: Barclays Bank plc, 0.24%, 3/7/2022 (b) (c) | | | 45,000 | | | | 45,000 | |
| | | | | | | | |
| | |
| | | | | | | 371,465 | |
| | | | | | | | |
|
Rhode Island — 0.0% (d) | |
| | |
Rhode Island Health and Educational Building Corp., Educational Institution, International Institute of Rhode Island Rev., VRDO, LOC: Bank of America NA, 0.23%, 3/7/2022 (b) | | | 1,210 | | | | 1,210 | |
| | |
Rhode Island Industrial Facilities Corp., Marine Terminal, ExxonMobil Project Rev., VRDO, 0.08%, 3/1/2022 (b) | | | 1,395 | | | | 1,395 | |
| | | | | | | | |
| | |
| | | | | | | 2,605 | |
| | | | | | | | |
|
South Carolina — 1.2% | |
| | |
County Square Redevelopment Corp., Greenville County, South Carolina Project Rev., BAN, 2.00%, 3/3/2022 | | | 11,000 | | | | 11,001 | |
| | |
South Carolina Public Service Authority Series 2019A, Rev., VRDO, LOC: Bank of America NA, 0.23%, 3/7/2022 (b) | | | 35,150 | | | | 35,150 | |
| | |
Tender Option Bond Trust Receipts/Certificates Series 2019-BAML5004, Rev., VRDO, LIQ: Bank of America NA, 0.25%, 3/7/2022 (b) (c) | | | 47,735 | | | | 47,735 | |
| | | | | | | | |
| | |
| | | | | | | 93,886 | |
| | | | | | | | |
|
Tennessee — 0.6% | |
| | |
Health Educational and Housing Facility Board of the City of Memphis (The), Ashland Lakes Apartments Series 2006 A, Rev., VRDO, LOC: U.S. Bank NA, 0.23%, 3/7/2022 (b) | | | 2,200 | | | | 2,200 | |
| | |
Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Multi-Family Housing, Retreat Dry Rev., VRDO, LOC: Citibank NA, 0.20%, 3/7/2022 (b) | | | 10,365 | | | | 10,365 | |
| | |
Montgomery County Public Building Authority, Pooled Financing Rev., VRDO, LOC: Bank of America NA, 0.22%, 3/7/2022 (b) | | | 6,595 | | | | 6,595 | |
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
|
Tennessee — continued | |
| | |
Tender Option Bond Trust Receipts/Certificates | | | | | | | | |
| | |
Series 2020-XF0994, Rev., VRDO, LIQ: Royal Bank of Canada, 0.23%, 3/7/2022 (b) (c) | | | 4,335 | | | | 4,335 | |
| | |
Series 2015-XF1023, Rev., VRDO, LOC: Barclays Bank plc, 0.24%, 3/7/2022 (b) (c) | | | 5,905 | | | | 5,905 | |
| | |
Series 2018-XF2576, Rev., VRDO, LOC: Barclays Bank plc, 0.24%, 3/7/2022 (b) (c) | | | 15,390 | | | | 15,390 | |
| | | | | | | | |
| | |
| | | | | | | 44,790 | |
| | | | | | | | |
|
Texas — 2.5% | |
| | |
Bexar County Housing Finance Corp., Multi-Family Housing, Altamonte Apartment Projects Rev., VRDO, LOC: FNMA, 0.23%, 3/7/2022 (b) | | | 10,100 | | | | 10,100 | |
| | |
Calhoun Port Authority, Formosa Plastics Corp. Project Series 2011B, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.23%, 3/7/2022 (b) (c) | | | 10,000 | | | | 10,000 | |
| | |
City of Austin, Hotel Occupancy Tax, Subordinate Lien Subseries 2008A, Rev., VRDO, LOC: UBS AG, 0.20%, 3/7/2022 (b) | | | 29,205 | | | | 29,205 | |
| | |
Gulf Coast Waste Disposal Authority, Environmental Facilities, ExxonMobil Project | | | | | | | | |
| | |
Series A, Rev., VRDO, 0.11%, 3/1/2022 (b) | | | 6,270 | | | | 6,270 | |
| | |
Series B, Rev., VRDO, 0.11%, 3/1/2022 (b) | | | 3,160 | | | | 3,160 | |
| | |
Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System Series 2014D, Rev., VRDO, 0.20%, 3/7/2022 (b) | | | 7,700 | | | | 7,700 | |
| | |
Lower Neches Valley Authority Industrial Development Corp., ExxonMobil Project | | | | | | | | |
| | |
Subseries A-3, Rev., VRDO, 0.08%, 3/1/2022 (b) | | | 100 | | | | 100 | |
| | |
Series 2002B, Rev., VRDO, 0.11%, 3/1/2022 (b) | | | 4,950 | | | | 4,950 | |
| | |
Subseries B-2, Rev., VRDO, 0.11%, 3/1/2022 (b) | | | 6,645 | | | | 6,645 | |
| | |
RBC Municipal Products, Inc. Trust, Floater Certificates | | | | | | | | |
| | |
Series 2018-G-84, GO, VRDO, PSF-GTD, LOC: Royal Bank of Canada, 0.23%, 3/7/2022 (b) | | | 7,125 | | | | 7,125 | |
| | |
Series E141, Rev., VRDO, LOC: Royal Bank of Canada, 0.23%, 3/7/2022 (b) (c) | | | 28,000 | | | | 28,000 | |
| | |
Series E-149, Rev., VRDO, LOC: Royal Bank of Canada, 0.23%, 3/7/2022 (b) (c) | | | 10,000 | | | | 10,000 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MONEY MARKET FUNDS | | | | | | | | 57 |
JPMorgan Tax Free Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Texas — continued | |
| | |
Series E-150, Rev., VRDO, LOC: Royal Bank of Canada, 0.23%, 3/7/2022 (b) (c) | | | 5,000 | | | | 5,000 | |
| | |
Series G-20, GO, VRDO, LOC: Royal Bank of Canada, 0.23%, 3/7/2022 (b) (c) | | | 10,000 | | | | 10,000 | |
| | |
Series G-21, GO, VRDO, LOC: Royal Bank of Canada, 0.23%, 3/7/2022 (b) | | | 5,000 | | | | 5,000 | |
| | |
Series G-34, GO, VRDO, PSF-GTD, LOC: Royal Bank of Canada, 0.23%, 3/7/2022 (b) (c) | | | 5,400 | | | | 5,400 | |
| | |
State of Texas, Veterans | | | | | | | | |
| | |
Series 2011A, GO, VRDO, LIQ: State Street Bank & Trust, 0.20%, 3/7/2022 (b) | | | 15,235 | | | | 15,235 | |
| | |
Series 2012B, GO, VRDO, LIQ: State Street Bank & Trust, 0.20%, 3/7/2022 (b) | | | 10,485 | | | | 10,485 | |
| | |
Tarrant County Cultural Education Facilities Finance Corp., Baylor Healthcare System Project Series 2011C, Rev., VRDO, LOC: TD Bank NA, 0.09%, 3/1/2022 (b) | | | 3,200 | | | | 3,200 | |
| | |
Tender Option Bond Trust Receipts/Certificates | | | | | | | | |
| | |
Series 2018-XG0193, Rev., VRDO, GNMA COLL, LIQ: Royal Bank of Canada, 0.23%, 3/7/2022 (b) | | | 3,085 | | | | 3,085 | |
| | |
Series 2018-ZF2570, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.23%, 3/7/2022 (b) (c) | | | 5,995 | | | | 5,995 | |
| | |
Series 2020-YX1132, Rev., VRDO, LOC: Barclays Bank plc, 0.24%, 3/7/2022 (b) (c) | | | 5,005 | | | | 5,005 | |
| | | | | | | | |
| | |
| | | | | | | 191,660 | |
| | | | | | | | |
|
Utah — 0.4% | |
| | |
City of Murray, IHC Health Services, Inc. | | | | | | | | |
| | |
Series 2005D, Rev., VRDO, LIQ: Wells Fargo Bank NA, 0.07%, 3/1/2022 (b) | | | 17,800 | | | | 17,800 | |
| | |
County of Utah, IHC Health Services, Inc. | | | | | | | | |
| | |
Series 2018C, Rev., VRDO, LIQ: TD Bank NA, 0.07%, 3/1/2022 (b) | | | 10,000 | | | | 10,000 | |
| | | | | | | | |
| | |
| | | | | | | 27,800 | |
| | | | | | | | |
|
Virginia — 2.4% | |
| | |
Fairfax County Industrial Development Authority, Virginia Health Care, Inova Health System Project | | | | | | | | |
| | |
Series 2016C, Rev., VRDO, 0.21%, 3/7/2022 (b) | | | 4,350 | | | | 4,350 | |
| | |
Series 2018C, Rev., VRDO, 0.21%, 3/7/2022 (b) | | | 2,435 | | | | 2,435 | |
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
|
Virginia — continued | |
| | |
Loudoun County Economic Development Authority, Howard Hughes Medical Institute Series 2003F, Rev., VRDO, 0.19%, 3/7/2022 (b) | | | 8,595 | | | | 8,595 | |
| | |
Norfolk Economic Development Authority, Sentara Healthcare Series 2016A, Rev., VRDO, 0.20%, 3/7/2022 (b) | | | 12,735 | | | | 12,735 | |
| | |
Roanoke Economic Development Authority, Carilion Clinic Obligated Group Series 2020B, Rev., VRDO, LIQ: PNC Bank NA, 0.20%, 3/7/2022 (b) | | | 43,890 | | | | 43,890 | |
| | |
Roanoke Economic Development Authority, Carilion Health System Obligated Group Series 2005A, Rev., VRDO, LIQ: PNC Bank NA, 0.20%, 3/7/2022 (b) | | | 62,515 | | | | 62,515 | |
| | |
Tender Option Bond Trust Receipts/Certificates | | | | | | | | |
| | |
Series 2018-XF0606, Rev., VRDO, LIQ: Bank of America NA, 0.23%, 3/7/2022 (b) (c) | | | 8,500 | | | | 8,500 | |
| | |
Series 2018-XL0069, Rev., VRDO, LIQ: Barclays Bank plc, 0.23%, 3/7/2022 (b) (c) | | | 12,400 | | | | 12,400 | |
| | |
Series 2018-ZF2713, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.23%, 3/7/2022 (b) (c) | | | 5,000 | | | | 5,000 | |
| | |
Series 2018-ZF2714, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.23%, 3/7/2022 (b) (c) | | | 7,000 | | | | 7,000 | |
| | |
Series 2018-ZM0583, Rev., VRDO, LIQ: Bank of America NA, 0.23%, 3/7/2022 (b) (c) | | | 5,415 | | | | 5,415 | |
| | |
Series 2020-XF2923, Rev., VRDO, LIQ: Barclays Bank plc, 0.23%, 3/7/2022 (b) (c) | | | 8,600 | | | | 8,600 | |
| | | | | | | | |
| | |
| | | | | | | 181,435 | |
| | | | | | | | |
|
Washington — 1.5% | |
| | |
Port of Grays Harbor Industrial Development Corp., Murphy Co. Project Series 2007, Rev., VRDO, LOC: U.S. Bank NA, 0.24%, 3/7/2022 (b) | | | 3,000 | | | | 3,000 | |
| | |
Port of Seattle, Subordinate Lien Rev., VRDO, AMT, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 0.24%, 3/7/2022 (b) | | | 33,000 | | | | 33,000 | |
| | |
Port of Tacoma, Subordinate Lien | | | | | | | | |
| | |
Rev., VRDO, AMT, LOC: PNC Bank NA, 0.22%, 3/7/2022 (b) | | | 24,915 | | | | 24,915 | |
| | |
Series 2019A, Rev., VRDO, AMT, LOC: PNC Bank NA, 0.22%, 3/7/2022 (b) | | | 18,500 | | | | 18,500 | |
| | |
Port of Vancouver, United Grain Corp., of Oregon Project Rev., VRDO, LOC: Bank of America NA, 0.26%, 3/7/2022 (b) | | | 10,000 | | | | 10,000 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 58 | | | | | | | | J.P. MORGAN MONEY MARKET FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Washington — continued | |
| | |
Tender Option Bond Trust Receipts/Certificates | | | | | | | | |
| | |
Series 2018-XF2718, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.23%, 3/7/2022 (b) (c) | | | 8,800 | | | | 8,800 | |
| | |
Series 2018-ZF2682, Rev., VRDO, GTD, LIQ: Morgan Stanley Bank, 0.23%, 3/7/2022 (b) (c) | | | 7,000 | | | | 7,000 | |
| | |
Series 2021-XL0195, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.23%, 3/7/2022 (b) (c) | | | 11,250 | | | | 11,250 | |
| | | | | | | | |
| | |
| | | | | | | 116,465 | |
| | | | | | | | |
|
West Virginia — 0.1% | |
| | |
West Virginia Hospital Finance Authority, University Health System Series 2018 C, Rev., VRDO, LOC: TD Bank NA, 0.20%, 3/7/2022 (b) | | | 10,845 | | | | 10,845 | |
| | | | | | | | |
| | |
Wisconsin — 0.6% | | | | | | | | |
| | |
Tender Option Bond Trust Receipts/Certificates Series 2020-XL0147, Rev., VRDO, AGM, LOC: Barclays Bank plc, 0.24%, 3/7/2022 (b) (c) | | | 5,320 | | | | 5,320 | |
| | |
Town of Red Cedar, Fairmount Minerals Ltd. Rev., VRDO, LOC: PNC Bank NA, 0.23%, 3/7/2022 (b) | | | 10,000 | | | | 10,000 | |
| | |
Wisconsin Housing and Economic Development Authority Series 2007 F, Rev., VRDO, AMT, LOC: Bank of America NA, 0.22%, 3/7/2022 (b) | | | 8,865 | | | | 8,865 | |
| | |
Wisconsin Housing and Economic Development Authority, Home Ownership | | | | | | | | |
| | |
Series 2021B, Rev., VRDO, LIQ: FHLB, 0.20%, 3/7/2022 (b) | | | 4,000 | | | | 4,000 | |
| | |
Series C, Rev., VRDO, AMT, LIQ: Royal Bank of Canada, 0.20%, 3/7/2022 (b) | | | 19,205 | | | | 19,205 | |
| | | | | | | | |
| | |
| | | | | | | 47,390 | |
| | | | | | | | |
|
Wyoming — 0.5% | |
| | |
County of Lincoln, Pollution Control, ExxonMobil Project Rev., VRDO, AMT, 0.12%, 3/1/2022 (b) | | | 9,575 | | | | 9,575 | |
| | |
Wyoming Community Development Authority | | | | | | | | |
| | |
Series 2019-2, Rev., VRDO, LIQ: Royal Bank of Canada, 0.20%, 3/7/2022 (b) | | | 9,000 | | | | 9,000 | |
| | |
Series 2021-2, Rev., VRDO, LIQ: Royal Bank of Canada, 0.20%, 3/7/2022 (b) | | | 9,500 | | | | 9,500 | |
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
|
Wyoming — continued | |
| | |
Wyoming Community Development Authority, Composite Reoffering Housing | | | | | | | | |
| | |
Series 2007-11, Rev., VRDO, AMT, LIQ: FHLB, 0.24%, 3/7/2022 (b) | | | 4,625 | | | | 4,625 | |
| | |
Series 2007-6, Rev., VRDO, AMT, LIQ: FHLB, 0.24%, 3/7/2022 (b) | | | 3,950 | | | | 3,950 | |
| | | | | | | | |
| | |
| | | | | | | 36,650 | |
| | | | | | | | |
| |
Total Municipal Bonds
(Cost $4,441,266) | | | | 4,441,266 | |
| | | | | | | | |
| | |
| | | SHARES
(000) | | | | |
Variable Rate Demand Preferred Shares — 10.7% | |
| | |
California — 2.2% | | | | | | | | |
| | |
Nuveen California Dividend Advantage Municipal Fund | | | | | | | | |
| | |
Series 4, LIQ: Royal Bank of Canada, 0.27%, 3/7/2022 # (c) | | | 58,500 | | | | 58,500 | |
| | |
Series 1-1362, LIQ: Societe Generale, 0.29%, 3/7/2022 # (c) | | | 59,200 | | | | 59,200 | |
| | |
Nuveen California Quality Municipal Income Fund | | | | | | | | |
| | |
Series 7, LIQ: Royal Bank of Canada, 0.27%, 3/7/2022 # (c) | | | 21,000 | | | | 21,000 | |
| | |
Series 3, LIQ: TD Bank NA, 0.29%, 3/7/2022 # (c) | | | 26,800 | | | | 26,800 | |
| | | | | | | | |
| | |
| | | | | | | 165,500 | |
| | | | | | | | |
|
New York — 0.8% | |
| | |
Nuveen New York AMT-Free Municipal Income Fund | | | | | | | | |
| | |
Series 5, LIQ: TD Bank NA, 0.24%, 3/7/2022 # (c) | | | 40,000 | | | | 40,000 | |
| | |
Series 1, LIQ: Societe Generale, 0.25%, 3/7/2022 # (c) | | | 18,600 | | | | 18,600 | |
| | | | | | | | |
| | |
| | | | | | | 58,600 | |
| | | | | | | | |
|
Other — 7.7% | |
| | |
Nuveen AMT-Free Municipal Credit Income Fund Series 5, LIQ: Societe Generale, 0.25%, 3/7/2022 # (c) | | | 110,200 | | | | 110,200 | |
| | |
Nuveen AMT-Free Municipal Income Fund Series 3, LIQ: TD Bank NA, 0.25%, 3/7/2022 # (c) | | | 173,500 | | | | 173,500 | |
| | |
Nuveen Enhanced AMT-Free Municipal Credit Opportunities Fund Series 6, LIQ: Sumitomo Mitsui Banking Corp., 0.25%, 3/7/2022 # (c) | | | 100,300 | | | | 100,300 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MONEY MARKET FUNDS | | | | | | | | 59 |
JPMorgan Tax Free Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS (a) | |
SHARES
($000) | | | VALUE
($000) | |
Variable Rate Demand Preferred Shares — continued | |
|
Other — continued | |
| | |
Nuveen New York Dividend Advantage Municipal Fund Series 1-2118, LIQ: Barclays Bank plc, 0.29%, 3/7/2022 # (c) | | | 51,600 | | | | 51,600 | |
| | |
Nuveen Quality Municipal Income Fund Series 2-2525, LIQ: Barclays Bank plc, 0.29%, 3/7/2022 # (c) | | | 151,900 | | | | 151,900 | |
| | | | | | | | |
| | |
| | | | | | | 587,500 | |
| | | | | | | | |
| |
Total Variable Rate Demand Preferred Shares
(cost $811,600) | | | | 811,600 | |
| | | | | | | | |
| | |
| | | PRINCIPAL
AMOUNT
($000) | | | | |
Short-Term Investments — 30.8% | |
| | |
Commercial Paper — 30.8% | | | | | | | | |
| | |
Alachua County Health Facilities Authority Series 08-A, 0.12%, 3/3/2022 | | | 25,000 | | | | 25,000 | |
| | |
Board of Regents of the University of Texas System | | | | | | | | |
| | |
Series A, 0.16%, 3/7/2022 | | | 25,000 | | | | 25,000 | |
| | |
Series A, 0.09%, 3/9/2022 | | | 25,000 | | | | 25,000 | |
| | |
Series A, 0.11%, 3/16/2022 | | | 15,000 | | | | 15,000 | |
| | |
Series A, 0.25%, 3/18/2022 | | | 20,000 | | | | 20,000 | |
| | |
Series A, 0.16%, 3/21/2022 | | | 22,000 | | | | 22,000 | |
| | |
Series A, 0.24%, 3/22/2022 | | | 11,000 | | | | 11,000 | |
| | |
Series A, 0.15%, 3/29/2022 | | | 20,000 | | | | 20,000 | |
| | |
Series A, 0.16%, 4/26/2022 | | | 25,000 | | | | 25,000 | |
| | |
California Statewide Communities Development Authority | | | | | | | | |
| | |
Series 9B-4, 0.12%, 3/8/2022 | | | 25,000 | | | | 25,000 | |
| | |
Series 9B-3, 0.14%, 3/10/2022 | | | 15,000 | | | | 15,000 | |
| | |
Series 9B-2, 0.13%, 3/15/2022 | | | 25,000 | | | | 25,000 | |
| | |
Series B-6, 0.17%, 3/17/2022 | | | 11,000 | | | | 11,000 | |
| | |
Series D, 0.23%, 3/22/2022 | | | 30,500 | | | | 30,500 | |
| | |
Series 9B-4, 0.35%, 5/3/2022 | | | 30,000 | | | | 29,989 | |
| | |
Series 08-C, 0.14%, 5/4/2022 | | | 25,100 | | | | 25,100 | |
| | |
Series 08-C, 0.33%, 5/5/2022 | | | 35,865 | | | | 35,865 | |
| | |
0.16%, 6/2/2022 | | | 18,000 | | | | 18,000 | |
| | |
Series 08-B, 0.16%, 6/8/2022 | | | 27,000 | | | | 27,000 | |
| | |
Series B-5, 0.16%, 6/9/2022 | | | 9,000 | | | | 9,000 | |
| | |
Series 09-D, 0.17%, 6/9/2022 | | | 10,000 | | | | 10,000 | |
| | |
Series 08-B, 0.20%, 6/15/2022 | | | 14,000 | | | | 14,000 | |
| | |
Series 09-D, 0.52%, 6/15/2022 | | | 30,000 | | | | 30,000 | |
| | |
Series B-6, 0.20%, 7/12/2022 | | | 16,250 | | | | 16,250 | |
| | |
Series 9B-3, 0.23%, 7/14/2022 | | | 19,000 | | | | 19,000 | |
| | |
Series 9B-2, 0.70%, 7/19/2022 | | | 50,000 | | | | 50,000 | |
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
|
Commercial Paper — continued | |
| | |
City of Atlanta Water and Wastewater 0.18%, 4/25/2022 | | | 33,695 | | | | 33,695 | |
| | |
City of Atlanta, Tax Exempt Series J-2, 0.32%, 4/13/2022 | | | 30,000 | | | | 30,000 | |
| | |
City of Houston, Tax Exempt | | | | | | | | |
| | |
Series A, 0.13%, 3/3/2022 | | | 10,000 | | | | 10,000 | |
| | |
Series G-2, 0.18%, 3/10/2022 | | | 10,000 | | | | 10,000 | |
| | |
Series H-2, 0.18%, 3/10/2022 | | | 10,000 | | | | 10,000 | |
| | |
Series A, 0.20%, 3/10/2022 | | | 10,000 | | | | 10,000 | |
| | |
Series A, 0.28%, 3/17/2022 | | | 32,000 | | | | 32,000 | |
| | |
City of Los Angeles, Wastewater System Tax Exempt | | | | | | | | |
| | |
Series A-1, 0.17%, 3/1/2022 | | | 43,000 | | | | 43,000 | |
| | |
Series A-2, 0.17%, 3/1/2022 | | | 53,000 | | | | 53,000 | |
| | |
City of Rochester, Tax Exempt | | | | | | | | |
| | |
Series 2011, 0.20%, 3/9/2022 | | | 50,000 | | | | 50,000 | |
| | |
Series 2014, 0.18%, 3/15/2022 | | | 25,000 | | | | 25,000 | |
| | |
Series 2011, 0.30%, 4/6/2022 | | | 80,000 | | | | 80,000 | |
| | |
County of Harris, Tax Exempt Series C, 0.17%, 3/2/2022 | | | 22,815 | | | | 22,815 | |
| | |
County of Hillsborough, Tax Exempt | | | | | | | | |
| | |
Series A, 0.13%, 3/3/2022 | | | 13,000 | | | | 13,000 | |
| | |
Series A, 0.23%, 3/24/2022 | | | 13,420 | | | | 13,420 | |
| | |
County of Montgomery, Tax Exempt Series 10-A, 0.31%, 4/6/2022 | | | 30,000 | | | | 30,000 | |
| | |
County of York | | | | | | | | |
| | |
0.15%, 3/1/2022 | | | 21,000 | | | | 21,000 | |
| | |
Series 00B1, 0.15%, 3/1/2022 | | | 21,000 | | | | 21,000 | |
| | |
Series 00B3, 0.15%, 3/1/2022 | | | 20,450 | | | | 20,450 | |
| | |
City of Jacksonville, Tax Exempt | | | | | | | | |
| | |
Series 92, 0.48%, 5/17/2022 | | | 18,300 | | | | 18,300 | |
| | |
Series 94, 0.48%, 5/17/2022 | | | 35,960 | | | | 35,960 | |
| | |
East Bay Municipal Utility District, Tax Exempt | | | | | | | | |
| | |
Series A-2, 0.12%, 3/2/2022 | | | 8,940 | | | | 8,940 | |
| | |
Series A-2, 0.09%, 3/3/2022 | | | 20,000 | | | | 20,000 | |
| | |
Series A-1, 0.10%, 3/3/2022 | | | 15,400 | | | | 15,400 | |
| | |
Series A-2, 0.23%, 4/5/2022 | | | 15,000 | | | | 15,000 | |
| | |
Health and Educational Facilities Authority of the State of Missouri, Tax Exempt | | | | | | | | |
| | |
Series 14-B, 0.17%, 3/7/2022 | | | 50,000 | | | | 50,000 | |
| | |
Series 14-C, 0.12%, 3/10/2022 | | | 40,000 | | | | 40,000 | |
| | |
Series 14-D, 0.65%, 6/9/2022 | | | 50,000 | | | | 50,000 | |
| | |
Series 14-E, 0.65%, 6/9/2022 | | | 50,000 | | | | 50,000 | |
| | |
Indiana Finance Authority, Tax Exempt
Series D-2, 0.17%, 3/9/2022 | | | 103,825 | | | | 103,825 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 60 | | | | | | | | J.P. MORGAN MONEY MARKET FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Short-Term Investments — continued | |
|
Commercial Paper — continued | |
| | |
Jacksonville Health Care Authority Series 2016, 0.20%, 3/9/2022 | | | 121,000 | | | | 121,000 | |
| | |
Maryland Health and Higher Educational Facilities Authority Series B, 0.11%, 3/7/2022 | | | 10,000 | | | | 10,000 | |
| | |
Metropolitan Government of Nashville & Davidson County | | | | | | | | |
| | |
Series 2021, 0.12%, 3/7/2022 | | | 12,500 | | | | 12,500 | |
| | |
Series 2021, 0.12%, 3/16/2022 | | | 40,000 | | | | 40,000 | |
| | |
Series 2021, 0.31%, 4/6/2022 | | | 25,000 | | | | 25,000 | |
| | |
Omaha Public Power District, Tax Exempt | | | | | | | | |
| | |
Series A, 0.09%, 3/9/2022 | | | 12,500 | | | | 12,500 | |
| | |
Series A, 0.30%, 3/24/2022 | | | 12,500 | | | | 12,500 | |
| | |
Series A, 0.43%, 5/10/2022 | | | 15,000 | | | | 15,000 | |
| | |
Salt River Project Agricultural Improvement and Power District, Tax Exempt | | | | | | | | |
| | |
Series C, 0.17%, 3/3/2022 | | | 28,000 | | | | 28,000 | |
| | |
Series C, 0.23%, 3/17/2022 | | | 18,800 | | | | 18,800 | |
| | |
San Diego County Water Authority, Tax Exempt Series 10, 0.40%, 4/13/2022 | | | 15,000 | | | | 15,000 | |
| | |
San Diego Public Facilities Financing Authority Water, Tax Exempt Series A, 0.18%, 5/16/2022 | | | 44,877 | | | | 44,877 | |
| | |
San Francisco City & County Public Utilities Commission Wastewater, Tax Exempt | | | | | | | | |
| | |
Series A-4, 0.09%, 3/8/2022 | | | 26,909 | | | | 26,909 | |
| | |
Series A-7, 0.17%, 3/8/2022 | | | 15,004 | | | | 15,004 | |
| | |
Series A-1, 0.17%, 3/9/2022 | | | 40,325 | | | | 40,325 | |
| | |
Series A-6, 0.20%, 3/9/2022 | | | 42,838 | | | | 42,838 | |
| | |
Southwestern Illinois Development Authority, Tax Exempt | | | | | | | | |
| | |
Series 17-B, 0.10%, 3/8/2022 | | | 49,870 | | | | 49,870 | |
| | |
Series 17-B, 0.30%, 4/5/2022 | | | 10,000 | | | | 10,000 | |
| | |
State Building Product, Inc. Series 8, 0.20%, 4/28/2022 | | | 38,700 | | | | 38,700 | |
| | |
State of California Department of Water Resources, Tax Exempt Series 1, 0.37%, 4/5/2022 | | | 12,493 | | | | 12,493 | |
| | |
State of California, Tax Exempt | | | | | | | | |
| | |
Series A-1, 0.17%, 3/1/2022 | | | 34,395 | | | | 34,395 | |
| | |
Series A-5, 0.17%, 3/1/2022 | | | 15,090 | | | | 15,090 | |
| | |
Series A-3, 0.14%, 3/2/2022 | | | 20,000 | | | | 20,000 | |
| | |
Series A-5, 0.17%, 3/10/2022 | | | 23,000 | | | | 23,000 | |
| | |
Series A-5, 0.23%, 3/21/2022 | | | 15,000 | | | | 15,000 | |
| | |
Series A-1, 0.28%, 3/22/2022 | | | 10,000 | | | | 10,000 | |
| | |
Series A-7, 0.35%, 3/24/2022 | | | 7,575 | | | | 7,575 | |
| | |
Series A6, 0.22%, 4/5/2022 | | | 25,000 | | | | 25,000 | |
| | |
Series A-1, 0.37%, 4/5/2022 | | | 15,000 | | | | 15,000 | |
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
|
Commercial Paper — continued | |
| | |
State of Wisconsin, Tax Exempt | | | | | | | | |
| | |
Series 06-A, 0.13%, 3/3/2022 | | | 14,643 | | | | 14,643 | |
| | |
Series 13-A, 0.13%, 3/3/2022 | | | 24,153 | | | | 24,153 | |
| | |
Trustees of Indiana University, Tax Exempt | | | | | | | | |
| | |
Series 2018, 0.55%, 6/2/2022 | | | 15,000 | | | | 15,000 | |
| | |
University of Washington, Tax Exempt | | | | | | | | |
| | |
Series A, 0.45%, 5/10/2022 | | | 9,800 | | | | 9,800 | |
| | | | | | | | |
| | |
Total Commercial Paper
(cost $2,334,481) | | | | | | | 2,334,481 | |
| | | | | | | | |
| | |
Total Short-Term Investments
(cost $2,334,481) | | | | | | | 2,334,481 | |
| | | | | | | | |
Total Investments — 100.1%
(Cost $7,587,347) * | | | | | | | 7,587,347 | |
Liabilities in Excess of Other Assets — (0.1)% | | | | | | | (7,495 | ) |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | | 7,579,852 | |
| | | | | | | | |
Percentages indicated are based on net assets.
Abbreviations
| | |
| AGM | | Insured by Assured Guaranty Municipal Corp. |
| AMBAC | | Insured by American Municipal Bond Assurance Corp. |
| AMT | | Alternative Minimum Tax |
| BAN | | Bond Anticipation Note |
| COLL | | Collateral |
| COP | | Certificate of Participation |
| FHLB | | Federal Home Loan Bank |
| FHLMC | | Federal Home Loan Mortgage Corp. |
| FNMA | | Federal National Mortgage Association |
| GNMA | | Government National Mortgage Association |
| GO | | General Obligation |
| GTD | | Guaranteed |
| LIQ | | Liquidity Agreement |
| LOC | | Letter of Credit |
| PSF-GTD | | Permanent School Fund Guaranteed |
| Rev. | | Revenue |
| TRAN | | Tax & Revenue Anticipation Note |
| VRDO | | Variable Rate Demand Obligation |
| |
| (a) | | The date shown represents the earliest of the next put date, next demand date or final maturity date. |
| (b) | | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of February 28, 2022. |
| (c) | | Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. |
| (d) | | Amount rounds to less than 0.1% of net assets. |
| # | | Variable Rate Demand Preferred Shares of a closed-end investment company which has a weekly demand feature. The interest rate shown is the rate in effect as of February 28, 2022. |
| * | | The cost of securities is substantially the same for federal income tax purposes. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MONEY MARKET FUNDS | | | | | | | | 61 |
JPMorgan Municipal Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — 68.9% | |
|
Alaska — 2.8% | |
| | |
Alaska Housing Finance Corp., Home Mortgage | | | | | | | | |
| | |
Series 2002-A, Rev., VRDO, AMT, LIQ: FHLB, 0.12%, 3/1/2022 (b) | | | 19,910 | | | | 19,910 | |
| | |
Series 2007A, Rev., VRDO, LIQ: State Street Bank & Trust, 0.20%, 3/7/2022 (b) | | | 8,000 | | | | 8,000 | |
| | | | | | | | |
| | |
| | | | | | | 27,910 | |
| | | | | | | | |
| | |
Arizona — 1.4% | | | | | | | | |
| | |
Industrial Development Authority of the City of Phoenix (The), Mayo Clinic Series 2014B, Rev., VRDO, LIQ: Northern Trust Co., 0.06%, 3/1/2022(b) | | | 5,965 | | | | 5,965 | |
| | |
Tender Option Bond Trust Receipts/Certificates | | | | | | | | |
| | |
Series 2021-XF2944, Rev., VRDO, LOC: Barclays Bank plc, 0.24%, 3/7/2022 (b) (c) | | | 5,210 | | | | 5,210 | |
| | |
Series 2020-YX1154, Rev., VRDO, LOC: Barclays Bank plc, 0.25%, 3/7/2022 (b) (c) | | | 3,125 | | | | 3,125 | |
| | | | | | | | |
| | |
| | | | | | | 14,300 | |
| | | | | | | | |
| | |
California — 1.2% | | | | | | | | |
| | |
San Diego Housing Authority, Multi-Family Housing Series 2006B, Rev., VRDO, LOC: Citibank NA, 0.26%, 3/7/2022 (b) | | | 1,180 | | | | 1,180 | |
| | |
Tender Option Bond Trust Receipts/Certificates | | | | | | | | |
| | |
Series 2018-ZF0679, Rev., VRDO, LIQ: Bank of America NA, 0.24%, 3/7/2022(b)(c) | | | 5,265 | | | | 5,265 | |
| | |
Series 2021-XG0346, Rev., VRDO, LOC: Bank of America NA, 0.27%, 3/7/2022 (b) (c) | | | 3,280 | | | | 3,280 | |
| | |
Series 2021-ZF1264, Rev., VRDO, LOC: Bank of America NA, 0.27%, 3/7/2022 (b) (c) | | | 2,700 | | | | 2,700 | |
| | | | | | | | |
| | |
| | | | | | | 12,425 | |
| | | | | | | | |
| | |
Colorado — 4.7% | | | | | | | | |
| | |
County of Arapahoe, Multi-Family Rental Housing, Hunter’s Run Holdings LP Rev., VRDO, LOC: FHLMC, 0.23%, 3/7/2022 (b) | | | 325 | | | | 325 | |
| | |
RBC Municipal Products, Inc. Trust, Floater Certificates Series 2019-G114, Rev., VRDO, LOC: Royal Bank of Canada, 0.45%, 6/1/2022 (b) (c) | | | 7,500 | | | | 7,500 | |
| | |
Tender Option Bond Trust Receipts/Certificates | | | | | | | | |
| | |
Series 2022-XF2968, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.23%, 3/7/2022(b)(c) | | | 7,500 | | | | 7,500 | |
| | |
Series 2016-ZF0467, Rev., VRDO, LOC: Royal Bank of Canada, 0.27%, 3/7/2022 (b) (c) | | | 25,000 | | | | 25,000 | |
| | |
Series 2018-XG0197, Rev., VRDO, LIQ: Bank of America NA, 0.27%, 3/7/2022 (b) (c) | | | 3,250 | | | | 3,250 | |
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| |
| | |
Colorado — continued | | | | | | | | |
| | |
Series 2019-XF0757, Rev., VRDO, LOC: Bank of America NA, 0.27%, 3/7/2022 (b) (c) | | | 2,895 | | | | 2,895 | |
| | | | | | | | |
| | |
| | | | | | | 46,470 | |
| | | | | | | | |
| | |
Florida — 6.3% | | | | | | | | |
| | |
Alachua County Housing Finance Authority, Multi-Family, Santa Fe Apartments Project Rev., VRDO, LOC: Citibank NA, 0.22%, 3/7/2022 (b) | | | 2,830 | | | | 2,830 | |
| | |
County of Bay, Gulf Power Co. Project Rev., VRDO, AMT, 0.14%, 3/1/2022 (b) | | | 3,355 | | | | 3,355 | |
| | |
County of Broward, Power and Light Co. Project Series 2018A, Rev., VRDO, AMT, 0.13%, 3/1/2022 (b) | | | 10,365 | | | | 10,365 | |
| | |
County of St. Lucie, Power and Light Co. Project | | | | | | | | |
| | |
Rev., VRDO, 0.11%, 3/1/2022 (b) | | | 9,960 | | | | 9,960 | |
| | |
Rev., VRDO, 0.13%, 3/1/2022 (b) | | | 2,050 | | | | 2,050 | |
| | |
Florida Housing Finance Corp., Multi-Family Mortgage, Boynton Bay Apartments Series 2007-I, Rev., VRDO, LOC: Citibank NA, 0.23%, 3/7/2022 (b) | | | 5,290 | | | | 5,290 | |
| | |
Miami-Dade County Industrial Development Authority, Solid Waste Disposal, Florida Power and Light Co. Project Rev., VRDO, 0.13%, 3/1/2022 (b) | | | 3,000 | | | | 3,000 | |
| | |
RBC Municipal Products, Inc. Trust, Floater Certificates | | | | | | | | |
| | |
Series G-115, Rev., VRDO, LOC: Royal Bank of Canada, 0.45%, 3/1/2022 (b) | | | 8,000 | | | | 8,000 | |
| | |
Series G-25, Rev., VRDO, LOC: Royal Bank of Canada, 0.45%, 4/1/2022 (b) (c) | | | 7,600 | | | | 7,600 | |
| | |
Tender Option Bond Trust Receipts/Certificates | | | | | | | | |
| | |
Series 2019-XF2808, Rev., VRDO, LIQ: Barclays Bank plc, 0.23%, 3/7/2022 (b) (c) | | | 7,500 | | | | 7,500 | |
| | |
Series 2019-ZF0826, Rev., VRDO, LOC: Royal Bank of Canada, 0.29%, 3/7/2022 (b) | | | 2,800 | | | | 2,800 | |
| | | | | | | | |
| | |
| | | | | | | 62,750 | |
| | | | | | | | |
| | |
Georgia — 2.1% | | | | | | | | |
| | |
Development Authority of Douglas County, Pandosia LLC Project Series A, Rev., VRDO, LOC: Wells Fargo Bank NA, 0.23%, 3/7/2022 (b) | | | 2,030 | | | | 2,030 | |
| | |
Development Authority of Monroe County (The), Power and Light Co. Project Rev., VRDO, AMT, 0.14%, 3/1/2022 (b) | | | 10,000 | | | | 10,000 | |
| | |
Tender Option Bond Trust Receipts/Certificates Series 2022-ZF2973, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.28%, 3/7/2022 (b) (c) | | | 7,500 | | | | 7,500 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 62 | | | | | | | | J.P. MORGAN MONEY MARKET FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
| | |
Georgia — continued | | | | | | | | |
| | |
Valdosta and Lowndes County Industrial Development Authority, Steeda Autosports Project Rev., VRDO, LOC: Bank of America NA, 0.26%, 3/7/2022 (b) | | | 1,350 | | | | 1,350 | |
| | | | | | | | |
| | |
| | | | | | | 20,880 | |
| | | | | | | | |
| | |
Hawaii — 0.3% | | | | | | | | |
| | |
RBC Municipal Products, Inc. Trust, Floater Certificates Series G-13, GO, VRDO, LOC: Royal Bank of Canada, 0.23%, 3/7/2022 (b) (c) | | | 2,675 | | | | 2,675 | |
| | | | | | | | |
| | |
Illinois — 2.7% | | | | | | | | |
| | |
Chicago Midway International Airport, Second Lien Series 2004C-1, Rev., VRDO, AMT, LOC: Bank of Montreal, 0.23%, 3/7/2022 (b) | | | 2,540 | | | | 2,540 | |
| | |
County of Will, ExxonMobil Project Rev., VRDO, 0.11%, 3/1/2022 (b) | | | 1,230 | | | | 1,230 | |
| | |
Illinois Finance Authority, Edward Health Obligated Group Series 2008C, Rev., VRDO, LOC: TD Bank NA, 0.19%, 3/7/2022 (b) | | | 140 | | | | 140 | |
| | |
Illinois Finance Authority, Toyal America, Inc. Project Rev., VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 0.28%, 3/7/2022 (b) | | | 6,000 | | | | 6,000 | |
| | |
RBC Municipal Products, Inc. Trust, Floater Certificates Series E-151, GO, VRDO, LOC: Royal Bank of Canada, 0.24%, 3/7/2022 (b) (c) | | | 7,500 | | | | 7,500 | |
| | |
Tender Option Bond Trust Receipts/Certificates | | | | | | | | |
| | |
Series 2021-XL0170, Rev., VRDO, LIQ: Barclays Bank plc, 0.23%, 3/7/2022 (b) (c) | | | 5,000 | | | | 5,000 | |
| | |
Series 2018-XM0686, Rev., VRDO, LOC: Bank of America NA, 0.28%, 3/7/2022 (b) (c) | | | 4,680 | | | | 4,680 | |
| | | | | | | | |
| | |
| | | | | | | 27,090 | |
| | | | | | | | |
| | |
Indiana — 1.5% | | | | | | | | |
| | |
City of Indianapolis, Multi-Family Housing, Nora Commons Series 2004B, Rev., VRDO, LOC: U.S. Bank NA, 0.26%, 3/7/2022 (b) | | | 590 | | | | 590 | |
| | |
Indiana Finance Authority, Parkview Health System, Inc. Series 2009B, Rev., VRDO, LOC: Wells Fargo Bank NA, 0.09%, 3/1/2022 (b) | | | 5,600 | | | | 5,600 | |
| | |
Indiana Finance Authority, Solid Waste Disposal, Four-Leaf Clover Dairy LLC Rev., VRDO, LOC: Bank of America NA, 0.25%, 3/7/2022 (b) | | | 4,100 | | | | 4,100 | |
| | |
Indiana Finance Authority, Solid Waste Disposal, New Holland Dairy Leasing Rev., VRDO, LOC: Bank of America NA, 0.26%, 3/7/2022 (b) | | | 1,860 | | | | 1,860 | |
| | |
Tender Option Bond Trust Receipts/Certificates Series 2016-ZF0280, Rev., VRDO, LIQ: TD Bank NA, 0.25%, 3/7/2022 (b) (c) | | | 2,500 | | | | 2,500 | |
| | | | | | | | |
| | |
| | | | | | | 14,650 | |
| | | | | | | | |
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
| | |
Iowa — 2.7% | | | | | | | | |
| | |
Iowa Finance Authority, Midwestern Disaster Area, Archer-Daniels-Midland Co. Project Rev., VRDO, 0.23%, 3/7/2022 (b) | | | 6,165 | | | | 6,165 | |
| | |
Iowa Finance Authority, Midwestern Disaster Area, Cargill, Inc. Project Series 2011A, Rev., VRDO, 0.23%, 3/7/2022 (b) | | | 3,800 | | | | 3,800 | |
| | |
Iowa Finance Authority, Single Family Mortgage-Backed Securities Program Series 2019E, Rev., VRDO, GNMA/FNMA/FHLMC, LIQ: TD Bank NA, 0.20%, 3/7/2022 (b) | | | 2,660 | | | | 2,660 | |
| | |
Iowa Finance Authority, Solid Waste Facilities, MidAmerican Energy Co. Project Rev., VRDO, AMT, 0.23%, 3/7/2022 (b) | | | 14,240 | | | | 14,240 | |
| | | | | | | | |
| | |
| | | | | | | 26,865 | |
| | | | | | | | |
| | |
Kentucky — 0.4% | | | | | | | | |
| | |
Tender Option Bond Trust Receipts/Certificates Series 2017-XG0113, Rev., VRDO, LOC: Barclays Bank plc, 0.24%, 3/7/2022 (b) (c) | | | 3,735 | | | | 3,735 | |
| | | | | | | | |
| | |
Maine — 0.7% | | | | | | | | |
| | |
Maine State Housing Authority, Mortgage Purchase Series 2017D-2, Rev., VRDO, AMT, LIQ: TD Bank NA, 0.23%, 3/7/2022 (b) | | | 7,415 | | | | 7,415 | |
| | | | | | | | |
| | |
Maryland — 0.0% (d) | | | | | | | | |
| | |
Washington Suburban Sanitary Commission Series B-3, Rev., VRDO, BAN, GTD, LIQ: State Street Bank & Trust, 0.20%, 3/7/2022 (b) | | | 120 | | | | 120 | |
| | | | | | | | |
| | |
Massachusetts — 0.7% | | | | | | | | |
| | |
Cape Cod Regional Transit Authority GO, RAN, 1.00%, 7/22/2022 | | | 6,500 | | | | 6,519 | |
| | | | | | | | |
| | |
Michigan — 0.7% | | | | | | | | |
| | |
Michigan State Housing Development Authority, Rental Housing Series 2016E, Rev., VRDO, AMT, LIQ: UBS AG, 0.22%, 3/7/2022(b) | | | 7,340 | | | | 7,340 | |
| | | | | | | | |
| | |
Minnesota — 0.8% | | | | | | | | |
| | |
City of Minneapolis, Health Care System, Fairview Health Services Series 2018C, Rev., VRDO, LOC: Wells Fargo Bank NA, 0.09%, 3/1/2022 (b) | | | 2,400 | | | | 2,400 | |
| | |
Minnesota Higher Education Facilities Authority, Concordia University, St. Paul Series 6Q, Rev., VRDO, LOC: U.S. Bank NA, 0.08%, 3/1/2022 (b) | | | 5,820 | | | | 5,820 | |
| | | | | | | | |
| | |
| | | | | | | 8,220 | |
| | | | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MONEY MARKET FUNDS | | | | | | | | 63 |
JPMorgan Municipal Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
| | |
Mississippi — 2.6% | | | | | | | | |
| | |
Mississippi Business Finance Corp., Gulf Opportunity Zone Industrial Development, Chevron USA, Inc. Project | | | | | | | | |
| | |
Series 2009E, Rev., VRDO, 0.08%, 3/1/2022 (b) | | | 3,030 | | | | 3,030 | |
| | |
Series 2010 H, Rev., VRDO, 0.08%, 3/1/2022 (b) | | | 9,300 | | | | 9,300 | |
| | |
Series 2010 I, Rev., VRDO, 0.08%, 3/1/2022 (b) | | | 1,355 | | | | 1,355 | |
| | |
Series 2010K, Rev., VRDO, 0.08%, 3/1/2022 (b) | | | 3,795 | | | | 3,795 | |
| | |
Series 2011 G, Rev., VRDO, 0.08%, 3/1/2022 (b) | | | 3,000 | | | | 3,000 | |
| | |
Series 2011A, Rev., VRDO, 0.08%, 3/1/2022 (b) | | | 970 | | | | 970 | |
| | |
Series 2011C, Rev., VRDO, 0.08%, 3/1/2022 (b) | | | 4,465 | | | | 4,465 | |
| | | | | | | | |
| | |
| | | | | | | 25,915 | |
| | | | | | | | |
| | |
Missouri — 3.8% | | | | | | | | |
| | |
Health and Educational Facilities Authority of the State of Missouri, BJC Health System Series C, Rev., VRDO, LIQ: BJC Health System, 0.19%, 3/7/2022 (b) | | | 10,360 | | | | 10,360 | |
| | |
Rib Floater Trust Various States Series 2017-010, Rev., VRDO, LOC: Barclays Bank plc, 0.24%, 3/7/2022 (b) (c) | | | 21,950 | | | | 21,950 | |
| | |
Tender Option Bond Trust Receipts/Certificates Series 2017-XG0157, Rev., VRDO, LOC: Barclays Bank plc, 0.24%, 3/7/2022 (b) (c) | | | 5,190 | | | | 5,190 | |
| | | | | | | | |
| | |
| | | | | | | 37,500 | |
| | | | | | | | |
|
Nevada — 2.0% | |
| | |
County of Clark, Industrial Development, Southwest Gas Corp. Project Series 2008A, Rev., VRDO, AMT, LOC: MUFG Union Bank NA, 0.23%, 3/7/2022 (b) | | | 20,000 | | | | 20,000 | |
| | | | | | | | |
| | |
New Jersey — 3.7% | | | | | | | | |
| | |
Borough of Raritan Series 2021A, GO, BAN, 1.50%, 7/7/2022 | | | 5,692 | | | | 5,717 | |
| | |
Borough of Saddle River GO, BAN, 1.00%, 4/22/2022 | | | 5,116 | | | | 5,121 | |
| | |
Tender Option Bond Trust Receipts/Certificates Series 2020-XF0957, Rev., VRDO, LOC: Royal Bank of Canada, 0.27%, 3/7/2022 (b) (c) | | | 2,500 | | | | 2,500 | |
| | |
Township of Galloway GO, BAN, 1.00%, 8/10/2022 | | | 7,725 | | | | 7,751 | |
| | |
Township of Lopatcong GO, 1.00%, 3/18/2022 | | | 4,234 | | | | 4,236 | |
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
| | |
New Jersey — continued | | | | | | | | |
| | |
Township of Lyndhurst GO, BAN, 1.00%, 3/11/2022 | | | 1,500 | | | | 1,500 | |
| | |
Township of Robbinsville Series 2021A, GO, BAN, 1.00%, 7/19/2022 | | | 1,858 | | | | 1,864 | |
| | |
Township of West Orange GO, BAN, 1.50%, 5/5/2022 | | | 8,465 | | | | 8,484 | |
| | | | | | | | |
| | |
| | | | | | | 37,173 | |
| | | | | | | | |
| | |
New York — 9.8% | | | | | | | | |
| | |
City of Kingston Series 2021A, GO, BAN, 1.50%, 3/18/2022 | | | 5,773 | | | | 5,776 | |
| | |
County of Clinton GO, BAN, 1.50%, 7/28/2022 | | | 3,214 | | | | 3,231 | |
| | |
Cuba-Rushford Central School District GO, BAN, 1.00%, 6/24/2022 | | | 7,000 | | | | 7,001 | |
| | |
Greene Central School District Series 2021B, GO, BAN, 1.50%, 6/30/2022 | | | 2,000 | | | | 2,008 | |
| | |
Hastings-On-Hudson Union Free School District GO, BAN, 1.50%, 3/4/2022 | | | 7,500 | | | | 7,501 | |
| | |
Homer Central School District GO, BAN, 1.00%, 7/21/2022 | | | 4,229 | | | | 4,241 | |
| | |
Lakeland Central School District GO, BAN, 1.25%, 8/19/2022 | | | 1,059 | | | | 1,064 | |
| | |
Metropolitan Transportation Authority, Dedicated Tax Fund Series 2008A-2B, Rev., VRDO, LOC: PNC Bank NA, 0.19%, 3/7/2022 (b) | | | 2,165 | | | | 2,165 | |
| | |
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2013 Subseries C-5, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.21%, 3/7/2022 (b) | | | 16,625 | | | | 16,625 | |
| | |
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2014 Series AA, Subseries AA-1, Rev., VRDO, LIQ: Mizuho Bank Ltd., 0.09%, 3/1/2022 (b) | | | 8,585 | | | | 8,585 | |
| | |
RBC Municipal Products, Inc. Trust, Floater Certificates Series E-146, Rev., VRDO, LOC: Royal Bank of Canada, 0.23%, 3/7/2022 (b) (c) | | | 2,500 | | | | 2,500 | |
| | |
Skaneateles Central School District Series 2021B, GO, BAN, 1.00%, 8/17/2022 | | | 1,359 | | | | 1,364 | |
| | |
Sodus Central School District GO, BAN, 1.00%, 6/29/2022 | | | 10,000 | | | | 10,003 | |
| | |
Springville-Griffith Institute Central School District GO, BAN, 1.00%, 8/19/2022 | | | 1,965 | | | | 1,973 | |
| | |
Tender Option Bond Trust Receipts/Certificates | | | | | | | | |
| | |
Series 2018-XM0692, Rev., VRDO, LIQ: Royal Bank of Canada, 0.23%, 3/7/2022 (b) | | | 3,000 | | | | 3,000 | |
| | |
Series 2021-XF2940, Rev., VRDO, LIQ: UBS AG, 0.23%, 3/7/2022 (b) (c) | | | 5,305 | | | | 5,305 | |
| | |
Series 2021-XL0184, GO, VRDO, LIQ: Wells Fargo Bank NA, 0.23%, 3/7/2022 (b) (c) | | | 2,000 | | | | 2,000 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 64 | | | | | | | | J.P. MORGAN MONEY MARKET FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | | | | | | | | |
| | |
New York — continued | | | | | | | | |
| | |
Series 2021-XL0199, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.23%, 3/7/2022 (b) (c) | | | 7,000 | | | | 7,000 | |
| | |
Series 2017-XF2419, Rev., VRDO, LOC: Barclays Bank plc, 0.24%, 3/7/2022 (b) (c) | | | 3,285 | | | | 3,285 | |
| | |
Series 2020-XF2868, Rev., VRDO, LOC: Barclays Bank plc, 0.24%, 3/7/2022 (b) (c) | | | 1,900 | | | | 1,900 | |
| | |
Trust for Cultural Resources of The City of New York, The Museum of Modern Art Series 2006A-2, Rev., VRDO, 0.19%, 3/7/2022 (b) | | | 1,900 | | | | 1,900 | |
| | | | | | | | |
| | |
| | | | | | | 98,427 | |
| | | | | | | | |
| | |
North Carolina — 0.6% | | | | | | | | |
| | |
Person County Industrial Facilities and Pollution Control Financing Authority, Recovery Zone Facility, Certainteed Gypsum, Inc. Rev., VRDO, LOC: Credit Industriel et Commercial, 0.24%, 3/7/2022 (b) | | | 5,750 | | | | 5,750 | |
| | | | | | | | |
| | |
Ohio — 2.8% | | | | | | | | |
| | |
Milford Exempt Village School District GO, BAN, 1.63%, 4/5/2022 | | | 6,000 | | | | 6,008 | |
| | |
Ohio Housing Finance Agency, Mortgage-Backed Securities Program | | | | | | | | |
| | |
Series 2006J, Rev., VRDO, AMT, GNMA/FNMA COLL, LIQ: TD Bank NA, 0.23%, 3/7/2022 (b) | | | 3,680 | | | | 3,680 | |
| | |
Series 2016E, Rev., VRDO, AMT, GNMA/FNMA/FHLMC, LIQ: TD Bank NA, 0.23%, 3/7/2022 (b) | | | 4,520 | | | | 4,520 | |
| | |
Series 2016E, Rev., VRDO, AMT, GNMA/FNMA/FHLMC, LIQ: TD Bank NA, 0.23%, 3/7/2022 (b) | | | 4,760 | | | | 4,760 | |
| | |
RBC Municipal Products, Inc. Trust, Floater Certificates Series 2022C-18, Rev., VRDO, LOC: Royal Bank of Canada, 0.24%, 3/7/2022 (b) (c) | | | 9,000 | | | | 9,000 | |
| | | | | | | | |
| | |
| | | | | | | 27,968 | |
| | | | | | | | |
| | |
Oregon — 1.0% | | | | | | | | |
| | |
Marion County Housing Authority, Residence at Marian Rev., VRDO, LOC: U.S. Bank NA, 0.24%, 3/7/2022 (b) | | | 225 | | | | 225 | |
| | |
Port of Portland, Special Obligation, Horizon Air Industries, Inc., Project Rev., VRDO, LOC: Bank of America NA, 0.12%, 3/1/2022 (b) | | | 1,900 | | | | 1,900 | |
| | |
Tender Option Bond Trust Receipts/Certificates
Series 2022-ZF1277, Rev., VRDO, LIQ: Royal Bank of Canada, 0.23%, 3/7/2022 (b) (c) | | | 7,500 | | | | 7,500 | |
| | | | | | | | |
| | |
| | | | | | | 9,625 | |
| | | | | | | | |
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
| | |
Other — 2.3% | | | | | | | | |
| | |
Eagle Tax-Exempt Trust
Series 0055F, Class A, Rev., VRDO, FHLMC, LIQ: FHLMC, 0.20%, 3/7/2022 (b) (c) | | | 5,000 | | | | 5,000 | |
| | |
FHLMC, Multi-Family VRD Certificates | | | | | | | | |
| | |
Series M021, Class A, Rev., VRDO, LIQ: FHLMC, 0.23%, 3/7/2022 (b) (c) | | | 9,500 | | | | 9,500 | |
| | |
Series M025, Class A, Rev., VRDO, LIQ: FHLMC, 0.24%, 3/7/2022 (b) (c) | | | 4,210 | | | | 4,210 | |
| | |
Series M026, Class A, Rev., VRDO, LIQ: FHLMC, 0.24%, 3/7/2022 (b) (c) | | | 4,570 | | | | 4,570 | |
| | | | | | | | |
| | |
| | | | | | | 23,280 | |
| | | | | | | | |
| | |
Pennsylvania — 0.3% | | | | | | | | |
| | |
Pennsylvania Housing Finance Agency, Single Family Mortgage Series 2004-83C, Rev., VRDO, AMT, LIQ: TD Bank NA, 0.23%, 3/7/2022 (b) | | | 3,145 | | | | 3,145 | |
| | | | | | | | |
| | |
South Carolina — 0.4% | | | | | | | | |
| | |
County Square Redevelopment Corp., Greenville County, South Carolina Project Rev., BAN, 2.00%, 3/3/2022 | | | 1,555 | | | | 1,555 | |
| | |
Tender Option Bond Trust Receipts/Certificates Series 2019-ZF0824, Rev., VRDO, LOC: Bank of America NA, 0.27%, 3/7/2022 (b) (c) | | | 2,325 | | | | 2,325 | |
| | | | | | | | |
| | |
| | | | | | | 3,880 | |
| | | | | | | | |
| | |
Tennessee — 0.7% | | | | | | | | |
| | |
Tender Option Bond Trust Receipts/Certificates | | | | | | | | |
| | |
Series 2020-YX1139, Rev., VRDO, LOC: Barclays Bank plc, 0.25%, 3/7/2022 (b) (c) | | | 3,795 | | | | 3,795 | |
| | |
Series 2019-XG0268, Rev., VRDO, LIQ: Bank of America NA, 0.26%, 3/7/2022 (b) (c) | | | 3,475 | | | | 3,475 | |
| | | | | | | | |
| | |
| | | | | | | 7,270 | |
| | | | | | | | |
| | |
Texas — 6.1% | | | | | | | | |
| | |
Gilmer Industrial Development Corp., Duoline Technologies LP Series 2008A, Rev., VRDO, LOC: Wells Fargo Bank NA, 0.30%, 3/7/2022 (b) | | | 5,215 | | | | 5,215 | |
| | |
Gulf Coast Waste Disposal Authority, Environmental Facilities, ExxonMobil Project Rev., VRDO, 0.11%, 3/1/2022 (b) | | | 3,200 | | | | 3,200 | |
| | |
Lower Neches Valley Authority Industrial Development Corp., ExxonMobil Project | | | | | | | | |
| | |
Series 2002B, Rev., VRDO, 0.11%, 3/1/2022 (b) | | | 15,560 | | | | 15,560 | |
| | |
Subseries B-2, Rev., VRDO, 0.11%, 3/1/2022 (b) | | | 6,605 | | | | 6,605 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MONEY MARKET FUNDS | | | | | | | | 65 |
JPMorgan Municipal Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | | | | | | | | |
| | |
Texas — continued | | | | | | | | |
| | |
Subseries B-4, Rev., VRDO, 0.11%, 3/1/2022 (b) | | | 3,520 | | | | 3,520 | |
| | |
State of Texas, Veterans | | | | | | | | |
| | |
Series 2015 A, GO, VRDO, LIQ: State Street Bank & Trust, 0.20%, 3/7/2022 (b) | | | 2,000 | | | | 2,000 | |
| | |
GO, VRDO, AMT, LIQ: State Street Bank & Trust, 0.24%, 3/7/2022 (b) | | | 6,000 | | | | 6,000 | |
| | |
Series 2002A-2, GO, VRDO, AMT, LIQ: State Street Bank & Trust, 0.24%, 3/7/2022 (b) | | | 4,210 | | | | 4,210 | |
| | |
State of Texas, Veterans Housing Assistance Program Series 2010C, GO, VRDO, LIQ: State Street Bank & Trust, 0.20%, 3/7/2022 (b) | | | 3,340 | | | | 3,340 | |
| | |
Tender Option Bond Trust Receipts/Certificates | | | | | | | | |
| | |
Series 2018-ZF2662, GO, VRDO, PSF-GTD, LIQ: Morgan Stanley Bank, 0.23%, 3/7/2022 (b) (c) | | | 3,840 | | | | 3,840 | |
| | |
Series 2022-ZF2969, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.23%, 3/7/2022 (b) (c) | | | 7,500 | | | | 7,500 | |
| | | | | | | | |
| | |
| | | | | | | 60,990 | |
| | | | | | | | |
| | |
Utah — 1.3% | | | | | | | | |
| | |
County of Utah, IHC Health Services, Inc. Series 2018C, Rev., VRDO, LIQ: TD Bank NA, 0.07%, 3/1/2022 (b) | | | 9,255 | | | | 9,255 | |
| | |
Tender Option Bond Trust Receipts/Certificates Series 2018-ZM0652, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.23%, 3/7/2022 (b) (c) | | | 3,425 | | | | 3,425 | |
| | | | | | | | |
| | |
| | | | | | | 12,680 | |
| | | | | | | | |
| | |
Virginia — 1.2% | | | | | | | | |
| | |
Botetourt County Industrial Development Authority, Altec Industries Rev., VRDO, LOC: Bank of America NA, 0.24%, 3/7/2022 (b) | | | 7,400 | | | | 7,400 | |
| | |
Prince William County Industrial Development Authority, Sewer Disposal Facilities, Dale Service Corp., Project Rev., VRDO, LOC: Wells Fargo Bank NA, 0.25%, 3/7/2022 (b) | | | 50 | | | | 50 | |
| | |
Tender Option Bond Trust Receipts/Certificates Series 2022-XL0201, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.23%, 3/7/2022 (b) (c) | | | 4,500 | | | | 4,500 | |
| | | | | | | | |
| | |
| | | | | | | 11,950 | |
| | | | | | | | |
| | |
Washington — 0.9% | | | | | | | | |
| | |
King County Housing Authority, Overlake Tod Housing LP Series 2001B, Rev., VRDO, LOC: Bank of America NA, 0.24%, 3/7/2022 (b) | | | 4,075 | | | | 4,075 | |
| | |
Port of Tacoma, Subordinate Lien Rev., VRDO, AMT, LOC: PNC Bank NA, 0.22%, 3/7/2022 (b) | | | 5,085 | | | | 5,085 | |
| | | | | | | | |
| | |
| | | | | | | 9,160 | |
| | | | | | | | |
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
| | |
Wisconsin — 0.4% | | | | | | | | |
| | |
Wisconsin Housing and Economic Development Authority, Multi-Family Housing Series 2007A, Rev., VRDO, LIQ: FHLB, 0.22%, 3/7/2022 (b) | | | 3,940 | | | | 3,940 | |
| | | | | | | | |
| |
Total Municipal Bonds
(Cost $688,017) | | | | 688,017 | |
| | | | | | | | |
| | |
| | | SHARES
(000) | | | | |
Variable Rate Demand Preferred Shares — 9.4% | | | | | |
| | |
California — 1.0% | | | | | | | | |
| | |
Nuveen California Dividend Advantage Municipal Fund Series 4, LIQ: Royal Bank of Canada, 0.27%, 3/7/2022 # (c) | | | 10,000 | | | | 10,000 | |
| | | | | | | | |
| | |
Other — 7.4% | | | | | | | | |
| | |
BlackRock MuniYield Fund III, Inc. LIQ: TD Bank NA, 0.31%, 3/7/2022 # (c) | | | 30,000 | | | | 30,000 | |
| | |
Nuveen Quality Municipal Income Fund | | | | | | | | |
| | |
Series 2-2525, LIQ: Barclays Bank plc, 0.29%, 3/7/2022 # (c) | | | 20,000 | | | | 20,000 | |
| | |
Series 3-1277, LIQ: Barclays Bank plc, 0.29%, 3/7/2022 # (c) | | | 24,200 | | | | 24,200 | |
| | | | | | | | |
| | |
| | | | | | | 74,200 | |
| | | | | | | | |
| | |
Pennsylvania — 1.0% | | | | | | | | |
| | |
BlackRock MuniYield Pennsylvania Quality Fund Series W-7, LIQ: TD Bank NA, 0.30%, 3/7/2022 # (c) | | | 10,000 | | | | 10,000 | |
| | | | | | | | |
| |
Total Variable Rate Demand Preferred Shares
(Cost $94,200) | | | | 94,200 | |
| | | | | | | | |
| | |
| | | PRINCIPAL
AMOUNT
($000) | | | | |
Short-Term Investments — 20.3% | | | | | | | | |
| | |
Commercial Paper — 20.3% | | | | | | | | |
| | |
Board of Regents of the University of Texas System Series A, 0.21%, 3/14/2022 | | | 15,000 | | | | 15,000 | |
| | |
California Statewide Communities Development Authority | | | | | | | | |
| | |
Series 9B-1, 0.12%, 3/9/2022 | | | 10,000 | | | | 10,000 | |
| | |
Series D, 0.12%, 3/9/2022 | | | 4,000 | | | | 4,000 | |
| | |
Series 9B-3, 0.14%, 3/10/2022 | | | 7,500 | | | | 7,500 | |
| | |
Series 9B-1, 0.52%, 6/15/2022 | | | 11,000 | | | | 11,000 | |
| | |
City of Atlanta, Tax Exempt | | | | | | | | |
| | |
Series K-2, 0.16%, 4/13/2022 | | | 5,000 | | | | 5,000 | |
| | |
Series K-2, 0.16%, 4/13/2022 | | | 13,530 | | | | 13,530 | |
| | |
Series J-2, 0.32%, 4/13/2022 | | | 7,905 | | | | 7,905 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 66 | | | | | | | | J.P. MORGAN MONEY MARKET FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Short-Term Investments — continued | | | | | | | | |
| | |
Commercial Paper — continued | | | | | | | | |
| | |
City of Houston, Tax Exempt | | | | | | | | |
| | |
Series A, 0.13%, 3/3/2022 | | | 10,000 | | | | 10,000 | |
| | |
Series A, 0.20%, 3/10/2022 | | | 10,000 | | | | 10,000 | |
| | |
Series G-2, 0.22%, 3/10/2022 | | | 5,000 | | | | 5,000 | |
| | |
Series H-2, 0.24%, 3/10/2022 | | | 4,000 | | | | 4,000 | |
| | |
Series A, 0.28%, 3/17/2022 | | | 15,000 | | | | 15,000 | |
| | |
County of Hillsborough, Tax Exempt
Series A, 0.18%, 4/7/2022 | | | 4,700 | | | | 4,700 | |
| | |
County of Montgomery, Tax Exempt
Series 10-A, 0.31%, 4/6/2022 | | | 10,000 | | | | 10,000 | |
| | |
El Paso Water and Sewer | | | | | | | | |
| | |
Series A, 0.15%, 3/4/2022 | | | 15,000 | | | | 15,000 | |
| | |
Series A, 0.19%, 4/5/2022 | | | 15,000 | | | | 15,000 | |
| | |
Miami Dade College Foundation, Inc., Tax Exempt | | | | | | | | |
| | |
Series 2021, 0.14%, 3/4/2022 | | | 3,540 | | | | 3,540 | |
| | |
Series 2021, 0.20%, 3/8/2022 | | | 4,000 | | | | 4,000 | |
| | |
San Bernardino County Transportation Authority Series A, 0.12%, 4/6/2022 | | | 6,784 | | | | 6,784 | |
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
| | |
Commercial Paper — continued | | | | | | | | |
| | |
State of California, Tax Exempt Series A-1, 0.32%, 3/29/2022 | | | 5,000 | | | | 5,000 | |
| | |
University of North Texas System, Tax Exempt Series A, 0.15%, 3/17/2022 | | | 11,325 | | | | 11,325 | |
| | |
University of Washington, Tax Exempt Series A, 0.48%, 6/3/2022 | | | 10,000 | | | | 10,000 | |
| | | | | | | | |
| |
Total Commercial Paper
(Cost $203,284) | | | | 203,284 | |
| | | | | | | | |
| |
Total Short-Term Investments
(Cost $203,284) | | | | 203,284 | |
| | | | | | | | |
Total Investments — 98.6%
(Cost $985,501) * | | | | 985,501 | |
Other Assets Less Liabilities — 1.4% | | | | | | | 13,945 | |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | | 999,446 | |
| | | | | | | | |
Percentages indicated are based on net assets.
| | |
Abbreviations |
| |
| AMT | | Alternative Minimum Tax |
| BAN | | Bond Anticipation Note |
| COLL | | Collateral |
| FHLB | | Federal Home Loan Bank |
| FHLMC | | Federal Home Loan Mortgage Corp. |
| FNMA | | Federal National Mortgage Association |
| GNMA | | Government National Mortgage Association |
| GO | | General Obligation |
| LIQ | | Liquidity Agreement |
| LOC | | Letter of Credit |
| PSF-GTD | | Permanent School Fund Guaranteed |
| RAN | | Revenue Anticipation Note |
| Rev. | | Revenue |
| VRDO | | Variable Rate Demand Obligation |
| | |
| (a) | | The date shown represents the earliest of the next put date, next demand date or final maturity date. |
| (b) | | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of February 28, 2022. |
| (c) | | Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. |
| # | | Variable Rate Demand Preferred Shares of a closed-end investment company which has a weekly demand feature. The interest rate shown is the rate in effect as of February 28, 2022. |
| * | | The cost of securities is substantially the same for federal income tax purposes. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MONEY MARKET FUNDS | | | | | | | | 67 |
JPMorgan California Municipal Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — 63.1% | |
|
California — 63.1% | |
| | |
Bonita Unified School District Series 2016B, GO, 4.00%, 8/1/2022 | | | 160 | | | | 163 | |
| | |
Brentwood Union School District GO, 5.00%, 8/1/2022 | | | 150 | | | | 153 | |
| | |
Burlingame Financing Authority, Community Center Project Rev., 5.00%, 7/1/2022 | | | 200 | | | | 203 | |
| | |
California Health Facilities Financing Authority, Cedars-Sinai Medical Center Series A, Rev., 5.00%, 8/15/2022 | | | 100 | | | | 102 | |
| | |
California Health Facilities Financing Authority, Memorial Health Services Series 2012A, Rev., 5.00%, 10/1/2022 | | | 145 | | | | 149 | |
| | |
California Infrastructure and Economic Development Bank, Industrial Development, Silva Corks USA LLC Project Series 2006, Rev., VRDO, LOC: Bank of America NA, 0.26%, 3/7/2022 (b) | | | 1,425 | | | | 1,425 | |
| | |
California Municipal Finance Authority, Exempt Facilities, ExxonMobil Corp. Rev., VRDO, 0.12%, 3/1/2022 (b) | | | 4,555 | | | | 4,555 | |
| | |
California Municipal Finance Authority, Recovery Zone Facility, Chevron USA, Inc., Project | | | | | | | | |
| | |
Series 2010A, Rev., VRDO, 0.06%, 3/1/2022 (b) | | | 4,595 | | | | 4,595 | |
| | |
Series 2010A, Rev., VRDO, 0.06%, 3/1/2022 (b) | | | 3,500 | | | | 3,500 | |
| | |
California State Public Works Board, Office of Emergency Services Series 2017F, Rev., 5.00%, 4/1/2022 | | | 300 | | | | 301 | |
| | |
California Statewide Communities Development Authority, Western University of Health Sciences Series 2007A, Rev., VRDO, LOC: Wells Fargo Bank NA, 0.16%, 3/7/2022 (b) | | | 2,870 | | | | 2,870 | |
| | |
Chino Valley Unified School District GO, 5.00%, 8/1/2022 | | | 100 | | | | 102 | |
| | |
City of Irvine, Assessment District No. 03-19 Series B, Rev., VRDO, LOC: U.S. Bank NA, 0.08%, 3/1/2022 (b) | | | 1,900 | | | | 1,900 | |
| | |
City of Los Angeles Rev., TRAN, 4.00%, 6/23/2022 | | | 945 | | | | 956 | |
| | |
City of Modesto, Live Oak Apartments Project Series 1994, Rev., VRDO, FNMA, LIQ: FNMA, 0.32%, 3/7/2022 (b) | | | 400 | | | | 400 | |
| | |
City of San Jose, Multi-Family Housing, Almaden Lake Village Apartments | | | | | | | | |
| | |
Series 1997A, Rev., VRDO, LOC: FNMA, 0.24%, 3/7/2022 (b) | | | 8,500 | | | | 8,500 | |
| | |
Series 2000A, Rev., VRDO, LOC: FNMA, 0.25%, 3/7/2022 (b) | | | 2,000 | | | | 2,000 | |
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
|
California — continued | |
| | |
Clovis Unified School District, Election of 2020 Series 2020A, GO, 3.00%, 8/1/2022 | | | 500 | | | | 506 | |
| | |
County of Los Angeles Rev., TRAN, 4.00%, 6/30/2022 | | | 580 | | | | 586 | |
| | |
County of Riverside Rev., TRAN, 2.00%, 6/30/2022 | | | 795 | | | | 800 | |
| | |
East Bay Municipal Utility District, Water System | | | | | | | | |
| | |
Series 2008-A1, Rev., VRDO, LIQ: Wells Fargo Bank NA, 0.16%, 3/7/2022 (b) | | | 675 | | | | 675 | |
| | |
Series 2012B, Rev., 5.00%, 6/1/2022 | | | 200 | | | | 202 | |
| | |
Series 2014B, Rev., 5.00%, 6/1/2022 | | | 200 | | | | 203 | |
| | |
Franklin-McKinley School District, Election of 2016 Series C, GO, 3.00%, 8/1/2022 | | | 100 | | | | 101 | |
| | |
Fremont Unified School District, Election of 2014 Series D, GO, 4.00%, 8/1/2022 | | | 200 | | | | 203 | |
| | |
Fresno County Financing Authority Rev., 5.00%, 4/1/2022 | | | 400 | | | | 402 | |
| | |
Los Angeles County Schools, Transportation Pooled Financing Program Series A, Rev., 2.00%, 6/1/2022 | | | 8,065 | | | | 8,104 | |
| | |
Los Angeles Department of Water and Power, Water System Series 2021A-2, Rev., VRDO, LIQ: TD Bank NA, 0.05%, 3/1/2022 (b) | | | 1,045 | | | | 1,045 | |
| | |
Modesto Public Financing Authority Rev., VRDO, LOC: Bank of the West, 0.20%, 3/7/2022 (b) | | | 6,900 | | | | 6,900 | |
| | |
Palmdale Elementary School District Series 2021A, GO, 4.00%, 8/1/2022 | | | 1,625 | | | | 1,652 | |
| | |
RBC Municipal Products, Inc. Trust, Floater Certificates Series G-118, VRDO, LOC: Royal Bank of Canada, 0.35%, 4/1/2022 (b) (c) | | | 2,000 | | | | 2,000 | |
| | |
Riverside County Transportation Commission, Sales Tax Series 2017A, Rev., 4.00%, 6/1/2022 | | | 140 | | | | 141 | |
| | |
San Diego County Regional Transportation Commission, Sales Tax | | | | | | | | |
| | |
Series 2012A, Rev., 5.00%, 4/1/2022 | | | 275 | | | | 276 | |
| | |
Series 2021A, Rev., 5.00%, 10/1/2022 | | | 175 | | | | 180 | |
| | |
San Diego Unified School District Series A, Rev., TRAN, 4.00%, 6/30/2022 | | | 750 | | | | 760 | |
| | |
San Diego Unified School District, Election of 2008 Series 2021L-2, GO, 4.00%, 7/1/2022 | | | 135 | | | | 137 | |
| | |
San Joaquin County Transportation Authority, Measure K Sales Tax Rev., 5.00%, 3/1/2022 | | | 200 | | | | 200 | |
| | |
San Jose Unified School District, Election of 2012 Series 2019F, GO, 4.00%, 8/1/2022 | | | 100 | | | | 102 | |
| | |
Southern California Public Power Authority, Southern Transmission Project | | | | | | | | |
| | |
Series 2015A, Rev., 5.00%, 7/1/2022 | | | 265 | | | | 269 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 68 | | | | | | | | J.P. MORGAN MONEY MARKET FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
California — continued | |
| | |
Series 2018A, Rev., 5.00%, 7/1/2022 | | | 300 | | | | 305 | |
| | |
Southwestern Community College District, Election of 2016 Series 2021C, GO, 3.00%, 8/1/2022 | | | 690 | | | | 698 | |
| | |
State of California Department of Water Resources, Power Supply Series 2015O, Rev., 5.00%, 5/1/2022 (d) | | | 345 | | | | 348 | |
| | |
State of California, Various Purpose | | | | | | | | |
| | |
GO, 5.00%, 5/1/2022 | | | 110 | | | | 111 | |
| | |
GO, 5.25%, 9/1/2022 | | | 195 | | | | 200 | |
| | |
Tender Option Bond Trust Receipts/Certificates | | | | | | | | |
| | |
Series 2019-ZF2844, COP, VRDO, LIQ: Citibank NA, 0.22%, 3/7/2022 (b) (c) | | | 5,435 | | | | 5,435 | |
| | |
Series 2021-XF1238, Rev., VRDO, LIQ: Royal Bank of Canada, 0.22%, 3/7/2022 (b) | | | 1,700 | | | | 1,700 | |
| | |
Series 2022-ZF1283, Rev., VRDO, LOC: Royal Bank of Canada, 0.22%, 3/7/2022 (b) (c) | | | 3,000 | | | | 3,000 | |
| | |
Series 2016-XF2322, Rev., VRDO, LIQ: Wells Fargo Bank NA, 0.23%, 3/7/2022 (b) (c) | | | 7,500 | | | | 7,500 | |
| | |
Series 2017-XX1045, Rev., VRDO, LIQ: Barclays Bank plc, 0.23%, 3/7/2022 (b) (c) | | | 7,000 | | | | 7,000 | |
| | |
Series 2018-XF2737, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.23%, 3/7/2022 (b) (c) | | | 2,000 | | | | 2,000 | |
| | |
Series 2018-XM0712, GO, VRDO, LIQ: Morgan Stanley Bank, 0.23%, 3/7/2022 (b) (c) | | | 2,230 | | | | 2,230 | |
| | |
Series 2018-ZF2744, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.23%, 3/7/2022 (b) (c) | | | 6,900 | | | | 6,900 | |
| | |
Series 2018-ZF2771, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.23%, 3/7/2022 (b) (c) | | | 3,080 | | | | 3,080 | |
| | |
Series 2018-ZM0585, GO, VRDO, LIQ: Wells Fargo Bank NA, 0.23%, 3/7/2022 (b) (c) | | | 3,750 | | | | 3,750 | |
| | |
Series 2019-XM0741, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.23%, 3/7/2022 (b) (c) | | | 1,000 | | | | 1,000 | |
| | |
Series 2020-XG0304, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.23%, 3/7/2022 (b) (c) | | | 4,260 | | | | 4,260 | |
| | |
Series 2020-XM0837, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.23%, 3/7/2022 (b) (c) | | | 2,300 | | | | 2,300 | |
| | |
Series 2020-YX1149, Rev., VRDO, LIQ: Barclays Bank plc, 0.23%, 3/7/2022 (b) (c) | | | 4,775 | | | | 4,775 | |
| | |
Series 2021-XF1219, GO, VRDO, LIQ: Royal Bank of Canada, 0.23%, 3/7/2022 (b) (c) | | | 5,000 | | | | 5,000 | |
| | |
Series 2021-XF1224, GO, VRDO, LIQ: Royal Bank of Canada, 0.23%, 3/7/2022 (b) (c) | | | 3,730 | | | | 3,730 | |
| | |
Series 2021-XF1244, GO, VRDO, LIQ: TD Bank NA, 0.23%, 3/7/2022 (b) (c) | | | 1,500 | | | | 1,500 | |
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | |
| | | | | | | | |
|
California — continued | |
| | |
Series 2021-XF2956, GO, VRDO, LIQ: Morgan Stanley Bank, 0.23%, 3/7/2022 (b) (c) | | | 4,500 | | | | 4,500 | |
| | |
Series 2021-XG0313, GO, VRDO, LOC: Bank of America NA, 0.23%, 3/7/2022 (b) (c) | | | 1,590 | | | | 1,590 | |
| | |
Series 2019-XM0750, Rev., VRDO, LIQ: Bank of America NA, 0.24%, 3/7/2022 (b) (c) | | | 3,000 | | | | 3,000 | |
| | |
Series 2020-YX1153, Rev., VRDO, LOC: Barclays Bank plc, 0.24%, 3/7/2022 (b) (c) | | | 7,105 | | | | 7,105 | |
| | |
Series 2021-XG0340, Rev., VRDO, LOC: Bank of America NA, 0.25%, 3/7/2022 (b) (c) | | | 2,250 | | | | 2,250 | |
| | |
Series 2021-XG0341, Rev., VRDO, LOC: Bank of America NA, 0.25%, 3/7/2022 (b) (c) | | | 2,085 | | | | 2,085 | |
| | | | | | | | |
| | |
Total Municipal Bonds
(Cost $144,670) | | | | | | | 144,670 | |
| | | | | | | | |
| | | SHARES
(000) | | | | |
Variable Rate Demand Preferred Shares — 8.7% | |
|
California — 8.7% | |
| | |
BlackRock MuniYield California Quality Fund, Inc. Series W7-1665, LIQ: TD Bank NA, 0.29%, 3/7/2022 # (c) | | | 9,000 | | | | 9,000 | |
| | |
Nuveen California Dividend Advantage Municipal Fund | | | | | | | | |
| | |
Series 4, LIQ: Royal Bank of Canada, 0.27%, 3/7/2022 # (c) | | | 4,000 | | | | 4,000 | |
| | |
Series 1-1362, LIQ: Societe Generale, 0.29%, 3/7/2022 # (c) | | | 7,000 | | | | 7,000 | |
| | | | | | | | |
| | |
Total Variable Rate Demand Preferred Shares
(Cost $20,000) | | | | | | | 20,000 | |
| | | | | | | | |
| | |
| | | PRINCIPAL
AMOUNT
($000) | | | | |
Short-Term Investments — 26.6% | |
|
Commercial Paper — 26.6% | |
| | |
California Statewide Communities Development Authority | | | | | | | | |
| | |
Series D, 0.12%, 3/9/2022 | | | 8,000 | | | | 8,000 | |
| | |
Series 08-C, 0.14%, 5/4/2022 | | | 2,000 | | | | 2,000 | |
| | |
City of Los Angeles, Wastewater System Tax Exempt Series A-2, 0.17%, 3/1/2022 | | | 9,000 | | | | 9,000 | |
| | |
East Bay Municipal Utility District, Tax Exempt Series A-2, 0.12%, 3/2/2022 | | | 2,000 | | | | 2,000 | |
| | |
Los Angeles County Capital Asset Leasing Corp. Series B, 0.25%, 3/23/2022 | | | 4,000 | | | | 4,000 | |
| | |
Municipal Improvement Corp. of Los Angeles Series A-1, 0.19%, 3/16/2022 | | | 4,000 | | | | 4,000 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MONEY MARKET FUNDS | | | | | | | | 69 |
JPMorgan California Municipal Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Short-Term Investments — continued | |
|
Commercial Paper — continued | |
| | |
San Bernardino County Transportation Authority Series A, 0.12%, 4/6/2022 | | | 2,000 | | | | 2,000 | |
| | |
San Diego County Water Authority, Tax Exempt | | | | | | | | |
| | |
Series 10, 0.17%, 3/2/2022 | | | 3,000 | | | | 3,000 | |
| | |
Series 10, 0.40%, 4/13/2022 | | | 5,000 | | | | 5,000 | |
| | |
San Francisco City & County Public Utilities Commission Wastewater, Tax Exempt | | | | | | | | |
| | |
Series A-1, 0.17%, 3/9/2022 | | | 9,000 | | | | 9,000 | |
| | |
Santa Clara Valley Water District, Tax Exempt | | | | | | | | |
| | |
Series A, 0.13%, 4/5/2022 | | | 2,600 | | | | 2,600 | |
| | |
State of California Department of Water Resources, Tax Exempt | | | | | | | | |
| | |
Series 1, 0.37%, 4/5/2022 | | | 2,000 | | | | 2,000 | |
| | |
State of California, Tax Exempt | | | | | | | | |
| | |
Series A-5, 0.17%, 3/1/2022 | | | 1,000 | | | | 1,000 | |
| | |
Series A-3, 0.14%, 3/2/2022 | | | 2,000 | | | | 2,000 | |
| | |
Series A-5, 0.17%, 3/10/2022 | | | 2,000 | | | | 2,000 | |
| | |
Series A-1, 0.28%, 3/22/2022 | | | 1,870 | | | | 1,870 | |
| | |
Series A-7, 0.35%, 3/24/2022 | | | 1,500 | | | | 1,500 | |
| | | | | | | | |
| | |
Total Commercial Paper
(Cost $60,970) | | | | | | | 60,970 | |
| | | | | | | | |
| | |
Total Short-Term Investments
(Cost $60,970) | | | | | | | 60,970 | |
| | | | | | | | |
Total Investments—98.4%
(Cost $225,640) * | | | | | | | 225,640 | |
Other Assets Less Liabilities — 1.6% | | | | | | | 3,635 | |
| | | | | | | | |
Net Assets — 100.0% | | | | | | | 229,275 | |
| | | | | | | | |
Percentages indicated are based on net assets.
Abbreviations
| | |
| |
| COP | | Certificate of Participation |
| FNMA | | Federal National Mortgage Association |
| GO | | General Obligation |
| LIQ | | Liquidity Agreement |
| LOC | | Letter of Credit |
| Rev. | | Revenue |
| TRAN | | Tax & Revenue Anticipation Note |
| VRDO | | Variable Rate Demand Obligation |
| |
| (a) | | The date shown represents the earliest of the next put date, next demand date or final maturity date. |
| (b) | | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of February 28, 2022. |
| | |
| (c) | | Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. |
| (d) | | Security is prerefunded or escrowed to maturity. |
| # | | Variable Rate Demand Preferred Shares of a closed-end investment company which has a weekly demand feature. The interest rate shown is the rate in effect as of February 28, 2022. |
| * | | The cost of securities is substantially the same for federal income tax purposes. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 70 | | | | | | | | J.P. MORGAN MONEY MARKET FUNDS | | FEBRUARY 28, 2022 |
JPMorgan New York Municipal Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — 85.7% | |
|
New York — 85.7% | |
| | |
Albany Industrial Development Agency, Civic Facility, Living Resources Corp., Project Series 2007A, Rev., VRDO, LOC: HSBC Bank USA NA, 0.21%, 3/7/2022 (b) | | | 2,365 | | | | 2,365 | |
| | |
Amherst Development Corp., Student Housing Facility, South Lake Village Project Series 2010B, Rev., VRDO, LOC: HSBC Bank USA NA, 0.30%, 3/7/2022 (b) | | | 11,515 | | | | 11,515 | |
| | |
Battery Park City Authority Series 2019D-2, Rev., VRDO, LIQ: TD Bank NA, 0.19%, 3/7/2022(b) | | | 9,200 | | | | 9,200 | |
| | |
Bay Shore Union Free School District GO, TAN, 1.25%, 6/24/2022 | | | 5,090 | | | | 5,106 | |
| | |
Berlin Central School District GO, BAN, 1.00%, 6/29/2022 | | | 3,000 | | | | 3,008 | |
| | |
City of Hudson Series 2021A, GO, BAN, 1.00%, 6/24/2022 | | | 3,029 | | | | 3,036 | |
| | |
City of Ithaca GO, BAN, 1.00%, 7/22/2022 | | | 4,824 | | | | 4,839 | |
| | |
City of Kingston Series 2021A, GO, BAN, 1.50%, 3/18/2022 | | | 6,000 | | | | 6,003 | |
| | |
City of New York, Fiscal Year 2006 Series I, Subseries I-4, GO, VRDO, LOC: TD Bank NA, 0.09%, 3/1/2022 (b) | | | 500 | | | | 500 | |
| | |
City of New York, Fiscal Year 2012 Series D, Subseries D-3A, GO, VRDO, LIQ: Bank of New York Mellon Corp. (The), 0.08%, 3/1/2022 (b) | | | 2,355 | | | | 2,355 | |
| | |
City of New York, Fiscal Year 2013 Subseries A-3, GO, VRDO, LOC: Mizuho Bank Ltd., 0.08%, 3/1/2022 (b) | | | 6,905 | | | | 6,905 | |
| | |
City of New York, Fiscal Year 2014 Series D, Subseries D-4, GO, VRDO, LOC: TD Bank NA, 0.09%, 3/1/2022 (b) | | | 1,080 | | | | 1,080 | |
| | |
City of New York, Fiscal Year 2017 Subseries 2017A-7, GO, VRDO, LOC: Bank of the West, 0.10%, 3/1/2022(b) | | | 6,480 | | �� | | 6,480 | |
| | |
City of Peekskill GO, BAN, 1.00%, 8/25/2022 | | | 1,850 | | | | 1,857 | |
| | |
City of Syracuse, School District Purpose GO, RAN, 1.00%, 4/15/2022 | | | 10,770 | | | | 10,780 | |
| | |
City of Troy GO, BAN, 1.50%, 7/29/2022 | | | 4,832 | | | | 4,857 | |
| | |
Connetquot Central School District of Islip GO, TAN, 1.50%, 6/24/2022 | | | 5,075 | | | | 5,093 | |
| | |
County of Clinton GO, BAN, 1.50%, 7/28/2022 | | | 3,500 | | | | 3,519 | |
| | |
Cuba-Rushford Central School District GO, BAN, 1.00%, 6/24/2022 | | | 4,915 | | | | 4,916 | |
| | |
East Bloomfield Central School District GO, BAN, 1.25%, 6/23/2022 | | | 5,353 | | | | 5,370 | |
| | |
Erie County Industrial Development Agency (The), Our Lady Victory Corp. Series 2007A, Rev., VRDO, LOC: HSBC Bank USA NA, 0.22%, 3/7/2022 (b) | | | 2,755 | | | | 2,755 | |
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
|
New York — continued | |
| | |
Hancock Central School District GO, BAN, 1.00%, 7/21/2022 | | | 4,331 | | | | 4,345 | |
| | |
Hastings-On-Hudson Union Free School District GO, BAN, 1.50%, 3/4/2022 | | | 7,500 | | | | 7,501 | |
| | |
Metropolitan Transportation Authority | | | | | | | | |
| | |
Subseries E-3, Rev., VRDO, LOC: Bank of America NA, 0.07%, 3/1/2022 (b) | | | 385 | | | | 385 | |
| | |
Subseries 2012G-2, Rev., VRDO, LOC: TD Bank NA, 0.19%, 3/7/2022 (b) | | | 400 | | | | 400 | |
| | |
Metropolitan Transportation Authority, Dedicated Tax Fund | | | | | | | | |
| | |
Series 2008A-1, Rev., VRDO, LOC: TD Bank NA, 0.09%, 3/1/2022 (b) | | | 1,460 | | | | 1,460 | |
| | |
Series 2008A-2B, Rev., VRDO, LOC: PNC Bank NA, 0.19%, 3/7/2022 (b) | | | 4,000 | | | | 4,000 | |
| | |
Subseries 2008B-3C, Rev., VRDO, LOC: PNC Bank NA, 0.19%, 3/7/2022 (b) | | | 11,630 | | | | 11,630 | |
| | |
Montauk Union Free School District GO, TAN, 1.25%, 6/23/2022 | | | 2,000 | | | | 2,006 | |
| | |
Nassau County Industrial Development Agency, Clinton Plaza Senior Housing Project Rev., VRDO, LOC: FNMA, 0.24%, 3/7/2022 (b) | | | 6,000 | | | | 6,000 | |
| | |
New York City Housing Development Corp., Fifth Avenue Apartments Series 2006A, Rev., VRDO, LOC: Citibank NA, 0.22%, 3/7/2022 (b) | | | 6,490 | | | | 6,490 | |
| | |
New York City Housing Development Corp., Multi-Family, 1090 Franklin Avenue Apartments Series 2005A, Rev., VRDO, LOC: Citibank NA, 0.21%, 3/7/2022 (b) | | | 2,220 | | | | 2,220 | |
| | |
New York City Housing Development Corp., Multi-Family, 90 Washington Street Series 2005A, Rev., VRDO, LOC: FNMA, 0.20%, 3/7/2022 (b) | | | 425 | | | | 425 | |
| | |
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2013 | | | | | | | | |
| | |
Subseries C-5, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.21%, 3/7/2022 (b) | | | 20,640 | | | | 20,640 | |
| | |
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2015 | | | | | | | | |
| | |
Subseries A-3, Rev., VRDO, LIQ: Mizuho Bank Ltd., 0.09%, 3/1/2022 (b) | | | 160 | | | | 160 | |
| | |
Subseries A-4, Rev., VRDO, LIQ: Mizuho Bank Ltd., 0.11%, 3/1/2022 (b) | | | 2,830 | | | | 2,830 | |
| | |
New York City Water and Sewer System, Fiscal Year 2003 Subseries F-1-A, Rev., VRDO, LIQ: Barclays Bank plc, 0.19%, 3/7/2022 (b) | | | 6,695 | | | | 6,695 | |
| | |
New York City Water and Sewer System, Fiscal Year 2012 Subseries 2012A-2, Rev., VRDO, LIQ: Mizuho Bank Ltd., 0.07%, 3/1/2022 (b) | | | 4,325 | | | | 4,325 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MONEY MARKET FUNDS | | | | | | | | 71 |
JPMorgan New York Municipal Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
New York — continued | |
| | |
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2008 Series 2008-BB-5, Rev., VRDO, LIQ: Bank of America NA, 0.07%, 3/1/2022 (b) | | | 900 | | | | 900 | |
| | |
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2014 | | | | | | | | |
| | |
Series 2014AA-4, Rev., VRDO, LIQ: State Street Bank & Trust, 0.08%, 3/1/2022 (b) | | | 385 | | | | 385 | |
| | |
Series AA, Subseries AA-1, Rev., VRDO, LIQ: Mizuho Bank Ltd., 0.09%, 3/1/2022 (b) | | | 7,710 | | | | 7,710 | |
| | |
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2015 Series 2015BB-2, Rev., VRDO, LIQ: Mizuho Bank Ltd., 0.09%, 3/1/2022 (b) | | | 6,250 | | | | 6,250 | |
| | |
New York State Dormitory Authority, Bidding Group 1 Bonds Series 2018C, Rev., 5.00%, 3/15/2022 | | | 425 | | | | 426 | |
| | |
New York State Dormitory Authority, Cornell University Series 2019B, Rev., VRDO, LIQ: U.S. Bank NA, 0.09%, 3/1/2022 (b) | | | 2,750 | | | | 2,750 | |
| | |
New York State Dormitory Authority, Highland Community Development Corp. Series 1994B, Rev., VRDO, LOC: HSBC Bank USA NA, 0.20%, 3/7/2022 (b) | | | 1,840 | | | | 1,840 | |
| | |
New York State Dormitory Authority, Royal Charter Properties Series A, Rev., VRDO, LOC: FNMA, 0.12%, 3/7/2022 (b) | | | 195 | | | | 195 | |
| | |
New York State Dormitory Authority, State Personal Income Tax, General Purpose Series 2015A, Rev., 5.00%, 3/15/2022 | | | 410 | | | | 411 | |
| | |
New York State Energy Research and Development Authority, Consolidated Edison Co. of New York, Inc. Project | | | | | | | | |
| | |
Series 2005A-1, Rev., VRDO, LOC: Mizuho Bank Ltd., 0.19%, 3/7/2022 (b) | | | 900 | | | | 900 | |
| | |
Series 2010A-1, Rev., VRDO, LOC: The Bank of Nova Scotia, 0.22%, 3/7/2022 (b) | | | 400 | | | | 400 | |
| | |
Subseries 2004C-2, Rev., VRDO, LOC: Mizuho Bank Ltd., 0.22%, 3/7/2022 (b) | | | 7,725 | | | | 7,725 | |
| | |
New York State Housing Finance Agency, 160 Madison Avenue LLC Series 2013A, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 0.08%, 3/1/2022 (b) | | | 925 | | | | 925 | |
| | |
New York State Housing Finance Agency, 330 Riverdale Avenue Apartments Series 2008A, Rev., VRDO, LOC: Bank of America NA, 0.21%, 3/7/2022 (b) | | | 1,315 | | | | 1,315 | |
| | |
New York State Housing Finance Agency, Clarkstown Maplewood Gardens Series 2009A, Rev., VRDO, LOC: FHLMC, 0.21%, 3/7/2022 (b) | | | 1,160 | | | | 1,160 | |
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
|
New York — continued | |
| | |
New York State Housing Finance Agency, Historic Front Street Series 2003A, Rev., VRDO, LOC: Landesbank Hessen-Thueringen, 0.21%, 3/7/2022 (b) | | | 5,850 | | | | 5,850 | |
| | |
Onondaga County Industrial Development Agency, Civic Facility, Syracuse Home Association Project Rev., VRDO, LOC: HSBC Bank USA NA, 0.24%, 3/7/2022 (b) | | | 3,850 | | | | 3,850 | |
| | |
RBC Municipal Products, Inc. Trust, Floater Certificates | | | | | | | | |
| | |
Series E-118, GO, VRDO, LOC: Royal Bank of Canada, 0.11%, 3/1/2022 (b) | | | 6,600 | | | | 6,600 | |
| | |
Series E-118, GO, VRDO, LOC: Royal Bank of Canada, 0.11%, 3/1/2022 (b) (c) | | | 3,275 | | | | 3,275 | |
| | |
Series 2018-G5, GO, VRDO, LOC: Royal Bank of Canada, 0.23%, 3/7/2022(b)(c) | | | 6,000 | | | | 6,000 | |
| | |
Series 2019E-137, Rev., VRDO, LOC: Royal Bank of Canada, 0.23%, 3/7/2022 (b) | | | 12,700 | | | | 12,700 | |
| | |
Rye City School District GO, BAN, 1.00%, 7/1/2022 | | | 2,955 | | | | 2,961 | |
| | |
Shelter Island Union Free School District GO, TAN, 1.25%, 6/24/2022 | | | 1,500 | | | | 1,505 | |
| | |
Sodus Central School District GO, BAN, 1.00%, 6/29/2022 | | | 4,320 | | | | 4,321 | |
| | |
State of New York Mortgage Agency, Homeowner Mortgage Series 2, Rev., VRDO, LIQ: UBS AG, 0.19%, 3/7/2022 (b) | | | 2,790 | | | | 2,790 | |
| | |
Tender Option Bond Trust Receipts/Certificates | | | | | | | | |
| | |
Series 2018-XF2646, Rev., VRDO, LIQ: Citibank NA, 0.22%, 3/7/2022 (b) | | | 1,340 | | | | 1,340 | |
| | |
Series 2021-XL0169, Rev., VRDO, LIQ: Bank of America NA, 0.22%, 3/7/2022 (b) (c) | | | 2,905 | | | | 2,905 | |
| | |
Series 2016-ZM0129, Rev., VRDO, LIQ: Royal Bank of Canada, 0.23%, 3/7/2022 (b) | | | 4,240 | | | | 4,240 | |
| | |
Series 2018-XF2656, Rev., VRDO, LIQ: Bank of America NA, 0.23%, 3/7/2022 (b) | | | 800 | | | | 800 | |
| | |
Series 2018-XM0692, Rev., VRDO, LIQ: Royal Bank of Canada, 0.23%, 3/7/2022 (b) | | | 6,600 | | | | 6,600 | |
| | |
Series 2018-ZF2740, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.23%, 3/7/2022 (b) (c) | | | 2,600 | | | | 2,600 | |
| | |
Series 2018-ZM0661, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.23%, 3/7/2022 (b) (c) | | | 5,000 | | | | 5,000 | |
| | |
Series 2018-ZM0682, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.23%, 3/7/2022 (b) (c) | | | 5,000 | | | | 5,000 | |
| | |
Series 2019-XF0829, Rev., VRDO, LOC: Royal Bank of Canada, 0.23%, 3/7/2022 (b) | | | 4,015 | | | | 4,015 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 72 | | | | | | | | J.P. MORGAN MONEY MARKET FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
New York — continued | |
| | |
Series 2019-XF0838, Rev., VRDO, LIQ: Bank of America NA, 0.23%, 3/7/2022 (b) (c) | | | 1,600 | | | | 1,600 | |
| | |
Series 2019-XF0847, Rev., VRDO, LOC: Royal Bank of Canada, 0.23%, 3/7/2022 (b) | | | 5,075 | | | | 5,075 | |
| | |
Series 2019-XF0858, Rev., VRDO, LIQ: Bank of America NA, 0.23%, 3/7/2022 (b) (c) | | | 4,200 | | | | 4,200 | |
| | |
Series 2019-ZF0832, Rev., VRDO, LOC: Bank of America NA, 0.23%, 3/7/2022 (b) (c) | | | 945 | | | | 945 | |
| | |
Series 2020-XF0947, Rev., VRDO, LIQ: TD Bank NA, 0.23%, 3/7/2022 (b) (c) | | | 8,750 | | | | 8,750 | |
| | |
Series 2020-XG0272, Rev., VRDO, LIQ: Bank of America NA, 0.23%, 3/7/2022 (b) (c) | | | 8,700 | | | | 8,700 | |
| | |
Series 2020-XG0276, Rev., VRDO, LOC: Bank of America NA, 0.23%, 3/7/2022 (b) (c) | | | 12,955 | | | | 12,955 | |
| | |
Series 2020-XG0277, Rev., VRDO, AGM, LIQ: Bank of America NA, 0.23%, 3/7/2022 (b) (c) | | | 15,860 | | | | 15,860 | |
| | |
Series 2020-XM0852, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.23%, 3/7/2022 (b) (c) | | | 13,500 | | | | 13,500 | |
| | |
Series 2020-ZF0929, Rev., VRDO, LOC: Bank of America NA, 0.23%, 3/7/2022 (b) (c) | | | 5,655 | | | | 5,655 | |
| | |
Series 2020-ZF2918, Rev., VRDO, LIQ: Wells Fargo Bank NA, 0.23%, 3/7/2022 (b) (c) | | | 2,430 | | | | 2,430 | |
| | |
Series 2020-ZF2919, Rev., VRDO, LIQ: Wells Fargo Bank NA, 0.23%, 3/7/2022 (b) (c) | | | 2,500 | | | | 2,500 | |
| | |
Series 2020-ZM0807, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.23%, 3/7/2022 (b) (c) | | | 5,950 | | | | 5,950 | |
| | |
Series 2021-XF2955, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.23%, 3/7/2022 (b) (c) | | | 7,500 | | | | 7,500 | |
| | |
Series 2021-XG0350, Rev., VRDO, LOC: Bank of America NA, 0.23%, 3/7/2022 (b) (c) | | | 1,830 | | | | 1,830 | |
| | |
Series 2021-XL0164, Rev., VRDO, LIQ: Wells Fargo Bank NA, 0.23%, 3/7/2022 (b) (c) | | | 9,335 | | | | 9,335 | |
| | |
Series 2021-XL0199, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.23%, 3/7/2022 (b) (c) | | | 5,000 | | | | 5,000 | |
| | |
Series 2021-ZF1217, Rev., VRDO, LIQ: Royal Bank of Canada, 0.23%, 3/7/2022 (b) (c) | | | 3,590 | | | | 3,590 | |
| | |
Series 2017-XF2481, Rev., VRDO, LOC: Barclays Bank plc, 0.24%, 3/7/2022 (b) (c) | | | 2,160 | | | | 2,160 | |
| | |
Series 2020-XF2910, Rev., VRDO, AGM, LOC: Barclays Bank plc, 0.24%, 3/7/2022 (b) (c) | | | 7,730 | | | | 7,730 | |
| | |
Series 2020-XF2914, Rev., VRDO, BAN, LOC: Barclays Bank plc, 0.24%, 3/7/2022 (b) (c) | | | 22,640 | | | | 22,640 | |
| | |
Series 2020-XL0153, Rev., VRDO, LOC: Barclays Bank plc, 0.24%, 3/7/2022 (b) (c) | | | 2,500 | | | | 2,500 | |
| | |
Series 2020-XX1127, Rev., VRDO, AGM, LOC: Barclays Bank plc, 0.24%, 3/7/2022 (b) (c) | | | 5,220 | | | | 5,220 | |
| | | | | | | | |
| INVESTMENTS (a) | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| |
|
New York — continued | |
| | |
Series 2021-XF2935, Rev., VRDO, AGM, LOC: Barclays Bank plc, 0.24%, 3/7/2022 (b) (c) | | | 13,355 | | | | 13,355 | |
| | |
Town of Riverhead Series 2021A, GO, BAN, 1.00%, 8/17/2022 | | | 2,900 | | | | 2,910 | |
| | |
Town of Vestal Series 2021A, GO, BAN, 1.00%, 5/6/2022 | | | 8,430 | | | | 8,442 | |
| | |
Triborough Bridge and Tunnel Authority | | | | | | | | |
| | |
Subseries 2005 B-3, Rev., VRDO, LOC: State Street Bank & Trust, 0.08%, 3/1/2022 (b) | | | 7,895 | | | | 7,895 | |
| | |
Series 2003B-1, Rev., VRDO, LOC: U.S. Bank NA, 0.11%, 3/1/2022 (b) | | | 275 | | | | 275 | |
| | |
Subseries 2005B-4C, Rev., VRDO, LOC: U.S. Bank NA, 0.11%, 3/1/2022 (b) | | | 2,700 | | | | 2,700 | |
| | |
Trust for Cultural Resources of The City of New York, The Museum of Modern Art | | | | | | | | |
| | |
Series 2006A-1, Rev., VRDO, 0.19%, 3/7/2022 (b) | | | 19,835 | | | | 19,835 | |
| | |
Series 2006A-2, Rev., VRDO, 0.19%, 3/7/2022 (b) | | | 3,250 | | | | 3,250 | |
| | |
Union Springs Central School District GO, BAN, 0.75%, 4/29/2022 | | | 4,220 | | | | 4,220 | |
| | |
Village of Hamburg GO, BAN, 1.00%, 7/21/2022 | | | 6,800 | | | | 6,821 | |
| | |
Village of Kings Point, Various Purpose GO, BAN, 1.00%, 7/22/2022 | | | 3,410 | | | | 3,421 | |
| | |
Webutuck Central School District GO, BAN, 1.00%, 6/23/2022 | | | 4,825 | | | | 4,836 | |
| | |
West Hempstead Union Free School District GO, BAN, 1.25%, 6/10/2022 | | | 5,500 | | | | 5,509 | |
| | | | | | | | |
| | |
Total Municipal Bonds
(Cost $537,789) | | | | | | | 537,789 | |
| | | | | | | | |
| | |
| | | SHARES
(000) | | | | |
Variable Rate Demand Preferred Shares — 14.2% | |
|
New York — 14.2% | |
| | |
BlackRock MuniYield New York Quality Fund, Inc. Series W7-2477, LIQ: TD Bank NA, 0.30%, 3/7/2022 # (c) | | | 40,000 | | | | 40,000 | |
| | |
Nuveen New York AMT-Free Municipal Income Fund Series 3, LIQ: Sumitomo Mitsui Banking Corp., 0.25%, 3/7/2022 # (c) | | | 28,200 | | | | 28,200 | |
| | |
Nuveen New York Dividend Advantage Municipal Fund Series 1, LIQ: TD Bank NA, 0.30%, 3/7/2022 # (c) | | | 20,500 | | | | 20,500 | |
| | | | | | | | |
| |
Total Variable Rate Demand Preferred Shares
(Cost $88,700) | | | | 88,700 | |
| | | | | | | | |
Total Investments — 99.9% (Cost $626,489) * | | | | | | | 626,489 | |
Other Assets Less Liabilities — 0.1% | | | | | | | 884 | |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | | 627,373 | |
| | | | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MONEY MARKET FUNDS | | | | | | | | 73 |
JPMorgan New York Municipal Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
Percentages indicated are based on net assets.
Abbreviations
| | |
| AGM | | Insured by Assured Guaranty Municipal Corp. |
| AMT | | Alternative Minimum Tax |
| BAN | | Bond Anticipation Note |
| FHLMC | | Federal Home Loan Mortgage Corp. |
| FNMA | | Federal National Mortgage Association |
| GO | | General Obligation |
| LIQ | | Liquidity Agreement |
| LOC | | Letter of Credit |
| RAN | | Revenue Anticipation Note |
| Rev. | | Revenue |
| TAN | | Tax Anticipation Note |
| VRDO | | Variable Rate Demand Obligation |
| |
| (a) | | The date shown represents the earliest of the next put date, next demand date or final maturity date. |
| (b) | | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of February 28, 2022. |
| (c) | | Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. |
| # | | Variable Rate Demand Preferred Shares of a closed-end investment company which has a weekly demand feature. The interest rate shown is the rate in effect as of February 28, 2022. |
| * | | The cost of securities is substantially the same for federal income tax purposes. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 74 | | | | | | | | J.P. MORGAN MONEY MARKET FUNDS | | FEBRUARY 28, 2022 |
THIS PAGE IS INTENTIONALLY LEFT BLANK
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MONEY MARKET FUNDS | | | | | | | | 75 |
STATEMENTS OF ASSETS AND LIABILITIES
AS OF FEBRUARY 28, 2022
(Amounts in thousands, except per share amounts)
| | | | | | | | | | | | |
| | | |
| | | JPMorgan
Prime Money
Market Fund | | |
JPMorgan
Institutional
Tax Free Money
Market Fund | | | JPMorgan
Securities
Lending Money
Market Fund | |
ASSETS: | |
Investments in non-affiliates, at value | | $ | 59,991,515 | | | $ | 1,259,861 | | | $ | 1,911,878 | |
Repurchase agreements, at value | | | 9,208,000 | | | | — | | | | 10,000 | |
Cash | | | 399,995 | | | | 1,213 | | | | 1 | |
Receivables: | | | | | | | | | | | | |
Investment securities sold | | | — | | | | 15,466 | | | | — | |
Investment securities sold — delayed delivery securities | | | — | | | | 1,700 | | | | — | |
Interest from non-affiliates | | | 11,257 | | | | 1,066 | | | | 419 | |
Interest from affiliates | | | 1 | | | | — | | | | — | |
| | | | | | | | | | | | |
Total Assets | | | 69,610,768 | | | | 1,279,306 | | | | 1,922,298 | |
| | | | | | | | | | | | |
|
LIABILITIES: | |
Payables: | | | | | | | | | | | | |
Distributions | | | 1,952 | | | | 16 | | | | 151 | |
Investment securities purchased | | | — | | | | 1,200 | | | | — | |
Accrued liabilities: | | | | | | | | | | | | |
Investment advisory fees | | | 3,020 | | | | 48 | | | | 36 | |
Administration fees | | | 2,053 | | | | 33 | | | | 26 | |
Service fees | | | 349 | | | | 7 | | | | — | |
Custodian and accounting fees | | | 343 | | | | 32 | | | | 28 | |
Trustees’ and Chief Compliance Officer’s fees | | | — | (a) | | | — | (a) | | | — | |
Other | | | 1,495 | | | | 57 | | | | 63 | |
| | | | | | | | | | | | |
Total Liabilities | | | 9,212 | | | | 1,393 | | | | 304 | |
| | | | | | | | | | | | |
Net Assets | | $ | 69,601,556 | | | $ | 1,277,913 | | | $ | 1,921,994 | |
| | | | | | | | | | | | |
| (a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 76 | | | | | | | | J.P. MORGAN MONEY MARKET FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | | | | | |
| | | |
| | | JPMorgan
Prime Money
Market Fund | | |
JPMorgan
Institutional
Tax Free Money
Market Fund | | | JPMorgan
Securities
Lending Money
Market Fund | |
NET ASSETS: | |
Paid-in-Capital | | $ | 69,616,124 | | | $ | 1,278,097 | | | $ | 1,922,874 | |
Total distributable earnings (loss) | | | (14,568 | ) | | | (184 | ) | | | (880 | ) |
| | | | | | | | | | | | |
Total Net Assets | | $ | 69,601,556 | | | $ | 1,277,913 | | | $ | 1,921,994 | |
| | | | | | | | | | | | |
|
Net Assets: | |
Academy | | $ | 918,415 | | | $ | — | | | $ | — | |
Agency | | | 1,403,993 | | | | 17,084 | | | | — | |
Agency SL | | | — | | | | — | | | | 1,921,994 | |
Capital | | | 40,505,885 | | | | 182,500 | | | | — | |
Class C | | | 539 | | | | — | | | | — | |
Empower | | | 564,948 | | | | — | | | | — | |
IM | | | 9,524,945 | | | | 723,312 | | | | — | |
Institutional Class | | | 14,794,803 | | | | 355,017 | | | | — | |
Morgan | | | 877,230 | | | | — | | | | — | |
Premier | | | 1,007,946 | | | | — | | | | — | |
Reserve | | | 2,852 | | | | — | | | | — | |
| | | | | | | | | | | | |
Total | | $ | 69,601,556 | | | $ | 1,277,913 | | | $ | 1,921,994 | |
| | | | | | | | | | | | |
|
Outstanding units of beneficial interest (shares) | |
($0.0001 par value; unlimited number of shares authorized): | | | | | | | | | | | | |
Academy | | | 918,105 | | | | — | | | | — | |
Agency | | | 1,403,229 | | | | 17,078 | | | | — | |
Agency SL | | | — | | | | — | | | | 1,922,783 | |
Capital | | | 40,495,411 | | | | 182,440 | | | | — | |
Class C | | | 539 | | | | — | | | | — | |
Empower | | | 564,820 | | | | — | | | | — | |
IM | | | 9,522,073 | | | | 723,119 | | | | — | |
Institutional Class | | | 14,790,466 | | | | 354,913 | | | | — | |
Morgan | | | 876,597 | | | | — | | | | — | |
Premier | | | 1,007,537 | | | | — | | | | — | |
Reserve | | | 2,850 | | | | — | | | | — | |
| | | |
Net Asset Value offering and redemption price per share | | | | | | | | | | | | |
Academy | | $ | 1.0003 | | | $ | — | | | $ | — | |
Agency | | | 1.0005 | | | | 1.0003 | | | | — | |
Agency SL | | | — | | | | — | | | | 0.9996 | |
Capital | | | 1.0003 | | | | 1.0003 | | | | — | |
Class C | | | 1.0003 | | | | — | | | | — | |
Empower | | | 1.0002 | | | | — | | | | — | |
IM | | | 1.0003 | | | | 1.0003 | | | | — | |
Institutional Class | | | 1.0003 | | | | 1.0003 | | | | — | |
Morgan | | | 1.0007 | | | | — | | | | — | |
Premier | | | 1.0004 | | | | — | | | | — | |
Reserve | | | 1.0006 | | | | — | | | | — | |
| | | | | | | | | | | | |
| | | |
Cost of investments in non-affiliates | | $ | 60,001,270 | | | $ | 1,260,073 | | | $ | 1,912,758 | |
Cost of repurchase agreements | | | 9,208,000 | | | | — | | | | 10,000 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MONEY MARKET FUNDS | | | | | | | | 77 |
STATEMENTS OF ASSETS AND LIABILITIES
AS OF FEBRUARY 28, 2022 (continued)
(Amounts in thousands, except per share amounts)
| | | | | | | | | | | | |
| | | |
| | | JPMorgan
Liquid
Assets Money
Market Fund | | |
JPMorgan
U.S. Government
Money
Market Fund | | | JPMorgan
U.S. Treasury
Plus Money
Market Fund | |
ASSETS: | |
Investments in non-affiliates, at value | | $ | 5,491,935 | | | $ | 61,091,312 | | | $ | 7,862,310 | |
Repurchase agreements, at value | | | 765,000 | | | | 180,313,377 | | | | 14,206,239 | |
Cash | | | 15,005 | | | | 5,475,229 | | | | 798,630 | |
Receivables: | | | | | | | | | | | | |
Fund shares sold | | | — | | | | 6,437 | | | | — | |
Interest from non-affiliates | | | 820 | | | | 77,281 | | | | 15,450 | |
Interest from affiliates | | | — | (a) | | | 13 | | | | 2 | |
| | | | | | | | | | | | |
Total Assets | | | 6,272,760 | | | | 246,963,649 | | | | 22,882,631 | |
| | | | | | | | | | | | |
|
LIABILITIES: | |
Payables: | | | | | | | | | | | | |
Distributions | | | 48 | | | | 2,057 | | | | 66 | |
Investment securities purchased | | | — | | | | 2,199,985 | | | | — | |
Fund shares redeemed | | | — | | | | 3,825 | | | | — | |
Accrued liabilities: | | | | | | | | | | | | |
Investment advisory fees | | | 319 | | | | 3,973 | | | | 812 | |
Administration fees | | | 217 | | | | 2,810 | | | | 557 | |
Service fees | | | 90 | | | | 765 | | | | 34 | |
Custodian and accounting fees | | | 45 | | | | 543 | | | | 68 | |
Trustees’ and Chief Compliance Officer’s fees | | | — | (a) | | | — | (a) | | | — | (a) |
Other | | | 568 | | | | 3,389 | | | | 465 | |
| | | | | | | | | | | | |
Total Liabilities | | | 1,287 | | | | 2,217,347 | | | | 2,002 | |
| | | | | | | | | | | | |
Net Assets | | $ | 6,271,473 | | | $ | 244,746,302 | | | $ | 22,880,629 | |
| | | | | | | | | | | | |
| (a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 78 | | | | | | | | J.P. MORGAN MONEY MARKET FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | | | | | |
| | | |
| | | JPMorgan
Liquid
Assets Money
Market Fund | | |
JPMorgan
U.S. Government
Money
Market Fund | | | JPMorgan
U.S. Treasury
Plus Money
Market Fund | |
NET ASSETS: | |
Paid-in-Capital | | $ | 6,271,761 | | | $ | 244,751,279 | | | $ | 22,881,446 | |
Total distributable earnings (loss) | | | (288 | ) | | | (4,977 | ) | | | (817 | ) |
| | | | | | | | | | | | |
Total Net Assets | | $ | 6,271,473 | | | $ | 244,746,302 | | | $ | 22,880,629 | |
| | | | | | | | | | | | |
|
Net Assets: | |
Academy | | $ | — | | | $ | 10,734,174 | | | $ | 100 | |
Agency | | | 691,008 | | | | 8,485,249 | | | | 914,835 | |
Capital | | | 1,804,197 | | | | 166,488,233 | | | | 10,784,903 | |
Class C | | | 21,564 | | | | — | | | | 461,114 | |
E*Trade | | | — | | | | 387,687 | | | | — | |
Empower | | | — | | | | 4,160,732 | | | | 112,014 | |
IM | | | — | | | | 10,046,645 | | | | 30 | |
Institutional Class | | | 1,763,092 | | | | 27,455,761 | | | | 7,963,115 | |
Investor | | | 1,804 | | | | 1,858,457 | | | | 16,665 | |
Morgan | | | 453,086 | | | | 1,956,424 | | | | 350,701 | |
Premier | | | 1,532,491 | | | | 5,330,175 | | | | 2,032,795 | |
Reserve | | | 4,231 | | | | 7,409,330 | | | | 244,357 | |
Service | | | — | | | | 433,435 | | | | — | |
| | | | | | | | | | | | |
Total | | $ | 6,271,473 | | | $ | 244,746,302 | | | $ | 22,880,629 | |
| | | | | | | | | | | | |
|
Outstanding units of beneficial interest (shares) | |
($0.0001 par value; unlimited number of shares authorized): | | | | | | | | | | | | |
Academy | | | — | | | | 10,734,366 | | | | 100 | |
Agency | | | 691,021 | | | | 8,485,528 | | | | 914,869 | |
Capital | | | 1,804,208 | | | | 166,491,603 | | | | 10,785,281 | |
Class C | | | 21,566 | | | | — | | | | 461,125 | |
E*Trade | | | — | | | | 387,694 | | | | — | |
Empower | | | — | | | | 4,160,798 | | | | 112,028 | |
IM | | | — | | | | 10,046,815 | | | | 30 | |
Institutional Class | | | 1,763,136 | | | | 27,456,331 | | | | 7,963,415 | |
Investor | | | 1,804 | | | | 1,858,511 | | | | 16,666 | |
Morgan | | | 453,098 | | | | 1,956,460 | | | | 350,722 | |
Premier | | | 1,532,525 | | | | 5,330,270 | | | | 2,032,857 | |
Reserve | | | 4,231 | | | | 7,409,443 | | | | 244,358 | |
Service | | | — | | | | 433,444 | | | | — | |
| | | |
Net Asset Value offering and redemption price per share (all classes) | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | |
| | | | | | | | | | | | |
| | | |
Cost of investments in non-affiliates | | $ | 5,491,935 | | | $ | 61,091,312 | | | $ | 7,862,310 | |
Cost of repurchase agreements | | | 765,000 | | | | 180,313,377 | | | | 14,206,239 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MONEY MARKET FUNDS | | | | | | | | 79 |
STATEMENTS OF ASSETS AND LIABILITIES
AS OF FEBRUARY 28, 2022 (continued)
(Amounts in thousands, except per share amounts)
| | | | | | | | | | | | |
| | | |
| | | JPMorgan
Federal Money
Market Fund | | | JPMorgan
100% U.S.
Treasury
Securities Money
Market Fund | | | JPMorgan
Tax Free
Money
Market Fund | |
ASSETS: | |
Investments in non-affiliates, at value | | $ | 1,677,058 | | | $ | 96,463,126 | | | $ | 7,587,347 | |
Cash | | | 41,537 | | | | 1,589,945 | | | | 5 | |
Receivables: | | | | | | | | | | | | |
Due from custodian | | | — | | | | 50,000 | | | | — | |
Investment securities sold | | | — | | | | 999,993 | | | | 55 | |
Investment securities sold — delayed delivery securities | | | — | | | | — | | | | 2,195 | |
Fund shares sold | | | 107 | | | | — | | | | — | |
Interest from non-affiliates | | | 125 | | | | 9,520 | | | | 5,420 | |
Interest from affiliates | | | — | (a) | | | 4 | | | | — | |
Due from adviser | | | 28 | | | | — | | | | — | |
Prepaid expenses and other assets | | | 129 | | | | — | | | | — | |
| | | | | | | | | | | | |
Total Assets | | | 1,718,984 | | | | 99,112,588 | | | | 7,595,022 | |
| | | | | | | | | | | | |
|
LIABILITIES: | |
Payables: | | | | | | | | | | | | |
Distributions | | | 5 | | | | 265 | | | | 71 | |
Investment securities purchased | | | — | | | | 7,296,517 | | | | 13,950 | |
Fund shares redeemed | | | 89 | | | | — | | | | — | |
Accrued liabilities: | | | | | | | | | | | | |
Investment advisory fees | | | — | | | | 3,675 | | | | 453 | |
Administration fees | | | — | | | | 2,512 | | | | 308 | |
Service fees | | | — | (a) | | | 19 | | | | 204 | |
Custodian and accounting fees | | | 13 | | | | 253 | | | | 25 | |
Trustees’ and Chief Compliance Officer’s fees | | | — | | | | — | (a) | | | — | |
Other | | | 105 | | | | 1,930 | | | | 159 | |
| | | | | | | | | | | | |
Total Liabilities | | | 212 | | | | 7,305,171 | | | | 15,170 | |
| | | | | | | | | | | | |
Net Assets | | $ | 1,718,772 | | | $ | 91,807,417 | | | $ | 7,579,852 | |
| | | | | | | | | | | | |
| (a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 80 | | | | | | | | J.P. MORGAN MONEY MARKET FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | | | | | |
| | | |
| | | JPMorgan
Federal Money
Market Fund | | | JPMorgan
100% U.S.
Treasury
Securities Money
Market Fund | | | JPMorgan
Tax Free
Money
Market Fund | |
NET ASSETS: | |
Paid-in-Capital | | $ | 1,718,944 | | | $ | 91,808,036 | | | $ | 7,580,079 | |
Total distributable earnings (loss) | | | (172 | ) | | | (619 | ) | | | (227 | ) |
| | | | | | | | | | | | |
Total Net Assets | | $ | 1,718,772 | | | $ | 91,807,417 | | | $ | 7,579,852 | |
| | | | | | | | | | | | |
|
Net Assets: | |
Academy | | $ | — | | | $ | 131,020 | | | $ | — | |
Agency | | | 217,942 | | | | 3,173,164 | | | | 281,075 | |
Capital | | | — | | | | 57,422,062 | | | | — | |
Empower | | | — | | | | 29,519 | | | | — | |
IM | | | — | | | | 224 | | | | — | |
Institutional Class | | | 1,322,211 | | | | 23,076,533 | | | | 5,135,738 | |
Morgan | | | 55,291 | | | | 2,206,039 | | | | 17,140 | |
Premier | | | 123,328 | | | | 1,947,356 | | | | 338,064 | |
Reserve | | | — | | | | 3,821,500 | | | | 1,807,835 | |
| | | | | | | | | | | | |
Total | | $ | 1,718,772 | | | $ | 91,807,417 | | | $ | 7,579,852 | |
| | | | | | | | | | | | |
|
Outstanding units of beneficial interest (shares) | |
($0.0001 par value; unlimited number of shares authorized): | | | | | | | | | | | | |
Academy | | | — | | | | 131,020 | | | | — | |
Agency | | | 217,988 | | | | 3,173,190 | | | | 281,061 | |
Capital | | | — | | | | 57,422,380 | | | | — | |
Empower | | | — | | | | 29,518 | | | | — | |
IM | | | — | | | | 224 | | | | — | |
Institutional Class | | | 1,322,583 | | | | 23,076,680 | | | | 5,135,474 | |
Morgan | | | 55,305 | | | | 2,206,052 | | | | 17,140 | |
Premier | | | 123,361 | | | | 1,947,367 | | | | 338,046 | |
Reserve | | | — | | | | 3,821,516 | | | | 1,807,792 | |
| | | |
Net Asset Value offering and redemption price per share (all classes) | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | |
| | | | | | | | | | | | |
| | | |
Cost of investments in non-affiliates | | $ | 1,677,058 | | | $ | 96,463,126 | | | $ | 7,587,347 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MONEY MARKET FUNDS | | | | | | | | 81 |
STATEMENTS OF ASSETS AND LIABILITIES
AS OF FEBRUARY 28, 2022 (continued)
(Amounts in thousands, except per share amounts)
| | | | | | | | | | | | |
| | | |
| | | JPMorgan
Municipal
Money
Market Fund | | |
JPMorgan
California
Municipal Money
Market Fund | | | JPMorgan
New York
Municipal Money
Market Fund | |
ASSETS: | |
Investments in non-affiliates, at value | | $ | 985,501 | | | $ | 225,640 | | | $ | 626,489 | |
Cash | | | 2 | | | | 8 | | | | 2 | |
Receivables: | | | | | | | | | | | | |
Investment securities sold | | | 11,796 | | | | 3,605 | | | | — | |
Investment securities sold — delayed delivery securities | | | 1,710 | | | | 100 | | | | — | |
Interest from non-affiliates | | | 991 | | | | 276 | | | | 1,001 | |
| | | | | | | | | | | | |
Total Assets | | | 1,000,000 | | | | 229,629 | | | | 627,492 | |
| | | | | | | | | | | | |
|
LIABILITIES: | |
Payables: | | | | | | | | | | | | |
Distributions | | | 3 | | | | 1 | | | | 5 | |
Investment securities purchased | | | — | | | | 254 | | | | — | |
Accrued liabilities: | | | | | | | | | | | | |
Investment advisory fees | | | 55 | | | | 3 | | | | 18 | |
Administration fees | | | 37 | | | | 2 | | | | 12 | |
Service fees | | | 26 | | | | 4 | | | | 18 | |
Custodian and accounting fees | | | 11 | | | | 7 | | | | 8 | |
Trustees’ and Chief Compliance Officer’s fees | | | — | (a) | | | — | (a) | | | — | (a) |
Other | | | 422 | | | | 83 | | | | 58 | |
| | | | | | | | | | | | |
Total Liabilities | | | 554 | | | | 354 | | | | 119 | |
| | | | | | | | | | | | |
Net Assets | | $ | 999,446 | | | $ | 229,275 | | | $ | 627,373 | |
| | | | | | | | | | | | |
| (a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 82 | | | | | | | | J.P. MORGAN MONEY MARKET FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | | | | | |
| | | |
| | | JPMorgan
Municipal
Money
Market Fund | | |
JPMorgan
California
Municipal Money
Market Fund | | | JPMorgan
New York
Municipal Money
Market Fund | |
NET ASSETS: | |
Paid-in-Capital | | $ | 999,454 | | | $ | 229,305 | | | $ | 627,397 | |
Total distributable earnings (loss) | | | (8 | ) | | | (30 | ) | | | (24 | ) |
| | | | | | | | | | | | |
Total Net Assets | | $ | 999,446 | | | $ | 229,275 | | | $ | 627,373 | |
| | | | | | | | | | | | |
|
Net Assets: | |
Agency | | $ | 38,272 | | | $ | 2,527 | | | $ | 50,157 | |
Institutional Class | | | 879,357 | | | | 87,260 | | | | 425,093 | |
Morgan | | | 24,236 | | | | 3,744 | | | | 50,015 | |
Premier | | | 37,902 | | | | 126,122 | | | | 97,415 | |
Reserve | | | — | | | | — | | | | 2,142 | |
Service | | | 19,679 | | | | 9,622 | | | | 2,551 | |
| | | | | | | | | | | | |
Total | | $ | 999,446 | | | $ | 229,275 | | | $ | 627,373 | |
| | | | | | | | | | | | |
|
Outstanding units of beneficial interest (shares) | |
($0.0001 par value; unlimited number of shares authorized): | | | | | | | | | | | | |
Agency | | | 38,267 | | | | 2,527 | | | | 50,154 | |
Institutional Class | | | 879,237 | | | | 87,226 | | | | 425,085 | |
Morgan | | | 24,231 | | | | 3,743 | | | | 50,015 | |
Premier | | | 37,893 | | | | 126,078 | | | | 97,408 | |
Reserve | | | — | | | | — | | | | 2,142 | |
Service | | | 19,675 | | | | 9,618 | | | | 2,551 | |
| | | |
Net Asset Value offering and redemption price per share (all classes) | | $ | 1.00 | | | $ | 1.00 | | | $ | 1.00 | |
| | | | | | | | | | | | |
| | | |
Cost of investments in non-affiliates | | $ | 985,501 | | | $ | 225,640 | | | $ | 626,489 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MONEY MARKET FUNDS | | | | | | | | 83 |
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED FEBRUARY 28, 2022
(Amounts in thousands)
| | | | | | | | | | | | |
| | | |
| | | JPMorgan
Prime Money
Market Fund | | |
JPMorgan
Institutional
Tax Free Money
Market Fund | | | JPMorgan
Securities
Lending Money
Market Fund | |
INVESTMENT INCOME: | |
Interest income from non-affiliates | | $ | 126,268 | | | $ | 1,622 | | | $ | 4,355 | |
Interest income from affiliates | | | 406 | | | | — | (a) | | | — | |
| | | | | | | | | | | | |
Total investment income | | | 126,674 | | | | 1,622 | | | | 4,355 | |
| | | | | | | | | | | | |
|
EXPENSES: | |
Investment advisory fees | | | 59,705 | | | | 1,290 | | | | 2,231 | |
Administration fees | | | 35,069 | | | | 756 | | | | 1,310 | |
Distribution fees (See Note 4) | | | 9 | | | | — | | | | — | |
Service fees (See Note 4) | | | 48,607 | | | | 588 | | | | — | |
Custodian and accounting fees | | | 1,606 | | | | 154 | | | | 181 | |
Interest expense to affiliates | | | — | | | | — | (a) | | | — | |
Professional fees | | | 641 | | | | 57 | | | | 65 | |
Trustees’ and Chief Compliance Officer’s fees | | | 201 | | | | 29 | | | | 32 | |
Printing and mailing costs | | | 114 | | | | 8 | | | | 8 | |
Registration and filing fees | | | 207 | | | | 74 | | | | 67 | |
Transfer agency fees (See Note 2.F.) | | | 1,831 | | | | 137 | | | | 81 | |
Other | | | 644 | | | | 34 | | | | 38 | |
| | | | | | | | | | | | |
Total expenses | | | 148,634 | | | | 3,127 | | | | 4,013 | |
| | | | | | | | | | | | |
Less fees waived | | | (69,490 | ) | | | (1,725 | ) | | | (2,328 | ) |
Less expense reimbursements | | | (49 | ) | | | (14 | ) | | | — | |
| | | | | | | | | | | | |
Net expenses | | | 79,095 | | | | 1,388 | | | | 1,685 | |
| | | | | | | | | | | | |
Net investment income (loss) | | | 47,579 | | | | 234 | | | | 2,670 | |
| | | | | | | | | | | | |
| | | |
REALIZED/UNREALIZED GAINS (LOSSES): | | | | | | | | | | | | |
Net realized gain (loss) on transactions from investment in non-affiliates | | | 273 | | | | 84 | | | | 3 | |
Change in net unrealized appreciation/depreciation on investments in non-affiliates | | | (17,983 | ) | | | (320 | ) | | | (1,306 | ) |
| | | | | | | | | | | | |
Net realized/unrealized gains (losses) | | | (17,710 | ) | | | (236 | ) | | | (1,303 | ) |
| | | | | | | | | | | | |
Change in net assets resulting from operations | | $ | 29,869 | | | $ | (2 | ) | | $ | 1,367 | |
| | | | | | | | | | | | |
| (a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 84 | | | | | | | | J.P. MORGAN MONEY MARKET FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | | | | | |
| | | |
| | | JPMorgan
Liquid
Assets Money
Market Fund | | |
JPMorgan
U.S. Government
Money
Market Fund | | | JPMorgan
U.S. Treasury
Plus Money
Market Fund | |
INVESTMENT INCOME: | |
Interest income from non-affiliates | | $ | 14,669 | | | $ | 162,565 | | | $ | 16,470 | |
Interest income from affiliates | | | 19 | | | | 4,014 | | | | 697 | |
Income from interfund lending (net) | | | 38 | | | | — | | | | — | |
| | | | | | | | | | | | |
Total investment income | | | 14,726 | | | | 166,579 | | | | 17,167 | |
| | | | | | | | | | | | |
|
EXPENSES: | |
Investment advisory fees | | | 6,565 | | | | 189,800 | | | | 20,980 | |
Administration fees | | | 3,851 | | | | 111,658 | | | | 12,326 | |
Distribution fees (See Note 4) | | | 724 | | | | 17,336 | | | | 3,732 | |
Service fees (See Note 4) | | | 12,423 | | | | 182,314 | | | | 26,373 | |
Custodian and accounting fees | | | 248 | | | | 2,746 | | | | 464 | |
Professional fees | | | 143 | | | | 1,686 | | | | 281 | |
Trustees’ and Chief Compliance Officer’s fees | | | 48 | | | | 591 | | | | 93 | |
Printing and mailing costs | | | 103 | | | | 712 | | | | 10 | |
Registration and filing fees | | | 683 | | | | 2,888 | | | | 487 | |
Transfer agency fees (See Note 2.F.) | | | 240 | | | | 4,368 | | | | 492 | |
Other | | | 104 | | | | 1,784 | | | | 300 | |
| | | | | | | | | | | | |
Total expenses | | | 25,132 | | | | 515,883 | | | | 65,538 | |
| | | | | | | | | | | | |
Less fees waived | | | (12,111 | ) | | | (401,145 | ) | | | (50,486 | ) |
Less expense reimbursements | | | — | | | | — | | | | (1 | ) |
| | | | | | | | | | | | |
Net expenses | | | 13,021 | | | | 114,738 | | | | 15,051 | |
| | | | | | | | | | | | |
Net investment income (loss) | | | 1,705 | | | | 51,841 | | | | 2,116 | |
| | | | | | | | | | | | |
| | | |
REALIZED/UNREALIZED GAINS (LOSSES): | | | | | | | | | | | | |
Net realized gain (loss) on transactions from investments in non-affiliates | | | 31 | | | | (1,492 | ) | | | (12 | ) |
| | | | | | | | | | | | |
Change in net assets resulting from operations | | $ | 1,736 | | | $ | 50,349 | | | $ | 2,104 | |
| | | | | | | | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MONEY MARKET FUNDS | | | | | | | | 85 |
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED FEBRUARY 28, 2022 (continued)
(Amounts in thousands)
| | | | | | | | | | | | |
| | | |
| | | JPMorgan
Federal Money
Market Fund | | | JPMorgan
100% U.S.
Treasury
Securities Money
Market Fund | | | JPMorgan
Tax Free
Money
Market Fund | |
INVESTMENT INCOME: | |
Interest income from non-affiliates | | $ | 1,339 | | | $ | 56,737 | | | $ | 8,983 | |
Interest income from affiliates | | | 32 | | | | 1,620 | | | | 1 | |
| | | | | | | | | | | | |
Total investment income | | | 1,371 | | | | 58,357 | | | | 8,984 | |
| | | | | | | | | | | | |
|
EXPENSES: | |
Investment advisory fees | | | 1,713 | | | | 78,632 | | | | 6,567 | |
Administration fees | | | 1,006 | | | | 46,233 | | | | 3,857 | |
Distribution fees (See Note 4) | | | 50 | | | | 10,474 | | | | 4,307 | |
Service fees (See Note 4) | | | 2,636 | | | | 84,521 | | | | 12,631 | |
Custodian and accounting fees | | | 67 | | | | 1,617 | | | | 207 | |
Interest expense to affiliates | | | — | | | | — | | | | — | (a) |
Professional fees | | | 64 | | | | 758 | | | | 108 | |
Trustees’ and Chief Compliance Officer’s fees | | | 31 | | | | 271 | | | | 46 | |
Printing and mailing costs | | | 154 | | | | 482 | | | | 60 | |
Registration and filing fees | | | 76 | | | | 285 | | | | 232 | |
Transfer agency fees (See Note 2.F.) | | | 74 | | | | 1,763 | | | | 151 | |
Other | | | 137 | | | | 813 | | | | 103 | |
| | | | | | | | | | | | |
Total expenses | | | 6,008 | | | | 225,849 | | | | 28,269 | |
| | | | | | | | | | | | |
Less fees waived | | | (4,726 | ) | | | (173,079 | ) | | | (20,427 | ) |
Less expense reimbursements | | | (36 | ) | | | — | | | | — | |
| | | | | | | | | | | | |
Net expenses | | | 1,246 | | | | 52,770 | | | | 7,842 | |
| | | | | | | | | | | | |
Net investment income (loss) | | | 125 | | | | 5,587 | | | | 1,142 | |
| | | | | | | | | | | | |
| | | |
REALIZED/UNREALIZED GAINS (LOSSES): | | | | | | | | | | | | |
Net realized gain (loss) on transactions from investments in non-affiliates | | | 31 | | | | 424 | | | | 105 | |
| | | | | | | | | | | | |
Change in net assets resulting from operations | | $ | 156 | | | $ | 6,011 | | | $ | 1,247 | |
| | | | | | | | | | | | |
| (a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 86 | | | | | | | | J.P. MORGAN MONEY MARKET FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | | | | | |
| | | |
| | | JPMorgan
Municipal
Money
Market Fund | | |
JPMorgan
California
Municipal Money
Market Fund | | | JPMorgan
New York
Municipal Money
Market Fund | |
INVESTMENT INCOME: | |
Interest income from non-affiliates | | $ | 1,295 | | | $ | 258 | | | $ | 931 | |
| | | | | | | | | | | | |
Total investment income | | | 1,295 | | | | 258 | | | | 931 | |
| | | | | | | | | | | | |
|
EXPENSES: | |
Investment advisory fees | | | 763 | | | | 196 | | | | 565 | |
Administration fees | | | 448 | | | | 115 | | | | 332 | |
Distribution fees (See Note 4) | | | 172 | | | | 68 | | | | 77 | |
Service fees (See Note 4) | | | 1,209 | | | | 514 | | | | 1,074 | |
Custodian and accounting fees | | | 68 | | | | 52 | | | | 58 | |
Interest expense to affiliates | | | 1 | | | | — | (a) | | | — | |
Professional fees | | | 49 | | | | 49 | | | | 52 | |
Trustees’ and Chief Compliance Officer’s fees | | | 28 | | | | 26 | | | | 27 | |
Printing and mailing costs | | | 28 | | | | — | (a) | | | 17 | |
Registration and filing fees | | | 151 | | | | 90 | | | | 112 | |
Transfer agency fees (See Note 2.F.) | | | 19 | | | | 5 | | | | 30 | |
Other | | | 37 | | | | 9 | | | | 16 | |
| | | | | | | | | | | | |
Total expenses | | | 2,973 | | | | 1,124 | | | | 2,360 | |
| | | | | | | | | | | | |
Less fees waived | | | (1,825 | ) | | | (845 | ) | | | (1,527 | ) |
Less expense reimbursements | | | — | | | | (51 | ) | | | — | |
| | | | | | | | | | | | |
Net expenses | | | 1,148 | | | | 228 | | | | 833 | |
| | | | | | | | | | | | |
Net investment income (loss) | | | 147 | | | | 30 | | | | 98 | |
| | | | | | | | | | | | |
| | | |
REALIZED/UNREALIZED GAINS (LOSSES): | | | | | | | | | | | | |
Net realized gain (loss) on transactions from investments in non-affiliates | | | 5 | | | | 25 | | | | 73 | |
| | | | | | | | | | | | |
Change in net assets resulting from operations | | $ | 152 | | | $ | 55 | | | $ | 171 | |
| | | | | | | | | | | | |
| (a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MONEY MARKET FUNDS | | | | | | | | 87 |
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED
(Amounts in thousands)
| | | | | | | | | | | | | | | | |
| | | JPMorgan Prime Money Market Fund | | |
JPMorgan Institutional Tax Free Money
Market Fund | |
| | | Year Ended
February 28, 2022 | | | Year Ended
February 28, 2021 | | | Year Ended
February 28, 2022 | | | Year Ended
February 28, 2021 | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 47,579 | | | $ | 221,473 | | | $ | 234 | | | $ | 3,794 | |
Net realized gain (loss) | | | 273 | | | | (4,387 | ) | | | 84 | | | | 38 | |
Change in net unrealized appreciation/depreciation | | | (17,983 | ) | | | (13,881 | ) | | | (320 | ) | | | 27 | |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from operations | | | 29,869 | | | | 203,205 | | | | (2 | ) | | | 3,859 | |
| | | | | | | | | | | | | | | | |
| | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
Academy | | | (766 | ) | | | (5,115 | ) | | | — | | | | — | |
Agency | | | (84 | ) | | | (6,701 | ) | | | (2 | ) | | | (109 | ) |
Capital | | | (32,486 | ) | | | (125,957 | ) | | | (36 | ) | | | (969 | ) |
Class C | | | — | (a) | | | — | (a) | | | — | | | | — | |
Empower (b) | | | (117 | ) | | | — | (a) | | | — | | | | — | |
IM | | | (5,701 | ) | | | (21,519 | ) | | | (212 | ) | | | (1,844 | ) |
Institutional Class | | | (8,295 | ) | | | (54,268 | ) | | | (68 | ) | | | (885 | ) |
Morgan | | | (64 | ) | | | (3,813 | ) | | | — | | | | — | |
Premier | | | (67 | ) | | | (4,287 | ) | | | — | | | | — | |
Reserve | | | — | (a) | | | (7 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (47,580 | ) | | | (221,667 | ) | | | (318 | ) | | | (3,807 | ) |
| | | | | | | | | | | | | | | | |
|
CAPITAL TRANSACTIONS: | |
Change in net assets resulting from capital transactions | | | (5,025,006 | ) | | | 11,621,607 | | | | 72,982 | | | | 234,831 | |
| | | | | | | | | | | | | | | | |
|
NET ASSETS: | |
Change in net assets | | | (5,042,717 | ) | | | 11,603,145 | | | | 72,662 | | | | 234,883 | |
Beginning of period | | | 74,644,273 | | | | 63,041,128 | | | | 1,205,251 | | | | 970,368 | |
| | | | | | | | | | | | | | | | |
End of period | | $ | 69,601,556 | | | $ | 74,644,273 | | | $ | 1,277,913 | | | $ | 1,205,251 | |
| | | | | | | | | | | | | | | | |
| (a) | Amount rounds to less than one thousand. |
| (b) | Commencement of offering of class of shares effective February 23, 2021 for JPMorgan Prime Money Market Fund. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 88 | | | | | | | | J.P. MORGAN MONEY MARKET FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | | | | | | | | | |
| | | JPMorgan Securities Lending Money
Market Fund | | | JPMorgan Liquid Assets Money Market Fund | |
| | | Year Ended
February 28, 2022 | | | Year Ended
February 28, 2021 | | | Year Ended
February 28, 2022 | | | Year Ended
February 28, 2021 | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 2,670 | | | $ | 14,791 | | | $ | 1,705 | | | $ | 29,986 | |
Net realized gain (loss) | | | 3 | | | | 32 | | | | 31 | | | | (105 | ) |
Change in net unrealized appreciation/depreciation | | | (1,306 | ) | | | (388 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from operations | | | 1,367 | | | | 14,435 | | | | 1,736 | | | | 29,881 | |
| | | | | | | | | | | | | | | | |
| | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
Agency | | | — | | | | — | | | | (92 | ) | | | (4,177 | ) |
Agency SL | | | (2,704 | ) | | | (14,799 | ) | | | — | | | | — | |
Capital | | | — | | | | — | | | | (965 | ) | | | (8,499 | ) |
Class C | | | — | | | | — | | | | (2 | ) | | | (23 | ) |
Institutional Class | | | — | | | | — | | | | (410 | ) | | | (10,443 | ) |
Investor | | | — | | | | — | | | | — | (a) | | | (5 | ) |
Morgan | | | — | | | | — | | | | (52 | ) | | | (1,023 | ) |
Premier | | | — | | | | — | | | | (181 | ) | | | (5,822 | ) |
Reserve | | | — | | | | — | | | | — | (a) | | | (5 | ) |
| | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (2,704 | ) | | | (14,799 | ) | | | (1,702 | ) | | | (29,997 | ) |
| | | | | | | | | | | | | | | | |
|
CAPITAL TRANSACTIONS: | |
Change in net assets resulting from capital transactions | | | (245,256 | ) | | | (1,286,873 | ) | | | (5,872,450 | ) | | | 1,377,345 | |
| | | | | | | | | | | | | | | | |
|
NET ASSETS: | |
Change in net assets | | | (246,593 | ) | | | (1,287,237 | ) | | | (5,872,416 | ) | | | 1,377,229 | |
Beginning of period | | | 2,168,587 | | | | 3,455,824 | | | | 12,143,889 | | | | 10,766,660 | |
| | | | | | | | | | | | | | | | |
End of period | | $ | 1,921,994 | | | $ | 2,168,587 | | | $ | 6,271,473 | | | $ | 12,143,889 | |
| | | | | | | | | | | | | | | | |
| (a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MONEY MARKET FUNDS | | | | | | | | 89 |
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| | | | | | | | | | | | | | | | |
| | | JPMorgan U.S. Government Money
Market Fund | | | JPMorgan U.S. Treasury Plus Money
Market Fund | |
| | | Year Ended
February 28, 2022 | | | Year Ended
February 28, 2021 | | | Year Ended
February 28, 2022 | | | Year Ended
February 28, 2021 | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 51,841 | | | $ | 227,359 | | | $ | 2,116 | | | $ | 37,726 | |
Net realized gain (loss) | | | (1,492 | ) | | | 2,189 | | | | (12 | ) | | | 147 | |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from operations | | | 50,349 | | | | 229,548 | | | | 2,104 | | | | 37,873 | |
| | | | | | | | | | | | | | | | |
| | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
Academy (a) | | | (2,038 | ) | | | (943 | ) | | | (2 | ) | | | — | (b) |
Agency | | | (860 | ) | | | (14,865 | ) | | | (85 | ) | | | (1,871 | ) |
Capital | | | (43,116 | ) | | | (155,537 | ) | | | (1,214 | ) | | | (18,293 | ) |
Class C | | | — | | | | — | | | | (2 | ) | | | (66 | ) |
E*Trade | | | (23 | ) | | | (91 | ) | | | — | | | | — | |
Empower (c) | | | (734 | ) | | | (3 | ) | | | (28 | ) | | | — | (b) |
IM | | | (2,265 | ) | | | (11,890 | ) | | | (1 | ) | | | (59 | ) |
Institutional Class | | | (2,447 | ) | | | (40,132 | ) | | | (667 | ) | | | (16,365 | ) |
Investor | | | (3 | ) | | | (408 | ) | | | — | (b) | | | (14 | ) |
Morgan | | | (7 | ) | | | (1,050 | ) | | | (4 | ) | | | (280 | ) |
Premier | | | (346 | ) | | | (2,239 | ) | | | (112 | ) | | | (777 | ) |
Reserve | | | (1 | ) | | | (9 | ) | | | — | (b) | | | (2 | ) |
Service | | | (2 | ) | | | (192 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (51,842 | ) | | | (227,359 | ) | | | (2,115 | ) | | | (37,727 | ) |
| | | | | | | | | | | | | | | | |
|
CAPITAL TRANSACTIONS: | |
Change in net assets resulting from capital transactions | | | 25,617,919 | | | | 59,925,595 | | | | (7,166,701 | ) | | | (1,070,505 | ) |
| | | | | | | | | | | | | | | | |
|
NET ASSETS: | |
Change in net assets | | | 25,616,426 | | | | 59,927,784 | | | | (7,166,712 | ) | | | (1,070,359 | ) |
Beginning of period | | | 219,129,876 | | | | 159,202,092 | | | | 30,047,341 | | | | 31,117,700 | |
| | | | | | | | | | | | | | | | |
End of period | | $ | 244,746,302 | | | $ | 219,129,876 | | | $ | 22,880,629 | | | $ | 30,047,341 | |
| | | | | | | | | | | | | | | | |
| (a) | Commencement of offering of class of shares effective September 30, 2020 for JPMorgan U.S. Treasury Plus Money Market Fund. |
| (b) | Amount rounds to less than one thousand. |
| (c) | Commencement of offering of class of shares effective February 23, 2021. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 90 | | | | | | | | J.P. MORGAN MONEY MARKET FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | | | | | | | | | |
| | | JPMorgan Federal Money Market Fund | | | JPMorgan 100% U.S. Treasury Securities
Money Market Fund | |
| | | Year Ended
February 28, 2022 | | | Year Ended
February 28, 2021 | | | Year Ended
February 28, 2022 | | | Year Ended
February 28, 2021 | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 125 | | | $ | 4,526 | | | $ | 5,587 | | | $ | 111,634 | |
Net realized gain (loss) | | | 31 | | | | 103 | | | | 424 | | | | 349 | |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from operations | | | 156 | | | | 4,629 | | | | 6,011 | | | | 111,983 | |
| | | | | | | | | | | | | | | | |
| | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
Academy (a) | | | — | | | | — | | | | (7 | ) | | | — | (b) |
Agency | | | (15 | ) | | | (416 | ) | | | (240 | ) | | | (4,948 | ) |
Capital | | | — | | | | — | | | | (4,148 | ) | | | (68,689 | ) |
Empower (c) | | | — | | | | — | | | | (18 | ) | | | — | (b) |
IM | | | — | | | | — | | | | — | (b) | | | (139 | ) |
Institutional Class | | | (124 | ) | | | (4,032 | ) | | | (1,573 | ) | | | (34,267 | ) |
Morgan | | | (1 | ) | | | (26 | ) | | | (23 | ) | | | (1,042 | ) |
Premier | | | (10 | ) | | | (165 | ) | | | (130 | ) | | | (1,692 | ) |
Reserve | | | — | | | | — | | | | (31 | ) | | | (858 | ) |
| | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (150 | ) | | | (4,639 | ) | | | (6,170 | ) | | | (111,635 | ) |
| | | | | | | | | | | | | | | | |
|
CAPITAL TRANSACTIONS: | |
Change in net assets resulting from capital transactions | | | (1,196,341 | ) | | | (153,564 | ) | | | (2,007,284 | ) | | | 27,696,843 | |
| | | | | | | | | | | | | | | | |
|
NET ASSETS: | |
Change in net assets | | | (1,196,335 | ) | | | (153,574 | ) | | | (2,007,443 | ) | | | 27,697,191 | |
Beginning of period | | | 2,915,107 | | | | 3,068,681 | | | | 93,814,860 | | | | 66,117,669 | |
| | | | | | | | | | | | | | | | |
End of period | | $ | 1,718,772 | | | $ | 2,915,107 | | | $ | 91,807,417 | | | $ | 93,814,860 | |
| | | | | | | | | | | | | | | | |
| (a) | Commencement of offering of class of shares effective September 30, 2020 for JPMorgan 100% U.S. Treasury Securities Money Market Fund. |
| (b) | Amount rounds to less than one thousand. |
| (c) | Commencement of offering of class of shares effective February 23, 2021 for JPMorgan 100% U.S. Treasury Securities Money Market Fund. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MONEY MARKET FUNDS | | | | | | | | 91 |
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| | | | | | | | | | | | | | | | |
| | | JPMorgan Tax Free Money Market Fund | | | JPMorgan Municipal Money Market Fund | |
| | | Year Ended
February 28, 2022 | | | Year Ended
February 28, 2021 | | | Year Ended
February 28, 2022 | | | Year Ended
February 28, 2021 | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 1,142 | | | $ | 33,548 | | | $ | 147 | | | $ | 4,364 | |
Net realized gain (loss) | | | 105 | | | | 326 | | | | 5 | | | | 240 | |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from operations | | | 1,247 | | | | 33,874 | | | | 152 | | | | 4,604 | |
| | | | | | | | | | | | | | | | |
| | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
Agency | | | (26 | ) | | | (2,119 | ) | | | (4 | ) | | | (392 | ) |
Institutional Class | | | (1,132 | ) | | | (27,418 | ) | | | (159 | ) | | | (3,533 | ) |
Morgan | | | (1 | ) | | | (38 | ) | | | (3 | ) | | | (97 | ) |
Premier | | | (33 | ) | | | (1,861 | ) | | | (4 | ) | | | (326 | ) |
Reserve | | | (155 | ) | | | (2,180 | ) | | | — | | | | — | |
Service | | | — | | | | — | | | | (2 | ) | | | (93 | ) |
| | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (1,347 | ) | | | (33,616 | ) | | | (172 | ) | | | (4,441 | ) |
| | | | | | | | | | | | | | | | |
|
CAPITAL TRANSACTIONS: | |
Change in net assets resulting from capital transactions | | | (1,746,989 | ) | | | (3,194,896 | ) | | | (37,303 | ) | | | (1,003,518 | ) |
| | | | | | | | | | | | | | | | |
|
NET ASSETS: | |
Change in net assets | | | (1,747,089 | ) | | | (3,194,638 | ) | | | (37,323 | ) | | | (1,003,355 | ) |
Beginning of period | | | 9,326,941 | | | | 12,521,579 | | | | 1,036,769 | | | | 2,040,124 | |
| | | | | | | | | | | | | | | | |
End of period | | $ | 7,579,852 | | | $ | 9,326,941 | | | $ | 999,446 | | | $ | 1,036,769 | |
| | | | | | | | | | | | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 92 | | | | | | | | J.P. MORGAN MONEY MARKET FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | | | | | | | | | |
| | | JPMorgan California Municipal Money
Market Fund | | | JPMorgan New York Municipal Money
Market Fund | |
| | | Year Ended
February 28, 2022 | | | Year Ended
February 28, 2021 | | | Year Ended
February 28, 2022 | | | Year Ended
February 28, 2021 | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 30 | | | $ | 1,201 | | | $ | 98 | | | $ | 5,169 | |
Net realized gain (loss) | | | 25 | | | | 4 | | | | 73 | | | | 35 | |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from operations | | | 55 | | | | 1,205 | | | | 171 | | | | 5,204 | |
| | | | | | | | | | | | | | | | |
| | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
Agency | | | — | (a) | | | (96 | ) | | | (8 | ) | | | (616 | ) |
Institutional Class | | | (29 | ) | | | (768 | ) | | | (124 | ) | | | (3,505 | ) |
Morgan | | | (1 | ) | | | (14 | ) | | | (7 | ) | | | (148 | ) |
Premier | | | (19 | ) | | | (315 | ) | | | (15 | ) | | | (1,128 | ) |
Reserve | | | — | | | | — | | | | — | (a) | | | (2 | ) |
Service | | | (2 | ) | | | (29 | ) | | | — | (a) | | | (12 | ) |
| | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (51 | ) | | | (1,222 | ) | | | (154 | ) | | | (5,411 | ) |
| | | | | | | | | | | | | | | | |
|
CAPITAL TRANSACTIONS: | |
Change in net assets resulting from capital transactions | | | (70,362 | ) | | | (277,067 | ) | | | (135,142 | ) | | | (1,939,822 | ) |
| | | | | | | | | | | | | | | | |
|
NET ASSETS: | |
Change in net assets | | | (70,358 | ) | | | (277,084 | ) | | | (135,125 | ) | | | (1,940,029 | ) |
Beginning of period | | | 299,633 | | | | 576,717 | | | | 762,498 | | | | 2,702,527 | |
| | | | | | | | | | | | | | | | |
End of period | | $ | 229,275 | | | $ | 299,633 | | | $ | 627,373 | | | $ | 762,498 | |
| | | | | | | | | | | | | | | | |
| (a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MONEY MARKET FUNDS | | | | | | | | 93 |
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| | | | | | | | | | | | | | | | |
| | |
| | | JPMorgan Prime Money Market Fund | | | JPMorgan Institutional Tax Free Money
Market Fund | |
| | | Year Ended
February 28, 2022 | | | Year Ended
February 28, 2021 | | | Year Ended
February 28, 2022 | | | Year Ended
February 28, 2021 | |
CAPITAL TRANSACTIONS: | | | | | | | | | | | | | | | | |
Academy | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | $ | 2,406,327 | | | $ | 10,812,924 | | | $ | — | | | $ | — | |
Distributions reinvested | | | 461 | | | | 4,954 | | | | — | | | | — | |
Cost of shares redeemed | | | (2,500,106 | ) | | | (9,958,527 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Academy capital transactions | | | (93,318 | ) | | | 859,351 | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Agency | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | | 169,077,173 | | | | 193,502,553 | | | | 592 | | | | 92,536 | |
Distributions reinvested | | | 8 | | | | 905 | | | | — | | | | — | |
Cost of shares redeemed | | | (169,165,982 | ) | | | (194,527,084 | ) | | | (6,668 | ) | | | (111,100 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Agency capital transactions | | | (88,801 | ) | | | (1,023,626 | ) | | | (6,076 | ) | | | (18,564 | ) |
| | | | | | | | | | | | | | | | |
Capital | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | | 193,206,342 | | | | 209,438,972 | | | | 318,370 | | | | 910,083 | |
Distributions reinvested | | | 16,284 | | | | 50,747 | | | | 1 | | | | 5 | |
Cost of shares redeemed | | | (195,573,352 | ) | | | (200,291,129 | ) | | | (173,714 | ) | | | (1,100,429 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Capital capital transactions | | | (2,350,726 | ) | | | 9,198,590 | | | | 144,657 | | | | (190,341 | ) |
| | | | | | | | | | | | | | | | |
Class C | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | | 27 | | | | 144 | | | | — | | | | — | |
Distributions reinvested | | | — | (a) | | | — | (a) | | | — | | | | — | |
Cost of shares redeemed | | | (222 | ) | | | (216 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Class C capital transactions | | | (195 | ) | | | (72 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Empower (b) | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | | 564,970 | | | | 25 | | | | — | | | | — | |
Distributions reinvested | | | 46 | | | | — | (a) | | | — | | | | — | |
Cost of shares redeemed | | | (11 | ) | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Empower capital transactions | | | 565,005 | | | | 25 | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
IM | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | | 71,371,522 | | | | 63,328,864 | | | | 7,858,625 | | | | 10,095,234 | |
Distributions reinvested | | | 76 | | | | 424 | | | | — | | | | 1 | |
Cost of shares redeemed | | | (69,360,471 | ) | | | (61,356,133 | ) | | | (7,801,104 | ) | | | (9,820,586 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from IM capital transactions | | | 2,011,127 | | | | 1,973,155 | | | | 57,521 | | | | 274,649 | |
| | | | | | | | | | | | | | | | |
Institutional Class | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | | 80,289,045 | | | | 109,426,840 | | | | 4,172,155 | | | | 3,710,832 | |
Distributions reinvested | | | 1,543 | | | | 9,243 | | | | 6 | | | | 12 | |
Cost of shares redeemed | | | (84,555,547 | ) | | | (105,976,352 | ) | | | (4,295,281 | ) | | | (3,541,757 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Institutional Class capital transactions | | | (4,264,959 | ) | | | 3,459,731 | | | | (123,120 | ) | | | 169,087 | |
| | | | | | | | | | | | | | | | |
Morgan | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | | 172,732,382 | | | | 361,658,306 | | | | — | | | | — | |
Distributions reinvested | | | 17 | | | | 289 | | | | — | | | | — | |
Cost of shares redeemed | | | (173,208,412 | ) | | | (363,184,162 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Morgan capital transactions | | | (476,013 | ) | | | (1,525,567 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Premier | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | | 39,693,204 | | | | 64,986,438 | | | | — | | | | — | |
Distributions reinvested | | | 3 | | | | 156 | | | | — | | | | — | |
Cost of shares redeemed | | | (40,022,102 | ) | | | (66,295,646 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Premier capital transactions | | | (328,895 | ) | | | (1,309,052 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Reserve | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | | 2,023 | | | | 223,787 | | | | — | | | | — | |
Distributions reinvested | | | — | (a) | | | 1 | | | | — | | | | — | |
Cost of shares redeemed | | | (254 | ) | | | (234,716 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Reserve capital transactions | | | 1,769 | | | | (10,928 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Total change in net assets resulting from capital transactions | | $ | (5,025,006 | ) | | $ | 11,621,607 | | | $ | 72,982 | | | $ | 234,831 | |
| | | | | | | | | | | | | | | | |
| (a) | Amount rounds to less than one thousand. |
| (b) | Commencement of offering of class of shares effective February 23, 2021 for JPMorgan Prime Money Market Fund. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 94 | | | | | | | | J.P. MORGAN MONEY MARKET FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | | | | | | | | | |
| | | JPMorgan Prime Money Market Fund | | | JPMorgan Institutional Tax Free Money
Market Fund | |
| | | Year Ended
February 28, 2022 | | | Year Ended
February 28, 2021 | | | Year Ended
February 28, 2022 | | | Year Ended
February 28, 2021 | |
SHARE TRANSACTIONS: | |
Academy | |
Issued | | | 2,405,067 | | | | 10,806,224 | | | | — | | | | — | |
Reinvested | | | 461 | | | | 4,950 | | | | — | | | | — | |
Redeemed | | | (2,498,783 | ) | | | (9,950,246 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Change in Academy Shares | | | (93,255 | ) | | | 860,928 | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Agency | |
Issued | | | 168,948,569 | | | | 193,317,779 | | | | 592 | | | | 92,498 | |
Reinvested | | | 8 | | | | 904 | | | | — | | | | — | |
Redeemed | | | (169,037,000 | ) | | | (194,342,963 | ) | | | (6,665 | ) | | | (111,041 | ) |
| | | | | | | | | | | | | | | | |
Change in Agency Shares | | | (88,423 | ) | | | (1,024,280 | ) | | | (6,073 | ) | | | (18,543 | ) |
| | | | | | | | | | | | | | | | |
Capital | |
Issued | | | 193,123,956 | | | | 209,314,230 | | | | 318,198 | | | | 909,700 | |
Reinvested | | | 16,277 | | | | 50,715 | | | | 1 | | | | 5 | |
Redeemed | | | (195,490,222 | ) | | | (200,185,491 | ) | | | (173,627 | ) | | | (1,099,996 | ) |
| | | | | | | | | | | | | | | | |
Change in Capital Shares | | | (2,349,989 | ) | | | 9,179,454 | | | | 144,572 | | | | (190,291 | ) |
| | | | | | | | | | | | | | | | |
Class C | |
Issued | | | 27 | | | | 144 | | | | — | | | | — | |
Reinvested | | | — | (a) | | | — | (a) | | | — | | | | — | |
Redeemed | | | (222 | ) | | | (216 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Change in Class C Shares | | | (195 | ) | | | (72 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Empower (b) | |
Issued | | | 564,774 | | | | 25 | | | | — | | | | — | |
Reinvested | | | 46 | | | | — | (a) | | | — | | | | — | |
Redeemed | | | (25 | ) | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Change in Empower Shares | | | 564,795 | | | | 25 | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
IM | |
Issued | | | 71,338,987 | | | | 63,290,845 | | | | 7,855,008 | | | | 10,089,303 | |
Reinvested | | | 76 | | | | 424 | | | | — | | | | 1 | |
Redeemed | | | (69,328,677 | ) | | | (61,318,187 | ) | | | (7,797,497 | ) | | | (9,815,078 | ) |
| | | | | | | | | | | | | | | | |
Change in IM Shares | | | 2,010,386 | | | | 1,973,082 | | | | 57,511 | | | | 274,226 | |
| | | | | | | | | | | | | | | | |
Institutional Class | |
Issued | | | 80,253,168 | | | | 109,359,201 | | | | 4,170,253 | | | | 3,708,890 | |
Reinvested | | | 1,542 | | | | 9,237 | | | | 6 | | | | 12 | |
Redeemed | | | (84,517,434 | ) | | | (105,914,893 | ) | | | (4,293,339 | ) | | | (3,540,013 | ) |
| | | | | | | | | | | | | | | | |
Change in Institutional Class Shares | | | (4,262,724 | ) | | | 3,453,545 | | | | (123,080 | ) | | | 168,889 | |
| | | | | | | | | | | | | | | | |
Morgan | |
Issued | | | 172,564,264 | | | | 361,242,207 | | | | — | | | | — | |
Reinvested | | | 17 | | | | 288 | | | | — | | | | — | |
Redeemed | | | (173,039,574 | ) | | | (362,768,920 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Change in Morgan Shares | | | (475,293 | ) | | | (1,526,425 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Premier | |
Issued | | | 39,670,757 | | | | 64,934,609 | | | | — | | | | — | |
Reinvested | | | 3 | | | | 156 | | | | — | | | | — | |
Redeemed | | | (39,999,390 | ) | | | (66,243,682 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Change in Premier Shares | | | (328,630 | ) | | | (1,308,917 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Reserve | |
Issued | | | 2,021 | | | | 223,644 | | | | — | | | | — | |
Reinvested | | | — | (a) | | | 1 | | | | — | | | | — | |
Redeemed | | | (254 | ) | | | (234,570 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Change in Reserve Shares | | | 1,767 | | | | (10,925 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
| (a) | Amount rounds to less than one thousand. |
| (b) | Commencement of offering of class of shares effective February 23, 2021 for JPMorgan Prime Money Market Fund. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MONEY MARKET FUNDS | | | | | | | | 95 |
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| | | | | | | | | | | | | | | | |
| | | JPMorgan Securities Lending Money
Market Fund | | | JPMorgan Liquid Assets Money
Market Fund | |
| | | Year Ended
February 28, 2022 | | | Year Ended
February 28, 2021 | | | Year Ended
February 28, 2022 | | | Year Ended
February 28, 2021 | |
CAPITAL TRANSACTIONS: | | | | | | | | | | | | | | | | |
Agency | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | $ | — | | | $ | — | | | $ | 334,837 | | | $ | 2,558,142 | |
Distributions reinvested | | | — | | | | — | | | | 39 | | | | 1,694 | |
Cost of shares redeemed | | | — | | | | — | | | | (878,673 | ) | | | (2,777,765 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Agency capital transactions | | | — | | | | — | | | | (543,797 | ) | | | (217,929 | ) |
| | | | | | | | | | | | | | | | |
Agency SL | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | | 26,046,900 | | | | 28,133,590 | | | | — | | | | — | |
Cost of shares redeemed | | | (26,292,156 | ) | | | (29,420,463 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Agency SL capital transactions | | | (245,256 | ) | | | (1,286,873 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Capital | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | | — | | | | — | | | | 1,825,700 | | | | 8,655,873 | |
Distributions reinvested | | | — | | | | — | | | | 390 | | | | 3,477 | |
Cost of shares redeemed | | | — | | | | — | | | | (4,828,709 | ) | | | (6,148,396 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Capital capital transactions | | | — | | | | — | | | | (3,002,619 | ) | | | 2,510,954 | |
| | | | | | | | | | | | | | | | |
Class C | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | | — | | | | — | | | | 8,859 | | | | 65,821 | |
Distributions reinvested | | | — | | | | — | | | | 2 | | | | 23 | |
Cost of shares redeemed | | | — | | | | — | | | | (21,117 | ) | | | (50,447 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Class C capital transactions | | | — | | | | — | | | | (12,256 | ) | | | 15,397 | |
| | | | | | | | | | | | | | | | |
Institutional Class | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | | — | | | | — | | | | 943,119 | | | | 4,789,318 | |
Distributions reinvested | | | — | | | | — | | | | 75 | | | | 2,591 | |
Cost of shares redeemed | | | — | | | | — | | | | (2,235,924 | ) | | | (5,148,812 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Institutional Class capital transactions | | | — | | | | — | | | | (1,292,730 | ) | | | (356,903 | ) |
| | | | | | | | | | | | | | | | |
Investor | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | | — | | | | — | | | | 4,747 | | | | 4,376 | |
Distributions reinvested | | | — | | | | — | | | | — | (a) | | | 5 | |
Cost of shares redeemed | | | — | | | | — | | | | (9,132 | ) | | | (6,096 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Investor capital transactions | | | — | | | | — | | | | (4,385 | ) | | | (1,715 | ) |
| | | | | | | | | | | | | | | | |
Morgan | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | | — | | | | — | | | | 189,062 | | | | 774,116 | |
Distributions reinvested | | | — | | | | — | | | | 51 | | | | 1,010 | |
Cost of shares redeemed | | | — | | | | — | | | | (363,570 | ) | | | (690,894 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Morgan capital transactions | | | — | | | | — | | | | (174,457 | ) | | | 84,232 | |
| | | | | | | | | | | | | | | | |
Premier | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | | — | | | | — | | | | 922,517 | | | | 5,412,304 | |
Distributions reinvested | | | — | | | | — | | | | 77 | | | | 2,611 | |
Cost of shares redeemed | | | — | | | | — | | | | (1,763,368 | ) | | | (6,073,471 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Premier capital transactions | | | — | | | | — | | | | (840,774 | ) | | | (658,556 | ) |
| | | | | | | | | | | | | | | | |
Reserve | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | | — | | | | — | | | | 752 | | | | 3,931 | |
Distributions reinvested | | | — | | | | — | | | | — | (a) | | | 5 | |
Cost of shares redeemed | | | — | | | | — | | | | (2,184 | ) | | | (2,071 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Reserve capital transactions | | | — | | | | — | | | | (1,432 | ) | | | 1,865 | |
| | | | | | | | | | | | | | | | |
Total change in net assets resulting from capital transactions | | $ | (245,256 | ) | | $ | (1,286,873 | ) | | $ | (5,872,450 | ) | | $ | 1,377,345 | |
| | | | | | | | | | | | | | | | |
| (a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 96 | | | | | | | | J.P. MORGAN MONEY MARKET FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | | | | | | | | | |
| | | JPMorgan Securities Lending Money
Market Fund | | | JPMorgan Liquid Assets Money
Market Fund | |
| | | Year Ended
February 28, 2022 | | | Year Ended
February 28, 2021 | | | Year Ended
February 28, 2022 | | | Year Ended
February 28, 2021 | |
SHARE TRANSACTIONS: | |
Agency | |
Issued | | | — | | | | — | | | | 334,837 | | | | 2,558,142 | |
Reinvested | | | — | | | | — | | | | 39 | | | | 1,694 | |
Redeemed | | | — | | | | — | | | | (878,673 | ) | | | (2,777,765 | ) |
| | | | | | | | | | | | | | | | |
Change in Agency Shares | | | — | | | | — | | | | (543,797 | ) | | | (217,929 | ) |
| | | | | | | | | | | | | | | | |
Agency SL | |
Issued | | | 26,047,680 | | | | 28,129,071 | | | | — | | | | — | |
Redeemed | | | (26,293,266 | ) | | | (29,415,847 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Change in Agency SL Shares | | | (245,586 | ) | | | (1,286,776 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Capital | |
Issued | | | — | | | | — | | | | 1,825,700 | | | | 8,655,873 | |
Reinvested | | | — | | | | — | | | | 390 | | | | 3,477 | |
Redeemed | | | — | | | | — | | | | (4,828,709 | ) | | | (6,148,396 | ) |
| | | | | | | | | | | | | | | | |
Change in Capital Shares | | | — | | | | — | | | | (3,002,619 | ) | | | 2,510,954 | |
| | | | | | | | | | | | | | | | |
Class C | |
Issued | | | — | | | | — | | | | 8,859 | | | | 65,821 | |
Reinvested | | | — | | | | — | | | | 2 | | | | 23 | |
Redeemed | | | — | | | | — | | | | (21,117 | ) | | | (50,447 | ) |
| | | | | | | | | | | | | | | | |
Change in Class C Shares | | | — | | | | — | | | | (12,256 | ) | | | 15,397 | |
| | | | | | | | | | | | | | | | |
Institutional Class | |
Issued | | | — | | | | — | | | | 943,119 | | | | 4,789,318 | |
Reinvested | | | — | | | | — | | | | 75 | | | | 2,591 | |
Redeemed | | | — | | | | — | | | | (2,235,924 | ) | | | (5,148,812 | ) |
| | | | | | | | | | | | | | | | |
Change in Institutional Class Shares | | | — | | | | — | | | | (1,292,730 | ) | | | (356,903 | ) |
| | | | | | | | | | | | | | | | |
Investor | |
Issued | | | — | | | | — | | | | 4,747 | | | | 4,376 | |
Reinvested | | | — | | | | — | | | | — | (a) | | | 5 | |
Redeemed | | | — | | | | — | | | | (9,132 | ) | | | (6,096 | ) |
| | | | | | | | | | | | | | | | |
Change in Investor Shares | | | — | | | | — | | | | (4,385 | ) | | | (1,715 | ) |
| | | | | | | | | | | | | | | | |
Morgan | |
Issued | | | — | | | | — | | | | 189,062 | | | | 774,116 | |
Reinvested | | | — | | | | — | | | | 51 | | | | 1,010 | |
Redeemed | | | — | | | | — | | | | (363,570 | ) | | | (690,894 | ) |
| | | | | | | | | | | | | | | | |
Change in Morgan Shares | | | — | | | | — | | | | (174,457 | ) | | | 84,232 | |
| | | | | | | | | | | | | | | | |
Premier | |
Issued | | | — | | | | — | | | | 922,517 | | | | 5,412,304 | |
Reinvested | | | — | | | | — | | | | 77 | | | | 2,611 | |
Redeemed | | | — | | | | — | | | | (1,763,368 | ) | | | (6,073,471 | ) |
| | | | | | | | | | | | | | | | |
Change in Premier Shares | | | — | | | | — | | | | (840,774 | ) | | | (658,556 | ) |
| | | | | | | | | | | | | | | | |
Reserve | |
Issued | | | — | | | | — | | | | 752 | | | | 3,931 | |
Reinvested | | | — | | | | — | | | | 1 | | | | 5 | |
Redeemed | | | — | | | | — | | | | (2,184 | ) | | | (2,071 | ) |
| | | | | | | | | | | | | | | | |
Change in Reserve Shares | | | — | | | | — | | | | (1,431 | ) | | | 1,865 | |
| | | | | | | | | | | | | | | | |
| (a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MONEY MARKET FUNDS | | | | | | | | 97 |
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| | | | | | | | | | | | | | | | |
| | | JPMorgan U.S. Government Money Market
Fund | | | JPMorgan U.S. Treasury Plus Money
Market Fund | |
| | | Year Ended
February 28, 2022 | | | Year Ended
February 28, 2021 | | | Year Ended
February 28, 2022 | | | Year Ended
February 28, 2021 | |
CAPITAL TRANSACTIONS: | | | | | | | | | | | | | | | | |
Academy (a) | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | $ | 83,952,164 | | | $ | 12,944,824 | | | $ | 323,000 | | | $ | 17,600 | |
Distributions reinvested | | | 1,353 | | | | 681 | | | | 2 | | | | — | (b) |
Cost of shares redeemed | | | (76,908,759 | ) | | | (9,341,057 | ) | | | (340,502 | ) | | | — | |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Academy capital transactions | | | 7,044,758 | | | | 3,604,448 | | | | (17,500 | ) | | | 17,600 | |
| | | | | | | | | | | | | | | | |
Agency | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | | 1,949,037,675 | | | | 1,600,808,292 | | | | 125,994,993 | | | | 152,635,506 | |
Distributions reinvested | | | 33 | | | | 512 | | | | 12 | | | | 241 | |
Cost of shares redeemed | | | (1,956,701,207 | ) | | | (1,598,792,375 | ) | | | (126,945,453 | ) | | | (152,514,765 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Agency capital transactions | | | (7,663,499 | ) | | | 2,016,429 | | | | (950,448 | ) | | | 120,982 | |
| | | | | | | | | | | | | | | | |
Capital | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | | 1,831,281,381 | | | | 1,460,504,688 | | | | 139,018,589 | | | | 165,049,187 | |
Distributions reinvested | | | 20,775 | | | | 78,945 | | | | 565 | | | | 6,742 | |
Cost of shares redeemed | | | (1,807,997,421 | ) | | | (1,403,663,957 | ) | | | (141,773,587 | ) | | | (161,462,580 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Capital capital transactions | | | 23,304,735 | | | | 56,919,676 | | | | (2,754,433 | ) | | | 3,593,349 | |
| | | | | | | | | | | | | | | | |
Class C | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | | — | | | | — | | | | 593,428 | | | | 368,506 | |
Distributions reinvested | | | — | | | | — | | | | 2 | | | | 66 | |
Cost of shares redeemed | | | — | | | | — | | | | (525,862 | ) | | | (267,852 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Class C capital transactions | | | — | | | | — | | | | 67,568 | | | | 100,720 | |
| | | | | | | | | | | | | | | | |
E*Trade | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | | 316,073 | | | | 347,481 | | | | — | | | | — | |
Distributions reinvested | | | 23 | | | | 91 | | | | — | | | | — | |
Cost of shares redeemed | | | (333,164 | ) | | | (241,169 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from E*Trade capital transactions | | | (17,068 | ) | | | 106,403 | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Empower (c) | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | | 7,091,606 | | | | 500,025 | | | | 680,000 | | | | 25 | |
Distributions reinvested | | | 594 | | | | 3 | | | | 28 | | | | — | (b) |
Cost of shares redeemed | | | (3,431,459 | ) | | | — | | | | (568,041 | ) | | | — | |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Empower capital transactions | | | 3,660,741 | | | | 500,028 | | | | 111,987 | | | | 25 | |
| | | | | | | | | | | | | | | | |
IM | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | | 67,117,974 | | | | 55,334,290 | | | | 114,350 | | | | 162,293 | |
Distributions reinvested | | | 294 | | | | 1,164 | | | | — | (b) | | | — | |
Cost of shares redeemed | | | (64,388,873 | ) | | | (55,462,128 | ) | | | (138,596 | ) | | | (175,446 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from IM capital transactions | | | 2,729,395 | | | | (126,674 | ) | | | (24,246 | ) | | | (13,153 | ) |
| | | | | | | | | | | | | | | | |
| (a) | Commencement of offering of class of shares effective September 30, 2020 for JPMorgan U.S. Treasury Plus Money Market Fund. |
| (b) | Amount rounds to less than one thousand. |
| (c) | Commencement of offering of class of shares effective February 23, 2021. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 98 | | | | | | | | J.P. MORGAN MONEY MARKET FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | | | | | | | | | |
| | | JPMorgan U.S. Government Money
Market Fund | | | JPMorgan U.S. Treasury Plus Money
Market Fund | |
| | | Year Ended
February 28, 2022 | | | Year Ended
February 28, 2021 | | | Year Ended
February 28, 2022 | | | Year Ended
February 28, 2021 | |
CAPITAL TRANSACTIONS: (continued) | | | | | | | | | | | | | | | | |
Institutional Class | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | | 387,578,513 | | | | 499,546,688 | | | | 61,640,296 | | | | 111,052,658 | |
Distributions reinvested | | | 625 | | | | 10,718 | | | | 294 | | | | 4,900 | |
Cost of shares redeemed | | | (399,731,871 | ) | | | (503,195,206 | ) | | | (65,732,666 | ) | | | (115,889,477 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Institutional Class capital transactions | | | (12,152,733 | ) | | | (3,637,800 | ) | | | (4,092,076 | ) | | | (4,831,919 | ) |
| | | | | | | | | | | | | | | | |
Investor | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | | 6,754,768 | | | | 716,851 | | | | 132,519 | | | | 309,268 | |
Distributions reinvested | | | 3 | | | | 408 | | | | — | (a) | | | — | (a) |
Cost of shares redeemed | | | (5,739,232 | ) | | | (559,132 | ) | | | (132,458 | ) | | | (322,601 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Investor capital transactions | | | 1,015,539 | | | | 158,127 | | | | 61 | | | | (13,333 | ) |
| | | | | | | | | | | | | | | | |
Morgan | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | | 287,654,071 | | | | 290,553,607 | | | | 92,581,656 | | | | 95,567,595 | |
Distributions reinvested | | | 3 | | | | 384 | | | | — | (a) | | | 27 | |
Cost of shares redeemed | | | (287,568,363 | ) | | | (290,747,454 | ) | | | (92,667,137 | ) | | | (95,866,297 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Morgan capital transactions | | | 85,711 | | | | (193,463 | ) | | | (85,481 | ) | | | (298,675 | ) |
| | | | | | | | | | | | | | | | |
Premier | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | | 211,463,266 | | | | 161,795,078 | | | | 34,466,562 | | | | 28,900,319 | |
Distributions reinvested | | | 27 | | | | 310 | | | | 40 | | | | 350 | |
Cost of shares redeemed | | | (211,153,919 | ) | | | (160,870,362 | ) | | | (34,128,530 | ) | | | (28,645,366 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Premier capital transactions | | | 309,374 | | | | 925,026 | | | | 338,072 | | | | 255,303 | |
| | | | | | | | | | | | | | | | |
Reserve | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | | 46,543,268 | | | | 457,562 | | | | 4,058,095 | | | | 333,712 | |
Distributions reinvested | | | 1 | | | | 9 | | | | — | (a) | | | 2 | |
Cost of shares redeemed | | | (39,161,264 | ) | | | (450,986 | ) | | | (3,818,300 | ) | | | (335,118 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Reserve capital transactions | | | 7,382,005 | | | | 6,585 | | | | 239,795 | | | | (1,404 | ) |
| | | | | | | | | | | | | | | | |
Service | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | | 109,647 | | | | 216,977 | | | | — | | | | — | |
Distributions reinvested | | | 2 | | | | 192 | | | | — | | | | — | |
Cost of shares redeemed | | | (190,688 | ) | | | (570,359 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Service capital transactions | | | (81,039 | ) | | | (353,190 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Total change in net assets resulting from capital transactions | | $ | 25,617,919 | | | $ | 59,925,595 | | | $ | (7,166,701 | ) | | $ | (1,070,505 | ) |
| | | | | | | | | | | | | | | | |
| (a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MONEY MARKET FUNDS | | | | | | | | 99 |
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| | | | | | | | | | | | | | | | |
| | | JPMorgan U.S. Government Money
Market Fund | | | JPMorgan U.S. Treasury Plus Money
Market Fund | |
| | | Year Ended
February 28, 2022 | | | Year Ended
February 28, 2021 | | | Year Ended
February 28, 2022 | | | Year Ended
February 28, 2021 | |
SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Academy (a) | |
Issued | | | 83,952,164 | | | | 12,944,824 | | | | 323,000 | | | | 17,600 | |
Reinvested | | | 1,353 | | | | 681 | | | | 2 | | | | — | (b) |
Redeemed | | | (76,908,625 | ) | | | (9,341,057 | ) | | | (340,502 | ) | | | — | |
| | | | | | | | | | | | | | | | |
Change in Academy Shares | | | 7,044,892 | | | | 3,604,448 | | | | (17,500 | ) | | | 17,600 | |
| | | | | | | | | | | | | | | | |
Agency | |
Issued | | | 1,949,037,675 | | | | 1,600,808,292 | | | | 125,994,976 | | | | 152,635,506 | |
Reinvested | | | 33 | | | | 512 | | | | 12 | | | | 241 | |
Redeemed | | | (1,956,701,013 | ) | | | (1,598,792,375 | ) | | | (126,945,453 | ) | | | (152,514,765 | ) |
| | | | | | | | | | | | | | | | |
Change in Agency Shares | | | (7,663,305 | ) | | | 2,016,429 | | | | (950,465 | ) | | | 120,982 | |
| | | | | | | | | | | | | | | | |
Capital | |
Issued | | | 1,831,281,386 | | | | 1,460,504,688 | | | | 139,018,583 | | | | 165,049,187 | |
Reinvested | | | 20,775 | | | | 78,945 | | | | 565 | | | | 6,742 | |
Redeemed | | | (1,807,996,972 | ) | | | (1,403,663,957 | ) | | | (141,773,394 | ) | | | (161,462,580 | ) |
| | | | | | | | | | | | | | | | |
Change in Capital Shares | | | 23,305,189 | | | | 56,919,676 | | | | (2,754,246 | ) | | | 3,593,349 | |
| | | | | | | | | | | | | | | | |
Class C | |
Issued | | | — | | | | — | | | | 593,428 | | | | 368,506 | |
Reinvested | | | — | | | | — | | | | 2 | | | | 66 | |
Redeemed | | | — | | | | — | | | | (525,858 | ) | | | (267,852 | ) |
| | | | | | | | | | | | | | | | |
Change in Class C Shares | | | — | | | | — | | | | 67,572 | | | | 100,720 | |
| | | | | | | | | | | | | | | | |
E*Trade | |
Issued | | | 316,073 | | | | 347,481 | | | | — | | | | — | |
Reinvested | | | 23 | | | | 91 | | | | — | | | | — | |
Redeemed | | | (333,160 | ) | | | (241,169 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Change in E*Trade Shares | | | (17,064 | ) | | | 106,403 | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Empower (c) | |
Issued | | | 7,091,606 | | | | 500,025 | | | | 680,000 | | | | 25 | |
Reinvested | | | 594 | | | | 3 | | | | 28 | | | | — | (b) |
Redeemed | | | (3,431,430 | ) | | | — | | | | (568,025 | ) | | | — | |
| | | | | | | | | | | | | | | | |
Change in Empower Shares | | | 3,660,770 | | | | 500,028 | | | | 112,003 | | | | 25 | |
| | | | | | | | | | | | | | | | |
IM | |
Issued | | | 67,117,925 | | | | 55,334,290 | | | | 114,350 | | | | 162,293 | |
Reinvested | | | 294 | | | | 1,164 | | | | — | (b) | | | — | |
Redeemed | | | (64,388,873 | ) | | | (55,462,128 | ) | | | (138,596 | ) | | | (175,446 | ) |
| | | | | | | | | | | | | | | | |
Change in IM Shares | | | 2,729,346 | | | | (126,674 | ) | | | (24,246 | ) | | | (13,153 | ) |
| | | | | | | | | | | | | | | | |
Institutional Class | |
Issued | | | 387,577,686 | | | | 499,546,688 | | | | 61,640,072 | | | | 111,052,658 | |
Reinvested | | | 625 | | | | 10,718 | | | | 294 | | | | 4,900 | |
Redeemed | | | (399,731,871 | ) | | | (503,195,206 | ) | | | (65,732,648 | ) | | | (115,889,477 | ) |
| | | | | | | | | | | | | | | | |
Change in Institutional Class Shares | | | (12,153,560 | ) | | | (3,637,800 | ) | | | (4,092,282 | ) | | | (4,831,919 | ) |
| | | | | | | | | | | | | | | | |
| (a) | Commencement of offering of class of shares effective September 30, 2020 for JPMorgan U.S. Treasury Plus Money Market Fund. |
| (b) | Amount rounds to less than one thousand. |
| (c) | Commencement of offering of class of shares effective February 23, 2021. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 100 | | | | | | | | J.P. MORGAN MONEY MARKET FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | | | | | | | | | |
| | | JPMorgan U.S. Government Money
Market Fund | | | JPMorgan U.S. Treasury Plus Money
Market Fund | |
| | | Year Ended
February 28, 2022 | | | Year Ended
February 28, 2021 | | | Year Ended
February 28, 2022 | | | Year Ended
February 28, 2021 | |
SHARE TRANSACTIONS: (continued) | | | | | | | | | | | | | | | | |
Investor | | | | | | | | | | | | | | | | |
Issued | | | 6,754,768 | | | | 716,851 | | | | 132,519 | | | | 309,268 | |
Reinvested | | | 3 | | | | 408 | | | | — | (a) | | | — | (a) |
Redeemed | | | (5,739,220 | ) | | | (559,132 | ) | | | (132,458 | ) | | | (322,601 | ) |
| | | | | | | | | | | | | | | | |
Change in Investor Shares | | | 1,015,551 | | | | 158,127 | | | | 61 | | | | (13,333 | ) |
| | | | | | | | | | | | | | | | |
Morgan | |
Issued | | | 287,654,071 | | | | 290,553,607 | | | | 92,581,650 | | | | 95,567,595 | |
Reinvested | | | 3 | | | | 384 | | | | — | (a) | | | 27 | |
Redeemed | | | (287,568,310 | ) | | | (290,747,454 | ) | | | (92,667,137 | ) | | | (95,866,297 | ) |
| | | | | | | | | | | | | | | | |
Change in Morgan Shares | | | 85,764 | | | | (193,463 | ) | | | (85,487 | ) | | | (298,675 | ) |
| | | | | | | | | | | | | | | | |
Premier | |
Issued | | | 211,463,266 | | | | 161,795,078 | | | | 34,466,562 | | | | 28,900,319 | |
Reinvested | | | 27 | | | | 310 | | | | 40 | | | | 350 | |
Redeemed | | | (211,153,897 | ) | | | (160,870,362 | ) | | | (34,128,507 | ) | | | (28,645,366 | ) |
| | | | | | | | | | | | | | | | |
Change in Premier Shares | | | 309,396 | | | | 925,026 | | | | 338,095 | | | | 255,303 | |
| | | | | | | | | | | | | | | | |
Reserve | |
Issued | | | 46,543,268 | | | | 457,562 | | | | 4,058,084 | | | | 333,712 | |
Reinvested | | | 1 | | | | 9 | | | | — | (a) | | | 2 | |
Redeemed | | | (39,161,240 | ) | | | (450,986 | ) | | | (3,818,288 | ) | | | (335,118 | ) |
| | | | | | | | | | | | | | | | |
Change in Reserve Shares | | | 7,382,029 | | | | 6,585 | | | | 239,796 | | | | (1,404 | ) |
| | | | | | | | | | | | | | | | |
Service | |
Issued | | | 109,601 | | | | 216,977 | | | | — | | | | — | |
Reinvested | | | 2 | | | | 192 | | | | — | | | | — | |
Redeemed | | | (190,688 | ) | | | (570,359 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Change in Service Shares | | | (81,085 | ) | | | (353,190 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
| (a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MONEY MARKET FUNDS | | | | | | | | 101 |
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| | | | | | | | | | | | | | | | |
| | | JPMorgan Federal Money Market Fund | | | JPMorgan 100% U.S. Treasury Securities
Money Market Fund | |
| | | Year Ended
February 28, 2022 | | | Year Ended
February 28, 2021 | | | Year Ended
February 28, 2022 | | | Year Ended
February 28, 2021 | |
CAPITAL TRANSACTIONS: | | | | | | | | | | | | | | | | |
Academy (a) | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | $ | — | | | $ | — | | | $ | 625,200 | | | $ | 49,400 | |
Distributions reinvested | | | — | | | | — | | | | — | (b) | | | — | (b) |
Cost of shares redeemed | | | — | | | | — | | | | (511,780 | ) | | | (31,800 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Academy capital transactions | | | — | | | | — | | | | 113,420 | | | | 17,600 | |
| | | | | | | | | | | | | | | | |
Agency | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | | 597,491 | | | | 2,560,354 | | | | 483,815,895 | | | | 463,009,206 | |
Distributions reinvested | | | 3 | | | | 121 | | | | 30 | | | | 589 | |
Cost of shares redeemed | | | (698,310 | ) | | | (2,484,434 | ) | | | (484,830,667 | ) | | | (463,019,159 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Agency capital transactions | | | (100,816 | ) | | | 76,041 | | | | (1,014,742 | ) | | | (9,364 | ) |
| | | | | | | | | | | | | | | | |
Capital | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | | — | | | | — | | | | 204,850,092 | | | | 382,146,647 | |
Distributions reinvested | | | — | | | | — | | | | 1,880 | | | | 26,787 | |
Cost of shares redeemed | | | — | | | | — | | | | (205,796,081 | ) | | | (356,770,899 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Capital capital transactions | | | — | | | | — | | | | (944,109 | ) | | | 25,402,535 | |
| | | | | | | | | | | | | | | | |
Empower (c) | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | | — | | | | — | | | | 597,500 | | | | 25 | |
Distributions reinvested | | | — | | | | — | | | | 18 | | | | — | (b) |
Cost of shares redeemed | | | — | | | | — | | | | (568,025 | ) | | | — | |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Empower capital transactions | | | — | | | | — | | | | 29,493 | | | | 25 | |
| | | | | | | | | | | | | | | | |
IM | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | | — | | | | — | | | | 25,952 | | | | 431,773 | |
Distributions reinvested | | | — | | | | — | | | | — | (b) | | | 139 | |
Cost of shares redeemed | | | — | | | | — | | | | (25,955 | ) | | | (443,570 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from IM capital transactions | | | — | | | | — | | | | (3 | ) | | | (11,658 | ) |
| | | | | | | | | | | | | | | | |
Institutional Class | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | | 5,930,237 | | | | 12,654,908 | | | | 91,142,009 | | | | 113,569,290 | |
Distributions reinvested | | | 61 | | | | 1,394 | | | | 257 | | | | 8,195 | |
Cost of shares redeemed | | | (6,952,381 | ) | | | (12,884,383 | ) | | | (92,163,519 | ) | | | (111,762,217 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Institutional Class capital transactions | | | (1,022,083 | ) | | | (228,081 | ) | | | (1,021,253 | ) | | | 1,815,268 | |
| | | | | | | | | | | | | | | | |
Morgan | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | | 54,066 | | | | 88,923 | | | | 62,648,028 | | | | 75,789,478 | |
Distributions reinvested | | | 1 | | | | 24 | | | | 18 | | | | 786 | |
Cost of shares redeemed | | | (52,321 | ) | | | (70,128 | ) | | | (62,693,622 | ) | | | (75,562,104 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Morgan capital transactions | | | 1,746 | | | | 18,819 | | | | (45,576 | ) | | | 228,160 | |
| | | | | | | | | | | | | | | | |
Premier | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | | 368,851 | | | | 1,306,694 | | | | 18,605,538 | | | | 12,237,468 | |
Distributions reinvested | | | 4 | | | | 60 | | | | 26 | | | | 244 | |
Cost of shares redeemed | | | (444,043 | ) | | | (1,327,097 | ) | | | (18,658,204 | ) | | | (12,774,776 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Premier capital transactions | | | (75,188 | ) | | | (20,343 | ) | | | (52,640 | ) | | | (537,064 | ) |
| | | | | | | | | | | | | | | | |
Reserve | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | | — | | | | — | | | | 14,891,153 | | | | 16,083,935 | |
Distributions reinvested | | | — | | | | — | | | | 1 | | | | 16 | |
Cost of shares redeemed | | | — | | | | — | | | | (13,963,028 | ) | | | (15,292,610 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Reserve capital transactions | | | — | | | | — | | | | 928,126 | | | | 791,341 | |
| | | | | | | | | | | | | | | | |
Total change in net assets resulting from capital transactions | | $ | (1,196,341 | ) | | $ | (153,564 | ) | | $ | (2,007,284 | ) | | $ | 27,696,843 | |
| | | | | | | | | | | | | | | | |
| (a) | Commencement of offering of class of shares effective September 30, 2020 for JPMorgan 100% U.S. Treasury Securities Money Market Fund. |
| (b) | Amount rounds to less than one thousand. |
| (c) | Commencement of offering of class of shares effective February 23, 2021 for JPMorgan 100% U.S. Treasury Securities Money Market Fund. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 102 | | | | | | | | J.P. MORGAN MONEY MARKET FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | | | | | | | | | |
| | | JPMorgan Federal Money Market Fund | | | JPMorgan 100% U.S. Treasury Securities
Money Market Fund | |
| | | Year Ended
February 28, 2022 | | | Year Ended
February 28, 2021 | | | Year Ended
February 28, 2022 | | | Year Ended
February 28, 2021 | |
SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Academy (a) | |
Issued | | | — | | | | — | | | | 625,200 | | | | 49,400 | |
Reinvested | | | — | | | | — | | | | — | (b) | | | — | (b) |
Redeemed | | | — | | | | — | | | | (511,780 | ) | | | (31,800 | ) |
| | | | | | | | | | | | | | | | |
Change in Academy Shares | | | — | | | | — | | | | 113,420 | | | | 17,600 | |
| | | | | | | | | | | | | | | | |
Agency | |
Issued | | | 597,491 | | | | 2,560,350 | | | | 483,815,895 | | | | 463,009,202 | |
Reinvested | | | 3 | | | | 121 | | | | 30 | | | | 589 | |
Redeemed | | | (698,310 | ) | | | (2,484,420 | ) | | | (484,830,667 | ) | | | (463,019,159 | ) |
| | | | | | | | | | | | | | | | |
Change in Agency Shares | | | (100,816 | ) | | | 76,051 | | | | (1,014,742 | ) | | | (9,368 | ) |
| | | | | | | | | | | | | | | | |
Capital | |
Issued | | | — | | | | — | | | | 204,850,092 | | | | 382,146,647 | |
Reinvested | | | — | | | | — | | | | 1,882 | | | | 26,787 | |
Redeemed | | | — | | | | — | | | | (205,796,081 | ) | | | (356,770,851 | ) |
| | | | | | | | | | | | | | | | |
Change in Capital Shares | | | — | | | | — | | | | (944,107 | ) | | | 25,402,583 | |
| | | | | | | | | | | | | | | | |
Empower (c) | |
Issued | | | — | | | | — | | | | 597,500 | | | | 25 | |
Reinvested | | | — | | | | — | | | | 18 | | | | — | (b) |
Redeemed | | | — | | | | — | | | | (568,025 | ) | | | — | |
| | | | | | | | | | | | | | | | |
Change in Empower Shares | | | — | | | | — | | | | 29,493 | | | | 25 | |
| | | | | | | | | | | | | | | | |
IM | |
Issued | | | — | | | | — | | | | 25,952 | | | | 431,781 | |
Reinvested | | | — | | | | — | | | | — | (b) | | | 131 | |
Redeemed | | | — | | | | — | | | | (25,955 | ) | | | (443,570 | ) |
| | | | | | | | | | | | | | | | |
Change in IM Shares | | | — | | | | — | | | | (3 | ) | | | (11,658 | ) |
| | | | | | | | | | | | | | | | |
Institutional Class | |
Issued | | | 5,930,222 | | | | 12,654,869 | | | | 91,142,009 | | | | 113,569,217 | |
Reinvested | | | 61 | | | | 1,394 | | | | 257 | | | | 8,195 | |
Redeemed | | | (6,952,381 | ) | | | (12,884,348 | ) | | | (92,163,519 | ) | | | (111,762,217 | ) |
| | | | | | | | | | | | | | | | |
Change in Institutional Class Shares | | | (1,022,098 | ) | | | (228,085 | ) | | | (1,021,253 | ) | | | 1,815,195 | |
| | | | | | | | | | | | | | | | |
Morgan | |
Issued | | | 54,066 | | | | 88,890 | | | | 62,648,028 | | | | 75,789,478 | |
Reinvested | | | 1 | | | | 24 | | | | 18 | | | | 786 | |
Redeemed | | | (52,316 | ) | | | (70,095 | ) | | | (62,693,622 | ) | | | (75,562,098 | ) |
| | | | | | | | | | | | | | | | |
Change in Morgan Shares | | | 1,751 | | | | 18,819 | | | | (45,576 | ) | | | 228,166 | |
| | | | | | | | | | | | | | | | |
Premier | |
Issued | | | 368,851 | | | | 1,306,688 | | | | 18,605,538 | | | | 12,237,468 | |
Reinvested | | | 4 | | | | 60 | | | | 26 | | | | 244 | |
Redeemed | | | (444,034 | ) | | | (1,327,097 | ) | | | (18,658,204 | ) | | | (12,774,774 | ) |
| | | | | | | | | | | | | | | | |
Change in Premier Shares | | | (75,179 | ) | | | (20,349 | ) | | | (52,640 | ) | | | (537,062 | ) |
| | | | | | | | | | | | | | | | |
Reserve | |
Issued | | | — | | | | — | | | | 14,891,153 | | | | 16,083,935 | |
Reinvested | | | — | | | | — | | | | 1 | | | | 16 | |
Redeemed | | | — | | | | — | | | | (13,963,028 | ) | | | (15,292,590 | ) |
| | | | | | | | | | | | | | | | |
Change in Reserve Shares | | | — | | | | — | | | | 928,126 | | | | 791,361 | |
| | | | | | | | | | | | | | | | |
| (a) | Commencement of offering of class of shares effective September 30, 2020 for JPMorgan 100% U.S. Treasury Securities Money Market Fund. |
| (b) | Amount rounds to less than one thousand. |
| (c) | Commencement of offering of class of shares effective February 23, 2021 for JPMorgan 100% U.S. Treasury Securities Money Market Fund. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MONEY MARKET FUNDS | | | | | | | | 103 |
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| | | | | | | | | | | | | | | | |
| | | JPMorgan Tax Free Money Market Fund | | | JPMorgan Municipal Money Market Fund | |
| | | Year Ended
February 28, 2022 | | | Year Ended
February 28, 2021 | | | Year Ended
February 28, 2022 | | | Year Ended
February 28, 2021 | |
CAPITAL TRANSACTIONS: | | | | | | | | | | | | | | | | |
Agency | |
Proceeds from shares issued | | $ | 121,928 | | | $ | 848,146 | | | $ | 30,972 | | | $ | 218,883 | |
Distributions reinvested | | | 2 | | | | 253 | | | | 2 | | | | 104 | |
Cost of shares redeemed | | | (213,308 | ) | | | (1,258,223 | ) | | | (53,580 | ) | | | (270,871 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Agency capital transactions | | | (91,378 | ) | | | (409,824 | ) | | | (22,606 | ) | | | (51,884 | ) |
| | | | | | | | | | | | | | | | |
Institutional Class | |
Proceeds from shares issued | | | 21,112,727 | | | | 29,765,334 | | | | 6,656,716 | | | | 6,326,892 | |
Distributions reinvested | | | 115 | | | | 1,990 | | | | 101 | | | | 2,091 | |
Cost of shares redeemed | | | (22,835,694 | ) | | | (32,082,322 | ) | | | (6,611,560 | ) | | | (7,183,133 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Institutional Class capital transactions | | | (1,722,852 | ) | | | (2,314,998 | ) | | | 45,257 | | | | (854,150 | ) |
| | | | | | | | | | | | | | | | |
Morgan | |
Proceeds from shares issued | | | 11,401 | | | | 67,584 | | | | 3,116 | | | | 86,688 | |
Distributions reinvested | | | 1 | | | | 38 | | | | 3 | | | | 97 | |
Cost of shares redeemed | | | (17,093 | ) | | | (55,634 | ) | | | (22,735 | ) | | | (78,412 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Morgan capital transactions | | | (5,691 | ) | | | 11,988 | | | | (19,616 | ) | | | 8,373 | |
| | | | | | | | | | | | | | | | |
Premier | |
Proceeds from shares issued | | | 105,970 | | | | 1,033,554 | | | | 11,516 | | | | 128,703 | |
Distributions reinvested | | | 2 | | | | 71 | | | | 1 | | | | 49 | |
Cost of shares redeemed | | | (266,760 | ) | | | (1,382,269 | ) | | | (42,851 | ) | | | (194,794 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Premier capital transactions | | | (160,788 | ) | | | (348,644 | ) | | | (31,334 | ) | | | (66,042 | ) |
| | | | | | | | | | | | | | | | |
Reserve | |
Proceeds from shares issued | | | 7,953,871 | | | | 8,608,499 | | | | — | | | | — | |
Distributions reinvested | | | 3 | | | | 5 | | | | — | | | | — | |
Cost of shares redeemed | | | (7,720,154 | ) | | | (8,741,922 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Reserve capital transactions | | | 233,720 | | | | (133,418 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Service | |
Proceeds from shares issued | | | — | | | | — | | | | 12,654 | | | | — | |
Distributions reinvested | | | — | | | | — | | | | 2 | | | | 92 | |
Cost of shares redeemed | | | — | | | | — | | | | (21,660 | ) | | | (39,907 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Service capital transactions | | | — | | | | — | | | | (9,004 | ) | | | (39,815 | ) |
| | | | | | | | | | | | | | | | |
Total change in net assets resulting from capital transactions | | $ | (1,746,989 | ) | | $ | (3,194,896 | ) | | $ | (37,303 | ) | | $ | (1,003,518 | ) |
| | | | | | | | | | | | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 104 | | | | | | | | J.P. MORGAN MONEY MARKET FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | | | | | | | | | |
| | | JPMorgan Tax Free Money Market Fund | | | JPMorgan Municipal Money Market Fund | |
| | | Year Ended
February 28, 2022 | | | Year Ended
February 28, 2021 | | | Year Ended
February 28, 2022 | | | Year Ended
February 28, 2021 | |
SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
| Agency | |
Issued | | | 121,915 | | | | 848,146 | | | | 30,972 | | | | 218,883 | |
Reinvested | | | 2 | | �� | | 253 | | | | 2 | | | | 104 | |
Redeemed | | | (213,308 | ) | | | (1,258,223 | ) | | | (53,576 | ) | | | (270,864 | ) |
| | | | | | | | | | | | | | | | |
Change in Agency Shares | | | (91,391 | ) | | | (409,824 | ) | | | (22,602 | ) | | | (51,877 | ) |
| | | | | | | | | | | | | | | | |
Institutional Class | |
Issued | | | 21,112,643 | | | | 29,765,334 | | | | 6,656,710 | | | | 6,326,873 | |
Reinvested | | | 115 | | | | 1,990 | | | | 101 | | | | 2,091 | |
Redeemed | | | (22,835,694 | ) | | | (32,082,322 | ) | | | (6,611,560 | ) | | | (7,183,133 | ) |
| | | | | | | | | | | | | | | | |
Change in Institutional Class Shares | | | (1,722,936 | ) | | | (2,314,998 | ) | | | 45,251 | | | | (854,169 | ) |
| | | | | | | | | | | | | | | | |
Morgan | |
Issued | | | 11,401 | | | | 67,584 | | | | 3,116 | | | | 86,688 | |
Reinvested | | | 2 | | | | 38 | | | | 3 | | | | 97 | |
Redeemed | | | (17,093 | ) | | | (55,634 | ) | | | (22,734 | ) | | | (78,412 | ) |
| | | | | | | | | | | | | | | | |
Change in Morgan Shares | | | (5,690 | ) | | | 11,988 | | | | (19,615 | ) | | | 8,373 | |
| | | | | | | | | | | | | | | | |
Premier | |
Issued | | | 105,970 | | | | 1,033,554 | | | | 11,516 | | | | 128,703 | |
Reinvested | | | 2 | | | | 71 | | | | 1 | | | | 49 | |
Redeemed | | | (266,713 | ) | | | (1,382,269 | ) | | | (42,849 | ) | | | (194,788 | ) |
| | | | | | | | | | | | | | | | |
Change in Premier Shares | | | (160,741 | ) | | | (348,644 | ) | | | (31,332 | ) | | | (66,036 | ) |
| | | | | | | | | | | | | | | | |
Reserve | |
Issued | | | 7,953,871 | | | | 8,608,499 | | | | — | | | | — | |
Reinvested | | | 3 | | | | 5 | | | | — | | | | — | |
Redeemed | | | (7,720,106 | ) | | | (8,741,922 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Change in Reserve Shares | | | 233,768 | | | | (133,418 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Service | |
Issued | | | — | | | | — | | | | 12,654 | | | | — | |
Reinvested | | | — | | | | — | | | | 2 | | | | 92 | |
Redeemed | | | — | | | | — | | | | (21,660 | ) | | | (39,901 | ) |
| | | | | | | | | | | | | | | | |
Change in Service Shares | | | — | | | | — | | | | (9,004 | ) | | | (39,809 | ) |
| | | | | | | | | | | | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MONEY MARKET FUNDS | | | | | | | | 105 |
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| | | | | | | | | | | | | | | | |
| | | JPMorgan California Municipal Money
Market Fund | | | JPMorgan New York Municipal Money
Market Fund | |
| | | Year Ended
February 28, 2022 | | | Year Ended
February 28, 2021 | | | Year Ended
February 28, 2022 | | | Year Ended
February 28, 2021 | |
CAPITAL TRANSACTIONS: | | | | | | | | | | | | | | | | |
Agency | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | $ | 628 | | | $ | 89,722 | | | $ | 17,688 | | | $ | 181,856 | |
Distributions reinvested | | | — | (a) | | | — | (a) | | | — | (a) | | | — | (a) |
Cost of shares redeemed | | | (19,814 | ) | | | (92,897 | ) | | | (40,346 | ) | | | (371,702 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Agency capital transactions | | | (19,186 | ) | | | (3,175 | ) | | | (22,658 | ) | | | (189,846 | ) |
| | | | | | | | | | | | | | | | |
Institutional Class | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | | 159,505 | | | | 372,860 | | | | 1,181,543 | | | | 1,320,304 | |
Distributions reinvested | | | 4 | | | | 4 | | | | 28 | | | | 105 | |
Cost of shares redeemed | | | (228,993 | ) | | | (503,841 | ) | | | (1,289,068 | ) | | | (2,413,099 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Institutional Class capital transactions | | | (69,484 | ) | | | (130,977 | ) | | | (107,497 | ) | | | (1,092,690 | ) |
| | | | | | | | | | | | | | | | |
Morgan | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | | 1,494 | | | | 33,813 | | | | 4,593 | | | | 27,493 | |
Distributions reinvested | | | 1 | | | | 14 | | | | 7 | | | | 143 | |
Cost of shares redeemed | | | (4,874 | ) | | | (29,152 | ) | | | (14,519 | ) | | | (29,866 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Morgan capital transactions | | | (3,379 | ) | | | 4,675 | | | | (9,919 | ) | | | (2,230 | ) |
| | | | | | | | | | | | | | | | |
Premier | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | | 267,330 | | | | 483,690 | | | | 202,019 | | | | 894,945 | |
Distributions reinvested | | | 1 | | | | 78 | | | | — | (a) | | | 325 | |
Cost of shares redeemed | | | (243,200 | ) | | | (615,018 | ) | | | (196,551 | ) | | | (1,546,070 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Premier capital transactions | | | 24,131 | | | | (131,250 | ) | | | 5,468 | | | | (650,800 | ) |
| | | | | | | | | | | | | | | | |
Reserve | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | | — | | | | — | | | | 799 | | | | 4,281 | |
Distributions reinvested | | | — | | | | — | | | | — | (a) | | | 2 | |
Cost of shares redeemed | | | — | | | | — | | | | (155 | ) | | | (3,908 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Reserve capital transactions | | | — | | | | — | | | | 644 | | | | 375 | |
| | | | | | | | | | | | | | | | |
Service | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | | 2,847 | | | | 2 | | | | 686 | | | | 1 | |
Distributions reinvested | | | 2 | | | | 29 | | | | — | (a) | | | 12 | |
Cost of shares redeemed | | | (5,293 | ) | | | (16,371 | ) | | | (1,866 | ) | | | (4,644 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Service capital transactions | | | (2,444 | ) | | | (16,340 | ) | | | (1,180 | ) | | | (4,631 | ) |
| | | | | | | | | | | | | | | | |
Total change in net assets resulting from capital transactions | | $ | (70,362 | ) | | $ | (277,067 | ) | | $ | (135,142 | ) | | $ | (1,939,822 | ) |
| | | | | | | | | | | | | | | | |
| (a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 106 | | | | | | | | J.P. MORGAN MONEY MARKET FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | | | | | | | | | |
| | | JPMorgan California Municipal Money
Market Fund | | | JPMorgan New York Municipal Money
Market Fund | |
| | | Year Ended
February 28, 2022 | | | Year Ended
February 28, 2021 | | | Year Ended
February 28, 2022 | | | Year Ended
February 28, 2021 | |
SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
| Agency | |
Issued | | | 628 | | | | 89,714 | | | | 17,688 | | | | 181,854 | |
Reinvested | | | — | (a) | | | — | (a) | | | — | (a) | | | — | (a) |
Redeemed | | | (19,810 | ) | | | (92,894 | ) | | | (40,346 | ) | | | (371,696 | ) |
| | | | | | | | | | | | | | | | |
Change in Agency Shares | | | (19,182 | ) | | | (3,180 | ) | | | (22,658 | ) | | | (189,842 | ) |
| | | | | | | | | | | | | | | | |
Institutional Class | |
Issued | | | 159,500 | | | | 372,851 | | | | 1,181,542 | | | | 1,320,271 | |
Reinvested | | | 4 | | | | 4 | | | | 28 | | | | 105 | |
Redeemed | | | (228,979 | ) | | | (503,824 | ) | | | (1,289,068 | ) | | | (2,413,093 | ) |
| | | | | | | | | | | | | | | | |
Change in Institutional Class Shares | | | (69,475 | ) | | | (130,969 | ) | | | (107,498 | ) | | | (1,092,717 | ) |
| | | | | | | | | | | | | | | | |
Morgan | |
Issued | | | 1,494 | | | | 33,811 | | | | 4,593 | | | | 27,488 | |
Reinvested | | | 1 | | | | 14 | | | | 7 | | | | 143 | |
Redeemed | | | (4,872 | ) | | | (29,152 | ) | | | (14,519 | ) | | | (29,866 | ) |
| | | | | | | | | | | | | | | | |
Change in Morgan Shares | | | (3,377 | ) | | | 4,673 | | | | (9,919 | ) | | | (2,235 | ) |
| | | | | | | | | | | | | | | | |
Premier | |
Issued | | | 267,314 | | | | 483,680 | | | | 202,019 | | | | 894,939 | |
Reinvested | | | 1 | | | | 78 | | | | — | (a) | | | 325 | |
Redeemed | | | (243,200 | ) | | | (615,011 | ) | | | (196,551 | ) | | | (1,546,038 | ) |
| | | | | | | | | | | | | | | | |
Change in Premier Shares | | | 24,115 | | | | (131,253 | ) | | | 5,468 | | | | (650,774 | ) |
| | | | | | | | | | | | | | | | |
Reserve | |
Issued | | | — | | | | — | | | | 799 | | | | 4,281 | |
Reinvested | | | — | | | | — | | | | — | (a) | | | 3 | |
Redeemed | | | — | | | | — | | | | (155 | ) | | | (3,908 | ) |
| | | | | | | | | | | | | | | | |
Change in Reserve Shares | | | — | | | | — | | | | 644 | | | | 376 | |
| | | | | | | | | | | | | | | | |
Service | |
Issued | | | 2,847 | | | | — | | | | 686 | | | | 1 | |
Reinvested | | | 2 | | | | 29 | | | | 1 | | | | 12 | |
Redeemed | | | (5,293 | ) | | | (16,367 | ) | | | (1,866 | ) | | | (4,644 | ) |
| | | | | | | | | | | | | | | | |
Change in Service Shares | | | (2,444 | ) | | | (16,338 | ) | | | (1,179 | ) | | | (4,631 | ) |
| | | | | | | | | | | | | | | | |
| (a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MONEY MARKET FUNDS | | | | | | | | 107 |
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | Per share operating performance | |
| | | | | | Investment operations | | | Distributions | |
| | | Net asset
value,
beginning
of period | | | Net
investment
income
(loss) | | | Net realized
and unrealized
gains
(losses) on
investments | | | Total from
investment
operations | | | Net
investment
income | | | Net
realized
gain | | | Total
distributions | |
JPMorgan Prime Money Market Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Academy | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year Ended February 28, 2022 | | $ | 1.0006 | | | $ | 0.0007 | | | $ | (0.0003 | ) | | $ | 0.0004 | | | $ | (0.0007 | ) | | $ | — | | | $ | (0.0007 | ) |
Year Ended February 28, 2021 | | | 1.0006 | | | | 0.0036 | | | | — | (e) | | | 0.0036 | | | | (0.0036 | ) | | | — | (e) | | | (0.0036 | ) |
May 15, 2019 (f) through February 29, 2020 | | | 1.0003 | | | | 0.0162 | | | | 0.0003 | | | | 0.0165 | | | | (0.0162 | ) | | | — | | | | (0.0162 | ) |
| | | | | | | |
Agency | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year Ended February 28, 2022 | | | 1.0008 | | | | 0.0001 | | | | (0.0003 | ) | | | (0.0002 | ) | | | (0.0001 | ) | | | — | | | | (0.0001 | ) |
Year Ended February 28, 2021 | | | 1.0007 | | | | 0.0028 | | | | 0.0001 | | | | 0.0029 | | | | (0.0028 | ) | | | — | (e) | | | (0.0028 | ) |
Year Ended February 29, 2020 | | | 1.0003 | | | | 0.0205 | | | | 0.0004 | | | | 0.0209 | | | | (0.0205 | ) | | | — | (e) | | | (0.0205 | ) |
Year Ended February 28, 2019 | | | 1.0001 | | | | 0.0204 | | | | 0.0002 | | | | 0.0206 | | | | (0.0204 | ) | | | — | (e) | | | (0.0204 | ) |
Year Ended February 28, 2018 | | | 1.0004 | | | | 0.0114 | (g) | | | (0.0004 | ) | | | 0.0110 | | | | (0.0113 | ) | | | — | (e) | | | (0.0113 | ) |
| | | | | | | |
Capital | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year Ended February 28, 2022 | | | 1.0005 | | | | 0.0007 | | | | (0.0002 | ) | | | 0.0005 | | | | (0.0007 | ) | | | — | | | | (0.0007 | ) |
Year Ended February 28, 2021 | | | 1.0005 | | | | 0.0036 | | | | — | (e) | | | 0.0036 | | | | (0.0036 | ) | | | — | (e) | | | (0.0036 | ) |
Year Ended February 29, 2020 | | | 1.0003 | | | | 0.0213 | | | | 0.0002 | | | | 0.0215 | | | | (0.0213 | ) | | | — | (e) | | | (0.0213 | ) |
Year Ended February 28, 2019 | | | 1.0001 | | | | 0.0212 | | | | 0.0002 | | | | 0.0214 | | | | (0.0212 | ) | | | — | (e) | | | (0.0212 | ) |
Year Ended February 28, 2018 | | | 1.0004 | | | | 0.0122 | (g) | | | (0.0004 | ) | | | 0.0118 | | | | (0.0121 | ) | | | — | (e) | | | (0.0121 | ) |
| | | | | | | |
Class C | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year Ended February 28, 2022 | | | 1.0005 | | | | 0.0001 | | | | (0.0002 | ) | | | (0.0001 | ) | | | (0.0001 | ) | | | — | | | | (0.0001 | ) |
Year Ended February 28, 2021 | | | 1.0005 | | | | 0.0006 | | | | — | (e) | | | 0.0006 | | | | (0.0006 | ) | | | — | (e) | | | (0.0006 | ) |
Year Ended February 29, 2020 | | | 1.0003 | | | | 0.0134 | | | | 0.0002 | | | | 0.0136 | | | | (0.0134 | ) | | | — | (e) | | | (0.0134 | ) |
Year Ended February 28, 2019 | | | 1.0001 | | | | 0.0133 | | | | 0.0002 | | | | 0.0135 | | | | (0.0133 | ) | | | — | (e) | | | (0.0133 | ) |
Year Ended February 28, 2018 | | | 1.0004 | | | | 0.0039 | (g) | | | — | (e) | | | 0.0039 | | | | (0.0042 | ) | | | — | (e) | | | (0.0042 | ) |
| | | | | | | |
Empower | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year Ended February 28, 2022 | | | 1.0005 | | | | 0.0007 | | | | (0.0003 | ) | | | 0.0004 | | | | (0.0007 | ) | | | — | | | | (0.0007 | ) |
February 23, 2021 (f) through February 28, 2021 | | | 1.0005 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | | | | — | (e) |
| | | | | | | |
IM | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year Ended February 28, 2022 | | | 1.0006 | | | | 0.0007 | | | | (0.0003 | ) | | | 0.0004 | | | | (0.0007 | ) | | | — | | | | (0.0007 | ) |
Year Ended February 28, 2021 | | | 1.0006 | | | | 0.0039 | | | | — | (e) | | | 0.0039 | | | | (0.0039 | ) | | | — | (e) | | | (0.0039 | ) |
Year Ended February 29, 2020 | | | 1.0003 | | | | 0.0216 | | | | 0.0003 | | | | 0.0219 | | | | (0.0216 | ) | | | — | (e) | | | (0.0216 | ) |
Year Ended February 28, 2019 | | | 1.0001 | | | | 0.0215 | | | | 0.0002 | | | | 0.0217 | | | | (0.0215 | ) | | | — | (e) | | | (0.0215 | ) |
Year Ended February 28, 2018 | | | 1.0004 | | | | 0.0124 | (g) | | | (0.0004 | ) | | | 0.0120 | | | | (0.0123 | ) | | | — | (e) | | | (0.0123 | ) |
| | | | | | | |
Institutional Class | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year Ended February 28, 2022 | | | 1.0005 | | | | 0.0005 | | | | (0.0002 | ) | | | 0.0003 | | | | (0.0005 | ) | | | — | | | | (0.0005 | ) |
Year Ended February 28, 2021 | | | 1.0005 | | | | 0.0033 | | | | — | (e) | | | 0.0033 | | | | (0.0033 | ) | | | — | (e) | | | (0.0033 | ) |
Year Ended February 29, 2020 | | | 1.0003 | | | | 0.0210 | | | | 0.0002 | | | | 0.0212 | | | | (0.0210 | ) | | | — | (e) | | | (0.0210 | ) |
Year Ended February 28, 2019 | | | 1.0001 | | | | 0.0209 | | | | 0.0002 | | | | 0.0211 | | | | (0.0209 | ) | | | — | (e) | | | (0.0209 | ) |
Year Ended February 28, 2018 | | | 1.0004 | | | | 0.0119 | (g) | | | (0.0004 | ) | | | 0.0115 | | | | (0.0118 | ) | | | — | (e) | | | (0.0118 | ) |
| | | | | | | |
Morgan | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year Ended February 28, 2022 | | | 1.0011 | | | | 0.0001 | | | | (0.0004 | ) | | | (0.0003 | ) | | | (0.0001 | ) | | | — | | | | (0.0001 | ) |
Year Ended February 28, 2021 | | | 1.0008 | | | | 0.0016 | | | | 0.0003 | | | | 0.0019 | | | | (0.0016 | ) | | | — | (e) | | | (0.0016 | ) |
Year Ended February 29, 2020 | | | 1.0003 | | | | 0.0180 | | | | 0.0005 | | | | 0.0185 | | | | (0.0180 | ) | | | — | (e) | | | (0.0180 | ) |
Year Ended February 28, 2019 | | | 1.0001 | | | | 0.0179 | | | | 0.0002 | | | | 0.0181 | | | | (0.0179 | ) | | | — | (e) | | | (0.0179 | ) |
Year Ended February 28, 2018 | | | 1.0004 | | | | 0.0089 | (g) | | | (0.0005 | ) | | | 0.0084 | | | | (0.0087 | ) | | | — | (e) | | | (0.0087 | ) |
| (a) | Annualized for periods less than one year, unless otherwise noted. |
| (b) | Not annualized for periods less than one year. |
| (c) | Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
| (d) | Voluntary waivers amounted to 0.08%, 0.10%, 0.08%, 0.81%, 0.08%, 0.04%, 0.09% and 0.34% for Academy, Agency, Capital, Class C, Empower, IM, Institutional Class and Morgan, respectively, for 2022, and 0.01%, 0.02%, 0.02%, 0.51%, less than 0.005%, 0.01%, 0.02% and 0.12% for Academy, Agency, Capital, Class C, Empower, IM, Institutional Class and Morgan, respectively, for 2021. |
| (e) | Amount rounds to less than $0.00005. |
| (f) | Commencement of offering of class of shares. |
| (g) | Calculated based upon average shares outstanding. |
| (h) | Amount rounds to less than 0.005%. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 108 | | | | | | | | J.P. MORGAN MONEY MARKET FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | | | | | | | | | | | | | | | |
| | | Ratios/Supplemental data | |
| | | | Ratios to average net assets (a) | |
Net asset
value,
end of
period | | | Total return (b) | | |
Net assets,
end of
period
(000’s) | | | Net
expenses (c) | | | Net
investment
income
(loss) | | | Expenses
without waivers,
reimbursements and
earnings credits | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| $ | 1.0003 | | | | 0.04 | % | | $ | 918,415 | | | | 0.10 | %(d) | | | 0.07 | % | | | 0.19 | % |
| | 1.0006 | | | | 0.36 | | | | 1,011,973 | | | | 0.17 | (d) | | | 0.38 | | | | 0.19 | |
| | 1.0006 | | | | 1.66 | | | | 150,519 | | | | 0.18 | | | | 1.69 | | | | 0.26 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.0005 | | | | (0.02 | ) | | | 1,403,993 | | | | 0.16 | (d) | | | 0.01 | | | | 0.29 | |
| | 1.0008 | | | | 0.29 | | | | 1,492,906 | | | | 0.24 | (d) | | | 0.30 | | | | 0.29 | |
| | 1.0007 | | | | 2.11 | | | | 2,517,667 | | | | 0.26 | | | | 2.05 | | | | 0.30 | |
| | 1.0003 | | | | 2.08 | | | | 2,474,137 | | | | 0.26 | | | | 2.09 | | | | 0.31 | |
| | 1.0001 | | | | 1.10 | | | | 1,494,001 | | | | 0.26 | | | | 1.14 | | | | 0.31 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.0003 | | | | 0.05 | | | | 40,505,885 | | | | 0.10 | (d) | | | 0.07 | | | | 0.18 | |
| | 1.0005 | | | | 0.36 | | | | 42,867,638 | | | | 0.16 | (d) | | | 0.31 | | | | 0.19 | |
| | 1.0005 | | | | 2.17 | | | | 33,683,247 | | | | 0.18 | | | | 2.09 | | | | 0.20 | |
| | 1.0003 | | | | 2.16 | | | | 26,725,832 | | | | 0.18 | | | | 2.13 | | | | 0.21 | |
| | 1.0001 | | | | 1.18 | | | | 24,654,174 | | | | 0.18 | | | | 1.22 | | | | 0.21 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.0003 | | | | (0.01 | ) | | | 539 | | | | 0.16 | (d) | | | 0.01 | | | | 5.49 | |
| | 1.0005 | | | | 0.06 | | | | 734 | | | | 0.46 | (d) | | | 0.06 | | | | 4.90 | |
| | 1.0005 | | | | 1.37 | | | | 806 | | | | 0.97 | | | | 1.38 | | | | 3.88 | |
| | 1.0003 | | | | 1.36 | | | | 1,218 | | | | 0.97 | | | | 1.30 | | | | 2.80 | |
| | 1.0001 | | | | 0.39 | | | | 2,012 | | | | 0.97 | | | | 0.39 | | | | 2.27 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.0002 | | | | 0.04 | | | | 564,948 | | | | 0.10 | (d) | | | 0.07 | | | | 0.20 | |
| | 1.0005 | | | | 0.00 | (h) | | | 25 | | | | 0.12 | (d) | | | 0.10 | | | | 0.19 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.0003 | | | | 0.04 | | | | 9,524,945 | | | | 0.10 | (d) | | | 0.07 | | | | 0.13 | |
| | 1.0006 | | | | 0.39 | | | | 7,515,957 | | | | 0.13 | (d) | | | 0.35 | | | | 0.14 | |
| | 1.0006 | | | | 2.21 | | | | 5,541,728 | | | | 0.15 | | | | 2.12 | | | | 0.15 | |
| | 1.0003 | | | | 2.19 | | | | 1,896,262 | | | | 0.16 | | | | 2.13 | | | | 0.16 | |
| | 1.0001 | | | | 1.21 | | | | 2,032,079 | | | | 0.16 | | | | 1.24 | | | | 0.16 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.0003 | | | | 0.03 | | | | 14,794,803 | | | | 0.12 | (d) | | | 0.05 | | | | 0.23 | |
| | 1.0005 | | | | 0.33 | | | | 19,063,596 | | | | 0.19 | (d) | | | 0.30 | | | | 0.24 | |
| | 1.0005 | | | | 2.14 | | | | 15,607,982 | | | | 0.21 | | | | 2.07 | | | | 0.25 | |
| | 1.0003 | | | | 2.13 | | | | 11,691,618 | | | | 0.21 | | | | 2.12 | | | | 0.26 | |
| | 1.0001 | | | | 1.15 | | | | 8,567,374 | | | | 0.21 | | | | 1.19 | | | | 0.26 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.0007 | | | | (0.03 | ) | | | 877,230 | | | | 0.17 | (d) | | | 0.01 | | | | 0.50 | |
| | 1.0011 | | | | 0.19 | | | | 1,353,316 | | | | 0.38 | (d) | | | 0.22 | | | | 0.50 | |
| | 1.0008 | | | | 1.87 | | | | 2,880,586 | | | | 0.51 | | | | 1.78 | | | | 0.51 | |
| | 1.0003 | | | | 1.82 | | | | 2,395,205 | | | | 0.52 | | | | 1.88 | | | | 0.53 | |
| | 1.0001 | | | | 0.84 | | | | 739,866 | | | | 0.52 | | | | 0.89 | | | | 0.56 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MONEY MARKET FUNDS | | | | | | | | 109 |
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | Per share operating performance | |
| | | | | | Investment operations | | | Distributions | |
| | | Net asset
value,
beginning
of period | | | Net
investment
income
(loss) | | | Net realized
and unrealized
gains
(losses) on
investments | | | Total from
investment
operations | | | Net
investment
income | | | Net
realized
gain | | | Total
distributions | |
JPMorgan Prime Money Market Fund (continued) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Premier | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year Ended February 28, 2022 | | $ | 1.0007 | | | $ | 0.0001 | | | $ | (0.0003 | ) | | $ | (0.0002 | ) | | $ | (0.0001 | ) | | $ | — | | | $ | (0.0001 | ) |
Year Ended February 28, 2021 | | | 1.0006 | | | | 0.0019 | | | | 0.0001 | | | | 0.0020 | | | | (0.0019 | ) | | | — | (e) | | | (0.0019 | ) |
Year Ended February 29, 2020 | | | 1.0003 | | | | 0.0186 | | | | 0.0003 | | | | 0.0189 | | | | (0.0186 | ) | | | — | (e) | | | (0.0186 | ) |
Year Ended February 28, 2019 | | | 1.0001 | | | | 0.0185 | | | | 0.0002 | | | | 0.0187 | | | | (0.0185 | ) | | | — | (e) | | | (0.0185 | ) |
Year Ended February 28, 2018 | | | 1.0004 | | | | 0.0096 | (f) | | | (0.0005 | ) | | | 0.0091 | | | | (0.0094 | ) | | | — | (e) | | | (0.0094 | ) |
| | | | | | | |
Reserve | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year Ended February 28, 2022 | | | 1.0009 | | | | 0.0001 | | | | (0.0003 | ) | | | (0.0002 | ) | | | (0.0001 | ) | | | — | | | | (0.0001 | ) |
Year Ended February 28, 2021 | | | 1.0007 | | | | 0.0010 | | | | 0.0002 | | | | 0.0012 | | | | (0.0010 | ) | | | — | (e) | | | (0.0010 | ) |
Year Ended February 29, 2020 | | | 1.0003 | | | | 0.0161 | | | | 0.0004 | | | | 0.0165 | | | | (0.0161 | ) | | | — | (e) | | | (0.0161 | ) |
Year Ended February 28, 2019 | | | 1.0001 | | | | 0.0160 | | | | 0.0002 | | | | 0.0162 | | | | (0.0160 | ) | | | — | (e) | | | (0.0160 | ) |
Year Ended February 28, 2018 | | | 1.0004 | | | | 0.0062 | (f) | | | 0.0004 | | | | 0.0066 | | | | (0.0069 | ) | | | — | (e) | | | (0.0069 | ) |
| (a) | Annualized for periods less than one year, unless otherwise noted. |
| (b) | Not annualized for periods less than one year. |
| (c) | Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
| (d) | Voluntary waivers amounted to 0.27% and 0.54% for Premier and Reserve, respectively, for 2022, and 0.09% and 0.16% for Premier and Reserve, respectively, for 2021. |
| (e) | Amount rounds to less than $0.00005. |
| (f) | Calculated based upon average shares outstanding. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 110 | | | | | | | | J.P. MORGAN MONEY MARKET FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | | | | | | | | | | | | | | | |
| | | Ratios/Supplemental data | |
| | | | Ratios to average net assets (a) | |
Net asset
value,
end of
period | | | Total return (b) | | |
Net assets,
end of
period
(000’s) | | | Net
expenses (c) | | | Net
investment
income
(loss) | | | Expenses
without waivers,
reimbursements and
earnings credits | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| $ | 1.0004 | | | | (0.02 | )% | | $ | 1,007,946 | | | | 0.16 | %(d) | | | 0.01 | % | | | 0.44 | % |
| | 1.0007 | | | | 0.20 | | | | 1,337,044 | | | | 0.35 | (d) | | | 0.22 | | | | 0.44 | |
| | 1.0006 | | | | 1.91 | | | | 2,646,576 | | | | 0.45 | | | | 1.83 | | | | 0.45 | |
| | 1.0003 | | | | 1.89 | | | | 1,884,553 | | | | 0.45 | | | | 1.90 | | | | 0.46 | |
| | 1.0001 | | | | 0.91 | | | | 1,093,169 | | | | 0.45 | | | | 0.96 | | | | 0.46 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.0006 | | | | (0.02 | ) | | | 2,852 | | | | 0.16 | (d) | | | 0.01 | | | | 2.42 | |
| | 1.0009 | | | | 0.12 | | | | 1,084 | | | | 0.53 | (d) | | | 0.33 | | | | 2.00 | |
| | 1.0007 | | | | 1.66 | | | | 12,017 | | | | 0.70 | | | | 1.59 | | | | 0.94 | |
| | 1.0003 | | | | 1.64 | | | | 13,024 | | | | 0.70 | | | | 1.57 | | | | 0.85 | |
| | 1.0001 | | | | 0.66 | | | | 15,846 | | | | 0.70 | | | | 0.62 | | | | 0.76 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MONEY MARKET FUNDS | | | | | | | | 111 |
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | Per share operating performance | |
| | | | | | Investment operations | | | Distributions | |
| | | Net asset
value,
beginning
of period | | | Net
investment
income
(loss) | | | Net realized
and unrealized
gains
(losses) on
investments | | | Total from
investment
operations | | | Net
investment
income | | | Net
realized
gain | | | Total
distributions | |
JPMorgan Institutional Tax Free Money Market Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Agency | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year Ended February 28, 2022 | | $ | 1.0005 | | | $ | 0.0001 | | | $ | (0.0002 | ) | | $ | (0.0001 | ) | | $ | (0.0001 | ) | | $ | — | (d) | | $ | (0.0001 | ) |
Year Ended February 28, 2021 | | | 1.0001 | | | | 0.0023 | | | | 0.0004 | | | | 0.0027 | | | | (0.0023 | ) | | | — | (d) | | | (0.0023 | ) |
Year Ended February 29, 2020 | | | 1.0000 | | | | 0.0117 | | | | 0.0001 | (f) | | | 0.0118 | | | | (0.0117 | ) | | | — | (d) | | | (0.0117 | ) |
March 1, 2018 (g) through February 28, 2019 | | | 1.0000 | | | | 0.0123 | | | | — | (d) | | | 0.0123 | | | | (0.0123 | ) | | | — | (d) | | | (0.0123 | ) |
| | | | | | | |
Capital | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year Ended February 28, 2022 | | | 1.0006 | | | | 0.0002 | | | | (0.0003 | ) | | | (0.0001 | ) | | | (0.0002 | ) | | | — | (d) | | | (0.0002 | ) |
Year Ended February 28, 2021 | | | 1.0000 | | | | 0.0028 | | | | 0.0006 | | | | 0.0034 | | | | (0.0028 | ) | | | — | (d) | | | (0.0028 | ) |
Year Ended February 29, 2020 | | | 1.0000 | | | | 0.0125 | | | | — | (d) | | | 0.0125 | | | | (0.0125 | ) | | | — | (d) | | | (0.0125 | ) |
March 1, 2018 (g) through February 28, 2019 | | | 1.0000 | | | | 0.0131 | | | | — | (d) | | | 0.0131 | | | | (0.0131 | ) | | | — | (d) | | | (0.0131 | ) |
| | | | | | | |
IM | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year Ended February 28, 2022 | | | 1.0005 | | | | 0.0002 | | | | (0.0002 | ) | | | — | (d) | | | (0.0002 | ) | | | — | (d) | | | (0.0002 | ) |
Year Ended February 28, 2021 | | | 1.0000 | | | | 0.0030 | | | | 0.0005 | | | | 0.0035 | | | | (0.0030 | ) | | | — | (d) | | | (0.0030 | ) |
Year Ended February 29, 2020 | | | 1.0000 | | | | 0.0127 | | | | — | (d) | | | 0.0127 | | | | (0.0127 | ) | | | — | (d) | | | (0.0127 | ) |
March 1, 2018 (g) through February 28, 2019 | | | 1.0000 | | | | 0.0133 | | | | — | (d) | | | 0.0133 | | | | (0.0133 | ) | | | — | (d) | | | (0.0133 | ) |
| | | | | | | |
Institutional Class | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year Ended February 28, 2022 | | | 1.0005 | | | | 0.0001 | | | | (0.0002 | ) | | | (0.0001 | ) | | | (0.0001 | ) | | | — | (d) | | | (0.0001 | ) |
Year Ended February 28, 2021 | | | 1.0000 | | | | 0.0026 | | | | 0.0005 | | | | 0.0031 | | | | (0.0026 | ) | | | — | (d) | | | (0.0026 | ) |
Year Ended February 29, 2020 | | | 1.0000 | | | | 0.0122 | | | | — | (d) | | | 0.0122 | | | | (0.0122 | ) | | | — | (d) | | | (0.0122 | ) |
March 1, 2018 (g) through February 28, 2019 | | | 1.0000 | | | | 0.0128 | | | | — | (d) | | | 0.0128 | | | | (0.0128 | ) | | | — | (d) | | | (0.0128 | ) |
| (a) | Annualized for periods less than one year, unless otherwise noted. |
| (b) | Not annualized for periods less than one year. |
| (c) | Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
| (d) | Amount rounds to less than $0.00005. |
| (e) | Voluntary waivers amounted to 0.16%, 0.09%, 0.07% and 0.12% for Agency, Capital, IM and Institutional Class, respectively, for 2022, and 0.02%, less than 0.005%, 0.01% and 0.01% for Agency, Capital, IM and Institutional Class, respectively, for 2021. |
| (f) | Net realized and unrealized gains (losses) on investments may appear disproportionate in relation to the classes due to rounding. |
| (g) | Commencement of operations. |
| (h) | Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated. |
| (i) | Amount rounds to less than 0.005%. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 112 | | | | | | | | J.P. MORGAN MONEY MARKET FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | | | | | | | | | | | | | | | |
| | | Ratios/Supplemental data | |
| | | | | | | | | | Ratios to average net assets (a) | |
Net asset
value,
end of
period | | | Total return (b) | | |
Net assets,
end of
period
(000’s) | | | Net
expenses (c) | | | Net
investment
income
(loss) | | | Expenses
without waivers,
reimbursements and
earnings credits | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| $ | 1.0003 | | | | (0.01 | )% | | $ | 17,084 | | | | 0.11 | %(e) | | | 0.01 | % | | | 0.44 | % |
| | 1.0005 | | | | 0.27 | | | | 23,163 | | | | 0.24 | (e) | | | 0.25 | | | | 0.36 | |
| | 1.0001 | | | | 1.19 | | | | 41,696 | | | | 0.26 | | | | 1.15 | | | | 0.38 | |
| | 1.0000 | | | | 1.24 | | | | 17,148 | | | | 0.26 | (h) | | | 1.36 | (h) | | | 2.96 | (h) |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.0003 | | | | (0.01 | ) | | | 182,500 | | | | 0.09 | (e) | | | 0.02 | | | | 0.22 | |
| | 1.0006 | | | | 0.34 | | | | 37,889 | | | | 0.18 | (e) | | | 0.41 | | | | 0.22 | |
| | 1.0000 | | | | 1.26 | | | | 228,168 | | | | 0.18 | | | | 1.18 | | | | 0.24 | |
| | 1.0000 | | | | 1.32 | | | | 72,933 | | | | 0.18 | (h) | | | 1.42 | (h) | | | 0.40 | (h) |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.0003 | | | | 0.00 | (i) | | | 723,312 | | | | 0.08 | (e) | | | 0.02 | | | | 0.15 | |
| | 1.0005 | | | | 0.35 | | | | 665,960 | | | | 0.15 | (e) | | | 0.18 | | | | 0.16 | |
| | 1.0000 | | | | 1.28 | | | | 391,386 | | | | 0.16 | | | | 1.24 | | | | 0.18 | |
| | 1.0000 | | | | 1.34 | | | | 475,368 | | | | 0.16 | (h) | | | 1.32 | (h) | | | 0.23 | (h) |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.0003 | | | | (0.01 | ) | | | 355,017 | | | | 0.09 | (e) | | | 0.01 | | | | 0.26 | |
| | 1.0005 | | | | 0.31 | | | | 478,239 | | | | 0.20 | (e) | | | 0.23 | | | | 0.26 | |
| | 1.0000 | | | | 1.23 | | | | 309,118 | | | | 0.21 | | | | 1.20 | | | | 0.28 | |
| | 1.0000 | | | | 1.29 | | | | 377,900 | | | | 0.21 | (h) | | | 1.40 | (h) | | | 0.37 | (h) |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MONEY MARKET FUNDS | | | | | | | | 113 |
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | Per share operating performance | |
| | | | | | Investment operations | | | Distributions | |
| | | Net asset
value,
beginning
of period | | | Net
investment
income
(loss) | | | Net realized
and unrealized
gains
(losses) on
investments | | | Total from
investment
operations | | | Net
investment
income | | | Net
realized
gain | | | Total
distributions | |
JPMorgan Securities Lending Money Market Fund | |
Agency SL | |
Year Ended February 28, 2022 | | $ | 1.0001 | | | $ | 0.0010 | | | $ | (0.0005 | ) | | $ | 0.0005 | | | $ | (0.0010 | ) | | $ | — | (d) | | $ | (0.0010 | ) |
Year Ended February 28, 2021 | | | 1.0002 | | | | 0.0045 | | | | (0.0001 | ) | | | 0.0044 | | | | (0.0045 | ) | | | — | (d) | | | (0.0045 | ) |
Year Ended February 29, 2020 | | | 1.0001 | | | | 0.0222 | | | | 0.0001 | | | | 0.0223 | | | | (0.0222 | ) | | | — | (d) | | | (0.0222 | ) |
September 19, 2018 (e) through February 28, 2019 | | | 1.0000 | | | | 0.0109 | | | | 0.0001 | | | | 0.0110 | | | | (0.0109 | ) | | | — | | | | (0.0109 | ) |
| (a) | Annualized for periods less than one year, unless otherwise noted. |
| (b) | Not annualized for periods less than one year. |
| (c) | Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
| (d) | Amount rounds to less than $0.00005. |
| (e) | Commencement of operations. |
| (f) | Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 114 | | | | | | | | J.P. MORGAN MONEY MARKET FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | | | | | | | | | | | | | | | |
| | | Ratios/Supplemental data | |
| | | | | | | | | | Ratios to average net assets (a) | |
Net asset
value,
end of
period | | | Total return (b) | | |
Net assets,
end of
period
(000’s) | | | Net
expenses (c) | | | Net
investment
income
(loss) | | | Expenses
without waivers,
reimbursements and
earnings credits | |
| | |
| | |
| $ | 0.9996 | | | | 0.05 | % | | $ | 1,921,994 | | | | 0.06 | % | | | 0.10 | % | | | 0.14 | % |
| | 1.0001 | | | | 0.44 | | | | 2,168,587 | | | | 0.06 | | | | 0.48 | | | | 0.15 | |
| | 1.0002 | | | | 2.25 | | | | 3,455,824 | | | | 0.06 | | | | 2.20 | | | | 0.16 | |
| | 1.0001 | | | | 1.10 | | | | 2,865,539 | | | | 0.06 | (f) | | | 2.53 | (f) | | | 0.23 | (f) |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MONEY MARKET FUNDS | | | | | | | | 115 |
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | Per share operating performance | |
| | | | | | Investment operations | | | Distributions | |
| | | Net asset
value,
beginning
of period | | | Net
investment
income
(loss) (a) | | | Net realized
and unrealized
gains
(losses) on
investments | | | Total from
investment
operations | | | Net
investment
income | | | Net
realized
gain | | | Total
distributions | |
JPMorgan Liquid Assets Money Market Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Agency | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year Ended February 28, 2022 | | $ | 1.00 | | | $ | — | (c) | | $ | — | (c) | | $ | — | (c) | | $ | — | (c) | | $ | — | | | $ | — | (c) |
Year Ended February 28, 2021 | | | 1.00 | | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) |
Year Ended February 29, 2020 | | | 1.00 | | | | 0.02 | | | | — | (c) | | | 0.02 | | | | (0.02 | ) | | | — | (c) | | | (0.02 | ) |
Year Ended February 28, 2019 | | | 1.00 | | | | 0.02 | | | | — | (c) | | | 0.02 | | | | (0.02 | ) | | | — | (c) | | | (0.02 | ) |
Year Ended February 28, 2018 | | | 1.00 | | | | 0.01 | | | | — | (c) | | | 0.01 | | | | (0.01 | ) | | | — | (c) | | | (0.01 | ) |
| | | | | | | |
Capital | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year Ended February 28, 2022 | | | 1.00 | | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) | | | — | | | | — | (c) |
Year Ended February 28, 2021 | | | 1.00 | | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) |
Year Ended February 29, 2020 | | | 1.00 | | | | 0.02 | | | | — | (c) | | | 0.02 | | | | (0.02 | ) | | | — | (c) | | | (0.02 | ) |
Year Ended February 28, 2019 | | | 1.00 | | | | 0.02 | | | | — | (c) | | | 0.02 | | | | (0.02 | ) | | | — | (c) | | | (0.02 | ) |
Year Ended February 28, 2018 | | | 1.00 | | | | 0.01 | | | | — | (c) | | | 0.01 | | | | (0.01 | ) | | | — | (c) | | | (0.01 | ) |
| | | | | | | |
Class C | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year Ended February 28, 2022 | | | 1.00 | | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) | | | — | | | | — | (c) |
Year Ended February 28, 2021 | | | 1.00 | | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) |
Year Ended February 29, 2020 | | | 1.00 | | | | 0.01 | | | | — | (c) | | | 0.01 | | | | (0.01 | ) | | | — | (c) | | | (0.01 | ) |
Year Ended February 28, 2019 | | | 1.00 | | | | 0.01 | | | | — | (c) | | | 0.01 | | | | (0.01 | ) | | | — | (c) | | | (0.01 | ) |
Year Ended February 28, 2018 | | | 1.00 | | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) |
| | | | | | | |
Institutional Class | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year Ended February 28, 2022 | | | 1.00 | | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) | | | — | | | | — | (c) |
Year Ended February 28, 2021 | | | 1.00 | | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) |
Year Ended February 29, 2020 | | | 1.00 | | | | 0.02 | | | | — | (c) | | | 0.02 | | | | (0.02 | ) | | | — | (c) | | | (0.02 | ) |
Year Ended February 28, 2019 | | | 1.00 | | | | 0.02 | | | | — | (c) | | | 0.02 | | | | (0.02 | ) | | | — | (c) | | | (0.02 | ) |
Year Ended February 28, 2018 | | | 1.00 | | | | 0.01 | | | | — | (c) | | | 0.01 | | | | (0.01 | ) | | | — | (c) | | | (0.01 | ) |
| | | | | | | |
Investor | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year Ended February 28, 2022 | | | 1.00 | | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) | | | — | | | | — | (c) |
Year Ended February 28, 2021 | | | 1.00 | | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) |
Year Ended February 29, 2020 | | | 1.00 | | | | 0.02 | | | | — | (c) | | | 0.02 | | | | (0.02 | ) | | | — | (c) | | | (0.02 | ) |
Year Ended February 28, 2019 | | | 1.00 | | | | 0.02 | | | | — | (c) | | | 0.02 | | | | (0.02 | ) | | | — | (c) | | | (0.02 | ) |
Year Ended February 28, 2018 | | | 1.00 | | | | 0.01 | | | | — | (c) | | | 0.01 | | | | (0.01 | ) | | | — | (c) | | | (0.01 | ) |
| | | | | | | |
Morgan | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year Ended February 28, 2022 | | | 1.00 | | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) | | | — | | | | — | (c) |
Year Ended February 28, 2021 | | | 1.00 | | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) |
Year Ended February 29, 2020 | | | 1.00 | | | | 0.02 | | | | — | (c) | | | 0.02 | | | | (0.02 | ) | | | — | (c) | | | (0.02 | ) |
Year Ended February 28, 2019 | | | 1.00 | | | | 0.02 | | | | — | (c) | | | 0.02 | | | | (0.02 | ) | | | — | (c) | | | (0.02 | ) |
Year Ended February 28, 2018 | | | 1.00 | | | | 0.01 | | | | — | (c) | | | 0.01 | | | | (0.01 | ) | | | — | (c) | | | (0.01 | ) |
| | | | | | | |
Premier | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year Ended February 28, 2022 | | | 1.00 | | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) | | | — | | | | — | (c) |
Year Ended February 28, 2021 | | | 1.00 | | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) |
Year Ended February 29, 2020 | | | 1.00 | | | | 0.02 | | | | — | (c) | | | 0.02 | | | | (0.02 | ) | | | — | (c) | | | (0.02 | ) |
Year Ended February 28, 2019 | | | 1.00 | | | | 0.02 | | | | — | (c) | | | 0.02 | | | | (0.02 | ) | | | — | (c) | | | (0.02 | ) |
Year Ended February 28, 2018 | | | 1.00 | | | | 0.01 | | | | — | (c) | | | 0.01 | | | | (0.01 | ) | | | — | (c) | | | (0.01 | ) |
| | | | | | | |
Reserve | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year Ended February 28, 2022 | | | 1.00 | | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) | | | — | | | | — | (c) |
Year Ended February 28, 2021 | | | 1.00 | | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) |
Year Ended February 29, 2020 | | | 1.00 | | | | 0.02 | | | | — | (c) | | | 0.02 | | | | (0.02 | ) | | | — | (c) | | | (0.02 | ) |
Year Ended February 28, 2019 | | | 1.00 | | | | 0.02 | | | | — | (c) | | | 0.02 | | | | (0.02 | ) | | | — | (c) | | | (0.02 | ) |
Year Ended February 28, 2018 | | | 1.00 | | | | 0.01 | | | | — | (c) | | | 0.01 | | | | (0.01 | ) | | | — | (c) | | | (0.01 | ) |
| (a) | Calculated based upon average shares outstanding. |
| (b) | Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
| (c) | Amount rounds to less than $0.005. |
| (d) | Voluntary waivers amounted to 0.09%, 0.03%, 0.80%, 0.05%, 0.32%, 0.42%, 0.28% and 0.53% for Agency, Capital, Class C, Institutional Class, Investor, Morgan, Premier and Reserve, respectively, for 2022, and 0.02%, less than 0.005%, 0.49%, less than 0.005%, 0.16%, 0.19%, 0.10% and 0.29% for Agency, Capital, Class C, Institutional Class, Investor, Morgan, Premier and Reserve, respectively, for 2021. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 116 | | | | | | | | J.P. MORGAN MONEY MARKET FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | | | | | | | | | | | | | | | |
| | | Ratios/Supplemental data | |
| | | | | | | | | | Ratios to average net assets | |
Net asset
value,
end of
period | | | Total return | | |
Net assets,
end of
period
(000’s) | | | Net
expenses (b) | | | Net
investment
income
(loss) | | | Expenses
without waivers,
reimbursements and
earnings credits | |
| | |
| | |
| $ | 1.00 | | | | 0.01 | % | | $ | 691,008 | | | | 0.17 | %(d) | | | 0.01 | % | | | 0.30 | % |
| | 1.00 | | | | 0.29 | | | | 1,234,800 | | | | 0.24 | (d) | | | 0.27 | | | | 0.29 | |
| | 1.00 | | | | 2.07 | | | | 1,452,745 | | | | 0.26 | | | | 1.94 | | | | 0.31 | |
| | 1.00 | | | | 2.06 | | | | 542,003 | | | | 0.26 | | | | 2.13 | | | | 0.33 | |
| | 1.00 | | | | 1.11 | | | | 158,527 | | | | 0.26 | | | | 1.16 | | | | 0.34 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.00 | | | | 0.04 | | | | 1,804,197 | | | | 0.15 | (d) | | | 0.04 | | | | 0.19 | |
| | 1.00 | | | | 0.35 | | | | 4,806,805 | | | | 0.18 | (d) | | | 0.25 | | | | 0.19 | |
| | 1.00 | | | | 2.15 | | | | 2,295,874 | | | | 0.18 | | | | 2.01 | | | | 0.21 | |
| | 1.00 | | | | 2.14 | | | | 558,492 | | | | 0.18 | | | | 2.16 | | | | 0.23 | |
| | 1.00 | | | | 1.19 | | | | 98,814 | | | | 0.18 | | | | 1.36 | | | | 0.24 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.00 | | | | 0.01 | | | | 21,564 | | | | 0.17 | (d) | | | 0.01 | | | | 1.16 | |
| | 1.00 | | | | 0.07 | | | | 33,821 | | | | 0.48 | (d) | | | 0.05 | | | | 1.15 | |
| | 1.00 | | | | 1.34 | | | | 18,423 | | | | 0.97 | | | | 1.35 | | | | 1.18 | |
| | 1.00 | | | | 1.34 | | | | 22,073 | | | | 0.97 | | | | 1.34 | | | | 1.19 | |
| | 1.00 | | | | 0.40 | | | | 22,267 | | | | 0.97 | | | | 0.38 | | | | 1.20 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.00 | | | | 0.02 | | | | 1,763,092 | | | | 0.16 | (d) | | | 0.02 | | | | 0.25 | |
| | 1.00 | | | | 0.32 | | | | 3,055,814 | | | | 0.21 | (d) | | | 0.30 | | | | 0.24 | |
| | 1.00 | | | | 2.12 | | | | 3,412,753 | | | | 0.21 | | | | 2.07 | | | | 0.26 | |
| | 1.00 | | | | 2.11 | | | | 2,717,544 | | | | 0.21 | | | | 2.17 | | | | 0.28 | |
| | 1.00 | | | | 1.16 | | | | 988,333 | | | | 0.21 | | | | 1.21 | | | | 0.29 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.00 | | | | 0.01 | | | | 1,804 | | | | 0.17 | (d) | | | 0.01 | | | | 0.50 | |
| | 1.00 | | | | 0.17 | | | | 6,189 | | | | 0.34 | (d) | | | 0.16 | | | | 0.58 | |
| | 1.00 | | | | 1.81 | | | | 7,904 | | | | 0.51 | | | | 1.78 | | | | 0.52 | |
| | 1.00 | | | | 1.81 | | | | 8,147 | | | | 0.51 | | | | 1.79 | | | | 0.54 | |
| | 1.00 | | | | 0.86 | | | | 8,616 | | | | 0.51 | | | | 0.89 | | | | 0.55 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.00 | | | | 0.01 | | | | 453,086 | | | | 0.17 | (d) | | | 0.01 | | | | 0.61 | |
| | 1.00 | | | | 0.14 | | | | 627,541 | | | | 0.40 | (d) | | | 0.14 | | | | 0.60 | |
| | 1.00 | | | | 1.73 | | | | 543,317 | | | | 0.59 | | | | 1.69 | | | | 0.63 | |
| | 1.00 | | | | 1.73 | | | | 307,584 | | | | 0.59 | | | | 1.76 | | | | 0.68 | |
| | 1.00 | | | | 0.78 | | | | 156,049 | | | | 0.59 | | | | 0.78 | | | | 0.70 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.00 | | | | 0.01 | | | | 1,532,491 | | | | 0.17 | (d) | | | 0.01 | | | | 0.45 | |
| | 1.00 | | | | 0.19 | | | | 2,373,258 | | | | 0.35 | (d) | | | 0.19 | | | | 0.44 | |
| | 1.00 | | | | 1.87 | | | | 3,031,847 | | | | 0.45 | | | | 1.77 | | | | 0.46 | |
| | 1.00 | | | | 1.87 | | | | 1,140,955 | | | | 0.45 | | | | 1.93 | | | | 0.48 | |
| | 1.00 | | | | 0.92 | | | | 353,810 | | | | 0.45 | | | | 0.95 | | | | 0.49 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.00 | | | | 0.01 | | | | 4,231 | | | | 0.17 | (d) | | | 0.01 | | | | 0.70 | |
| | 1.00 | | | | 0.11 | | | | 5,661 | | | | 0.40 | (d) | | | 0.11 | | | | 0.88 | |
| | 1.00 | | | | 1.62 | | | | 3,797 | | | | 0.70 | | | | 1.62 | | | | 0.84 | |
| | 1.00 | | | | 1.61 | | | | 4,548 | | | | 0.70 | | | | 1.59 | | | | 0.74 | |
| | 1.00 | | | | 0.67 | | | | 6,527 | | | | 0.70 | | | | 0.65 | | | | 0.74 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MONEY MARKET FUNDS | | | | | | | | 117 |
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | Per share operating performance | |
| | | | | | Investment operations | | | Distributions | |
| | | Net asset
value,
beginning
of period | | | Net
investment
income
(loss) (b) | | | Net realized
and unrealized
gains
(losses) on
investments | | | Total from
investment
operations | | | Net
investment
income | | | Net
realized
gain | | | Total
distributions | |
JPMorgan U.S. Government Money Market Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Academy | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year Ended February 28, 2022 | | $ | 1.00 | | | $ | — | (e) | | $ | — | (e) | | $ | — | (e) | | $ | — | (e) | | $ | — | | | $ | — | (e) |
Year Ended February 28, 2021 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | | | | — | (e) |
May 15, 2019(g) through February 29, 2020 | | | 1.00 | | | | 0.01 | | | | — | (e) | | | 0.01 | | | | (0.01 | ) | | | — | | | | (0.01 | ) |
| | | | | | | |
Agency | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year Ended February 28, 2022 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | | | | — | (e) |
Year Ended February 28, 2021 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | | | | — | (e) |
Year Ended February 29, 2020 | | | 1.00 | | | | 0.02 | | | | — | (e) | | | 0.02 | | | | (0.02 | ) | | | — | | | | (0.02 | ) |
Year Ended February 28, 2019 | | | 1.00 | | | | 0.02 | | | | — | (e) | | | 0.02 | | | | (0.02 | ) | | | — | | | | (0.02 | ) |
Year Ended February 28, 2018 | | | 1.00 | | | | 0.01 | | | | — | (e) | | | 0.01 | | | | (0.01 | ) | | | — | (e) | | | (0.01 | ) |
| | | | | | | |
Capital | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year Ended February 28, 2022 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | | | | — | (e) |
Year Ended February 28, 2021 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | | | | — | (e) |
Year Ended February 29, 2020 | | | 1.00 | | | | 0.02 | | | | — | (e) | | | 0.02 | | | | (0.02 | ) | | | — | | | | (0.02 | ) |
Year Ended February 28, 2019 | | | 1.00 | | | | 0.02 | | | | — | (e) | | | 0.02 | | | | (0.02 | ) | | | — | | | | (0.02 | ) |
Year Ended February 28, 2018 | | | 1.00 | | | | 0.01 | | | | — | (e) | | | 0.01 | | | | (0.01 | ) | | | — | (e) | | | (0.01 | ) |
| | | | | | | |
E*Trade | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year Ended February 28, 2022 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | | | | — | (e) |
Year Ended February 28, 2021 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | | | | — | (e) |
Year Ended February 29, 2020 | | | 1.00 | | | | 0.01 | | | | — | (e) | | | 0.01 | | | | (0.01 | ) | | | — | | | | (0.01 | ) |
Year Ended February 28, 2019 | | | 1.00 | | | | 0.01 | | | | — | (e) | | | 0.01 | | | | (0.01 | ) | | | — | | | | (0.01 | ) |
Year Ended February 28, 2018 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) |
| | | | | | | |
Empower | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year Ended February 28, 2022 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | | | | — | (e) |
February 23, 2021(g) through February 28, 2021 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | | | | — | (e) |
| | | | | | | |
IM | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year Ended February 28, 2022 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | | | | — | (e) |
Year Ended February 28, 2021 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | | | | — | (e) |
Year Ended February 29, 2020 | | | 1.00 | | | | 0.02 | | | | — | (e) | | | 0.02 | | | | (0.02 | ) | | | — | | | | (0.02 | ) |
Year Ended February 28, 2019 | | | 1.00 | | | | 0.02 | | | | — | (e) | | | 0.02 | | | | (0.02 | ) | | | — | | | | (0.02 | ) |
Year Ended February 28, 2018 | | | 1.00 | | | | 0.01 | | | | — | (e) | | | 0.01 | | | | (0.01 | ) | | | — | (e) | | | (0.01 | ) |
| | | | | | | |
Institutional Class | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year Ended February 28, 2022 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | | | | — | (e) |
Year Ended February 28, 2021 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | | | | — | (e) |
Year Ended February 29, 2020 | | | 1.00 | | | | 0.02 | | | | — | (e) | | | 0.02 | | | | (0.02 | ) | | | — | | | | (0.02 | ) |
Year Ended February 28, 2019 | | | 1.00 | | | | 0.02 | | | | — | (e) | | | 0.02 | | | | (0.02 | ) | | | — | | | | (0.02 | ) |
Year Ended February 28, 2018 | | | 1.00 | | | | 0.01 | | | | — | (e) | | | 0.01 | | | | (0.01 | ) | | | — | (e) | | | (0.01 | ) |
| | | | | | | |
Investor | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year Ended February 28, 2022 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | | | | — | (e) |
Year Ended February 28, 2021 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | | | | — | (e) |
Year Ended February 29, 2020 | | | 1.00 | | | | 0.02 | | | | — | (e) | | | 0.02 | | | | (0.02 | ) | | | — | | | | (0.02 | ) |
Year Ended February 28, 2019 | | | 1.00 | | | | 0.02 | | | | — | (e) | | | 0.02 | | | | (0.02 | ) | | | — | | | | (0.02 | ) |
Year Ended February 28, 2018 | | | 1.00 | | | | 0.01 | | | | — | (e) | | | 0.01 | | | | (0.01 | ) | | | — | (e) | | | (0.01 | ) |
| (a) | Annualized for periods less than one year, unless otherwise noted. |
| (b) | Calculated based upon average shares outstanding. |
| (c) | Not annualized for periods less than one year. |
| (d) | Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
| (e) | Amount rounds to less than $0.005. |
| (f) | Voluntary waivers amounted to 0.13%, 0.20%, 0.13%, 0.94%, 0.13%, 0.09%, 0.15% and 0.41% for Academy, Agency, Capital, E*Trade, Empower, IM, Institutional Class and Investor, respectively, for 2022, 0.04%, 0.06%, 0.03%, 0.75%, less than 0.005%, 0.01%, 0.04% and 0.25% for Academy, Agency, Capital, E*Trade, Empower, IM, Institutional Class and Investor, respectively, for 2021, and 0.03% for E*Trade for 2018. |
| (g) | Commencement of offering of class of shares. |
| (h) | Amount rounds to less than 0.005%. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 118 | | | | | | | | J.P. MORGAN MONEY MARKET FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | | | | | | | | | | | | | | | |
| | | Ratios/Supplemental data | |
| | | | | | | | | | Ratios to average net assets (a) | |
Net asset
value,
end of
period | | | Total return (c) | | |
Net assets,
end of
period
(000’s) | | | Net
expenses (d) | | | Net
investment
income
(loss) | | | Expenses
without waivers,
reimbursements and
earnings credits | |
| | |
| | |
| $ | 1.00 | | | | 0.03 | % | | $ | 10,734,174 | | | | 0.04 | %(f) | | | 0.03 | % | | | 0.18 | % |
| | 1.00 | | | | 0.14 | | | | 3,689,489 | | | | 0.14 | (f) | | | 0.07 | | | | 0.18 | |
| | 1.00 | | | | 1.47 | | | | 85,026 | | | | 0.18 | | | | 1.49 | | | | 0.21 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.00 | | | | 0.01 | | | | 8,485,249 | | | | 0.06 | (f) | | | 0.01 | | | | 0.28 | |
| | 1.00 | | | | 0.09 | | | | 16,148,773 | | | | 0.20 | (f) | | | 0.08 | | | | 0.28 | |
| | 1.00 | | | | 1.87 | | | | 14,132,125 | | | | 0.26 | | | | 1.84 | | | | 0.30 | |
| | 1.00 | | | | 1.82 | | | | 11,112,454 | | | | 0.26 | | | | 1.79 | | | | 0.31 | |
| | 1.00 | | | | 0.81 | | | | 13,906,062 | | | | 0.26 | | | | 0.80 | | | | 0.31 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.00 | | | | 0.03 | | | | 166,488,233 | | | | 0.04 | (f) | | | 0.03 | | | | 0.18 | |
| | 1.00 | | | | 0.14 | | | | 143,184,525 | | | | 0.15 | (f) | | | 0.13 | | | | 0.19 | |
| | 1.00 | | | | 1.95 | | | | 86,263,432 | | | | 0.18 | | | | 1.91 | | | | 0.20 | |
| | 1.00 | | | | 1.90 | | | | 73,390,258 | | | | 0.18 | | | | 1.87 | | | | 0.21 | |
| | 1.00 | | | | 0.89 | | | | 92,747,537 | | | | 0.18 | | | | 0.88 | | | | 0.21 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.00 | | | | 0.01 | | | | 387,687 | | | | 0.06 | (f) | | | 0.01 | | | | 1.03 | |
| | 1.00 | | | | 0.03 | | | | 404,756 | | | | 0.25 | (f) | | | 0.02 | | | | 1.03 | |
| | 1.00 | | | | 1.12 | | | | 298,348 | | | | 1.00 | | | | 1.10 | | | | 1.05 | |
| | 1.00 | | | | 1.07 | | | | 274,993 | | | | 1.00 | | | | 1.04 | | | | 1.06 | |
| | 1.00 | | | | 0.13 | | | | 291,828 | | | | 0.97 | (f) | | | 0.17 | | | | 1.06 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.00 | | | | 0.03 | | | | 4,160,732 | | | | 0.04 | (f) | | | 0.03 | | | | 0.18 | |
| | 1.00 | | | | 0.00 | (h) | | | 500,028 | | | | 0.06 | (f) | | | 0.04 | | | | 0.19 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.00 | | | | 0.03 | | | | 10,046,645 | | | | 0.04 | (f) | | | 0.03 | | | | 0.13 | |
| | 1.00 | | | | 0.17 | | | | 7,317,310 | | | | 0.12 | (f) | | | 0.16 | | | | 0.14 | |
| | 1.00 | | | | 1.99 | | | | 7,443,910 | | | | 0.15 | | | | 1.90 | | | | 0.15 | |
| | 1.00 | | | | 1.92 | | | | 6,108,975 | | | | 0.16 | | | | 1.95 | | | | 0.16 | |
| | 1.00 | | | | 0.91 | | | | 2,493,731 | | | | 0.16 | | | | 0.96 | | | | 0.16 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.00 | | | | 0.01 | | | | 27,455,761 | | | | 0.06 | (f) | | | 0.01 | | | | 0.23 | |
| | 1.00 | | | | 0.12 | | | | 39,608,624 | | | | 0.17 | (f) | | | 0.11 | | | | 0.23 | |
| | 1.00 | | | | 1.92 | | | | 43,246,064 | | | | 0.21 | | | | 1.89 | | | | 0.25 | |
| | 1.00 | | | | 1.87 | | | | 41,868,607 | | | | 0.21 | | | | 1.88 | | | | 0.26 | |
| | 1.00 | | | | 0.86 | | | | 32,544,047 | | | | 0.21 | | | | 0.85 | | | | 0.26 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.00 | | | | 0.00 | (h) | | | 1,858,457 | | | | 0.07 | (f) | | | 0.00 | (h) | | | 0.48 | |
| | 1.00 | | | | 0.05 | | | | 842,931 | | | | 0.24 | (f) | | | 0.04 | | | | 0.48 | |
| | 1.00 | | | | 1.63 | | | | 684,791 | | | | 0.50 | | | | 1.68 | | | | 0.50 | |
| | 1.00 | | | | 1.57 | | | | 1,127,675 | | | | 0.50 | | | | 1.60 | | | | 0.50 | |
| | 1.00 | | | | 0.56 | | | | 748,306 | | | | 0.51 | | | | 0.54 | | | | 0.51 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MONEY MARKET FUNDS | | | | | | | | 119 |
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | Per share operating performance | |
| | | | | | Investment operations | | | Distributions | |
| | | Net asset
value,
beginning
of period | | | Net
investment
income
(loss) (b) | | | Net realized
and unrealized
gains
(losses) on
investments | | | Total from
investment
operations | | | Net
investment
income | | | Net
realized
gain | | | Total
distributions | |
JPMorgan U.S. Government Money Market Fund (continued) | | | | | | | | | | | | | | | | | |
Morgan | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year Ended February 28, 2022 | | $ | 1.00 | | | $ | — | (e) | | $ | — | (e) | | $ | — | (e) | | $ | — | (e) | | $ | — | | | $ | — | (e) |
Year Ended February 28, 2021 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | | | | — | (e) |
Year Ended February 29, 2020 | | | 1.00 | | | | 0.02 | | | | — | (e) | | | 0.02 | | | | (0.02 | ) | | | — | | | | (0.02 | ) |
Year Ended February 28, 2019 | | | 1.00 | | | | 0.01 | | | | — | (e) | | | 0.01 | | | | (0.01 | ) | | | — | | | | (0.01 | ) |
Year Ended February 28, 2018 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) |
| | | | | | | |
Premier | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year Ended February 28, 2022 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | | | | — | (e) |
Year Ended February 28, 2021 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | | | | — | (e) |
Year Ended February 29, 2020 | | | 1.00 | | | | 0.02 | | | | — | (e) | | | 0.02 | | | | (0.02 | ) | | | — | | | | (0.02 | ) |
Year Ended February 28, 2019 | | | 1.00 | | | | 0.02 | | | | — | (e) | | | 0.02 | | | | (0.02 | ) | | | — | | | | (0.02 | ) |
Year Ended February 28, 2018 | | | 1.00 | | | | 0.01 | | | | — | (e) | | | 0.01 | | | | (0.01 | ) | | | — | (e) | | | (0.01 | ) |
| | | | | | | |
Reserve | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year Ended February 28, 2022 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | | | | — | (e) |
Year Ended February 28, 2021 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | | | | — | (e) |
Year Ended February 29, 2020 | | | 1.00 | | | | 0.01 | | | | — | (e) | | | 0.01 | | | | (0.01 | ) | | | — | | | | (0.01 | ) |
Year Ended February 28, 2019 | | | 1.00 | | | | 0.01 | | | | — | (e) | | | 0.01 | | | | (0.01 | ) | | | — | | | | (0.01 | ) |
Year Ended February 28, 2018 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) |
| | | | | | | |
Service | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year Ended February 28, 2022 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | | | | — | (e) |
Year Ended February 28, 2021 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | | | | — | (e) |
Year Ended February 29, 2020 | | | 1.00 | | | | 0.01 | | | | — | (e) | | | 0.01 | | | | (0.01 | ) | | | — | | | | (0.01 | ) |
Year Ended February 28, 2019 | | | 1.00 | | | | 0.01 | | | | — | (e) | | | 0.01 | | | | (0.01 | ) | | | — | | | | (0.01 | ) |
Year Ended February 28, 2018 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) |
| (a) | Annualized for periods less than one year, unless otherwise noted. |
| (b) | Calculated based upon average shares outstanding. |
| (c) | Not annualized for periods less than one year. |
| (d) | Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
| (e) | Amount rounds to less than $0.005. |
| (f) | Voluntary waivers amounted to 0.51%, 0.37%, 0.61% and 0.96% for Morgan, Premier, Reserve and Service, respectively, for 2022, 0.33%, 0.21% 0.47% and 0.74% for Morgan, Premier, Reserve and Service, respectively, for 2021, and less than 0.005% and 0.12% for Reserve and Service, respectively, for 2018. |
| (g) | Amount rounds to less than 0.005%. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 120 | | | | | | | | J.P. MORGAN MONEY MARKET FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | | | | | | | | | | | | | | | |
| | | Ratios/Supplemental data | |
| | | | | | | | | | Ratios to average net assets (a) | |
Net asset
value,
end of
period | | | Total return (c) | | |
Net assets,
end of
period
(000’s) | | | Net
expenses (d) | | | Net
investment
income
(loss) | | | Expenses
without waivers,
reimbursements and
earnings credits | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| $ | 1.00 | | | | 0.00 | %(g) | | $ | 1,956,424 | | | | 0.07 | %(f) | | | 0.00 | %(g) | | | 0.59 | % |
| | 1.00 | | | | 0.05 | | | | 1,870,723 | | | | 0.25 | (f) | | | 0.05 | | | | 0.59 | |
| | 1.00 | | | | 1.54 | | | | 2,064,159 | | | | 0.59 | | | | 1.50 | | | | 0.60 | |
| | 1.00 | | | | 1.48 | | | | 1,660,477 | | | | 0.59 | | | | 1.49 | | | | 0.61 | |
| | 1.00 | | | | 0.48 | | | | 1,231,217 | | | | 0.59 | | | | 0.44 | | | | 0.61 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.00 | | | | 0.01 | | | | 5,330,175 | | | | 0.06 | (f) | | | 0.01 | | | | 0.43 | |
| | 1.00 | | | | 0.06 | | | | 5,020,827 | | | | 0.22 | (f) | | | 0.05 | | | | 0.43 | |
| | 1.00 | | | | 1.68 | | | | 4,095,749 | | | | 0.45 | | | | 1.64 | | | | 0.45 | |
| | 1.00 | | | | 1.62 | | | | 2,945,521 | | | | 0.45 | | | | 1.59 | | | | 0.46 | |
| | 1.00 | | | | 0.62 | | | | 5,500,002 | | | | 0.45 | | | | 0.60 | | | | 0.46 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.00 | | | | 0.00 | (g) | | | 7,409,330 | | | | 0.07 | (f) | | | 0.00 | (g) | | | 0.68 | |
| | 1.00 | | | | 0.04 | | | | 27,414 | | | | 0.22 | (f) | | | 0.03 | | | | 0.69 | |
| | 1.00 | | | | 1.42 | | | | 20,829 | | | | 0.70 | | | | 1.41 | | | | 0.71 | |
| | 1.00 | | | | 1.37 | | | | 19,468 | | | | 0.70 | | | | 1.28 | | | | 0.71 | |
| | 1.00 | | | | 0.37 | | | | 59,334 | | | | 0.70 | (f) | | | 0.33 | | | | 0.71 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.00 | | | | 0.00 | (g) | | | 433,435 | | | | 0.07 | (f) | | | 0.00 | (g) | | | 1.03 | |
| | 1.00 | | | | 0.03 | | | | 514,476 | | | | 0.29 | (f) | | | 0.03 | | | | 1.03 | |
| | 1.00 | | | | 1.07 | | | | 867,659 | | | | 1.05 | | | | 1.19 | | | | 1.05 | |
| | 1.00 | | | | 1.02 | | | | 2,993,274 | | | | 1.05 | | | | 1.08 | | | | 1.05 | |
| | 1.00 | | | | 0.09 | | | | 1,649,354 | | | | 0.93 | (f) | | | 0.08 | | | | 1.06 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MONEY MARKET FUNDS | | | | | | | | 121 |
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | Per share operating performance | |
| | | | | | Investment operations | | | Distributions | |
| | | Net asset
value,
beginning
of period | | | Net
investment
income
(loss) (b) | | | Net realized
and unrealized
gains
(losses) on
investments | | | Total from
investment
operations | | | Net
investment
income | | | Net
realized
gain | | | Total
distributions | |
JPMorgan U.S. Treasury Plus Money Market Fund | |
Academy | |
Year Ended February 28, 2022 | | $ | 1.00 | | | $ | — | (e) | | $ | — | (e) | | $ | — | (e) | | $ | — | (e) | | $ | — | | | $ | — | (e) |
September 30, 2020 (g) through February 28, 2021 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | | | | — | (e) |
|
Agency | |
Year Ended February 28, 2022 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | | | | — | (e) |
Year Ended February 28, 2021 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | | | | — | (e) |
Year Ended February 29, 2020 | | | 1.00 | | | | 0.02 | | | | — | (e) | | | 0.02 | | | | (0.02 | ) | | | — | | | | (0.02 | ) |
Year Ended February 28, 2019 | | | 1.00 | | | | 0.02 | | | | — | (e) | | | 0.02 | | | | (0.02 | ) | | | — | | | | (0.02 | ) |
Year Ended February 28, 2018 | | | 1.00 | | | | 0.01 | | | | — | (e) | | | 0.01 | | | | (0.01 | ) | | | — | (e) | | | (0.01 | ) |
|
Capital | |
Year Ended February 28, 2022 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | | | | — | (e) |
Year Ended February 28, 2021 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | | | | — | (e) |
Year Ended February 29, 2020 | | | 1.00 | | | | 0.02 | | | | — | (e) | | | 0.02 | | | | (0.02 | ) | | | — | | | | (0.02 | ) |
Year Ended February 28, 2019 | | | 1.00 | | | | 0.02 | | | | — | (e) | | | 0.02 | | | | (0.02 | ) | | | — | | | | (0.02 | ) |
September 22, 2017 (g) through February 28, 2018 | | | 1.00 | | | | 0.01 | | | | (0.01 | ) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) |
|
Class C | |
Year Ended February 28, 2022 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | | | | — | (e) |
Year Ended February 28, 2021 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | | | | — | (e) |
Year Ended February 29, 2020 | | | 1.00 | | | | 0.01 | | | | — | (e) | | | 0.01 | | | | (0.01 | ) | | | — | | | | (0.01 | ) |
Year Ended February 28, 2019 | | | 1.00 | | | | 0.01 | | | | — | (e) | | | 0.01 | | | | (0.01 | ) | | | — | | | | (0.01 | ) |
Year Ended February 28, 2018 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) |
|
Empower | |
Year Ended February 28, 2022 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | | | | — | (e) |
February 23, 2021 (g) through February 28, 2021 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | | | | — | (e) |
|
IM | |
Year Ended February 28, 2022 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | | | | — | (e) |
Year Ended February 28, 2021 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | | | | — | (e) |
Year Ended February 29, 2020 | | | 1.00 | | | | 0.02 | | | | — | (e) | | | 0.02 | | | | (0.02 | ) | | | — | | | | (0.02 | ) |
Year Ended February 28, 2019 | | | 1.00 | | | | 0.02 | | | | — | (e) | | | 0.02 | | | | (0.02 | ) | | | — | | | | (0.02 | ) |
Year Ended February 28, 2018 | | | 1.00 | | | | 0.01 | | | | — | (e) | | | 0.01 | | | | (0.01 | ) | | | — | (e) | | | (0.01 | ) |
|
Institutional Class | |
Year Ended February 28, 2022 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | | | | — | (e) |
Year Ended February 28, 2021 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | | | | — | (e) |
Year Ended February 29, 2020 | | | 1.00 | | | | 0.02 | | | | — | (e) | | | 0.02 | | | | (0.02 | ) | | | — | | | | (0.02 | ) |
Year Ended February 28, 2019 | | | 1.00 | | | | 0.02 | | | | — | (e) | | | 0.02 | | | | (0.02 | ) | | | — | | | | (0.02 | ) |
Year Ended February 28, 2018 | | | 1.00 | | | | 0.01 | | | | — | (e) | | | 0.01 | | | | (0.01 | ) | | | — | (e) | | | (0.01 | ) |
|
Investor | |
Year Ended February 28, 2022 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | | | | — | (e) |
Year Ended February 28, 2021 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | | | | — | (e) |
Year Ended February 29, 2020 | | | 1.00 | | | | 0.02 | | | | — | (e) | | | 0.02 | | | | (0.02 | ) | | | — | | | | (0.02 | ) |
Year Ended February 28, 2019 | | | 1.00 | | | | 0.02 | | | | — | (e) | | | 0.02 | | | | (0.02 | ) | | | — | | | | (0.02 | ) |
Year Ended February 28, 2018 | | | 1.00 | | | | 0.01 | | | | — | (e) | | | 0.01 | | | | (0.01 | ) | | | — | (e) | | | (0.01 | ) |
| (a) | Annualized for periods less than one year, unless otherwise noted. |
| (b) | Calculated based upon average shares outstanding. |
| (c) | Not annualized for periods less than one year. |
| (d) | Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
| (e) | Amount rounds to less than $0.005. |
| (f) | Voluntary waivers amounted to 0.14%, 0.20%, 0.12%, 0.90%, 0.13%, 0.09%, 0.15% and 0.42% for Academy, Agency, Capital, Class C, Empower, IM, Institutional Class and Investor, respectively, for 2022, 0.05%, 0.06%, 0.02%, 0.70%, less than 0.005%, 0.01%, 0.04% and 0.22% for Academy, Agency, Capital, Class C, Empower, IM, Institutional Class and Investor, respectively, for 2021, and 0.07% for Class C for 2018. |
| (g) | Commencement of offering of class of shares. |
| (h) | Amount rounds to less than 0.005%. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 122 | | | | | | | | J.P. MORGAN MONEY MARKET FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | | | | | | | | | | | | | | | |
| | | Ratios/Supplemental data | |
| | | | | | | | | | Ratios to average net assets (a) | |
Net asset
value,
end of
period | | | Total return (c) | | |
Net assets,
end of
period
(000’s) | | | Net
expenses (d) | | | Net
investment
income
(loss) | | | Expenses
without waivers,
reimbursements and
earnings credits | |
| | |
| | |
| $ | 1.00 | | | | 0.01 | % | | $ | 100 | | | | 0.04 | %(f) | | | 0.01 | % | | | 0.19 | % |
| | 1.00 | | | | 0.01 | | | | 17,600 | | | | 0.07 | (f) | | | 0.03 | | | | 0.23 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.00 | | | | 0.01 | | | | 914,835 | | | | 0.06 | (f) | | | 0.01 | | | | 0.28 | |
| | 1.00 | | | | 0.09 | | | | 1,865,281 | | | | 0.20 | (f) | | | 0.09 | | | | 0.29 | |
| | 1.00 | | | | 1.85 | | | | 1,744,289 | | | | 0.26 | | | | 1.85 | | | | 0.30 | |
| | 1.00 | | | | 1.83 | | | | 2,013,982 | | | | 0.26 | | | | 1.90 | | | | 0.30 | |
| | 1.00 | | | | 0.81 | | | | 930,654 | | | | 0.26 | | | | 0.82 | | | | 0.31 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.00 | | | | 0.01 | | | | 10,784,903 | | | | 0.06 | (f) | | | 0.01 | | | | 0.18 | |
| | 1.00 | | | | 0.14 | | | | 13,539,346 | | | | 0.16 | (f) | | | 0.13 | | | | 0.19 | |
| | 1.00 | | | | 1.94 | | | | 9,945,933 | | | | 0.18 | | | | 1.89 | | | | 0.20 | |
| | 1.00 | | | | 1.91 | | | | 6,425,187 | | | | 0.18 | | | | 1.92 | | | | 0.20 | |
| | 1.00 | | | | 0.47 | | | | 3,501,095 | | | | 0.18 | | | | 1.17 | | | | 0.21 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.00 | | | | 0.00 | (h) | | | 461,114 | | | | 0.07 | (f) | | | 0.00 | (h) | | | 1.14 | |
| | 1.00 | | | | 0.02 | | | | 393,546 | | | | 0.27 | (f) | | | 0.02 | | | | 1.14 | |
| | 1.00 | | | | 1.13 | | | | 292,824 | | | | 0.97 | | | | 1.16 | | | | 1.15 | |
| | 1.00 | | | | 1.11 | | | | 375,230 | | | | 0.97 | | | | 1.09 | | | | 1.16 | |
| | 1.00 | | | | 0.15 | | | | 417,056 | | | | 0.90 | (f) | | | 0.13 | | | | 1.16 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.00 | | | | 0.01 | | | | 112,014 | | | | 0.05 | (f) | | | 0.01 | | | | 0.18 | |
| | 1.00 | | | | 0.00 | (h) | | | 25 | | | | 0.06 | (f) | | | 0.02 | | | | 0.18 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.00 | | | | 0.01 | | | | 30 | | | | 0.05 | (f) | | | 0.02 | | | | 0.14 | |
| | 1.00 | | | | 0.17 | | | | 24,276 | | | | 0.12 | (f) | | | 0.19 | | | | 0.14 | |
| | 1.00 | | | | 1.97 | | | | 37,429 | | | | 0.15 | | | | 2.26 | | | | 0.15 | |
| | 1.00 | | | | 1.93 | | | | 1,451,488 | | | | 0.15 | | | | 1.87 | | | | 0.15 | |
| | 1.00 | | | | 0.90 | | | | 3,051,574 | | | | 0.16 | | | | 0.81 | | | | 0.16 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.00 | | | | 0.01 | | | | 7,963,115 | | | | 0.06 | (f) | | | 0.01 | | | | 0.24 | |
| | 1.00 | | | | 0.12 | | | | 12,055,194 | | | | 0.17 | (f) | | | 0.13 | | | | 0.24 | |
| | 1.00 | | | | 1.90 | | | | 16,887,054 | | | | 0.21 | | | | 1.88 | | | | 0.25 | |
| | 1.00 | | | | 1.88 | | | | 17,766,429 | | | | 0.21 | | | | 1.89 | | | | 0.25 | |
| | 1.00 | | | | 0.86 | | | | 13,500,900 | | | | 0.21 | | | | 0.84 | | | | 0.26 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.00 | | | | 0.00 | (h) | | | 16,665 | | | | 0.07 | (f) | | | 0.00 | (h) | | | 0.48 | |
| | 1.00 | | | | 0.04 | | | | 16,604 | | | | 0.27 | (f) | | | 0.05 | | | | 0.54 | |
| | 1.00 | | | | 1.61 | | | | 29,937 | | | | 0.50 | | | | 1.60 | | | | 0.50 | |
| | 1.00 | | | | 1.58 | | | | 28,583 | | | | 0.51 | | | | 1.57 | | | | 0.51 | |
| | 1.00 | | | | 0.55 | | | | 48,818 | | | | 0.51 | | | | 0.52 | | | | 0.51 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MONEY MARKET FUNDS | | | | | | | | 123 |
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | Per share operating performance | |
| | | | | | Investment operations | | | Distributions | |
| | | Net asset
value,
beginning
of period | | | Net
investment
income
(loss) (b) | | | Net realized
and unrealized
gains
(losses) on
investments | | | Total from
investment
operations | | | Net
investment
income | | | Net
realized
gain | | | Total
distributions | |
JPMorgan U.S. Treasury Plus Money Market Fund (continued) | |
Morgan | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year Ended February 28, 2022 | | $ | 1.00 | | | $ | — | (e) | | $ | — | (e) | | $ | — | (e) | | $ | — | (e) | | $ | — | | | $ | — | (e) |
Year Ended February 28, 2021 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | | | | — | (e) |
Year Ended February 29, 2020 | | | 1.00 | | | | 0.02 | | | | — | (e) | | | 0.02 | | | | (0.02 | ) | | | — | | | | (0.02 | ) |
Year Ended February 28, 2019 | | | 1.00 | | | | 0.01 | | | | — | (e) | | | 0.01 | | | | (0.01 | ) | | | — | | | | (0.01 | ) |
Year Ended February 28, 2018 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) |
| | | | | | | |
Premier | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year Ended February 28, 2022 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | | | | — | (e) |
Year Ended February 28, 2021 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | | | | — | (e) |
Year Ended February 29, 2020 | | | 1.00 | | | | 0.02 | | | | — | (e) | | | 0.02 | | | | (0.02 | ) | | | — | | | | (0.02 | ) |
Year Ended February 28, 2019 | | | 1.00 | | | | 0.02 | | | | — | (e) | | | 0.02 | | | | (0.02 | ) | | | — | | | | (0.02 | ) |
Year Ended February 28, 2018 | | | 1.00 | | | | 0.01 | | | | — | (e) | | | 0.01 | | | | (0.01 | ) | | | — | (e) | | | (0.01 | ) |
| | | | | | | |
Reserve | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year Ended February 28, 2022 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | | | | — | (e) |
Year Ended February 28, 2021 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | | | | — | (e) |
Year Ended February 29, 2020 | | | 1.00 | | | | 0.01 | | | | — | (e) | | | 0.01 | | | | (0.01 | ) | | | — | | | | (0.01 | ) |
Year Ended February 28, 2019 | | | 1.00 | | | | 0.01 | | | | — | (e) | | | 0.01 | | | | (0.01 | ) | | | — | | | | (0.01 | ) |
Year Ended February 28, 2018 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) |
| (a) | Annualized for periods less than one year, unless otherwise noted. |
| (b) | Calculated based upon average shares outstanding. |
| (c) | Not annualized for periods less than one year. |
| (d) | Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
| (e) | Amount rounds to less than $0.005. |
| (f) | Voluntary waivers amounted to 0.52%, 0.38% and 0.61% for Morgan, Premier and Reserve, respectively, for 2022, 0.31%, 0.19% and 0.35% for Morgan, Premier and Reserve, respectively, for 2021, and less than 0.005% for Reserve for 2018. |
| (g) | Amount rounds to less than 0.005%. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 124 | | | | | | | | J.P. MORGAN MONEY MARKET FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | | | | | | | | | | | | | | | |
| | | Ratios/Supplemental data | |
| | | | | | | | | | Ratios to average net assets (a) | |
Net asset
value,
end of
period | | | Total return (c) | | |
Net assets,
end of
period
(000’s) | | | Net
expenses (d) | | | Net
investment
income
(loss) | | | Expenses
without waivers,
reimbursements and
earnings credits | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| $ | 1.00 | | | | 0.00 | %(g) | | $ | 350,701 | | | | 0.06 | %(f) | | | 0.00 | %(g) | | | 0.59 | % |
| | 1.00 | | | | 0.04 | | | | 436,183 | | | | 0.28 | (f) | | | 0.05 | | | | 0.59 | |
| | 1.00 | | | | 1.52 | | | | 734,856 | | | | 0.59 | | | | 1.49 | | | | 0.60 | |
| | 1.00 | | | | 1.49 | | | | 634,508 | | | | 0.59 | | | | 1.55 | | | | 0.61 | |
| | 1.00 | | | | 0.47 | | | | 283,619 | | | | 0.59 | | | | 0.48 | | | | 0.62 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.00 | | | | 0.01 | | | | 2,032,795 | | | | 0.06 | (f) | | | 0.01 | | | | 0.44 | |
| | 1.00 | | | | 0.05 | | | | 1,694,724 | | | | 0.25 | (f) | | | 0.04 | | | | 0.44 | |
| | 1.00 | | | | 1.66 | | | | 1,439,412 | | | | 0.45 | | | | 1.60 | | | | 0.45 | |
| | 1.00 | | | | 1.63 | | | | 981,194 | | | | 0.45 | | | | 1.68 | | | | 0.45 | |
| | 1.00 | | | | 0.61 | | | | 611,645 | | | | 0.45 | | | | 0.61 | | | | 0.46 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.00 | | | | 0.00 | (g) | | | 244,357 | | | | 0.07 | (f) | | | 0.00 | (g) | | | 0.68 | |
| | 1.00 | | | | 0.03 | | | | 4,562 | | | | 0.34 | (f) | | | 0.03 | | | | 0.74 | |
| | 1.00 | | | | 1.41 | | | | 5,966 | | | | 0.70 | | | | 1.41 | | | | 0.73 | |
| | 1.00 | | | | 1.38 | | | | 6,986 | | | | 0.70 | | | | 1.34 | | | | 0.71 | |
| | 1.00 | | | | 0.37 | | | | 12,246 | | | | 0.70 | (f) | | | 0.28 | | | | 0.71 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MONEY MARKET FUNDS | | | | | | | | 125 |
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | Per share operating performance | |
| | | | | | Investment operations | | | Distributions | |
| | | Net asset
value,
beginning
of period | | | Net
investment
income
(loss) (a) | | | Net realized
and unrealized
gains
(losses) on
investments | | | Total from
investment
operations | | | Net
investment
income | | | Net
realized
gain | | | Total
distributions | |
JPMorgan Federal Money Market Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Agency | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year Ended February 28, 2022 | | $ | 1.00 | | | $ | — | (c) | | $ | — | (c) | | $ | — | (c) | | $ | — | (c) | | $ | — | (c) | | $ | — | (c) |
Year Ended February 28, 2021 | | | 1.00 | | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) |
Year Ended February 29, 2020 | | | 1.00 | | | | 0.02 | | | | — | (c) | | | 0.02 | | | | (0.02 | ) | | | — | (c) | | | (0.02 | ) |
Year Ended February 28, 2019 | | | 1.00 | | | | 0.02 | | | | — | (c) | | | 0.02 | | | | (0.02 | ) | | | — | (c) | | | (0.02 | ) |
Year Ended February 28, 2018 | | | 1.00 | | | | 0.01 | | | | — | (c) | | | 0.01 | | | | (0.01 | ) | | | — | (c) | | | (0.01 | ) |
|
Institutional Class | |
Year Ended February 28, 2022 | | | 1.00 | | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) |
Year Ended February 28, 2021 | | | 1.00 | | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) |
Year Ended February 29, 2020 | | | 1.00 | | | | 0.02 | | | | — | (c) | | | 0.02 | | | | (0.02 | ) | | | — | (c) | | | (0.02 | ) |
Year Ended February 28, 2019 | | | 1.00 | | | | 0.02 | | | | — | (c) | | | 0.02 | | | | (0.02 | ) | | | — | (c) | | | (0.02 | ) |
Year Ended February 28, 2018 | | | 1.00 | | | | 0.01 | | | | — | (c) | | | 0.01 | | | | (0.01 | ) | | | — | (c) | | | (0.01 | ) |
|
Morgan | |
Year Ended February 28, 2022 | | | 1.00 | | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) |
Year Ended February 28, 2021 | | | 1.00 | | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) |
Year Ended February 29, 2020 | | | 1.00 | | | | 0.01 | | | | 0.01 | | | | 0.02 | | | | (0.02 | ) | | | — | (c) | | | (0.02 | ) |
Year Ended February 28, 2019 | | | 1.00 | | | | 0.01 | | | | — | (c) | | | 0.01 | | | | (0.01 | ) | | | — | (c) | | | (0.01 | ) |
Year Ended February 28, 2018 | | | 1.00 | | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) |
|
Premier | |
Year Ended February 28, 2022 | | | 1.00 | | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) |
Year Ended February 28, 2021 | | | 1.00 | | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) |
Year Ended February 29, 2020 | | | 1.00 | | | | 0.02 | | | | — | (c) | | | 0.02 | | | | (0.02 | ) | | | — | (c) | | | (0.02 | ) |
Year Ended February 28, 2019 | | | 1.00 | | | | 0.02 | | | | — | (c) | | | 0.02 | | | | (0.02 | ) | | | — | (c) | | | (0.02 | ) |
Year Ended February 28, 2018 | | | 1.00 | | | | 0.01 | | | | — | (c) | | | 0.01 | | | | (0.01 | ) | | | — | (c) | | | (0.01 | ) |
| (a) | Calculated based upon average shares outstanding. |
| (b) | Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
| (c) | Amount rounds to less than $0.005. |
| (d) | Voluntary waivers amounted to 0.20%, 0.16%, 0.53% and 0.39% for Agency, Institutional Class, Morgan and Premier, respectively, for 2022, and 0.06%, 0.04%, 0.36% and 0.21% for Agency, Institutional Class, Morgan and Premier, respectively, for 2021. |
| (e) | Amount rounds to less than 0.005%. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 126 | | | | | | | | J.P. MORGAN MONEY MARKET FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | | | | | | | | | | | | | | | |
| | | Ratios/Supplemental data | |
| | | | | | | | | | Ratios to average net assets | |
Net asset
value,
end of
period | | | Total return | | |
Net assets,
end of
period
(000’s) | | | Net
expenses (b) | | | Net
investment
income
(loss) | | | Expenses
without waivers,
reimbursements and
earnings credits | |
| | |
| | |
| $ | 1.00 | | | | 0.01 | % | | $ | 217,942 | | | | 0.06 | %(d) | | | 0.01 | % | | | 0.31 | % |
| | 1.00 | | | | 0.11 | | | | 318,757 | | | | 0.20 | (d) | | | 0.10 | | | | 0.30 | |
| | 1.00 | | | | 1.85 | | | | 242,716 | | | | 0.26 | | | | 1.79 | | | | 0.30 | |
| | 1.00 | | | | 1.80 | | | | 148,122 | | | | 0.26 | | | | 1.82 | | | | 0.31 | |
| | 1.00 | | | | 0.80 | | | | 127,451 | | | | 0.26 | | | | 0.77 | | | | 0.33 | |
|
| | |
| | 1.00 | | | | 0.01 | | | | 1,322,211 | | | | 0.06 | (d) | | | 0.01 | | | | 0.25 | |
| | 1.00 | | | | 0.13 | | | | 2,344,288 | | | | 0.17 | (d) | | | 0.14 | | | | 0.25 | |
| | 1.00 | | | | 1.90 | | | | 2,572,379 | | | | 0.21 | | | | 1.90 | | | | 0.25 | |
| | 1.00 | | | | 1.85 | | | | 3,417,418 | | | | 0.21 | | | | 1.85 | | | | 0.26 | |
| | 1.00 | | | | 0.85 | | | | 2,668,613 | | | | 0.21 | | | | 0.84 | | | | 0.28 | |
|
| | |
| | 1.00 | | | | 0.00 | (e) | | | 55,291 | | | | 0.06 | (d) | | | 0.00 | (e) | | | 0.64 | |
| | 1.00 | | | | 0.06 | | | | 53,546 | | | | 0.23 | (d) | | | 0.05 | | | | 0.63 | |
| | 1.00 | | | | 1.51 | | | | 34,728 | | | | 0.59 | | | | 1.48 | | | | 0.67 | |
| | 1.00 | | | | 1.46 | | | | 29,289 | | | | 0.59 | | | | 1.45 | | | | 0.70 | |
| | 1.00 | | | | 0.46 | | | | 32,224 | | | | 0.59 | | | | 0.44 | | | | 0.69 | |
|
| | |
| | 1.00 | | | | 0.01 | | | | 123,328 | | | | 0.06 | (d) | | | 0.01 | | | | 0.46 | |
| | 1.00 | | | | 0.08 | | | | 198,516 | | | | 0.24 | (d) | | | 0.08 | | | | 0.45 | |
| | 1.00 | | | | 1.65 | | | | 218,858 | | | | 0.45 | | | | 1.58 | | | | 0.45 | |
| | 1.00 | | | | 1.60 | | | | 155,001 | | | | 0.45 | | | | 1.54 | | | | 0.47 | |
| | 1.00 | | | | 0.60 | | | | 229,795 | | | | 0.45 | | | | 0.65 | | | | 0.48 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MONEY MARKET FUNDS | | | | | | | | 127 |
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | Per share operating performance | |
| | | | | | Investment operations | | | Distributions | |
| | | Net asset
value,
beginning
of period | | | Net
investment
income
(loss) (b) | | | Net realized
and unrealized
gains
(losses) on
investments | | | Total from
investment
operations | | | Net
investment
income | | | Net
realized
gain | | | Total
distributions | |
JPMorgan 100% U.S. Treasury Securities Money Market Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Academy | |
Year Ended February 28, 2022 | | $ | 1.00 | | | $ | — | (e) | | $ | — | (e) | | $ | — | (e) | | $ | — | (e) | | $ | — | (e) | | $ | — | (e) |
September 30, 2020 (g) through February 28, 2021 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | | | | — | (e) |
|
Agency | |
Year Ended February 28, 2022 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) |
Year Ended February 28, 2021 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | | | | — | (e) |
Year Ended February 29, 2020 | | | 1.00 | | | | 0.02 | | | | — | (e) | | | 0.02 | | | | (0.02 | ) | | | — | (e) | | | (0.02 | ) |
Year Ended February 28, 2019 | | | 1.00 | | | | 0.02 | | | | — | (e) | | | 0.02 | | | | (0.02 | ) | | | — | (e) | | | (0.02 | ) |
Year Ended February 28, 2018 | | | 1.00 | | | | 0.01 | | | | — | (e) | | | 0.01 | | | | (0.01 | ) | | | — | (e) | | | (0.01 | ) |
|
Capital | |
Year Ended February 28, 2022 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) |
Year Ended February 28, 2021 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | | | | — | (e) |
Year Ended February 29, 2020 | | | 1.00 | | | | 0.02 | | | | — | (e) | | | 0.02 | | | | (0.02 | ) | | | — | (e) | | | (0.02 | ) |
Year Ended February 28, 2019 | | | 1.00 | | | | 0.02 | | | | — | (e) | | | 0.02 | | | | (0.02 | ) | | | — | (e) | | | (0.02 | ) |
Year Ended February 28, 2018 | | | 1.00 | | | | 0.01 | | | | — | (e) | | | 0.01 | | | | (0.01 | ) | | | — | (e) | | | (0.01 | ) |
|
Empower | |
Year Ended February 28, 2022 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) |
February 23, 2021 (g) through February 28, 2021 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | | | | — | (e) |
|
IM | |
Year Ended February 28, 2022 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) |
Year Ended February 28, 2021 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | | | | — | (e) |
January 15, 2020 (g) through February 29, 2020 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | | | | — | (e) |
|
Institutional Class | |
Year Ended February 28, 2022 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) |
Year Ended February 28, 2021 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | | | | — | (e) |
Year Ended February 29, 2020 | | | 1.00 | | | | 0.02 | | | | — | (e) | | | 0.02 | | | | (0.02 | ) | | | — | (e) | | | (0.02 | ) |
Year Ended February 28, 2019 | | | 1.00 | | | | 0.02 | | | | — | (e) | | | 0.02 | | | | (0.02 | ) | | | — | (e) | | | (0.02 | ) |
Year Ended February 28, 2018 | | | 1.00 | | | | 0.01 | | | | — | (e) | | | 0.01 | | | | (0.01 | ) | | | — | (e) | | | (0.01 | ) |
|
Morgan | |
Year Ended February 28, 2022 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) |
Year Ended February 28, 2021 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | | | | — | (e) |
Year Ended February 29, 2020 | | | 1.00 | | | | 0.01 | | | | — | (e) | | | 0.01 | | | | (0.01 | ) | | | — | (e) | | | (0.01 | ) |
Year Ended February 28, 2019 | | | 1.00 | | | | 0.01 | | | | — | (e) | | | 0.01 | | | | (0.01 | ) | | | — | (e) | | | (0.01 | ) |
Year Ended February 28, 2018 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) |
| (a) | Annualized for periods less than one year, unless otherwise noted. |
| (b) | Calculated based upon average shares outstanding. |
| (c) | Not annualized for periods less than one year. |
| (d) | Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
| (e) | Amount rounds to less than $0.005. |
| (f) | Voluntary waivers amounted to 0.12%, 0.21%, 0.12%, 0.13%, 0.14%, 0.16% and 0.52% for Academy, Agency, Capital, Empower, IM, Institutional Class and Morgan, respectively, for 2022, 0.08%, 0.05%, 0.02%, 0.12%, less than 0.005%, 0.03% and 0.34% for Academy, Agency, Capital, Empower, IM, Institutional Class and Morgan, respectively, for 2021, and less than 0.005% for Morgan for 2018. |
| (g) | Commencement of offering of class of shares. |
| (h) | Amount rounds to less than 0.005%. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 128 | | | | | | | | J.P. MORGAN MONEY MARKET FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | | | | | | | | | | | | | | | |
| | | Ratios/Supplemental data | |
| | | | | | | | | | Ratios to average net assets (a) | |
Net asset
value,
end of
period | | | Total return (c) | | |
Net assets,
end of
period
(000’s) | | | Net
expenses (d) | | | Net
investment
income
(loss) | | | Expenses
without waivers,
reimbursements and
earnings credits | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| $ | 1.00 | | | | 0.01 | % | | $ | 131,020 | | | | 0.05 | %(f) | | | 0.01 | % | | | 0.18 | % |
| | 1.00 | | | | 0.00 | (h) | | | 17,600 | | | | 0.10 | (f) | | | 0.01 | | | | 0.21 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.00 | | | | 0.01 | | | | 3,173,164 | | | | 0.05 | (f) | | | 0.01 | | | | 0.28 | |
| | 1.00 | | | | 0.10 | | | | 4,187,912 | | | | 0.20 | (f) | | | 0.09 | | | | 0.29 | |
| | 1.00 | | | | 1.82 | | | | 4,197,262 | | | | 0.26 | | | | 1.76 | | | | 0.30 | |
| | 1.00 | | | | 1.79 | | | | 2,567,061 | | | | 0.26 | | | | 1.81 | | | | 0.31 | |
| | 1.00 | | | | 0.79 | | | | 1,981,066 | | | | 0.26 | | | | 0.80 | | | | 0.31 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.00 | | | | 0.01 | | | | 57,422,062 | | | | 0.05 | (f) | | | 0.01 | | | | 0.18 | |
| | 1.00 | | | | 0.13 | | | | 58,366,269 | | | | 0.16 | (f) | | | 0.11 | | | | 0.19 | |
| | 1.00 | | | | 1.90 | | | | 32,963,549 | | | | 0.18 | | | | 1.85 | | | | 0.20 | |
| | 1.00 | | | | 1.88 | | | | 23,528,259 | | | | 0.18 | | | | 1.88 | | | | 0.21 | |
| | 1.00 | | | | 0.87 | | | | 19,208,530 | | | | 0.18 | | | | 0.89 | | | | 0.21 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.00 | | | | 0.01 | | | | 29,519 | | | | 0.04 | (f) | | | 0.01 | | | | 0.18 | |
| | 1.00 | | | | 0.00 | (h) | | | 25 | | | | 0.07 | (f) | | | 0.01 | | | | 0.20 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.00 | | | | 0.01 | | | | 224 | | | | 0.04 | (f) | | | 0.01 | | | | 0.18 | |
| | 1.00 | | | | 0.16 | | | | 227 | | | | 0.13 | (f) | | | 0.11 | | | | 0.14 | |
| | 1.00 | | | | 0.18 | | | | 11,885 | | | | 0.15 | | | | 1.46 | | | | 0.15 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.00 | | | | 0.01 | | | | 23,076,533 | | | | 0.05 | (f) | | | 0.01 | | | | 0.23 | |
| | 1.00 | | | | 0.12 | | | | 24,097,829 | | | | 0.18 | (f) | | | 0.11 | | | | 0.24 | |
| | 1.00 | | | | 1.87 | | | | 22,282,460 | | | | 0.21 | | | | 1.83 | | | | 0.25 | |
| | 1.00 | | | | 1.84 | | | | 17,858,556 | | | | 0.21 | | | | 1.87 | | | | 0.26 | |
| | 1.00 | | | | 0.84 | | | | 11,098,506 | | | | 0.21 | | | | 0.83 | | | | 0.26 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.00 | | | | 0.00 | (h) | | | 2,206,039 | | | | 0.06 | (f) | | | 0.00 | (h) | | | 0.58 | |
| | 1.00 | | | | 0.05 | | | | 2,251,619 | | | | 0.24 | (f) | | | 0.05 | | | | 0.59 | |
| | 1.00 | | | | 1.49 | | | | 2,023,440 | | | | 0.59 | | | | 1.47 | | | | 0.60 | |
| | 1.00 | | | | 1.46 | | | | 2,009,129 | | | | 0.59 | | | | 1.45 | | | | 0.61 | |
| | 1.00 | | | | 0.45 | | | | 1,617,985 | | | | 0.59 | (f) | | | 0.46 | | | | 0.61 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MONEY MARKET FUNDS | | | | | | | | 129 |
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | Per share operating performance | |
| | | | | | Investment operations | | | Distributions | |
| | | Net asset
value,
beginning
of period | | | Net
investment
income
(loss) (b) | | | Net realized
and unrealized
gains
(losses) on
investments | | | Total from
investment
operations | | | Net
investment
income | | | Net
realized
gain | | | Total
distributions | |
JPMorgan 100% U.S. Treasury Securities Money Market Fund (continued) | | | | | | | | | | | | | | | | | | | | | |
Premier | |
Year Ended February 28, 2022 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) |
Year Ended February 28, 2021 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | | | | — | (e) |
Year Ended February 29, 2020 | | | 1.00 | | | | 0.02 | | | | — | (e) | | | 0.02 | | | | (0.02 | ) | | | — | (e) | | | (0.02 | ) |
Year Ended February 28, 2019 | | | 1.00 | | | | 0.02 | | | | — | (e) | | | 0.02 | | | | (0.02 | ) | | | — | (e) | | | (0.02 | ) |
Year Ended February 28, 2018 | | | 1.00 | | | | 0.01 | | | | — | (e) | | | 0.01 | | | | (0.01 | ) | | | — | (e) | | | (0.01 | ) |
|
Reserve | |
Year Ended February 28, 2022 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) |
Year Ended February 28, 2021 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | | | | — | (e) |
Year Ended February 29, 2020 | | | 1.00 | | | | 0.01 | | | | — | (e) | | | 0.01 | | | | (0.01 | ) | | | — | (e) | | | (0.01 | ) |
Year Ended February 28, 2019 | | | 1.00 | | | | 0.01 | | | | — | (e) | | | 0.01 | | | | (0.01 | ) | | | — | (e) | | | (0.01 | ) |
Year Ended February 28, 2018 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) |
| (a) | Annualized for periods less than one year, unless otherwise noted. |
| (b) | Calculated based upon average shares outstanding. |
| (c) | Not annualized for periods less than one year. |
| (d) | Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
| (e) | Amount rounds to less than $0.005. |
| (f) | Voluntary waivers amounted to 0.38% and 0.62% for Premier and Reserve, respectively, for 2022, 0.19% and 0.44% for Premier and Reserve, respectively, for 2021, and less than 0.005% for Reserve for 2018. |
| (g) | Amount rounds to less than 0.005%. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 130 | | | | | | | | J.P. MORGAN MONEY MARKET FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | | | | | | | | | | | | | | | |
| | | Ratios/Supplemental data | |
| | | | | | | | | | Ratios to average net assets (a) | |
Net asset
value,
end of
period | | | Total return (c) | | |
Net assets,
end of
period
(000’s) | | | Net
expenses (d) | | | Net
investment
income
(loss) | | | Expenses
without waivers,
reimbursements and
earnings credits | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.00 | | | | 0.01 | | | | 1,947,356 | | | | 0.05 | (f) | | | 0.01 | | | | 0.43 | |
| | 1.00 | | | | 0.06 | | | | 1,999,999 | | | | 0.25 | (f) | | | 0.06 | | | | 0.44 | |
| | 1.00 | | | | 1.63 | | | | 2,537,050 | | | | 0.45 | | | | 1.62 | | | | 0.45 | |
| | 1.00 | | | | 1.60 | | | | 2,059,307 | | | | 0.45 | | | | 1.65 | | | | 0.46 | |
| | 1.00 | | | | 0.59 | | | | 848,906 | | | | 0.45 | | | | 0.59 | | | | 0.46 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.00 | | | | 0.00 | (g) | | | 3,821,500 | | | | 0.06 | (f) | | | 0.00 | (g) | | | 0.68 | |
| | 1.00 | | | | 0.04 | | | | 2,893,380 | | | | 0.25 | (f) | | | 0.03 | | | | 0.69 | |
| | 1.00 | | | | 1.38 | | | | 2,102,023 | | | | 0.70 | | | | 1.34 | | | | 0.70 | |
| | 1.00 | | | | 1.35 | | | | 1,561,835 | | | | 0.70 | | | | 1.42 | | | | 0.71 | |
| | 1.00 | | | | 0.35 | | | | 258,002 | | | | 0.70 | (f) | | | 0.41 | | | | 0.71 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MONEY MARKET FUNDS | | | | | | | | 131 |
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | Per share operating performance | |
| | | | | | Investment operations | | | Distributions | |
| | | Net asset
value,
beginning
of period | | | Net
investment
income
(loss) (a) | | | Net realized
and unrealized
gains
(losses) on
investments | | | Total from
investment
operations | | | Net
investment
income | | | Net
realized
gain | | | Total
distributions | |
JPMorgan Tax Free Money Market Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Agency | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year Ended February 28, 2022 | | $ | 1.00 | | | $ | — | (c) | | $ | — | (c) | | $ | — | (c) | | $ | — | (c) | | $ | — | (c) | | $ | — | (c) |
Year Ended February 28, 2021 | | | 1.00 | | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) |
Year Ended February 29, 2020 | | | 1.00 | | | | 0.01 | | | | — | (c) | | | 0.01 | | | | (0.01 | ) | | | — | (c) | | | (0.01 | ) |
Year Ended February 28, 2019 | | | 1.00 | | | | 0.01 | | | | — | (c) | | | 0.01 | | | | (0.01 | ) | | | — | (c) | | | (0.01 | ) |
Year Ended February 28, 2018 | | | 1.00 | | | | 0.01 | | | | — | (c) | | | 0.01 | | | | (0.01 | ) | | | — | (c) | | | (0.01 | ) |
| | | | | | | |
Institutional Class | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year Ended February 28, 2022 | | | 1.00 | | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) |
Year Ended February 28, 2021 | | | 1.00 | | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) |
Year Ended February 29, 2020 | | | 1.00 | | | | 0.01 | | | | — | (c) | | | 0.01 | | | | (0.01 | ) | | | — | (c) | | | (0.01 | ) |
Year Ended February 28, 2019 | | | 1.00 | | | | 0.01 | | | | — | (c) | | | 0.01 | | | | (0.01 | ) | | | — | (c) | | | (0.01 | ) |
Year Ended February 28, 2018 | | | 1.00 | | | | 0.01 | | | | — | (c) | | | 0.01 | | | | (0.01 | ) | | | — | (c) | | | (0.01 | ) |
| | | | | | | |
Morgan | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year Ended February 28, 2022 | | | 1.00 | | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) |
Year Ended February 28, 2021 | | | 1.00 | | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) |
Year Ended February 29, 2020 | | | 1.00 | | | | 0.01 | | | | — | (c) | | | 0.01 | | | | (0.01 | ) | | | — | (c) | | | (0.01 | ) |
Year Ended February 28, 2019 | | | 1.00 | | | | 0.01 | | | | — | (c) | | | 0.01 | | | | (0.01 | ) | | | — | (c) | | | (0.01 | ) |
Year Ended February 28, 2018 | | | 1.00 | | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) |
| | | | | | | |
Premier | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year Ended February 28, 2022 | | | 1.00 | | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) |
Year Ended February 28, 2021 | | | 1.00 | | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) |
Year Ended February 29, 2020 | | | 1.00 | | | | 0.01 | | | | — | (c) | | | 0.01 | | | | (0.01 | ) | | | — | (c) | | | (0.01 | ) |
Year Ended February 28, 2019 | | | 1.00 | | | | 0.01 | | | | — | (c) | | | 0.01 | | | | (0.01 | ) | | | — | (c) | | | (0.01 | ) |
Year Ended February 28, 2018 | | | 1.00 | | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) |
| | | | | | | |
Reserve | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year Ended February 28, 2022 | | | 1.00 | | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) |
Year Ended February 28, 2021 | | | 1.00 | | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) |
Year Ended February 29, 2020 | | | 1.00 | | | | 0.01 | | | | — | (c) | | | 0.01 | | | | (0.01 | ) | | | — | (c) | | | (0.01 | ) |
Year Ended February 28, 2019 | | | 1.00 | | | | 0.01 | | | | — | (c) | | | 0.01 | | | | (0.01 | ) | | | — | (c) | | | (0.01 | ) |
Year Ended February 28, 2018 | | | 1.00 | | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) |
| (a) | Calculated based upon average shares outstanding. |
| (b) | Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
| (c) | Amount rounds to less than $0.005. |
| (d) | Voluntary waivers amounted to 0.16%, 0.12%, 0.49%, 0.33% and 0.59% for Agency, Institutional Class, Morgan, Premier and Reserve, respectively, for 2022, 0.03%, 0.01%, 0.29%, 0.14% and 0.39% for Agency, Institutional Class, Morgan, Premier and Reserve, respectively, for 2021, and less than 0.005% for Reserve for 2018. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 132 | | | | | | | | J.P. MORGAN MONEY MARKET FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | | | | | | | | | | | | | | | |
| | | Ratios/Supplemental data | |
| | | | | | | | | | Ratios to average net assets | |
Net asset
value,
end of
period | | | Total return | | |
Net assets,
end of
period
(000’s) | | | Net
expenses (b) | | | Net
investment
income
(loss) | | | Expenses
without waivers,
reimbursements and
earnings credits | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| $ | 1.00 | | | | 0.01 | % | | $ | 281,075 | | | | 0.10 | %(d) | | | 0.01 | % | | | 0.29 | % |
| | 1.00 | | | | 0.26 | | | | 372,457 | | | | 0.23 | (d) | | | 0.33 | | | | 0.29 | |
| | 1.00 | | | | 1.17 | | | | 782,269 | | | | 0.26 | | | | 1.17 | | | | 0.30 | |
| | 1.00 | | | | 1.24 | | | | 1,063,941 | | | | 0.26 | | | | 1.23 | | | | 0.31 | |
| | 1.00 | | | | 0.68 | | | | 831,137 | | | | 0.26 | | | | 0.70 | | | | 0.31 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.00 | | | | 0.02 | | | | 5,135,738 | | | | 0.09 | (d) | | | 0.02 | | | | 0.24 | |
| | 1.00 | | | | 0.29 | | | | 6,858,653 | | | | 0.20 | (d) | | | 0.33 | | | | 0.24 | |
| | 1.00 | | | | 1.22 | | | | 9,173,460 | | | | 0.21 | | | | 1.23 | | | | 0.25 | |
| | 1.00 | | | | 1.29 | | | | 12,402,297 | | | | 0.21 | | | | 1.27 | | | | 0.26 | |
| | 1.00 | | | | 0.73 | | | | 11,970,538 | | | | 0.21 | | | | 0.73 | | | | 0.26 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.00 | | | | 0.01 | | | | 17,140 | | | | 0.10 | (d) | | | 0.01 | | | | 0.62 | |
| | 1.00 | | | | 0.19 | | | | 22,830 | | | | 0.30 | (d) | | | 0.12 | | | | 0.61 | |
| | 1.00 | | | | 0.84 | | | | 10,842 | | | | 0.59 | | | | 0.83 | | | | 0.64 | |
| | 1.00 | | | | 0.90 | | | | 9,884 | | | | 0.59 | | | | 0.89 | | | | 0.68 | |
| | 1.00 | | | | 0.35 | | | | 9,555 | | | | 0.59 | | | | 0.34 | | | | 0.66 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.00 | | | | 0.01 | | | | 338,064 | | | | 0.10 | (d) | | | 0.01 | | | | 0.44 | |
| | 1.00 | | | | 0.21 | | | | 498,856 | | | | 0.29 | (d) | | | 0.26 | | | | 0.44 | |
| | 1.00 | | | | 0.98 | | | | 847,483 | | | | 0.45 | | | | 0.99 | | | | 0.45 | |
| | 1.00 | | | | 1.04 | | | | 1,062,712 | | | | 0.45 | | | | 1.03 | | | | 0.46 | |
| | 1.00 | | | | 0.49 | | | | 1,560,291 | | | | 0.45 | | | | 0.48 | | | | 0.46 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.00 | | | | 0.01 | | | | 1,807,835 | | | | 0.10 | (d) | | | 0.01 | | | | 0.69 | |
| | 1.00 | | | | 0.18 | | | | 1,574,145 | | | | 0.29 | (d) | | | 0.16 | | | | 0.69 | |
| | 1.00 | | | | 0.73 | | | | 1,707,525 | | | | 0.70 | | | | 0.72 | | | | 0.70 | |
| | 1.00 | | | | 0.79 | | | | 2,028,976 | | | | 0.70 | | | | 0.78 | | | | 0.71 | |
| | 1.00 | | | | 0.24 | | | | 2,511,847 | | | | 0.70 | (d) | | | 0.23 | | | | 0.71 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MONEY MARKET FUNDS | | | | | | | | 133 |
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | Per share operating performance | |
| | | | | | Investment operations | | | Distributions | |
| | | Net asset
value,
beginning
of period | | | Net
investment
income
(loss) (a) | | | Net realized
and unrealized
gains
(losses) on
investments | | | Total from
investment
operations | | | Net
investment
income | | | Net
realized
gain | | | Total
distributions | |
JPMorgan Municipal Money Market Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Agency | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year Ended February 28, 2022 | | $ | 1.00 | | | $ | — | (c) | | $ | — | (c) | | $ | — | (c) | | $ | — | (c) | | $ | — | (c) | | $ | — | (c) |
Year Ended February 28, 2021 | | | 1.00 | | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) |
Year Ended February 29, 2020 | | | 1.00 | | | | 0.01 | | | | — | (c) | | | 0.01 | | | | (0.01 | ) | | | — | (c) | | | (0.01 | ) |
Year Ended February 28, 2019 | | | 1.00 | | | | 0.01 | | | | — | (c) | | | 0.01 | | | | (0.01 | ) | | | — | (c) | | | (0.01 | ) |
Year Ended February 28, 2018 | | | 1.00 | | | | 0.01 | | | | — | (c) | | | 0.01 | | | | (0.01 | ) | | | — | (c) | | | (0.01 | ) |
| | | | | | | |
Institutional Class | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year Ended February 28, 2022 | | | 1.00 | | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) |
Year Ended February 28, 2021 | | | 1.00 | | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) |
Year Ended February 29, 2020 | | | 1.00 | | | | 0.01 | | | | — | (c) | | | 0.01 | | | | (0.01 | ) | | | — | (c) | | | (0.01 | ) |
Year Ended February 28, 2019 | | | 1.00 | | | | 0.01 | | | | — | (c) | | | 0.01 | | | | (0.01 | ) | | | — | (c) | | | (0.01 | ) |
Year Ended February 28, 2018 | | | 1.00 | | | | 0.01 | | | | — | (c) | | | 0.01 | | | | (0.01 | ) | | | — | (c) | | | (0.01 | ) |
| | | | | | | |
Morgan | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year Ended February 28, 2022 | | | 1.00 | | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) |
Year Ended February 28, 2021 | | | 1.00 | | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) |
Year Ended February 29, 2020 | | | 1.00 | | | | 0.01 | | | | — | (c) | | | 0.01 | | | | (0.01 | ) | | | — | (c) | | | (0.01 | ) |
Year Ended February 28, 2019 | | | 1.00 | | | | 0.01 | | | | — | (c) | | | 0.01 | | | | (0.01 | ) | | | — | (c) | | | (0.01 | ) |
Year Ended February 28, 2018 | | | 1.00 | | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) |
| | | | | | | |
Premier | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year Ended February 28, 2022 | | | 1.00 | | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) |
Year Ended February 28, 2021 | | | 1.00 | | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) |
Year Ended February 29, 2020 | | | 1.00 | | | | 0.01 | | | | — | (c) | | | 0.01 | | | | (0.01 | ) | | | — | (c) | | | (0.01 | ) |
Year Ended February 28, 2019 | | | 1.00 | | | | 0.01 | | | | — | (c) | | | 0.01 | | | | (0.01 | ) | | | — | (c) | | | (0.01 | ) |
Year Ended February 28, 2018 | | | 1.00 | | | | 0.01 | | | | — | (c) | | | 0.01 | | | | (0.01 | ) | | | — | (c) | | | (0.01 | ) |
| | | | | | | |
Service | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year Ended February 28, 2022 | | | 1.00 | | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) |
Year Ended February 28, 2021 | | | 1.00 | | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) |
Year Ended February 29, 2020 | | | 1.00 | | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) |
Year Ended February 28, 2019 | | | 1.00 | | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) |
Year Ended February 28, 2018 | | | 1.00 | | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) | | | — | (c) |
| (a) | Calculated based upon average shares outstanding. |
| (b) | Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
| (c) | Amount rounds to less than $0.005. |
| (d) | Voluntary waivers amounted to 0.13%, 0.09%, 0.46%, 0.32% and 0.92% for Agency, Institutional Class, Morgan, Premier and Service, respectively, for 2022, 0.01%, 0.01%, 0.24%, 0.10% and 0.60% for Agency, Institutional Class, Morgan, Premier and Service, respectively, for 2021, less than 0.005% for Service for 2020, less than 0.005% for Service for 2019, and 0.14% for Service for 2018. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 134 | | | | | | | | J.P. MORGAN MONEY MARKET FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | | | | | | | | | | | | | | | |
| | | Ratios/Supplemental data | |
| | | | | | | | | | Ratios to average net assets | |
Net asset
value,
end of
period | | | Total return | | |
Net assets,
end of
period
(000’s) | | | Net
expenses (b) | | | Net
investment
income
(loss) | | | Expenses
without waivers,
reimbursements and
earnings credits | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| $ | 1.00 | | | | 0.01 | % | | $ | 38,272 | | | | 0.13 | %(d) | | | 0.01 | % | | | 0.32 | % |
| | 1.00 | | | | 0.31 | | | | 60,879 | | | | 0.25 | (d) | | | 0.38 | | | | 0.31 | |
| | 1.00 | | | | 1.20 | | | | 112,747 | | | | 0.26 | | | | 1.20 | | | | 0.34 | |
| | 1.00 | | | | 1.26 | | | | 127,136 | | | | 0.26 | | | | 1.25 | | | | 0.33 | |
| | 1.00 | | | | 0.73 | | | | 140,809 | | | | 0.26 | | | | 0.76 | | | | 0.35 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.00 | | | | 0.02 | | | | 879,357 | | | | 0.12 | (d) | | | 0.02 | | | | 0.27 | |
| | 1.00 | | | | 0.35 | | | | 834,116 | | | | 0.20 | (d) | | | 0.38 | | | | 0.26 | |
| | 1.00 | | | | 1.25 | | | | 1,688,150 | | | | 0.21 | | | | 1.24 | | | | 0.29 | |
| | 1.00 | | | | 1.31 | | | | 2,003,502 | | | | 0.21 | | | | 1.30 | | | | 0.28 | |
| | 1.00 | | | | 0.78 | | | | 1,575,116 | | | | 0.21 | | | | 0.83 | | | | 0.31 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.00 | | | | 0.01 | | | | 24,236 | | | | 0.13 | (d) | | | 0.01 | | | | 0.63 | |
| | 1.00 | | | | 0.22 | | | | 43,853 | | | | 0.35 | (d) | | | 0.16 | | | | 0.62 | |
| | 1.00 | | | | 0.87 | | | | 35,473 | | | | 0.59 | | | | 0.84 | | | | 0.66 | |
| | 1.00 | | | | 0.93 | | | | 15,899 | | | | 0.59 | | | | 0.92 | | | | 0.65 | |
| | 1.00 | | | | 0.40 | | | | 13,794 | | | | 0.59 | | | | 0.28 | | | | 0.63 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.00 | | | | 0.01 | | | | 37,902 | | | | 0.13 | (d) | | | 0.01 | | | | 0.47 | |
| | 1.00 | | | | 0.23 | | | | 69,237 | | | | 0.35 | (d) | | | 0.28 | | | | 0.47 | |
| | 1.00 | | | | 1.01 | | | | 135,261 | | | | 0.45 | | | | 1.00 | | | | 0.50 | |
| | 1.00 | | | | 1.07 | | | | 129,260 | | | | 0.45 | | | | 1.06 | | | | 0.48 | |
| | 1.00 | | | | 0.54 | | | | 116,319 | | | | 0.45 | | | | 0.57 | | | | 0.51 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.00 | | | | 0.01 | | | | 19,679 | | | | 0.13 | (d) | | | 0.01 | | | | 1.06 | |
| | 1.00 | | | | 0.16 | | | | 28,684 | | | | 0.44 | (d) | | | 0.21 | | | | 1.06 | |
| | 1.00 | | | | 0.41 | | | | 68,493 | | | | 1.05 | (d) | | | 0.48 | | | | 1.09 | |
| | 1.00 | | | | 0.47 | | | | 256,953 | | | | 1.05 | (d) | | | 0.46 | | | | 1.08 | |
| | 1.00 | | | | 0.07 | | | | 282,024 | | | | 0.91 | (d) | | | 0.05 | | | | 1.09 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MONEY MARKET FUNDS | | | | | | | | 135 |
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | Per share operating performance | |
| | | | | | Investment operations | | | Distributions | |
| | | Net asset
value,
beginning
of period | | | Net
investment
income
(loss) (b) | | | Net realized
and unrealized
gains
(losses) on
investments | | | Total from
investment
operations | | | Net
investment
income | | | Net
realized
gain | | | Total
distributions | |
JPMorgan California Municipal Money Market Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Agency | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year Ended February 28, 2022 | | $ | 1.00 | | | $ | — | (e) | | $ | — | (e) | | $ | — | (e) | | $ | — | (e) | | $ | — | (e) | | $ | — | (e) |
Year Ended February 28, 2021 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) |
March 1, 2019 (g) through February 29, 2020 | | | 1.00 | | | | 0.01 | | | | — | (e) | | | 0.01 | | | | (0.01 | ) | | | — | (e) | | | (0.01 | ) |
| | | | | | | |
Institutional Class | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year Ended February 28, 2022 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) |
Year Ended February 28, 2021 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) |
March 1, 2019 (g) through February 29, 2020 | | | 1.00 | | | | 0.01 | | | | — | (e) | | | 0.01 | | | | (0.01 | ) | | | — | (e) | | | (0.01 | ) |
| | | | | | | |
Morgan | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year Ended February 28, 2022 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) |
Year Ended February 28, 2021 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) |
Year Ended February 29, 2020 | | | 1.00 | | | | 0.01 | | | | — | (e) | | | 0.01 | | | | (0.01 | ) | | | — | (e) | | | (0.01 | ) |
Year Ended February 28, 2019 | | | 1.00 | | | | 0.01 | | | | — | (e) | | | 0.01 | | | | (0.01 | ) | | | — | (e) | | | (0.01 | ) |
Year Ended February 28, 2018 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) |
| | | | | | | |
Premier | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year Ended February 28, 2022 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) |
Year Ended February 28, 2021 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) |
Year Ended February 29, 2020 | | | 1.00 | | | | 0.01 | | | | — | (e) | | | 0.01 | | | | (0.01 | ) | | | — | (e) | | | (0.01 | ) |
Year Ended February 28, 2019 | | | 1.00 | | | | 0.01 | | | | — | (e) | | | 0.01 | | | | (0.01 | ) | | | — | (e) | | | (0.01 | ) |
Year Ended February 28, 2018 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) |
| | | | | | | |
Service | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year Ended February 28, 2022 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) |
Year Ended February 28, 2021 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) |
Year Ended February 29, 2020 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) |
Year Ended February 28, 2019 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) |
Year Ended February 28, 2018 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) |
| (a) | Annualized for periods less than one year, unless otherwise noted. |
| (b) | Calculated based upon average shares outstanding. |
| (c) | Not annualized for periods less than one year. |
| (d) | Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
| (e) | Amount rounds to less than $0.005. |
| (f) | Voluntary waivers amounted to 0.14%, 0.12%, 0.49%, 0.36% and 0.95% for Agency, Institutional Class, Morgan, Premier and Service, respectively, for 2022, 0.04%, 0.01%, 0.31%, 0.18% and 0.68% for Agency, Institutional Class, Morgan, Premier and Service, respectively, for 2021, 0.01% for Service for 2020, 0.01% for Service for 2019, and 0.16% for Service for 2018. |
| (g) | Commencement of offering of class of shares. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 136 | | | | | | | | J.P. MORGAN MONEY MARKET FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | | | | | | | | | | | | | | | |
| | | Ratios/Supplemental data | |
| | | | | | | | | | Ratios to average net assets (a) | |
Net asset
value,
end of
period | | | Total return (c) | | |
Net assets,
end of
period
(000’s) | | | Net
expenses (d) | | | Net
investment
income
(loss) | | | Expenses
without waivers,
reimbursements and
earnings credits | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| $ | 1.00 | | | | 0.02 | % | | $ | 2,527 | | | | 0.12 | %(f) | | | 0.01 | % | | | 0.37 | % |
| | 1.00 | | | | 0.23 | | | | 21,715 | | | | 0.22 | (f) | | | 0.24 | | | | 0.33 | |
| | 1.00 | | | | 1.11 | | | | 24,892 | | | | 0.26 | | | | 0.87 | | | | 0.35 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.00 | | | | 0.03 | | | | 87,260 | | | | 0.09 | (f) | | | 0.02 | | | | 0.32 | |
| | 1.00 | | | | 0.25 | | | | 156,740 | | | | 0.20 | (f) | | | 0.30 | | | | 0.28 | |
| | 1.00 | | | | 1.15 | | | | 287,724 | | | | 0.21 | | | | 1.03 | | | | 0.30 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.00 | | | | 0.02 | | | | 3,744 | | | | 0.10 | (f) | | | 0.01 | | | | 0.69 | |
| | 1.00 | | | | 0.17 | | | | 7,122 | | | | 0.28 | (f) | | | 0.12 | | | | 0.63 | |
| | 1.00 | | | | 0.77 | | | | 2,447 | | | | 0.59 | | | | 0.70 | | | | 0.69 | |
| | 1.00 | | | | 0.86 | | | | 1,591 | | | | 0.59 | | | | 0.85 | | | | 0.72 | |
| | 1.00 | | | | 0.38 | | | | 1,310 | | | | 0.59 | | | | 0.27 | | | | 0.75 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.00 | | | | 0.02 | | | | 126,122 | | | | 0.09 | (f) | | | 0.01 | | | | 0.52 | |
| | 1.00 | | | | 0.19 | | | | 101,991 | | | | 0.27 | (f) | | | 0.20 | | | | 0.48 | |
| | 1.00 | | | | 0.91 | | | | 233,249 | | | | 0.45 | | | | 0.87 | | | | 0.50 | |
| | 1.00 | | | | 1.00 | | | | 259,463 | | | | 0.45 | | | | 0.97 | | | | 0.52 | |
| | 1.00 | | | | 0.52 | | | | 166,312 | | | | 0.45 | | | | 0.49 | | | | 0.55 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.00 | | | | 0.02 | | | | 9,622 | | | | 0.10 | (f) | | | 0.01 | | | | 1.12 | |
| | 1.00 | | | | 0.12 | | | | 12,065 | | | | 0.37 | (f) | | | 0.16 | | | | 1.08 | |
| | 1.00 | | | | 0.32 | | | | 28,405 | | | | 1.05 | (f) | | | 0.37 | | | | 1.10 | |
| | 1.00 | | | | 0.41 | | | | 118,146 | | | | 1.04 | (f) | | | 0.37 | | | | 1.12 | |
| | 1.00 | | | | 0.08 | | | | 125,615 | | | | 0.89 | (f) | | | 0.04 | | | | 1.15 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MONEY MARKET FUNDS | | | | | | | | 137 |
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | Per share operating performance | |
| | | | | | Investment operations | | | Distributions | |
| | | Net asset
value,
beginning
of period | | | Net
investment
income
(loss) (b) | | | Net realized
and unrealized
gains
(losses) on
investments | | | Total from
investment
operations | | | Net
investment
income | | | Net
realized
gain | | | Total
distributions | |
JPMorgan New York Municipal Money Market Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Agency | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year Ended February 28, 2022 | | $ | 1.00 | | | $ | — | (e) | | $ | — | (e) | | $ | — | (e) | | $ | — | (e) | | $ | — | (e) | | $ | — | (e) |
Year Ended February 28, 2021 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) |
March 1, 2019 (g) through February 29, 2020 | | | 1.00 | | | | 0.01 | | | | — | (e) | | | 0.01 | | | | (0.01 | ) | | | — | (e) | | | (0.01 | ) |
| | | | | | | |
Institutional Class | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year Ended February 28, 2022 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) |
Year Ended February 28, 2021 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) |
March 1, 2019 (g) through February 29, 2020 | | | 1.00 | | | | 0.01 | | | | — | (e) | | | 0.01 | | | | (0.01 | ) | | | — | (e) | | | (0.01 | ) |
| | | | | | | |
Morgan | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year Ended February 28, 2022 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) |
Year Ended February 28, 2021 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) |
Year Ended February 29, 2020 | | | 1.00 | | | | 0.01 | | | | — | (e) | | | 0.01 | | | | (0.01 | ) | | | — | (e) | | | (0.01 | ) |
Year Ended February 28, 2019 | | | 1.00 | | | | 0.01 | | | | — | (e) | | | 0.01 | | | | (0.01 | ) | | | — | (e) | | | (0.01 | ) |
Year Ended February 28, 2018 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) |
| | | | | | | |
Premier | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year Ended February 28, 2022 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) |
Year Ended February 28, 2021 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) |
Year Ended February 29, 2020 | | | 1.00 | | | | 0.01 | | | | — | (e) | | | 0.01 | | | | (0.01 | ) | | | — | (e) | | | (0.01 | ) |
Year Ended February 28, 2019 | | | 1.00 | | | | 0.01 | | | | — | (e) | | | 0.01 | | | | (0.01 | ) | | | — | (e) | | | (0.01 | ) |
Year Ended February 28, 2018 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) |
| | | | | | | |
Reserve | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year Ended February 28, 2022 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) |
Year Ended February 28, 2021 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) |
Year Ended February 29, 2020 | | | 1.00 | | | | 0.01 | | | | — | (e) | | | 0.01 | | | | (0.01 | ) | | | — | (e) | | | (0.01 | ) |
Year Ended February 28, 2019 | | | 1.00 | | | | 0.01 | | | | — | (e) | | | 0.01 | | | | (0.01 | ) | | | — | (e) | | | (0.01 | ) |
Year Ended February 28, 2018 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) |
| | | | | | | |
Service | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year Ended February 28, 2022 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) |
Year Ended February 28, 2021 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) |
Year Ended February 29, 2020 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) |
Year Ended February 28, 2019 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) |
Year Ended February 28, 2018 | | | 1.00 | | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) | | | — | (e) |
| (a) | Annualized for periods less than one year, unless otherwise noted. |
| (b) | Calculated based upon average shares outstanding. |
| (c) | Not annualized for periods less than one year. |
| (d) | Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
| (e) | Amount rounds to less than $0.005. |
| (f) | Voluntary waivers amounted to 0.14%, 0.09%, 0.46%, 0.33%, 0.58% and 0.92% for Agency, Institutional Class, Morgan, Premier, Reserve and Service, respectively, for 2022, 0.01%, less than 0.005%, 0.27%, 0.11%, 0.35% and 0.63% for Agency, Institutional Class, Morgan, Premier, Reserve and Service, respectively, for 2021, 0.01% for Service for 2020, 0.01% for Service for 2019, and less than 0.005% and 0.15% for Reserve and Service, respectively, for 2018. |
| (g) | Commencement of offering of class of shares. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 138 | | | | | | | | J.P. MORGAN MONEY MARKET FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | | | | | | | | | | | | | | | |
| | | Ratios/Supplemental data | |
| | | | | | | | | | Ratios to average net assets (a) | |
Net asset
value,
end of
period | | | Total return (c) | | |
Net assets,
end of
period
(000’s) | | | Net
expenses (d) | | | Net
investment
income
(loss) | | | Expenses
without waivers,
reimbursements and
earnings credits | |
| | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| $ | 1.00 | | | | 0.01 | % | | $ | 50,157 | | | | 0.12 | %(f) | | | 0.01 | % | | | 0.32 | % |
| | 1.00 | | | | 0.30 | | | | 72,812 | | | | 0.25 | (f) | | | 0.44 | | | | 0.30 | |
| | 1.00 | | | | 1.15 | | | | 262,677 | | | | 0.26 | | | | 1.06 | | | | 0.31 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.00 | | | | 0.03 | | | | 425,093 | | | | 0.12 | (f) | | | 0.02 | | | | 0.27 | |
| | 1.00 | | | | 0.34 | | | | 532,580 | | | | 0.21 | (f) | | | 0.41 | | | | 0.25 | |
| | 1.00 | | | | 1.20 | | | | 1,625,406 | | | | 0.21 | | | | 1.09 | | | | 0.26 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.00 | | | | 0.01 | | | | 50,015 | | | | 0.13 | (f) | | | 0.01 | | | | 0.65 | |
| | 1.00 | | | | 0.23 | | | | 59,934 | | | | 0.32 | (f) | | | 0.20 | | | | 0.64 | |
| | 1.00 | | | | 0.82 | | | | 62,178 | | | | 0.59 | | | | 0.84 | | | | 0.63 | |
| | 1.00 | | | | 0.89 | | | | 132,127 | | | | 0.59 | | | | 0.88 | | | | 0.66 | |
| | 1.00 | | | | 0.36 | | | | 134,395 | | | | 0.59 | | | | 0.31 | | | | 0.67 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.00 | | | | 0.01 | | | | 97,415 | | | | 0.12 | (f) | | | 0.01 | | | | 0.47 | |
| | 1.00 | | | | 0.25 | | | | 91,945 | | | | 0.34 | (f) | | | 0.38 | | | | 0.45 | |
| | 1.00 | | | | 0.96 | | | | 742,781 | | | | 0.45 | | | | 0.95 | | | | 0.47 | |
| | 1.00 | | | | 1.03 | | | | 769,285 | | | | 0.45 | | | | 1.03 | | | | 0.49 | |
| | 1.00 | | | | 0.50 | | | | 485,365 | | | | 0.45 | | | | 0.58 | | | | 0.51 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.00 | | | | 0.01 | | | | 2,142 | | | | 0.12 | (f) | | | 0.01 | | | | 0.72 | |
| | 1.00 | | | | 0.21 | | | | 1,498 | | | | 0.34 | (f) | | | 0.20 | | | | 0.70 | |
| | 1.00 | | | | 0.70 | | | | 1,122 | | | | 0.70 | | | | 0.71 | | | | 0.72 | |
| | 1.00 | | | | 0.78 | | | | 1,569 | | | | 0.70 | | | | 0.75 | | | | 0.74 | |
| | 1.00 | | | | 0.25 | | | | 2,285 | | | | 0.70 | (f) | | | 0.24 | | | | 0.78 | |
| | | | | |
| | | | | | | | | | | | | | | | | | | | | | |
| | 1.00 | | | | 0.01 | | | | 2,551 | | | | 0.13 | (f) | | | 0.01 | | | | 1.07 | |
| | 1.00 | | | | 0.18 | | | | 3,729 | | | | 0.41 | (f) | | | 0.21 | | | | 1.11 | |
| | 1.00 | | | | 0.36 | | | | 8,363 | | | | 1.05 | (f) | | | 0.45 | | | | 1.08 | |
| | 1.00 | | | | 0.43 | | | | 36,537 | | | | 1.04 | (f) | | | 0.43 | | | | 1.09 | |
| | 1.00 | | | | 0.06 | | | | 49,027 | | | | 0.90 | (f) | | | 0.05 | | | | 1.11 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MONEY MARKET FUNDS | | | | | | | | 139 |
NOTES TO FINANCIAL STATEMENTS
AS OF FEBRUARY 28, 2022
(Dollar values in thousands)
1. Organization
JPMorgan Trust I (“JPM I”), JPMorgan Trust II (“JPM II”) and JPMorgan Trust IV (“JPM IV”) (collectively, the “Trusts”) were formed on November 12, 2004 for JPM I and JPM II and November 11, 2015 for JPM IV, as Delaware statutory trusts, pursuant to Declarations of Trust dated November 5, 2004 and November 11, 2015, respectively, and are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as open-end management investment companies.
The following are 12 separate funds of the Trusts (each, a “Fund” and collectively, the “Funds”) covered by this report:
| | | | | | |
| | | Classes Offered | | Trust | | Diversification Classification |
| JPMorgan Prime Money Market Fund | | Academy, Agency, Capital, Class C, Empower(1), IM, Institutional Class, Morgan, Premier and Reserve | | JPM I | | Diversified |
| JPMorgan Institutional Tax Free Money Market Fund | | Agency, Capital, IM and Institutional Class | | JPM IV | | Diversified |
| JPMorgan Securities Lending Money Market Fund | | Agency SL | | JPM IV | | Diversified |
| JPMorgan Liquid Assets Money Market Fund | | Agency, Capital, Class C, E*Trade(2), Institutional Class, Investor, Morgan, Premier and Reserve | | JPM II | | Diversified |
| JPMorgan U.S. Government Money Market Fund | | Academy, Agency, Capital, E*Trade, Empower(1), IM, Institutional Class, Investor, Morgan, Premier, Reserve and Service | | JPM II | | Diversified |
| JPMorgan U.S. Treasury Plus Money Market Fund | | Academy(3), Agency, Capital, Class C, Empower(1), IM, Institutional Class, Investor, Morgan, Premier and Reserve | | JPM II | | Diversified |
| JPMorgan Federal Money Market Fund | | Agency, Institutional Class, Morgan and Premier | | JPM I | | Diversified |
| JPMorgan 100% U.S. Treasury Securities Money Market Fund | | Academy(3), Agency, Capital, Empower(1), IM, Institutional Class, Morgan, Premier and Reserve | | JPM I | | Diversified |
| JPMorgan Tax Free Money Market Fund | | Agency, Institutional Class, Morgan, Premier and Reserve | | JPM I | | Diversified |
| JPMorgan Municipal Money Market Fund | | Agency, E*Trade(4), Institutional Class, Morgan, Premier and Service | | JPM II | | Diversified |
| JPMorgan California Municipal Money Market Fund | | Agency, E*Trade(4), Institutional Class, Morgan, Premier and Service | | JPM I | | Diversified |
| JPMorgan New York Municipal Money Market Fund | | Agency, E*Trade(4), Institutional Class, Morgan, Premier, Reserve and Service | | JPM I | | Diversified |
| (1) | Commenced operations on February 23, 2021. |
| (2) | No assets from the close of business on October 19, 2016. |
| (3) | Commenced operations on September 30, 2020. |
| (4) | No assets from the close of business on September 21, 2016. |
The investment objective of JPMorgan Prime Money Market Fund (“Prime Money Market Fund”) and JPMorgan Securities Lending Money Market Fund (“Securities Lending Money Market Fund”) is to seek current income while seeking to maintain liquidity and a low volatility of principal.
The investment objective of JPMorgan Institutional Tax Free Money Market Fund (“Institutional Tax Free Money Market Fund”) is to aim to provide current income, while seeking to maintain liquidity and a low volatility of principal.
The investment objective of JPMorgan Liquid Assets Money Market Fund (“Liquid Assets Money Market Fund”) and JPMorgan U.S. Treasury Plus Money Market Fund (“U.S. Treasury Plus Money Market Fund”) is to seek current income with liquidity and stability of principal.
The investment objective of JPMorgan U.S. Government Money Market Fund (“U.S. Government Money Market Fund”) is to seek high current income with liquidity and stability of principal.
The investment objective of JPMorgan Federal Money Market Fund (“Federal Money Market Fund”) is to aim to provide current income while still preserving capital and maintaining liquidity.
The investment objective of JPMorgan 100% U.S. Treasury Securities Money Market Fund (“100% U.S. Treasury Securities Money Market Fund”) is to aim to provide the highest possible level of current income while still maintaining liquidity and providing maximum safety of principal.
The investment objective of JPMorgan Tax Free Money Market Fund (“Tax Free Money Market Fund”) is to aim to provide the highest possible level of current income which is excluded from gross income, while still preserving capital and maintaining liquidity.
The investment objective of JPMorgan Municipal Money Market Fund (“Municipal Money Market Fund”) is to seek as high a level of current interest income exempt from federal income tax as is consistent with liquidity and stability of principal.
| | | | | | | | | | |
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| 140 | | | | | | | | J.P. MORGAN MONEY MARKET FUNDS | | FEBRUARY 28, 2022 |
The investment objective of JPMorgan California Municipal Money Market Fund (“California Municipal Money Market Fund”) is to aim to provide the highest possible level of current income which is exempt from federal and California personal income taxes, while still preserving capital and maintaining liquidity.
The investment objective of JPMorgan New York Municipal Money Market Fund (“New York Municipal Money Market Fund”) is to aim to provide the highest possible level of current income which is excluded from gross income and exempt from New York State and New York City personal income taxes, while still preserving capital and maintaining liquidity.
Liquid Assets Money Market Fund, Tax Free Money Market Fund, Municipal Money Market Fund, California Municipal Money Market Fund and New York Municipal Money Market Fund seek to qualify as retail money market funds in accordance with criteria established by the Securities and Exchange Commission (“SEC”). Under applicable SEC rules, these Funds are ordinarily permitted to utilize amortized cost accounting to value their portfolio securities and transact at a stable $1.00 share price. These Funds have adopted policies and procedures that allow the Boards of Trustees of the Trusts (the “Boards”) to impose a liquidity fee and/or redemption gate in the event that their weekly liquid assets fall below a designated threshold.
Prime Money Market Fund, Institutional Tax Free Money Market Fund and Securities Lending Money Market Fund do not seek to qualify as a retail or government money market fund and transact utilizing a floating net asset value (“NAV”) calculated to four decimal places. The Funds have adopted policies and procedures that allow the Boards to impose a liquidity fee and/or redemption gate in the event that their weekly liquid assets fall below a designated threshold.
U.S. Government Money Market Fund, U.S. Treasury Plus Money Market Fund, Federal Money Market Fund and 100% U.S. Treasury Securities Money Market Fund seek to qualify as government money market funds in accordance with criteria established by the SEC. Under applicable SEC rules, these Funds are ordinarily permitted to utilize amortized cost accounting to value their portfolio securities and transact at a stable $1.00 share price.
Class C Shares provide for a contingent deferred sales charge (“CDSC”). No sales charges are assessed with respect to the Academy, Agency, Agency SL, Capital, E*Trade, Empower, IM, Institutional Class, Investor, Morgan, Premier, Reserve and Service Shares. Effective October 1, 2020, Class C Shares automatically convert to Morgan Shares after eight years. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements.
J.P. Morgan Investment Management Inc. (“JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), acts as Adviser (the “Adviser”) and Administrator (the “Administrator”) to the Funds.
2. Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
A. Valuation of Investments — Investments are valued in accordance with GAAP and the Funds’ valuation policies set forth by, and under the supervision and responsibility of, the Boards, which established the following approach to valuation, as described more fully below: securities and other debt instruments held by money market funds pursuant to Rule 2a-7 under the 1940 Act shall be valued using the amortized cost method provided that certain conditions are met, with the exception of the Prime Money Market Fund, Institutional Tax Free Money Market Fund and Securities Lending Money Market Fund.
The amortized cost method of valuation involves valuing a security at its cost initially and thereafter assuming a constant amortization to maturity of any discount or premium, regardless of the impact of fluctuating interest rates on the market value of the security. This method may result in periods during which value, as determined by amortized cost, is higher or lower than the price each Fund would receive if it sold the security. The market value of securities in the Funds can generally be expected to vary inversely with changes in prevailing interest rates.
The Administrator has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Boards with the oversight and monitoring of the valuation of the Funds’ investments. The Administrator implements the valuation policies of the Funds’ investments, as directed by the Boards. The AVC oversees and carries out the policies for the valuation of investments held in the Funds. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. This includes also monitoring on a daily basis that the amortized cost valuation method fairly reflects the market-based net asset value (“NAV”) of the Funds. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Boards.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MONEY MARKET FUNDS | | | | | | | | 141 |
NOTES TO FINANCIAL STATEMENTS
AS OF FEBRUARY 28, 2022 (continued)
(Dollar values in thousands)
For Prime Money Market Fund, Institutional Tax Free Money Market Fund and Securities Lending Money Market Fund, fixed income instruments for which market quotations are not readily available are fair valued based on prices received from approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”). The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.
Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.
The various inputs that are used in determining the valuation of the Funds’ investments are summarized into the three broad levels listed below.
| • | | Level 1 — Quoted prices in active markets for identical securities. |
| • | | Level 2 — Other significant observable inputs (including, but not limited to, quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). |
| • | | Level 3 — Significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments). |
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, certain money market securities are valued using amortized cost, in accordance with rules under the 1940 Act. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as level 2.
The following tables represent each valuation input as presented on the Schedules of Portfolio Investments (“SOIs”):
Prime Money Market Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
Quoted prices | | | Level 2
Other significant
observable inputs | | | Level 3
Significant
unobservable inputs | | | Total | |
Total Investments in Securities (a) | | $ | — | | | $ | 69,199,515 | | | $ | — | | | $ | 69,199,515 | |
| | | | | | | | | | | | | | | | |
| (a) | Please refer to the SOI for specifics of portfolio holdings. |
Institutional Tax Free Money Market Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
Quoted prices | | | Level 2
Other significant
observable inputs | | | Level 3
Significant
unobservable inputs | | | Total | |
Total Investments in Securities (a) | | $ | — | | | $ | 1,259,861 | | | $ | — | | | $ | 1,259,861 | |
| | | | | | | | | | | | | | | | |
| (a) | Please refer to the SOI for specifics of portfolio holdings. |
Securities Lending Money Market Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
Quoted prices | | | Level 2
Other significant
observable inputs | | | Level 3
Significant
unobservable inputs | | | Total | |
Total Investments in Securities (a) | | $ | — | | | $ | 1,921,878 | | | $ | — | | | $ | 1,921,878 | |
| | | | | | | | | | | | | | | | |
| (a) | Please refer to the SOI for specifics of portfolio holdings. |
The following is a summary of the inputs used as of February 28, 2022, in valuing the Funds’ assets and liabilities carried at amortized cost which approximates fair value:
Liquid Assets Money Market Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
Quoted prices | | | Level 2
Other significant
observable inputs | | | Level 3
Significant
unobservable inputs | | | Total | |
Total Investments in Securities (a) | | $ | — | | | $ | 6,256,935 | | | $ | — | | | $ | 6,256,935 | |
| | | | | | | | | | | | | | | | |
| (a) | Please refer to the SOI for specifics of portfolio holdings. |
| | | | | | | | | | |
| | | | | |
| 142 | | | | | | | | J.P. MORGAN MONEY MARKET FUNDS | | FEBRUARY 28, 2022 |
U.S. Government Money Market Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
Quoted prices | | | Level 2
Other significant
observable inputs | | | Level 3
Significant
unobservable inputs | | | Total | |
Total Investments in Securities (a) | | $ | — | | | $ | 241,404,689 | | | $ | — | | | $ | 241,404,689 | |
| | | | | | | | | | | | | | | | |
| (a) | Please refer to the SOI for specifics of portfolio holdings. |
U.S. Treasury Plus Money Market Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
Quoted prices | | | Level 2
Other significant
observable inputs | | | Level 3
Significant
unobservable inputs | | | Total | |
Total Investments in Securities (a) | | $ | — | | | $ | 22,068,549 | | | $ | — | | | $ | 22,068,549 | |
| | | | | | | | | | | | | | | | |
| (a) | Please refer to the SOI for specifics of portfolio holdings. |
Federal Money Market Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
Quoted prices | | | Level 2
Other significant
observable inputs | | | Level 3
Significant
unobservable inputs | | | Total | |
Total Investments in Securities (a) | | $ | — | | | $ | 1,677,058 | | | $ | — | | | $ | 1,677,058 | |
| | | | | | | | | | | | | | | | |
| (a) | Please refer to the SOI for specifics of portfolio holdings. |
100% U.S. Treasury Securities Money Market Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
Quoted prices | | | Level 2
Other significant
observable inputs | | | Level 3
Significant
unobservable inputs | | | Total | |
Total Investments in Securities (a) | | $ | — | | | $ | 96,463,126 | | | $ | — | | | $ | 96,463,126 | |
| | | | | | | | | | | | | | | | |
| (a) | Please refer to the SOI for specifics of portfolio holdings. |
Tax Free Money Market Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
Quoted prices | | | Level 2
Other significant
observable inputs | | | Level 3
Significant
unobservable inputs | | | Total | |
Total Investments in Securities (a) | | $ | — | | | $ | 7,587,347 | | | $ | — | | | $ | 7,587,347 | |
| | | | | | | | | | | | | | | | |
| (a) | Please refer to the SOI for specifics of portfolio holdings. |
Municipal Money Market Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
Quoted prices | | | Level 2
Other significant
observable inputs | | | Level 3
Significant
unobservable inputs | | | Total | |
Total Investments in Securities (a) | | $ | — | | | $ | 985,501 | | | $ | — | | | $ | 985,501 | |
| | | | | | | | | | | | | | | | |
| (a) | Please refer to the SOI for specifics of portfolio holdings. |
California Municipal Money Market Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
Quoted prices | | | Level 2
Other significant
observable inputs | | | Level 3
Significant
unobservable inputs | | | Total | |
Total Investments in Securities (a) | | $ | — | | | $ | 225,640 | | | $ | — | | | $ | 225,640 | |
| | | | | | | | | | | | | | | | |
| (a) | Please refer to the SOI for specifics of portfolio holdings. |
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MONEY MARKET FUNDS | | | | | | | | 143 |
NOTES TO FINANCIAL STATEMENTS
AS OF FEBRUARY 28, 2022 (continued)
(Dollar values in thousands)
New York Municipal Money Market Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
Quoted prices | | | Level 2
Other significant
observable inputs | | | Level 3
Significant
unobservable inputs | | | Total | |
Total Investments in Securities (a) | | $ | — | | | $ | 626,489 | | | $ | — | | | $ | 626,489 | |
| | | | | | | | | | | | | | | | |
| (a) | Please refer to the SOI for specifics of portfolio holdings. |
B. Restricted Securities — Certain securities held by the Funds may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the NAVs of the Funds.
As of February 28, 2022, the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A and/or Regulation S under the Securities Act.
C. Repurchase Agreements — Prime Money Market Fund, Securities Lending Money Market Fund, Liquid Assets Money Market Fund, U.S. Government Money Market Fund and U.S. Treasury Plus Money Market Fund may enter into repurchase agreement transactions that meet the credit guidelines of JPMIM. Repurchase agreements involve the purchase of securities subject to the seller’s agreement to repurchase the securities at a mutually agreed upon date and price. The Funds require that the collateral received in a repurchase agreement transaction be transferred to a custodian in a manner sufficient to enable the Funds to obtain collateral in the event of a counterparty default. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Funds may be delayed or limited. Repurchase agreement collateral may be held in segregated accounts maintained by JPMorgan Chase Bank, N.A. (“JPMCB”), a wholly-owned subsidiary of JPMorgan, or in segregated accounts maintained by an unaffiliated third-party custodian. Prime Money Market Fund, Liquid Assets Money Market Fund, Securities Lending Money Market Fund, U.S. Government Money Market Fund and U.S. Treasury Plus Money Market Fund or their affiliates may transfer uninvested cash into joint accounts, which are utilized by multiple accounts or funds managed by the Adviser or its affiliates, the daily aggregate balance of which is invested in one or more repurchase agreements. Under these joint accounts, the Funds maintain pro-rata credit exposure to the underlying repurchase agreements’ counterparties and collateral (collateral may also be held overnight in segregated custodial sub-accounts established in the name of each participating Fund).
The Funds’ repurchase agreements are not subject to master netting arrangements.
D. When-Issued Securities, Delayed Delivery Securities and Forward Commitments — Institutional Tax Free Money Market Fund, Tax Free Money Market Fund, Municipal Money Market Fund and California Municipal Money Market Fund purchased when-issued securities, including To Be Announced (“TBA”) securities, and entered into contracts to purchase or sell securities for a fixed price that may be settled a month or more after the trade date, or purchased delayed delivery securities which generally settle seven days after the trade date. When-issued securities are securities that have been authorized, but not issued in the market. A forward commitment involves entering into a contract to purchase or sell securities for a fixed price at a future date that may be settled a month or more after the trade date. A delayed delivery security is agreed upon in advance between the buyer and the seller of the security and is generally delivered beyond seven days of the agreed upon date. The purchase of securities on a when-issued, delayed delivery or forward commitment basis involves the risk that the value of the security to be purchased declines before the settlement date. The sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. The Funds may be exposed to credit risk if the counterparty fails to perform under the terms of the transaction. Interest income for securities purchased on a when-issued, delayed delivery or forward commitment basis is not accrued until the settlement date.
Institutional Tax Free Money Market Fund, Tax Free Money Market Fund, Municipal Money Market Fund and California Municipal Money Market Fund had when-issued securities, delayed delivery securities or forward commitments outstanding as of February 28, 2022, which are shown as a Receivable for Investment securities sold — delayed delivery securities on the Statements of Assets and Liabilities. The values of these securities held at February 28, 2022 are detailed on the SOIs.
E. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income is determined on the basis of coupon interest accrued using the effective interest method, which adjusts for amortization of premiums and accretion of discounts.
F. Allocation of Income and Expenses — Expenses directly attributable to a Fund are charged directly to that Fund, while the expenses attributable to more than one fund of the Trusts are allocated among the applicable funds. Investment income, realized and unrealized gains and losses and expenses, other than class-specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.
| | | | | | | | | | |
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| 144 | | | | | | | | J.P. MORGAN MONEY MARKET FUNDS | | FEBRUARY 28, 2022 |
Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each share class of the Funds for the year ended February 28, 2022 are as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Prime
Money
Market
Fund | | | Institutional
Tax Free
Money
Market
Fund | | | Securities
Lending
Money
Market
Fund | | | Liquid
Assets
Money
Market
Fund | | | U.S.
Government
Money
Market
Fund | | | U.S.
Treasury
Plus
Money
Market
Fund | | | Federal
Money
Market
Fund | | | 100% U.S.
Treasury
Securities
Money
Market
Fund | | | Tax
Free
Money
Market
Fund | | | Municipal
Money
Market
Fund | | | California
Municipal
Money
Market
Fund | | | New York
Municipal
Money
Market
Fund | |
Academy | | $ | 44 | | | | n/a | | | | n/a | | | | n/a | | | $ | 131 | | | $ | 2 | | | | n/a | | | $ | 2 | | | | n/a | | | | n/a | | | | n/a | | | | n/a | |
Agency | | | 57 | | | $ | 26 | | | | n/a | | | $ | 17 | | | | 294 | | | | 27 | | | $ | 5 | | | | 63 | | | $ | 5 | | | $ | 2 | | | $ | — | (a) | | $ | 1 | |
Agency SL | | | n/a | | | | n/a | | | $ | 81 | | | | n/a | | | | n/a | | | | n/a | | | | n/a | | | | n/a | | | | n/a | | | | n/a | | | | n/a | | | | n/a | |
Capital | | | 832 | | | | 30 | | | | n/a | | | | 61 | | | | 2,905 | | | | 194 | | | | n/a | | | | 1,059 | | | | n/a | | | | n/a | | | | n/a | | | | n/a | |
Class C | | | 26 | | | | n/a | | | | n/a | | | | 4 | | | | n/a | | | | 8 | | | | n/a | | | | n/a | | | | n/a | | | | n/a | | | | n/a | | | | n/a | |
E*Trade | | | n/a | | | | n/a | | | | n/a | | | | n/a | | | | 7 | | | | n/a | | | | n/a | | | | n/a | | | | n/a | | | | n/a | | | | n/a | | | | n/a | |
Empower | | | 31 | | | | n/a | | | | n/a | | | | n/a | | | | 44 | | | | 6 | | | | n/a | | | | 5 | | | | n/a | | | | n/a | | | | n/a | | | | n/a | |
IM | | | 214 | | | | 48 | | | | n/a | | | | n/a | | | | 155 | | | | — | (a) | | | n/a | | | | 2 | | | | n/a | | | | n/a | | | | n/a | | | | n/a | |
Institutional Class | | | 326 | | | | 33 | | | | n/a | | | | 49 | | | | 542 | | | | 194 | | | | 43 | | | | 460 | | | | 102 | | | | 13 | | | | 1 | | | | 8 | |
Investor | | | n/a | | | | n/a | | | | n/a | | | | — | (a) | | | 43 | | | | — | (a) | | | n/a | | | | n/a | | | | n/a | | | | n/a | | | | n/a | | | | n/a | |
Morgan | | | 216 | | | | n/a | | | | n/a | | | | 77 | | | | 86 | | | | 23 | | | | 20 | | | | 76 | | | | 6 | | | | 4 | | | | 1 | | | | 19 | |
Premier | | | 57 | | | | n/a | | | | n/a | | | | 32 | | | | 110 | | | | 38 | | | | 6 | | | | 39 | | | | 9 | | | | — | (a) | | | 3 | | | | 2 | |
Reserve | | | 28 | | | | n/a | | | | n/a | | | | — | (a) | | | 45 | | | | — | (a) | | | n/a | | | | 57 | | | | 29 | | | | n/a | | | | n/a | | | | — | (a) |
Service | | | n/a | | | | n/a | | | | n/a | | | | n/a | | | | 6 | | | | n/a | | | | n/a | | | | n/a | | | | n/a | | | | — | (a) | | | — | (a) | | | — | (a) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total | | $ | 1,831 | | | $ | 137 | | | $ | 81 | | | $ | 240 | | | $ | 4,368 | | | $ | 492 | | | $ | 74 | | | $ | 1,763 | | | $ | 151 | | | $ | 19 | | | $ | 5 | | | $ | 30 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (a) | Amount rounds to less than one thousand. |
G. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of February 28, 2022, no liability for Federal income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each Fund’s Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.
H. Distributions to Shareholders — Distributions from net investment income, if any, are generally declared daily and paid monthly and are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax basis treatment.
The following amounts were reclassified within the capital accounts:
| | | | | | | | | | | | |
| | | Paid-in-Capital | | | Accumulated
undistributed
(distributions
in excess of)
net investment
income | | | Accumulated
net realized
gains (losses) | |
U.S. Treasury Plus Money Market Fund | | $ | (6 | ) | | $ | 6 | | | $ | — | |
Federal Money Market Fund | | | — | | | | 16 | | | | (16 | ) |
Tax Free Money Market Fund | | | 111 | | | | — | | | | (111 | ) |
Municipal Money Market Fund | | | 143 | | | | — | | | | (143 | ) |
California Municipal Money Market Fund | | | 12 | | | | (7 | ) | | | (5 | ) |
New York Municipal Money Market Fund | | | 18 | | | | — | (a) | | | (18 | ) |
| (a) | Amount rounds to less than one thousand. |
The reclassifications for the Funds relate primarily to redesignation of dividends and tax equalization.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MONEY MARKET FUNDS | | | | | | | | 145 |
NOTES TO FINANCIAL STATEMENTS
AS OF FEBRUARY 28, 2022 (continued)
(Dollar values in thousands)
3. Fees and Other Transactions with Affiliates
A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser manages the investments of each Fund and for such services is paid a fee. The investment advisory fee is accrued daily and paid monthly at an annual rate of 0.08% of each Fund’s respective average daily net assets.
The Adviser waived investment advisory fees and/or reimbursed expenses as outlined in Note 3.F.
B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to each Fund. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.07% of the first $150 billion of the average daily net assets of all money market funds in the J.P. Morgan Funds Complex covered by the Administration Agreement, plus 0.05% of the average daily net assets between $150 billion and $300 billion, plus 0.03% of the average daily net assets between $300 billion and $400 billion, plus 0.01% of the average daily net assets in excess of $400 billion. For the year ended February 28, 2022, the effective rate was 0.05% of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.
The Administrator waived administration fees as outlined in Note 3.F.
JPMCB serves as the Funds’ sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.
C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (“JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, serves as each Fund’s principal underwriter and promotes and arranges for the sale of each Fund’s shares.
The Boards have adopted a Distribution Plan (the “Distribution Plan”) for Class C, E*Trade, Morgan, Reserve and Service Shares of the Funds, as applicable, pursuant to Rule 12b-1 under the 1940 Act. Academy, Agency, Agency SL, Capital, Empower, IM, Institutional Class, Investor and Premier Shares of the Funds do not participate in the Distribution Plan. The Distribution Plan provides that each Fund shall pay, with respect to the applicable share classes, distribution fees, including payments to JPMDS, at annual rates of the average daily net assets as shown in the table below:
| | | | | | | | | | | | | | | | | | | | |
| | | Class C | | | E*Trade | | | Morgan | | | Reserve | | | Service | |
Prime Money Market Fund | | | 0.75 | % | | | n/a | | | | n/a | | | | 0.25 | % | | | n/a | |
Liquid Assets Money Market Fund | | | 0.75 | | | | 0.60 | % | | | 0.10 | % | | | 0.25 | | | | n/a | |
U.S. Government Money Market Fund | | | n/a | | | | 0.60 | | | | 0.10 | | | | 0.25 | | | | 0.60 | % |
U.S. Treasury Plus Money Market Fund | | | 0.75 | | | | n/a | | | | 0.10 | | | | 0.25 | | | | n/a | |
Federal Money Market Fund | | | n/a | | | | n/a | | | | 0.10 | | | | n/a | | | | n/a | |
100% U.S. Treasury Securities Money Market Fund | | | n/a | | | | n/a | | | | 0.10 | | | | 0.25 | | | | n/a | |
Tax Free Money Market Fund | | | n/a | | | | n/a | | | | 0.10 | | | | 0.25 | | | | n/a | |
Municipal Money Market Fund | | | n/a | | | | 0.60 | | | | 0.10 | | | | n/a | | | | 0.60 | |
California Municipal Money Market Fund | | | n/a | | | | 0.60 | | | | 0.10 | | | | n/a | | | | 0.60 | |
New York Municipal Money Market Fund | | | n/a | | | | 0.60 | | | | 0.10 | | | | 0.25 | | | | 0.60 | |
JPMDS waived distribution fees as outlined in Note 3.F.
In addition, JPMDS is entitled to receive the CDSC from redemptions of Class C Shares. For the year ended February 28, 2022, JPMDS retained the following:
| | | | |
| | | CDSC | |
Liquid Assets Money Market Fund | | $ | — | (a) |
| (a) | Amount rounds to less than one thousand. |
| | | | | | | | | | |
| | | | | |
| 146 | | | | | | | | J.P. MORGAN MONEY MARKET FUNDS | | FEBRUARY 28, 2022 |
D. Service Fees — The Trusts, on behalf of the Funds, have entered into a Shareholder Servicing Agreement with JPMDS under which JPMDS provides certain support services to fund shareholders. For performing these services, JPMDS receives a fee with respect to all share classes, except Agency SL and IM Shares which do not charge a service fee, that is accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Academy | | | Agency | | | Capital | | | Class C | | | E*Trade | | | Empower | |
Prime Money Market Fund | �� | | 0.05 | % | | | 0.15 | % | | | 0.05 | % | | | 0.25 | % | | | n/a | | | | 0.05 | % |
Institutional Tax Free Money Market Fund | | | n/a | | | | 0.15 | | | | 0.05 | | | | n/a | | | | n/a | | | | n/a | |
Securities Lending Money Market Fund | | | n/a | | | | n/a | | | | n/a | | | | n/a | | | | n/a | | | | n/a | |
Liquid Assets Money Market Fund | | | n/a | | | | 0.15 | | | | 0.05 | | | | 0.25 | | | | 0.30 | % | | | n/a | |
U.S. Government Money Market Fund | | | 0.05 | | | | 0.15 | | | | 0.05 | | | | n/a | | | | 0.30 | | | | 0.05 | |
U.S. Treasury Plus Money Market Fund | | | 0.05 | | | | 0.15 | | | | 0.05 | | | | 0.25 | | | | n/a | | | | 0.05 | |
Federal Money Market Fund | | | n/a | | | | 0.15 | | | | n/a | | | | n/a | | | | n/a | | | | n/a | |
100% U.S. Treasury Securities Money Market Fund | | | 0.05 | | | | 0.15 | | | | 0.05 | | | | n/a | | | | n/a | | | | 0.05 | |
Tax Free Money Market Fund | | | n/a | | | | 0.15 | | | | n/a | | | | n/a | | | | n/a | | | | n/a | |
Municipal Money Market Fund | | | n/a | | | | 0.15 | | | | n/a | | | | n/a | | | | 0.30 | | | | n/a | |
California Municipal Money Market Fund | | | n/a | | | | 0.15 | | | | n/a | | | | n/a | | | | 0.30 | | | | n/a | |
New York Municipal Money Market Fund | | | n/a | | | | 0.15 | | | | n/a | | | | n/a | | | | 0.30 | | | | n/a | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Institutional Class | | | Investor | | | Morgan | | | Premier | | | Reserve | | | Service | |
Prime Money Market Fund | | | 0.10 | % | | | n/a | | | | 0.35 | % | | | 0.30 | % | | | 0.30 | % | | | n/a | |
Institutional Tax Free Money Market Fund | | | 0.10 | | | | n/a | | | | n/a | | | | n/a | | | | n/a | | | | n/a | |
Securities Lending Money Market Fund | | | n/a | | | | n/a | | | | n/a | | | | n/a | | | | n/a | | | | n/a | |
Liquid Assets Money Market Fund | | | 0.10 | | | | 0.35 | % | | | 0.35 | | | | 0.30 | | | | 0.30 | | | | n/a | |
U.S. Government Money Market Fund | | | 0.10 | | | | 0.35 | | | | 0.35 | | | | 0.30 | | | | 0.30 | | | | 0.30 | % |
U.S. Treasury Plus Money Market Fund | | | 0.10 | | | | 0.35 | | | | 0.35 | | | | 0.30 | | | | 0.30 | | | | n/a | |
Federal Money Market Fund | | | 0.10 | | | | n/a | | | | 0.35 | | | | 0.30 | | | | n/a | | | | n/a | |
100% U.S. Treasury Securities Money Market Fund | | | 0.10 | | | | n/a | | | | 0.35 | | | | 0.30 | | | | 0.30 | | | | n/a | |
Tax Free Money Market Fund | | | 0.10 | | | | n/a | | | | 0.35 | | | | 0.30 | | | | 0.30 | | | | n/a | |
Municipal Money Market Fund | | | 0.10 | | | | n/a | | | | 0.35 | | | | 0.30 | | | | n/a | | | | 0.30 | |
California Municipal Money Market Fund | | | 0.10 | | | | n/a | | | | 0.35 | | | | 0.30 | | | | n/a | | | | 0.30 | |
New York Municipal Money Market Fund | | | 0.10 | | | | n/a | | | | 0.35 | | | | 0.30 | | | | 0.30 | | | | 0.30 | |
JPMDS has entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Funds. Pursuant to such contracts, JPMDS will pay all or a portion of such fees earned to financial intermediaries for performing such services.
JPMDS waived service fees as outlined in Note 3.F.
E. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Funds. For performing these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees on the Statements of Operations.
Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statements of Operations.
Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statements of Operations.
F. Waivers and Reimbursements — The Adviser, Administrator and JPMDS have contractually agreed to waive fees and/or reimburse the Funds, except IM Shares of Prime Money Market Fund, U.S. Government Money Market Fund, U.S. Treasury Plus Money Market Fund and 100% U.S. Treasury Securities Money Market Fund, to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MONEY MARKET FUNDS | | | | | | | | 147 |
NOTES TO FINANCIAL STATEMENTS
AS OF FEBRUARY 28, 2022 (continued)
(Dollar values in thousands)
potential litigation, expenses related to trustee elections and extraordinary expenses) exceed the percentages of the Funds’ respective average daily net assets as shown in the table below:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Academy | | | Agency | | | Agency SL | | | Capital | | | Class C | | | E*Trade | | | Empower | |
Prime Money Market Fund | | | 0.18 | % | | | 0.26 | % | | | n/a | | | | 0.18 | % | | | 0.97 | % | | | n/a | | | | 0.18 | % |
Institutional Tax Free Money Market Fund | | | n/a | | | | 0.26 | | | | n/a | | | | 0.18 | | | | n/a | | | | n/a | | | | n/a | |
Securities Lending Money Market Fund | | | n/a | | | | n/a | | | | 0.06 | % | | | n/a | | | | n/a | | | | n/a | | | | n/a | |
Liquid Assets Money Market Fund | | | n/a | | | | 0.26 | | | | n/a | | | | 0.18 | | | | 0.97 | | | | 1.00 | % | | | n/a | |
U.S. Government Money Market Fund | | | 0.18 | | | | 0.26 | | | | n/a | | | | 0.18 | | | | n/a | | | | 1.00 | | | | 0.18 | |
U.S. Treasury Plus Money Market Fund | | | 0.18 | | | | 0.26 | | | | n/a | | | | 0.18 | | | | 0.97 | | | | n/a | | | | 0.18 | |
Federal Money Market Fund | | | n/a | | | | 0.26 | | | | n/a | | | | n/a | | | | n/a | | | | n/a | | | | n/a | |
100% U.S. Treasury Securities Money Market Fund | | | 0.18 | | | | 0.26 | | | | n/a | | | | 0.18 | | | | n/a | | | | n/a | | | | 0.18 | |
Tax Free Money Market Fund | | | n/a | | | | 0.26 | | | | n/a | | | | n/a | | | | n/a | | | | n/a | | | | n/a | |
Municipal Money Market Fund | | | n/a | | | | 0.26 | | | | n/a | | | | n/a | | | | n/a | | | | 1.00 | | | | n/a | |
California Municipal Money Market Fund | | | n/a | | | | 0.26 | | | | n/a | | | | n/a | | | | n/a | | | | 1.00 | | | | n/a | |
New York Municipal Money Market Fund | | | n/a | | | | 0.26 | | | | n/a | | | | n/a | | | | n/a | | | | 1.00 | | | | n/a | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | IM | | | Institutional Class | | | Investor | | | Morgan | | | Premier | | | Reserve | | | Service | |
Prime Money Market Fund | | | n/a | | | | 0.21 | % | | | n/a | | | | 0.52 | % | | | 0.45 | % | | | 0.70 | % | | | n/a | |
Institutional Tax Free Money Market Fund | | | 0.16 | % | | | 0.21 | | | | n/a | | | | n/a | | | | n/a | | | | n/a | | | | n/a | |
Securities Lending Money Market Fund | | | n/a | | | | n/a | | | | n/a | | | | n/a | | | | n/a | | | | n/a | | | | n/a | |
Liquid Assets Money Market Fund | | | n/a | | | | 0.21 | | | | 0.51 | % | | | 0.59 | | | | 0.45 | | | | 0.70 | | | | n/a | |
U.S. Government Money Market Fund | | | n/a | | | | 0.21 | | | | 0.51 | | | | 0.59 | | | | 0.45 | | | | 0.70 | | | | 1.05 | % |
U.S. Treasury Plus Money Market Fund | | | n/a | | | | 0.21 | | | | 0.51 | | | | 0.59 | | | | 0.45 | | | | 0.70 | | | | n/a | |
Federal Money Market Fund | | | n/a | | | | 0.21 | | | | n/a | | | | 0.59 | | | | 0.45 | | | | n/a | | | | n/a | |
100% U.S. Treasury Securities Money Market Fund | | | n/a | | | | 0.21 | | | | n/a | | | | 0.59 | | | | 0.45 | | | | 0.70 | | | | n/a | |
Tax Free Money Market Fund | | | n/a | | | | 0.21 | | | | n/a | | | | 0.59 | | | | 0.45 | | | | 0.70 | | | | n/a | |
Municipal Money Market Fund | | | n/a | | | | 0.21 | | | | n/a | | | | 0.59 | | | | 0.45 | | | | n/a | | | | 1.05 | |
California Municipal Money Market Fund | | | n/a | | | | 0.21 | | | | n/a | | | | 0.59 | | | | 0.45 | | | | n/a | | | | 1.05 | |
New York Municipal Money Market Fund | | | n/a | | | | 0.21 | | | | n/a | | | | 0.59 | | | | 0.45 | | | | 0.70 | | | | 1.05 | |
The expense limitation agreements were in effect for the year ended February 28, 2022 and the contractual expense limitation percentages in the table above are in place until at least June 30, 2022. In addition, the Funds’ service providers have voluntarily waived fees during the year ended February 28, 2022. However, the Funds’ service providers are under no obligation to do so and may discontinue such voluntary waivers at any time.
For the year ended February 28, 2022, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.
| | | | | | | | | | | | | | | | | | | | |
| | | Contractual Waivers | | | | |
| | | Investment
Advisory
Fees | | | Administration
Fees | | | Service
Fees | | | Total | | | Contractual
Reimbursements | |
Prime Money Market Fund | | $ | 13 | | | $ | — | | | $ | 6,538 | | | $ | 6,551 | | | $ | 49 | |
Institutional Tax Free Money Market Fund | | | 34 | | | | 23 | | | | 272 | | | | 329 | | | | 14 | |
Securities Lending Money Market Fund | | | 1,397 | | | | 931 | | | | — | | | | 2,328 | | | | — | |
Liquid Assets Money Market Fund | | | 10 | | | | — | | | | 1,633 | | | | 1,643 | | | | — | |
U.S. Government Money Market Fund | | | 44 | | | | — | | | | 19,240 | | | | 19,284 | | | | — | |
U.S. Treasury Plus Money Market Fund | | | 6 | | | | — | | | | 4,065 | | | | 4,071 | | | | 1 | |
Federal Money Market Fund | | | 76 | | | | 51 | | | | 701 | | | | 828 | | | | — | |
100% U.S. Treasury Securities Money Market Fund | | | 21 | | | | — | | | | 9,420 | | | | 9,441 | | | | — | |
Tax Free Money Market Fund | | | — | | | | — | | | | 1,688 | | | | 1,688 | | | | — | |
Municipal Money Market Fund | | | 96 | | | | 58 | | | | 334 | | | | 488 | | | | — | |
California Municipal Money Market Fund | | | 103 | | | | 69 | | | | 50 | | | | 222 | | | | — | |
New York Municipal Money Market Fund | | | 74 | | | | 48 | | | | 251 | | | | 373 | | | | — | |
| | | | | | | | | | |
| | | | | |
| 148 | | | | | | | | J.P. MORGAN MONEY MARKET FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Voluntary Waivers | | | | | | | |
| | | Investment
Advisory
Fees | | | Administration
Fees | | | Distribution
Fees | | | Service
Fees | | | Transfer
Agency
Fees | | | Total | | | Voluntary
Reimbursements | |
Prime Money Market Fund | | $ | 14,790 | | | $ | 9,860 | | | $ | 9 | | | $ | 37,161 | | | $ | 1,117 | | | $ | 62,937 | | | $ | — | (a) |
Institutional Tax Free Money Market Fund | | | 613 | | | | 402 | | | | — | | | | 291 | | | | 90 | | | | 1,396 | | | | — | |
Liquid Assets Money Market Fund | | | 512 | | | | 341 | | | | 724 | | | | 8,856 | | | | 35 | | | | 10,468 | | | | — | |
U.S. Government Money Market Fund | | | 125,491 | | | | 83,661 | | | | 17,336 | | | | 152,132 | | | | 3,235 | | | | 381,855 | | | | — | |
U.S. Treasury Plus Money Market Fund | | | 12,377 | | | | 8,251 | | | | 3,732 | | | | 21,786 | | | | 268 | | | | 46,414 | | | | — | |
Federal Money Market Fund | | | 1,115 | | | | 727 | | | | 50 | | | | 1,935 | | | | 71 | | | | 3,898 | | | | 36 | |
100% U.S. Treasury Securities Money Market Fund | | | 46,154 | | | | 30,770 | | | | 10,474 | | | | 74,800 | | | | 1,438 | | | | 163,636 | | | | — | |
Tax Free Money Market Fund | | | 2,272 | | | | 1,515 | | | | 4,297 | | | | 10,552 | | | | 103 | | | | 18,739 | | | | — | |
Municipal Money Market Fund | | | 200 | | | | 134 | | | | 172 | | | | 819 | | | | 12 | | | | 1,337 | | | | — | |
California Municipal Money Market Fund | | | 69 | | | | 36 | | | | 68 | | | | 448 | | | | 2 | | | | 623 | | | | 51 | |
New York Municipal Money Market Fund | | | 195 | | | | 129 | | | | 77 | | | | 736 | | | | 17 | | | | 1,154 | | | | — | (a) |
| (a) | Amount rounds to less than one thousand. |
Effective January 1, 2022, JPMIM voluntarily agreed to reimburse the Funds for the Trustee Fees paid to one of the interested Trustees. For the period January 1, 2022 through February 28, 2022 the amount of these waivers were as follows:
| | | | |
Prime Money Market Fund | | $ | 2 | |
Institutional Tax Free Money Market Fund | | | — | (a) |
Securities Lending Money Market Fund | | | — | (a) |
Liquid Assets Money Market Fund | | | — | (a) |
U.S. Government Money Market Fund | | | 6 | |
U.S. Treasury Plus Money Market Fund | | | 1 | |
Federal Money Market Fund | | | — | (a) |
100% U.S. Treasury Securities Money Market Fund | | | 2 | |
Tax Free Money Market Fund | | | — | (a) |
Municipal Money Market Fund | | | — | (a) |
California Municipal Money Market Fund | | | — | (a) |
New York Municipal Money Market Fund | | | — | (a) |
| (a) | Amount rounds to less than one thousand. |
G. Other — Certain officers of the Trusts are affiliated with the Adviser, the Administrator and JPMDS. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Funds for serving in their respective roles.
The Boards designated and appointed a Chief Compliance Officer to the Funds pursuant to Rule 38a-1 under the 1940 Act. Each Fund, along with affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the Statements of Operations.
Certain Funds earn interest on certain uninvested cash balances held at the custodian, which is included in the Interest income from affiliates on the Statements of Operations.
The Trusts adopted a Trustee Deferred Compensation Plan (the “Plan”) which allows the independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.
During the year ended February 28, 2022, Prime Money Market Fund, Liquid Assets Money Market Fund and Securities Lending Money Market Fund purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.
The SEC has granted an exemptive order permitting the Funds to engage in principal transactions with J.P. Morgan Securities LLC, an affiliated broker, involving taxable money market instruments, subject to certain conditions.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MONEY MARKET FUNDS | | | | | | | | 149 |
NOTES TO FINANCIAL STATEMENTS
AS OF FEBRUARY 28, 2022 (continued)
(Dollar values in thousands)
The Funds are permitted to effect purchase and sale transactions with affiliated Funds under procedures adopted by the Boards. The procedures have been designed to seek to ensure that any such security transaction complies with certain conditions of Rule 17a-7 under the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the year ended February 28, 2022, the Funds below engaged in such transactions in the following amounts:
| | | | | | | | | | | | |
| | | Purchases | | | Sales | | | Realized
Gain (Loss) | |
Institutional Tax Free Money Market Fund | | $ | 1,448,144 | | | $ | 2,073,417 | | | $ | — | |
Tax Free Money Market Fund | | | 1,924,367 | | | | 1,275,890 | | | | — | |
Municipal Money Market Fund | | | 601,832 | | | | 667,138 | | | | — | |
California Municipal Money Market Fund | | | 120,624 | | | | 165,427 | | | | — | |
New York Municipal Money Market Fund | | | 424,935 | | | | 338,029 | | | | — | |
4. Class-Specific Expenses
The Funds’ class specific gross expenses for the year ended February 28, 2022 were as follows:
| | | | | | | | |
| | | Distribution | | | Service | |
Prime Money Market Fund | | | | | | | | |
Academy | | $ | — | | | $ | 538 | |
Agency | | | — | | | | 2,100 | |
Capital | | | — | | | | 22,974 | |
Class C | | | 5 | | | | 2 | |
Empower | | | — | | | | 88 | |
Institutional Class | | | — | | | | 15,813 | |
Morgan | | | — | | | | 3,744 | |
Premier | | | — | | | | 3,343 | |
Reserve | | | 4 | | | | 5 | |
| | | | | | | | |
| | $ | 9 | | | $ | 48,607 | |
| | | | | | | | |
Institutional Tax Free Money Market Fund | | | | | | | | |
Agency | | $ | — | | | $ | 27 | |
Capital | | | — | | | | 76 | |
Institutional Class | | | — | | | | 485 | |
| | | | | | | | |
| | $ | — | | | $ | 588 | |
| | | | | | | | |
Liquid Assets Money Market Fund | | | | | | | | |
Agency | | $ | — | | | $ | 1,374 | |
Capital | | | — | | | | 1,339 | |
Class C | | | 174 | | | | 58 | |
Institutional Class | | | — | | | | 2,193 | |
Investor | | | — | | | | 11 | |
Morgan | | | 539 | | | | 1,886 | |
Premier | | | — | | | | 5,549 | |
Reserve | | | 11 | | | | 13 | |
| | | | | | | | |
| | $ | 724 | | | $ | 12,423 | |
| | | | | | | | |
U.S. Government Money Market Fund | | | | | | | | |
Academy | | $ | — | | | $ | 3,838 | |
Agency | | | — | | | | 21,465 | |
Capital | | | — | | | | 80,012 | |
E*Trade | | | 2,336 | | | | 1,168 | |
Empower | | | — | | | | 1,401 | |
Institutional Class | | | — | | | | 29,262 | |
Investor | | | — | | | | 6,949 | |
Morgan | | | 2,102 | | | | 7,357 | |
Premier | | | — | | | | 17,311 | |
Reserve | | | 10,146 | | | | 12,175 | |
Service | | | 2,752 | | | | 1,376 | |
| | | | | | | | |
| | $ | 17,336 | | | $ | 182,314 | |
| | | | | | | | |
| | | | | | | | | | |
| | | | | |
| 150 | | | | | | | | J.P. MORGAN MONEY MARKET FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| | | Distribution | | | Service | |
U.S. Treasury Plus Money Market Fund | | | | | | | | |
Academy | | $ | — | | | $ | 16 | |
Agency | | | — | | | | 2,117 | |
Capital | | | — | | | | 6,150 | |
Class C | | | 2,988 | | | | 996 | |
Empower | | | — | | | | 170 | |
Institutional Class | | | — | | | | 9,269 | |
Investor | | | — | | | | 62 | |
Morgan | | | 480 | | | | 1,679 | |
Premier | | | — | | | | 5,597 | |
Reserve | | | 264 | | | | 317 | |
| | | | | | | | |
| | $ | 3,732 | | | $ | 26,373 | |
| | | | | | | | |
Federal Money Market Fund | | | | | | | | |
Agency | | $ | — | | | $ | 310 | |
Institutional Class | | | — | | | | 1,752 | |
Morgan | | | 50 | | | | 176 | |
Premier | | | — | | | | 398 | |
| | | | | | | | |
| | $ | 50 | | | $ | 2,636 | |
| | | | | | | | |
100% U.S. Treasury Securities Money Market Fund | | | | | | | | |
Academy | | $ | — | | | $ | 50 | |
Agency | | | — | | | | 5,441 | |
Capital | | | — | | | | 31,483 | |
Empower | | | — | | | | 151 | |
Institutional Class | | | — | | | | 23,799 | |
Morgan | | | 2,232 | | | | 7,814 | |
Premier | | | — | | | | 5,893 | |
Reserve | | | 8,242 | | | | 9,890 | |
| | | | | | | | |
| | $ | 10,474 | | | $ | 84,521 | |
| | | | | | | | |
Tax Free Money Market Fund | | | | | | | | |
Agency | | $ | — | | | $ | 467 | |
Institutional Class | | | — | | | | 5,769 | |
Morgan | | | 19 | | | | 66 | |
Premier | | | — | | | | 1,183 | |
Reserve | | | 4,288 | | | | 5,146 | |
| | | | | | | | |
| | $ | 4,307 | | | $ | 12,631 | |
| | | | | | | | |
Municipal Money Market Fund | | | | | | | | |
Agency | | $ | — | | | $ | 67 | |
Institutional Class | | | — | | | | 801 | |
Morgan | | | 31 | | | | 110 | |
Premier | | | — | | | | 161 | |
Service | | | 141 | | | | 70 | |
| | | | | | | | |
| | $ | 172 | | | $ | 1,209 | |
| | | | | | | | |
California Municipal Money Market Fund | | | | | | | | |
Agency | | $ | — | | | $ | 8 | |
Institutional Class | | | — | | | | 108 | |
Morgan | | | 4 | | | | 16 | |
Premier | | | — | | | | 350 | |
Service | | | 64 | | | | 32 | |
| | | | | | | | |
| | $ | 68 | | | $ | 514 | |
| | | | | | | | |
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MONEY MARKET FUNDS | | | | | | | | 151 |
NOTES TO FINANCIAL STATEMENTS
AS OF FEBRUARY 28, 2022 (continued)
(Dollar values in thousands)
| | | | | | | | |
| | | Distribution | | | Service | |
New York Municipal Money Market Fund | | | | | | | | |
Agency | | $ | — | | | $ | 90 | |
Institutional Class | | | — | | | | 490 | |
Morgan | | | 54 | | | | 188 | |
Premier | | | — | | | | 291 | |
Reserve | | | 5 | | | | 6 | |
Service | | | 18 | | | | 9 | |
| | | | | | | | |
| | $ | 77 | | | $ | 1,074 | |
| | | | | | | | |
5. Federal Income Tax Matters
For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at February 28, 2022 were as follows:
| | | | | | | | | | | | | | | | |
| | | Aggregate
Cost | | | Gross
Unrealized
Appreciation | | | Gross
Unrealized
Depreciation | | | Net Unrealized
Appreciation
(Depreciation) | |
U.S. Government Money Market Fund | | $ | 241,405,459 | | | $ | — | | | $ | 770 | | | $ | (770 | ) |
100% U.S. Treasury Securities Money Market Fund | | | 96,463,394 | | | | — | | | | 268 | | | | (268 | ) |
Estimated tax cost and unrealized appreciation (depreciation) in value of investments for Funds not listed equals their books cost and unrealized appreciation (depreciation) in value of investments.
The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to wash sale loss deferrals.
The tax character of distributions paid during the year ended February 28, 2022 was as follows:
| | | | | | | | | | | | | | | | |
| | | Ordinary
Income* | | | Net
Long-Term
Capital Gains | | | Tax Exempt
Income | | | Total
Distributions
Paid | |
Prime Money Market Fund | | $ | 47,580 | | | $ | — | | | $ | — | | | $ | 47,580 | |
Institutional Tax Free Money Market Fund | | | 71 | | | | 18 | | | | 229 | | | | 318 | |
Securities Lending Money Market Fund | | | 2,704 | | | | — | | | | — | | | | 2,704 | |
Liquid Assets Money Market Fund | | | 1,702 | | | | — | | | | — | | | | 1,702 | |
U.S. Government Money Market Fund | | | 51,842 | | | | — | | | | — | | | | 51,842 | |
U.S. Treasury Plus Money Market Fund | | | 2,115 | | | | — | | | | — | | | | 2,115 | |
Federal Money Market Fund | | | 149 | | | | 1 | | | | — | | | | 150 | |
100% U.S. Treasury Securities Money Market Fund | | | 6,062 | | | | 108 | | | | — | | | | 6,170 | |
Tax Free Money Market Fund | | | 31 | | | | 186 | | | | 1,130 | | | | 1,347 | |
Municipal Money Market Fund | | | 26 | | | | — | | | | 146 | | | | 172 | |
California Municipal Money Market Fund | | | 24 | | | | — | | | | 27 | | | | 51 | |
New York Municipal Money Market Fund | | | 32 | | | | 24 | | | | 98 | | | | 154 | |
| * | Short-term gain distributions are treated as ordinary income for income tax purposes. |
The tax character of distributions paid during the year ended February 28, 2021 was as follows:
| | | | | | | | | | | | | | | | |
| | | Ordinary
Income* | | | Net
Long-Term
Capital Gains | | | Tax Exempt
Income | | | Total
Distributions
Paid | |
Prime Money Market Fund | | $ | 221,667 | | | $ | — | | | $ | — | | | $ | 221,667 | |
Institutional Tax Free Money Market Fund | | | 29 | | | | 1 | | | | 3,777 | | | | 3,807 | |
Securities Lending Money Market Fund | | | 14,799 | | | | — | | | | — | | | | 14,799 | |
Liquid Assets Money Market Fund | | | 29,997 | | | | — | | | | — | | | | 29,997 | |
U.S. Government Money Market Fund | | | 227,359 | | | | — | | | | — | | | | 227,359 | |
U.S. Treasury Plus Money Market Fund | | | 37,727 | | | | — | | | | — | | | | 37,727 | |
Federal Money Market Fund | | | 4,639 | | | | — | | | | — | | | | 4,639 | |
100% U.S. Treasury Securities Money Market Fund | | | 111,635 | | | | — | | | | — | | | | 111,635 | |
Tax Free Money Market Fund | | | 134 | | | | 26 | | | | 33,456 | | | | 33,616 | |
Municipal Money Market Fund | | | 89 | | | | — | | | | 4,352 | | | | 4,441 | |
| | | | | | | | | | |
| | | | | |
| 152 | | | | | | | | J.P. MORGAN MONEY MARKET FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | | | | | | | | | |
| | | Ordinary
Income* | | | Net
Long-Term
Capital Gains | | | Tax Exempt
Income | | | Total
Distributions
Paid | |
California Municipal Money Market Fund | | $ | 16 | | | $ | 6 | | | $ | 1,200 | | | $ | 1,222 | |
New York Municipal Money Market Fund | | | 221 | | | | 55 | | | | 5,135 | | | | 5,411 | |
| * | Short-term gain distributions are treated as ordinary income for income tax purposes. |
As of February 28, 2022, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows:
| | | | | | | | | | | | | | | | |
| | | Current
Distributable
Ordinary
Income | | | Current
Distributable
Long-Term
Capital Gain
(Tax Basis Capital
Loss Carryover) | | | Current
Distributable
Tax Exempt
Income | | | Unrealized
Appreciation
(Depreciation) | |
Prime Money Market Fund | | $ | 3,795 | | | $ | (4,114 | ) | | $ | — | | | $ | (9,755 | ) |
Institutional Tax Free Money Market Fund | | | — | | | | 24 | | | | 43 | | | | (212 | ) |
Securities Lending Money Market Fund | | | 176 | | | | — | | | | — | | | | (880 | ) |
Liquid Assets Money Market Fund | | | 157 | | | | (75 | ) | | | — | | | | — | |
U.S. Government Money Market Fund | | | 2,061 | | | | (1,314 | ) | | | — | | | | (770 | ) |
U.S. Treasury Plus Money Market Fund | | | — | | | | (168 | ) | | | — | | | | — | |
Federal Money Market Fund | | | 5 | | | | — | | | | — | | | | — | |
100% U.S. Treasury Securities Money Market Fund | | | 440 | | | | 69 | | | | — | | | | (268 | ) |
Tax Free Money Market Fund | | | — | | | | 50 | | | | 298 | | | | — | |
Municipal Money Market Fund | | | — | | | | — | | | | 87 | | | | — | |
California Municipal Money Market Fund | | | — | | | | — | | | | 25 | | | | — | |
New York Municipal Money Market Fund | | | — | | | | — | | | | 74 | | | | — | |
The cumulative timing differences primarily consist of trustee deferred compensation and dividends payable.
As of February 28, 2022, the following Funds had net capital loss carryforwards which are available to offset future realized gains:
| | | | | | | | |
| | | Capital Loss
Carryforward Character | |
| | | Short-Term | | | Long-Term | |
Prime Money Market Fund | | $ | 4,114 | | | $ | — | |
Liquid Assets Money Market Fund | | | 75 | | | | — | |
U.S. Government Money Market Fund | | | — | | | | 1,314 | |
U.S. Treasury Plus Money Market Fund | | | — | | | | 168 | |
Net capital losses incurred after October 31, and within the taxable year are deemed to arise on the first business day of the Funds’ next taxable year. For the year ended February 28, 2022, the Funds deferred to March 1, 2022 the following net capital losses of:
| | | | | | | | |
| | | Net Capital Losses | |
| | | Short-Term | | | Long-Term | |
U.S. Government Money Market Fund | | $ | 1,534 | | | $ | — | |
U.S. Treasury Plus Money Market Fund | | | 131 | | | | — | |
California Municipal Money Market Fund | | | 4 | | | | — | |
During the year ended February 28, 2022, the following Funds utilized capital loss carryforwards as follows:
| | | | | | | | |
| | | Capital Loss Utilized | |
| | | Short-Term | | | Long-Term | |
Prime Money Market Fund | | $ | 273 | | | $ | — | |
Liquid Assets Money Market Fund | | | 31 | | | | — | |
U.S. Government Money Market Fund | | | 223 | | | | 558 | |
6. Borrowings
The Funds rely upon an exemptive order granted by the SEC (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The Facility allows the Funds to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MONEY MARKET FUNDS | | | | | | | | 153 |
NOTES TO FINANCIAL STATEMENTS
AS OF FEBRUARY 28, 2022 (continued)
(Dollar values in thousands)
the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. The Interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPM II and may be relied upon by the Funds because the Funds and the series of JPM II are all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).
As of February 28, 2022, the Funds had no borrowings outstanding from another fund or loans outstanding to another fund. Average loans made to another fund under the Facility for the year ended February 28, 2022, were as follows:
| | | | | | | | | | | | |
| | | Average
Loans | | | Number of
Days
Outstanding | | | Interest
Earned | |
Liquid Assets Money Market Fund | | $ | 32,552 | | | | 52 | | | $ | 38 | |
Interest earned as a result of lending money to another fund for the year ended February 28, 2022, if any, is included in Income from interfund lending (net) on the Statements of Operations.
The Trusts and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until October 31, 2022.
The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended February 28, 2022.
7. Risks, Concentrations and Indemnifications
In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against each Fund. However, based on experience, the Funds expect the risk of loss to be remote.
As of February 28, 2022, the following Funds had individual shareholder and/or omnibus accounts each owning more than 10% of the respective Fund’s outstanding shares as follows:
| | | | | | | | | | | | | | | | |
| | | Number of
Individual
Shareholder
and/or
Affiliated
Omnibus
Accounts | | | % of the
Fund | | | Number of
Individual
Shareholder
and/or
Non-Affiliated
Omnibus
Accounts | | | % of the
Fund | |
Prime Money Market Fund | | | 1 | | | | 54.0 | % | | | — | | | | — | % |
Institutional Tax Free Money Market Fund | | | 1 | | | | 93.7 | | | | — | | | | — | |
Securities Lending Money Market Fund | | | — | | | | — | | | | 1 | | | | 100.0 | |
Liquid Assets Money Market Fund | | | 1 | | | | 53.9 | | | | 1 | | | | 13.4 | |
U.S. Government Money Market Fund | | | 1 | | | | 30.0 | | | | — | | | | — | |
U.S. Treasury Plus Money Market Fund | | | 1 | | | | 29.6 | | | | 1 | | | | 19.7 | |
Federal Money Market Fund | | | 1 | | | | 55.6 | | | | 1 | | | | 10.1 | |
100% U.S. Treasury Securities Money Market Fund | | | 1 | | | | 31.9 | | | | 2 | | | | 29.3 | |
Tax Free Money Market Fund | | | 1 | | | | 28.3 | | | | 1 | | | | 63.8 | |
Municipal Money Market Fund | | | 2 | | | | 90.4 | | | | — | | | | — | |
California Municipal Money Market Fund | | | 1 | | | | 48.8 | | | | 1 | | | | 37.2 | |
New York Municipal Money Market Fund | | | 2 | | | | 85.9 | | | | — | | | | — | |
Significant shareholder transactions by these shareholders may impact the Funds’ performance and liquidity.
The Funds are subject to interest rate and credit risk. The value of debt securities may decline as interest rates increase. The Funds could lose money if the issuer of a fixed income security is unable to pay interest or repay principal when it is due. The Funds invest in floating rate loans and other floating rate debt securities. Although these investments are generally less sensitive to interest rate changes than other fixed rate instruments, the value of floating rate loans and other floating rate investments may decline if their interest rates do not rise as quickly, or as much, as general interest rates. Many factors can cause interest rates to rise. Some examples include central bank monetary policy, rising inflation rates and general economic conditions. The Funds may face a heightened level of interest rate risk due to certain changes in monetary policy. During periods when interest rates are low or there are negative interest rates, the Funds’ yield (and total return) also may be low or the Funds may be unable to maintain positive returns. The ability of the issuers of debt to meet their obligations may be affected by economic and political developments in a specific industry or region. The value of a Fund’s investments may be adversely affected if any of the issuers or counterparties it is invested in are subject to an actual or perceived deterioration in their credit quality.
| | | | | | | | | | |
| | | | | |
| 154 | | | | | | | | J.P. MORGAN MONEY MARKET FUNDS | | FEBRUARY 28, 2022 |
Institutional Tax Free Money Market Fund, Tax Free Money Market Fund, Municipal Money Market Fund, California Municipal Money Market Fund and New York Municipal Money Market Fund invest primarily in a portfolio of debt obligations issued by states, territories and possessions of the United States and by the District of Columbia, and by their political subdivisions and duly constituted authorities. California Municipal Money Market Fund and New York Municipal Money Market Fund primarily invest in issuers in the states of California and New York, respectively. An issuer’s ability to meet its payment obligations may be affected by economic or political developments in a specific state or region. These debt obligations may be insured by private insurers who guarantee the payment of principal and interest in the event of issuer default. The value of these investments may be impacted by changes to bond insurers’ ratings and the Funds’ ability to collect principal and interest, in the event of an issuer’s default, may be limited if the private insurer does not have the wherewithal to satisfy its obligation.
The profitability of banks depends largely on the availability and cost of funds, which can change depending upon economic conditions. Banks are also exposed to losses if borrowers cannot repay their loans.
London Interbank Offered Rate (“LIBOR”) is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. On March 5, 2021, the U.K. Financial Conduct Authority (“FCA”) publicly announced that (i) immediately after December 31, 2021, publication of the 1-week and 2-month U.S. Dollar LIBOR settings will permanently cease; (ii) immediately after June 30, 2023, publication of the overnight and 12-month U.S. Dollar LIBOR settings will permanently cease; and (iii) immediately after June 30, 2023, the 1-month, 3-month and 6-month U.S. Dollar LIBOR settings will cease to be provided or, subject to the FCA’s consideration of the case, be provided on a synthetic basis and no longer be representative of the underlying market and economic reality they are intended to measure and that representativeness will not be restored. There is no assurance that the dates announced by the FCA will not change or that the administrator of LIBOR and/or regulators will not take further action that could impact the availability, composition or characteristics of LIBOR or the currencies and/or tenors for which LIBOR is published. In addition, certain regulated entities ceased entering into most new LIBOR contracts in connection with regulatory guidance or prohibitions. Public and private sector industry initiatives are currently underway to implement new or alternative reference rates to be used in place of LIBOR. There is no assurance that any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR prior to its discontinuance, unavailability or replacement, all of which may affect the value, volatility, liquidity or return on certain of a Fund’s loans, notes, derivatives and other instruments or investments comprising some or all of a Fund’s investments and result in costs incurred in connection with changing reference rates used for positions, closing out positions and entering into new trades. Certain of a Fund’s investments may transition from LIBOR prior to the dates announced by the FCA. The transition from LIBOR to alternative reference rates may result in operational issues for a Fund or its investments. No assurances can be given as to the impact of the LIBOR transition (and the timing of any such impact) on a Fund and its investments.
The Funds are subject to infectious disease epidemics/pandemics risk. The worldwide outbreak of COVID-19, a novel coronavirus disease, has negatively affected economies, markets and individual companies throughout the world. The effects of this COVID-19 pandemic to public health, and business and market conditions, including exchange trading suspensions and closures may continue to have a significant negative impact on the performance of a Fund’s investments, increase a Fund’s volatility, exacerbate other pre-existing political, social and economic risks to the Funds and negatively impact broad segments of businesses and populations. The Funds’ operations may be interrupted as a result, which may have a significant negative impact on investment performance. In addition, governments, their regulatory agencies, or self-regulatory organizations may take actions in response to the pandemic that affect the instruments in which the Funds invest, or the issuers of such instruments, in ways that could also have a significant negative impact on a Fund’s investment performance. The full impact of this COVID-19 pandemic, or other future epidemics/pandemics, is currently unknown.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MONEY MARKET FUNDS | | | | | | | | 155 |
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Boards of Trustees of JPMorgan Trust I, JPMorgan Trust II and JPMorgan Trust IV and Shareholders of JPMorgan Prime Money Market Fund, JPMorgan Institutional Tax Free Money Market Fund, JPMorgan Securities Lending Money Market Fund, JPMorgan Liquid Assets Money Market Fund, JPMorgan U.S. Government Money Market Fund, JPMorgan U.S. Treasury Plus Money Market Fund, JPMorgan Federal Money Market Fund, JPMorgan 100% U.S. Treasury Securities Money Market Fund, JPMorgan Tax Free Money Market Fund, JPMorgan Municipal Money Market Fund, JPMorgan California Municipal Money Market Fund and JPMorgan New York Municipal Money Market Fund
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of JPMorgan Prime Money Market Fund, JPMorgan Federal Money Market Fund, JPMorgan 100% U.S. Treasury Securities Money Market Fund, JPMorgan Tax Free Money Market Fund, JPMorgan California Municipal Money Market Fund and JPMorgan New York Municipal Money Market Fund (six of the funds constituting JPMorgan Trust I), JPMorgan Liquid Assets Money Market Fund, JPMorgan U.S. Government Money Market Fund, JPMorgan U.S. Treasury Plus Money Market Fund and JPMorgan Municipal Money Market Fund (four of the funds constituting JPMorgan Trust II) and JPMorgan Institutional Tax Free Money Market Fund and JPMorgan Securities Lending Money Market Fund (two of the funds constituting JPMorgan Trust IV) (hereafter collectively referred to as the “Funds”) as of February 28, 2022, the related statements of operations for the year ended February 28, 2022, the statements of changes in net assets for each of the two years in the period ended February 28, 2022, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of February 28, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended February 28, 2022 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2022 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers LLP
New York, New York
April 27, 2022
We have served as the auditor of one or more investment companies in the JPMorgan Funds complex since 1993.
| | | | | | | | | | |
| | | | | |
| 156 | | | | | | | | J.P. MORGAN MONEY MARKET FUNDS | | FEBRUARY 28, 2022 |
TRUSTEES
(Unaudited)
The Funds’ Statement of Additional Information includes additional information about the Funds’ Trustees and is available, without charge, upon request by calling 1-800-480-4111 (retail investors) or 1-800-766-7722 (institutional investors) or on the J.P. Morgan Funds’ website at www.jpmorganfunds.com.
| | | | | | |
Name (Year of Birth); Positions With the Funds (1) | | Principal Occupation During Past 5 Years | | Number of
Funds in Fund
Complex Overseen
by Trustee (2) | | Other Directorships Held During the Past 5 Years |
Independent Trustees | | |
| | | |
| John F. Finn (1947); Chair since 2020; Trustee since 1998. | | Chairman, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (serving in various roles 1974-present). | | 172 | | Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present). |
| | | |
| Stephen P. Fisher (1959); Trustee since 2018. | | Retired; Chairman and Chief Executive Officer, NYLIFE Distributors LLC (registered broker-dealer) (serving in various roles 2008-2013); Chairman, NYLIM Service Company LLC (transfer agent) (2008-2017); New York Life Investment Management LLC (registered investment adviser) (serving in various roles 2005-2017); Chairman, IndexIQ Advisors LLC (registered investment adviser for ETFs) (2014-2017); President, MainStay VP Funds Trust (2007-2017), MainStay DefinedTerm Municipal Opportunities Fund (2011-2017) and MainStay Funds Trust (2007-2017) (registered investment companies). | | 172 | | Honors Program Advisory Board Member, The Zicklin School of Business, Baruch College, The City University of New York (2017-present). |
| | | |
| Gary L. French (1951); Trustee since 2014. | | Real Estate Investor (2011-2020); Investment management industry Consultant and Expert Witness (2011-present); Senior Consultant for The Regulatory Fundamentals Group LLC (2011-2017). | | 172 | | Independent Trustee, The China Fund, Inc. (2013-2019); Exchange Traded Concepts Trust II (2012-2014); Exchange Traded Concepts Trust I (2011-2014). |
| | | |
| Kathleen M. Gallagher (1958); Trustee since 2018. | | Retired; Chief Investment Officer — Benefit Plans, Ford Motor Company (serving in various roles 1985-2016). | | 172 | | Non-Executive Director, Legal & General Investment Management (Holdings) (2018-present); Non-Executive Director, Legal & General Investment Management America (U.S. Holdings) (financial services and insurance) (2017-present); Advisory Board Member, State Street Global Advisors Total Portfolio Solutions (2017-present); Member, Client Advisory Council, Financial Engines, LLC (registered investment adviser) (2011-2016); Director, Ford Pension Funds Investment Management Ltd. (2007-2016). |
| | | |
| Robert J. Grassi (1957); Trustee since 2014. | | Sole Proprietor, Academy Hills Advisors LLC (2012-present); Pension Director, Corning Incorporated (2002-2012). | | 172 | | None |
| | | |
| Frankie D. Hughes (1952); Trustee since 2008. | | President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014). | | 172 | | None |
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MONEY MARKET FUNDS | | | | | | | | 157 |
TRUSTEES
(Unaudited) (continued)
| | | | | | |
Name (Year of Birth); Positions With the Funds (1) | | Principal Occupation During Past 5 Years | | Number of
Funds in Fund
Complex Overseen
by Trustee (2) | | Other Directorships Held During the Past 5 Years |
Independent Trustees (continued) | | |
| | | |
Raymond Kanner (1953); Trustee since 2017. | | Retired; Managing Director and Chief Investment Officer, IBM Retirement Funds (2007-2016). | | 172 | | Advisory Board Member, Penso Advisors, LLC (2020-present); Advisory Board Member, Los Angeles Capital (2018-present); Advisory Board Member, State Street Global Advisors Total Portfolio Solutions (2017-present); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA) (2016-2017); Advisory Board Member, Betterment for Business (robo advisor) (2016-2017); Advisory Board Member, BlueStar Indexes (index creator) (2013-2017); Director, Emerging Markets Growth Fund (registered investment company) (1997-2016); Member, Russell Index Client Advisory Board (2001-2015). |
| | | |
| Thomas P. Lemke (1954); Trustee since 2014. | | Retired since 2013. | | 172 | | (1) Independent Trustee of Advisors’ Inner Circle III fund platform, consisting of the following: (i) the Advisors’ Inner Circle Fund III, (ii) the Gallery Trust, (iii) the Schroder Series Trust, (iv) the Delaware Wilshire Private Markets Fund (since 2020), (v) Chiron Capital Allocation Fund Ltd., and (vi) formerly the Winton Diversified Opportunities Fund (2014-2018); and (2) Independent Trustee of the Symmetry Panoramic Trust (since 2018). |
| | | |
| Lawrence R. Maffia (1950); Trustee since 2014. | | Retired; Director and President, ICI Mutual Insurance Company (2006-2013). | | 172 | | Director, ICI Mutual Insurance Company (1999-2013). |
| | | |
| Mary E. Martinez (1960); Vice Chair since 2021; Trustee since 2013. | | Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (asset management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005). | | 172 | | None |
| | | |
| Marilyn McCoy (1948); Trustee since 2005. | | Vice President of Administration and Planning, Northwestern University (1985-present). | | 172 | | None |
| | | |
| Dr. Robert A. Oden, Jr. (1946); Trustee since 2005. | | Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002). | | 172 | | Trustee, The Coldwater Conservation Fund; Trustee, American Museum of Fly Fishing (2013-present); Trustee and Vice Chair, Trout Unlimited (2017-2021); Trustee, Dartmouth-Hitchcock Medical Center (2011-2020). |
| | | | | | | | | | |
| | | | | |
| 158 | | | | | | | | J.P. MORGAN MONEY MARKET FUNDS | | FEBRUARY 28, 2022 |
| | | | | | |
Name (Year of Birth); Positions With the Funds (1) | | Principal Occupation During Past 5 Years | | Number of
Funds in Fund
Complex Overseen
by Trustee (2) | | Other Directorships Held During the Past 5 Years |
Independent Trustees (continued) | | |
| | | |
| Marian U. Pardo* (1946); Trustee since 2013. | | Managing Director and Founder, Virtual Capital Management LLC (investment consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006). | | 172 | | Board Chair and Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present). |
| | | |
| Emily A. Youssouf (1951); Trustee since 2022. | | Adjunct Professor (2011-present) and Clinical Professor (2009-2011), NYU Schack Institute of Real Estate; Board Member and Member of the Audit Committee (2013-present), Chair of Finance Committee (2019-present), Member of Related Parties Committee (2013-2018) and Member of the Enterprise Risk Committee (2015-2018), PennyMac Financial Services, Inc.; Board Member (2005-2018), Chair of Capital Committee (2006-2016), Chair of Audit Committee (2005-2018), Member of Finance Committee (2005-2018) and Chair of IT Committee (2016-2018), NYC Health and Hospitals Corporation. | | 172 | | Trustee, NYC School Construction Authority (2009-present); Board Member, NYS Job Development Authority (2008-present); Trustee and Chair of the Audit Committee of the Transit Center Foundation (2015-2019). |
Interested Trustees | | |
| | | |
| Robert F. Deutsch** (1957); Trustee since 2014. | | Retired; Head of the Global ETF Business for JPMorgan Asset Management (2013-2017); Head of the Global Liquidity Business for JPMorgan Asset Management (2003-2013). | | 172 | | Treasurer and Director of the JUST Capital Foundation (2017-present). |
| | | |
| Nina O. Shenker** (1957) Trustee since 2022. | | Vice Chair (2017-2021), General Counsel and Managing Director (2008-2016), Associate General Counsel and Managing Director (2004-2008), J.P. Morgan Asset & Wealth Management. | | 172 | | Director and Member of Executive Committee and Legal and Human Resources Subcommittees, American Jewish Joint Distribution Committee (2018-present). |
| (1) | The year shown is the first year in which a Trustee became a member of any of the following: the Mutual Fund Board, the ETF Board, the heritage J.P. Morgan Funds or the heritage One Group Mutual Funds. Trustees serve an indefinite term, until resignation, retirement, removal or death. The Board’s current retirement policy sets retirement at the end of the calendar year in which the Trustee attains the age of 75, provided that any Board member who was a member of the Mutual Fund Board prior to January 1, 2022 and was born prior to January 1, 1950 shall retire from the Board at the end of the calendar year in which the Trustee attains the age of 78. |
| (2) | A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees serves currently includes nine registered investment companies (172 J.P. Morgan Funds). |
| * | In connection with prior employment with JPMorgan Chase, Ms. Pardo was the recipient of non-qualified pension plan payments from JPMorgan Chase in the amount of approximately $2,055 per month, which she irrevocably waived effective January 1, 2013, and deferred compensation payments from JPMorgan Chase in the amount of approximately $7,294 per year, which ended in January 2013. In addition, Ms. Pardo receives payments from a fully-funded qualified plan, which is not an obligation of JPMorgan Chase. |
| ** | Designation as an “Interested Trustee” is based on prior employment by the Adviser or an affiliate of the Adviser or interests in a control person of the Adviser. |
The contact address for each of the Trustees is 277 Park Avenue, New York, NY 10172.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MONEY MARKET FUNDS | | | | | | | | 159 |
OFFICERS
(Unaudited)
| | |
Name (Year of Birth), Positions Held with the Trusts (Since) | | Principal Occupations During Past 5 Years |
| |
Brian S. Shlissel (1964),
President and Principal Executive Officer (2016)* | | Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. since 2014. |
| |
Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2018) | | Executive Director, J.P. Morgan Investment Management Inc. since February 2016. Mr. Clemens has been with J.P. Morgan Investment Management Inc. since 2013. |
| |
Gregory S. Samuels (1980),
Secretary (2019) (formerly Assistant Secretary 2010-2019)** | | Managing Director and Assistant General Counsel, JPMorgan Chase. Mr. Samuels has been with JPMorgan Chase since 2010. |
| |
Stephen M. Ungerman (1953),
Chief Compliance Officer (2005) | | Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000. |
| |
Kiesha Astwood-Smith (1973), Assistant Secretary (2021)** | | Vice President and Assistant General Counsel, JPMorgan Chase since June 2021; Senior Director and Counsel, Equitable Financial Life Insurance Company (formerly, AXA Equitable Life Insurance Company) from 2015 to 2021. |
| |
Matthew Beck (1988), Assistant Secretary (2021)*** | | Vice President and Assistant General Counsel, JPMorgan Chase since May 2021; Senior Legal Counsel, Ultimus Fund Solutions from May 2018 through May 2021; General Counsel, The Nottingham Company from April 2014 through May 2018. |
| |
Elizabeth A. Davin (1964), Assistant Secretary (2005)*** | | Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Davin has been with JPMorgan Chase (formerly Bank One Corporation) since 2004. |
| |
Jessica K. Ditullio (1962),
Assistant Secretary (2005)*** | | Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990. |
| |
Anthony Geron (1971),
Assistant Secretary (2018)** | | Vice President and Assistant General Counsel, JPMorgan Chase since September 2018; Lead Director and Counsel, AXA Equitable Life Insurance Company from 2015 to 2018 and Senior Director and Counsel, AXA Equitable Life Insurance Company from 2014 to 2015. |
| |
Carmine Lekstutis (1980),
Assistant Secretary (2011)** | | Executive Director and Assistant General Counsel, JPMorgan Chase. Mr. Lekstutis has been with JPMorgan Chase since 2011. |
| |
Max Vogel (1990), Assistant Secretary (2021)** | | Vice President and Assistant General Counsel, JPMorgan Chase since June 2021; Associate, Proskauer Rose LLP (law firm) from March 2017 through June 2021; Associate, Stroock & Stroock & Lavan LLP (law firm) from October 2015 through March 2017. |
| |
Zachary E. Vonnegut-Gabovitch (1986), Assistant Secretary (2017)** | | Vice President and Assistant General Counsel, JPMorgan Chase since September 2016. |
| |
Michael M. D’Ambrosio (1969),
Assistant Treasurer (2012) | | Managing Director, J.P. Morgan Investment Management Inc. Mr. D’Ambrosio has been with J.P. Morgan Investment Management Inc. since 2012. |
| |
Aleksandr Fleytekh (1972), Assistant Treasurer (2019) | | Vice President, J.P. Morgan Investment Management Inc. since February 2012. |
| |
Shannon Gaines (1977),
Assistant Treasurer (2018)*** | | Vice President, J.P. Morgan Investment Management Inc. since January 2014. |
| |
Jeffrey D. House (1972), Assistant Treasurer (2017)*** | | Vice President, J.P. Morgan Investment Management Inc. since July 2006. |
| |
Michael Mannarino (1985),
Assistant Treasurer (2020) | | Vice President, J.P. Morgan Investment Management Inc. since 2014. |
| |
Joseph Parascondola (1963),
Assistant Treasurer (2011)* | | Executive Director, J.P. Morgan Investment Management Inc. Mr. Parascondola has been with J.P. Morgan Investment Management Inc. since 2006. |
| |
Gillian I. Sands (1969),
Assistant Treasurer (2012) | | Executive Director, J.P. Morgan Investment Management Inc. Ms. Sands has been with J.P. Morgan Investment Management Inc. since 2012. |
The contact address for each of the officers, unless otherwise noted, is 277 Park Avenue, New York, NY 10172.
| * | The contact address for the officer is 575 Washington Boulevard, Jersey City, NJ 07310. |
| ** | The contact address for the officer is 4 New York Plaza, New York, NY 10004. |
| *** | The contact address for the officer is 1111 Polaris Parkway, Columbus, OH 43240. |
| | | | | | | | | | |
| | | | | |
| 160 | | | | | | | | J.P. MORGAN MONEY MARKET FUNDS | | FEBRUARY 28, 2022 |
SCHEDULE OF SHAREHOLDER EXPENSES
(Unaudited)
Hypothetical $1,000 Investment
As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, September 1, 2021, and continued to hold your shares at the end of the reporting period, February 28, 2022.
Actual Expenses
For each Class of each Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading titled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads). Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.
| | | | | | | | | | | | | | | | |
| | | Beginning
Account Value
September 1, 2021 | | | Ending
Account Value
February 28, 2022 | | | Expenses
Paid During
the Period* | | | Annualized
Expense
Ratio | |
JPMorgan Prime Money Market Fund | | | | | | | | | | | | | | | | |
Academy | | | | | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 0.50 | | | | 0.10 | % |
Hypothetical | | | 1,000.00 | | | | 1,024.30 | | | | 0.50 | | | | 0.10 | |
Agency | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 999.70 | | | | 0.79 | | | | 0.16 | |
Hypothetical | | | 1,000.00 | | | | 1,024.00 | | | | 0.80 | | | | 0.16 | |
Capital | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,000.10 | | | | 0.50 | | | | 0.10 | |
Hypothetical | | | 1,000.00 | | | | 1,024.30 | | | | 0.50 | | | | 0.10 | |
Class C | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 999.80 | | | | 0.74 | | | | 0.15 | |
Hypothetical | | | 1,000.00 | | | | 1,024.05 | | | | 0.75 | | | | 0.15 | |
Empower | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,000.10 | | | | 0.50 | | | | 0.10 | |
Hypothetical | | | 1,000.00 | | | | 1,024.30 | | | | 0.50 | | | | 0.10 | |
IM | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,000.10 | | | | 0.45 | | | | 0.09 | |
Hypothetical | | | 1,000.00 | | | | 1,024.35 | | | | 0.45 | | | | 0.09 | |
Institutional Class | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,000.00 | | | | 0.60 | | | | 0.12 | |
Hypothetical | | | 1,000.00 | | | | 1,024.20 | | | | 0.60 | | | | 0.12 | |
Morgan | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 999.70 | | | | 0.79 | | | | 0.16 | |
Hypothetical | | | 1,000.00 | | | | 1,024.00 | | | | 0.80 | | | | 0.16 | |
Premier | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 999.80 | | | | 0.79 | | | | 0.16 | |
Hypothetical | | | 1,000.00 | | | | 1,024.00 | | | | 0.80 | | | | 0.16 | |
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MONEY MARKET FUNDS | | | | | | | | 161 |
SCHEDULE OF SHAREHOLDER EXPENSES
(Unaudited) (continued)
Hypothetical $1,000 Investment
| | | | | | | | | | | | | | | | |
| | | Beginning
Account Value
September 1, 2021 | | | Ending
Account Value
February 28, 2022 | | | Expenses
Paid During
the Period* | | | Annualized
Expense
Ratio | |
JPMorgan Prime Money Market Fund (continued) | | | | | | | | | | | | | | | | |
Reserve | | | | | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | | $ | 999.80 | | | $ | 0.79 | | | | 0.16 | % |
Hypothetical | | | 1,000.00 | | | | 1,024.00 | | | | 0.80 | | | | 0.16 | |
| | | | |
JPMorgan Institutional Tax Free Money Market Fund | | | | | | | | | | | | | | | | |
Agency | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 999.90 | | | | 1.14 | | | | 0.23 | |
Hypothetical | | | 1,000.00 | | | | 1,023.65 | | | | 1.15 | | | | 0.23 | |
Capital | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 999.90 | | | | 0.79 | | | | 0.16 | |
Hypothetical | | | 1,000.00 | | | | 1,024.00 | | | | 0.80 | | | | 0.16 | |
IM | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 999.90 | | | | 0.94 | | | | 0.19 | |
Hypothetical | | | 1,000.00 | | | | 1,023.85 | | | | 0.95 | | | | 0.19 | |
Institutional Class | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 999.90 | | | | 0.94 | | | | 0.19 | |
Hypothetical | | | 1,000.00 | | | | 1,023.85 | | | | 0.95 | | | | 0.19 | |
| | | | |
JPMorgan Securities Lending Money Market Fund | | | | | | | | | | | | | | | | |
Agency SL | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,000.00 | | | | 0.30 | | | | 0.06 | |
Hypothetical | | | 1,000.00 | | | | 1,024.50 | | | | 0.30 | | | | 0.06 | |
| | | | |
JPMorgan Liquid Assets Money Market Fund | | | | | | | | | | | | | | | | |
Agency | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,000.00 | | | | 0.79 | | | | 0.16 | |
Hypothetical | | | 1,000.00 | | | | 1,024.00 | | | | 0.80 | | | | 0.16 | |
Capital | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,000.20 | | | | 0.64 | | | | 0.13 | |
Hypothetical | | | 1,000.00 | | | | 1,024.15 | | | | 0.65 | | | | 0.13 | |
Class C | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,000.00 | | | | 0.79 | | | | 0.16 | |
Hypothetical | | | 1,000.00 | | | | 1,024.00 | | | | 0.80 | | | | 0.16 | |
Institutional Class | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,000.10 | | | | 0.74 | | | | 0.15 | |
Hypothetical | | | 1,000.00 | | | | 1,024.05 | | | | 0.75 | | | | 0.15 | |
Investor | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,000.00 | | | | 0.79 | | | | 0.16 | |
Hypothetical | | | 1,000.00 | | | | 1,024.00 | | | | 0.80 | | | | 0.16 | |
Morgan | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,000.00 | | | | 0.79 | | | | 0.16 | |
Hypothetical | | | 1,000.00 | | | | 1,024.00 | | | | 0.80 | | | | 0.16 | |
Premier | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,000.00 | | | | 0.79 | | | | 0.16 | |
Hypothetical | | | 1,000.00 | | | | 1,024.00 | | | | 0.80 | | | | 0.16 | |
Reserve | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,000.00 | | | | 0.79 | | | | 0.16 | |
Hypothetical | | | 1,000.00 | | | | 1,024.00 | | | | 0.80 | | | | 0.16 | |
| | | | |
JPMorgan U.S. Government Money Market Fund | | | | | | | | | | | | | | | | |
Academy | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,000.10 | | | | 0.20 | | | | 0.04 | |
Hypothetical | | | 1,000.00 | | | | 1,024.60 | | | | 0.20 | | | | 0.04 | |
Agency | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,000.00 | | | | 0.30 | | | | 0.06 | |
Hypothetical | | | 1,000.00 | | | | 1,024.50 | | | | 0.30 | | | | 0.06 | |
| | | | | | | | | | |
| | | | | |
| 162 | | | | | | | | J.P. MORGAN MONEY MARKET FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | | | | | | | | | |
| | | Beginning
Account Value
September 1, 2021 | | | Ending
Account Value
February 28, 2022 | | | Expenses
Paid During
the Period* | | | Annualized
Expense
Ratio | |
JPMorgan U.S. Government Money Market Fund (continued) | | | | | | | | | | | | | | | | |
Capital | | | | | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | | $ | 1,000.10 | | | $ | 0.20 | | | | 0.04 | % |
Hypothetical | | | 1,000.00 | | | | 1,024.60 | | | | 0.20 | | | | 0.04 | |
E*Trade | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,000.00 | | | | 0.30 | | | | 0.06 | |
Hypothetical | | | 1,000.00 | | | | 1,024.50 | | | | 0.30 | | | | 0.06 | |
Empower | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,000.10 | | | | 0.20 | | | | 0.04 | |
Hypothetical | | | 1,000.00 | | | | 1,024.60 | | | | 0.20 | | | | 0.04 | |
IM | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,000.10 | | | | 0.20 | | | | 0.04 | |
Hypothetical | | | 1,000.00 | | | | 1,024.60 | | | | 0.20 | | | | 0.04 | |
Institutional Class | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,000.00 | | | | 0.30 | | | | 0.06 | |
Hypothetical | | | 1,000.00 | | | | 1,024.50 | | | | 0.30 | | | | 0.06 | |
Investor | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,000.00 | | | | 0.35 | | | | 0.07 | |
Hypothetical | | | 1,000.00 | | | | 1,024.45 | | | | 0.35 | | | | 0.07 | |
Morgan | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,000.00 | | | | 0.35 | | | | 0.07 | |
Hypothetical | | | 1,000.00 | | | | 1,024.45 | | | | 0.35 | | | | 0.07 | |
Premier | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,000.00 | | | | 0.30 | | | | 0.06 | |
Hypothetical | | | 1,000.00 | | | | 1,024.50 | | | | 0.30 | | �� | | 0.06 | |
Reserve | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,000.00 | | | | 0.35 | | | | 0.07 | |
Hypothetical | | | 1,000.00 | | | | 1,024.45 | | | | 0.35 | | | | 0.07 | |
Service | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,000.00 | | | | 0.35 | | | | 0.07 | |
Hypothetical | | | 1,000.00 | | | | 1,024.45 | | | | 0.35 | | | | 0.07 | |
| | | | |
JPMorgan U.S. Treasury Plus Money Market Fund | | | | | | | | | | | | | | | | |
Academy | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,000.00 | | | | 0.35 | | | | 0.07 | |
Hypothetical | | | 1,000.00 | | | | 1,024.45 | | | | 0.35 | | | | 0.07 | |
Agency | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,000.00 | | | | 0.30 | | | | 0.06 | |
Hypothetical | | | 1,000.00 | | | | 1,024.50 | | | | 0.30 | | | | 0.06 | |
Capital | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,000.00 | | | | 0.35 | | | | 0.07 | |
Hypothetical | | | 1,000.00 | | | | 1,024.45 | | | | 0.35 | | | | 0.07 | |
Class C | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,000.00 | | | | 0.35 | | | | 0.07 | |
Hypothetical | | | 1,000.00 | | | | 1,024.45 | | | | 0.35 | | | | 0.07 | |
Empower | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,000.00 | | | | 0.30 | | | | 0.06 | |
Hypothetical | | | 1,000.00 | | | | 1,024.50 | | | | 0.30 | | | | 0.06 | |
IM | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,000.10 | | | | 0.30 | | | | 0.06 | |
Hypothetical | | | 1,000.00 | | | | 1,024.50 | | | | 0.30 | | | | 0.06 | |
Institutional Class | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,000.00 | | | | 0.35 | | | | 0.07 | |
Hypothetical | | | 1,000.00 | | | | 1,024.45 | | | | 0.35 | | | | 0.07 | |
Investor | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,000.00 | | | | 0.35 | | | | 0.07 | |
Hypothetical | | | 1,000.00 | | | | 1,024.45 | | | | 0.35 | | | | 0.07 | |
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MONEY MARKET FUNDS | | | | | | | | 163 |
SCHEDULE OF SHAREHOLDER EXPENSES
(Unaudited) (continued)
Hypothetical $1,000 Investment
| | | | | | | | | | | | | | | | |
| | | Beginning
Account Value
September 1, 2021 | | | Ending
Account Value
February 28, 2022 | | | Expenses
Paid During
the Period* | | | Annualized
Expense
Ratio | |
JPMorgan U.S. Treasury Plus Money Market Fund (continued) | | | | | | | | | | | | | |
Morgan | | | | | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 0.35 | | | | 0.07 | % |
Hypothetical | | | 1,000.00 | | | | 1,024.45 | | | | 0.35 | | | | 0.07 | |
Premier | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,000.00 | | | | 0.35 | | | | 0.07 | |
Hypothetical | | | 1,000.00 | | | | 1,024.45 | | | | 0.35 | | | | 0.07 | |
Reserve | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,000.00 | | | | 0.35 | | | | 0.07 | |
Hypothetical | | | 1,000.00 | | | | 1,024.45 | | | | 0.35 | | | | 0.07 | |
| | | | |
JPMorgan Federal Money Market Fund | | | | | | | | | | | | | | | | |
Agency | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,000.00 | | | | 0.30 | | | | 0.06 | |
Hypothetical | | | 1,000.00 | | | | 1,024.50 | | | | 0.30 | | | | 0.06 | |
Institutional Class | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,000.00 | | | | 0.30 | | | | 0.06 | |
Hypothetical | | | 1,000.00 | | | | 1,024.50 | | | | 0.30 | | | | 0.06 | |
Morgan | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,000.00 | | | | 0.30 | | | | 0.06 | |
Hypothetical | | | 1,000.00 | | | | 1,024.50 | | | | 0.30 | | | | 0.06 | |
Premier | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,000.00 | | | | 0.30 | | | | 0.06 | |
Hypothetical | | | 1,000.00 | | | | 1,024.50 | | | | 0.30 | | | | 0.06 | |
| | | | |
JPMorgan 100% U.S. Treasury Securities Money Market Fund | | | | | | | | | | | | | | | | |
Academy | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,000.00 | | | | 0.30 | | | | 0.06 | |
Hypothetical | | | 1,000.00 | | | | 1,024.50 | | | | 0.30 | | | | 0.06 | |
Agency | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,000.00 | | | | 0.30 | | | | 0.06 | |
Hypothetical | | | 1,000.00 | | | | 1,024.50 | | | | 0.30 | | | | 0.06 | |
Capital | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,000.00 | | | | 0.30 | | | | 0.06 | |
Hypothetical | | | 1,000.00 | | | | 1,024.50 | | | | 0.30 | | | | 0.06 | |
Empower | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,000.00 | | | | 0.25 | | | | 0.05 | |
Hypothetical | | | 1,000.00 | | | | 1,024.55 | | | | 0.25 | | | | 0.05 | |
IM | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,000.00 | | | | 0.30 | | | | 0.06 | |
Hypothetical | | | 1,000.00 | | | | 1,024.50 | | | | 0.30 | | | | 0.06 | |
Institutional Class | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,000.00 | | | | 0.30 | | | | 0.06 | |
Hypothetical | | | 1,000.00 | | | | 1,024.50 | | | | 0.30 | | | | 0.06 | |
Morgan | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,000.00 | | | | 0.35 | | | | 0.07 | |
Hypothetical | | | 1,000.00 | | | | 1,024.45 | | | | 0.35 | | | | 0.07 | |
Premier | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,000.00 | | | | 0.30 | | | | 0.06 | |
Hypothetical | | | 1,000.00 | | | | 1,024.50 | | | | 0.30 | | | | 0.06 | |
Reserve | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,000.00 | | | | 0.35 | | | | 0.07 | |
Hypothetical | | | 1,000.00 | | | | 1,024.45 | | | | 0.35 | | | | 0.07 | |
| | | | |
JPMorgan Tax Free Money Market Fund | | | | | | | | | | | | | | | | |
Agency | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,000.10 | | | | 0.50 | | | | 0.10 | |
Hypothetical | | | 1,000.00 | | | | 1,024.30 | | | | 0.50 | | | | 0.10 | |
| | | | | | | | | | |
| | | | | |
| 164 | | | | | | | | J.P. MORGAN MONEY MARKET FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | | | | | | | | | |
| | | Beginning
Account Value
September 1, 2021 | | | Ending
Account Value
February 28, 2022 | | | Expenses
Paid During
the Period* | | | Annualized
Expense
Ratio | |
JPMorgan Tax Free Money Market Fund (continued) | | | | | | | | | | | | | | | | |
Institutional Class | | | | | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | | $ | 1,000.10 | | | $ | 0.45 | | | | 0.09 | % |
Hypothetical | | | 1,000.00 | | | | 1,024.35 | | | | 0.45 | | | | 0.09 | |
Morgan | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,000.10 | | | | 0.50 | | | | 0.10 | |
Hypothetical | | | 1,000.00 | | | | 1,024.30 | | | | 0.50 | | | | 0.10 | |
Premier | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,000.10 | | | | 0.50 | | | | 0.10 | |
Hypothetical | | | 1,000.00 | | | | 1,024.30 | | | | 0.50 | | | | 0.10 | |
Reserve | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,000.10 | | | | 0.50 | | | | 0.10 | |
Hypothetical | | | 1,000.00 | | | | 1,024.30 | | | | 0.50 | | | | 0.10 | |
| | | | |
JPMorgan Municipal Money Market Fund | | | | | | | | | | | | | | | | |
Agency | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,000.10 | | | | 0.60 | | | | 0.12 | |
Hypothetical | | | 1,000.00 | | | | 1,024.20 | | | | 0.60 | | | | 0.12 | |
Institutional Class | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,000.10 | | | | 0.55 | | | | 0.11 | |
Hypothetical | | | 1,000.00 | | | | 1,024.25 | | | | 0.55 | | | | 0.11 | |
Morgan | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,000.10 | | | | 0.60 | | | | 0.12 | |
Hypothetical | | | 1,000.00 | | | | 1,024.20 | | | | 0.60 | | | | 0.12 | |
Premier | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,000.10 | | | | 0.60 | | | | 0.12 | |
Hypothetical | | | 1,000.00 | | | | 1,024.20 | | | | 0.60 | | | | 0.12 | |
Service | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,000.10 | | | | 0.60 | | | | 0.12 | |
Hypothetical | | | 1,000.00 | | | | 1,024.20 | | | | 0.60 | | | | 0.12 | |
| | | | |
JPMorgan California Municipal Money Market Fund | | | | | | | | | | | | | | | | |
Agency | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,000.10 | | | | 0.45 | | | | 0.09 | |
Hypothetical | | | 1,000.00 | | | | 1,024.35 | | | | 0.45 | | | | 0.09 | |
Institutional Class | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,000.20 | | | | 0.40 | | | | 0.08 | |
Hypothetical | | | 1,000.00 | | | | 1,024.40 | | | | 0.40 | | | | 0.08 | |
Morgan | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,000.10 | | | | 0.45 | | | | 0.09 | |
Hypothetical | | | 1,000.00 | | | | 1,024.35 | | | | 0.45 | | | | 0.09 | |
Premier | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,000.10 | | | | 0.45 | | | | 0.09 | |
Hypothetical | | | 1,000.00 | | | | 1,024.35 | | | | 0.45 | | | | 0.09 | |
Service | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,000.10 | | | | 0.45 | | | | 0.09 | |
Hypothetical | | | 1,000.00 | | | | 1,024.35 | | | | 0.45 | | | | 0.09 | |
| | | | |
JPMorgan New York Municipal Money Market Fund | | | | | | | | | | | | | | | | |
Agency | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,000.10 | | | | 0.55 | | | | 0.11 | |
Hypothetical | | | 1,000.00 | | | | 1,024.25 | | | | 0.55 | | | | 0.11 | |
Institutional Class | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,000.20 | | | | 0.50 | | | | 0.10 | |
Hypothetical | | | 1,000.00 | | | | 1,024.30 | | | | 0.50 | | | | 0.10 | |
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MONEY MARKET FUNDS | | | | | | | | 165 |
SCHEDULE OF SHAREHOLDER EXPENSES
(Unaudited) (continued)
Hypothetical $1,000 Investment
| | | | | | | | | | | | | | | | |
| | | Beginning
Account Value
September 1, 2021 | | | Ending
Account Value
February 28, 2022 | | | Expenses
Paid During
the Period* | | | Annualized
Expense
Ratio | |
JPMorgan New York Municipal Money Market Fund (continued) | | | | | | | | | | | | | |
Morgan | | | | | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | | $ | 1,000.10 | | | $ | 0.55 | | | | 0.11 | % |
Hypothetical | | | 1,000.00 | | | | 1,024.25 | | | | 0.55 | | | | 0.11 | |
Premier | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,000.10 | | | | 0.55 | | | | 0.11 | |
Hypothetical | | | 1,000.00 | | | | 1,024.25 | | | | 0.55 | | | | 0.11 | |
Reserve | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,000.10 | | | | 0.55 | | | | 0.11 | |
Hypothetical | | | 1,000.00 | | | | 1,024.25 | | | | 0.55 | | | | 0.11 | |
Service | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 1,000.10 | | | | 0.55 | | | | 0.11 | |
Hypothetical | | | 1,000.00 | | | | 1,024.25 | | | | 0.55 | | | | 0.11 | |
| * | Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
| | | | | | | | | | |
| | | | | |
| 166 | | | | | | | | J.P. MORGAN MONEY MARKET FUNDS | | FEBRUARY 28, 2022 |
TAX LETTER
(Unaudited)
(Dollar values in thousands)
Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Funds’ income and distributions for the taxable year ended February 28, 2022. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2022. The information necessary to complete your income tax returns
for the calendar year ending December 31, 2022 will be provided under separate cover.
Long Term Capital Gain
Each fund listed below distributed the following amount, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended February 28, 2022:
| | | | |
| | | Long-Term
Capital Gain
Distribution | |
JPMorgan Institutional Tax Free Money Market Fund | | $ | 18 | |
JPMorgan Federal Money Market Fund | | | 1 | |
JPMorgan 100% U.S. Treasury Securities Money Market Fund | | | 108 | |
JPMorgan Tax Free Money Market Fund | | | 202 | |
JPMorgan New York Municipal Money Market Fund | | | 31 | |
Qualified Interest Income (QII) and Short Term Capital Gain
Each fund listed below paid the following amount, or maximum allowable amount, of ordinary distributions treated as qualified interest income and short-term capital gains for the fiscal year ended February 28, 2022:
| | | | | | | | |
| | | Qualified
Interest
Income | | | Short-Term
Capital
Gain | |
JPMorgan Prime Money Market Fund | | $ | 23,667 | | | $ | — | |
JPMorgan Liquid Assets Money Market Fund | | | 794 | | | | — | |
JPMorgan U.S. Government Money Market Fund | | | 51,842 | | | | — | |
JPMorgan U.S. Treasury Plus Money Market Fund | | | 2,115 | | | | — | |
JPMorgan Federal Money Market Fund | | | 110 | | | | 39 | |
JPMorgan 100% U.S. Treasury Securities Money Market Fund | | | 5,586 | | | | 476 | |
Tax-Exempt Income
Each fund listed below had the following amount, or maximum allowable amount, of dividends paid from investment income exempt from federal income tax for the fiscal year ended February 28, 2022:
| | | | |
| | | Exempt
Distributions
Paid | |
JPMorgan Institutional Tax Free Money Market Fund | | $ | 229 | |
JPMorgan Tax Free Money Market Fund | | | 1,130 | |
JPMorgan Municipal Money Market Fund | | | 146 | |
JPMorgan California Municipal Money Market Fund | | | 27 | |
JPMorgan New York Municipal Money Market Fund | | | 98 | |
Treasury Income
Each fund listed below had the following percentage, or maximum allowable percentage, of income earned from direct U.S. Treasury Obligations for the fiscal year ended February 28, 2022:
| | | | |
| | | Income from
U.S. Treasury
Obligations | |
JPMorgan Prime Money Market Fund | | | 0.3 | % |
JPMorgan Liquid Assets Money Market Fund | | | 0.2 | |
JPMorgan U.S. Government Money Market Fund | | | 28.6 | |
JPMorgan U.S. Treasury Plus Money Market Fund | | | 68.4 | |
JPMorgan Federal Money Market Fund | | | 55.0 | |
JPMorgan 100% U.S. Treasury Securities Money Market Fund | | | 89.7 | |
Interest Dividends
Each fund listed below had the following percentage, or maximum allowable percentage, of ordinary income distributions eligible to be treated as 163(j) interest dividends for the fiscal year ended February 28, 2022:
| | | | |
JPMorgan Prime Money Market Fund | | | 99.4 | % |
JPMorgan Securities Lending Money Market Fund | | | 98.1 | |
JPMorgan Liquid Assets Money Market Fund | | | 98.2 | |
JPMorgan U.S. Government Money Market Fund | | | 99.9 | |
JPMorgan U.S. Treasury Plus Money Market Fund | | | 98.6 | |
JPMorgan Federal Money Market Fund | | | 92.4 | |
JPMorgan 100% U.S. Treasury Securities Money Market Fund | | | 99.5 | |
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MONEY MARKET FUNDS | | | | | | | | 167 |
SPECIAL SHAREHOLDER MEETING RESULTS
(Unaudited)
JPM I held a special meeting of shareholders on October 27, 2021, for the purpose of considering and voting upon the election of Trustees, which meeting was adjourned to November 23, 2021 to allow shareholders to vote on the proposal.
When the special meeting reconvened on November 23, 2021, Trustees were elected by the shareholders of all of the series of JPM I, including Prime Money Market Fund, Federal Money Market Fund, 100% U.S. Treasury Securities Money Market Fund, Tax Free Money Market Fund, California Municipal Money Market Fund and New York Municipal Money Market Fund.
The results of the voting were as follows:
| | | | |
| | | Votes Received
(Amounts in
thousands) | |
Independent Nominee | | | | |
| John F. Finn | | | | |
In Favor | | | 218,161,076 | |
Withheld | | | 3,798,560 | |
| |
| Steven P. Fisher | | | | |
In Favor | | | 219,683,469 | |
Withheld | | | 2,276,167 | |
| |
| Gary L. French | | | | |
In Favor | | | 219,573,994 | |
Withheld | | | 2,385,642 | |
| |
| Kathleen M. Gallagher | | | | |
In Favor | | | 219,614,901 | |
Withheld | | | 2,344,735 | |
| |
| Robert J. Grassi | | | | |
In Favor | | | 219,652,125 | |
Withheld | | | 2,307,510 | |
| |
| Frankie D. Hughes | | | | |
In Favor | | | 219,173,958 | |
Withheld | | | 2,785,677 | |
| |
| Raymond Kanner | | | | |
In Favor | | | 219,638,172 | |
Withheld | | | 2,321,463 | |
| |
| Thomas P. Lemke | | | | |
In Favor | | | 219,600,003 | |
Withheld | | | 2,359,633 | |
| |
| Lawrence R. Maffia | | | | |
In Favor | | | 219,558,283 | |
Withheld | | | 2,401,353 | |
| |
| Mary E. Martinez | | | | |
In Favor | | | 219,188,002 | |
Withheld | | | 2,771,634 | |
| |
| Marilyn McCoy | | | | |
In Favor | | | 218,775,511 | |
Withheld | | | 3,184,125 | |
| |
| Dr. Robert A. Oden, Jr. | | | | |
In Favor | | | 218,109,306 | |
Withheld | | | 3,850,330 | |
| | | | |
| | | Votes Received
(Amounts in
thousands) | |
Independent Nominee (continued) | | | | |
| Marian U. Pardo | | | | |
In Favor | | | 219,504,107 | |
Withheld | | | 2,445,528 | |
| |
| Emily A. Youssouf | | | | |
In Favor | | | 219,549,573 | |
Withheld | | | 2,410,062 | |
| |
Interested Nominee | | | | |
| Robert F. Deutsch | | | | |
In Favor | | | 219,143,836 | |
Withheld | | | 2,815,799 | |
| |
| Nina O. Shenker | | | | |
In Favor | | | 219,183,139 | |
Withheld | | | 2,776,497 | |
JPM II held a special meeting of shareholders on October 27, 2021, for the purpose considering and voting upon the election of Trustees, which meeting was adjourned to November 23, 2021 to allow shareholders to vote on the proposal.
When the special meeting reconvened on November 23, 2021, Trustees were elected by the shareholders of all of the series of JPM II, including Liquid Assets Money Market Fund, U.S. Government Money Market Fund, U.S. Treasury Plus Money Market Fund and Municipal Money Market Fund.
The results of the voting were as follows:
| | | | |
| | | Votes Received
(Amounts in
thousands) | |
Independent Nominee | | | | |
| John F. Finn | | | | |
In Favor | | | 288,983,507 | |
Withheld | | | 6,732,052 | |
| |
| Steven P. Fisher | | | | |
In Favor | | | 289,598,586 | |
Withheld | | | 6,116,973 | |
| |
| Gary L. French | | | | |
In Favor | | | 289,542,085 | |
Withheld | | | 6,173,474 | |
| |
| Kathleen M. Gallagher | | | | |
In Favor | | | 289,773,673 | |
Withheld | | | 5,941,887 | |
| |
| Robert J. Grassi | | | | |
In Favor | | | 289,609,331 | |
Withheld | | | 6,106,229 | |
| |
| Frankie D. Hughes | | | | |
In Favor | | | 289,641,174 | |
Withheld | | | 6,074,386 | |
| | | | | | | | | | |
| | | | | |
| 168 | | | | | | | | J.P. MORGAN MONEY MARKET FUNDS | | FEBRUARY 28, 2022 |
| | | | |
| | | Votes Received
(Amounts in
thousands) | |
Independent Nominee (continued) | | | | |
| Raymond Kanner | | | | |
In Favor | | | 289,603,025 | |
Withheld | | | 6,112,535 | |
| |
| Thomas P. Lemke | | | | |
In Favor | | | 289,581,867 | |
Withheld | | | 6,133,692 | |
| |
| Lawrence R. Maffia | | | | |
In Favor | | | 289,544,612 | |
Withheld | | | 6,170,947 | |
| |
| Mary E. Martinez | | | | |
In Favor | | | 289,745,394 | |
Withheld | | | 5,970,165 | |
| |
| Marilyn McCoy | | | | |
In Favor | | | 289,336,040 | |
Withheld | | | 6,379,520 | |
| |
| Dr. Robert A. Oden, Jr. | | | | |
In Favor | | | 288,968,016 | |
Withheld | | | 6,747,543 | |
| |
| Marian U. Pardo | | | | |
In Favor | | | 289,619,985 | |
Withheld | | | 6,095,575 | |
| |
| Emily A. Youssouf | | | | |
In Favor | | | 289,555,396 | |
Withheld | | | 6,160,163 | |
| |
Interested Nominee | | | | |
| Robert F. Deutsch | | | 289,562,178 | |
In Favor | | | 6,153,382 | |
Withheld | | | | |
| |
| Nina O. Shenker | | | | |
In Favor | | | 289,698,757 | |
Withheld | | | 6,016,803 | |
JPM IV held a special meeting of shareholders on October 27, 2021, for the purpose of considering and voting upon the election of Trustees.
Trustees were elected by the shareholders of all of the series of JPM IV, including Institutional Tax Free Money Market Fund and Securities Lending Money Market Fund.
The results of the voting were as follows:
| | | | |
| | | Votes Received
(Amounts in
thousands) | |
Independent Nominee | | | | |
| John F. Finn | | | | |
In Favor | | | 2,308,022 | |
Withheld | | | 4,313 | |
| | | | |
| | | Votes Received
(Amounts in
thousands) | |
Independent Nominee (continued) | | | | |
| Steven P. Fisher | | | | |
In Favor | | | 2,309,583 | |
Withheld | | | 2,752 | |
| |
| Gary L. French | | | | |
In Favor | | | 2,309,620 | |
Withheld | | | 2,715 | |
| |
| Kathleen M. Gallagher | | | | |
In Favor | | | 2,309,789 | |
Withheld | | | 2,546 | |
| |
| Robert J. Grassi | | | | |
In Favor | | | 2,309,623 | |
Withheld | | | 2,712 | |
| |
| Frankie D. Hughes | | | | |
In Favor | | | 2,309,543 | |
Withheld | | | 2,791 | |
| |
| Raymond Kanner | | | | |
In Favor | | | 2,309,644 | |
Withheld | | | 2,691 | |
| |
| Thomas P. Lemke | | | | |
In Favor | | | 2,309,600 | |
Withheld | | | 2,735 | |
| |
| Lawrence R. Maffia | | | | |
In Favor | | | 2,309,585 | |
Withheld | | | 2,750 | |
| |
| Mary E. Martinez | | | | |
In Favor | | | 2,309,800 | |
Withheld | | | 2,534 | |
| |
| Marilyn McCoy | | | | |
In Favor | | | 2,309,821 | |
Withheld | | | 2,514 | |
| |
| Dr. Robert A. Oden, Jr. | | | | |
In Favor | | | 2,308,857 | |
Withheld | | | 3,478 | |
| |
| Marian U. Pardo | | | | |
In Favor | | | 2,309,743 | |
Withheld | | | 2,591 | |
| |
| Emily A. Youssouf | | | | |
In Favor | | | 2,309,749 | |
Withheld | | | 2,586 | |
| |
Interested Nominee | | | | |
| Robert F. Deutsch | | | | |
In Favor | | | 2,309,524 | |
Withheld | | | 2,811 | |
| |
| Nina O. Shenker | | | | |
In Favor | | | 2,309,718 | |
Withheld | | | 2,616 | |
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MONEY MARKET FUNDS | | | | | | | | 169 |
Rev. January 2011
| | |
| | |
| FACTS | | WHAT DOES J.P. MORGAN FUNDS DO WITH YOUR PERSONAL INFORMATION? |
| | |
| Why? | | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
| | |
| What? | | The types of personal information we collect and share depend on the product or service you have with us. This information can include: ◾ Social Security number and account balances ◾ transaction history and account transactions ◾ checking account information and wire transfer instructions When you are no longer our customer, we continue to share your information as described in this notice. |
| | |
| How? | | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons J.P. Morgan Funds chooses to share; and whether you can limit this sharing. |
| | | | |
| | | |
| Reasons we can share your personal information | | Does J.P. Morgan
Funds share? | | Can you limit this
sharing? |
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | | Yes | | No |
For marketing purposes — to offer our products and services to you | | Yes | | No |
| For joint marketing with other financial companies | | No | | We don’t share |
For our affiliates’ everyday business purposes — information about your transactions and experiences | | No | | We don’t share |
For our affiliates’ everyday business purposes — information about your creditworthiness | | No | | We don’t share |
| For nonaffiliates to market to you | | No | | We don’t share |
| | |
| | |
| Questions? | | Call 1-800-480-4111 or go to www.jpmorganfunds.com |
| | |
| |
| Who we are |
| Who is providing this notice? | | J.P. Morgan Funds |
| | |
| |
| What we do |
| How does J.P. Morgan Funds protect my personal information? | | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We authorize our employees to access your information only when they need it to do their work and we require companies that work for us to protect your information. |
How does J.P. Morgan Funds collect my personal information? | | We collect your personal information, for example, when you: ◾ open an account or provide contact information ◾ give us your account information or pay us by check ◾ make a wire transfer We also collect your personal information from others, such as credit bureaus, affiliates and other companies. |
| Why can’t I limit all sharing? | | Federal law gives you the right to limit only ◾ sharing for affiliates’ everyday business purposes – information about your creditworthiness ◾ affiliates from using your information to market to you ◾ sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing. |
| | |
| |
| Definitions |
| Affiliates | | Companies related by common ownership or control. They can be financial and nonfinancial companies. ◾ J.P. Morgan Funds does not share with our affiliates. |
| Nonaffiliates | | Companies not related by common ownership or control. They can be financial and nonfinancial companies. ◾ J.P. Morgan Funds does not share with nonaffiliates so they can market to you. |
| Joint Marketing | | A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ◾ J.P. Morgan Funds doesn’t jointly market. |
J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds.
Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 (retail investors) or 1-800-766-7722 (institutional investors) for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.
Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure, by visiting www.sipc.org or by calling SIPC at 202-371-8300.
Each Fund files a complete schedule of its portfolio holdings with the SEC each month on Form N-MFP. The Funds’ Form N-MFP reports are available on the SEC’s website at http://www.sec.gov. Each Fund’s monthly holdings can be found by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.
A description of each Fund’s policies and procedures with respect to the disclosure of each Fund’s holdings is available in the prospectuses and Statement of Additional Information.
A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 (retail investors) or 1-800-766-7722 (institutional investors) and on the Funds’ website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser. A copy of the Funds’ voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Funds’ website at www.jpmorganfunds.com no later than August 31 of each year. The Funds’ proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.
J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.
| | | | |
| | © JPMorgan Chase & Co., 2022. All rights reserved. February 2022. | | AN-MMKT-222 |
Annual Report
J.P. Morgan SMA Funds
February 28, 2022
JPMorgan Core Focus SMA Fund
CONTENTS
Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when the Fund’s share price is lower than when you invested.
Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of the Fund or the securities markets.
Prospective investors should refer to the Fund’s prospectus for a discussion of the Fund’s investment objective, strategies and risks. Call J.P. Morgan Funds Service Center at 1-800-480-4111 for a prospectus containing more complete information about the Fund, including management fees and other expenses. Please read it carefully before investing.
LETTER TO SHAREHOLDERS
April 5, 2022 (Unaudited)
Dear Shareholders,
While the economic rebound and recovery from the depths of the pandemic continued through 2021 and into 2022, the emergence of coronavirus variants and the military conflict in Ukraine stoked increased volatility in financial markets. While U.S. corporate profits remained at record highs throughout the period, accelerating inflation consumed a growing portion of those earnings during the twelve months ended February 28, 2022.
| | |
 | | “Regardless of the path of the economy, we believe investors may benefit most from a diversified portfolio and a long-term approach.” — Andrea L. Lisher |
Equity markets in the U.S. and other developed markets generated strong returns for investors during the period, while bond markets brought mixed returns amid low interest rates and rising inflation. Notably, the U.S. real estate sector boomed during the period amid low mortgage rates, rising consumer wealth and limited housing supply. More broadly, growth in jobs, wages and strong consumer spending largely continued despite renewed social restrictions in response to the emergence of the Omicron variant of COVID-19 toward the end of the period.
Globally, energy prices generally rose in 2021 amid surging demand and supply chain bottlenecks and have since spiked higher amid the conflict in Ukraine. Russia’s military invasion and the financial and trade sanctions imposed on Russia by an alliance of developed and emerging market nations have fed investor uncertainty and weighed on global financial markets.
In the months ahead, economists generally expect that the U.S. economy is likely to maintain its growth momentum given expectations that the pandemic will recede and consumers will continue to spend amid a boom in household wealth. Meanwhile, the U.S. Federal Reserve, which responded to tight labor markets, rising wages and accelerating inflation by raising interest rates in mid-March for the first time since December 2018, has signaled its intent to raise rates six more times in 2022. The timing and magnitude of further interest rate increases and the duration and scope of the conflict in Ukraine are likely to remain key factors in the performance of the global economy and financial markets in the year ahead.
Regardless of the path of the economy, we believe investors may benefit most from a diversified portfolio and a long-term approach. Meanwhile, J.P. Morgan Asset Management will seek to deliver superior client outcomes across a broad range of innovative solutions and risk management processes built on the same fundamental practices and principles that have driven our success for more than a century.
On behalf of J.P. Morgan Asset Management, thank you for entrusting us to manage your investment. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.
Sincerely yours,
Andrea L. Lisher
Head of Americas, Client
J.P. Morgan Asset Management
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN SMA FUNDS | | | | | | | | 1 |
JPMorgan Core Focus SMA Fund
FUND COMMENTARY
TWELVE MONTHS ENDED FEBRUARY 28, 2022 (Unaudited)
| | | | |
REPORTING PERIOD RETURN: | |
Fund* | | | (1.79)% | |
Bloomberg U.S. Aggregate Index (formerly known as Bloomberg Barclays U.S. Aggregate Index) | | | (2.64)% | |
| |
Net Assets as of 2/28/2022 (In Thousands) | | | 21,790 | |
Duration as of 2/28/2022 | | | 4.4 Years | |
INVESTMENT OBJECTIVE**
The JPMorgan Core Focus SMA Fund (the “Fund”) seeks to maximize total return.
HOW DID THE MARKET PERFORM?
Bond markets largely underperformed equity markets during the period amid accommodative central bank policies and a year-long rally in U.S. equities. Within fixed income markets, high yield bonds (also called “junk bonds”) and lower quality investment grade bonds provided slim but positive returns, while municipal bonds, investment grade corporate bonds and U.S. Treasury bonds had a mixed performance.
Throughout the period, the U.S. Federal Reserve (the “Fed”) maintained its ultra-low interest rate policy and continued monthly asset purchases under its quantitative easing program. However, as inflation accelerated through the second half of the year, the Fed signaled it would begin to taper off its asset purchases by the end of 2021 and consider raising interest rates in 2022. Subsequent to the end of the reporting period, the Fed raised its policy interest rate by 0.25% on March 16, 2022, the first increase since December 2018, and stated its intention to aggressively raise rates further in 2022. Overall, real interest rates generally fell in the first half of the period and rose in the second half as the U.S. economic rebound from 2020 accelerated and the rate of inflation reached the highest levels since 1982.
Notably, the final months of the period were marked by a resurgence in the pandemic — fueled by the emergence of the Omicron variant of COVID-19 in late 2021 — and Russia’s military buildup along its border with Ukraine. Financial market volatility spiked higher when Russian forced launched an invasion of Ukraine on February 24, 2022.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
For the twelve months ended February 28, 2022, the Fund outperformed the Bloomberg U.S. Aggregate Index (the “Benchmark”).
Relative to the Benchmark, the Fund’s shorter duration was a leading contributor to performance as interest rates rose during the period. Generally, bonds with shorter duration will experience a smaller decrease in price compared with longer
duration bonds when interest rates rise. The Fund’s allocation to securitized credit, including asset-backed securities, non-agency mortgage-backed securities and commercial mortgage-backed securities, also contributed to relative performance.
The Fund generally holds no U.S. Treasury securities, which detracted from relative performance during the period.
HOW WAS THE FUND POSITIONED?
The Fund was invested primarily in a diversified portfolio of corporate bonds, U.S. government and agency securities, asset-backed securities, and mortgage-related and mortgage-backed securities.
| | | | |
PORTFOLIO COMPOSITION
AS OF FEBRUARY 28, 2022 | | PERCENT OF
TOTAL
INVESTMENTS | |
| Asset-Backed Securities | | | 32.3 | % |
| Collateralized Mortgage Obligations | | | 30.6 | |
| Corporate Bonds | | | 24.0 | |
| Commercial Mortgage-Backed Securities | | | 6.8 | |
| Mortgage-Backed Securities | | | 3.4 | |
| Short-Term Investments | | | 2.9 | |
| * | | The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America. |
| ** | | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
| | | | | | | | | | |
| | | | | |
| 2 | | | | | | | | J.P. MORGAN SMA FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | | | |
AVERAGE ANNUAL TOTAL RETURNS AS OF FEBRUARY 28, 2022 | |
| | | |
| | | INCEPTION DATE OF
FUND | | 1 YEAR | | | SINCE INCEPTION | |
SMA | | March 1, 2018 | | | (1.79 | )% | | | 3.31 | % |
LIFE OF FUND PERFORMANCE (3/1/18 TO 2/28/22)
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.
The Fund commenced operations on March 1, 2018.
The graph illustrates comparative performance for $10,000 invested in the JPMorgan Core Focus SMA Fund and the Bloomberg U.S. Aggregate Index from March 1, 2018 to February 28, 2022. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Bloomberg U.S. Aggregate Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of securities included in the benchmark, if applicable. These expenses are not identical to the expenses incurred by the Fund. The Bloomberg U.S. Aggregate Index is an unmanaged index that represents securities that are SEC-registered, taxable and dollar denominated. The Bloomberg U.S. Aggregate Index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
The Fund is offered as a component of the JPMorgan Core Focus SMA Managed Account Strategy (“SMA Strategy”) to participants in separately managed account programs. The SMA Strategy consists of a separately managed account that holds both the Fund and other securities and investments directly for the SMA clients. As a result, the Fund will not hold all of the core bond investments of the SMA Strategy but rather will invest in certain securities and investments that can be traded more efficiently if held by an investment company rather than directly. Since the Fund will be used as part of a SMA Strategy, it is not intended to be a stand-alone core bond investment strategy.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN SMA FUNDS | | | | | | | | 3 |
JPMorgan Core Focus SMA Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Asset-Backed Securities — 32.1% | |
| | |
ACC Auto Trust Series 2021-A, Class A, 1.08%, 4/15/2027 (a) | | | 83 | | | | 83 | |
| | |
Aligned Data Centers Issuer LLC Series 2021-1A, Class A2, 1.94%, 8/15/2046 (a) | | | 330 | | | | 316 | |
| |
American Credit Acceptance Receivables Trust | | | | | |
| | |
Series 2020-3, Class C, 1.85%, 6/15/2026 (a) | | | 148 | | | | 148 | |
| | |
Series 2021-2, Class C, 0.97%, 7/13/2027 (a) | | | 204 | | | | 201 | |
| | |
AMSR Trust Series 2020-SFR2, Class A, 1.63%, 7/17/2037 (a) | | | 150 | | | | 146 | |
| | |
Business Jet Securities LLC Series 2019-1, Class A, 4.21%, 7/15/2034 (a) | | | 57 | | | | 57 | |
| | |
CarMax Auto Owner Trust Series 2020-1, Class B, 2.21%, 9/15/2025 | | | 112 | | | | 112 | |
| | |
CarNow Auto Receivables Trust Series 2021-1A, Class A, 0.97%, 10/15/2024 (a) | | | 61 | | | | 61 | |
| |
Carvana Auto Receivables Trust | | | | | |
| | |
Series 2021-P1, Class B, 1.19%, 1/11/2027 | | | 200 | | | | 194 | |
| | |
Series 2021-P1, Class C, 1.53%, 3/10/2027 | | | 200 | | | | 193 | |
| | |
CoreVest American Finance Trust Series 2019-2, Class B, 3.42%, 6/15/2052 ‡ (a) | | | 250 | | | | 250 | |
| |
Credit Acceptance Auto Loan Trust | | | | | |
| | |
Series 2020-1A, Class A, 2.01%, 2/15/2029 (a) | | | 250 | | | | 251 | |
| | |
Series 2020-3A, Class A, 1.24%, 10/15/2029 (a) | | | 250 | | | | 248 | |
| | |
Series 2020-3A, Class B, 1.77%, 12/17/2029 (a) | | | 250 | | | | 247 | |
| | |
Diamond Resorts Owner Trust Series 2021-1A, Class A, 1.51%, 11/21/2033 (a) | | | 67 | | | | 66 | |
| | |
Drive Auto Receivables Trust Series 2020-1, Class D, 2.70%, 5/17/2027 | | | 400 | | | | 405 | |
| |
DT Auto Owner Trust | | | | | |
| | |
Series 2020-2A, Class A, 1.14%, 1/16/2024 (a) | | | 1 | | | | 1 | |
| | |
Series 2020-1A, Class B, 2.16%, 5/15/2024 (a) | | | 20 | | | | 20 | |
| | |
Series 2019-2A, Class C, 3.18%, 2/18/2025 (a) | | | 67 | | | | 68 | |
| | |
Elara HGV Timeshare Issuer LLC Series 2021-A, Class A, 1.36%, 8/27/2035 (a) | | | 91 | | | | 88 | |
| | |
First Investors Auto Owner Trust Series 2019-1A, Class B, 3.02%, 3/17/2025 (a) | | | 2 | | | | 2 | |
| |
Flagship Credit Auto Trust | | | | | |
| | |
Series 2019-3, Class B, 2.48%, 8/15/2024 (a) | | | 225 | | | | 226 | |
| | |
Series 2019-1, Class D, 4.08%, 2/18/2025 (a) | | | 167 | | | | 171 | |
| | |
Series 2020-1, Class C, 2.24%, 1/15/2026 (a) | | | 500 | | | | 501 | |
| | |
FREED ABS Trust Series 2021-1CP, Class A, 0.66%, 3/20/2028 (a) | | | 46 | | | | 46 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
| | |
FRTKL Series 2021-SFR1, Class A, 1.57%, 9/17/2038 (a) | | | 150 | | | | 142 | |
| | |
GLS Auto Receivables Trust Series 2021-2A, Class B, 0.77%, 9/15/2025 (a) | | | 40 | | | | 39 | |
| | |
Goodgreen (Cayman Islands) Series 2018-1A, Class A, 3.93%, 10/15/2053 (a) (b) | | | 89 | | | | 90 | |
| | |
HERO Funding (Cayman Islands) Series 2017-3A, Class A2, 3.95%, 9/20/2048 (a) | | | 42 | | | | 42 | |
| | |
Home Partners of America Trust Series 2021-2, Class A, 1.90%, 12/17/2026 (a) | | | 148 | | | | 143 | |
| | |
Lendingpoint Asset Securitization Trust Series 2021-A, Class A, 1.00%, 12/15/2028 (a) | | | 129 | | | | 128 | |
| | |
Lendmark Funding Trust Series 2019-1A, Class A, 3.00%, 12/20/2027 (a) | | | 175 | | | | 176 | |
| | |
Marlette Funding Trust Series 2021-1A, Class A, 0.60%, 6/16/2031 (a) | | | 32 | | | | 32 | |
| | |
NMEF Funding LLC Series 2021-A, Class A2, 0.81%, 12/15/2027 (a) | | | 276 | | | | 274 | |
| | |
Octane Receivables Trust Series 2021-1A, Class A, 0.93%, 3/22/2027 (a) | | | 71 | | | | 70 | |
| | |
Progress Residential Series 2021-SFR4, Class A, 1.56%, 5/17/2038 (a) | | | 150 | | | | 142 | |
| |
Progress Residential Trust | | | | | |
| | |
Series 2020-SFR2, Class A, 2.08%, 6/17/2037 (a) | | | 150 | | | | 147 | |
| | |
Series 2021-SFR2, Class A, 1.55%, 4/19/2038 (a) | | | 150 | | | | 144 | |
| | |
Series 2021-SFR8, Class A, 1.51%, 10/17/2038 (a) | | | 305 | | | | 290 | |
| | |
Santander Consumer Auto Receivables Trust Series 2020-AA, Class C, 3.71%, 2/17/2026 (a) | | | 400 | | | | 407 | |
| | |
Towd Point Mortgage Trust Series 2017-6, Class A1, 2.75%, 10/25/2057 ‡ (a) (b) | | | 33 | | | | 33 | |
| | |
Upstart Securitization Trust Series 2021-1, Class A, 0.87%, 3/20/2031 (a) | | | 167 | | | | 166 | |
| | |
US Auto Funding Series 2021-1A, Class A, 0.79%, 7/15/2024 (a) | | | 69 | | | | 68 | |
| | |
Westgate Resorts LLC Series 2022-1A, Class A, 1.79%, 8/20/2036 (a) | | | 255 | | | | 252 | |
| | |
Westlake Automobile Receivables Trust Series 2021-1A, Class C, 0.95%, 3/16/2026 (a) | | | 125 | | | | 123 | |
| | | | | | | | |
Total Asset-Backed Securities
(Cost $7,101) | | | | 7,009 | |
| | | | | |
Collateralized Mortgage Obligations — 30.5% | |
| |
FHLMC, REMIC | | | | | |
| | |
Series 2926, Class EW, 5.00%, 1/15/2025 | | | 143 | | | | 148 | |
| | |
Series 3935, Class GA, 3.00%, 10/15/2026 | | | 216 | | | | 220 | |
| | |
Series 2488, Class GM, 6.00%, 8/15/2032 | | | 19 | | | | 21 | |
| | |
Series 4151, Class YC, 2.50%, 1/15/2033 | | | 94 | | | | 95 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 4 | | | | | | | | J.P. MORGAN SMA FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Collateralized Mortgage Obligations — continued | |
| | |
Series 2740, Class PE, 5.50%, 1/15/2034 | | | 70 | | | | 78 | |
| | |
Series 2943, Class ZC, 5.00%, 2/15/2034 | | | 26 | | | | 29 | |
| | |
Series 2768, Class PK, 5.00%, 3/15/2034 | | | 25 | | | | 27 | |
| | |
Series 3237, Class CE, 5.50%, 11/15/2036 | | | 50 | | | | 58 | |
| | |
Series 3249, Class CB, 4.25%, 12/15/2036 | | | 38 | | | | 40 | |
| | |
Series 3258, Class XX, 5.50%, 12/15/2036 | | | 56 | | | | 63 | |
| | |
Series 4031, Class AB, 5.50%, 6/15/2037 | | | 85 | | | | 94 | |
| | |
Series 3404, Class DC, 5.50%, 1/15/2038 | | | 50 | | | | 56 | |
| | |
Series 3601, Class HB, 5.00%, 11/15/2039 | | | 25 | | | | 28 | |
| | |
Series 3626, Class ME, 5.00%, 1/15/2040 | | | 26 | | | | 28 | |
| | |
Series 3680, Class ZA, 4.50%, 6/15/2040 | | | 76 | | | | 82 | |
| | |
Series 3777, Class WA, 4.00%, 12/15/2040 | | | 57 | | | | 60 | |
| | |
Series 3772, Class NE, 4.50%, 12/15/2040 | | | 180 | | | | 191 | |
| | |
Series 3939, Class AZ, 4.00%, 3/15/2041 | | | 80 | | | | 82 | |
| | |
Series 4240, Class DK, 4.00%, 11/15/2042 | | | 42 | | | | 43 | |
| | |
Series 4283, Class EW, 4.50%, 12/15/2043 (b) | | | 60 | | | | 63 | |
| | |
Series 4887, Class EA, 2.50%, 6/15/2049 | | | 314 | | | | 314 | |
| |
FNMA, REMIC | | | | | |
| | |
Series 2013-17, Class YM, 4.00%, 3/25/2033 | | | 56 | | | | 60 | |
| | |
Series 2003-32, Class UJ, 5.50%, 5/25/2033 | | | 18 | | | | 19 | |
| | |
Series 2003-82, Class Z, 5.50%, 8/25/2033 | | | 29 | | | | 32 | |
| | |
Series 2004-17, Class H, 5.50%, 4/25/2034 | | | 70 | | | | 78 | |
| | |
Series 2004-31, Class MZ, 4.25%, 5/25/2034 | | | 32 | | | | 35 | |
| | |
Series 2004-36, Class CB, 5.00%, 5/25/2034 | | | 18 | | | | 20 | |
| | |
Series 2004-91, Class BR, 5.50%, 12/25/2034 | | | 23 | | | | 26 | |
| | |
Series 2009-13, Class PM, 4.00%, 4/25/2035 | | | 41 | | | | 42 | |
| | |
Series 2005-29, Class WQ, 5.50%, 4/25/2035 | | | 86 | | | | 96 | |
| | |
Series 2005-109, Class GD, 6.00%, 10/25/2035 | | | 13 | | | | 14 | |
| | |
Series 2015-65, Class LD, 3.50%, 1/25/2036 | | | 147 | | | | 156 | |
| | |
Series 2005-122, Class PY, 6.00%, 1/25/2036 | | | 70 | | | | 78 | |
| | |
Series 2006-24, Class Z, 5.50%, 4/25/2036 | | | 75 | | | | 83 | |
| | |
Series 2007-36, Class PH, 5.50%, 4/25/2037 | | | 24 | | | | 25 | |
| | |
Series 2007-60, Class ZB, 4.75%, 5/25/2037 | | | 173 | | | | 183 | |
| | |
Series 2009-42, Class TZ, 4.50%, 3/25/2039 | | | 240 | | | | 257 | |
| | |
Series 2009-66, Class KE, 4.00%, 9/25/2039 | | | 37 | | | | 39 | |
| | |
Series 2009-105, Class DB, 4.50%, 12/25/2039 | | | 25 | | | | 28 | |
| | |
Series 2010-43, Class EM, 5.00%, 5/25/2040 | | | 21 | | | | 24 | |
| | |
Series 2010-87, Class PJ, 3.50%, 6/25/2040 | | | 8 | | | | 9 | |
| | |
Series 2010-59, Class EB, 5.00%, 6/25/2040 | | | 300 | | | | 362 | |
| | |
Series 2011-146, Class LX, 3.50%, 10/25/2040 | | | 200 | | | | 205 | |
| | |
Series 2011-1, Class QA, 4.50%, 10/25/2040 | | | 2 | | | | 2 | |
| | |
Series 2010-133, Class GP, 4.00%, 11/25/2040 | | | 250 | | | | 271 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
| | |
Series 2010-123, Class KU, 4.50%, 11/25/2040 | | | 84 | | | | 90 | |
| | |
Series 2010-129, Class PZ, 4.50%, 11/25/2040 | | | 101 | | | | 103 | |
| | |
Series 2010-136, Class CY, 4.00%, 12/25/2040 | | | 290 | | | | 312 | |
| | |
Series 2010-141, Class AL, 4.00%, 12/25/2040 | | | 82 | | | | 86 | |
| | |
Series 2010-154, Class KZ, 4.50%, 1/25/2041 | | | 48 | | | | 56 | |
| | |
Series 2011-55, Class BZ, 3.50%, 6/25/2041 | | | 148 | | | | 155 | |
| | |
Series 2011-115, Class UC, 4.00%, 11/25/2041 | | | 34 | | | | 35 | |
| | |
Series 2013-114, Class LM, 4.00%, 3/25/2042 | | | 197 | | | | 208 | |
| | |
Series 2012-124, Class PA, 2.50%, 7/25/2042 | | | 177 | | | | 176 | |
| | |
Series 2012-120, Class PA, 3.50%, 10/25/2042 | | | 58 | | | | 61 | |
| | |
Series 2014-19, Class Z, 4.50%, 4/25/2044 | | | 285 | | | | 309 | |
| | |
Series 2016-103, Class LA, 3.00%, 5/25/2044 | | | 215 | | | | 217 | |
| | |
Series 2015-61, Class PV, 3.50%, 5/25/2044 | | | 17 | | | | 18 | |
| | |
Series 2016-32, Class PA, 3.00%, 12/25/2045 | | | 99 | | | | 101 | |
| | |
Series 2017-110, Class PB, 3.00%, 2/25/2057 | | | 265 | | | | 268 | |
| |
GNMA | | | | | |
| | |
Series 2003-46, Class HA, 4.50%, 6/20/2033 | | | 61 | | | | 63 | |
| | |
Series 2004-55, Class MC, 5.50%, 7/20/2034 | | | 13 | | | | 15 | |
| | |
Series 2005-16, Class CA, 5.00%, 2/20/2035 | | | 22 | | | | 24 | |
| | |
Series 2005-17, Class GE, 5.00%, 2/20/2035 | | | 100 | | | | 107 | |
| | |
Series 2008-25, Class AD, 4.50%, 3/20/2038 | | | 72 | | | | 75 | |
| | |
Series 2009-16, Class ZD, 6.00%, 3/20/2039 | | | 91 | | | | 99 | |
| | |
Series 2009-58, Class PA, 4.50%, 7/20/2039 | | | 102 | | | | 106 | |
| | | | | | | | |
Total Collateralized Mortgage Obligations
(Cost $6,516) | | | | 6,648 | |
| | | | | |
Corporate Bonds — 24.0% | |
|
Aerospace & Defense — 0.7% | |
| | |
Boeing Co. (The) | | | | | | | | |
| | |
2.75%, 2/1/2026 | | | 70 | | | | 71 | |
| | |
3.63%, 2/1/2031 | | | 10 | | | | 10 | |
| | |
5.81%, 5/1/2050 | | | 15 | | | | 18 | |
| | |
Northrop Grumman Corp. 3.85%, 4/15/2045 | | | 20 | | | | 20 | |
| | |
Raytheon Technologies Corp. 4.15%, 5/15/2045 | | | 40 | | | | 42 | |
| | | | | | | | |
| | |
| | | | | | | 161 | |
| | | | | | | | |
|
Air Freight & Logistics — 0.1% | |
| | |
FedEx Corp. 4.05%, 2/15/2048 | | | 30 | | | | 31 | |
| | | | | | | | |
| | | | | | | | |
|
Auto Components — 0.1% | |
| | |
Lear Corp. 3.55%, 1/15/2052 | | | 35 | | | | 30 | |
| | | | | | | | |
| | | | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN SMA FUNDS | | | | | | | | 5 |
JPMorgan Core Focus SMA Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Corporate Bonds — continued | |
|
Automobiles — 1.2% | |
| | |
General Motors Co. 5.20%, 4/1/2045 | | | 15 | | | | 16 | |
| | |
Hyundai Capital America | | | | | | | | |
| | |
1.00%, 9/17/2024 (a) | | | 70 | | | | 67 | |
| | |
1.80%, 10/15/2025 (a) | | | 100 | | | | 97 | |
| | |
Nissan Motor Acceptance Co. LLC
3.88%, 9/21/2023 (a) | | | 30 | | | | 31 | |
| | |
2.00%, 3/9/2026 (a) | | | 45 | | | | 42 | |
| | | | | | | | |
| | |
| | | | | | | 253 | |
| | | | | | | | |
|
Banks — 1.7% | |
| | |
Bank of America Corp.
| | | | | | | | |
| | |
4.20%, 8/26/2024 | | | 60 | | | | 62 | |
| | |
5.00%, 1/21/2044 | | | 55 | | | | 65 | |
| | |
(ICE LIBOR USD 3 Month + 1.19%), 3.95%, 1/23/2049 (c) | | | 15 | | | | 16 | |
| | |
Citigroup, Inc.
| | | | | | | | |
| | |
3.20%, 10/21/2026 | | | 19 | | | | 19 | |
| | |
8.13%, 7/15/2039 | | | 30 | | | | 47 | |
| | |
Mitsubishi UFJ Financial Group, Inc. (Japan) | | | | | | | | |
| | |
3.78%, 3/2/2025 | | | 15 | | | | 16 | |
| | |
3.74%, 3/7/2029 | | | 55 | | | | 57 | |
| | |
Sumitomo Mitsui Financial Group, Inc. (Japan)
3.36%, 7/12/2027 | | | 25 | | | | 26 | |
| | |
Wells Fargo & Co. 4.65%, 11/4/2044 | | | 30 | | | | 33 | |
| | | | | | | | |
| | |
| | | | | | | 341 | |
| | | | | | | | |
|
Beverages — 0.6% | |
| | |
Anheuser-Busch Cos. LLC (Belgium) 4.90%, 2/1/2046 | | | 25 | | | | 28 | |
| | |
Anheuser-Busch InBev Finance, Inc. (Belgium) 4.90%, 2/1/2046 | | | 10 | | | | 11 | |
| | |
Anheuser-Busch InBev Worldwide, Inc. (Belgium) | | | | | | | | |
| | |
4.00%, 4/13/2028 | | | 15 | | | | 16 | |
| | |
4.95%, 1/15/2042 | | | 36 | | | | 41 | |
| | |
Constellation Brands, Inc. 3.75%, 5/1/2050 | | | 5 | | | | 5 | |
| | |
Keurig Dr Pepper, Inc.
| | | | | | | | |
| | |
4.60%, 5/25/2028 | | | 15 | | | | 16 | |
| | |
5.09%, 5/25/2048 | | | 5 | | | | 6 | |
| | |
Molson Coors Beverage Co.
4.20%, 7/15/2046 | | | 15 | | | | 15 | |
| | | | | | | | |
| | |
| | | | | | | 138 | |
| | | | | | | | |
|
Biotechnology — 0.6% | |
| | |
AbbVie, Inc. | | | | | | | | |
| | |
4.55%, 3/15/2035 | | | 10 | | | | 11 | |
| | |
4.70%, 5/14/2045 | | | 15 | | | | 17 | |
| | |
4.45%, 5/14/2046 | | | 25 | | | | 27 | |
| | |
4.88%, 11/14/2048 | | | 15 | | | | 17 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| |
|
Biotechnology — continued | |
| | |
Amgen, Inc.
4.20%, 2/22/2052 | | | 25 | | | | 26 | |
| | |
Biogen, Inc.
2.25%, 5/1/2030 | | | 14 | | | | 13 | |
| | |
3.15%, 5/1/2050 | | | 12 | | | | 10 | |
| | |
Gilead Sciences, Inc.
4.80%, 4/1/2044 | | | 15 | | | | 17 | |
| | | | | | | | |
| | |
| | | | | | | 138 | |
| | | | | | | | |
|
Capital Markets — 1.1% | |
| | |
Credit Suisse USA, Inc. (Switzerland)
7.13%, 7/15/2032 | | | 15 | | | | 20 | |
| | |
Goldman Sachs Group, Inc. (The) | | | | | | | | |
| | |
(ICE LIBOR USD 3 Month + 1.37%), 4.02%, 10/31/2038 (c) | | | 65 | | | | 69 | |
| | |
Macquarie Group Ltd. (Australia) | | | | | | | | |
| | |
(ICE LIBOR USD 3 Month + 1.37%), 3.76%, 11/28/2028 (a) (c) | | | 20 | | | | 21 | |
| | |
Morgan Stanley
3.13%, 7/27/2026 | | | 35 | | | | 36 | |
| | |
3.95%, 4/23/2027 | | | 25 | | | | 26 | |
| | |
(ICE LIBOR USD 3 Month + 1.63%), 4.43%, 1/23/2030 (c) | | | 50 | | | | 53 | |
| | |
(SOFR + 1.49%), 3.22%, 4/22/2042 (c) | | | 10 | | | | 10 | |
| | | | | | | | |
| | |
| | | | | | | 235 | |
| | | | | | | | |
|
Chemicals — 0.4% | |
| | |
CF Industries, Inc.
3.45%, 6/1/2023 | | | 20 | | | | 20 | |
| | |
5.15%, 3/15/2034 | | | 15 | | | | 17 | |
| | |
LYB International Finance III LLC
3.38%, 10/1/2040 | | | 20 | | | | 19 | |
| | |
Mosaic Co. (The)
3.25%, 11/15/2022 | | | 10 | | | | 10 | |
| | |
4.05%, 11/15/2027 | | | 10 | | | | 11 | |
| | |
Nutrien Ltd. (Canada) 3.00%, 4/1/2025 | | | 20 | | | | 20 | |
| | | | | | | | |
| | |
| | | | | | | 97 | |
| | | | | | | | |
|
Construction Materials — 0.4% | |
| | |
Eagle Materials, Inc. 2.50%, 7/1/2031 | | | 50 | | | | 47 | |
| | |
Martin Marietta Materials, Inc. 3.45%, 6/1/2027 | | | 30 | | | | 31 | |
| | | | | | | | |
| | |
| | | | | | | 78 | |
| | | | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 6 | | | | | | | | J.P. MORGAN SMA FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Corporate Bonds — continued | |
|
Consumer Finance — 1.0% | |
| | |
Avolon Holdings Funding Ltd. (Ireland)
| | | | | | | | |
| | |
5.50%, 1/15/2026 (a) | | | 25 | | | | 27 | |
| | |
4.38%, 5/1/2026 (a) | | | 65 | | | | 67 | |
| | |
2.53%, 11/18/2027 (a) | | | 45 | | | | 42 | |
| | |
Capital One Financial Corp.
| | | | | | | | |
| | |
4.20%, 10/29/2025 | | | 15 | | | | 16 | |
| | |
3.75%, 3/9/2027 | | | 25 | | | | 26 | |
| | |
General Motors Financial Co., Inc. | | | | | | | | |
| | |
1.25%, 1/8/2026 | | | 15 | | | | 14 | |
| | |
2.70%, 6/10/2031 | | | 25 | | | | 23 | |
| | | | | | | | |
| | |
| | | | | | | 215 | |
| | | | | | | | |
|
Diversified Financial Services — 0.3% | |
| | |
Element Fleet Management Corp. (Canada)
| | | | | | | | |
| | |
1.60%, 4/6/2024 (a) | | | 5 | | | | 5 | |
| | |
3.85%, 6/15/2025 (a) | | | 30 | | | | 31 | |
| | |
Shell International Finance BV (Netherlands)
5.50%, 3/25/2040 | | | 20 | | | | 25 | |
| | | | | | | | |
| | |
| | | | | | | 61 | |
| | | | | | | | |
|
Diversified Telecommunication Services — 1.1% | |
| | |
AT&T, Inc.
| | | | | | | | |
| | |
2.25%, 2/1/2032 | | | 15 | | | | 14 | |
| | |
2.55%, 12/1/2033 | | | 52 | | | | 48 | |
| | |
3.50%, 9/15/2053 | | | 68 | | | | 63 | |
| | |
Deutsche Telekom International Finance BV (Germany) 8.75%, 6/15/2030(d) | | | 10 | | | | 14 | |
| | |
Telefonica Emisiones SA (Spain) 7.05%, 6/20/2036 | | | 15 | | | | 19 | |
| | |
Verizon Communications, Inc.
| | | | | | | | |
| | |
2.10%, 3/22/2028 | | | 25 | | | | 24 | |
| | |
4.86%, 8/21/2046 | | | 46 | | | | 55 | |
| | | | | | | | |
| | |
| | | | | | | 237 | |
| | | | | | | | |
|
Electric Utilities — 1.2% | |
| | |
Cleveland Electric Illuminating Co. (The) 5.95%, 12/15/2036 | | | 20 | | | | 25 | |
| | |
Duke Energy Corp. 3.75%, 9/1/2046 | | | 25 | | | | 24 | |
| | |
Emera US Finance LP (Canada)
| | | | | | | | |
| | |
3.55%, 6/15/2026 | | | 10 | | | | 10 | |
| | |
4.75%, 6/15/2046 | | | 20 | | | | 21 | |
| | |
Evergy, Inc. 2.90%, 9/15/2029 | | | 30 | | | | 30 | |
| | |
Fortis, Inc. (Canada) 3.06%, 10/4/2026 | | | 19 | | | | 19 | |
| | |
Indiana Michigan Power Co.
Series K, 4.55%, 3/15/2046 | | | 15 | | | | 16 | |
| | |
Metropolitan Edison Co. 3.50%, 3/15/2023(a) | | | 15 | | | | 15 | |
| | |
Pacific Gas and Electric Co. 1.37%, 3/10/2023 | | | 80 | | | | 80 | |
| | |
PPL Capital Funding, Inc. 3.10%, 5/15/2026 | | | 20 | | | | 20 | |
| | | | | | | | |
| | |
| | | | | | | 260 | |
| | | | | | | | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| |
|
Electronic Equipment, Instruments & Components — 0.3% | |
| | |
Arrow Electronics, Inc.
| | | | | | | | |
| | |
3.25%, 9/8/2024 | | | 15 | | | | 15 | |
| | |
3.88%, 1/12/2028 | | | 15 | | | | 16 | |
| | |
Corning, Inc.
| | | | | | | | |
| | |
5.35%, 11/15/2048 | | | 20 | | | | 25 | |
| | |
4.38%, 11/15/2057 | | | 15 | | | | 16 | |
| | | | | | | | |
| | |
| | | | | | | 72 | |
| | | | | | | | |
|
Energy Equipment & Services — 0.5% | |
| | |
Baker Hughes Holdings LLC 4.08%, 12/15/2047 | | | 30 | | | | 30 | |
| | |
Halliburton Co. 4.50%, 11/15/2041 | | | 10 | | | | 10 | |
| | |
NOV, Inc. 3.60%, 12/1/2029 | | | 30 | | | | 30 | |
| | |
Schlumberger Holdings Corp.
| | | | | | | | |
| | |
4.00%, 12/21/2025 (a) | | | 15 | | | | 16 | |
| | |
4.30%, 5/1/2029 (a) | | | 30 | | | | 32 | |
| | | | | | | | |
| | |
| | | | | | | 118 | |
| | | | | | | | |
|
Entertainment — 0.3% | |
| | |
Activision Blizzard, Inc.
| | | | | | | | |
| | |
1.35%, 9/15/2030 | | | 20 | | | | 17 | |
| | |
2.50%, 9/15/2050 | | | 15 | | | | 13 | |
| | |
Netflix, Inc. 5.75%, 3/1/2024 | | | 30 | | | | 32 | |
| | | | | | | | |
| | |
| | | | | | | 62 | |
| | | | | | | | |
|
Equity Real Estate Investment Trusts (REITs) — 2.6% | |
| | |
Alexandria Real Estate Equities, Inc. 2.95%, 3/15/2034 | | | 15 | | | | 15 | |
| | |
American Campus Communities Operating Partnership LP 2.25%, 1/15/2029 | | | 10 | | | | 9 | |
| | |
American Tower Corp.
| | | | | | | | |
| | |
5.00%, 2/15/2024 | | | 30 | | | | 32 | |
| | |
3.95%, 3/15/2029 | | | 15 | | | | 16 | |
| | |
1.88%, 10/15/2030 | | | 50 | | | | 44 | |
| | |
Boston Properties LP 3.40%, 6/21/2029 | | | 25 | | | | 26 | |
| | |
Brixmor Operating Partnership LP 3.65%, 6/15/2024 | | | 25 | | | | 26 | |
| | |
Crown Castle International Corp. 4.45%, 2/15/2026 | | | 30 | | | | 32 | |
| | |
CubeSmart LP 2.25%, 12/15/2028 | | | 15 | | | | 14 | |
| | |
Equinix, Inc. 3.20%, 11/18/2029 | | | 18 | | | | 18 | |
| | |
Host Hotels & Resorts LP 3.88%, 4/1/2024 | | | 15 | | | | 15 | |
| | |
Kilroy Realty LP 2.65%, 11/15/2033 | | | 20 | | | | 18 | |
| | |
Life Storage LP
4.00%, 6/15/2029 | | | 25 | | | | 27 | |
| | |
2.40%, 10/15/2031 | | | 25 | | | | 23 | |
| | |
Realty Income Corp.
3.65%, 1/15/2028 | | | 25 | | | | 26 | |
| | |
2.85%, 12/15/2032 | | | 25 | | | | 24 | |
| | |
Regency Centers LP 3.70%, 6/15/2030 | | | 20 | | | | 21 | |
| | |
Scentre Group Trust 1 (Australia) 3.63%, 1/28/2026 (a) | | | 60 | | | | 62 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN SMA FUNDS | | | | | | | | 7 |
JPMorgan Core Focus SMA Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Corporate Bonds — continued | |
|
Equity Real Estate Investment Trusts (REITs) — continued | |
| | |
UDR, Inc.
| | | | | | | | |
| | |
4.40%, 1/26/2029 | | | 20 | | | | 21 | |
| | |
3.00%, 8/15/2031 | | | 20 | | | | 20 | |
| | |
Welltower, Inc.
| | | | | | | | |
| | |
4.00%, 6/1/2025 | | | 25 | | | | 27 | |
| | |
6.50%, 3/15/2041 | | | 10 | | | | 13 | |
| | |
WP Carey, Inc. 2.40%, 2/1/2031 | | | 25 | | | | 23 | |
| | | | | | | | |
| | |
| | | | | | | 552 | |
| | | | | | | | |
|
Food & Staples Retailing — 0.2% | |
| | |
Kroger Co. (The) 5.15%, 8/1/2043 | | | 30 | | | | 35 | |
| | | | | | | | |
|
Food Products — 0.1% | |
| | |
Conagra Brands, Inc. 5.30%, 11/1/2038 | | | 5 | | | | 6 | |
| | |
Tyson Foods, Inc. 5.15%, 8/15/2044 | | | 10 | | | | 12 | |
| | | | | | | | |
| | |
| | | | | | | 18 | |
| | | | | | | | |
|
Gas Utilities — 0.0% (e) | |
| | |
CenterPoint Energy Resources Corp. 0.70%, 3/2/2023 | | | 10 | | | | 10 | |
| | | | | | | | |
|
Health Care Equipment & Supplies — 0.3% | |
| | |
Becton Dickinson and Co.
3.70%, 6/6/2027 | | | 10 | | | | 10 | |
| | |
2.82%, 5/20/2030 | | | 30 | | | | 30 | |
| | |
Boston Scientific Corp. 4.70%, 3/1/2049 | | | 10 | | | | 11 | |
| | |
Zimmer Biomet Holdings, Inc. 2.60%, 11/24/2031 | | | 20 | | | | 19 | |
| | | | | | | | |
| | |
| | | | | | | 70 | |
| | | | | | | | |
|
Health Care Providers & Services — 0.7% | |
| | |
Anthem, Inc. 4.63%, 5/15/2042 | | | 20 | | | | 22 | |
| | |
Beth Israel Lahey Health, Inc. | | | | | | | | |
| | |
Series L, 3.08%, 7/1/2051 | | | 15 | | | | 13 | |
| | |
Cigna Corp. 3.40%, 3/15/2051 | | | 25 | | | | 23 | |
| | |
CVS Health Corp.
4.30%, 3/25/2028 | | | 10 | | | | 11 | |
| | |
4.78%, 3/25/2038 | | | 27 | | | | 30 | |
| | |
HCA, Inc.
4.50%, 2/15/2027 | | | 20 | | | | 21 | |
| | |
5.25%, 6/15/2049 | | | 15 | | | | 17 | |
| | |
Quest Diagnostics, Inc. 2.80%, 6/30/2031 | | | 15 | | | | 15 | |
| | | | | | | | |
| | |
| | | | | | | 152 | |
| | | | | | | | |
|
Hotels, Restaurants & Leisure — 0.2% | |
| | |
McDonald’s Corp. 4.70%, 12/9/2035 | | | 30 | | | | 34 | |
| | |
Starbucks Corp. 4.45%, 8/15/2049 | | | 15 | | | | 16 | |
| | | | | | | | |
| | |
| | | | | | | 50 | |
| | | | | | | | |
|
Industrial Conglomerates — 0.2% | |
| | |
General Electric Co. 6.75%, 3/15/2032 | | | 38 | | | | 49 | |
| | | | | | | | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| |
|
Insurance — 1.0% | |
| | |
American Financial Group, Inc. 3.50%, 8/15/2026 | | | 20 | | | | 21 | |
| | |
American International Group, Inc.
| | | | | | | | |
| | |
3.88%, 1/15/2035 | | | 25 | | | | 25 | |
| | |
4.38%, 1/15/2055 | | | 15 | | | | 16 | |
| | |
Athene Global Funding 2.95%, 11/12/2026 (a) | | | 30 | | | | 30 | |
| | |
Athene Holding Ltd. 4.13%, 1/12/2028 | | | 10 | | | | 11 | |
| | |
Brighthouse Financial Global Funding 1.20%, 12/15/2023 (a) | | | 27 | | | | 27 | |
| | |
Cincinnati Financial Corp. 6.92%, 5/15/2028 | | | 20 | | | | 25 | |
| | |
Lincoln National Corp. 4.35%, 3/1/2048 | | | 20 | | | | 22 | |
| | |
Markel Corp.
| | | | | | | | |
| | |
3.50%, 11/1/2027 | | | 20 | | | | 21 | |
| | |
5.00%, 5/20/2049 | | | 15 | | | | 17 | |
| | | | | | | | |
| | |
| | | | | | | 215 | |
| | | | | | | | |
|
IT Services — 0.3% | |
| | |
Fiserv, Inc. 2.65%, 6/1/2030 | | | 30 | | | | 29 | |
| | |
Global Payments, Inc. 2.90%, 11/15/2031 | | | 30 | | | | 28 | |
| | | | | | | | |
| | |
| | | | | | | 57 | |
| | | | | | | | |
|
Media — 0.7% | |
| | |
Charter Communications Operating LLC
| | | | | | | | |
| | |
4.91%, 7/23/2025 | | | 25 | | | | 26 | |
| | |
3.75%, 2/15/2028 | | | 15 | | | | 15 | |
| | |
5.75%, 4/1/2048 | | | 10 | | | | 11 | |
| | |
4.80%, 3/1/2050 | | | 20 | | | | 20 | |
| | |
Comcast Corp. 3.90%, 3/1/2038 | | | 45 | | | | 46 | |
| | |
Discovery Communications LLC 4.65%, 5/15/2050 | | | 30 | | | | 31 | |
| | |
Paramount Global 4.95%, 1/15/2031 | | | 12 | | | | 13 | |
| | | | | | | | |
| | |
| | | | | | | 162 | |
| | | | | | | | |
|
Metals & Mining — 0.4% | |
| | |
Glencore Funding LLC (Australia)
| | | | | | | | |
| | |
4.63%, 4/29/2024 (a) | | | 15 | | | | 16 | |
| | |
1.63%, 9/1/2025 (a) | | | 20 | | | | 19 | |
| | |
2.63%, 9/23/2031 (a) | | | 30 | | | | 28 | |
| | |
Newcrest Finance Pty. Ltd. (Australia) 3.25%, 5/13/2030 (a) | | | 10 | | | | 10 | |
| | |
Teck Resources Ltd. (Canada) 6.13%, 10/1/2035 | | | 20 | | | | 24 | |
| | | | | | | | |
| | |
| | | | | | | 97 | |
| | | | | | | | |
|
Multiline Retail — 0.1% | |
| | |
Dollar General Corp. 4.13%, 5/1/2028 | | | 5 | | | | 5 | |
| | |
Kohl’s Corp.
| | | | | | | | |
| | |
3.38%, 5/1/2031 | | | 10 | | | | 10 | |
| | |
5.55%, 7/17/2045 | | | 10 | | | | 10 | |
| | | | | | | | |
| | |
| | | | | | | 25 | |
| | | | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 8 | | | | | | | | J.P. MORGAN SMA FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Corporate Bonds — continued | |
|
Multi-Utilities — 0.3% | |
| | |
Ameren Corp. 1.75%, 3/15/2028 | | | 5 | | | | 5 | |
| | |
Dominion Energy, Inc. | | | | | | | | |
| | |
Series C, 4.05%, 9/15/2042 | | | 20 | | | | 20 | |
| | |
Puget Energy, Inc. 2.38%, 6/15/2028 | | | 10 | | | | 10 | |
| | |
Sempra Energy 3.80%, 2/1/2038 | | | 25 | | | | 25 | |
| | | | | | | | |
| | |
| | | | | | | 60 | |
| | | | | | | | |
|
Oil, Gas & Consumable Fuels — 2.4% | |
| | |
APT Pipelines Ltd. (Australia)
4.25%, 7/15/2027 (a) | | | 30 | | | | 32 | |
| | |
Boardwalk Pipelines LP 5.95%, 6/1/2026 | | | 20 | | | | 22 | |
| | |
Buckeye Partners LP 5.85%, 11/15/2043 | | | 10 | | | | 9 | |
| | |
Chevron USA, Inc. 5.05%, 11/15/2044 | | | 30 | | | | 36 | |
| | |
CNOOC Petroleum North America ULC (China) 5.88%, 3/10/2035 | | | 20 | | | | 24 | |
| | |
Devon Energy Corp. 5.25%, 9/15/2024 | | | 20 | | | | 21 | |
| | |
Enbridge, Inc. (Canada) 4.25%, 12/1/2026 | | | 20 | | | | 21 | |
| | |
Energy Transfer LP
| | | | | | | | |
| | |
4.00%, 10/1/2027 | | | 10 | | | | 10 | |
| | |
5.35%, 5/15/2045 | | | 30 | | | | 32 | |
| | |
6.25%, 4/15/2049 | | | 15 | | | | 17 | |
| | |
Enterprise Products Operating LLC 5.10%, 2/15/2045 | | | 25 | | | | 28 | |
| | |
Gray Oak Pipeline LLC 2.60%, 10/15/2025(a) | | | 50 | | | | 49 | |
| | |
Kinder Morgan, Inc. 3.25%, 8/1/2050 | | | 10 | | | | 8 | |
| | |
Magellan Midstream Partners LP 4.20%, 10/3/2047 | | | 10 | | | | 10 | |
| | |
Marathon Petroleum Corp. 6.50%, 3/1/2041 | | | 15 | | | | 19 | |
| | |
MPLX LP
| | | | | | | | |
| | |
4.13%, 3/1/2027 | | | 15 | | | | 16 | |
| | |
4.50%, 4/15/2038 | | | 10 | | | | 10 | |
| | |
5.20%, 3/1/2047 | | | 15 | | | | 17 | |
| | |
ONEOK, Inc. 4.45%, 9/1/2049 | | | 15 | | | | 15 | |
| | |
Phillips 66 4.88%, 11/15/2044 | | | 7 | | | | 8 | |
| | |
Pioneer Natural Resources Co. 1.90%, 8/15/2030 | | | 30 | | | | 27 | |
| | |
Plains All American Pipeline LP 3.55%, 12/15/2029 | | | 30 | | | | 30 | |
| | |
Spectra Energy Partners LP 4.50%, 3/15/2045 | | | 20 | | | | 21 | |
| | |
Suncor Energy, Inc. (Canada) 5.35%, 7/15/2033 | | | 20 | | | | 23 | |
| | | | | | | | |
| | |
| | | | | | | 505 | |
| | | | | | | | |
|
Pharmaceuticals — 0.3% | |
| | |
Mylan, Inc. 5.20%, 4/15/2048 | | | 10 | | | | 11 | |
| | |
Shire Acquisitions Investments Ireland DAC 3.20%, 9/23/2026 | | | 25 | | | | 26 | |
| | |
Utah Acquisition Sub, Inc. 3.95%, 6/15/2026 | | | 10 | | | | 10 | |
| | |
Zoetis, Inc. 4.70%, 2/1/2043 | | | 15 | | | | 17 | |
| | | | | | | | |
| | |
| | | | | | | 64 | |
| | | | | | | | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
|
Road & Rail — 0.8% | |
| | |
Burlington Northern Santa Fe LLC 4.40%, 3/15/2042 | | | 30 | | | | 34 | |
| | |
CSX Corp. 4.30%, 3/1/2048 | | | 20 | | | | 22 | |
| | |
ERAC USA Finance LLC 5.63%, 3/15/2042 (a) | | | 30 | | | | 37 | |
| | |
Norfolk Southern Corp.
| | | | | | | | |
| | |
4.65%, 1/15/2046 | | | 10 | | | | 11 | |
| | |
4.05%, 8/15/2052 | | | 15 | | | | 16 | |
| | |
Ryder System, Inc. 2.85%, 3/1/2027 | | | 10 | | | | 10 | |
| | |
Triton Container International Ltd. (Bermuda) | | | | | | | | |
| | |
2.05%, 4/15/2026(a) | | | 30 | | | | 29 | |
| | |
3.25%, 3/15/2032 | | | 20 | | | | 19 | |
| | | | | | | | |
| | |
| | | | | | | 178 | |
| | | | | | | | |
|
Semiconductors & Semiconductor Equipment — 0.4% | |
| | |
Broadcom Corp.
| | | | | | | | |
| | |
3.13%, 1/15/2025 | | | 30 | | | | 31 | |
| | |
3.88%, 1/15/2027 | | | 25 | | | | 26 | |
| | |
Microchip Technology, Inc. 0.97%, 2/15/2024 | | | 21 | | | | 20 | |
| | | | | | | | |
| | |
| | | | | | | 77 | |
| | | | | | | | |
|
Software — 0.3% | |
| | |
Oracle Corp. 3.85%, 7/15/2036 | | | 50 | | | | 48 | |
| | |
VMware, Inc.
| | | | | | | | |
| | |
1.80%, 8/15/2028 | | | 5 | | | | 5 | |
| | |
2.20%, 8/15/2031 | | | 15 | | | | 13 | |
| | | | | | | | |
| | |
| | | | | | | 66 | |
| | | | | | | | |
|
Specialty Retail — 0.1% | |
| | |
AutoZone, Inc.
| | | | | | | | |
| | |
4.00%, 4/15/2030 | | | 10 | | | | 11 | |
| | |
1.65%, 1/15/2031 | | | 20 | | | | 17 | |
| | | | | | | | |
| | |
| | | | | | | 28 | |
| | | | | | | | |
|
Technology Hardware, Storage & Peripherals — 0.2% | |
| | |
Dell International LLC
| | | | | | | | |
| | |
5.45%, 6/15/2023 | | | 3 | | | | 3 | |
| | |
6.02%, 6/15/2026 | | | 20 | | | | 22 | |
| | |
6.20%, 7/15/2030 | | | 10 | | | | 12 | |
| | | | | | | | |
| | |
| | | | | | | 37 | |
| | | | | | | | |
|
Tobacco — 0.4% | |
| | |
Altria Group, Inc.
| | | | | | | | |
| | |
3.40%, 5/6/2030 | | | 30 | | | | 30 | |
| | |
3.88%, 9/16/2046 | | | 15 | | | | 13 | |
| | |
BAT Capital Corp. (United Kingdom)
| | | | | | | | |
| | |
3.22%, 8/15/2024 | | | 5 | | | | 5 | |
| | |
3.56%, 8/15/2027 | | | 20 | | | | 20 | |
| | |
Reynolds American, Inc. (United Kingdom) 5.85%, 8/15/2045 | | | 25 | | | | 27 | |
| | | | | | | | |
| | |
| | | | | | | 95 | |
| | | | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN SMA FUNDS | | | | | | | | 9 |
JPMorgan Core Focus SMA Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Corporate Bonds — continued | |
|
Trading Companies & Distributors — 0.2% | |
| | |
Air Lease Corp.
| | | | | | | | |
| | |
3.25%, 3/1/2025 | | | 10 | | | | 10 | |
| | |
3.25%, 10/1/2029 | | | 20 | | | | 19 | |
| | |
Aviation Capital Group LLC 3.50%, 11/1/2027 (a) | | | 20 | | | | 20 | |
| | | | | | | | |
| | |
| | | | | | | 49 | |
| | | | | | | | |
|
Wireless Telecommunication Services — 0.2% | |
| | |
Rogers Communications, Inc. (Canada) 4.50%, 3/15/2043 | | | 10 | | | | 10 | |
| | |
T-Mobile USA, Inc.
| | | | | | | | |
| | |
3.75%, 4/15/2027 | | | 15 | | | | 17 | |
| | |
4.50%, 4/15/2050 | | | 5 | | | | 5 | |
| | |
Vodafone Group plc (United Kingdom) 5.00%, 5/30/2038 | | | 11 | | | | 12 | |
| | | | | | | | |
| | |
| | | | | | | 44 | |
| | | | | | | | |
Total Corporate Bonds
(Cost $5,274) | | | | 5,222 | |
| | | | | |
Commercial Mortgage-Backed Securities — 6.8% | |
| |
20 Times Square Trust | | | | | |
| | |
Series 2018-20TS, Class D, 3.10%, 5/15/2035 ‡ (a) (b) | | | 100 | | | | 95 | |
| | |
Series 2018-20TS, Class E, 3.10%, 5/15/2035 ‡ (a) (b) | | | 100 | | | | 96 | |
| |
Cantor Commercial Real Estate Lending | | | | | |
| | |
Series 2019-CF1, Class A5, 3.79%, 5/15/2052 | | | 150 | | | | 159 | |
| |
Citigroup Commercial Mortgage Trust | | | | | |
| | |
Series 2013-GC11, Class A3, 2.82%, 4/10/2046 | | | 24 | | | | 24 | |
| | |
Series 2014-GC19, Class A3, 3.75%, 3/10/2047 | | | 8 | | | | 8 | |
| | |
Series 2014-GC23, Class A3, 3.36%, 7/10/2047 | | | 8 | | | | 8 | |
| |
Commercial Mortgage Trust | | | | | |
| | |
Series 2014-UBS2, Class A4, 3.69%, 3/10/2047 | | | 9 | | | | 9 | |
| | |
Series 2014-CR17, Class A4, 3.70%, 5/10/2047 | | | 28 | | | | 28 | |
| | |
Series 2014-UBS3, Class A3, 3.55%, 6/10/2047 | | | 24 | | | | 24 | |
| |
FHLMC, Multi-Family Structured Pass-Through Certificates | | | | | |
| | |
Series K731, Class AM, 3.60%, 2/25/2025 (b) | | | 200 | | | | 206 | |
| | |
Series K090, Class A2, 3.42%, 2/25/2029 | | | 120 | | | | 129 | |
| |
FREMF Mortgage Trust | | | | | |
| | |
Series 2013-K26, Class B, 3.60%, 12/25/2045 (a) (b) | | | 99 | | | | 100 | |
| |
GS Mortgage Securities Trust | | | | | |
| | |
Series 2013-GC16, Class AS, 4.65%, 11/10/2046 | | | 111 | | | | 114 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | |
| | | | | | | | |
| | |
Series 2013-GC16, Class B, 5.16%, 11/10/2046 (b) | | | 50 | | | | 51 | |
| |
JPMBB Commercial Mortgage Securities Trust | | | | | |
| | |
Series 2013-C15, Class C, 5.19%, 11/15/2045 (b) | | | 30 | | | | 31 | |
| |
JPMorgan Chase Commercial Mortgage Securities Trust | | | | | |
| | |
Series 2013-LC11, Class A4, 2.69%, 4/15/2046 | | | 14 | | | | 14 | |
| |
Morgan Stanley Bank of America Merrill Lynch Trust | | | | | |
| | |
Series 2015-C27, Class A3, 3.47%, 12/15/2047 | | | 125 | | | | 127 | |
| |
SLG Office Trust | | | | | |
| | |
Series 2021-OVA, Class A, 2.59%, 7/15/2041 (a) | | | 120 | | | | 116 | |
| |
Wells Fargo Commercial Mortgage Trust | | | | | |
| | |
Series 2015-NXS4, Class A3, 3.45%, 12/15/2048 | | | 120 | | | | 121 | |
| |
WFRBS Commercial Mortgage Trust | | | | | |
| | |
Series 2013-C13, Class A3, 2.75%, 5/15/2045 | | | 25 | | | | 25 | |
| | | | | | | | |
Total Commercial Mortgage-Backed Securities
(Cost $1,474) | | | | 1,485 | |
| | | | | |
|
Mortgage-Backed Securities — 3.4% | |
| |
FHLMC Gold Pools, Other | | | | | |
| | |
Pool # U90067, 4.00%, 8/1/2042 | | | 80 | | | | 85 | |
| |
FNMA, Other | | | | | |
| | |
Pool # AM4660, 3.77%, 12/1/2025 | | | 128 | | | | 136 | |
| | |
Pool # AM5940, 3.24%, 6/1/2026 | | | 65 | | | | 68 | |
| | |
Pool # BL0004, 3.50%, 9/1/2028 | | | 250 | | | | 269 | |
| | |
Pool # AM6428, 3.58%, 8/1/2029 | | | 83 | | | | 87 | |
| | |
Pool # AM6430, 3.58%, 8/1/2029 | | | 83 | | | | 90 | |
| | | | | | | | |
Total Mortgage-Backed Securities
(Cost $729) | | | | 735 | |
| | | | | |
| | |
| | | SHARES (000) | | | | |
Short-Term Investments — 2.9% | |
|
Investment Companies — 2.9% | |
| | |
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05% (f) (g)
(Cost $636) | | | 636 | | | | 636 | |
| | | | | | | | |
Total Investments — 99.7%
(Cost $21,730) | | | | 21,735 | |
Other Assets Less Liabilities — 0.3% | | | | 55 | |
| | | | | |
Net Assets — 100.0% | | | | 21,790 | |
| | | | | |
Percentages indicated are based on net assets.
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 10 | | | | | | | | J.P. MORGAN SMA FUNDS | | FEBRUARY 28, 2022 |
| | |
Abbreviations | | |
| |
| ABS | | Asset-Backed Securities |
| FHLMC | | Federal Home Loan Mortgage Corp. |
| FNMA | | Federal National Mortgage Association |
| GNMA | | Government National Mortgage Association |
| ICE | | Intercontinental Exchange |
| LIBOR | | London Interbank Offered Rate |
| REMIC | | Real Estate Mortgage Investment Conduit |
| SOFR | | Secured Overnight Financing Rate |
| USD | | United States Dollar |
| | |
| (a) | | Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. |
| (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 February 28, 2022. |
| | |
| (c) | | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of February 28, 2022. |
| (d) | | Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of February 28, 2022. |
| (e) | | Amount rounds to less than 0.1% of net assets. |
| (f) | | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
| (g) | | The rate shown is the current yield as of February 28, 2022. |
| ‡ | | Value determined using significant unobservable inputs. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN SMA FUNDS | | | | | | | | 11 |
STATEMENT OF ASSETS AND LIABILITIES
AS OF FEBRUARY 28, 2022
(Amounts in thousands, except per share amounts)
| | | | |
| |
| | | JPMorgan Core Focus SMA Fund | |
ASSETS: | |
Investments in non-affiliates, at value | | $ | 21,099 | |
Investments in affiliates, at value | | | 636 | |
Cash | | | — | (a) |
Receivables: | | | | |
Interest from non-affiliates | | | 89 | |
Dividends from affiliates | | | — | (a) |
Due from adviser | | | 12 | |
| | | | |
Total Assets | | | 21,836 | |
| | | | |
|
LIABILITIES: | |
Accrued liabilities: | | | | |
Custodian and accounting fees | | | 4 | |
Trustees’ and Chief Compliance Officer’s fees | | | — | (a) |
Other | | | 42 | |
| | | | |
Total Liabilities | | | 46 | |
| | | | |
Net Assets | | $ | 21,790 | |
| | | | |
|
NET ASSETS: | |
Paid-in-Capital | | $ | 21,835 | |
Total distributable earnings (loss) | | | (45 | ) |
| | | | |
Total Net Assets | | $ | 21,790 | |
| | | | |
Net Assets: | |
SMA | | $ | 21,790 | |
|
Outstanding units of beneficial interest (shares) | |
($0.0001 par value; unlimited number of shares authorized): | | | 2,196 | |
SMA | | | | |
Net Asset Value (b): | | | | |
SMA — Offering and redemption price per share | | $ | 9.92 | |
| |
Cost of investments in non-affiliates | | $ | 21,094 | |
Cost of investments in affiliates | | | 636 | |
| (a) | Amount rounds to less than one thousand. |
| (b) | Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 12 | | | | | | | | J.P. MORGAN SMA FUNDS | | FEBRUARY 28, 2022 |
STATEMENT OF OPERATIONS
FOR THE YEAR ENDED FEBRUARY 28, 2022
(Amounts in thousands)
| | | | |
| |
| | | JPMorgan Core Focus SMA Fund | |
INVESTMENT INCOME: | |
Interest income from non-affiliates | | $ | 619 | |
Interest income from affiliates | | | 3 | |
Dividend income from affiliates | | | 1 | |
| | | | |
Total investment income | | | 623 | |
| | | | |
|
EXPENSES: | |
Administration fees | | | 20 | |
Custodian and accounting fees | | | 48 | |
Professional fees | | | 75 | |
Trustees’ and Chief Compliance Officer’s fees | | | 26 | |
Printing and mailing costs | | | 4 | |
Transfer agency fees | | | — | (a) |
Other | | | 5 | |
| | | | |
Total expenses | | | 178 | |
| | | | |
Less fees waived | | | (20 | ) |
Less expense reimbursements | | | (158 | ) |
| | | | |
Net expenses | | | — | |
| | | | |
Net investment income (loss) | | | 623 | |
| | | | |
| |
REALIZED/UNREALIZED GAINS (LOSSES): | | | | |
Net realized gain (loss) on transactions from: | |
Investments in non-affiliates | | | 35 | |
Investments in affiliates | | | — | (a) |
| | | | |
Net realized gain (loss) | | | 35 | |
| | | | |
Change in net unrealized appreciation/depreciation on: | |
Investments in non-affiliates | | | (1,063 | ) |
Investments in affiliates | | | — | (a) |
| | | | |
Change in net unrealized appreciation/depreciation | | | (1,063 | ) |
| | | | |
Net realized/unrealized gains (losses) | | | (1,028 | ) |
| | | | |
Change in net assets resulting from operations | | $ | (405 | ) |
| | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN SMA FUNDS | | | | | | | | 13 |
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED
(Amounts in thousands)
| | | | | | | | |
| | | JPMorgan Core Focus SMA Fund | |
| | | Year Ended
February 28, 2022 | | | Year Ended
February 28, 2021 | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | |
Net investment income (loss) | | $ | 623 | | | $ | 758 | |
Net realized gain (loss) | | | 35 | | | | 255 | |
Change in net unrealized appreciation/depreciation | | | (1,063 | ) | | | (559 | ) |
| | | | | | | | |
Change in net assets resulting from operations | | | (405 | ) | | | 454 | |
| | | | | | | | |
| | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | |
SMA | | | (810 | ) | | | (930 | ) |
| | | | | | | | |
Total distributions to shareholders | | | (810 | ) | | | (930 | ) |
| | | | | | | | |
|
CAPITAL TRANSACTIONS: | |
Change in net assets resulting from capital transactions | | | 2,070 | | | | (7,070 | ) |
| | | | | | | | |
|
NET ASSETS: | |
Change in net assets | | | 855 | | | | (7,546 | ) |
Beginning of period | | | 20,935 | | | | 28,481 | |
| | | | | | | | |
End of period | | $ | 21,790 | | | $ | 20,935 | |
| | | | | | | | |
| | |
CAPITAL TRANSACTIONS: | | | | | | | | |
SMA | | | | | | | | |
Proceeds from shares issued | | $ | 7,456 | | | $ | — | |
Distributions reinvested | | | 810 | | | | 930 | |
Cost of shares redeemed | | | (6,196 | ) | | | (8,000 | ) |
| | | | | | | | |
Change in net assets resulting from SMA capital transactions | | $ | 2,070 | | | $ | (7,070 | ) |
| | | | | | | | |
|
SHARE TRANSACTIONS: | |
SMA | | | | | | | | |
Issued | | | 717 | | | | — | |
Reinvested | | | 79 | | | | 89 | |
Redeemed | | | (610 | ) | | | (760 | ) |
| | | | | | | | |
Change in SMA Shares | | | 186 | | | | (671 | ) |
| | | | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 14 | | | | | | | | J.P. MORGAN SMA FUNDS | | FEBRUARY 28, 2022 |
THIS PAGE IS INTENTIONALLY LEFT BLANK
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN SMA FUNDS | | | | | | | | 15 |
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | Per share operating performance | |
| | | | | | Investment operations | | | Distributions | |
| | | Net asset
value,
beginning
of period | | | Net
investment
income
(loss) (b) | | | Net realized
and unrealized
gains
(losses) on
investments | | | Total from
investment
operations | | | Net
investment
income | | | Net
realized
gain | | | Total
distributions | |
JPMorgan Core Focus SMA Fund | |
SMA | |
Year Ended February 28, 2022 | | $ | 10.42 | | | $ | 0.25 | | | $ | (0.43 | ) | | $ | (0.18 | ) | | $ | (0.25 | ) | | $ | (0.07 | ) | | $ | (0.32 | ) |
Year Ended February 28, 2021 | | | 10.62 | | | | 0.32 | | | | (0.13 | ) | | | 0.19 | | | | (0.32 | ) | | | (0.07 | ) | | | (0.39 | ) |
Year Ended February 29, 2020 | | | 10.03 | | | | 0.36 | | | | 0.59 | | | | 0.95 | | | | (0.36 | ) | | | — | (g) | | | (0.36 | ) |
March 1, 2018 (h) through February 28, 2019 | | | 10.00 | | | | 0.35 | | | | 0.03 | | | | 0.38 | | | | (0.35 | ) | | | — | | | | (0.35 | ) |
| (a) | Annualized for periods less than one year, unless otherwise noted. |
| (b) | Calculated based upon average shares outstanding. |
| (c) | Not annualized for periods less than one year. |
| (d) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| (e) | The Fund’s expenses have been contractually capped at 0.00%. See Note 3.E. in the Notes to Financial Statements. The Fund is an integral part of “separately managed accounts” programs sponsored by investment advisors and/or broker-dealers, some of which are unaffiliated with the Fund and the Investment Adviser. Participants in these programs pay a fee to the sponsor of the program. |
| (f) | Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
| (g) | Amount rounds to less than $0.005. |
| (h) | Commencement of operations. |
| (i) | Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 16 | | | | | | | | J.P. MORGAN SMA FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Ratios/Supplemental data | |
| | | | | | | | | | Ratios to average net assets (a) | | | | |
Net asset
value,
end of
period | | | Total
return
(c)(d) | | | Net assets,
end of
period
(000’s) | | | Net
expenses (e)(f) | | |
Net
investment
income
(loss) | | | Expenses
without waivers,
reimbursements and
earnings credits | | | Portfolio
turnover
rate (c) | |
| | |
| | |
| $ | 9.92 | | | | (1.79 | )% | | $ | 21,790 | | | | — | % | | | 2.39 | % | | | 0.68 | % | | | 48 | % |
| | 10.42 | | | | 1.85 | | | | 20,935 | | | | — | | | | 3.01 | | | | 0.73 | | | | 23 | |
| | 10.62 | | | | 9.62 | | | | 28,481 | | | | — | | | | 3.43 | | | | 0.74 | | | | 25 | |
| | 10.03 | | | | 3.88 | | | | 25,964 | | | | — | (i) | | | 3.53 | (i) | | | 0.85 | (i) | | | 38 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN SMA FUNDS | | | | | | | | 17 |
NOTES TO FINANCIAL STATEMENTS
AS OF FEBRUARY 28, 2022
(Dollar values in thousands)
1. Organization
JPMorgan Trust IV (the “Trust”) was formed on November 11, 2015, as a Delaware statutory trust, pursuant to a Declaration of Trust dated November 11, 2015 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.
The following is a separate fund of the Trust (the “Fund”) covered by this report:
| | | | |
| | | | | Diversification Classification |
| JPMorgan Core Focus SMA Fund | | | | Diversified |
The investment objective of the Fund is to seek to maximize total return.
J.P. Morgan Investment Management Inc. (“JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), acts as Adviser (the “Adviser”) and Administrator (the “Administrator”) to the Fund.
Shares of the Fund may be purchased only by or on behalf of separately managed accounts where JPMIM serves as the investment adviser, sub-adviser or model portfolio provider for the account with the separately managed account sponsor or directly with the client. The Fund’s shares may not be purchased directly by individuals.
2. Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The Fund is an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
A. Valuation of Investments — Investments are valued in accordance with GAAP and the Fund’s valuation policies set forth by, and under the supervision and responsibility of, the Board of Trustees of the Trust (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.
The Administrator has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Board with the oversight and monitoring of the valuation of the Fund’s investments. The Administrator implements the valuation policies of the Fund’s investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Fund. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Board.
A market-based approach is primarily used to value the Fund’s investments. Investments for which market quotations are not readily available are fair valued by approved affiliated and/or unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include the use of related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material.
Fixed income instruments are valued based on prices received from Pricing Services. The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.
Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s net asset values (“NAV”) per share as of the report date.
See the table on “Quantitative Information about Level 3 Fair Value Measurements” for information on the valuation techniques and inputs used to value level 3 securities held by the Fund at February 28, 2022.
Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.
| | | | | | | | | | |
| | | | | |
| 18 | | | | | | | | J.P. MORGAN SMA FUNDS | | FEBRUARY 28, 2022 |
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”):
| | | | | | | | | | | | | | | | |
| | | Level 1
Quoted prices | | | Level 2
Other significant
observable inputs | | | Level 3
Significant
unobservable inputs | | | Total | |
Investments in Securities | | | | | | | | | | | | |
Asset-Backed Securities | | $ | — | | | $ | 6,726 | | | $ | 283 | | | $ | 7,009 | |
Collateralized Mortgage Obligations | | | — | | | | 6,648 | | | | — | | | | 6,648 | |
Commercial Mortgage-Backed Securities | | | — | | | | 1,294 | | | | 191 | | | | 1,485 | |
Corporate Bonds | | | — | | | | 5,222 | | | | — | | | | 5,222 | |
Mortgage-Backed Securities | | | — | | | | 735 | | | | — | | | | 735 | |
Short-Term Investments | | | | | | | | | | | | |
Investment Companies | | | 636 | | | | — | | | | — | | | | 636 | |
| | | | | | | | | | | | | | | | |
Total Investments in Securities | | $ | 636 | | | $ | 20,625 | | | $ | 474 | | | $ | 21,735 | |
| | | | | | | | | | | | | | | | |
The following is a summary of investments for which significant unobservable inputs (level 3) were used in determining fair value:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Balance as of
February 28,
2021 | | | Realized
gain (loss) | | | Change in net
unrealized
appreciation
(depreciation) | | | Net
accretion
(amortization) | | | Purchases1 | | | Sales2 | | | Transfers
into Level 3 | | | Transfers
out
of Level 3 | | | Balance as of
February 28,
2022 | |
Investments in Securities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Asset-Backed Securities | | $ | 812 | | | $ | — | (a) | | $ | (21 | ) | | $ | — | (a) | | $ | — | | | $ | (508 | ) | | $ | — | | | $ | — | | | $ | 283 | |
Commercial Mortgage-Backed Securities | | | 345 | | | | — | | | | (3 | ) | | | 1 | | | | — | | | | (152 | ) | | | — | | | | — | | | | 191 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total | | $ | 1,157 | | | $ | — | (a) | | $ | (24 | ) | | $ | 1 | | | $ | — | | | $ | (660 | ) | | $ | — | | | $ | — | | | $ | 474 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 1 | Purchases include all purchases of securities and securities received in corporate actions. |
| 2 | Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions. |
| (a) | Amount rounds to less than one thousand. |
The changes in net unrealized appreciation (depreciation) attributable to securities owned at February 28, 2022, which were valued using significant unobservable inputs (level 3) amounted to $(22). This amount is included in Change in net unrealized appreciation/depreciation on investments in non-affiliates on the Statement of Operations.
The significant unobservable inputs used in the fair value measurement of the Fund’s investments are listed below. Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. The impact is based on the relationship between each unobservable input and the fair value measurement. Significant increases (decreases) in enterprise multiples may increase (decrease) the fair value measurement. Significant increases (decreases) in the discount for lack of marketability, liquidity discount, probability of default, yield and default rate may decrease (increase) the fair value measurement. A significant change in the discount rate or prepayment rate (Constant Prepayment Rate or PSA Prepayment Model) may decrease or increase the fair value measurement.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN SMA FUNDS | | | | | | | | 19 |
NOTES TO FINANCIAL STATEMENTS
AS OF FEBRUARY 28, 2022 (continued)
(Dollar values in thousands)
Core Focus SMA Fund
Quantitative Information about Level 3 Fair Value Measurements #
| | | | | | | | | | | | |
| | | Fair Value at
February 28, 2022 | | | Valuation Technique(s) | | Unobservable Input | | Range (Weighted Average)(a) | |
| | $ | 283 | | | Discounted Cash Flow | | Constant Prepayment Rate | | | 0.00% - 16.00% (1.89%) | |
| | | | | | | | Yield (Discount Rate of Cash Flows) | | | 1.95% -3.42% (3.25%) | |
| | | | | | | | | | | | |
| Asset-Backed Securities | | | 283 | | | | | | | | | |
| |
| | | 191 | | | Discounted Cash Flow | | Yield (Discount Rate of Cash Flows) | | | 6.28% - 7.02% (6.64%) | |
| | | | | | | | | | | | |
| Commercial Mortgage-Backed Securities | | | 191 | | | | | | | | | |
| |
| Total | | $ | 474 | | | | | | | | | |
| |
| # | The table above does not include certain level 3 investments that are valued by brokers and Pricing Services. |
| (a) | Unobservable inputs were weighted by the relative fair value of the instruments. |
B. Restricted Securities — Certain securities held by the Fund may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the NAV of the Fund.
As of February 28, 2022, the Fund had no investments in restricted securities other than securities sold to the Fund under Rule 144A and/or Regulation S under the Securities Act.
C. Investment Transactions with Affiliates — The Fund invested in an Underlying Fund, which is advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. For the purposes of the financial statements, the Fund assumes the issuer listed in the table below to be an affiliated issuer. The Underlying Fund’s distributions may be reinvested into such Underlying Fund. Reinvestment amounts are included in the purchases at cost amount in the table below.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| For the year ended February 28, 2022 | |
| Security Description | | Value at
February 28,
2021 | | | Purchases
at Cost | | | Proceeds
from
Sales | | | Net
Realized
Gain
(Loss) | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | Value at
February 28,
2022 | | | Shares at
February 28,
2022 | | | Dividend
Income | | | Capital Gain
Distributions | |
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.05% (a) (b) | | $ | 1,175 | | | $ | 17,516 | | | $ | 18,055 | | | $ | — | (c) | | $ | — | (c) | | $ | 636 | | | | 636 | | | $ | 1 | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (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 February 28, 2022. |
| (c) | Amount rounds to less than one thousand. |
D. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income is determined on the basis of coupon interest accrued using the effective interest method, which adjusts for amortization of premiums and accretion of discounts.
To the extent such information is publicly available, the Fund records distributions received in excess of income earned from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available and actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Fund adjusts the estimated amounts of the components of distributions (and consequently its net investment income) as necessary, once the issuers provide information about the actual composition of the distributions.
E. Allocation of Expenses — Expenses directly attributable to the Fund are charged directly to the Fund, while the expenses attributable to more than one fund of the Trust are allocated among the applicable funds.
F. Federal Income Taxes — The Fund is treated as a separate taxable entity for Federal income tax purposes. The Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Fund’s tax positions for all open tax years and has determined that as of February 28, 2022, no liability for Federal income tax is required in the Fund’s financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Fund’s Federal tax returns for the prior three fiscal years, or since inception if shorter, remain subject to examination by the Internal Revenue Service.
| | | | | | | | | | |
| | | | | |
| 20 | | | | | | | | J.P. MORGAN SMA FUNDS | | FEBRUARY 28, 2022 |
G. Distributions to Shareholders — Distributions from net investment income, if any, are generally declared daily and paid monthly. Net realized capital gains, if any, are distributed at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax basis treatment.
The following amounts were reclassified within the capital accounts:
| | | | | | | | | | | | |
| | | Paid-in-Capital | | | Accumulated undistributed (distributions
in excess of) net investment income | | | Accumulated net realized gains (losses) | |
| | | $— | | | | $3 | | | | $ | (3) |
The reclassifications for the Fund relate primarily to callable bonds.
3. Fees and Other Transactions with Affiliates
A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser does not charge an advisory fee to the Fund. It should be understood, however, that the Fund is an integral part of separately managed account programs. Participants in these programs pay a fee to the sponsor of the program. The Adviser is compensated by the separately managed account sponsors.
B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Fund. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of the Fund’s average daily net assets, plus 0.050% of the Fund’s average daily net assets between $10 billion and $20 billion, plus 0.025% of the Fund’s average daily net assets between $20 billion and $25 billion, plus 0.01% of the Fund’s average daily net assets in excess of $25 billion. For the year ended February 28, 2022, the effective annualized rate was 0.075% of the Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.
The Administrator waived administration fees as outlined in Note 3.E.
JPMorgan Chase Bank, N.A. (“JPMCB”), a wholly-owned subsidiary of JPMorgan, serves as the Fund’s sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.
C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (“JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, serves as the Fund’s principal underwriter and promotes and arranges for the sale of the Fund’s shares. JPMDS receives no compensation in its capacity as the Fund’s underwriter.
D. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Fund. For performing these services, the Fund pays JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Fund for custody and accounting services are included in Custodian and accounting fees on the Statement of Operations.
Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statement of Operations.
Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statement of Operations.
E. Waivers and Reimbursements — No expenses or fees (excluding acquired fund fees and expenses, dividend expenses related to short sales, interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections and extraordinary expenses) are borne by the Fund pursuant to contractual arrangements with the Adviser through June 30, 2022.
For the year ended February 28, 2022, the Fund’s service providers waived fees and/or reimbursed expenses for the Fund as follows. None of these parties expect the Fund to repay any such waived fees and/or reimbursed expenses in future years.
| | | | | | | | |
| | | | | Contractual Waivers
Administration Fees | | Contractual
Reimbursements | |
| | | | $20 | | $ | 158 | |
Additionally, the Fund may invest in one or more money market funds advised by the Adviser (affiliated money market funds). The Adviser, Administrator and/or JPMDS, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the Fund’s investment in such affiliated money market fund. None of these parties expect the Fund to repay any such waived fees and/or reimbursed expenses in future years.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN SMA FUNDS | | | | | | | | 21 |
NOTES TO FINANCIAL STATEMENTS
AS OF FEBRUARY 28, 2022 (continued)
(Dollar values in thousands)
The amount of these waivers resulting from investments in these money market funds for the year ended February 28, 2022 was $3.
Effective January 1, 2022, JPMIM voluntarily agreed to reimburse the Fund for the Trustee Fees paid to one of the interested Trustees. For the period January 1, 2022 through February 28, 2022 the amount of this waiver was less than one thousand dollars.
F. Other — Certain officers of the Trust are affiliated with the Adviser, the Administrator and JPMDS. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Fund for serving in their respective roles.
The Board designated and appointed a Chief Compliance Officer to the Fund pursuant to Rule 38a-1 under the 1940 Act. The Fund, along with affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the Statement of Operations.
The Trust adopted a Trustee Deferred Compensation Plan (the “Plan”) which allows the independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.
During the year ended February 28, 2022, the Fund purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.
The Securities and Exchange Commission (“SEC”) has granted an exemptive order permitting the Fund to engage in principal transactions with J.P. Morgan Securities LLC, an affiliated broker, involving taxable money market instruments, subject to certain conditions.
4. Investment Transactions
During the year ended February 28, 2022, purchases and sales of investments (excluding short-term investments) were as follows:
| | | | | | | | | | | | | | | | |
| | | Purchases
(excluding
U.S. Government) | | | Sales
(excluding
U.S. Government) | | | Purchases
of U.S.
Government | | | Sales
of U.S.
Government | |
| | $ | 12,733 | | | $ | 10,165 | | | $ | 966 | | | $ | 1,006 | |
5. Federal Income Tax Matters
For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at February 28, 2022 were as follows:
| | | | | | | | | | | | | | | | |
| | | Aggregate
Cost | | | Gross
Unrealized
Appreciation | | | Gross
Unrealized
Depreciation | | | Net Unrealized
Appreciation
(Depreciation) | |
| | $ | 21,747 | | | $ | 345 | | | $ | 357 | | | $ | (12 | ) |
The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to investments in debt instruments.
The tax character of distributions paid during the year ended February 28, 2022 was as follows:
| | | | | | | | | | | | |
| | | Ordinary Income* | | | Net Long-Term Capital Gains | | | Total Distributions Paid | |
| | $ | 651 | | | $ | 159 | | | $ | 810 | |
| * | Short-term gain distributions are treated as ordinary income for income tax purposes. |
The tax character of distributions paid during the year ended February 28, 2021 was as follows:
| | | | | | | | | | | | |
| | | Ordinary
Income* | | | Net Long-Term
Capital Gains | | | Total
Distributions
Paid | |
| | $ | 772 | | | $ | 158 | | | $ | 930 | |
| * | Short-term gain distributions are treated as ordinary income for income tax purposes. |
| | | | | | | | | | |
| | | | | |
| 22 | | | | | | | | J.P. MORGAN SMA FUNDS | | FEBRUARY 28, 2022 |
As of February 28, 2022, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows:
| | | | | | | | |
| | | Current Distributable Ordinary Income | | | Unrealized Appreciation (Depreciation) | |
| | $ | 7 | | | $ | (12 | ) |
The cumulative timing differences primarily consist of investments in debt instruments.
Net capital losses incurred after October 31, and within the taxable year are deemed to arise on the first business day of the Funds’ next taxable year. For the year ended February 28, 2022, the Fund deferred to March 1, 2022 the following net capital losses (gains) of:
| | | | | | | | |
| | | Net Capital Losses (Gains) | |
| | | Short-Term | | | Long-Term | |
| | $ | 45 | | | $ | (28 | ) |
As of February 28, 2022, the Fund did not have any net capital loss carryforwards.
6. Borrowings
The Fund relies upon an exemptive order granted by the SEC (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The Facility allows the Fund to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. The Interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPMorgan Trust II and may be relied upon by the Fund because the Fund and the series of JPMorgan Trust II are all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).
The Fund had no borrowings outstanding from another fund, or loans outstanding to another fund, during the year ended February 28, 2022.
The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Fund. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until October 31, 2022.
The Fund had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended February 28, 2022.
The Trust, along with certain other trusts for J.P. Morgan Funds (“Borrowers”), has entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25,000,000 in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the fund must remediate within three business days with respect to the $25,000,000 minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.
Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00%, which was decreased from 1.25% pursuant to the amendment referenced below (the “Applicable Margin”), plus the greater of the federal funds effective rate or one month London Interbank Offered Rate (“LIBOR”). The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. Effective August 10, 2021, the Credit Facility has been amended and restated for a term of 364 days, unless extended, and to include a reduction of the Applicable Margin charged for borrowing under the Credit Facility from 1.25% to 1.00%.
The Fund did not utilize the Credit Facility during the year ended February 28, 2022.
7. Risks, Concentrations and Indemnifications
In the normal course of business, the Fund enters into contracts that contain a variety of representations which provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against the Fund. However, based on experience, the Fund expects the risk of loss to be remote.
As of February 28, 2022, the Fund had one individual shareholder and/or affiliated omnibus account and one individual shareholder and/or non-affiliated omnibus account, which owned 85.4% and 14.6% of the Fund’s outstanding shares, respectively.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN SMA FUNDS | | | | | | | | 23 |
NOTES TO FINANCIAL STATEMENTS
AS OF FEBRUARY 28, 2022 (continued)
(Dollar values in thousands)
Significant shareholder transactions by these shareholders may impact the Fund’s performance and liquidity.
The Fund is subject to risks associated with securities with contractual cash flows including asset-backed and mortgage-related securities such as collateralized mortgage obligations, mortgage pass-through securities and commercial mortgage-backed securities, including securities backed by sub-prime mortgage loans. The value, liquidity and related income of these securities are sensitive to changes in economic conditions, including real estate value, pre-payments, delinquencies and/or defaults, and may be adversely affected by shifts in the market’s perception of the issuers and changes in interest rates.
The Fund is subject to interest rate and credit risk. The value of debt securities may decline as interest rates increase. The Fund could lose money if the issuer of a fixed income security is unable to pay interest or repay principal when it is due. The Fund invests in floating rate loans and other floating rate debt securities. Although these investments are generally less sensitive to interest rate changes than other fixed rate instruments, the value of floating rate loans and other floating rate investments may decline if their interest rates do not rise as quickly, or as much, as general interest rates. Many factors can cause interest rates to rise. Some examples include central bank monetary policy, rising inflation rates and general economic conditions. The Fund may face a heightened level of interest rate risk due to certain changes in monetary policy. During periods when interest rates are low or there are negative interest rates, the Fund’s yield (and total return) also may be low or the Fund may be unable to maintain positive returns. The ability of the issuers of debt to meet their obligations may be affected by economic and political developments in a specific industry or region. The value of a Fund’s investments may be adversely affected if any of the issuers or counterparties it is invested in are subject to an actual or perceived deterioration in their credit quality.
LIBOR is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. On March 5, 2021, the U.K. Financial Conduct Authority (“FCA”) publicly announced that (i) immediately after December 31, 2021, publication of the 1-week and 2-month U.S. Dollar LIBOR settings will permanently cease; (ii) immediately after June 30, 2023, publication of the overnight and 12-month U.S. Dollar LIBOR settings will permanently cease; and (iii) immediately after June 30, 2023, the 1-month, 3-month and 6-month U.S. Dollar LIBOR settings will cease to be provided or, subject to the FCA’s consideration of the case, be provided on a synthetic basis and no longer be representative of the underlying market and economic reality they are intended to measure and that representativeness will not be restored. There is no assurance that the dates announced by the FCA will not change or that the administrator of LIBOR and/or regulators will not take further action that could impact the availability, composition or characteristics of LIBOR or the currencies and/or tenors for which LIBOR is published. In addition, certain regulated entities ceased entering into most new LIBOR contracts in connection with regulatory guidance or prohibitions. Public and private sector industry initiatives are currently underway to implement new or alternative reference rates to be used in place of LIBOR. There is no assurance that any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR prior to its discontinuance, unavailability or replacement, all of which may affect the value, volatility, liquidity or return on certain of the Fund’s loans, notes, derivatives and other instruments or investments comprising some or all of the Fund’s investments and result in costs incurred in connection with changing reference rates used for positions, closing out positions and entering into new trades. Certain of the Fund’s investments may transition from LIBOR prior to the dates announced by the FCA. The transition from LIBOR to alternative reference rates may result in operational issues for the Fund or its investments. No assurances can be given as to the impact of the LIBOR transition (and the timing of any such impact) on the Fund and its investments.
The Fund is subject to infectious disease epidemics/pandemics risk. The worldwide outbreak of COVID-19, a novel coronavirus disease, has negatively affected economies, markets and individual companies throughout the world. The effects of this COVID-19 pandemic to public health, and business and market conditions, including exchange trading suspensions and closures may continue to have a significant negative impact on the performance of the Fund’s investments, increase the Fund’s volatility, exacerbate other pre-existing political, social and economic risks to the Fund and negatively impact broad segments of businesses and populations. The Fund’s operations may be interrupted as a result, which may have a significant negative impact on investment performance. In addition, governments, their regulatory agencies, or self-regulatory organizations may take actions in response to the pandemic that affect the instruments in which the Fund invests, or the issuers of such instruments, in ways that could also have a significant negative impact on the Fund’s investment performance. The full impact of this COVID-19 pandemic, or other future epidemics/pandemics, is currently unknown.
| | | | | | | | | | |
| | | | | |
| 24 | | | | | | | | J.P. MORGAN SMA FUNDS | | FEBRUARY 28, 2022 |
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Trustees of JPMorgan Trust IV and Shareholders of JPMorgan Core Focus SMA Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of portfolio investments, of JPMorgan Core Focus SMA Fund (one of the funds constituting JPMorgan Trust IV, referred to hereafter as the “Fund”) as of February 28, 2022, the related statement of operations for the year ended February 28, 2022, the statement of changes in net assets for each of the two years in the period ended February 28, 2022, including the related notes, and the financial highlights for each of the three years in the period ended February 28, 2022 and for the period March 1, 2018 (commencement of operations) through February 28, 2019 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of February 28, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended February 28, 2022 and the financial highlights for each of the three years in the period ended February 28, 2022 and for the period March 1, 2018 (commencement of operations) through February 28, 2019 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
New York, New York
April 27, 2022
We have served as the auditor of one or more investment companies in the JPMorgan Funds complex since 1993.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN SMA FUNDS | | | | | | | | 25 |
TRUSTEES
(Unaudited)
The Fund’s Statement of Additional Information includes additional information about the Fund’s Trustees and is available, without charge, upon request by calling 1-800-480-4111 or on the J.P. Morgan Funds’ website at www.jpmorganfunds.com.
| | | | | | |
Name (Year of Birth); Positions With the Fund (1) | | Principal Occupation During Past 5 Years | | Number of
Funds in Fund
Complex Overseen
by Trustee (2) | | Other Directorships Held During the Past 5 Years |
Independent Trustees | | |
| | | |
| John F. Finn (1947); Chair since 2020; Trustee since 1998. | | Chairman, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (serving in various roles 1974-present). | | 172 | | Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present). |
| | | |
| Stephen P. Fisher (1959); Trustee since 2018. | | Retired; Chairman and Chief Executive Officer, NYLIFE Distributors LLC (registered broker-dealer) (serving in various roles 2008-2013); Chairman, NYLIM Service Company LLC (transfer agent) (2008-2017); New York Life Investment Management LLC (registered investment adviser) (serving in various roles 2005-2017); Chairman, IndexIQ Advisors LLC (registered investment adviser for ETFs) (2014-2017); President, MainStay VP Funds Trust (2007-2017), MainStay DefinedTerm Municipal Opportunities Fund (2011-2017) and MainStay Funds Trust (2007-2017) (registered investment companies). | | 172 | | Honors Program Advisory Board Member, The Zicklin School of Business, Baruch College, The City University of New York (2017-present). |
| | | |
Gary L. French (1951); Trustee since 2014. | | Real Estate Investor (2011-2020); Investment management industry Consultant and Expert Witness (2011-present); Senior Consultant for The Regulatory Fundamentals Group LLC (2011-2017). | | 172 | | Independent Trustee, The China Fund, Inc. (2013-2019); Exchange Traded Concepts Trust II (2012-2014); Exchange Traded Concepts Trust I (2011-2014). |
| | | |
| Kathleen M. Gallagher (1958); Trustee since 2018. | | Retired; Chief Investment Officer — Benefit Plans, Ford Motor Company (serving in various roles 1985-2016). | | 172 | | Non-Executive Director, Legal & General Investment Management (Holdings) (2018-present); Non-Executive Director, Legal & General Investment Management America (U.S. Holdings) (financial services and insurance) (2017-present); Advisory Board Member, State Street Global Advisors Total Portfolio Solutions (2017-present); Member, Client Advisory Council, Financial Engines, LLC (registered investment adviser) (2011-2016); Director, Ford Pension Funds Investment Management Ltd. (2007-2016). |
| | | |
Robert J. Grassi (1957); Trustee since 2014. | | Sole Proprietor, Academy Hills Advisors LLC (2012-present); Pension Director, Corning Incorporated (2002-2012). | | 172 | | None |
| | | |
| Frankie D. Hughes (1952); Trustee since 2008. | | President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014). | | 172 | | None |
| | | | | | | | | | |
| | | | | |
| 26 | | | | | | | | J.P. MORGAN SMA FUNDS | | FEBRUARY 28, 2022 |
| | | | | | |
Name (Year of Birth); Positions With the Fund (1) | | Principal Occupation During Past 5 Years | | Number of
Funds in Fund
Complex Overseen
by Trustee (2) | | Other Directorships Held During the Past 5 Years |
Independent Trustees (continued) | | |
| | | |
Raymond Kanner (1953); Trustee since 2017. | | Retired; Managing Director and Chief Investment Officer, IBM Retirement Funds (2007-2016). | | 172 | | Advisory Board Member, Penso Advisors, LLC (2020-present); Advisory Board Member, Los Angeles Capital (2018-present); Advisory Board Member, State Street Global Advisors Total Portfolio Solutions (2017-present); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA) (2016-2017); Advisory Board Member, Betterment for Business (robo advisor) (2016-2017); Advisory Board Member, BlueStar Indexes (index creator) (2013-2017); Director, Emerging Markets Growth Fund (registered investment company) (1997-2016); Member, Russell Index Client Advisory Board (2001-2015). |
| | | |
| Thomas P. Lemke (1954); Trustee since 2014. | | Retired since 2013. | | 172 | | (1) Independent Trustee of Advisors’ Inner Circle III fund platform, consisting of the following: (i) the Advisors’ Inner Circle Fund III, (ii) the Gallery Trust, (iii) the Schroder Series Trust, (iv) the Delaware Wilshire Private Markets Fund (since 2020), (v) Chiron Capital Allocation Fund Ltd., and (vi) formerly the Winton Diversified Opportunities Fund (2014-2018); and (2) Independent Trustee of the Symmetry Panoramic Trust (since 2018). |
| | | |
| Lawrence R. Maffia (1950); Trustee since 2014. | | Retired; Director and President, ICI Mutual Insurance Company (2006-2013). | | 172 | | Director, ICI Mutual Insurance Company (1999-2013). |
| | | |
| Mary E. Martinez (1960); Vice Chair since 2021: Trustee since 2013. | | Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (asset management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005). | | 172 | | None |
| | | |
| Marilyn McCoy (1948); Trustee since 2005. | | Vice President of Administration and Planning, Northwestern University (1985-present). | | 172 | | None |
| | | |
| Dr. Robert A. Oden, Jr. (1946); Trustee since 2005. | | Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002). | | 172 | | Trustee, The Coldwater Conservation Fund; Trustee, American Museum of Fly Fishing (2013-present); Trustee and Vice Chair, Trout Unlimited (2017-2021); Trustee, Dartmouth-Hitchcock Medical Center (2011-2020). |
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN SMA FUNDS | | | | | | | | 27 |
TRUSTEES
(Unaudited) (continued)
| | | | | | |
Name (Year of Birth); Positions With the Fund (1) | | Principal Occupation During Past 5 Years | | Number of
Funds in Fund
Complex Overseen
by Trustee (2) | | Other Directorships Held During the Past 5 Years |
Independent Trustees (continued) | | |
| | | |
| Marian U. Pardo* (1946); Trustee since 2013. | | Managing Director and Founder, Virtual Capital Management LLC (investment consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006). | | 172 | | Board Chair and Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present). |
| | | |
| Emily A. Youssouf (1951); Trustee since 2022. | | Adjunct Professor (2011-present) and Clinical Professor (2009-2011), NYU Schack Institute of Real Estate; Board Member and Member of the Audit Committee (2013-present), Chair of Finance Committee (2019–present), Member of Related Parties Committee (2013-2018) and Member of the Enterprise Risk Committee (2015-2018), PennyMac Financial Services, Inc.; Board Member (2005-2018), Chair of Capital Committee (2006-2016), Chair of Audit Committee (2005-2018), Member of Finance Committee (2005-2018) and Chair of IT Committee (2016-2018), NYC Health and Hospitals Corporation. | | 172 | | Trustee, NYC School Construction Authority (2009-present); Board Member, NYS Job Development Authority (2008-present); Trustee and Chair of the Audit Committee of the Transit Center Foundation (2015-2019). |
Interested Trustees | | |
| | | |
| Robert F. Deutsch** (1957); Trustee since 2014. | | Retired; Head of the Global ETF Business for JPMorgan Asset Management (2013-2017); Head of the Global Liquidity Business for JPMorgan Asset Management (2003-2013). | | 172 | | Treasurer and Director of the JUST Capital Foundation (2017-present). |
| | | |
| Nina O. Shenker** (1957) Trustee since 2022. | | Vice Chair (2017-2021), General Counsel and Managing Director (2008-2016), Associate General Counsel and Managing Director (2004-2008), J.P. Morgan Asset & Wealth Management. | | 172 | | Director and Member of Executive Committee and Legal and Human Resources Subcommittees, American Jewish Joint Distribution Committee (2018-present). |
| (1) | The year shown is the first year in which a Trustee became a member of any of the following: the Mutual Fund Board, the ETF Board, the heritage J.P. Morgan Funds or the heritage One Group Mutual Funds. Trustees serve an indefinite term, until resignation, retirement, removal or death. The Board’s current retirement policy sets retirement at the end of the calendar year in which the Trustee attains the age of 75, provided that any Board member who was a member of the Mutual Fund Board prior to January 1, 2022 and was born prior to January 1, 1950 shall retire from the Board at the end of the calendar year in which the Trustee attains the age of 78. |
| (2) | A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees serves currently includes nine registered investment companies (172 J.P. Morgan Funds). |
| * | In connection with prior employment with JPMorgan Chase, Ms. Pardo was the recipient of non-qualified pension plan payments from JPMorgan Chase in the amount of approximately $2,055 per month, which she irrevocably waived effective January 1, 2013, and deferred compensation payments from JPMorgan Chase in the amount of approximately $7,294 per year, which ended in January 2013. In addition, Ms. Pardo receives payments from a fully-funded qualified plan, which is not an obligation of JPMorgan Chase. |
| ** | Designation as an “Interested Trustee” is based on prior employment by the Adviser or an affiliate of the Adviser or interests in a control person of the Adviser. |
The contact address for each of the Trustees is 277 Park Avenue, New York, NY 10172.
| | | | | | | | | | |
| | | | | |
| 28 | | | | | | | | J.P. MORGAN SMA FUNDS | | FEBRUARY 28, 2022 |
OFFICERS
(Unaudited)
| | |
Name (Year of Birth), Positions Held with the Trust (Since) | | Principal Occupations During Past 5 Years |
| |
Brian S. Shlissel (1964),
President and Principal Executive Officer (2016)* | | Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. since 2014. |
| |
Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2018) | | Executive Director, J.P. Morgan Investment Management Inc. since February 2016. Mr. Clemens has been with J.P. Morgan Investment Management Inc. since 2013. |
| |
Gregory S. Samuels (1980),
Secretary (2019) (formerly Assistant Secretary 2010-2019)** | | Managing Director and Assistant General Counsel, JPMorgan Chase. Mr. Samuels has been with JPMorgan Chase since 2010. |
| |
Stephen M. Ungerman (1953),
Chief Compliance Officer (2005) | | Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000. |
| |
Kiesha Astwood-Smith (1973), Assistant Secretary (2021)** | | Vice President and Assistant General Counsel, JPMorgan Chase since June 2021; Senior Director and Counsel, Equitable Financial Life Insurance Company (formerly, AXA Equitable Life Insurance Company) from 2015 to 2021. |
| |
Matthew Beck (1988), Assistant Secretary (2021)*** | | Vice President and Assistant General Counsel, JPMorgan Chase since May 2021; Senior Legal Counsel, Ultimus Fund Solutions from May 2018 through May 2021; General Counsel, The Nottingham Company from April 2014 through May 2018. |
| |
Elizabeth A. Davin (1964), Assistant Secretary (2005)*** | | Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Davin has been with JPMorgan Chase (formerly Bank One Corporation) since 2004. |
| |
Jessica K. Ditullio (1962),
Assistant Secretary (2005)*** | | Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990. |
| |
Anthony Geron (1971),
Assistant Secretary (2018)** | | Vice President and Assistant General Counsel, JPMorgan Chase since September 2018; Lead Director and Counsel, AXA Equitable Life Insurance Company from 2015 to 2018 and Senior Director and Counsel, AXA Equitable Life Insurance Company from 2014 to 2015. |
| |
Carmine Lekstutis (1980),
Assistant Secretary (2011)** | | Executive Director and Assistant General Counsel, JPMorgan Chase. Mr. Lekstutis has been with JPMorgan Chase since 2011. |
| |
Max Vogel (1990), Assistant Secretary (2021)** | | Vice President and Assistant General Counsel, JPMorgan Chase since June 2021; Associate, Proskauer Rose LLP (law firm) from March 2017 through June 2021; Associate, Stroock & Stroock & Lavan LLP (law firm) from October 2015 through March 2017. |
| |
Zachary E. Vonnegut-Gabovitch (1986), Assistant Secretary (2017)** | | Vice President and Assistant General Counsel, JPMorgan Chase since September 2016. |
| |
Michael M. D’Ambrosio (1969),
Assistant Treasurer (2012) | | Managing Director, J.P. Morgan Investment Management Inc. Mr. D’Ambrosio has been with J.P. Morgan Investment Management Inc. since 2012. |
| |
Aleksandr Fleytekh (1972), Assistant Treasurer (2019) | | Vice President, J.P. Morgan Investment Management Inc. since February 2012. |
| |
Shannon Gaines (1977),
Assistant Treasurer (2018)*** | | Vice President, J.P. Morgan Investment Management Inc. since January 2014. |
| |
Jeffrey D. House (1972), Assistant Treasurer (2017)*** | | Vice President, J.P. Morgan Investment Management Inc. since July 2006. |
| |
Michael Mannarino (1985),
Assistant Treasurer (2020) | | Vice President, J.P. Morgan Investment Management Inc. since 2014. |
| |
Joseph Parascondola (1963),
Assistant Treasurer (2011)* | | Executive Director, J.P. Morgan Investment Management Inc. Mr. Parascondola has been with J.P. Morgan Investment Management Inc. since 2006. |
| |
Gillian I. Sands (1969),
Assistant Treasurer (2012) | | Executive Director, J.P. Morgan Investment Management Inc. Ms. Sands has been with J.P. Morgan Investment Management Inc. since 2012. |
The contact address for each of the officers, unless otherwise noted, is 277 Park Avenue, New York, NY 10172.
| * | The contact address for the officer is 575 Washington Boulevard, Jersey City, NJ 07310. |
| ** | The contact address for the officer is 4 New York Plaza, New York, NY 10004. |
| *** | The contact address for the officer is 1111 Polaris Parkway, Columbus, OH 43240. |
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | UNDISCOVERED MANAGERS FUNDS | | | | | | | | 29 |
SCHEDULE OF SHAREHOLDER EXPENSES
(Unaudited)
Hypothetical $1,000 Investment
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in the Fund at the beginning of the reporting period, September 1, 2021, and continued to hold your shares at the end of the reporting period, February 28, 2022.
Actual Expenses
For the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading titled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.
| | | | | | | | | | | | | | | | |
| | | Beginning
Account Value
September 1, 2021 | | | Ending
Account Value
February 28, 2022 | | | Expenses
Paid During
the Period†* | | | Annualized
Expense
Ratio | |
JPMorgan Core Focus SMA Fund | | | | | | | | | | | | | | | | |
SMA | | | | | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | | $ | 968.10 | | | $ | 0.00 | | | | 0.00 | % |
Hypothetical | | | 1,000.00 | | | | 1,024.79 | | | | 0.00 | | | | 0.00 | |
| † | Reflects the fact that no fees or expenses are borne by the Fund. The Fund is an integral part of “separately managed accounts” programs sponsored by investment advisers and/or broker-dealers unaffiliated with the Fund and the Adviser. Participants in these programs pay a fee to the sponsor of the program. |
| * | Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
| | | | | | | | | | |
| | | | | |
| 30 | | | | | | | | J.P. MORGAN SMA FUNDS | | FEBRUARY 28, 2022 |
LIQUIDITY RISK MANAGEMENT PROGRAM
(Unaudited)
The JPMorgan Core Focus SMA Fund (the “Fund”) has adopted the J.P. Morgan Funds and J.P. Morgan Exchange-Traded Funds Amended and Restated Liquidity Risk Management Program (the “Program”) under Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”). The Program seeks to assess, manage and review the Fund’s Liquidity Risk. “Liquidity Risk” is defined as the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund. Among other things, the Liquidity Rule requires that a written report be provided to the Board of Trustees (the “Board”) on an annual basis that addresses the operation of the Program and assesses the adequacy and effectiveness of its implementation, including the operation of any Highly Liquid Investment Minimum (“HLIM”), where applicable, and any material changes to the Program.
The Board has appointed J.P. Morgan Asset Management’s Liquidity Risk Forum to be the program administrator for the Program (the “Program Administrator”). In addition to regular reporting at each of its quarterly meetings, on February 8, 2022, the Board reviewed the Program Administrator’s annual written report (the “Report”) concerning the operation of the Program for the period from January 1, 2021 through December 31, 2021 (the “Program Reporting Period”). The Report addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including, where applicable, the operation of a Fund’s HLIM. During the Program Reporting Period, the Program was amended, pursuant to an exemptive order from the Securities and Exchange Commission, to permit the Fund to use liquidity definitions and classification methodologies that differ from the requirements
under the Liquidity Rule in some respects. The Report discussed the implementation of these changes. No other material changes were made to the Program during the Program Reporting Period.
The Report summarized the operation of the Program and the information and factors considered by the Program Administrator in assessing whether the Program has been adequately and effectively implemented with respect to the Fund. Such information and factors included, among other things: (1) the liquidity risk framework used to assess, manage, and periodically review each Fund’s Liquidity Risk and the results of this assessment; (2) the methodology and inputs for classifying the investments of a Fund into one of the required liquidity categories that reflect an estimate of the liquidity of those investments under current market conditions; (3) whether a Fund invested primarily in “Highly Liquid Investments” (as defined or modified under the Program), as well as whether an HLIM should be established for a Fund (and, for Funds that have adopted an HLIM, whether the HLIM continues to be appropriate or whether a Fund has invested below its HLIM) and the procedures for monitoring for any HLIM; (4) whether a Fund invested more than 15% of its assets in “Illiquid Investments” (as defined or modified under the Program) and the procedures for monitoring for this limit; ; and (5) specific liquidity events arising during the Program Reporting Period. The Report further summarized the conditions of the exemptive order.
Based on this review, the Report concluded that: (1) the Program continues to be reasonably designed to effectively assess and manage the Fund’s Liquidity Risk; and (2) the Program has been adequately and effectively implemented with respect to the Fund during the Program Reporting Period.
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN SMA FUNDS | | | | | | | | 31 |
Tax Letter
(Unaudited)
(Dollar values in thousands)
Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Fund’s income and distributions for the taxable year ended February 28, 2022. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2022. The information necessary to complete your income tax returns for the calendar year ending December 31, 2022 will be provided under separate cover.
Long-Term Capital Gain
The Fund distributed $159, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended February 28, 2022.
Treasury Income
The Fund had 0.2%, or maximum allowable percentage, of income earned from direct U.S. Treasury Obligations for the fiscal year ended February 28, 2022.
| | | | | | | | | | |
| | | | | |
| 32 | | | | | | | | J.P. MORGAN SMA FUNDS | | FEBRUARY 28, 2022 |
Special Shareholder Meeting Results
(Unaudited)
JPM IV held a special meeting of shareholders on October 27, 2021, for the purpose of considering and voting upon the election of Trustees.
Trustees were elected by the shareholders of all of the series of JPM IV, including the Fund.
The results of the voting were as follows:
| | | | |
| | | Votes Received
(Amounts in
thousands) | |
Independent Nominee | | | | |
| |
| John F. Finn | | | | |
In Favor | | | 2,308,022 | |
Withheld | | | 4,313 | |
| |
| Steven P. Fisher | | | | |
In Favor | | | 2,309,583 | |
Withheld | | | 2,752 | |
| |
| Gary L. French | | | | |
In Favor | | | 2,309,620 | |
Withheld | | | 2,715 | |
| |
| Kathleen M. Gallagher | | | | |
In Favor | | | 2,309,789 | |
Withheld | | | 2,546 | |
| |
| Robert J. Grassi | | | | |
In Favor | | | 2,309,623 | |
Withheld | | | 2,712 | |
| |
| Frankie D. Hughes | | | | |
In Favor | | | 2,309,543 | |
Withheld | | | 2,791 | |
| |
| Raymond Kanner | | | | |
In Favor | | | 2,309,644 | |
Withheld | | | 2,691 | |
| |
| Thomas P. Lemke | | | | |
In Favor | | | 2,309,600 | |
Withheld | | | 2,735 | |
| | | | |
| | | Votes Received
(Amounts in
thousands) | |
| Lawrence R. Maffia | | | | |
In Favor | | | 2,309,585 | |
Withheld | | | 2,750 | |
| |
| Mary E. Martinez | | | | |
In Favor | | | 2,309,800 | |
Withheld | | | 2,534 | |
| |
| Marilyn McCoy | | | | |
In Favor | | | 2,309,821 | |
Withheld | | | 2,514 | |
| |
| Dr. Robert A. Oden, Jr. | | | | |
In Favor | | | 2,308,857 | |
Withheld | | | 3,478 | |
| |
| Marian U. Pardo | | | | |
In Favor | | | 2,309,743 | |
Withheld | | | 2,591 | |
| |
Interested Nominee | | | | |
| |
| Emily A. Youssouf | | | | |
In Favor | | | 2,309,749 | |
Withheld | | | 2,586 | |
| |
| Robert F. Deutsch | | | | |
In Favor | | | 2,309,524 | |
Withheld | | | 2,811 | |
| |
| Nina O. Shenker | | | | |
In Favor | | | 2,309,718 | |
Withheld | | | 2,616 | |
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN SMA FUNDS | | | | | | | | 33 |
Rev. January 2011
| | |
| | |
| FACTS | | WHAT DOES J.P. MORGAN FUNDS DO WITH YOUR PERSONAL INFORMATION? |
| | |
| Why? | | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
| | |
| What? | | The types of personal information we collect and share depend on the product or service you have with us. This information can include: ◾ Social Security number and account balances ◾ transaction history and account transactions ◾ checking account information and wire transfer instructions When you are no longer our customer, we continue to share your information as described in this notice. |
| | |
| How? | | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons J.P. Morgan Funds chooses to share; and whether you can limit this sharing. |
| | | | |
| | | |
| Reasons we can share your personal information | | Does J.P. Morgan
Funds share? | | Can you limit this
sharing? |
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | | Yes | | No |
For marketing purposes — to offer our products and services to you | | Yes | | No |
| For joint marketing with other financial companies | | No | | We don’t share |
For our affiliates’ everyday business purposes — information about your transactions and experiences | | No | | We don’t share |
For our affiliates’ everyday business purposes — information about your creditworthiness | | No | | We don’t share |
| For nonaffiliates to market to you | | No | | We don’t share |
| | |
| | |
| Questions? | | Call 1-800-480-4111 or go to www.jpmorganfunds.com |
| | |
| |
| Who we are |
| Who is providing this notice? | | J.P. Morgan Funds |
| | |
| |
| What we do |
| How does J.P. Morgan Funds protect my personal information? | | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We authorize our employees to access your information only when they need it to do their work and we require companies that work for us to protect your information. |
How does J.P. Morgan Funds collect my personal information? | | We collect your personal information, for example, when you: ◾ open an account or provide contact information ◾ give us your account information or pay us by check ◾ make a wire transfer We also collect your personal information from others, such as credit bureaus, affiliates and other companies. |
| Why can’t I limit all sharing? | | Federal law gives you the right to limit only ◾ sharing for affiliates’ everyday business purposes – information about your creditworthiness ◾ affiliates from using your information to market to you ◾ sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing. |
| | |
| |
| Definitions |
| Affiliates | | Companies related by common ownership or control. They can be financial and nonfinancial companies. ◾ J.P. Morgan Funds does not share with our affiliates. |
| Nonaffiliates | | Companies not related by common ownership or control. They can be financial and nonfinancial companies. ◾ J.P. Morgan Funds does not share with nonaffiliates so they can market to you. |
| Joint Marketing | | A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ◾ J.P. Morgan Funds doesn’t jointly market. |
FOR MORE INFORMATION:
INVESTMENT ADVISER
J.P. Morgan Investment Management Inc.
277 Park Avenue
New York, New York 10172
PLACEMENT AGENT
JPMorgan Institutional Investments, Inc.
277 Park Avenue
New York, New York 10172
This report is open and authorized for distribution only to qualified and accredited investors who have received a copy of the Fund’s Confidential Offering Memorandum. This document may not be copied, faxed or otherwise distributed to the general public.
Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure, by visiting www.sipc.org or by calling SIPC at 202-371-8300.
The Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC as an exhibit to its report on Form N-PORT. The Fund’s Form N-PORT reports are available on the SEC’s website at http://www.sec.gov.
A copy of proxy policies and procedures is available without charge upon request by calling 1-800-343-1113 and a description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Fund to the Adviser. A copy of the Fund’s voting record is available on the SEC’s website at www.sec.gov. The Fund’s proxy voting record will include, among other things, a brief description of the matter voted on for each portfolio security, and will state how each vote was cast, for example, for or against the proposal.
J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.
| | | | |
| | © JPMorgan Chase & Co., 2022. All rights reserved. February 2022. | | AN-CFSMA-222 |
Annual Report
J.P. Morgan Municipal Bond Funds
February 28, 2022
JPMorgan California Tax Free Bond Fund
JPMorgan High Yield Municipal Fund
JPMorgan Intermediate Tax Free Bond Fund
JPMorgan New York Tax Free Bond Fund
JPMorgan Short-Intermediate Municipal Bond Fund
JPMorgan Sustainable Municipal Income Fund
JPMorgan Tax Free Bond Fund
JPMorgan Ultra-Short Municipal Fund
CONTENTS
Investments in a Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when a Fund’s share price is lower than when you invested.
Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of a Fund or the securities markets.
Prospective investors should refer to the Funds’ prospectuses for a discussion of the Funds’ investment objectives, strategies and risks. Call J.P. Morgan Funds Service Center at 1-800-480-4111 for a prospectus containing more complete information about a Fund, including management fees and other expenses. Please read it carefully before investing.
LETTER TO SHAREHOLDERS
April 5, 2022 (Unaudited)
Dear Shareholders,
While the economic rebound and recovery from the depths of the pandemic continued through 2021 and into 2022, the emergence of coronavirus variants and the military conflict in Ukraine stoked increased volatility in financial markets. While U.S. corporate profits remained at record highs throughout the period, accelerating inflation consumed a growing portion of those earnings during the twelve months ended February 28, 2022.
| | |
 | | “Regardless of the path of the economy, we believe investors may benefit most from a diversified portfolio and a long-term approach.” — Andrea L. Lisher |
Equity markets in the U.S. and other developed markets generated strong returns for investors during the period, while bond markets brought mixed returns amid low interest rates and rising inflation. Notably, the U.S. real estate sector boomed during the period amid low mortgage rates, rising consumer wealth and limited housing supply. More broadly, growth in jobs, wages and strong consumer spending largely continued despite renewed social restrictions in response to the emergence of the Omicron variant of COVID-19 toward the end of the period.
Globally, energy prices generally rose in 2021 amid surging demand and supply chain bottlenecks and have since spiked higher amid the conflict in Ukraine. Russia’s military invasion and the financial and trade sanctions imposed on Russia by an alliance of developed and emerging market nations have fed investor uncertainty and weighed on global financial markets.
In the months ahead, economists generally expect that the U.S. economy is likely to maintain its growth momentum given expectations that the pandemic will recede and consumers will continue to spend amid a boom in household wealth. Meanwhile, the U.S. Federal Reserve, which responded to tight labor markets, rising wages and accelerating inflation by raising interest rates in mid-March for the first time since December 2018, has signaled its intent to raise rates six more times in 2022. The timing and magnitude of further interest rate increases and the duration and scope of the conflict in Ukraine are likely to remain key factors in the performance of the global economy and financial markets in the year ahead.
Regardless of the path of the economy, we believe investors may benefit most from a diversified portfolio and a long-term approach. Meanwhile, J.P. Morgan Asset Management will seek to deliver superior client outcomes across a broad range of innovative solutions and risk management processes built on the same fundamental practices and principles that have driven our success for more than a century.
On behalf of J.P. Morgan Asset Management, thank you for entrusting us to manage your investment. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111.
Sincerely yours,
Andrea L. Lisher
Head of Americas, Client
J.P. Morgan Asset Management
| | | | | | | | | | |
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| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 1 |
J.P. Morgan Municipal Bond Funds
MARKET OVERVIEW
TWELVE MONTHS ENDED FEBRUARY 28, 2022 (Unaudited)
Bond markets largely underperformed equity markets during the period amid low interest rates and a year-long rally in U.S. equities. Within fixed income markets, high yield bonds (also called “junk bonds”) lower quality investment grade bonds provided slim but positive returns, while municipal bonds, investment grade corporate bonds and U.S. Treasury bonds had a mixed performance.
Throughout the period, the U.S. Federal Reserve (the “Fed”) maintained its ultra-low interest rate policy and continued monthly asset purchases under its quantitative easing program. However, as inflation accelerated through the second half of the year, the Fed signaled it would begin to taper off its asset purchases by the end of 2021 and consider raising interest rates in 2022. Subsequent to the end of the reporting period, the Fed raised its policy interest rate by 0.25% on March 16, the first increase since December 2018, and stated its intention to aggressively raise rates further in 2022.) Overall, real interest rates generally fell in the first half of the period and rose in the second half as the U.S. economic rebound from 2020 accelerated.
The municipal bond market outperformed other fixed income sectors amid improving fundamentals, supportive technical factors in financial markets and investor expectation for higher tax rates. Credit quality in the municipal bond market stabilized as surging economic growth, combined with three large federal stimulus programs, boosted state and city revenues. Municipalities built record high fiscal reserves, made significant contributions to their pension funds and supplemented budgets with federal stimulus funds. During the period, credit ratings largely moved into an upgrade cycle and municipal defaults remained low.
For the twelve month period, the Bloomberg U.S. Aggregate Index returned -2.64% and the Bloomberg U.S. Municipal Index returned -0.66%.
| | | | | | | | | | |
| | | | | |
| 2 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
JPMorgan California Tax Free Bond Fund
FUND COMMENTARY
TWELVE MONTHS ENDED FEBRUARY 28, 2022 (Unaudited)
| | | | |
| REPORTING PERIOD RETURN: | |
| Fund (Class I Shares)* | | | (1.90)% | |
| Bloomberg LB California 1–17 Year Muni Index (formerly known as Bloomberg Barclays LB California 1-17 Year Muni Index) | | | (1.28)% | |
| |
| Net Assets as of 2/28/2022 (In Thousands) | | | $386,354 | |
| Duration as of 2/28/2022 | | | 4.6 Years | |
INVESTMENT OBJECTIVE**
The JPMorgan California Tax Free Bond Fund (the “Fund”) seeks to provide high after-tax total return for California residents consistent with moderate risk of capital.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
For the twelve months ended February 28, 2022, the Fund’s Class I Shares underperformed the Bloomberg LB California 1-17 Year Muni Index (the “Benchmark”).
Relative to the Benchmark, the Fund’s allocations to the general obligation and leasing sectors, which had longer durations relative to the benchmark, were leading detractors from performance as rates rose over the period. Generally, bonds with longer duration will experience a greater decrease in price compared with shorter duration bonds when interest rates rise. The Fund’s allocation to single-A rated bonds and its overweight positions in the hospitals and transportation, particularly airports, and tobacco industry-settlement revenue sectors also detracted from relative performance.
The Fund’s allocations to the special tax sector, which had a shorter relative duration, together with its overweight allocation to the water & sewer sector and its underweight allocation to AA rated bonds were leading contributors to performance.
HOW WAS THE FUND POSITIONED?
The Fund’s portfolio managers preferred to invest in issuances from large, highly rated state and local municipalities. Among revenue bond sectors, the portfolio managers preferred essential service sectors, including water & sewer. Fund positioning is generally a result of security structure, duration, credit quality and the unique characteristics of the California municipal bond market.
| | | | |
CREDIT QUALITY ALLOCATIONS AS OF FEBRUARY 28, 2022 | | PERCENT OF
TOTAL
INVESTMENTS | |
| AAA | | | 19.5 | % |
| AA | | | 61.7 | |
| A | | | 16.7 | |
| BBB | | | 1.1 | |
| NR | | | 1.0 | |
J.P. Morgan Investment Management receives credit ratings on underlying securities of the portfolio from three major rating agencies — Standard & Poor’s (“S&P”), Moody’s and Fitch. When calculating credit quality breakdown, S&P is used as the primary independent rating agency source. Where an S&P rating is not available for a particular security, the Moody’s rating will be used, if available, and Fitch, if available, is used for securities not rated by Moody’s or S&P. Securities not rated by any of the three agencies are reflected as not rated (NR).
| * | | The return shown is based on the net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America. |
| ** | | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
| | | | | | | | | | |
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| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 3 |
JPMorgan California Tax Free Bond Fund
FUND COMMENTARY
TWELVE MONTHS ENDED FEBRUARY 28, 2022 (Unaudited) (continued)
| | | | | | | | | | | | | | |
AVERAGE ANNUAL TOTAL RETURNS AS OF FEBRUARY 28, 2022 | |
| | | | |
| | | INCEPTION DATE OF
CLASS | | 1 YEAR | | | 5 YEAR | | | 10 YEAR | |
CLASS A SHARES | | September 10, 2001 | | | | | | | | | | | | |
With Sales Charge* | | | | | (5.72 | )% | | | 1.10 | % | | | 1.60 | % |
Without Sales Charge | | | | | (2.05 | ) | | | 1.88 | | | | 1.99 | |
CLASS C SHARES | | February 19, 2005 | | | | | | | | | | | | |
With CDSC** | | | | | (3.47 | ) | | | 1.38 | | | | 1.59 | |
Without CDSC | | | | | (2.47 | ) | | | 1.38 | | | | 1.59 | |
CLASS I SHARES | | December 23, 1996 | | | (1.90 | ) | | | 1.99 | | | | 2.10 | |
CLASS R6 SHARES | | October 1, 2018 | | | (1.80 | ) | | | 2.06 | | | | 2.13 | |
| * | | Sales Charge for Class A Shares is 3.75%. |
| ** | | Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE (2/29/12 TO 2/28/22)
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date, month-end performance information please call 1-800-480-4111.
Returns for Class R6 Shares prior to its inception date are based on the performance of Class I Shares. The actual returns of Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class I Shares.
The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan California Tax Free Bond Fund and the Bloomberg LB California 1-17 Year Muni Index from February 29, 2012 to February 28, 2022. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg LB California 1-17 Year Muni Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The
Bloomberg LB California 1-17 Year Muni Index represents the performance of California municipal bonds with maturities from 1 to 17 years.
Capital gain distributions are subject to Federal income tax; a portion of the Fund’s income distributions may be subject to the alternative minimum tax and some investors may be subject to certain state and local taxes.
Class I Shares have a $1,000,000 minimum initial investment.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C reflects Class A performance for the period after conversion.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
| | | | | | | | | | |
| | | | | |
| 4 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
JPMorgan High Yield Municipal Fund
FUND COMMENTARY
TWELVE MONTHS ENDED FEBRUARY 28, 2022 (Unaudited)
| | | | |
| REPORTING PERIOD RETURN: | |
| Fund (Class I Shares)* | | | 1.50% | |
| Bloomberg U.S. Municipal Index (formerly known as Bloomberg Barclays U.S. Municipal Index) | | | (0.66)% | |
| Bloomberg High Yield Municipal Bond Index (formerly known as Bloomberg Barclays High Yield Municipal Bond Index) | | | 3.46% | |
| |
| Net Assets as of 2/28/2022 (In Thousands) | | | $492,636 | |
| Duration as of 2/28/2022 | | | 7.0 Years | |
INVESTMENT OBJECTIVE**
The JPMorgan High Yield Municipal Fund (the “Fund”) seeks a high level of current income exempt from federal income taxes.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
For the twelve months ended February 28, 2022, the Fund’s Class I Shares outperformed the Bloomberg U.S. Municipal Index (the “Benchmark”) and underperformed the Bloomberg High Yield Municipal Bond Index.
Relative to the Benchmark, the Fund’s overweight allocations to bonds rated BBB and BB were leading contributors to performance. The Fund’s longer duration relative to the Benchmark also helped performance. Generally, bonds with longer duration will experience a larger increase in price relative to shorter duration bonds when interest rates fall. The Fund’s overweight allocation to the education sector, its underweight allocation to the pre-refunded sector and its out-of-Benchmark allocation to the retirement care sector also helped relative performance.
The Fund’s underweight allocations to the transportation sector and bonds issued by Illinois and New York State were leading detractors from performance.
HOW WAS THE FUND POSITIONED?
During the period, the Fund’s assets were invested in municipal bonds, with a small allocation to loan assignments. At the end of the reporting period, the Fund’s duration was 7.0 years compared with 5.2 years for the Benchmark.
| | | | |
CREDIT QUALITY ALLOCATIONS AS OF FEBRUARY 28, 2022 | | PERCENT OF
TOTAL
INVESTMENTS | |
| AAA | | | 0.5 | % |
| AA | | | 8.9 | |
| A | | | 10.8 | |
| BBB | | | 24.5 | |
| BB | | | 17.7 | |
| B | | | 0.1 | |
| CCC | | | 1.2 | |
| NR | | | 36.3 | |
J.P. Morgan Investment Management receives credit ratings on underlying securities of the portfolio from three major rating agencies — Standard & Poor’s (“S&P”), Moody’s and Fitch. When calculating credit quality breakdown, S&P is used as the primary independent rating agency source. Where an S&P rating is not available for a particular security, the Moody’s rating will be used, if available, and Fitch, if available, is used for securities not rated by Moody’s or S&P. Securities not rated by any of the three agencies are reflected as not rated (NR).
| * | | The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America. |
| ** | | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 5 |
JPMorgan High Yield Municipal Fund
FUND COMMENTARY
TWELVE MONTHS ENDED FEBRUARY 28, 2022 (Unaudited) (continued)
| | | | | | | | | | | | | | |
AVERAGE ANNUAL TOTAL RETURNS AS OF FEBRUARY 28, 2022 | |
| | | | |
| | | INCEPTION DATE OF
CLASS | | 1 YEAR | | | 5 YEAR | | | 10 YEAR | |
CLASS A SHARES | | September 17, 2007 | | | | | | | | | | | | |
With Sales Charge* | | | | | (2.42 | )% | | | 3.14 | % | | | 2.84 | % |
Without Sales Charge | | | | | 1.39 | | | | 3.92 | | | | 3.23 | |
CLASS C SHARES | | September 17, 2007 | | | | | | | | | | | | |
With CDSC** | | | | | (0.11 | ) | | | 3.40 | | | | 2.82 | |
Without CDSC | | | | | 0.89 | | | | 3.40 | | | | 2.82 | |
CLASS I SHARES | | September 17, 2007 | | | 1.50 | | | | 4.03 | | | | 3.35 | |
CLASS R6 SHARES | | November 1, 2018 | | | 1.60 | | | | 4.10 | | | | 3.38 | |
| * | | Sales Charge for Class A Shares is 3.75%. |
| ** | | Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE (2/29/12 TO 2/28/22)
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111. Effective November 1, 2018, the Fund’s investment strategies changed. The Fund’s past performance would have been different if the Fund were managed using the current strategies.
Returns for Class R6 Shares prior to its inception date are based on the performance of Class I Shares. The actual returns of Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class I Shares.
The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan High Yield Municipal Fund, the Bloomberg U.S. Municipal Index and the Bloomberg High Yield Municipal Bond Index from February 29, 2012 to February 28, 2022. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg U.S. Municipal Index and the Bloomberg High Yield Municipal Bond Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain
distributions of securities included in the benchmarks, if applicable. The Bloomberg U.S. Municipal Index is a total return performance benchmark for the long-term, investment-grade tax-exempt bond market. The Bloomberg High Yield Municipal Bond Index is an unmanaged index made up of bonds that are non-investment grade, unrated, or rated below Ba1 by Moody’s Investors Service with a remaining maturity of at least one year. Investors cannot invest directly in an index.
Class I Shares have a $1,000,000 minimum initial investment.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C reflects Class A performance for the period after conversion.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
| | | | | | | | | | |
| | | | | |
| 6 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
JPMorgan Intermediate Tax Free Bond Fund
FUND COMMENTARY
TWELVE MONTHS ENDED FEBRUARY 28, 2022 (Unaudited)
| | | | |
| REPORTING PERIOD RETURN | |
| Fund (Class I Shares)* | | | (1.06)% | |
| Bloomberg U.S. 1-15 Year Blend (1-17) Municipal Bond Index (formerly known as Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index) | | | (1.12)% | |
| |
| Net Assets as of 2/28/2022 (In Thousands) | | | $4,514,888 | |
| Duration as of 2/28/2022 | | | 4.6 Years | |
INVESTMENT OBJECTIVE**
The JPMorgan Intermediate Tax Free Bond Fund (the “Fund”) seeks to provide monthly dividends, which are excluded from gross income, and to protect the value of your investment by investing primarily in municipal obligations. For purposes of the Fund’s investment objective, “gross income” means gross income for federal tax purposes.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
For the twelve months ended February 28, 2022, the Fund’s Class I Shares outperformed the Bloomberg U.S. 1-15 Year Blend (1-17) Municipal Bond Index (the “Benchmark”).
Relative to the Benchmark, the Fund’s underweight allocations to bonds rated AA and higher and its overweight allocations to bonds rated single-A and lower, as well as its out-of-Benchmark allocation to below-investment-grade credit, were leading contributors to performance. The Fund’s overweight allocations to the special tax, hospital and retirement care sectors also helped relative performance.
The Fund’s overweight allocations to the industrial development revenue/pollution control revenue and local general obligation sectors, and its underweight allocation to the transportation sector were leading detractors from relative performance.
HOW WAS THE FUND POSITIONED?
During the period, the Fund’s portfolio managers employed a bottom-up, security selection-based investment approach and sought to take advantage of opportunities stemming from increased volatility, supply pressures and headline credit risk.
| | | | |
CREDIT QUALITY ALLOCATIONS AS OF FEBRUARY 28, 2022 | | PERCENT OF
TOTAL
INVESTMENTS | |
| AAA | | | 13.0 | % |
| AA | | | 43.9 | |
| A | | | 26.3 | |
| BBB | | | 9.4 | |
| BB | | | 1.6 | |
| B | | | 0.1 | |
| CCC | | | 0.8 | |
| NR | | | 4.9 | |
J.P. Morgan Investment Management receives credit ratings on underlying securities of the portfolio from three major rating agencies — Standard & Poor’s (“S&P”), Moody’s and Fitch. When calculating credit quality breakdown, S&P is used as the primary independent rating agency source. Where an S&P rating is not available for a particular security, the Moody’s rating will be used, if available, and Fitch, if available, is used for securities not rated by Moody’s or S&P. Securities not rated by any of the three agencies are reflected as not rated (NR).
| * | | The return shown is based on the net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America. |
| ** | | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 7 |
JPMorgan Intermediate Tax Free Bond Fund
FUND COMMENTARY
TWELVE MONTHS ENDED FEBRUARY 28, 2022 (Unaudited) (continued)
| | | | | | | | | | | | | | |
AVERAGE ANNUAL TOTAL RETURNS AS OF FEBRUARY 28, 2022 | |
| | | | |
| | | INCEPTION DATE OF
CLASS | | 1 YEAR | | | 5 YEAR | | | 10 YEAR | |
CLASS A SHARES | | December 31, 2003 | | | | | | | | | | | | |
With Sales Charge* | | | | | (4.96 | )% | | | 1.43 | % | | | 1.52 | % |
Without Sales Charge | | | | | (1.29 | ) | | | 2.21 | | | | 1.91 | |
CLASS C SHARES | | December 31, 2003 | | | | | | | | | | | | |
With CDSC** | | | | | (2.77 | ) | | | 1.66 | | | | 1.41 | |
Without CDSC | | | | | (1.77 | ) | | | 1.66 | | | | 1.41 | |
CLASS I SHARES | | September 10, 2001 | | | (1.06 | ) | | | 2.47 | | | | 2.17 | |
CLASS R6 SHARES | | November 6, 2017 | | | (0.96 | ) | | | 2.56 | | | | 2.21 | |
| * | | Sales Charge for Class A Shares is 3.75%. |
| ** | | Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE (2/29/12 TO 2/28/22)
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.
Returns for Class R6 Shares prior to its inception date are based on the performance of Class I Shares. The actual returns of Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class I Shares.
The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Intermediate Tax Free Bond Fund and the Bloomberg U.S. 1-15 Year Blend (1-17) Municipal Bond Index from February 29, 2012 to February 28, 2022. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg U.S. 1-15 Year Blend (1-17) Municipal Bond Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Bloomberg U.S. 1-15 Year Blend
(1-17) Municipal Bond Index represents the performance of municipal bonds with maturities from 1 to 17 years.
Capital gain distributions are subject to Federal income tax; a portion of the Fund’s income distributions may be subject to the alternative minimum tax and some investors may be subject to certain state and local taxes.
Class I Shares have a $1,000,000 minimum initial investment.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C reflects Class A performance for the period after conversion.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
| | | | | | | | | | |
| | | | | |
| 8 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
JPMorgan New York Tax Free Bond Fund
FUND COMMENTARY
TWELVE MONTHS ENDED FEBRUARY 28, 2022 (Unaudited)
| | | | |
| REPORTING PERIOD RETURN: | |
| Fund (Class A Shares, without a sales charge)* | | | (1.55)% | |
| Bloomberg New York Intermediate (1–17 Year) Maturities Index (formerly known as Bloomberg Barclays New York Intermediate (1–17 Year) Maturities Index) | | | (0.89)% | |
| |
| Net Assets as of 2/28/2022 (In Thousands) | | | $373,482 | |
| Duration as of 2/28/2022 | | | 4.0 Years | |
INVESTMENT OBJECTIVE**
The JPMorgan New York Tax Free Bond Fund (the “Fund”) seeks to provide monthly dividends that are excluded from gross income for federal income tax purposes and are exempt from New York State and New York City personal income taxes. It also seeks to protect the value of your investment.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
For the twelve months ended February 28, 2022, the Fund’s Class A Shares underperformed the Bloomberg New York Intermediate (1-17 year) Maturities Index (the “Benchmark”).
Relative to the Benchmark, the Fund’s allocations to the local general obligation and electric sectors, which generally had longer durations relative to benchmark, were leading detractors from performance. Generally, bonds with longer duration will experience a greater decrease in price compared with shorter duration bonds when interest rates rise.
The Fund’s allocations to the education, leasing and hospitals sectors, which had shorter relative durations, and its allocation to single-A rated bonds, were leading contributors to relative performance.
HOW WAS THE FUND POSITIONED?
The Fund’s portfolio managers preferred to invest in issuances from large, highly rated state and local municipalities. Among revenue bond sectors, the Fund preferred essential service sectors. Fund positioning is generally a result of security structure, duration, credit quality and the unique characteristics of the New York State municipal bond market.
| | | | |
CREDIT QUALITY ALLOCATIONS AS OF FEBRUARY 28, 2022 | | PERCENT OF
TOTAL
INVESTMENTS | |
| AAA | | | 15.2 | % |
| AA | | | 57.3 | |
| A | | | 20.0 | |
| BBB | | | 6.2 | |
| NR | | | 1.3 | |
J.P. Morgan Investment Management receives credit ratings on underlying securities of the portfolio from three major rating agencies — Standard & Poor’s (“S&P”), Moody’s and Fitch. When calculating credit quality breakdown, S&P is used as the primary independent rating agency source. Where an S&P rating is not available for a particular security, the Moody’s rating will be used, if available, and Fitch, if available, is used for securities not rated by Moody’s or S&P. Securities not rated by any of the three agencies are reflected as not rated (NR).
| * | | The return shown is based on the net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America. |
| ** | | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 9 |
JPMorgan New York Tax Free Bond Fund
FUND COMMENTARY
TWELVE MONTHS ENDED FEBRUARY 28, 2022 (Unaudited) (continued)
| | | | | | | | | | | | | | |
AVERAGE ANNUAL TOTAL RETURNS AS OF FEBRUARY 28, 2022 | |
| | | | |
| | | INCEPTION DATE OF
CLASS | | 1 YEAR | | | 5 YEAR | | | 10 YEAR | |
CLASS A SHARES | | February 16, 2001 | | | | | | | | | | | | |
With Sales Charge* | | | | | (5.24 | )% | | | 1.03 | % | | | 1.31 | % |
Without Sales Charge | | | | | (1.55 | ) | | | 1.81 | | | | 1.69 | |
CLASS C SHARES | | January 31, 2003 | | | | | | | | | | | | |
With CDSC** | | | | | (3.05 | ) | | | 1.30 | | | | 1.20 | |
Without CDSC | | | | | (2.05 | ) | | | 1.30 | | | | 1.20 | |
CLASS I SHARES | | September 10, 2001 | | | (1.16 | ) | | | 2.09 | | | | 1.95 | |
CLASS R6 SHARES | | October 1, 2018 | | | (1.20 | ) | | | 2.13 | | | | 1.97 | |
| * | | Sales Charge for Class A Shares is 3.75%. |
| ** | | Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE (2/29/12 TO 2/28/22)
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date, month-end performance information please call 1-800-480-4111.
Returns for Class R6 Shares prior to its inception date are based on the performance of Class I Shares. The actual returns of Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class I Shares.
The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan New York Tax Free Bond Fund and the Bloomberg New York Intermediate (1–17 Year) Maturities Index from February 29, 2012 to February 28, 2022. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg New York Intermediate (1–17 Year) Maturities Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Bloomberg New York Competitive Intermediate
(1–17 Year) Maturities Index represents the performance of New York municipal bonds with maturities from 1 to 17 years.
Capital gain distributions are subject to Federal income tax; a portion of the Fund’s income distributions may be subject to the alternative minimum tax and some investors may be subject to certain state and local taxes.
Class A Shares have a $10,000 minimum initial investment and carry a 3.75% sales charge.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C reflects Class A performance for the period after conversion.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
| | | | | | | | | | |
| | | | | |
| 10 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
JPMorgan Short-Intermediate Municipal Bond Fund
FUND COMMENTARY
TWELVE MONTHS ENDED FEBRUARY 28, 2022 (Unaudited)
| | | | |
| REPORTING PERIOD RETURN: | | | |
| Fund (Class A Shares, without a sales charge)* | | | (1.96)% | |
| Bloomberg U.S. 1-5 Year Blend (1-6) Municipal Bond Index (formerly known as Bloomberg Barclays U.S. 1-5 Year Blend (1-6) Municipal Bond Index) | | | (1.35)% | |
| |
| Net Assets as of 2/28/2022 (In Thousands) | | | $1,553,844 | |
| Duration as of 2/28/2022 | | | 3.4 Years | |
INVESTMENT OBJECTIVE**
The JPMorgan Short-Intermediate Municipal Bond Fund (the “Fund”) seeks as high a level of current income exempt from federal income tax as is consistent with relative stability of principal.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
For twelve months ended February 28, 2022, the Fund underperformed the Bloomberg U.S. 1-5 Year Blend (1-6) Municipal Bond Index (the “Benchmark”).
Relative to the Benchmark, the Fund’s longer duration was a leading detractor from performance as interest rates rose during the period. Generally, bonds of longer duration will experience a greater decrease in price compared with shorter duration bonds when interest rates rise. The Fund’s overweight allocations to the leasing and local general obligation bonds sectors, as well as its underweight allocation to the electric sector also detracted from relative performance. The Fund’s underweight allocations to New York State and Texas bonds also hurt performance.
The Fund’s underweight allocations to the bonds rated AA and higher and its overweight allocations to bonds rated single-A and lower were leading contributors to relative performance. The Fund’s underweight allocations to the water & sewer, industrial development revenue/pollution control revenue and pre-refunded bonds sectors also contributed to relative performance.
HOW WAS THE FUND POSITIONED?
During the period, the Fund employed a bottom-up, security selection-based investment approach. The Fund’s portfolio
managers sought to take advantage of opportunities stemming from increased volatility, supply pressures and headline credit risk while maintaining the Fund’s bias toward higher quality issuances.
| | | | |
CREDIT QUALITY ALLOCATIONS AS OF FEBRUARY 28, 2022 | | PERCENT OF
TOTAL
INVESTMENTS | |
| AAA | | | 14.9 | % |
| AA | | | 50.3 | |
| A | | | 24.8 | |
| BBB | | | 8.0 | |
| BB | | | 0.4 | |
| NR | | | 1.6 | |
J.P. Morgan Investment Management receives credit ratings on underlying securities of the portfolio from three major rating agencies — Standard & Poor’s (“S&P”), Moody’s and Fitch. When calculating credit quality breakdown, S&P is used as the primary independent rating agency source. Where an S&P rating is not available for a particular security, the Moody’s rating will be used, if available, and Fitch, if available, is used for securities not rated by Moody’s or S&P. Securities not rated by any of the three agencies are reflected as not rated (NR).
| * | | The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America. |
| ** | | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 11 |
JPMorgan Short-Intermediate Municipal Bond Fund
FUND COMMENTARY
TWELVE MONTHS ENDED FEBRUARY 28, 2022 (Unaudited) (continued)
| | | | | | | | | | | | | | |
AVERAGE ANNUAL TOTAL RETURNS AS OF FEBRUARY 28, 2022 | |
| | | | |
| | | INCEPTION DATE OF
CLASS | | 1 YEAR | | | 5 YEAR | | | 10 YEAR | |
CLASS A SHARES | | May 4, 1998 | | | | | | | | | | | | |
With Sales Charge* | | | | | (4.18 | )% | | | 0.79 | % | | | 0.64 | % |
Without Sales Charge | | | | | (1.96 | ) | | | 1.25 | | | | 0.87 | |
CLASS C SHARES | | November 1, 2001 | | | | | | | | | | | | |
With CDSC** | | | | | (3.45 | ) | | | 0.75 | | | | 0.45 | |
Without CDSC | | | | | (2.45 | ) | | | 0.75 | | | | 0.45 | |
CLASS I SHARES | | June 19, 2009 | | | (1.51 | ) | | | 1.71 | | | | 1.34 | |
CLASS R6 SHARES | | October 1, 2018 | | | (1.37 | ) | | | 1.75 | | | | 1.36 | |
| * | | Sales Charge for Class A Shares is 2.25%. |
| ** | | Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE (2/29/12 TO 2/28/22)
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.
Returns for Class R6 Shares prior to its inception date are based on the performance of Class I Shares. The actual returns of Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class I Shares.
The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Short-Intermediate Municipal Bond Fund and the Bloomberg U.S. 1-5 Year Blend (1-6) Municipal Bond Index from February 29, 2012 to February 28, 2022. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg U.S. 1-5 Year Blend (1-6) Municipal Bond Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Bloomberg U.S. 1-5 Year Blend (1-6) Municipal Bond Index is an unmanaged index of investment grade
tax-exempt municipal bonds with maturities of 1–5.999 years. Investors cannot invest directly in an index.
Capital gain distributions are subject to federal income tax; a portion of the Fund’s income distributions may be subject to the alternative minimum tax and some investors may be subject to certain state and local taxes.
Class A Shares have a $1,000 minimum initial investment and carry a 2.25% sales charge.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C reflects Class A performance for the period after conversion.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
| | | | | | | | | | |
| | | | | |
| 12 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
JPMorgan Sustainable Municipal Income Fund
FUND COMMENTARY
TWELVE MONTHS ENDED FEBRUARY 28, 2022 (Unaudited)
| | | | |
| REPORTING PERIOD RETURN: | | | |
| Fund (Class I Shares)* | | | (0.92)% | |
| Bloomberg U.S. 1-15 Year Blend (1-17) Municipal Bond Index (formerly known as Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index) | | | (1.12)% | |
| |
| Net Assets as of 2/28/2022 (In Thousands) | | | $312,919 | |
| Duration as of 2/28/2022 | | | 4.9 Years | |
INVESTMENT OBJECTIVE**
The JPMorgan Sustainable Municipal Income Fund (the “Fund”) seeks current income exempt from federal income taxes.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
For the twelve months ended February 28, 2022, the Fund’s Class I Shares outperformed the Bloomberg U.S. 1-15 Year Blend (1-17) Municipal Bond Index (the “Benchmark”).
Relative to the Benchmark, the Fund’s underweight allocations to bonds rated AA and higher and its overweight allocations to bonds rated single-A and lower were leading contributors to performance. The Fund’s out-of-Benchmark allocation to below-investment-grade credit, its security selection in the housing and leasing sectors and its underweight allocation to pre-refunded bonds also contributed to relative performance.
The Fund’s underweight allocation to the state general obligation and transportation sectors were leading detractors from relative performance. The Fund’s underweight allocation to New York State bonds also detracted from relative performance.
HOW WAS THE FUND POSITIONED?
The Fund’s portfolio managers continued to emphasize higher yielding sectors, particularly the housing sector. At the end of the period, the Fund’s duration was 4.9 years and the Benchmark’s was 4.2 years.
| | | | |
CREDIT QUALITY ALLOCATIONS AS OF FEBRUARY 28, 2022 | | PERCENT OF
TOTAL
INVESTMENTS | |
| AAA | | | 14.5 | % |
| AA | | | 42.2 | |
| A | | | 18.7 | |
| BBB | | | 14.6 | |
| BB | | | 2.6 | |
| NR | | | 7.4 | |
J.P. Morgan Investment Management receives credit ratings on underlying securities of the portfolio from three major rating agencies — Standard & Poor’s (“S&P”), Moody’s and Fitch. When calculating credit quality breakdown, S&P is used as the primary independent rating agency source. Where an S&P rating is not available for a particular security, the Moody’s rating will be used, if available, and Fitch, if available, is used for securities not rated by Moody’s or S&P. Securities not rated by any of the three agencies are reflected as not rated (NR).
| * | | The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America. |
| ** | | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 13 |
JPMorgan Sustainable Municipal Income Fund
FUND COMMENTARY
TWELVE MONTHS ENDED FEBRUARY 28, 2022 (Unaudited) (continued)
| | | | | | | | | | | | | | | | |
AVERAGE ANNUAL TOTAL RETURNS AS OF FEBRUARY 28, 2022 | |
| | | | |
| | | INCEPTION DATE OF
CLASS | | | 1 YEAR | | | 5 YEAR | | | 10 YEAR | |
CLASS A SHARES | | | February 23, 1993 | | | | | | | | | | | | | |
With Sales Charge* | | | | | | | (4.89 | )% | | | 1.44 | % | | | 1.79 | % |
Without Sales Charge | | | | | | | (1.16 | ) | | | 2.22 | | | | 2.18 | |
CLASS C SHARES | | | November 4, 1997 | | | | | | | | | | | | | |
With CDSC** | | | | | | | (2.82 | ) | | | 1.63 | | | | 1.72 | |
Without CDSC | | | | | | | (1.82 | ) | | | 1.63 | | | | 1.72 | |
CLASS I SHARES | | | February 9, 1993 | | | | (0.92 | ) | | | 2.47 | | | | 2.43 | |
CLASS R6 SHARES | | | November 6, 2017 | | | | (0.82 | ) | | | 2.56 | | | | 2.48 | |
| * | | Sales Charge for Class A Shares is 3.75%. |
| ** | | Assumes a 1% CDSC (contingent deferred sales charge) for the one year periods and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE (2/29/12 TO 2/28/22)
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.
Returns for Class R6 Shares prior to its inception date are based on the performance of Class I Shares. The actual returns of Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class I Shares.
The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Sustainable Municipal Income Fund and the Bloomberg U.S. 1-15 Year Blend (1-17) Municipal Bond Index from February 29, 2012 to February 28, 2022. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg U.S. 1-15 Year Blend (1-17) Municipal Bond Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Bloomberg U.S. 1-15 Year Blend
(1-17) Municipal Bond Index represents the performance of municipal bonds with maturities from 1 to 17 years. Investors cannot invest directly in an index.
Capital gain distributions are subject to federal income tax; a portion of the Fund’s income distributions may be subject to the alternative minimum tax and some investors may be subject to certain state and local taxes.
Class I Shares have a $1,000,000 minimum initial investment.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C reflects Class A performance for the period after conversion.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
| | | | | | | | | | |
| | | | | |
| 14 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
JPMorgan Tax Free Bond Fund
FUND COMMENTARY
TWELVE MONTHS ENDED FEBRUARY 28, 2022 (Unaudited)
| | | | |
| REPORTING PERIOD RETURN: | | | |
| Fund (Class A Shares, without a sales charge)* | | | (0.40)% | |
| Bloomberg U.S. Municipal Index (formerly known as Bloomberg Barclays U.S. Municipal Index) | | | (0.66)% | |
| |
| Net Assets as of 2/28/2022 (In Thousands) | | | $669,952 | |
| Duration as of 2/28/2022 | | | 6.3 Years | |
INVESTMENT OBJECTIVE**
The JPMorgan Tax Free Bond Fund (the “Fund”) seeks as high a level of current income exempt from federal income tax as is consistent with relative stability of principal.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
For the twelve months ended February 28, 2022, the Fund outperformed the Bloomberg U.S. Municipal Index (the “Benchmark”).
Relative to the Benchmark, the Fund’s overweight allocations to bonds rated single-A and lower and its underweight allocations to bonds rated AA and higher were leading contributors to performance. The Fund’s out-of-Benchmark allocation to below-investment-grade credit, its underweight allocation to general obligation bonds and its overweight allocations to the hospitals and retirement care sectors also contributed to relative performance.
The Fund’s overweight allocations to the industrial development revenue/pollution control revenue and leasing sectors were leading detractors from performance relative to the Benchmark. The Fund’s underweight allocations to New York State bonds and its overweight to Colorado bonds also hurt relative performance.
HOW WAS THE FUND POSITIONED?
The Fund continued to employ a bottom-up, security selection-based investment approach and sought to take advantage of opportunities stemming from increased volatility, supply pressures and headline credit risk.
| | | | |
CREDIT QUALITY ALLOCATIONS AS OF FEBRUARY 28, 2022 | | PERCENT OF
TOTAL
INVESTMENTS | |
| AAA | | | 10.0 | % |
| AA | | | 38.7 | |
| A | | | 25.0 | |
| BBB | | | 18.3 | |
| BB | | | 2.1 | |
| B | | | 0.4 | |
| CCC | | | 0.5 | |
| NR | | | 5.0 | |
J.P. Morgan Investment Management receives credit ratings on underlying securities of the portfolio from three major rating agencies — Standard & Poor’s (“S&P”), Moody’s and Fitch. When calculating credit quality breakdown, S&P is used as the primary independent rating agency source. Where an S&P rating is not available for a particular security, the Moody’s rating will be used, if available, and Fitch, if available, is used for securities not rated by Moody’s or S&P. Securities not rated by any of the three agencies are reflected as not rated (NR).
| * | | The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America. |
| ** | | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 15 |
JPMorgan Tax Free Bond Fund
FUND COMMENTARY
TWELVE MONTHS ENDED FEBRUARY 28, 2022 (Unaudited) (continued)
| | | | | | | | | | | | | | |
AVERAGE ANNUAL TOTAL RETURNS AS OF FEBRUARY 28, 2022 | |
| | | | |
| | | INCEPTION DATE OF
CLASS | | 1 YEAR | | | 5 YEAR | | | 10 YEAR | |
CLASS A SHARES | | March 1, 1988 | | | | | | | | | | | | |
With Sales Charge* | | | | | (4.17 | )% | | | 2.35 | % | | | 2.66 | % |
Without Sales Charge | | | | | (0.40 | ) | | | 3.13 | | | | 3.06 | |
CLASS C SHARES | | July 1, 2008 | | | | | | | | | | | | |
With CDSC** | | | | | (1.99 | ) | | | 2.52 | | | | 2.53 | |
Without CDSC | | | | | (0.99 | ) | | | 2.52 | | | | 2.53 | |
CLASS I SHARES | | February 1, 1995 | | | (0.27 | ) | | | 3.35 | | | | 3.26 | |
CLASS R6 SHARES | | October 1, 2018 | | | (0.22 | ) | | | 3.39 | | | | 3.28 | |
| * | | Sales Charge for Class A Shares is 3.75%. |
| ** | | Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter. |
TEN YEAR PERFORMANCE (2/29/12 TO 2/28/22)
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.
Returns for Class R6 Shares prior to its inception date are based on the performance of Class I Shares. The actual returns of Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class I Shares.
The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Tax Free Bond Fund and the Bloomberg U.S. Municipal Index from February 29, 2012 to February 28, 2022. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the Bloomberg U.S. Municipal Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Bloomberg U.S. Municipal Index is a total return performance benchmark for the long-term, investment-grade tax-exempt bond market. Investors cannot invest directly in an index.
Capital gain distributions are subject to federal income tax; a portion of the Fund’s income distributions may be subject to the alternative minimum tax and some investors may be subject to certain state and local taxes.
Class A Shares have a $1,000 minimum initial investment and carry a 3.75% sales charge.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C reflects Class A performance for the period after conversion.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
| | | | | | | | | | |
| | | | | |
| 16 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
JPMorgan Ultra-Short Municipal Fund
FUND COMMENTARY
TWELVE MONTHS ENDED FEBRUARY 28, 2022 (Unaudited)
| | | | |
| REPORTING PERIOD RETURN: | | | |
| Fund (Class I Shares)* | | | (0.53)% | |
| Bloomberg 1 Year Municipal Bond Index (formerly known as Bloomberg Barclays 1 Year Municipal Bond Index) | | | (0.61)% | |
| |
| Net Assets as of 2/28/2022 (In Thousands) | | | $4,056,701 | |
| Duration as of 2/28/2022 | | | 0.9 Years | |
INVESTMENT OBJECTIVE**
The JPMorgan Ultra-Short Municipal Fund (the “Fund”) seeks as high a level of current income exempt from federal income tax as is consistent with relative stability of principal.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
For the twelve months ended February 28, 2022, the Fund outperformed the Bloomberg 1 Year Municipal Bond Index (the “Benchmark”).
Relative to the Benchmark, the Fund’s shorter duration was a leading contributor to performance as interest rates rose during the period. Generally, bonds with shorter duration will experience a smaller price decrease compared with longer duration bonds when interest rates rise. The Fund’s underweight allocations to bonds rated AA and higher and its overweight position in the hospital and housing sectors also contributed to relative performance. The Fund’s out-of-Benchmark allocation to variable rate demand notes also helped relative performance.
The Fund’s underweight allocation to the transportation sector and its overweight allocation to the industrial development revenue/pollution control revenue sector were leading detractors from relative performance. The Fund’s underweight allocation to bonds rated BBB also detracted from relative performance.
HOW WAS THE FUND POSITIONED?
During the period, the Fund sought to maintain an average weighted maturity of two years or less, and the Fund’s investment adviser used a risk/reward analysis to identify investments that it believed would perform well over market cycles.
| | | | |
CREDIT QUALITY ALLOCATIONS AS OF FEBRUARY 28, 2022 | | PERCENT OF
TOTAL
INVESTMENTS | |
| AAA | | | 13.3 | % |
| AA | | | 31.5 | |
| A | | | 21.2 | |
| BBB | | | 6.6 | |
| BB | | | 0.3 | |
| NR | | | 27.1 | |
J.P. Morgan Investment Management receives credit ratings on underlying securities of the portfolio from three major rating agencies — Standard & Poor’s (“S&P”), Moody’s and Fitch. When calculating credit quality breakdown, S&P is used as the primary independent rating agency source. Where an S&P rating is not available for a particular security, the Moody’s rating will be used, if available, and Fitch, if available, is used for securities not rated by Moody’s or S&P. Securities not rated by any of the three agencies are reflected as not rated (NR).
| * | | The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America. |
| ** | | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 17 |
JPMorgan Ultra-Short Municipal Fund
FUND COMMENTARY
TWELVE MONTHS ENDED FEBRUARY 28, 2022 (Unaudited) (continued)
| | | | | | | | | | | | | | | | |
AVERAGE ANNUAL TOTAL RETURNS AS OF FEBRUARY 28, 2022 | |
| | | INCEPTION DATE OF
CLASS | | | 1 YEAR | | | 5 YEAR | | | SINCE
INCEPTION | |
CLASS A SHARES* | | | May 31, 2016 | | | | (0.83 | )% | | | 0.60 | % | | | 0.62 | % |
CLASS I SHARES | | | May 31, 2016 | | | | (0.53 | ) | | | 0.83 | | | | 0.83 | |
| * | | Performance of Class A Shares reflects no initial sales charge. Prior to September 15, 2020, the maximum initial sales charge applicable to Class A Shares was 2.25%, which is not reflected in the performance shown in the table above. |
LIFE OF FUND PERFORMANCE (5/31/16 TO 2/28/22)
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.
The Fund commenced operations on May 31, 2016.
The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Ultra-Short Municipal Fund and the Bloomberg 1 Year Municipal Bond Index from May 31, 2016 to February 28, 2022. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg 1 Year Municipal Bond Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of securities included in the benchmark, if applicable. The Bloomberg 1 Year Municipal Bond Index is an unmanaged index that includes bonds with a minimum credit rating of BAA3, are issued as part of a deal of at least $50 million, have an amount outstanding of at least $5 million, and have maturities of 1 to 2 years. Investors cannot invest directly in an index.
Capital gain distributions are subject to federal income tax; a portion of the Fund’s income distributions may be subject to the alternative minimum tax and some investors may be subject to certain state and local taxes.
Class I Shares have a $1,000,000 minimum initial investment.
Subsequent to the inception of the Fund on May 31, 2016 until August 31, 2016, the Fund did not experience any shareholder activity. If such shareholder activity had occurred, the Fund’s performance may have been impacted.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
| | | | | | | | | | |
| | | | | |
| 18 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
JPMorgan California Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — 97.1% (a) | |
|
California — 97.1% | |
|
Certificate of Participation/Lease — 0.3% | |
| | |
City of Livermore Series 2020B, COP, 4.00%, 10/1/2028 | | | 885 | | | | 1,015 | |
| | | | | | | | |
|
Education — 4.8% | |
| | |
California Educational Facilities Authority, Art Centre College of Design
Series 2022A, Rev., 5.00%, 12/1/2028 | | | 210 | | | | 249 | |
| | |
Series 2022A, Rev., 5.00%, 12/1/2031 | | | 450 | | | | 556 | |
| | |
Series 2022A, Rev., 5.00%, 12/1/2032 | | | 275 | | | | 338 | |
| | |
California Educational Facilities Authority, Pomona College, Capital Appreciation Series A, Rev., Zero Coupon, 7/1/2026 | | | 2,000 | | | | 1,865 | |
| | |
California Educational Facilities Authority, Stanford University
Series T-5, Rev., 5.00%, 3/15/2023 | | | 1,500 | | | | 1,564 | |
| | |
Series U-2, Rev., 5.00%, 10/1/2032 | | | 1,500 | | | | 1,984 | |
| | |
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 | | | | 4,283 | |
| | |
University of California | | | | | | | | |
| | |
Series 2014AM, Rev., 5.00%, 5/15/2028 | | | 1,500 | | | | 1,621 | |
| | |
Series 2016AR, Rev., 5.00%, 5/15/2035 | | | 1,500 | | | | 1,705 | |
| | |
Series 2020BE, Rev., 5.00%, 5/15/2035 | | | 2,000 | | | | 2,486 | |
| | |
University of California, Limited Project Series O, Rev., 5.00%, 5/15/2034 | | | 1,500 | | | | 1,794 | |
| | | | | | | | |
| | |
| | | | | | | 18,445 | |
| | | | | | | | |
|
General Obligation — 32.7% | |
| | |
Allan Hancock Joint Community College District GO, 5.00%, 8/1/2030 | | | 1,250 | | | | 1,356 | |
| | |
Calexico Unified School District | | | | | | | | |
| | |
GO, 5.00%, 8/1/2027 | | | 115 | | | | 135 | |
| | |
GO, 5.00%, 8/1/2028 | | | 175 | | | | 210 | |
| | |
GO, 5.00%, 8/1/2031 | | | 385 | | | | 485 | |
| | |
Chaffey Joint Union High School District | | | | | | | | |
| | |
Series F, GO, Zero Coupon, 2/1/2033 | | | 230 | | | | 175 | |
| | |
Series F, GO, Zero Coupon, 2/1/2034 | | | 545 | | | | 403 | |
| | |
City and County of San Francisco | | | | | | | | |
| | |
Series 2020-R1, GO, 5.00%, 6/15/2029 | | | 2,000 | | | | 2,427 | |
| | |
Series 2020-R1, GO, 5.00%, 6/15/2030 | | | 2,500 | | | | 3,035 | |
| | |
City and County of San Francisco, Transportation and Road Improvement Series 2020B, GO, 2.00%, 6/15/2029 | | | 2,500 | | | | 2,531 | |
| | |
City of San Jose, Disaster Preparedness, Public Safety and Infrastructure | | | | | | | | |
| | |
Series 2019A-1, GO, 5.00%, 9/1/2036 | | | 1,500 | | | | 1,832 | |
| | |
Series 2019A-1, GO, 5.00%, 9/1/2038 | | | 2,710 | | | | 3,301 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
|
General Obligation — continued | |
| | |
Coast Community College District, Election of 2002 Series 2006B, GO, AGM, Zero Coupon, 8/1/2030 | | | 2,000 | | | | 1,666 | |
| | |
County of Los Angeles, Beverly Hills Unified School District, Election of 2008, Capital Appreciation GO, Zero Coupon, 8/1/2023 | | | 1,500 | | | | 1,478 | |
| | |
East Side Union High School District Series B, GO, NATL-RE, 5.25%, 2/1/2026 | | | 2,000 | | | | 2,238 | |
| | |
Escondido Union High School District, Election of 2008 | | | | | | | | |
| | |
Series A, GO, AGC, Zero Coupon, 8/1/2025 | | | 1,500 | | | | 1,418 | |
| | |
Series A, GO, AGC, Zero Coupon, 8/1/2029 | | | 1,000 | | | | 857 | |
| | |
Evergreen School District Series B, GO, AGC, Zero Coupon, 8/1/2024 | | | 1,915 | | | | 1,850 | |
| | |
Los Angeles Unified School District, Dedicated Unlimited Ad Valorem Property Tax | | | | | | | | |
| | |
Series 2019A, GO, 5.00%, 7/1/2023 | | | 2,550 | | | | 2,686 | |
| | |
Series 2021A, GO, 5.00%, 7/1/2028 | | | 1,500 | | | | 1,808 | |
| | |
Series 2019A, GO, 5.00%, 7/1/2032 | | | 1,500 | | | | 1,839 | |
| | |
Manhattan Beach Unified School District, Election of 2008 Series 2009A, GO, Zero Coupon, 9/1/2031 | | | 2,335 | | | | 1,904 | |
| | |
Marin Healthcare District, Election of 2013 | | | | | | | | |
| | |
Series 2017A, GO, 5.00%, 8/1/2032 | | | 965 | | | | 1,138 | |
| | |
Menlo Park City School District, Capital Appreciation | | | | | | | | |
| | |
GO, Zero Coupon, 7/1/2031 | | | 500 | | | | 372 | |
| | |
GO, Zero Coupon, 7/1/2032 | | | 880 | | | | 625 | |
| | |
Mount Diablo Unified School District, Election of 2010 Series 2012E, GO, 5.00%, 8/1/2026 | | | 1,210 | | | | 1,232 | |
| | |
Mount San Antonio Community College District, Election of 2008 Series 2013A, GO, Zero Coupon, 8/1/2023 | | | 3,205 | | | | 2,092 | |
| | |
Mountain View-Whisman School District, Election of 2020 Series A, GO, 4.00%, 9/1/2022 | | | 700 | | | | 712 | |
| | |
Murrieta Valley Unified School District GO, AGM, Zero Coupon, 9/1/2024 | | | 1,000 | | | | 965 | |
| | |
Napa Valley Community College District, Election of 2002 Series B, GO, NATL-RE, Zero Coupon, 8/1/2026 | | | 1,215 | | | | 1,123 | |
| | |
Napa Valley Unified School District, Election of 2006 Series 2010A, GO, Zero Coupon, 8/1/2027 | | | 2,000 | | | | 1,798 | |
| | |
Newport Mesa Unified School District, Election of 2005 Series 2007, GO, NATL-RE, Zero Coupon, 8/1/2030 | | | 4,500 | | | | 3,793 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 19 |
JPMorgan California Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | | | | | | | | |
|
General Obligation — continued | |
| | |
Palo Alto Unified School District, Election of 2008 | | | | | | | | |
| | |
GO, Zero Coupon, 8/1/2022 | | | 1,500 | | | | 1,496 | |
| | |
GO, Zero Coupon, 8/1/2025 | | | 1,015 | | | | 966 | |
| | |
GO, Zero Coupon, 8/1/2026 | | | 1,790 | | | | 1,672 | |
| | |
GO, Zero Coupon, 8/1/2027 | | | 2,360 | | | | 2,158 | |
| | |
San Diego Community College District, Election of 2002 GO, Zero Coupon, 8/1/2035 | | | 1,500 | | | | 1,105 | |
| | |
San Diego Unified School District, Election of 1998 | | | | | | | | |
| | |
Series 1998C-2, GO, AGM, 5.50%, 7/1/2024 | | | 2,010 | | | | 2,208 | |
| | |
Series F-1, GO, AGM, 5.25%, 7/1/2028 | | | 2,500 | | | | 3,055 | |
| | |
San Francisco Bay Area Rapid Transit District, Election of 2004 | | | | | | | | |
| | |
Series D, GO, 5.00%, 8/1/2032 | | | 2,000 | | | | 2,233 | |
| | |
Series 2019F-1, GO, 5.00%, 8/1/2035 | | | 3,000 | | | | 3,723 | |
| | |
San Jose Unified School District, Election of 2002 | | | | | | | | |
| | |
Series C, GO, NATL-RE, Zero Coupon, 8/1/2025 | | | 2,000 | | | | 1,901 | |
| | |
Series C, GO, NATL-RE, Zero Coupon, 8/1/2029 | | | 1,500 | | | | 1,301 | |
| | |
Series C, GO, NATL-RE, Zero Coupon, 6/1/2031 | | | 3,035 | | | | 2,504 | |
| | |
San Juan Unified School District GO, AGM, Zero Coupon, 8/1/2024 | | | 1,750 | | | | 1,691 | |
| | |
San Mateo County Community College District, Election of 2001 Series 2005B, GO, NATL-RE, Zero Coupon, 9/1/2027 | | | 1,130 | | | | 1,031 | |
| | |
San Mateo County Community College District, Election of 2005 | | | | | | | | |
| | |
Series A, GO, NATL-RE, Zero Coupon, 9/1/2024 | | | 1,400 | | | | 1,353 | |
| | |
Series B, GO, NATL-RE, Zero Coupon, 9/1/2026 | | | 2,000 | | | | 1,864 | |
| | |
Series A, GO, NATL-RE, Zero Coupon, 9/1/2029 | | | 2,000 | | | | 1,740 | |
| | |
Series B, GO, NATL-RE, Zero Coupon, 9/1/2034 | | | 1,000 | | | | 759 | |
| | |
San Mateo County Community College District, Election of 2014 Series B, GO, 5.00%, 9/1/2033 | | | 1,000 | | | | 1,220 | |
| | |
San Rafael City Elementary School District, Election of 2002 Series 2004B, GO, NATL-RE, Zero Coupon, 8/1/2029 | | | 2,000 | | | | 1,700 | |
| | |
Santa Monica Community College District, Election of 2004 Series 2009C, GO, Zero Coupon, 8/1/2027 | | | 1,000 | | | | 904 | |
| | |
South San Francisco Unified School District, Measure J, Dedicated Unlimited Ad Valorem Property Tax Series C, GO, Zero Coupon, 9/1/2028 | | | 1,800 | | | | 1,544 | |
| | |
State of California, School Facilities GO, 4.00%, 9/1/2032 | | | 2,000 | | | | 2,210 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
|
General Obligation — continued | |
| | |
State of California, Various Purpose | | | | | | | | |
| | |
GO, 5.00%, 8/1/2026 | | | 1,320 | | | | 1,519 | |
| | |
GO, 5.00%, 8/1/2027 | | | 2,000 | | | | 2,360 | |
| | |
GO, 5.00%, 11/1/2027 | | | 3,000 | | | | 3,562 | |
| | |
GO, 4.00%, 3/1/2029 | | | 1,000 | | | | 1,155 | |
| | |
GO, 5.00%, 11/1/2029 | | | 2,000 | | | | 2,476 | |
| | |
GO, 5.00%, 12/1/2029 | | | 2,000 | | | | 2,133 | |
| | |
GO, 5.00%, 8/1/2030 | | | 2,000 | | | | 2,350 | |
| | |
GO, 5.00%, 8/1/2031 | | | 1,500 | | | | 1,650 | |
| | |
GO, 5.00%, 10/1/2031 | | | 1,000 | | | | 1,233 | |
| | |
GO, 5.00%, 11/1/2031 | | | 1,130 | | | | 1,425 | |
| | |
GO, 5.00%, 8/1/2032 | | | 1,500 | | | | 1,760 | |
| | |
GO, 5.00%, 10/1/2032 | | | 3,000 | | | | 3,262 | |
| | |
GO, 5.00%, 8/1/2033 | | | 1,000 | | | | 1,147 | |
| | |
GO, 4.00%, 11/1/2034 | | | 1,000 | | | | 1,158 | |
| | |
GO, 5.00%, 12/1/2034 | | | 1,500 | | | | 1,888 | |
| | |
GO, 5.00%, 3/1/2035 | | | 1,000 | | | | 1,237 | |
| | |
GO, 5.00%, 4/1/2036 | | | 1,000 | | | | 1,215 | |
| | |
GO, 5.00%, 8/1/2036 | | | 2,650 | | | | 3,171 | |
| | |
GO, 5.00%, 8/1/2037 | | | 1,430 | | | | 1,710 | |
| | |
Tulare Local Health Care District | | | | | | | | |
| | |
GO, 4.00%, 8/1/2024 | | | 410 | | | | 434 | |
| | |
GO, 4.00%, 8/1/2025 | | | 455 | | | | 491 | |
| | |
Upland Unified School District, Election of 2008 Series 2008A, GO, AGM, Zero Coupon, 8/1/2030 | | | 1,500 | | | | 1,253 | |
| | | | | | | | |
| | |
| | | | | | | 126,411 | |
| | | | | | | | |
|
Hospital — 6.5% | |
| | |
Abag Finance Authority for Nonprofit Corp., Sharp Healthcare Series 2014A, Rev., 5.00%, 8/1/2031 | | | 1,000 | | | | 1,054 | |
| | |
California Health Facilities Financing Authority, Adventist Health System | | | | | | | | |
| | |
Series 2013A, Rev., 5.00%, 3/1/2026 | | | 1,400 | | | | 1,456 | |
| | |
Series 2016A, Rev., 4.00%, 3/1/2029 | | | 2,165 | | | | 2,347 | |
| | |
California Health Facilities Financing Authority, Cedars-Sinai Medical Center | | | | | | | | |
| | |
Rev., 5.00%, 11/15/2030 | | | 250 | | | | 281 | |
| | |
Rev., 5.00%, 11/15/2032 | | | 400 | | | | 450 | |
| | |
Series 2016A, Rev., 5.00%, 8/15/2033 | | | 3,500 | | | | 3,993 | |
| | |
Series 2016B, Rev., 5.00%, 8/15/2035 | | | 1,500 | | | | 1,708 | |
| | |
California Health Facilities Financing Authority, Kaiser Permanente Subseries A-1-G, Rev., 5.00%, 11/1/2027 | | | 1,995 | | | | 2,371 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 20 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | | | | | | | | |
|
Hospital — continued | |
| | |
California Health Facilities Financing Authority, Lucile Salter Packard Children’s Hospital at Stanford | | | | | | | | |
| | |
Series 2014A, Rev., 5.00%, 8/15/2027 | | | 580 | | | | 631 | |
| | |
Series 2014A, Rev., 5.00%, 8/15/2028 | | | 850 | | | | 924 | |
| | |
Series 2014A, Rev., 5.00%, 8/15/2030 | | | 655 | | | | 711 | |
| | |
Series A, Rev., 5.00%, 8/15/2030 | | | 1,000 | | | | 1,144 | |
| | |
California Health Facilities Financing Authority, Stanford Health Clinic | | | | | | | | |
| | |
Series 2017A, Rev., 5.00%, 11/15/2027 | | | 1,350 | | | | 1,604 | |
| | |
Series 2017A, Rev., 5.00%, 11/15/2034 | | | 1,200 | | | | 1,401 | |
| | |
California Health Facilities Financing Authority, Sutter Health
Series 2018A, Rev., 5.00%, 11/15/2025 | | | 500 | | | | 564 | |
| | |
Series 2017A, Rev., 5.00%, 11/15/2034 | | | 1,500 | | | | 1,762 | |
| | |
California Municipal Finance Authority, Community Health System | | | | | | | | |
| | |
Series 2021A, Rev., 5.00%, 2/1/2032 | | | 500 | | | | 635 | |
| | |
Series 2021A, Rev., 5.00%, 2/1/2033 | | | 1,000 | | | | 1,262 | |
| | |
California Public Finance Authority, Henry Mayo Newhall Hospital Rev., 4.00%, 10/15/2025 | | | 145 | | | | 157 | |
| | |
Regents of the University of California Medical Center Pooled Series 2016L, Rev., 5.00%, 5/15/2027 | | | 710 | | | | 809 | |
| | | | | | | | |
| | |
| | | | | | | 25,264 | |
| | | | | | | | |
|
Housing — 0.5% | |
| | |
California Municipal Finance Authority, Linxs Apartments Project, Senior Lien Series 2018A, Rev., AMT, 5.00%, 12/31/2028 | | | 1,750 | | | | 2,037 | |
| | | | | | | | |
|
Industrial Development Revenue/Pollution Control Revenue — 0.7% | |
| | |
California Infrastructure and Economic Development Bank, Infrastructure State Revolving Fund Rev., 5.00%, 10/1/2028 | | | 950 | | | | 1,088 | |
| | |
California Pollution Control Financing Authority, Solid Waste Disposal, Waste Management, Inc., Project Series 2015B-1, Rev., AMT, 3.00%, 11/1/2025 | | | 1,500 | | | | 1,558 | |
| | | | | | | | |
| | |
| | | | | | | 2,646 | |
| | | | | | | | |
|
Other Revenue — 8.1% | |
| | |
California County Tobacco Securitization Agency, Los Angeles County Securitization Corp. | | | | | | | | |
| | |
Series 2020A, Rev., 5.00%, 6/1/2025 | | | 350 | | | | 383 | |
| | |
Series 2020A, Rev., 5.00%, 6/1/2026 | | | 600 | | | | 672 | |
| | |
Series 2020A, Rev., 5.00%, 6/1/2031 | | | 1,110 | | | | 1,322 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
|
Other Revenue — continued | |
| | |
California County Tobacco Securitization Agency, Sonoma County Securitization Corp. | | | | | | | | |
| | |
Rev., 5.00%, 6/1/2025 | | | 375 | | | | 411 | |
| | |
Rev., 5.00%, 6/1/2027 | | | 275 | | | | 315 | |
| | |
California State Public Works Board, State Office Buildings Series F, Rev., 5.00%, 5/1/2030 | | | 1,000 | | | | 1,105 | |
| | |
California State Public Works Board, Various Capital Projects Series B, Rev., 5.00%, 5/1/2030 | | | 2,435 | | | | 3,020 | |
| | |
California Statewide Communities Development Authority, San Francisco Campus for Jewish Living Project Rev., 4.00%, 11/1/2029 | | | 140 | | | | 159 | |
| | |
City of San Bernardino, Single Family Mortgage Series A, Rev., GNMA COLL, 7.50%, 5/1/2023 (b) | | | 145 | | | | 151 | |
| | |
Contra Costa County Transportation Authority, Sales Tax Series A, Rev., 5.00%, 3/1/2032 | | | 2,000 | | | | 2,210 | |
| | |
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Series 2017A-1, Rev., 5.00%, 6/1/2024 (b) | | | 2,500 | | | | 2,704 | |
| | |
Los Angeles County Metropolitan Transportation Authority, Measure J Junior Subordinate Sales Tax Rev., 5.00%, 6/1/2037 | | | 1,000 | | | | 1,239 | |
| | |
Los Angeles County Metropolitan Transportation Authority, Proposition C Senior Sales Tax | | | | | | | | |
| | |
Series 2021-A, Rev., 5.00%, 7/1/2032 | | | 2,000 | | | | 2,568 | |
| | |
Series 2019-B, Rev., 5.00%, 7/1/2035 | | | 2,000 | | | | 2,406 | |
| | |
Midpeninsula Regional Open Space District, Promissory Notes, 2004 Project Lease | | | | | | | | |
| | |
Rev., 5.00%, 9/1/2030 | | | 500 | | | | 558 | |
| | |
Rev., 5.00%, 9/1/2031 | | | 270 | | | | 302 | |
| | |
Pasadena Public Financing Authority, Rose Bowl Renovation Project Series 2010A, Rev., Zero Coupon, 3/1/2030 | | | 1,000 | | | | 834 | |
| | |
Riverside Public Financing Authority, Main Library Project Series 2019A, Rev., 5.00%, 11/1/2034 ‡ | | | 450 | | | | 543 | |
| | |
San Diego Regional Building Authority, County Operations Center Series 2016A, Rev., 5.00%, 10/15/2033 | | | 2,370 | | | | 2,668 | |
| | |
Santa Ana Financing Authority, Police Administration and Holding Facility Lease | | | | | | | | |
| | |
Series A, Rev., NATL-RE, 6.25%, 7/1/2024 | | | 478 | | | | 510 | |
| | |
Series A, Rev., NATL-RE, 6.25%, 7/1/2024 (b) | | | 475 | | | | 507 | |
| | |
Santa Clara County Financing Authority Series 2021A, Rev., 5.00%, 5/1/2031 | | | 1,500 | | | | 1,921 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 21 |
JPMorgan California Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | | | | | | | | |
|
Other Revenue — continued | |
| | |
Santa Clara County Financing Authority, County Facilities | | | | | | | | |
| | |
Series 2019A, Rev., 5.00%, 5/1/2028 | | | 1,600 | | | | 1,929 | |
| | |
Series 2019A, Rev., 5.00%, 5/1/2029 | | | 1,625 | | | | 2,001 | |
| | |
Tobacco Securitization Authority of Northern California | | | | | | | | |
| | |
Class 1, Rev., 5.00%, 6/1/2028 | | | 500 | | | | 583 | |
| | |
Class 1, Rev., 5.00%, 6/1/2029 | | | 360 | | | | 426 | |
| | | | | | | | |
| | |
| | | | | | | 31,447 | |
| | | | | | | | |
|
Prerefunded — 8.1% | |
| | |
Bay Area Toll Authority, Toll Bridge Series F-1, Rev., 5.00%, 4/1/2022 (b) | | | 3,030 | | | | 3,041 | |
| | |
California Health Facilities Financing Authority, St. Joseph Health System Series 2013A, Rev., 5.00%, 7/1/2023 (b) | | | 1,000 | | | | 1,053 | |
| | |
California Health Facilities Financing Authority, Sutter Health Series 2016A, Rev., 5.00%, 11/15/2025 (b) | | | 2,650 | | | | 2,993 | |
| | |
California Infrastructure and Economic Development Bank, Infrastructure State Revolving Fund Series 2014A, Rev., 5.00%, 10/1/2023 (b) | | | 1,000 | | | | 1,062 | |
| | |
County of Santa Clara, Campbell Union High School District GO, 5.00%, 8/1/2024 (b) | | | 1,700 | | | | 1,854 | |
| | |
County of Santa Clara, Campbell Union High School District, Election of 2016 Series B, GO, 5.00%, 8/1/2026 (b) | | | 2,370 | | | | 2,735 | |
| | |
Cupertino Union School District, 2013 Crossover Series 2013A, GO, 5.00%, 8/1/2023 (b) | | | 1,000 | | | | 1,056 | |
| | |
Los Angeles Community College District Series 2015A, GO, 5.00%, 8/1/2024 (b) | | | 1,500 | | | | 1,634 | |
| | |
San Diego County Regional Airport Authority, Senior Airport Series B, Rev., AMT, 5.00%, 7/1/2023 (b) | | | 1,900 | | | | 1,997 | |
| | |
San Jose Unified School District | | | | | | | | |
| | |
GO, 5.00%, 8/1/2023 (b) | | | 1,750 | | | | 1,848 | |
| | |
Series C, GO, 5.00%, 8/1/2024 (b) | | | 2,460 | | | | 2,682 | |
| | |
San Juan Unified School District, Election of 2002 GO, 5.00%, 8/1/2023 (b) | | | 1,000 | | | | 1,056 | |
| | |
San Mateo Union High School District, Election of 2006
Series 2013A, GO, 5.00%, 9/1/2023 (b) | | | 1,005 | | | | 1,064 | |
| | |
Series A, GO, 5.00%, 9/1/2023 (b) | | | 1,030 | | | | 1,090 | |
| | |
Silicon Valley Clean Water, Wastewater Rev., 5.00%, 2/1/2024 (b) | | | 790 | | | | 848 | |
| | |
Sonoma County Junior College District GO, 5.00%, 8/1/2023 (b) | | | 1,000 | | | | 1,056 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
|
Prerefunded — continued | |
| | |
State of California Department of Water Resources, Central Valley Project, Water System Series AW, Rev., 5.00%, 12/1/2026 (b) | | | 2,600 | | | | 3,033 | |
| | |
Ventura County Public Financing Authority Series 2013A, Rev., 5.00%, 11/1/2022 (b) | | | 1,000 | | | | 1,028 | |
| | | | | | | | |
| | |
| | | | | | | 31,130 | |
| | | | | | | | |
|
Transportation — 15.3% | |
| | |
City of Long Beach Harbor | | | | | | | | |
| | |
Series 2014B, Rev., 5.00%, 5/15/2024 | | | 250 | | | | 271 | |
| | |
Series 2014B, Rev., 5.00%, 5/15/2026 | | | 250 | | | | 270 | |
| | |
Series B, Rev., 5.00%, 5/15/2027 | | | 225 | | | | 243 | |
| | |
Series 2017A, Rev., AMT, 5.00%, 5/15/2028 | | | 250 | | | | 290 | |
| | |
Series 2017A, Rev., AMT, 5.00%, 5/15/2033 | | | 500 | | | | 579 | |
| | |
Series 2019A, Rev., 5.00%, 5/15/2036 | | | 750 | | | | 915 | |
| | |
City of Los Angeles Department of Airports | | | | | | | | |
| | |
Series 2022C, Rev., AMT, 5.00%, 5/15/2031 | | | 500 | | | | 617 | |
| | |
Series 2022C, Rev., AMT, 5.00%, 5/15/2032 | | | 500 | | | | 627 | |
| | |
City of Los Angeles Department of Airports, International Airport Senior | | | | | | | | |
| | |
Series A, Rev., AMT, 5.00%, 5/15/2022 | | | 2,000 | | | | 2,018 | |
| | |
Series B, Rev., AMT, 5.00%, 5/15/2027 | | | 2,000 | | | | 2,305 | |
| | |
Series 2020B, Rev., 5.00%, 5/15/2029 | | | 1,830 | | | | 2,237 | |
| | |
Series 2020A, Rev., 5.00%, 5/15/2030 | | | 2,000 | | | | 2,465 | |
| | |
Series 2020A, Rev., 5.00%, 5/15/2034 | | | 1,000 | | | | 1,222 | |
| | |
Series 2020A, Rev., 5.00%, 5/15/2038 | | | 1,000 | | | | 1,217 | |
| | |
City of Los Angeles Department of Airports, International Airport Subordinate | | | | | | | | |
| | |
Series 2018D, Rev., AMT, 5.00%, 5/15/2024 | | | 2,000 | | | | 2,152 | |
| | |
Series A, Rev., AMT, 5.00%, 5/15/2030 | | | 1,475 | | | | 1,720 | |
| | |
Series C, Rev., 5.00%, 5/15/2031 | | | 1,250 | | | | 1,386 | |
| | |
Series 2018C, Rev., AMT, 5.00%, 5/15/2034 | | | 1,250 | | | | 1,440 | |
| | |
Foothill Eastern Transportation Corridor Agency, Capital Appreciation, Senior Lien | | | | | | | | |
| | |
Series 1995A, Rev., Zero Coupon, 1/1/2026 (b) | | | 1,795 | | | | 1,694 | |
| | |
Series 1995A, Rev., Zero Coupon, 1/1/2028 (b) | | | 1,015 | | | | 920 | |
| | |
Port of Los Angeles, Harbor Department | | | | | | | | |
| | |
Series 2014A, Rev., AMT, 5.00%, 8/1/2031 | | | 1,500 | | | | 1,626 | |
| | |
Port of Los Angeles, Harbor Department, Private Activity Series 2019A, Rev., AMT, 5.00%, 8/1/2025 | | | 1,000 | | | | 1,113 | |
| | |
Port of Oakland, Intermediate Lien | | | | | | | | |
| | |
Rev., AMT, 5.00%, 5/1/2027 | | | 1,250 | | | | 1,455 | |
| | |
Rev., AMT, 5.00%, 5/1/2028 | | | 1,000 | | | | 1,186 | |
| | |
Rev., AMT, 5.00%, 5/1/2029 | | | 1,075 | | | | 1,300 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 22 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | | | | | | | | |
|
Transportation — continued | |
| | |
Riverside County Transportation Commission, Senior Lien Series 2021B-1, Rev., 4.00%, 6/1/2037 | | | 1,250 | | | | 1,412 | |
| | |
San Bernardino County Transportation Authority Series 2012A, Rev., 5.00%, 3/1/2022 | | | 2,000 | | | | 2,000 | |
| | |
San Diego Association of Governments, Mid-Coast Corridor Transit Project Series A, Rev., 5.00%, 11/15/2025 | | | 1,500 | | | | 1,648 | |
| | |
San Diego County Regional Airport Authority, Subordinate Airport | | | | | | | | |
| | |
Series 2021B, Rev., AMT, 5.00%, 7/1/2031 | | | 2,000 | | | | 2,441 | |
| | |
Series 2021B, Rev., AMT, 5.00%, 7/1/2033 | | | 2,000 | | | | 2,430 | |
| | |
Series B, Rev., AMT, 5.00%, 7/1/2034 | | | 755 | | | | 861 | |
| | |
Series A, Rev., 5.00%, 7/1/2035 | | | 1,000 | | | | 1,158 | |
| | |
San Francisco City and County Airport Commission, San Francisco International Airport | | | | | | | | |
| | |
Series 2012A, Rev., AMT, 5.00%, 5/2/2022 | | | 2,000 | | | | 2,014 | |
| | |
Series 2017D, Rev., AMT, 5.00%, 5/1/2025 | | | 2,000 | | | | 2,198 | |
| | |
Series 2018G, Rev., AMT, 5.00%, 5/1/2027 | | | 1,200 | | | | 1,373 | |
| | |
Series H, Rev., AMT, 5.00%, 5/1/2027 | | | 1,400 | | | | 1,602 | |
| | |
Series 2021A, Rev., AMT, 5.00%, 5/1/2031 | | | 2,500 | | | | 3,050 | |
| | |
Series 2019A, Rev., AMT, 5.00%, 5/1/2034 | | | 2,000 | | | | 2,348 | |
| | |
Series 2019A, Rev., AMT, 5.00%, 5/1/2035 | | | 1,000 | | | | 1,173 | |
| | |
San Francisco City and County Airport Commission, San Francisco International Airport, Special Facilities, SFO Fuel Company LLC Series 2019A, Rev., AMT, 5.00%, 1/1/2025 | | | 1,790 | | | | 1,951 | |
| | | | | | | | |
| | |
| | | | | | | 58,927 | |
| | | | | | | | |
|
Utility — 6.0% | |
| | |
California Community Choice Financing Authority, Clean Energy Project Series 2021B-1, Rev., 4.00%, 8/1/2031 (c) | | | 2,070 | | | | 2,358 | |
| | |
Los Angeles Department of Water and Power, Power System | | | | | | | | |
| | |
Series 2013A, Rev., 5.00%, 7/1/2027 | | | 2,165 | | | | 2,238 | |
| | |
Series C, Rev., 5.00%, 7/1/2027 | | | 1,500 | | | | 1,628 | |
| | |
Series 2020A, Rev., 5.00%, 7/1/2029 | | | 2,000 | | | | 2,461 | |
| | |
Series D, Rev., 5.00%, 7/1/2032 | | | 2,480 | | | | 2,972 | |
| | |
Series 2019A, Rev., 5.00%, 7/1/2036 | | | 1,825 | | | | 2,204 | |
| | |
Series C, Rev., 5.00%, 7/1/2036 | | | 2,715 | | | | 3,319 | |
| | |
Series C, Rev., 5.00%, 7/1/2037 | | | 2,500 | | | | 3,054 | |
| | |
Santa Paula Utility Authority Rev., AGM, 5.00%, 2/1/2028 | | | 1,620 | | | | 1,911 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
|
Utility — continued | |
| | |
Southern California Public Power Authority, Apex Power Project Series 2014A, Rev., 5.00%, 7/1/2030 | | | 1,000 | | | | 1,084 | |
| | | | | | | | |
| | |
| | | | | | | 23,229 | |
| | | | | | | | |
|
Water & Sewer — 14.1% | |
| | |
City of Bakersfield, Wastewater Series 2015A, Rev., 5.00%, 9/15/2031 | | | 2,000 | | | | 2,242 | |
| | |
City of Los Angeles, Wastewater System Series A, Rev., 5.00%, 6/1/2028 | | | 1,825 | | | | 2,027 | |
| | |
Series B, Rev., 5.00%, 6/1/2033 | | | 1,500 | | | | 1,664 | |
| | |
Series 2018A, Rev., 5.00%, 6/1/2034 | | | 1,000 | | | | 1,207 | |
| | |
Series 2018A, Rev., 5.00%, 6/1/2035 | | | 1,500 | | | | 1,808 | |
| | |
City of San Francisco, Public Utilities Commission Water Series D, Rev., 5.00%, 11/1/2034 | | | 2,710 | | | | 3,189 | |
| | |
City of Santa Rosa, Wastewater Series B, Rev., AGM-CR, AMBAC, Zero Coupon, 9/1/2023 | | | 1,500 | | | | 1,473 | |
| | |
East Bay Municipal Utility District, Water System Series 2019A, Rev., 5.00%, 6/1/2038 | | | 1,595 | | | | 1,948 | |
| | |
Eastern Municipal Water District Financing Authority, Water and Wastewater System | | | | | | | | |
| | |
Series 2020A, Rev., 5.00%, 7/1/2032 | | | 1,050 | | | | 1,326 | |
| | |
Series 2016B, Rev., 5.00%, 7/1/2033 | | | 3,000 | | | | 3,418 | |
| | |
Series 2020A, Rev., 5.00%, 7/1/2034 | | | 1,250 | | | | 1,578 | |
| | |
Series 2020A, Rev., 5.00%, 7/1/2036 | | | 1,850 | | | | 2,333 | |
| | |
Los Angeles Department of Water and Power, Water System Series 2020C, Rev., 5.00%, 7/1/2037 | | | 1,000 | | | | 1,245 | |
| | |
Marin Water District Financing Authority, Subordinate Lien Series 2012A, Rev., 5.00%, 7/1/2028 | | | 1,185 | | | | 1,202 | |
| | |
Metropolitan Water District of Southern California, Waterworks | | | | | | | | |
| | |
Series 2012F, Rev., 5.00%, 7/1/2028 | | | 2,000 | | | | 2,027 | |
| | |
Series 2012A, Rev., 5.00%, 10/1/2029 | | | 1,500 | | | | 1,505 | |
| | |
Series 2019A, Rev., 5.00%, 7/1/2038 | | | 2,500 | | | | 3,020 | |
| | |
Novato Sanitary District, Wastewater | | | | | | | | |
| | |
Rev., 5.00%, 2/1/2026 | | | 1,530 | | | | 1,746 | |
| | |
San Diego County Water Authority | | | | | | | | |
| | |
Series 2021B, Rev., 4.00%, 5/1/2033 | | | 2,000 | | | | 2,357 | |
| | |
Series 2021B, Rev., 4.00%, 5/1/2034 | | | 1,970 | | | | 2,319 | |
| | |
Santa Clara Valley Water District, Water System Series 2016A, Rev., 5.00%, 6/1/2030 | | | 1,600 | | | | 1,809 | |
| | |
Silicon Valley Clean Water, Wastewater Series 2019A, Rev., 3.00%, 3/1/2024 | | | 2,000 | | | | 2,054 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 23 |
JPMorgan California Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | | | | | | | | |
|
Water & Sewer — continued | |
| | |
Southern California Water Replenishment District | | | | | | | | |
| | |
Rev., 5.00%, 8/1/2030 | | | 1,050 | | | | 1,173 | |
| | |
Rev., 5.00%, 8/1/2031 | | | 1,420 | | | | 1,585 | |
| | |
Rev., 5.00%, 8/1/2032 | | | 2,410 | | | | 2,689 | |
| | |
State of California Department of Water Resources, Central Valley Project, Water System | | | | | | | | |
| | |
Series 2019BA, Rev., 5.00%, 12/1/2024 | | | 1,500 | | | | 1,652 | |
| | |
Series 2019BA, Rev., 5.00%, 12/1/2026 | | | 1,500 | | | | 1,749 | |
| | |
Series 2019BA, Rev., 5.00%, 12/1/2033 | | | 1,500 | | | | 1,836 | |
| | |
Western Municipal Water District Facilities Authority, Tax-Exempt Series 2020A, Rev., 5.00%, 10/1/2029 | | | 325 | | | | 405 | |
| | | | | | | | |
| | |
| | | | | | | 54,586 | |
| | | | | | | | |
| | |
Total California | | | | | | | 375,137 | |
| | | | | | | | |
| | |
Total Municipal Bonds
(Cost $370,933) | | | | | | | 375,137 | |
| | | | | | | | |
| | |
SHARES
(000) | | | | |
Short-Term Investments — 2.4% | |
|
Investment Companies — 2.4% | |
| | |
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 0.04% (d) (e)
(Cost $9,232) | | | 9,231 | | | | 9,234 | |
| | | | | | | | |
Total Investments — 99.5%
(Cost $380,165) | | | | | | | 384,371 | |
Other Assets Less Liabilities — 0.5% | | | | | | | 1,983 | |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | | 386,354 | |
| | | | | | | | |
Percentages indicated are based on net assets.
| | |
Abbreviations | | |
| AGC | | Insured by Assured Guaranty Corp. |
| AGM | | Insured by Assured Guaranty Municipal Corp. |
| AMBAC | | Insured by American Municipal Bond Assurance Corp. |
| AMT | | Alternative Minimum Tax |
| COLL | | Collateral |
| COP | | Certificate of Participation |
| CR | | Custodial Receipts |
| GNMA | | Government National Mortgage Association |
| GO | | General Obligation |
| NATL | | Insured by National Public Finance Guarantee Corp. |
| RE | | Reinsured |
| REIT | | Real Estate Investment Trust |
| 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) | | 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 February 28, 2022. |
| (d) | | 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. |
| (e) | | The rate shown is the current yield as of February 28, 2022. |
| ‡ | | Value determined using significant unobservable inputs. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 24 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
JPMorgan High Yield Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — 99.4% (a) | |
|
Alaska — 0.5% | |
| | |
Alaska Industrial Development and Export Authority, Tanana Chiefs Conference Project Series 2019A, Rev., 4.00%, 10/1/2036 | | | 2,000 | | | | 2,223 | |
| | | | | | | | |
|
Arizona — 5.4% | |
| | |
Arizona Industrial Development Authority, Academics of Math & Science Projects | | | | | | | | |
| | |
Rev., 4.00%, 7/1/2029 (b) | | | 400 | | | | 417 | |
| | |
Rev., 5.00%, 7/1/2039 (b) | | | 1,000 | | | | 1,100 | |
| | |
Arizona Industrial Development Authority, Aliante & Skye Canyon Campus Project Series 2021A, Rev., 4.00%, 12/15/2051 (b) | | | 350 | | | | 355 | |
| | |
Arizona Industrial Development Authority, Cadence Campus Project | | | | | | | | |
| | |
Series 2020A, Rev., 4.00%, 7/15/2030 (b) | | | 500 | | | | 531 | |
| | |
Series 2020A, Rev., 4.00%, 7/15/2040 (b) | | | 800 | | | | 832 | |
| | |
Arizona Industrial Development Authority, Doral Academy of Northern Nevada Project | | | | | | | | |
| | |
Series 2021A, Rev., 4.00%, 7/15/2041 (b) | | | 130 | | | | 133 | |
| | |
Series 2021A, Rev., 4.00%, 7/15/2051 (b) | | | 250 | | | | 253 | |
| | |
Arizona Industrial Development Authority, Equitable School Revolving Fund Series A, Rev., 5.00%, 11/1/2044 | | | 750 | | | | 863 | |
| | |
Arizona Industrial Development Authority, Fire MESA and Red Rock Campus Projects | | | | | | | | |
| | |
Series 2019A, Rev., 3.55%, 7/15/2029 (b) | | | 1,295 | | | | 1,360 | |
| | |
Series 2019A, Rev., 5.00%, 7/15/2039 (b) | | | 1,325 | | | | 1,481 | |
| | |
Series 2019A, Rev., 5.00%, 7/15/2049 (b) | | | 1,675 | | | | 1,850 | |
| | |
Arizona Industrial Development Authority, Great Lakes Senior Living Communities LLC Project | | | | | | | | |
| | |
Series 2019A, Rev., 5.00%, 1/1/2029 | | | 1,500 | | | | 1,451 | |
| | |
Series 2019A, Rev., 5.00%, 1/1/2037 | | | 1,000 | | | | 936 | |
| | |
Series 2019A, Rev., 5.00%, 1/1/2038 | | | 1,000 | | | | 931 | |
| | |
Series 2019A, Rev., 4.25%, 1/1/2039 | | | 1,000 | | | | 834 | |
| | |
Series 2019A, Rev., 4.50%, 1/1/2049 | | | 2,000 | | | | 1,623 | |
| | |
Arizona Industrial Development Authority, Macombs Facility Project Series 2021A, Rev., 4.00%, 7/1/2051 | | | 1,000 | | | | 1,055 | |
| | |
Arizona Industrial Development Authority, Pebble Campus Project Series 2020A, Rev., 5.00%, 7/15/2040 (b) | | | 415 | | | | 458 | |
| | |
Arizona Industrial Development Authority, Pinecrest Academy, Canyon Campus Project Rev., 5.00%, 7/15/2040 (b) | | | 2,515 | | | | 2,788 | |
| | |
Arizona Industrial Development Authority, Pinecrest Academy, Horizon, Inspirada and St. Rose Campus Projects | | | | | | | | |
| | |
Series 2018A, Rev., 5.00%, 7/15/2028 (b) | | | 970 | | | | 1,055 | |
| | |
Series 2018A, Rev., 5.75%, 7/15/2038 (b) | | | 1,000 | | | | 1,121 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
| | |
Arizona — continued | | | | | | | | |
| | |
City of Mesa, Utility System Rev., AGM, 5.25%, 7/1/2029 | | | 40 | | | | 50 | |
| | |
Glendale Industrial Development Authority, Terraces of Phoenix Project | | | | | | | | |
| | |
Series 2018A, Rev., 4.00%, 7/1/2028 | | | 450 | | | | 457 | |
| | |
Series 2018A, Rev., 5.00%, 7/1/2038 | | | 300 | | | | 312 | |
| | |
Industrial Development Authority of The City of Phoenix, Downtown Phoenix Student Housing LLC — Arizona State University Project | | | | | | | | |
| | |
Series 2018A, Rev., 5.00%, 7/1/2032 | | | 350 | | | | 400 | |
| | |
Series 2018A, Rev., 5.00%, 7/1/2033 | | | 150 | | | | 172 | |
| | |
Series 2018A, Rev., 5.00%, 7/1/2037 | | | 200 | | | | 228 | |
| | |
La Paz County Industrial Development Authority, Charter School Solutions-Harmony Public Schools Project | | | | | | | | |
| | |
Series 2018A, Rev., 5.00%, 2/15/2028 | | | 200 | | | | 219 | |
| | |
Series 2018A, Rev., 5.00%, 2/15/2038 | | | 405 | | | | 455 | |
| | |
Maricopa County Industrial Development Authority, Arizona Autism Charter School Project | | | | | | | | |
| | |
Series 2020A, Rev., 4.00%, 7/1/2030 (b) | | | 320 | | | | 338 | |
| | |
Series 2020A, Rev., 5.00%, 7/1/2040 (b) | | | 620 | | | | 693 | |
| | |
Series 2021A, Rev., 4.00%, 7/1/2041 (b) | | | 165 | | | | 172 | |
| | |
Series 2020A, Rev., 5.00%, 7/1/2050 (b) | | | 780 | | | | 861 | |
| | |
Series 2021A, Rev., 4.00%, 7/1/2051 (b) | | | 540 | | | | 554 | |
| | |
Maricopa County Industrial Development Authority, Ottawa University | | | | | | | | |
| | |
Rev., 5.00%, 10/1/2026 (b) | | | 150 | | | | 158 | |
| | |
Rev., 5.13%, 10/1/2030 (b) | | | 210 | | | | 235 | |
| | | | | | | | |
| | |
Total Arizona | | | | | | | 26,731 | |
| | | | | | | | |
|
California — 5.0% | |
| | |
California Community College Financing Authority, Orange Coast Properties LLC — Orange Coast College Project | | | | | | | | |
| | |
Rev., 5.00%, 5/1/2037 | | | 750 | | | | 838 | |
| | |
Rev., 5.00%, 5/1/2038 | | | 400 | | | | 446 | |
| | |
California Community Housing Agency, Fountains at Emerald Park Series 2021A-2, Rev., 4.00%, 8/1/2046 (b) | | | 500 | | | | 451 | |
| | |
California Community Housing Agency, Glendale Properties Series 2021A-2, Rev., 4.00%, 8/1/2047 (b) | | | 1,500 | | | | 1,391 | |
| | |
California Health Facilities Financing Authority, Children’s Hospital Series 2017A, Rev., 5.00%, 8/15/2047 | | | 500 | | | | 573 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 25 |
JPMorgan High Yield Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
| | |
California — continued | | | | | | | | |
| | |
California Municipal Finance Authority, Community Health Centers of The Central Coast, Inc. | | | | | | | | |
| | |
Series 2021A, Rev., 5.00%, 12/1/2036 (b) | | | 175 | | | | 201 | |
| | |
Series 2021A, Rev., 5.00%, 12/1/2046 (b) | | | 1,000 | | | | 1,128 | |
| | |
California Municipal Finance Authority, Eisenhower Medical Center Series 2017B, Rev., 5.00%, 7/1/2047 | | | 200 | | | | 227 | |
| | |
California Municipal Finance Authority, John Adams Academies Lincoln Project | | | | | | | | |
| | |
Series 2019A, Rev., 4.00%, 10/1/2029 (b) | | | 410 | | | | 423 | |
| | |
Series 2019A, Rev., 5.00%, 10/1/2039 (b) | | | 900 | | | | 953 | |
| | |
California Municipal Finance Authority, Linxs Apartments Project, Senior Lien | | | | | | | | |
| | |
Series 2018A, Rev., AMT, AGM, 3.25%, 12/31/2032 | | | 245 | | | | 257 | |
| | |
Series 2018A, Rev., AMT, AGM, 3.50%, 12/31/2035 | | | 240 | | | | 253 | |
| | |
California Pollution Control Financing Authority, Solid Waste Disposal, Waste Management, Inc., Project Series 2015B-2, Rev., AMT, 3.13%, 11/3/2025 (c) | | | 250 | | | | 261 | |
| | |
California Public Finance Authority, Enso Village Project | | | | | | | | |
| | |
Series 2021A, Rev., 5.00%, 11/15/2046 (b) | | | 200 | | | | 219 | |
| | |
Series 2021A, Rev., 5.00%, 11/15/2051 (b) | | | 500 | | | | 548 | |
| | |
Series 2021A, Rev., 5.00%, 11/15/2056 (b) | | | 500 | | | | 546 | |
| | |
California Public Finance Authority, Henry Mayo Newhall Hospital | | | | | | | | |
| | |
Rev., 5.00%, 10/15/2029 | | | 200 | | | | 229 | |
| | |
Rev., 4.00%, 10/15/2031 (c) | | | 340 | | | | 393 | |
| | |
California Public Finance Authority, Laverne Elementary Preparatory Academy | | | | | | | | |
| | |
Series 2019A, Rev., 4.25%, 6/15/2029 (b) | | | 765 | | | | 775 | |
| | |
Series 2019A, Rev., 5.00%, 6/15/2039 (b) | | | 785 | | | | 800 | |
| | |
California School Facilities Financing Authority, Capital Appreciation, Azusa Unified School District Series 2018A, Rev., AGM, Zero Coupon, 8/1/2030 | | | 200 | | | | 165 | |
| | |
California School Finance Authority, Kipp Projects School Facility Series 2015A, Rev., 5.00%, 7/1/2035 (b) | | | 100 | | | | 109 | |
| | |
California Statewide Communities Development Authority, Front Porch Communities and Services Series 2021A, Rev., 4.00%, 4/1/2041 | | | 1,000 | | | | 1,086 | |
| | |
CMFA Special Finance Agency VIII Junior, Elan Hunting Beach Series 2021A-2, Rev., 4.00%, 8/1/2047 (b) | | | 1,000 | | | | 897 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
| | |
California — continued | | | | | | | | |
| | |
CSCDA Community Improvement Authority, Essential Housing, Jefferson-Anaheim | | | | | | | | |
| | |
Series 2021A-1, Rev., 2.88%, 8/1/2041 (b) | | | 2,000 | | | | 1,890 | |
| | |
Rev., 3.13%, 8/1/2056 (b) | | | 2,400 | | | | 1,998 | |
| | |
CSCDA Community Improvement Authority, Essential Housing, Mezzanine Lien Series 2021B, Rev., 4.00%, 2/1/2057 (b) | | | 1,500 | | | | 1,295 | |
| | |
CSCDA Community Improvement Authority, Essential Housing, Oceanaire-Long Beach Series 2021A-2, Rev., 4.00%, 9/1/2056 (b) | | | 2,115 | | | | 2,120 | |
| | |
CSCDA Community Improvement Authority, Essential Housing, Orange Portfolio Series 2021A-1, Rev., 2.80%, 3/1/2047 (b) | | | 500 | | | | 452 | |
| | |
CSCDA Community Improvement Authority, Essential Housing, Parallel-Anaheim Rev., 4.00%, 8/1/2056 (b) | | | 1,500 | | | | 1,428 | |
| | |
CSCDA Community Improvement Authority, Essential Housing, Pasadena Portfolio Series 2021A-1, Rev., 2.65%, 12/1/2046 (b) | | | 1,500 | | | | 1,363 | |
| | |
Eastern Municipal Water District Financing Authority, Water and Wastewater System Series 2020A, Rev., 5.00%, 7/1/2037 | | | 80 | | | | 101 | |
| | |
Palomar Health Rev., 5.00%, 11/1/2039 | | | 500 | | | | 566 | |
| | |
Pomona Unified School District Series C, GO, 6.00%, 8/1/2029 (d) | | | 160 | | | | 209 | |
| | |
San Mateo Union High School District, Election of 2006 Series 2012A, GO, Zero Coupon, 9/1/2022 | | | 100 | | | | 73 | |
| | | | | | | | |
| | |
Total California | | | | | | | 24,664 | |
| | | | | | | | |
|
Colorado — 12.2% | |
| | |
Aviation Station North Metropolitan District No. 2, Limited Tax Series 2019A, GO, 5.00%, 12/1/2039 | | | 750 | | | | 779 | |
| | |
Bradburn Metropolitan District No. 2, Limited Tax | | | | | | | | |
| | |
Series 2018A, GO, 5.00%, 12/1/2038 | | | 500 | | | | 539 | |
| | |
Series 2018B, GO, 7.25%, 12/15/2047 | | | 500 | | | | 514 | |
| | |
Broadway Park North Metropolitan District No. 2, Limited Tax | | | | | | | | |
| | |
GO, 5.00%, 12/1/2040 (b) | | | 550 | | | | 587 | |
| | |
GO, 5.00%, 12/1/2049 (b) | | | 650 | | | | 687 | |
| | |
Canyon Pines Metropolitan District Special Improvement District No. 1 Series 2021A-2, Rev., 3.75%, 12/1/2040 | | | 1,325 | | | | 1,192 | |
| | |
Clear Creek Transit Metropolitan District No. 2, Limited Tax Series 2021A, GO, 5.00%, 12/1/2050 | | | 500 | | | | 514 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 26 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Colorado — continued | |
| | |
Colorado Crossing Metropolitan District No. 2, Limited Tax | | | | | | | | |
| | |
Series 2020A-2, GO, 4.00%, 12/1/2030 | | | 1,065 | | | | 1,078 | |
| | |
Series 2020A-1, GO, 5.00%, 12/1/2047 | | | 2,000 | | | | 2,067 | |
| | |
Series 2020A-2, GO, 5.00%, 12/1/2050 | | | 2,000 | | | | 2,047 | |
| | |
Colorado Educational and Cultural Facilities Authority, Aspen View Academy Project Rev., 4.00%, 5/1/2051 | | | 175 | | | | 184 | |
| | |
Colorado Educational and Cultural Facilities Authority, Global Village Academy Northglenn Project | | | | | | | | |
| | |
Rev., 5.00%, 12/1/2040 (b) | | | 555 | | | | 584 | |
| | |
Rev., 5.00%, 12/1/2050 (b) | | | 735 | | | | 762 | |
| | |
Colorado Educational and Cultural Facilities Authority, Stargate Charter School Project | | | | | | | | |
| | |
Series 2018A, Rev., 5.00%, 12/1/2032 | | | 500 | | | | 586 | |
| | |
Series 2018A, Rev., 5.00%, 12/1/2033 | | | 500 | | | | 585 | |
| | |
Series 2018A, Rev., 4.00%, 12/1/2048 | | | 500 | | | | 539 | |
| | |
Colorado Educational and Cultural Facilities Authority, Vega Collegiate Academy Project Rev., 5.00%, 2/1/2051 (b) | | | 750 | | | | 796 | |
| | |
Colorado Health Facilities Authority, Frasier Meadows Retirement Community Project | | | | | | | | |
| | |
Series 2017A, Rev., 5.00%, 5/15/2022 | | | 280 | | | | 282 | |
| | |
Series 2017A, Rev., 5.25%, 5/15/2028 | | | 1,000 | | | | 1,137 | |
| | |
Colorado Health Facilities Authority, Parkview Medical Center, Inc., Project Series 2020A, Rev., 4.00%, 9/1/2050 | | | 675 | | | | 727 | |
| | |
Copper Ridge Metropolitan District, Tax Increment and Sales Tax | | | | | | | | |
| | |
Rev., 4.00%, 12/1/2029 | | | 1,000 | | | | 1,009 | |
| | |
Rev., 5.00%, 12/1/2039 | | | 1,000 | | | | 1,032 | |
| | |
Copperleaf Metropolitan District No. 4, Limited Tax | | | | | | | | |
| | |
Series 2020A, GO, 5.00%, 12/1/2039 | | | 775 | | | | 821 | |
| | |
Series 2020A, GO, 5.00%, 12/1/2049 | | | 1,000 | | | | 1,047 | |
| | |
Cottonwood Highlands Metropolitan District No. 1, Limited Tax Series 2019A, GO, 5.00%, 12/1/2049 | | | 900 | | | | 938 | |
| | |
Cross Creek Metropolitan District No. 2, Unlimited Tax GO, AGM, 4.00%, 12/1/2045 | | | 1,000 | | | | 1,103 | |
| | |
Denver Health and Hospital Authority Series 2019A, Rev., 4.00%, 12/1/2037 | | | 1,250 | | | | 1,376 | |
| | |
DIATC Metropolitan District, Limited Tax and Improvement | | | | | | | | |
| | |
GO, 3.25%, 12/1/2029 (b) | | | 590 | | | | 595 | |
| | |
GO, 5.00%, 12/1/2039 (b) | | | 1,240 | | | | 1,307 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | |
| | | | | | | | |
|
Colorado — continued | |
| | |
Jefferson Center Metropolitan District No. 1 Series 2020A-2, Rev., 4.13%, 12/1/2040 | | | 285 | | | | 292 | |
| | |
Lanterns Metropolitan District No. 1, Limited Tax Series 2019A, GO, 5.00%, 12/1/2039 | | | 1,375 | | | | 1,450 | |
| | |
Mirabelle Metropolitan District No. 2 | | | | | | | | |
| | |
Series 2020A, GO, 5.00%, 12/1/2039 | | | 700 | | | | 733 | |
| | |
Series 2020A, GO, 5.00%, 12/1/2049 | | | 1,250 | | | | 1,290 | |
| | |
Painted Prairie Metropolitan District No. 2 GO, 5.25%, 12/1/2048 | | | 2,000 | | | | 2,074 | |
| | |
Painted Prairie Public Improvement Authority | | | | | | | | |
| | |
Rev., 4.00%, 12/1/2029 | | | 1,000 | | | | 1,036 | |
| | |
Rev., 5.00%, 12/1/2039 | | | 2,500 | | | | 2,651 | |
| | |
Peak Metropolitan District No. 1 Series A, GO, 5.00%, 12/1/2051 (b) | | | 600 | | | | 622 | |
| | |
Public Authority for Colorado Energy, Natural Gas Purchase Rev., 6.13%, 11/15/2023 | | | 50 | | | | 53 | |
| | |
Raindance Metropolitan District No. 1, Non-Potable Water System Rev., 5.00%, 12/1/2040 | | | 750 | | | | 788 | |
| | |
Regional Transportation District, Denver Transit Partners Rev., 4.00%, 7/15/2036 | | | 190 | | | | 212 | |
| | |
Reunion Metropolitan District Series 2021A, Rev., 3.63%, 12/1/2044 | | | 500 | | | | 435 | |
| | |
Rocky Mountain Rail Park Metropolitan District, Limited Tax Series 2021A, GO, 5.00%, 12/1/2041 (b) | | | 1,250 | | | | 1,225 | |
| | |
South Suburban Park and Recreation District | | | | | | | | |
| | |
COP, 4.00%, 12/15/2036 | | | 1,350 | | | | 1,491 | |
| | |
COP, 4.00%, 12/15/2037 | | | 500 | | | | 552 | |
| | |
STC Metropolitan District No. 2, Limited Tax Improvement | | | | | | | | |
| | |
Series 2019A, GO, 3.00%, 12/1/2025 | | | 555 | | | | 559 | |
| | |
Series 2019A, GO, 4.00%, 12/1/2029 | | | 1,000 | | | | 1,036 | |
| | |
Series 2019A, GO, 5.00%, 12/1/2038 | | | 1,700 | | | | 1,799 | |
| | |
Sterling Ranch Community Authority Board, Limited Tax Supported District No. 2 | | | | | | | | |
| | |
Series 2020A, Rev., 3.38%, 12/1/2030 | | | 500 | | | | 516 | |
| | |
Series 2020A, Rev., 3.75%, 12/1/2040 | | | 500 | | | | 521 | |
| | |
Third Creek Metropolitan District No. 1, Limited Tax | | | | | | | | |
| | |
Series 2022A-1, GO, 4.50%, 12/1/2037 | | | 825 | | | | 800 | |
| | |
Series 2022A-1, GO, 4.75%, 12/1/2051 | | | 760 | | | | 710 | |
| | |
Thompson Crossing Metropolitan District No. 4, Unlimited Tax | | | | | | | | |
| | |
GO, 5.00%, 12/1/2039 | | | 1,400 | | | | 1,482 | |
| | |
GO, 5.00%, 12/1/2049 | | | 1,500 | | | | 1,569 | |
| | |
Trails at Crowfoot Metropolitan District No. 3, Limited Tax | | | | | | | | |
| | |
Series 2019A, GO, 4.38%, 12/1/2030 | | | 620 | | | | 642 | |
| | |
Series 2019A, GO, 5.00%, 12/1/2039 | | | 1,000 | | | | 1,051 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 27 |
JPMorgan High Yield Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Colorado — continued | |
| | |
Transport Metropolitan District No. 3, Limited Tax | | | | | | | | |
| | |
Series 2021A-1, GO, 4.13%, 12/1/2031 | | | 500 | | | | 528 | |
| | |
Series 2021A-1, GO, 5.00%, 12/1/2041 | | | 1,000 | | | | 1,079 | |
| | |
Series 2021A-1, GO, 5.00%, 12/1/2051 | | | 1,960 | | | | 2,072 | |
| | |
Verve Metropolitan District No. 1 | | | | | | | | |
| | |
GO, 5.00%, 12/1/2036 | | | 525 | | | | 565 | |
| | |
GO, 5.00%, 12/1/2041 | | | 1,125 | | | | 1,201 | |
| | |
Westerly Metropolitan District No. 4, Limited Tax Series 2021A, GO, 5.00%, 12/1/2040 | | | 700 | | | | 735 | |
| | |
Willow Bend Metropolitan District, Limited Tax Series 2019A, GO, 5.00%, 12/1/2039 | | | 600 | | | | 630 | |
| | |
Windler Public Improvement Authority, Limited Tax Series 2021 A-1, Rev., 4.00%, 12/1/2036 | | | 1,865 | | | | 1,798 | |
| | | | | | | | |
| | |
Total Colorado | | | | | | | 59,611 | |
| | | | | | | | |
|
Connecticut — 0.7% | |
| | |
Connecticut State Health and Educational Facilities Authority, Mary Wade Home Series A-1, Rev., 5.00%, 10/1/2029 (b) | | | 400 | | | | 436 | |
| | |
Connecticut State Health and Educational Facilities Authority, McLean | | | | | | | | |
| | |
Series 2020A, Rev., 5.00%, 1/1/2030 (b) | | | 250 | | | | 275 | |
| | |
Series 2020A, Rev., 5.00%, 1/1/2045 (b) | | | 500 | | | | 538 | |
| | |
Connecticut State Health and Educational Facilities Authority, The Griffin Hospital Series G-1, Rev., 5.00%, 7/1/2034 (b) | | | 225 | | | | 264 | |
| | |
State of Connecticut Series 2018A, GO, 5.00%, 4/15/2037 | | | 1,000 | | | | 1,182 | |
| | |
Steel Point Infrastructure Improvement District, Steelpointe Harbor Project Rev., 4.00%, 4/1/2051 (b) | | | 700 | | | | 700 | |
| | | | | | | | |
| | |
Total Connecticut | | | | | | | 3,395 | |
| | | | | | | | |
|
Delaware — 0.2% | |
| | |
Delaware State Economic Development Authority, Acts Retirement-Life Communities, Inc., Obligated Group Series 2018-B, Rev., 5.00%, 11/15/2048 | | | 700 | | | | 778 | |
| | |
Delaware State Economic Development Authority, Aspria of Delaware Charter Operations inc. Projects Series 2022A, Rev., 4.00%, 6/1/2042 | | | 250 | | | | 261 | |
| | | | | | | | |
| | |
Total Delaware | | | | | | | 1,039 | |
| | | | | | | | |
|
District of Columbia — 1.2% | |
| | |
District of Columbia, Gallaudet University Project Rev., 5.00%, 4/1/2051 | | | 1,500 | | | | 1,799 | |
| | |
District of Columbia, International School Rev., 5.00%, 7/1/2039 | | | 650 | | | | 747 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | |
| | | | | | | | |
|
District of Columbia — continued | |
| | |
District of Columbia, Kipp DC Project | | | | | | | | |
| | |
Series 2017B, Rev., 5.00%, 7/1/2037 | | | 500 | | | | 568 | |
| | |
Rev., 4.00%, 7/1/2039 | | | 200 | | | | 217 | |
| | |
District of Columbia, Latin American Montessori Bilingual Public Charter School | | | | | | | | |
| | |
Rev., 4.00%, 6/1/2030 | | | 1,000 | | | | 1,084 | |
| | |
Rev., 5.00%, 6/1/2040 | | | 1,000 | | | | 1,133 | |
| | |
District of Columbia, Rocketship Obligated Group Series 2020A, Rev., 5.00%, 6/1/2051 (b) | | | 400 | | | | 441 | |
| | | | | | | | |
| | |
Total District of Columbia | | | | | | | 5,989 | |
| | | | | | | | |
|
Florida — 8.2% | |
| | |
Capital Trust Agency, Inc., Advantage Academy of Hillsborough Project | | | | | | | | |
| | |
Series A, Rev., 5.00%, 12/15/2029 | | | 405 | | | | 448 | |
| | |
Series A, Rev., 5.00%, 12/15/2039 | | | 1,775 | | | | 1,946 | |
| | |
Capital Trust Agency, Inc., Franklin Academy Project | | | | | | | | |
| | |
Rev., 4.00%, 12/15/2025 (b) | | | 300 | | | | 313 | |
| | |
Rev., 5.00%, 12/15/2026 (b) | | | 300 | | | | 326 | |
| | |
Rev., 5.00%, 12/15/2027 (b) | | | 330 | | | | 357 | |
| | |
Rev., 5.00%, 12/15/2028 (b) | | | 345 | | | | 371 | |
| | |
Rev., 5.00%, 12/15/2029 (b) | | | 365 | | | | 391 | |
| | |
Rev., 5.00%, 12/15/2030 (b) | | | 510 | | | | 544 | |
| | |
Capital Trust Agency, Inc., Imagine School at Land O’Lakes Project | | | | | | | | |
| | |
Series 2020A, Rev., 3.00%, 12/15/2029 (b) | | | 420 | | | | 422 | |
| | |
Series 2020A, Rev., 5.00%, 12/15/2039 (b) | | | 640 | | | | 721 | |
| | |
Capital Trust Agency, Inc., Legends Academy Project Series 2021A, Rev., 5.00%, 12/1/2045 (b) | | | 1,625 | | | | 1,646 | |
| | |
Capital Trust Agency, Inc., Liza Jackson Preparatory School, Inc., Project | | | | | | | | |
| | |
Series 2020A, Rev., 4.00%, 8/1/2030 | | | 200 | | | | 213 | |
| | |
Series 2020A, Rev., 5.00%, 8/1/2040 | | | 300 | | | | 343 | |
| | |
Capital Trust Agency, Inc., Sustainability Bonds -The Marie Rev., 4.00%, 6/15/2031 (b) | | | 200 | | | | 200 | |
| | |
Charlotte County Industrial Development Authority, Town and Country Utilities Project Series 2021A, Rev., AMT, 4.00%, 10/1/2041 (b) | | | 400 | | | | 412 | |
| | |
City of Lakeland, Education Facilities, Florida Southern College Project Series 2012A, Rev., 5.00%, 9/1/2025 | | | 500 | | | | 509 | |
| | |
City of Tampa, H. Lee Moffitt Cancer Center Project | | | | | | | | |
| | |
Series 2020B, Rev., 4.00%, 7/1/2038 | | | 190 | | | | 212 | |
| | |
Series 2020B, Rev., 4.00%, 7/1/2039 | | | 250 | | | | 278 | |
| | |
Series 2020B, Rev., 5.00%, 7/1/2040 | | | 390 | | | | 464 | |
| | |
Series 2020B, Rev., 4.00%, 7/1/2045 | | | 750 | | | | 817 | |
| | |
Series 2020B, Rev., 5.00%, 7/1/2050 | | | 1,785 | | | | 2,093 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 28 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Florida — continued | |
| | |
County of Broward, Airport System Series 2019A, Rev., AMT, 4.00%, 10/1/2044 | | | 2,475 | | | | 2,667 | |
| | |
County of Lake, Imagine South Lake Charter School Project | | | | | | | | |
| | |
Series A, Rev., 5.00%, 1/15/2029 (b) | | | 500 | | | | 545 | |
| | |
Series A, Rev., 5.00%, 1/15/2039 (b) | | | 550 | | | | 598 | |
| | |
Series A, Rev., 5.00%, 1/15/2049 (b) | | | 825 | | | | 883 | |
| | |
County of Palm Beach, Palm Beach Atlantic University | | | | | | | | |
| | |
Rev., 5.00%, 4/1/2029 (b) | | | 400 | | | | 439 | |
| | |
Rev., 5.00%, 4/1/2039 (b) | | | 900 | | | | 991 | |
| | |
Florida Development Finance Corp., Educational Facilities, Renaissance Charter School, Inc. Project | | | | | | | | |
| | |
Series 2020C, Rev., 4.00%, 9/15/2030 (b) | | | 235 | | | | 246 | |
| | |
Series 2020C, Rev., 5.00%, 9/15/2040 (b) | | | 525 | | | | 568 | |
| | |
Florida Development Finance Corp., Educational Facilities, River City Science Academy Projects Rev., 4.00%, 7/1/2045 | | | 600 | | | | 626 | |
| | |
Florida Development Finance Corp., Educational Facilities, UCP Charter Schools Project | | | | | | | | |
| | |
Series 2020A, Rev., 4.00%, 6/1/2030 | | | 500 | | | | 512 | |
| | |
Series 2020A, Rev., 5.00%, 6/1/2040 | | | 830 | | | | 874 | |
| | |
Florida Development Finance Corp., Imagine School at Broward Project | | | | | | | | |
| | |
Series A, Rev., 4.00%, 12/15/2029 (b) | | | 260 | | | | 275 | |
| | |
Series A, Rev., 5.00%, 12/15/2034 (b) | | | 525 | | | | 588 | |
| | |
Series A, Rev., 5.00%, 12/15/2039 (b) | | | 305 | | | | 340 | |
| | |
Florida Development Finance Corp., Mater Academy Project Series 2020A, Rev., 5.00%, 6/15/2040 | | | 590 | | | | 657 | |
| | |
Florida Development Finance Corp., Pepin Academics of Pasco County, Inc. Project Series 2020A, Rev., 5.00%, 1/1/2040 (b) | | | 2,430 | | | | 2,563 | |
| | |
Florida Higher Educational Facilities Financial Authority, Ringling College Project | | | | | | | | |
| | |
Rev., 5.00%, 3/1/2034 | | | 385 | | | | 446 | |
| | |
Rev., 5.00%, 3/1/2035 | | | 1,165 | | | | 1,348 | |
| | |
Rev., 5.00%, 3/1/2036 | | | 1,230 | | | | 1,420 | |
| | |
Rev., 5.00%, 3/1/2037 | | | 1,130 | | | | 1,303 | |
| | |
Rev., 5.00%, 3/1/2044 | | | 2,000 | | | | 2,278 | |
| | |
Florida Higher Educational Facilities Financial Authority, St. Leo University Project Rev., 5.00%, 3/1/2039 | | | 750 | | | | 838 | |
| | |
Miami Beach Health Facilities Authority, Mount Sinai Medical Center Rev., 5.00%, 11/15/2029 | | | 545 | | | | 597 | |
| | |
Palm Beach County Health Facilities Authority, Acts Retirement Life Communities, Inc., Obligated Group Series 2020B, Rev., 4.00%, 11/15/2041 | | | 250 | | | | 277 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | |
| | | | | | | | |
|
Florida — continued | |
| | |
Palm Beach County Health Facilities Authority, Toby and Leon Cooperman Sinai Residences of Boca Raton Expansion Rev., 3.00%, 6/1/2027 | | | 1,255 | | | | 1,251 | |
| | |
Pinellas County Educational Facilities Authority, Pinellas Academy of Math and Science Project Series 2018A, Rev., 4.13%, 12/15/2028 (b) | | | 905 | | | | 956 | |
| | |
Pinellas County Industrial Development Authority, Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc., Project Rev., 5.00%, 7/1/2029 | | | 525 | | | | 575 | |
| | |
Sarasota County Health Facilities Authority, Sunnyside Village Project Rev., 5.00%, 5/15/2038 | | | 1,050 | | | | 1,152 | |
| | |
Seminole County Industrial Development Authority, Galileo Schools for Gifted Learning Series 2021A, Rev., 4.00%, 6/15/2051 (b) | | | 830 | | | | 860 | |
| | | | | | | | |
| | |
Total Florida | | | | | | | 39,699 | |
| | | | | | | | |
|
Georgia — 0.5% | |
| | |
Cobb County, Kennestone Hospital Authority, Wellstar Health System, Inc., Project Series 2020A, Rev., 5.00%, 4/1/2050 | | | 230 | | | | 271 | |
| | |
George L Smith II Congress Center Authority, Convention Center Hotel First Series 2021A, Rev., 4.00%, 1/1/2054 | | | 500 | | | | 510 | |
| | |
George L Smith II Congress Center Authority, Convention Center Hotel Second | | | | | | | | |
| | |
Series 2021B, Rev., 5.00%, 1/1/2036 (b) | | | 500 | | | | 521 | |
| | |
Series 2021B, Rev., 5.00%, 1/1/2054 (b) | | | 855 | | | | 870 | |
| | |
Glynn-Brunswick Memorial Hospital Authority, Southeast Georgia Health System Project Rev., 4.00%, 8/1/2036 | | | 375 | | | | 425 | |
| | | | | | | | |
| | |
Total Georgia | | | | | | | 2,597 | |
| | | | | | | | |
|
Idaho — 0.0% (e) | |
| | |
Idaho Housing and Finance Association, Compass Public Charter School, Inc., Project Series 2018A, Rev., 4.63%, 7/1/2029 (b) | | | 180 | | | | 196 | |
| | | | | | | | |
|
Illinois — 2.9% | |
| | |
Chicago O’Hare International Airport, Transportation Infrastructure Properties LLC (TRIPS) Obligated Group Rev., AMT, 5.00%, 7/1/2038 | | | 500 | | | | 578 | |
| | |
City of Chicago, Waterworks, Second Lien Rev., AMBAC, BHAC-CR, 5.75%, 11/1/2030 | | | 150 | | | | 178 | |
| | |
County of Du Page, The Morton Abroretum Project Rev., 3.00%, 5/15/2047 | | | 1,265 | | | | 1,263 | |
| | |
Illinois Finance Authority, Social Bonds-Learn Chapter School Project Rev., 4.00%, 11/1/2051 | | | 500 | | | | 535 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 29 |
JPMorgan High Yield Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Illinois — continued | |
| | |
Illinois Finance Authority, University of Illinois, Urbana-Champaign Project | | | | | | | | |
| | |
Series 2019A, Rev., 5.00%, 10/1/2036 | | | 300 | | | | 360 | |
| | |
Series 2019A, Rev., 5.00%, 10/1/2037 | | | 400 | | | | 479 | |
| | |
Series 2019A, Rev., 5.00%, 10/1/2038 | | | 400 | | | | 479 | |
| | |
Series 2019A, Rev., 5.00%, 10/1/2039 | | | 350 | | | | 418 | |
| | |
Series 2019A, Rev., 5.00%, 10/1/2044 | | | 1,000 | | | | 1,183 | |
| | |
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project Series 2012B, Rev., 5.00%, 12/15/2028 | | | 1,610 | | | | 1,630 | |
| | |
Metropolitan Water Reclamation District of Greater Chicago Series C, GO, 5.25%, 12/1/2027 | | | 50 | | | | 60 | |
| | |
Northern Illinois University, Auxiliary Facilities System | | | | | | | | |
| | |
Series 2020B, Rev., 4.00%, 4/1/2039 | | | 650 | | | | 718 | |
| | |
Series 2020B, Rev., 4.00%, 4/1/2041 | | | 1,450 | | | | 1,597 | |
| | |
Northern Illinois University, Board of Trustees, Auxiliary Facilities System Rev., 4.00%, 10/1/2043 | | | 325 | | | | 360 | |
| | |
Regional Transportation Authority Series 2002A, Rev., NATL-RE, 6.00%, 7/1/2024 | | | 250 | | | | 278 | |
| | |
Southern Illinois University, Housing and Auxiliary Facilities System | | | | | | | | |
| | |
Series 2021A, Rev., 4.00%, 4/1/2038 | | | 250 | | | | 281 | |
| | |
Series 2021A, Rev., 4.00%, 4/1/2039 | | | 250 | | | | 280 | |
| | |
Series 2021A, Rev., 4.00%, 4/1/2040 | | | 270 | | | | 302 | |
| | |
State of Illinois | | | | | | | | |
| | |
GO, 5.13%, 5/1/2022 | | | 250 | | | | 252 | |
| | |
GO, 5.38%, 5/1/2023 | | | 250 | | | | 262 | |
| | |
GO, 4.13%, 3/1/2028 | | | 170 | | | | 170 | |
| | |
Upper Illinois River Valley Development Authority, Morris Hospital | | | | | | | | |
| | |
Rev., 5.00%, 12/1/2028 | | | 1,050 | | | | 1,225 | |
| | |
Rev., 5.00%, 12/1/2029 | | | 875 | | | | 1,014 | |
| | |
Rev., 5.00%, 12/1/2033 | | | 250 | | | | 286 | |
| | |
Rev., 5.00%, 12/1/2034 | | | 20 | | | | 23 | |
| | | | | | | | |
| | |
Total Illinois | | | | | | | 14,211 | |
| | | | | | | | |
|
Indiana — 2.7% | |
| | |
City of Franklin, Otterbeit Homes | | | | | | | | |
| | |
Series B, Rev., 4.00%, 7/1/2036 | | | 870 | | | | 957 | |
| | |
Series B, Rev., 4.00%, 7/1/2037 | | | 905 | | | | 992 | |
| | |
Series B, Rev., 4.00%, 7/1/2038 | | | 940 | | | | 1,029 | |
| | |
Series B, Rev., 4.00%, 7/1/2039 | | | 750 | | | | 819 | |
| | |
Series B, Rev., 4.00%, 7/1/2040 | | | 500 | | | | 545 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | |
| | | | | | | | |
|
Indiana — continued | |
| | |
City of Goshen, Multi-Family, Green Oaks of Goshen Project Series 2021A, Rev., 5.00%, 8/1/2041 (b) | | | 1,000 | | | | 912 | |
| | |
City of Valparaiso Rev., 5.38%, 12/1/2041 (b) | | | 1,550 | | | | 1,424 | |
| | |
Indiana Finance Authority, Educational Facilities, Kipp Indianapolis, Inc., Project | | | | | | | | |
| | |
Series 2020A, Rev., 4.00%, 7/1/2030 | | | 105 | | | | 112 | |
| | |
Series 2020A, Rev., 5.00%, 7/1/2040 | | | 170 | | | | 186 | |
| | |
Series 2020A, Rev., 5.00%, 7/1/2055 | | | 455 | | | | 490 | |
| | |
Indiana Finance Authority, Goshen Health | | | | | | | | |
| | |
Series 2019A, Rev., 5.00%, 11/1/2035 | | | 665 | | | | 782 | |
| | |
Series 2019A, Rev., 4.00%, 11/1/2036 | | | 235 | | | | 259 | |
| | |
Series 2019A, Rev., 4.00%, 11/1/2037 | | | 330 | | | | 364 | |
| | |
Series 2019A, Rev., 4.00%, 11/1/2038 | | | 340 | | | | 374 | |
| | |
Series 2019A, Rev., 4.00%, 11/1/2039 | | | 360 | | | | 395 | |
| | |
Indiana Finance Authority, Marian University Project Series A, Rev., 4.00%, 9/15/2044 | | | 1,090 | | | | 1,149 | |
| | |
Indiana Finance Authority, Marquette Project Series 2015A, Rev., 5.00%, 3/1/2030 | | | 1,000 | | | | 1,075 | |
| | |
Indiana Housing and Community Development Authority, Vita of Marion Project Series 2021A, Rev., 5.25%, 4/1/2041 (b) | | | 1,250 | | | | 1,247 | |
| | | | | | | | |
| | |
Total Indiana | | | | | | | 13,111 | |
| | | | | | | | |
|
Iowa — 0.5% | |
| | |
Iowa Finance Authority, Northcrest Inc., Project | | | | | | | | |
| | |
Series 2018A, Rev., 5.00%, 3/1/2028 | | | 695 | | | | 745 | |
| | |
Series 2018A, Rev., 5.00%, 3/1/2038 | | | 250 | | | | 265 | |
| | |
Iowa Finance Authority, PHS Council Bluffs, Inc., Project | | | | | | | | |
| | |
Rev., 3.95%, 8/1/2023 | | | 100 | | | | 100 | |
| | |
Rev., 4.45%, 8/1/2028 | | | 250 | | | | 251 | |
| | |
Rev., 5.00%, 8/1/2033 | | | 485 | | | | 492 | |
| | |
Rev., 5.00%, 8/1/2038 | | | 370 | | | | 371 | |
| | | | | | | | |
| | |
Total Iowa | | | | | | | 2,224 | |
| | | | | | | | |
|
Kansas — 0.5% | |
| | |
City of Lenexa, Kansas Health Care Facility, Lakeview Village, Inc. | | | | | | | | |
| | |
Series 2018A, Rev., 5.00%, 5/15/2032 | | | 500 | | | | 547 | |
| | |
Series 2018A, Rev., 5.00%, 5/15/2039 | | | 850 | | | | 921 | |
| | |
City of Wichita, Health Care Facilities, Presbyterian Manors, Inc. | | | | | | | | |
| | |
Series 2018 I, Rev., 5.00%, 5/15/2033 | | | 500 | | | | 529 | |
| | |
Series I, Rev., 5.00%, 5/15/2038 | | | 500 | | | | 523 | |
| | | | | | | | |
| | |
Total Kansas | | | | | | | 2,520 | |
| | | | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 30 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Kentucky — 0.7% | |
| | |
City of Ashland, Kings Daughters Medical Center | | | | | | | | |
| | |
Series 2016A, Rev., 4.00%, 2/1/2036 | | | 1,000 | | | | 1,068 | |
| | |
Series 2016A, Rev., 5.00%, 2/1/2040 | | | 500 | | | | 554 | |
| | |
Kentucky Public Energy Authority, Gas Supply Series 2022A-1, Rev., 4.00%, 3/8/2022 (c) (f) | | | 1,850 | | | | 2,066 | |
| | | | | | | | |
| | |
Total Kentucky | | | | | | | 3,688 | |
| | | | | | | | |
|
Louisiana — 1.5% | |
| | |
Louisiana Public Facilities Authority, Lincoln Preparatory School Project Series 2021A, Rev., 5.25%, 6/1/2051 (b) | | | 1,145 | | | | 1,194 | |
| | |
Louisiana Public Facilities Authority, Materra Campus Project Series 2021C, Rev., 4.00%, 6/1/2041 (b) | | | 440 | | | | 445 | |
| | |
Louisiana Public Facilities Authority, Mentorship Steam Academy Project | | | | | | | | |
| | |
Series 2021A, Rev., 5.00%, 6/1/2051 (b) | | | 700 | | | | 709 | |
| | |
Series 2021A, Rev., 5.00%, 6/1/2056 (b) | | | 740 | | | | 743 | |
| | |
Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project Rev., 5.00%, 5/15/2042 | | | 500 | | | | 569 | |
| | |
Louisiana Public Facilities Authority, School Master Project Series 2021A, Rev., 4.00%, 6/1/2031 (b) | | | 290 | | | | 296 | |
| | |
Louisiana Public Facilities Authority, Young Audiences Charter School Project | | | | | | | | |
| | |
Series A, Rev., 5.00%, 4/1/2030 (b) | | | 525 | | | | 549 | |
| | |
Series A, Rev., 5.00%, 4/1/2039 (b) | | | 1,425 | | | | 1,449 | |
| | |
Series A, Rev., 5.00%, 4/1/2049 (b) | | | 1,135 | | | | 1,142 | |
| | |
New Orleans Aviation Board, General Airport, North Terminal Project Series B, Rev., AMT, 5.00%, 1/1/2048 | | | 250 | | | | 278 | |
| | | | | | | | |
| | |
Total Louisiana | | | | | | | 7,374 | |
| | | | | | | | |
|
Maine — 0.0% (e) | |
| | |
Maine Health and Higher Educational Facilities Authority, Central Maine Medical Center Series 2013A, Rev., 5.00%, 7/1/2023 (d) | | | 25 | | | | 26 | |
| | | | | | | | |
|
Maryland — 1.3% | |
| | |
County of Frederick, Educational Facilities, Mount St. Mary’s University Series 2017A, Rev., 5.00%, 9/1/2037 (b) | | | 1,500 | | | | 1,622 | |
| | |
Maryland Economic Development Corp., Bowie State University Project | | | | | | | | |
| | |
Rev., 4.00%, 7/1/2040 | | | 300 | | | | 325 | |
| | |
Rev., 4.00%, 7/1/2050 | | | 1,500 | | | | 1,602 | |
| | |
Maryland Economic Development Corp., Port Covington Project | | | | | | | | |
| | |
Rev., 4.00%, 9/1/2040 | | | 875 | | | | 924 | |
| | |
Rev., 4.00%, 9/1/2050 | | | 555 | | | | 580 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | |
| | | | | | | | |
|
Maryland — continued | |
| | |
Maryland Health and Higher Educational Facilities Authority, Frederick Health System Issue | | | | | | | | |
| | |
Rev., 3.25%, 7/1/2039 | | | 175 | | | | 180 | |
| | |
Rev., 4.00%, 7/1/2040 | | | 215 | | | | 240 | |
| | |
Maryland Health and Higher Educational Facilities Authority, Stevenson University Project | | | | | | | | |
| | |
Rev., 4.00%, 6/1/2046 | | | 250 | | | | 273 | |
| | |
Rev., 4.00%, 6/1/2051 | | | 500 | | | | 542 | |
| | | | | | | | |
| | |
Total Maryland | | | | | | | 6,288 | |
| | | | | | | | |
|
Massachusetts — 2.0% | |
| | |
Massachusetts Bay Transportation Authority, Sales Tax Series B, Rev., NATL-RE, 5.50%, 7/1/2028 | | | 300 | | | | 370 | |
| | |
Massachusetts Development Finance Agency, Emerson College | | | | | | | | |
| | |
Rev., 5.00%, 1/1/2037 | | | 500 | | | | 569 | |
| | |
Rev., 5.00%, 1/1/2038 | | | 405 | | | | 460 | |
| | |
Rev., 5.00%, 1/1/2043 | | | 500 | | | | 563 | |
| | |
Massachusetts Development Finance Agency, Emmanuel College Series 2016A, Rev., 5.00%, 10/1/2043 | | | 500 | | | | 556 | |
| | |
Massachusetts Development Finance Agency, Newbridge On the Charles, Inc. Rev., 4.13%, 10/1/2042 (b) | | | 2,000 | | | | 2,123 | |
| | |
Massachusetts Development Finance Agency, Orchid Cove, Inc. | | | | | | | | |
| | |
Rev., 4.00%, 10/1/2029 | | | 925 | | | | 1,000 | |
| | |
Rev., 4.00%, 10/1/2039 | | | 500 | | | | 534 | |
| | |
Rev., 5.00%, 10/1/2039 | | | 250 | | | | 273 | |
| | |
Massachusetts Development Finance Agency, Suffolk University Issue | | | | | | | | |
| | |
Rev., 5.00%, 7/1/2036 | | | 450 | | | | 524 | |
| | |
Rev., 5.00%, 7/1/2037 | | | 605 | | | | 703 | |
| | |
Massachusetts Development Finance Agency, Wellforce Issue Series 2020C, Rev., AGM, 3.00%, 10/1/2045 | | | 1,280 | | | | 1,314 | |
| | |
Massachusetts Port Authority Series A, Rev., 5.00%, 7/1/2044 | | | 500 | | | | 539 | |
| | |
Massachusetts State College Building Authority Series B, Rev., AGC, 5.50%, 5/1/2028 | | | 350 | | | | 407 | |
| | |
Massachusetts Water Resources Authority Series B, Rev., AGM, 5.25%, 8/1/2032 | | | 100 | | | | 133 | |
| | | | | | | | |
| | |
Total Massachusetts | | | | | | | 10,068 | |
| | | | | | | | |
|
Michigan — 3.8% | |
| | |
City of Detroit, Unlimited Tax | | | | | | | | |
| | |
Series 2021A, GO, 5.00%, 4/1/2031 | | | 210 | | | | 251 | |
| | |
GO, 5.00%, 4/1/2035 | | | 500 | | | | 566 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 31 |
JPMorgan High Yield Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Michigan — continued | |
| | |
GO, 5.00%, 4/1/2036 | | | 500 | | | | 566 | |
| | |
GO, 5.00%, 4/1/2037 | | | 500 | | | | 566 | |
| | |
Series 2021A, GO, 4.00%, 4/1/2041 | | | 500 | | | | 538 | |
| | |
Series 2021A, GO, 4.00%, 4/1/2042 | | | 400 | | | | 429 | |
| | |
Flint Hospital Building Authority, Hurley Medical Center Rev., 4.00%, 7/1/2038 | | | 1,800 | | | | 1,987 | |
| | |
Kalamazoo Economic Development Corp., Heritage Community of Kalamazoo Project | | | | | | | | |
| | |
Rev., 5.00%, 5/15/2037 | | | 1,230 | | | | 1,340 | |
| | |
Rev., 5.00%, 5/15/2055 | | | 3,000 | | | | 3,240 | |
| | |
Michigan Finance Authority, Aqunias College Project Rev., 4.00%, 5/1/2031 | | | 540 | | | | 542 | |
| | |
Michigan Finance Authority, Kettering University Project | | | | | | | | |
| | |
Rev., 4.00%, 9/1/2045 | | | 500 | | | | 542 | |
| | |
Rev., 4.00%, 9/1/2050 | | | 1,000 | | | | 1,080 | |
| | |
Michigan Finance Authority, Lawrence Technological University Rev., 4.00%, 2/1/2042 | | | 370 | | | | 391 | |
| | |
Michigan Finance Authority, Universal Learning Academy Rev., 6.00%, 11/1/2032 | | | 750 | | | | 841 | |
| | |
Michigan Strategic Fund, I-75 Improvement Project Rev., AMT, AGM, 4.13%, 6/30/2035 | | | 2,500 | | | | 2,727 | |
| | |
Michigan Strategic Fund, United Methodist Retirement Communities Obligated Group, Porter Hills Presbyterian Village Project | | | | | | | | |
| | |
Rev., 5.00%, 5/15/2037 | | | 670 | | | | 752 | |
| | |
Rev., 5.00%, 5/15/2044 | | | 1,000 | | | | 1,112 | |
| | |
Michigan Strategic Fund, United Methodist Retirement Communities, Inc. Rev., 5.00%, 11/15/2034 | | | 1,280 | | | | 1,431 | |
| | | | | | | | |
| | |
Total Michigan | | | | | | | 18,901 | |
| | | | | | | | |
|
Minnesota — 0.8% | |
| | |
City of Minneapolis, Health Care System, Fairview Health Services Series 2018A, Rev., 4.00%, 11/15/2038 | | | 750 | | | | 826 | |
| | |
City of Wayzata, Folkestone Senior Living Community | | | | | | | | |
| | |
Rev., 5.00%, 8/1/2032 | | | 100 | | | | 106 | |
| | |
Rev., 5.00%, 8/1/2033 | | | 200 | | | | 212 | |
| | |
Rev., 5.00%, 8/1/2035 | | | 200 | | | | 212 | |
| | |
Rev., 3.75%, 8/1/2036 | | | 250 | | | | 253 | |
| | |
Rev., 3.75%, 8/1/2037 | | | 500 | | | | 507 | |
| | |
Rev., 4.00%, 8/1/2038 | | | 350 | | | | 357 | |
| | |
Rev., 4.00%, 8/1/2039 | | | 250 | | | | 255 | |
| | |
City of Woodbury, Charter School Lease | | | | | | | | |
| | |
Rev., 3.00%, 12/1/2030 | | | 250 | | | | 254 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | |
| | | | | | | | |
|
Minnesota — continued | |
| | |
Rev., 4.00%, 12/1/2040 | | | 200 | | | | 213 | |
| | |
Rev., 4.00%, 12/1/2050 | | | 250 | | | | 264 | |
| | |
Series 2021A, Rev., 4.00%, 7/1/2051 | | | 660 | | | | 680 | |
| | |
Minneapolis-St. Paul Housing Finance Board, Single Family Mortgage, City Living Home Programs Series 2007A-2, Rev., GNMA/FNMA/FHLMC, 5.52%, 3/1/2041 | | | 35 | | | | 35 | |
| | | | | | | | |
| | |
Total Minnesota | | | | | | | 4,174 | |
| | | | | | | | |
|
Mississippi — 0.6% | |
| | |
Mississippi Development Bank, Harrison County, Coliseum and Convention Center | | | | | | | | |
| | |
Series A, Rev., GTD, 5.25%, 1/1/2030 | | | 160 | | | | 196 | |
| | |
Series 2010A, Rev., GTD, 5.25%, 1/1/2034 | | | 100 | | | | 128 | |
| | |
Mississippi Hospital Equipment and Facilities Authority, Forrest County General Hospital Refunding Project | | | | | | | | |
| | |
Series A, Rev., 4.00%, 1/1/2039 | | | 1,250 | | | | 1,383 | |
| | |
Series A, Rev., 4.00%, 1/1/2040 | | | 1,000 | | | | 1,104 | |
| | | | | | | | |
| | |
Total Mississippi | | | | | | | 2,811 | |
| | | | | | | | |
|
Missouri — 2.0% | |
| | |
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, St. Clair County Metrolink Project Rev., AGM, 5.25%, 7/1/2025 | | | 400 | | | | 450 | |
| | |
Health and Educational Facilities Authority of the State of Missouri, Lutheran Senior Services Projects | | | | | | | | |
| | |
Series 2019A, Rev., 5.00%, 2/1/2029 | | | 550 | | | | 601 | |
| | |
Series 2019A, Rev., 5.00%, 2/1/2034 | | | 1,010 | | | | 1,098 | |
| | |
Series 2016A, Rev., 5.00%, 2/1/2036 | | | 2,500 | | | | 2,718 | |
| | |
Series 2019A, Rev., 5.00%, 2/1/2042 | | | 1,000 | | | | 1,082 | |
| | |
Joplin Industrial Development Authority, 32nd Street Place Community Improvement District Project | | | | | | | | |
| | |
Rev., 3.50%, 11/1/2040 | | | 725 | | | | 679 | |
| | |
Rev., 4.25%, 11/1/2050 | | | 1,250 | | | | 1,174 | |
| | |
Plaza at Noah’s Ark Community Improvement District | | | | | | | | |
| | |
Rev., 3.00%, 5/1/2024 | | | 200 | | | | 202 | |
| | |
Rev., 3.00%, 5/1/2025 | | | 225 | | | | 227 | |
| | |
Rev., 3.00%, 5/1/2026 | | | 275 | | | | 277 | |
| | |
Rev., 3.13%, 5/1/2035 | | | 500 | | | �� | 488 | |
| | |
St. Louis County Industrial Development Authority, Friendship Village Series 2018A, Rev., 5.00%, 9/1/2028 | | | 630 | | | | 701 | |
| | | | | | | | |
| | |
Total Missouri | | | | | | | 9,697 | |
| | | | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 32 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Montana — 0.3% | |
| | |
Cascade County Elementary School District No. 1 Great Falls, School Building GO, 3.63%, 7/1/2038 | | | 335 | | | | 356 | |
| | |
County of Gallatin, Bozeman Fiber Project Series 2021A, Rev., 4.00%, 10/15/2032 (b) | | | 1,000 | | | | 1,007 | |
| | |
Montana Board of Housing, Single Family Homeownership Series A-2, Rev., AMT, 4.00%, 12/1/2038 | | | 45 | | | | 46 | |
| | | | | | | | |
| | |
Total Montana | | | | | | | 1,409 | |
| | | | | | | | |
|
Nevada — 0.5% | |
| | |
City of Las Vegas, Special Improvement District No. 611, Local Improvement 3.50%, 6/1/2030 | | | 200 | | | | 208 | |
| | |
3.50%, 6/1/2031 | | | 160 | | | | 166 | |
| | |
3.75%, 6/1/2032 | | | 260 | | | | 273 | |
| | |
4.00%, 6/1/2033 | | | 185 | | | | 197 | |
| | |
4.00%, 6/1/2034 | | | 185 | | | | 196 | |
| | |
4.00%, 6/1/2035 | | | 185 | | | | 195 | |
| | |
4.00%, 6/1/2040 | | | 450 | | | | 469 | |
| | |
City of Reno, Sales Tax, Senior Lien, ReTrac-Reno Transportation Rail Access Corridor Project Series B, Rev., AGM, 4.00%, 6/1/2048 | | | 375 | | | | 401 | |
| | |
City of Sparks, Senior Sales Tax Series 2019A, Rev., 2.50%, 6/15/2024 (b) | | | 140 | | | | 141 | |
| | |
County of Clark, Passenger Facility Charge, Las Vegas-McCarran International Airport Passenger Facility Series 2019E, Rev., 5.00%, 7/1/2033 | | | 200 | | | | 242 | |
| | | | | | | | |
| | |
Total Nevada | | | | | | | 2,488 | |
| | | | | | | | |
|
New Hampshire — 0.3% | |
| | |
City of Manchester, School Facilities Rev., NATL-RE, 5.50%, 6/1/2027 | | | 100 | | | | 119 | |
| | |
New Hampshire Business Finance Authority, The Vista Project | | | | | | | | |
| | |
Series 2019A, Rev., 5.25%, 7/1/2039 (b) | | | 200 | | | | 205 | |
| | |
Series 2019A, Rev., 5.63%, 7/1/2046 (b) | | | 1,000 | | | | 1,034 | |
| | | | | | | | |
| | |
Total New Hampshire | | | | | | | 1,358 | |
| | | | | | | | |
|
New Jersey — 3.7% | |
| | |
Atlantic County Improvement Authority (The), Atlantic City Campus Phase II Project | | | | | | | | |
| | |
Series 2021A, Rev., AGM, 4.00%, 7/1/2047 | | | 50 | | | | 56 | |
| | |
Series 2021A, Rev., AGM, 4.00%, 7/1/2053 | | | 125 | | | | 138 | |
| | |
New Jersey Economic Development Authority, Black Horse EHT Urban Renewal LLC Project Series 2019A, Rev., 5.00%, 10/1/2039 (b) | | | 2,000 | | | | 1,939 | |
| | |
New Jersey Economic Development Authority, Golden Door Charter School Project | | | | | | | | |
| | |
Series 2018A, Rev., 5.13%, 11/1/2029 (b) | | | 210 | | | | 226 | |
| | |
Series 2018-A, Rev., 6.25%, 11/1/2038 (b) | | | 525 | | | | 607 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | |
| | | | | | | | |
|
New Jersey — continued | |
| | |
New Jersey Economic Development Authority, Marion P. Thomas Charter School, Inc., Project Series 2018-A, Rev., 5.00%, 10/1/2033 (b) | | | 1,000 | | | | 1,073 | |
| | |
New Jersey Economic Development Authority, Motor Vehicle Surcharge Series 2004A, Rev., NATL-RE, 5.25%, 7/1/2024 | | | 380 | | | | 412 | |
| | |
New Jersey Economic Development Authority, School Facilities Construction | | | | | | | | |
| | |
Series 2021QQQ, Rev., 4.00%, 6/15/2046 | | | 875 | | | | 939 | |
| | |
Series 2021QQQ, Rev., 4.00%, 6/15/2050 | | | 1,000 | | | | 1,069 | |
| | |
New Jersey Economic Development Authority, State House Project Series 2017B, Rev., 4.13%, 6/15/2039 | | | 1,200 | | | | 1,321 | |
| | |
New Jersey Economic Development Authority, Transit Transportation Project Series 2020A, Rev., 4.00%, 11/1/2037 | | | 1,500 | | | | 1,624 | |
| | |
New Jersey Economic Development Authority, White Horse HMT Urban Renewal LLC Project Rev., 5.00%, 1/1/2040 (b) | | | 3,000 | | | | 2,873 | |
| | |
New Jersey Educational Facilities Authority, Seton Hall University Issue, Tax-Exempt | | | | | | | | |
| | |
Series 2020C, Rev., AGM, 3.25%, 7/1/2049 | | | 700 | | | | 717 | |
| | |
Series 2020C, Rev., AGM, 4.00%, 7/1/2050 | | | 725 | | | | 794 | |
| | |
New Jersey Higher Education Student Assistance Authority, Senior Student Loan | | | | | | | | |
| | |
Series 2018A, Rev., AMT, 3.75%, 12/1/2031 | | | 565 | | | | 578 | |
| | |
Series 2018A, Rev., AMT, 4.00%, 12/1/2032 | | | 305 | | | | 315 | |
| | |
Series 2018A, Rev., AMT, 4.00%, 12/1/2033 | | | 380 | | | | 393 | |
| | |
Series 2018A, Rev., AMT, 4.00%, 12/1/2034 | | | 225 | | | | 233 | |
| | |
Series 2018A, Rev., AMT, 4.00%, 12/1/2035 | | | 150 | | | | 155 | |
| | |
New Jersey Transportation Trust Fund Authority | | | | | | | | |
| | |
Series 2019BB, Rev., 4.00%, 6/15/2036 | | | 1,000 | | | | 1,080 | |
| | |
Series 2020AA, Rev., 4.00%, 6/15/2039 | | | 1,000 | | | | 1,088 | |
| | |
Series 2020AA, Rev., 4.00%, 6/15/2040 | | | 600 | | | | 651 | |
| | | | | | | | |
| | |
Total New Jersey | | | | | | | 18,281 | |
| | | | | | | | |
|
New Mexico — 0.4% | |
| | |
New Mexico Hospital Equipment Loan Council, Haverland Carter Lifestyle Group — La Vida Llena Expansion Project | | | | | | | | |
| | |
Series A, Rev., 5.00%, 7/1/2033 | | | 360 | | | | 389 | |
| | |
Series A, Rev., 5.00%, 7/1/2034 | | | 375 | | | | 405 | |
| | |
Series A, Rev., 5.00%, 7/1/2039 | | | 1,225 | | | | 1,315 | |
| | | | | | | | |
| | |
Total New Mexico | | | | | | | 2,109 | |
| | | | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 33 |
JPMorgan High Yield Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
New York �� 4.1% | |
| | |
Buffalo and Erie County Industrial Land Development Corp., D’youville College Project | | | | | | | | |
| | |
Rev., 4.00%, 11/1/2035 | | | 510 | | | | 559 | |
| | |
Rev., 4.00%, 11/1/2040 | | | 1,035 | | | | 1,124 | |
| | |
Build NYC Resource Corp., Inwood Academy for Leadership Charter School Project | | | | | | | | |
| | |
Series 2018A, Rev., 4.88%, 5/1/2031 (b) | | | 500 | | | | 551 | |
| | |
Series 2018A, Rev., 5.13%, 5/1/2038 (b) | | | 250 | | | | 276 | |
| | |
Build NYC Resource Corp., New World Preparatory Charter School Project | | | | | | | | |
| | |
Series 2021A, Rev., 4.00%, 6/15/2051 | | | 170 | | | | 176 | |
| | |
Series 2021A, Rev., 4.00%, 6/15/2056 | | | 225 | | | | 231 | |
| | |
Build NYC Resource Corp., Richmond Preparatory Charter School Project Series 2021A, Rev., 5.00%, 6/1/2041 (b) | | | 550 | | | | 603 | |
| | |
Jefferson County Civic Facility Development Corp., Samaritan Medical Center Project Series 2017A, Rev., 4.00%, 11/1/2042 | | | 1,000 | | | | 1,035 | |
| | |
Metropolitan Transportation Authority | | | | | | | | |
| | |
Series 2019B-1, Rev., BAN, 5.00%, 5/15/2022 | | | 200 | | | | 202 | |
| | |
Series 2020A-1, Rev., BAN, 5.00%, 2/1/2023 | | | 500 | | | | 517 | |
| | |
Monroe County Industrial Development Corp., True North Rochester Preparatory Charter School Project | | | | | | | | |
| | |
Series 2020A, Rev., 5.00%, 6/1/2040 (b) | | | 630 | | | | 713 | |
| | |
Series 2020A, Rev., 5.00%, 6/1/2059 (b) | | | 540 | | | | 601 | |
| | |
New York Liberty Development Corp., Goldman Sachs Headquarters Rev., 5.25%, 10/1/2035 | | | 525 | | | | 684 | |
| | |
New York State Dormitory Authority, Montefiore Obligated Group Series 2020A, Rev., AGM, 3.00%, 9/1/2050 | | | 950 | | | | 951 | |
| | |
New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project | | | | | | | | |
| | |
Rev., AMT, 5.00%, 1/1/2025 | | | 3,250 | | | | 3,534 | |
| | |
Rev., AMT, 5.00%, 1/1/2028 | | | 500 | | | | 576 | |
| | |
Rev., AMT, 4.00%, 10/1/2030 | | | 1,000 | | | | 1,093 | |
| | |
Rev., AMT, 4.00%, 1/1/2036 | | | 500 | | | | 529 | |
| | |
Rev., AMT, 5.00%, 1/1/2036 | | | 375 | | | | 421 | |
| | |
Onondaga Civic Development Corp., Le Moyne College Project | | | | | | | | |
| | |
Rev., 5.00%, 1/1/2037 | | | 300 | | | | 343 | |
| | |
Rev., 5.00%, 1/1/2038 | | | 200 | | | | 229 | |
| | |
Rev., 5.00%, 1/1/2043 | | | 500 | | | | 571 | |
| | |
Suffolk County Economic Development Corp., Peconic Landing at Southold Project, Inc. Rev., 5.00%, 12/1/2029 | | | 750 | | | | 855 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | |
| | | | | | | | |
|
New York — continued | |
| | |
Suffolk County Economic Development Corp., St. Johnland Assisted Living Inc., Project | | | | | | | | |
| | |
Rev., 5.13%, 11/1/2041 (b) | | | 850 | | | | 824 | |
| | |
Rev., 5.38%, 11/1/2054 (b) | | | 750 | | | | 723 | |
| | |
Westchester County Local Development Corp., Miriam Osborn Memorial Home Association Project Rev., 5.00%, 7/1/2042 | | | 365 | | | | 401 | |
| | |
Westchester County Local Development Corp., Purchase Senior Learning Community, Inc. Project Series 2021D, Rev., 2.88%, 7/1/2026 (b) | | | 1,135 | | | | 1,117 | |
| | |
Yonkers Economic Development Corp., Charter School of Educational Excellence Project | | | | | | | | |
| | |
Series 2019A, Rev., 4.00%, 10/15/2029 | | | 200 | | | | 210 | |
| | |
Series 2019A, Rev., 5.00%, 10/15/2039 | | | 315 | | | | 346 | |
| | | | | | | | |
| | |
Total New York | | | | | | | 19,995 | |
| | | | | | | | |
|
North Carolina — 0.1% | |
| | |
North Carolina Medical Care Commission, Retirement Facilities, Pennybyrn at Maryfield Project Series 2020A, Rev., 5.00%, 10/1/2040 | | | 355 | | | | 387 | |
| | | | | | | | |
|
North Dakota — 0.1% | |
| | |
University of North Dakota, Housing Infrastructure Project Series 2021A, COP, AGM, 4.00%, 6/1/2051 | | | 570 | | | | 628 | |
| | | | | | | | |
|
Ohio — 3.9% | |
| | |
Cleveland-Cuyahoga County, Port Authority Cultural Facility, Playhouse Square Foundation Project | | | | | | | | |
| | |
Rev., 5.00%, 12/1/2033 | | | 1,000 | | | | 1,115 | |
| | |
Rev., 5.25%, 12/1/2038 | | | 500 | | | | 560 | |
| | |
County of Greene, Various Purpose Series 2007A, GO, AMBAC, 5.25%, 12/1/2028 | | | 45 | | | | 53 | |
| | |
County of Hamilton, Cincinnati City School District, Board of Education, Classroom Facilities Construction and Improvement GO, NATL-RE, 5.25%, 12/1/2025 | | | 185 | | | | 211 | |
| | |
County of Hardin, Economic Development Facilities Improvement, Ohio Northern University Rev., 5.00%, 5/1/2030 | | | 250 | | | | 264 | |
| | |
County of Ross, Adena Health System Obligated Group Project Rev., 5.00%, 12/1/2039 | | | 1,000 | | | | 1,196 | |
| | |
Northeast Ohio Medical University | | | | | | | | |
| | |
Series 2021A, Rev., 3.00%, 12/1/2040 | | | 125 | | | | 122 | |
| | |
Series 2021A, Rev., 4.00%, 12/1/2045 | | | 120 | | | | 128 | |
| | |
Ohio Higher Educational Facility Commission, The Cleveland Institute of Art 2018 Project | | | | | | | | |
| | |
Rev., 5.00%, 12/1/2028 | | | 500 | | | | 553 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 34 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Ohio — continued | |
| | |
Rev., 5.00%, 12/1/2033 | | | 270 | | | | 296 | |
| | |
Rev., 5.00%, 12/1/2038 | | | 685 | | | | 744 | |
| | |
Ohio Higher Educational Facility Commission, Tiffin University 2019 Project | | | | | | | | |
| | |
Rev., 5.00%, 11/1/2034 | | | 2,875 | | | | 3,164 | |
| | |
Rev., 5.00%, 11/1/2039 | | | 4,890 | | | | 5,349 | |
| | |
Ohio Higher Educational Facility Commission, University of Findlay 2019 Project Rev., 5.00%, 3/1/2034 | | | 2,000 | | | | 2,249 | |
| | |
Ohio Turnpike and Infrastructure Commission, Junior Lien Series 2022A, Rev., 5.00%, 2/15/2033 (f) | | | 2,500 | | | | 3,131 | |
| | | | | | | | |
| | |
Total Ohio | | | | | | | 19,135 | |
| | | | | | | | |
|
Oklahoma — 0.3% | |
| | |
Oklahoma Development Finance Authority, Health System, OU Medicine Project Series B, Rev., 5.00%, 8/15/2038 | | | 1,000 | | | | 1,172 | |
| | |
Tulsa Airports Improvement Trust Series A, Rev., AMT, 5.00%, 6/1/2024 (d) | | | 420 | | | | 453 | |
| | | | | | | | |
| | |
Total Oklahoma | | | | | | | 1,625 | |
| | | | | | | | |
|
Oregon — 0.7% | |
| | |
Clackamas County Hospital Facility Authority, Mary’s Woods at Marylhurst Project | | | | | | | | |
| | |
Series 2018A, Rev., 5.00%, 5/15/2038 | | | 220 | | | | 232 | |
| | |
Series 2018A, Rev., 5.00%, 5/15/2043 | | | 310 | | | | 327 | |
| | |
Clackamas County School District No. 7J Lake Oswego GO, AGM, 5.25%, 6/1/2025 | | | 165 | | | | 186 | |
| | |
Linn County Community School District No. 9 Lebanon GO, NATL-RE, 5.50%, 6/15/2030 | | | 20 | | | | 25 | |
| | |
Oregon State Facilities Authority, Samaritan Health Services Project, Tax-Exempt | | | | | | | | |
| | |
Series 2020A, Rev., 5.00%, 10/1/2035 | | | 135 | | | | 163 | |
| | |
Series 2020A, Rev., 5.00%, 10/1/2040 | | | 585 | | | | 697 | |
| | |
Salem Hospital Facility Authority, Capital Manor Project | | | | | | | | |
| | |
Rev., 5.00%, 5/15/2038 | | | 1,000 | | | | 1,106 | |
| | |
Rev., 4.00%, 5/15/2047 | | | 100 | | | | 106 | |
| | |
Rev., 4.00%, 5/15/2057 | | | 500 | | | | 522 | |
| | | | | | | | |
| | |
Total Oregon | | | | | | | 3,364 | |
| | | | | | | | |
|
Pennsylvania — 7.7% | |
| | |
Aliquippa School District, Limited Tax | | | | | | | | |
| | |
GO, 3.75%, 12/1/2033 | | | 2,000 | | | | 2,182 | |
| | |
GO, 3.88%, 12/1/2037 | | | 1,250 | | | | 1,366 | |
| | |
Allegheny County Hospital Development Authority, Allegheny Health Network Obligated Group Series 2018A, Rev., 4.00%, 4/1/2038 | | | 500 | | | | 548 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | |
| | | | | | | | |
|
Pennsylvania — continued | |
| | |
Allentown City School District, Limited Tax | | | | | | | | |
| | |
Series C, GO, 4.00%, 2/1/2034 | | | 1,580 | | | | 1,787 | |
| | |
Series C, GO, 4.00%, 2/1/2035 | | | 1,000 | | | | 1,130 | |
| | |
Allentown Neighborhood Improvement Zone Development Authority, City Center Project | | | | | | | | |
| | |
Rev., 5.00%, 5/1/2033 (b) | | | 250 | | | | 282 | |
| | |
Rev., 5.00%, 5/1/2042 (b) | | | 250 | | | | 279 | |
| | |
Berks County Industrial Development Authority, The Highlands at Wyomissing | | | | | | | | |
| | |
Rev., 5.00%, 5/15/2033 | | | 500 | | | | 546 | |
| | |
Series 2017A, Rev., 5.00%, 5/15/2037 | | | 250 | | | | 277 | |
| | |
Rev., 5.00%, 5/15/2038 | | | 500 | | | | 543 | |
| | |
Berks County Industrial Development Authority, Tower Health Project Rev., 5.00%, 11/1/2037 | | | 1,000 | | | | 1,072 | |
| | |
Bucks County Industrial Development Authority, Grand View Hospital Project Rev., 4.00%, 7/1/2046 | | | 890 | | | | 960 | |
| | |
Bucks County Industrial Development Authority, St. Luke’s University Health Network Project Rev., 4.00%, 8/15/2044 | | | 2,475 | | | | 2,724 | |
| | |
City of Erie, Higher Education Building Authority, Gannon University Project — AICUP Financing Program Series 2021TT1, Rev., 4.00%, 5/1/2041 | | | 175 | | | | 191 | |
| | |
Cumberland County Municipal Authority, Asbury Pennsylvania Obligated Group Rev., 3.00%, 1/1/2024 | | | 1,000 | | | | 1,008 | |
| | |
Dallas Area Municipal Authority, Misericordia University Project | | | | | | | | |
| | |
Rev., 3.25%, 5/1/2023 | | | 100 | | | | 101 | |
| | |
Rev., 5.00%, 5/1/2029 | | | 650 | | | | 725 | |
| | |
Rev., 5.00%, 5/1/2039 | | | 1,100 | | | | 1,230 | |
| | |
Franklin County Industrial Development Authority, Menno-Haven, Inc., Project | | | | | | | | |
| | |
Rev., 5.00%, 12/1/2029 | | | 195 | | | | 213 | |
| | |
Rev., 5.00%, 12/1/2039 | | | 385 | | | | 415 | |
| | |
Rev., 5.00%, 12/1/2049 | | | 500 | | | | 534 | |
| | |
Lancaster County Hospital Authority, Health Care Facilities, Moravian Manors, Inc., Project | | | | | | | | |
| | |
Series 2019A, Rev., 5.00%, 6/15/2032 | | | 545 | | | | 601 | |
| | |
Series 2019A, Rev., 5.00%, 6/15/2033 | | | 570 | | | | 628 | |
| | |
Series 2019A, Rev., 5.00%, 6/15/2038 | | | 1,110 | | | | 1,216 | |
| | |
Lancaster County Hospital Authority, St. Anne’s Retirement Community, Inc., Project | | | | | | | | |
| | |
Rev., 5.00%, 3/1/2040 | | | 250 | | | | 273 | |
| | |
Rev., 5.00%, 3/1/2045 | | | 500 | | | | 544 | |
| | |
Rev., 5.00%, 3/1/2050 | | | 500 | | | | 542 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 35 |
JPMorgan High Yield Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Pennsylvania — continued | |
| | |
Luzerne County Industrial Development Authority Rev., AGM, 5.00%, 12/15/2024 | | | 70 | | | | 76 | |
| | |
Mercer County Industrial Development Authority, Thiel College Project Rev., 6.13%, 10/1/2050 (b) | | | 2,650 | | | | 2,735 | |
| | |
Montgomery County Higher Education and Health Authority, Arcadia University | | | | | | | | |
| | |
Rev., 5.00%, 4/1/2034 | | | 275 | | | | 323 | |
| | |
Rev., 4.00%, 4/1/2036 | | | 520 | | | | 564 | |
| | |
Rev., 4.00%, 4/1/2037 | | | 545 | | | | 590 | |
| | |
Rev., 4.00%, 4/1/2038 | | | 695 | | | | 752 | |
| | |
Rev., 4.00%, 4/1/2039 | | | 725 | | | | 783 | |
| | |
Northampton County Industrial Development Authority, Morningstar Senior Living, Inc., Project Rev., 5.00%, 11/1/2039 | | | 1,000 | | | | 1,099 | |
| | |
Philadelphia Authority for Industrial Development, Independence Charter School West Project | | | | | | | | |
| | |
Rev., 4.00%, 6/15/2029 | | | 360 | | | | 377 | |
| | |
Rev., 5.00%, 6/15/2039 | | | 500 | | | | 534 | |
| | |
Philadelphia Authority for Industrial Development, International Education and Community Initiatives Project Series 2018-A, Rev., 4.50%, 6/1/2029 (b) | | | 700 | | | | 742 | |
| | |
Philadelphia Authority for Industrial Development, MAST Community Charter School II Project | | | | | | | | |
| | |
Series 2020A, Rev., 5.00%, 8/1/2030 | | | 175 | | | | 198 | |
| | |
Series 2020A, Rev., 5.00%, 8/1/2040 | | | 315 | | | | 363 | |
| | |
Philadelphia Authority for Industrial Development, Philadelphia Electrical and Technology Charter School Project | | | | | | | | |
| | |
Series 2021A, Rev., 4.00%, 6/1/2041 | | | 200 | | | | 207 | |
| | |
Series 2021A, Rev., 4.00%, 6/1/2051 | | | 400 | | | | 408 | |
| | |
School District of Philadelphia (The) Series B, GO, AGM, 4.00%, 9/1/2043 | | | 1,250 | | | | 1,395 | |
| | |
West Cornwall Township Municipal Authority, Pleasant View Retirement Community Project Rev., 5.00%, 12/15/2038 | | | 750 | | | | 823 | |
| | |
West Mifflin School District, Limited Tax | | | | | | | | |
| | |
GO, 3.00%, 4/1/2034 | | | 1,000 | | | | 1,048 | |
| | |
GO, 3.00%, 4/1/2038 | | | 1,400 | | | | 1,453 | |
| | |
Wilkes-Barre Area School District | | | | | | | | |
| | |
GO, 3.50%, 4/15/2038 | | | 370 | | | | 395 | |
| | |
GO, 3.50%, 4/15/2039 | | | 230 | | | | 245 | |
| | |
GO, 3.75%, 4/15/2044 | | | 1,000 | | | | 1,080 | |
| | | | | | | | |
| | |
Total Pennsylvania | | | | | | | 38,107 | |
| | | | | | | | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | |
| | | | | | | | |
|
Rhode Island — 0.1% | |
| | |
Rhode Island Commerce Corp. Series B, Rev., 5.00%, 7/1/2022 | | | 250 | | | | 253 | |
| | |
Rhode Island Student Loan Authority Series 2017A, Rev., AMT, 5.00%, 12/1/2024 | | | 100 | | | | 109 | |
| | | | | | | | |
| | |
Total Rhode Island | | | | | | | 362 | |
| | | | | | | | |
|
South Carolina — 1.4% | |
| | |
South Carolina Jobs-Economic Development Authority, Episcopal Home at Still Hopes Series 2018A, Rev., 5.00%, 4/1/2033 | | | 1,485 | | | | 1,588 | |
| | |
South Carolina Jobs-Economic Development Authority, Kiawah Life Plan Village, Inc., Project Rev., 8.75%, 7/1/2025 (b) | | | 300 | | | | 305 | |
| | |
South Carolina Jobs-Economic Development Authority, Lowcountry Leadership Charter School Project | | | | | | | | |
| | |
Series 2019A, Rev., 4.00%, 12/1/2029 (b) | | | 1,130 | | | | 1,183 | |
| | |
Series 2019A, Rev., 5.00%, 12/1/2034 (b) | | | 1,405 | | | | 1,552 | |
| | |
Series 2019A, Rev., 5.00%, 12/1/2039 (b) | | | 1,795 | | | | 1,966 | |
| | |
South Carolina Jobs-Economic Development Authority, Woodlands at Furman Project Series 2020A, Rev., 5.00%, 11/15/2029 | | | 110 | | | | 122 | |
| | | | | | | | |
| | |
Total South Carolina | | | | | | | 6,716 | |
| | | | | | | | |
|
South Dakota — 0.1% | |
| | |
South Dakota Health and Educational Facilities Authority, Sanford Health Obligated Group Rev., 5.00%, 11/1/2045 | | | 500 | | | | 552 | |
| | | | | | | | |
|
Tennessee — 1.9% | |
| | |
Chattanooga Health Educational and Housing Facility Board, Commonspirit Health Series 2019A-1, Rev., 4.00%, 8/1/2044 | | | 1,000 | | | | 1,084 | |
| | |
Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Trevecca Nazarene University Project Series 2021B, Rev., 4.00%, 10/1/2041 | | | 730 | | | | 763 | |
| | |
Metropolitan Nashville Airport Authority (The), Subordinate Airport Series 2019B, Rev., AMT, 5.00%, 7/1/2039 | | | 625 | | | | 740 | |
| | |
Nashville Metropolitan Development and Housing Agency, Tax Increment, Fifth Broadway Development Project | | | | | | | | |
| | |
Rev., 4.50%, 6/1/2028 (b) | | | 500 | | | | 533 | |
| | |
Rev., 5.13%, 6/1/2036 (b) | | | 425 | | | | 466 | |
| | |
Shelby County Health Educational and Housing Facilities Board, The Farms at Bailey Station Project | | | | | | | | |
| | |
Series 2019A, Rev., 5.75%, 10/1/2049 | | | 1,000 | | | | 1,035 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 36 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Tennessee — continued | |
| | |
Series 2019A, Rev., 5.75%, 10/1/2054 | | | 1,500 | | | | 1,547 | |
| | |
Series 2019A, Rev., 5.75%, 10/1/2059 | | | 3,350 | | | | 3,434 | |
| | | | | | | | |
| | |
Total Tennessee | | | | | | | 9,602 | |
| | | | | | | | |
|
Texas — 5.0% | |
| | |
Arlington Higher Education Finance Corp., Basis Texas Charter Schools, Inc. Series 2020A, Rev., 4.00%, 6/15/2040 (b) | | | 1,810 | | | | 1,817 | |
| | |
Arlington Higher Education Finance Corp., Newman International Academy | | | | | | | | |
| | |
Rev., 5.00%, 8/15/2041 | | | 300 | | | | 317 | |
| | |
Rev., 5.00%, 8/15/2051 | | | 850 | | | | 884 | |
| | |
Arlington Higher Education Finance Corp., Wayside Schools Series 2021A, Rev., 4.00%, 8/15/2041 | | | 305 | | | | 307 | |
| | |
Arlington Higher Education Finance Corp., Winfree Academy Charter Schools | | | | | | | | |
| | |
Series 2019A, Rev., 5.15%, 8/15/2029 | | | 420 | | | | 454 | |
| | |
Series 2019A, Rev., 5.75%, 8/15/2043 | | | 1,000 | | | | 1,118 | |
| | |
Baytown Municipal Development District, Baytown Convention Center Hotel, First Lien Series 2021A, Rev., 4.00%, 10/1/2050 | | | 875 | | | | 903 | |
| | |
Bexar County Health Facilities Development Corp., Army Retirement Residence Foundation Project Rev., 4.00%, 7/15/2045 | | | 940 | | | | 950 | |
| | |
City of Houston, Airport System, Subordinate Lien Series 2018D, Rev., 5.00%, 7/1/2028 | | | 355 | | | | 422 | |
| | |
City of Houston, Airport System, United Airlines, Inc., Terminal Improvements Projects | | | | | | | | |
| | |
Series 2021B-1, Rev., AMT, 4.00%, 7/15/2041 | | | 550 | | | | 568 | |
| | |
City of Houston, Combined Utility System, Junior Lien Series A, Rev., AGM, Zero Coupon, 12/1/2027 (d) | | | 30 | | | | 27 | |
| | |
City of Temple, Reinvestment Zone Series 2018A, Rev., 5.00%, 8/1/2028 | | | 895 | | | | 965 | |
| | |
Conroe Local Government Corp., Conroe Convention Center Hotel Series 2021A, Rev., 4.00%, 10/1/2050 | | | 550 | | | | 574 | |
| | |
Matagorda County Navigation District No.1, Pollution Control, Central Power and Light Co. Project Series 2001A, Rev., 2.60%, 11/1/2029 | | | 1,000 | | | | 1,010 | |
| | |
New Hope Cultural Education Facilities Finance Corp., Beta Academy | | | | | | | | |
| | |
Series A, Rev., 3.38%, 8/15/2029 (b) | | | 300 | | | | 303 | |
| | |
Series A, Rev., 5.00%, 8/15/2039 (b) | | | 425 | | | | 445 | |
| | |
Series A, Rev., 5.00%, 8/15/2049 (b) | | | 670 | | | | 697 | |
| | |
New Hope Cultural Education Facilities Finance Corp., Cityscape Schools, Inc. | | | | | | | | |
| | |
Series 2019A, Rev., 4.00%, 8/15/2029 (b) | | | 330 | | | | 361 | |
| | |
Series 2019A, Rev., 5.00%, 8/15/2039 (b) | | | 610 | | | | 678 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | |
| | | | | | | | |
|
Texas — continued | |
| | |
New Hope Cultural Education Facilities Finance Corp., Legacy Midtown Park Project Series 2018A, Rev., 5.50%, 7/1/2054 | | | 1,000 | | | | 1,020 | |
| | |
New Hope Cultural Education Facilities Finance Corp., Morningside Ministries Project Series 2020A, Rev., 5.00%, 1/1/2035 | | | 865 | | | | 938 | |
| | |
Rev., 4.00%, 1/1/2037 (f) | | | 625 | | | | 618 | |
| | |
Series 2020A, Rev., 5.00%, 1/1/2040 | | | 790 | | | | 852 | |
| | |
Series 2020A, Rev., 5.00%, 1/1/2055 | | | 2,000 | | | | 2,138 | |
| | |
New Hope Cultural Education Facilities Finance Corp., Presbyterian Village North Project Rev., 5.00%, 10/1/2039 | | | 1,000 | | | | 1,055 | |
| | |
New Hope Cultural Education Facilities Finance Corp., Quality Senior Housing Foundation Series 2019A-1, Rev., 5.00%, 12/1/2039 | | | 1,420 | | | | 1,524 | |
| | |
New Hope Cultural Education Facilities Finance Corp., Wesleyan Homes, Inc., Project | | | | | | | | |
| | |
Rev., 4.00%, 1/1/2029 | | | 300 | | | | 295 | |
| | |
Rev., 5.00%, 1/1/2039 | | | 205 | | | | 208 | |
| | |
Newark Higher Education Finance Corp., Austin Achieve Public Schools, Inc. | | | | | | | | |
| | |
Rev., 4.25%, 6/15/2028 | | | 135 | | | | 136 | |
| | |
Rev., 5.00%, 6/15/2033 | | | 150 | | | | 151 | |
| | |
Rev., 5.00%, 6/15/2038 | | | 250 | | | | 252 | |
| | |
San Antonio Education Facilities Corp., Hallmark University Project Series 2021A, Rev., 5.00%, 10/1/2051 | | | 500 | | | | 510 | |
| | |
San Antonio Education Facilities Corp., University of the Incarnate Word Project Series 2021A, Rev., 4.00%, 4/1/2046 | | | 1,000 | | | | 1,063 | |
| | |
Tarrant County Cultural Education Facilities Finance Corp., Cook Children’s Medical Center Series A, Rev., 5.25%, 12/1/2039 | | | 170 | | | | 181 | |
| | |
Tarrant County Cultural Education Facilities Finance Corp., Retirement Facility, MRC Stevenson Oaks Project Series 2020A, Rev., 6.25%, 11/15/2031 | | | 500 | | | | 567 | |
| | |
Uptown Development Authority, Tax Increment Contract Rev., 4.00%, 9/1/2035 | | | 500 | | | | 559 | |
| | | | | | | | |
| | |
Total Texas | | | | | | | 24,867 | |
| | | | | | | | |
|
Utah — 3.4% | |
| | |
Mida Golf and Equestrian Center Public Infrastructure District, Limited Tax | | | | | | | | |
| | |
GO, 4.13%, 6/1/2036 (b) | | | 895 | | | | 842 | |
| | |
GO, 4.25%, 6/1/2041 (b) | | | 1,100 | | | | 1,022 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 37 |
JPMorgan High Yield Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Utah — continued | |
| | |
Mida Mountain Village Public Infrastructure District, Mountain Village Assessment Area | | | | | | | | |
| | |
Series 2020B, Rev., 6.25%, 8/1/2030 (b) | | | 1,000 | | | | 1,018 | |
| | |
Series 2020A, Rev., 4.50%, 8/1/2040 | | | 1,000 | | | | 1,070 | |
| | |
Rev., 4.00%, 8/1/2050 (b) | | | 1,750 | | | | 1,658 | |
| | |
Military Installation Development Authority, Tax Allocation and Hotel Tax | | | | | | | | |
| | |
Series 2021A-1, Rev., 4.00%, 6/1/2036 | | | 500 | | | | 486 | |
| | |
Series 2021A-1, Rev., 4.00%, 6/1/2041 | | | 500 | | | | 476 | |
| | |
UIPA Crossroads Public Infrastructure District, Tax Differential Rev., 4.13%, 6/1/2041 (b) | | | 1,000 | | | | 945 | |
| | |
Utah Charter School Finance Authority, Mountain West Montessori Academy Project | | | | | | | | |
| | |
Series 2020A, Rev., 3.13%, 6/15/2029 (b) | | | 650 | | | | 653 | |
| | |
Series 2020A, Rev., 5.00%, 6/15/2039 (b) | | | 475 | | | | 516 | |
| | |
Series 2020A, Rev., 5.00%, 6/15/2049 (b) | | | 825 | | | | 882 | |
| | |
Utah Charter School Finance Authority, Summit Academy Incorporated | | | | | | | | |
| | |
Series A, Rev., 4.00%, 4/15/2032 | | | 250 | | | | 278 | |
| | |
Series A, Rev., 4.00%, 4/15/2033 | | | 260 | | | | 288 | |
| | |
Series A, Rev., 5.00%, 4/15/2034 | | | 235 | | | | 276 | |
| | |
Series A, Rev., 5.00%, 4/15/2039 | | | 700 | | | | 817 | |
| | |
Utah Charter School Finance Authority, The Freedom Academy Foundation, St. George Campus Project | | | | | | | | |
| | |
Series 2021A, Rev., 5.00%, 6/15/2041 (b) | | | 870 | | | | 954 | |
| | |
Series 2021A, Rev., 5.00%, 6/15/2052 (b) | | | 1,295 | | | | 1,399 | |
| | |
Utah Infrastructure Agency, Tax-Exempt Telecommunications | | | | | | | | |
| | |
Rev., 4.00%, 10/15/2033 | | | 500 | | | | 550 | |
| | |
Rev., 4.00%, 10/15/2036 | | | 500 | | | | 547 | |
| | |
Rev., 4.00%, 10/15/2039 | | | 700 | | | | 762 | |
| | |
Rev., 4.00%, 10/15/2041 | | | 250 | | | | 273 | |
| | |
Rev., 4.00%, 10/15/2042 | | | 475 | | | | 515 | |
| | |
Utah Transit Authority, Sales Tax | | | | | | | | |
| | |
Series C, Rev., AGM, 5.25%, 6/15/2025 | | | 40 | | | | 44 | |
| | |
Series 2006C, Rev., AGM, 5.25%, 6/15/2032 | | | 450 | | | | 576 | |
| | | | | | | | |
| | |
Total Utah | | | | | | | 16,847 | |
| | | | | | | | |
|
Vermont — 0.1% | |
| | |
Vermont Student Assistance Corp., Education Loan | | | | | | | | |
| | |
Series 2018A, Rev., AMT, 4.00%, 6/15/2032 | | | 105 | | | | 108 | |
| | |
Series 2018A, Rev., AMT, 4.00%, 6/15/2033 | | | 135 | | | | 138 | |
| | |
Series 2018A, Rev., AMT, 4.00%, 6/15/2034 | | | 110 | | | | 113 | |
| | | | | | | | |
| | |
Total Vermont | | | | | | | 359 | |
| | | | | | | | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | |
| | | | | | | | |
|
Virginia — 3.3% | |
| | |
Chesapeake Hospital Authority, Regional Medical Center | | | | | | | | |
| | |
Rev., 4.00%, 7/1/2035 | | | 1,000 | | | | 1,114 | |
| | |
Rev., 4.00%, 7/1/2036 | | | 1,175 | | | | 1,308 | |
| | |
Rev., 4.00%, 7/1/2037 | | | 1,205 | | | | 1,340 | |
| | |
Danville Industrial Development Authority, Averett University Series 2017A, Rev., 4.75%, 10/1/2032 | | | 760 | | | | 782 | |
| | |
Fredericksburg Economic Development Authority, Stadium Project | | | | | | | | |
| | |
Series 2021A-1, Rev., 7.00%, 11/15/2026 (b) | | | 685 | | | | 687 | |
| | |
Series B, Rev., 6.13%, 9/1/2029 (b) | | | 1,895 | | | | 1,800 | |
| | |
Series B, Rev., 7.00%, 9/1/2044 (b) | | | 1,000 | | | | 912 | |
| | |
Norfolk Redevelopment and Housing Authority, Fort Norfolk Retirement Community, Harbors Edge Project Series 2019A, Rev., 4.38%, 1/1/2039 | | | 1,400 | | | | 1,472 | |
| | |
Roanoke County Economic Development Authority, Residential Care Facility, Richfield Living | | | | | | | | |
| | |
Series 2019A, Rev., 4.75%, 9/1/2029 | | | 1,000 | | | | 936 | |
| | |
Series 2020, Rev., 4.30%, 9/1/2030 | | | 770 | | | | 690 | |
| | |
Series 2019A, Rev., 5.00%, 9/1/2034 | | | 2,000 | | | | 1,823 | |
| | |
Series 2020, Rev., 5.00%, 9/1/2040 | | | 1,640 | | | | 1,430 | |
| | |
Roanoke Economic Development Authority, Carilion Clinic Obligated Group Series 2020A, Rev., 5.00%, 7/1/2047 | | | 1,550 | | | | 2,159 | |
| | | | | | | | |
| | |
Total Virginia | | | | | | | 16,453 | |
| | | | | | | | |
|
Washington — 2.2% | |
| | |
Pend Oreille County, Public Hospital District No. 1, Unlimited Tax | | | | | | | | |
| | |
GO, 5.00%, 12/1/2033 | | | 1,000 | | | | 1,108 | |
| | |
GO, 5.00%, 12/1/2038 | | | 1,255 | | | | 1,385 | |
| | |
Washington Health Care Facilities Authority, Commonspirit Health Series 2019A-1, Rev., 4.00%, 8/1/2044 | | | 1,000 | | | | 1,084 | |
| | |
Washington Higher Education Facilities Authority, Seattle University Project | | | | | | | | |
| | |
Rev., 3.50%, 5/1/2039 | | | 300 | | | | 315 | |
| | |
Rev., 3.63%, 5/1/2040 | | | 800 | | | | 843 | |
| | |
Rev., 4.00%, 5/1/2045 | | | 500 | | | | 546 | |
| | |
Washington State Housing Finance Commission, Judson Park Project | | | | | | | | |
| | |
Rev., 4.00%, 7/1/2028 (b) | | | 535 | | | | 548 | |
| | |
Rev., 5.00%, 7/1/2033 (b) | | | 535 | | | | 566 | |
| | |
Rev., 5.00%, 7/1/2038 (b) | | | 300 | | | | 315 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 38 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Washington — continued | |
| | |
Washington State Housing Finance Commission, The Heart Stone Project | | | | | | | | |
| | |
Series 2018A, Rev., 4.50%, 7/1/2028 (b) | | | 965 | | | | 1,006 | |
| | |
Series 2018A, Rev., 5.00%, 7/1/2038 (b) | | | 825 | | | | 857 | |
| | |
Washington State Housing Finance Commission, Transforming Age Projects | | | | | | | | |
| | |
Series 2019A, Rev., 5.00%, 1/1/2034 (b) | | | 745 | | | | 799 | |
| | |
Series 2019A, Rev., 5.00%, 1/1/2039 (b) | | | 1,495 | | | | 1,589 | |
| | | | | | | | |
| | |
Total Washington | | | | | | | 10,961 | |
| | | | | | | | |
|
West Virginia — 0.6% | |
| | |
West Virginia Hospital Finance Authority, Charleston Area Medical Center, Inc. | | | | | | | | |
| | |
Series 2019A, Rev., 5.00%, 9/1/2038 | | | 1,250 | | | | 1,482 | |
| | |
Series 2019A, Rev., 5.00%, 9/1/2039 | | | 1,400 | | | | 1,657 | |
| | | | | | | | |
| | |
Total West Virginia | | | | | | | 3,139 | |
| | | | | | | | |
|
Wisconsin — 6.0% | |
| | |
Public Finance Authority, Blue Ridge Healthcare Facilities | | | | | | | | |
| | |
Series 2020A, Rev., 4.00%, 1/1/2045 | | | 750 | | | | 820 | |
| | |
Series 2020A, Rev., 3.00%, 1/1/2050 | | | 750 | | | | 714 | |
| | |
Public Finance Authority, Carson Valley Medical Center Series 2021A, Rev., 4.00%, 12/1/2041 | | | 500 | | | | 558 | |
| | |
Public Finance Authority, Cedars Obligated Group Rev., 4.25%, 5/1/2029 (b) | | | 960 | | | | 914 | |
| | |
Public Finance Authority, Community School of Davidson Project | | | | | | | | |
| | |
Rev., 3.75%, 10/1/2023 | | | 155 | | | | 157 | |
| | |
Rev., 5.00%, 10/1/2033 | | | 775 | | | | 858 | |
| | |
Public Finance Authority, Coral Academy of Science | | | | | | | | |
| | |
Series 2019A, Rev., 5.00%, 6/1/2029 (b) | | | 370 | | | | 402 | |
| | |
Series 2019A, Rev., 5.00%, 6/1/2039 (b) | | | 710 | | | | 766 | |
| | |
Public Finance Authority, ENO River Academy Project | | | | | | | | |
| | |
Series 2020A, Rev., 4.00%, 6/15/2030 (b) | | | 235 | | | | 248 | |
| | |
Series 2020A, Rev., 5.00%, 6/15/2040 (b) | | | 410 | | | | 449 | |
| | |
Series 2020A, Rev., 5.00%, 6/15/2054 (b) | | | 685 | | | | 738 | |
| | |
Public Finance Authority, First Mortgage Southminster, Inc. Rev., 4.25%, 10/1/2038 (b) | | | 2,000 | | | | 2,008 | |
| | |
Public Finance Authority, Minnesota College of Osteopathic Medicine | | | | | | | | |
| | |
Series 2019A-1, Rev., 5.50%, 12/1/2048 (b)(g) | | | 17 | | | | 9 | |
| | |
Series 2019A-2, Rev., 7.25%, 12/1/2048 (b)(g) | | | 46 | | | | 23 | |
| | |
Public Finance Authority, Piedmont Community Charter School | | | | | | | | |
| | |
Rev., 5.00%, 6/15/2027 | | | 160 | | | | 181 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | |
| | | | | | | | |
|
Wisconsin — continued | |
| | |
Rev., 5.00%, 6/15/2028 | | | 505 | | | | 578 | |
| | |
Rev., 5.00%, 6/15/2034 | | | 215 | | | | 248 | |
| | |
Rev., 5.00%, 6/15/2039 | | | 390 | | | | 446 | |
| | |
Rev., 5.00%, 6/15/2049 | | | 1,000 | | | | 1,127 | |
| | |
Public Finance Authority, Presbyterian Villages of Michigan Obligated Group Rev., 4.00%, 11/15/2042 (b) | | | 3,955 | | | | 3,706 | |
| | |
Public Finance Authority, Ripple Ranch, LLC Obligate Series 2021A, Rev., 5.25%, 12/1/2051 (b) | | | 800 | | | | 685 | |
| | |
Public Finance Authority, Roseman University of Health Sciences Project | | | | | | | | |
| | |
Rev., 5.00%, 4/1/2030 (b) | | | 500 | | | | 562 | |
| | |
Rev., 5.00%, 4/1/2040 (b) | | | 2,155 | | | | 2,409 | |
| | |
Rev., 4.00%, 4/1/2042 (b) | | | 500 | | | | 514 | |
| | |
Public Finance Authority, Triad Educational Services, Inc. | | | | | | | | |
| | |
Series 2021A, Rev., 4.00%, 6/15/2051 | | | 1,870 | | | | 1,975 | |
| | |
Series 2021A, Rev., 4.00%, 6/15/2061 | | | 2,250 | | | | 2,343 | |
| | |
Public Finance Authority, Ultimate Medical Academy Project Series 2019A, Rev., 5.00%, 10/1/2034 (b) | | | 500 | | | | 565 | |
| | |
Public Finance Authority, Vitcus Group Project | | | | | | | | |
| | |
Series 2022B, Rev., 5.00%, 12/1/2024 (b)(f) | | | 215 | | | | 215 | |
| | |
Series 2022A, Rev., 4.00%, 12/1/2031 (b)(f) | | | 400 | | | | 401 | |
| | |
Public Finance Authority, Wilson Preparatory Academy | | | | | | | | |
| | |
Series 2019A, Rev., 4.13%, 6/15/2029 (b) | | | 475 | | | | 499 | |
| | |
Series 2019A, Rev., 5.00%, 6/15/2039 (b) | | | 500 | | | | 539 | |
| | |
Series 2019A, Rev., 5.00%, 6/15/2049 (b) | | | 1,100 | | | | 1,175 | |
| | |
Wisconsin Health and Educational Facilities Authority, Rogers Memorial Hospital, Inc. | | | | | | | | |
| | |
Series B, Rev., 5.00%, 7/1/2038 | | | 150 | | | | 169 | |
| | |
Series A, Rev., 5.00%, 7/1/2044 | | | 210 | | | | 236 | |
| | |
Wisconsin Health and Educational Facilities Authority, St. Camillus Health System | | | | | | | | |
| | |
Series 2019A, Rev., 5.00%, 11/1/2026 | | | 355 | | | | 387 | |
| | |
Series 2019A, Rev., 5.00%, 11/1/2027 | | | 370 | | | | 407 | |
| | |
Series 2019A, Rev., 5.00%, 11/1/2028 | | | 470 | | | | 520 | |
| | |
Series 2019A, Rev., 5.00%, 11/1/2029 | | | 315 | | | | 347 | |
| | |
Series 2019A, Rev., 5.00%, 11/1/2030 | | | 515 | | | | 566 | |
| | | | | | | | |
| | |
Total Wisconsin | | | | | | | 29,464 | |
| | | | | | | | |
| | |
Total Municipal Bonds
(Cost $484,228) | | | | | | | 489,445 | |
| | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 39 |
JPMorgan High Yield Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS | |
SHARES
(000) | | | VALUE
($000) | |
Short-Term Investments — 0.5% | |
|
Investment Companies — 0.5% | |
| | |
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 0.04% (h) (i) (Cost $2,496) | | | 2,496 | | | | 2,497 | |
| | | | | | | | |
Total Investments — 99.9%
(Cost $486,724) | | | | | | | 491,942 | |
Other Assets Less Liabilities — 0.1% | | | | | | | 694 | |
| | | | | |
NET ASSETS — 100.0% | | | | | | | 492,636 | |
| | | | | |
Percentages indicated are based on net assets.
| | |
Abbreviations |
| AGC | | Insured by Assured Guaranty Corp. |
| AGM | | Insured by Assured Guaranty Municipal Corp. |
| AMBAC | | Insured by American Municipal Bond Assurance Corp. |
| AMT | | Alternative Minimum Tax |
| BAN | | Bond Anticipation Note |
| BHAC | | Insured by Berkshire Hathaway Assurance Corp. |
| COP | | Certificate of Participation |
| CR | | Custodial Receipts |
| FHLMC | | Federal Home Loan Mortgage Corp. |
| FNMA | | Federal National Mortgage Association |
| GNMA | | Government National Mortgage Association |
| GO | | General Obligation |
| GTD | | Guaranteed |
| NATL | | Insured by National Public Finance Guarantee Corp. |
| RE | | Reinsured |
| Rev. | | Revenue |
| | |
| (a) | | The date shown represents the earliest of the prerefunded date, next put date or final maturity date. |
| (b) | | Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. |
| (c) | | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of February 28, 2022. |
| (d) | | Security is prerefunded or escrowed to maturity. |
| (e) | | Amount rounds to less than 0.1% of net assets. |
| (f) | | All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. |
| (g) | | Defaulted security. |
| (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 February 28, 2022. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 40 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
JPMorgan Intermediate Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — 97.4% (a) | |
|
Alabama — 3.5% | |
| | |
Alabama Community College System ACCS Enhancements Fee Rev., AGM, 4.00%, 9/1/2035 | | | 160 | | | | 184 | |
| | |
Alabama Federal Aid Highway Finance Authority | | | | | | | | |
| | |
Rev., 5.00%, 9/1/2023 (b) | | | 20 | | | | 21 | |
| | |
Series B, Rev., 5.00%, 9/1/2023 (b) | | | 30 | | | | 32 | |
| | |
Series A, Rev., 5.00%, 9/1/2027 (b) | | | 25 | | | | 30 | |
| | |
Alabama Public School and College Authority, Capital Improvement | | | | | | | | |
| | |
Series 2014-B, Rev., 5.00%, 1/1/2023 | | | 50 | | | | 52 | |
| | |
Series 2014-A, Rev., 5.00%, 2/1/2025 | | | 2,000 | | | | 2,143 | |
| | |
Series 2019A, Rev., 4.00%, 5/1/2033 | | | 85 | | | | 96 | |
| | |
Alabama Special Care Facilities Financing Authority-Birmingham, Children’s Hospital Health Care Facility Rev., 5.00%, 6/1/2023 | | | 115 | | | | 121 | |
| | |
Birmingham Airport Authority | | | | | | | | |
| | |
Rev., 5.00%, 7/1/2028 | | | 350 | | | | 416 | |
| | |
Rev., 5.00%, 7/1/2029 | | | 375 | | | | 455 | |
| | |
Rev., 5.00%, 7/1/2030 | | | 250 | | | | 308 | |
| | |
Rev., 5.00%, 7/1/2031 | | | 175 | | | | 215 | |
| | |
Rev., 5.00%, 7/1/2032 | | | 150 | | | | 184 | |
| | |
Black Belt Energy Gas District, Gas Prepay Series 2018A, Rev., 4.00%, 12/1/2023 (c) | | | 5,500 | | | | 5,713 | |
| | |
Black Belt Energy Gas District, Gas Project No. 7 Series 2021C-1, Rev., 4.00%, 12/1/2026 (c) | | | 3,200 | | | | 3,452 | |
| | |
Black Belt Energy Gas District, Gas Project No. 8 Series 2022A, Rev., 4.00%, 12/1/2029 (c) | | | 2,290 | | | | 2,540 | |
| | |
City of Birmingham, Warrant | | | | | | | | |
| | |
Series 2018B, GO, 4.00%, 12/1/2032 | | | 570 | | | | 642 | |
| | |
Series 2018B, GO, 4.00%, 12/1/2033 | | | 375 | | | | 423 | |
| | |
Series 2018B, GO, 4.00%, 12/1/2034 | | | 510 | | | | 575 | |
| | |
Series 2018B, GO, 4.00%, 12/1/2035 | | | 500 | | | | 563 | |
| | |
City of Huntsville, Electric System, Warrants Series A, Rev., 5.00%, 12/1/2023 | | | 35 | | | | 37 | |
| | |
City of Huntsville, Warrants | | | | | | | | |
| | |
Series 2018-A, GO, 5.00%, 5/1/2030 | | | 2,765 | | | | 3,275 | |
| | |
Series A, GO, 5.00%, 5/1/2031 | | | 3,035 | | | | 3,600 | |
| | |
Series 2018-A, GO, 5.00%, 5/1/2033 | | | 70 | | | | 83 | |
| | |
City of Madison, Warrants GO, 5.00%, 4/1/2023 | | | 25 | | | | 26 | |
| | |
County of Mobile, Warrants | | | | | | | | |
| | |
Series C, GO, 5.00%, 8/1/2022 (b) | | | 25 | | | | 25 | |
| | |
GO, 5.00%, 2/1/2033 | | | 25 | | | | 30 | |
| | |
DeKalb-Jackson Water Supply District, Inc. Series 2021A, Rev., 4.00%, 7/1/2031 | | | 650 | | | | 737 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
|
Alabama — continued | |
| | |
Infirmary Health System Special Care Facilities Financing Authority of Mobile, Infirmary Health System, Inc. Series 2016A, Rev., 5.00%, 2/1/2025 | | | 320 | | | | 351 | |
| | |
Lower Alabama Gas District (The), Gas Project Rev., 4.00%, 12/1/2025 (c) | | | 32,500 | | | | 34,942 | |
| | |
Montgomery County Public Building Authority, Facilities Project | | | | | | | | |
| | |
Rev., 5.00%, 3/1/2024 (b) | | | 7,500 | | | | 8,067 | |
| | |
Rev., 5.00%, 3/1/2026 | | | 1,735 | | | | 1,858 | |
| | |
Shelby County Board of Education, Special Tax 5.00%, 2/1/2025 | | | 50 | | | | 55 | |
| | |
Southeast Alabama Gas Supply District (The), Project No. 1 | | | | | | | | |
| | |
Series 2018A, Rev., 4.00%, 4/1/2024 (c) | | | 34,000 | | | | 35,505 | |
| | |
Series 2018A, Rev., 5.00%, 4/1/2024 | | | 20,845 | | | | 22,294 | |
| | |
Southeast Alabama Gas Supply District (The), Project No. 2 Series 2018A, Rev., 4.00%, 6/1/2024 (c) | | | 16,015 | | | | 16,785 | |
| | |
Southeast Energy Authority A Cooperative District, Project No. 2 Series 2021B, Rev., 4.00%, 12/1/2031 (c) | | | 9,050 | | | | 10,267 | |
| | |
UAB Medicine Finance Authority Series 2019B, Rev., 5.00%, 9/1/2035 | | | 55 | | | | 67 | |
| | |
University of West Alabama, General Fee | | | | | | | | |
| | |
Rev., AGM, 5.00%, 1/1/2028 | | | 200 | | | | 231 | |
| | |
Rev., AGM, 5.00%, 1/1/2029 | | | 200 | | | | 236 | |
| | |
Rev., AGM, 5.00%, 1/1/2030 | | | 200 | | | | 239 | |
| | |
Water Works Board of the City of Birmingham (The) Series 2016A, Rev., 5.00%, 1/1/2030 | | | 150 | | | | 175 | |
| | | | | | | | |
| | |
Total Alabama | | | | | | | 157,050 | |
| | | | | | | | |
|
Alaska — 0.2% | |
| | |
Alaska Housing Finance Corp., State Capital Project Series 2019B, Rev., 5.00%, 6/1/2026 | | | 20 | | | | 23 | |
| | |
Alaska Industrial Development and Export Authority, Tanana Chiefs Conference Project | | | | | | | | |
| | |
Series 2019A, Rev., 5.00%, 10/1/2024 | | | 800 | | | | 868 | |
| | |
Series 2019A, Rev., 5.00%, 10/1/2025 | | | 1,325 | | | | 1,473 | |
| | |
Series 2019A, Rev., 5.00%, 10/1/2026 | | | 1,385 | | | | 1,577 | |
| | |
Series 2019A, Rev., 5.00%, 10/1/2027 | | | 1,455 | | | | 1,692 | |
| | |
Series 2019A, Rev., 5.00%, 10/1/2028 | | | 1,530 | | | | 1,812 | |
| | |
Municipality of Anchorage, Schools Series C, GO, 5.00%, 9/1/2028 | | | 1,675 | | | | 2,021 | |
| | | | | | | | |
| | |
Total Alaska | | | | | | | 9,466 | |
| | | | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 41 |
JPMorgan Intermediate Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Arizona — 1.7% | |
| | |
Arizona Department of Transportation State Highway Fund Rev., 5.00%, 7/1/2031 | | | 25 | | | | 29 | |
| | |
Arizona Industrial Development Authority, Aliante & Skye Canyon Campus Project | | | | | | | | |
| | |
Series 2021A, Rev., 3.00%, 12/15/2031 (d) | | | 265 | | | | 257 | |
| | |
Series 2021A, Rev., 4.00%, 12/15/2041 (d) | | | 250 | | | | 257 | |
| | |
Arizona Industrial Development Authority, Children’s National Medical Center | | | | | | | | |
| | |
Series 2020A, Rev., 4.00%, 9/1/2035 | | | 200 | | | | 228 | |
| | |
Series 2020A, Rev., 4.00%, 9/1/2036 | | | 355 | | | | 405 | |
| | |
Series 2020A, Rev., 4.00%, 9/1/2037 | | | 820 | | | | 937 | |
| | |
Series 2020A, Rev., 4.00%, 9/1/2039 | �� | | 810 | | | | 918 | |
| | |
Series 2020A, Rev., 4.00%, 9/1/2046 | | | 2,750 | | | | 3,055 | |
| | |
Arizona Industrial Development Authority, Doral Academy of Northern Nevada Project | | | | | | | | |
| | |
Series 2021A, Rev., 4.00%, 7/15/2026 (d) | | | 115 | | | | 121 | |
| | |
Series 2021A, Rev., 4.00%, 7/15/2027 (d) | | | 120 | | | | 127 | |
| | |
Series 2021A, Rev., 4.00%, 7/15/2028 (d) | | | 200 | | | | 212 | |
| | |
Series 2021A, Rev., 4.00%, 7/15/2029 (d) | | | 200 | | | | 212 | |
| | |
Series 2021A, Rev., 4.00%, 7/15/2030 (d) | | | 200 | | | | 211 | |
| | |
Series 2021A, Rev., 4.00%, 7/15/2031 (d) | | | 215 | | | | 224 | |
| | |
Series 2021A, Rev., 4.00%, 7/15/2032 (d) | | | 225 | | | | 234 | |
| | |
Series 2021A, Rev., 4.00%, 7/15/2033 (d) | | | 180 | | | | 187 | |
| | |
Series 2021A, Rev., 4.00%, 7/15/2034 (d) | | | 200 | | | | 207 | |
| | |
Series 2021A, Rev., 4.00%, 7/15/2035 (d) | | | 250 | | | | 259 | |
| | |
Series 2021A, Rev., 4.00%, 7/15/2037 (d) | | | 270 | | | | 279 | |
| | |
Series 2021A, Rev., 4.00%, 7/15/2041 (d) | | | 135 | | | | 138 | |
| | |
Arizona Industrial Development Authority, Great Lakes Senior Living Communities LLC Project | | | | | | | | |
| | |
Series 2019A, Rev., 5.00%, 1/1/2023 | | | 610 | | | | 610 | |
| | |
Series 2019A, Rev., 5.00%, 1/1/2024 | | | 1,475 | | | | 1,473 | |
| | |
Series 2019A, Rev., 5.00%, 1/1/2025 | | | 1,800 | | | | 1,791 | |
| | |
Series 2019A, Rev., 5.00%, 1/1/2026 | | | 1,875 | | | | 1,857 | |
| | |
Series 2019A, Rev., 5.00%, 1/1/2027 | | | 1,850 | | | | 1,816 | |
| | |
Series 2019A, Rev., 5.00%, 1/1/2028 | | | 1,500 | | | | 1,461 | |
| | |
Series 2019A, Rev., 5.00%, 1/1/2029 | | | 660 | | | | 638 | |
| | |
Series 2019A, Rev., 5.00%, 1/1/2030 | | | 3,670 | | | | 3,525 | |
| | |
Series 2019A, Rev., 4.00%, 1/1/2031 | | | 4,100 | | | | 3,614 | |
| | |
Series 2019A, Rev., 4.00%, 1/1/2032 | | | 4,265 | | | | 3,701 | |
| | |
Series 2019A, Rev., 4.00%, 1/1/2033 | | | 4,440 | | | | 3,793 | |
| | |
Series 2019A, Rev., 5.00%, 1/1/2034 | | | 1,770 | | | | 1,689 | |
| | |
Series 2019A, Rev., 5.00%, 1/1/2035 | | | 2,285 | | | | 2,165 | |
| | |
Series 2019A, Rev., 5.00%, 1/1/2036 | | | 1,835 | | | | 1,720 | |
| | |
Series 2019A, Rev., 5.00%, 1/1/2037 | | | 500 | | | | 468 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
|
Arizona — continued | |
| | |
Series 2019A, Rev., 5.00%, 1/1/2038 | | | 500 | | | | 466 | |
| | |
Series 2019A, Rev., 4.25%, 1/1/2039 | | | 545 | | | | 454 | |
| | |
Series 2019A, Rev., 4.25%, 1/1/2040 | | | 1,320 | | | | 1,093 | |
| | |
Series 2019A, Rev., 5.00%, 1/1/2043 | | | 1,750 | | | | 1,590 | |
| | |
Arizona Industrial Development Authority, Macombs Facility Project | | | | | | | | |
| | |
Series 2021A, Rev., 5.00%, 7/1/2032 | | | 165 | | | | 193 | |
| | |
Series 2021A, Rev., 5.00%, 7/1/2033 | | | 160 | | | | 187 | |
| | |
Series 2021A, Rev., 4.00%, 7/1/2034 | | | 165 | | | | 179 | |
| | |
Series 2021A, Rev., 4.00%, 7/1/2035 | | | 180 | | | | 195 | |
| | |
Series 2021A, Rev., 4.00%, 7/1/2036 | | | 155 | | | | 167 | |
| | |
Series 2021A, Rev., 4.00%, 7/1/2041 | | | 365 | | | | 390 | |
| | |
Arizona Industrial Development Authority, Pebble Campus Project | | | | | | | | |
| | |
Series 2020A, Rev., 4.00%, 7/15/2030 (d) | | | 250 | | | | 265 | |
| | |
Series 2020A, Rev., 5.00%, 7/15/2040 (d) | | | 415 | | | | 458 | |
| | |
Arizona State University | | | | | | | | |
| | |
Series 2016C, Rev., 5.00%, 7/1/2032 | | | 50 | | | | 57 | |
| | |
Series 2017B, Rev., 5.00%, 7/1/2034 | | | 920 | | | | 1,079 | |
| | |
Series 2017B, Rev., 5.00%, 7/1/2035 | | | 1,000 | | | | 1,172 | |
| | |
Series 2016B, Rev., 5.00%, 7/1/2042 | | | 30 | | | | 34 | |
| | |
Arizona Transportation Board, Excise Tax, Maricopa County Regional Area Road Fund Rev., 5.00%, 7/1/2023 | | | 95 | | | | 100 | |
| | |
Arizona Water Infrastructure Finance Authority Series 2014A, Rev., 5.00%, 10/1/2026 | | | 5,910 | | | | 6,467 | |
| | |
City of Cottonwood Rev., AGM, 5.00%, 7/1/2026 | | | 10 | | | | 11 | |
| | |
City of Glendale, Water and Sewer Rev., 5.00%, 7/1/2028 | | | 1,000 | | | | 1,014 | |
| | |
City of Mesa GO, 4.00%, 7/1/2033 | | | 30 | | | | 34 | |
| | |
City of Mesa, Utility System | | | | | | | | |
| | |
Series 2019C, Rev., 5.00%, 7/1/2023 | | | 30 | | | | 32 | |
| | |
Series 2019A, Rev., 5.00%, 7/1/2029 | | | 40 | | | | 49 | |
| | |
Rev., 4.00%, 7/1/2031 | | | 50 | | | | 55 | |
| | |
Series 2019A, Rev., 5.00%, 7/1/2031 | | | 25 | | | | 31 | |
| | |
Series 2019A, Rev., 5.00%, 7/1/2033 | | | 25 | | | | 30 | |
| | |
City of Phoenix Civic Improvement Corp., Civic Plaza Expansion Series 2005B, Rev., BHAC-CR, FGIC, 5.50%, 7/1/2035 | | | 75 | | | | 102 | |
| | |
City of Phoenix Civic Improvement Corp., Junior Lien, Airport System | | | | | | | | |
| | |
Rev., 5.00%, 7/1/2022 | | | 25 | | | | 25 | |
| | |
Rev., 5.00%, 7/1/2023 | | | 25 | | | | 27 | |
| | |
Series 2017D, Rev., 5.00%, 7/1/2024 | | | 275 | | | | 298 | |
| | |
Series 2017D, Rev., 5.00%, 7/1/2029 | | | 190 | | | | 222 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 42 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Arizona — continued | |
| | |
City of Phoenix Civic Improvement Corp., Senior Lien, Airport System | | | | | | | | |
| | |
Series 2017B, Rev., 5.00%, 7/1/2027 | | | 150 | | | | 176 | |
| | |
Rev., AMT, 5.00%, 7/1/2037 | | | 1,000 | | | | 1,166 | |
| | |
City of Scottsdale, Water and Sewer System Rev., 5.25%, 7/1/2023 | | | 1,875 | | | | 1,982 | |
| | |
City of Surprise Rev., 5.00%, 7/1/2025 | | | 20 | | | | 22 | |
| | |
County of Pima, Sewer System Rev., 5.00%, 7/1/2023 | | | 30 | | | | 32 | |
| | |
County of Pinal Rev., 4.00%, 8/1/2037 | | | 75 | | | | 85 | |
| | |
Industrial Development Authority of The City of Phoenix, Downtown Phoenix Student Housing LLC — Arizona State University Project | | | | | | | | |
| | |
Series 2018A, Rev., 5.00%, 7/1/2028 | | | 700 | | | | 818 | |
| | |
Series 2018A, Rev., 5.00%, 7/1/2029 | | | 1,300 | | | | 1,512 | |
| | |
Industrial Development Authority of the County of Yavapai (The), Regional Medical Center Series 2013A, Rev., 5.25%, 8/1/2033 | | | 1,000 | | | | 1,055 | |
| | |
Kyrene Elementary School District No. 28, School Improvement Project Series 2019A, GO, 5.00%, 7/1/2029 | | | 55 | | | | 66 | |
| | |
Maricopa County Elementary School District No. 92 Pendergast Elementary, School Improvement, Project of 2016 Series 2016A, GO, 5.00%, 7/1/2023 | | | 20 | | | | 21 | |
| | |
Maricopa County High School District No. 214 Tolleson Union High School, School Improvement, Project of 2017 Series 2017B, GO, 5.00%, 7/1/2026 | | | 20 | | | | 23 | |
| | |
Maricopa County Industrial Development Authority, HonorHealth | | | | | | | | |
| | |
Series 2019A, Rev., 5.00%, 9/1/2033 | | | 500 | | | | 598 | |
| | |
Series 2019A, Rev., 5.00%, 9/1/2034 | | | 1,000 | | | | 1,196 | |
| | |
Series 2019A, Rev., 5.00%, 9/1/2035 | | | 1,000 | | | | 1,194 | |
| | |
Maricopa County Industrial Development Authority, Ottawa University | | | | | | | | |
| | |
Rev., 5.00%, 10/1/2026 (d) | | | 150 | | | | 158 | |
| | |
Rev., 5.13%, 10/1/2030 (d) | | | 215 | | | | 241 | |
| | |
Maricopa County Special Health Care District, Integrated Health Services | | | | | | | | |
| | |
Series 2018C, GO, 5.00%, 7/1/2031 | | | 25 | | | | 30 | |
| | |
Series 2018C, GO, 5.00%, 7/1/2033 | | | 25 | | | | 30 | |
| | |
Maricopa County Unified School District No. 48 Scottsdale, School Improvement, Project of 2016 Series 2017B, GO, 5.00%, 7/1/2031 | | | 25 | | | | 29 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
|
Arizona — continued | |
| | |
Maricopa County Unified School District No. 95, Queen Creek, School Improvement | | | | | | | | |
| | |
GO, 5.00%, 7/1/2028 | | | 225 | | | | 254 | |
| | |
GO, 5.00%, 7/1/2029 | | | 500 | | | | 565 | |
| | |
Maricopa County Unified School District No. 97 Deer Valley, School Improvement, Project of 2013 Series 2019E, GO, 5.00%, 7/1/2027 | | | 50 | | | | 59 | |
| | |
Maricopa County Unified School District No. 9-Wickenburg, School Improvement Series 2017A, GO, AGM, 4.00%, 7/1/2023 | | | 50 | | | | 52 | |
| | |
Maricopa County Union High School District No. 216 Agua Fria, School Improvement | | | | | | | | |
| | |
GO, 4.00%, 7/1/2034 | | | 50 | | | | 57 | |
| | |
GO, 4.00%, 7/1/2036 | | | 90 | | | | 103 | |
| | |
Mohave County Unified School District No. 1 Lake Havasu, School Improvement, Project of 2016 Series 2017A, GO, 4.00%, 7/1/2030 | | | 30 | | | | 33 | |
| | |
Pima County Community College District Rev., 5.00%, 7/1/2030 | | | 60 | | | | 72 | |
| | |
Pima County Elementary School District No. 39 Continental, School Improvement, Project of 2010 Series B, GO, AGM, 3.75%, 7/1/2029 | | | 20 | | | | 20 | |
| | |
Pinal County School District No. 1 Florence GO, 5.00%, 7/1/2023 | | | 70 | | | | 74 | |
| | |
Regional Public Transportation Authority, Transportation Excise Tax, Maricopa County Public Transportation Fund Rev., 5.25%, 7/1/2025 | | | 1,000 | | | | 1,091 | |
| | |
Salt River Project Agricultural Improvement and Power District, Arizona Salt River Project | | | | | | | | |
| | |
Series 2016A, Rev., 5.00%, 1/1/2036 | | | 7,000 | | | | 8,100 | |
| | |
Series 2019A, Rev., 5.00%, 1/1/2037 | | | 55 | | | | 67 | |
| | |
Scottsdale Municipal Property Corp., Excise Tax Rev., 5.00%, 7/1/2026 | | | 1,570 | | | | 1,809 | |
| | |
University of Arizona (The) Rev., 5.00%, 6/1/2026 | | | 10 | | | | 11 | |
| | |
University of Arizona (The), Stimulus Plan for Economic and Educational Development Series 2020A, Rev., 5.00%, 8/1/2036 | | | 75 | | | | 93 | |
| | | | | | | | |
| | |
Total Arizona | | | | | | | 78,188 | |
| | | | | | | | |
|
Arkansas — 0.0% (e) | |
| | |
State of Arkansas, Federal Highway GO, 5.00%, 10/1/2025 | | | 10 | | | | 11 | |
| | |
University of Arkansas, Various Facility Fayetteville Campus Series 2014A, Rev., 4.50%, 11/1/2024 (b) | | | 45 | | | | 49 | |
| | | | | | | | |
| | |
Total Arkansas | | | | | | | 60 | |
| | | | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 43 |
JPMorgan Intermediate Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
California — 9.8% | |
| | |
Alameda County Joint Powers Authority, Multiple Capital Projects | | | | | | | | |
| | |
Series 2013A, Rev., 5.25%, 12/1/2025 | | | 75 | | | | 81 | |
| | |
Series 2013A, Rev., 5.25%, 12/1/2027 | | | 50 | | | | 53 | |
| | |
Anaheim Public Financing Authority, Public Improvement Project Series 1997C, Rev., AGM, Zero Coupon, 3/1/2037 (b) | | | 30 | | | | 21 | |
| | |
Anaheim Union High School District | | | | | | | | |
| | |
GO, 5.00%, 8/1/2022 | | | 25 | | | | 25 | |
| | |
GO, 5.00%, 8/1/2025 | | | 65 | | | | 71 | |
| | |
Antelope Valley Union High School District GO, 4.00%, 8/1/2022 | | | 55 | | | | 56 | |
| | |
Arcadia Unified School District GO, 4.00%, 8/1/2038 | | | 9,385 | | | | 10,170 | |
| | |
Banning Unified School District GO, AGM, 5.00%, 8/1/2027 | | | 100 | | | | 115 | |
| | |
Bay Area Toll Authority, Toll Bridge | | | | | | | | |
| | |
Series 2019S-H, Rev., 5.00%, 4/1/2029 (b) | | | 50 | | | | 61 | |
| | |
Series 2017S-7, Rev., 4.00%, 4/1/2033 | | | 35 | | | | 39 | |
| | |
Bay Area Water Supply and Conservation Agency Series 2013A, Rev., 5.00%, 10/1/2026 | | | 60 | | | | 63 | |
| | |
Belmont Joint Powers Financing Authority Rev., 5.00%, 8/1/2024 | | | 20 | | | | 22 | |
| | |
Beverly Hills Unified School District, Election of 2008 GO, 5.00%, 8/1/2026 | | | 30 | | | | 34 | |
| | |
Brentwood Union School District, Election of 2016 GO, 5.00%, 8/1/2031 | | | 20 | | | | 23 | |
| | |
California Community College Financing Authority, West Valley Mission Community College District Rev., 5.00%, 6/1/2025 (b) | | | 55 | | | | 62 | |
| | |
California Community Housing Agency, Fountains at Emerald Park Series 2021A-2, Rev., 4.00%, 8/1/2046 (d) | | | 2,965 | | | | 2,677 | |
| | |
California County Tobacco Securitization Agency, Los Angeles County Securitization Corp. | | | | | | | | |
| | |
Series 2020A, Rev., 5.00%, 6/1/2024 | | | 350 | | | | 374 | |
| | |
Series 2020A, Rev., 5.00%, 6/1/2027 | | | 400 | | | | 457 | |
| | |
Series 2020A, Rev., 5.00%, 6/1/2029 | | | 400 | | | | 472 | |
| | |
Series 2020A, Rev., 5.00%, 6/1/2030 | | | 250 | | | | 299 | |
| | |
Series 2020A, Rev., 5.00%, 6/1/2031 | | | 250 | | | | 298 | |
| | |
Series 2020A, Rev., 5.00%, 6/1/2032 | | | 250 | | | | 297 | |
| | |
Series 2020A, Rev., 5.00%, 6/1/2033 | | | 300 | | | | 355 | |
| | |
Series 2020A, Rev., 4.00%, 6/1/2034 | | | 200 | | | | 220 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
|
California — continued | |
| | |
California Educational Facilities Authority, Claremont McKenna College | | | | | | | | |
| | |
Series 2015A, Rev., 4.00%, 1/1/2026 (b) | | | 3,000 | | | | 3,295 | |
| | |
Series 2015A, Rev., 5.00%, 1/1/2026 (b) | | | 7,515 | | | | 8,533 | |
| | |
California Educational Facilities Authority, Pepperdine University Rev., 5.00%, 9/1/2022 (b) | | | 315 | | | | 322 | |
| | |
California Educational Facilities Authority, Santa Clara University Series 2017B, Rev., 5.00%, 4/1/2035 | | | 80 | | | | 93 | |
| | |
California Health Facilities Financing Authority, Cedars-Sinai Medical Center | | | | | | | | |
| | |
Series A, Rev., 5.00%, 8/15/2026 | | | 45 | | | | 52 | |
| | |
Rev., 5.00%, 11/15/2027 | | | 6,250 | | | | 7,052 | |
| | |
California Health Facilities Financing Authority, Children’s Hospital Series 2019A, Rev., 5.00%, 11/1/2024 | | | 30 | | | | 33 | |
| | |
California Health Facilities Financing Authority, Kaiser Permanente Series 2017A, Subseries 2017A-2, Rev., 4.00%, 11/1/2038 | | | 4,000 | | | | 4,453 | |
| | |
California Health Facilities Financing Authority, Memorial Health Services Series 2012A, Rev., 5.00%, 10/1/2026 | | | 1,500 | | | | 1,536 | |
| | |
California Health Facilities Financing Authority, On Lok Senior Health Service | | | | | | | | |
| | |
Rev., 3.00%, 8/1/2024 | | | 100 | | | | 103 | |
| | |
Rev., 3.00%, 8/1/2025 | | | 50 | | | | 52 | |
| | |
Rev., 3.00%, 8/1/2027 | | | 150 | | | | 158 | |
| | |
Rev., 3.00%, 8/1/2028 | | | 130 | | | | 138 | |
| | |
Rev., 3.00%, 8/1/2029 | | | 150 | | | | 160 | |
| | |
Rev., 5.00%, 8/1/2040 | | | 600 | | | | 708 | |
| | |
California Health Facilities Financing Authority, Sutter Health | | | | | | | | |
| | |
Series 2016A, Rev., 3.25%, 11/15/2025 (b) | | | 1,425 | | | | 1,518 | |
| | |
Series 2016A, Rev., 5.00%, 11/15/2025 (b) | | | 1,550 | | | | 1,751 | |
| | |
Series 2017A, Rev., 5.00%, 11/15/2031 | | | 110 | | | | 130 | |
| | |
Series 2017A, Rev., 5.00%, 11/15/2032 | | | 25 | | | | 29 | |
| | |
Series 2017A, Rev., 5.00%, 11/15/2033 | | | 50 | | | | 59 | |
| | |
Series 2018A, Rev., 5.00%, 11/15/2035 | | | 25 | | | | 29 | |
| | |
Series 2018A, Rev., 5.00%, 11/15/2036 | | | 35 | | | | 41 | |
| | |
California Infrastructure and Economic Development Bank, Academy of Motion Picture Arts and Sciences Obligated Group Series 2015A, Rev., 5.00%, 11/1/2026 | | | 1,000 | | | | 1,065 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 44 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
California — continued | |
| | |
California Infrastructure and Economic Development Bank, Clean Water State Revolving Fund | | | | | | | | |
| | |
Rev., 5.00%, 10/1/2026 | | | 60 | | | | 69 | |
| | |
Rev., 5.00%, 10/1/2032 | | | 25 | | | | 29 | |
| | |
California Infrastructure and Economic Development Bank, Independent System Operator Corp. Project Rev., 5.00%, 2/1/2023 (b) | | | 15 | | | | 16 | |
| | |
California Infrastructure and Economic Development Bank, Infrastructure State Revolving Fund Series 2015A, Rev., 5.00%, 10/1/2025 (b) | | | 185 | | | | 209 | |
| | |
California Municipal Finance Authority, California Lutheran University | | | | | | | | |
| | |
Rev., 5.00%, 10/1/2026 | | | 150 | | | | 171 | |
| | |
Rev., 5.00%, 10/1/2027 | | | 150 | | | | 174 | |
| | |
Rev., 5.00%, 10/1/2028 | | | 150 | | | | 178 | |
| | |
California Municipal Finance Authority, Civic Center Infrastructure Improvement Program | | | | | | | | |
| | |
Rev., 5.00%, 6/1/2023 | | | 80 | | | | 84 | |
| | |
Rev., 5.00%, 6/1/2027 | | | 75 | | | | 88 | |
| | |
California Municipal Finance Authority, Community Health System | | | | | | | | |
| | |
Series 2021A, Rev., 5.00%, 2/1/2034 | | | 1,000 | | | | 1,257 | |
| | |
Series 2021A, Rev., 5.00%, 2/1/2035 | | | 1,000 | | | | 1,253 | |
| | |
California Municipal Finance Authority, Community Medical Center | | | | | | | | |
| | |
Series 2017A, Rev., 5.00%, 2/1/2028 | | | 900 | | | | 1,043 | |
| | |
Series 2017A, Rev., 5.00%, 2/1/2029 | | | 1,250 | | | | 1,447 | |
| | |
California Municipal Finance Authority, Electric Utility Distribution System Rev., 5.00%, 10/1/2022 | | | 25 | | | | 26 | |
| | |
California Municipal Finance Authority, Linxs Apartments Project, Senior Lien | | | | | | | | |
| | |
Series 2018A, Rev., AMT, AGM, 3.25%, 12/31/2032 | | | 6,680 | | | | 7,004 | |
| | |
Series 2018A, Rev., AMT, AGM, 3.50%, 12/31/2035 | | | 4,555 | | | | 4,804 | |
| | |
California Municipal Finance Authority, San Antonio Gardens Project | | | | | | | | |
| | |
Series 2022B2, Rev., 2.13%, 11/15/2026 | | | 410 | | | | 404 | |
| | |
Series 2022B1, Rev., 2.75%, 11/15/2027 | | | 160 | | | | 157 | |
| | |
California Public Finance Authority, Enso Village Project | | | | | | | | |
| | |
Series 2021B-3, Rev., 2.13%, 11/15/2027 (d) | | | 6,240 | | | | 6,237 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| |
|
California — continued | |
| | |
Series 2021B-2, Rev., 2.38%, 11/15/2028 (d) | | | 1,800 | | | | 1,801 | |
| | |
Series 2021B-1, Rev., 3.13%, 5/15/2029 (d) | | | 400 | | | | 401 | |
| | |
Series 2021A, Rev., 5.00%, 11/15/2036 (d) | | | 400 | | | | 449 | |
| | |
Series 2021A, Rev., 5.00%, 11/15/2046 (d) | | | 525 | | | | 576 | |
| | |
California Public Finance Authority, Henry Mayo Newhall Hospital | | | | | | | | |
| | |
Rev., 4.00%, 10/15/2025 | | | 250 | | | | 270 | |
| | |
Rev., 4.00%, 10/15/2026 | | | 415 | | | | 456 | |
| | |
Rev., 4.00%, 10/15/2027 | | | 400 | | | | 446 | |
| | |
Rev., 4.00%, 10/15/2028 | | | 360 | | | | 406 | |
| | |
Rev., 5.00%, 10/15/2029 | | | 700 | | | | 802 | |
| | |
Rev., 5.00%, 10/15/2030 | | | 500 | | | | 572 | |
| | |
Rev., 4.00%, 10/15/2031 (c) | | | 345 | | | | 398 | |
| | |
Rev., 5.00%, 10/15/2031 | | | 535 | | | | 611 | |
| | |
California School Finance Authority, Kipp Socal Projects Series 2020A, Rev., 4.00%, 7/1/2040 (d) | | | 505 | | | | 552 | |
| | |
California State Public Works Board, California State University, Various Capital Projects Series C, Rev., 5.00%, 3/1/2032 | | | 3,025 | | | | 3,496 | |
| | |
California State Public Works Board, California State University, Various University Projects Series 2013H, Rev., 5.00%, 9/1/2023 (b) | | | 13,405 | | | | 14,198 | |
| | |
California State Public Works Board, State Office Buildings | | | | | | | | |
| | |
Series F, Rev., 5.00%, 5/1/2026 | | | 3,100 | | | | 3,442 | |
| | |
Series F, Rev., 5.00%, 5/1/2027 | | | 5,000 | | | | 5,549 | |
| | |
California State University, Systemwide | | | | | | | | |
| | |
Series 2012A, Rev., 4.00%, 11/1/2022 (b) | | | 145 | | | | 148 | |
| | |
Series 2017A, Rev., 5.00%, 11/1/2034 | | | 2,875 | | | | 3,347 | |
| | |
Series 2016A, Rev., 5.00%, 11/1/2045 | | | 30 | | | | 34 | |
| | |
California Statewide Communities Development Authority, Emanate Health, Tax-Exempt | | | | | | | | |
| | |
Series 2020A, Rev., 5.00%, 4/1/2031 | | | 365 | | | | 449 | |
| | |
Series 2020A, Rev., 5.00%, 4/1/2032 | | | 900 | | | | 1,105 | |
| | |
Series 2020A, Rev., 5.00%, 4/1/2033 | | | 2,880 | | | | 3,530 | |
| | |
Series 2020A, Rev., 5.00%, 4/1/2034 | | | 1,910 | | | | 2,340 | |
| | |
Series 2020A, Rev., 5.00%, 4/1/2035 | | | 650 | | | | 795 | |
| | |
California Statewide Communities Development Authority, Los Angeles Jewish Home Series 2019B, Rev., 4.00%, 11/15/2023 | | | 100 | | | | 105 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 45 |
JPMorgan Intermediate Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
California — continued | |
| | |
California Statewide Communities Development Authority, San Francisco Campus for Jewish Living Project | | | | | | | | |
| | |
Rev., 4.00%, 11/1/2030 | | | 145 | | | | 167 | |
| | |
Rev., 4.00%, 11/1/2033 | | | 415 | | | | 480 | |
| | |
Rev., 4.00%, 11/1/2034 | | | 435 | | | | 502 | |
| | |
Rev., 4.00%, 11/1/2035 | | | 450 | | | | 519 | |
| | |
Rev., 4.00%, 11/1/2041 | | | 1,740 | | | | 1,975 | |
| | |
Calleguas Municipal Water District Series 2016A, Rev., 5.00%, 7/1/2023 | | | 35 | | | | 37 | |
| | |
Capistrano Unified School District Community Facilities District No. 90-2, Special Tax Rev., AGM, 4.00%, 9/1/2023 | | | 35 | | | | 36 | |
| | |
Castaic Lake Water Agency, Capital Appreciation, Water System Improvement Project Series 1999A, COP, AMBAC, Zero Coupon, 8/1/2025 | | | 10,445 | | | | 9,864 | |
| | |
Central Unified School District GO, 5.00%, 8/1/2025 | | | 110 | | | | 124 | |
| | |
Cerritos Community College District Series A, GO, 5.00%, 8/1/2029 | | | 45 | | | | 49 | |
| | |
Chaffey Community College District GO, 5.00%, 6/1/2022 | | | 25 | | | | 25 | |
| | |
Chino Valley Unified School District GO, 5.00%, 8/1/2022 | | | 60 | | | | 61 | |
| | |
Chula Vista Municipal Financing Authority Rev., 5.00%, 5/1/2025 | | | 15 | | | | 17 | |
| | |
Citrus Community College District Series A, GO, 5.00%, 8/1/2023 | | | 20 | | | | 21 | |
| | |
City of Alameda GO, 4.00%, 8/1/2033 | | | 10 | | | | 10 | |
| | |
City of Brea, Water Utility | | | | | | | | |
| | |
Rev., 5.00%, 7/1/2025 | | | 25 | | | | 28 | |
| | |
Rev., 5.00%, 7/1/2028 | | | 90 | | | | 109 | |
| | |
City of Gilroy, Wastewater Rev., 5.00%, 8/1/2022 | | | 55 | | | | 56 | |
| | |
City of Los Alamitos COP, 5.00%, 10/1/2023 | | | 25 | | | | 27 | |
| | |
City of Los Angeles Department of Airports, International Airport Senior Series A, Rev., AMT, 5.00%, 5/15/2028 | | | 135 | | | | 148 | |
| | |
City of Los Angeles Department of Airports, International Airport Subordinate | | | | | | | | |
| | |
Series 2021D, Rev., AMT, 5.00%, 5/15/2032 | | | 2,000 | | | | 2,486 | |
| | |
Series 2019C, Rev., 5.00%, 5/15/2033 | | | 45 | | | | 54 | |
| | |
City of Los Angeles, Wastewater System | | | | | | | | |
| | |
Subseries B, Rev., 5.00%, 6/1/2023 | | | 120 | | | | 126 | |
| | |
Series 2013A, Rev., 5.00%, 6/1/2026 | | | 12,500 | | | | 13,102 | |
| | |
Series C, Rev., 5.00%, 6/1/2026 | | | 2,000 | | | | 2,022 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| |
|
California — continued | |
| | |
City of Oakland Series 2015A, GO, 5.00%, 1/15/2023 | | | 25 | | | | 26 | |
| | |
City of Pasadena Series 2016A, Rev., 5.00%, 6/1/2031 | | | 25 | | | | 28 | |
| | |
City of Richmond, Wastewater Series 2019B, Rev., 5.00%, 8/1/2023 | | | 40 | | | | 42 | |
| | |
City of San Francisco, Public Utilities Commission Subseries A, Rev., 5.00%, 11/1/2035 | | | 1,500 | | | | 1,729 | |
| | |
City of San Jose, Disaster Preparedness, Public Safety and Infrastructure Series 2019A-1, GO, 5.00%, 9/1/2036 | | | 25 | | | | 31 | |
| | |
City of San Jose, Libraries, Parks and Public Safety Projects | | | | | | | | |
| | |
Series 2019C, GO, 5.00%, 9/1/2028 | | | 50 | | | | 61 | |
| | |
Series 2019C, GO, 5.00%, 9/1/2032 | | | 100 | | | | 122 | |
| | |
City of Santa Rosa, Wastewater | | | | | | | | |
| | |
Series 2014A, Rev., 5.00%, 9/1/2022 | | | 25 | | | | 26 | |
| | |
Series B, Rev., AGM-CR, AMBAC, Zero Coupon, 9/1/2023 | | | 5,000 | | | | 4,908 | |
| | |
City of Ukiah, Water System Rev., AGM, 5.00%, 9/1/2023 | | | 50 | | | | 53 | |
| | |
Coachella Valley Unified School District GO, 4.00%, 8/1/2027 | | | 20 | | | | 21 | |
| | |
Contra Costa County Transportation Authority, Sales Tax | | | | | | | | |
| | |
Series 2015A, Rev., 5.00%, 3/1/2022 | | | 25 | | | | 25 | |
| | |
Series 2012B, Rev., 5.00%, 3/1/2023 (b) | | | 50 | | | | 52 | |
| | |
Series 2017A, Rev., 5.00%, 3/1/2023 | | | 20 | | | | 21 | |
| | |
Series 2015A, Rev., 5.00%, 3/1/2024 | | | 50 | | | | 54 | |
| | |
Corona Utility Authority, Water Projects Rev., 5.00%, 9/1/2022 | | | 40 | | | | 41 | |
| | |
County of Calaveras GO, 5.00%, 8/1/2026 | | | 100 | | | | 112 | |
| | |
County of San Benito, Jail Facility Project COP, 5.00%, 10/1/2025 | | | 45 | | | | 51 | |
| | |
County of San Joaquin, County Administration Building Project COP, AGM, 5.00%, 11/15/2029 | | | 5 | | | | 6 | |
| | |
County of Santa Clara, Election of 2008 Series 2017C, GO, 5.00%, 8/1/2033 | | | 25 | | | | 29 | |
| | |
CSCDA Community Improvement Authority, Essential Housing, Altana-Glendale Series 2021A-1, Rev., 3.50%, 10/1/2046 (d) | | | 6,000 | | | | 5,551 | |
| | |
CSCDA Community Improvement Authority, Essential Housing, Orange Portfolio Series 2021A-1, Rev., 2.80%, 3/1/2047 (d) | | | 13,585 | | | | 12,283 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 46 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
California — continued | |
| | |
CSCDA Community Improvement Authority, Essential Housing, Pasadena Portfolio Series 2021A-1, Rev., 2.65%, 12/1/2046 (d) | | | 4,080 | | | | 3,706 | |
| | |
CSCDA Community Improvement Authority, Essential Housing, Senior Lien Series 2021A-1, Rev., 2.45%, 2/1/2047 (d) | | | 3,000 | | | | 2,656 | |
| | |
Desert Community College District | | | | | | | | |
| | |
GO, 5.00%, 8/1/2022 | | | 50 | | | | 51 | |
| | |
GO, 5.00%, 8/1/2031 | | | 2,250 | | | | 2,640 | |
| | |
Desert Sands Unified School District | | | | | | | | |
| | |
COP, 5.00%, 3/1/2023 | | | 70 | | | | 73 | |
| | |
Series A, GO, 5.00%, 6/1/2026 | | | 40 | | | | 42 | |
| | |
GO, 5.00%, 8/1/2026 | | | 2,200 | | | | 2,473 | |
| | |
Desert Sands Unified School District, Election of 2014 GO, 4.00%, 8/1/2038 | | | 1,000 | | | | 1,108 | |
| | |
Downey Public Finance Authority Rev., 5.00%, 12/1/2022 | | | 100 | | | | 103 | |
| | |
Downey Unified School District, Election of 2014 Series B, GO, 5.00%, 8/1/2032 | | | 50 | | | | 60 | |
| | |
Dry Creek Joint Elementary School District Rev., AGM, 5.00%, 9/1/2022 | | | 25 | | | | 26 | |
| | |
East Bay Municipal Utility District, Water System Series 2015B, Rev., 5.00%, 6/1/2024 | | | 45 | | | | 49 | |
| | |
East Side Union High School District Series 2016B, GO, 5.00%, 8/1/2027 | | | 50 | | | | 57 | |
| | |
East Side Union High School District, Election of 2012 Series B, GO, 5.00%, 8/1/2030 | | | 25 | | | | 28 | |
| | |
El Camino Community College District Foundation (The) GO, 5.00%, 8/1/2022 | | | 25 | | | | 25 | |
| | |
El Centro Financing Authority | | | | | | | | |
| | |
Series 2021B, Rev., 4.00%, 10/1/2029 | | | 265 | | | | 301 | |
| | |
Series 2021B, Rev., 4.00%, 10/1/2030 | | | 275 | | | | 314 | |
| | |
Series 2021B, Rev., 4.00%, 10/1/2031 | | | 285 | | | | 327 | |
| | |
El Monte City School District GO, BAN, Zero Coupon, 4/1/2023 | | | 525 | | | | 518 | |
| | |
Elsinore Valley Municipal Water District Financing Authority Series 2016A, Rev., 5.00%, 7/1/2023 | | | 30 | | | | 32 | |
| | |
Escondido Union School District, Election of 2014 Series A, GO, 5.00%, 8/1/2027 | | | 100 | | | | 112 | |
| | |
Fairfield-Suisun Unified School District, Election of 2016 GO, 5.00%, 8/1/2026 | | | 50 | | | | 58 | |
| | |
Foothill-De Anza Community College District GO, 5.00%, 8/1/2024 (b) | | | 65 | | | | 71 | |
| | |
Fremont Union High School District Series 2019A, GO, 5.00%, 8/1/2030 | | | 75 | | | | 89 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| |
|
California — continued | |
| | |
Fullerton Joint Union High School District, Election of 2014 Series 2015A, GO, 5.00%, 8/1/2022 | | | 30 | | | | 31 | |
| | |
Garden Grove Unified School District, Election of 2010 Series C, GO, 5.00%, 8/1/2023 (b) | | | 1,390 | | | | 1,468 | |
| | |
Glendale Unified School District Series 2015A, GO, 5.00%, 9/1/2023 | | | 25 | | | | 26 | |
| | |
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Series 2015A, Rev., 5.00%, 6/1/2025 (b) | | | 4,000 | | | | 4,460 | |
| | |
Grossmont-Cuyamaca Community College District, Election of 2002 Series 2008C, GO, AGC, Zero Coupon, 8/1/2026 | | | 19,585 | | | | 18,102 | |
| | |
Hayward Unified School District GO, AGM, 5.00%, 8/1/2027 | | | 55 | | | | 63 | |
| | |
Hillsborough City School District Series A, GO, 4.00%, 9/1/2022 | | | 35 | | | | 36 | |
| | |
Hollister Joint Powers Financing Authority Rev., AGM, 5.00%, 6/1/2031 | | | 65 | | | | 74 | |
| | |
Huntington Beach Union High School District GO, 5.00%, 8/1/2023 (b) | | | 10 | | | | 11 | |
| | |
Imperial Irrigation District Electric System, Election of 2010 Series 2016B-2, Rev., 5.00%, 11/1/2026 | | | 80 | | | | 93 | |
| | |
Irvine Ranch Water District COP, 5.00%, 3/1/2032 | | | 2,275 | | | | 2,617 | |
| | |
Jefferson Union High School District, Election of 2012 Series A, GO, 4.00%, 8/1/2022 | | | 65 | | | | 66 | |
| | |
John Swett Unified School District Series A-1, GO, AGM, 5.00%, 8/1/2027 | | | 50 | | | | 59 | |
| | |
La Canada Unified School District, Election of 2017 Series 2018A, GO, 5.00%, 8/1/2031 | | | 50 | | | | 61 | |
| | |
Lincoln Public Financing Authority Series A, Rev., 4.00%, 10/1/2023 | | | 25 | | | | 26 | |
| | |
Long Beach Bond Finance Authority, Natural Gas Series 2007A, Rev., 5.25%, 11/15/2022 | | | 9,545 | | | | 9,827 | |
| | |
Long Beach Community College District, Election of 2016 Series 2019C, GO, 4.00%, 8/1/2045 | | | 40 | | | | 44 | |
| | |
Los Angeles Community College District | | | | | | | | |
| | |
Series G, GO, 4.00%, 8/1/2022 | | | 25 | | | | 25 | |
| | |
Series 2015A, GO, 5.00%, 8/1/2023 | | | 20 | | | | 21 | |
| | |
Series 2015A, GO, 4.00%, 8/1/2024 (b) | | | 2,300 | | | | 2,450 | |
| | |
Series 2015A, GO, 5.00%, 8/1/2024 (b) | | | 24,000 | | | | 26,136 | |
| | |
Los Angeles County Facilities, Inc., Vermont Corridor County Administration Building Series 2018A, Rev., 5.00%, 12/1/2023 | | | 25 | | | | 27 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 47 |
JPMorgan Intermediate Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
California — continued | |
| | |
Los Angeles County Metropolitan Transportation Authority, Measure R Senior Sales Tax Series 2016A, Rev., 5.00%, 6/1/2023 | | | 35 | | | | 37 | |
| | |
Los Angeles County Metropolitan Transportation Authority, Proposition C Senior Sales Tax | | | | | | | | |
| | |
Series 2017A, Rev., 5.00%, 7/1/2023 | | | 35 | | | | 37 | |
| | |
Series 2017A, Rev., 5.00%, 7/1/2030 | | | 4,925 | | | | 5,818 | |
| | |
Los Angeles County Public Works Financing Authority Series 2019E1, Rev., 4.00%, 12/1/2023 | | | 35 | | | | 37 | |
| | |
Los Angeles Department of Water and Power, Power System | | | | | | | | |
| | |
Series 2019B, Rev., 5.00%, 7/1/2024 | | | 275 | | | | 299 | |
| | |
Series 2014B, Rev., 5.00%, 7/1/2026 | | | 15 | | | | 16 | |
| | |
Series 2014D, Rev., 5.00%, 7/1/2027 | | | 50 | | | | 54 | |
| | |
Series 2014D, Rev., 5.00%, 7/1/2028 | | | 1,250 | | | | 1,357 | |
| | |
Series B, Rev., 5.00%, 7/1/2029 | | | 10,000 | | | | 11,575 | |
| | |
Series 2015A, Rev., 5.00%, 7/1/2030 | | | 270 | | | | 298 | |
| | |
Series 2018A, Rev., 5.00%, 7/1/2030 | | | 35 | | | | 42 | |
| | |
Series D, Rev., 5.00%, 7/1/2030 | | | 2,710 | | | | 2,940 | |
| | |
Series 2017A, Rev., 5.00%, 7/1/2031 | | | 2,055 | | | | 2,375 | |
| | |
Series 2019C, Rev., 5.00%, 7/1/2031 | | | 85 | | | | 104 | |
| | |
Series B, Rev., 5.00%, 7/1/2031 | | | 3,400 | | | | 3,631 | |
| | |
Series D, Rev., 5.00%, 7/1/2031 | | | 2,500 | | | | 2,711 | |
| | |
Series 2017A, Rev., 5.00%, 7/1/2032 | | | 2,550 | | | | 2,944 | |
| | |
Series B, Rev., 5.00%, 7/1/2032 | | | 3,075 | | | | 3,284 | |
| | |
Series 2017A, Rev., 5.00%, 7/1/2033 | | | 5,000 | | | | 5,768 | |
| | |
Series D, Rev., 5.00%, 7/1/2033 | | | 390 | | | | 423 | |
| | |
Series 2018D, Rev., 5.00%, 7/1/2034 | | | 30 | | | | 36 | |
| | |
Series 2019B, Rev., 5.00%, 7/1/2034 | | | 110 | | | | 133 | |
| | |
Series D, Rev., 5.00%, 7/1/2034 | | | 4,750 | | | | 5,148 | |
| | |
Series D, Rev., 5.00%, 7/1/2035 | | | 250 | | | | 271 | |
| | |
Series 2019A, Rev., 5.00%, 7/1/2039 | | | 35 | | | | 42 | |
| | |
Series 2022A, Rev., 5.00%, 7/1/2039 | | | 1,350 | | | | 1,696 | |
| | |
Series 2019D, Rev., 5.00%, 7/1/2044 | | | 30 | | | | 36 | |
| | |
Los Angeles Department of Water and Power, Water System | | | | | | | | |
| | |
Series 2014A, Rev., 5.00%, 7/1/2024 | | | 35 | | | | 38 | |
| | |
Series 2016A, Rev., 5.00%, 7/1/2030 | | | 60 | | | | 68 | |
| | |
Series 2017A, Rev., 5.00%, 7/1/2030 | | | 30 | | | | 35 | |
| | |
Series 2018B, Rev., 5.00%, 7/1/2031 | | | 60 | | | | 72 | |
| | |
Los Angeles Unified School District | | | | | | | | |
| | |
Series C, GO, 5.00%, 7/1/2024 | | | 11,670 | | | | 12,691 | |
| | |
Series C, GO, 5.00%, 7/1/2026 | | | 5,505 | | | | 5,973 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| |
|
California — continued | |
| | |
Los Angeles Unified School District, Election of 2005 | | | | | | | | |
| | |
Series M-1, GO, 5.00%, 7/1/2032 | | | 2,095 | | | | 2,491 | |
| | |
Series M-1, GO, 5.00%, 7/1/2033 | | | 4,305 | | | | 5,117 | |
| | |
Los Angeles Unified School District, Headquarters Building Projects Series B, COP, 5.00%, 10/1/2030 | | | 1,250 | | | | 1,279 | |
| | |
Los Rios Community College District, Election of 2008 Series B, GO, 5.00%, 8/1/2022 | | | 25 | | | | 25 | |
| | |
Madera Irrigation District Rev., AGM, 5.00%, 9/1/2025 | | | 150 | | | | 169 | |
| | |
Marin Community College District GO, 5.00%, 8/1/2023 | | | 35 | | | | 37 | |
| | |
Marin Water District Financing Authority, Subordinate Lien Rev., 5.00%, 7/1/2027 | | | 40 | | | | 47 | |
| | |
Marina Coast Water District, Tax-Exempt, Senior Lien Series A, Rev., 5.00%, 6/1/2029 | | | 25 | | | | 28 | |
| | |
Menlo Park City School District, Capital Appreciation | | | | | | | | |
| | |
GO, Zero Coupon, 7/1/2033 | | | 1,000 | | | | 679 | |
| | |
GO, Zero Coupon, 7/1/2035 | | | 725 | | | | 449 | |
| | |
GO, Zero Coupon, 7/1/2036 | | | 1,150 | | | | 678 | |
| | |
GO, Zero Coupon, 7/1/2037 | | | 1,950 | | | | 1,097 | |
| | |
GO, Zero Coupon, 7/1/2041 | | | 1,250 | | | | 584 | |
| | |
Merced City School District, Election of 2014 GO, 4.00%, 8/1/2025 | | | 50 | | | | 54 | |
| | |
Merced Community College District, School Facilities Improvement GO, 5.00%, 8/1/2022 | | | 25 | | | | 25 | |
| | |
Metropolitan Water District of Southern California, Waterworks | | | | | | | | |
| | |
Series 2018B, Rev., 5.00%, 9/1/2028 | | | 700 | | | | 849 | |
| | |
Series 2016A, Rev., 5.00%, 7/1/2030 | | | 30 | | | | 34 | |
| | |
Series 2019A, Rev., 5.00%, 7/1/2030 | | | 75 | | | | 91 | |
| | |
Milpitas Redevelopment Agency Successor Agency, Redevelopment Project Area No. 1 Rev., 5.00%, 9/1/2027 | | | 75 | | | | 84 | |
| | |
Montebello Public Financing Authority, Sales Tax, Limited Tax Series 2019A, Rev., AGM, 4.00%, 6/1/2033 | | | 380 | | | | 436 | |
| | |
Mount San Antonio Community College District, Election of 2018 Series 2019A, GO, 5.00%, 8/1/2028 | | | 50 | | | | 61 | |
| | |
Mountain View-Los Altos Union High School District, Election of 2010 | | | | | | | | |
| | |
Series C, GO, Zero Coupon, 8/1/2023 | | | 2,000 | | | | 1,970 | |
| | |
Series C, GO, Zero Coupon, 8/1/2027 | | | 1,000 | | | | 909 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 48 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
California — continued | |
| | |
Murrieta Valley Unified School District GO, AGM, 5.00%, 9/1/2025 | | | 1,400 | | | | 1,544 | |
| | |
Murrieta Valley Unified School District, Election of 2014 Series 2014A, GO, AGM, 4.00%, 3/1/2025 (b) | | | 25 | | | | 27 | |
| | |
Napa Sanitation District Rev., 4.00%, 8/1/2023 | | | 25 | | | | 26 | |
| | |
Nevada Irrigation District, Joint Powers Authority Series 2016A, Rev., 5.00%, 3/1/2024 | | | 95 | | | | 102 | |
| | |
Newhall School District, School Facilities Improvement, Election of 2011 Series 2011A, GO, 4.00%, 8/1/2022 | | | 35 | | | | 35 | |
| | |
Newport Mesa Unified School District, Election of 2005 Series 2007, GO, NATL-RE, Zero Coupon, 8/1/2031 | | | 8,375 | | | | 6,857 | |
| | |
North Orange County Community College District, Election of 2014 Series 2016A, GO, 4.00%, 8/1/2025 | | | 20 | | | | 22 | |
| | |
Novato Sanitary District, Wastewater Rev., 5.00%, 2/1/2026 | | | 65 | | | | 74 | |
| | |
Novato Unified School District, Election of 2019 Series 2019B, GO, 5.00%, 8/1/2026 | | | 25 | | | | 29 | |
| | |
Oakdale Irrigation District Series 2016A, Rev., 5.00%, 8/1/2022 | | | 30 | | | | 31 | |
| | |
Oakland Joint Powers Financing Authority Rev., 5.00%, 11/1/2025 | | | 100 | | | | 113 | |
| | |
Ocean View School District, Orange County, Election of 2016 Series 2016B, GO, 6.00%, 8/1/2026 | | | 115 | | | | 138 | |
| | |
Oceanside Unified School District GO, 5.00%, 8/1/2024 | | | 5 | | | | 5 | |
| | |
Ohlone Community College District, Election of 2010 Series D, GO, 4.00%, 8/1/2022 | | | 40 | | | | 41 | |
| | |
Orange County Sanitation District, Wastewater Series 2016A, Rev., 5.00%, 2/1/2027 | | | 45 | | | | 51 | |
| | |
Orange County Water District Series 2017A, Rev., 5.00%, 8/15/2034 | | | 650 | | | | 754 | |
| | |
Orange Redevelopment Agency, Orange Merged and Amended Redevelopment Project Series 2014A, Rev., AGM, 5.00%, 9/1/2023 | | | 110 | | | | 116 | |
| | |
Orange Unified School District, Election of 2016 | | | | | | | | |
| | |
GO, 5.00%, 8/1/2031 | | | 85 | | | | 103 | |
| | |
Otay Water District Financing Authority Series 2018A, Rev., 5.00%, 9/1/2022 | | | 35 | | | | 36 | |
| | |
Palm Springs Financing Authority Rev., 5.00%, 11/1/2022 | | | 25 | | | | 26 | |
| | |
Palm Springs Unified School District, Election of 2008 Series D, GO, 4.00%, 8/1/2024 | | | 65 | | | | 69 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| |
|
California — continued | |
|
Palomar Community College District | |
| | |
GO, 5.00%, 5/1/2022 | | | 25 | | | | 25 | |
| | |
GO, 5.00%, 5/1/2023 | | | 20 | | | | 21 | |
| | |
Pittsburg Unified School District GO, 5.00%, 8/1/2023 | | | 55 | | | | 58 | |
| | |
Pleasanton Unified School District, Election of 2016 GO, 5.00%, 8/1/2027 | | | 20 | | | | 24 | |
| | |
Plumas Unified School District, Election of 2016 Series B, GO, 5.00%, 8/1/2024 | | | 50 | | | | 54 | |
| | |
Pomona Unified School District GO, AGM, 5.00%, 8/1/2027 | | | 50 | | | | 57 | |
| | |
Rancho Water District Financing Authority Series 2019A, Rev., 5.00%, 8/1/2023 | | | 25 | | | | 26 | |
| | |
Regents of the University of California Medical Center Pooled Series 2016L, Rev., 5.00%, 5/15/2041 | | | 155 | | | | 175 | |
| | |
Rio Hondo Community College District, Election of 2019 Series 2019B, GO, 5.00%, 8/1/2025 | | | 40 | | | | 45 | |
| | |
Riverside County Infrastructure Financing Authority Series 2016A, Rev., 4.00%, 11/1/2023 | | | 25 | | | | 26 | |
| | |
Riverside County Infrastructure Financing Authority, Capital Projects Series 2017C, Rev., 5.00%, 5/1/2025 | | | 25 | | | | 28 | |
| | |
Riverside County Infrastructure Financing Authority, Indio Law Building Series 2017A, Rev., 4.00%, 11/1/2023 | | | 40 | | | | 42 | |
| | |
Riverside County Public Financing Authority, Capital Facilities Project Rev., 4.25%, 11/1/2025 (b) | | | 35 | | | | 39 | |
| | |
Riverside County Public Financing Authority, Desert Communities and Interstate 215 Corridor Projects Series 2017A, Rev., 5.00%, 10/1/2026 | | | 75 | | | | 86 | |
| | |
Riverside County Redevelopment Successor Agency, Desert Communities Redevelopment Project Series 2014D, Rev., AGM, 5.00%, 10/1/2026 | | | 115 | | | | 126 | |
| | |
Riverside County Transportation Commission, Sales Tax | | | | | | | | |
| | |
Series 2013A, Rev., 5.00%, 6/1/2023 | | | 55 | | | | 58 | |
| | |
Series 2013A, Rev., 5.25%, 6/1/2023 (b) | | | 4,525 | | | | 4,763 | |
| | |
Series 2017B, Rev., 5.00%, 6/1/2032 | | | 60 | | | | 72 | |
| | |
Series 2017A, Rev., 5.00%, 6/1/2033 | | | 30 | | | | 35 | |
| | |
Series 2017B, Rev., 5.00%, 6/1/2035 | | | 45 | | | | 53 | |
| | |
Riverside Public Financing Authority Series 2012A, Rev., 5.00%, 11/1/2023 | | | 95 | | | | 98 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 49 |
JPMorgan Intermediate Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
California — continued | |
| | |
Riverside Unified School District, Election of 2016 Series B, GO, 4.00%, 8/1/2042 | | | 50 | | | | 55 | |
| | |
Ross Valley Public Financing Authority Series A, Rev., 4.00%, 1/1/2023 | | | 25 | | | | 26 | |
| | |
Rowland Unified School District, Election of 2012 Series A, GO, 5.25%, 8/1/2023 (b) | | | 2,750 | | | | 2,914 | |
| | |
Sacramento Area Flood Control Agency, Consolidated Capital Assessment District No. 2 Series 2016A, 5.00%, 10/1/2023 | | | 125 | | | | 133 | |
| | |
Sacramento City Financing Authority, Master Lease Program Facilities Series 2015A, Rev., 5.00%, 12/1/2023 | | | 135 | | | | 144 | |
| | |
Sacramento County Sanitation Districts Financing Authority Series 2014A, Rev., 5.00%, 12/1/2027 | | | 60 | | | | 65 | |
| | |
San Diego Community College District | | | | | | | | |
| | |
GO, 5.00%, 8/1/2022 | | | 30 | | | | 31 | |
| | |
GO, 5.00%, 8/1/2025 | | | 25 | | | | 28 | |
| | |
San Diego County Regional Airport Authority, Subordinate Airport Series 2019A, Rev., 5.00%, 7/1/2031 | | | 25 | | | | 30 | |
| | |
San Diego Public Facilities Financing Authority, Fire and Life Safety Facilities Series 2012B, Rev., 4.00%, 4/15/2027 | | | 70 | | | | 70 | |
| | |
San Dieguito School Facilities Financing Authority, Special Tax | | | | | | | | |
| | |
Rev., 5.00%, 3/1/2024 | | | 30 | | | | 32 | |
| | |
Rev., 5.00%, 3/1/2025 | | | 125 | | | | 138 | |
| | |
San Francisco Bay Area Rapid Transit District, Election of 2004 | | | | | | | | |
| | |
Series 2013C, GO, 4.00%, 8/1/2022 | | | 25 | | | | 25 | |
| | |
Series D, GO, 5.00%, 8/1/2030 | | | 3,000 | | | | 3,357 | |
| | |
Series 2019F-1, GO, 5.00%, 8/1/2031 | | | 85 | | | | 106 | |
| | |
Series D, GO, 5.00%, 8/1/2032 | | | 55 | | | | 61 | |
| | |
Series 2019F-1, GO, 5.00%, 8/1/2033 | | | 25 | | | | 31 | |
| | |
San Francisco Bay Area Rapid Transit District, Sales Tax | | | | | | | | |
| | |
Series 2015A, Rev., 5.00%, 7/1/2025 | | | 510 | | | | 571 | |
| | |
Series 2015A, Rev., 5.00%, 7/1/2026 | | | 475 | | | | 531 | |
| | |
San Francisco City and County Airport Commission, San Francisco International Airport Series 2019H, Rev., AMT, 5.00%, 5/1/2029 | | | 175 | | | | 207 | |
| | |
San Francisco City and County Airport Commission, San Francisco International Airport, Special Facilities, SFO Fuel Company LLC Series 2019A, Rev., AMT, 5.00%, 1/1/2047 | | | 4,000 | | | | 4,579 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| |
|
California — continued | |
| | |
San Francisco City and County Public Utilities Commission Power Series 2021B, Rev., 4.00%, 11/1/2039 | | | 1,185 | | | | 1,358 | |
| | |
San Francisco Municipal Transportation Agency Series 2018B, Rev., 5.00%, 3/1/2028 | | | 60 | | | | 70 | |
| | |
San Joaquin County Transportation Authority, Measure K Sales Tax | | | | | | | | |
| | |
Rev., 5.00%, 3/1/2023 | | | 20 | | | | 21 | |
| | |
Rev., 5.00%, 3/1/2026 | | | 40 | | | | 46 | |
| | |
Rev., 5.00%, 3/1/2031 | | | 2,185 | | | | 2,533 | |
| | |
Rev., 5.00%, 3/1/2032 | | | 2,000 | | | | 2,319 | |
| | |
Rev., 5.00%, 3/1/2033 | | | 750 | | | | 869 | |
| | |
San Joaquin Delta Community College District Series 2015A, GO, 5.00%, 8/1/2022 | | | 25 | | | | 25 | |
| | |
San Jose Unified School District GO, 5.00%, 8/1/2023 | | | 25 | | | | 26 | |
| | |
San Juan Unified School District, Election of 2002 GO, 5.00%, 8/1/2023 (b) | | | 9,210 | | | | 9,728 | |
| | |
San Juan Unified School District, Election of 2012 Series 2019N, GO, 4.00%, 8/1/2025 | | | 125 | | | | 136 | |
| | |
San Luis Coastal Unified School District, Election of 2014 | | | | | | | | |
| | |
Series C, GO, 4.00%, 8/1/2025 | | | 25 | | | | 27 | |
| | |
Series A, GO, 5.00%, 8/1/2026 | | | 75 | | | | 82 | |
| | |
Series B, GO, 5.00%, 8/1/2026 | | | 75 | | | | 87 | |
| | |
San Luis Obispo Public Financing Authority, Los Osos Valley Road Interchange Project Rev., 4.00%, 11/1/2023 | | | 75 | | | | 79 | |
| | |
San Marcos Unified School District | | | | | | | | |
| | |
GO, 5.00%, 8/1/2031 | | | 60 | | | | 70 | |
| | |
GO, 4.00%, 8/1/2033 | | | 25 | | | | 28 | |
| | |
San Marcos Unified School, District No. 4, Community Facilities, Special Tax Rev., 4.00%, 9/1/2025 | | | 55 | | | | 59 | |
| | |
San Mateo Foster City School District, Election of 2008 Series 2012C, GO, 5.00%, 8/1/2022 | | | 25 | | | | 25 | |
| | |
San Mateo Joint Powers Financing Authority, Maple Street Correctional Center Series 2014A, Rev., 5.00%, 6/15/2027 | | | 75 | | | | 81 | |
| | |
San Mateo Joint Powers Financing Authority, Youth Services Campus Series 2016A, Rev., 5.00%, 7/15/2027 | | | 25 | | | | 29 | |
| | |
San Mateo Union High School District, Election of 2006 Series 2013A, GO, 5.00%, 9/1/2023 (b) | | | 80 | | | | 85 | |
| | |
Santa Clara County Financing Authority Series 2016A, Rev., 5.00%, 11/15/2023 | | | 65 | | | | 69 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 50 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
California — continued | |
| | |
Santa Clara County Financing Authority, County Facilities | | | | | | | | |
| | |
Series 2019A, Rev., 5.00%, 5/1/2028 | | | 25 | | | | 30 | |
| | |
Series 2019A, Rev., 4.00%, 5/1/2034 | | | 55 | | | | 63 | |
| | |
Santa Clara County Financing Authority, Multiple Facilities Projects Series 2015P, Rev., 5.00%, 5/15/2029 | | | 8,400 | | | | 9,316 | |
| | |
Santa Clara Unified School District GO, 5.00%, 7/1/2025 | | | 25 | | | | 28 | |
| | |
Santa Clara Unified School District, Election of 2014 | | | | | | | | |
| | |
GO, 5.00%, 7/1/2022 | | | 35 | | | | 35 | |
| | |
GO, 5.00%, 7/1/2027 | | | 25 | | | | 29 | |
| | |
Santa Clara Valley Water District, Water System Series 2017A, Rev., 5.00%, 6/1/2035 | | | 3,115 | | | | 3,611 | |
| | |
Santa Clarita Community College District GO, 4.00%, 8/1/2022 | | | 25 | | | | 25 | |
| | |
Santa Clarita Public Finance Authority, Open Space and Parkland Acquisition Program Series 2016B, Rev., 4.00%, 10/1/2026 | | | 75 | | | | 84 | |
| | |
Santa Cruz County Redevelopment Successor Agency Series 2015A, Rev., AGM, 5.00%, 9/1/2028 | | | 50 | | | | 56 | |
| | |
Santa Cruz Libraries Facilities Financing Authority, Special Tax Rev., 5.00%, 9/1/2026 | | | 150 | | | | 173 | |
| | |
Santa Margarita Water District, Community Facilities District No. 99-1, Special Tax Series 2017A, Rev., 5.00%, 9/1/2024 | | | 280 | | | | 304 | |
| | |
Santa Margarita-Dana Point Authority, Water District Improvement District No. 2, 3 | | | | | | | | |
| | |
Series A, Rev., 5.00%, 8/1/2031 | | | 950 | | | | 1,117 | |
| | |
Series A, Rev., 5.00%, 8/1/2032 | | | 1,030 | | | | 1,211 | |
| | |
Series A, Rev., 5.00%, 8/1/2033 | | | 1,455 | | | | 1,711 | |
| | |
Santa Monica Community College District, Election of 2016 | | | | | | | | |
| | |
Series 2018A, GO, 5.00%, 8/1/2022 | | | 35 | | | | 36 | |
| | |
Series 2018A, GO, 4.00%, 8/1/2035 | | | 25 | | | | 28 | |
| | |
Santa Monica Public Financing Authority, City Services Building Project Rev., 5.00%, 7/1/2028 | | | 45 | | | | 53 | |
| | |
Santa Monica-Malibu Unified School District | | | | | | | | |
| | |
Series 2016C, GO, 4.00%, 7/1/2024 | | | 30 | | | | 32 | |
| | |
GO, 5.00%, 8/1/2024 | | | 70 | | | | 76 | |
| | |
Santa Rosa High School District GO, 5.00%, 8/1/2022 (b) | | | 40 | | | | 41 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| |
|
California — continued | |
| | |
Santa Rosa Regional Resources Authority, Facilities Acquisition and Improvement Projects Series 2017A, Rev., 5.00%, 8/1/2031 | | | 100 | | | | 117 | |
| | |
Schools Infrastructure Financing Agency, Special Tax Rev., AGM, 4.00%, 9/1/2034 | | | 105 | | | | 111 | |
| | |
Scotts Valley Unified School District GO, 5.00%, 8/1/2023 | | | 30 | | | | 32 | |
| | |
Sewerage Agency of Southern Marin Rev., 5.00%, 7/1/2022 | | | 25 | | | | 25 | |
| | |
Sierra View Local Health Care District | | | | | | | | |
| | |
Rev., 4.00%, 7/1/2026 | | | 150 | | | | 164 | |
| | |
Rev., 5.00%, 7/1/2027 | | | 155 | | | | 180 | |
| | |
Rev., 5.00%, 7/1/2028 | | | 165 | | | | 195 | |
| | |
Rev., 5.00%, 7/1/2029 | | | 160 | | | | 193 | |
| | |
Rev., 5.00%, 7/1/2030 | | | 155 | | | | 190 | |
| | |
Simi Valley Unified School District | | | | | | | | |
| | |
GO, 4.00%, 8/1/2022 | | | 25 | | | | 25 | |
| | |
GO, 5.00%, 8/1/2027 | | | 30 | | | | 36 | |
| | |
Simi Valley Unified School District, Election of 2016 Series B, GO, 4.00%, 8/1/2022 | | | 30 | | | | 30 | |
| | |
Sonoma County Junior College District Series 2013A, GO, 5.00%, 8/1/2022 | | | 25 | | | | 25 | |
| | |
Sonoma Valley Unified School District, Election of 2016 GO, 4.00%, 8/1/2042 | | | 25 | | | | 28 | |
| | |
South Orange County Public Financing Authority Rev., 5.00%, 4/1/2027 | | | 50 | | | | 57 | |
| | |
Southern California Water Replenishment District | | | | | | | | |
| | |
Rev., 5.00%, 8/1/2023 | | | 25 | | | | 26 | |
| | |
Rev., 5.00%, 8/1/2026 | | | 75 | | | | 85 | |
| | |
Southwestern Community College District | | | | | | | | |
| | |
Series 2016B, GO, 4.00%, 8/1/2023 | | | 35 | | | | 37 | |
| | |
Series 2016B, GO, 4.00%, 8/1/2025 | | | 50 | | | | 54 | |
| | |
Southwestern Community College District, Election of 2016 Series A, GO, 4.00%, 8/1/2038 | | | 1,000 | | | | 1,117 | |
| | |
State Center Community College District GO, 5.00%, 8/1/2030 | | | 40 | | | | 45 | |
| | |
State of California Department of Water Resources, Central Valley Project, Water System | | | | | | | | |
| | |
Series AR, Rev., 5.00%, 12/1/2022 | | | 25 | | | | 26 | |
| | |
Series AX, Rev., 5.00%, 12/1/2022 | | | 35 | | | | 36 | |
| | |
Series BA, Rev., 5.00%, 12/1/2031 | | | 65 | | | | 80 | |
| | |
State of California, Various Purpose | | | | | | | | |
| | |
GO, 5.13%, 4/1/2023 | | | 5 | | | | 5 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 51 |
JPMorgan Intermediate Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
California — continued | |
| | |
GO, 4.00%, 12/1/2024 | | | 15 | | | | 16 | |
| | |
GO, 5.00%, 10/1/2025 | | | 40 | | | | 45 | |
| | |
GO, AMBAC, 5.00%, 2/1/2027 | | | 565 | | | | 659 | |
| | |
GO, 5.00%, 8/1/2030 | | | 24,000 | | | | 26,420 | |
| | |
GO, 4.00%, 9/1/2033 | | | 1,340 | | | | 1,480 | |
| | |
Tahoe-Truckee Sanitation Agency, Wastewater Rev., 5.00%, 7/1/2022 | | | 35 | | | | 36 | |
| | |
Tahoe-Truckee Unified School District, Election of 2014, School Facilities Improvement District No. 2 Series B, GO, 5.00%, 8/1/2028 | | | 25 | | | | 29 | |
| | |
Tustin Unified School District, School Facilities Improvement Districts No. 2002-1 GO, 5.00%, 6/1/2022 | | | 25 | | | | 25 | |
| | |
Union Elementary School District Series C, GO, 5.00%, 9/1/2027 | | | 50 | | | | 59 | |
| | |
University of California | | | | | | | | |
| | |
Series 2013 AF, Rev., 5.00%, 5/15/2023 (b) | | | 60 | | | | 63 | |
| | |
Series 2017AY, Rev., 5.00%, 5/15/2028 | | | 55 | | | | 64 | |
| | |
Series 2018AZ, Rev., 5.00%, 5/15/2029 | | | 30 | | | | 36 | |
| | |
Series 2018AZ, Rev., 5.00%, 5/15/2031 | | | 35 | | | | 42 | |
| | |
Series 2019BB, Rev., 5.00%, 5/15/2033 | | | 20 | | | | 25 | |
| | |
Series 2018AZ, Rev., 5.00%, 5/15/2034 | | | 25 | | | | 30 | |
| | |
University of California, Limited Project | | | | | | | | |
| | |
Series 2015-I, Rev., 5.00%, 5/15/2023 | | | 30 | | | | 31 | |
| | |
Series 2017M, Rev., 5.00%, 5/15/2036 | | | 25 | | | | 29 | |
| | |
Val Verde Unified School District, Election of 2020 Series 2020A, GO, 4.00%, 8/1/2035 | | | 250 | | | | 282 | |
| | |
Ventura County Community College District GO, 5.00%, 8/1/2022 | | | 25 | | | | 25 | |
| | |
Ventura County Public Financing Authority Series 2016A, Rev., 5.00%, 11/1/2027 | | | 55 | | | | 64 | |
| | |
Vista Joint Powers Financing Authority Rev., 5.25%, 5/1/2037 | | | 100 | | | | 111 | |
| | |
Vista Unified School District, 2018 Election Series 2019A, GO, 5.00%, 8/1/2022 | | | 60 | | | | 61 | |
| | |
West Hills Community College District, School Facilities Improvement District No. 2, 2008 Election Series 2012B, GO, AGM, 4.00%, 8/1/2038 | | | 25 | | | | 25 | |
| | |
West Hollywood Public Financing Authority, Hollywood Park Phase II Rev., 5.00%, 4/1/2022 | | | 45 | | | | 45 | |
| | |
West Valley-Mission Community College District, Election of 2012, Tax Exempt | | | | | | | | |
| | |
GO, 5.00%, 8/1/2027 | | | 40 | | | | 44 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| |
|
California — continued | |
| | |
Series 2015B, GO, 5.00%, 8/1/2027 | | | 40 | | | | 45 | |
| | |
Westside Union School District, 2012 Election Series A, GO, 4.00%, 8/1/2022 | | | 25 | | | | 25 | |
| | |
Whittier Union High School District Series 2014B, GO, 4.00%, 8/1/2022 | | | 30 | | | | 30 | |
| | |
Wiseburn School District Series 2016A, GO, 5.00%, 8/1/2031 | | | 50 | | | | 57 | |
| | |
Yuba City Unified School District, School Facilities Project COP, AGM, 4.00%, 10/1/2025 | | | 1,100 | | | | 1,193 | |
| | | | | | | | |
| | |
Total California | | | | | | | 442,894 | |
| | | | | | | | |
|
Colorado — 2.5% | |
| | |
Adams & Arapahoe Joint School District 28J Aurora GO, 5.00%, 12/1/2024 | | | 50 | | | | 52 | |
| | |
Adams 12 Five Star Schools, The City & County of Broomfield | | | | | | | | |
| | |
GO, 5.50%, 12/15/2030 | | | 1,400 | | | | 1,749 | |
| | |
GO, 5.50%, 12/15/2032 | | | 625 | | | | 780 | |
| | |
Adams County School District No. 1, Mapleton Public Schools GO, 4.00%, 12/1/2030 | | | 25 | | | | 28 | |
| | |
Arapahoe County School District No. 6 Littleton | | | | | | | | |
| | |
Series 2019A, GO, 5.50%, 12/1/2028 | | | 40 | | | | 50 | |
| | |
Series 2019A, GO, 5.50%, 12/1/2029 | | | 25 | | | | 31 | |
| | |
Board of Governors of Colorado State University System Series 2019A, Rev., 4.00%, 3/1/2037 | | | 50 | | | | 57 | |
| | |
Boulder Larimer and Weld Counties St. Vrain Valley School District Re1J Series 2016A, GO, 5.00%, 12/15/2028 | | | 5,000 | | | | 5,630 | |
| | |
Broadway Park North Metropolitan District No. 2, Limited Tax GO, 5.00%, 12/1/2040 (d) | | | 550 | | | | 587 | |
| | |
Canyon Pines Metropolitan District Special Improvement District No. 1 Series 2021A-2, Rev., 3.75%, 12/1/2040 | | | 1,325 | | | | 1,192 | |
| | |
City and County of Broomfield COP, 5.00%, 12/1/2025 | | | 30 | | | | 34 | |
| | |
City and County of Denver, Airport System | | | | | | | | |
| | |
Series 2012A, Rev., AMT, 5.00%, 11/15/2022 | | | 25 | | | | 26 | |
| | |
Series 2017A, Rev., AMT, 5.00%, 11/15/2028 | | | 1,000 | | | | 1,157 | |
| | |
Series 2017B, Rev., 5.00%, 11/15/2033 | | | 25 | | | | 29 | |
| | |
Series 2018A, Rev., AMT, 5.00%, 12/1/2036 | | | 2,500 | | | | 3,288 | |
| | |
City of Aurora, First Lien Water Rev., 5.00%, 8/1/2024 | | | 15 | | | | 16 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 52 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Colorado — continued | |
| | |
City of Colorado Springs, Utilities System Improvement Series A-1, Rev., 5.00%, 11/15/2023 | | | 30 | | | | 32 | |
| | |
City of Commerce City COP, AGM, 4.00%, 12/15/2037 | | | 150 | | | | 165 | |
| | |
City of Englewood | | | | | | | | |
| | |
GO, 5.00%, 12/1/2025 | | | 45 | | | | 51 | |
| | |
GO, 5.00%, 12/1/2029 | | | 15 | | | | 18 | |
| | |
Clear Creek Transit Metropolitan District No. 2, Limited Tax | | | | | | | | |
| | |
Series 2021A, GO, 5.00%, 12/1/2041 | | | 575 | | | | 598 | |
| | |
Series 2021A, GO, 5.00%, 12/1/2050 | | | 500 | | | | 514 | |
| | |
Colorado Crossing Metropolitan District No. 2, Limited Tax | | | | | | | | |
| | |
Series 2020A-2, GO, 4.00%, 12/1/2030 | | | 1,065 | | | | 1,078 | |
| | |
Series 2020A-1, GO, 5.00%, 12/1/2047 | | | 2,000 | | | | 2,066 | |
| | |
Colorado Educational and Cultural Facilities Authority, Aspen View Academy Project | | | | | | | | |
| | |
Rev., 4.00%, 5/1/2027 | | | 30 | | | | 32 | |
| | |
Rev., 4.00%, 5/1/2029 | | | 35 | | | | 38 | |
| | |
Rev., 4.00%, 5/1/2031 | | | 30 | | | | 32 | |
| | |
Rev., 4.00%, 5/1/2041 | | | 85 | | | | 90 | |
| | |
Colorado Educational and Cultural Facilities Authority, Global Village Academy Northglenn Project | | | | | | | | |
| | |
Rev., 4.00%, 12/1/2030 (d) | | | 595 | | | | 599 | |
| | |
Rev., 5.00%, 12/1/2040 (d) | | | 555 | | | | 584 | |
| | |
Colorado Educational and Cultural Facilities Authority, University Denver Project Rev., NATL-RE, 5.00%, 3/1/2035 | | | 5,055 | | | | 6,489 | |
| | |
Colorado Health Facilities Authority, Adventist Health System/Sunbelt Obligated Group Rev., 5.00%, 11/15/2028 | | | 30 | | | | 34 | |
| | |
Colorado Health Facilities Authority, Boulder Community Health Project | | | | | | | | |
| | |
Rev., 5.00%, 10/1/2033 | | | 1,000 | | | | 1,222 | |
| | |
Rev., 5.00%, 10/1/2034 | | | 1,100 | | | | 1,340 | |
| | |
Rev., 4.00%, 10/1/2035 | | | 725 | | | | 811 | |
| | |
Rev., 4.00%, 10/1/2037 | | | 400 | | | | 446 | |
| | |
Rev., 4.00%, 10/1/2038 | | | 300 | | | | 334 | |
| | |
Rev., 4.00%, 10/1/2039 | | | 270 | | | | 300 | |
| | |
Rev., 4.00%, 10/1/2040 | | | 300 | | | | 333 | |
| | |
Colorado Health Facilities Authority, Commonspirit Health | | | | | | | | |
| | |
Series 2019A-1, Rev., 5.00%, 8/1/2031 | | | 2,500 | | | | 2,967 | |
| | |
Series 2019A-2, Rev., 5.00%, 8/1/2031 | | | 1,000 | | | | 1,187 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| |
|
Colorado — continued | |
| | |
Series 2019A-1, Rev., 5.00%, 8/1/2032 | | | 2,030 | | | | 2,403 | |
| | |
Series 2019A-2, Rev., 5.00%, 8/1/2032 | | | 2,000 | | | | 2,367 | |
| | |
Series 2019A-1, Rev., 5.00%, 8/1/2034 | | | 1,865 | | | | 2,201 | |
| | |
Series 2019A-2, Rev., 5.00%, 8/1/2034 | | | 2,000 | | | | 2,360 | |
| | |
Series 2019A-1, Rev., 5.00%, 8/1/2035 | | | 2,500 | | | | 2,948 | |
| | |
Series 2019A-2, Rev., 5.00%, 8/1/2035 | | | 2,000 | | | | 2,358 | |
| | |
Colorado Health Facilities Authority, Parkview Medical Center, Inc., Project | | | | | | | | |
| | |
Series 2015A, Rev., 3.00%, 9/1/2024 | | | 235 | | | | 243 | |
| | |
Series 2020A, Rev., 4.00%, 9/1/2045 | | | 1,000 | | | | 1,084 | |
| | |
Colorado Health Facilities Authority, School Health System Series 2013A, Rev., 5.50%, 1/1/2035 | | | 4,500 | | | | 4,839 | |
| | |
Colorado Health Facilities Authority, Tax Exempt Series 2021B-3, Rev., 2.13%, 5/15/2028 | | | 1,155 | | | | 1,143 | |
| | |
Colorado Health Facilities Authority, Valley View Hospital Association Project Rev., 2.80%, 5/15/2023 (c) | | | 2,400 | | | | 2,430 | |
| | |
Colorado Mountain College Project COP, 5.00%, 8/1/2031 | | | 30 | | | | 35 | |
| | |
Colorado State Board for Community Colleges and Occupational Educational System Series 2019A, Rev., 5.00%, 11/1/2025 | | | 40 | | | | 45 | |
| | |
County of Adams | | | | | | | | |
| | |
COP, 5.00%, 12/1/2031 | | | 1,100 | | | | 1,235 | |
| | |
COP, 5.00%, 12/1/2034 | | | 500 | | | | 560 | |
| | |
County of Eagle COP, 5.00%, 12/1/2028 | | | 25 | | | | 28 | |
| | |
County of Gunnison COP, 4.00%, 12/1/2033 | | | 50 | | | | 57 | |
| | |
County of Pueblo, Community Improvement Projects COP, 5.00%, 12/1/2026 | | | 50 | | | | 58 | |
| | |
Dawson Ridge Metropolitan District No. 1, Limited Tax Series 1992-A, GO, Zero Coupon, 10/1/2022 (b) | | | 10,000 | | | | 9,951 | |
| | |
Debeque School District No. 49JT GO, 4.00%, 12/1/2024 | | | 10 | | | | 11 | |
| | |
Denver Health and Hospital Authority | | | | | | | | |
| | |
Series 2019A, Rev., 5.00%, 12/1/2030 | | | 1,000 | | | | 1,193 | |
| | |
Series 2019A, Rev., 5.00%, 12/1/2031 | | | 1,400 | | | | 1,663 | |
| | |
Series 2019A, Rev., 5.00%, 12/1/2032 | | | 1,330 | | | | 1,579 | |
| | |
Series 2019A, Rev., 5.00%, 12/1/2033 | | | 1,100 | | | | 1,305 | |
| | |
Douglas County School District No. Re-1 Douglas and Elbert Counties GO, 5.00%, 12/15/2028 | | | 20 | | | | 24 | |
| | |
Ebert Metropolitan District Series 2018A-2, GO, 5.00%, 12/1/2034 | | | 170 | | | | 203 | |
| | |
El Paso County School District No. 3 Widefield GO, 5.00%, 12/1/2034 | | | 50 | | | | 58 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 53 |
JPMorgan Intermediate Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Colorado — continued | |
| | |
El Paso County School District No. 49 Falcon Series 2017B, COP, 5.00%, 12/15/2028 | | | 25 | | | | 29 | |
| | |
Jefferson Center Metropolitan District No. 1 Series 2020A-2, Rev., 4.13%, 12/1/2040 | | | 290 | | | | 297 | |
| | |
Jefferson County School District R-1 COP, 5.00%, 12/15/2028 | | | 5 | | | | 6 | |
| | |
Larimer County School District No. R-1 Poudre GO, 5.00%, 12/15/2037 | | | 2,450 | | | | 2,970 | |
| | |
Montrose County School District RE-1J GO, 5.00%, 12/1/2036 | | | 200 | | | | 229 | |
| | |
Peak Metropolitan District No. 1 | | | | | | | | |
| | |
Series 2021A, GO, 4.00%, 12/1/2035 (d) | | | 500 | | | | 509 | |
| | |
Series A, GO, 5.00%, 12/1/2041 (d) | | | 500 | | | | 528 | |
| | |
Series A, GO, 5.00%, 12/1/2051 (d) | | | 550 | | | | 571 | |
| | |
Raindance Metropolitan District No. 1, Non-Potable Water System Rev., 5.00%, 12/1/2040 | | | 750 | | | | 788 | |
| | |
Regional Transportation District, Denver Transit Partners | | | | | | | | |
| | |
Rev., 5.00%, 7/15/2031 | | | 500 | | | | 608 | |
| | |
Rev., 5.00%, 1/15/2032 | | | 700 | | | | 850 | |
| | |
Rev., 4.00%, 7/15/2033 | | | 1,935 | | | | 2,219 | |
| | |
Rev., 4.00%, 7/15/2034 | | | 1,000 | | | | 1,120 | |
| | |
Rev., 4.00%, 7/15/2035 | | | 1,000 | | | | 1,118 | |
| | |
Reunion Metropolitan District Series 2021A, Rev., 3.63%, 12/1/2044 | | | 500 | | | | 435 | |
| | |
Rocky Mountain Rail Park Metropolitan District, Limited Tax | | | | | | | | |
| | |
Series 2021A, GO, 5.00%, 12/1/2031 (d) | | | 750 | | | | 750 | |
| | |
Series 2021A, GO, 5.00%, 12/1/2041 (d) | | | 750 | | | | 735 | |
| | |
State of Colorado Series 2018A, COP, 4.00%, 12/15/2034 | | | 75 | | | | 85 | |
| | |
State of Colorado Department of Transportation Headquarters Facilities, Headquarters Facilities Lease Purchase Agreement | | | | | | | | |
| | |
COP, 5.00%, 6/15/2023 | | | 45 | | | | 47 | |
| | |
COP, 5.00%, 6/15/2041 | | | 1,500 | | | | 1,671 | |
| | |
State of Colorado, Building Excellent Schools Today Series 2018N, COP, 5.00%, 3/15/2028 | | | 75 | | | | 90 | |
| | |
Third Creek Metropolitan District No. 1, Limited Tax Series 2022A-1, GO, 4.75%, 12/1/2051 | | | 1,515 | | | | 1,415 | |
| | |
University of Colorado, Enterprise System | | | | | | | | |
| | |
Series 2013A, Rev., 5.00%, 6/1/2023 | | | 25 | | | | 26 | |
| | |
Series 2014A, Rev., 5.00%, 6/1/2024 (b) | | | 60 | | | | 65 | |
| | |
Series 2015A, Rev., 5.00%, 6/1/2025 (b) | | | 25 | | | | 28 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| |
|
Colorado — continued | |
| | |
Series 2019B, Rev., 5.00%, 6/1/2028 | | | 25 | | | | 30 | |
| | |
Series 2017A-1, Rev., 4.00%, 6/1/2032 | | | 25 | | | | 28 | |
| | |
University of Northern Colorado, Institutional Enterprise Series 2018B, Rev., 4.00%, 6/1/2035 | | | 250 | | | | 279 | |
| | |
Verve Metropolitan District No. 1 | | | | | | | | |
| | |
GO, 5.00%, 12/1/2036 | | | 500 | | | | 538 | |
| | |
GO, 5.00%, 12/1/2041 | | | 1,125 | | | | 1,201 | |
| | |
Weld County School District No. RE-2 Eaton GO, 5.00%, 12/1/2035 | | | 40 | | | | 50 | |
| | |
Windler Public Improvement Authority, Limited Tax | | | | | | | | |
| | |
Series 2021 A-1, Rev., 4.00%, 12/1/2031 | | | 535 | | | | 527 | |
| | |
Series 2021 A-1, Rev., 4.00%, 12/1/2036 | | | 7,500 | | | | 7,233 | |
| | |
Series 2021 A-1, Rev., 4.00%, 12/1/2041 | | | 6,750 | | | | 6,345 | |
| | | | | | | | |
| | |
Total Colorado | | | | | | | 111,867 | |
| | | | | | | | |
|
Connecticut — 1.3% | |
| | |
City of Derby Series 2019A, GO, 5.00%, 8/1/2027 | | | 15 | | | | 18 | |
| | |
City of Milford Series 2014B, GO, 4.00%, 11/1/2026 | | | 50 | | | | 54 | |
| | |
City of Stamford, Water Pollution Control System and Facility | | | | | | | | |
| | |
Series 2013A, Rev., 5.50%, 8/15/2023 | | | 100 | | | | 106 | |
| | |
Series 2013A, Rev., 5.00%, 8/15/2024 | | | 100 | | | | 106 | |
| | |
Series 2013A, Rev., 5.00%, 8/15/2025 | | | 350 | | | | 370 | |
| | |
Series 2013A, Rev., 5.00%, 8/15/2026 | | | 150 | | | | 158 | |
| | |
Series 2013A, Rev., 5.00%, 8/15/2027 | | | 250 | | | | 264 | |
| | |
Series 2013A, Rev., 5.00%, 8/15/2029 | | | 300 | | | | 316 | |
| | |
Connecticut State Health and Educational Facilities Authority, Connecticut State University System Series N, Rev., 5.00%, 11/1/2025 | | | 4,165 | | | | 4,409 | |
| | |
Connecticut State Health and Educational Facilities Authority, McLean | | | | | | | | |
| | |
Series 2020A, Rev., 5.00%, 1/1/2030 (d) | | | 250 | | | | 275 | |
| | |
Series 2020A, Rev., 5.00%, 1/1/2045 (d) | | | 500 | | | | 538 | |
| | |
Connecticut State Health and Educational Facilities Authority, Nuvance Health Series 2019A, Rev., 5.00%, 7/1/2033 | | | 2,630 | | | | 3,061 | |
| | |
Connecticut State Health and Educational Facilities Authority, Sacred Heart University | | | | | | | | |
| | |
Series K, Rev., 5.00%, 7/1/2032 | | | 700 | | | | 850 | |
| | |
Series K, Rev., 5.00%, 7/1/2033 | | | 625 | | | | 758 | |
| | |
Series K, Rev., 5.00%, 7/1/2034 | | | 725 | | | | 878 | |
| | |
Series K, Rev., 5.00%, 7/1/2035 | | | 525 | | | | 635 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 54 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Connecticut — continued | |
| | |
Series K, Rev., 5.00%, 7/1/2036 | | | 1,000 | | | | 1,209 | |
| | |
Series K, Rev., 5.00%, 7/1/2037 | | | 1,750 | | | | 2,113 | |
| | |
Series K, Rev., 5.00%, 7/1/2038 | | | 2,750 | | | | 3,313 | |
| | |
Series K, Rev., 5.00%, 7/1/2040 | | | 1,600 | | | | 1,921 | |
| | |
Connecticut State Health and Educational Facilities Authority, Trinity College Series R, Rev., 4.00%, 6/1/2045 | | | 2,250 | | | | 2,489 | |
| | |
State of Connecticut | | | | | | | | |
| | |
Series 2017A, GO, 5.00%, 4/15/2024 | | | 160 | | | | 173 | |
| | |
Series 2019A, GO, 5.00%, 4/15/2028 | | | 4,700 | | | | 5,624 | |
| | |
Series 2019A, GO, 5.00%, 4/15/2030 | | | 4,000 | | | | 4,864 | |
| | |
Series 2014A, GO, 4.00%, 3/1/2034 | | | 40 | | | | 42 | |
| | |
Series 2019A, GO, 5.00%, 4/15/2034 | | | 3,450 | | | | 4,168 | |
| | |
Series 2019A, GO, 5.00%, 4/15/2035 | | | 2,900 | | | | 3,500 | |
| | |
Series 2016A, GO, 4.00%, 3/15/2036 | | | 60 | | | | 65 | |
| | |
Series 2019A, GO, 5.00%, 4/15/2036 | | | 2,300 | | | | 2,774 | |
| | |
Series 2017A, GO, 4.00%, 4/15/2037 | | | 460 | | | | 506 | |
| | |
Series 2019A, GO, 4.00%, 4/15/2038 | | | 3,625 | | | | 4,082 | |
| | |
State of Connecticut Clean Water Fund, State Revolving Fund | | | | | | | | |
| | |
Series 2017A, Rev., 4.00%, 5/1/2023 | | | 20 | | | | 21 | |
| | |
Series 2015A, Rev., 5.00%, 3/1/2024 | | | 70 | | | | 75 | |
| | |
Series 2015A, Rev., 5.00%, 3/1/2025 | | | 170 | | | | 189 | |
| | |
State of Connecticut, Special Tax Transportation Infrastructure Purposes | | | | | | | | |
| | |
Series 2015A, Rev., 5.00%, 8/1/2026 | | | 5,000 | | | | 5,589 | |
| | |
Series 2013A, Rev., 5.00%, 10/1/2029 | | | 25 | | | | 26 | |
| | |
Series A, Rev., 5.00%, 9/1/2030 | | | 2,000 | | | | 2,174 | |
| | |
Series 2016A, Rev., 5.00%, 9/1/2031 | | | 25 | | | | 29 | |
| | |
Series 2015A, Rev., 5.00%, 8/1/2032 | | | 15 | | | | 17 | |
| | |
Steel Point Infrastructure Improvement District, Steelpointe Harbor Project | | | | | | | | |
| | |
Rev., 4.00%, 4/1/2031 (d) | | | 300 | | | | 310 | |
| | |
Rev., 4.00%, 4/1/2036 (d) | | | 485 | | | | 495 | |
| | |
Rev., 4.00%, 4/1/2041 (d) | | | 550 | | | | 557 | |
| | |
Town of Trumbull Series B, GO, 5.00%, 9/1/2025 | | | 50 | | | | 56 | |
| | | | | | | | |
| | |
Total Connecticut | | | | | | | 59,177 | |
| | | | | | | | |
|
Delaware — 0.3% | |
| | |
Delaware State Economic Development Authority, Newark Charter School, Inc., Project | | | | | | | | |
| | |
Rev., 4.00%, 9/1/2023 | | | 355 | | | | 368 | |
| | |
Rev., 4.00%, 9/1/2025 | | | 385 | | | | 411 | |
| | |
Rev., 4.00%, 9/1/2030 | | | 530 | | | | 579 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
|
Delaware — continued | |
| | |
Rev., 5.00%, 9/1/2040 | | | 1,550 | | | | 1,824 | |
| | |
Rev., 5.00%, 9/1/2050 | | | 600 | | | | 696 | |
| | |
Delaware State Economic Development Authority, St. Andrews School Project Rev., 4.00%, 7/1/2041 | | | 5,000 | | | | 5,685 | |
| | |
Delaware Transportation Authority, Transportation System | | | | | | | | |
| | |
Rev., 5.00%, 7/1/2023 | | | 40 | | | | 42 | |
| | |
Rev., 5.00%, 7/1/2025 | | | 25 | | | | 28 | |
| | |
Rev., 5.00%, 7/1/2026 | | | 25 | | | | 29 | |
| | |
State of Delaware Series 2019A, GO, 5.00%, 10/1/2022 | | | 45 | | | | 46 | |
| | |
University of Delaware | | | | | | | | |
| | |
Rev., 5.00%, 11/1/2035 | | | 525 | | | | 640 | |
| | |
Rev., 5.00%, 11/1/2039 | | | 875 | | | | 1,061 | |
| | | | | | | | |
| | |
Total Delaware | | | | | | | 11,409 | |
| | | | | | | | |
|
District of Columbia — 1.1% | |
| | |
District of Columbia | | | | | | | | |
| | |
Series 2015A, GO, 5.00%, 6/1/2027 | | | 50 | | | | 56 | |
| | |
Series 2018A, GO, 5.00%, 6/1/2027 | | | 25 | | | | 29 | |
| | |
Series D, GO, 5.00%, 6/1/2028 | | | 1,500 | | | | 1,763 | |
| | |
Series 2016A, GO, 5.00%, 6/1/2029 | | | 25 | | | | 29 | |
| | |
Series 2017A, GO, 5.00%, 6/1/2030 | | | 1,250 | | | | 1,463 | |
| | |
Series D, GO, 5.00%, 6/1/2030 | | | 3,750 | | | | 4,351 | |
| | |
Series D, GO, 5.00%, 6/1/2031 | | | 50 | | | | 58 | |
| | |
Series 2015A, GO, 5.00%, 6/1/2035 | | | 7,175 | | | | 7,958 | |
| | |
Series 2015A, GO, 5.00%, 6/1/2036 | | | 4,200 | | | | 4,657 | |
| | |
District of Columbia, Income Tax | | | | | | | | |
| | |
Series 2012C, Rev., 4.00%, 12/1/2022 | | | 20 | | | | 20 | |
| | |
Series 2012A, Rev., 5.00%, 12/1/2022 | | | 20 | | | | 21 | |
| | |
Series 2019C, Rev., 5.00%, 10/1/2031 | | | 35 | | | | 43 | |
| | |
Series 2020A, Rev., 5.00%, 3/1/2038 | | | 70 | | | | 86 | |
| | |
Series 2020A, Rev., 5.00%, 3/1/2040 | | | 210 | | | | 258 | |
| | |
District of Columbia, Kipp DC Project | | | | | | | | |
| | |
Rev., 5.00%, 7/1/2023 | | | 100 | | | | 105 | |
| | |
Rev., 5.00%, 7/1/2024 | | | 100 | | | | 107 | |
| | |
Rev., 5.00%, 7/1/2025 | | | 180 | | | | 198 | |
| | |
Series 2017A, Rev., 5.00%, 7/1/2025 | | | 100 | | | | 110 | |
| | |
Rev., 5.00%, 7/1/2026 | | | 185 | | | | 208 | |
| | |
Rev., 5.00%, 7/1/2027 | | | 115 | | | | 132 | |
| | |
Rev., 5.00%, 7/1/2028 | | | 250 | | | | 291 | |
| | |
Rev., 5.00%, 7/1/2029 | | | 255 | | | | 302 | |
| | |
District of Columbia, Water and Sewer Authority, Public Utility, Subordinate Lien Series B, Rev., 5.00%, 10/1/2037 | | | 100 | | | | 112 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 55 |
JPMorgan Intermediate Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
District of Columbia — continued | |
| | |
Metropolitan Washington Airports Authority Aviation | | | | | | | | |
| | |
Series 2019B, Rev., 5.00%, 10/1/2027 | | | 75 | | | | 89 | |
| | |
Series 2017A, Rev., AMT, 5.00%, 10/1/2029 | | | 180 | | | | 207 | |
| | |
Series 2021A, Rev., AMT, 5.00%, 10/1/2032 | | | 650 | | | | 799 | |
| | |
Metropolitan Washington Airports Authority Dulles Toll Road, Metrorail and Capital Improvement Projects Series 2019B, Rev., AGM, 4.00%, 10/1/2053 | | | 500 | | | | 547 | |
| | |
Washington Convention and Sports Authority, Senior Lien Dedicated Tax | | | | | | | | |
| | |
Series 2018A, Rev., 5.00%, 10/1/2025 | | | 1,750 | | | | 1,966 | |
| | |
Series 2018A, Rev., 5.00%, 10/1/2026 | | | 5,005 | | | | 5,776 | |
| | |
Series 2018A, Rev., 5.00%, 10/1/2027 | | | 4,620 | | | | 5,449 | |
| | |
Series 2018A, Rev., 5.00%, 10/1/2028 | | | 4,035 | | | | 4,735 | |
| | |
Series 2018A, Rev., 5.00%, 10/1/2029 | | | 2,690 | | | | 3,141 | |
| | |
Washington Metropolitan Area Transit Authority | | | | | | | | |
| | |
Series B, Rev., 5.00%, 7/1/2029 | | | 5 | | | | 6 | |
| | |
Series 2017B, Rev., 5.00%, 7/1/2030 | | | 50 | | | | 58 | |
| | |
Series A-1, Rev., 5.00%, 7/1/2030 | | | 5,185 | | | | 6,055 | |
| | |
Rev., 5.00%, 7/1/2034 | | | 5 | | | | 6 | |
| | |
Series 2017B, Rev., 5.00%, 7/1/2034 | | | 75 | | | | 87 | |
| | | | | | | | |
| | |
Total District of Columbia | | | | | | | 51,278 | |
| | | | | | | | |
|
Florida — 3.7% | |
| | |
Bay County School Board | | | | | | | | |
| | |
Series 2020A, COP, AGM, 5.00%, 7/1/2032 | | | 825 | | | | 1,022 | |
| | |
Series 2020A, COP, AGM, 5.00%, 7/1/2033 | | | 675 | | | | 835 | |
| | |
Series 2020A, COP, AGM, 5.00%, 7/1/2034 | | | 1,000 | | | | 1,230 | |
| | |
Brevard County Health Facilities Authority, Health First, Inc., Project | | | | | | | | |
| | |
Rev., 5.00%, 4/1/2022 | | | 1,000 | | | | 1,004 | |
| | |
Rev., 5.00%, 4/1/2024 | | | 1,400 | | | | 1,507 | |
| | |
Broward County, Water and Sewer Utility Series B, Rev., 5.00%, 10/1/2025 | | | 35 | | | | 39 | |
| | |
Capital Projects Finance Authority, Capital Projects Loan Program — Florida Universities | | | | | | | | |
| | |
Series 2020A-1, Rev., 5.00%, 10/1/2024 | | | 550 | | | | 593 | |
| | |
Series 2020A-1, Rev., 5.00%, 10/1/2025 | | | 1,000 | | | | 1,102 | |
| | |
Series 2020A-1, Rev., 5.00%, 10/1/2026 | | | 1,000 | | | | 1,123 | |
| | |
Series 2020A-1, Rev., 5.00%, 10/1/2027 | | | 1,000 | | | | 1,143 | |
| | |
Series 2020A-1, Rev., 5.00%, 10/1/2028 | | | 1,000 | | | | 1,159 | |
| | |
Capital Trust Agency, Inc., Legends Academy Project Series 2021A, Rev., 5.00%, 12/1/2045 (d) | | | 1,445 | | | | 1,463 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
|
Florida — continued | |
| | |
Capital Trust Agency, Inc., Sustainability Bonds — The Marie Rev., 4.00%, 6/15/2031 (d) | | | 250 | | | | 250 | |
| | |
Charlotte County Industrial Development Authority, Town and Country Utilities Project Series 2021A, Rev., AMT, 4.00%, 10/1/2041 (d) | | | 500 | | | | 515 | |
| | |
City of Gainesville, Utilities System Series 2017A, Rev., 5.00%, 10/1/2037 | | | 120 | | | | 140 | |
| | |
City of Jacksonville | | | | | | | | |
| | |
Series 2016A, Rev., 5.00%, 10/1/2027 | | | 100 | | | | 116 | |
| | |
Series 2022A, Rev., 5.00%, 10/1/2029 (f) | | | 1,670 | | | | 1,988 | |
| | |
Series 2022A, Rev., 5.00%, 10/1/2030 (f) | | | 1,815 | | | | 2,201 | |
| | |
City of Jacksonville, Health Care Facilities, Brooks Rehabilitation Project | | | | | | | | |
| | |
Rev., 4.00%, 11/1/2036 | | | 500 | | | | 556 | |
| | |
Rev., 4.00%, 11/1/2037 | | | 1,040 | | | | 1,156 | |
| | |
Rev., 4.00%, 11/1/2038 | | | 1,085 | | | | 1,204 | |
| | |
Rev., 4.00%, 11/1/2039 | | | 1,650 | | | | 1,827 | |
| | |
Rev., 4.00%, 11/1/2040 | | | 2,170 | | | | 2,400 | |
| | |
City of Pompano Beach | | | | | | | | |
| | |
GO, 5.00%, 7/1/2023 | | | 30 | | | | 32 | |
| | |
GO, 5.00%, 7/1/2030 | | | 110 | | | | 133 | |
| | |
City of Pompano Beach, John Knox Village Project | | | | | | | | |
| | |
Series 2021B-2, Rev., 1.45%, 1/1/2027 | | | 1,100 | | | | 1,042 | |
| | |
Rev., 3.50%, 9/1/2030 | | | 1,900 | | | | 1,950 | |
| | |
Rev., 3.50%, 9/1/2035 | | | 2,250 | | | | 2,277 | |
| | |
Series 2021A, Rev., 4.00%, 9/1/2036 | | | 935 | | | | 988 | |
| | |
City of Tallahassee, Utility System Rev., 5.00%, 10/1/2023 | | | 50 | | | | 53 | |
| | |
City of Tampa, H. Lee Moffitt Cancer Center Project | | | | | | | | |
| | |
Series 2020B, Rev., 5.00%, 7/1/2026 | | | 100 | | | | 114 | |
| | |
Series 2020B, Rev., 5.00%, 7/1/2027 | | | 125 | | | | 146 | |
| | |
Series 2020B, Rev., 5.00%, 7/1/2028 | | | 230 | | | | 275 | |
| | |
Series 2020B, Rev., 5.00%, 7/1/2029 | | | 225 | | | | 274 | |
| | |
Series 2020B, Rev., 5.00%, 7/1/2030 | | | 250 | | | | 309 | |
| | |
Series 2020B, Rev., 5.00%, 7/1/2031 | | | 325 | | | | 397 | |
| | |
Series 2020B, Rev., 5.00%, 7/1/2032 | | | 250 | | | | 304 | |
| | |
Series 2020B, Rev., 5.00%, 7/1/2033 | | | 250 | | | | 303 | |
| | |
Series 2020B, Rev., 5.00%, 7/1/2034 | | | 300 | | | | 363 | |
| | |
Series 2020B, Rev., 5.00%, 7/1/2035 | | | 300 | | | | 362 | |
| | |
Series 2020B, Rev., 5.00%, 7/1/2036 | | | 500 | | | | 602 | |
| | |
Series 2020B, Rev., 4.00%, 7/1/2038 | | | 185 | | | | 206 | |
| | |
Series 2020B, Rev., 4.00%, 7/1/2039 | | | 1,600 | | | | 1,782 | |
| | |
Series 2020B, Rev., 5.00%, 7/1/2040 | | | 2,340 | | | | 2,783 | |
| | |
Series 2020B, Rev., 4.00%, 7/1/2045 | | | 7,400 | | | | 8,064 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 56 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Florida — continued | |
| | |
City of West Palm Beach, Special Obligation Series C, Rev., 5.00%, 10/1/2028 | | | 25 | | | | 29 | |
| | |
County of Broward, Airport System Series 2019A, Rev., AMT, 5.00%, 10/1/2027 | | | 1,850 | | | | 2,137 | |
| | |
County of Broward, Professional Sports Facilities, Civic Arena Project Rev., 5.00%, 9/1/2024 | | | 40 | | | | 42 | |
| | |
County of Escambia, Sales Tax Rev., 5.00%, 10/1/2025 | | | 15 | | | | 17 | |
| | |
County of Lee | | | | | | | | |
| | |
Series 2021A, Rev., AMT, 5.00%, 10/1/2030 | | | 6,095 | | | | 7,370 | |
| | |
Series 2021A, Rev., AMT, 5.00%, 10/1/2031 | | | 5,550 | | | | 6,809 | |
| | |
County of Lee, Transportation Facilities Rev., AGM, 5.00%, 10/1/2035 | | | 190 | | | | 206 | |
| | |
County of Manatee Rev., 5.00%, 10/1/2026 | | | 25 | | | | 27 | |
| | |
County of Manatee, Public Utilities | | | | | | | | |
| | |
Rev., 5.00%, 10/1/2028 | | | 535 | | | | 637 | |
| | |
Rev., 5.00%, 10/1/2031 | | | 815 | | | | 962 | |
| | |
County of Martin, Half-Cent Sales Tax Rev., 5.00%, 7/1/2022 | | | 25 | | | | 25 | |
| | |
County of Miami-Dade, Aviation System | | | | | | | | |
| | |
Rev., AMT, 5.00%, 10/1/2028 | | | 1,500 | | | | 1,622 | |
| | |
Rev., 5.00%, 10/1/2029 | | | 900 | | | | 1,028 | |
| | |
Series B, Rev., 5.00%, 10/1/2029 | | | 1,250 | | | | 1,354 | |
| | |
County of Miami-Dade, Building Better Communities Program | | | | | | | | |
| | |
Series 2016A, GO, 5.00%, 7/1/2033 | | | 2,835 | | | | 3,246 | |
| | |
Series 2016A, GO, 5.00%, 7/1/2034 | | | 5,355 | | | | 6,126 | |
| | |
County of Miami-Dade, Capital Asset Acquisition Series 2019B, Rev., 5.00%, 4/1/2040 | | | 45 | | | | 54 | |
| | |
County of Miami-Dade, Public Health Trust Program Series A, GO, 5.00%, 7/1/2036 | | | 3,000 | | | | 3,671 | |
| | |
County of Miami-Dade, Subordinate Special Obligation Rev., 5.00%, 10/1/2028 | | | 120 | | | | 138 | |
| | |
County of Miami-Dade, Transit System, Sales Surtax | | | | | | | | |
| | |
Rev., 5.00%, 7/1/2022 | | | 90 | | | | 91 | |
| | |
Rev., 4.00%, 7/1/2034 | | | 35 | | | | 38 | |
| | |
Rev., 5.00%, 7/1/2034 | | | 475 | | | | 583 | |
| | |
County of Miami-Dade, Water and Sewer System | | | | | | | | |
| | |
Rev., 5.00%, 10/1/2033 | | | 25 | | | | 30 | |
| | |
Series 2017A, Rev., 4.00%, 10/1/2037 | | | 40 | | | | 45 | |
| | |
Series 2017A, Rev., 4.00%, 10/1/2039 | | | 50 | | | | 56 | |
| | |
Series 2019B, Rev., 5.00%, 10/1/2044 | | | 40 | | | | 48 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| |
|
Florida — continued | |
| | |
County of Palm Beach, Airport System Rev., AMT, 5.00%, 10/1/2036 | | | 500 | | | | 565 | |
| | |
County of Palm Beach, Public Improvement Rev., 5.00%, 5/1/2038 | | | 1,545 | | | | 1,743 | |
| | |
County of Polk, Utility System Rev., 5.00%, 10/1/2030 | | | 50 | | | | 63 | |
| | |
County of Sarasota, Guaranteed Entitlement Rev., 4.50%, 10/1/2023 (b) | | | 25 | | | | 27 | |
| | |
County of Sarasota, Utility System Series 2019A, Rev., 5.00%, 10/1/2038 | | | 35 | | | | 42 | |
| | |
East Central Regional Wastewater Treatment Facilities Operation Board, Biosolids Project Rev., 5.00%, 10/1/2023 | | | 40 | | | | 42 | |
| | |
Escambia County Health Facilities Authority, Baptist Health Care Corp. Obligated Group Series 2020A, Rev., 5.00%, 8/15/2040 | | | 3,600 | | | | 4,245 | |
| | |
Florida Atlantic University Finance Corp., Student Housing Project | | | | | | | | |
| | |
Series 2019A, Rev., 5.00%, 7/1/2027 | | | 430 | | | | 501 | |
| | |
Series 2019B, Rev., 5.00%, 7/1/2032 | | | 1,715 | | | | 2,044 | |
| | |
Series 2019B, Rev., 5.00%, 7/1/2033 | | | 1,475 | | | | 1,756 | |
| | |
Florida Department of Environmental Protection Series 2017A, Rev., 5.00%, 7/1/2028 | | | 40 | | | | 48 | |
| | |
Florida Department of Management Services Series 2018A, COP, 5.00%, 11/1/2026 | | | 20 | | | | 23 | |
| | |
Florida Development Finance Corp., Educational Facilities, Renaissance Charter School, Inc. Project | | | | | | | | |
| | |
Series 2020C, Rev., 4.00%, 9/15/2030 (d) | | | 235 | | | | 246 | |
| | |
Series 2020C, Rev., 5.00%, 9/15/2040 (d) | | | 525 | | | | 568 | |
| | |
Florida Development Finance Corp., Imagine School at Broward Project | | | | | | | | |
| | |
Series A, Rev., 2.63%, 12/15/2024 (d) | | | 275 | | | | 275 | |
| | |
Series A, Rev., 4.00%, 12/15/2029 (d) | | | 265 | | | | 280 | |
| | |
Series A, Rev., 5.00%, 12/15/2039 (d) | | | 305 | | | | 341 | |
| | |
Florida Development Finance Corp., Mater Academy Project | | | | | | | | |
| | |
Series 2020A, Rev., 4.00%, 6/15/2025 | | | 455 | | | | 484 | |
| | |
Series 2020A, Rev., 5.00%, 6/15/2026 | | | 370 | | | | 413 | |
| | |
Series 2020A, Rev., 5.00%, 6/15/2027 | | | 390 | | | | 444 | |
| | |
Series 2020A, Rev., 5.00%, 6/15/2028 | | | 410 | | | | 465 | |
| | |
Series 2020A, Rev., 5.00%, 6/15/2029 | | | 400 | | | | 452 | |
| | |
Series 2020A, Rev., 5.00%, 6/15/2030 | | | 375 | | | | 423 | |
| | |
Series 2020A, Rev., 5.00%, 6/15/2035 | | | 1,000 | | | | 1,120 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 57 |
JPMorgan Intermediate Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Florida — continued | |
| | |
Florida Development Finance Corp., The Mayflower Retirement Community Project | | | | | | | | |
| | |
Series 2021B2, Rev., 1.75%, 6/1/2026 (d) | | | 925 | | | | 893 | |
| | |
Series 2021B1, Rev., 2.38%, 6/1/2027 (d) | | | 730 | | | | 709 | |
| | |
Florida Gulf Coast University Financing Corp., Housing Project Series 2019A, Rev., 5.00%, 2/1/2026 | | | 125 | | | | 140 | |
| | |
Florida Higher Educational Facilities Financial Authority, Florida Institute of Technology | | | | | | | | |
| | |
Rev., 5.00%, 10/1/2022 | | | 110 | | | | 112 | |
| | |
Rev., 5.00%, 10/1/2023 | | | 125 | | | | 132 | |
| | |
Greater Orlando Aviation Authority, Airport Facilities Series 2019A, Rev., AMT, 5.00%, 10/1/2038 | | | 1,810 | | | | 2,142 | |
| | |
Halifax Hospital Medical Center Rev., 5.00%, 6/1/2022 | | | 25 | | | | 25 | |
| | |
Hillsborough County, Aviation Authority, Tampa International Airport Series 2018F, Rev., 5.00%, 10/1/2043 | | | 150 | | | | 177 | |
| | |
JEA Electric System | | | | | | | | |
| | |
Series D, Rev., 5.00%, 4/1/2023 (b) | | | 10 | | | | 10 | |
| | |
Series A, Rev., 5.00%, 10/1/2023 (b) | | | 1,395 | | | | 1,480 | |
| | |
Key West Utility Board, Electric System Rev., 5.00%, 10/1/2027 | | | 45 | | | | 53 | |
| | |
Lee County School Board (The) Series 2016A, COP, 5.00%, 8/1/2035 | | | 25 | | | | 28 | |
| | |
Lee Memorial Health System | | | | | | | | |
| | |
Series 2019A-1, Rev., 5.00%, 4/1/2028 | | | 3,375 | | | | 3,995 | |
| | |
Series 2019A-1, Rev., 5.00%, 4/1/2029 | | | 2,500 | | | | 3,018 | |
| | |
Manatee County School District, Sales Tax Rev., AGM, 5.00%, 10/1/2023 | | | 50 | | | | 53 | |
| | |
Miami-Dade County Health Facilities Authority, Niklaus Children’s Hospital Series 2021A, Rev., 4.00%, 8/1/2051 | | | 5,000 | | | | 5,493 | |
| | |
Orange County School Board Series 2016C, COP, 5.00%, 8/1/2033 | | | 40 | | | | 46 | |
| | |
Orlando Utilities Commission, Utility System Series 2012A, Rev., 5.00%, 10/1/2023 | | | 25 | | | | 27 | |
| | |
Palm Beach County Health Facilities Authority, Acts Retirement Life Communities, Inc., Obligated Group | | | | | | | | |
| | |
Series 2020B, Rev., 4.00%, 11/15/2041 | | | 250 | | | | 277 | |
| | |
Series 2020B, Rev., 5.00%, 11/15/2042 | | | 500 | | | | 580 | |
| | |
Palm Beach County Health Facilities Authority, Toby and Leon Cooperman Sinai Residences of Boca Raton Expansion | | | | | | | | |
| | |
Rev., 2.63%, 6/1/2025 | | | 4,185 | | | | 4,167 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| |
|
Florida — continued | |
| | |
Rev., 4.00%, 6/1/2026 (f) | | | 300 | | | | 310 | |
| | |
Rev., 3.00%, 6/1/2027 | | | 7,780 | | | | 7,754 | |
| | |
Rev., 4.00%, 6/1/2031 (f) | | | 1,250 | | | | 1,265 | |
| | |
Rev., 4.00%, 6/1/2036 (f) | | | 1,600 | | | | 1,602 | |
| | |
Palm Beach County School District Series C, COP, 5.00%, 8/1/2029 | | | 16,000 | | | | 19,125 | |
| | |
Pinellas County Educational Facilities Authority, Discovery Academy of Science Project Series 2022A, Rev., 4.00%, 6/1/2036 (d) | | | 1,660 | | | | 1,670 | |
| | |
School Board of Miami-Dade County (The) Series 2015A, COP, 5.00%, 5/1/2030 | | | 70 | | | | 77 | |
| | |
School District of Broward County Series 2019A, COP, 5.00%, 7/1/2029 | | | 35 | | | | 43 | |
| | |
Seminole County Industrial Development Authority, Galileo Schools for Gifted Learning | | | | | | | | |
| | |
Series 2021A, Rev., 4.00%, 6/15/2036 (d) | | | 155 | | | | 165 | |
| | |
Series 2021A, Rev., 4.00%, 6/15/2041 (d) | | | 215 | | | | 225 | |
| | |
South Florida Water Management District COP, 5.00%, 10/1/2036 | | | 125 | | | | 141 | |
| | |
St. Johns County Industrial Development Authority, Vicar’s Landing Project | | | | | | | | |
| | |
Series 2021A, Rev., 4.00%, 12/15/2025 | | | 180 | | | | 189 | |
| | |
Series 2021A, Rev., 4.00%, 12/15/2026 | | | 185 | | | | 195 | |
| | |
Series 2021A, Rev., 4.00%, 12/15/2027 | | | 215 | | | | 227 | |
| | |
Series 2021A, Rev., 4.00%, 12/15/2028 | | | 200 | | | | 211 | |
| | |
Series 2021A, Rev., 4.00%, 12/15/2030 | | | 200 | | | | 211 | |
| | |
Series 2021A, Rev., 4.00%, 12/15/2031 | | | 205 | | | | 216 | |
| | |
Series 2021A, Rev., 4.00%, 12/15/2036 | | | 500 | | | | 518 | |
| | |
Series 2021A, Rev., 4.00%, 12/15/2041 | | | 375 | | | | 383 | |
| | |
State of Florida Board of Education, Public Education Capital Outlay | | | | | | | | |
| | |
Series 2012C, GO, 5.00%, 6/1/2023 | | | 40 | | | | 40 | |
| | |
Series 2015F, GO, 5.00%, 6/1/2026 | | | 25 | | | | 28 | |
| | |
State of Florida Department of Education | | | | | | | | |
| | |
Series 2018A, Rev., 5.00%, 7/1/2024 | | | 1,025 | | | | 1,110 | |
| | |
Series 2018A, Rev., 5.00%, 7/1/2025 | | | 2,375 | | | | 2,644 | |
| | |
Series 2018A, Rev., 5.00%, 7/1/2026 | | | 3,385 | | | | 3,869 | |
| | |
State of Florida Department of Transportation Turnpike System | | | | | | | | |
| | |
Series 2013A, Rev., 5.00%, 7/1/2022 | | | 35 | | | | 36 | |
| | |
Series 2013B, Rev., 5.00%, 7/1/2022 | | | 75 | | | | 75 | |
| | |
Series 2013A, Rev., 5.00%, 7/1/2023 | | | 30 | | | | 32 | |
| | |
Series 2016A, Rev., 5.00%, 7/1/2023 | | | 20 | | | | 21 | |
| | |
Series 2019A, Rev., 5.00%, 7/1/2024 | | | 25 | | | | 27 | |
| | |
Tohopekaliga Water Authority, Utility System | | | | | | | | |
| | |
Rev., 4.00%, 10/1/2022 | | | 25 | | | | 25 | |
| | |
Rev., 4.00%, 10/1/2034 | | | 30 | | | | 34 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 58 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Florida — continued | |
| | |
Volusia County Educational Facility Authority, Embry-Riddle Aeronautical University, Inc., Project | | | | | | | | |
| | |
Series 2020A, Rev., 4.00%, 10/15/2035 | | | 400 | | | | 444 | |
| | |
Series 2020A, Rev., 4.00%, 10/15/2036 | | | 500 | | | | 553 | |
| | |
Wildwood Utility Dependent District, South Sumter Utility Project | | | | | | | | |
| | |
Rev., 5.00%, 10/1/2028 | | | 150 | | | | 179 | |
| | |
Rev., 5.00%, 10/1/2029 | | | 150 | | | | 182 | |
| | |
Rev., 5.00%, 10/1/2031 | | | 250 | | | | 312 | |
| | | | | | | | |
| | |
Total Florida | | | | | | | 168,028 | |
| | | | | | | | |
|
Georgia — 1.9% | |
| | |
Albany-Dougherty Inner City Authority, State University Projects | | | | | | | | |
| | |
Rev., 5.00%, 7/1/2029 | | | 1,050 | | | | 1,257 | |
| | |
Rev., 5.00%, 7/1/2030 | | | 1,155 | | | | 1,399 | |
| | |
Rev., 5.00%, 7/1/2031 | | | 425 | | | | 513 | |
| | |
Athens-Clarke County Unified Government, Sales Tax GO, 5.00%, 12/1/2028 | | | 300 | | | | 365 | |
| | |
Cherokee County Board of Education, School System | | | | | | | | |
| | |
GO, 5.00%, 8/1/2031 | | | 725 | | | | 832 | |
| | |
GO, 5.00%, 8/1/2032 | | | 750 | | | | 861 | |
| | |
GO, 5.00%, 8/1/2033 | | | 690 | | | | 792 | |
| | |
Cherokee County Water and Sewer Authority Rev., 5.00%, 8/1/2032 | | | 25 | | | | 29 | |
| | |
City of Atlanta, Water and Wastewater | | | | | | | | |
| | |
Series 2013B, Rev., 5.00%, 11/1/2023 | | | 30 | | | | 32 | |
| | |
Rev., 5.00%, 11/1/2029 | | | 2,110 | | | | 2,350 | |
| | |
Rev., 5.00%, 11/1/2030 | | | 4,250 | | | | 4,729 | |
| | |
City of Bainbridge, Combined Utility Revenue | | | | | | | | |
| | |
Rev., 4.00%, 12/1/2032 | | | 270 | | | | 317 | |
| | |
Rev., 4.00%, 12/1/2034 | | | 600 | | | | 703 | |
| | |
Rev., 4.00%, 12/1/2035 | | | 1,270 | | | | 1,487 | |
| | |
Rev., 4.00%, 12/1/2037 | | | 1,360 | | | | 1,590 | |
| | |
City of Columbus, Water and Sewerage | | | | | | | | |
| | |
Series 2014A, Rev., 5.00%, 5/1/2027 | | | 445 | | | | 480 | |
| | |
Series 2014A, Rev., 5.00%, 5/1/2028 | | | 595 | | | | 641 | |
| | |
Rev., 5.00%, 5/1/2031 | | | 280 | | | | 319 | |
| | |
Rev., 5.00%, 5/1/2034 | | | 350 | | | | 399 | |
| | |
Rev., 5.00%, 5/1/2035 | | | 350 | | | | 398 | |
| | |
Clayton County Development Authority, Clayton State University | | | | | | | | |
| | |
Rev., 5.00%, 7/1/2029 | | | 175 | | | | 212 | |
| | |
Rev., 5.00%, 7/1/2030 | | | 200 | | | | 245 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
|
Georgia — continued | |
| | |
Rev., 5.00%, 7/1/2031 | | | 175 | | | | 217 | |
| | |
Rev., 5.00%, 7/1/2032 | | | 205 | | | | 254 | |
| | |
Rev., 5.00%, 7/1/2033 | | | 250 | | | | 310 | |
| | |
Rev., 5.00%, 7/1/2035 | | | 270 | | | | 335 | |
| | |
Cobb County, Kennestone Hospital Authority, Wellstar Health System, Inc., Project | | | | | | | | |
| | |
Series 2020A, Rev., 4.00%, 4/1/2032 | | | 400 | | | | 448 | |
| | |
Series 2020A, Rev., 4.00%, 4/1/2033 | | | 500 | | | | 560 | |
| | |
Series 2020A, Rev., 4.00%, 4/1/2034 | | | 350 | | | | 392 | |
| | |
Series 2020A, Rev., 4.00%, 4/1/2035 | | | 250 | | | | 279 | |
| | |
Series 2020A, Rev., 4.00%, 4/1/2036 | | | 505 | | | | 564 | |
| | |
Series 2020A, Rev., 3.00%, 4/1/2037 | | | 700 | | | | 716 | |
| | |
Series 2020A, Rev., 4.00%, 4/1/2039 | | | 475 | | | | 528 | |
| | |
Series 2020A, Rev., 3.00%, 4/1/2045 | | | 1,785 | | | | 1,761 | |
| | |
County of DeKalb, Water and Sewerage | | | | | | | | |
| | |
Series B, Rev., 5.25%, 10/1/2022 | | | 4,810 | | | | 4,937 | |
| | |
Series B, Rev., 5.25%, 10/1/2023 | | | 8,660 | | | | 9,228 | |
| | |
Series 2006B, Rev., 5.25%, 10/1/2026 | | | 5,500 | | | | 6,428 | |
| | |
DeKalb Private Hospital Authority, Children’s Healthcare of Atlanta, Inc. Series 2019B, Rev., 5.00%, 7/1/2032 | | | 50 | | | | 61 | |
| | |
Gainesville and Hall County Hospital Authority, Northeast Georgia Health System, Inc., Project Series 2017A, Rev., 5.00%, 2/15/2028 | | | 115 | | | | 133 | |
| | |
George L Smith II Congress Center Authority, Convention Center Hotel First | | | | | | | | |
| | |
Series 2021A, Rev., 2.38%, 1/1/2031 | | | 500 | | | | 465 | |
| | |
Series 2021A, Rev., 4.00%, 1/1/2036 | | | 500 | | | | 513 | |
| | |
George L Smith II Congress Center Authority, Convention Center Hotel Second | | | | | | | | |
| | |
Series 2021B, Rev., 3.63%, 1/1/2031 (d) | | | 1,170 | | | | 1,104 | |
| | |
Series 2021B, Rev., 5.00%, 1/1/2036 (d) | | | 1,000 | | | | 1,043 | |
| | |
Georgia Higher Education Facilities Authority, USG Real Estate Foundation II LLC Projects | | | | | | | | |
| | |
Rev., 5.00%, 6/15/2023 | | | 645 | | | | 678 | |
| | |
Rev., 5.00%, 6/15/2024 | | | 580 | | | | 627 | |
| | |
Rev., 5.00%, 6/15/2025 | | | 650 | | | | 722 | |
| | |
Rev., 5.00%, 6/15/2026 | | | 500 | | | | 569 | |
| | |
Rev., 5.00%, 6/15/2027 | | | 500 | | | | 582 | |
| | |
Rev., 5.00%, 6/15/2028 | | | 500 | | | | 594 | |
| | |
Rev., 5.00%, 6/15/2029 | | | 500 | | | | 604 | |
| | |
Rev., 5.00%, 6/15/2030 | | | 500 | | | | 602 | |
| | |
Rev., 5.00%, 6/15/2031 | | | 800 | | | | 961 | |
| | |
Rev., 3.00%, 6/15/2032 | | | 1,175 | | | | 1,239 | |
| | |
Rev., 5.00%, 6/15/2033 | | | 1,660 | | | | 1,993 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 59 |
JPMorgan Intermediate Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Georgia — continued | |
| | |
Rev., 5.00%, 6/15/2034 | | | 1,125 | | | | 1,350 | |
| | |
Rev., 5.00%, 6/15/2035 | | | 1,250 | | | | 1,499 | |
| | |
Rev., 4.00%, 6/15/2036 | | | 1,000 | | | | 1,125 | |
| | |
Rev., 4.00%, 6/15/2037 | | | 1,500 | | | | 1,686 | |
| | |
Rev., 4.00%, 6/15/2039 | | | 1,785 | | | | 1,995 | |
| | |
Glynn-Brunswick Memorial Hospital Authority, Southeast Georgia Health System Project | | | | | | | | |
| | |
Rev., 4.00%, 8/1/2035 | | | 500 | | | | 567 | |
| | |
Rev., 4.00%, 8/1/2036 | | | 375 | | | | 425 | |
| | |
Rev., 4.00%, 8/1/2037 | | | 495 | | | | 560 | |
| | |
Henry County, Water and Sewerage Authority | | | | | | | | |
| | |
Rev., AGM-CR, BHAC-CR, NATL-RE, 5.25%, 2/1/2028 | | | 5,000 | | | | 6,047 | |
| | |
Rev., AGM-CR, BHAC-CR, NATL-RE, 5.25%, 2/1/2029 | | | 25 | | | | 31 | |
| | |
Main Street Natural Gas, Inc., Gas Supply | | | | | | | | |
| | |
Series 2021C, Rev., 4.00%, 12/1/2026 | | | 1,300 | | | | 1,421 | |
| | |
Series 2021C, Rev., 4.00%, 12/1/2027 | | | 1,225 | | | | 1,357 | |
| | |
Newton County School District Series 2012A, GO, 5.00%, 4/1/2022 | | | 40 | | | | 40 | |
| | |
Polk County School District, Sales Tax GO, 5.00%, 3/1/2025 | | | 360 | | | | 399 | |
| | |
Private Colleges and Universities Authority, Emory University | | | | | | | | |
| | |
Series 2019A, Rev., 5.00%, 9/1/2028 | | | 40 | | | | 48 | |
| | |
Series 2013A, Rev., 5.00%, 10/1/2043 | | | 2,005 | | | | 2,121 | |
| | |
State of Georgia | | | | | | | | |
| | |
Series E, GO, 5.00%, 12/1/2023 | | | 20 | | | | 21 | |
| | |
Series A-2, GO, 5.00%, 2/1/2029 | | | 5,020 | | | | 5,860 | |
| | | | | | | | |
| | |
Total Georgia | | | | | | | 85,949 | |
| | | | | | | | |
|
Hawaii — 0.5% | |
| | |
City and County Honolulu, Wastewater System Series 2019A, Rev., 4.00%, 7/1/2025 | | | 25 | | | | 27 | |
| | |
City and County of Honolulu | | | | | | | | |
| | |
Series 2019D, GO, 5.00%, 8/1/2023 | | | 20 | | | | 21 | |
| | |
Series 2017D, GO, 5.00%, 9/1/2023 | | | 20 | | | | 21 | |
| | |
Series B, GO, 5.00%, 10/1/2027 | | | 8,695 | | | | 9,778 | |
| | |
Series C, GO, 5.00%, 10/1/2027 | | | 3,000 | | | | 3,373 | |
| | |
State of Hawaii | | | | | | | | |
| | |
Series FE, GO, 5.00%, 10/1/2027 | | | 1,315 | | | | 1,525 | |
| | |
Series FG, GO, 5.00%, 10/1/2028 | | | 2,500 | | | | 2,892 | |
| | |
Series FW, GO, 5.00%, 1/1/2032 | | | 5,000 | | | | 6,059 | |
| | | | | | | | |
| | |
Total Hawaii | | | | | | | 23,696 | |
| | | | | | | | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
|
Idaho — 0.2% | |
| | |
Idaho Housing and Finance Association, Federal Highway Trust | | | | | | | | |
| | |
Series A, Rev., 5.00%, 7/15/2025 | | | 2,550 | | | | 2,848 | |
| | |
Series A, Rev., 5.00%, 7/15/2026 | | | 4,800 | | | | 5,507 | |
| | | | | | | | |
| | |
Total Idaho | | | | | | | 8,355 | |
| | | | | | | | |
|
Illinois — 5.0% | |
| | |
Champaign County Community Unit School District No. 4 Champaign, School Building GO, 5.00%, 1/1/2031 | | | 305 | | | | 344 | |
| | |
City of Altamont, Electric Ars Series 2019B, GO, 3.00%, 1/1/2024 | | | 35 | | | | 36 | |
| | |
City of Aurora Series 2015-C, GO, 3.00%, 12/30/2022 | | | 100 | | | | 102 | |
| | |
City of Chicago, Waterworks, Second Lien | | | | | | | | |
| | |
Rev., 5.00%, 11/1/2022 | | | 600 | | | | 616 | |
| | |
Rev., 5.00%, 11/1/2027 | | | 1,000 | | | | 1,089 | |
| | |
Rev., 5.00%, 11/1/2030 | | | 500 | | | | 541 | |
| | |
City of Decatur GO, AGM, 5.00%, 3/1/2028 | | | 15 | | | | 16 | |
| | |
City of Rockford, Sales Tax | | | | | | | | |
| | |
GO, 4.00%, 12/15/2027 | | | 255 | | | | 285 | |
| | |
GO, 4.00%, 12/15/2029 | | | 515 | | | | 589 | |
| | |
GO, 4.00%, 12/15/2030 | | | 360 | | | | 407 | |
| | |
City of Springfield, Electric System, Senior Lien | | | | | | | | |
| | |
Rev., 5.00%, 3/1/2027 | | | 4,500 | | | | 4,944 | |
| | |
Rev., 5.00%, 3/1/2028 | | | 4,000 | | | | 4,390 | |
| | |
Rev., AGM, 3.50%, 3/1/2030 | | | 3,500 | | | | 3,642 | |
| | |
Cook County School District No. 111 Burbank GO, AGM, 4.00%, 12/1/2035 | | | 50 | | | | 55 | |
| | |
Cook County Township High School District No. 225, Glenbrook Series 2016A, GO, 5.00%, 12/1/2024 | | | 15 | | | | 16 | |
| | |
County of Cook, Sales Tax Rev., 5.00%, 11/15/2031 | | | 3,600 | | | | 4,253 | |
| | |
County of Du Page, Courthouse Project | | | | | | | | |
| | |
GO, 5.00%, 1/1/2028 | | | 255 | | | | 290 | |
| | |
GO, 5.00%, 1/1/2029 | | | 730 | | | | 830 | |
| | |
County of Will GO, 4.00%, 11/15/2036 | | | 60 | | | | 65 | |
| | |
Du Page Cook and Will Counties Community College District No. 502 GO, 5.00%, 6/1/2023 | | | 25 | | | | 26 | |
| | |
DuPage and Cook Counties Community Consolidated School District No. 181 Hinsdale | | | | | | | | |
| | |
Rev., 5.00%, 12/1/2025 | | | 25 | | | | 28 | |
| | |
Series 2018A, GO, 4.00%, 1/15/2032 | | | 25 | | | | 27 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 60 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Illinois — continued | |
| | |
DuPage County Community Unit School District No. 200 Wheaton-Warrenville GO, 5.00%, 10/1/2025 | | | 30 | | | | 34 | |
| | |
DuPage County High School District No. 87 Glenbard GO, 5.00%, 1/1/2028 | | | 25 | | | | 28 | |
| | |
Illinois Finance Authority, Advocate Health and Hospital Corp. Obligated Group | | | | | | | | |
| | |
Series 2013A, Rev., 5.00%, 6/1/2023 | | | 20 | | | | 21 | |
| | |
Rev., 4.13%, 5/1/2025 (b) | | | 5 | | | | 5 | |
| | |
Rev., 4.13%, 5/1/2025 | | | 5 | | | | 5 | |
| | |
Rev., 4.13%, 5/1/2045 | | | 30 | | | | 32 | |
| | |
Illinois Finance Authority, Clean Water Initiative Revolving Fund Rev., 5.00%, 7/1/2039 | | | 80 | | | | 97 | |
| | |
Illinois Finance Authority, Plymouth Place, Inc. | | | | | | | | |
| | |
Series 2021A, Rev., 5.00%, 5/15/2032 | | | 140 | | | | 158 | |
| | |
Series 2021A, Rev., 5.00%, 5/15/2033 | | | 145 | | | | 162 | |
| | |
Series 2021A, Rev., 5.00%, 5/15/2034 | | | 300 | | | | 335 | |
| | |
Series 2021A, Rev., 5.00%, 5/15/2035 | | | 315 | | | | 350 | |
| | |
Series 2021A, Rev., 5.00%, 5/15/2036 | | | 325 | | | | 359 | |
| | |
Illinois Finance Authority, Riverside Health System Rev., 4.00%, 11/15/2030 | | | 45 | | | | 49 | |
| | |
Illinois Finance Authority, Rush University Medical Center Obligated Group Series 2015A, Rev., 5.00%, 11/15/2024 | | | 1,000 | | | | 1,095 | |
| | |
Illinois Finance Authority, Social Bonds-Learn Chapter School Project | | | | | | | | |
| | |
Rev., 4.00%, 11/1/2026 | | | 75 | | | | 81 | |
| | |
Rev., 4.00%, 11/1/2027 | | | 75 | | | | 81 | |
| | |
Rev., 4.00%, 11/1/2028 | | | 120 | | | | 131 | |
| | |
Rev., 4.00%, 11/1/2029 | | | 120 | | | | 131 | |
| | |
Rev., 4.00%, 11/1/2030 | | | 130 | | | | 143 | |
| | |
Rev., 4.00%, 11/1/2031 | | | 130 | | | | 144 | |
| | |
Rev., 4.00%, 11/1/2041 | | | 375 | | | | 408 | |
| | |
Illinois Finance Authority, Southern Illinois Healthcare Enterprises, Inc. Series C, Rev., 5.00%, 3/1/2025 | | | 400 | | | | 442 | |
| | |
Illinois Finance Authority, Township High School District Rev., 4.00%, 12/1/2035 | | | 40 | | | | 45 | |
| | |
Illinois Sports Facilities Authority (The), State Tax | | | | | | | | |
| | |
Rev., 5.00%, 6/15/2028 | | | 2,000 | | | | 2,371 | |
| | |
Rev., 5.00%, 6/15/2029 | | | 2,500 | | | | 3,020 | |
| | |
Rev., 5.00%, 6/15/2030 | | | 1,500 | | | | 1,785 | |
| | |
Illinois State Toll Highway Authority | | | | | | | | |
| | |
Series 2019C, Rev., 5.00%, 1/1/2028 | | | 25 | | | | 30 | |
| | |
Series 2015B, Rev., 5.00%, 1/1/2029 | | | 35 | | | | 39 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| |
|
Illinois — continued | |
| | |
Series 2016B, Rev., 5.00%, 1/1/2030 | | | 30 | | | | 34 | |
| | |
Series 2019C, Rev., 5.00%, 1/1/2031 | | | 11,050 | | | | 13,608 | |
| | |
Series 2016A, Rev., 5.00%, 12/1/2031 | | | 30 | | | | 34 | |
| | |
Kane Cook and DuPage Counties School District No. U-46 Elgin Series 2015D, GO, 5.00%, 1/1/2034 | | | 1,700 | | | | 1,812 | |
| | |
Kane County Community Unit School District No. 304 Geneva GO, 5.00%, 1/1/2029 | | | 20 | | | | 23 | |
| | |
Kane County School District No. 131 Aurora East Side | | | | | | | | |
| | |
Series 2020A, GO, AGM, 4.00%, 12/1/2028 | | | 65 | | | | 74 | |
| | |
Series 2020A, GO, AGM, 4.00%, 12/1/2029 | | | 65 | | | | 74 | |
| | |
Series 2020B, GO, AGM, 4.00%, 12/1/2029 | | | 40 | | | | 46 | |
| | |
Series 2020A, GO, AGM, 4.00%, 12/1/2030 | | | 75 | | | | 85 | |
| | |
Series 2020A, GO, AGM, 4.00%, 12/1/2031 | | | 100 | | | | 112 | |
| | |
Series 2020A, GO, AGM, 4.00%, 12/1/2032 | | | 115 | | | | 129 | |
| | |
Series 2020A, GO, AGM, 4.00%, 12/1/2033 | | | 130 | | | | 146 | |
| | |
Series 2020A, GO, AGM, 4.00%, 12/1/2034 | | | 230 | | | | 258 | |
| | |
Series 2020A, GO, AGM, 4.00%, 12/1/2035 | | | 280 | | | | 312 | |
| | |
Series 2020A, GO, AGM, 4.00%, 12/1/2036 | | | 250 | | | | 280 | |
| | |
Lake County Community Consolidated School District No. 3 Beach Park | | | | | | | | |
| | |
GO, AGM, 4.00%, 2/1/2030 | | | 730 | | | | 823 | |
| | |
GO, AGM, 4.00%, 2/1/2031 | | | 830 | | | | 932 | |
| | |
GO, AGM, 4.00%, 2/1/2032 | | | 535 | | | | 600 | |
| | |
GO, AGM, 4.00%, 2/1/2033 | | | 500 | | | | 560 | |
| | |
McHenry County Community Consolidated School District No. 47 Crystal Lake Rev., 4.00%, 2/1/2028 | | | 25 | | | | 28 | |
| | |
Northern Illinois University, Auxiliary Facilities System | | | | | | | | |
| | |
Series 2020B, Rev., 5.00%, 4/1/2027 | | | 550 | | | | 632 | |
| | |
Series 2020B, Rev., 5.00%, 4/1/2028 | | | 650 | | | | 760 | |
| | |
Series 2020B, Rev., 5.00%, 4/1/2029 | | | 425 | | | | 506 | |
| | |
Series 2020B, Rev., 5.00%, 4/1/2030 | | | 250 | | | | 302 | |
| | |
Series 2020B, Rev., 5.00%, 4/1/2032 | | | 650 | | | | 782 | |
| | |
Series 2020B, Rev., 5.00%, 4/1/2033 | | | 675 | | | | 811 | |
| | |
Series 2020B, Rev., 5.00%, 4/1/2034 | | | 475 | | | | 570 | |
| | |
Regional Transportation Authority Series 2002A, Rev., NATL-RE, 6.00%, 7/1/2029 | | | 55 | | | | 70 | |
| | |
Sales Tax Securitization Corp. | | | | | | | | |
| | |
Series 2017A, Rev., 5.00%, 1/1/2027 | | | 90 | | | | 104 | |
| | |
Series C, Rev., 5.50%, 1/1/2030 | | | 18,250 | | | | 22,269 | |
| | |
Series C, Rev., 5.50%, 1/1/2031 | | | 26,360 | | | | 32,062 | |
| | |
Series C, Rev., 5.25%, 1/1/2034 | | | 22,520 | | | | 26,900 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 61 |
JPMorgan Intermediate Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Illinois — continued | |
| | |
Southwestern Illinois Development Authority, Flood Prevention District Council Project Rev., 5.00%, 4/15/2030 | | | 625 | | | | 765 | |
| | |
State of Illinois | | | | | | | | |
| | |
GO, 5.00%, 5/1/2022 | | | 160 | | | | 161 | |
| | |
Series 2018A, GO, 5.00%, 10/1/2022 | | | 180 | | | | 184 | |
| | |
GO, 5.00%, 3/1/2023 | | | 10 | | | | 10 | |
| | |
GO, 5.00%, 5/1/2023 | | | 120 | | | | 125 | |
| | |
Series 2018A, GO, 4.00%, 5/1/2024 | | | 50 | | | | 53 | |
| | |
Series D, GO, 5.00%, 11/1/2024 | | | 15,715 | | | | 17,125 | |
| | |
GO, 5.00%, 1/1/2025 | | | 700 | | | | 766 | |
| | |
GO, 5.00%, 3/1/2025 | | | 5,600 | | | | 5,619 | |
| | |
GO, 5.00%, 8/1/2025 | | | 25 | | | | 25 | |
| | |
GO, 5.00%, 2/1/2026 | | | 4,900 | | | | 5,463 | |
| | |
GO, 5.00%, 3/1/2026 | | | 5,910 | | | | 5,931 | |
| | |
Series 2017D, GO, 5.00%, 11/1/2026 | | | 5,175 | | | | 5,849 | |
| | |
GO, 5.00%, 6/1/2027 | | | 25 | | | | 28 | |
| | |
GO, 5.00%, 1/1/2028 | | | 150 | | | | 167 | |
| | |
GO, 4.13%, 3/1/2028 | | | 30 | | | | 30 | |
| | |
GO, 4.50%, 2/1/2029 | | | 450 | | | | 474 | |
| | |
Series 2018A, GO, 5.00%, 5/1/2030 | | | 35 | | | | 40 | |
| | |
GO, 4.13%, 11/1/2031 | | | 40 | | | | 43 | |
| | |
GO, 4.00%, 6/1/2032 | | | 100 | | | | 106 | |
| | |
Series 2020B, GO, 4.00%, 10/1/2033 | | | 3,990 | | | | 4,334 | |
| | |
Series 2021B, GO, 5.00%, 12/1/2033 | | | 7,000 | | | | 8,387 | |
| | |
Series 2021A, GO, 5.00%, 3/1/2036 | | | 2,860 | | | | 3,367 | |
| | |
Series 2021A, GO, 4.00%, 3/1/2038 | | | 2,250 | | | | 2,435 | |
| | |
GO, 5.00%, 2/1/2039 | | | 2,255 | | | | 2,377 | |
| | |
Series 2021A, GO, 4.00%, 3/1/2039 | | | 3,495 | | | | 3,775 | |
| | |
Series 2021A, GO, 4.00%, 3/1/2041 | | | 2,200 | | | | 2,365 | |
| | |
Series 2020C, GO, 4.00%, 10/1/2041 | | | 1,325 | | | | 1,418 | |
| | |
Series 2020C, GO, 4.00%, 10/1/2042 | | | 2,825 | | | | 3,022 | |
| | |
State of Illinois, Sales Tax | | | | | | | | |
| | |
Rev., 5.00%, 6/15/2023 | | | 40 | | | | 42 | |
| | |
Series D, Rev., 5.00%, 6/15/2024 | | | 40 | | | | 43 | |
| | |
Village of Bolingbrook Series 2014A, GO, AGM, 5.00%, 1/1/2032 | | | 150 | | | | 164 | |
| | |
Village of Bolingbrook, Capital Appreciation Series C, GO, NATL-RE, Zero Coupon, 1/1/2023 | | | 2,195 | | | | 2,171 | |
| | |
Village of Bolingbrook, Will and Dupage Counties, Special Service Areas Numbers 2001-1, 2001-2, 2001-3, and 2002-1 | | | | | | | | |
| | |
Rev., AGM, 4.00%, 3/1/2026 | | | 620 | | | | 675 | |
| | |
Rev., AGM, 4.00%, 3/1/2027 | | | 375 | | | | 415 | |
| | |
Rev., AGM, 4.00%, 3/1/2028 | | | 1,000 | | | | 1,113 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| |
|
Illinois — continued | |
| | |
Village of Westmont GO, 4.00%, 1/1/2027 | | | 45 | | | | 50 | |
| | |
Will County Community Unit School District No. 365-U Valley View | | | | | | | | |
| | |
GO, 4.00%, 1/1/2030 | | | 975 | | | | 1,063 | |
| | |
GO, 4.00%, 1/1/2033 | | | 1,000 | | | | 1,087 | |
| | |
GO, 3.00%, 7/1/2036 | | | 1,700 | | | | 1,757 | |
| | |
Will County Forest Preservation District, Limited Tax | | | | | | | | |
| | |
GO, 5.00%, 12/15/2031 | | | 500 | | | | 622 | |
| | |
GO, 5.00%, 12/15/2032 | | | 500 | | | | 621 | |
| | |
GO, 5.00%, 12/15/2033 | | | 710 | | | | 881 | |
| | |
GO, 5.00%, 12/15/2034 | | | 915 | | | | 1,135 | |
| | |
Will Grundy Etc Counties Community College District No. 525, Joliet Junior College GO, 5.00%, 1/1/2026 | | | 40 | | | | 45 | |
| | | | | | | | |
| | |
Total Illinois | | | | | | | 226,238 | |
| | | | | | | | |
|
Indiana — 1.4% | |
| | |
Beech Grove Central School Building Corp., Unlimited Tax Series 2021A, Rev., 4.00%, 7/15/2034 | | | 160 | | | | 185 | |
| | |
Brownsburg 1999 School Building Corp., Ad Valorem Property Tax First Mortgage Rev., 5.00%, 1/15/2028 | | | 10 | | | | 12 | |
| | |
Carmel Redevelopment Authority, Option Income Tax Lease Rental Series 2014B, Rev., 5.00%, 7/1/2023 | | | 25 | | | | 26 | |
| | |
City of Fishers Series 2018C, GO, 5.00%, 1/1/2026 | | | 40 | | | | 45 | |
| | |
City of Franklin, Otterbeit Homes | | | | | | | | |
| | |
Series B, Rev., 5.00%, 7/1/2025 | | | 1,500 | | | | 1,663 | |
| | |
Series B, Rev., 5.00%, 7/1/2027 | | | 500 | | | | 577 | |
| | |
Series B, Rev., 5.00%, 7/1/2030 | | | 670 | | | | 800 | |
| | |
Series B, Rev., 5.00%, 7/1/2032 | | | 735 | | | | 872 | |
| | |
Series B, Rev., 4.00%, 7/1/2034 | | | 805 | | | | 889 | |
| | |
Series B, Rev., 4.00%, 7/1/2035 | | | 685 | | | | 755 | |
| | |
City of Goshen, Multi-Family, Green Oaks of Goshen Project Series 2021A, Rev., 5.00%, 8/1/2041 (d) | | | 750 | | | | 684 | |
| | |
City of Jeffersonville, Vivera Senior Living of Jeffersonville Project Series 2020A, Rev., 5.25%, 11/1/2040 (d) | | | 4,560 | | | | 4,448 | |
| | |
City of Rockport, Indiana Michigan Power Co. Project Series 2009A, Rev., 3.05%, 6/1/2025 | | | 11,600 | | | | 12,048 | |
| | |
City of Valparaiso Rev., 5.38%, 12/1/2041 (d) | | | 1,550 | | | | 1,424 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 62 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Indiana — continued | |
| | |
East Allen Multi School Building Corp., Indiana Ad Valorem Property Tax, First Mortgage Rev., 5.00%, 1/15/2038 | | | 25 | | | | 29 | |
| | |
Fort Wayne Redevelopment Authority Lease Rental, Harrison Square Project | | | | | | | | |
| | |
Rev., 5.00%, 8/1/2024 | | | 1,095 | | | | 1,171 | |
| | |
Rev., 5.00%, 2/1/2025 | | | 500 | | | | 534 | |
| | |
Greenfield Middle School Building Corp., Ad Valorem Property Tax First Mortgage | | | | | | | | |
| | |
Rev., 4.00%, 7/15/2033 | | | 245 | | | | 271 | |
| | |
Rev., 4.00%, 1/15/2035 | | | 550 | | | | 603 | |
| | |
Hamilton Southeastern Consolidated School Building Corp., Ad Valorem Property Tax First Mortgage Rev., 5.00%, 1/15/2026 | | | 30 | | | | 34 | |
| | |
Hobart Building Corp., Ad Valorem Property Tax First Mortgage Rev., 5.00%, 1/15/2029 | | | 65 | | | | 74 | |
| | |
Huntington Countywide School Building Corp., Ad Valorem Property Tax First Mortgage Rev., 5.00%, 1/15/2035 | | | 35 | | | | 42 | |
| | |
Indiana Bond Bank, Hamilton County Projects | | | | | | | | |
| | |
Series 2019B, Rev., Zero Coupon, 7/15/2024 | | | 220 | | | | 213 | |
| | |
Series 2019B, Rev., Zero Coupon, 1/15/2025 | | | 200 | | | | 191 | |
| | |
Series 2019B, Rev., Zero Coupon, 7/15/2025 | | | 450 | | | | 426 | |
| | |
Series 2019B, Rev., Zero Coupon, 1/15/2026 | | | 370 | | | | 347 | |
| | |
Series 2019B, Rev., Zero Coupon, 7/15/2026 | | | 370 | | | | 343 | |
| | |
Series 2019B, Rev., Zero Coupon, 1/15/2027 | | | 325 | | | | 298 | |
| | |
Series 2019B, Rev., Zero Coupon, 7/15/2027 | | | 320 | | | | 290 | |
| | |
Series 2019B, Rev., Zero Coupon, 1/15/2028 | | | 450 | | | | 403 | |
| | |
Series 2019B, Rev., Zero Coupon, 7/15/2028 | | | 450 | | | | 397 | |
| | |
Series 2019B, Rev., Zero Coupon, 1/15/2029 | | | 560 | | | | 488 | |
| | |
Series 2019B, Rev., Zero Coupon, 7/15/2029 | | | 735 | | | | 633 | |
| | |
Series 2019B, Rev., Zero Coupon, 1/15/2030 | | | 750 | | | | 631 | |
| | |
Series 2019B, Rev., Zero Coupon, 7/15/2030 | | | 740 | | | | 612 | |
| | |
Indiana Bond Bank, Special Program, Columbus Learning Center Project Series 2012C, Rev., 5.00%, 8/1/2022 | | | 10 | | | | 10 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| |
|
Indiana — continued | |
| | |
Indiana Finance Authority, Educational Facilities, Kipp Indianapolis, Inc., Project | | | | | | | | |
| | |
Series 2020A, Rev., 4.00%, 7/1/2030 | | | 110 | | | | 117 | |
| | |
Indiana Finance Authority, Educational Facilities, Valparaiso University Project | | | | | | | | |
| | |
Rev., 5.00%, 10/1/2024 | | | 1,000 | | | | 1,074 | |
| | |
Rev., 5.00%, 10/1/2025 | | | 675 | | | | 742 | |
| | |
Rev., 4.00%, 10/1/2034 | | | 170 | | | | 188 | |
| | |
Rev., 4.00%, 10/1/2035 | | | 415 | | | | 459 | |
| | |
Indiana Finance Authority, First Lien Wastewater, CWA Authority Project Series 2016A, Rev., 5.00%, 10/1/2036 | | | 70 | | | | 81 | |
| | |
Indiana Finance Authority, Franciscan Alliance, Inc., Obligated Group | | | | | | | | |
| | |
Series 2016B, Rev., 5.00%, 11/1/2026 | | | 10 | | | | 11 | |
| | |
Series 2017B, Rev., 5.00%, 11/1/2032 | | | 25 | | | | 30 | |
| | |
Indiana Finance Authority, Goshen Health | | | | | | | | |
| | |
Series 2019A, Rev., 5.00%, 11/1/2029 | | | 125 | | | | 149 | |
| | |
Series 2019A, Rev., 5.00%, 11/1/2030 | | | 500 | | | | 595 | |
| | |
Series 2019A, Rev., 5.00%, 11/1/2031 | | | 1,020 | | | | 1,212 | |
| | |
Series 2019A, Rev., 5.00%, 11/1/2032 | | | 530 | | | | 627 | |
| | |
Series 2019A, Rev., 5.00%, 11/1/2033 | | | 1,110 | | | | 1,312 | |
| | |
Series 2019A, Rev., 5.00%, 11/1/2034 | | | 760 | | | | 897 | |
| | |
Series 2019A, Rev., 5.00%, 11/1/2035 | | | 665 | | | | 782 | |
| | |
Series 2019A, Rev., 4.00%, 11/1/2036 | | | 230 | | | | 254 | |
| | |
Series 2019A, Rev., 4.00%, 11/1/2037 | | | 335 | | | | 369 | |
| | |
Series 2019A, Rev., 4.00%, 11/1/2038 | | | 340 | | | | 374 | |
| | |
Series 2019A, Rev., 4.00%, 11/1/2039 | | | 355 | | | | 390 | |
| | |
Indiana Finance Authority | | | | | | | | |
| | |
Series 2019A, Rev., 5.00%, 2/1/2033 | | | 30 | | | | 37 | |
| | |
Series 2019A, Rev., 5.00%, 2/1/2034 | | | 35 | | | | 42 | |
| | |
Indiana Finance Authority, Marion General Hospital, Inc. Series 2021A, Rev., 4.00%, 7/1/2032 | | | 135 | | | | 155 | |
| | |
Indiana Finance Authority, Rose-Hulman Institute of Technology Project | | | | | | | | |
| | |
Rev., 5.00%, 6/1/2030 | | | 110 | | | | 133 | |
| | |
Rev., 5.00%, 6/1/2032 | | | 70 | | | | 84 | |
| | |
Rev., 4.00%, 6/1/2034 | | | 120 | | | | 134 | |
| | |
Indiana Finance Authority, State Revolving Fund Program | | | | | | | | |
| | |
Series C, Rev., 5.00%, 2/1/2023 (b) | | | 3,000 | | | | 3,113 | |
| | |
Series 2017B, Rev., 5.00%, 2/1/2026 | | | 20 | | | | 23 | |
| | |
Series 2015A, Rev., 5.00%, 2/1/2027 | | | 1,000 | | | | 1,102 | |
| | |
Series 2018A, Rev., 5.00%, 2/1/2035 | | | 100 | | | | 119 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 63 |
JPMorgan Intermediate Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Indiana — continued | |
| | |
Indiana Housing and Community Development Authority, Vita of Marion Project | | | | | | | | |
| | |
Series 2021B, Rev., 4.00%, 4/1/2024 | | | 500 | | | | 499 | |
| | |
Series 2021A, Rev., 5.00%, 4/1/2031 (d) | | | 665 | | | | 664 | |
| | |
Series 2021A, Rev., 5.25%, 4/1/2041 (d) | | | 1,875 | | | | 1,871 | |
| | |
Indianapolis Local Public Improvement Bond Bank, Courthouse and Jail Project Series 2019A, Rev., 5.00%, 2/1/2032 | | | 225 | | | | 271 | |
| | |
Indianapolis Local Public Improvement Bond Bank, Pilot Infrastructure Project Series 2017C, Rev., 5.00%, 1/1/2035 | | | 195 | | | | 230 | |
| | |
Indianapolis Local Public Improvement Bond Bank, Stormwater Project Series 2013D, Rev., 5.00%, 1/1/2024 | | | 1,250 | | | | 1,292 | |
| | |
Metropolitan School District of Warren Township Vision 2005 School Building Corp., First Mortgage, Ad Valorem Property Tax Rev., 4.00%, 7/10/2032 | | | 25 | | | | 29 | |
| | |
Michigan City School Building Corp., Ad Valorem Property Tax First Mortgage Series 2016A, Rev., 5.00%, 1/15/2025 | | | 4,925 | | | | 5,335 | |
| | |
North Adams Community Schools Renovation Building Corp., First Mortgage, Ad Valorem Property Tax Rev., 5.00%, 7/15/2032 | | | 25 | | | | 30 | |
| | |
Northern Wells Multi-School Building Corp., Ad Valorem Property Tax, First Mortgage Rev., 4.00%, 7/15/2035 | | | 50 | | | | 55 | |
| | |
Perry Township Multi School Building Corp., Ad Valorem Property Tax First Mortgage Series 2012B, Rev., 5.00%, 7/15/2022 | | | 25 | | | | 25 | |
| | |
Plainfield High School Building Corp., Ad Valorem Property Tax, First Mortgage | | | | | | | | |
| | |
Rev., 5.00%, 7/15/2023 | | | 750 | | | | 791 | |
| | |
Rev., 5.00%, 7/15/2024 | | | 1,255 | | | | 1,359 | |
| | |
Series 2019A, Rev., 5.00%, 7/15/2028 | | | 30 | | | | 36 | |
| | |
Purdue University, Student Fee Series DD, Rev., 5.00%, 7/1/2026 | | | 1,000 | | | | 1,154 | |
| | |
Valparaiso Multi-Schools Building Corp., Unlimited AD Valorem Property Tax First Mortgage Rev., 4.00%, 1/15/2024 | | | 50 | | | | 53 | |
| | |
Vinton-Tecumseh School Building Corp., Ad Valorem Property Tax First Mortgage Rev., 5.00%, 7/15/2032 | | | 265 | | | | 329 | |
| | |
Yorktown Redevelopment Authority, Ad Valorem Property Tax Lease Rev., 4.00%, 1/15/2026 | | | 35 | | | | 38 | |
| | | | | | | | |
| | |
Total Indiana | | | | | | | 61,134 | |
| | | | | | | | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
|
Iowa — 0.3% | |
| | |
City of Cedar Rapids, Sewer Series 2019C, Rev., 4.00%, 6/1/2031 | | | 25 | | | | 28 | |
| | |
City of Des Moines, Capital Loan Notes Series 2014E, GO, 5.00%, 6/1/2022 | | | 30 | | | | 31 | |
| | |
County of Linn | | | | | | | | |
| | |
COP, 4.00%, 6/1/2030 | | | 490 | | | | 546 | |
| | |
COP, 4.00%, 6/1/2032 | | | 1,455 | | | | 1,606 | |
| | |
COP, 4.00%, 6/1/2033 | | | 1,615 | | | | 1,779 | |
| | |
COP, 4.00%, 6/1/2034 | | | 700 | | | | 770 | |
| | |
COP, 4.00%, 6/1/2035 | | | 575 | | | | 631 | |
| | |
Iowa Finance Authority, Senior Living Facility, Sunrise Retirement Community Project | | | | | | | | |
| | |
Rev., 3.00%, 9/1/2022 | | | 315 | | | | 314 | |
| | |
Rev., 4.00%, 9/1/2025 | | | 115 | | | | 115 | |
| | |
Rev., 5.00%, 9/1/2026 | | | 85 | | | | 88 | |
| | |
Rev., 5.00%, 9/1/2028 | | | 200 | | | | 205 | |
| | |
Rev., 5.00%, 9/1/2030 | | | 110 | | | | 111 | |
| | |
Rev., 5.00%, 9/1/2031 | | | 100 | | | | 100 | |
| | |
Rev., 5.00%, 9/1/2036 | | | 440 | | | | 428 | |
| | |
Iowa Finance Authority, State Revolving Fund | | | | | | | | |
| | |
Rev., 5.00%, 8/1/2026 (b) | | | 5,220 | | | | 6,030 | |
| | |
Rev., 5.00%, 8/1/2027 | | | 30 | | | | 34 | |
| | |
Rev., 5.00%, 8/1/2031 | | | 30 | | | | 36 | |
| | |
Iowa Finance Authority, Unitypoint Health Series 2016E, Rev., 5.00%, 8/15/2023 | | | 435 | | | | 460 | |
| | |
State of Iowa, IJOBS Program, Special Obligation Series 2016A, Rev., 5.00%, 6/1/2023 | | | 35 | | | | 37 | |
| | |
State of Iowa, Special Obligation Rev., 5.00%, 6/15/2024 | | | 200 | | | | 217 | |
| | |
Waukee Community School District Series 2016B, GO, 5.00%, 6/1/2022 | | | 20 | | | | 20 | |
| | | | | | | | |
| | |
Total Iowa | | | | | | | 13,586 | |
| | | | | | | | |
|
Kansas — 0.6% | |
| | |
Butler County, Unified School District No. 385 Andover, School Building GO, 5.00%, 9/1/2027 (b) | | | 790 | | | | 938 | |
| | |
City of Manhattan, Meadowlark Hills | | | | | | | | |
| | |
Series 2021A, Rev., 4.00%, 6/1/2026 | | | 315 | | | | 333 | |
| | |
Series 2021A, Rev., 4.00%, 6/1/2027 | | | 330 | | | | 350 | |
| | |
Series 2021A, Rev., 4.00%, 6/1/2028 | | | 300 | | | | 319 | |
| | |
Series 2021A, Rev., 4.00%, 6/1/2036 | | | 500 | | | | 525 | |
| | |
Series 2021A, Rev., 4.00%, 6/1/2046 | | | 500 | | | | 512 | |
| | |
City of Wichita, Airport Bonds Series 2015A, GO, 4.00%, 12/1/2040 | | | 25 | | | | 27 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 64 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Kansas — continued | |
| | |
Johnson and Miami Counties Unified School District No. 230 Spring Hills Series 2018-A, GO, 4.00%, 9/1/2033 | | | 2,965 | | | | 3,300 | |
| | |
Riley County Unified School District No. 383, Manhattan-Ogden | | | | | | | | |
| | |
Series 2018A, GO, 5.00%, 9/1/2032 | | | 40 | | | | 47 | |
| | |
Series 2018A, GO, 5.00%, 9/1/2034 | | | 60 | | | | 71 | |
| | |
State of Kansas Department of Transportation | | | | | | | | |
| | |
Series 2018A, Rev., 5.00%, 9/1/2023 | | | 20 | | | | 21 | |
| | |
Series 2015B, Rev., 5.00%, 9/1/2029 | | | 5,150 | | | | 5,772 | |
| | |
Series B, Rev., 5.00%, 9/1/2030 | | | 8,025 | | | | 8,989 | |
| | |
Series B, Rev., 5.00%, 9/1/2035 | | | 4,625 | | | | 5,174 | |
| | |
Wyandotte County Unified School District No. 203 Piper | | | | | | | | |
| | |
Series 2018A, GO, 5.00%, 9/1/2041 | | | 1,000 | | | | 1,192 | |
| | |
Series 2018A, GO, 5.00%, 9/1/2042 | | | 30 | | | | 36 | |
| | | | | | | | |
| | |
Total Kansas | | | | | | | 27,606 | |
| | | | | | | | |
|
Kentucky — 1.3% | |
| | |
City of Hazard, Appalachian Regional Healthcare Project | | | | | | | | |
| | |
Rev., 4.00%, 7/1/2035 | | | 1,300 | | | | 1,485 | |
| | |
Rev., 4.00%, 7/1/2037 | | | 1,000 | | | | 1,140 | |
| | |
Rev., 4.00%, 7/1/2038 | | | 1,040 | | | | 1,184 | |
| | |
County of Carroll, Kentucky Environmental Facilities | | | | | | | | |
| | |
Series A, Rev., AMT, 2.00%, 2/1/2032 | | | 11,025 | | | | 10,400 | |
| | |
Series B, Rev., AMT, 2.13%, 10/1/2034 | | | 7,440 | | | | 7,028 | |
| | |
Kentucky Economic Development Finance Authority, Baptist Healthcare System Obligated Group Series B, Rev., 5.00%, 8/15/2028 | | | 2,885 | | | | 3,388 | |
| | |
Kentucky Economic Development Finance Authority, Commonspirit Health | | | | | | | | |
| | |
Series 2019A-1, Rev., 5.00%, 8/1/2031 | | | 1,250 | | | | 1,483 | |
| | |
Series 2019A-1, Rev., 5.00%, 8/1/2032 | | | 1,000 | | | | 1,184 | |
| | |
Series 2019A-1, Rev., 5.00%, 8/1/2035 | | | 500 | | | | 590 | |
| | |
Kentucky Economic Development Finance Authority, Owensboro Health, Inc. | | | | | | | | |
| | |
Series 2017A, Rev., AGM, 4.00%, 6/1/2037 | | | 1,750 | | | | 1,874 | |
| | |
Series 2017A, Rev., 5.00%, 6/1/2037 | | | 2,795 | | | | 3,180 | |
| | |
Kentucky Public Energy Authority, Gas Supply | | | | | | | | |
| | |
Series 2022A-1, Rev., 4.00%, 3/8/2022 (c) (f) | | | 7,425 | | | | 8,292 | |
| | |
Series 2018A, Rev., 4.00%, 4/1/2024 (c) | | | 6,450 | | | | 6,744 | |
| | |
Series 2019C, Rev., 4.00%, 2/1/2028 (c) | | | 10,300 | | | | 11,358 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
|
Kentucky — continued | |
| | |
Kentucky State Property and Building Commission, Project No. 84 | | | | | | | | |
| | |
Rev., NATL-RE, 5.00%, 8/1/2022 | | | 1,175 | | | | 1,196 | |
| | | | | | | | |
| | |
Total Kentucky | | | | | | | 60,526 | |
| | | | | | | | |
|
Louisiana — 0.9% | |
| | |
City of Alexandria Series 2013A, Rev., 5.00%, 5/1/2023 (b) | | | 1,400 | | | | 1,466 | |
| | |
City of Shreveport, Water and Sewer Series 2016B, Rev., 5.00%, 12/1/2031 | | | 75 | | | | 86 | |
| | |
City of Shreveport, Water and Sewer, Junior Lien | | | | | | | | |
| | |
Series 2018C, Rev., 5.00%, 12/1/2023 | | | 370 | | | | 394 | |
| | |
Series C, Rev., 5.00%, 12/1/2024 | | | 510 | | | | 559 | |
| | |
Series 2018C, Rev., 5.00%, 12/1/2025 | | | 835 | | | | 941 | |
| | |
Series 2018C, Rev., 5.00%, 12/1/2026 | | | 500 | | | | 579 | |
| | |
Series 2018C, Rev., 5.00%, 12/1/2028 | | | 400 | | | | 482 | |
| | |
Series 2019B, Rev., AGM, 5.00%, 12/1/2029 | | | 300 | | | | 360 | |
| | |
Series C, Rev., 5.00%, 12/1/2029 | | | 1,500 | | | | 1,799 | |
| | |
Series 2019B, Rev., AGM, 5.00%, 12/1/2030 | | | 500 | | | | 597 | |
| | |
Series 2019B, Rev., AGM, 5.00%, 12/1/2031 | | | 500 | | | | 595 | |
| | |
Series 2019B, Rev., AGM, 5.00%, 12/1/2032 | | | 445 | | | | 529 | |
| | |
Series 2019B, Rev., AGM, 4.00%, 12/1/2033 | | | 325 | | | | 361 | |
| | |
Louisiana Public Facilities Authority, Lincoln Preparatory School Project | | | | | | | | |
| | |
Series 2021A, Rev., 5.00%, 6/1/2031 (d) | | | 450 | | | | 480 | |
| | |
Series 2021A, Rev., 5.00%, 6/1/2041 (d) | | | 525 | | | | 545 | |
| | |
Louisiana Public Facilities Authority, Materra Campus Project | | | | | | | | |
| | |
Series 2021C, Rev., 4.00%, 6/1/2031 (d) | | | 245 | | | | 250 | |
| | |
Series 2021A, Rev., 4.00%, 6/1/2041 (d) | | | 1,330 | | | | 1,344 | |
| | |
Series 2021C, Rev., 4.00%, 6/1/2041 (d) | | | 440 | | | | 445 | |
| | |
Louisiana Public Facilities Authority, Mentorship Steam Academy Project | | | | | | | | |
| | |
Series 2021A, Rev., 5.00%, 6/1/2036 (d) | | | 385 | | | | 400 | |
| | |
Series 2021A, Rev., 5.00%, 6/1/2042 (d) | | | 440 | | | | 450 | |
| | |
Series 2021A, Rev., 5.00%, 6/1/2051 (d) | | | 705 | | | | 714 | |
| | |
Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project | | | | | | | | |
| | |
Rev., 5.00%, 5/15/2026 | | | 20 | | | | 23 | |
| | |
Rev., 5.00%, 5/15/2031 | | | 875 | | | | 1,066 | |
| | |
Rev., 5.00%, 5/15/2032 | | | 900 | | | | 1,093 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 65 |
JPMorgan Intermediate Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Louisiana — continued | |
| | |
Rev., 5.00%, 5/15/2033 | | | 700 | | | | 848 | |
| | |
Rev., 5.00%, 5/15/2034 | | | 875 | | | | 1,057 | |
| | |
Louisiana Public Facilities Authority, Tulane University Project | | | | | | | | |
| | |
Series 2016A, Rev., 5.00%, 12/15/2027 | | | 160 | | | | 184 | |
| | |
Series 2020A, Rev., 5.00%, 4/1/2032 | | | 150 | | | | 182 | |
| | |
Series 2020A, Rev., 5.00%, 4/1/2034 | | | 500 | | | | 606 | |
| | |
Louisiana State University, Agricultural and Mechanical College, Auxiliary Facilities System Rev., 3.75%, 7/1/2024 (b) | | | 75 | | | | 79 | |
| | |
State of Louisiana | | | | | | | | |
| | |
Series 2012C, GO, 5.00%, 7/15/2022 | | | 15 | | | | 15 | |
| | |
Series 2019A, Rev., 5.00%, 9/1/2022 | | | 30 | | | | 31 | |
| | |
Series 2019A, GO, 5.00%, 3/1/2035 | | | 13,000 | | | | 15,791 | |
| | |
Series 2019A, GO, 5.00%, 3/1/2038 | | | 3,470 | | | | 4,199 | |
| | | | | | | | |
| | |
Total Louisiana | | | | | | | 38,550 | |
| | | | | | | | |
|
Maine — 0.1% | |
| | |
City of Portland GO, 5.00%, 4/1/2024 | | | 25 | | | | 27 | |
| | |
Maine Health and Higher Educational Facilities Authority, John F Murphy Homes, Inc. Series 2019B, Rev., 4.00%, 7/1/2036 | | | 25 | | | | 28 | |
| | |
Maine Health and Higher Educational Facilities Authority, Mainehealth | | | | | | | | |
| | |
Series 2020A, Rev., 5.00%, 7/1/2033 | | | 1,000 | | | | 1,230 | |
| | |
Series 2020A, Rev., 5.00%, 7/1/2034 | | | 1,000 | | | | 1,229 | |
| | |
Series 2020A, Rev., 5.00%, 7/1/2035 | | | 500 | | | | 614 | |
| | |
Series 2020A, Rev., 4.00%, 7/1/2036 | | | 950 | | | | 1,075 | |
| | |
Maine Municipal Bond Bank Series C, Rev., 5.00%, 11/1/2034 | | | 660 | | | | 776 | |
| | |
Maine Municipal Bond Bank, Transcap Program Series 2015A, Rev., 5.00%, 9/1/2024 | | | 70 | | | | 76 | |
| | |
University of Maine Rev., AGM, 4.00%, 3/1/2027 | | | 100 | | | | 107 | |
| | | | | | | | |
| | |
Total Maine | | | | | | | 5,162 | |
| | | | | | | | |
|
Maryland — 4.0% | |
| | |
City of Baltimore, Consolidated Public Improvement Series 2017B, GO, 5.00%, 10/15/2027 | | | 2,000 | | | | 2,380 | |
| | |
City of Baltimore, Wastewater Projects Series 2017A, Rev., 5.00%, 7/1/2041 | | | 13,845 | | | | 15,871 | |
| | |
County of Anne Arundel, Consolidated General Improvements | | | | | | | | |
| | |
GO, 5.00%, 10/1/2026 | | | 6,285 | | | | 7,293 | |
| | |
GO, 5.00%, 10/1/2027 | | | 6,000 | | | | 7,140 | |
| | |
GO, 5.00%, 10/1/2034 | | | 3,360 | | | | 3,874 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
|
Maryland — continued | |
| | |
GO, 5.00%, 10/1/2035 | | | 2,395 | | | | 2,762 | |
| | |
GO, 5.00%, 10/1/2037 | | | 3,400 | | | | 3,919 | |
| | |
County of Anne Arundel, Consolidated Water and Sewer | | | | | | | | |
| | |
GO, 5.00%, 10/1/2026 | | | 2,260 | | | | 2,623 | |
| | |
GO, 5.00%, 10/1/2027 | | | 2,260 | | | | 2,688 | |
| | |
GO, 5.00%, 10/1/2034 | | | 1,875 | | | | 2,162 | |
| | |
GO, 5.00%, 10/1/2035 | | | 1,925 | | | | 2,220 | |
| | |
County of Baltimore, Consolidated Public Improvement | | | | | | | | |
| | |
GO, 5.00%, 8/1/2026 | | | 1,400 | | | | 1,571 | |
| | |
GO, 5.00%, 3/1/2028 | | | 4,930 | | | | 5,929 | |
| | |
GO, 5.00%, 3/1/2029 | | | 5,540 | | | | 6,634 | |
| | |
GO, 5.00%, 3/1/2030 | | | 6,335 | | | | 7,590 | |
| | |
County of Baltimore, Metropolitan District, 2019 Crossover GO, 5.00%, 11/1/2024 | | | 25 | | | | 27 | |
| | |
County of Baltimore, Metropolitan District, 80th Issue | | | | | | | | |
| | |
GO, 5.00%, 3/1/2027 | | | 4,830 | | | | 5,672 | |
| | |
GO, 5.00%, 3/1/2029 | | | 5,500 | | | | 6,586 | |
| | |
GO, 5.00%, 3/1/2030 | | | 5,665 | | | | 6,787 | |
| | |
GO, 5.00%, 3/1/2031 | | | 6,125 | | | | 7,322 | |
| | |
County of Howard, Consolidated Public Improvement | | | | | | | | |
| | |
Series 2018A, GO, 5.00%, 2/15/2027 | | | 5,435 | | | | 6,375 | |
| | |
Series 2018A, GO, 5.00%, 2/15/2029 | | | 6,605 | | | | 7,902 | |
| | |
Series D, GO, 5.00%, 2/15/2030 | | | 4,780 | | | | 5,721 | |
| | |
Series 2017D, GO, 4.00%, 2/15/2032 | | | 40 | | | | 45 | |
| | |
County of Montgomery, Consolidated Public Improvement | | | | | | | | |
| | |
Series 2017C, GO, 5.00%, 10/1/2026 | | | 5,000 | | | | 5,807 | |
| | |
Series 2017A, GO, 5.00%, 11/1/2026 | | | 4,150 | | | | 4,831 | |
| | |
County of Montgomery, Department of Liquor Control Series 2019A, Rev., 5.00%, 4/1/2027 | | | 75 | | | | 88 | |
| | |
County of Prince George’s, Consolidated Public Improvement Series 2018A, GO, 5.00%, 7/15/2029 | | | 10 | | | | 12 | |
| | |
Maryland Economic Development Corp., Port Covington Project Rev., 4.00%, 9/1/2040 | | | 875 | | | | 924 | |
| | |
Maryland Health and Higher Educational Facilities Authority, Frederick Health System Issue | | | | | | | | |
| | |
Rev., 3.25%, 7/1/2039 | | | 175 | | | | 180 | |
| | |
Rev., 4.00%, 7/1/2040 | | | 215 | | | | 240 | |
| | |
Rev., 4.00%, 7/1/2045 | | | 800 | | | | 883 | |
| | |
Rev., 4.00%, 7/1/2050 | | | 1,295 | | | | 1,421 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 66 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Maryland — continued | |
| | |
Maryland Health and Higher Educational Facilities Authority, Lifebridge Health Issue | | | | | | | | |
| | |
Rev., 4.00%, 7/1/2035 | | | 1,000 | | | | 1,072 | |
| | |
Rev., 4.00%, 7/1/2036 | | | 1,000 | | | | 1,073 | |
| | |
Maryland Health and Higher Educational Facilities Authority, Medstar Health Issue Series 2017A, Rev., 5.00%, 5/15/2045 | | | 1,205 | | | | 1,399 | |
| | |
Maryland Health and Higher Educational Facilities Authority, Stevenson University Project | | | | | | | | |
| | |
Rev., 5.00%, 6/1/2029 | | | 150 | | | | 177 | |
| | |
Rev., 5.00%, 6/1/2031 | | | 175 | | | | 213 | |
| | |
Rev., 5.00%, 6/1/2033 | | | 200 | | | | 243 | |
| | |
Rev., 4.00%, 6/1/2034 | | | 350 | | | | 391 | |
| | |
Rev., 4.00%, 6/1/2035 | | | 475 | | | | 530 | |
| | |
Rev., 4.00%, 6/1/2037 | | | 445 | | | | 495 | |
| | |
Rev., 4.00%, 6/1/2039 | | | 465 | | | | 515 | |
| | |
Rev., 4.00%, 6/1/2040 | | | 250 | | | | 276 | |
| | |
State of Maryland, Department of Transportation Rev., 5.00%, 10/1/2027 | | | 2,000 | | | | 2,308 | |
| | |
State of Maryland, State and Local Facilities Loan of 2017 | | | | | | | | |
| | |
Series 2017A, GO, 5.00%, 3/15/2024 | | | 40 | | | | 43 | |
| | |
Series A, GO, 5.00%, 3/15/2028 | | | 5,280 | | | | 6,185 | |
| | |
Series A, GO, 4.00%, 3/15/2030 | | | 22,225 | | | | 24,828 | |
| | |
Series A, GO, 5.00%, 3/15/2031 | | | 1,920 | | | | 2,236 | |
| | |
State of Maryland, State and Local Facilities Loan of 2018 Series 2018A, GO, 5.00%, 3/15/2029 | | | 4,225 | | | | 5,064 | |
| | |
Washington Suburban Sanitary Commission, Consolidated Public Improvement | | | | | | | | |
| | |
Rev., GTD, 4.00%, 6/1/2025 | | | 40 | | | | 43 | |
| | |
Rev., GTD, 5.00%, 6/1/2030 | | | 25 | | | | 31 | |
| | | | | | | | |
| | |
Total Maryland | | | | | | | 182,601 | |
| | | | | | | | |
|
Massachusetts — 3.1% | |
| | |
City of Westfield, Municipal Purpose Loan | | | | | | | | |
| | |
GO, 5.00%, 10/15/2022 | | | 25 | | | | 26 | |
| | |
GO, 5.00%, 3/1/2024 | | | 20 | | | | 21 | |
| | |
City of Woburn GO, 5.00%, 7/15/2027 | | | 45 | | | | 53 | |
| | |
Commonwealth of Massachusetts | | | | | | | | |
| | |
Series B, GO, 5.25%, 8/1/2023 | | | 10,000 | | | | 10,598 | |
| | |
Series 2006B, GO, AGM, 5.25%, 9/1/2023 | | | 15 | | | | 16 | |
| | |
Series 2016A, GO, 5.00%, 7/1/2026 | | | 45 | | | | 52 | |
| | |
Series 2018B, GO, 5.00%, 7/1/2026 | | | 45 | | | | 52 | |
| | |
Series 2019A, GO, 5.00%, 1/1/2027 | | | 25 | | | | 29 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
|
Massachusetts — continued | |
| | |
Series 2017D, GO, 5.00%, 7/1/2027 | | | 45 | | | | 53 | |
| | |
Series A, GO, 5.00%, 7/1/2027 | | | 25 | | | | 30 | |
| | |
Series A, GO, 5.00%, 7/1/2036 | | | 3,535 | | | | 3,955 | |
| | |
Commonwealth of Massachusetts Federal Highway, Accelerated Bridge Program Series 2013A, Rev., GAN, 5.00%, 6/15/2022 (b) | | | 20 | | | | 20 | |
| | |
Commonwealth of Massachusetts Transportation Fund Series 2016A, Rev., 5.00%, 6/1/2027 | | | 15 | | | | 17 | |
| | |
Commonwealth of Massachusetts, Consolidated Loan Series E, GO, AMBAC, 5.00%, 11/1/2025 | | | 5,000 | | | | 5,651 | |
| | |
Commonwealth of Massachusetts, Consolidated Loan of 2014 Series 7, GO, 5.00%, 7/1/2024 | | | 40 | | | | 43 | |
| | |
Commonwealth of Massachusetts, Consolidated Loan of 2015 Series 2015D, GO, 4.00%, 9/1/2029 | | | 9,460 | | | | 10,260 | |
| | |
Commonwealth of Massachusetts, Consolidated Loan of 2016 | | | | | | | | |
| | |
Series 2016A, GO, 5.00%, 3/1/2031 | | | 2,250 | | | | 2,414 | |
| | |
Series 2016A, GO, 5.00%, 3/1/2032 | | | 1,000 | | | | 1,072 | |
| | |
Series J, GO, 4.00%, 12/1/2039 | | | 13,125 | | | | 14,466 | |
| | |
Commonwealth of Massachusetts, Consolidated Loan of 2017 | | | | | | | | |
| | |
Series A, GO, 5.00%, 4/1/2032 | | | 9,145 | | | | 10,629 | |
| | |
Series 2017A, GO, 5.00%, 4/1/2033 | | | 10,000 | | | | 11,616 | |
| | |
Series 2017D, GO, 5.00%, 2/1/2036 | | | 40 | | | | 46 | |
| | |
Commonwealth of Massachusetts, Consolidated Loan of 2018 | | | | | | | | |
| | |
Series 2018B, GO, 5.00%, 1/1/2027 | | | 10,000 | | | | 11,662 | |
| | |
Series 2018A, GO, 5.00%, 1/1/2040 | | | 35 | | | | 41 | |
| | |
Commonwealth of Massachusetts, Consolidated Loan of 2020 Series 2020A, GO, 5.00%, 3/1/2023 | | | 20 | | | | 21 | |
| | |
Essex North Shore Agricultural and Technical School District, State Qualified School Bonds GO, 4.00%, 6/1/2043 | | | 35 | | | | 38 | |
| | |
Massachusetts Bay Transportation Authority Assessment | | | | | | | | |
| | |
Series 2006A, Rev., 5.25%, 7/1/2025 | | | 2,250 | | | | 2,542 | |
| | |
Series 2006A, Rev., 5.25%, 7/1/2027 | | | 10,530 | | | | 12,603 | |
| | |
Massachusetts Bay Transportation Authority, Sales Tax | | | | | | | | |
| | |
Series 2004A, Rev., 5.50%, 7/1/2024 | | | 25 | | | | 27 | |
| | |
Series B, Rev., NATL-RE, 5.50%, 7/1/2026 | | | 5 | | | | 6 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 67 |
JPMorgan Intermediate Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Massachusetts — continued | |
| | |
Series 2015A, Rev., 5.00%, 7/1/2027 | | | 25 | | | | 28 | |
| | |
Series 2017A-2, Rev., 5.00%, 7/1/2027 | | | 25 | | | | 29 | |
| | |
Series 2005A, Rev., 5.00%, 7/1/2028 | | | 25 | | | | 30 | |
| | |
Series 2006A, Rev., 5.25%, 7/1/2029 | | | 5,000 | | | | 6,226 | |
| | |
Series 2005A, Rev., 5.00%, 7/1/2031 | | | 1,255 | | | | 1,600 | |
| | |
Series A-1, Rev., 5.25%, 7/1/2033 | | | 5,000 | | | | 6,741 | |
| | |
Massachusetts Clean Water Trust (The), Revolving Fund | | | | | | | | |
| | |
Series 21, Rev., 5.00%, 8/1/2031 | | | 110 | | | | 132 | |
| | |
Series 22, Rev., 5.00%, 8/1/2033 | | | 25 | | | | 31 | |
| | |
Massachusetts Development Finance Agency, Mass General Brigham Issue Series 2020A-2, Rev., 5.00%, 7/1/2029 | | | 75 | | | | 92 | |
| | |
Massachusetts Development Finance Agency, Milford Regional Medical Center | | | | | | | | |
| | |
Series G, Rev., 5.00%, 7/15/2023 (d) | | | 120 | | | | 125 | |
| | |
Series G, Rev., 5.00%, 7/15/2024 (d) | | | 130 | | | | 139 | |
| | |
Series G, Rev., 5.00%, 7/15/2025 (d) | | | 120 | | | | 131 | |
| | |
Series G, Rev., 5.00%, 7/15/2027 (d) | | | 320 | | | | 363 | |
| | |
Series G, Rev., 5.00%, 7/15/2029 (d) | | | 600 | | | | 702 | |
| | |
Series G, Rev., 5.00%, 7/15/2031 (d) | | | 675 | | | | 802 | |
| | |
Series G, Rev., 5.00%, 7/15/2032 (d) | | | 400 | | | | 475 | |
| | |
Massachusetts Development Finance Agency, Suffolk University Issue | | | | | | | | |
| | |
Rev., 5.00%, 7/1/2029 | | | 440 | | | | 520 | |
| | |
Rev., 5.00%, 7/1/2030 | | | 720 | | | | 849 | |
| | |
Rev., 5.00%, 7/1/2031 | | | 620 | | | | 727 | |
| | |
Rev., 5.00%, 7/1/2032 | | | 770 | | | | 902 | |
| | |
Rev., 5.00%, 7/1/2033 | | | 800 | | | | 935 | |
| | |
Rev., 5.00%, 7/1/2034 | | | 550 | | | | 642 | |
| | |
Massachusetts Development Finance Agency, Umass Memorial Health Care Obligated Group Issue Series 2016I, Rev., 5.00%, 7/1/2029 | | | 145 | | | | 164 | |
| | |
Massachusetts Development Finance Agency, Wellforce Issue | | | | | | | | |
| | |
Series 2020C, Rev., AGM, 5.00%, 10/1/2028 | | | 1,165 | | | | 1,392 | |
| | |
Series 2020C, Rev., AGM, 5.00%, 10/1/2029 | | | 665 | | | | 810 | |
| | |
Series 2020C, Rev., AGM, 5.00%, 10/1/2030 | | | 675 | | | | 836 | |
| | |
Series 2020C, Rev., AGM, 5.00%, 10/1/2031 | | | 635 | | | | 784 | |
| | |
Series 2020C, Rev., AGM, 5.00%, 10/1/2033 | | | 1,290 | | | | 1,589 | |
| | |
Series 2020C, Rev., AGM, 5.00%, 10/1/2034 | | | 1,175 | | | | 1,446 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
|
Massachusetts — continued | |
| | |
Series 2020C, Rev., AGM, 3.00%, 10/1/2045 | | | 1,770 | | | | 1,818 | |
| | |
Massachusetts Health and Educational Facilities Authority, Massachusetts Institute of Technology Series M, Rev., 5.25%, 7/1/2025 | | | 4,070 | | | | 4,589 | |
| | |
Massachusetts School Building Authority, Dedicated Sales Tax Series 2015B, Rev., 5.00%, 1/15/2025 | | | 40 | | | | 44 | |
| | |
Massachusetts Transportation Trust Fund Metropolitan Highway System, Commonwealth Contract Assistance Secured, Subordinated | | | | | | | | |
| | |
Series A, Rev., 5.00%, 1/1/2028 | | | 3,765 | | | | 4,493 | |
| | |
Series 2019C, Rev., 5.00%, 1/1/2035 | | | 40 | | | | 48 | |
| | |
Massachusetts Water Resources Authority | | | | | | | | |
| | |
Series B, Rev., AGM, 5.25%, 8/1/2023 | | | 20 | | | | 21 | |
| | |
Series B, Rev., AGM, 5.25%, 8/1/2024 | | | 3,110 | | | | 3,408 | |
| | |
Series C, Rev., 5.00%, 8/1/2030 | | | 55 | | | | 65 | |
| | |
Series B, Rev., AGM, 5.25%, 8/1/2036 | | | 20 | | �� | | 28 | |
| | |
Town of Longmeadow GO, 5.00%, 6/1/2025 | | | 25 | | | | 28 | |
| | |
Town of South Hadley, Municipal Purpose Loan Series 2017A, GO, 4.00%, 6/15/2022 | | | 40 | | | | 40 | |
| | |
Town of Stoughton, Municipal Purpose Loan | | | | | | | | |
| | |
GO, 5.00%, 10/15/2022 | | | 35 | | | | 36 | |
| | |
GO, 4.00%, 10/15/2038 | | | 50 | | | | 56 | |
| | |
University of Massachusetts Building Authority Series 2019-1, Rev., 5.00%, 5/1/2035 | | | 105 | | | | 128 | |
| | | | | | | | |
| | |
Total Massachusetts | | | | | | | 142,103 | |
| | | | | | | | |
|
Michigan — 1.0% | |
| | |
Bath Community Schools, Unlimited Tax GO, Q-SBLF, 4.00%, 5/1/2025 | | | 100 | | | | 108 | |
| | |
Bendle Public School District, Unlimited Tax GO, Q-SBLF, 4.00%, 5/1/2035 | | | 40 | | | | 43 | |
| | |
Cadillac Area Public Schools, Unlimited Tax GO, Q-SBLF, 5.00%, 5/1/2041 | | | 45 | | | | 54 | |
| | |
Caledonia Community Schools, Unlimited Tax GO, Q-SBLF, 4.00%, 5/1/2044 | | | 70 | | | | 73 | |
| | |
Charter Township of Meridian, Unlimited Tax GO, 5.00%, 10/1/2023 | | | 30 | | | | 32 | |
| | |
City of Grand Rapids, Sanitary Sewer System | | | | | | | | |
| | |
Rev., 5.00%, 1/1/2026 | | | 25 | | | | 28 | |
| | |
Rev., 5.00%, 1/1/2027 | | | 400 | | | | 455 | |
| | |
Rev., 5.00%, 1/1/2028 | | | 325 | | | | 369 | |
| | |
Rev., 5.00%, 1/1/2029 | | | 350 | | | | 396 | |
| | |
Rev., 5.00%, 1/1/2032 | | | 750 | | | | 845 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 68 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Michigan — continued | |
| | |
Rev., 5.00%, 1/1/2033 | | | 1,400 | | | | 1,577 | |
| | |
Rev., 5.00%, 1/1/2036 | | | 185 | | | | 226 | |
| | |
Rev., 4.00%, 1/1/2037 | | | 500 | | | | 568 | |
| | |
Rev., 5.00%, 1/1/2038 | | | 35 | | | | 41 | |
| | |
County of Genesee, Water Supply System GO, 5.00%, 2/1/2024 | | | 90 | | | | 96 | |
| | |
Dansville Schools, Unlimited Tax GO, Q-SBLF, 4.00%, 5/1/2039 | | | 25 | | | | 27 | |
| | |
Forest Hills Public Schools, Unlimited Tax GO, 5.00%, 5/1/2023 | | | 20 | | | | 21 | |
| | |
Grand Rapids Charter Township Economic Development Corp., Porter Hills Presbyterian Village Project | | | | | | | | |
| | |
Rev., 4.00%, 5/15/2027 | | | 2,645 | | | | 2,853 | |
| | |
Rev., 5.00%, 5/15/2037 | | | 4,575 | | | | 5,135 | |
| | |
Grand Rapids Public Schools, Unlimited Tax | | | | | | | | |
| | |
GO, AGM, 5.00%, 11/1/2030 | | | 1,350 | | | | 1,635 | |
| | |
GO, AGM, 5.00%, 11/1/2032 | | | 1,500 | | | | 1,811 | |
| | |
GO, AGM, 5.00%, 11/1/2034 | | | 1,045 | | | | 1,258 | |
| | |
GO, AGM, 5.00%, 11/1/2035 | | | 1,500 | | | | 1,804 | |
| | |
Grosse Pointe Public School System GO, 5.00%, 5/1/2035 | | | 45 | | | | 55 | |
| | |
Hartford Public Schools, School Building and Site, Unlimited Tax GO, Q-SBLF, 4.00%, 5/1/2037 | | | 35 | | | | 38 | |
| | |
Holland School District GO, AGM, 4.00%, 5/1/2035 | | | 25 | | | | 26 | |
| | |
Holt Public Schools, Unlimited Tax GO, Q-SBLF, 5.00%, 5/1/2028 | | | 45 | | | | 53 | |
| | |
Hudsonville Public Schools, Unlimited Tax Series 2020-I, GO, Q-SBLF, 5.00%, 5/1/2031 | | | 25 | | | | 31 | |
| | |
Huron School District, Unlimited Tax GO, Q-SBLF, 5.00%, 5/1/2044 | | | 35 | | | | 42 | |
| | |
Kalamazoo Economic Development Corp., Heritage Community of Kalamazoo Project | | | | | | | | |
| | |
Rev., 2.63%, 5/15/2025 | | | 1,150 | | | | 1,150 | |
| | |
Rev., 2.88%, 5/15/2026 | | | 1,545 | | | | 1,546 | |
| | |
Lakeview School District, School Building and Site, Unlimited Tax GO, Q-SBLF, 5.00%, 5/1/2022 | | | 90 | | | | 91 | |
| | |
Lansing Community College, Building and Site, Limited Tax | | | | | | | | |
| | |
GO, 5.00%, 5/1/2029 | | | 60 | | | | 71 | |
| | |
GO, 5.00%, 5/1/2030 | | | 600 | | | | 712 | |
| | |
GO, 5.00%, 5/1/2032 | | | 635 | | | | 750 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| |
|
Michigan — continued | |
| | |
Lapeer Community Schools, Unlimited Tax GO, Q-SBLF, 5.00%, 5/1/2024 | | | 15 | | | | 16 | |
| | |
Lawrence Public Schools, Unlimited Tax GO, Q-SBLF, 4.00%, 5/1/2026 | | | 30 | | | | 32 | |
| | |
Macomb Interceptor Drain Drainage District, Limited Tax GO, GTD, 5.00%, 5/1/2028 | | | 85 | | | | 102 | |
| | |
Michigan Finance Authority, Aqunias College Project Rev., 4.00%, 5/1/2031 | | | 540 | | | | 542 | |
| | |
Michigan Finance Authority, Henry Ford Health System | | | | | | | | |
| | |
Rev., 5.00%, 11/15/2023 | | | 510 | | | | 543 | |
| | |
Rev., 4.00%, 11/15/2035 | | | 1,900 | | | | 2,056 | |
| | |
Michigan Finance Authority, Kettering University Project Rev., 4.00%, 9/1/2045 | | | 500 | | | | 542 | |
| | |
Michigan Finance Authority, Lawrence Technological University | | | | | | | | |
| | |
Rev., 4.00%, 2/1/2027 | | | 50 | | | | 53 | |
| | |
Rev., 4.00%, 2/1/2032 | | | 95 | | | | 103 | |
| | |
Michigan Finance Authority, Local Government Loan Program, Detroit Water and Sewerage Department Water Supply System Local Project Series 2014D-4, Rev., 5.00%, 7/1/2034 | | | 50 | | | | 54 | |
| | |
Michigan Finance Authority, Trinity Health Credit Group | | | | | | | | |
| | |
Series 2017MI, Rev., 5.00%, 12/1/2027 | | | 50 | | | | 58 | |
| | |
Series 2017A-MI, Rev., 5.00%, 12/1/2029 | | | 125 | | | | 146 | |
| | |
Series 2017A-MI, Rev., 5.00%, 12/1/2035 | | | 130 | | | | 151 | |
| | |
Series 2016MI, Rev., 5.25%, 12/1/2041 | | | 475 | | | | 542 | |
| | |
Michigan State Hospital Finance Authority, Ascension Health Credit Group Series B-4, Rev., 5.00%, 11/15/2027 | | | 50 | | | | 56 | |
| | |
Michigan Strategic Fund, Community Colleges Skilled Trades Equipment Program Rev., 5.00%, 3/1/2025 | | | 315 | | | | 348 | |
| | |
Michigan Strategic Fund, Graphic Packaging International, LLC Coated Recycled Board Machine Project Rev., AMT, 4.00%, 10/1/2026 (c) | | | 1,125 | | | | 1,208 | |
| | |
Michigan Strategic Fund, Holland Home Obligated Group | | | | | | | | |
| | |
Rev., 4.00%, 11/15/2022 | | | 185 | | | | 188 | |
| | |
Rev., 4.00%, 11/15/2023 | | | 185 | | | | 192 | |
| | |
Rev., 4.00%, 11/15/2024 | | | 585 | | | | 619 | |
| | |
Rev., 5.00%, 11/15/2029 | | | 1,700 | | | | 1,950 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 69 |
JPMorgan Intermediate Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Michigan — continued | |
| | |
Michigan Strategic Fund, United Methodist Retirement Communities Obligated Group, Porter Hills Presbyterian Village Project Rev., 5.00%, 5/15/2037 | | | 2,360 | | | | 2,649 | |
| | |
North Branch Area Schools, Unlimited Tax GO, Q-SBLF, 5.00%, 5/1/2023 | | | 20 | | | | 21 | |
| | |
Novi Community School District, School Building and Site, Unlimited Tax Series 2020-I, GO, 5.00%, 5/1/2030 | | | 30 | | | | 37 | |
| | |
Ottawa County Board of County Road Commissioners, Michigan Transportation Fund Notes Rev., 5.00%, 8/1/2025 | | | 25 | | | | 28 | |
| | |
Plymouth-Canton Community School District Series 2015B, GO, AGM, 4.00%, 5/1/2035 | | | 50 | | | | 55 | |
| | |
Roseville Community Schools, School Building and Site, Unlimited Tax GO, Q-SBLF, 5.00%, 5/1/2028 | | | 25 | | | | 30 | |
| | |
South Lyon Community Schools, School Building and Site GO, 4.00%, 5/1/2038 | | | 25 | | | | 27 | |
| | |
State of Michigan, Environmental Program | | | | | | | | |
| | |
Series 2016A, GO, 5.00%, 12/1/2023 | | | 20 | | | | 21 | |
| | |
Series 2014A, GO, 5.00%, 12/1/2028 | | | 4,300 | | | | 4,725 | |
| | |
University of Michigan | | | | | | | | |
| | |
Rev., 5.00%, 4/1/2028 | | | 25 | | | | 28 | |
| | |
Series 2019A, Rev., 5.00%, 4/1/2029 | | | 25 | | | | 31 | |
| | |
Rev., 5.00%, 4/1/2031 | | | 15 | | | | 17 | |
| | |
Rev., 5.00%, 4/1/2033 | | | 2,190 | | | | 2,488 | |
| | |
Utica Community Schools, School Building and Site, Unlimited Tax GO, Q-SBLF, 5.00%, 5/1/2028 | | | 25 | | | | 30 | |
| | |
Warren Consolidated Schools, School Building and Site, Unlimited Tax GO, Q-SBLF, 5.00%, 5/1/2034 | | | 25 | | | | 28 | |
| | |
Waterford School District GO, Q-SBLF, 4.00%, 5/1/2032 | | | 40 | | | | 44 | |
| | | | | | | | |
| | |
Total Michigan | | | | | | | 43,780 | |
| | | | | | | | |
|
Minnesota — 0.5% | |
| | |
Circle Pines Independent School District No. 12 Series 2015A, GO, Zero Coupon, 2/1/2023 | | | 800 | | | | 793 | |
| | |
City of Brainerd Series 2016A, GO, 5.00%, 10/1/2024 | | | 10 | | | | 11 | |
| | |
City of Brooklyn Park Series 2018A, GO, 5.00%, 2/1/2026 | | | 1,005 | | | | 1,144 | |
| | |
City of Hastings Series 2019A, GO, 5.00%, 2/1/2030 | | | 70 | | | | 83 | |
| | |
City of Minneapolis, Health Care System, Fairview Health Services | | | | | | | | |
| | |
Series 2018A, Rev., 4.00%, 11/15/2037 | | | 6,230 | | | | 6,862 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
|
Minnesota — continued | |
| | |
Series 2018A, Rev., 4.00%, 11/15/2038 | | | 750 | | | | 826 | |
| | |
Series 2018A, Rev., 4.00%, 11/15/2048 | | | 2,000 | | | | 2,182 | |
| | |
Series 2018A, Rev., 5.00%, 11/15/2049 | | | 1,000 | | | | 1,166 | |
| | |
City of New Hope, Capital Improvement Plan Series 2017A, GO, 5.00%, 2/1/2026 | | | 10 | | | | 11 | |
| | |
City of Savage Series 2019A, GO, 4.00%, 2/1/2029 | | | 25 | | | | 28 | |
| | |
City of Woodbury, Charter School Lease | | | | | | | | |
| | |
Rev., 3.00%, 12/1/2030 | | | 250 | | | | 254 | |
| | |
Rev., 4.00%, 12/1/2040 | | | 200 | | | | 213 | |
| | |
City of Woodbury, Charter School Lease, Woodbury Leadership Academy Project | | | | | | | | |
| | |
Series 2021A, Rev., 4.00%, 7/1/2031 | | | 355 | | | | 381 | |
| | |
Series 2021A, Rev., 4.00%, 7/1/2041 | | | 445 | | | | 465 | |
| | |
Clearbrook-Gonvick Independent School District No. 2311 Series 2019A, GO, 5.00%, 2/1/2024 | | | 120 | | | | 129 | |
| | |
County of Douglas, Law Enforcement Center Series 2019B, GO, 5.00%, 2/1/2028 | | | 5 | | | | 6 | |
| | |
Duluth Economic Development Authority, Benedictine Health System | | | | | | | | |
| | |
Series 2021A, Rev., 4.00%, 7/1/2031 | | | 800 | | | | 839 | |
| | |
Series 2021A, Rev., 4.00%, 7/1/2036 | | | 1,500 | | | | 1,552 | |
| | |
Series 2021A, Rev., 4.00%, 7/1/2041 | | | 930 | | | | 953 | |
| | |
Duluth Independent School District No. 709 | | | | | | | | |
| | |
Series 2019B, COP, 5.00%, 2/1/2023 | | | 190 | | | | 197 | |
| | |
Series 2019B, COP, 5.00%, 2/1/2024 | | | 215 | | | | 229 | |
| | |
Series 2019B, COP, 5.00%, 2/1/2025 | | | 190 | | | | 209 | |
| | |
Series 2019B, COP, 5.00%, 2/1/2026 | | | 200 | | | | 226 | |
| | |
Series 2019B, COP, 5.00%, 2/1/2027 | | | 185 | | | | 214 | |
| | |
Series 2019B, COP, 5.00%, 2/1/2028 | | | 175 | | | | 206 | |
| | |
Hutchinson Independent School District No. 423 Series 2016A, GO, 5.00%, 2/1/2026 | | | 10 | | | | 11 | |
| | |
Itasca County Independent School District No. 318, School Building, Minnesota School District Credit Enhancement Program | | | | | | | | |
| | |
Series 2018A, GO, 5.00%, 2/1/2030 | | | 1,400 | | | | 1,609 | |
| | |
Lakeville Independent School District No. 194 Series 2020B, COP, 4.00%, 4/1/2026 | | | 140 | | | | 154 | |
| | |
Mahnomen Independent School District No. 432 Series 2016A, GO, 2.00%, 2/1/2029 | | | 25 | | | | 25 | |
| | |
Minneapolis-St. Paul Metropolitan Airports Commission | | | | | | | | |
| | |
Series 2019C, Rev., 5.00%, 1/1/2026 | | | 100 | | | | 113 | |
| | |
Series A, Rev., 5.00%, 1/1/2026 | | | 25 | | | | 28 | |
| | |
Series A, Rev., 5.00%, 1/1/2027 | | | 85 | | | | 98 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 70 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Minnesota — continued | |
| | |
Series A, Rev., 5.00%, 1/1/2032 | | | 35 | | | | 40 | |
| | |
Series 2019A, Rev., 5.00%, 1/1/2034 | | | 50 | | | | 60 | |
| | |
Minnesota Higher Education Facilities Authority, Carleton College Rev., 5.00%, 3/1/2027 | | | 725 | | | | 843 | |
| | |
Minnesota Municipal Power Agency Series 2014A, Rev., 5.00%, 10/1/2024 | | | 10 | | | | 11 | |
| | |
State of Minnesota, Various Purpose | | | | | | | | |
| | |
Series 2017A, GO, 5.00%, 10/1/2029 | | | 65 | | | | 77 | |
| | |
Series 2019A, GO, 5.00%, 8/1/2035 | | | 30 | | | | 37 | |
| | | | | | | | |
| | |
Total Minnesota | | | | | | | 22,285 | |
| | | | | | | | |
|
Mississippi — 1.1% | |
| | |
City of Tupelo | | | | | | | | |
| | |
GO, 4.00%, 12/1/2024 | | | 165 | | | | 177 | |
| | |
GO, 4.00%, 12/1/2025 | | | 150 | | | | 164 | |
| | |
GO, 4.00%, 12/1/2027 | | | 475 | | | | 538 | |
| | |
GO, 4.00%, 12/1/2030 | | | 545 | | | | 623 | |
| | |
Mississippi Development Bank, Community College Improvement Project | | | | | | | | |
| | |
Rev., 4.00%, 3/1/2033 | | | 205 | | | | 233 | |
| | |
Rev., 4.00%, 3/1/2034 | | | 230 | | | | 261 | |
| | |
Rev., 4.00%, 3/1/2036 | | | 500 | | | | 567 | |
| | |
Rev., 4.00%, 3/1/2037 | | | 730 | | | | 827 | |
| | |
Mississippi Development Bank, Department of Corrections Walnut Grove Correctional Facility Refunding Bonds Project | | | | | | | | |
| | |
Rev., 5.00%, 8/1/2025 | | | 35 | | | | 39 | |
| | |
Mississippi Development Bank, Department of Transportation, Industrial Development Authority Series 2015A, Rev., 5.00%, 1/1/2026 | | | 35 | | | | 38 | |
| | |
Mississippi Development Bank, Public Improvement Rev., 4.00%, 3/1/2025 | | | 100 | | | | 107 | |
| | |
Mississippi Development Bank, Rankin County Rev., 5.00%, 8/1/2034 | | | 350 | | | | 428 | |
| | |
Mississippi Development Bank, Rankin County Bond Project Rev., 5.00%, 3/1/2023 | | | 30 | | | | 31 | |
| | |
Mississippi Development Bank, Rankin County School District Project Rev., 3.50%, 6/1/2042 | | | 450 | | | | 469 | |
| | |
Mississippi State University Educational Building Corp., University Facilities Refinancing Series 2017A, Rev., 5.00%, 8/1/2028 | | | 25 | | | | 29 | |
| | |
Oxford School District GO, 4.00%, 5/1/2022 | | | 10 | | | | 10 | |
| | |
State of Mississippi | | | | | | | | |
| | |
Series 2018A, GO, 4.00%, 11/1/2026 (b) | | | 5,030 | | | | 5,612 | |
| | |
Series 2018A, GO, 5.00%, 11/1/2026 (b) | | | 11,595 | | | | 13,457 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
|
Mississippi — continued | |
| | |
Series 2019B, GO, 5.00%, 10/1/2033 | | | 30 | | | | 37 | |
| | |
Series 2018A, GO, 4.00%, 11/1/2038 | | | 21,155 | | | | 23,274 | |
| | |
State of Mississippi, Gaming Tax | | | | | | | | |
| | |
Series 2019A, Rev., 5.00%, 10/15/2025 | | | 1,005 | | | | 1,126 | |
| | |
Series 2019A, Rev., 5.00%, 10/15/2026 | | | 1,500 | | | | 1,725 | |
| | | | | | | | |
| | |
Total Mississippi | | | | | | | 49,772 | |
| | | | | | | | |
|
Missouri — 1.5% | |
| | |
City of Bridgeton Series 2021A, Rev., 4.00%, 12/1/2031 | | | 115 | | | | 129 | |
| | |
City of Gladstone Series A, COP, 3.00%, 12/1/2025 | | | 5 | | | | 5 | |
| | |
City of Kansas City, Downtown Arena Project Series E, Rev., 5.00%, 4/1/2028 | | | 90 | | | | 99 | |
| | |
Columbia School District GO, 4.00%, 3/1/2030 | | | 1,595 | | | | 1,778 | |
| | |
County of Jackson, Special Obligation Rev., 4.00%, 12/1/2023 | | | 25 | | | | 26 | |
| | |
Fort Zumwalt School District, Missouri Direct Deposit Program GO, 5.00%, 3/1/2036 | | | 40 | | | | 46 | |
| | |
Health and Educational Facilities Authority of the State of Missouri, City Art Institute Rev., 5.00%, 9/1/2030 | | | 210 | | | | 247 | |
| | |
Health and Educational Facilities Authority of the State of Missouri, Coxhealth and Obligated Group | | | | | | | | |
| | |
Series 2019A, Rev., 5.00%, 11/15/2032 | | | 135 | | | | 163 | |
| | |
Series 2019A, Rev., 5.00%, 11/15/2038 | | | 250 | | | | 300 | |
| | |
Health and Educational Facilities Authority of the State of Missouri, Lutheran Senior Services Projects | | | | | | | | |
| | |
Series 2019A, Rev., 5.00%, 2/1/2029 | | | 550 | | | | 601 | |
| | |
Series 2019A, Rev., 5.00%, 2/1/2042 | | | 1,000 | | | | 1,082 | |
| | |
Health and Educational Facilities Authority of the State of Missouri, Mercy Health Series 2018A, Rev., 5.00%, 6/1/2027 | | | 100 | | | | 117 | |
| | |
Health and Educational Facilities Authority of the State of Missouri, SSM Health System | | | | | | | | |
| | |
Series 2014A, Rev., 4.00%, 6/1/2023 | | | 100 | | | | 104 | |
| | |
Health and Educational Facilities Authority of the State of Missouri, St. Luke’s Health System, Inc. | | | | | | | | |
| | |
Rev., 5.00%, 11/15/2034 | | | 1,000 | | | | 1,237 | |
| | |
Rev., 5.00%, 11/15/2035 | | | 1,350 | | | | 1,669 | |
| | |
Health and Educational Facilities Authority of the State of Missouri, Wright Memorial Hospital | | | | | | | | |
| | |
Rev., 5.00%, 9/1/2022 | | | 540 | | | | 550 | |
| | |
Rev., 5.00%, 9/1/2024 | | | 300 | | | | 322 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 71 |
JPMorgan Intermediate Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Missouri — continued | |
| | |
Rev., 5.00%, 9/1/2025 | | | 315 | | | | 346 | |
| | |
Rev., 5.00%, 9/1/2026 | | | 620 | | | | 694 | |
| | |
Rev., 5.00%, 9/1/2029 | | | 1,420 | | | | 1,674 | |
| | |
Rev., 5.00%, 9/1/2031 | | | 100 | | | | 118 | |
| | |
Jefferson City School District, Missouri Direct Deposit Program GO, 5.00%, 3/1/2025 | | | 35 | | | | 39 | |
| | |
Kansas City Industrial Development Authority, City International Airport Terminal Modernization Project | | | | | | | | |
| | |
Series 2019B, Rev., AMT, 5.00%, 3/1/2032 | | | 1,250 | | | | 1,462 | |
| | |
Series 2019B, Rev., AMT, 5.00%, 3/1/2033 | | | 2,250 | | | | 2,623 | |
| | |
Series 2019C, Rev., 5.00%, 3/1/2033 | | | 2,485 | | | | 2,967 | |
| | |
Metropolitan St. Louis Sewer District, Wastewater System Improvement | | | | | | | | |
| | |
Series 2017A, Rev., 5.00%, 5/1/2029 | | | 6,765 | | | | 7,944 | |
| | |
Series 2015B, Rev., 5.00%, 5/1/2031 | | | 530 | | | | 588 | |
| | |
Series B, Rev., 5.00%, 5/1/2032 | | | 1,900 | | | | 2,108 | |
| | |
Series B, Rev., 5.00%, 5/1/2033 | | | 4,430 | | | | 4,916 | |
| | |
Series B, Rev., 5.00%, 5/1/2034 | | | 2,000 | | | | 2,219 | |
| | |
Series B, Rev., 5.00%, 5/1/2035 | | | 2,125 | | | | 2,356 | |
| | |
Missouri Highway and Transportation Commission, First Lien Series A, Rev., 5.00%, 5/1/2026 | | | 25,750 | | | | 29,578 | |
| | |
Missouri State Board of Public Buildings Series 2018A, Rev., 5.00%, 4/1/2027 | | | 25 | | | | 29 | |
| | |
Pattonville-Bridgeton Terrace Fire Protection District GO, 4.00%, 11/1/2025 | | | 25 | | | | 27 | |
| | |
St. Charles County Public Water Supply District No. 2 COP, 5.00%, 12/1/2026 | | | 15 | | | | 17 | |
| | | | | | | | |
| | |
Total Missouri | | | | | | | 68,180 | |
| | | | | | | | |
|
Montana — 0.7% | |
| | |
City of Missoula, Water System | | | | | | | | |
| | |
Series 2019A, Rev., 5.00%, 7/1/2026 | | | 300 | | | | 344 | |
| | |
Series 2019A, Rev., 5.00%, 7/1/2027 | | | 535 | | | | 628 | |
| | |
Series 2019A, Rev., 5.00%, 7/1/2028 | | | 480 | | | | 576 | |
| | |
Series 2019A, Rev., 5.00%, 7/1/2029 | | | 1,000 | | | | 1,199 | |
| | |
Series 2019A, Rev., 5.00%, 7/1/2030 | | | 690 | | | | 824 | |
| | |
Series 2019A, Rev., 5.00%, 7/1/2031 | | | 870 | | | | 1,040 | |
| | |
Series 2019A, Rev., 5.00%, 7/1/2032 | | | 720 | | | | 860 | |
| | |
Series 2019A, Rev., 5.00%, 7/1/2033 | | | 565 | | | | 674 | |
| | |
Series 2019A, Rev., 5.00%, 7/1/2034 | | | 545 | | | | 650 | |
| | |
Series 2019A, Rev., 5.00%, 7/1/2035 | | | 550 | | | | 655 | |
| | |
Series 2019A, Rev., 5.00%, 7/1/2036 | | | 800 | | | | 953 | |
| | |
Series 2019A, Rev., 5.00%, 7/1/2038 | | | 850 | | | | 1,010 | |
| | |
Series 2019A, Rev., 5.00%, 7/1/2039 | | | 840 | | | | 997 | |
| | |
Series 2019A, Rev., 4.00%, 7/1/2044 | | | 3,500 | | | | 3,925 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
|
Montana — continued | |
| | |
County of Gallatin, Bozeman Fiber Project Series 2021A, Rev., 4.00%, 10/15/2032 (d) | | | 2,000 | | | | 2,014 | |
| | |
Gallatin County School District No. 44 Belgrade, School Building | | | | | | | | |
| | |
GO, 5.00%, 6/1/2027 | | | 205 | | | | 240 | |
| | |
GO, 5.00%, 6/1/2028 | | | 250 | | | | 298 | |
| | |
GO, 4.00%, 6/1/2029 | | | 290 | | | | 332 | |
| | |
GO, 4.00%, 6/1/2030 | | | 230 | | | | 261 | |
| | |
GO, 4.00%, 6/1/2031 | | | 370 | | | | 418 | |
| | |
GO, 4.00%, 6/1/2032 | | | 255 | | | | 287 | |
| | |
GO, 4.00%, 6/1/2033 | | | 155 | | | | 174 | |
| | |
GO, 4.00%, 6/1/2034 | | | 175 | | | | 196 | |
| | |
GO, 4.00%, 6/1/2035 | | | 270 | | | | 302 | |
| | |
GO, 4.00%, 6/1/2036 | | | 300 | | | | 335 | |
| | |
GO, 4.00%, 6/1/2037 | | | 410 | | | | 456 | |
| | |
GO, 4.00%, 6/1/2038 | | | 375 | | | | 417 | |
| | |
GO, 4.00%, 6/1/2039 | | | 385 | | | | 428 | |
| | |
Montana Facility Finance Authority, School Health System | | | | | | | | |
| | |
Series 2019A, Rev., 4.00%, 1/1/2035 | | | 4,000 | | | | 4,465 | |
| | |
Series 2019A, Rev., 4.00%, 1/1/2036 | | | 3,000 | | | | 3,345 | |
| | |
Series 2019A, Rev., 4.00%, 1/1/2038 | | | 960 | | | | 1,067 | |
| | |
Montana State Board of Regents, Montana State University Series 2019B, Rev., 5.00%, 11/15/2028 | | | 55 | | | | 67 | |
| | | | | | | | |
| | |
Total Montana | | | | | | | 29,437 | |
| | | | | | | | |
|
Nebraska — 1.3% | |
| | |
Central Plains Energy Project, Gas Project No. 3 | | | | | | | | |
| | |
Rev., 5.25%, 9/1/2022 | | | 100 | | | | 102 | |
| | |
Series 2017A, Rev., 5.00%, 9/1/2042 | | | 1,500 | | | | 1,933 | |
| | |
Central Plains Energy Project, Gas Project No. 4 Series 2018A, Rev., 5.00%, 1/1/2024 (c) | | | 9,000 | | | | 9,507 | |
| | |
City of Columbus, Combined Utilities System Rev., 5.00%, 6/15/2027 | | | 145 | | | | 170 | |
| | |
City of Lincoln, Electric System | | | | | | | | |
| | |
Series 2020A, Rev., 5.00%, 9/1/2025 | | | 40 | | | | 45 | |
| | |
Series 2020A, Rev., 5.00%, 9/1/2033 | | | 30 | | | | 37 | |
| | |
City of Lincoln, Water Rev., 5.00%, 8/15/2028 | | | 105 | | | | 127 | |
| | |
City of Omaha, Sanitary Sewerage System Rev., 5.00%, 11/15/2031 | | | 1,825 | | | | 2,003 | |
| | |
City of Omaha, Various Purpose GO, 4.00%, 4/15/2034 | | | 75 | | | | 86 | |
| | |
County of Cherry, Limited Tax GO, 3.00%, 12/15/2023 | | | 15 | | | | 15 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 72 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Nebraska — continued | |
| | |
Douglas County Hospital Authority No. 2, Children’s Hospital Obligated Group | | | | | | | | |
| | |
Series 2020A, Rev., 5.00%, 11/15/2024 | | | 100 | | | | 109 | |
| | |
Series 2020A, Rev., 5.00%, 11/15/2025 | | | 175 | | | | 197 | |
| | |
Series 2020A, Rev., 5.00%, 11/15/2026 | | | 400 | | | | 461 | |
| | |
Series 2020A, Rev., 5.00%, 11/15/2027 | | | 400 | | | | 472 | |
| | |
Series 2020A, Rev., 5.00%, 11/15/2028 | | | 500 | | | | 601 | |
| | |
Series 2020A, Rev., 5.00%, 11/15/2029 | | | 285 | | | | 348 | |
| | |
Series 2020A, Rev., 5.00%, 11/15/2030 | | | 225 | | | | 278 | |
| | |
Series 2020A, Rev., 5.00%, 11/15/2031 | | | 275 | | | | 338 | |
| | |
Series 2020A, Rev., 5.00%, 11/15/2033 | | | 625 | | | | 763 | |
| | |
Series 2020A, Rev., 5.00%, 11/15/2034 | | | 600 | | | | 733 | |
| | |
Series 2020A, Rev., 4.00%, 11/15/2035 | | | 550 | | | | 628 | |
| | |
Series 2020A, Rev., 4.00%, 11/15/2036 | | | 425 | | | | 485 | |
| | |
Series 2020A, Rev., 4.00%, 11/15/2037 | | | 525 | | | | 599 | |
| | |
Series 2020A, Rev., 4.00%, 11/15/2038 | | | 600 | | | | 683 | |
| | |
Series 2020A, Rev., 4.00%, 11/15/2039 | | | 600 | | | | 682 | |
| | |
Douglas County Hospital Authority No. 2, Health Facilities, Nebraska Medicine | | | | | | | | |
| | |
Rev., 5.00%, 5/15/2023 | | | 75 | | | | 79 | |
| | |
Rev., 5.00%, 5/15/2031 | | | 25 | | | | 28 | |
| | |
Douglas County School District, Elkhorn Public Schools | | | | | | | | |
| | |
GO, 5.00%, 12/15/2025 | | | 160 | | | | 182 | |
| | |
GO, 5.00%, 12/15/2026 | | | 400 | | | | 467 | |
| | |
GO, 5.00%, 12/15/2027 | | | 175 | | | | 209 | |
| | |
GO, 5.00%, 12/15/2028 | | | 180 | | | | 219 | |
| | |
GO, 5.00%, 12/15/2029 | | | 250 | | | | 310 | |
| | |
GO, 5.00%, 12/15/2030 | | | 450 | | | | 561 | |
| | |
GO, 5.00%, 12/15/2031 | | | 325 | | | | 404 | |
| | |
GO, 4.00%, 12/15/2032 | | | 165 | | | | 190 | |
| | |
GO, 4.00%, 12/15/2033 | | | 185 | | | | 213 | |
| | |
GO, 4.00%, 12/15/2034 | | | 350 | | | | 403 | |
| | |
GO, 4.00%, 12/15/2035 | | | 350 | | | | 401 | |
| | |
Douglas County, Omaha School District No. 001 | | | | | | | | |
| | |
GO, 4.00%, 12/15/2041 | | | 10,000 | | | | 11,182 | |
| | |
GO, 4.00%, 12/15/2042 | | | 10,000 | | | | 11,162 | |
| | |
Lancaster County School District 001, Lincoln Public Schools GO, 5.00%, 1/15/2026 | | | 1,675 | | | | 1,904 | |
| | |
Nebraska Educational Health Cultural and Social Services Finance Authority, Immanuel Retirement Communities Obligated Group | | | | | | | | |
| | |
Series 2019A, Rev., 4.00%, 1/1/2033 | | | 150 | | | | 163 | |
| | |
Series 2019A, Rev., 4.00%, 1/1/2035 | | | 1,000 | | | | 1,089 | |
| | |
Series 2019A, Rev., 4.00%, 1/1/2036 | | | 1,250 | | | | 1,363 | |
| | |
Series 2019A, Rev., 4.00%, 1/1/2038 | | | 1,300 | | | | 1,415 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| |
|
Nebraska — continued | |
| | |
Omaha Public Facilities Corp., Omaha Baseball Stadium Project Series 2016A, Rev., 5.00%, 6/1/2023 | | | 25 | | | | 26 | |
| | |
Omaha Public Power District, Electric System | | | | | | | | |
| | |
Series 2019A, Rev., 5.00%, 2/1/2031 | | | 35 | | | | 43 | |
| | |
Series 2017A, Rev., 5.00%, 2/1/2035 | | | 1,250 | | | | 1,474 | |
| | |
Series 2017A, Rev., 5.00%, 2/1/2036 | | | 1,750 | | | | 2,061 | |
| | |
Series 2017A, Rev., 5.00%, 2/1/2037 | | | 2,000 | | | | 2,353 | |
| | |
Public Power Generation Agency, Whelan Energy Center Unit 2 | | | | | | | | |
| | |
Series A, Rev., 5.00%, 1/1/2034 | | | 500 | | | | 569 | |
| | | | | | | | |
| | |
Total Nebraska | | | | | | | 59,872 | |
| | | | | | | | |
|
Nevada — 0.7% | |
| | |
Clark County School District, Limited Tax Series 2017A, GO, 5.00%, 6/15/2026 | | | 2,080 | | | | 2,380 | |
| | |
County of Clark, Department of Aviation, Nevada Airport System, Subordinate Lien, McCarran International Airport Series 2019A, Rev., 5.00%, 7/1/2026 | | | 110 | | | | 126 | |
| | |
County of Clark, Flood Control Crossover, Limited Tax GO, 5.00%, 11/1/2024 | | | 200 | | | | 220 | |
| | |
County of Clark, Las Vegas Convention and Visitors Authority, Limited Tax Series 2015A, GO, 4.00%, 7/1/2033 | | | 75 | | | | 80 | |
| | |
County of Clark, Limited Tax Series B, GO, 5.00%, 11/1/2027 | | | 15,030 | | | | 17,445 | |
| | |
County of Clark, Passenger Facility Charge, Las Vegas-McCarran International Airport Passenger Facility | | | | | | | | |
| | |
Series 2017B, Rev., AMT, 5.00%, 7/1/2024 | | | 200 | | | | 216 | |
| | |
Series 2015C, Rev., 5.00%, 7/1/2027 | | | 195 | | | | 229 | |
| | |
County of Clark, Southern California Edison Co. Rev., 2.10%, 6/1/2031 | | | 1,215 | | | | 1,142 | |
| | |
County of Clark, Stadium Improvement, Limited Tax | | | | | | | | |
| | |
Series 2018A, GO, 5.00%, 6/1/2026 | | | 1,985 | | | | 2,273 | |
| | |
Series 2018A, GO, 5.00%, 6/1/2027 | | | 1,225 | | | | 1,439 | |
| | |
Series 2018A, GO, 5.00%, 6/1/2028 | | | 1,165 | | | | 1,399 | |
| | |
Series 2018A, GO, 5.00%, 6/1/2030 | | | 4,030 | | | | 4,793 | |
| | |
County of Clark, Transportation Improvement, Limited Tax Series 2018B, GO, 5.00%, 12/1/2024 | | | 40 | | | | 44 | |
| | |
County of Washoe, Fuel Tax | | | | | | | | |
| | |
Rev., 5.00%, 2/1/2036 | | | 80 | | | | 97 | |
| | |
Rev., 5.00%, 2/1/2042 | | | 150 | | | | 179 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 73 |
JPMorgan Intermediate Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Nevada — continued | |
| | |
Las Vegas Valley Water District, Limited Tax | | | | | | | | |
| | |
Series C, GO, 5.00%, 9/15/2023 | | | 30 | | | | 32 | |
| | |
Series B, GO, 5.00%, 12/1/2023 | | | 45 | | | | 48 | |
| | |
Series 2019A, GO, 5.00%, 6/1/2030 | | | 40 | | | | 49 | |
| | |
State of Nevada Highway Improvement, Motor Vehicle Fuel Tax Rev., 5.00%, 12/1/2031 | | | 25 | | | | 29 | |
| | |
State of Nevada, Limited Tax Series 2015D, GO, 5.00%, 4/1/2023 | | | 25 | | | | 26 | |
| | |
Washoe County School District, Limited Tax, School Improvement Series 2020A, GO, 4.00%, 10/1/2035 | | | 45 | | | | 51 | |
| | | | | | | | |
| | |
Total Nevada | | | | | | | 32,297 | |
| | | | | | | | |
|
New Hampshire — 0.1% | |
| | |
New Hampshire Business Finance Authority, St. Luke’s University Health Network Project | | | | | | | | |
| | |
Rev., 5.00%, 8/15/2033 | | | 2,440 | | | | 3,014 | |
| | |
Rev., 5.00%, 8/15/2034 | | | 800 | | | | 986 | |
| | |
New Hampshire Municipal Bond Bank Series 2017B, Rev., 5.00%, 8/15/2023 | | | 20 | | | | 21 | |
| | | | | | | | |
| | |
Total New Hampshire | | | | | | | 4,021 | |
| | | | | | | | |
|
New Jersey — 3.9% | |
| | |
Atlantic County Improvement Authority (The), Atlantic City Campus Phase II Project | | | | | | | | |
| | |
Series 2021A, Rev., AGM, 5.00%, 7/1/2032 | | | 100 | | | | 125 | |
| | |
Series 2021A, Rev., AGM, 5.00%, 7/1/2033 | | | 395 | | | | 491 | |
| | |
Series 2021A, Rev., AGM, 5.00%, 7/1/2034 | | | 60 | | | | 75 | |
| | |
Series 2021A, Rev., AGM, 5.00%, 7/1/2035 | | | 75 | | | | 93 | |
| | |
Bergen County Improvement Authority (The), Guaranteed Governmental Loan Rev., GTD, 5.00%, 8/15/2034 | | | 50 | | | | 60 | |
| | |
Burlington County Bridge Commission, Governmental Leasing Program Rev., 5.00%, 4/15/2030 | | | 950 | | | | 1,133 | |
| | |
City of Jersey, General Improvement Series 2017A, GO, 5.00%, 11/1/2026 | | | 85 | | | | 98 | |
| | |
County of Middlesex, Redevelopment General Improvement GO, 4.00%, 1/15/2024 | | | 25 | | | | 26 | |
| | |
County of Ocean, General Improvement GO, 4.00%, 9/1/2023 | | | 75 | | | | 78 | |
| | |
Freehold Township Board of Education GO, 4.00%, 7/15/2025 | | | 85 | | | | 92 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
|
New Jersey — continued | |
| | |
Monmouth County Improvement Authority (The), Governmental Pooled Loan Project | | | | | | | | |
| | |
Rev., GTD, 4.00%, 12/1/2024 | | | 35 | | | | 37 | |
| | |
Series 2019A, Rev., 4.00%, 8/1/2035 | | | 25 | | | | 29 | |
| | |
Monroe Township Commissioners Fire District No. 3 GO, 5.00%, 10/15/2022 | | | 25 | | | | 26 | |
| | |
New Jersey Economic Development Authority, Motor Vehicle Surcharges Series 2017A, Rev., 4.00%, 7/1/2034 | | | 200 | | | | 214 | |
| | |
New Jersey Economic Development Authority, School Facilities Construction | | | | | | | | |
| | |
Series LLL, Rev., 5.00%, 6/15/2028 | | | 2,750 | | | | 3,209 | |
| | |
Series LLL, Rev., 5.00%, 6/15/2029 | | | 1,970 | | | | 2,332 | |
| | |
Series 2021QQQ, Rev., 5.00%, 6/15/2033 | | | 300 | | | | 357 | |
| | |
Series 2021QQQ, Rev., 4.00%, 6/15/2034 | | | 500 | | | | 550 | |
| | |
Series 2019-LLL, Rev., 5.00%, 6/15/2034 | | | 1,000 | | | | 1,173 | |
| | |
Series 2021QQQ, Rev., 4.00%, 6/15/2035 | | | 400 | | | | 439 | |
| | |
Series 2021QQQ, Rev., 4.00%, 6/15/2036 | | | 575 | | | | 630 | |
| | |
Series 2021QQQ, Rev., 4.00%, 6/15/2037 | | | 640 | | | | 700 | |
| | |
Series EEE, Rev., 5.00%, 6/15/2043 | | | 2,000 | | | | 2,276 | |
| | |
New Jersey Economic Development Authority, Transit Transportation Project | | | | | | | | |
| | |
Series 2020A, Rev., 4.00%, 11/1/2037 | | | 1,500 | | | | 1,624 | |
| | |
Series 2020A, Rev., 4.00%, 11/1/2038 | | | 3,250 | | | | 3,512 | |
| | |
New Jersey Educational Facilities Authority, Princeton University Series 2017 I, Rev., 5.00%, 7/1/2031 | | | 40 | | | | 47 | |
| | |
New Jersey Educational Facilities Authority, Stevens Institute of Technology | | | | | | | | |
| | |
Series 2020A, Rev., 5.00%, 7/1/2032 | | | 420 | | | | 500 | |
| | |
Series 2020A, Rev., 5.00%, 7/1/2033 | | | 330 | | | | 393 | |
| | |
Series 2020A, Rev., 5.00%, 7/1/2034 | | | 265 | | | | 315 | |
| | |
Series 2020A, Rev., 5.00%, 7/1/2035 | | | 570 | | | | 676 | |
| | |
Series 2020A, Rev., 5.00%, 7/1/2036 | | | 1,095 | | | | 1,297 | |
| | |
New Jersey Transportation Trust Fund Authority | | | | | | | | |
| | |
Series 2019BB, Rev., 5.00%, 6/15/2032 | | | 2,000 | | | | 2,314 | |
| | |
Series 2020AA, Rev., 4.00%, 6/15/2035 | | | 870 | | | | 955 | |
| | |
Series 2020AA, Rev., 4.00%, 6/15/2036 | | | 2,000 | | | | 2,190 | |
| | |
Series 2020AA, Rev., 4.00%, 6/15/2037 | | | 3,000 | | | | 3,280 | |
| | |
Series 2020AA, Rev., 4.00%, 6/15/2038 | | | 1,000 | | | | 1,090 | |
| | |
Series 2020AA, Rev., 4.00%, 6/15/2045 | | | 5,000 | | | | 5,377 | |
| | |
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement | | | | | | | | |
| | |
Series A, Rev., 5.00%, 6/15/2024 | | | 10,880 | | | | 11,756 | |
| | |
Series A, Rev., 5.00%, 6/15/2029 | | | 10,000 | | | | 11,342 | |
| | |
Series 2018A, Rev., 5.00%, 6/15/2030 | | | 6,850 | | | | 7,763 | |
| | |
Series A, Rev., 5.00%, 6/15/2031 | | | 5,000 | | | | 5,659 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 74 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
New Jersey — continued | |
| | |
New Jersey Transportation Trust Fund Authority, Transportation Program Series 2013AA, Rev., 5.00%, 6/15/2036 | | | 5,000 | | | | 5,209 | |
| | |
New Jersey Transportation Trust Fund Authority, Transportation System | | | | | | | | |
| | |
Series B, Rev., AMBAC, 5.25%, 12/15/2022 | | | 5,000 | | | | 5,163 | |
| | |
Series 2012A, Rev., 5.00%, 6/15/2042 | | | 500 | | | | 506 | |
| | |
Rutgers The State University of New Jersey Series 2016M, Rev., 5.00%, 5/1/2030 | | | 100 | | | | 114 | |
| | |
State of New Jersey, COVID-19 Emergency Bonds | | | | | | | | |
| | |
GO, 4.00%, 6/1/2031 | | | 19,000 | | | | 21,964 | |
| | |
GO, 4.00%, 6/1/2032 | | | 38,140 | | | | 44,373 | |
| | |
Tobacco Settlement Financing Corp. | | | | | | | | |
| | |
Series 2018A, Rev., 5.00%, 6/1/2023 | | | 3,000 | | | | 3,127 | |
| | |
Series 2018A, Rev., 5.00%, 6/1/2024 | | | 3,645 | | | | 3,900 | |
| | |
Series 2018A, Rev., 5.00%, 6/1/2025 | | | 3,500 | | | | 3,839 | |
| | |
Series 2018A, Rev., 5.00%, 6/1/2026 | | | 3,500 | | | | 3,926 | |
| | |
Series 2018A, Rev., 5.00%, 6/1/2028 | | | 3,000 | | | | 3,494 | |
| | |
Series 2018A, Rev., 5.00%, 6/1/2029 | | | 4,500 | | | | 5,218 | |
| | |
Series 2018A, Rev., 4.00%, 6/1/2037 | | | 1,000 | | | | 1,081 | |
| | |
Township of Harrison GO, 4.00%, 8/1/2023 | | | 25 | | | | 26 | |
| | |
Township of Hazlet GO, 4.00%, 8/1/2023 | | | 25 | | | | 26 | |
| | |
Township of Montclair, General Improvement Series 2017A, GO, 4.00%, 3/1/2024 | | | 35 | | | | 37 | |
| | |
Township of Moorestown, General Improvement and Water Sewer Utility GO, 5.00%, 2/1/2028 | | | 30 | | | | 36 | |
| | |
Township of Mount Laurel GO, 4.00%, 4/15/2023 | | | 25 | | | | 26 | |
| | | | | | | | |
| | |
Total New Jersey | | | | | | | 176,398 | |
| | | | | | | | |
|
New Mexico — 0.2% | |
| | |
Albuquerque Municipal School District No. 12, School Building | | | | | | | | |
| | |
GO, 5.00%, 8/1/2030 | | | 800 | | | | 944 | |
| | |
GO, 5.00%, 8/1/2031 | | | 850 | | | | 1,001 | |
| | |
GO, 5.00%, 8/1/2032 | | | 1,050 | | | | 1,234 | |
| | |
GO, 5.00%, 8/1/2033 | | | 1,385 | | | | 1,628 | |
| | |
GO, 5.00%, 8/1/2035 | | | 1,980 | | | | 2,323 | |
| | |
Baltimore County, Gross Receipts Tax Series B, Rev., NATL-RE-IBC, 5.70%, 4/1/2027 | | | 960 | | | | 1,072 | |
| | |
Central New Mexico Community College, Limited Tax GO, 5.00%, 8/15/2022 | | | 40 | | | | 41 | |
| | |
City of Santa Fe, Senior Lien, Gross Receipts Tax Series 2018A, Rev., 5.00%, 6/1/2032 | | | 30 | | | | 36 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
|
New Mexico — continued | |
| | |
City of Santa Fe, Wastewater Utility System Rev., 5.00%, 6/1/2024 | | | 45 | | | | 49 | |
| | |
City of Santa Fe, Water Utility System Rev., 4.00%, 6/1/2031 | | | 50 | | | | 54 | |
| | |
New Mexico Finance Authority, Subordinate Lien Public Project Revolving Fund, Tax-Exempt | | | | | | | | |
| | |
Series 2019C-1, Rev., 5.00%, 6/15/2029 | | | 100 | | | | 123 | |
| | |
Series 2019C-1, Rev., 4.00%, 6/15/2035 | | | 25 | | | | 29 | |
| | |
State of New Mexico, Severance Tax Permanent Fund Series 2017A, Rev., 5.00%, 7/1/2024 | | | 180 | | | | 195 | |
| | |
University of New Mexico (The), Subordinate Lien System Series 2014C, Rev., 5.00%, 6/1/2024 (b) | | | 50 | | | | 54 | |
| | | | | | | | |
| | |
Total New Mexico | | | | | | | 8,783 | |
| | | | | | | | |
|
New York — 12.1% | |
| | |
Bedford Central School District, Boces Project GO, 4.00%, 7/1/2032 | | | 45 | | | | 54 | |
| | |
Broome County Local Development Corp., Good Shepherd Village at Endwell, Inc. | | | | | | | | |
| | |
Rev., 4.00%, 7/1/2031 | | | 685 | | | | 743 | |
| | |
Rev., 4.00%, 7/1/2036 | | | 1,440 | | | | 1,556 | |
| | |
Buffalo and Erie County Industrial Land Development Corp., D’youville College Project | | | | | | | | |
| | |
Rev., 4.00%, 11/1/2035 | | | 515 | | | | 564 | |
| | |
Rev., 4.00%, 11/1/2040 | | | 1,035 | | | | 1,124 | |
| | |
Build NYC Resource Corp., New World Preparatory Charter School Project | | | | | | | | |
| | |
Series 2021A, Rev., 4.00%, 6/15/2041 | | | 240 | | | | 252 | |
| | |
Series 2021A, Rev., 4.00%, 6/15/2051 | | | 320 | | | | 331 | |
| | |
City of New York Series B, GO, 4.00%, 8/1/2022 | | | 25 | | | | 25 | |
| | |
City of New York, Fiscal Year 2006 Series H, Subseries 2006H-A, GO, 4.00%, 1/1/2023 | | | 20 | | | | 21 | |
| | |
City of New York, Fiscal Year 2013 | | | | | | | | |
| | |
Series 2013J, GO, 5.00%, 8/1/2022 | | | 95 | | | | 97 | |
| | |
Series 2013J, GO, 5.00%, 8/1/2023 | | | 55 | | | | 58 | |
| | |
City of New York, Fiscal Year 2014 Series G, GO, 5.00%, 8/1/2025 | | | 9,520 | | | | 10,186 | |
| | |
City of New York, Fiscal Year 2015 Series 1, GO, 5.00%, 8/1/2023 | | | 20 | | | | 21 | |
| | |
City of New York, Fiscal Year 2016 | | | | | | | | |
| | |
Series A, GO, 5.00%, 8/1/2023 | | | 20 | | | | 21 | |
| | |
Series C, GO, 5.00%, 8/1/2023 | | | 50 | | | | 53 | |
| | |
Series E, GO, 5.00%, 8/1/2023 | | | 75 | | | | 79 | |
| | |
Series C, GO, 4.00%, 8/1/2025 | | | 20 | | | | 22 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 75 |
JPMorgan Intermediate Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
New York — continued | |
| | |
City of New York, Fiscal Year 2017 | | | | | | | | |
| | |
Series 2017B-1, GO, 5.00%, 12/1/2022 | | | 30 | | | | 31 | |
| | |
Series C, GO, 5.00%, 8/1/2023 | | | 310 | | | | 327 | |
| | |
City of New York, Fiscal Year 2018 | | | | | | | | |
| | |
Series C, GO, 5.00%, 8/1/2022 | | | 95 | | | | 97 | |
| | |
Series A, GO, 4.00%, 8/1/2023 | | | 50 | | | | 52 | |
| | |
Series C, GO, 5.00%, 8/1/2024 | | | 20 | | | | 22 | |
| | |
Series A, GO, 5.00%, 8/1/2027 | | | 35 | | | | 41 | |
| | |
City of New York, Fiscal Year 2019 Series 2019A, GO, 5.00%, 8/1/2024 | | | 20 | | | | 22 | |
| | |
City of New York, Fiscal Year 2020 | | | | | | | | |
| | |
Series B, Subseries B-1, GO, 5.00%, 10/1/2033 | | | 25 | | | | 30 | |
| | |
Series B, Subseries B-1, GO, 5.00%, 10/1/2039 | | | 90 | | | | 109 | |
| | |
City of Olean GO, AGM, 4.00%, 8/1/2032 | | | 125 | | | | 148 | |
| | |
County of Monroe, Public Improvement GO, AGM, 5.00%, 6/1/2024 | | | 25 | | | | 27 | |
| | |
County of Suffolk | | | | | | | | |
| | |
Series 2015B, GO, AGM, 5.00%, 10/1/2023 | | | 50 | | | | 53 | |
| | |
Series 2015C, GO, 5.00%, 5/1/2025 | | | 10 | | | | 11 | |
| | |
Series 2017D, GO, 5.00%, 10/15/2026 | | | 105 | | | | 120 | |
| | |
County of Westchester Series 2019F, GO, 5.00%, 12/15/2025 | | | 30 | | | | 34 | |
| | |
Erie County Fiscal Stability Authority, Sales Tax and State Aid Secured Series 2017D, Rev., 5.00%, 9/1/2038 | | | 25 | | | | 29 | |
| | |
Erie County Industrial Development Agency (The), City School District of the City of Buffalo Project | | | | | | | | |
| | |
Series 2016A, Rev., 5.00%, 5/1/2022 | | | 35 | | | | 35 | |
| | |
Series 2013A, Rev., 5.00%, 5/1/2024 | | | 25 | | | | 26 | |
| | |
Series 2013A, Rev., 5.00%, 5/1/2027 | | | 65 | | | | 68 | |
| | |
Hauppauge Union Free School District GO, 5.00%, 7/15/2023 | | | 20 | | | | 21 | |
| | |
Hudson Yards Infrastructure Corp., Second Indenture Series 2017A, Rev., 5.00%, 2/15/2037 | | | 50 | | | | 58 | |
| | |
Huntington Local Development Corp., Fountaingate Garden Project Series 2021C, Rev., 3.00%, 7/1/2025 | | | 865 | | | | 851 | |
| | |
Long Island Power Authority, Electric System | | | | | | | | |
| | |
Rev., 5.00%, 9/1/2034 | | | 5,000 | | | | 5,987 | |
| | |
Rev., 5.00%, 9/1/2035 | | | 3,000 | | | | 3,585 | |
| | |
Metropolitan Transportation Authority | | | | | | | | |
| | |
Subseries C-1, Rev., 5.25%, 11/15/2029 | | | 6,000 | | | | 6,718 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| |
|
New York — continued | |
| | |
Series 2017C-1, Rev., 5.00%, 11/15/2030 | | | 5,025 | | | | 5,790 | |
| | |
Subseries C-1, Rev., 5.00%, 11/15/2035 | | | 3,000 | | | | 3,296 | |
| | |
Metropolitan Transportation Authority, Dedicated Tax Fund | | | | | | | | |
| | |
Series 2016A, Rev., 5.00%, 11/15/2025 | | | 45 | | | | 51 | |
| | |
Series 2016B-1, Rev., 5.00%, 11/15/2025 | | | 150 | | | | 170 | |
| | |
Middle Country Central School District at Centereach GO, 4.00%, 8/15/2022 | | | 35 | | | | 36 | |
| | |
Monroe County Industrial Development Corp., Rochester Schools Modernization Project | | | | | | | | |
| | |
Rev., 5.00%, 5/1/2022 | | | 155 | | | | 156 | |
| | |
Rev., 5.00%, 5/1/2026 | | | 35 | | | | 40 | |
| | |
Rev., 5.00%, 5/1/2029 | | | 25 | | | | 30 | |
| | |
Rev., 5.00%, 5/1/2032 | | | 675 | | | | 782 | |
| | |
Rev., 5.00%, 5/1/2033 | | | 810 | | | | 938 | |
| | |
Monroe County Industrial Development Corp., True North Rochester Preparatory Charter School Project | | | | | | | | |
| | |
Series 2020A, Rev., 5.00%, 6/1/2040 (d) | | | 630 | | | | 713 | |
| | |
New York City Transitional Finance Authority, Building Aid, Fiscal Year 2013 Series 2013S-1, Rev., 5.00%, 7/15/2024 | | | 25 | | | | 25 | |
| | |
New York City Transitional Finance Authority, Building Aid, Fiscal Year 2015 | | | | | | | | |
| | |
Series 2015S-2, Rev., 5.00%, 7/15/2040 | | | 50 | | | | 55 | |
| | |
Series S-1, Rev., 5.00%, 7/15/2040 | | | 45 | | | | 49 | |
| | |
New York City Transitional Finance Authority, Building Aid, Fiscal Year 2016 | | | | | | | | |
| | |
Series 2016S-1, Rev., 5.00%, 7/15/2029 | | | 30 | | | | 34 | |
| | |
Series 2016 S-1, Rev., 5.00%, 7/15/2033 | | | 70 | | | | 79 | |
| | |
Series 2016S-1, Rev., 4.00%, 7/15/2036 | | | 45 | | | | 48 | |
| | |
Series 2016S-1, Rev., 5.00%, 7/15/2043 | | | 45 | | | | 50 | |
| | |
New York City Transitional Finance Authority, Building Aid, Fiscal Year 2018 | | | | | | | | |
| | |
Series 2018S-2, Rev., 5.00%, 7/15/2030 | | | 25 | | | | 29 | |
| | |
Series 2018S-2, Rev., 5.00%, 7/15/2031 | | | 45 | | | | 53 | |
| | |
Series 2018S-4, Rev., 5.00%, 7/15/2032 | | | 25 | | | | 30 | |
| | |
New York City Transitional Finance Authority, Building Aid, Fiscal Year 2019 | | | | | | | | |
| | |
Series S-3, Subseries S-3A, Rev., 5.00%, 7/15/2029 | | | 25 | | | | 30 | |
| | |
Series 2019S-2A, Rev., 5.00%, 7/15/2030 | | | 125 | | | | 151 | |
| | |
Series S-2A, Rev., 4.00%, 7/15/2037 | | | 5,000 | | | | 5,542 | |
| | |
Series S-3, Subseries S-3A, Rev., 5.00%, 7/15/2037 | | | 180 | | | | 215 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 76 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
New York — continued | |
| | |
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2014 | | | | | | | | |
| | |
Series 2014A-1, Rev., 5.00%, 11/1/2022 | | | 35 | | | | 36 | |
| | |
Series 2014B-1, Rev., 5.00%, 11/1/2026 | | | 40 | | | | 43 | |
| | |
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2015 | | | | | | | | |
| | |
Series 2015E-1, Rev., 5.00%, 2/1/2024 | | | 25 | | | | 27 | |
| | |
Series B, Subseries B-1, Rev., 5.00%, 8/1/2029 | | | 55 | | | | 60 | |
| | |
Series 2015A-1, Rev., 5.00%, 8/1/2037 | | | 100 | | | | 108 | |
| | |
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2016 | | | | | | | | |
| | |
Series 2016E-1, Rev., 5.00%, 2/1/2031 | | | 30 | | | | 34 | |
| | |
Series E-1, Rev., 5.00%, 2/1/2035 | | | 7,295 | | | | 8,195 | |
| | |
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2017 | | | | | | | | |
| | |
Series C, Rev., 5.00%, 11/1/2030 | | | 5,685 | | | | 6,612 | |
| | |
Series E, Subseries E-1, Rev., 5.00%, 2/1/2031 | | | 1,410 | | | | 1,629 | |
| | |
Series E, Subseries E-1, Rev., 5.00%, 2/1/2032 | | | 7,000 | | | | 8,088 | |
| | |
Series 2017F-1, Rev., 5.00%, 5/1/2032 | | | 25 | | | | 29 | |
| | |
Series E, Subseries E-1, Rev., 5.00%, 2/1/2033 | | | 10,000 | | | | 11,548 | |
| | |
Series 2017A-1, Rev., 4.00%, 5/1/2036 | | | 40 | | | | 43 | |
| | |
Subseries E-1, Rev., 5.00%, 2/1/2039 | | | 2,525 | | | | 2,899 | |
| | |
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2019 | | | | | | | | |
| | |
Series 2019C-1, Rev., 5.00%, 11/1/2022 | | | 40 | | | | 41 | |
| | |
Series 2019C-1, Rev., 5.00%, 11/1/2034 | | | 45 | | | | 55 | |
| | |
Series 2019C-1, Rev., 5.00%, 11/1/2035 | | | 65 | | | | 79 | |
| | |
Series 2019A-1, Rev., 5.00%, 8/1/2038 | | | 30 | | | | 36 | |
| | |
Series A, Subseries A-1, Rev., 5.00%, 8/1/2040 | | | 2,100 | | | | 2,479 | |
| | |
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2020 | | | | | | | | |
| | |
Series 2020-I, Rev., 5.00%, 11/1/2022 | | | 25 | | | | 26 | |
| | |
New York City Transitional Finance Authority, Future Tax Secured, Tax-Exempt, Fiscal Year 2013 Series 2013G, Rev., 4.00%, 11/1/2022 | | | 25 | | | | 26 | |
| | |
New York City Transitional Finance Authority, Future Tax Secured, Tax-Exempt, Fiscal Year 2018 | | | | | | | | |
| | |
Series 2018-A-2, Rev., 5.00%, 8/1/2033 | | | 30 | | | | 35 | |
| | |
Series 2018-A-2, Rev., 5.00%, 8/1/2038 | | | 25 | | | | 29 | |
| | |
Series C-3, Rev., 5.00%, 5/1/2039 | | | 70 | | | | 82 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| |
|
New York — continued | |
| | |
New York City Transitional Finance Authority, Future Tax Secured, Tax-Exempt, Fiscal Year 2020 | | | | | | | | |
| | |
Series A, Subseries A-2, Rev., 5.00%, 5/1/2035 | | | 125 | | | | 151 | |
| | |
Series 2020B-1, Rev., 5.00%, 11/1/2035 | | | 35 | | | | 43 | |
| | |
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2012 | | | | | | | | |
| | |
Series 2012EE, Rev., 4.00%, 6/15/2045 | | | 30 | | | | 30 | |
| | |
Series 2012FF, Rev., 4.00%, 6/15/2045 | | | 45 | | | | 45 | |
| | |
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2014 | | | | | | | | |
| | |
Series 2014DD, Rev., 5.00%, 6/15/2023 (b) | | | 40 | | | | 42 | |
| | |
Series 2014DD, Rev., 5.00%, 6/15/2024 | | | 50 | | | | 54 | |
| | |
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2015 | | | | | | | | |
| | |
Series 2015HH, Rev., 5.00%, 6/15/2029 | | | 75 | | | | 84 | |
| | |
Series FF, Rev., 5.00%, 6/15/2031 | | | 5,000 | | | | 5,572 | |
| | |
Series 2015AA, Rev., 4.00%, 6/15/2044 | | | 25 | | | | 26 | |
| | |
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2017 Series EE, Rev., 5.00%, 6/15/2036 | | | 5,000 | | | | 5,825 | |
| | |
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2018 | | | | | | | | |
| | |
Series 2018CC-2, Rev., 5.00%, 6/15/2025 | | | 20 | | | | 21 | |
| | |
Series 2018EE, Rev., 5.00%, 6/15/2035 | | | 35 | | | | 39 | |
| | |
Series 2018FF, Rev., 5.00%, 6/15/2040 | | | 50 | | | | 60 | |
| | |
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2019 | | | | | | | | |
| | |
Series 2019FF-2, Rev., 4.00%, 6/15/2037 | | | 16,245 | | | | 18,183 | |
| | |
Subseries 2019EE-2, Rev., 5.00%, 6/15/2040 | | | 35 | | | | 42 | |
| | |
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2020 | | | | | | | | |
| | |
Series 2020CC-1, Rev., 4.00%, 6/15/2038 | | | 10,000 | | | | 11,242 | |
| | |
Series 2020AA, Rev., 5.00%, 6/15/2040 | | | 25 | | | | 30 | |
| | |
Series 2020CC-2, Rev., 4.00%, 6/15/2041 | | | 5,000 | | | | 5,587 | |
| | |
Subseries 202DD-3, Rev., 5.00%, 6/15/2041 | | | 140 | | | | 171 | |
| | |
Subseries 202DD-3, Rev., 4.00%, 6/15/2042 | | | 1,880 | | | | 2,109 | |
| | |
New York Convention Center Development Corp., Hotel Unit Fee Secured Rev., 5.00%, 11/15/2025 | | | 2,000 | | | | 2,241 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 77 |
JPMorgan Intermediate Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
New York — continued | |
| | |
New York Convention Center Development Corp., Subordinate Lien, Hotel Unit Fee Secured | | | | | | | | |
| | |
Series B, Rev., Zero Coupon, 11/15/2025 | | | 805 | | | | 740 | |
| | |
Series B, Rev., Zero Coupon, 11/15/2026 | | | 1,250 | | | | 1,118 | |
| | |
Series B, Rev., Zero Coupon, 11/15/2027 | | | 1,500 | | | | 1,302 | |
| | |
Series 2016B, Rev., Zero Coupon, 11/15/2028 | | | 1,960 | | | | 1,647 | |
| | |
Series B, Rev., Zero Coupon, 11/15/2030 | | | 3,400 | | | | 2,672 | |
| | |
Series B, Rev., Zero Coupon, 11/15/2031 | | | 1,835 | | | | 1,391 | |
| | |
Series B, Rev., Zero Coupon, 11/15/2032 | | | 2,000 | | | | 1,464 | |
| | |
Series 2016B, Rev., AGM-CR, Zero Coupon, 11/15/2052 | | | 10,625 | | | | 3,595 | |
| | |
New York Counties Tobacco Trust Series 2016B, Rev., 5.00%, 6/1/2026 | | | 150 | | | | 169 | |
| | |
New York Liberty Development Corp., Secured by Port Authority | | | | | | | | |
| | |
Series 1WTC-2021, Rev., 2.25%, 2/15/2041 | | | 4,500 | | | | 3,913 | |
| | |
Series 1WTC-2021, Rev., 3.00%, 2/15/2042 | | | 3,345 | | | | 3,310 | |
| | |
Series 1WTC-2021, Rev., 2.75%, 2/15/2044 | | | 2,000 | | | | 1,854 | |
| | |
New York State Dormitory Authority, Columbia University | | | | | | | | |
| | |
Series 2016A-2, Rev., 5.00%, 10/1/2024 | | | 15 | | | | 16 | |
| | |
Series 2016A-1, Rev., 5.00%, 10/1/2026 | | | 70 | | | | 82 | |
| | |
Series 2017B, Rev., 5.00%, 10/1/2026 | | | 30 | | | | 35 | |
| | |
New York State Dormitory Authority, Cornell University | | | | | | | | |
| | |
Series 2019A, Rev., 5.00%, 7/1/2025 | | | 65 | | | | 73 | |
| | |
Series 2019A, Rev., 5.00%, 7/1/2029 | | | 25 | | | | 31 | |
| | |
New York State Dormitory Authority, Municipal Health Facilities Improvement Program Series 2018 1, Rev., 5.00%, 1/15/2031 | | | 3,445 | | | | 4,072 | |
| | |
New York State Dormitory Authority, New York University | | | | | | | | |
| | |
Series 2016A, Rev., 5.00%, 7/1/2024 | | | 50 | | | | 54 | |
| | |
Series 2016A, Rev., 5.00%, 7/1/2027 | | | 60 | | | | 69 | |
| | |
Series 2019A, Rev., 5.00%, 7/1/2030 | | | 4,075 | | | | 5,021 | |
| | |
Series 2017A, Rev., 4.00%, 7/1/2035 | | | 25 | | | | 28 | |
| | |
Series 2017A, Rev., 4.00%, 7/1/2036 | | | 75 | | | | 83 | |
| | |
Series 2019A, Rev., 5.00%, 7/1/2036 | | | 45 | | | | 55 | |
| | |
Series 2017A, Rev., 4.00%, 7/1/2037 | | | 45 | | | | 50 | |
| | |
Series 2016A, Rev., 5.00%, 7/1/2039 | | | 140 | | | | 159 | |
| | |
Series 2019A, Rev., 5.00%, 7/1/2039 | | | 25 | | | | 31 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| |
|
New York — continued | |
| | |
Series 2016A, Rev., 4.00%, 7/1/2043 | | | 3,500 | | | | 3,779 | |
| | |
Series 2019A, Rev., 4.00%, 7/1/2045 | | | 18,000 | | | | 20,202 | |
| | |
New York State Dormitory Authority, School Districts Financing Program | | | | | | | | |
| | |
Series B, Rev., 5.00%, 10/1/2024 | | | 2,000 | | | | 2,048 | |
| | |
Series 2018A, Rev., 5.00%, 10/1/2026 | | | 285 | | | | 326 | |
| | |
Series 2019A, Rev., 5.00%, 4/1/2028 | | | 80 | | | | 95 | |
| | |
Series 2018A, Rev., 5.00%, 10/1/2030 | | | 25 | | | | 29 | |
| | |
Series 2018A, Rev., 5.00%, 10/1/2031 | | | 75 | | | | 86 | |
| | |
New York State Dormitory Authority, State Personal Income Tax, General Purpose | | | | | | | | |
| | |
Series 2013A, Rev., 5.00%, 2/15/2023 (b) | | | 3,000 | | | | 3,118 | |
| | |
Series 2014A, Rev., 5.00%, 2/15/2023 | | | 90 | | | | 94 | |
| | |
Series 2016D, Rev., 5.00%, 2/15/2023 (b) | | | 25 | | | | 26 | |
| | |
Series 2015E, Rev., 5.00%, 3/15/2023 (b) | | | 50 | | | | 52 | |
| | |
Series 2014A, Rev., 5.00%, 2/15/2024 (b) | | | 15 | | | | 16 | |
| | |
Series 2015B, Rev., 5.00%, 2/15/2025 (b) | | | 5 | | | | 6 | |
| | |
Series 2014A, Rev., 5.00%, 2/15/2027 | | | 20,000 | | | | 21,442 | |
| | |
Series 2012A, Rev., 5.00%, 2/15/2028 | | | 10,000 | | | | 10,719 | |
| | |
Series 2017A, Rev., 5.00%, 2/15/2028 | | | 40 | | | | 46 | |
| | |
Series 2012A, Rev., 5.00%, 12/15/2028 | | | 20,000 | | | | 20,671 | |
| | |
Series 2014A, Rev., 5.00%, 2/15/2029 | | | 4,985 | | | | 5,342 | |
| | |
Series 2015E, Rev., 5.00%, 3/15/2029 | | | 125 | | | | 140 | |
| | |
Series 2012A, Rev., 5.00%, 12/15/2029 | | | 4,900 | | | | 5,064 | |
| | |
Series 2015E, Rev., 5.00%, 3/15/2030 | | | 30 | | | | 34 | |
| | |
Series 2014C, Rev., 5.00%, 3/15/2033 | | | 20,000 | | | | 21,480 | |
| | |
Series 2019A, Rev., 5.00%, 3/15/2033 | | | 95 | | | | 116 | |
| | |
Series 2015B, Rev., 5.00%, 2/15/2039 | | | 50 | | | | 55 | |
| | |
Series 2017B, Rev., 5.00%, 2/15/2041 | | | 80 | | | | 93 | |
| | |
Series 2017B, Rev., 5.00%, 2/15/2042 | | | 30 | | | | 35 | |
| | |
Series 2019A, Rev., 5.00%, 3/15/2042 | | | 25 | | | | 30 | |
| | |
Series 2019A, Rev., 5.00%, 3/15/2043 | | | 95 | | | | 114 | |
| | |
New York State Dormitory Authority, State Sales Tax | | | | | | | | |
| | |
Series 2016A, Rev., 5.00%, 3/15/2023 | | | 45 | | | | 47 | |
| | |
Series 2014A, Rev., 5.00%, 3/15/2028 | | | 25 | | | | 27 | |
| | |
Series 2015B, Rev., 5.00%, 3/15/2029 | | | 45 | | | | 51 | |
| | |
Series 2018C, Rev., 5.00%, 3/15/2029 | | | 40 | | | | 48 | |
| | |
Series 2014A, Rev., 5.00%, 3/15/2030 | | | 5,500 | | | | 5,895 | |
| | |
Series 2015B, Rev., 5.00%, 3/15/2030 | | | 8,000 | | | | 8,982 | |
| | |
Series A, Rev., 5.00%, 3/15/2031 | | | 5,000 | | | | 5,359 | |
| | |
Series B, Rev., 5.00%, 3/15/2031 | | | 6,600 | | | | 7,410 | |
| | |
Series 2014A, Rev., 5.00%, 3/15/2032 | | | 20,210 | | | | 21,664 | |
| | |
Series 2016A, Rev., 5.00%, 3/15/2032 | | | 35 | | | | 40 | |
| | |
Series 2016A, Rev., 5.00%, 3/15/2033 | | | 70 | | | | 80 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 78 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
New York — continued | |
| | |
Series 2015B, Rev., 5.00%, 3/15/2038 | | | 80 | | | | 89 | |
| | |
Series 2018E, Rev., 5.00%, 3/15/2038 | | | 10,000 | | | | 11,942 | |
| | |
Series B, Rev., 5.00%, 3/15/2039 | | | 13,080 | | | | 14,589 | |
| | |
Series 2018A, Rev., 5.00%, 3/15/2041 | | | 135 | | | | 159 | |
| | |
Series 2018E, Rev., 5.00%, 3/15/2041 | | | 225 | | | | 268 | |
| | |
Series 2018A, Rev., 5.00%, 3/15/2044 | | | 30 | | | | 35 | |
| | |
New York State Dormitory Authority, State University Dormitory Facilities | | | | | | | | |
| | |
Series 2015A, Rev., 5.00%, 7/1/2023 | | | 75 | | | | 79 | |
| | |
Series 2017A, Rev., 5.00%, 7/1/2029 | | | 1,100 | | | | 1,283 | |
| | |
Series 2018A, Rev., 5.00%, 7/1/2029 | | | 1,000 | | | | 1,209 | |
| | |
Series 2017A, Rev., 5.00%, 7/1/2030 | | | 750 | | | | 874 | |
| | |
Series 2018A, Rev., 5.00%, 7/1/2030 | | | 2,190 | | | | 2,640 | |
| | |
Series 2018A, Rev., 5.00%, 7/1/2031 | | | 4,430 | | | | 5,325 | |
| | |
Series 2018A, Rev., 5.00%, 7/1/2032 | | | 3,130 | | | | 3,758 | |
| | |
Series 2017A, Rev., 5.00%, 7/1/2037 | | | 230 | | | | 265 | |
| | |
Series 2017A, Rev., 5.00%, 7/1/2042 | | | 25 | | | | 29 | |
| | |
New York State Dormitory Authority, Third General Resolution, State University Educational Facilities | | | | | | | | |
| | |
Series A, Rev., 5.00%, 5/15/2025 | | | 2,000 | | | | 2,017 | |
| | |
Series A, Rev., 5.00%, 5/15/2028 | | | 2,000 | | | | 2,018 | |
| | |
New York State Environmental Facilities Corp., State Clean Water and Drinking Water Revolving Funds, Municipal Water Finance Authority Projects — Second Resolution | | | | | | | | |
| | |
Series 2017A, Rev., 5.00%, 6/15/2023 | | | 25 | | | | 26 | |
| | |
Series D, Rev., 5.00%, 6/15/2027 | | | 5,325 | | | | 5,393 | |
| | |
Series 2013A, Rev., 4.00%, 6/15/2028 | | | 10,000 | | | | 10,374 | |
| | |
Series 2019B, Rev., 5.00%, 6/15/2028 | | | 25 | | | | 30 | |
| | |
Series 2017E, Rev., 4.00%, 6/15/2037 | | | 40 | | | | 44 | |
| | |
Series 2019B, Rev., 5.00%, 6/15/2039 | | | 150 | | | | 182 | |
| | |
Series 2018B, Rev., 5.00%, 6/15/2043 | | | 50 | | | | 60 | |
| | |
New York State Thruway Authority | | | | | | | | |
| | |
Series L, Rev., 5.00%, 1/1/2025 | | | 2,635 | | | | 2,900 | |
| | |
Series L, Rev., 5.00%, 1/1/2027 | | | 1,250 | | | | 1,452 | |
| | |
Series 2019B, Rev., 4.00%, 1/1/2039 | | | 5,000 | | | | 5,504 | |
| | |
New York State Urban Development Corp., State Personal Income Tax, General Purpose | | | | | | | | |
| | |
Series 2013A-1, Rev., 4.00%, 3/15/2023 | | | 25 | | | | 26 | |
| | |
Series 2014A, Rev., 5.00%, 3/15/2024 | | | 40 | | | | 43 | |
| | |
Series 2016A, Rev., 5.00%, 3/15/2024 | | | 10 | | | | 11 | |
| | |
Series 2017C, Rev., 5.00%, 3/15/2027 | | | 5,750 | | | | 6,716 | |
| | |
Series 2013C, Rev., 5.00%, 3/15/2032 | | | 30 | | | | 31 | |
| | |
Series 2016A, Rev., 5.00%, 3/15/2032 | | | 350 | | | | 397 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| |
|
New York — continued | |
| | |
Series 2015A, Rev., 5.00%, 3/15/2033 | | | 60 | | | | 67 | |
| | |
Series 2019A, Rev., 5.00%, 3/15/2035 | | | 25 | | | | 30 | |
| | |
Series 2019A, Rev., 5.00%, 3/15/2037 | | | 35 | | | | 42 | |
| | |
Series 2019A, Rev., 5.00%, 3/15/2038 | | | 45 | | | | 54 | |
| | |
Series 2019A, Rev., 5.00%, 3/15/2041 | | | 70 | | | | 84 | |
| | |
New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project | | | | | | | | |
| | |
Rev., AMT, 5.00%, 1/1/2025 | | | 5,000 | | | | 5,436 | |
| | |
Rev., AMT, 4.00%, 10/1/2030 | | | 5,350 | | | | 5,849 | |
| | |
Rev., AMT, 5.00%, 1/1/2036 | | | 9,900 | | | | 11,126 | |
| | |
Orange County Funding Corp., Mount Saint Mary College Project Series 2012B, Rev., 4.00%, 7/1/2023 | | | 160 | | | | 161 | |
| | |
Port Authority of New York and New Jersey, Consolidated | | | | | | | | |
| | |
Series 194, Rev., 5.00%, 10/15/2023 | | | 225 | | | | 239 | |
| | |
Series 179, Rev., 5.00%, 12/1/2023 | | | 50 | | | | 53 | |
| | |
Series 179, Rev., 5.00%, 12/1/2025 | | | 50 | | | | 53 | |
| | |
Series 207, Rev., AMT, 5.00%, 9/15/2033 | | | 800 | | | | 937 | |
| | |
Series 209, Rev., 5.00%, 7/15/2035 | | | 125 | | | | 150 | |
| | |
Series 214, Rev., AMT, 4.00%, 9/1/2043 | | | 3,000 | | | | 3,255 | |
| | |
Series 93, Rev., 6.13%, 6/1/2094 | | | 12,000 | | | | 13,067 | |
| | |
Port Washington Union Free School District GO, 3.00%, 8/1/2027 | | | 70 | | | | 71 | |
| | |
Sales Tax Asset Receivable Corp., Fiscal Year 2015 Series 2015A, Rev., 5.00%, 10/15/2024 (b) | | | 18,865 | | | | 20,697 | |
| | |
Town of Southeast, Public Improvement Series 2019A, GO, 5.00%, 8/15/2022 | | | 45 | | | | 46 | |
| | |
Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels | | | | | | | | |
| | |
Series 2013B, Rev., 5.00%, 11/15/2023 | | | 90 | | | | 96 | |
| | |
Series 2016A, Rev., 5.00%, 11/15/2023 | | | 20 | | | | 21 | |
| | |
Series 2017C-1, Rev., 5.00%, 11/15/2024 | | | 110 | | | | 121 | |
| | |
Series 2017C-1, Rev., 4.00%, 11/15/2025 | | | 50 | | | | 55 | |
| | |
Series 2017C-1, Rev., 5.00%, 11/15/2025 | | | 150 | | | | 169 | |
| | |
Series 2012B, Rev., 5.00%, 11/15/2026 | | | 240 | | | | 247 | |
| | |
Series 2017B, Rev., 5.00%, 11/15/2027 | | | 500 | | | | 586 | |
| | |
Series 2015A, Rev., 5.00%, 11/15/2029 | | | 200 | | | | 222 | |
| | |
Series B, Rev., 5.00%, 11/15/2030 | | | 2,500 | | | | 2,570 | |
| | |
Series 2012B, Rev., Zero Coupon, 11/15/2032 | | | 8,860 | | | | 6,774 | |
| | |
United Nations Development Corp., Senior Lien Series 2019A, Rev., 5.00%, 7/1/2022 | | | 50 | | | | 51 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 79 |
JPMorgan Intermediate Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
New York — continued | |
| | |
Utility Debt Securitization Authority | | | | | | | | |
| | |
Series 2016A, Rev., 5.00%, 6/15/2025 | | | 100 | | | | 105 | |
| | |
Series 2016B, Rev., 5.00%, 6/15/2025 | | | 50 | | | | 53 | |
| | |
Series 2016A, Rev., 5.00%, 6/15/2027 | | | 25 | | | | 28 | |
| | |
Rev., 5.00%, 12/15/2036 | | | 5,250 | | | | 5,910 | |
| | |
Series 2013TE, Rev., 5.00%, 12/15/2041 | | | 4,250 | | | | 4,509 | |
| | |
Utility Debt Securitization Authority, Federally Tax-Exempt | | | | | | | | |
| | |
Series TE, Rev., 5.00%, 12/15/2029 | | | 1,500 | | | | 1,599 | |
| | |
Series TE, Rev., 5.00%, 12/15/2032 | | | 3,500 | | | | 3,731 | |
| | |
Wantagh Union Free School District Series 2013A, GO, 5.00%, 9/1/2022 | | | 30 | | | | 31 | |
| | |
Westchester County Local Development Corp., Purchase Senior Learning Community, Inc. Project | | | | | | | | |
| | |
Series 2021D, Rev., 2.88%, 7/1/2026 (d) | | | 3,765 | | | | 3,707 | |
| | |
Series 2021C, Rev., 3.20%, 7/1/2028 (d) | | | 13,350 | | | | 13,116 | |
| | |
Series 2021A, Rev., 5.00%, 7/1/2041 (d) | | | 10,770 | | | | 11,276 | |
| | |
Westchester County Local Development Corp., The Bethel Methodist Home D/B/A, The Knolls Project Rev., 5.00%, 7/1/2040 | | | 1,000 | | | | 998 | |
| | | | | | | | |
| | |
Total New York | | | | | | | 540,992 | |
| | | | | | | | |
|
North Carolina — 1.3% | |
| | |
City of Charlotte Series 2016A, GO, 5.00%, 7/1/2029 | | | 1,050 | | | | 1,208 | |
| | |
City of Charlotte, Airport Special Facilities, Charlotte Douglas International Airport | | | | | | | | |
| | |
Rev., 5.00%, 7/1/2031 | | | 25 | | | | 31 | |
| | |
Series A, Rev., 5.00%, 7/1/2034 | | | 25 | | | | 29 | |
| | |
City of High Point, Combined Water and Sewer System Rev., 5.00%, 11/1/2028 | | | 25 | | | | 29 | |
| | |
City of Raleigh, Limited Obligation Rev., 5.00%, 2/1/2029 | | | 305 | | | | 346 | |
| | |
City of Wilmington Series 2014A, Rev., 5.00%, 6/1/2028 | | | 400 | | | | 432 | |
| | |
County of Brunswick, Limited Obligation Rev., 5.00%, 4/1/2022 | | | 30 | | | | 30 | |
| | |
County of Buncombe, Limited Obligation | | | | | | | | |
| | |
Series 2020A, Rev., 5.00%, 6/1/2030 | | | 75 | | | | 94 | |
| | |
Series 2020A, Rev., 5.00%, 6/1/2031 | | | 290 | | | | 362 | |
| | |
Series 2020A, Rev., 5.00%, 6/1/2033 | | | 125 | | | | 156 | |
| | |
County of Chatham, Limited Obligation Rev., 5.00%, 11/1/2026 | | | 1,880 | | | | 2,061 | |
| | |
County of Cumberland, Limited Obligation Rev., 5.00%, 11/1/2022 | | | 20 | | | | 21 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
|
North Carolina — continued | |
| | |
County of Duplin Rev., 5.00%, 6/1/2032 (f) | | | 125 | | | | 158 | |
| | |
County of Harnett, Limited Obligation Rev., 4.00%, 10/1/2035 | | | 45 | | | | 51 | |
| | |
County of Moore Series 2019A, GO, 5.00%, 1/15/2024 | | | 20 | | | | 21 | |
| | |
County of Onslow, Public Facilities Company Ltd., Limited Obligation | | | | | | | | |
| | |
Rev., 5.00%, 10/1/2026 | | | 25 | | | | 29 | |
| | |
Rev., 4.00%, 10/1/2032 | | | 340 | | | | 375 | |
| | |
County of Union, Enterprise System Series 2019A, Rev., 5.00%, 6/1/2024 | | | 20 | | | | 22 | |
| | |
County of Wake, Limited Obligation | | | | | | | | |
| | |
Rev., 5.00%, 9/1/2023 | | | 25 | | | | 26 | |
| | |
Rev., 5.00%, 9/1/2024 | | | 25 | | | | 28 | |
| | |
North Carolina Capital Facilities Finance Agency, High Point University | | | | | | | | |
| | |
Rev., 5.00%, 5/1/2031 | | | 500 | | | | 610 | |
| | |
Rev., 4.00%, 5/1/2032 | | | 1,000 | | | | 1,124 | |
| | |
Rev., 4.00%, 5/1/2033 | | | 1,000 | | | | 1,123 | |
| | |
Rev., 4.00%, 5/1/2034 | | | 900 | | | | 1,010 | |
| | |
North Carolina Medical Care Commission, Retirement Facilities, Friends Homes, Inc. | | | | | | | | |
| | |
Series 2020B-2, Rev., 2.30%, 9/1/2025 | | | 1,250 | | | | 1,253 | |
| | |
Series 2020B-1, Rev., 2.55%, 9/1/2026 | | | 1,575 | | | | 1,579 | |
| | |
North Carolina Medical Care Commission, Retirement Facilities, Pennybyrn at Maryfield Project Series 2020A, Rev., 5.00%, 10/1/2040 | | | 695 | | | | 758 | |
| | |
North Carolina Medical Care Commission, The Forest at Duke Project Rev., 4.00%, 9/1/2041 | | | 415 | | | | 453 | |
| | |
North Carolina Medical Care Commission, The Presbyterian Homes Obligated Group | | | | | | | | |
| | |
Rev., 4.00%, 10/1/2035 | | | 650 | | | | 716 | |
| | |
Rev., 4.00%, 10/1/2040 | | | 600 | | | | 653 | |
| | |
North Carolina Medical Care Commission, Wake Forest Baptist Obligated Group Series 2019C, Rev., 2.55%, 6/1/2026 (c) | | | 13,800 | | | | 14,182 | |
| | |
North Carolina Turnpike Authority, Triangle Expressway System Series 2018A, Rev., 4.00%, 1/1/2035 | | | 85 | | | | 95 | |
| | |
Raleigh Durham Airport Authority | | | | | | | | |
| | |
Series 2020B, Rev., 5.00%, 5/1/2026 | | | 30 | | | | 34 | |
| | |
Series 2015B, Rev., AMT, 5.00%, 5/1/2027 | | | 1,135 | | | | 1,250 | |
| | |
Series 2020B, Rev., 5.00%, 5/1/2029 | | | 25 | | | | 30 | |
| | |
Series 2020B, Rev., 5.00%, 5/1/2031 | | | 75 | | | | 94 | |
| | |
Series 2020A, Rev., AMT, 5.00%, 5/1/2032 | | | 2,600 | | | | 3,119 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 80 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
North Carolina — continued | |
| | |
State of North Carolina Rev., 5.00%, 3/1/2033 | | | 15,000 | | | | 18,021 | |
| | |
University of North Carolina at Charlotte (The) Rev., 5.00%, 10/1/2029 | | | 45 | | | | 53 | |
| | |
University of North Carolina, Hospital at Chapel Hill Rev., 5.00%, 2/1/2032 | | | 25 | | | | 30 | |
| | |
University of North Carolina, School of the Arts | | | | | | | | |
| | |
Rev., 5.00%, 2/1/2032 | | | 1,285 | | | | 1,548 | |
| | |
Rev., 5.00%, 2/1/2033 | | | 850 | | | | 1,023 | |
| | |
Rev., 5.00%, 2/1/2034 | | | 1,240 | | | | 1,491 | |
| | |
Rev., 5.00%, 2/1/2036 | | | 1,385 | | | | 1,662 | |
| | |
Rev., 4.00%, 2/1/2040 | | | 500 | | | | 552 | |
| | |
Rev., 4.00%, 2/1/2045 | | | 1,750 | | | | 1,916 | |
| | | | | | | | |
| | |
Total North Carolina | | | | | | | 59,888 | |
| | | | | | | | |
|
North Dakota — 0.0% (e) | |
| | |
City of Fargo Series 2014E, GO, 5.00%, 5/1/2025 | | | 290 | | | | 313 | |
| | | | | | | | |
|
Ohio — 2.6% | |
| | |
Akron Bath Copley Joint Township Hospital District, Summa Health Obligated Group | | | | | | | | |
| | |
Rev., 5.00%, 11/15/2028 | | | 130 | | | | 153 | |
| | |
Rev., 5.00%, 11/15/2029 | | | 275 | | | | 329 | |
| | |
Rev., 5.00%, 11/15/2030 | | | 350 | | | | 425 | |
| | |
Rev., 5.00%, 11/15/2031 | | | 300 | | | | 363 | |
| | |
Rev., 5.00%, 11/15/2032 | | | 350 | | | | 423 | |
| | |
American Municipal Power, Inc., Fremont Energy Center Project | | | | | | | | |
| | |
Series 2021A, Rev., 5.00%, 2/15/2032 | | | 3,285 | | | | 4,084 | |
| | |
Series 2021A, Rev., 5.00%, 2/15/2033 | | | 1,250 | | | | 1,553 | |
| | |
Series 2021A, Rev., 5.00%, 2/15/2034 | | | 3,250 | | | | 4,033 | |
| | |
Series 2021A, Rev., 4.00%, 2/15/2036 | | | 1,975 | | | | 2,254 | |
| | |
American Municipal Power, Inc., Solar Electricity Prepayment Project | | | | | | | | |
| | |
Series 2019A, Rev., 5.00%, 2/15/2023 | | | 150 | | | | 156 | |
| | |
Series 2019A, Rev., 5.00%, 2/15/2024 | | | 225 | | | | 241 | |
| | |
Series 2019A, Rev., 5.00%, 2/15/2025 | | | 160 | | | | 177 | |
| | |
Series 2019A, Rev., 5.00%, 2/15/2026 | | | 200 | | | | 227 | |
| | |
Series 2019A, Rev., 5.00%, 2/15/2027 | | | 250 | | | | 289 | |
| | |
Series 2019A, Rev., 5.00%, 2/15/2028 | | | 225 | | | | 266 | |
| | |
Bowling Green State University, General Receipts | | | | | | | | |
| | |
Series 2020A, Rev., 5.00%, 6/1/2033 | | | 375 | | | | 458 | |
| | |
Series 2020A, Rev., 5.00%, 6/1/2034 | | | 450 | | | | 549 | |
| | |
Series 2020A, Rev., 5.00%, 6/1/2035 | | | 650 | | | | 793 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
|
Ohio — continued | |
| | |
Buckeye Tobacco Settlement Financing Authority | | | | | | | | |
| | |
Series 2020A-2, Class 1, Rev., 5.00%, 6/1/2034 | | | 1,000 | | | | 1,182 | |
| | |
Series 2020A-2, Class 1, Rev., 4.00%, 6/1/2037 | | | 2,000 | | | | 2,203 | |
| | |
Series 2020A-2, Class 1, Rev., 4.00%, 6/1/2039 | | | 2,000 | | | | 2,194 | |
| | |
City of Cincinnati, Water System Series B, Rev., 5.00%, 12/1/2023 | | | 30 | | | | 32 | |
| | |
City of Columbus, Various Purpose, Unlimited Tax Series 2017-1, GO, 5.00%, 4/1/2029 | | | 11,010 | | | | 13,030 | |
| | |
City of Dublin, Various Purpose GO, 5.00%, 12/1/2025 | | | 425 | | | | 481 | |
| | |
City of Huber Heights, Limited Tax, Various Purpose GO, 5.00%, 12/1/2032 | | | 25 | | | | 29 | |
| | |
City of Middleburg Heights, Southwest General Health Center Project, Tax-Exempt | | | | | | | | |
| | |
Series 2020A, Rev., 5.00%, 8/1/2032 | | | 340 | | | | 414 | |
| | |
Series 2020A, Rev., 5.00%, 8/1/2033 | | | 325 | | | | 395 | |
| | |
Series 2020A, Rev., 5.00%, 8/1/2034 | | | 355 | | | | 430 | |
| | |
Series 2020A, Rev., 4.00%, 8/1/2041 | | | 905 | | | | 1,008 | |
| | |
City of North Ridgeville, Limited Tax GO, 4.00%, 12/1/2023 | | | 20 | | | | 21 | |
| | |
Cleveland Department of Public Utilities Division of Water | | | | | | | | |
| | |
Series 2017BB, Rev., 5.00%, 1/1/2026 | | | 25 | | | | 28 | |
| | |
Series 2017BB, Rev., 5.00%, 1/1/2032 | | | 45 | | | | 52 | |
| | |
Cleveland-Cuyahoga County Port Authority, The Cleveland Museum of Natural History Project | | | | | | | | |
| | |
Rev., 5.00%, 7/1/2031 | �� | | 200 | | | | 247 | |
| | |
Rev., 5.00%, 7/1/2032 | | | 225 | | | | 278 | |
| | |
Rev., 5.00%, 7/1/2033 | | | 250 | | | | 308 | |
| | |
Rev., 5.00%, 7/1/2034 | | | 200 | | | | 246 | |
| | |
Rev., 5.00%, 7/1/2035 | | | 200 | | | | 246 | |
| | |
Rev., 5.00%, 7/1/2036 | | | 300 | | | | 369 | |
| | |
Rev., 4.00%, 7/1/2037 | | | 200 | | | | 229 | |
| | |
Rev., 4.00%, 7/1/2038 | | | 250 | | | | 285 | |
| | |
Rev., 4.00%, 7/1/2039 | | | 280 | | | | 319 | |
| | |
Rev., 4.00%, 7/1/2040 | | | 200 | | | | 227 | |
| | |
Rev., 4.00%, 7/1/2046 | | | 750 | | | | 843 | |
| | |
Columbus City School District, Ohio School Facilities Construction and Improvement, Unlimited Tax Series 2016-A, GO, 5.00%, 12/1/2031 | | | 3,000 | | | | 3,416 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 81 |
JPMorgan Intermediate Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Ohio — continued | |
| | |
County of Cuyahoga, Sports Facilities Improvement Project, Excise Tax Rev., 5.00%, 12/1/2023 (b) | | | 1,835 | | | | 1,958 | |
| | |
County of Franklin, Health Care Facilities, Ohio Living Communities | | | | | | | | |
| | |
Series 2020B, Rev., 4.00%, 7/1/2028 | | | 225 | | | | 252 | |
| | |
Series 2020B, Rev., 4.00%, 7/1/2029 | | | 265 | | | | 297 | |
| | |
Series 2020B, Rev., 4.00%, 7/1/2030 | | | 875 | | | | 977 | |
| | |
Series 2020B, Rev., 4.00%, 7/1/2031 | | | 925 | | | | 1,028 | |
| | |
Series 2020B, Rev., 4.00%, 7/1/2032 | | | 1,440 | | | | 1,593 | |
| | |
Series 2020B, Rev., 4.00%, 7/1/2033 | | | 385 | | | | 424 | |
| | |
Series 2020B, Rev., 4.00%, 7/1/2034 | | | 475 | | | | 521 | |
| | |
Series 2020B, Rev., 4.00%, 7/1/2035 | | | 365 | | | | 399 | |
| | |
Series 2020B, Rev., 5.00%, 7/1/2040 | | | 5,290 | | | | 6,003 | |
| | |
County of Franklin, Hospital Facilities, Nationwide Children’s Hospital Project Series 2016C, Rev., 5.00%, 11/1/2027 | | | 325 | | | | 380 | |
| | |
County of Franklin, Trinity Health Credit Group Series 2019A, Rev., 5.00%, 12/1/2036 | | | 1,250 | | | | 1,509 | |
| | |
County of Hamilton, Sales Tax Series 2016A, Rev., 5.00%, 12/1/2025 | | | 50 | | | | 56 | |
| | |
County of Hardin, Economic Development Facilities Improvement, Ohio Northern University | | | | | | | | |
| | |
Rev., 4.00%, 5/1/2026 | | | 270 | | | | 271 | |
| | |
Rev., 5.00%, 5/1/2030 | | | 500 | | | | 528 | |
| | |
County of Montgomery, Dayton Children’s Hospital Rev., 4.00%, 8/1/2046 | | | 950 | | | | 1,058 | |
| | |
County of Montgomery, Kettering Health Network Obligated Group Project Rev., 5.00%, 8/1/2035 | | | 375 | | | | 463 | |
| | |
County of Warren, Healthcare Facilities, Otterbein Homes Obligated Group | | | | | | | | |
| | |
Series 2019A, Rev., 5.00%, 7/1/2027 | | | 840 | | | | 970 | |
| | |
Series 2013A, Rev., 5.00%, 7/1/2028 | | | 1,200 | | | | 1,260 | |
| | |
Series 2013A, Rev., 5.75%, 7/1/2028 | | | 750 | | | | 795 | |
| | |
Series 2019A, Rev., 5.00%, 7/1/2031 | | | 250 | | | | 297 | |
| | |
Series 2019A, Rev., 4.00%, 7/1/2033 | | | 920 | | | | 1,022 | |
| | |
Series 2013A, Rev., 5.75%, 7/1/2033 | | | 1,400 | | | | 1,485 | |
| | |
Dayton City School District, School Facilities Construction and Improvement, Unlimited Tax GO, 5.00%, 11/1/2029 | | | 10 | | | | 12 | |
| | |
Lakota Local School District/Sandusky Seneca and Wood Counties, School Facilities Construction and Improvement GO, 5.00%, 1/15/2023 | | | 50 | | | | 52 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| |
|
Ohio — continued | |
| | |
Miami Valley Career Technology Center, Various Purpose School Improvement, Unlimited Tax | | | | | | | | |
| | |
GO, 5.00%, 12/1/2032 | | | 35 | | | | 42 | |
| | |
New Albany Plain Local School District, School Improvement GO, 5.00%, 12/1/2023 | | | 25 | | | | 27 | |
| | |
Northeast Ohio Regional Sewer District, Wastewater Improvement | | | | | | | | |
| | |
Rev., 4.00%, 11/15/2024 (b) | | | 15 | | | | 16 | |
| | |
Rev., 5.00%, 11/15/2024 (b) | | | 1,500 | | | | 1,650 | |
| | |
Ohio Air Quality Development Authority, American Electric Power Co. Project Series 2014A, Rev., 2.40%, 10/1/2029 (c) | | | 1,820 | | | | 1,872 | |
| | |
Ohio Higher Educational Facility Commission, Tiffin University 2019 Project | | | | | | | | |
| | |
Rev., 3.00%, 11/1/2024 | | | 100 | | | | 100 | |
| | |
Rev., 3.00%, 11/1/2025 | | | 605 | | | | 602 | |
| | |
Rev., 3.00%, 11/1/2026 | | | 585 | | | | 579 | |
| | |
Rev., 3.00%, 11/1/2027 | | | 645 | | | | 635 | |
| | |
Rev., 3.00%, 11/1/2028 | | | 655 | | | | 640 | |
| | |
Rev., 5.00%, 11/1/2034 | | | 1,520 | | | | 1,673 | |
| | |
Ohio Higher Educational Facility Commission, University of Dayton 2018 Project Series B, Rev., 5.00%, 12/1/2029 | | | 1,105 | | | | 1,303 | |
| | |
Ohio Higher Educational Facility Commission, University of Findlay 2019 Project | | | | | | | | |
| | |
Rev., 5.00%, 3/1/2029 | | | 720 | | | | 823 | |
| | |
Rev., 5.00%, 3/1/2034 | | | 3,000 | | | | 3,375 | |
| | |
Ohio Higher Educational Facility Commission, Xavier University 2020 Project | | | | | | | | |
| | |
Rev., 5.00%, 5/1/2033 | | | 500 | | | | 606 | |
| | |
Rev., 5.00%, 5/1/2034 | | | 520 | | | | 630 | |
| | |
Rev., 5.00%, 5/1/2035 | | | 440 | | | | 532 | |
| | |
Rev., 5.00%, 5/1/2036 | | | 460 | | | | 556 | |
| | |
Rev., 4.00%, 5/1/2037 | | | 695 | | | | 778 | |
| | |
Rev., 4.00%, 5/1/2039 | | | 680 | | | | 758 | |
| | |
Ohio State University (The), General Receipts Series 2010D, Rev., 5.00%, 12/1/2028 | | | 20 | | | | 24 | |
| | |
Ohio Turnpike and Infrastructure Commission Series 2017A, Rev., 5.00%, 2/15/2026 | | | 55 | | | | 63 | |
| | |
Ohio Turnpike and Infrastructure Commission, Junior Lien | | | | | | | | |
| | |
Series 2018A, Rev., 5.00%, 2/15/2030 | | | 50 | | | | 59 | |
| | |
Series 2022A, Rev., 5.00%, 2/15/2032 (f) | | | 4,000 | | | | 4,934 | |
| | |
Ohio Water Development Authority, Fresh Water Series 2016A, Rev., 5.00%, 12/1/2030 | | | 55 | | | | 63 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 82 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Ohio — continued | |
| | |
Ohio Water Development Authority, Water Pollution Control Loan Fund | | | | | | | | |
| | |
Series 2017A, Rev., 5.00%, 12/1/2029 | | | 25 | | | | 29 | |
| | |
Series 2019B, Rev., 5.00%, 12/1/2035 | | | 55 | | | | 68 | |
| | |
Port of Greater Cincinnati Development Authority, FC Cincinnati Public Improvements Project Rev., 3.75%, 12/1/2031 (d) | | | 245 | | | | 238 | |
| | |
Shaker Heights City School District, School Facilities Improvement, Unlimited Tax Series 2018A, GO, 5.00%, 12/15/2026 | | | 1,000 | | | | 1,164 | |
| | |
State of Ohio Series 2014A, GO, 5.00%, 9/15/2022 | | | 25 | | | | 26 | |
| | |
State of Ohio, Capital Facilities Lease Appropriation Administrative Building Fund Projects | | | | | | | | |
| | |
Series 2017A, Rev., 5.00%, 4/1/2027 (b) | | | 760 | | | | 894 | |
| | |
Series 2017A, Rev., 5.00%, 4/1/2033 | | | 25 | | | | 29 | |
| | |
State of Ohio, Capital Facilities Lease Appropriation Adult Correctional Building Fund Projects | | | | | | | | |
| | |
Series 2017B, Rev., 5.00%, 10/1/2023 | | | 35 | | | | 37 | |
| | |
Series B, Rev., 5.00%, 10/1/2029 | | | 1,495 | | | | 1,531 | |
| | |
State of Ohio, Capital Facilities Lease Appropriation Park and Recreation Improvement Fund Projects Series 2017A, Rev., 5.00%, 12/1/2032 | | | 35 | | | | 41 | |
| | |
State of Ohio, Capital Facilities Lease Appropriation Transportation Building Fund Projects Series 2018A, Rev., 5.00%, 4/1/2029 | | | 1,760 | | | | 2,098 | |
| | |
State of Ohio, Cleveland Clinic Health System Obligated Group Series 2017A, Rev., 5.00%, 1/1/2032 | | | 170 | | | | 201 | |
| | |
State of Ohio, Higher Education Series 2018A, GO, 5.00%, 2/1/2030 | | | 30 | | | | 34 | |
| | |
State of Ohio, Highway Capital Improvements Full Faith and Credit/Highway User Receipts Series V, GO, 5.00%, 5/1/2034 | | | 10 | | | | 12 | |
| | |
State of Ohio, Major New Infrastructure Project | | | | | | | | |
| | |
Series 1, Rev., 5.00%, 12/15/2028 | | | 7,500 | | | | 8,598 | |
| | |
Series 2019-1, Rev., 5.00%, 12/15/2028 | | | 25 | | | | 30 | |
| | |
Series 1, Rev., 5.00%, 12/15/2029 | | | 7,000 | | | | 8,018 | |
| | |
State of Ohio, University Hospitals Health System, Inc. Series 2021E, Rev., 4.00%, 1/15/2037 | | | 1,700 | | | | 1,875 | |
| | |
University of Akron (The), General Receipts | | | | | | | | |
| | |
Series 2015A, Rev., 5.00%, 1/1/2025 (b) | | | 95 | | | | 105 | |
| | |
Series 2015A, Rev., 5.00%, 1/1/2025 | | | 15 | | | | 16 | |
| | | | | | | | |
| | |
Total Ohio | | | | | | | 116,279 | |
| | | | | | | | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
|
Oklahoma — 0.3% | |
| | |
Grand River Dam Authority | | | | | | | | |
| | |
Series 2014A, Rev., 4.00%, 6/1/2024 | | | 25 | | | | 27 | |
| | |
Series 2016A, Rev., 5.00%, 6/1/2031 | | | 60 | | | | 69 | |
| | |
McClain County Economic Development Authority, Educational Facilities, Blanchard Public Schools Project | | | | | | | | |
| | |
Rev., 4.00%, 9/1/2027 | | | 600 | | | | 663 | |
| | |
Rev., 4.00%, 9/1/2028 | | | 675 | | | | 754 | |
| | |
Oklahoma Capitol Improvement Authority Series 2014C, Rev., 5.00%, 7/1/2024 | | | 25 | | | | 27 | |
| | |
Oklahoma City Water Utilities Trust, Water and Sewer System Rev., 5.00%, 7/1/2022 | | | 25 | | | | 25 | |
| | |
Oklahoma County Finance Authority, Educational Facilities, Lease Midwest City-Del City Public Schools Project | | | | | | | | |
| | |
Rev., 5.00%, 10/1/2022 | | | 250 | | | | 256 | |
| | |
Rev., 5.00%, 10/1/2023 | | | 180 | | | | 191 | |
| | |
Rev., 5.00%, 10/1/2025 | | | 510 | | | | 571 | |
| | |
Rev., 5.00%, 10/1/2026 | | | 500 | | | | 574 | |
| | |
Oklahoma Development Finance Authority, Health System, OU Medicine Project Series 2018B, Rev., 5.00%, 8/15/2033 | | | 6,030 | | | | 7,098 | |
| | |
Oklahoma Turnpike Authority, Second Senior | | | | | | | | |
| | |
Series 2017C, Rev., 5.00%, 1/1/2036 | | | 25 | | | | 29 | |
| | |
Series 2017A, Rev., 5.00%, 1/1/2038 | | | 2,000 | | | | 2,245 | |
| | |
Oklahoma Water Resources Board, Master Trust, Drinking Water Program Rev., 4.00%, 4/1/2032 | | | 30 | | | | 33 | |
| | |
Tulsa County Industrial Authority Educational Facilities Lease, Broken Arrow Public Schools Project Series A, Rev., 5.00%, 9/1/2028 | | | 15 | | | | 18 | |
| | |
University of Oklahoma (The) Series 2014C, Rev., 5.00%, 7/1/2031 | | | 50 | | | | 51 | |
| | | | | | | | |
| | |
Total Oklahoma | | | | | | | 12,631 | |
| | | | | | | | |
|
Oregon — 1.2% | |
| | |
City of Medford, Limited Tax GO, 5.00%, 7/15/2023 (b) | | | 25 | | | | 26 | |
| | |
City of Portland, 4th and Montgomery and Streetcar Projects Series A, GO, 5.00%, 2/1/2035 | | | 650 | | | | 792 | |
| | |
City of Portland, Sewer System, First Lien Series 2015A, Rev., 5.00%, 6/1/2026 | | | 5,350 | | | | 5,963 | |
| | |
City of Portland, Sewer System, Second Lien Series 2019A, Rev., 5.00%, 3/1/2031 | | | 85 | | | | 105 | |
| | |
City of Portland, Water System, Second Lien Series 2020A, Rev., 5.00%, 5/1/2031 | | | 45 | | | | 56 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 83 |
JPMorgan Intermediate Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Oregon — continued | |
| | |
City of Salem | | | | | | | | |
| | |
GO, 5.00%, 6/1/2026 | | | 460 | | | | 528 | |
| | |
GO, 5.00%, 6/1/2029 | | | 2,055 | | | | 2,472 | |
| | |
City of Tualatin GO, 5.00%, 6/15/2028 | | | 15 | | | | 18 | |
| | |
Clackamas County School District No. 7J Lake Oswego GO, 5.00%, 6/1/2029 | | | 20 | | | | 23 | |
| | |
Deschutes County Administrative School District No. 1 Bend-La Pine GO, 5.00%, 6/15/2026 | | | 4,725 | | | | 5,442 | |
| | |
Hillsboro School District No. 1J | | | | | | | | |
| | |
GO, 5.00%, 6/15/2026 | | | 4,000 | | | | 4,597 | |
| | |
GO, 5.00%, 6/15/2027 | | | 1,470 | | | | 1,732 | |
| | |
Mount Hood Community College District, Full Faith and Credit GO, 5.00%, 6/1/2022 | | | 5 | | | | 5 | |
| | |
Multnomah and Clackamas Counties School District No. 10JT Gresham-Barlow Series 2019A, GO, Zero Coupon, 6/15/2035 | | | 600 | | | | 409 | |
| | |
Oregon State Facilities Authority, Samaritan Health Services Project, Tax-Exempt | | | | | | | | |
| | |
Series 2020A, Rev., 5.00%, 10/1/2024 | | | 200 | | | | 218 | |
| | |
Series 2020A, Rev., 5.00%, 10/1/2025 | | | 200 | | | | 224 | |
| | |
Series 2020A, Rev., 5.00%, 10/1/2026 | | | 125 | | | | 143 | |
| | |
Series 2020A, Rev., 5.00%, 10/1/2027 | | | 150 | | | | 176 | |
| | |
Series 2020A, Rev., 5.00%, 10/1/2028 | | | 175 | | | | 209 | |
| | |
Series 2020A, Rev., 5.00%, 10/1/2029 | | | 300 | | | | 364 | |
| | |
Series 2020A, Rev., 5.00%, 10/1/2030 | | | 300 | | | | 370 | |
| | |
Series 2020A, Rev., 5.00%, 10/1/2035 | | | 140 | | | | 169 | |
| | |
Series 2020A, Rev., 5.00%, 10/1/2040 | | | 1,165 | | | | 1,387 | |
| | |
Oregon State Lottery | | | | | | | | |
| | |
Series 2014C, Rev., 5.00%, 4/1/2024 | | | 25 | | | | 27 | |
| | |
Series 2015C, Rev., 5.00%, 4/1/2026 | | | 200 | | | | 222 | |
| | |
Series 2014A, Rev., 5.00%, 4/1/2027 | | | 100 | | | | 108 | |
| | |
Series A, Rev., 5.00%, 4/1/2031 | | | 1,950 | | | | 2,262 | |
| | |
Series A, Rev., 5.00%, 4/1/2032 | | | 1,750 | | | | 2,027 | |
| | |
Series A, Rev., 5.00%, 4/1/2033 | | | 3,500 | | | | 4,055 | |
| | |
Series A, Rev., 5.00%, 4/1/2035 | | | 2,470 | | | | 2,856 | |
| | |
Portland Community College District | | | | | | | | |
| | |
GO, 5.00%, 6/15/2023 | | | 35 | | | | 37 | |
| | |
GO, 5.00%, 6/15/2026 | | | 710 | | | | 817 | |
| | |
GO, 5.00%, 6/15/2027 | | | 2,640 | | | | 3,030 | |
| | |
Salem Hospital Facility Authority, Capital Manor Project Rev., 4.00%, 5/15/2040 | | | 375 | | | | 402 | |
| | |
State of Oregon, Article XI-G State Projects | | | | | | | | |
| | |
Series L, GO, 5.00%, 8/1/2035 | | | 1,930 | | | | 2,263 | |
| | |
Series L, GO, 5.00%, 8/1/2036 | | | 1,975 | | | | 2,315 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| |
|
Oregon — continued | |
| | |
State of Oregon, Article XI-Q State Projects | | | | | | | | |
| | |
Series 2019A, GO, 5.00%, 5/1/2030 | | | 40 | | | | 49 | |
| | |
Series 2016F, GO, 5.00%, 5/1/2032 | | | 2,885 | | | | 3,287 | |
| | |
State of Oregon, Department of Transportation Highway User Subordinate Lien, Tax-Exempt Series 2019A, Rev., 5.00%, 11/15/2038 | | | 40 | | | | 49 | |
| | |
Washington and Multnomah Counties School District No. 48J Beaverton Series 2014B, GO, 5.00%, 6/15/2024 (b) | | | 105 | | | | 114 | |
| | |
Washington County Clean Water Services, Senior Lien Rev., 5.00%, 10/1/2022 | | | 25 | | | | 26 | |
| | |
Yamhill County Hospital Authority, Friendsview, Tax Exempt | | | | | | | | |
| | |
Series 2021B-3, Rev., 1.75%, 11/15/2026 | | | 415 | | | | 406 | |
| | |
Series 2021A, Rev., 5.00%, 11/15/2036 | | | 610 | | | | 695 | |
| | |
Series 2021A, Rev., 5.00%, 11/15/2046 | | | 770 | | | | 859 | |
| | |
Series 2021A, Rev., 5.00%, 11/15/2051 | | | 550 | | | | 611 | |
| | |
Yamhill County School District No. 40 McMinnville | | | | | | | | |
| | |
GO, 4.00%, 6/15/2029 | | | 5 | | | | 6 | |
| | |
GO, 4.00%, 6/15/2035 | | | 75 | | | | 81 | |
| | | | | | | | |
| | |
Total Oregon | | | | | | | 52,032 | |
| | | | | | | | |
|
Pennsylvania — 4.2% | |
| | |
Allegheny County Hospital Development Authority, Allegheny Health Network Obligated Group | | | | | | | | |
| | |
Series 2018A, Rev., 5.00%, 4/1/2028 | | | 7,000 | | | | 8,296 | |
| | |
Series 2018A, Rev., 5.00%, 4/1/2029 | | | 7,785 | | | | 9,221 | |
| | |
Series 2018A, Rev., 5.00%, 4/1/2030 | | | 5,000 | | | | 5,913 | |
| | |
Series 2018A, Rev., 5.00%, 4/1/2031 | | | 3,800 | | | | 4,481 | |
| | |
Allegheny County Hospital Development Authority, Pittsburgh Medical Center | | | | | | | | |
| | |
Series 2019A, Rev., 5.00%, 7/15/2022 | | | 25 | | | | 25 | |
| | |
Series 2019A, Rev., 5.00%, 7/15/2027 | | | 3,000 | | | | 3,511 | |
| | |
Series 2019A, Rev., 5.00%, 7/15/2028 | | | 2,050 | | | | 2,449 | |
| | |
Allegheny County Sanitary Authority, Sewer Rev., AGM, 4.00%, 12/1/2035 | | | 5 | | | | 5 | |
| | |
Allentown City School District, Limited Tax | | | | | | | | |
| | |
Series B, GO, 5.00%, 2/1/2029 | | | 3,110 | | | | 3,727 | |
| | |
Series B, GO, 5.00%, 2/1/2030 | | | 4,300 | | | | 5,250 | |
| | |
Berks County Industrial Development Authority, Tower Health Project | | | | | | | | |
| | |
Rev., 5.00%, 11/1/2025 | | | 500 | | | | 542 | |
| | |
Rev., 5.00%, 11/1/2027 | | | 1,150 | | | | 1,289 | |
| | |
Rev., 5.00%, 11/1/2028 | | | 1,535 | | | | 1,689 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 84 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Pennsylvania — continued | |
| | |
Rev., 5.00%, 11/1/2029 | | | 350 | | | | 382 | |
| | |
Rev., 5.00%, 11/1/2030 | | | 600 | | | | 652 | |
| | |
Berks County Municipal Authority (The), Tower Health Project | | | | | | | | |
| | |
Series 2020B-2, Rev., 5.00%, 2/1/2027 (c) | | | 10,985 | | | | 12,050 | |
| | |
Series 2020A, Rev., 5.00%, 2/1/2028 | | | 1,050 | | | | 1,180 | |
| | |
Series 2020A, Rev., 5.00%, 2/1/2029 | | | 740 | | | | 842 | |
| | |
Series 2020A, Rev., 5.00%, 2/1/2030 | | | 800 | | | | 921 | |
| | |
Series 2020B-3, Rev., 5.00%, 2/1/2030 (c) | | | 2,015 | | | | 2,282 | |
| | |
Series 2020A, Rev., 5.00%, 2/1/2031 | | | 700 | | | | 812 | |
| | |
Series 2020A, Rev., 5.00%, 2/1/2032 | | | 750 | | | | 875 | |
| | |
Bucks County Industrial Development Authority, Grand View Hospital Project | | | | | | | | |
| | |
Rev., 5.00%, 7/1/2025 | | | 370 | | | | 404 | |
| | |
Rev., 5.00%, 7/1/2026 | | | 450 | | | | 502 | |
| | |
Rev., 5.00%, 7/1/2027 | | | 475 | | | | 540 | |
| | |
Rev., 5.00%, 7/1/2028 | | | 500 | | | | 577 | |
| | |
Rev., 5.00%, 7/1/2029 | | | 500 | | | | 586 | |
| | |
Rev., 5.00%, 7/1/2030 | | | 675 | | | | 802 | |
| | |
Rev., 5.00%, 7/1/2031 | | | 1,150 | | | | 1,385 | |
| | |
Rev., 5.00%, 7/1/2032 | | | 500 | | | | 603 | |
| | |
Rev., 5.00%, 7/1/2033 | | | 1,170 | | | | 1,411 | |
| | |
Rev., 5.00%, 7/1/2034 | | | 1,300 | | | | 1,566 | |
| | |
Rev., 5.00%, 7/1/2035 | | | 1,055 | | | | 1,269 | |
| | |
Cambria County General Financing Authority, Mount Aloysius Project Series 2021TT4, Rev., 4.00%, 11/1/2036 | | | 535 | | | | 539 | |
| | |
Centennial School District Bucks County GO, 5.00%, 12/15/2024 | | | 20 | | | | 22 | |
| | |
Chester County Industrial Development Authority, Longwood Gardens Project | | | | | | | | |
| | |
Rev., 5.00%, 12/1/2032 | | | 475 | | | | 583 | |
| | |
Rev., 5.00%, 12/1/2033 | | | 740 | | | | 907 | |
| | |
Rev., 5.00%, 12/1/2034 | | | 400 | | | | 490 | |
| | |
Rev., 5.00%, 12/1/2035 | | | 175 | | | | 214 | |
| | |
Rev., 5.00%, 12/1/2036 | | | 305 | | | | 371 | |
| | |
Rev., 5.00%, 12/1/2037 | | | 450 | | | | 547 | |
| | |
Rev., 5.00%, 12/1/2038 | | | 950 | | | | 1,150 | |
| | |
City of Erie, Higher Education Building Authority, Gannon University Project — AICUP Financing Program | | | | | | | | |
| | |
Series 2021TT1, Rev., 4.00%, 5/1/2036 | | | 100 | | | | 110 | |
| | |
Series 2021TT1, Rev., 4.00%, 5/1/2041 | | | 100 | | | | 109 | |
| | |
City of Philadelphia, Airport System Series 2017B, Rev., AMT, 5.00%, 7/1/2032 | | | 250 | | | | 285 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| |
|
Pennsylvania — continued | |
| | |
Commonwealth Financing Authority, Tobacco Master Settlement Payment | | | | | | | | |
| | |
Rev., 5.00%, 6/1/2024 | | | 1,275 | | | | 1,377 | |
| | |
Rev., 5.00%, 6/1/2025 | | | 1,875 | | | | 2,081 | |
| | |
Rev., 5.00%, 6/1/2026 | | | 1,120 | | | | 1,276 | |
| | |
Rev., 5.00%, 6/1/2027 | | | 1,500 | | | | 1,749 | |
| | |
Rev., 5.00%, 6/1/2028 | | | 2,620 | | | | 3,117 | |
| | |
Rev., 5.00%, 6/1/2029 | | | 1,120 | | | | 1,325 | |
| | |
Commonwealth of Pennsylvania | | | | | | | | |
| | |
Series 1, GO, 5.00%, 6/15/2024 (b) | | | 50 | | | | 54 | |
| | |
Series 2018A, COP, 5.00%, 7/1/2028 | | | 400 | | | | 472 | |
| | |
Series 2018A, COP, 5.00%, 7/1/2029 | | | 300 | | | | 354 | |
| | |
Series 2018A, COP, 5.00%, 7/1/2030 | | | 375 | | | | 442 | |
| | |
Series 2018A, COP, 5.00%, 7/1/2031 | | | 425 | | | | 500 | |
| | |
Series 2018A, COP, 5.00%, 7/1/2034 | | | 450 | | | | 528 | |
| | |
County of Allegheny Series C-77, GO, 5.00%, 11/1/2043 | | | 50 | | | | 60 | |
| | |
County of Berks GO, 5.00%, 11/15/2023 | | | 20 | | | | 21 | |
| | |
County of Bucks GO, 5.00%, 5/1/2027 | | | 325 | | | | 373 | |
| | |
County of Cambria | | | | | | | | |
| | |
Series 2020B, GO, AGM, 4.00%, 8/1/2032 | | | 500 | | | | 552 | |
| | |
Series 2020B, GO, AGM, 4.00%, 8/1/2033 | | | 500 | | | | 550 | |
| | |
Series 2020B, GO, AGM, 4.00%, 8/1/2034 | | | 700 | | | | 765 | |
| | |
Delaware County Authority, Haverford College | | | | | | | | |
| | |
Series 2017A, Rev., 5.00%, 10/1/2026 | | | 30 | | | | 35 | |
| | |
Series 2017A, Rev., 5.00%, 10/1/2030 | | | 40 | | | | 47 | |
| | |
Series 2017A, Rev., 5.00%, 10/1/2042 | | | 45 | | | | 51 | |
| | |
DuBois Hospital Authority, Penn Highlands Healthcare | | | | | | | | |
| | |
Rev., 5.00%, 7/15/2029 | | | 1,700 | | | | 1,992 | |
| | |
Rev., 5.00%, 7/15/2030 | | | 2,000 | | | | 2,337 | |
| | |
Rev., 5.00%, 7/15/2031 | | | 1,450 | | | | 1,690 | |
| | |
Rev., 5.00%, 7/15/2032 | | | 1,525 | | | | 1,775 | |
| | |
Rev., 5.00%, 7/15/2034 | | | 1,675 | | | | 1,947 | |
| | |
Rev., 4.00%, 7/15/2043 | | | 5,670 | | | | 6,167 | |
| | |
Easton Area School District Series 2020B, GO, 5.00%, 2/1/2031 | | | 50 | | | | 60 | |
| | |
Erie City Water Authority | | | | | | | | |
| | |
Series B, Rev., AGM, 5.00%, 12/1/2032 | | | 1,235 | | | | 1,524 | |
| | |
Series B, Rev., AGM, 5.00%, 12/1/2033 | | | 800 | | | | 985 | |
| | |
Series 2018D, Rev., 4.00%, 12/1/2036 | | | 35 | | | | 40 | |
| | |
Geisinger Authority, Health System Series 2020A, Rev., 4.00%, 4/1/2039 | | | 6,665 | | | | 7,403 | |
| | |
Kiski Valley Water Pollution Control Authority, Sewer Series 2020A, Rev., AGM, 4.00%, 9/1/2035 | | | 305 | | | | 342 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 85 |
JPMorgan Intermediate Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Pennsylvania — continued | |
| | |
Lancaster County Hospital Authority, Health Center, Masonic Villages Project Rev., 5.00%, 11/1/2028 | | | 1,215 | | | | 1,327 | |
| | |
Lehigh County Industrial Development Authority, Seven Generation Charter School | | | | | | | | |
| | |
Series 2021A, Rev., 4.00%, 5/1/2031 | | | 340 | | | | 358 | |
| | |
Series 2021A, Rev., 4.00%, 5/1/2041 | | | 890 | | | | 910 | |
| | |
Montgomery County Higher Education and Health Authority, Arcadia University | | | | | | | | |
| | |
Rev., 5.00%, 4/1/2027 | | | 815 | | | | 924 | |
| | |
Rev., 5.00%, 4/1/2028 | | | 600 | | | | 691 | |
| | |
Rev., 5.00%, 4/1/2029 | | | 815 | | | | 953 | |
| | |
Rev., 5.00%, 4/1/2030 | | | 760 | | | | 900 | |
| | |
Rev., 5.00%, 4/1/2031 | | | 705 | | | | 832 | |
| | |
Rev., 5.00%, 4/1/2032 | | | 945 | | | | 1,112 | |
| | |
Rev., 5.00%, 4/1/2033 | | | 920 | | | | 1,081 | |
| | |
Rev., 5.00%, 4/1/2034 | | | 520 | | | | 610 | |
| | |
Rev., 4.00%, 4/1/2036 | | | 515 | | | | 559 | |
| | |
Rev., 4.00%, 4/1/2037 | | | 545 | | | | 590 | |
| | |
Rev., 4.00%, 4/1/2038 | | | 695 | | | | 752 | |
| | |
Rev., 4.00%, 4/1/2039 | | | 305 | | | | 329 | |
| | |
Montgomery County Higher Education and Health Authority, Thomas Jefferson University | | | | | | | | |
| | |
Series 2018A, Rev., 5.00%, 9/1/2030 | | | 3,125 | | | | 3,706 | |
| | |
Series 2018A, Rev., 4.00%, 9/1/2038 | | | 2,950 | | | | 3,232 | |
| | |
Montgomery County Industrial Development Authority, Acts Retirement-Life Communities, Inc., Obligated Group Series 2020C, Rev., 4.00%, 11/15/2043 | | | 300 | | | | 331 | |
| | |
Montgomery County Industrial Development Authority, Waverly Heights Ltd. Project | | | | | | | | |
| | |
Rev., 4.00%, 12/1/2024 | | | 155 | | | | 165 | |
| | |
Rev., 4.00%, 12/1/2025 | | | 150 | | | | 163 | |
| | |
Rev., 4.00%, 12/1/2026 | | | 150 | | | | 165 | |
| | |
Rev., 4.00%, 12/1/2027 | | | 200 | | | | 221 | |
| | |
Rev., 4.00%, 12/1/2028 | | | 205 | | | | 226 | |
| | |
Rev., 4.00%, 12/1/2029 | | | 250 | | | | 275 | |
| | |
Rev., 4.00%, 12/1/2030 | | | 300 | | | | 328 | |
| | |
Rev., 4.00%, 12/1/2031 | | | 300 | | | | 328 | |
| | |
Rev., 4.00%, 12/1/2032 | | | 435 | | | | 474 | |
| | |
Rev., 4.00%, 12/1/2033 | | | 400 | | | | 436 | |
| | |
Rev., 4.00%, 12/1/2034 | | | 165 | | | | 180 | |
| | |
Rev., 4.00%, 12/1/2035 | | | 175 | | | | 191 | |
| | |
Rev., 4.00%, 12/1/2036 | | | 175 | | | | 190 | |
| | |
Rev., 4.00%, 12/1/2037 | | | 100 | | | | 109 | |
| | |
Rev., 4.00%, 12/1/2038 | | | 100 | | | | 109 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| |
|
Pennsylvania — continued | |
| | |
Nazareth Area School District | | | | | | | | |
| | |
Series E, GO, 5.00%, 11/15/2025 (b) | | | 810 | | | | 915 | |
| | |
Series D, GO, 5.00%, 11/15/2030 | | | 900 | | | | 1,014 | |
| | |
Series D, GO, 5.00%, 11/15/2035 | | | 1,390 | | | | 1,561 | |
| | |
Series D, GO, 5.00%, 11/15/2036 | | | 1,250 | | | | 1,402 | |
| | |
Series D, GO, 5.00%, 11/15/2037 | | | 550 | | | | 616 | |
| | |
Pennsbury School District Series 2019A, GO, 4.00%, 8/1/2022 | | | 25 | | | | 25 | |
| | |
Pennsylvania Economic Development Financing Authority, Presbyterian Senior Living Project | | | | | | | | |
| | |
Rev., 4.00%, 7/1/2030 | | | 1,265 | | | | 1,391 | |
| | |
Rev., 4.00%, 7/1/2033 | | | 1,750 | | | | 1,913 | |
| | |
Pennsylvania Higher Educational Facilities Authority, Trustees of the University | | | | | | | | |
| | |
Series 2016A, Rev., 5.00%, 8/15/2023 | | | 50 | | | | 53 | |
| | |
Series 2015A, Rev., 5.00%, 10/1/2023 | | | 30 | | | | 32 | |
| | |
Pennsylvania Higher Educational Facilities Authority, University of Pennsylvania Health System | | | | | | | | |
| | |
Rev., 5.00%, 8/15/2029 | | | 40 | | | | 49 | |
| | |
Rev., 5.00%, 8/15/2031 | | | 50 | | | | 61 | |
| | |
Rev., 5.00%, 8/15/2040 | | | 100 | | | | 111 | |
| | |
Pennsylvania State University (The) Series A, Rev., 5.00%, 9/1/2023 | | | 40 | | | | 42 | |
| | |
Pennsylvania Turnpike Commission | | | | | | | | |
| | |
Series 2019A, Rev., 5.00%, 12/1/2032 | | | 1,750 | | | | 2,144 | |
| | |
Series 2019A, Rev., 5.00%, 12/1/2033 | | | 1,240 | | | | 1,516 | |
| | |
Series 2020B, Rev., 5.00%, 12/1/2033 | | | 470 | | | | 587 | |
| | |
Series 2019A, Rev., 5.00%, 12/1/2034 | | | 1,400 | | | | 1,707 | |
| | |
Series 2019A, Rev., 5.00%, 12/1/2035 | | | 2,000 | | | | 2,434 | |
| | |
Series 2021B, Rev., 4.00%, 12/1/2041 | | | 2,645 | | | | 2,976 | |
| | |
Series 2021B, Rev., 4.00%, 12/1/2042 | | | 3,000 | | | | 3,367 | |
| | |
Philadelphia Authority for Industrial Development, Electrical and Charter School Project Series 2021A, Rev., 4.00%, 6/1/2031 | | | 340 | | | | 370 | |
| | |
Philadelphia Authority for Industrial Development, MAST Community Charter School II Project Series 2020A, Rev., 5.00%, 8/1/2030 | | | 260 | | | | 294 | |
| | |
Philadelphia Authority for Industrial Development, Philadelphia Electrical and Technology Charter School Project | | | | | | | | |
| | |
Series 2021A, Rev., 4.00%, 6/1/2041 | | | 375 | | | | 388 | |
| | |
Series 2021A, Rev., 4.00%, 6/1/2051 | | | 400 | | | | 408 | |
| | |
Pittsburgh Water and Sewer Authority Series B, Rev., AGM, 5.00%, 9/1/2033 | | | 1,300 | | | | 1,704 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 86 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Pennsylvania — continued | |
| | |
School District of the City of Erie (The) | | | | | | | | |
| | |
Series 2019C, GO, AGM, 5.00%, 4/1/2027 | | | 1,275 | | | | 1,472 | |
| | |
Series 2019C, GO, AGM, 5.00%, 4/1/2028 | | | 925 | | | | 1,089 | |
| | |
Series 2019C, GO, AGM, 5.00%, 4/1/2029 | | | 1,000 | | | | 1,200 | |
| | |
Series 2019C, GO, AGM, 5.00%, 4/1/2030 | | | 500 | | | | 605 | |
| | |
School District of the City of Erie (The), Limited Tax | | | | | | | | |
| | |
Series 2019A, GO, AGM, 5.00%, 4/1/2027 | | | 525 | | | | 606 | |
| | |
Series 2019A, GO, AGM, 5.00%, 4/1/2028 | | | 550 | | | | 648 | |
| | |
Series 2019A, GO, AGM, 5.00%, 4/1/2029 | | | 310 | | | | 372 | |
| | |
Series 2019A, GO, AGM, 5.00%, 4/1/2030 | | | 425 | | | | 515 | |
| | |
Series 2019A, GO, AGM, 5.00%, 4/1/2031 | | | 525 | | | | 634 | |
| | |
Series 2019A, GO, AGM, 4.00%, 4/1/2033 | | | 1,150 | | | | 1,293 | |
| | |
Series 2019A, GO, AGM, 5.00%, 4/1/2034 | | | 825 | | | | 992 | |
| | |
Spring-Ford Area School District GO, 5.00%, 6/1/2023 | | | 50 | | | | 52 | |
| | |
St. Mary Hospital Authority, Trinity Health Credit Group Series 2019PA, Rev., 5.00%, 12/1/2031 | | | 25 | | | | 30 | |
| | |
Swarthmore Borough Authority, Swarthmore College Series 2016B, Rev., 4.00%, 9/15/2041 | | | 50 | | | | 54 | |
| | |
Township of Hampton GO, 4.00%, 1/1/2039 | | | 45 | | | | 50 | |
| | |
Township of Lower Paxton GO, 4.00%, 4/1/2033 | | | 35 | | | | 40 | |
| | |
Township of Palmer Series 2020D, GO, 4.00%, 11/15/2025 | | | 20 | | | | 22 | |
| | |
Township of Radnor Series B, GO, 4.00%, 7/15/2023 (b) | | | 10 | | | | 10 | |
| | |
Township of Spring GO, 5.00%, 11/15/2028 | | | 25 | | | | 30 | |
| | |
Upper Merion Area School District | | | | | | | | |
| | |
GO, 5.00%, 1/15/2029 | | | 350 | | | | 396 | |
| | |
GO, 5.00%, 1/15/2031 | | | 650 | | | | 734 | |
| | |
GO, 5.00%, 1/15/2033 | | | 480 | | | | 541 | |
| | |
GO, 5.00%, 1/15/2034 | | | 200 | | | | 225 | |
| | |
GO, 5.00%, 1/15/2035 | | | 475 | | | | 534 | |
| | |
Warwick School District GO, 4.00%, 3/1/2024 | | | 30 | | | | 32 | |
| | |
West Chester Area School District GO, 4.00%, 5/15/2040 | | | 40 | | | | 44 | |
| | |
Wilkes-Barre Area School District | | | | | | | | |
| | |
GO, 5.00%, 4/15/2023 | | | 110 | | | | 115 | |
| | |
GO, 3.50%, 4/15/2038 | | | 370 | | | | 395 | |
| | |
GO, 3.50%, 4/15/2039 | | | 235 | | | | 251 | |
| | |
GO, 3.75%, 4/15/2044 | | | 1,500 | | | | 1,618 | |
| | | | | | | | |
| | |
Total Pennsylvania | | | | | | | 187,793 | |
| | | | | | | | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
|
Puerto Rico — 0.3% | |
| | |
Puerto Rico Public Finance Corp. (Puerto Rico) Series E, Rev., AGC-ICC, AGM-CR, 6.00%, 8/1/2026 (b) | | | 10,000 | | | | 11,890 | |
| | | | | | | | |
|
Rhode Island — 0.0% (e) | |
| | |
Rhode Island Infrastructure Bank, Municipal Road and Bridge Series 2018A, Rev., 5.00%, 10/1/2024 | | | 25 | | | | 27 | |
| | |
Rhode Island Turnpike and Bridge Authority, Motor Fuel Tax Series 2019A, Rev., 4.00%, 10/1/2044 | | | 480 | | | | 534 | |
| | |
State of Rhode Island and Providence Plantations Consolidated Capital Development Loan Series 2019A, GO, 4.00%, 5/1/2037 | | | 50 | | | | 57 | |
| | | | | | | | |
| | |
Total Rhode Island | | | | | | | 618 | |
| | | | | | | | |
|
South Carolina — 0.3% | |
| | |
Beaufort-Jasper Water and Sewer Authority Series 2019A, Rev., 5.00%, 3/1/2029 | | | 25 | | | | 31 | |
| | |
Berkeley County School District | | | | | | | | |
| | |
Rev., 5.00%, 12/1/2022 | | | 1,000 | | | | 1,031 | |
| | |
Rev., 5.00%, 12/1/2023 | | | 1,505 | | | | 1,607 | |
| | |
Charleston County Airport District Rev., 5.00%, 7/1/2026 | | | 100 | | | | 114 | |
| | |
City of Spartanburg, Water System Series B, Rev., 5.00%, 6/1/2031 | | | 480 | | | | 566 | |
| | |
Easley Combined Utility System | | | | | | | | |
| | |
Rev., AGM, 4.00%, 12/1/2033 | | | 600 | | | | 683 | |
| | |
Rev., AGM, 4.00%, 12/1/2034 | | | 780 | | | | 886 | |
| | |
Lexington County Health Services District, Inc., LexMed Obligated Group | | | | | | | | |
| | |
Rev., 5.00%, 11/1/2029 | | | 575 | | | | 670 | |
| | |
Rev., 4.00%, 11/1/2030 | | | 750 | | | | 825 | |
| | |
Rev., 4.00%, 11/1/2031 | | | 500 | | | | 549 | |
| | |
Rev., 4.00%, 11/1/2032 | | | 535 | | | | 587 | |
| | |
Rev., 4.00%, 11/1/2033 | | | 200 | | | | 219 | |
| | |
Richland County School District No. 1 Series C, GO, SCSDE, 5.00%, 3/1/2025 | | | 4,000 | | | | 4,365 | |
| | |
South Carolina Jobs-Economic Development Authority, Kiawah Life Plan Village, Inc., Project Rev., 8.75%, 7/1/2025 (d) | | | 625 | | | | 635 | |
| | |
South Carolina State Fiscal Accountability Authority, Department of Mental Health Project Rev., 5.00%, 10/1/2037 | | | 300 | | | | 350 | |
| | |
Town of Hilton Head Island, Beach Preservation Fee Pledge Rev., 5.00%, 8/1/2023 | | | 35 | | | | 37 | |
| | | | | | | | |
| | |
Total South Carolina | | | | | | | 13,155 | |
| | | | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 87 |
JPMorgan Intermediate Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
South Dakota — 0.0% (e) | |
| | |
Brookings School District No. 005-1 GO, 4.00%, 7/1/2026 | | | 25 | | | | 28 | |
| | | | | | | | |
|
Tennessee — 6.1% | |
| | |
Chattanooga Health Educational and Housing Facility Board, Commonspirit Health | | | | | | | | |
| | |
Series 2019A-1, Rev., 5.00%, 8/1/2031 | | | 1,000 | | | | 1,187 | |
| | |
Series 2019A-1, Rev., 5.00%, 8/1/2032 | | | 1,000 | | | | 1,184 | |
| | |
Series 2019A-1, Rev., 5.00%, 8/1/2034 | | | 750 | | | | 885 | |
| | |
Series 2019A-1, Rev., 5.00%, 8/1/2035 | | | 510 | | | | 601 | |
| | |
City of Johnson City Series 2019B, GO, 5.00%, 6/1/2028 | | | 45 | | | | 54 | |
| | |
City of Kingsport Series B, GO, 5.00%, 3/1/2025 | | | 110 | | | | 122 | |
| | |
City of Knoxville, Electric System Series 2017-II, Rev., 5.00%, 7/1/2023 | | | 25 | | | | 26 | |
| | |
County of Anderson, Rural Elementary School Series 2018A, GO, 5.00%, 5/1/2025 | | | 890 | | | | 990 | |
| | |
County of Anderson, Rural High School | | | | | | | | |
| | |
Series B, GO, 5.00%, 5/1/2024 | | | 750 | | | | 810 | |
| | |
Series 2018B, GO, 5.00%, 5/1/2025 | | | 785 | | | | 873 | |
| | |
County of Blount Series B, GO, 5.00%, 6/1/2027 | | | 1,000 | | | | 1,146 | |
| | |
County of Knox GO, 5.00%, 6/1/2029 | | | 1,410 | | | | 1,690 | |
| | |
County of Madison GO, 5.00%, 5/1/2026 | | | 3,770 | | | | 4,316 | |
| | |
County of Sevier GO, 5.00%, 6/1/2025 | | | 145 | | | | 162 | |
| | |
County of Shelby Series 2019B, GO, 5.00%, 4/1/2022 | | | 30 | | | | 30 | |
| | |
County of Shelby, Public Improvement Series 2019A, GO, 4.00%, 4/1/2034 | | | 9,470 | | | | 10,718 | |
| | |
County of Sullivan GO, 4.00%, 5/1/2045 | | | 40 | | | | 43 | |
| | |
County of Washington Series 2016A, GO, 4.00%, 6/1/2032 | | | 35 | | | | 38 | |
| | |
County of Wilson GO, 5.00%, 4/1/2022 | | | 10 | | | | 10 | |
| | |
County of Wilson, District School GO, 5.00%, 4/1/2026 | | | 65 | | | | 74 | |
| | |
Franklin Special School District, School Improvement | | | | | | | | |
| | |
GO, 5.00%, 6/1/2028 | | | 100 | | | | 120 | |
| | |
GO, 5.00%, 6/1/2030 | | | 300 | | | | 368 | |
| | |
Greeneville Health and Educational Facilities Board, Ballad Health Obligated Group | | | | | | | | |
| | |
Series 2018A, Rev., 5.00%, 7/1/2031 | | | 4,500 | | | | 4,721 | |
| | |
Series 2018A, Rev., 5.00%, 7/1/2032 | | | 4,000 | | | | 4,193 | |
| | |
Series 2018A, Rev., 5.00%, 7/1/2033 | | | 5,300 | | | | 5,554 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
|
Tennessee — continued | |
| | |
Knox County Health Educational and Housing Facility Board, East Tennessee Children’s Hospital | | | | | | | | |
| | |
Rev., 5.00%, 11/15/2025 | | | 855 | | | | 958 | |
| | |
Rev., 5.00%, 11/15/2027 | | | 800 | | | | 939 | |
| | |
Memphis-Shelby County Airport Authority Series 2021A, Rev., AMT, 5.00%, 7/1/2030 | | | 545 | | | | 656 | |
| | |
Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Trevecca Nazarene University Project | | | | | | | | |
| | |
Series 2021B, Rev., 4.00%, 10/1/2041 | | | 1,135 | | | | 1,186 | |
| | |
Metropolitan Government of Nashville and Davidson County | | | | | | | | |
| | |
GO, 5.00%, 7/1/2024 | | | 15 | | | | 16 | |
| | |
Series C, GO, 5.00%, 7/1/2025 (b) | | | 5,500 | | | | 6,153 | |
| | |
GO, 5.00%, 7/1/2029 | | | 27,295 | | | | 32,844 | |
| | |
GO, 5.00%, 1/1/2031 | | | 15 | | | | 17 | |
| | |
GO, 4.00%, 7/1/2031 | | | 17,400 | | | | 19,398 | |
| | |
GO, 5.00%, 7/1/2031 | | | 10,000 | | | | 12,009 | |
| | |
GO, 4.00%, 7/1/2036 | | | 24,290 | | | | 27,370 | |
| | |
GO, 4.00%, 7/1/2037 | | | 16,205 | | | | 18,249 | |
| | |
Metropolitan Nashville Airport Authority (The), Subordinate Airport | | | | | | | | |
| | |
Series 2019A, Rev., 5.00%, 7/1/2031 | | | 850 | | | | 1,042 | |
| | |
Series 2019A, Rev., 5.00%, 7/1/2032 | | | 850 | | | | 1,037 | |
| | |
Series 2019A, Rev., 5.00%, 7/1/2033 | | | 825 | | | | 1,004 | |
| | |
Series 2019A, Rev., 5.00%, 7/1/2034 | | | 275 | | | | 334 | |
| | |
Series 2019A, Rev., 5.00%, 7/1/2035 | | | 545 | | | | 660 | |
| | |
Series 2019B, Rev., AMT, 5.00%, 7/1/2035 | | | 300 | | | | 357 | |
| | |
Series 2019A, Rev., 5.00%, 7/1/2036 | | | 1,150 | | | | 1,392 | |
| | |
Series 2019A, Rev., 5.00%, 7/1/2037 | | | 1,750 | | | | 2,111 | |
| | |
Series 2019A, Rev., 5.00%, 7/1/2039 | | | 1,800 | | | | 2,163 | |
| | |
Series 2019B, Rev., AMT, 5.00%, 7/1/2039 | | | 625 | | | | 740 | |
| | |
Series 2019A, Rev., 5.00%, 7/1/2044 | | | 1,620 | | | | 1,925 | |
| | |
Series 2019B, Rev., AMT, 4.00%, 7/1/2054 | | | 1,550 | | | | 1,654 | |
| | |
Shelby County Health Educational and Housing Facilities Board, The Farms at Bailey Station Project | | | | | | | | |
| | |
Series 2019A, Rev., 5.75%, 10/1/2049 | | | 2,420 | | | | 2,504 | |
| | |
Series 2019A, Rev., 5.75%, 10/1/2054 | | | 4,280 | | | | 4,415 | |
| | |
Series 2019A, Rev., 5.75%, 10/1/2059 | | | 1,240 | | | | 1,271 | |
| | |
Tennergy Corp., Gas Supply Series 2021A, Rev., 4.00%, 9/1/2028 (c) | | | 4,700 | | | | 5,188 | |
| | |
Tennessee Energy Acquisition Corp., Commodity Project Series 2021A, Rev., 5.00%, 11/1/2031 (c) | | | 20,000 | | | | 24,056 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 88 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Tennessee — continued | |
| | |
Tennessee Energy Acquisition Corp., Gas Project | | | | | | | | |
| | |
Series 2017A, Rev., 4.00%, 5/1/2023 (c) | | | 22,170 | | | | 22,755 | |
| | |
Rev., 4.00%, 11/1/2025 (c) | | | 29,000 | | | | 31,132 | |
| | |
Series 2006B, Rev., 5.63%, 9/1/2026 | | | 5,000 | | | | 5,767 | |
| | |
Tennessee State School Bond Authority, Higher Educational Facilities Second Program | | | | | | | | |
| | |
Series A, Rev., 5.00%, 11/1/2026 | | | 15 | | | | 17 | |
| | |
Series B, Rev., 5.00%, 11/1/2030 | | | 3,645 | | | | 4,326 | |
| | |
Series B, Rev., 5.00%, 11/1/2031 | | | 75 | | | | 89 | |
| | | | | | | | |
| | |
Total Tennessee | | | | | | | 275,649 | |
| | | | | | | | |
|
Texas — 4.6% | |
| | |
Alto Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2030 | | | 25 | | | | 30 | |
| | |
Arlington Higher Education Finance Corp. | | | | | | | | |
| | |
Series 2021A, Rev., 5.00%, 8/15/2024 | | | 195 | | | | 205 | |
| | |
Series 2021A, Rev., 5.00%, 8/15/2025 | | | 205 | | | | 218 | |
| | |
Series 2021A, Rev., 5.00%, 8/15/2026 | | | 190 | | | | 204 | |
| | |
Series 2021A, Rev., 5.00%, 8/15/2027 | | | 105 | | | | 114 | |
| | |
Series 2021A, Rev., 5.00%, 8/15/2028 | | | 35 | | | | 38 | |
| | |
Series 2021A, Rev., 4.00%, 8/15/2029 | | | 40 | | | | 41 | |
| | |
Series 2021A, Rev., 4.00%, 8/15/2030 | | | 45 | | | | 46 | |
| | |
Series 2021A, Rev., 4.00%, 8/15/2031 | | | 45 | | | | 46 | |
| | |
Series 2021A, Rev., 4.00%, 8/15/2036 | | | 170 | | | | 172 | |
| | |
Arlington Higher Education Finance Corp., Uplift Education Series 2020A, Rev., PSF-GTD, 4.00%, 12/1/2032 | | | 20 | | | | 23 | |
| | |
Arlington Higher Education Finance Corp., Wayside Schools Series 2021A, Rev., 4.00%, 8/15/2041 | | | 305 | | | | 307 | |
| | |
Arlington Independent School District, Unlimited Tax | | | | | | | | |
| | |
GO, PSF-GTD, 5.00%, 2/15/2031 | | | 40 | | | | 48 | |
| | |
GO, PSF-GTD, 4.00%, 2/15/2036 | | | 25 | | | | 29 | |
| | |
Austin Community College District, Limited Tax GO, 5.00%, 8/1/2030 | | | 35 | | | | 41 | |
| | |
Baytown Municipal Development District, Baytown Convention Center Hotel, First Lien | | | | | | | | |
| | |
Series 2021A, Rev., 2.50%, 10/1/2031 | | | 270 | | | | 252 | |
| | |
Series 2021A, Rev., 4.00%, 10/1/2050 | | | 875 | | | | 903 | |
| | |
Belton Independent School District, Unlimited Tax GO, PSF-GTD, 4.00%, 2/15/2032 | | | 25 | | | | 27 | |
| | |
Bexar County Hospital District, Limited Tax GO, 4.00%, 2/15/2036 | | | 25 | | | | 28 | |
| | |
Board of Regents of the University of Texas System, Financing System | | | | | | | | |
| | |
Series 2016E, Rev., 5.00%, 8/15/2026 | | | 25 | | | | 29 | |
| | |
Series 2016J, Rev., 5.00%, 8/15/2027 | | | 50 | | | | 57 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
|
Texas — continued | |
| | |
Central Texas Regional Mobility Authority, Senior Lien Series 2021D, Rev., 4.00%, 1/1/2044 | | | 8,255 | | | | 9,094 | |
| | |
City of Austin GO, 5.00%, 9/1/2030 | | | 10 | | | | 11 | |
| | |
City of Austin, Airport System | | | | | | | | |
| | |
Rev., AMT, 5.00%, 11/15/2033 | | | 500 | | | | 541 | |
| | |
Series 2019B, Rev., AMT, 5.00%, 11/15/2036 | | | 1,000 | | | | 1,181 | |
| | |
Series 2017B, Rev., AMT, 5.00%, 11/15/2046 | | | 5,000 | | | | 5,663 | |
| | |
City of Carrollton GO, 5.00%, 8/15/2024 | | | 10 | | | | 11 | |
| | |
City of College Station GO, 5.00%, 2/15/2024 | | | 25 | | | | 27 | |
| | |
City of Conroe Series 2019B, GO, 5.00%, 11/15/2028 | | | 20 | | | | 24 | |
| | |
City of Copperas Cove, Combination Tax GO, 5.00%, 8/15/2027 | | | 20 | | | | 24 | |
| | |
City of Dallas GO, 5.00%, 2/15/2029 | | | 2,505 | | | | 2,758 | |
| | |
City of Denton GO, 5.00%, 2/15/2025 | | | 25 | | | | 28 | |
| | |
City of El Paso | | | | | | | | |
| | |
GO, 4.00%, 8/15/2031 | | | 75 | | | | 83 | |
| | |
Series 2020A, GO, 4.00%, 8/15/2035 | | | 750 | | | | 856 | |
| | |
City of Fort Worth, General Purpose, Tarrant Denton Parker Johnson, General Purpose GO, 5.00%, 3/1/2028 | | | 30 | | | | 36 | |
| | |
City of Fort Worth, Water and Sewer System Improvement Series 2015A, Rev., 5.00%, 2/15/2023 | | | 35 | | | | 36 | |
| | |
City of Frisco Series 2011, GO, 5.00%, 2/15/2023 | | | 2,160 | | | | 2,167 | |
| | |
City of Grand Prairie, Combination Tax | | | | | | | | |
| | |
GO, 5.00%, 2/15/2026 | | | 20 | | | | 23 | |
| | |
Series 2019A, GO, 5.00%, 2/15/2029 | | | 20 | | | | 23 | |
| | |
City of Houston, Airport System, Subordinate Lien | | | | | | | | |
| | |
Series 2018C, Rev., AMT, 5.00%, 7/1/2027 | | | 175 | | | | 201 | |
| | |
Series 2018B, Rev., 5.00%, 7/1/2030 | | | 85 | | | | 101 | |
| | |
Series 2018A, Rev., AMT, 5.00%, 7/1/2031 | | | 250 | | | | 291 | |
| | |
Series 2021A, Rev., AMT, 5.00%, 7/1/2033 | | | 750 | | | | 911 | |
| | |
Series 2018D, Rev., 5.00%, 7/1/2038 | | | 65 | | | | 77 | |
| | |
City of Houston, Airport System, United Airlines, Inc., Terminal Improvements Projects Series 2021B-1, Rev., AMT, 4.00%, 7/15/2041 | | | 3,600 | | | | 3,716 | |
| | |
City of Houston, Combined Utility System, First Lien | | | | | | | | |
| | |
Series 2014C, Rev., 5.00%, 5/15/2023 | | | 20 | | | | 21 | |
| | |
Series 2016B, Rev., 4.00%, 11/15/2031 | | | 25 | | | | 28 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 89 |
JPMorgan Intermediate Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Texas — continued | |
| | |
Series 2016B, Rev., 5.00%, 11/15/2036 | | | 1,435 | | | | 1,650 | |
| | |
Series 2016B, Rev., 4.00%, 11/15/2037 | | | 40 | | | | 44 | |
| | |
City of Houston, Combined Utility System, Junior Lien Series 2002A, Rev., AGM, 5.75%, 12/1/2032 (b) | | | 2,000 | | | | 2,779 | |
| | |
City of Houston, Public Improvement Series 2014A, GO, 5.00%, 3/1/2024 (b) | | | 5,300 | | | | 5,698 | |
| | |
City of Irving, Hotel Occupancy, Occupancy Tax | | | | | | | | |
| | |
GO, 5.50%, 8/15/2027 | | | 2,785 | | | | 3,364 | |
| | |
GO, 5.00%, 8/15/2028 | | | 40 | | | | 48 | |
| | |
City of Irving, Waterworks and Sewer System, New Lien Rev., 5.00%, 8/15/2029 | | | 20 | | | | 24 | |
| | |
City of Killeen GO, 4.00%, 8/1/2033 | | | 50 | | | | 55 | |
| | |
City of Laredo GO, 5.00%, 2/15/2023 | | | 45 | | | | 47 | |
| | |
City of Laredo, Waterworks and Sewer System | | | | | | | | |
| | |
Rev., 4.00%, 3/1/2035 | | | 30 | | | | 34 | |
| | |
Rev., 4.00%, 3/1/2040 | | | 100 | | | | 105 | |
| | |
City of League City GO, 5.00%, 2/15/2023 | | | 20 | | | | 21 | |
| | |
City of Longview | | | | | | | | |
| | |
GO, 5.00%, 6/1/2023 | | | 40 | | | | 42 | |
| | |
GO, 5.00%, 9/1/2023 | | | 25 | | | | 26 | |
| | |
City of Lubbock GO, 5.00%, 2/15/2026 | | | 35 | | | | 40 | |
| | |
City of Mansfield GO, 5.00%, 2/15/2024 | | | 30 | | | | 32 | |
| | |
City of McAllen GO, 5.00%, 2/15/2029 | | | 355 | | | | 425 | |
| | |
City of Mesquite GO, 5.00%, 2/15/2023 | | | 40 | | | | 42 | |
| | |
City of Midland, Certificates of Obligation GO, 5.00%, 3/1/2024 | | | 55 | | | | 59 | |
| | |
City of Missouri City GO, 5.00%, 6/15/2023 | | | 55 | | | | 58 | |
| | |
City of Pflugerville, Combination Tax, Certificates of Obligation GO, 5.00%, 8/1/2033 | | | 30 | | | | 37 | |
| | |
City of Pflugerville, Limited Tax GO, 5.00%, 8/1/2026 | | | 25 | | | | 29 | |
| | |
City of Plano | | | | | | | | |
| | |
GO, 5.00%, 9/1/2028 | | | 2,210 | | | | 2,593 | |
| | |
GO, 5.00%, 9/1/2029 | | | 1,855 | | | | 2,171 | |
| | |
City of San Antonio, Electric and Gas Systems | | | | | | | | |
| | |
Rev., 5.00%, 2/1/2023 | | | 35 | | | | 36 | |
| | |
Rev., 5.00%, 2/1/2026 | | | 6,000 | | | | 6,813 | |
| | |
Rev., 5.00%, 2/1/2028 | | | 310 | | | | 369 | |
| | |
Rev., 5.00%, 2/1/2029 | | | 100 | | | | 116 | |
| | |
Series 2020, Rev., 5.00%, 2/1/2036 | | | 30 | | | | 37 | |
| | |
City of San Antonio, General Improvement GO, 5.00%, 8/1/2027 | | | 20 | | | | 24 | |
| | |
City of The Colony, Combination Tax, Certificates of Obligation GO, 5.00%, 2/15/2023 | | | 25 | | | | 26 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| |
|
Texas — continued | |
| | |
City of Victoria, Utility System Rev., 5.00%, 12/1/2023 (b) | | | 2,705 | | | | 2,887 | |
| | |
City of Waco GO, 5.00%, 2/1/2023 | | | 35 | | | | 36 | |
| | |
City of Waco, Combination Tax, Certificates of Obligation GO, 5.00%, 2/1/2028 | | | 35 | | | | 42 | |
| | |
City of Wylie, Combination Tax, Certificates of Obligation GO, 4.00%, 2/15/2024 | | | 20 | | | | 21 | |
| | |
Cleveland Independent School District, Unlimited Tax School Building Series 2018A, GO, PSF-GTD, 5.00%, 2/15/2031 | | | 80 | | | | 96 | |
| | |
Coastal Water Authority, City of Houston Projects | | | | | | | | |
| | |
Rev., 5.00%, 12/15/2022 | | | 3,160 | | | | 3,171 | |
| | |
Rev., 5.00%, 12/15/2025 | | | 5,115 | | | | 5,133 | |
| | |
Collin County Community College District, Limited Tax GO, 5.00%, 8/15/2029 | | | 11,990 | | | | 14,217 | |
| | |
Comal Independent School District, Unlimited Tax | | | | | | | | |
| | |
Series B, GO, PSF-GTD, 5.00%, 2/1/2023 | | | 100 | | | | 103 | |
| | |
GO, PSF-GTD, 5.00%, 2/1/2026 | | | 35 | | | | 40 | |
| | |
Conroe Local Government Corp., Conroe Convention Center Hotel Series 2021A, Rev., 2.50%, 10/1/2031 | | | 125 | | | | 118 | |
| | |
County of Brazos, Limited Tax GO, 5.00%, 9/1/2025 | | | 45 | | | | 51 | |
| | |
County of Denton, Permanent Improvement GO, 5.00%, 7/15/2027 | | | 50 | | | | 58 | |
| | |
County of Harris, Toll Road, Senior Lien | | | | | | | | |
| | |
Series 2016A, Rev., 5.00%, 8/15/2028 | | | 4,500 | | | | 5,183 | |
| | |
Series 2016A, Rev., 5.00%, 8/15/2036 | | | 60 | | | | 69 | |
| | |
County of Harris, Unlimited Tax Series 2015A, GO, 5.00%, 10/1/2026 | | | 350 | | | | 394 | |
| | |
County of Hays, Unlimited Tax GO, 5.00%, 2/15/2031 | | | 45 | | | | 54 | |
| | |
County of Hidalgo Series 2018B, GO, 5.00%, 8/15/2028 | | | 25 | | | | 30 | |
| | |
County of Lubbock GO, 5.00%, 2/15/2023 | | | 45 | | | | 47 | |
| | |
County of Parker, Unlimited Tax GO, 5.00%, 2/15/2023 | | | 20 | | | | 21 | |
| | |
County of Williamson, Limited Tax GO, 5.00%, 2/15/2027 | | | 50 | | | | 59 | |
| | |
Cypress-Fairbanks Independent School District, Unlimited Tax | | | | | | | | |
| | |
GO, PSF-GTD, 5.00%, 2/15/2026 | | | 55 | | | | 63 | |
| | |
Series 2019A, GO, PSF-GTD, 5.00%, 2/15/2031 | | | 25 | | | | 30 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 90 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Texas — continued | |
| | |
Dallas Area Rapid Transit, Sales Tax, Senior Lien | | | | | | | | |
| | |
Series 2016A, Rev., 5.00%, 12/1/2025 (b) | | | 9,905 | | | | 11,233 | |
| | |
Rev., 5.00%, 12/1/2029 | | | 50 | | | | 62 | |
| | |
Series 2020A, Rev., 5.00%, 12/1/2030 | | | 45 | | | | 56 | |
| | |
Rev., 5.00%, 12/1/2031 | | | 45 | | | | 56 | |
| | |
Dallas Fort Worth International Airport Series F, Rev., 5.00%, 11/1/2024 | | | 5,000 | | | | 5,309 | |
| | |
Dallas Independent School District, Unlimited Tax GO, 5.00%, 2/15/2031 | | | 30 | | | | 36 | |
| | |
Danbury Higher Education Authority, Inc., Golden Rule Schools, Inc. Rev., PSF-GTD, 4.00%, 2/15/2028 | | | 250 | | | | 276 | |
| | |
Forney Independent School District, Unlimited Tax GO, PSF-GTD, Zero Coupon, 8/16/2026 | | | 15 | | | | 14 | |
| | |
Fort Bend County Municipal Utility District No. 25, Unlimited Tax | | | | | | | | |
| | |
GO, 4.00%, 10/1/2022 | | | 100 | | | | 102 | |
| | |
GO, 4.00%, 10/1/2023 | | | 150 | | | | 156 | |
| | |
GO, 4.00%, 10/1/2024 | | | 375 | | | | 398 | |
| | |
Fort Bend Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 8/15/2029 | | | 35 | | | | 41 | |
| | |
Frisco Independent School District, Unlimited Tax School Building GO, PSF-GTD, Zero Coupon, 8/15/2037 | | | 330 | | | | 226 | |
| | |
Garland Independent School District, Unlimited Tax, School Building Series 2015 A, GO, PSF-GTD, 5.00%, 2/15/2026 | | | 10 | | | | 11 | |
| | |
Georgetown Independent School District, Unlimited Tax Series 2019-D, GO, 4.00%, 8/15/2033 | | | 30 | | | | 34 | |
| | |
Goose Creek Consolidated Independent School District, Unlimited Tax Series 2019A, GO, PSF-GTD, 5.00%, 2/15/2027 | | | 30 | | | | 35 | |
| | |
Grand Parkway Transportation Corp., System Toll Series 2018A, Rev., 5.00%, 10/1/2034 | | | 45 | | | | 53 | |
| | |
Grapevine-Colleyville Independent School District, Unlimited Tax, School Building GO, PSF-GTD, 5.00%, 8/15/2027 | | | 1,000 | | | | 1,123 | |
| | |
Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System Series 2014A, Rev., 5.00%, 12/1/2028 | | | 185 | | | | 202 | |
| | |
Harris County Toll Road Authority (The), Senior Lien | | | | | | | | |
| | |
Series 2018A, Rev., 5.00%, 8/15/2023 | | | 35 | | | | 37 | |
| | |
Series 2018A, Rev., 5.00%, 8/15/2024 | | | 30 | | | | 33 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| |
|
Texas — continued | |
| | |
Harris County-Houston Sports Authority, Taxable Senior Lien Series A, Rev., AGM, 5.00%, 11/15/2024 | | | 30 | | | | 33 | |
| | |
Haskell Consolidated Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2029 | | | 10 | | | | 11 | |
| | |
Houston Community College System, Combined Fee | | | | | | | | |
| | |
Rev., 5.00%, 4/15/2023 | | | 25 | | | | 26 | |
| | |
Rev., 4.00%, 4/15/2031 | | | 25 | | | | 27 | |
| | |
Houston Community College System, Maintenance Tax GO, 5.00%, 2/15/2026 | | | 100 | | | | 114 | |
| | |
Houston Higher Education Finance Corp., Houston Baptist University Rev., 3.38%, 10/1/2037 | | | 250 | | | | 250 | |
| | |
Houston Independent School District, Maintenance Tax Notes GO, 5.00%, 7/15/2031 | | | 9,700 | | | | 11,678 | |
| | |
Hurst-Euless-Bedford Independent School District, Unlimited Tax Series 2017A, GO, 5.00%, 8/15/2024 | | | 80 | | | | 87 | |
| | |
Irving Independent School District, Unlimited Tax Series 2015A, GO, PSF-GTD, 5.00%, 2/15/2023 | | | 50 | | | | 52 | |
| | |
Killeen Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2035 | | | 25 | | | | 30 | |
| | |
La Porte Independent School District, Unlimited Tax GO, 4.00%, 2/15/2030 | | | 20 | | | | 21 | |
| | |
Lake Travis Independent School District, School Building Series 2018A, GO, PSF-GTD, 5.00%, 2/15/2029 | | | 35 | | | | 41 | |
| | |
Lancaster Independent School District, Unlimited Tax Series 2015-C, GO, 5.00%, 2/15/2033 | | | 45 | | | | 49 | |
| | |
Lewisville Independent School District, Unlimited Tax | | | | | | | | |
| | |
GO, 5.00%, 8/15/2023 | | | 20 | | | | 21 | |
| | |
Series 2016A, GO, PSF-GTD, 5.00%, 8/15/2024 | | | 10 | | | | 11 | |
| | |
Series 2016A, GO, PSF-GTD, 4.00%, 8/15/2026 | | | 505 | | | | 551 | |
| | |
GO, PSF-GTD, 5.00%, 8/15/2026 | | | 35 | | | | 40 | |
| | |
Longview Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2025 | | | 80 | | | | 88 | |
| | |
Lufkin Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 8/15/2025 | | | 40 | | | | 45 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 91 |
JPMorgan Intermediate Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Texas — continued | |
| | |
Matagorda County Navigation District No. 1, Pollution Control, Central Power and Light Co. Project Series 2001A, Rev., 2.60%, 11/1/2029 | | | 4,625 | | | | 4,673 | |
| | |
Metropolitan Transit Authority of Harris County, Sales and Use Tax, Contractual Obligations Rev., 5.00%, 11/1/2023 | | | 25 | | | | 27 | |
| | |
New Hope Cultural Education Facilities Finance Corp., Jubilee Academic Centre | | | | | | | | |
| | |
Rev., 4.00%, 8/15/2027 (d) | | | 515 | | | | 545 | |
| | |
Rev., 4.00%, 8/15/2028 (d) | | | 540 | | | | 573 | |
| | |
Rev., 4.00%, 8/15/2029 (d) | | | 450 | | | | 479 | |
| | |
Rev., 4.00%, 8/15/2030 (d) | | | 465 | | | | 495 | |
| | |
Rev., 4.00%, 8/15/2036 (d) | | | 2,000 | | | | 2,117 | |
| | |
New Hope Cultural Education Facilities Finance Corp., Morningside Ministries Project | | | | | | | | |
| | |
Rev., 4.00%, 1/1/2032 (f) | | | 420 | | | | 421 | |
| | |
Rev., 4.00%, 1/1/2037 (f) | | | 525 | | | | 520 | �� |
| | |
New Hope Cultural Education Facilities Finance Corp., Westminster Project Rev., 4.00%, 11/1/2055 | | | 600 | | | | 626 | |
| | |
North Texas Municipal Water District Water System | | | | | | | | |
| | |
Rev., 5.00%, 9/1/2027 | | | 2,900 | | | | 3,354 | |
| | |
Rev., 5.00%, 9/1/2035 | | | 20 | | | | 22 | |
| | |
North Texas Municipal Water District, Upper East Fork Wastewater Interceptor System Rev., 5.00%, 6/1/2027 | | | 15 | | | | 18 | |
| | |
North Texas Municipal Water District, Wastewater System | | | | | | | | |
| | |
Rev., 5.00%, 6/1/2027 | | | 15 | | | | 18 | |
| | |
North Texas Tollway Authority, First Tier Series 2017A, Rev., 5.00%, 1/1/2030 | | | 1,140 | | | | 1,280 | |
| | |
North Texas Tollway Authority, Second Tier | | | | | | | | |
| | |
Series 2017B, Rev., 5.00%, 1/1/2026 | | | 550 | | | | 568 | |
| | |
Series 2017B, Rev., 5.00%, 1/1/2027 | | | 950 | | | | 1,072 | |
| | |
Series 2017B, Rev., 5.00%, 1/1/2030 | | | 1,100 | | | | 1,233 | |
| | |
Pearland Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2024 | | | 25 | | | | 27 | |
| | |
Permanent University Fund — Texas A&M University System Series 2009A, Rev., 5.25%, 7/1/2028 | | | 2,015 | | | | 2,265 | |
| | |
Pharr San Juan Alamo Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/1/2024 | | | 75 | | | | 80 | |
| | |
Port Authority of Houston of Harris County Texas Series 2015A, GO, 5.00%, 10/1/2023 | | | 25 | | | | 27 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| |
|
Texas — continued | |
| | |
San Antonio Education Facilities Corp., Hallmark University Project | | | | | | | | |
| | |
Series 2021A, Rev., 5.00%, 10/1/2031 | | | 260 | | | | 274 | |
| | |
Series 2021A, Rev., 5.00%, 10/1/2041 | | | 200 | | | | 207 | |
| | |
San Antonio Education Facilities Corp., University of the Incarnate Word Project | | | | | | | | |
| | |
Series 2021A, Rev., 4.00%, 4/1/2038 | | | 850 | | | | 919 | |
| | |
Series 2021A, Rev., 4.00%, 4/1/2039 | | | 1,000 | | | | 1,079 | |
| | |
Series 2021A, Rev., 4.00%, 4/1/2040 | | | 1,000 | | | | 1,076 | |
| | |
Series 2021A, Rev., 4.00%, 4/1/2041 | | | 900 | | | | 966 | |
| | |
San Antonio Water System, Junior Lien Series C, Rev., 5.00%, 5/15/2031 | | | 1,125 | | | | 1,299 | |
| | |
San Jacinto Community College District, Limited Tax | | | | | | | | |
| | |
Series 2019A, GO, 5.00%, 2/15/2023 | | | 25 | | | | 26 | |
| | |
Series 2016A, GO, 5.00%, 2/15/2024 | | | 75 | | | | 81 | |
| | |
Series 2016B, GO, 5.00%, 2/15/2024 | | | 20 | | | | 21 | |
| | |
South Texas College, Limited Tax GO, 5.00%, 8/15/2023 | | | 40 | | | | 42 | |
| | |
Southwest Houston Redevelopment Authority, Tax Increment | | | | | | | | |
| | |
Rev., AGM, 5.00%, 9/1/2027 | | | 40 | | | | 46 | |
| | |
Rev., AGM, 5.00%, 9/1/2028 | | | 190 | | | | 220 | |
| | |
Rev., AGM, 5.00%, 9/1/2030 | | | 175 | | | | 208 | |
| | |
Rev., AGM, 4.00%, 9/1/2031 | | | 225 | | | | 249 | |
| | |
Rev., AGM, 4.00%, 9/1/2032 | | | 250 | | | | 276 | |
| | |
Rev., AGM, 4.00%, 9/1/2033 | | | 225 | | | | 247 | |
| | |
Rev., AGM, 4.00%, 9/1/2034 | | | 225 | | | | 247 | |
| | |
Rev., AGM, 4.00%, 9/1/2035 | | | 225 | | | | 247 | |
| | |
Rev., AGM, 4.00%, 9/1/2036 | | | 350 | | | | 384 | |
| | |
Rev., AGM, 4.00%, 9/1/2037 | | | 390 | | | | 427 | |
| | |
State of Texas, Transportation Commission Mobility Fund Series 2017B, GO, 5.00%, 10/1/2030 | | | 11,185 | | | | 13,237 | |
| | |
Tarrant County Cultural Education Facilities Finance Corp., Christus Health | | | | | | | | |
| | |
Series 2018A, Rev., 5.00%, 7/1/2025 | | | 150 | | | | 167 | |
| | |
Series 2018A, Rev., 5.00%, 7/1/2028 | | | 40 | | | | 48 | |
| | |
Series 2018B, Rev., 5.00%, 7/1/2033 | | | 100 | | | | 120 | |
| | |
Tarrant County Cultural Education Facilities Finance Corp., Health Resources System Rev., 5.00%, 2/15/2026 | | | 50 | | | | 57 | |
| | |
Tarrant County Cultural Education Facilities Finance Corp., Hospital, Cook Children’s Medical Center | | | | | | | | |
| | |
Rev., 5.00%, 12/1/2027 | | | 50 | | | | 59 | |
| | |
Rev., 5.00%, 12/1/2029 | | | 25 | | | | 31 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 92 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Texas — continued | |
| | |
Tarrant County Cultural Education Facilities Finance Corp., Retirement Facility, MRC Stevenson Oaks Project | | | | | | | | |
| | |
Series 2020A, Rev., 6.25%, 11/15/2031 | | | 500 | | | | 567 | |
| | |
Series 2020A, Rev., 6.63%, 11/15/2041 | | | 2,545 | | | | 2,883 | |
| | |
Tarrant County Cultural Education Facilities Finance Corp., Retirement Facility, MRC Stevenson Oaks Project, Tax Exempt | | | | | | | | |
| | |
Series 2020B-2, Rev., 3.00%, 11/15/2026 | | | 1,665 | | | | 1,667 | |
| | |
Series 2020B-1, Rev., 4.00%, 11/15/2027 | | | 18,900 | | | | 19,006 | |
| | |
Tarrant Regional, Water Control and Improvement District, Water System Rev., 4.00%, 3/1/2031 | | | 25 | | | | 28 | |
| | |
Texas A&M University, Financing System Series E, Rev., 5.00%, 5/15/2026 | | | 2,840 | | | | 3,257 | |
| | |
Texas Municipal Gas Acquisition and Supply Corp., I Gas Supply Senior Lien Series D, Rev., 6.25%, 12/15/2026 | | | 3,460 | | | | 3,892 | |
| | |
Texas Water Development Board, State Revolving Fund Rev., 5.00%, 8/1/2038 | | | 45 | | | | 55 | |
| | |
Texas Water Development Board, Water Implementation Fund | | | | | | | | |
| | |
Series 2019A, Rev., 5.00%, 4/15/2023 | | | 25 | | | | 26 | |
| | |
Series 2018B, Rev., 5.00%, 4/15/2030 | | | 7,000 | | | | 8,530 | |
| | |
Town of Addison GO, 4.00%, 2/15/2023 | | | 100 | | | | 103 | |
| | |
Trinity River Authority, Central Regional Wastewater System | | | | | | | | |
| | |
Rev., 5.00%, 8/1/2028 | | | 25 | | | | 30 | |
| | |
Rev., 5.00%, 8/1/2029 | | | 20 | | | | 24 | |
| | |
University of Houston Series 2017A, Rev., 5.00%, 2/15/2037 | | | 30 | | | | 34 | |
| | |
University of North Texas System Series 2015A, Rev., 5.00%, 4/15/2040 | | | 50 | | | | 55 | |
| | |
Waxahachie Independent School District, Unlimited Tax GO, PSF-GTD, 4.00%, 8/15/2041 | | | 25 | | | | 26 | |
| | |
Weslaco Independent School District, Limited Maintenance Tax Notes GO, AGM, 5.00%, 2/15/2028 | | | 25 | | | | 29 | |
| | |
West Harris County Regional Water Authority | | | | | | | | |
| | |
Rev., 5.00%, 12/15/2032 | | | 910 | | | | 1,122 | |
| | |
Rev., 5.00%, 12/15/2035 | | | 1,160 | | | | 1,427 | |
| | |
Rev., 5.00%, 12/15/2036 | | | 1,325 | | | | 1,628 | |
| | | | | | | | |
| | |
Total Texas | | | | | | | 209,314 | |
| | | | | | | | |
|
Utah — 0.7% | |
| | |
City of Orem | | | | | | | | |
| | |
GO, 5.00%, 12/1/2026 | | | 155 | | | | 180 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
|
Utah — continued | |
| | |
GO, 5.00%, 12/1/2027 | | | 520 | | | | 619 | |
| | |
GO, 5.00%, 12/1/2028 | | | 565 | | | | 686 | |
| | |
City of Park City, Sales Tax Rev., 5.00%, 6/15/2026 | | | 2,165 | | | | 2,482 | |
| | |
City of Provo GO, 5.00%, 2/1/2027 | | | 1,230 | | | | 1,438 | |
| | |
City of Salt Lake, International Airport | | | | | | | | |
| | |
Series 2018A, Rev., AMT, 5.00%, 7/1/2027 | | | 140 | | | | 160 | |
| | |
Series 2018A, Rev., AMT, 5.00%, 7/1/2031 | | | 120 | | | | 140 | |
| | |
Series 2018B, Rev., 5.00%, 7/1/2048 | | | 25 | | | | 29 | |
| | |
City of Salt Lake, Public Utilities Rev., 5.00%, 2/1/2032 | | | 10 | | | | 11 | |
| | |
County of Davis, Sales Tax Series 2019B, Rev., 5.00%, 4/1/2026 | | | 30 | | | | 34 | |
| | |
County of Utah, IHC Health Services, Inc. | | | | | | | | |
| | |
Series 2018A, Rev., 5.00%, 5/15/2032 | | | 25 | | | | 30 | |
| | |
Series 2018A, Rev., 5.00%, 5/15/2034 | | | 70 | | | | 83 | |
| | |
Series 2018A, Rev., 5.00%, 5/15/2038 | | | 30 | | | | 36 | |
| | |
County of Utah, Transportation Sales Tax Rev., 5.00%, 12/1/2023 | | | 35 | | | | 37 | |
| | |
Davis School District, School District Bond Guaranty Program Series 2019A, GO, 5.00%, 6/1/2031 | | | 35 | | | | 43 | |
| | |
Jordan School District, School Building GO, 5.00%, 6/15/2026 | | | 950 | | | | 1,063 | |
| | |
Local Building Authority of Alpine School District Rev., 5.00%, 3/15/2025 | | | 75 | | | | 83 | |
| | |
Mida Golf and Equestrian Center Public Infrastructure District, Limited Tax GO, 4.25%, 6/1/2041 (d) | | | 1,105 | | | | 1,027 | |
| | |
Mida Mountain Village Public Infrastructure District, Mountain Village Assessment Area #2 | | | | | | | | |
| | |
Rev., 4.00%, 8/1/2024 (d) | | | 1,120 | | | | 1,155 | |
| | |
Rev., 4.00%, 8/1/2026 (d) | | | 1,290 | | | | 1,345 | |
| | |
Rev., 4.00%, 8/1/2028 (d) | | | 1,230 | | | | 1,285 | |
| | |
Rev., 4.00%, 8/1/2031 (d) | | | 1,000 | | | | 1,031 | |
| | |
Military Installation Development Authority, Tax Allocation Series 2021A-2, Rev., 4.00%, 6/1/2036 | | | 1,150 | | | | 1,108 | |
| | |
Military Installation Development Authority, Tax Allocation and Hotel Tax | | | | | | | | |
| | |
Series 2021A-1, Rev., 4.00%, 6/1/2036 | | | 650 | | | | 632 | |
| | |
Series 2021A-1, Rev., 4.00%, 6/1/2041 | | | 525 | | | | 500 | |
| | |
State of Utah GO, 5.00%, 7/1/2029 | | | 4,925 | | | | 5,803 | |
| | |
University of Utah (The) | | | | | | | | |
| | |
Series 2013A, Rev., 5.00%, 8/1/2023 | | | 25 | | | | 26 | |
| | |
Series 2015B, Rev., 5.00%, 8/1/2023 | | | 40 | | | | 42 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 93 |
JPMorgan Intermediate Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Utah — continued | |
| | |
Series 2014A-1, Rev., 5.00%, 8/1/2024 | | | 15 | | | | 16 | |
| | |
Series 2017A, Rev., 5.00%, 8/1/2032 | | | 40 | | | | 47 | |
| | |
Series 2019A, Rev., 5.00%, 8/1/2032 | | | 70 | | | | 87 | |
| | |
Utah Charter School Finance Authority, Beehive Science and Technology Academy Project Series 2021A, Rev., 4.00%, 10/15/2031 (d) | | | 1,250 | | | | 1,288 | |
| | |
Utah Infrastructure Agency, Tax-Exempt Telecommunications | | | | | | | | |
| | |
Series 2018A, Rev., 5.00%, 10/15/2023 | | | 620 | | | | 655 | |
| | |
Series 2018A, Rev., 5.00%, 10/15/2025 | | | 1,450 | | | | 1,589 | |
| | |
Series 2018A, Rev., 5.00%, 10/15/2028 | | | 1,000 | | | | 1,150 | |
| | |
Series 2018A, Rev., 5.25%, 10/15/2033 | | | 965 | | | | 1,107 | |
| | |
Utah Transit Authority, Sales Tax Series 2008A, Rev., 5.25%, 6/15/2022 | | | 25 | | | | 25 | |
| | |
Utah Transit Authority, Subordinate Sales Tax Rev., 4.00%, 12/15/2031 | | | 40 | | | | 44 | |
| | |
Utah Water Finance Agency, Loan Financing Program | | | | | | | | |
| | |
Series 2019A, Rev., 5.00%, 3/1/2028 | | | 50 | | | | 60 | |
| | |
Series B, Rev., 5.00%, 3/1/2031 | | | 1,685 | | | | 2,042 | |
| | |
Series B, Rev., 5.00%, 3/1/2032 | | | 800 | | | | 967 | |
| | |
Series B, Rev., 5.00%, 3/1/2033 | | | 660 | | | | 797 | |
| | |
Series 2017C, Rev., 5.00%, 3/1/2034 | | | 350 | | | | 403 | |
| | |
West Jordan Municipal Building Authority Rev., 5.00%, 10/1/2023 | | | 5 | | | | 5 | |
| | |
West Valley City Municipal Building Authority Rev., AGM, 5.00%, 2/1/2039 | | | 30 | | | | 34 | |
| | | | | | | | |
| | |
Total Utah | | | | | | | 31,424 | |
| | | | | | | | |
|
Vermont — 0.0% (e) | |
| | |
City of Burlington, Public Improvement Series 2019A, GO, 4.00%, 11/1/2034 | | | 125 | | | | 143 | |
| | |
University of Vermont and State Agricultural College Rev., 5.00%, 10/1/2024 | | | 25 | | | | 27 | |
| | |
Vermont Educational and Health Buildings Financing Agency, Middlebury College Project Series A, Rev., 5.00%, 11/1/2023 | | | 20 | | | | 21 | |
| | |
Vermont Municipal Bond Bank Series 2017-4, Rev., 5.00%, 12/1/2027 | | | 25 | | | | 30 | |
| | | | | | | | |
| | |
Total Vermont | | | | | | | 221 | |
| | | | | | | | |
|
Virginia — 2.5% | |
| | |
City of Alexandria Series 2017C, GO, 5.00%, 7/1/2026 | | | 4,065 | | | | 4,695 | |
| | |
City of Hampton, Public Improvement Series 2018A, GO, 5.00%, 9/1/2027 | | | 10 | | | | 12 | |
| | |
City of Newport News Rev., 5.00%, 7/15/2024 | | | 10 | | | | 11 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
|
Virginia — continued | |
| | |
City of Portsmouth, Tax Exempt Series 2017A, GO, 5.00%, 7/15/2029 | | | 5,215 | | | | 6,151 | |
| | |
City of Richmond, Public Improvement | | | | | | | | |
| | |
Series 2017D, GO, 5.00%, 3/1/2025 | | | 35 | | | | 39 | |
| | |
Series 2017D, GO, 5.00%, 3/1/2029 | | | 7,750 | | | | 9,511 | |
| | |
County of Arlington, Public Improvement GO, 5.00%, 8/15/2029 | | | 7,455 | | | | 8,849 | |
| | |
County of Chesterfield, Public Improvement Series 2018A, GO, 5.00%, 1/1/2027 | | | 30 | | | | 35 | |
| | |
County of Fairfax, Sewer Series 2016A, Rev., 4.00%, 7/15/2038 | | | 50 | | | | 54 | |
| | |
County of Henrico, Public Improvement GO, 5.00%, 7/15/2025 | | | 25 | | | | 28 | |
| | |
Culpeper County Economic Development Authority, Capital Projects Rev., 5.00%, 6/1/2022 | | | 75 | | | | 76 | |
| | |
Fairfax County Water Authority Subseries B, Rev., 5.25%, 4/1/2025 | | | 3,500 | | | | 3,921 | |
| | |
Hampton Roads Transportation Accountability Commission, Transportation Fund, Senior Lien Series 2018A, Rev., 5.00%, 7/1/2027 | | | 45 | | | | 53 | |
| | |
Lynchburg Economic Development Authority, Central Health, Inc. | | | | | | | | |
| | |
Rev., 5.00%, 1/1/2032 | | | 1,125 | | | | 1,414 | |
| | |
Rev., 5.00%, 1/1/2033 | | | 2,745 | | | | 3,458 | |
| | |
Rev., 5.00%, 1/1/2035 | | | 2,545 | | | | 3,198 | |
| | |
Rev., 5.00%, 1/1/2036 | | | 875 | | | | 1,099 | |
| | |
Rev., 4.00%, 1/1/2038 | | | 550 | | | | 618 | |
| | |
Northern Virginia Transportation Authority, Special Tax | | | | | | | | |
| | |
Rev., 5.00%, 6/1/2024 | | | 400 | | | | 434 | |
| | |
Rev., 5.00%, 6/1/2033 | | | 2,035 | | | | 2,198 | |
| | |
Rev., 5.00%, 6/1/2034 | | | 2,285 | | | | 2,468 | |
| | |
Powhatan County Economic Development Authority Rev., 5.00%, 10/15/2025 | | | 25 | | | | 28 | |
| | |
Virginia Beach Development Authority, Public Facility | | | | | | | | |
| | |
Series 2015A, Rev., 5.00%, 3/1/2025 | | | 1,925 | | | | 2,131 | |
| | |
Series B, Rev., 5.00%, 7/15/2025 | | | 2,635 | | | | 2,948 | |
| | |
Virginia College Building Authority, Education Facilities, Regent University Project | | | | | | | | |
| | |
Rev., 5.00%, 6/1/2029 | | | 350 | | | | 405 | |
| | |
Rev., 5.00%, 6/1/2030 | | | 220 | | | | 257 | |
| | |
Rev., 5.00%, 6/1/2031 | | | 265 | | | | 313 | |
| | |
Virginia College Building Authority, Educational Facilities, 21st Century College and Equipment Programs Series 2017E, Rev., 5.00%, 2/1/2028 | | | 20 | | | | 24 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 94 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Virginia — continued | |
| | |
Virginia College Building Authority, Educational Facilities, Public Higher Education Financing Program Series B, Rev., 5.00%, 9/1/2024 | | | 250 | | | | 273 | |
| | |
Virginia College Building Authority, Educational Facilities, Washington and Lee University Project | | | | | | | | |
| | |
Rev., NATL-RE, 5.25%, 1/1/2026 | | | 4,135 | | | | 4,492 | |
| | |
Rev., NATL-RE, 5.25%, 1/1/2031 | | | 30 | | | | 37 | |
| | |
Virginia Commonwealth Transportation Board, Capital Projects | | | | | | | | |
| | |
Rev., 5.00%, 5/15/2023 | | | 25 | | | | 26 | |
| | |
Series 2017A, Rev., 5.00%, 5/15/2027 | | | 5,500 | | | | 6,456 | |
| | |
Series 2017A, Rev., 5.00%, 5/15/2028 | | | 2,750 | | | | 3,287 | |
| | |
Series 2017A, Rev., 5.00%, 5/15/2030 | | | 10,000 | | | | 11,874 | |
| | |
Series 2017A, Rev., 5.00%, 5/15/2032 | | | 35 | | | | 41 | |
| | |
Virginia Commonwealth Transportation Board, Federal Transportation | | | | | | | | |
| | |
Series 2012A, Rev., GAN, 4.50%, 3/15/2022 | | | 65 | | | | 64 | |
| | |
Series 2013A, Rev., GAN, 5.00%, 3/15/2023 (b) | | | 30 | | | | 31 | |
| | |
Series 2013-A, Rev., GAN, 5.00%, 3/15/2023 | | | 20 | | | | 21 | |
| | |
Rev., GAN, 5.00%, 3/15/2024 | | | 20 | | | | 22 | |
| | |
Rev., GAN, 5.00%, 9/15/2024 | | | 15 | | | | 16 | |
| | |
Rev., GAN, 5.00%, 9/15/2025 | | | 45 | | | | 51 | |
| | |
Rev., GAN, 5.00%, 3/15/2026 | | | 20 | | | | 23 | |
| | |
Virginia Public School Authority, School Financing 1997 Resolution Series 2015A, Rev., 5.00%, 8/1/2028 | | | 30 | | | | 34 | |
| | |
Virginia Resources Authority, Clean Water State Revolving Fund Rev., 5.50%, 10/1/2022 | | | 7,390 | | | | 7,597 | |
| | |
Virginia Resources Authority, Infrastructure Moral Obligation, Pooled Financing Program Series 2019C, Rev., 5.00%, 11/1/2029 | | | 25 | | | | 31 | |
| | |
Virginia Resources Authority, Infrastructure Tax Exempt | | | | | | | | |
| | |
Series A, Rev., 5.00%, 11/1/2022 | | | 40 | | | | 41 | |
| | |
Virginia Small Business Financing Authority, Senior Lien | | | | | | | | |
| | |
Rev., AMT, 4.00%, 1/1/2029 (f) | | | 775 | | | | 836 | |
| | |
Rev., AMT, 4.00%, 7/1/2029 (f) | | | 1,000 | | | | 1,082 | |
| | |
Rev., AMT, 4.00%, 1/1/2030 (f) | | | 3,250 | | | | 3,524 | |
| | |
Rev., AMT, 4.00%, 1/1/2031 (f) | | | 5,250 | | | | 5,717 | |
| | |
Rev., AMT, 4.00%, 7/1/2031 (f) | | | 2,500 | | | | 2,730 | |
| | |
Rev., AMT, 4.00%, 1/1/2032 (f) | | | 2,000 | | | | 2,188 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| |
|
Virginia — continued | |
| | |
Virginia Small Business Financing Authority, The Obligated Group of National Senior Campuses, Inc. | | | | | | | | |
| | |
Rev., 5.00%, 1/1/2028 | | | 1,200 | | | | 1,409 | |
| | |
Rev., 5.00%, 1/1/2029 | | | 1,400 | | | | 1,656 | |
| | |
Rev., 5.00%, 1/1/2030 | | | 1,650 | | | | 1,947 | |
| | |
Rev., 5.00%, 1/1/2031 | | | 1,500 | | | | 1,766 | |
| | |
Rev., 5.00%, 1/1/2032 | | | 1,500 | | | | 1,763 | |
| | | | | | | | |
| | |
Total Virginia | | | | | | | 113,463 | |
| | | | | | | | |
|
Washington — 4.7% | |
| | |
Benton County School District No. 17 Kennewick, Unlimited Tax GO, 5.00%, 12/1/2027 | | | 50 | | | | 56 | |
| | |
Central Puget Sound Regional Transit Authority, Sales and Motor Vehicle Excise Tax | | | | | | | | |
| | |
Series 2016 S-1, Rev., 5.00%, 11/1/2027 | | | 25 | | | | 29 | |
| | |
Series 2016 S-1, Rev., 5.00%, 11/1/2028 | | | 40 | | | | 46 | |
| | |
Chelan County Public Utility District No. 1, Capital Appreciation Series 1997A, Rev., NATL-RE, Zero Coupon, 6/1/2022 | | | 21,835 | | | | 21,804 | |
| | |
Chelan County School District No. 228 Cascade, Unlimited Tax GO, 5.00%, 12/1/2027 | | | 90 | | | | 103 | |
| | |
City of Everett, Limited Tax GO, 5.00%, 12/1/2026 | | | 60 | | | | 70 | |
| | |
City of Everett, Water and Sewer Rev., 5.00%, 12/1/2027 | | | 25 | | | | 29 | |
| | |
City of Lynnwood, Utility System Rev., 5.00%, 12/1/2026 | | | 40 | | | | 47 | |
| | |
City of Seattle, Municipal Light and Power Improvement Series 2018A, Rev., 4.00%, 1/1/2048 | | | 2,000 | | | | 2,203 | |
| | |
City of Tacoma Rev., 5.00%, 12/1/2031 | | | 40 | | | | 48 | |
| | |
City of Tacoma, Electric System | | | | | | | | |
| | |
Series 2013B, Rev., 5.00%, 1/1/2023 | | | 35 | | | | 36 | |
| | |
Rev., 5.00%, 1/1/2028 | | | 35 | | | | 41 | |
| | |
City of Wenatchee, Limited Tax GO, 4.00%, 12/1/2034 | | | 70 | | | | 79 | |
| | |
Clark County School District No. 114 Evergreen, Unlimited Tax GO, 5.00%, 12/1/2024 | | | 15 | | | | 17 | |
| | |
Clark County, Vancouver School District No. 37, Unlimited Tax GO, 5.00%, 12/1/2027 | | | 25 | | | | 29 | |
| | |
Clark Regional Wastewater District | | | | | | | | |
| | |
Rev., 5.00%, 12/1/2030 | | | 200 | | | | 246 | |
| | |
Rev., 5.00%, 12/1/2032 | | | 125 | | | | 153 | |
| | |
Rev., 5.00%, 12/1/2033 | | | 105 | | | | 129 | |
| | |
Rev., 5.00%, 12/1/2034 | | | 180 | | | | 220 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 95 |
JPMorgan Intermediate Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Washington — continued | |
| | |
Rev., 5.00%, 12/1/2035 | | | 160 | | | | 195 | |
| | |
Rev., 5.00%, 12/1/2037 | | | 310 | | | | 378 | |
| | |
County of Franklin, Limited Tax GO, AGM, 4.50%, 7/1/2022 (b) | | | 20 | | | | 20 | |
| | |
County of King, Limited Tax Series 2017B, GO, 4.00%, 6/1/2036 | | | 200 | | | | 222 | |
| | |
County of King, Sewer | | | | | | | | |
| | |
Series 2016A, Rev., 5.00%, 7/1/2026 | | | 2,295 | | | | 2,602 | |
| | |
Rev., 5.00%, 7/1/2031 | | | 30 | | | | 35 | |
| | |
County of Kitsap, Sewer Rev., 4.00%, 12/1/2032 | | | 25 | | | | 29 | |
| | |
County of Spokane, Limited Tax Series 2019A, GO, 5.00%, 12/1/2040 | | | 25 | | | | 31 | |
| | |
Energy Northwest, Bonneville Power Administrator Series 2016-A, Rev., 5.00%, 7/1/2027 | | | 20,020 | | | | 22,976 | |
| | |
Energy Northwest, Columbia Generating Station | | | | | | | | |
| | |
Rev., 5.00%, 7/1/2031 | | | 30 | | | | 33 | |
| | |
Series 2018C, Rev., 5.00%, 7/1/2031 | | | 35 | | | | 42 | |
| | |
Series 2017-A, Rev., 5.00%, 7/1/2034 | | | 5,025 | | | | 5,852 | |
| | |
Series 2018A, Rev., 5.00%, 7/1/2034 | | | 25 | | | | 30 | |
| | |
Rev., 5.00%, 7/1/2035 | | | 75 | | | | 91 | |
| | |
Rev., 5.00%, 7/1/2036 | | | 40 | | | | 49 | |
| | |
FYI Properties, State of Washington District Project | | | | | | | | |
| | |
Rev., 5.00%, 6/1/2030 | | | 35 | | | | 42 | |
| | |
Rev., 5.00%, 6/1/2031 | | | 5,650 | | | | 6,757 | |
| | |
Rev., 5.00%, 6/1/2032 | | | 235 | | | | 281 | |
| | |
Rev., 5.00%, 6/1/2033 | | | 5,345 | | | | 6,378 | |
| | |
Rev., 5.00%, 6/1/2034 | | | 5,990 | | | | 7,142 | |
| | |
Rev., 5.00%, 6/1/2035 | | | 7,200 | | | | 8,555 | |
| | |
Rev., 5.00%, 6/1/2036 | | | 4,915 | | | | 5,819 | |
| | |
Rev., 5.00%, 6/1/2037 | | | 7,395 | | | | 8,751 | |
| | |
King County Fire Protection District No. 2, Unlimited Tax GO, 4.00%, 12/1/2025 | | | 125 | | | | 137 | |
| | |
King County Rural Library District, Unlimited Tax GO, 4.00%, 12/1/2023 | | | 75 | | | | 79 | |
| | |
King County School District No. 403 Renton, Unlimited Tax GO, 4.00%, 12/1/2036 | | | 35 | | | | 40 | |
| | |
King County School District No. 405 Bellevue, Unlimited Tax GO, 5.00%, 12/1/2023 | | | 25 | | | | 27 | |
| | |
King County School District No. 411 Issaquah, Unlimited Tax GO, 5.00%, 12/1/2027 | | | 30 | | | | 36 | |
| | |
King County School District No. 412 Shoreline GO, 5.00%, 12/1/2025 | | | 60 | | | | 64 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| |
|
Washington — continued | |
| | |
King County School District No. 415 Kent, Unlimited Tax GO, 4.00%, 12/1/2037 | | | 40 | | | | 46 | |
| | |
Kitsap County School District No. 401 Central Kitsap, Unlimited Tax GO, 4.00%, 12/1/2031 | | | 45 | | | | 51 | |
| | |
Pierce County School District No. 10 Tacoma, Unlimited Tax GO, 5.00%, 12/1/2027 | | | 45 | | | | 51 | |
| | |
Pierce County School District No. 402 Franklin Pierce, Unlimited Tax GO, 5.00%, 12/1/2027 | | | 30 | | | | 36 | |
| | |
Port of Seattle, Intermediate Lien | | | | | | | | |
| | |
Series B, Rev., 5.00%, 3/1/2032 | | | 4,000 | | | | 4,329 | |
| | |
Series 2015B, Rev., 5.00%, 3/1/2034 | | | 1,000 | | | | 1,081 | |
| | |
Port of Tacoma, Limited Tax | | | | | | | | |
| | |
Series 2016A, GO, 5.00%, 12/1/2030 | | | 15 | | | | 17 | |
| | |
Series 2016A, GO, 5.00%, 12/1/2031 | | | 25 | | | | 29 | |
| | |
Shoreline Fire Department, Limited Tax GO, 5.00%, 12/1/2027 | | | 25 | | | | 30 | |
| | |
Spokane County School District No. 81, Unlimited Tax | | | | | | | | |
| | |
GO, 5.00%, 12/1/2031 | | | 30 | | | | 36 | |
| | |
GO, 5.00%, 12/1/2034 | | | 25 | | | | 31 | |
| | |
State of Washington, Motor Vehicle Fuel Tax | | | | | | | | |
| | |
Series 2018D, GO, 5.00%, 2/1/2025 | | | 75 | | | | 83 | |
| | |
Series R-2015H, GO, 5.00%, 7/1/2030 | | | 5,000 | | | | 5,484 | |
| | |
Series R-2016C, GO, 5.00%, 7/1/2030 | | | 30 | | | | 34 | |
| | |
State of Washington, State Agency Real Property Series 2018B, COP, 5.00%, 7/1/2041 | | | 40 | | | | 47 | |
| | |
State of Washington, State and Local Agency Personal Property Series 2013A, COP, 5.00%, 7/1/2023 | | | 25 | | | | 26 | |
| | |
State of Washington, State and Local Agency Real and Personal Property | | | | | | | | |
| | |
Series 2017A, COP, 5.00%, 7/1/2029 | | | 35 | | | | 41 | |
| | |
COP, 5.00%, 7/1/2034 | | | 1,050 | | | | 1,255 | |
| | |
Series 2019A, COP, 5.00%, 1/1/2035 | | | 45 | | | | 54 | |
| | |
Series 2015C, COP, 4.00%, 1/1/2038 | | | 50 | | | | 53 | |
| | |
State of Washington, Various Purpose | | | | | | | | |
| | |
Series R-2015A, GO, 4.00%, 7/1/2026 | | | 4,465 | | | | 4,732 | |
| | |
Series 2016C, GO, 5.00%, 2/1/2028 | | | 30 | | | | 34 | |
| | |
Series 2018C, GO, 5.00%, 2/1/2030 | | | 20 | | | | 24 | |
| | |
Series 2017A, GO, 5.00%, 8/1/2030 | | | 50 | | | | 57 | |
| | |
Series R-2018C, GO, 5.00%, 8/1/2033 | | | 70 | | | | 82 | |
| | |
Series C, GO, 5.00%, 2/1/2037 | | | 14,430 | | | | 17,074 | |
| | |
Series 2016A-1, GO, 5.00%, 8/1/2038 | | | 100 | | | | 111 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 96 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Washington — continued | |
| | |
Series 2017D, GO, 5.00%, 2/1/2040 | | | 40 | | | | 46 | |
| | |
Series B, GO, 5.00%, 2/1/2040 | | | 20,965 | | | | 22,940 | |
| | |
Series 2018A, GO, 5.00%, 8/1/2040 | | | 10,000 | | | | 11,621 | |
| | |
Series 2020C, GO, 5.00%, 2/1/2041 | | | 75 | | | | 91 | |
| | |
Series 2018B, GO, 5.00%, 8/1/2042 | | | 4,050 | | | | 4,702 | |
| | |
Tacoma Metropolitan Park District, Unlimited Tax | | | | | | | | |
| | |
GO, 5.00%, 12/1/2036 | | | 600 | | | | 706 | |
| | |
GO, 5.00%, 12/1/2037 | | | 1,750 | | | | 2,057 | |
| | |
Thurston and Pierce Counties Community Schools, Unlimited Tax | | | | | | | | |
| | |
GO, 5.00%, 12/1/2027 | | | 30 | | | | 36 | |
| | |
GO, 4.00%, 12/1/2034 | | | 35 | | | | 40 | |
| | |
University of Washington | | | | | | | | |
| | |
Series 2015C, Rev., 5.00%, 12/1/2023 | | | 25 | | | | 27 | |
| | |
Rev., 5.00%, 4/1/2029 | | | 1,860 | | | | 2,172 | |
| | |
Washington Health Care Facilities Authority, Commonspirit Health | | | | | | | | |
| | |
Series 2019A-1, Rev., 5.00%, 8/1/2031 | | | 780 | | | | 926 | |
| | |
Series 2019A-2, Rev., 5.00%, 8/1/2031 | | | 1,000 | | | | 1,187 | |
| | |
Series 2019A-1, Rev., 5.00%, 8/1/2032 | | | 1,000 | | | | 1,184 | |
| | |
Series 2019A-2, Rev., 5.00%, 8/1/2032 | | | 1,000 | | | | 1,184 | |
| | |
Series 2019A-1, Rev., 5.00%, 8/1/2034 | | | 1,250 | | | | 1,475 | |
| | |
Series 2019A-2, Rev., 5.00%, 8/1/2034 | | | 1,000 | | | | 1,180 | |
| | |
Series 2019A-1, Rev., 5.00%, 8/1/2035 | | | 750 | | | | 884 | |
| | |
Series 2019A-2, Rev., 5.00%, 8/1/2035 | | | 1,000 | | | | 1,179 | |
| | |
Washington Health Care Facilities Authority, Multi-care Health System | | | | | | | | |
| | |
Series 2017B, Rev., 5.00%, 8/15/2031 | | | 30 | | | | 35 | |
| | |
Series 2017B, Rev., 5.00%, 8/15/2034 | | | 35 | | | | 42 | |
| | |
Washington Health Care Facilities Authority, Providence St. Joseph Health Series 2018B, Rev., 5.00%, 10/1/2025 | | | 50 | | | | 56 | |
| | |
Washington Health Care Facilities Authority, Seattle Cancer Care Alliance | | | | | | | | |
| | |
Rev., 5.00%, 12/1/2029 (d) | | | 250 | | | | 305 | |
| | |
Rev., 5.00%, 12/1/2030 (d) | | | 530 | | | | 657 | |
| | |
Rev., 5.00%, 12/1/2032 (d) | | | 250 | | | | 307 | |
| | |
Rev., 5.00%, 9/1/2038 | | | 1,300 | | | | 1,577 | |
| | |
Rev., 5.00%, 9/1/2039 | | | 100 | | | | 121 | |
| | |
Washington Higher Education Facilities Authority, Seattle University Project | | | | | | | | |
| | |
Rev., 3.50%, 5/1/2039 | | | 460 | | | | 483 | |
| | |
Rev., 3.63%, 5/1/2040 | | | 985 | | | | 1,037 | |
| | |
Rev., 4.00%, 5/1/2045 | | | 500 | | | | 546 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| |
|
Washington — continued | |
| | |
Washington State Housing Finance Commission, Rockwood Retirement Communities Project | | | | | | | | |
| | |
Series 2020B-2, Rev., 3.00%, 7/1/2027 (d) | | | 7,050 | | | | 6,863 | |
| | |
Series 2020B-1, Rev., 3.38%, 7/1/2028 (d) | | | 7,200 | | | | 7,053 | |
| | |
Rev., 5.00%, 1/1/2032 (d) | | | 1,920 | | | | 2,023 | |
| | |
Series 2020A, Rev., 5.00%, 1/1/2041 (d) | | | 2,000 | | | | 2,066 | |
| | |
Washington State University | | | | | | | | |
| | |
Series 2012B, Rev., 4.00%, 4/1/2022 | | | 25 | | | | 25 | |
| | |
Rev., 5.00%, 4/1/2030 | | | 40 | | | | 44 | |
| | |
Whitman County Reorganized School District No. 300, Colfax Unlimited Tax GO, 5.00%, 12/1/2032 | | | 40 | | | | 47 | |
| | |
Yakima and Benton Counties School District No. 116-200 Grandview, Unlimited Tax GO, 5.00%, 12/1/2032 | | | 25 | | | | 29 | |
| | |
Yakima County School District No. 208 West Valley GO, 4.00%, 12/1/2034 | | | 30 | | | | 34 | |
| | | | | | | | |
| | |
Total Washington | | | | | | | 213,993 | |
| | | | | | | | |
|
West Virginia — 0.1% | |
| | |
State of West Virginia | | | | | | | | |
| | |
Series 2018A, GO, 5.00%, 6/1/2028 | | | 25 | | | | 30 | |
| | |
Series 2019A, GO, 5.00%, 12/1/2043 | | | 40 | | | | 48 | |
| | |
West Virginia Economic Development Authority, Solid Waste Disposal Facilities, Appalachian Power Co. Amos Project Series 2009-B, Rev., 2.63%, 6/1/2022 (c) | | | 6,460 | | | | 6,478 | |
| | | | | | | | |
| | |
Total West Virginia | | | | | | | 6,556 | |
| | | | | | | | |
|
Wisconsin — 1.4% | |
| | |
City of Mequon, Water System Series 2017A, Rev., 4.00%, 5/1/2027 | | | 25 | | | | 27 | |
| | |
County of Milwaukee, Airport Series 2019A, Rev., 5.00%, 12/1/2026 | | | 175 | | | | 201 | |
| | |
DeForest Area School District GO, 4.00%, 4/1/2031 | | | 25 | | | | 28 | |
| | |
McFarland School District, School Improvement Series 2018A, GO, 4.00%, 4/1/2025 | | | 25 | | | | 27 | |
| | |
Milwaukee Area Technical College District, Promissory Notes Series 2018-19C, GO, 4.00%, 6/1/2023 | | | 40 | | | | 41 | |
| | |
Public Finance Authority, Acts Retirement Life Communities, Inc., Obligated Group | | | | | | | | |
| | |
Series 2020A, Rev., 4.00%, 11/15/2037 | | | 300 | | | | 334 | |
| | |
Series 2020A, Rev., 5.00%, 11/15/2041 | | | 1,445 | | | | 1,680 | |
| | |
Public Finance Authority, Appalachian Regional Healthcare System Obligated Group | | | | | | | | |
| | |
Series 2021A, Rev., 5.00%, 7/1/2035 | | | 300 | | | | 367 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 97 |
JPMorgan Intermediate Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Wisconsin — continued | |
| | |
Series 2021A, Rev., 5.00%, 7/1/2036 | | | 350 | | | | 428 | |
| | |
Series 2021A, Rev., 5.00%, 7/1/2037 | | | 300 | | | | 367 | |
| | |
Series 2021A, Rev., 5.00%, 7/1/2038 | | | 375 | | | | 457 | |
| | |
Series 2021A, Rev., 5.00%, 7/1/2039 | | | 350 | | | | 426 | |
| | |
Public Finance Authority, Ascend Leadership Academy Project Series 2021A, Rev., 5.00%, 6/15/2041 (d) | | | 1,035 | | | | 1,042 | |
| | |
Public Finance Authority, Blue Ridge Healthcare Facilities | | | | | | | | |
| | |
Series 2020A, Rev., 5.00%, 1/1/2029 | | | 665 | | | | 797 | |
| | |
Series 2020A, Rev., 5.00%, 1/1/2030 | | | 540 | | | | 658 | |
| | |
Series 2020A, Rev., 5.00%, 1/1/2031 | | | 650 | | | | 788 | |
| | |
Series 2020A, Rev., 5.00%, 1/1/2032 | | | 680 | | | | 821 | |
| | |
Series 2020A, Rev., 5.00%, 1/1/2033 | | | 500 | | | | 602 | |
| | |
Series 2020A, Rev., 5.00%, 1/1/2034 | | | 500 | | | | 601 | |
| | |
Series 2020A, Rev., 5.00%, 1/1/2035 | | | 500 | | | | 600 | |
| | |
Series 2020A, Rev., 5.00%, 1/1/2036 | | | 500 | | | | 598 | |
| | |
Series 2020A, Rev., 5.00%, 1/1/2037 | | | 600 | | | | 716 | |
| | |
Series 2020A, Rev., 5.00%, 1/1/2038 | | | 735 | | | | 875 | |
| | |
Series 2020A, Rev., 5.00%, 1/1/2039 | | | 700 | | | | 830 | |
| | |
Series 2020A, Rev., 5.00%, 1/1/2040 | | | 500 | | | | 592 | |
| | |
Series 2020A, Rev., 4.00%, 1/1/2045 | | | 750 | | | | 819 | |
| | |
Public Finance Authority, Carson Valley Medical Center | | | | | | | | |
| | |
Series 2021A, Rev., 3.00%, 12/1/2026 | | | 250 | | | | 258 | |
| | |
Series 2021A, Rev., 4.00%, 12/1/2031 | | | 350 | | | | 396 | |
| | |
Series 2021A, Rev., 4.00%, 12/1/2041 | | | 750 | | | | 838 | |
| | |
Public Finance Authority, ENO River Academy Project | | | | | | | | |
| | |
Series 2020A, Rev., 4.00%, 6/15/2030 (d) | | | 235 | | | | 248 | |
| | |
Series 2020A, Rev., 5.00%, 6/15/2040 (d) | | | 405 | | | | 443 | |
| | |
Public Finance Authority, Entrance Fee Principal Redemption, Searstone CCRC Project Series 2021B2, Rev., 2.25%, 6/1/2027 | | | 1,755 | | | | 1,706 | |
| | |
Public Finance Authority, Piedmont Community Charter School | | | | | | | | |
| | |
Rev., 5.00%, 6/15/2022 | | | 190 | | | | 192 | |
| | |
Rev., 5.00%, 6/15/2024 | | | 205 | | | | 218 | |
| | |
Rev., 5.00%, 6/15/2026 | | | 225 | | | | 249 | |
| | |
Rev., 5.00%, 6/15/2034 | | | 215 | | | | 248 | |
| | |
Rev., 5.00%, 6/15/2039 | | | 390 | | | | 446 | |
| | |
Public Finance Authority, Renown Regional Medical Center Project | | | | | | | | |
| | |
Rev., 5.00%, 6/1/2031 | | | 1,050 | | | | 1,282 | |
| | |
Rev., 5.00%, 6/1/2032 | | | 1,650 | | | | 2,011 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
|
Wisconsin — continued | |
| | |
Public Finance Authority, Roseman University of Health Rev., 4.00%, 4/1/2032 (d) | | | 360 | | | | 381 | |
| | |
Public Finance Authority, Roseman University of Health Sciences Project Rev., 4.00%, 4/1/2042 (d) | | | 1,400 | | | | 1,438 | |
| | |
Public Finance Authority, The Carmelite System, Inc., Obligated Group Rev., 3.25%, 1/1/2028 | | | 835 | | | | 886 | |
| | |
Public Finance Authority, Triad Educational Services, Inc. | | | | | | | | |
| | |
Series 2021A, Rev., 4.00%, 6/15/2025 | | | 355 | | | | 376 | |
| | |
Series 2021A, Rev., 4.00%, 6/15/2027 | | | 385 | | | | 415 | |
| | |
Series 2021A, Rev., 4.00%, 6/15/2029 | | | 415 | | | | 450 | |
| | |
Series 2021A, Rev., 4.00%, 6/15/2031 | | | 450 | | | | 490 | |
| | |
Series 2021A, Rev., 4.00%, 6/15/2041 | | | 1,000 | | | | 1,070 | |
| | |
Public Finance Authority, Vitcus Group Project | | | | | | | | |
| | |
Series 2022A, Rev., 4.00%, 12/1/2031 (d) (f) | | | 540 | | | | 542 | |
| | |
Series 2022A, Rev., 4.00%, 12/1/2041 (d) (f) | | | 2,320 | | | | 2,267 | |
| | |
Public Finance Authority, Wakemed Hospital Series 2019A, Rev., 5.00%, 10/1/2044 | | | 12,500 | | | | 14,663 | |
| | |
State of Wisconsin | | | | | | | | |
| | |
Series 2017-1, GO, 5.00%, 11/1/2023 | | | 30 | | | | 32 | |
| | |
Series 3, GO, 5.00%, 11/1/2030 | | | 4,190 | | | | 4,901 | |
| | |
Series 2017-3, GO, 5.00%, 11/1/2032 | | | 20 | | | | 23 | |
| | |
State of Wisconsin, Annual Appropriation Federally Tax-Exempt | | | | | | | | |
| | |
Series 2019A, Rev., 5.00%, 5/1/2028 | | | 7,200 | | | | 8,436 | |
| | |
Series 2017B, Rev., 5.00%, 5/1/2035 | | | 25 | | | | 28 | |
| | |
Wisconsin Department of Transportation | | | | | | | | |
| | |
Series 1, Rev., 5.00%, 7/1/2022 | | | 40 | | | | 41 | |
| | |
Series 1, Rev., 5.00%, 7/1/2022 (b) | | | 20 | | | | 20 | |
| | |
Series 2015-1, Rev., 5.00%, 7/1/2023 | | | 35 | | | | 37 | |
| | |
Series 2017-1, Rev., 5.00%, 7/1/2023 | | | 35 | | | | 37 | |
| | |
Series 2015-1, Rev., 5.00%, 7/1/2026 | | | 25 | | | | 28 | |
| | |
Series 2017-2, Rev., 5.00%, 7/1/2030 | | | 30 | | | | 35 | |
| | |
Wisconsin Health and Educational Facilities Authority, Agnesian Healthcare, Inc. Rev., 5.00%, 7/1/2027 | | | 95 | | | | 111 | |
| | |
Wisconsin Health and Educational Facilities Authority, Aspirus, Inc., Obligated Group Rev., 5.00%, 8/15/2027 | | | 25 | | | | 26 | |
| | |
Wisconsin Health and Educational Facilities Authority, Hope Christian Schools | | | | | | | | |
| | |
Rev., 3.00%, 12/1/2031 | | | 615 | | | | 592 | |
| | |
Rev., 4.00%, 12/1/2041 | | | 690 | | | | 701 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 98 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Wisconsin — continued | |
| | |
Wisconsin Health and Educational Facilities Authority, Oakwood Lutheran Senior Ministries | | | | | | | | |
| | |
Rev., 4.00%, 1/1/2026 | | | 175 | | | | 184 | |
| | |
Rev., 4.00%, 1/1/2027 | | | 180 | | | | 190 | |
| | |
Rev., 4.00%, 1/1/2028 | | | 375 | | | | 394 | |
| | |
Rev., 4.00%, 1/1/2029 | | | 385 | | | | 406 | |
| | |
Rev., 4.00%, 1/1/2030 | | | 405 | | | | 425 | |
| | |
Rev., 4.00%, 1/1/2037 | | | 1,125 | | | | 1,158 | |
| | |
Wisconsin Health and Educational Facilities Authority, Three Pillars Senior Living Communities | | | | | | | | |
| | |
Rev., 4.00%, 8/15/2041 | | | 825 | | | | 900 | |
| | | | | | | | |
| | |
Total Wisconsin | | | | | | | 64,940 | |
| | | | | | | | |
|
Wyoming — 0.6% | |
| | |
Casper Community College District Rev., 4.00%, 4/15/2035 | | | 440 | | | | 500 | |
| | |
County of Campbell, Solid Waste Facilities, Basin Electric Power Co-operative, Dry Fork Station Facilities Series 2019A, Rev., 3.63%, 7/15/2039 | | | 23,570 | | | | 24,471 | |
| | | | | | | | |
| | |
Total Wyoming | | | | | | | 24,971 | |
| | | | | | | | |
| | |
Total Municipal Bonds
(Cost $4,250,234) | | | | | | | 4,395,898 | |
| | | | | | | | |
| | | | | | | | |
| INVESTMENTS | |
SHARES
(000) | | | VALUE
($000) | |
Short-Term Investments — 1.8% | |
|
Investment Companies — 1.8% | |
| | |
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 0.04% (g) (h)
(Cost $81,474) | | | 81,460 | | | | 81,485 | |
| | | | | | | | |
Total Investments — 99.2%
(Cost $4,331,708) | | | | | | | 4,477,383 | |
Other Assets Less Liabilities — 0.8% | | | | | | | 37,505 | |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | | 4,514,888 | |
| | | | | | | | |
Percentages indicated are based on net assets.
Abbreviations
| | |
| AGC | | Insured by Assured Guaranty Corp. |
| AGM | | Insured by Assured Guaranty Municipal Corp. |
| AMBAC | | Insured by American Municipal Bond Assurance Corp. |
| AMT | | Alternative Minimum Tax |
| BAN | | Bond Anticipation Note |
| BHAC | | Insured by Berkshire Hathaway Assurance Corp. |
| COP | | Certificate of Participation |
| CR | | Custodial Receipts |
| FGIC | | Insured by Financial Guaranty Insurance Co. |
| GAN | | Grant Anticipation Note |
| GO | | General Obligation |
| GTD | | Guaranteed |
| IBC | | Insured Bond Certificates |
| ICC | | Insured Custody Certificates |
| MTA | | Metropolitan Transportation Authority |
| NATL | | Insured by National Public Finance Guarantee Corp. |
| PSF-GTD | | Permanent School Fund Guaranteed |
| Q-SBLF | | Qualified School Bond Loan Fund |
| RE | | Reinsured |
| Rev. | | Revenue |
| | |
| SCSDE | | South Carolina School District Enhancement |
| CCRC | | Congregate Care Retirement Center |
| |
| (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) | | 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 February 28, 2022. |
| (d) | | Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. |
| (e) | | Amount rounds to less than 0.1% of net assets. |
| (f) | | All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. |
| (g) | | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
| (h) | | The rate shown is the current yield as of February 28, 2022. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 99 |
JPMorgan Intermediate Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | | | | | | | | | | | | | |
| Futures contracts outstanding as of February 28, 2022 (amounts in thousands, except number of contracts): | |
| DESCRIPTION | | NUMBER OF
CONTRACTS | | | EXPIRATION
DATE | | | TRADING
CURRENCY | | | NOTIONAL
AMOUNT ($) | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) | |
Short Contracts | | | | | | | | | | | | | | | | | | | | |
U.S. Treasury 10 Year Ultra Note | | | (1,189 | ) | | | 06/2022 | | | | USD | | | | (168,169 | ) | | | (1,628 | ) |
| | | | | | | | | | | | | | | | | | | | |
Abbreviations
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 100 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
JPMorgan New York Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — 98.0% (a) | |
| | |
New York — 98.0% | | | | | | | | |
| | |
Education — 6.4% | | | | | | | | |
| | |
Erie County Industrial Development Agency (The), City School District of the City of Buffalo Project | | | | | | | | |
| | |
Rev., 5.00%, 5/1/2023 | | | 1,710 | | | | 1,790 | |
| | |
Series A, Rev., 5.00%, 5/1/2023 | | | 2,000 | | | | 2,013 | |
| | |
New York City Educational Construction Fund Series 2021A, Rev., 5.00%, 4/1/2029 | | | 1,500 | | | | 1,823 | |
| | |
New York State Dormitory Authority, Court Facilities Lease Series A, Rev., AMBAC, 5.50%, 5/15/2026 | | | 5,000 | | | | 5,813 | |
| | |
New York State Dormitory Authority, New York University | | | | | | | | |
| | |
Series 1, Rev., AMBAC, 5.50%, 7/1/2022 | | | 1,000 | | | | 1,016 | |
| | |
Series 1, Rev., AMBAC, 5.50%, 7/1/2023 | | | 2,900 | | | | 3,075 | |
| | |
Series 1, Rev., AMBAC, 5.50%, 7/1/2024 | | | 1,570 | | | | 1,721 | |
| | |
Series 1, Rev., AMBAC, 5.50%, 7/1/2025 | | | 2,280 | | | | 2,588 | |
| | |
New York State Dormitory Authority, Rochester Institute of Technology Series 2019A, Rev., 5.00%, 7/1/2036 | | | 900 | | | | 1,084 | |
| | |
New York State Dormitory Authority, School Districts Financing Program | | | | | | | | |
| | |
Series 2009A, Rev., AGC, 5.00%, 10/1/2024 | | | 30 | | | | 30 | |
| | |
Series 2018A, Rev., 5.00%, 10/1/2027 | | | 2,000 | | | | 2,311 | |
| | |
Syracuse Industrial Development Agency, School District Project Series 2019A, Rev., 5.00%, 5/1/2025 | | | 500 | | | | 557 | |
| | | | | | | | |
| | |
| | | | | | | 23,821 | |
| | | | | | | | |
|
General Obligation — 16.2% | |
| | |
City of Buffalo, General Improvement Series 2016B, GO, 5.00%, 11/15/2022 | | | 1,000 | | | | 1,030 | |
| | |
City of New York Series E-1, GO, 5.25%, 3/1/2035 | | | 1,300 | | | | 1,559 | |
| | |
City of New York, Fiscal Year 2012 Series 2012A-1, GO, 5.00%, 8/1/2028 | | | 7,600 | | | | 7,627 | |
| | |
City of New York, Fiscal Year 2014 | | | | | | | | |
| | |
Series 2014E, GO, 5.00%, 8/1/2024 | | | 1,250 | | | | 1,318 | |
| | |
Subseries D-1, GO, 5.00%, 8/1/2028 | | | 2,000 | | | | 2,109 | |
| | |
City of New York, Fiscal Year 2018 | | | | | | | | |
| | |
Series C, GO, 5.00%, 8/1/2024 | | | 1,000 | | | | 1,089 | |
| | |
Series F, Subseries F-1, GO, 5.00%, 4/1/2034 | | | 2,500 | | | | 2,956 | |
| | |
City of New York, Fiscal Year 2019 Series 2019E, GO, 5.00%, 8/1/2027 | | | 1,750 | | | | 2,060 | |
| | |
City of Syracuse, Public Improvement Series 2019A, GO, 4.00%, 5/15/2024 | | | 1,000 | | | | 1,059 | |
| | |
City of White Plains, Public Improvement | | | | | | | | |
| | |
GO, 4.00%, 9/15/2028 | | | 705 | | | | 784 | |
| | |
GO, 4.00%, 9/15/2029 | | | 1,100 | | | | 1,219 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
|
General Obligation — continued | |
| | |
City of Yonkers Series 2021A, GO, 4.00%, 2/15/2024 | | | 250 | | | | 262 | |
| | |
County of Monroe | | | | | | | | |
| | |
GO, 5.00%, 6/1/2022 | | | 1,080 | | | | 1,092 | |
| | |
GO, 5.00%, 6/1/2025 | | | 1,330 | | | | 1,475 | |
| | |
County of Nassau, General Improvement | | | | | | | | |
| | |
Series C, GO, 5.00%, 10/1/2022 | | | 2,205 | | | | 2,257 | |
| | |
Series B, GO, 5.00%, 10/1/2024 | | | 1,580 | | | | 1,725 | |
| | |
Series 2016A, GO, 5.00%, 1/1/2025 | | | 1,000 | | | | 1,099 | |
| | |
Series 2016B, GO, 5.00%, 10/1/2025 | | | 1,000 | | | | 1,122 | |
| | |
Series 2019B, GO, 5.00%, 4/1/2026 | | | 1,270 | | | | 1,443 | |
| | |
County of Onondaga GO, 4.00%, 4/15/2029 | | | 2,760 | | | | 2,969 | |
| | |
County of Westchester | | | | | | | | |
| | |
Series 2018A, GO, 5.00%, 12/1/2022 | | | 1,350 | | | | 1,393 | |
| | |
Series 2019D, GO, 5.00%, 12/15/2023 | | | 2,930 | | | | 3,133 | |
| | |
Series 2019D, GO, 4.00%, 12/15/2030 | | | 1,635 | | | | 1,851 | |
| | |
Greece Central School District | | | | | | | | |
| | |
Series B, GO, 5.00%, 12/15/2022 | | | 765 | | | | 790 | |
| | |
Series 2012B, GO, 5.00%, 12/15/2023 | | | 500 | | | | 515 | |
| | |
Haverstraw-Stony Point Central School District GO, 3.00%, 10/15/2026 | | | 1,105 | | | | 1,180 | |
| | |
Middle Country Central School District at Centereach GO, 2.00%, 8/15/2022 | | | 1,000 | | | | 1,006 | |
| | |
New Rochelle City School District Series 2021A, GO, 4.00%, 6/15/2030 | | | 1,340 | | | | 1,564 | |
| | |
North Babylon Union Free School District GO, 4.00%, 7/1/2030 | | | 1,000 | | | | 1,160 | |
| | |
Orchard Park Central School District GO, 4.00%, 4/1/2029 | | | 1,685 | | | | 1,849 | |
| | |
State of New York, Tax-Exempt Series 2018A, GO, 5.00%, 2/15/2025 | | | 1,515 | | | | 1,679 | |
| | |
Syosset Central School District GO, 2.00%, 12/15/2027 | | | 1,380 | | | | 1,408 | |
| | |
Town of Brookhaven GO, 5.00%, 5/1/2027 | | | 2,000 | | | | 2,230 | |
| | |
Town of Brookhaven, Public Improvement GO, 4.00%, 7/15/2028 | | | 2,675 | | | | 3,033 | |
| | |
Village of Mamaroneck, Public Improvement GO, 3.00%, 8/15/2030 | | | 1,540 | | | | 1,606 | |
| | | | | | | | |
| | |
| | | | | | | 60,651 | |
| | | | | | | | |
|
Hospital — 1.5% | |
| | |
New York State Dormitory Authority, Hospitals Center, Langone Hospitals Obligated Group Rev., 5.00%, 7/1/2026 | | | 3,360 | | | | 3,640 | |
| | |
New York State Dormitory Authority, Memorial Sloan Kettering Cancer Center Series 1, Rev., 5.00%, 7/1/2030 | | | 1,000 | | | | 1,225 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 101 |
JPMorgan New York Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Hospital — continued | |
| | |
New York State Dormitory Authority, Memorial Sloan-Kettering Cancer Center Rev., NATL-RE, 5.50%, 7/1/2023 | | | 690 | | | | 716 | |
| | | | | | | | |
| | |
| | | | | | | 5,581 | |
| | | | | | | | |
|
Housing — 0.1% | |
| | |
State of New York Mortgage Agency, Homeowner Mortgage Series 197, Rev., 3.50%, 10/1/2044 | | | 500 | | | | 517 | |
| | | | | | | | |
|
Industrial Development Revenue/Pollution Control Revenue — 1.1% | |
| | |
New York City Industrial Development Agency, New York Stock Exchange Project, Fiscal Year 2019 | | | | | | | | |
| | |
Series 2019A, Rev., 5.00%, 5/1/2023 | | | 1,310 | | | | 1,367 | |
| | |
Series 2019A, Rev., 5.00%, 5/1/2027 | | | 1,150 | | | | 1,338 | |
| | |
New York City Industrial Development Agency, Queens Baseball Stadium Project Rev., AGM, 4.00%, 1/1/2032 | | | 1,250 | | | | 1,432 | |
| | | | | | | | |
| | |
| | | | | | | 4,137 | |
| | | | | | | | |
|
Other Revenue — 27.3% | |
| | |
Battery Park City Authority Series 2019A, Rev., 5.00%, 11/1/2038 | | | 2,000 | | | | 2,469 | |
| | |
Hudson Yards Infrastructure Corp., Second Indenture | | | | | | | | |
| | |
Series 2017A, Rev., 5.00%, 2/15/2029 | | | 3,500 | | | | 4,086 | |
| | |
Series 2017A, Rev., 5.00%, 2/15/2030 | | | 1,600 | | | | 1,868 | |
| | |
Series 2017A, Rev., 5.00%, 2/15/2032 | | | 2,320 | | | | 2,701 | |
| | |
Series 2017A, Rev., 5.00%, 2/15/2034 | | | 1,115 | | | | 1,295 | |
| | |
Series 2017A, Rev., 5.00%, 2/15/2035 | | | 4,000 | | | | 4,633 | |
| | |
Series 2017A, Rev., 5.00%, 2/15/2036 | | | 3,500 | | | | 4,046 | |
| | |
Metropolitan Transportation Authority, Dedicated Tax Fund | | | | | | | | |
| | |
Series 2012A, Rev., Zero Coupon, 11/15/2030 | | | 4,000 | | | | 3,304 | |
| | |
Series 2017B-2, Rev., 5.25%, 11/15/2033 | | | 1,000 | | | | 1,185 | |
| | |
Nassau County Interim Finance Authority, Sales Tax | | | | | | | | |
| | |
Series 2021A, Rev., 4.00%, 11/15/2033 | | | 1,000 | | | | 1,180 | |
| | |
Series 2021A, Rev., 4.00%, 11/15/2034 | | | 2,930 | | | | 3,447 | |
| | |
Series 2021A, Rev., 5.00%, 11/15/2035 | | | 935 | | | | 1,184 | |
| | |
New York City Transitional Finance Authority, Building Aid, Fiscal Year 2015 Series S-1, Rev., 5.00%, 7/15/2028 | | | 3,000 | | | | 3,303 | |
| | |
New York City Transitional Finance Authority, Building Aid, Fiscal Year 2018 Series S-4, Rev., 5.25%, 7/15/2035 | | | 4,000 | | | | 4,866 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
|
Other Revenue — continued | |
| | |
New York City Transitional Finance Authority, Building Aid, Fiscal Year 2019 | | | | | | | | |
| | |
Series 2019S-2A, Rev., 5.00%, 7/15/2026 | | | 1,900 | | | | 2,188 | |
| | |
Series S-2A, Rev., 5.00%, 7/15/2034 | | | 2,000 | | | | 2,394 | |
| | |
Series S-3A, Rev., 5.00%, 7/15/2034 | | | 4,000 | | | | 4,789 | |
| | |
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2017 Series E, Subseries E-1, Rev., 5.00%, 2/1/2032 | | | 2,000 | | | | 2,311 | |
| | |
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2019 | | | | | | | | |
| | |
Series A, Subseries A-1, Rev., 5.00%, 8/1/2034 | | | 1,500 | | | | 1,783 | |
| | |
Series A, Subseries A-1, Rev., 5.00%, 8/1/2035 | | | 1,000 | | | | 1,187 | |
| | |
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2021 | | | | | | | | |
| | |
Rev., 5.00%, 5/1/2033 | | | 1,745 | | | | 2,169 | |
| | |
Series E, Subseries E-1, Rev., 5.00%, 2/1/2036 | | | 1,000 | | | | 1,238 | |
| | |
New York City Transitional Finance Authority, Future Tax Secured, Tax-Exempt, Fiscal Year 2017 Series E, Subseries E-1, Rev., 5.00%, 2/1/2034 | | | 2,260 | | | | 2,605 | |
| | |
New York City Transitional Finance Authority, Future Tax Secured, Tax-Exempt, Fiscal Year 2021 | | | | | | | | |
| | |
Series 2021A, Rev., 5.00%, 11/1/2029 | | | 2,000 | | | | 2,469 | |
| | |
Series 2021G1, Rev., 5.00%, 11/1/2038 | | | 1,250 | | | | 1,548 | |
| | |
New York Convention Center Development Corp., Hotel Unit Fee Secured Rev., 5.00%, 11/15/2030 | | | 2,000 | | | | 2,239 | |
| | |
New York Convention Center Development Corp., Subordinate Lien, Hotel Unit Fee Secured | | | | | | | | |
| | |
Series B, Rev., Zero Coupon, 11/15/2031 | | | 2,090 | | | | 1,584 | |
| | |
Series B, Rev., Zero Coupon, 11/15/2033 | | | 2,000 | | | | 1,413 | |
| | |
New York State Dormitory Authority, State Sales Tax | | | | | | | | |
| | |
Series 2014A, Rev., 5.00%, 3/15/2029 | | | 2,500 | | | | 2,681 | |
| | |
Series 2016A, Rev., 5.00%, 3/15/2031 | | | 2,000 | | | | 2,293 | |
| | |
Series A, Rev., 5.00%, 3/15/2031 | | | 3,100 | | | | 3,322 | |
| | |
Series 2014A, Rev., 5.00%, 3/15/2032 | | | 2,000 | | | | 2,144 | |
| | |
Series B, Rev., 5.00%, 3/15/2032 | | | 2,500 | | | | 2,805 | |
| | |
Series 2018E, Rev., 5.00%, 3/15/2033 | | | 2,000 | | | | 2,396 | |
| | |
Series B, Rev., 5.00%, 3/15/2033 | | | 2,500 | | | | 2,804 | |
| | |
Series 2017A, Rev., 5.00%, 3/15/2034 | | | 2,000 | | | | 2,315 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 102 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Other Revenue — continued | |
| | |
New York State Urban Development Corp., State Sales Tax Series 2019A, Rev., 5.00%, 3/15/2036 | | | 4,500 | | | | 5,467 | |
| | |
Trust for Cultural Resources of City of New York (The), Carnegie Hall Rev., 5.00%, 12/1/2031 | | | 275 | | | | 337 | |
| | |
United Nations Development Corp., Senior Lien Series 2019A, Rev., 5.00%, 7/1/2022 | | | 1,095 | | | | 1,111 | |
| | |
Westchester Tobacco Asset Securitization Corp., Tobacco Settlement | | | | | | | | |
| | |
Series B, Rev., 5.00%, 6/1/2033 | | | 1,775 | | | | 2,024 | |
| | |
Series B, Rev., 5.00%, 6/1/2034 | | | 2,000 | | | | 2,279 | |
| | | | | | | | |
| | |
| | | | | | | 101,462 | |
| | | | | | | | |
|
Prerefunded — 2.2% | |
| | |
Sales Tax Asset Receivable Corp., Fiscal Year 2015 Series 2015A, Rev., 5.00%, 10/15/2024 (b) | | | 7,500 | | | | 8,229 | |
| | | | | | | | |
|
Special Tax — 8.8% | |
| | |
New York State Dormitory Authority, State Personal Income Tax Series 2015B, Rev., 5.00%, 2/15/2025 (b) | | | 330 | | | | 365 | |
| | |
New York State Dormitory Authority, State Personal Income Tax, General Purpose | | | | | | | | |
| | |
Series 2019A, Rev., 5.00%, 3/15/2033 | | | 1,500 | | | | 1,827 | |
| | |
Series 2019A, Rev., 5.00%, 3/15/2035 | | | 1,500 | | | | 1,823 | |
| | |
Series 2019A, Rev., 5.00%, 3/15/2036 | | | 1,825 | | | | 2,215 | |
| | |
New York State Thruway Authority, State Personal Income Tax, Transportation | | | | | | | | |
| | |
Series 2013A, Rev., 5.00%, 3/15/2023 | | | 2,400 | | | | 2,502 | |
| | |
Series 2021A-1, Rev., 5.00%, 3/15/2034 | | | 2,000 | | | | 2,493 | |
| | |
Series 2021A-1, Rev., 5.00%, 3/15/2035 | | | 2,500 | | | | 3,109 | |
| | |
New York State Urban Development Corp., State Personal Income Tax, General Purpose | | | | | | | | |
| | |
Series A, Rev., 5.00%, 3/15/2027 | | | 1,500 | | | | 1,608 | |
| | |
Series A, Rev., 5.00%, 3/15/2031 | | | 3,000 | | | | 3,216 | |
| | |
Series 2015A, Rev., 5.00%, 3/15/2032 | | | 2,500 | | | | 2,796 | |
| | |
Series 2019A, Rev., 5.00%, 3/15/2033 | | | 2,575 | | | | 3,086 | |
| | |
New York State Urban Development Corp., State Personal Income Tax, State Facilities and Equipment | | | | | | | | |
| | |
Series A-2, Rev., NATL-RE, 5.50%, 3/15/2023 | | | 2,000 | | | | 2,096 | |
| | |
Series A-2, Rev., NATL-RE, 5.50%, 3/15/2025 | | | 5,000 | | | | 5,617 | |
| | | | | | | | |
| | |
| | | | | | | 32,753 | |
| | | | | | | | |
|
Transportation — 19.5% | |
| | |
Metropolitan Transportation Authority | | | | | | | | |
| | |
Series 2015C, Rev., 5.25%, 11/15/2030 | | | 1,500 | | | | 1,674 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | |
| | | | | | | | |
|
Transportation — continued | |
| | |
Series 2016A-1, Rev., 5.00%, 11/15/2031 | | | 2,500 | | | | 2,771 | |
| | |
Series B, Rev., 5.00%, 11/15/2031 | | | 2,000 | | | | 2,183 | |
| | |
Subseries D-1, Rev., 5.00%, 11/15/2031 | | | 2,000 | | | | 2,207 | |
| | |
Series A-1, Rev., 5.00%, 11/15/2032 | | | 2,000 | | | | 2,217 | |
| | |
Series A-1, Rev., 4.00%, 11/15/2033 | | | 2,000 | | | | 2,117 | |
| | |
Metropolitan Transportation Authority, Dedicated Tax Fund Series 2016A, Rev., 5.25%, 11/15/2034 | | | 1,020 | | | | 1,183 | |
| | |
New York State Thruway Authority | | | | | | | | |
| | |
Series K, Rev., 5.00%, 1/1/2028 | | | 1,000 | | | | 1,099 | |
| | |
Series K, Rev., 5.00%, 1/1/2030 | | | 2,500 | | | | 2,738 | |
| | |
Series L, Rev., 5.00%, 1/1/2032 | | | 2,250 | | | | 2,617 | |
| | |
Series N, Rev., 5.00%, 1/1/2033 | | | 2,225 | | | | 2,689 | |
| | |
New York State Thruway Authority, Junior Lien Series 2016A, Rev., 5.00%, 1/1/2035 | | | 1,000 | | | | 1,126 | |
| | |
New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project | | | | | | | | |
| | |
Rev., AMT, 5.00%, 1/1/2025 | | | 2,075 | | | | 2,256 | |
| | |
Rev., AMT, 5.00%, 1/1/2026 | | | 2,000 | | | | 2,223 | |
| | |
Rev., AMT, 5.00%, 1/1/2027 | | | 2,000 | | | | 2,267 | |
| | |
Port Authority of New York and New Jersey, Consolidated | | | | | | | | |
| | |
Series 172, Rev., 5.00%, 10/1/2022 | | | 1,500 | | | | 1,505 | |
| | |
Series 186, Rev., AMT, 5.00%, 10/15/2027 | | | 2,000 | | | | 2,165 | |
| | |
Series 185, Rev., AMT, 5.00%, 9/1/2028 | | | 1,000 | | | | 1,078 | |
| | |
Series 184, Rev., 5.00%, 9/1/2030 | | | 2,020 | | | | 2,199 | |
| | |
Series 185, Rev., AMT, 5.00%, 9/1/2030 | | | 2,000 | | | | 2,153 | |
| | |
Series 207, Rev., AMT, 5.00%, 9/15/2031 | | | 2,335 | | | | 2,746 | |
| | |
Series 185, Rev., AMT, 5.00%, 9/1/2032 | | | 1,750 | | | | 1,884 | |
| | |
Series 207, Rev., AMT, 5.00%, 9/15/2032 | | | 3,000 | | | | 3,521 | |
| | |
Series 205, Rev., 5.00%, 11/15/2032 | | | 1,000 | | | | 1,181 | |
| | |
Rev., AMT, 5.00%, 9/1/2036 | | | 2,950 | | | | 3,512 | |
| | |
Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels | | | | | | | | |
| | |
Series 2017B, Rev., 5.00%, 11/15/2029 | | | 2,500 | | | | 2,923 | |
| | |
Series B, Rev., 5.00%, 11/15/2029 | | | 1,600 | | | | 1,979 | |
| | |
Series B, Rev., 5.00%, 11/15/2030 | | | 5,355 | | | | 6,560 | |
| | |
Series 2016A, Rev., 5.00%, 11/15/2031 | | | 1,000 | | | | 1,138 | |
| | |
Series B, Rev., 5.00%, 11/15/2031 | | | 1,100 | | | | 1,283 | |
| | |
Series 2013A, Rev., Zero Coupon, 11/15/2032 | | | 3,000 | | | | 2,269 | |
| | |
Series B, Rev., 5.00%, 11/15/2033 | | | 1,500 | | | | 1,749 | |
| | |
Series C, Rev., 5.00%, 11/15/2035 | | | 1,375 | | | | 1,662 | |
| | | | | | | | |
| | |
| | | | | | | 72,874 | |
| | | | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 103 |
JPMorgan New York Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Utility — 8.2% | |
| | |
Long Island Power Authority, Electric System | | | | | | | | |
| | |
Series 2012B, Rev., 5.00%, 9/1/2024 | | | 2,735 | | | | 2,793 | |
| | |
Series 2019A, Rev., 5.00%, 9/1/2027 | | | 3,500 | | | | 4,136 | |
| | |
Series 2020A, Rev., 5.00%, 9/1/2032 | | | 1,410 | | | | 1,757 | |
| | |
Series 2021A, Rev., 4.00%, 9/1/2033 | | | 1,000 | | | | 1,158 | |
| | |
Rev., 5.00%, 9/1/2034 | | | 1,500 | | | | 1,796 | |
| | |
Rev., 5.00%, 9/1/2035 | | | 2,000 | | | | 2,390 | |
| | |
Rev., 5.00%, 9/1/2036 | | | 1,225 | | | | 1,461 | |
| | |
Utility Debt Securitization Authority | | | | | | | | |
| | |
Rev., 5.00%, 12/15/2032 | | | 2,500 | | | | 2,825 | |
| | |
Series 2016A, Rev., 5.00%, 12/15/2033 | | | 3,000 | | | | 3,417 | |
| | |
Series 2016A, Rev., 5.00%, 12/15/2034 | | | 4,595 | | | | 5,225 | |
| | |
Series B, Rev., 5.00%, 12/15/2034 | | | 2,450 | | | | 2,785 | |
| | |
Utility Debt Securitization Authority, Federally Tax-Exempt Series TE, Rev., 5.00%, 12/15/2030 | | | 1,000 | | | | 1,066 | |
| | | | | | | | |
| | |
| | | | | | | 30,809 | |
| | | | | | | | |
|
Water & Sewer — 6.7% | |
| | |
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2012 Series EE, Rev., 5.00%, 6/15/2028 | | | 4,000 | | | | 4,051 | |
| | |
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2015 | | | | | | | | |
| | |
Series 2015EE, Rev., 5.00%, 6/15/2028 | | | 2,000 | | | | 2,164 | |
| | |
Series DD, Rev., 5.00%, 6/15/2029 | | | 2,000 | | | | 2,164 | |
| | |
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2020 Series EE, Rev., 5.00%, 6/15/2031 | | | 2,570 | | | | 3,275 | |
| | |
New York State Environmental Facilities Corp., State Clean Water and Drinking Water Revolving Funds, Municipal Water Finance Authority Projects — Second Resolution | | | | | | | | |
| | |
Series A, Rev., 5.00%, 6/15/2027 | | | 1,500 | | | | 1,626 | |
| | |
Series A, Rev., 5.00%, 6/15/2031 | | | 2,150 | | | | 2,461 | |
| | |
Series A, Rev., 5.00%, 6/15/2032 | | | 2,000 | | | | 2,289 | |
| | |
Series 2015A, Rev., 5.00%, 6/15/2033 | | | 2,000 | | | | 2,227 | |
| | |
New York State Environmental Facilities Corp., State Clean Water and Drinking Water Revolving Funds, Pooled Financing Program Series 2005B, Rev., 5.50%, 10/15/2025 (b) | | | 4,175 | | | | 4,743 | |
| | | | | | | | |
| | |
| | | | | | | 25,000 | |
| | | | | | | | |
| | |
Total New York | | | | | | | 365,834 | |
| | | | | | | | |
| | |
Total Municipal Bonds
(Cost $355,765) | | | | | | | 365,834 | |
| | | | | | | | |
| | | | | | | | |
| INVESTMENTS | |
SHARES
(000) | | | VALUE
($000) | |
Short-Term Investments — 0.9% | | | | | | | | |
| | |
Investment Companies — 0.9% | | | | | | | | |
| | |
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 0.04% (c) (d)
(Cost $3,522) | | | 3,521 | | | | 3,522 | |
| | | | | | | | |
Total Investments — 98.9%
(Cost $359,287) | | | | | | | 369,356 | |
Other Assets Less Liabilities — 1.1% | | | | | | | 4,126 | |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | | 373,482 | |
| | | | | | | | |
Percentages indicated are based on net assets.
| | |
Abbreviations | | |
| AGC | | Insured by Assured Guaranty Corp. |
| AGM | | Insured by Assured Guaranty Municipal Corp. |
| AMBAC | | Insured by American Municipal Bond Assurance Corp. |
| AMT | | Alternative Minimum Tax |
| GO | | General Obligation |
| MTA | | Metropolitan Transportation Authority |
| NATL | | Insured by National Public Finance Guarantee Corp. |
| RE | | Reinsured |
| Rev. | | Revenue |
| |
| (a) | | The date shown represents the earliest of the prerefunded date, next put date or final maturity date. |
| (b) | | Security is prerefunded or escrowed to maturity. |
| (c) | | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
| (d) | | The rate shown is the current yield as of February 28, 2022. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 104 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | | | | | | | | | | | | | |
| Futures contracts outstanding as of February 28, 2022 (amounts in thousands, except number of contracts): | |
| DESCRIPTION | | NUMBER OF
CONTRACTS | | | EXPIRATION
DATE | | | TRADING
CURRENCY | | | NOTIONAL
AMOUNT ($) | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) | |
Short Contracts | | | | | | | | | | | | | | | | | | | | |
U.S. Treasury 5 Year Note | | | (74 | ) | | | 06/2022 | | | | USD | | | | (8,750 | ) | | | (35 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | |
Abbreviations |
| |
| USD | | United States Dollar |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 105 |
JPMorgan Short-Intermediate Municipal Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — 95.4% (a) | |
|
Alabama — 2.5% | |
| | |
Birmingham Airport Authority | | | | | | | | |
| | |
Rev., 5.00%, 7/1/2027 | | | 250 | | | | 291 | |
| | |
Rev., 5.00%, 7/1/2028 | | | 350 | | | | 416 | |
| | |
Rev., 5.00%, 7/1/2029 | | | 375 | | | | 455 | |
| | |
Rev., 5.00%, 7/1/2030 | | | 250 | | | | 308 | |
| | |
Rev., 5.00%, 7/1/2031 | | | 175 | | | | 215 | |
| | |
Rev., 5.00%, 7/1/2032 | | | 150 | | | | 184 | |
| | |
Rev., 5.00%, 7/1/2033 | | | 325 | | | | 399 | |
| | |
Rev., 5.00%, 7/1/2034 | | | 375 | | | | 460 | |
| | |
Black Belt Energy Gas District, Gas Prepay Series 2018B-2, Rev., (SIFMA Municipal Swap Index Yield + 0.62%), 0.82%, 3/10/2022 (b) | | | 7,500 | | | | 7,509 | |
| | |
Black Belt Energy Gas District, Gas Prepay Project No. 4 Series 2019A-1, Rev., 4.00%, 12/1/2025 (c) | | | 10,160 | | | | 10,921 | |
| | |
Black Belt Energy Gas District, Gas Project No. 6 Series 2021B, Rev., 4.00%, 12/1/2026(c) | | | 10,000 | | | | 10,787 | |
| | |
Montgomery County Public Building Authority, Facilities Project Rev., 5.00%, 3/1/2023 | | | 500 | | | | 520 | |
| | |
Selma Industrial Development Board, International Paper Co. Project Series 2019A, Rev., 2.00%, 10/1/2024 (c) | | | 3,625 | | | | 3,683 | |
| | |
Southeast Alabama Gas Supply District (The), Project No. 1 Series 2018A, Rev., 5.00%, 4/1/2022 | | | 3,220 | | | | 3,231 | |
| | | | | | | | |
| | |
Total Alabama | | | | | | | 39,379 | |
| | | | | | | | |
|
Alaska — 1.5% | |
| | |
Alaska Municipal Bond Bank Authority | | | | | | | | |
| | |
Series 1, Rev., 5.00%, 12/1/2027 | | | 1,945 | | | | 2,299 | |
| | |
Series 1, Rev., 5.00%, 12/1/2028 | | | 1,230 | | | | 1,484 | |
| | |
Series 1, Rev., 5.00%, 12/1/2029 | | | 1,275 | | | | 1,563 | |
| | |
Series 1, Rev., 5.00%, 12/1/2030 | | | 875 | | | | 1,092 | |
| | |
Borough of North Slope | | | | | | | | |
| | |
Series 2021B, GO, 5.00%, 6/30/2022 | | | 1,410 | | | | 1,430 | |
| | |
Series 2021B, GO, 5.00%, 6/30/2023 | | | 3,230 | | | | 3,397 | |
| | |
Borough of North Slope, General Purpose | | | | | | | | |
| | |
Series 2021A, GO, 5.00%, 6/30/2022 | | | 2,920 | | | | 2,962 | |
| | |
Series 2021A, GO, 5.00%, 6/30/2023 | | | 4,165 | | | | 4,379 | |
| | |
Series 2021C, GO, 4.00%, 6/30/2025 | | | 2,500 | | | | 2,708 | |
| | |
City of Anchorage, Electric Utilities, Senior Lien | | | | | | | | |
| | |
Series 2014A, Rev., 5.00%, 12/1/2023 (d) | | | 500 | | | | 533 | |
| | |
State of Alaska Series 2016A, GO, 5.00%, 8/1/2029 | | | 1,300 | | | | 1,448 | |
| | | | | | | | |
| | |
Total Alaska | | | | | | | 23,295 | |
| | | | | | | | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| |
|
Arizona — 2.7% | |
| | |
Arizona Health Facilities Authority, Scottsdale Lincoln Hospitals Series 2014A, Rev., 5.00%, 12/1/2025 | | | 3,540 | | | | 3,889 | |
| | |
Arizona Industrial Development Authority, Phoenix Children’s Hospital Series 2020A, Rev., 5.00%, 2/1/2027 | | | 125 | | | | 145 | |
| | |
City of Scottsdale GO, 5.00%, 7/1/2022 | | | 2,550 | | | | 2,587 | |
| | |
Maricopa County Elementary School District No. 6 Washington, School Improvement, Project of 2016 Series 2019B, GO, 5.00%, 7/1/2029 | | | 3,950 | | | | 4,722 | |
| | |
Maricopa County Industrial Development Authority, Banner Health | | | | | | | | |
| | |
Series B, Rev., 5.00%, 10/18/2022 (c) | | | 7,370 | | | | 7,564 | |
| | |
Series C, Rev., 5.00%, 10/18/2024 (c) | | | 9,000 | | | | 9,814 | |
| | |
Series 2019D, Rev., 5.00%, 5/15/2026 (c) | | | 3,000 | | | | 3,401 | |
| | |
Maricopa County Pollution Control Corp., Palo Verde Project | | | | | | | | |
| | |
Series 2010A, Rev., 0.88%, 10/1/2026 (c) | | | 4,500 | | | | 4,272 | |
| | |
Series 2010B, Rev., 0.88%, 10/1/2026 (c) | | | 2,150 | | | | 2,041 | |
| | |
Tempe Industrial Development Authority, Friendship Village of Tempe Project | | | | | | | | |
| | |
Series 2021C-2, Rev., 1.13%, 12/1/2026 | | | 1,470 | | | | 1,402 | |
| | |
Series 2021C-1, Rev., 1.50%, 12/1/2027 | | | 1,965 | | | | 1,859 | |
| | | | | | | | |
| | |
Total Arizona | | | | | | | 41,696 | |
| | | | | | | | |
|
Arkansas — 0.7% | |
| | |
Arkansas Development Finance Authority Public Safety Charges, Division of Emergency Management Project | | | | | | | | |
| | |
Rev., 4.00%, 6/1/2028 | | | 1,000 | | | | 1,137 | |
| | |
Rev., 4.00%, 6/1/2030 | | | 1,195 | | | | 1,348 | |
| | |
Arkansas Development Finance Authority, Department of Community Correction Project Rev., 5.00%, 11/1/2026 | | | 325 | | | | 375 | |
| | |
City of Rogers, Sales Tax Series B, Rev., 5.00%, 11/1/2027 | | | 3,855 | | | | 4,476 | |
| | |
County of Sharp, Sales and Use Tax | | | | | | | | |
| | |
Rev., 5.00%, 3/1/2024 | | | 595 | | | | 633 | |
| | |
Rev., 5.00%, 3/1/2025 | | | 600 | | | | 655 | |
| | |
Rev., 5.00%, 3/1/2026 | | | 685 | | | | 767 | |
| | |
University of Arkansas, Various Facility UAMS Campus | | | | | | | | |
| | |
Rev., 5.00%, 3/1/2025 | | | 500 | | | | 554 | |
| | |
Rev., 5.00%, 3/1/2026 | | | 1,000 | | | | 1,104 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 106 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Arkansas — continued | |
| | |
University of Central Arkansas, Student Housing System | | | | | | | | |
| | |
Series 2019C, Rev., AGM, 4.00%, 11/1/2025 | | | 110 | | | | 119 | |
| | |
Series 2019C, Rev., AGM, 4.00%, 11/1/2026 | | | 240 | | | | 262 | |
| | |
Series 2019C, Rev., AGM, 4.00%, 11/1/2027 | | | 180 | | | | 195 | |
| | | | | | | | |
| | |
Total Arkansas | | | | | | | 11,625 | |
| | | | | | | | |
|
California — 14.3% | |
| | |
Alameda County Transportation Commission, Sales Tax Rev., 4.00%, 3/1/2022 | | | 5,000 | | | | 5,000 | |
| | |
Allan Hancock Joint Community College District GO, 5.00%, 8/1/2022 | | | 1,050 | | | | 1,069 | |
| | |
Bay Area Toll Authority, Toll Bridge Series S-7, Rev., 4.00%, 4/1/2029 | | | 20,000 | | | | 22,330 | |
| | |
California Educational Facilities Authority, Claremont McKenna College Series 2015A, Rev., 4.00%, 1/1/2024 (d) | | | 1,675 | | | | 1,761 | |
| | |
California Health Facilities Financing Authority, Adventist Health System Series 2011A, Rev., 3.00%, 3/1/2024 (c) | | | 7,880 | | | | 8,061 | |
| | |
California Health Facilities Financing Authority, Cedars-Sinai Medical Center Rev., 5.00%, 11/15/2025 | | | 1,850 | | | | 2,091 | |
| | |
California Health Facilities Financing Authority, Providence Health and Services Series 2014A, Rev., 5.00%, 10/1/2022 | | | 1,500 | | | | 1,537 | |
| | |
California Health Facilities Financing Authority, Stanford Health Clinic Series 2021A, Rev., 3.00%, 8/15/2025 (c) | | | 5,300 | | | | 5,564 | |
| | |
California Infrastructure and Economic Development Bank, The Broad Sustainability Bonds Series 2021A, Rev., 5.00%, 6/1/2028 | | | 5,750 | | | | 6,927 | |
| | |
California Municipal Finance Authority, California Lutheran University | | | | | | | | |
| | |
Rev., 5.00%, 10/1/2025 | | | 275 | | | | 306 | |
| | |
Rev., 5.00%, 10/1/2026 | | | 150 | | | | 171 | |
| | |
Rev., 5.00%, 10/1/2027 | | | 150 | | | | 174 | |
| | |
California Municipal Finance Authority, NorthBay Healthcare Group | | | | | | | | |
| | |
Series 2017A, Rev., 5.00%, 11/1/2023 | | | 500 | | | | 528 | |
| | |
Series 2017A, Rev., 5.00%, 11/1/2024 | | | 800 | | | | 865 | |
| | |
California Public Finance Authority, Enso Village Project Series 2021B-3, Rev., 2.13%, 11/15/2027 (e) | | | 1,500 | | | | 1,500 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| |
|
California — continued | |
| | |
California State Public Works Board, California State University, Davidson Library at Santa Barbara Series 2013C, Rev., 5.00%, 3/1/2023 (d) | | | 2,820 | | | | 2,936 | |
| | |
California Statewide Communities Development Authority, Marin General Hospital Project, Green Bond Series 2018A, Rev., 5.00%, 8/1/2028 | | | 250 | | | | 292 | |
| | |
City and County of San Francisco Series 2014A, GO, 5.00%, 6/15/2025 | | | 5,310 | | | | 5,376 | |
| | |
City of Chula Vista, Police Facility Project | | | | | | | | |
| | |
COP, 5.00%, 10/1/2022 | | | 465 | | | | 476 | |
| | |
COP, 5.00%, 10/1/2023 | | | 1,000 | | | | 1,063 | |
| | |
City of Los Angeles Department of Airports, International Airport Senior | | | | | | | | |
| | |
Series D, Rev., AMT, 5.00%, 5/15/2022 | | | 3,380 | | | | 3,409 | |
| | |
Series B, Rev., 4.00%, 5/15/2024 | | | 365 | | | | 387 | |
| | |
Series D, Rev., AMT, 5.00%, 5/15/2027 | | | 2,700 | | | | 2,977 | |
| | |
Series D, Rev., AMT, 5.00%, 5/15/2028 | | | 1,950 | | | | 2,140 | |
| | |
Series D, Rev., AMT, 5.00%, 5/15/2029 | | | 2,550 | | | | 2,795 | |
| | |
City of Los Angeles Department of Airports, International Airport Subordinate | | | | | | | | |
| | |
Series C, Rev., 5.00%, 5/15/2022 | | | 750 | | | | 757 | |
| | |
Series C, Rev., 5.00%, 5/15/2024 | | | 700 | | | | 757 | |
| | |
City of Los Angeles, Wastewater System Series 2015-A, Rev., 5.00%, 6/1/2022 | | | 2,750 | | | | 2,780 | |
| | |
City of Vernon, Electric System | | | | | | | | |
| | |
Series 2021A, Rev., 5.00%, 4/1/2025 | | | 1,500 | | | | 1,648 | |
| | |
Series 2021A, Rev., 5.00%, 10/1/2025 | | | 1,915 | | | | 2,130 | |
| | |
Series 2021A, Rev., 5.00%, 4/1/2026 | | | 1,000 | | | | 1,125 | |
| | |
Series 2021A, Rev., 5.00%, 10/1/2026 | | | 1,650 | | | | 1,877 | |
| | |
Contra Costa County Transportation Authority, Sales Tax | | | | | | | | |
| | |
Series 2015A, Rev., 5.00%, 3/1/2023 | | | 2,420 | | | | 2,519 | |
| | |
Series 2015A, Rev., 5.00%, 3/1/2024 | | | 2,000 | | | | 2,148 | |
| | |
Eastern Municipal Water District, Water and Wastewater System Series C, Rev., 5.00%, 7/1/2022 | | | 1,700 | | | | 1,725 | |
| | |
Grossmont Healthcare District | | | | | | | | |
| | |
Series 2015C, GO, 5.00%, 7/15/2026 | | | 1,000 | | | | 1,118 | |
| | |
Series D, GO, 5.00%, 7/15/2026 | | | 1,225 | | | | 1,370 | |
| | |
Los Angeles Community College District Series C, GO, 5.00%, 6/1/2026 | | | 5,000 | | | | 5,759 | |
| | |
Los Angeles Department of Water and Power, Water System Series 2018A, Rev., 5.00%, 7/1/2025 | | | 100 | | | | 112 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 107 |
JPMorgan Short-Intermediate Municipal Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
California — continued | |
| | |
Novato Unified School District | | | | | | | | |
| | |
Series A, GO, 5.00%, 2/1/2023 | | | 685 | | | | 711 | |
| | |
Series A, GO, 5.00%, 8/1/2025 | | | 1,500 | | | | 1,635 | |
| | |
Series A, GO, 5.00%, 8/1/2026 | | | 1,800 | | | | 1,961 | |
| | |
Oak Grove School District GO, 5.00%, 8/1/2023 | | | 1,200 | | | | 1,267 | |
| | |
Oakland State Building Authority, Elihu M. Harris State Office Building Series A, Rev., 5.00%, 12/1/2022 | | | 1,700 | | | | 1,754 | |
| | |
Placentia-Yorba Linda Unified School District GO, 5.00%, 8/1/2025 | | | 1,770 | | | | 1,990 | |
| | |
Port of Oakland, Intermediate Lien | | | | | | | | |
| | |
Series 2021H, Rev., AMT, 5.00%, 5/1/2024 | | | 2,725 | | | | 2,935 | |
| | |
Series 2021H, Rev., AMT, 5.00%, 5/1/2024 (d) | | | 210 | | | | 227 | |
| | |
Sacramento Municipal Utility District, Electric | | | | | | | | |
| | |
Series E, Rev., 5.00%, 8/15/2022 | | | 2,740 | | | | 2,795 | |
| | |
Series E, Rev., 5.00%, 8/15/2027 | | | 105 | | | | 124 | |
| | |
San Diego County Regional Transportation Commission, Sales Tax Series 2014A, Rev., 5.00%, 4/1/2022 | | | 100 | | | | 100 | |
| | |
San Diego Public Facilities Financing Authority Series 2020A, Rev., 5.00%, 8/1/2027 | | | 250 | | | | 296 | |
| | |
San Francisco Bay Area Rapid Transit District, Election of 2004 | | | | | | | | |
| | |
Series D, GO, 3.00%, 8/1/2022 | | | 2,735 | | | | 2,762 | |
| | |
Series 2015D, GO, 5.00%, 8/1/2028 | | | 1,685 | | | | 1,886 | |
| | |
San Francisco City and County Public Utilities Commission Wastewater Series 2018C, Rev., 2.13%, 10/1/2023 (c) | | | 10,000 | | | | 10,125 | |
| | |
San Francisco Unified School District, Proposition A, Election of 2011 Series B, GO, 5.00%, 6/15/2024 | | | 5,190 | | | | 5,256 | |
| | |
Santa Barbara Unified School District | | | | | | | | |
| | |
Series 2017A, GO, 4.00%, 8/1/2022 | | | 30 | | | | 30 | |
| | |
Series B, GO, 5.00%, 8/1/2026 | | | 50 | | | | 58 | |
| | |
Sonoma County Transportation Authority, Limited Tax Rev., 5.00%, 12/1/2024 | | | 1,000 | | | | 1,101 | |
| | |
State of California, Various Purpose | | | | | | | | |
| | |
Series B, GO, 5.00%, 9/1/2023 | | | 2,810 | | | | 2,973 | |
| | |
GO, 5.00%, 11/1/2023 | | | 3,560 | | | | 3,786 | |
| | |
GO, 5.00%, 3/1/2026 | | | 13,210 | | | | 14,612 | |
| | |
GO, 5.00%, 9/1/2026 | | | 4,900 | | | | 5,653 | |
| | |
GO, 4.00%, 8/1/2028 | | | 4,000 | | | | 4,416 | |
| | |
GO, 4.00%, 8/1/2029 | | | 4,180 | | | | 4,615 | |
| | |
GO, 5.00%, 8/1/2029 | | | 7,830 | | | | 8,999 | |
| | |
GO, 4.00%, 8/1/2030 | | | 10,000 | | | | 11,039 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| |
|
California — continued | |
| | |
Stockton Public Financing Authority | | | | | | | | |
| | |
Rev., 5.00%, 3/1/2027 | | | 630 | | | | 711 | |
| | |
Rev., 5.00%, 3/1/2029 | | | 465 | | | | 538 | |
| | |
Tobacco Securitization Authority of Northern California Rev., 0.45%, 6/1/2030 | | | 100 | | | | 96 | |
| | |
University of California Series 2013AK, Rev., 5.00%, 5/15/2023 (c) | | | 11,505 | | | | 12,076 | |
| | |
Walnut Energy Center Authority Series A, Rev., 5.00%, 1/1/2023 | | | 400 | | | | 414 | |
| | |
Whittier Union High School District GO, 5.00%, 8/1/2023 | | | 10,495 | | | | 11,091 | |
| | | | | | | | |
| | |
Total California | | | | | | | 223,592 | |
| | | | | | | | |
|
Colorado — 1.7% | |
| | |
City of Aurora COP, 4.00%, 12/1/2022 | | | 375 | | | | 384 | |
| | |
City of Longmon | | | | | | | | |
| | |
Series A, COP, 5.00%, 12/1/2022 | | | 100 | | | | 103 | |
| | |
Series A, COP, 5.00%, 12/1/2024 | | | 100 | | | | 107 | |
| | |
Colorado Bridge Enterprise, Tax-Exempt Series 2019A, Rev., 4.00%, 12/1/2027 | | | 5,000 | | | | 5,607 | |
| | |
Colorado Health Facilities Authority, Commonspirit Health Series B-2, Rev., 5.00%, 8/1/2026 (c) | | | 10,000 | | | | 11,158 | |
| | |
Colorado Health Facilities Authority, Parkview Medical Center, Inc., Project Rev., 5.00%, 9/1/2022 | | | 150 | | | | 153 | |
| | |
Colorado Health Facilities Authority, Valley View Hospital Association Project Rev., 2.80%, 5/15/2023 (c) | | | 1,060 | | | | 1,073 | |
| | |
Counties of Gunnison, Watershed School District No. 1 | | | | | | | | |
| | |
Series 2014A, GO, 4.00%, 12/1/2022 | | | 300 | | | | 307 | |
| | |
Series 2014A, GO, 5.00%, 12/1/2024 (d) | | | 500 | | | | 551 | |
| | |
County of Eagle COP, 5.00%, 12/1/2022 | | | 200 | | | | 206 | |
| | |
Regional Transportation District, Denver Transit Partners | | | | | | | | |
| | |
Rev., 5.00%, 1/15/2027 | | | 500 | | | | 570 | |
| | |
Rev., 5.00%, 7/15/2027 | | | 500 | | | | 575 | |
| | |
Rev., 5.00%, 1/15/2028 | | | 250 | | | | 290 | |
| | |
Rev., 5.00%, 7/15/2028 | | | 175 | | | | 205 | |
| | |
Rev., 5.00%, 1/15/2029 | | | 300 | | | | 354 | |
| | |
Rev., 5.00%, 7/15/2029 | | | 135 | | | | 161 | |
| | |
Rev., 5.00%, 1/15/2030 | | | 165 | | | | 198 | |
| | |
Rev., 5.00%, 7/15/2030 | | | 115 | | | | 139 | |
| | |
University of Colorado, Enterprise System | | | | | | | | |
| | |
Series 2017A-2, Rev., 5.00%, 6/1/2022 (d) | | | 820 | | | | 829 | |
| | |
Series 2017A-2, Rev., 5.00%, 6/1/2022 | | | 260 | | | | 263 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 108 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Colorado — continued | |
| | |
Series A, Rev., 5.00%, 6/1/2022 (d) | | | 2,590 | | | | 2,618 | |
| | |
Series A, Rev., 5.00%, 6/1/2022 | | | 560 | | | | 566 | |
| | | | | | | | |
| | |
Total Colorado | | | | | | | 26,417 | |
| | | | | | | | |
|
Connecticut — 2.9% | |
| | |
City of New Haven | | | | | | | | |
| | |
Series 2021A, GO, 5.00%, 8/1/2022 | | | 575 | | | | 585 | |
| | |
Series 2021A, GO, 5.00%, 8/1/2023 | | | 400 | | | | 421 | |
| | |
Series 2021A, GO, 5.00%, 8/1/2024 | | | 400 | | | | 433 | |
| | |
Series 2021A, GO, 5.00%, 8/1/2025 | | | 425 | | | | 473 | |
| | |
Connecticut Housing Finance Authority, Housing Mortgage Finance Program Series E, Subseries E-3, Rev., 1.63%, 11/15/2022 (c) | | | 360 | | | | 360 | |
| | |
Connecticut State Health and Educational Facilities Authority, Hartford Healthcare Series 2020B-2, Rev., 5.00%, 1/1/2027 (c) | | | 7,750 | | | | 8,925 | |
| | |
State of Connecticut | | | | | | | | |
| | |
Series 2021D, GO, 5.00%, 7/15/2022 | | | 4,750 | | | | 4,827 | |
| | |
Series 2021D, GO, 5.00%, 7/15/2023 | | | 4,260 | | | | 4,492 | |
| | |
Series 2021D, GO, 5.00%, 7/15/2024 | | | 7,060 | | | | 7,679 | |
| | |
Series 2020C, GO, 4.00%, 6/1/2032 | | | 1,000 | | | | 1,160 | |
| | |
State of Connecticut, Special Tax Transportation Infrastructure Purposes | | | | | | | | |
| | |
Series C, Rev., 5.00%, 10/1/2026 | | | 10,000 | | | | 11,556 | |
| | |
Series 2021D, Rev., 5.00%, 11/1/2029 | | | 1,230 | | | | 1,515 | |
| | |
Series 2021D, Rev., 5.00%, 11/1/2030 | | | 1,825 | | | | 2,292 | |
| | | | | | | | |
| | |
Total Connecticut | | | | | | | 44,718 | |
| | | | | | | | |
|
District of Columbia — 0.1% | |
| | |
Washington Metropolitan Area Transit Authority Series B, Rev., 5.00%, 7/1/2029 | | | 1,120 | | | | 1,312 | |
| | | | | | | | |
|
Florida — 1.5% | |
| | |
County of Miami-Dade, Aviation System Series 2020A, Rev., 5.00%, 10/1/2032 | | | 2,000 | | | | 2,452 | |
| | |
Florida Higher Educational Facilities Financial Authority, Florida Institute of Technology | | | | | | | | |
| | |
Rev., 5.00%, 10/1/2022 | | | 115 | | | | 118 | |
| | |
Rev., 5.00%, 10/1/2023 | | | 125 | | | | 131 | |
| | |
JEA Water and Sewer System Series 2017A, Rev., 5.00%, 10/1/2025 | | | 250 | | | | 282 | |
| | |
Miami-Dade County Expressway Authority, Toll System Series 2014A, Rev., 5.00%, 7/1/2022 | | | 625 | | | | 634 | |
| | |
State of Florida, Department of Transportation, Right-of- Way Acquisition and Bridge Construction Series 2021A, GO, 5.00%, 7/1/2028 | | | 3,675 | | | | 4,446 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| |
|
Florida — continued | |
| | |
State of Florida, State Board of Education, Lottery Series B, Rev., 5.00%, 7/1/2027 | | | 8,540 | | | | 9,820 | |
| | |
Volusia County School Board | | | | | | | | |
| | |
Series 2021A, COP, 5.00%, 8/1/2025 | | | 1,685 | | | | 1,888 | |
| | |
Series 2021A, COP, 5.00%, 8/1/2026 | | | 1,425 | | | | 1,640 | |
| | |
Series 2021A, COP, 5.00%, 8/1/2027 | | | 1,965 | | | | 2,319 | |
| | | | | | | | |
| | |
Total Florida | | | | | | | 23,730 | |
| | | | | | | | |
|
Georgia — 2.5% | |
| | |
Atlanta Development Authority (The), New Downtown Atlanta Stadium Project, Senior Lien | | | | | | | | |
| | |
Series 2015A-1, Rev., 5.00%, 7/1/2027 | | | 1,000 | | | | 1,111 | |
| | |
Series 2015A-1, Rev., 5.00%, 7/1/2028 | | | 1,000 | | | | 1,109 | |
| | |
Dahlonega Downtown Development Authority, North Georgia MAC, LLC Project | | | | | | | | |
| | |
Rev., 5.00%, 7/1/2023 | | | 325 | | | | 342 | |
| | |
Rev., 5.00%, 7/1/2025 | | | 250 | | | | 278 | |
| | |
Rev., 5.00%, 7/1/2026 | | | 275 | | | | 314 | |
| | |
Rev., 5.00%, 7/1/2028 | | | 375 | | | | 436 | |
| | |
Rev., 4.00%, 7/1/2032 | | | 1,000 | | | | 1,101 | |
| | |
Development Authority for Fulton County, Tech Athletic Association Project | | | | | | | | |
| | |
Rev., 5.00%, 10/1/2022 (d) | | | 4,855 | | | | 4,972 | |
| | |
Rev., 5.00%, 10/1/2022 | | | 145 | | | | 149 | |
| | |
Gordon County School District GO, 5.00%, 9/1/2027 (f) | | | 1,000 | | | | 1,183 | |
| | |
Main Street Natural Gas, Inc., Gas Supply Series 2021A, Rev., 4.00%, 9/1/2027 (c) | | | 3,250 | | | | 3,585 | |
| | |
Private Colleges and Universities Authority, Emory University Series 2020B, Rev., 5.00%, 9/1/2030 | | | 10,755 | | | | 13,496 | |
| | |
State of Georgia | | | | | | | | |
| | |
Series 2016E, GO, 5.00%, 12/1/2025 | | | 6,750 | | | | 7,665 | |
| | |
Series F, GO, 5.00%, 7/1/2028 | | | 2,000 | | | | 2,333 | |
| | | | | | | | |
| | |
Total Georgia | | | | | | | 38,074 | |
| | | | | | | | |
|
Guam — 0.2% | |
| | |
Territory of Guam (Guam) | | | | | | | | |
| | |
Series F, Rev., 5.00%, 1/1/2028 | | | 250 | | | | 288 | |
| | |
Series F, Rev., 5.00%, 1/1/2029 | | | 750 | | | | 877 | |
| | |
Series F, Rev., 5.00%, 1/1/2030 | | | 750 | | | | 891 | |
| | |
Series F, Rev., 5.00%, 1/1/2031 | | | 750 | | | | 904 | |
| | | | | | | | |
| | |
Total Guam | | | | | | | 2,960 | |
| | | | | | | | |
|
Hawaii — 0.0% (g) | |
| | |
City and County of Honolulu Series A, GO, 5.00%, 10/1/2029 | | | 675 | | | | 757 | |
| | | | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 109 |
JPMorgan Short-Intermediate Municipal Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Illinois — 8.2% | |
| | |
Carol Stream Park District Series 2020C, GO, 4.00%, 11/1/2027 | | | 200 | | | | 223 | |
| | |
Carol Stream Park District, Limited Tax Series 2020A, GO, 4.00%, 11/1/2028 | | | 145 | | | | 164 | |
| | |
Champaign County Community Unit School District No. 4 Champaign | | | | | | | | |
| | |
GO, 4.00%, 6/1/2028 | | | 1,255 | | | | 1,430 | |
| | |
GO, 4.00%, 6/1/2029 | | | 1,000 | | | | 1,155 | |
| | |
GO, 4.00%, 6/1/2030 | | | 1,285 | | | | 1,494 | |
| | |
Champaign County Community Unit School District No. 4 Champaign, Capital Appreciation | | | | | | | | |
| | |
Series 2020A, GO, Zero Coupon, 1/1/2025 | | | 960 | | | | 916 | |
| | |
Series 2020A, GO, Zero Coupon, 1/1/2027 | | | 385 | | | | 352 | |
| | |
Series 2020A, GO, Zero Coupon, 1/1/2028 | | | 570 | | | | 509 | |
| | |
Chicago O’Hare International Airport, General Airport, Senior Lien | | | | | | | | |
| | |
Series 2020B, Rev., 5.00%, 1/1/2028 | | | 1,000 | | | | 1,175 | |
| | |
Series 2020A, Rev., 5.00%, 1/1/2029 | | | 4,390 | | | | 5,243 | |
| | |
Series 2020A, Rev., 5.00%, 1/1/2030 | | | 4,605 | | | | 5,598 | |
| | |
Series 2020E, Rev., 5.00%, 1/1/2031 | | | 4,620 | | | | 5,614 | |
| | |
Chicago Transit Authority Capital Grant Receipts Rev., 5.00%, 6/1/2029 | | | 1,875 | | | | 2,280 | |
| | |
City of Waukegan | | | | | | | | |
| | |
Series B, GO, AGM, 5.00%, 12/30/2025 | | | 1,075 | | | | 1,209 | |
| | |
Series B, GO, AGM, 5.00%, 12/30/2026 | | | 1,125 | | | | 1,293 | |
| | |
Series B, GO, AGM, 5.00%, 12/30/2027 | | | 1,185 | | | | 1,380 | |
| | |
City of Waukegan, First Lien, Water and Sewer System | | | | | | | | |
| | |
Series C, Rev., AGM, 5.00%, 12/30/2023 | | | 535 | | | | 569 | |
| | |
Series C, Rev., AGM, 5.00%, 12/30/2026 | | | 680 | | | | 782 | |
| | |
Series C, Rev., AGM, 5.00%, 12/30/2027 | | | 710 | | | | 827 | |
| | |
Cook County Community Consolidated School District No. 65, Evanston, Limited Tax GO, 4.00%, 12/1/2030 | | | 1,225 | | | | 1,414 | |
| | |
Cook County Community School District No. 97, Oak Park | | | | | | | | |
| | |
GO, 4.00%, 1/1/2028 | | | 500 | | | | 566 | |
| | |
GO, 4.00%, 1/1/2029 | | | 375 | | | | 426 | |
| | |
GO, 4.00%, 1/1/2030 | | | 285 | | | | 323 | |
| | |
Cook County High School District No. 207, Maine Township | | | | | | | | |
| | |
Series 2019A, GO, 5.00%, 12/1/2027 | | | 1,915 | | | | 2,280 | |
| | |
Series 2019A, GO, 5.00%, 12/1/2028 | | | 1,930 | | | | 2,349 | |
| | |
Series 2019A, GO, 4.00%, 12/1/2029 | | | 1,945 | | | | 2,255 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| |
|
Illinois — continued | |
| | |
Cook County School District No. 69, Skokie, Limited Tax | | | | | | | | |
| | |
GO, 4.00%, 12/1/2026 | | | 470 | | | | 519 | |
| | |
GO, 4.00%, 12/1/2027 | | | 490 | | | | 549 | |
| | |
GO, 4.00%, 12/1/2028 | | | 545 | | | | 617 | |
| | |
GO, 4.00%, 12/1/2029 | | | 515 | | | | 595 | |
| | |
GO, 4.00%, 12/1/2030 | | | 200 | | | | 230 | |
| | |
GO, 4.00%, 12/1/2031 | | | 820 | | | | 937 | |
| | |
Cook County School District No. 99 Cicero, Limited Tax | | | | | | | | |
| | |
Series 2019B, GO, 5.00%, 12/1/2024 | | | 505 | | | | 551 | |
| | |
Series 2019B, GO, 5.00%, 12/1/2025 | | | 515 | | | | 575 | |
| | |
Cook County Township High School District No. 225, Glenbrook Series 2016A, GO, 5.00%, 12/1/2023 | | | 5 | | | | 5 | |
| | |
Cook County, Proviso Township High School District No. 209, Limited Tax | | | | | | | | |
| | |
GO, 5.00%, 12/1/2022 | | | 2,975 | | | | 3,066 | |
| | |
GO, 5.00%, 12/1/2023 | | | 2,350 | | | | 2,497 | |
| | |
County of Cook Series 2021B, GO, 4.00%, 11/15/2027 | | | 2,425 | | | | 2,712 | |
| | |
County of Du Page, Courthouse Project GO, 5.00%, 1/1/2024 | | | 335 | | | | 357 | |
| | |
DeKalb County Community Unit School District No. 428 DeKalb | | | | | | | | |
| | |
GO, 4.00%, 1/1/2028 | | | 1,265 | | | | 1,431 | |
| | |
GO, 4.00%, 1/1/2029 | | | 650 | | | | 739 | |
| | |
GO, 4.00%, 1/1/2030 | | | 600 | | | | 680 | |
| | |
GO, 4.00%, 1/1/2031 | | | 1,000 | | | | 1,129 | |
| | |
Effingham Community Unit School District No. 40 Series 2019A, GO, 4.00%, 12/1/2028 | | | 565 | | | | 642 | |
| | |
Glenview Park District | | | | | | | | |
| | |
GO, 5.00%, 12/1/2026 | | | 300 | | | | 349 | |
| | |
GO, 5.00%, 12/1/2029 | | | 350 | | | | 409 | |
| | |
Grundy and Kendall Counties Consolidated Grade School District No. 60-C GO, 4.00%, 2/1/2030 | | | 1,145 | | | | 1,289 | |
| | |
Illinois Finance Authority, Clean Water Initiative Revolving Fund Series 1998B, Rev., 5.00%, 1/1/2029 | | | 4,000 | | | | 4,523 | |
| | |
Illinois Finance Authority, DePaul University | | | | | | | | |
| | |
Rev., 5.00%, 10/1/2023 | | | 200 | | | | 212 | |
| | |
Rev., 5.00%, 10/1/2025 | | | 300 | | | | 336 | |
| | |
Rev., 5.00%, 10/1/2028 | | | 250 | | | | 285 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 110 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Illinois — continued | |
| | |
Illinois Finance Authority, Lake Zurich Community Unit School District No. 95 Project | | | | | | | | |
| | |
Rev., 4.00%, 1/15/2030 | | | 1,960 | | | | 2,215 | |
| | |
Rev., 4.00%, 1/15/2032 | | | 2,120 | | | | 2,376 | |
| | |
Illinois Finance Authority, Silver Cross Hospital and Medical Centers Series 2015C, Rev., 5.00%, 8/15/2022 | | | 500 | | | | 509 | |
| | |
Kane and DeKalb Counties Community Unit School District No 301 Burlington GO, 5.00%, 1/1/2027 | | | 355 | | | | 409 | |
| | |
Kane County School District No. 131 Aurora East Side | | | | | | | | |
| | |
Series 2020A, GO, AGM, 5.00%, 12/1/2026 | | | 115 | | | | 132 | |
| | |
Series 2020B, GO, AGM, 5.00%, 12/1/2026 | | | 210 | | | | 240 | |
| | |
Series 2020A, GO, AGM, 4.00%, 12/1/2027 | | | 105 | | | | 117 | |
| | |
Series 2020A, GO, AGM, 4.00%, 12/1/2028 | | | 65 | | | | 74 | |
| | |
Series 2020B, GO, AGM, 4.00%, 12/1/2028 | | | 135 | | | | 153 | |
| | |
Series 2020A, GO, AGM, 4.00%, 12/1/2029 | | | 65 | | | | 74 | |
| | |
Series 2020B, GO, AGM, 4.00%, 12/1/2029 | | | 40 | | | | 46 | |
| | |
Series 2020A, GO, AGM, 4.00%, 12/1/2030 | | | 80 | | | | 91 | |
| | |
Madison-Macoupin Etc. Counties Community College District No. 536, Lewis and Clark Community | | | | | | | | |
| | |
GO, AGM, 4.00%, 5/1/2025 | | | 400 | | | | 429 | |
| | |
GO, AGM, 4.00%, 5/1/2026 | | | 200 | | | | 218 | |
| | |
GO, AGM, 4.00%, 5/1/2028 | | | 350 | | | | 389 | |
| | |
GO, AGM, 4.00%, 5/1/2029 | | | 1,000 | | | | 1,106 | |
| | |
Peoria County Community Unit School District No. 309 Brimfield | | | | | | | | |
| | |
GO, AGM, 4.00%, 4/1/2026 | | | 750 | | | | 821 | |
| | |
GO, AGM, 4.00%, 4/1/2027 | | | 780 | | | | 866 | |
| | |
GO, AGM, 4.00%, 4/1/2028 | | | 410 | | | | 462 | |
| | |
GO, AGM, 4.00%, 4/1/2029 | | | 240 | | | | 274 | |
| | |
GO, AGM, 4.00%, 4/1/2030 | | | 375 | | | | 426 | |
| | |
Peoria Public Building Commission | | | | | | | | |
| | |
Series 2019A, Rev., AGM, 4.00%, 12/1/2025 | | | 700 | | | | 759 | |
| | |
Series 2019A, Rev., AGM, 4.00%, 12/1/2026 | | | 1,000 | | | | 1,102 | |
| | |
Series 2019A, Rev., AGM, 4.00%, 12/1/2027 | | | 1,270 | | | | 1,421 | |
| | |
Series 2019A, Rev., AGM, 5.00%, 12/1/2028 | | | 1,200 | | | | 1,414 | |
| | |
Series 2019A, Rev., AGM, 5.00%, 12/1/2029 | | | 2,400 | | | | 2,819 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| |
|
Illinois — continued | |
| | |
Sales Tax Securitization Corp. | | | | | | | | |
| | |
Series C, Rev., 5.00%, 1/1/2024 | | | 3,000 | | | | 3,204 | |
| | |
Series C, Rev., 5.00%, 1/1/2025 | | | 4,250 | | | | 4,650 | |
| | |
Sales Tax Securitization Corp., Second Lien Series 2021A, Rev., 5.00%, 1/1/2031 | | | 10,035 | | | | 12,419 | |
| | |
Southwestern Illinois Development Authority, Hospital Sisters Services, Inc., Obligated Group Series A, Rev., 5.00%, 2/15/2027 | | | 2,000 | | | | 2,322 | |
| | |
State of Illinois Series D, GO, 5.00%, 11/1/2023 | | | 5,000 | | | | 5,302 | |
| | |
State of Illinois, Sales Tax | | | | | | | | |
| | |
Series 2018A, Rev., 5.00%, 6/15/2022 | | | 4,600 | | | | 4,658 | |
| | |
Series 2018A, Rev., 5.00%, 6/15/2023 | | | 4,600 | | | | 4,835 | |
| | |
University of Illinois, Auxiliary Facilities System Series 2013A, Rev., 5.00%, 4/1/2024 | | | 2,500 | | | | 2,608 | |
| | |
Will County Forest Preservation District, Limited Tax GO, 5.00%, 12/15/2027 | | | 805 | | | | 957 | |
| | |
Will County Township High School District No. 204 Joliet, Limited Tax GO, 4.00%, 1/1/2029 | | | 250 | | | | 284 | |
| | | | | | | | |
| | |
Total Illinois | | | | | | | 127,241 | |
| | | | | | | | |
|
Indiana — 1.8% | |
| | |
City of Evansville, Sewage Works Rev., 4.00%, 7/1/2027 | | | 985 | | | | 1,102 | |
| | |
City of Rockport, Indiana Michigan Power Co. Project Series 2009B, Rev., 3.05%, 6/1/2025 | | | 5,000 | | | | 5,193 | |
| | |
Fort Wayne Redevelopment Authority Lease Rental, Harrison Square Project Rev., 5.00%, 8/1/2023 | | | 1,000 | | | | 1,055 | |
| | |
Indiana Finance Authority, Indiana University Health Obligated Group Series B, Rev., 2.25%, 7/1/2025 (c) | | | 5,000 | | | | 5,138 | |
| | |
Indiana Finance Authority, Indianapolis Power and Light Co. Project | | | | | | | | |
| | |
Rev., 0.75%, 4/1/2026 | | | 3,000 | | | | 2,904 | |
| | |
Rev., AMT, 0.95%, 4/1/2026 (c) | | | 4,525 | | | | 4,372 | |
| | |
Series 2021A, Rev., 1.40%, 8/1/2029 (c) | | | 7,000 | | | | 6,515 | |
| | |
New Albany-Floyd County School Building Corp., First Mortgage Rev., 5.00%, 7/15/2022 | | | 835 | | | | 848 | |
| | |
Purdue University, Student Fee | | | | | | | | |
| | |
Series DD, Rev., 5.00%, 7/1/2025 | | | 870 | | | | 976 | |
| | |
Series DD, Rev., 5.00%, 7/1/2027 | | | 10 | | | | 12 | |
| | | | | | | | |
| | |
Total Indiana | | | | | | | 28,115 | |
| | | | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 111 |
JPMorgan Short-Intermediate Municipal Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Iowa — 0.7% | |
| | |
Iowa Finance Authority, Health System Rev., (SIFMA Municipal Swap Index Yield + 0.58%), 0.78%, 3/10/2022 (b) (e) | | | 11,600 | | | | 11,616 | |
| | | | | | | | |
|
Kansas — 1.2% | |
| | |
Butler County, Unified School District No. 375 Circle Series 2014-1, GO, 4.00%, 9/1/2022 (d) | | | 200 | | | | 203 | |
| | |
City of Wichita, Sales Tax, River District Stadium Star Bond Project | | | | | | | | |
| | |
Rev., 5.00%, 9/1/2025 | | | 300 | | | | 334 | |
| | |
Rev., 5.00%, 9/1/2026 | | | 465 | | | | 534 | |
| | |
City of Wichita, Water and Sewer Utility Series 2014A, Rev., 5.00%, 10/1/2022 | | | 2,200 | | | | 2,255 | |
| | |
Kansas Development Finance Authority, State of Kansas Project Series F, Rev., 4.00%, 11/1/2029 | | | 6,820 | | | | 7,707 | |
| | |
Overland Park Development Corp., Overland Park Convention Center Hotel | | | | | | | | |
| | |
Rev., 4.00%, 3/1/2022 | | | 1,455 | | | | 1,455 | |
| | |
Rev., 5.00%, 3/1/2023 | | | 1,520 | | | | 1,540 | |
| | |
Seward County Unified School District No. 480 Liberal Series 2017-B, GO, 5.00%, 9/1/2025 | | | 1,750 | | | | 1,964 | |
| | |
University of Kansas Hospital Authority | | | | | | | | |
| | |
Series 2017A, Rev., 5.00%, 3/1/2024 | | | 205 | | | | 220 | |
| | |
Series 2017A, Rev., 5.00%, 3/1/2024 (d) | | | 70 | | | | 75 | |
| | |
Wyandotte County Unified School District No. 202 Turner | | | | | | | | |
| | |
Series 2019A, GO, AGM, 5.00%, 9/1/2025 | | | 400 | | | | 446 | |
| | |
Series 2019A, GO, AGM, 5.00%, 9/1/2026 | | | 220 | | | | 251 | |
| | |
Series 2019A, GO, AGM, 5.00%, 9/1/2027 | | | 325 | | | | 380 | |
| | |
Series 2019A, GO, AGM, 5.00%, 9/1/2028 | | | 400 | | | | 473 | |
| | |
Series 2019A, GO, AGM, 5.00%, 9/1/2029 | | | 375 | | | | 444 | |
| | | | | | | | |
| | |
Total Kansas | | | | | | | 18,281 | |
| | | | | | | | |
|
Kentucky — 1.1% | |
| | |
Kentucky Municipal Power Agency, Prairie State Project Series 2015A, Rev., NATL-RE, 5.00%, 9/1/2023 | | | 240 | | | | 253 | |
| | |
Kentucky Public Energy Authority, Gas Supply Series 2018A, Rev., 4.00%, 4/1/2024 (c) | | | 2,500 | | | | 2,614 | |
| | |
Louisville and Jefferson County Metropolitan Government, Norton Healthcare, Inc. Series 2020D, Rev., 5.00%, 10/1/2029 (c) | | | 10,500 | | | | 12,826 | |
| | |
Northern Kentucky University Series 2014A, Rev., 5.00%, 9/1/2024 | | | 1,310 | | | | 1,403 | |
| | | | | | | | |
| | |
Total Kentucky | | | | | | | 17,096 | |
| | | | | | | | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| |
|
Louisiana — 1.5% | |
| | |
City of Shreveport, Water and Sewer, Junior Lien | | | | | | | | |
| | |
Series C, Rev., 5.00%, 12/1/2022 | | | 270 | | | | 278 | |
| | |
Series 2018C, Rev., 5.00%, 12/1/2023 | | | 365 | | | | 389 | |
| | |
Series 2019B, Rev., AGM, 4.00%, 12/1/2025 | | | 400 | | | | 433 | |
| | |
Series 2018C, Rev., 5.00%, 12/1/2025 | | | 915 | | | | 1,030 | |
| | |
Series 2018C, Rev., 5.00%, 12/1/2026 | | | 500 | | | | 579 | |
| | |
Series 2019B, Rev., AGM, 5.00%, 12/1/2026 | | | 360 | | | | 417 | |
| | |
Series 2019B, Rev., AGM, 5.00%, 12/1/2027 | | | 600 | | | | 710 | |
| | |
Series 2019B, Rev., AGM, 5.00%, 12/1/2028 | | | 500 | | | | 603 | |
| | |
Series 2019B, Rev., AGM, 5.00%, 12/1/2029 | | | 300 | | | | 360 | |
| | |
Jefferson Sales Tax District Series 2019B, Rev., AGM, 4.00%, 12/1/2032 | | | 5,815 | | | | 6,643 | |
| | |
Louisiana Public Facilities Authority, Louisiana Children’s Medical Center Project Rev., (SIFMA Municipal Swap Index Yield + 0.65%), 0.85%, 3/10/2022 (b) | | | 10,000 | | | | 10,015 | |
| | |
Louisiana Public Facilities Authority, Tulane University Project | | | | | | | | |
| | |
Rev., 5.00%, 12/15/2022 | | | 230 | | | | 237 | |
| | |
Rev., 5.00%, 12/15/2025 | | | 250 | | | | 282 | |
| | |
Series 2020A, Rev., 5.00%, 4/1/2027 | | | 150 | | | | 174 | |
| | |
Series 2020A, Rev., 5.00%, 4/1/2028 | | | 165 | | | | 195 | |
| | |
Series 2020A, Rev., 5.00%, 4/1/2029 | | | 220 | | | | 264 | |
| | |
Series 2020A, Rev., 5.00%, 4/1/2030 | | | 130 | | | | 159 | |
| | |
Series 2020A, Rev., 5.00%, 4/1/2031 | | | 150 | | | | 182 | |
| | | | | | | | |
| | |
Total Louisiana | | | | | | | 22,950 | |
| | | | | | | | |
|
Maryland — 0.7% | |
| | |
County of Montgomery, Consolidated Public Improvement Series 2018A, GO, 5.00%, 11/1/2027 | | | 2,800 | | | | 3,342 | |
| | |
State of Maryland, Department of Transportation Rev., 5.00%, 10/1/2025 | | | 6,100 | | | | 6,882 | |
| | | | | | | | |
| | |
Total Maryland | | | | | | | 10,224 | |
| | | | | | | | |
|
Massachusetts — 3.2% | |
| | |
City of Boston Series 2014A, GO, 5.00%, 3/1/2023 | | | 7,360 | | | | 7,662 | |
| | |
Commonwealth of Massachusetts, Consolidated Loan of 2015 Series D, GO, 4.00%, 9/1/2030 | | | 8,290 | | | | 8,975 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 112 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Massachusetts — continued | |
| | |
Massachusetts Bay Transportation Authority, Sales Tax Series 2021A-1, Rev., 5.00%, 7/1/2028 | | | 785 | | | | 944 | |
| | |
Massachusetts Clean Water Trust (The), Revolving Fund Rev., 5.00%, 8/1/2025 | | | 6,775 | | | | 7,617 | |
| | |
Massachusetts Development Finance Agency, Northeastern University Issue | | | | | | | | |
| | |
Series 2020A, Rev., 5.00%, 10/1/2027 | | | 1,000 | | | | 1,187 | |
| | |
Series 2020A, Rev., 5.00%, 10/1/2028 | | | 1,000 | | | | 1,210 | |
| | |
Series 2020A, Rev., 5.00%, 10/1/2030 | | | 660 | | | | 831 | |
| | |
Series 2020A, Rev., 5.00%, 10/1/2031 | | | 585 | | | | 732 | |
| | |
Series 2020A, Rev., 5.00%, 10/1/2032 | | | 425 | | | | 531 | |
| | |
Series 2020A, Rev., 5.00%, 10/1/2033 | | | 450 | | | | 562 | |
| | |
Series 2020A, Rev., 5.00%, 10/1/2034 | | | 500 | | | | 623 | |
| | |
Series 2020A, Rev., 5.00%, 10/1/2035 | | | 1,000 | | | | 1,245 | |
| | |
Massachusetts Development Finance Agency, Partners Healthcare System Issue Series 2017S, Rev., (SIFMA Municipal Swap Index Yield + 0.50%), 0.70%, 3/10/2022 (b) | | | 10,000 | | | | 10,001 | |
| | |
Massachusetts Development Finance Agency, Suffolk University Issue | | | | | | | | |
| | |
Rev., 5.00%, 7/1/2025 | | | 525 | | | | 579 | |
| | |
Rev., 5.00%, 7/1/2026 | | | 435 | | | | 490 | |
| | |
Rev., 5.00%, 7/1/2027 | | | 420 | | | | 483 | |
| | |
Rev., 5.00%, 7/1/2028 | | | 525 | | | | 612 | |
| | |
Massachusetts Port Authority Series 2019-A, Rev., AMT, 5.00%, 7/1/2023 | | | 4,840 | | | | 5,090 | |
| | | | | | | | |
| | |
Total Massachusetts | | | | | | | 49,374 | |
| | | | | | | | |
|
Michigan — 1.7% | |
| | |
Avondale School District, Unlimited Tax Series 2020A, GO, Q-SBLF, 5.00%, 5/1/2029 | | | 1,835 | | | | 2,257 | |
| | |
City of Royal Oak, Limited Tax, Capital Improvement | | | | | | | | |
| | |
GO, 5.00%, 4/1/2027 | | | 625 | | | | 728 | |
| | |
GO, 5.00%, 4/1/2028 | | | 245 | | | | 291 | |
| | |
Gerald R Ford International Airport Authority, Limited Tax | | | | | | | | |
| | |
Rev., GTD, 5.00%, 1/1/2023 | | | 1,560 | | | | 1,614 | |
| | |
Rev., GTD, 5.00%, 1/1/2024 | | | 1,400 | | | | 1,498 | |
| | |
Grosse Pointe Public School System GO, 4.00%, 5/1/2027 | | | 765 | | | | 858 | |
| | |
Jackson Public Schools, Unlimited Tax | | | | | | | | |
| | |
GO, Q-SBLF, 4.00%, 5/1/2025 | | | 570 | | | | 616 | |
| | |
GO, Q-SBLF, 4.00%, 5/1/2026 | | | 885 | | | | 976 | |
| | |
GO, Q-SBLF, 4.00%, 5/1/2027 | | | 1,090 | | | | 1,217 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| |
|
Michigan — continued | |
| | |
Kalamazoo Public Schools, Unlimited Tax GO, 5.00%, 5/1/2022 | | | 1,000 | | | | 1,007 | |
| | |
Michigan State Hospital Finance Authority, Ascension Health Credit Group Series B-4, Rev., 5.00%, 11/15/2027 | | | 2,250 | | | | 2,499 | |
| | |
Northville Public Schools, School Building and Site | | | | | | | | |
| | |
Series II, GO, 5.00%, 5/1/2027 | | | 375 | | | | 438 | |
| | |
Series II, GO, 5.00%, 5/1/2028 | | | 600 | | | | 715 | |
| | |
Series II, GO, 5.00%, 5/1/2029 | | | 250 | | | | 304 | |
| | |
Troy School District, School Building and Site | | | | | | | | |
| | |
GO, Q-SBLF, 5.00%, 5/1/2022 | | | 500 | | | | 504 | |
| | |
University of Michigan | | | | | | | | |
| | |
Series 2019C, Rev., 4.00%, 4/1/2024 (c) | | | 10,650 | | | | 11,147 | |
| | | | | | | | |
| | |
Total Michigan | | | | | | | 26,669 | |
| | | | | | | | |
|
Minnesota — 0.4% | |
| | |
Duluth Independent School District No. 709 | | | | | | | | |
| | |
Series 2019B, COP, 5.00%, 2/1/2024 | | | 210 | | | | 224 | |
| | |
Series 2019C, COP, 5.00%, 2/1/2024 | | | 295 | | | | 315 | |
| | |
Series 2019B, COP, 5.00%, 2/1/2025 | | | 185 | | | | 203 | |
| | |
Series 2019C, COP, 5.00%, 2/1/2025 | | | 310 | | | | 341 | |
| | |
Series 2019B, COP, 5.00%, 2/1/2026 | | | 195 | | | | 220 | |
| | |
Series 2019C, COP, 5.00%, 2/1/2026 | | | 320 | | | | 362 | |
| | |
Series 2019B, COP, 5.00%, 2/1/2027 | | | 185 | | | | 214 | |
| | |
Series 2019B, COP, 5.00%, 2/1/2028 | | | 175 | | | | 206 | |
| | |
Series 2019C, COP, 5.00%, 2/1/2028 | | | 350 | | | | 412 | |
| | |
Minnesota Higher Education Facilities Authority, College of St. Scholastica, Inc. | | | | | | | | |
| | |
Rev., 4.00%, 12/1/2024 | | | 100 | | | | 106 | |
| | |
Rev., 4.00%, 12/1/2025 | | | 185 | | | | 198 | |
| | |
Rev., 4.00%, 12/1/2026 | | | 185 | | | | 201 | |
| | |
Rev., 4.00%, 12/1/2027 | | | 195 | | | | 214 | |
| | |
Rev., 4.00%, 12/1/2028 | | | 240 | | | | 265 | |
| | |
Western Minnesota Municipal Power Agency, Power Supply | | | | | | | | |
| | |
Series 2014A, Rev., 5.00%, 1/1/2023 | | | 1,500 | | | | 1,551 | |
| | |
Series 2014A, Rev., 5.00%, 1/1/2024 | | | 1,000 | | | | 1,069 | |
| | | | | | | | |
| | |
Total Minnesota | | | | | | | 6,101 | |
| | | | | | | | |
|
Mississippi — 0.7% | |
| | |
County of Harrison, Tax-Exempt | | | | | | | | |
| | |
Series 2019A, GO, 5.00%, 10/1/2027 | | | 800 | | | | 947 | |
| | |
Series 2019A, GO, 5.00%, 10/1/2028 | | | 345 | | | | 417 | |
| | |
Medical Center Educational Building Corp., Capital Improvements and Refinancing Project Rev., 5.00%, 6/1/2031 | | | 3,105 | | | | 3,756 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 113 |
JPMorgan Short-Intermediate Municipal Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Mississippi — continued | |
| | |
Mississippi Business Finance Corp., Pollution Control, Power Company Project Rev., 3.20%, 9/1/2028 | | | 4,000 | | | | 4,123 | |
| | |
State of Mississippi, Gaming Tax Series 2019A, Rev., 5.00%, 10/15/2028 | | | 1,400 | | | | 1,675 | |
| | | | | | | | |
| | |
Total Mississippi | | | | | | | 10,918 | |
| | | | | | | | |
|
Missouri — 0.5% | |
| | |
City of St. Louis, St. Louis Lambert International Airport | | | | | | | | |
| | |
Rev., 5.00%, 7/1/2022 | | | 1,000 | | | | 1,014 | |
| | |
Rev., 5.00%, 7/1/2023 | | | 1,080 | | | | 1,135 | |
| | |
City of St. Peters | | | | | | | | |
| | |
COP, 4.00%, 5/1/2026 | | | 705 | | | | 773 | |
| | |
COP, 4.00%, 5/1/2027 | | | 730 | | | | 814 | |
| | |
COP, 4.00%, 5/1/2028 | | | 760 | | | | 859 | |
| | |
COP, 4.00%, 5/1/2029 | | | 760 | | | | 866 | |
| | |
COP, 4.00%, 5/1/2030 | | | 545 | | | | 629 | |
| | |
County of Greene, Special Obligation | | | | | | | | |
| | |
Rev., 4.00%, 12/1/2028 | | | 300 | | | | 342 | |
| | |
Rev., 4.00%, 12/1/2029 | | | 200 | | | | 231 | |
| | |
North Kansas City School District No. 74, Improvement Bonds, Missouri Direct Deposit Program GO, 5.00%, 3/1/2022 | | | 350 | | | | 350 | |
| | | | | | | | |
| | |
Total Missouri | | | | | | | 7,013 | |
| | | | | | | | |
|
Montana — 0.1% | |
| | |
Gallatin County High School District No. 7 Bozeman Series 2017A, GO, 5.00%, 12/1/2023 | | | 515 | | | | 550 | |
| | |
Missoula County Elementary School District No. 1, School Building GO, 5.00%, 7/1/2024 | | | 520 | | | | 565 | |
| | |
State of Montana, Long-Range Building Program GO, 5.00%, 8/1/2022 | | | 1,000 | | | | 1,018 | |
| | | | | | | | |
| | |
Total Montana | | | | | | | 2,133 | |
| | | | | | | | |
|
Nebraska — 1.4% | |
| | |
County of Sarpy, Highway Allocation Fund Pledge, Limited Tax GO, 5.00%, 6/1/2026 | | | 2,320 | | | | 2,670 | |
| | |
Douglas County, Omaha School District No. 001 | | | | | | | | |
| | |
GO, 5.00%, 12/15/2029 | | | 6,665 | | | | 8,286 | |
| | |
GO, 5.00%, 12/15/2030 | | | 6,800 | | | | 8,609 | |
| | |
Southeast Community College Area, Tax Supported | | | | | | | | |
| | |
COP, 5.00%, 12/15/2026 | | | 275 | | | | 321 | |
| | |
COP, 5.00%, 12/15/2027 | | | 495 | | | | 589 | |
| | |
COP, 5.00%, 12/15/2028 | | | 540 | | | | 651 | |
| | | | | | | | |
| | |
Total Nebraska | | | | | | | 21,126 | |
| | | | | | | | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| |
|
New Hampshire — 0.4% | |
| | |
New Hampshire Municipal Bond Bank Series 2020A, Rev., 5.00%, 2/15/2029 | | | 1,870 | | | | 2,284 | |
| | |
State of New Hampshire | | | | | | | | |
| | |
Series 2014A, GO, 5.00%, 3/1/2026 | | | 2,880 | | | | 3,186 | |
| | | | | | | | |
| | |
Total New Hampshire | | | | | | | 5,470 | |
| | | | | | | | |
|
New Jersey — 4.7% | |
| | |
City of Newark | | | | | | | | |
| | |
Series 2020A, GO, AGM, 5.00%, 10/1/2027 | | | 1,000 | | | | 1,163 | |
| | |
Series 2020A, GO, AGM, 5.00%, 10/1/2028 | | | 750 | | | | 888 | |
| | |
New Jersey Economic Development Authority, School Facilities Construction | | | | | | | | |
| | |
Series DDD, Rev., 5.00%, 6/15/2025 | | | 1,500 | | | | 1,657 | |
| | |
Series DDD, Rev., 5.00%, 6/15/2026 | | | 1,840 | | | | 2,080 | |
| | |
Series 2021QQQ, Rev., 5.00%, 6/15/2027 | | | 435 | | | | 501 | |
| | |
Series 2021QQQ, Rev., 5.00%, 6/15/2028 | | | 400 | | | | 467 | |
| | |
Series 2021QQQ, Rev., 5.00%, 6/15/2029 | | | 500 | | | | 592 | |
| | |
Series 2021QQQ, Rev., 5.00%, 6/15/2030 | | | 275 | | | | 329 | |
| | |
Series 2021QQQ, Rev., 5.00%, 6/15/2031 | | | 500 | | | | 599 | |
| | |
New Jersey Institute of Technology, Tax-Exempt | | | | | | | | |
| | |
Series 2020A, Rev., 5.00%, 7/1/2027 | | | 175 | | | | 204 | |
| | |
Series 2020A, Rev., 5.00%, 7/1/2028 | | | 200 | | | | 239 | |
| | |
Series 2020A, Rev., 5.00%, 7/1/2029 | | | 270 | | | | 328 | |
| | |
Series 2020A, Rev., 5.00%, 7/1/2030 | | | 415 | | | | 503 | |
| | |
Series 2020A, Rev., 5.00%, 7/1/2032 | | | 725 | | | | 874 | |
| | |
New Jersey Transportation Trust Fund Authority Series 2021A, Rev., 5.00%, 6/15/2027 | | | 3,700 | | | | 4,258 | |
| | |
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement | | | | | | | | |
| | |
Series A, Rev., 5.00%, 6/15/2028 | | | 3,000 | | | | 3,405 | |
| | |
Series A, Rev., 5.00%, 6/15/2029 | | | 5,350 | | | | 6,067 | |
| | |
Series A, Rev., 5.00%, 6/15/2031 | | | 4,750 | | | | 5,375 | |
| | |
New Jersey Turnpike Authority Series C-6, Rev., (ICE LIBOR USD 1 Month + 0.75%), 0.91%, 4/1/2022 (b) | | | 10,000 | | | | 10,013 | |
| | |
Passaic Valley Sewerage Commission, Sewer System | | | | | | | | |
| | |
Series J, Rev., AGM, 3.00%, 12/1/2027 | | | 6,370 | | | | 6,804 | |
| | |
Series J, Rev., AGM, 3.00%, 12/1/2028 | | | 6,465 | | | | 6,947 | |
| | |
Series J, Rev., AGM, 3.00%, 12/1/2030 | | | 6,665 | | | | 7,109 | |
| | |
State of New Jersey, COVID-19 Emergency Bonds GO, 5.00%, 6/1/2025 | | | 7,330 | | | | 8,124 | |
| | |
State of New Jersey, Various Purpose GO, 4.00%, 6/1/2026 | | | 3,870 | | | | 3,996 | |
| | |
Township of South Brunswick GO, 5.00%, 9/1/2022 | | | 425 | | | | 434 | |
| | | | | | | | |
| | |
Total New Jersey | | | | | | | 72,956 | |
| | | | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 114 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
New Mexico — 0.4% | |
| | |
City of Farmington, San Juan Project | | | | | | | | |
| | |
Series 2010A, Rev., 0.88%, 10/1/2026 (c) | | | 4,000 | | | | 3,797 | |
| | |
County of Sandoval | | | | | | | | |
| | |
GO, 5.00%, 8/1/2024 | | | 1,100 | | | | 1,196 | |
| | |
GO, 5.00%, 8/1/2025 | | | 500 | | | | 561 | |
| | |
GO, 5.00%, 8/1/2026 | | | 650 | | | | 748 | |
| | | | | | | | |
| | |
Total New Mexico | | | | | | | 6,302 | |
| | | | | | | | |
|
New York — 8.5% | |
| | |
Bedford Central School District, Boces Project GO, 5.00%, 11/15/2022 | | | 2,410 | | | | 2,482 | |
| | |
City of Jamestown, Public Improvement GO, 5.00%, 6/1/2025 | | | 540 | | | | 598 | |
| | |
City of New York, Fiscal Year 2020 Series 2020-1, GO, 4.00%, 8/1/2027 | | | 2,450 | | | | 2,757 | |
| | |
County of Monroe | | | | | | | | |
| | |
GO, 5.00%, 6/1/2028 | | | 350 | | | | 416 | |
| | |
GO, 5.00%, 6/1/2029 | | | 400 | | | | 484 | |
| | |
County of Orange, Public Improvement GO, 5.00%, 2/1/2023 | | | 1,000 | | | | 1,038 | |
| | |
Floral Park-Bellerose Union Free School District | | | | | | | | |
| | |
GO, 5.00%, 12/1/2028 | | | 640 | | | | 783 | |
| | |
GO, 4.00%, 12/1/2029 | | | 670 | | | | 776 | |
| | |
Hampton Bays Union Free School District GO, 5.00%, 9/15/2022 | | | 2,025 | | | | 2,072 | |
| | |
Long Island Power Authority, Electric System | | | | | | | | |
| | |
Rev., 5.00%, 9/1/2025 | | | 500 | | | | 562 | |
| | |
Rev., 5.00%, 9/1/2027 | | | 500 | | | | 591 | |
| | |
Rev., 5.00%, 9/1/2028 | | | 750 | | | | 888 | |
| | |
Longwood Central School District, Suffolk County GO, 5.00%, 6/15/2026 | | | 365 | | | | 422 | |
| | |
Metropolitan Transportation Authority Subseries C-1, Rev., 5.00%, 11/15/2024 | | | 3,000 | | | | 3,292 | |
| | |
Metropolitan Transportation Authority, Dedicated Tax Fund Subseries 2017B-2, Rev., 4.00%, 11/15/2032 | | | 4,000 | | | | 4,405 | |
| | |
Nassau County Local Economic Assistance Corp., Catholic Health Services, Long Island Obligated Group Project Series 2014B, Rev., 5.00%, 7/1/2023 | | | 800 | | | | 841 | |
| | |
New York City Industrial Development Agency, Queens Baseball Stadium Project Rev., AGM, 4.00%, 1/1/2032 | | | 1,000 | | | | 1,145 | |
| | |
New York City Industrial Development Agency, Yankee Stadium Project | | | | | | | | |
| | |
Rev., AGM, 5.00%, 3/1/2028 | | | 1,000 | | | | 1,185 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| |
|
New York — continued | |
| | |
Rev., AGM, 5.00%, 3/1/2029 | | | 2,000 | | | | 2,416 | |
| | |
Rev., AGM, 4.00%, 3/1/2031 | | | 2,500 | | | | 2,890 | |
| | |
Rev., AGM, 4.00%, 3/1/2032 | | | 1,500 | | | | 1,724 | |
| | |
New York Convention Center Development Corp., Hotel Unit Fee Secured Rev., 5.00%, 11/15/2026 | | | 5,000 | | | | 5,616 | |
| | |
New York State Dormitory Authority, Memorial Sloan-Kettering Cancer Center | | | | | | | | |
| | |
Series 2017-1, Rev., 5.00%, 7/1/2026 | | | 1,000 | | | | 1,149 | |
| | |
Series 1, Rev., 4.00%, 7/1/2031 | | | 4,255 | | | | 4,846 | |
| | |
New York State Dormitory Authority, Montefiore Obligated Group Series 2018A, Rev., 5.00%, 8/1/2027 | | | 3,225 | | | | 3,682 | |
| | |
New York State Dormitory Authority, New York University Series 2019A, Rev., 5.00%, 7/1/2027 | | | 4,630 | | | | 5,466 | |
| | |
New York State Dormitory Authority, Non Stop Supported Debt, New School University | | | | | | | | |
| | |
Series 2015A, Rev., 5.00%, 7/1/2024 | | | 1,025 | | | | 1,108 | |
| | |
Series 2015A, Rev., 5.00%, 7/1/2024 (d) | | | 75 | | | | 81 | |
| | |
New York State Dormitory Authority, St. John’s University | | | | | | | | |
| | |
Series 2021A, Rev., 4.00%, 7/1/2029 | | | 475 | | | | 539 | |
| | |
Series 2021A, Rev., 4.00%, 7/1/2030 | | | 550 | | | | 630 | |
| | |
Series 2021A, Rev., 4.00%, 7/1/2031 | | | 1,300 | | | | 1,504 | |
| | |
Series 2021A, Rev., 4.00%, 7/1/2032 | | | 1,100 | | | | 1,261 | |
| | |
Series 2021A, Rev., 4.00%, 7/1/2033 | | | 1,000 | | | | 1,142 | |
| | |
New York State Dormitory Authority, State Personal Income Tax, General Purpose Series 2021A, Rev., 5.00%, 3/15/2034 | | | 5,965 | | | | 7,436 | |
| | |
New York State Dormitory Authority, State Sales Tax Series 2017A, Rev., 5.00%, 3/15/2024 | | | 6,135 | | | | 6,604 | |
| | |
New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project Rev., AMT, 5.00%, 1/1/2023 | | | 9,200 | | | | 9,484 | |
| | |
New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project, Tax-Exempt | | | | | | | | |
| | |
Rev., 5.00%, 12/1/2027 | | | 800 | | | | 913 | |
| | |
Rev., 5.00%, 12/1/2028 | | | 500 | | | | 578 | |
| | |
Niagara Frontier Transportation Authority, Buffalo Niagara International Airport | | | | | | | | |
| | |
Series 2019A, Rev., AMT, 5.00%, 4/1/2028 | | | 265 | | | | 307 | |
| | |
Series 2019A, Rev., AMT, 5.00%, 4/1/2029 | | | 265 | | | | 313 | |
| | |
Port Authority of New York and New Jersey, Consolidated Series 207, Rev., AMT, 5.00%, 9/15/2023 | | | 4,325 | | | | 4,568 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 115 |
JPMorgan Short-Intermediate Municipal Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
New York — continued | |
| | |
Sales Tax Asset Receivable Corp., Fiscal Year 2015 | | | | | | | | |
| | |
Series 2015A, Rev., 5.00%, 10/15/2022 (d) | | | 4,800 | | | | 4,927 | |
| | |
Series 2015A, Rev., 5.00%, 10/15/2024 (d) | | | 4,500 | | | | 4,937 | |
| | |
Schenectady County Capital Resource Corp., Union College Project Rev., 5.00%, 1/1/2025 | | | 400 | | | | 441 | |
| | |
State of New York Series 2019A, GO, 5.00%, 3/1/2026 | | | 3,250 | | | | 3,712 | |
| | |
Syracuse Industrial Development Agency, School District Project | | | | | | | | |
| | |
Series 2020A, Rev., 5.00%, 5/1/2030 | | | 555 | | | | 666 | |
| | |
Series 2018A, Rev., 5.00%, 5/1/2033 | | | 1,245 | | | | 1,414 | |
| | |
Town of East Hampton GO, 5.00%, 5/15/2023 | | | 1,000 | | | | 1,049 | |
| | |
Town of Oyster Bay, Public Improvement | | | | | | | | |
| | |
GO, 4.00%, 11/1/2026 | | | 800 | | | | 886 | |
| | |
GO, 4.00%, 11/1/2027 | | | 675 | | | | 759 | |
| | |
Triborough Bridge and Tunnel Authority Series 2013A, Rev., 5.00%, 11/15/2024 | | | 3,290 | | | | 3,449 | |
| | |
Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels | | | | | | | | |
| | |
Series 2021A, Rev., BAN, 5.00%, 11/1/2025 | | | 5,000 | | | | 5,642 | |
| | |
Series 2021A-2, Rev., 2.00%, 5/15/2028 (c) | | | 10,000 | | | | 10,069 | |
| | |
Trust for Cultural Resources of The City of New York, The Museum of Modern Art Series 2020A, Rev., 5.00%, 12/1/2031 | | | 3,800 | | | | 4,760 | |
| | |
White Plains City School District GO, 5.00%, 5/15/2024 | | | 1,550 | | | | 1,683 | |
| | | | | | | | |
| | |
Total New York | | | | | | | 133,388 | |
| | | | | | | | |
|
North Carolina — 1.4% | |
| | |
North Carolina Medical Care Commission, Wake Forest Baptist Obligated Group Series 2019C, Rev., 2.55%, 6/1/2026 (c) | | | 13,805 | | | | 14,188 | |
| | |
State of North Carolina, Build NC Programs, Limited Obligation Series 2017B, Rev., 5.00%, 5/1/2022 | | | 700 | | | | 705 | |
| | |
University of North Carolina at Chapel Hill Series B, Rev., (ICE LIBOR USD 1 Month + 0.40%), 0.55%, 4/1/2022 (b) | | | 5,750 | | | | 5,750 | |
| | |
Winston-Salem State University Foundation LLC, The Board of Governors of The University of North Carolina Rev., AGM, 5.00%, 10/1/2023 | | | 445 | | | | 472 | |
| | | | | | | | |
| | |
Total North Carolina | | | | | | | 21,115 | |
| | | | | | | | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| |
|
Ohio — 0.7% | |
| | |
City of Cleveland, Income Tax, Subordinate Lien, Public Facilities Improvements | | | | | | | | |
| | |
Series 2018A, Rev., 5.00%, 10/1/2025 | | | 150 | | | | 169 | |
| | |
Series 2018A, Rev., 5.00%, 10/1/2027 | | | 250 | | | | 295 | |
| | |
Series 2018A, Rev., 5.00%, 10/1/2028 | | | 250 | | | | 298 | |
| | |
City of Dublin, Various Purpose GO, 4.00%, 12/1/2028 | | | 200 | | | | 218 | |
| | |
County of Lake, Hospital Facilities, Lake Hospital System, Inc. | | | | | | | | |
| | |
Rev., 5.00%, 8/15/2023 (d) | | | 1,445 | | | | 1,526 | |
| | |
Rev., 5.00%, 8/15/2024 (d) | | | 1,655 | | | | 1,802 | |
| | |
Cuyahoga Community College District, Facilities Construction Improvement, Unlimited Tax GO, 5.00%, 12/1/2028 | | | 2,300 | | | | 2,633 | |
| | |
Franklin County Convention Facilities Authority, Greater Columbus Convention Center Hotel Expansion Project | | | | | | | | |
| | |
Rev., 5.00%, 12/1/2025 | | | 250 | | | | 270 | |
| | |
Rev., 5.00%, 12/1/2026 | | | 625 | | | | 686 | |
| | |
Rev., 5.00%, 12/1/2029 | | | 800 | | | | 905 | |
| | |
State of Ohio, University Hospitals Health System, Inc. Series B, Rev., VRDO, 0.33%, 3/9/2022 (c) | | | 2,500 | | | | 2,500 | |
| | | | | | | | |
| | |
Total Ohio | | | | | | | 11,302 | |
| | | | | | | | |
|
Oklahoma — 2.4% | |
| | |
Bryan County School Finance Authority, Durant Public Schools Project | | | | | | | | |
| | |
Rev., 4.00%, 12/1/2028 | | | 385 | | | | 439 | |
| | |
Rev., 4.00%, 12/1/2029 | | | 415 | | | | 479 | |
| | |
Rev., 4.00%, 12/1/2030 | | | 435 | | | | 501 | |
| | |
Carter County Public Facilities Authority, Educational Facilities Lease, Ardmore City Schools Project | | | | | | | | |
| | |
Rev., 5.00%, 9/1/2025 | | | 365 | | | | 401 | |
| | |
Rev., 5.00%, 9/1/2026 | | | 820 | | | | 920 | |
| | |
Rev., 5.00%, 9/1/2027 | | | 1,250 | | | | 1,427 | |
| | |
Cleveland County Educational Facilities Authority, Moore Public Schools Project Rev., 4.00%, 6/1/2027 | | | 9,000 | | | | 10,090 | |
| | |
Cleveland County Educational Facilities Authority, Norman Public Schools Project Rev., 5.00%, 6/1/2025 | | | 3,050 | | | | 3,398 | |
| | |
Custer County Economic Development Authority, Thomas Fay Public Schools | | | | | | | | |
| | |
Rev., 4.00%, 12/1/2025 | | | 700 | | | | 751 | |
| | |
Rev., 4.00%, 12/1/2027 | | | 1,255 | | | | 1,375 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 116 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Oklahoma — continued | |
| | |
Grady County School Finance Authority, Educational Facilities Lease, Minco Public Schools Project | | | | | | | | |
| | |
Rev., 5.00%, 9/1/2028 | | | 375 | | | | 449 | |
| | |
Rev., 5.00%, 9/1/2029 | | | 1,175 | | | | 1,406 | |
| | |
Grady County School Finance Authority, Educational Facilities Lease, Tuttle Public Schools Project Rev., 4.00%, 9/1/2029 | | | 300 | | | | 345 | |
| | |
Muskogee Industrial Trust, Muskogee Public Schools Project | | | | | | | | |
| | |
Rev., 5.00%, 9/1/2024 | | | 890 | | | | 959 | |
| | |
Rev., 5.00%, 9/1/2025 | | | 850 | | | | 938 | |
| | |
Rev., 5.00%, 9/1/2026 | | | 1,800 | | | | 2,027 | |
| | |
Rev., 5.00%, 9/1/2027 | | | 480 | | | | 551 | |
| | |
Rev., 4.00%, 9/1/2028 | | | 2,500 | | | | 2,768 | |
| | |
Oklahoma County Finance Authority, Educational Facilities, Lease Midwest City-Del City Public Schools Project | | | | | | | | |
| | |
Rev., 5.00%, 10/1/2022 | | | 500 | | | | 512 | |
| | |
Rev., 5.00%, 10/1/2023 | | | 355 | | | | 376 | |
| | |
Rev., 5.00%, 10/1/2025 | | | 1,000 | | | | 1,119 | |
| | |
Pittsburg County Educational Facilities Authority, McAlester Public Schools Project | | | | | | | | |
| | |
Rev., 4.00%, 12/1/2027 | | | 125 | | | | 139 | |
| | |
Rev., 4.00%, 12/1/2028 | | | 175 | | | | 195 | |
| | |
University of Oklahoma (The), Tax Exempt | | | | | | | | |
| | |
Series 2020B, Rev., 5.00%, 7/1/2026 | | | 810 | | | | 926 | |
| | |
Series 2020B, Rev., 5.00%, 7/1/2027 | | | 430 | | | | 502 | |
| | |
Series 2020B, Rev., 5.00%, 7/1/2028 | | | 455 | | | | 543 | |
| | |
Series 2020B, Rev., 5.00%, 7/1/2029 | | | 480 | | | | 584 | |
| | |
Series 2020B, Rev., 5.00%, 7/1/2032 | | | 1,105 | | | | 1,354 | |
| | |
Wagoner County School Development Authority, Wagoner Public Schools Project | | | | | | | | |
| | |
Rev., 4.00%, 9/1/2025 | | | 625 | | | | 666 | |
| | |
Rev., 4.00%, 9/1/2027 | | | 725 | | | | 789 | |
| | |
Rev., 4.00%, 9/1/2028 | | | 300 | | | | 329 | |
| | | | | | | | |
| | |
Total Oklahoma | | | | | | | 37,258 | |
| | | | | | | | |
|
Oregon — 0.2% | |
| | |
City of Portland, Sewer System, First Lien Series 2014A, Rev., 5.00%, 10/1/2023 | | | 40 | | | | 42 | |
| | |
Port of Portland, International Airport | | | | | | | | |
| | |
Series 23, Rev., 5.00%, 7/1/2023 | | | 1,000 | | | | 1,051 | |
| | |
Series 23, Rev., 5.00%, 7/1/2024 | | | 1,595 | | | | 1,726 | |
| | |
Yamhill County Hospital Authority, Friendsview, Tax Exempt Series 2021B-1, Rev., 2.50%, 11/15/2028 | | | 500 | | | | 485 | |
| | | | | | | | |
| | |
Total Oregon | | | | | | | 3,304 | |
| | | | | | | | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| |
|
Pennsylvania — 7.3% | |
| | |
Allegheny County Sanitary Authority, Sewer | | | | | | | | |
| | |
Rev., 5.00%, 12/1/2022 | | | 3,000 | | | | 3,093 | |
| | |
Rev., 5.00%, 12/1/2023 | | | 4,000 | | | | 4,267 | |
| | |
Berks County Industrial Development Authority, Tower Health Project | | | | | | | | |
| | |
Rev., 5.00%, 11/1/2023 | | | 1,000 | | | | 1,040 | |
| | |
Rev., 5.00%, 11/1/2024 | | | 1,000 | | | | 1,064 | |
| | |
Charleroi Borough Authority Water System | | | | | | | | |
| | |
Rev., AGM, 4.00%, 12/1/2024 | | | 175 | | | | 186 | |
| | |
Rev., AGM, 4.00%, 12/1/2025 | | | 150 | | | | 163 | |
| | |
Rev., AGM, 4.00%, 12/1/2026 | | | 100 | | | | 110 | |
| | |
Rev., AGM, 4.00%, 12/1/2027 | | | 125 | | | | 140 | |
| | |
Chester County Health and Education Facilities Authority, Main Line Health System | | | | | | | | |
| | |
Series 2020A, Rev., 5.00%, 9/1/2026 | | | 250 | | | | 289 | |
| | |
Series 2020A, Rev., 5.00%, 9/1/2027 | | | 200 | | | | 235 | |
| | |
Series 2020A, Rev., 5.00%, 9/1/2028 | | | 175 | | | | 210 | |
| | |
Series 2020A, Rev., 5.00%, 9/1/2029 | | | 175 | | | | 214 | |
| | |
City of Philadelphia, Water and Wastewater System | | | | | | | | |
| | |
Series 2014A, Rev., 5.00%, 7/1/2022 | | | 1,510 | | | | 1,532 | |
| | |
Series 2014A, Rev., 5.00%, 7/1/2024 | | | 2,595 | | | | 2,822 | |
| | |
City of Pittsburgh Series 2020A, GO, 5.00%, 9/1/2027 | | | 350 | | | | 412 | |
| | |
Commonwealth Financing Authority, Tobacco Master Settlement Payment Rev., 5.00%, 6/1/2022 | | | 555 | | | | 561 | |
| | |
County of Chester GO, 4.00%, 7/15/2028 | | | 2,500 | | | | 2,884 | |
| | |
County of Lackawanna | | | | | | | | |
| | |
Series 2020B, GO, 4.00%, 9/1/2027 | | | 1,480 | | | | 1,652 | |
| | |
Series 2020B, GO, 4.00%, 9/1/2028 | | | 1,495 | | | | 1,690 | |
| | |
Series 2020B, GO, 4.00%, 9/1/2029 | | | 1,525 | | | | 1,732 | |
| | |
County of Northampton | | | | | | | | |
| | |
Series 2019A, GO, 4.00%, 10/1/2026 | | | 750 | | | | 825 | |
| | |
Series 2019A, GO, 4.00%, 10/1/2027 | | | 1,565 | | | | 1,726 | |
| | |
Series 2019A, GO, 4.00%, 10/1/2028 | | | 920 | | | | 1,012 | |
| | |
County of Westmoreland Series 2019A, GO, 5.00%, 8/15/2028 | | | 3,000 | | | | 3,574 | |
| | |
General Authority of Southcentral Pennsylvania, Hanover Hospital, Inc. Rev., 5.00%, 12/1/2026 | | | 1,400 | | | | 1,562 | |
| | |
General Authority of Southcentral Pennsylvania, Wellspan Health Obligated Group Series 2014A, Rev., 5.00%, 6/1/2024 | | | 380 | | | | 412 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 117 |
JPMorgan Short-Intermediate Municipal Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Pennsylvania — continued | |
| | |
Lehigh County Industrial Development Authority, PPL Electric Utilities Corp. Project | | | | | | | | |
| | |
Series 2016B, Rev., 1.80%, 8/15/2022 (c) | | | 4,000 | | | | 4,012 | |
| | |
Series 2016A, Rev., 1.80%, 9/1/2022 (c) | | | 2,500 | | | | 2,508 | |
| | |
Montgomery County Higher Education and Health Authority, Thomas Jefferson University Series 2018A, Rev., 5.00%, 9/1/2024 | | | 1,000 | | | | 1,090 | |
| | |
Panther Valley School District | | | | | | | | |
| | |
GO, 2.00%, 10/15/2026 | | | 750 | | | | 749 | |
| | |
GO, 2.00%, 10/15/2027 | | | 680 | | | | 674 | |
| | |
GO, 2.00%, 10/15/2028 | | | 300 | | | | 295 | |
| | |
GO, 2.00%, 10/15/2029 | | | 300 | | | | 290 | |
| | |
Penn Hills School District | | | | | | | | |
| | |
GO, 5.00%, 10/1/2026 | | | 4,845 | | | | 5,551 | |
| | |
GO, 5.00%, 10/1/2027 | | | 3,585 | | | | 4,201 | |
| | |
GO, 5.00%, 10/1/2028 | | | 3,585 | | | | 4,287 | |
| | |
GO, 5.00%, 10/1/2029 | | | 3,815 | | | | 4,648 | |
| | |
Pennsylvania Higher Educational Facilities Authority, Trustees of the University Series 2015C, Rev., 5.00%, 10/1/2022 | | | 5,055 | | | | 5,182 | |
| | |
Pennsylvania Turnpike Commission Series 2018A-1, Rev., (SIFMA Municipal Swap Index Yield + 0.60%), 0.80%, 3/10/2022 (b) | | | 13,000 | | | | 13,067 | |
| | |
Pittsburgh Water and Sewer Authority, First Lien Series 2019A, Rev., 5.00%, 9/1/2023 | | | 270 | | | | 286 | |
| | |
Quaker Valley School District | | | | | | | | |
| | |
GO, 5.00%, 10/1/2028 | | | 350 | | | | 424 | |
| | |
GO, 5.00%, 10/1/2029 | | | 425 | | | | 525 | |
| | |
GO, 5.00%, 10/1/2030 | | | 250 | | | | 312 | |
| | |
School District of Philadelphia (The) | | | | | | | | |
| | |
Series 2021A, GO, 5.00%, 9/1/2022 | | | 1,715 | | | | 1,750 | |
| | |
Series 2021A, GO, 5.00%, 9/1/2023 | | | 1,190 | | | | 1,256 | |
| | |
Series 2021A, GO, 5.00%, 9/1/2024 | | | 1,265 | | | | 1,378 | |
| | |
Schuylkill Valley School District | | | | | | | | |
| | |
GO, 5.00%, 4/1/2022 | | | 255 | | | | 256 | |
| | |
GO, 5.00%, 4/1/2022 (d) | | | 95 | | | | 95 | |
| | |
Southeastern Pennsylvania Transportation Authority | | | | | | | | |
| | |
Rev., 5.00%, 6/1/2027 | | | 635 | | | | 729 | |
| | |
Rev., 5.00%, 6/1/2028 | | | 2,265 | | | | 2,650 | |
| | |
Rev., 5.00%, 6/1/2029 | | | 3,115 | | | | 3,707 | |
| | |
Sports and Exhibition Authority of Pittsburgh and Allegheny County, Sales Tax | | | | | | | | |
| | |
Rev., AGM, 5.00%, 2/1/2028 | | | 2,590 | | | | 3,050 | |
| | |
Rev., AGM, 5.00%, 2/1/2029 | | | 2,750 | | | | 3,301 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| |
|
Pennsylvania — continued | |
| | |
Rev., AGM, 5.00%, 2/1/2030 | | | 2,925 | | | | 3,577 | |
| | |
Rev., AGM, 5.00%, 2/1/2031 | | | 4,750 | | | | 5,789 | |
| | |
State Public School Building Authority, Community College of Philadelphia Project Rev., 5.00%, 6/15/2024 | | | 2,625 | | | | 2,823 | |
| | |
Upper St. Clair Township School District | | | | | | | | |
| | |
Series 2019B, GO, 4.00%, 10/1/2028 | | | 575 | | | | 641 | |
| | |
Series 2019B, GO, 4.00%, 10/1/2029 | | | 420 | | | | 466 | |
| | | | | | | | |
| | |
Total Pennsylvania | | | | | | | 112,976 | |
| | | | | | | | |
|
Rhode Island — 0.4% | |
| | |
Rhode Island Commerce Corp., Department of Transportation Series 2016-A, Rev., 5.00%, 6/15/2022 | | | 25 | | | | 25 | |
| | |
Rhode Island Health and Educational Building Corp., Public School Financing Program | | | | | | | | |
| | |
Series 2021F, Rev., 4.00%, 5/15/2027 | | | 1,200 | | | | 1,348 | |
| | |
Series 2021F, Rev., 4.00%, 5/15/2028 | | | 1,650 | | | | 1,875 | |
| | |
Series 2021F, Rev., 4.00%, 5/15/2029 | | | 2,000 | | | | 2,299 | |
| | | | | | | | |
| | |
Total Rhode Island | | | | | | | 5,547 | |
| | | | | | | | |
|
South Carolina — 0.2% | |
| | |
Piedmont Municipal Power Agency Series 2021A, Rev., 3.00%, 1/1/2023 | | | 3,315 | | | | 3,373 | |
| | | | | | | | |
|
South Dakota — 0.0% (g) | |
| | |
South Dakota Health and Educational Facilities Authority, Sanford Health Obligated Group Series B, Rev., 5.00%, 11/1/2022 | | | 375 | | | | 385 | |
| | | | | | | | |
|
Tennessee — 2.3% | |
| | |
County of Hamilton Series 2020B, GO, 5.00%, 3/1/2027 | | | 2,685 | | | | 3,148 | |
| | |
County of Rutherford Series 2015A, GO, 5.00%, 4/1/2026 | | | 1,165 | | | | 1,292 | |
| | |
Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Chippington Towers Project Rev., 0.45%, 10/1/2024 (c) | | | 10,000 | | | | 9,607 | |
| | |
State of Tennessee | | | | | | | | |
| | |
Series 2012-A, GO, 4.00%, 8/1/2022 (d) | | | 7,000 | | | | 7,098 | |
| | |
Series 2021A, GO, 5.00%, 11/1/2033 | | | 3,980 | | | | 5,146 | |
| | |
Tennergy Corp., Gas Supply Series 2021A, Rev., 4.00%, 9/1/2028 (c) | | | 6,500 | | | | 7,175 | |
| | |
Tennessee Energy Acquisition Corp., Gas Project | | | | | | | | |
| | |
Series 2017A, Rev., 4.00%, 5/1/2022 | | | 1,460 | | | | 1,467 | |
| | |
Series 2017A, Rev., 4.00%, 5/1/2023 | | | 1,400 | | | | 1,441 | |
| | | | | | | | |
| | |
Total Tennessee | | | | | | | 36,374 | |
| | | | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 118 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Texas — 4.5% | |
| | |
Abilene Independent School District, Unlimited Tax School Building GO, PSF-GTD, 4.00%, 2/15/2029 | | | 2,000 | | | | 2,277 | |
| | |
Arlington Higher Education Finance Corp., Uplift Education Series 2017A, Rev., PSF-GTD, 4.00%, 12/1/2029 | | | 1,000 | | | | 1,106 | |
| | |
Austin Community College District Public Facility Corp., Lease, Highland Campus Parking Garage Project | | | | | | | | |
| | |
Series 2018C, Rev., 5.00%, 8/1/2026 | | | 250 | | | | 288 | |
| | |
Series 2018C, Rev., 5.00%, 8/1/2027 | | | 200 | | | | 236 | |
| | |
Series 2018C, Rev., 5.00%, 8/1/2029 | | | 325 | | | | 382 | |
| | |
City of Austin, Airport System | | | | | | | | |
| | |
Series 2017B, Rev., AMT, 5.00%, 11/15/2026 | | | 1,095 | | | | 1,242 | |
| | |
Series 2017B, Rev., AMT, 5.00%, 11/15/2027 | | | 585 | | | | 664 | |
| | |
Series 2017B, Rev., AMT, 5.00%, 11/15/2028 | | | 630 | | | | 713 | |
| | |
City of Cedar Park, Utility System Rev., 5.00%, 8/15/2022 | | | 560 | | | | 571 | |
| | |
City of Denton GO, 5.00%, 2/15/2023 | | | 1,045 | | | | 1,085 | |
| | |
City of El Paso GO, 5.00%, 8/15/2025 | | | 4,035 | | | | 4,524 | |
| | |
City of Galveston GO, 4.00%, 5/1/2024 | | | 635 | | | | 672 | |
| | |
City of Garland, Water and Sewer System Series 2018A, Rev., 5.00%, 3/1/2026 | | | 1,030 | | | | 1,173 | |
| | |
City of Houston, Public Improvement Series 2017A, GO, 5.00%, 3/1/2025 | | | 1,195 | | | | 1,321 | |
| | |
County of Galveston, Unlimited Tax | | | | | | | | |
| | |
GO, 4.00%, 2/1/2024 | | | 980 | | | | 1,030 | |
| | |
GO, 4.00%, 2/1/2025 | | | 800 | | | | 859 | |
| | |
Cypress-Fairbanks Independent School District, Unlimited Tax Series 2020A, GO, PSF-GTD, 5.00%, 2/15/2026 | | | 3,855 | | | | 4,386 | |
| | |
Forney Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 8/15/2024 | | | 1,310 | | | | 1,428 | |
| | |
Grand Parkway Transportation Corp., System Toll Rev., BAN, 5.00%, 2/1/2023 | | | 10,000 | | | | 10,358 | |
| | |
Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System Series 2014A, Rev., 5.00%, 12/1/2026 | | | 1,910 | | | | 2,094 | |
| | |
Harris County Fresh Water Supply District No. 61 GO, AGM, 3.00%, 9/1/2025 | | | 530 | | | | 558 | |
| | |
Hereford Independent School District, School Building, Unlimited Tax | | | | | | | | |
| | |
GO, PSF-GTD, 4.00%, 2/15/2028 | | | 1,420 | | | | 1,586 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| |
|
Texas — continued | |
| | |
GO, PSF-GTD, 4.00%, 2/15/2029 | | | 1,480 | | | | 1,645 | |
| | |
Houston Community College System, Limited Tax GO, 5.00%, 2/15/2023 (d) | | | 1,000 | | | | 1,039 | |
| | |
Irving Hospital Authority, Baylor Scott and White Medical Center | | | | | | | | |
| | |
Series 2017B, Rev., (SIFMA Municipal Swap Index Yield + 1.10%), 1.30%, 3/10/2022 (b) | | | 1,580 | | | | 1,581 | |
| | |
Series 2017A, Rev., 5.00%, 10/15/2022 | | | 250 | | | | 256 | |
| | |
Series 2017A, Rev., 5.00%, 10/15/2028 | | | 250 | | | | 280 | |
| | |
Series 2017A, Rev., 5.00%, 10/15/2029 | | | 500 | | | | 559 | |
| | |
Katy Independent School District, School Building GO, PSF-GTD, 4.00%, 2/15/2027 | | | 290 | | | | 298 | |
| | |
Klein Independent School District, Unlimited Tax Series B, GO, 5.00%, 8/1/2029 | | | 525 | | | | 588 | |
| | |
Lewisville Independent School District, Unlimited Tax | | | | | | | | |
| | |
GO, PSF-GTD, 5.00%, 8/15/2025 | | | 750 | | | | 792 | |
| | |
GO, PSF-GTD, 5.00%, 8/15/2026 | | | 750 | | | | 792 | |
| | |
GO, PSF-GTD, 5.00%, 8/15/2027 | | | 650 | | | | 686 | |
| | |
Lower Colorado River Authority | | | | | | | | |
| | |
Series B, Rev., 5.00%, 5/15/2022 | | | 4,700 | | | | 4,742 | |
| | |
Series B, Rev., 5.00%, 5/15/2022 (d) | | | 60 | | | | 61 | |
| | |
North Texas Tollway Authority, First Tier | | | | | | | | |
| | |
Series A, Rev., 4.00%, 1/1/2033 | | | 2,500 | | | | 2,733 | |
| | |
Odessa Junior College District, Consolidated Fund | | | | | | | | |
| | |
Rev., AGM, 4.00%, 7/1/2022 | | | 740 | | | | 748 | |
| | |
Rev., AGM, 4.00%, 7/1/2023 | | | 950 | | | | 986 | |
| | |
Rev., AGM, 4.00%, 7/1/2025 | | | 440 | | | | 476 | |
| | |
Rev., AGM, 4.00%, 7/1/2026 | | | 300 | | | | 331 | |
| | |
Rev., AGM, 4.00%, 7/1/2027 | | | 430 | | | | 482 | |
| | |
Pasadena Independent School District, School Building, Unlimited Tax Series 2015A, GO, PSF-GTD, 5.00%, 2/15/2028 | | | 1,000 | | | | 1,070 | |
| | |
Richardson Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2029 | | | 3,165 | | | | 3,788 | |
| | |
S&S Consolidated Independent School District GO, PSF-GTD, 4.00%, 2/15/2028 | | | 580 | | | | 653 | |
| | |
Southside Independent School District, School Building, Unlimited Tax GO, PSF-GTD, 5.00%, 8/15/2022 | | | 250 | | | | 255 | |
| | |
Southwest Higher Education Authority, Inc., Southern Methodist University Project | | | | | | | | |
| | |
Rev., 5.00%, 10/1/2022 | | | 400 | | | | 410 | |
| | |
Rev., 5.00%, 10/1/2023 | | | 400 | | | | 424 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 119 |
JPMorgan Short-Intermediate Municipal Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Texas — continued | |
| | |
Texas Municipal Gas Acquisition and Supply Corp., I Gas Supply Senior Lien Series D, Rev., 6.25%, 12/15/2026 | | | 1,320 | | | | 1,485 | |
| | |
West Travis County Public Utility Agency | | | | | | | | |
| | |
Rev., 5.00%, 8/15/2022 | | | 545 | | | | 556 | |
| | |
Rev., 5.00%, 8/15/2023 | | | 325 | | | | 343 | |
| | |
Rev., 5.00%, 8/15/2027 | | | 350 | | | | 409 | |
| | |
Wichita Falls Independent School District, Unlimited Tax | | | | | | | | |
| | |
GO, PSF-GTD, 4.00%, 2/1/2028 | | | 1,100 | | | | 1,249 | |
| | |
GO, PSF-GTD, 4.00%, 2/1/2030 | | | 800 | | | | 933 | |
| | |
GO, PSF-GTD, 4.00%, 2/1/2031 | | | 1,000 | | | | 1,158 | |
| | | | | | | | |
| | |
Total Texas | | | | | | | 70,361 | |
| | | | | | | | |
|
Utah — 0.9% | |
| | |
City of Salt Lake, International Airport Series 2017A, Rev., AMT, 5.00%, 7/1/2022 | | | 1,000 | | | | 1,013 | |
| | |
Utah Infrastructure Agency, Tax-Exempt Telecommunications Series 2017A, Rev., 5.00%, 10/15/2025 | | | 8,675 | | | | 9,629 | |
| | |
West Valley City Municipal Building Authority | | | | | | | | |
| | |
Rev., AGM, 4.00%, 2/1/2024 | | | 500 | | | | 525 | |
| | |
Rev., AGM, 5.00%, 2/1/2025 | | | 250 | | | | 275 | |
| | |
Rev., AGM, 5.00%, 2/1/2027 | | | 720 | | | | 833 | |
| | |
Rev., AGM, 5.00%, 2/1/2029 | | | 1,070 | | | | 1,233 | |
| | | | | | | | |
| | |
Total Utah | | | | | | | 13,508 | |
| | | | | | | | |
|
Vermont — 0.1% | |
| | |
University of Vermont and State Agricultural College Rev., 5.00%, 10/1/2022 | | | 855 | | | | 876 | |
| | | | | | | | |
|
Virginia — 3.3% | |
| | |
Chesapeake Bay Bridge and Tunnel District General Resolution Rev., BAN, 5.00%, 11/1/2023 | | | 8,355 | | | | 8,857 | |
| | |
County of Fairfax, Public Improvement Series 2019A, GO, 4.00%, 10/1/2026 | | | 7,715 | | | | 8,630 | |
| | |
County of Loudoun, Public Improvement Series 2016A, GO, 5.00%, 12/1/2026 | | | 1,930 | | | | 2,194 | |
| | |
Fairfax County Water Authority Series B, Rev., 5.25%, 4/1/2024 | | | 5,615 | | | | 6,086 | |
| | |
Virginia College Building Authority, Educational Facilities, 21st Century College and Equipment Programs | | | | | | | | |
| | |
Series 2017E, Rev., 5.00%, 2/1/2027 | | | 20,000 | | | | 23,312 | |
| | |
Series 2017C, Rev., 5.00%, 2/1/2028 | | | 1,000 | | | | 1,165 | |
| | |
Virginia Resources Authority, Infrastructure Pooled Financing Program Series C, Rev., 5.00%, 11/1/2027 | | | 1,235 | | | | 1,435 | |
| | | | | | | | |
| | |
Total Virginia | | | | | | | 51,679 | |
| | | | | | | | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| |
|
Washington — 1.8% | |
| | |
Snohomish County Public Utility District No. 1, Electric System Rev., 5.00%, 12/1/2025 | | | 500 | | | | 567 | |
| | |
University of Washington Series 2022C, Rev., 4.00%, 3/8/2022 (c) (f) | | | 7,900 | | | | 8,761 | |
| | |
Washington Health Care Facilities Authority, Commonspirit Health Series B-3, Rev., 5.00%, 8/1/2026 (c) | | | 17,000 | | | | 18,969 | |
| | | | | | | | |
| | |
Total Washington | | | | | | | 28,297 | |
| | | | | | | | |
|
West Virginia — 0.2% | |
| | |
West Virginia Economic Development Authority, Solid Waste Disposal Facilities, Appalachian Power Co. Amos Project Series 2009A, Rev., 2.63%, 6/1/2022 (c) | | | 2,905 | | | | 2,913 | |
| | | | | | | | |
|
Wisconsin — 1.9% | |
| | |
Pewaukee School District Series 2019B, GO, 5.00%, 9/1/2027 | | | 200 | | | | 236 | |
| | |
State of Wisconsin | | | | | | | | |
| | |
Series 2016A, GO, 5.00%, 5/1/2026 | | | 5,050 | | | | 5,615 | |
| | |
Series 1, GO, 5.00%, 11/1/2026 | | | 1,135 | | | | 1,317 | |
| | |
Sun Prairie Area School District GO, 4.00%, 3/1/2028 | | | 2,500 | | | | 2,802 | |
| | |
Wauwatosa School District, School Building and Improvement | | | | | | | | |
| | |
Series 2019A, GO, 5.00%, 3/1/2027 | | | 5,025 | | | | 5,880 | |
| | |
Series 2019A, GO, 5.00%, 3/1/2029 | | | 6,025 | | | | 7,027 | |
| | |
Wisconsin Department of Transportation | | | | | | | | |
| | |
Series 2021A, Rev., 5.00%, 7/1/2027 | | | 1,650 | | | | 1,944 | |
| | |
Series 2021A, Rev., 5.00%, 7/1/2028 | | | 1,200 | | | | 1,444 | |
| | |
Series 2021A, Rev., 5.00%, 7/1/2029 | | | 1,970 | | | | 2,420 | |
| | |
Wisconsin Health and Educational Facilities Authority, Aspirus, Inc., Obligated Group Rev., 5.00%, 8/15/2025 | | | 325 | | | | 364 | |
| | | | | | | | |
| | |
Total Wisconsin | | | | | | | 29,049 | |
| | | | | | | | |
| |
Total Municipal Bonds
(Cost $1,479,863) | | | | 1,482,845 | |
| | | | | |
Collateralized Mortgage Obligations — 0.0% (g) | |
| | |
FNMA, REMIC Series 2002-36, Class FS, 0.69%, 6/25/2032 (c)
(Cost $56) | | | 56 | | | | 56 | |
| | | | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 120 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS | | SHARES
(000) | | | VALUE
($000) | |
Short-Term Investments — 4.4% | |
|
Investment Companies — 4.4% | |
| | |
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 0.04% (h) (i)
(Cost $68,564) | | | 68,549 | | | | 68,570 | |
| | | | | | | | |
Total Investments — 99.8%
(Cost $1,548,483) | | | | | | | 1,551,471 | |
Other Assets Less Liabilities — 0.2% | | | | | | | 2,373 | |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | | 1,553,844 | |
| | | | | | | | |
Percentages indicated are based on net assets.
| | |
Abbreviations | | |
| AGM | | Insured by Assured Guaranty Municipal Corp. |
| AMT | | Alternative Minimum Tax |
| BAN | | Bond Anticipation Note |
| COP | | Certificate of Participation |
| FNMA | | Federal National Mortgage Association |
| GO | | General Obligation |
| GTD | | Guaranteed |
| ICE | | Intercontinental Exchange |
| LIBOR | | London Interbank Offered Rate |
| MTA | | Metropolitan Transportation Authority |
| NATL | | Insured by National Public Finance Guarantee Corp. |
| PSF-GTD | | Permanent School Fund Guaranteed |
| Q-SBLF | | Qualified School Bond Loan Fund |
| RE | | Reinsured |
| REMIC | | Real Estate Mortgage Investment Conduit |
| Rev. | | Revenue |
| SIFMA | | The Securities Industry and Financial Markets Association |
| USD | | United States Dollar |
| VRDO | | Variable Rate Demand Obligation |
| | |
| (a) | | The date shown represents the earliest of the prerefunded date, next put date or final maturity date. |
| (b) | | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of February 28, 2022. |
| (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 February 28, 2022. |
| (d) | | Security is prerefunded or escrowed to maturity. |
| (e) | | Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. |
| (f) | | All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. |
| (g) | | Amount rounds to less than 0.1% of net assets. |
| (h) | | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
| (i) | | The rate shown is the current yield as of February 28, 2022. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 121 |
JPMorgan Sustainable Municipal Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — 97.8% (a) | |
|
Alabama — 0.6% | |
| | |
Black Belt Energy Gas District, Gas Project No. 8 Series 2022A, Rev., 4.00%, 12/1/2029 (b) | | | 645 | | | | 716 | |
| | |
Lower Alabama Gas District (The), Gas Project Series 2016A, Rev., 5.00%, 9/1/2031 | | | 1,000 | | | | 1,208 | |
| | | | | | | | |
| | |
Total Alabama | | | | | | | 1,924 | |
| | | | | | | | |
|
Alaska — 0.1% | |
| | |
Alaska Housing Finance Corp., General Mortgage Series 2016A, Rev., 3.50%, 6/1/2046 | | | 425 | | | | 439 | |
| | | | | | | | |
|
Arizona — 2.7% | |
| | |
Arizona Industrial Development Authority, Aliante & Skye Canyon Campus Project | | | | | | | | |
| | |
Series 2021A, Rev., 3.00%, 12/15/2031 (c) | | | 260 | | | | 252 | |
| | |
Series 2021A, Rev., 4.00%, 12/15/2041 (c) | | | 250 | | | | 257 | |
| | |
Arizona Industrial Development Authority, Equitable School Revolving Fund Series 2021A, Rev., 4.00%, 11/1/2030 | | | 1,000 | | | | 1,131 | |
| | |
Arizona Industrial Development Authority, Macombs Facility Project | | | | | | | | |
| | |
Series 2021A, Rev., 5.00%, 7/1/2032 | | | 165 | | | | 193 | |
| | |
Series 2021A, Rev., 5.00%, 7/1/2033 | | | 155 | | | | 181 | |
| | |
Series 2021A, Rev., 4.00%, 7/1/2034 | | | 165 | | | | 179 | |
| | |
Series 2021A, Rev., 4.00%, 7/1/2035 | | | 185 | | | | 200 | |
| | |
Series 2021A, Rev., 4.00%, 7/1/2036 | | | 155 | | | | 167 | |
| | |
Series 2021A, Rev., 4.00%, 7/1/2041 | | | 500 | | | | 537 | |
| | |
Arizona Industrial Development Authority, Pebble Campus Project Series 2020A, Rev., 4.00%, 7/15/2030 (c) | | | 250 | | | | 265 | |
| | |
Arizona State University Series 2015A, Rev., 5.00%, 7/1/2028 | | | 75 | | | | 84 | |
| | |
City of Tucson, Water System Rev., 5.00%, 7/1/2024 | | | 2,150 | | | | 2,336 | |
| | |
La Paz County Industrial Development Authority, Harmony Public School Project | | | | | | | | |
| | |
Rev., 4.00%, 2/15/2041 | | | 420 | | | | 449 | |
| | |
Rev., 4.00%, 2/15/2046 | | | 335 | | | | 357 | |
| | |
Maricopa County Industrial Development Authority, Arizona Autism Charter School Project Series 2021A, Rev., 4.00%, 7/1/2041 (c) | | | 200 | | | | 208 | |
| | |
Maricopa County Industrial Development Authority, Arizona Autism Charter Schools Project Series 2021A, Rev., 4.00%, 7/1/2031 (c) | | | 250 | | | | 266 | |
| | |
Maricopa County Industrial Development Authority, HonorHealth Series 2019A, Rev., 5.00%, 9/1/2032 | | | 200 | | | | 239 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
|
Arizona — continued | |
| | |
University of Arizona (The), Stimulus Plan for Economic and Educational Development | | | | | | | | |
| | |
Series 2020A, Rev., 5.00%, 8/1/2025 | | | 250 | | | | 281 | |
| | |
Series 2020A, Rev., 5.00%, 8/1/2027 | | | 750 | | | | 885 | |
| | | | | | | | |
| | |
Total Arizona | | | | | | | 8,467 | |
| | | | | | | | |
|
California — 4.6% | |
| | |
California Community Housing Agency, Fountains at Emerald Park Series 2021A-2, Rev., 4.00%, 8/1/2046 (c) | | | 300 | | | | 271 | |
| | |
California Community Housing Agency, Glendale Properties Series 2021A-2, Rev., 4.00%, 8/1/2047 (c) | | | 500 | | | | 464 | |
| | |
California Health Facilities Financing Authority, On Lok Senior Health Service | | | | | | | | |
| | |
Rev., 3.00%, 8/1/2022 | | | 100 | | | | 101 | |
| | |
Rev., 3.00%, 8/1/2025 | | | 50 | | | | 52 | |
| | |
California Municipal Finance Authority, Community Health Centers of The Central Coast, Inc. | | | | | | | | |
| | |
Series 2021A, Rev., 4.00%, 12/1/2026 (c) | | | 100 | | | | 105 | |
| | |
Series 2021A, Rev., 5.00%, 12/1/2027 (c) | | | 50 | | | | 56 | |
| | |
Series 2021A, Rev., 5.00%, 12/1/2028 (c) | | | 60 | | | | 68 | |
| | |
Series 2021A, Rev., 5.00%, 12/1/2029 (c) | | | 100 | | | | 113 | |
| | |
Series 2021A, Rev., 5.00%, 12/1/2031 (c) | | | 65 | | | | 75 | |
| | |
California Municipal Finance Authority, Eisenhower Medical Center Series 2017B, Rev., 5.00%, 7/1/2026 | | | 410 | | | | 468 | |
| | |
California Municipal Finance Authority, San Antonio Gardens Project Series 2022B2, Rev., 2.13%, 11/15/2026 | | | 410 | | | | 404 | |
| | |
California Public Finance Authority, Enso Village Project | | | | | | | | |
| | |
Series 2021B-1, Rev., 3.13%, 5/15/2029 (c) | | | 300 | | | | 301 | |
| | |
Series 2021A, Rev., 5.00%, 11/15/2036 (c) | | | 300 | | | | 336 | |
| | |
California School Finance Authority, Kipp Socal Projects | | | | | | | | |
| | |
Series 2020A, Rev., 5.00%, 7/1/2027 (c) | | | 80 | | | | 92 | |
| | |
Series 2020A, Rev., 5.00%, 7/1/2028 (c) | | | 110 | | | | 128 | |
| | |
Series 2020A, Rev., 5.00%, 7/1/2029 (c) | | | 140 | | | | 165 | |
| | |
Series 2020A, Rev., 5.00%, 7/1/2030 (c) | | | 100 | | | | 119 | |
| | |
Series 2020A, Rev., 4.00%, 7/1/2040 (c) | | | 295 | | | | 323 | |
| | |
California Statewide Communities Development Authority, Emanate Health, Tax-Exempt Series 2020A, Rev., 3.00%, 4/1/2050 | | | 2,645 | | | | 2,565 | |
| | |
California Statewide Communities Development Authority, Front Porch Communities and Services Series 2021A, Rev., 4.00%, 4/1/2041 | | | 1,000 | | | | 1,086 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 122 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
California — continued | |
| | |
Contra Costa County Public Financing Authority, Capital Projects Series 2021A, Rev., 4.00%, 6/1/2038 | | | 4,185 | | | | 4,884 | |
| | |
CSCDA Community Improvement Authority, Essential Housing, Parallel-Anaheim Rev., 4.00%, 8/1/2056 (c) | | | 500 | | | | 476 | |
| | |
Eastern Municipal Water District Financing Authority, Water and Wastewater System | | | | | | | | |
| | |
Series 2020A, Rev., 5.00%, 7/1/2035 | | | 500 | | | | 631 | |
| | |
Series 2020A, Rev., 5.00%, 7/1/2036 | | | 500 | | | | 630 | |
| | |
State of California, Department of Veterans Affairs, Farm and Home Purchase Program Series B, Rev., 3.50%, 12/1/2045 | | | 330 | | | | 340 | |
| | | | | | | | |
| | |
Total California | | | | | | | 14,253 | |
| | | | | | | | |
|
Colorado — 3.6% | |
| | |
Aspen Fire Protection District | | | | | | | | |
| | |
COP, 4.00%, 12/1/2034 | | | 200 | | | | 225 | |
| | |
COP, 4.00%, 12/1/2035 | | | 225 | | | | 253 | |
| | |
COP, 4.00%, 12/1/2036 | | | 350 | | | | 392 | |
| | |
Colorado Educational and Cultural Facilities Authority, Aspen View Academy Project | | | | | | | | |
| | |
Rev., 4.00%, 5/1/2027 | | | 35 | | | | 37 | |
| | |
Rev., 4.00%, 5/1/2029 | | | 35 | | | | 38 | |
| | |
Rev., 4.00%, 5/1/2030 | | | 30 | | | | 32 | |
| | |
Rev., 4.00%, 5/1/2031 | | | 30 | | | | 32 | |
| | |
Rev., 4.00%, 5/1/2041 | | | 90 | | | | 96 | |
| | |
Colorado Educational and Cultural Facilities Authority, Global Village Academy Northglenn Project Rev., 4.00%, 12/1/2030 (c) | | | 595 | | | | 599 | |
| | |
Colorado Educational and Cultural Facilities Authority, Golden View Classical Academy Projects | | | | | | | | |
| | |
Rev., 4.00%, 1/1/2026 | | | 200 | | | | 209 | |
| | |
Rev., 4.00%, 1/1/2032 | | | 475 | | | | 527 | |
| | |
Colorado Educational and Cultural Facilities Authority, University Corp. for Atmospheric Research Project Rev., 5.00%, 9/1/2022 | | | 470 | | | | 480 | |
| | |
Colorado Educational and Cultural Facilities Authority, Vega Collegiate Academy Project Rev., 5.00%, 2/1/2034 (c) | | | 300 | | | | 327 | |
| | |
Colorado Health Facilities Authority, Tax Exempt Series 2021B-3, Rev., 2.13%, 5/15/2028 | | | 300 | | | | 297 | |
| | |
Colorado Housing and Finance Authority, Single Family Mortgage | | | | | | | | |
| | |
Series 2019F, Class I, Rev., GNMA COLL, 4.25%, 11/1/2049 | | | 235 | | | | 251 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| |
| | |
Colorado — continued | | | | | | | | |
| | |
Series 2020H, Class I, Rev., GNMA COLL, 3.00%, 5/1/2050 | | | 935 | | | | 965 | |
| | |
Series 2020B, Class I, Rev., 3.75%, 5/1/2050 | | | 1,785 | | | | 1,879 | |
| | |
Colorado School of Mines, Institutional Enterprise Series 2018A, Rev., (ICE LIBOR USD 1 Month + 0.50%), 0.65%, 4/1/2022 (d) | | | 930 | | | | 927 | |
| | |
IDK PARTNERS III Trust, Mortgage Pass-Through Certificates Series 1999A, Rev., 5.10%, 8/1/2023 ‡ | | | — | (e) | | | — | (e) |
| | |
Pueblo City Schools GO, 5.00%, 12/15/2031 | | | 3,000 | | | | 3,720 | |
| | | | | | | | |
| | |
Total Colorado | | | | | | | 11,286 | |
| | | | | | | | |
|
Connecticut — 2.1% | |
| | |
Connecticut Housing Finance Authority, Housing Mortgage Finance Program | | | | | | | | |
| | |
Series D-1, Rev., 1.35%, 5/15/2022 | | | 175 | | | | 175 | |
| | |
Series D-1, Rev., 1.45%, 5/15/2023 | | | 1,020 | | | | 1,023 | |
| | |
Series D-1, Rev., 1.50%, 11/15/2023 | | | 1,220 | | | | 1,223 | |
| | |
Series 2020A-1, Rev., 3.50%, 11/15/2045 | | | 1,135 | | | | 1,196 | |
| | |
Series A-1, Rev., 4.00%, 11/15/2045 | | | 135 | | | | 139 | |
| | |
Series D, Subseries D-1, Rev., GNMA/FNMA/FHLMC, 4.00%, 11/15/2047 | | | 585 | | | | 612 | |
| | |
Subseries A-1, Rev., 4.00%, 11/15/2047 | | | 195 | | | | 204 | |
| | |
Connecticut State Health and Educational Facilities Authority, Yale New Haven Health Series B, Rev., 1.80%, 7/1/2024 (b) | | | 225 | | | | 227 | |
| | |
Connecticut State Higher Education Supplemental Loan Authority, CHESLA Loan Program Series 2019B, Rev., AMT, 5.00%, 11/15/2027 | | | 250 | | | | 290 | |
| | |
University of Connecticut Series 2019A, Rev., 5.00%, 11/1/2035 | | | 1,250 | | | | 1,487 | |
| | | | | | | | |
| | |
Total Connecticut | | | | | | | 6,576 | |
| | | | | | | | |
|
Delaware — 1.0% | |
| | |
Delaware State Economic Development Authority, Aspria of Delaware Charter Operations inc. Projects Series 2022A, Rev., 4.00%, 6/1/2042 | | | 250 | | | | 261 | |
| | |
Delaware State Economic Development Authority, Newark Charter School, Inc. Project Rev., 4.00%, 9/1/2028 | | | 225 | | | | 246 | |
| | |
Delaware State Health Facilities Authority, Beebe Medical Center Project Rev., 5.00%, 6/1/2034 | | | 2,200 | | | | 2,584 | |
| | | | | | | | |
| | |
Total Delaware | | | | | | | 3,091 | |
| | | | | | | | |
|
District of Columbia — 2.3% | |
| | |
District of Columbia, Gallaudet University Project | | | | | | | | |
| | |
Rev., 5.00%, 4/1/2027 | | | 150 | | | | 174 | |
| | |
Rev., 5.00%, 4/1/2028 | | | 160 | | | | 189 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 123 |
JPMorgan Sustainable Municipal Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | | | | | | | | |
| | |
District of Columbia — continued | | | | | | | | |
| | |
Series 2021A, Rev., 4.00%, 4/1/2033 | | | 165 | | | | 188 | |
| | |
Series 2021A, Rev., 4.00%, 4/1/2034 | | | 160 | | | | 182 | |
| | |
Series 2021A, Rev., 4.00%, 4/1/2035 | | | 200 | | | | 226 | |
| | |
Series 2021A, Rev., 4.00%, 4/1/2036 | | | 200 | | | | 226 | |
| | |
District of Columbia, Rocketship Obligated Group Series 2021A, Rev., 5.00%, 6/1/2031 (c) | | | 400 | | | | 454 | |
| | |
District of Columbia, Two Rivers Public Charter School, Inc. | | | | | | | | |
| | |
Rev., 3.00%, 6/1/2030 | | | 1,000 | | | | 1,015 | |
| | |
Rev., 5.00%, 6/1/2040 | | | 1,000 | | | | 1,136 | |
| | |
Rev., 5.00%, 6/1/2050 | | | 500 | | | | 560 | |
| | |
District of Columbia, Water and Sewer Authority, Public Utility, Subordinate Lien Series A, Rev., 5.00%, 10/1/2045 | | | 1,500 | | | | 1,672 | |
| | |
Washington Metropolitan Area Transit Authority Series 2017B, Rev., 5.00%, 7/1/2025 | | | 1,000 | | | | 1,118 | |
| | | | | | | | |
| | |
Total District of Columbia | | | | | | | 7,140 | |
| | | | | | | | |
|
Florida — 8.0% | |
| | |
Broward County, Water and Sewer Utility Series 2019A, Rev., 5.00%, 10/1/2038 | | | 3,000 | | | | 3,662 | |
| | |
Capital Trust Agency, Inc., Sustainability Bonds -The Marie Rev., 4.00%, 6/15/2031 (c) | | | 150 | | | | 150 | |
| | |
City of Pompano Beach, John Knox Village Project | | | | | | | | |
| | |
Rev., 3.50%, 9/1/2035 | | | 1,375 | | | | 1,391 | |
| | |
Rev., 4.00%, 9/1/2040 | | | 1,000 | | | | 1,044 | |
| | |
City of Port St. Lucie, Utility System Rev., NATL-RE, 5.25%, 9/1/2024 | | | 5,000 | | | | 5,490 | |
| | |
County of Broward, Fuel System, Fort Lauderdale Fuel Facilities LLC Project Series A, Rev., AMT, AGM, 5.00%, 4/1/2024 | | | 835 | | | | 869 | |
| | |
Florida Development Finance Corp., Educational Facilities, River City Science Academy Projects | | | | | | | | |
| | |
Rev., 4.00%, 7/1/2027 | | | 290 | | | | 312 | |
| | |
Rev., 4.00%, 7/1/2028 | | | 150 | | | | 162 | |
| | |
Rev., 4.00%, 7/1/2029 | | | 155 | | | | 167 | |
| | |
Rev., 4.00%, 7/1/2030 | | | 215 | | | | 230 | |
| | |
Florida Development Finance Corp., Mater Academy Project Series 2020A, Rev., 5.00%, 6/15/2040 | | | 500 | | | | 557 | |
| | |
Florida Development Finance Corp., The Glenridge on Palmer Ranch Project Rev., 4.00%, 6/1/2026 | | | 110 | | | | 116 | |
| | |
Lee Memorial Health System Series 2019A-1, Rev., 5.00%, 4/1/2036 | | | 1,000 | | | | 1,197 | |
| | |
Miami Beach Redevelopment Agency, City Center, Historic Convention Village Series A, Rev., 5.00%, 2/1/2027 | | | 2,000 | | | | 2,135 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
| | |
Florida — continued | | | | | | | | |
| | |
Polk County School District Series 2019B, COP, 5.00%, 1/1/2026 | | | 515 | | | | 583 | |
| | |
School Board of Miami-Dade County (The) Series 2015D, COP, 5.00%, 2/1/2027 | | | 3,000 | | | | 3,386 | |
| | |
Seminole County Industrial Development Authority, Galileo Schools for Gifted Learning Series 2021A, Rev., 4.00%, 6/15/2041 (c) | | | 210 | | | | 220 | |
| | |
South Florida Water Management District COP, 5.00%, 10/1/2032 | | | 2,250 | | | | 2,538 | |
| | |
St. Johns County School Board Series 2019A, COP, 5.00%, 7/1/2031 | | | 570 | | | | 695 | |
| | | | | | | | |
| | |
Total Florida | | | | | | | 24,904 | |
| | | | | | | | |
|
Georgia — 1.5% | |
| | |
Albany-Dougherty Inner City Authority, State University Projects | | | | | | | | |
| | |
Rev., 5.00%, 7/1/2027 | | | 335 | | | | 388 | |
| | |
Rev., 5.00%, 7/1/2028 | | | 350 | | | | 413 | |
| | |
Columbus Medical Center Hospital Authority, Piedmont Healthcare Inc., Project Series 2019B, Rev., 5.00%, 7/1/2029 (b) | | | 500 | | | | 599 | |
| | |
Gainesville and Hall County Hospital Authority, Northeast Georgia Health System, Inc., Project Series A, Rev., 5.00%, 2/15/2026 | | | 860 | | | | 968 | |
| | |
George L Smith II Congress Center Authority, Convention Center Hotel First Series 2021A, Rev., 2.38%, 1/1/2031 | | | 500 | | | | 465 | |
| | |
George L Smith II Congress Center Authority, Convention Center Hotel Second | | | | | | | | |
| | |
Series 2021B, Rev., 3.63%, 1/1/2031 (c) | | | 415 | | | | 392 | |
| | |
Series 2021B, Rev., 5.00%, 1/1/2036 (c) | | | 500 | | | | 521 | |
| | |
Georgia Housing and Finance Authority, Single Family Mortgage | | | | | | | | |
| | |
Series 2017A, Rev., 4.00%, 12/1/2047 | | | 310 | | | | 323 | |
| | |
Series B, Rev., 4.00%, 12/1/2047 | | | 605 | | | | 633 | |
| | | | | | | | |
| | |
Total Georgia | | | | | | | 4,702 | |
| | | | | | | | |
|
Illinois — 4.6% | |
| | |
City of Aurora, Single Family Mortgage | | | | | | | | |
| | |
Series B, Rev., GNMA/FNMA/FHLMC, 5.45%, 12/1/2039 | | | 56 | | | | 57 | |
| | |
Series 2007-A, Rev., AMT, GNMA/FNMA/FHLMC, 5.50%, 12/1/2039 | | | 69 | | | | 69 | |
| | |
Illinois Finance Authority, Plymouth Place, Inc. | | | | | | | | |
| | |
Series 2021A, Rev., 5.00%, 5/15/2032 | | | 135 | | | | 152 | |
| | |
Series 2021A, Rev., 5.00%, 5/15/2033 | | | 145 | | | | 162 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 124 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | | | | | | | | |
| | |
Illinois — continued | | | | | | | | |
| | |
Illinois Finance Authority, Social Bonds-Learn Chapter School Project | | | | | | | | |
| | |
Rev., 4.00%, 11/1/2030 | | | 130 | | | | 143 | |
| | |
Rev., 4.00%, 11/1/2031 | | | 135 | | | | 149 | |
| | |
Rev., 4.00%, 11/1/2041 | | | 375 | | | | 408 | |
| | |
Illinois Finance Authority, Southern Illinois Healthcare Enterprises, Inc. Series C, Rev., 5.00%, 3/1/2033 | | | 365 | | | | 414 | |
| | |
Illinois Housing Development Authority Series C, Rev., GNMA/FNMA/FHLMC COLL, 4.00%, 10/1/2049 | | | 1,505 | | | | 1,596 | |
| | |
Illinois Housing Development Authority, Homeowner Mortgage Series C, Rev., 3.50%, 8/1/2046 | | | 530 | | | | 551 | |
| | |
Peoria City School District No. 150 | | | | | | | | |
| | |
Series 2020A, GO, AGM, 4.00%, 12/1/2027 | | | 505 | | | | 563 | |
| | |
Southern Illinois University, Housing and Auxiliary Facilities System | | | | | | | | |
| | |
Series 2021A, Rev., 4.00%, 4/1/2027 | | | 775 | | | | 857 | |
| | |
Series 2021A, Rev., 4.00%, 4/1/2028 | | | 715 | | | | 799 | |
| | |
Series 2021A, Rev., 4.00%, 4/1/2029 | | | 400 | | | | 450 | |
| | |
Series 2021A, Rev., 4.00%, 4/1/2030 | | | 525 | | | | 596 | |
| | |
Series 2021A, Rev., 4.00%, 4/1/2031 | | | 500 | | | | 571 | |
| | |
Series 2021A, Rev., 5.00%, 4/1/2032 | | | 375 | | | | 457 | |
| | |
Series 2021A, Rev., 5.00%, 4/1/2033 | | | 300 | | | | 366 | |
| | |
Southwestern Illinois Development Authority, Flood Prevention District Council Project | | | | | | | | |
| | |
Rev., 5.00%, 4/15/2026 | | | 250 | | | | 282 | |
| | |
Rev., 5.00%, 4/15/2027 | | | 365 | | | | 423 | |
| | |
Rev., 5.00%, 4/15/2028 | | | 390 | | | | 463 | |
| | |
Rev., 5.00%, 4/15/2029 | | | 290 | | | | 349 | |
| | |
Will County Forest Preservation District, Limited Tax | | | | | | | | |
| | |
GO, 5.00%, 12/15/2035 | | | 1,170 | | | | 1,446 | |
| | |
GO, 5.00%, 12/15/2036 | | | 1,460 | | | | 1,798 | |
| | |
GO, 4.00%, 12/15/2037 | | | 1,000 | | | | 1,121 | |
| | | | | | | | |
| | |
Total Illinois | | | | | | | 14,242 | |
| | | | | | | | |
|
Indiana — 4.1% | |
| | |
City of Goshen, Multi-Family, Green Oaks of Goshen Project Series 2021A, Rev., 5.00%, 8/1/2041 (c) | | | 500 | | | | 456 | |
| | |
City of Jeffersonville, Vivera Senior Living of Jeffersonville Project Series 2020A, Rev., 4.75%, 11/1/2030 (c) | | | 570 | | | | 561 | |
| | |
County of St. Joseph, Economic Development, St. Mary’s College Project Series 2017A, Rev., 5.00%, 4/1/2026 | | | 1,880 | | | | 2,106 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
| | |
Indiana — continued | | | | | | | | |
| | |
Indiana Finance Authority, Educational Facilities, Valparaiso University Project | | | | | | | | |
| | |
Rev., 4.00%, 10/1/2034 | | | 165 | | | | 183 | |
| | |
Rev., 4.00%, 10/1/2035 | | | 220 | | | | 243 | |
| | |
Indiana Finance Authority, First Lien Wastewater, CWA Authority Project Series 2012A, Rev., 5.00%, 10/1/2030 | | | 1,250 | | | | 1,280 | |
| | |
Indiana Finance Authority, Rose-Hulman Institute of Technology Project | | | | | | | | |
| | |
Rev., 5.00%, 6/1/2031 | | | 100 | | | | 121 | |
| | |
Rev., 4.00%, 6/1/2033 | | | 110 | | | | 122 | |
| | |
Indiana Finance Authority, State Revolving Fund Program Series 2021A, Rev., 5.00%, 2/1/2031 | | | 1,000 | | | | 1,268 | |
| | |
Indiana Health Facility Financing Authority, Ascension Health Credit Group Series A-1, Rev., 5.00%, 11/15/2034 | | | 1,670 | | | | 1,866 | |
| | |
Indiana Housing and Community Development Authority, Single Family Mortgage Series 2020A, Rev., 3.75%, 1/1/2049 | | | 905 | | | | 956 | |
| | |
Indiana Housing and Community Development Authority, Vita of Marion Project Series 2021B, Rev., 4.00%, 4/1/2024 | | | 500 | | | | 499 | |
| | |
Indianapolis Local Public Improvement Bond Bank, Stormwater Project Series 2019F, Rev., 5.00%, 1/1/2037 | | | 2,500 | | | | 3,028 | |
| | | | | | | | |
| | |
Total Indiana | | | | | | | 12,689 | |
| | | | | | | | |
|
Iowa — 1.1% | |
| | |
Iowa Finance Authority, Senior Living Facility, Sunrise Retirement Community Project | | | | | | | | |
| | |
Rev., 5.00%, 9/1/2028 | | | 195 | | | | 200 | |
| | |
Rev., 5.00%, 9/1/2030 | | | 110 | | | | 111 | |
| | |
Rev., 5.00%, 9/1/2031 | | | 105 | | | | 105 | |
| | |
Rev., 5.00%, 9/1/2036 | | | 445 | | | | 434 | |
| | |
Iowa Finance Authority, Single Family Mortgage-Backed Securities Program Series C, Rev., GNMA/FNMA/FHLMC, 3.50%, 1/1/2047 | | | 940 | | | | 975 | |
| | |
Iowa Student Loan Liquidity Corp., Student Loan | | | | | | | | |
| | |
Series 2015A, Rev., AMT, 5.00%, 12/1/2025 | | | 1,000 | | | | 1,113 | |
| | |
Series 2019B, Rev., AMT, 5.00%, 12/1/2029 | | | 300 | | | | 356 | |
| | | | | | | | |
| | |
Total Iowa | | | | | | | 3,294 | |
| | | | | | | | |
|
Kansas — 0.1% | |
| | |
City of Manhattan, Meadowlark Hills Series 2021A, Rev., 4.00%, 6/1/2036 | | | 300 | | | | 314 | |
| | | | | | | | |
|
Kentucky — 0.4% | |
| | |
Kentucky Public Energy Authority, Gas Supply Series 2022A-1, Rev., 4.00%, 3/8/2022 (b) (f) | | | 1,150 | | | | 1,284 | |
| | | | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 125 |
JPMorgan Sustainable Municipal Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Louisiana — 0.9% | |
| | |
Louisiana Local Government Environmental Facilities and Community Development Authority, LCTCS Act 391 Project Rev., 5.00%, 10/1/2028 | | | 670 | | | | 803 | |
| | |
Louisiana Public Facilities Authority, Lincoln Preparatory School Project | | | | | | | | |
| | |
Series 2021A, Rev., 5.00%, 6/1/2031 (c) | | | 450 | | | | 480 | |
| | |
Series 2021A, Rev., 5.00%, 6/1/2041 (c) | | | 525 | | | | 545 | |
| | |
Louisiana Public Facilities Authority, Mentorship Steam Academy Project | | | | | | | | |
| | |
Series 2021A, Rev., 5.00%, 6/1/2036 (c) | | | 385 | | | | 400 | |
| | |
Series 2021A, Rev., 5.00%, 6/1/2042 (c) | | | 440 | | | | 450 | |
| | | | | | | | |
| | |
Total Louisiana | | | | | | | 2,678 | |
| | | | | | | | |
|
Maine — 0.6% | |
| | |
City of Portland, General Airport Rev., 5.00%, 1/1/2031 | | | 370 | | | | 444 | |
| | |
Maine Health and Higher Educational Facilities Authority | | | | | | | | |
| | |
Series 2020A, Rev., 4.00%, 7/1/2024 (g) | | | 140 | | | | 149 | |
| | |
Series 2020A, Rev., 4.00%, 7/1/2024 | | | 110 | | | | 116 | |
| | |
Series 2020A, Rev., 4.00%, 7/1/2028 | | | 650 | | | | 731 | |
| | |
Series 2020A, Rev., 4.00%, 7/1/2028 (g) | | | 210 | | | | 241 | |
| | |
Maine State Housing Authority, Mortgage Purchase | | | | | | | | |
| | |
Series B, Rev., AMT, 4.00%, 11/15/2043 | | | 10 | | | | 10 | |
| | |
Series A, Rev., 4.00%, 11/15/2045 | | | 295 | | | | 304 | |
| | | | | | | | |
| | |
Total Maine | | | | | | | 1,995 | |
| | | | | | | | |
|
Maryland — 1.0% | |
| | |
County of Baltimore, McDonogh School Facility | | | | | | | | |
| | |
Series 2019B, Rev., 3.00%, 9/1/2024 | | | 320 | | | | 323 | |
| | |
Series 2019B, Rev., 3.00%, 9/1/2025 | | | 475 | | | | 479 | |
| | |
County of Baltimore, Riderwood Village, Inc., Project | | | | | | | | |
| | |
Rev., 4.00%, 1/1/2032 | | | 475 | | | | 536 | |
| | |
Rev., 4.00%, 1/1/2033 | | | 600 | | | | 677 | |
| | |
Maryland Health and Higher Educational Facilities Authority, Stevenson University Project | | | | | | | | |
| | |
Rev., 5.00%, 6/1/2029 | | | 150 | | | | 177 | |
| | |
Rev., 5.00%, 6/1/2031 | | | 175 | | | | 213 | |
| | |
Montgomery County Housing Opportunities Commission, Single Family Mortgage Series 2017A, Rev., 4.00%, 7/1/2048 | | | 740 | | | | 776 | |
| | | | | | | | |
| | |
Total Maryland | | | | | | | 3,181 | |
| | | | | | | | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
|
Massachusetts — 5.7% | |
| | |
Massachusetts Bay Transportation Authority, Sales Tax | | | | | | | | |
| | |
Series 2012B-1, Rev., 5.00%, 7/1/2032 | | | 1,600 | | | | 1,993 | |
| | |
Series 2012B-1, Rev., 5.00%, 7/1/2033 | | | 3,015 | | | | 3,752 | |
| | |
Massachusetts Clean Water Trust (The), Poll Program Rev., 5.25%, 8/1/2024 | | | 3,000 | | | | 3,290 | |
| | |
Massachusetts Development Finance Agency, Southcoast Health System Obligated Group Issue | | | | | | | | |
| | |
Series 2021G, Rev., 5.00%, 7/1/2029 | | | 150 | | | | 182 | |
| | |
Series 2021G, Rev., 5.00%, 7/1/2030 | | | 150 | | | | 185 | |
| | |
Massachusetts Health and Educational Facilities Authority, Massachusetts Institute of Technology Series L, Rev., 5.25%, 7/1/2033 | | | 820 | | | | 1,107 | |
| | |
Massachusetts Housing Finance Agency, Single Family Housing | | | | | | | | |
| | |
Series 169, Rev., 4.00%, 12/1/2044 | | | 35 | | | | 36 | |
| | |
Series 183, Rev., 3.50%, 12/1/2046 | | | 105 | | | | 109 | |
| | |
Series 214, Rev., GNMA/FNMA/FHLMC, 3.75%, 12/1/2049 | | | 1,065 | | | | 1,121 | |
| | |
Massachusetts Water Resources Authority | | | | | | | | |
| | |
Series B, Rev., AGM, 5.25%, 8/1/2028 | | | 3,000 | | | | 3,678 | |
| | |
Series B, Rev., AGM, 5.25%, 8/1/2029 | | | 2,000 | | | | 2,509 | |
| | | | | | | | |
| | |
Total Massachusetts | | | | | | | 17,962 | |
| | | | | | | | |
|
Michigan — 0.8% | |
| | |
City of Detroit, Unlimited Tax | | | | | | | | |
| | |
Series 2021A, GO, 5.00%, 4/1/2030 | | | 475 | | | | 559 | |
| | |
Series 2021A, GO, 5.00%, 4/1/2031 | | | 215 | | | | 257 | |
| | |
Eastern Michigan University Series 2017A, Rev., 5.00%, 3/1/2030 | | | 575 | | | | 664 | |
| | |
Michigan State Housing Development Authority, Single Family Mortgage Series B, Rev., AMT, 3.50%, 6/1/2047 | | | 530 | | | | 548 | |
| | |
Western Michigan University, Tax Exempt | | | | | | | | |
| | |
Series 2021A, Rev., AGM, 5.00%, 11/15/2028 | | | 105 | | | | 127 | |
| | |
Series 2021A, Rev., AGM, 5.00%, 11/15/2029 | | | 100 | | | | 123 | |
| | |
Series 2021A, Rev., AGM, 5.00%, 11/15/2030 | | | 100 | | | | 125 | |
| | | | | | | | |
| | |
Total Michigan | | | | | | | 2,403 | |
| | | | | | | | |
|
Minnesota — 1.8% | |
| | |
City of Rochester, Health Care Facilities, Mayo Clinic Series B, Rev., 5.00%, 11/15/2029 | | | 965 | | | | 1,190 | |
| | |
City of Woodbury, Charter School Lease, Woodbury Leadership Academy Project | | | | | | | | |
| | |
Series 2021A, Rev., 4.00%, 7/1/2031 | | | 175 | | | | 188 | |
| | |
Series 2021A, Rev., 4.00%, 7/1/2041 | | | 445 | | | | 465 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 126 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Minnesota — continued | |
| | |
Minneapolis-St. Paul Housing Finance Board, Single Family Mortgage, City Living Home Programs Series 2007A-2, Rev., GNMA/FNMA/FHLMC, 5.52%, 3/1/2041 | | | 140 | | | | 140 | |
| | |
Minnesota Housing Finance Agency, Non Profit Housing, State Appropriation | | | | | | | | |
| | |
Rev., 5.25%, 8/1/2024 | | | 1,015 | | | | 1,019 | |
| | |
Rev., 5.25%, 8/1/2025 | | | 1,070 | | | | 1,074 | |
| | |
Rev., 5.25%, 8/1/2026 | | | 825 | | | | 828 | |
| | |
Minnesota Housing Finance Agency, Residential Housing Finance Series B, Rev., AMT, GNMA/FNMA/FHLMC COLL, 4.00%, 7/1/2047 | | | 390 | | | | 408 | |
| | |
Minnesota Office of Higher Education, Supplemental Student Loan Program Rev., AMT, 5.00%, 11/1/2027 | | | 300 | | | | 347 | |
| | | | | | | | |
| | |
Total Minnesota | | | | | | | 5,659 | |
| | | | | | | | |
|
Mississippi — 0.4% | |
| | |
Mississippi Home Corp., Single Family Mortgage Series 2019A, Rev., GNMA/FNMA/FHLMC, 4.00%, 12/1/2048 | | | 1,125 | | | | 1,189 | |
| | | | | | | | |
|
Missouri — 1.2% | |
| | |
Health and Educational Facilities Authority of the State of Missouri, Mercy Health Series 2018A, Rev., 5.00%, 6/1/2031 | | | 1,000 | | | | 1,192 | |
| | |
Missouri Housing Development Commission, Single Family Mortgage, First Place Homeownership Loan Program
Series 2106B, Rev., AMT, GNMA/FNMA/FHLMC COLL, 3.50%, 5/1/2041 | | | 710 | | | | 731 | |
| | |
Series 2020A, Rev., GNMA/FNMA/FHLMC, 3.50%, 11/1/2050 | | | 1,700 | | | | 1,785 | |
| | | | | | | | |
| | |
Total Missouri | | | | | | | 3,708 | |
| | | | | | | | |
|
Nebraska — 0.6% | |
| | |
Madison County Hospital Authority No. 1, Faith Regional Health Services Project | | | | | | | | |
| | |
Rev., 5.00%, 7/1/2030 | | | 1,020 | | | | 1,123 | |
| | |
Rev., 5.00%, 7/1/2031 | | | 720 | | | | 792 | |
| | | | | | | | |
| | |
Total Nebraska | | | | | | | 1,915 | |
| | | | | | | | |
|
Nevada — 0.4% | |
| | |
Carson City Nevada Hospital | | | | | | | | |
| | |
Rev., 5.00%, 9/1/2026 | | | 555 | | | | 632 | |
| | |
Rev., 5.00%, 9/1/2029 | | | 620 | | | | 716 | |
| | | | | | | | |
| | |
Total Nevada | | | | | | | 1,348 | |
| | | | | | | | |
|
New Hampshire — 2.2% | |
| | |
City of Manchester, School Facilities | | | | | | | | |
| | |
Rev., NATL-RE, 5.50%, 6/1/2024 | | | 3,545 | | | | 3,872 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| |
|
New Hampshire — continued | |
| | |
Rev., NATL-RE, 5.50%, 6/1/2027 | | | 900 | | | | 1,071 | |
| | |
New Hampshire Business Finance Authority, Springpoint Senior Living Project | | | | | | | | |
| | |
Rev., 4.00%, 1/1/2026 | | | 265 | | | | 283 | |
| | |
Rev., 4.00%, 1/1/2027 | | | 250 | | | | 269 | |
| | |
Rev., 4.00%, 1/1/2028 | | | 290 | | | | 314 | |
| | |
Rev., 4.00%, 1/1/2031 | | | 290 | | | | 311 | |
| | |
Rev., 4.00%, 1/1/2041 | | | 750 | | | | 789 | |
| | | | | | | | |
| | |
Total New Hampshire | | | | | | | 6,909 | |
| | | | | | | | |
|
New Jersey — 4.3% | |
| | |
Atlantic County Improvement Authority (The), Atlantic City Campus Phase II Project | | | | | | | | |
| | |
Series 2021A, Rev., AGM, 5.00%, 7/1/2029 | | | 100 | | | | 121 | |
| | |
Series 2021A, Rev., AGM, 5.00%, 7/1/2030 | | | 100 | | | | 123 | |
| | |
Series 2021A, Rev., AGM, 5.00%, 7/1/2031 | | | 100 | | | | 125 | |
| | |
Series 2021A, Rev., AGM, 5.00%, 7/1/2034 | | | 60 | | | | 75 | |
| | |
Series 2021A, Rev., AGM, 5.00%, 7/1/2035 | | | 75 | | | | 93 | |
| | |
Series 2021A, Rev., AGM, 4.00%, 7/1/2036 | | | 100 | | | | 114 | |
| | |
Series 2021A, Rev., AGM, 4.00%, 7/1/2037 | | | 75 | | | | 85 | |
| | |
Egg Harbor Township School District GO, AGM, 5.75%, 7/15/2024 | | | 1,215 | | | | 1,342 | |
| | |
Essex County Improvement Authority, CHF-Newark, LLC, NJIT Student Housing Project Series 2021A, Rev., 5.00%, 8/1/2033 | | | 170 | | | | 212 | |
| | |
Essex County Improvement Authority, North Star Academy Charter School of Newark, Inc., 2020 Project | | | | | | | | |
| | |
Rev., 4.00%, 7/15/2023 (c) | | | 115 | | | | 119 | |
| | |
Rev., 4.00%, 7/15/2025 (c) | | | 370 | | | | 391 | |
| | |
Rev., 4.00%, 7/15/2027 (c) | | | 400 | | | | 430 | |
| | |
Rev., 4.00%, 7/15/2029 (c) | | | 430 | | | | 467 | |
| | |
Rev., 4.00%, 7/15/2030 (c) | | | 200 | | | | 219 | |
| | |
New Jersey Economic Development Authority, School Facilities Construction | | | | | | | | |
| | |
Series 2021QQQ, Rev., 5.00%, 6/15/2030 | | | 270 | | | | 323 | |
| | |
Series 2021QQQ, Rev., 5.00%, 6/15/2033 | | | 300 | | | | 357 | |
| | |
New Jersey Educational Facilities Authority, Stevens Institute of Technology | | | | | | | | |
| | |
Series 2020A, Rev., 5.00%, 7/1/2033 | | | 350 | | | | 416 | |
| | |
Series 2020A, Rev., 5.00%, 7/1/2034 | | | 280 | | | | 333 | |
| | |
New Jersey Health Care Facilities Financing Authority, University Hospital Issue | | | | | | | | |
| | |
Series 2015A, Rev., AGM, 5.00%, 7/1/2022 | | | 1,000 | | | | 1,014 | |
| | |
Series 2015A, Rev., AGM, 5.00%, 7/1/2023 | | | 820 | | | | 863 | |
| | |
Series 2015A, Rev., AGM, 5.00%, 7/1/2026 | | | 1,095 | | | | 1,217 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 127 |
JPMorgan Sustainable Municipal Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
New Jersey — continued | |
| | |
New Jersey Higher Education Student Assistance Authority, Senior Student Loan | | | | | | | | |
| | |
Series 1A, Rev., AMT, 5.00%, 12/1/2024 | | | 1,750 | | | | 1,914 | |
| | |
Series 2019A, Rev., 5.00%, 12/1/2024 | | | 1,100 | | | | 1,205 | |
| | |
New Jersey Housing and Mortgage Finance Agency, Riverside Senior Apartments Project Series 2019D, Rev., 1.35%, 6/1/2022 (b) | | | 1,000 | | | | 1,001 | |
| | |
New Jersey Housing and Mortgage Finance Agency, Single Family Housing Series 2018A, Rev., 4.50%, 10/1/2048 | | | 805 | | | | 865 | |
| | | | | | | | |
| | |
Total New Jersey | | | | | | | 13,424 | |
| | | | | | | | |
|
New Mexico — 0.3% | |
| | |
New Mexico Mortgage Finance Authority, Single Family Mortgage Program Series 2019C, Class I, Rev., GNMA/FNMA/FHLMC, 4.00%, 1/1/2050 | | | 975 | | | | 1,035 | |
| | | | | | | | |
|
New York — 4.8% | |
| | |
Broome County Local Development Corp., Good Shepherd Village at Endwell, Inc. | | | | | | | | |
| | |
Rev., 3.50%, 7/1/2026 | | | 500 | | | | 525 | |
| | |
Rev., 4.00%, 7/1/2031 | | | 780 | | | | 846 | |
| | |
Build NYC Resource Corp., New World Preparatory Charter School Project | | | | | | | | |
| | |
Series 2021A, Rev., 4.00%, 6/15/2031 | | | 150 | | | | 159 | |
| | |
Series 2021A, Rev., 4.00%, 6/15/2041 | | | 135 | | | | 142 | |
| | |
Huntington Local Development Corp., Fountaingate Garden Project Series 2021C, Rev., 3.00%, 7/1/2025 | | | 860 | | | | 846 | |
| | |
Metropolitan Transportation Authority, Dedicated Tax Fund Series 2012A, Rev., 5.00%, 11/15/2029 | | | 1,000 | | | | 1,029 | |
| | |
Monroe County Industrial Development Corp., Highland Hospital of Rochester Project Rev., 5.00%, 7/1/2029 | | | 1,000 | | | | 1,201 | |
| | |
New York City Industrial Development Agency, Queens Baseball Stadium Project Rev., AGM, 5.00%, 1/1/2031 | | | 500 | | | | 617 | |
| | |
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2015 Series FF, Rev., 5.00%, 6/15/2031 | | | 1,000 | | | | 1,114 | |
| | |
New York State Dormitory Authority, Montefiore Obligated Group Series 2020A, Rev., 5.00%, 9/1/2027 | | | 1,325 | | | | 1,514 | |
| | |
New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project Rev., AMT, 5.00%, 1/1/2025 | | | 1,750 | | | | 1,903 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
| | |
New York — continued | | | | | | | | |
| | |
Port Authority of New York and New Jersey, Consolidated Series 194, Rev., 5.00%, 10/15/2030 | | | 2,000 | | | | 2,240 | |
| | |
State of New York Mortgage Agency, Homeowner Mortgage | | | | | | | | |
| | |
Series 197, Rev., 3.50%, 10/1/2044 | | | 625 | | | | 647 | |
| | |
Series 195, Rev., 4.00%, 10/1/2046 | | | 580 | | | | 603 | |
| | |
Suffolk County Economic Development Corp., St. Johnland Assisted Living Inc., Project Rev., 4.63%, 11/1/2031 (c) | | | 1,250 | | | | 1,227 | |
| | |
Yonkers Economic Development Corp., Charter School of Educational Excellence Project Rev., 4.00%, 10/15/2030 | | | 355 | | | | 375 | |
| | | | | | | | |
| | |
Total New York | | | | | | | 14,988 | |
| | | | | | | | |
|
North Carolina — 1.3% | |
| | |
County of Randolph, Limited Obligation Series B, Rev., 5.00%, 10/1/2026 | | | 1,000 | | | | 1,157 | |
| | |
North Carolina Capital Facilities Finance Agency, High Point University Rev., 5.00%, 5/1/2031 | | | 500 | | | | 610 | |
| | |
North Carolina Housing Finance Agency, Homeownership Series 43, Rev., GNMA/FNMA/FHLMC, 4.00%, 7/1/2050 | | | 555 | | | | 591 | |
| | |
North Carolina Medical Care Commission, Caromont Health Series 2021B, Rev., 5.00%, 2/1/2026 (b) | | | 500 | | | | 565 | |
| | |
North Carolina Medical Care Commission, Lutheran Services for The Aging Series 2021A, Rev., 4.00%, 3/1/2031 | | | 290 | | | | 308 | |
| | |
North Carolina Medical Care Commission, The Forest at Duke Project | | | | | | | | |
| | |
Rev., 4.00%, 9/1/2033 | | | 180 | | | | 201 | |
| | |
Rev., 4.00%, 9/1/2041 | | | 415 | | | | 453 | |
| | |
University of North Carolina at Charlotte (The) | | | | | | | | |
| | |
Series 2020A, Rev., 5.00%, 10/1/2025 | | | 85 | | | | 96 | |
| | |
Series 2020A, Rev., 5.00%, 10/1/2027 | | | 200 | | | | 236 | |
| | | | | | | | |
| | |
Total North Carolina | | | | | | | 4,217 | |
| | | | | | | | |
|
North Dakota — 0.7% | |
| | |
North Dakota Housing Finance Agency, Home Mortgage Finance Program | | | | | | | | |
| | |
Series 2016D, Rev., 3.50%, 7/1/2046 | | | 245 | | | | 254 | |
| | |
Series D, Rev., 4.00%, 7/1/2046 | | | 625 | | | | 648 | |
| | |
Series 2017D, Rev., FHA, 4.00%, 1/1/2048 | | | 780 | | | | 819 | |
| | |
University of North Dakota, Housing Infrastructure Project Series 2021A, COP, AGM, 4.00%, 6/1/2051 | | | 500 | | | | 551 | |
| | | | | | | | |
| | |
Total North Dakota | | | | | | | 2,272 | |
| | | | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 128 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Ohio — 4.9% | |
| | |
American Municipal Power, Inc., Solar Electricity Prepayment Project Series 2019A, Rev., 5.00%, 2/15/2035 | | | 825 | | | | 982 | |
| | |
Butler County Port Authority, Community First Solutions | | | | | | | | |
| | |
Rev., 4.00%, 5/15/2037 | | | 210 | | | | 235 | |
| | |
Series 2021A, Rev., 4.00%, 5/15/2038 | | | 110 | | | | 123 | |
| | |
Series 2021A, Rev., 4.00%, 5/15/2039 | | | 115 | | | | 129 | |
| | |
Series 2021A, Rev., 4.00%, 5/15/2040 | | | 115 | | | | 129 | |
| | |
Series 2021A, Rev., 4.00%, 5/15/2041 | | | 125 | | | | 140 | |
| | |
County of Hardin, Economic Development Facilities Improvement, Ohio Northern University | | | | | | | | |
| | |
Rev., 4.00%, 5/1/2026 | | | 240 | | | | 241 | |
| | |
Rev., 5.00%, 5/1/2030 | | | 250 | | | | 264 | |
| | |
Lakota Local School District Series A, GO, NATL-RE, 5.25%, 12/1/2025 | | | 1,500 | | | | 1,711 | |
| | |
Northeast Ohio Medical University | | | | | | | | |
| | |
Series 2021A, Rev., 5.00%, 12/1/2028 | | | 125 | | | | 145 | |
| | |
Series 2021A, Rev., 5.00%, 12/1/2030 | | | 65 | | | | 77 | |
| | |
Series 2021A, Rev., 4.00%, 12/1/2035 | | | 150 | | | | 164 | |
| | |
Ohio Higher Educational Facility Commission, Case Western University Project | | | | | | | | |
| | |
Series 2019C, Rev., 1.63%, 12/1/2026 (b) | | | 500 | | | | 498 | |
| | |
Series 2019B, Rev., 5.00%, 12/1/2031 | | | 750 | | | | 920 | |
| | |
Ohio Housing Finance Agency, Mortgage-Backed Securities Program | | | | | | | | |
| | |
Series 2016D, Rev., GNMA/FNMA/FHLMC, 4.00%, 3/1/2047 | | | 485 | | | | 508 | |
| | |
Series 2020A, Rev., GNMA/FNMA/FHLMC, 3.75%, 9/1/2050 | | | 890 | | | | 947 | |
| | |
Ohio State University (The), General Receipts, Multiyear Debt Issuance Program II Series 2021A, Rev., 5.00%, 12/1/2031 | | | 845 | | | | 1,088 | |
| | |
Ohio Water Development Authority, Water Pollution Control Loan Fund | | | | | | | | |
| | |
Series 2019A, Rev., 5.00%, 6/1/2029 | | | 2,645 | | | | 3,247 | |
| | |
Series B, Rev., 5.00%, 12/1/2029 | | | 1,615 | | | | 1,825 | |
| | |
Port of Greater Cincinnati Development Authority, FC Cincinnati Public Improvements Project Rev., 3.75%, 12/1/2031 (c) | | | 245 | | | | 238 | |
| | |
University of Akron (The), General Receipts Series 2019A, Rev., 5.00%, 1/1/2030 | | | 310 | | | | 380 | |
| | |
Youngstown State University, General Receipts | | | | | | | | |
| | |
Rev., AGM, 4.00%, 12/15/2029 | | | 775 | | | | 900 | |
| | |
Rev., AGM, 4.00%, 12/15/2030 | | | 490 | | | | 577 | |
| | | | | | | | |
| | |
Total Ohio | | | | | | | 15,468 | |
| | | | | | | | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
|
Oregon — 0.6% | |
| | |
Salem Hospital Facility Authority, Capital Manor Project | | | | | | | | |
| | |
Rev., 5.00%, 5/15/2028 | | | 155 | | | | 175 | |
| | |
Rev., 4.00%, 5/15/2029 | | | 130 | | | | 140 | |
| | |
Rev., 4.00%, 5/15/2047 | | | 400 | | | | 423 | |
| | |
Yamhill County Hospital Authority, Friendsview, Tax Exempt | | | | | | | | |
| | |
Series 2021B-3, Rev., 1.75%, 11/15/2026 | | | 170 | | | | 166 | |
| | |
Series 2021A, Rev., 5.00%, 11/15/2036 | | | 305 | | | | 348 | |
| | |
Series 2021A, Rev., 5.00%, 11/15/2046 | | | 500 | | | | 558 | |
| | | | | | | | |
| | |
Total Oregon | | | | | | | 1,810 | |
| | | | | | | | |
|
Other — 0.3% | |
| | |
Multi-Family Housing, Bond Pass-Through Certificates, Grand Reserve Apartments Series 8, Rev., 5.95%, 11/1/2023 (b) | | | 905 | | | | 906 | |
| | | | | | | | |
|
Pennsylvania — 7.1% | |
| | |
Allegheny County Hospital Development Authority, Pittsburgh Medical Center Series 2019A, Rev., 5.00%, 7/15/2033 | | | 600 | | | | 725 | |
| | |
Bucks County Industrial Development Authority, Grand View Hospital Project Rev., 5.00%, 7/1/2032 | | | 500 | | | | 603 | |
| | |
Cambria County General Financing Authority, Mount Aloysius Project Series 2021TT4, Rev., 4.00%, 11/1/2036 | | | 535 | | | | 539 | |
| | |
Chester County Industrial Development Authority, Longwood Gardens Project | | | | | | | | |
| | |
Rev., 4.00%, 12/1/2024 | | | 345 | | | | 366 | |
| | |
Rev., 4.00%, 12/1/2025 | | | 250 | | | | 271 | |
| | |
Rev., 4.00%, 12/1/2026 | | | 250 | | | | 276 | |
| | |
Rev., 5.00%, 12/1/2027 | | | 200 | | | | 236 | |
| | |
Rev., 5.00%, 12/1/2035 | | | 175 | | | | 214 | |
| | |
Rev., 5.00%, 12/1/2036 | | | 185 | | | | 225 | |
| | |
Rev., 5.00%, 12/1/2037 | | | 200 | | | | 243 | |
| | |
City of Erie, Higher Education Building Authority, Gannon University Project—AICUP Financing Program | | | | | | | | |
| | |
Series 2021TT1, Rev., 4.00%, 5/1/2036 | | | 100 | | | | 110 | |
| | |
Series 2021TT1, Rev., 4.00%, 5/1/2041 | | | 100 | | | | 109 | |
| | |
Delaware County Authority, Neumann University | | | | | | | | |
| | |
Rev., 4.00%, 10/1/2022 | | | 200 | | | | 203 | |
| | |
Rev., 5.00%, 10/1/2023 | | | 240 | | | | 252 | |
| | |
Geisinger Authority, Health System Series 2020B, Rev., 5.00%, 2/15/2027 (b) | | | 3,350 | | | | 3,843 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 129 |
JPMorgan Sustainable Municipal Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Pennsylvania — continued | |
| | |
Lancaster Industrial Development Authority, Landis Homes Retirement Community Project | | | | | | | | |
| | |
Rev., 4.00%, 7/1/2031 | | | 430 | | | | 454 | |
| | |
Rev., 4.00%, 7/1/2037 | | | 170 | | | | 177 | |
| | |
Lehigh County Industrial Development Authority, Seven Generation Charter School | | | | | | | | |
| | |
Series 2021A, Rev., 4.00%, 5/1/2031 | | | 340 | | | | 358 | |
| | |
Series 2021A, Rev., 4.00%, 5/1/2041 | | | 885 | | | | 905 | |
| | |
Pennsylvania Economic Development Financing Authority, Presbyterian Senior Living Project Rev., 4.00%, 7/1/2041 | | | 750 | | | | 812 | |
| | |
Pennsylvania Higher Educational Facilities Authority, University of Pennsylvania Health System Rev., 4.00%, 8/15/2034 | | | 175 | | | | 200 | |
| | |
Pennsylvania Housing Finance Agency, Single Family Mortgage | | | | | | | | |
| | |
Series 121, Rev., 3.50%, 10/1/2046 | | | 690 | | | | 711 | |
| | |
Series 122, Rev., AMT, 4.00%, 10/1/2046 | | | 240 | | | | 250 | |
| | |
Pennsylvania State University (The) | | | | | | | | |
| | |
Series 2020E, Rev., 5.00%, 3/1/2029 | | | 710 | | | | 868 | |
| | |
Series 2020E, Rev., 5.00%, 3/1/2030 | | | 290 | | | | 362 | |
| | |
Series 2020E, Rev., 5.00%, 3/1/2031 | | | 710 | | | | 879 | |
| | |
Philadelphia Authority for Industrial Development, City Service Agreement, Affordable Housing Preservation Programs Project | | | | | | | | |
| | |
Rev., 5.00%, 12/1/2023 | | | 2,020 | | | | 2,146 | |
| | |
Rev., AGM, 5.00%, 12/1/2026 | | | 1,550 | | | | 1,783 | |
| | |
Rev., AGM, 5.00%, 12/1/2027 | | | 680 | | | | 789 | |
| | |
Philadelphia Authority for Industrial Development, Electrical and Charter School Project Series 2021A, Rev., 4.00%, 6/1/2031 | | | 335 | | | | 364 | |
| | |
Philadelphia Authority for Industrial Development, Philadelphia Electrical and Technology Charter School Project Series 2021A, Rev., 4.00%, 6/1/2041 | | | 175 | | | | 181 | |
| | |
Philadelphia Authority for Industrial Development, Russell Byers Charter School Project Rev., 5.00%, 5/1/2030 | | | 1,200 | | | | 1,323 | |
| | |
West Cornwall Township Municipal Authority, Lebanon Valley Brethren Home Project | | | | | | | | |
| | |
Series 2021A, Rev., 4.00%, 11/15/2029 | | | 135 | | | | 151 | |
| | |
Series 2021A, Rev., 4.00%, 11/15/2030 | | | 190 | | | | 214 | |
| | |
Series 2021A, Rev., 4.00%, 11/15/2031 | | | 195 | | | | 218 | |
| | |
Series 2021A, Rev., 4.00%, 11/15/2036 | | | 365 | | | | 404 | |
| | |
Series 2021A, Rev., 4.00%, 11/15/2041 | | | 370 | | | | 406 | |
| | | | | | | | |
| | |
Total Pennsylvania | | | | | | | 22,170 | |
| | | | | | | | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
|
South Carolina — 0.6% | |
| | |
South Carolina Jobs-Economic Development Authority, Kiawah Life Plan Village, Inc., Project Rev., 8.75%, 7/1/2025 (c) | | | 200 | | | | 203 | |
| | |
South Carolina State Housing Finance and Development Authority | | | | | | | | |
| | |
Series 2017A, Rev., 4.00%, 1/1/2047 | | | 180 | | | | 188 | |
| | |
Series B, Rev., FHA, GNMA/FNMA/FHLMC, 4.00%, 7/1/2047 | | | 470 | | | | 491 | |
| | |
Town of Hilton Head Island, Beach Preservation Fee Pledge Rev., 5.00%, 8/1/2026 | | | 1,000 | | | | 1,119 | |
| | | | | | | | |
| | |
Total South Carolina | | | | | | | 2,001 | |
| | | | | | | | |
|
South Dakota — 0.7% | |
| | |
South Dakota Housing Development Authority, Homeownership Mortgage | | | | | | | | |
| | |
Series 2015D, Rev., 4.00%, 11/1/2045 | | | 705 | | | | 731 | |
| | |
Series 2019A, Rev., 4.00%, 5/1/2049 | | | 1,485 | | | | 1,570 | |
| | | | | | | | |
| | |
Total South Dakota | | | | | | | 2,301 | |
| | | | | | | | |
|
Tennessee — 1.3% | |
| | |
Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Green Hills Series 2020A, Rev., 4.00%, 11/1/2038 | | | 1,305 | | | | 1,357 | |
| | |
Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Trevecca Nazarene University Project | | | | | | | | |
| | |
Series 2021B, Rev., 4.00%, 10/1/2030 | | | 105 | | | | 112 | |
| | |
Series 2021B, Rev., 4.00%, 10/1/2031 | | | 220 | | | | 233 | |
| | |
Series 2021B, Rev., 4.00%, 10/1/2041 | | | 400 | | | | 418 | |
| | |
Shelby County Health Educational and Housing Facilities Board, The Farms at Bailey Station Project Series 2019A, Rev., 5.75%, 10/1/2049 | | | 1,000 | | | | 1,035 | |
| | |
Tennessee Housing Development Agency, Residential Finance Program | | | | | | | | |
| | |
Series 2B, Rev., AMT, 4.00%, 7/1/2043 | | | 60 | | | | 61 | |
| | |
Rev., 3.50%, 1/1/2048 | | | 960 | | | | 996 | |
| | | | | | | | |
| | |
Total Tennessee | | | | | | | 4,212 | |
| | | | | | | | |
|
Texas — 5.0% | |
| | |
Arlington Higher Education Finance Corp. | | | | | | | | |
| | |
Series 2021A, Rev., 5.00%, 8/15/2027 | | | 100 | | | | 109 | |
| | |
Series 2021A, Rev., 5.00%, 8/15/2028 | | | 40 | | | | 43 | |
| | |
Series 2021A, Rev., 4.00%, 8/15/2029 | | | 40 | | | | 41 | |
| | |
Series 2021A, Rev., 4.00%, 8/15/2030 | | | 40 | | | | 41 | |
| | |
Series 2021A, Rev., 4.00%, 8/15/2031 | | | 45 | | | | 46 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 130 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Texas — continued | |
| | |
Arlington Higher Education Finance Corp., Kipp Texas, Inc. | | | | | | | | |
| | |
Rev., PSF-GTD, 5.00%, 8/15/2023 | | | 150 | | | | 158 | |
| | |
Rev., PSF-GTD, 5.00%, 8/15/2024 | | | 140 | | | | 152 | |
| | |
Rev., PSF-GTD, 5.00%, 8/15/2025 | | | 200 | | | | 224 | |
| | |
Rev., PSF-GTD, 5.00%, 8/15/2026 | | | 220 | | | | 253 | |
| | |
Rev., PSF-GTD, 5.00%, 8/15/2027 | | | 250 | | | | 295 | |
| | |
Arlington Higher Education Finance Corp., Newman International Academy | | | | | | | | |
| | |
Rev., 4.00%, 8/15/2031 | | | 200 | | | | 206 | |
| | |
Rev., 5.00%, 8/15/2041 | | | 300 | | | | 317 | |
| | |
Baytown Municipal Development District, Baytown Convention Center Hotel, First Lien Series 2021A, Rev., 2.50%, 10/1/2031 | | | 275 | | | | 256 | |
| | |
Boerne School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/1/2029 | | | 1,000 | | | | 1,222 | |
| | |
Brazos Higher Education Authority, Inc., Tax-Exempt Student Loan Program | | | | | | | | |
| | |
Series 2020-1A, Rev., AMT, 5.00%, 4/1/2025 | | | 350 | | | | 378 | |
| | |
Series 2020-1A, Rev., AMT, 5.00%, 4/1/2026 | | | 500 | | | | 550 | |
| | |
City of Austin, Water and Wastewater System Rev., 5.00%, 11/15/2027 | | | 665 | | | | 790 | |
| | |
Clear Creek Independent School District, Unlimited Tax Series B, GO, PSF-GTD, 1.35%, 8/15/2022 (b) | | | 500 | | | | 501 | |
| | |
Clifton Higher Education Finance Corp., Yes Prep Public Schools, Inc. Rev., PSF-GTD, 5.00%, 4/1/2029 | | | 130 | | | | 158 | |
| | |
Conroe Local Government Corp., Conroe Convention Center Hotel Series 2021A, Rev., 2.50%, 10/1/2031 | | | 225 | | | | 212 | |
| | |
Dallas Area Rapid Transit, Sales Tax, Senior Lien Series 2016A, Rev., 5.00%, 12/1/2025 (g) | | | 2,800 | | | | 3,175 | |
| | |
Houston Higher Education Finance Corp., Houston Baptist University Rev., 3.38%, 10/1/2037 | | | 250 | | | | 250 | |
| | |
Irving Hospital Authority, Baylor Scott and White Medical Center | | | | | | | | |
| | |
Series 2017A, Rev., 5.00%, 10/15/2026 | | | 250 | | | | 284 | |
| | |
Series 2017A, Rev., 5.00%, 10/15/2027 | | | 500 | | | | 564 | |
| | |
Midtown Redevelopment Authority, Tax Increment Contract | | | | | | | | |
| | |
Rev., 4.00%, 1/1/2031 | | | 365 | | | | 409 | |
| | |
Rev., 4.00%, 1/1/2032 | | | 500 | | | | 557 | |
| | |
New Hope Cultural Education Facilities Finance Corp., Morningside Ministries Project Rev., 4.00%, 1/1/2032 (f) | | | 420 | | | | 421 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
|
Texas — continued | |
| | |
New Hope Cultural Education Facilities Finance Corp., Westminster Project Rev., 4.00%, 11/1/2055 | | | 550 | | | | 574 | |
| | |
Newark Higher Education Finance Corp., The Hughen Center, Inc. | | | | | | | | |
| | |
Series 2021A, Rev., PSF-GTD, 5.00%, 8/15/2030 | | | 180 | | | | 221 | |
| | |
Series 2021A, Rev., PSF-GTD, 5.00%, 8/15/2031 | | | 200 | | | | 250 | |
| | |
Northside Independent School District, School Building, Unlimited Tax GO, PSF-GTD, 1.60%, 8/1/2024 (b) | | | 340 | | | | 342 | |
| | |
Pasadena Independent School District, School Building, Unlimited Tax Series B, GO, PSF-GTD, 1.50%, 8/15/2024 (b) | | | 750 | | | | 752 | |
| | |
San Antonio Education Facilities Corp., University of the Incarnate Word Project Series 2021A, Rev., 4.00%, 4/1/2046 | | | 500 | | | | 531 | |
| | |
State of Texas, Water Financial Assistance Series 2015D, GO, 5.00%, 5/15/2033 | | | 450 | | | | 500 | |
| | |
Texas State Affordable Housing Corp., Single Family Mortgage, Heroes Home Loan Program Series 2019A, Rev., GNMA COLL, 4.25%, 3/1/2049 | | | 500 | | | | 532 | |
| | |
Uptown Development Authority, Tax Increment Contract Rev., 4.00%, 9/1/2033 | | | 400 | | | | 448 | |
| | | | | | | | |
| | |
Total Texas | | | | | | | 15,762 | |
| | | | | | | | |
|
Utah — 2.4% | |
| | |
Mida Mountain Village Public Infrastructure District, Mountain Village Assessment Area #2 Rev., 4.00%, 8/1/2030 (c) | | | 1,000 | | | | 1,035 | |
| | |
Military Installation Development Authority, Tax Allocation and Hotel Tax Series 2021A-1, Rev., 4.00%, 6/1/2036 | | | 250 | | | | 243 | |
| | |
Utah Associated Municipal Power System, Horse Butte Wind Project Series 2017B, Rev., 5.00%, 9/1/2033 | | | 1,700 | | | | 1,979 | |
| | |
Utah Charter School Finance Authority, The Freedom Academy Foundation, St. George Campus Project Series 2021A, Rev., 3.25%, 6/15/2031 (c) | | | 535 | | | | 527 | |
| | |
Utah Housing Corp., Single Family Mortgage Series D-2, Class III, Rev., FHA, 4.00%, 1/1/2045 | | | 675 | | | | 703 | |
| | |
Utah State Board of Regents, Student Fee and Housing System Rev., NATL-RE, 5.25%, 4/1/2023 | | | 1,670 | | | | 1,712 | |
| | |
Utah Transit Authority, Sales Tax Series C, Rev., AGM, 5.25%, 6/15/2029 | | | 970 | | | | 1,189 | |
| | | | | | | | |
| | |
Total Utah | | | | | | | 7,388 | |
| | | | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 131 |
JPMorgan Sustainable Municipal Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Vermont — 1.7% | |
| | |
Vermont Housing Finance Agency, Multiple Purpose Series B, Rev., AMT, 3.75%, 11/1/2045 | | | 520 | | | | 533 | |
| | |
Vermont Student Assistance Corp., Education Loan | | | | | | | | |
| | |
Series 2016A, Rev., AMT, 5.00%, 6/15/2023 | | | 1,000 | | | | 1,045 | |
| | |
Series 2016A, Rev., AMT, 5.00%, 6/15/2024 | | | 1,400 | | | | 1,501 | |
| | |
Series 2016A, Rev., AMT, 5.00%, 6/15/2025 | | | 2,150 | | | | 2,358 | |
| | | | | | | | |
| | |
Total Vermont | | | | | | | 5,437 | |
| | | | | | | | |
|
Virginia — 0.8% | |
| | |
Henrico County Economic Development Authority, Westminster Canterbury Richmond | | | | | | | | |
| | |
Rev., 3.00%, 10/1/2029 | | | 500 | | | | 533 | |
| | |
Rev., 3.00%, 10/1/2030 | | | 500 | | | | 532 | |
| | |
Virginia College Building Authority, Education Facilities, Regent University Project Rev., 5.00%, 6/1/2031 | | | 160 | | | | 189 | |
| | |
Virginia Small Business Financing Authority, Senior Lien Rev., AMT, 4.00%, 7/1/2032 (f) | | | 1,000 | | | | 1,095 | |
| | | | | | | | |
| | |
Total Virginia | | | | | | | 2,349 | |
| | | | | | | | |
|
Washington — 3.8% | |
| | |
FYI Properties, State of Washington District Project Rev., 5.00%, 6/1/2039 | | | 5,000 | | | | 5,900 | |
| | |
King County Housing Authority, Highland Village Project | | | | | | | | |
| | |
Rev., 5.00%, 1/1/2027 | | | 125 | | | | 143 | |
| | |
Rev., 5.00%, 1/1/2028 | | | 125 | | | | 145 | |
| | |
Rev., 5.00%, 1/1/2029 | | | 125 | | | | 147 | |
| | |
Rev., 4.00%, 1/1/2031 | | | 330 | | | | 374 | |
| | |
Rev., 4.00%, 1/1/2034 | | | 500 | | | | 562 | |
| | |
Washington Health Care Facilities Authority, Multi-care Health System Series B, Rev., 5.00%, 8/15/2035 | | | 1,850 | | | | 2,173 | |
| | |
Washington Higher Education Facilities Authority, Seattle Pacific University Project Series 2020A, Rev., 5.00%, 10/1/2035 | | | 710 | | | | 849 | |
| | |
Washington State Housing Finance Commission, Single Family Program | | | | | | | | |
| | |
Series 2A-R, Rev., AMT, 3.50%, 12/1/2046 | | | 130 | | | | 133 | |
| | |
Series 2N, Rev., GNMA/FNMA/FHLMC, 3.50%, 6/1/2047 | | | 1,270 | | | | 1,312 | |
| | | | | | | | |
| | |
Total Washington | | | | | | | 11,738 | |
| | | | | | | | |
|
Wisconsin — 4.3% | |
| | |
Public Finance Authority, Carson Valley Medical Center Series 2021A, Rev., 4.00%, 12/1/2041 | | | 250 | | | | 279 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
|
Wisconsin — continued | |
| | |
Public Finance Authority, College Achieve Central Charter School Project | | | | | | | | |
| | |
Series 2021A, Rev., 5.00%, 6/15/2027 (c) | | | 260 | | | | 286 | |
| | |
Series 2021A, Rev., 5.00%, 6/15/2029 (c) | | | 285 | | | | 313 | |
| | |
Series 2021A, Rev., 5.00%, 6/15/2031 (c) | | | 315 | | | | 341 | |
| | |
Public Finance Authority, Coral Academy of Science Series 2021A, Rev., 4.00%, 7/1/2041 | | | 500 | | | | 528 | |
| | |
Public Finance Authority, Ripple Ranch, LLC Obligate Series 2021A, Rev., 5.25%, 12/1/2051 (c) | | | 200 | | | | 171 | |
| | |
Public Finance Authority, Roseman University of Health Rev., 4.00%, 4/1/2032 (c) | | | 230 | | | | 243 | |
| | |
Public Finance Authority, The Carmelite System, Inc., Obligated Group | | | | | | | | |
| | |
Rev., 3.25%, 1/1/2025 | | | 580 | | | | 605 | |
| | |
Rev., 3.25%, 1/1/2026 | | | 1,545 | | | | 1,617 | |
| | |
Public Finance Authority, Vitcus Group Project Series 2022A, Rev., 4.00%, 12/1/2031 (c) (f) | | | 240 | | | | 241 | |
| | |
Wisconsin Health and Educational Facilities Authority, Agnesian Healthcare, Inc. | | | | | | | | |
| | |
Rev., 5.00%, 7/1/2024 | | | 250 | | | | 271 | |
| | |
Rev., 5.00%, 7/1/2025 | | | 250 | | | | 279 | |
| | |
Wisconsin Health and Educational Facilities Authority, Franciscan Sisters of Christian Charity Sponsored Ministries, Inc. | | | | | | | | |
| | |
Series 2017A, Rev., 5.00%, 9/1/2022 (g) | | | 520 | | | | 531 | |
| | |
Series 2017A, Rev., 5.00%, 9/1/2023 (g) | | | 550 | | | | 580 | |
| | |
Series 2017A, Rev., 5.00%, 9/1/2024 (g) | | | 580 | | | | 631 | |
| | |
Series 2017A, Rev., 5.00%, 9/1/2025 (g) | | | 235 | | | | 262 | |
| | |
Series 2017A, Rev., 5.00%, 9/1/2026 (g) | | | 385 | | | | 441 | |
| | |
Series 2017A, Rev., 5.00%, 9/1/2027 (g) | | | 785 | | | | 922 | |
| | |
Wisconsin Health and Educational Facilities Authority, Gundersen Health System Series 2021A, Rev., 4.00%, 10/15/2034 | | | 725 | | | | 843 | |
| | |
Wisconsin Health and Educational Facilities Authority, Lawrence University of Wisconsin Rev., 4.00%, 2/1/2023 | | | 280 | | | | 286 | |
| | |
Wisconsin Health and Educational Facilities Authority, Marshfield Clinic Health System, Inc. | | | | | | | | |
| | |
Series C, Rev., 5.00%, 2/15/2027 | | | 400 | | | | 461 | |
| | |
Series C, Rev., 5.00%, 2/15/2028 | | | 575 | | | | 660 | |
| | |
Series C, Rev., 5.00%, 2/15/2029 | | | 375 | | | | 430 | |
| | |
Wisconsin Health and Educational Facilities Authority, Milwaukee Regional Medical Center Thermal Service Rev., 5.00%, 4/1/2035 | | | 1,165 | | | | 1,395 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 132 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Wisconsin — continued | |
| | |
Wisconsin Health and Educational Facilities Authority, Three Pillars Senior Living Communities Rev., 4.00%, 8/15/2041 | | | 825 | | | | 900 | |
| | | | | | | | |
| | |
Total Wisconsin | | | | | | | 13,516 | |
| | | | | | | | |
|
Wyoming — 0.5% | |
| | |
Wyoming Community Development Authority | | | | | | | | |
| | |
Series 5, Rev., 4.00%, 12/1/2046 | | | 505 | | | | 528 | |
| | |
Series 2020-2, Rev., 3.00%, 6/1/2049 | | | 945 | | | | 979 | |
| | | | | | | | |
| | |
Total Wyoming | | | | | | | 1,507 | |
| | | | | | | | |
| |
Total Municipal Bonds
(Cost $303,607) | | | | 306,053 | |
| | | | | |
| | | | | | | | |
| INVESTMENTS | |
SHARES
(000) | | | VALUE
($000) | |
Short-Term Investments — 1.6% | |
|
Investment Companies — 1.6% | |
| | |
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 0.04% (h) (i)
(Cost $4,995) | | | 4,994 | | | | 4,996 | |
| | | | | | | | |
Total Investments — 99.4%
(Cost $308,602) | | | | 311,049 | |
Other Assets Less Liabilities — 0.6% | | | | 1,870 | |
| | | | | |
NET ASSETS — 100.0% | | | | 312,919 | |
| | | | | |
Percentages indicated are based on net assets.
| | |
Abbreviations |
| AGM | | Insured by Assured Guaranty Municipal Corp. |
| AMT | | Alternative Minimum Tax |
| CHESLA | | Connecticut Higher Education Supplemental Loan Authority |
| COLL | | Collateral |
| COP | | Certificate of Participation |
| FHA | | Federal Housing Administration |
| FHLMC | | Federal Home Loan Mortgage Corp. |
| FNMA | | Federal National Mortgage Association |
| GNMA | | Government National Mortgage Association |
| GO | | General Obligation |
| ICE | | Intercontinental Exchange |
| LIBOR | | London Interbank Offered Rate |
| NATL | | Insured by National Public Finance Guarantee Corp. |
| PSF-GTD | | Permanent School Fund Guaranteed |
| RE | | Reinsured |
| Rev. | | Revenue |
| USD | | United States Dollar |
| | |
| (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 February 28, 2022. |
| (c) | | Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. |
| (d) | | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of February 28, 2022. |
| (e) | | Amount rounds to less than one thousand. |
| (f) | | All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. |
| (g) | | Security is prerefunded or escrowed to maturity. |
| (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 February 28, 2022. |
| ‡ | | Value determined using significant unobservable inputs. |
| | | | | | | | | | | | | | | | | | | | |
| Futures contracts outstanding as of February 28, 2022 (amounts in thousands, except number of contracts): | |
| DESCRIPTION | | NUMBER OF
CONTRACTS | | | EXPIRATION
DATE | | | TRADING
CURRENCY | | | NOTIONAL
AMOUNT ($) | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) | |
Short Contracts | | | | | | | | | | | | | | | | | | | | |
U.S. Treasury 10 Year Ultra Note | | | (12 | ) | | | 06/2022 | | | | USD | | | | (1,697 | ) | | | (16 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | |
Abbreviations |
| |
| USD | | United States Dollar |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 133 |
JPMorgan Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — 95.7% (a) | |
|
Alabama — 2.4% | |
| | |
Black Belt Energy Gas District, Gas Project No. 8 Series 2022A, Rev., 4.00%, 12/1/2029 (b) | | | 300 | | | | 333 | |
| | |
Black Belt Energy Gas District, Gas Supply Series 2021A, Rev., LIQ: Royal Bank of Canada, 4.00%, 12/1/2031 (b) | | | 5,000 | | | | 5,770 | |
| | |
City of Trussville, Warrants Series 2018A, GO, 4.00%, 8/1/2032 | | | 25 | | | | 28 | |
| | |
Montgomery County Public Building Authority, Facilities Project Rev., 5.00%, 3/1/2024 (c) | | | 1,000 | | | | 1,076 | |
| | |
Montgomery Water Works and Sanitary Sewer Board | | | | | | | | |
| | |
Series 2019A, Rev., 4.00%, 9/1/2036 | | | 515 | | | | 589 | |
| | |
Series 2019A, Rev., 4.00%, 9/1/2037 | | | 800 | | | | 915 | |
| | |
Series 2019A, Rev., 4.00%, 9/1/2038 | | | 830 | | | | 948 | |
| | |
Southeast Alabama Gas Supply District (The), Project No. 1 Series 2018A, Rev., 4.00%, 4/1/2024 (b) | | | 500 | | | | 522 | |
| | |
Southeast Alabama Gas Supply District (The), Project No. 2 Series 2018A, Rev., 4.00%, 6/1/2024 (b) | | | 835 | | | | 875 | |
| | |
Southeast Energy Authority A Cooperative District, Project No. 2 Series 2021B, Rev., 4.00%, 12/1/2031 (b) | | | 4,000 | | | | 4,538 | |
| | |
UAB Medicine Finance Authority | | | | | | | | |
| | |
Series B-2, Rev., 3.50%, 9/1/2035 | | | 160 | | | | 172 | |
| | |
Series B-2, Rev., 5.00%, 9/1/2037 | | | 30 | | | | 35 | |
| | | | | | | | |
| | |
Total Alabama | | | | | | | 15,801 | |
| | | | | | | | |
|
Alaska — 0.3% | |
| | |
Alaska Housing Finance Corp., General Mortgage Series 2016A, Rev., 3.50%, 6/1/2046 | | | 420 | | | | 434 | |
| | |
Alaska Industrial Development and Export Authority, Tanana Chiefs Conference Project Series 2019A, Rev., 4.00%, 10/1/2044 | | | 1,500 | | | | 1,642 | |
| | | | | | | | |
| | |
Total Alaska | | | | | | | 2,076 | |
| | | | | | | | |
|
Arizona — 2.2% | |
| | |
Arizona Industrial Development Authority, Aliante & Skye Canyon Campus Project Series 2021A, Rev., 4.00%, 12/15/2051 (d) | | | 350 | | | | 355 | |
| | |
Arizona Industrial Development Authority, Children’s National Medical Center Series 2020A, Rev., 3.00%, 9/1/2050 | | | 2,600 | | | | 2,555 | |
| | |
Arizona Industrial Development Authority, Doral Academy of Northern Nevada Project Series 2021A, Rev., 4.00%, 7/15/2051 (d) | | | 250 | | | | 253 | |
| | |
Arizona Industrial Development Authority, Equitable School Revolving Fund Series 2020A, Rev., 4.00%, 11/1/2045 | | | 1,000 | | | | 1,095 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| |
|
Arizona — continued | |
| | |
Arizona Industrial Development Authority, Equitable School Revolving Fund LLC Series 2021A, Rev., 4.00%, 11/1/2046 | | | 1,300 | | | | 1,433 | |
| | |
Arizona Industrial Development Authority, Great Lakes Senior Living Communities LLC Project Series 2019A, Rev., 4.50%, 1/1/2049 | | | 4,000 | | | | 3,246 | |
| | |
Arizona Industrial Development Authority, Macombs Facility Project Series 2021A, Rev., 4.00%, 7/1/2051 | | | 1,125 | | | | 1,187 | |
| | |
Arizona Industrial Development Authority, Phoenix Children’s Hospital Series 2020A, Rev., 3.00%, 2/1/2045 | | | 1,000 | | | | 986 | |
| | |
Arizona Industrial Development Authority, Pinecrest Academy, Canyon Campus Project Rev., 5.00%, 7/15/2040 (d) | | | 2,515 | | | | 2,788 | |
| | |
City of Chandler, Excise Tax Rev., 5.00%, 7/1/2028 | | | 25 | | | | 29 | |
| | |
City of Phoenix Civic Improvement Corp., Civic Plaza Expansion Series 2005B, Rev., BHAC-CR, FGIC, 5.50%, 7/1/2036 | | | 125 | | | | 172 | |
| | |
County of Pinal Rev., 4.00%, 8/1/2036 | | | 50 | | | | 56 | |
| | |
Industrial Development Authority of The City of Phoenix, Downtown Phoenix Student Housing LLC — Arizona State University Project | | | | | | | | |
| | |
Series 2018A, Rev., 5.00%, 7/1/2032 | | | 350 | | | | 400 | |
| | |
Series 2018A, Rev., 5.00%, 7/1/2033 | | | 150 | | | | 172 | |
| | |
Series 2018A, Rev., 5.00%, 7/1/2037 | | | 200 | | | | 228 | |
| | |
Maricopa County Special Health Care District, Integrated Health Services Series 2018C, GO, 5.00%, 7/1/2033 | | | 10 | | | | 12 | |
| | |
Maricopa County Unified School District No. 11,Peoria, School Improvement GO, 4.00%, 7/1/2034 | | | 10 | | | | 11 | |
| | |
University of Arizona (The) Rev., 5.00%, 6/1/2033 | | | 40 | | | | 46 | |
| | | | | | | | |
| | |
Total Arizona | | | | | | | 15,024 | |
| | | | | | | | |
|
Arkansas — 0.1% | |
| | |
County of Pulaski, Arkansas Children’s Hospital Rev., 5.00%, 3/1/2029 | | | 350 | | | | 401 | |
| | |
University of Arkansas, Student Fee, UALR Campus Rev., 5.00%, 10/1/2029 | | | 100 | | | | 113 | |
| | |
University of Arkansas, Various Facility Fayetteville Campus Series 2016A, Rev., 5.00%, 11/1/2037 | | | 185 | | | | 213 | |
| | |
University of Arkansas, Various Facility Monticello Campus Series 2017A, Rev., 5.00%, 12/1/2027 | | | 100 | | | | 117 | |
| | | | | | | | |
| | |
Total Arkansas | | | | | | | 844 | |
| | | | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 134 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
California — 7.7% | |
| | |
Alta Loma School District, Election of 2016 Series 2017A, GO, 5.00%, 8/1/2032 | | | 60 | | | | 70 | |
| | |
Bay Area Toll Authority, Toll Bridge Series S-7, Rev., 4.00%, 4/1/2032 | | | 35 | | | | 39 | |
| | |
Calexico Unified School District | | | | | | | | |
| | |
GO, 4.00%, 8/1/2040 | | | 1,585 | | | | 1,809 | |
| | |
GO, 4.00%, 8/1/2041 | | | 1,745 | | | | 1,983 | |
| | |
California Educational Facilities Authority, Claremont McKenna College Series 2015A, Rev., 4.00%, 1/1/2026 (c) | | | 500 | | | | 549 | |
| | |
California Health Facilities Financing Authority, On Lok Senior Health Service Rev., 5.00%, 8/1/2050 | | | 1,000 | | | | 1,165 | |
| | |
California Health Facilities Financing Authority, Sutter Health Series 2016A, Rev., 5.00%, 11/15/2025 (c) | | | 250 | | | | 282 | |
| | |
California Municipal Finance Authority, Community Health System | | | | | | | | |
| | |
Series 2021A, Rev., 3.00%, 2/1/2046 | | | 1,000 | | | | 958 | |
| | |
Series 2021A, Rev., 4.00%, 2/1/2051 | | | 2,000 | | | | 2,205 | |
| | |
California Public Finance Authority, Enso Village Project Series 2021A, Rev., 5.00%, 11/15/2051 (d) | | | 500 | | | | 548 | |
| | |
California Public Finance Authority, Henry Mayo Newhall Hospital | | | | | | | | |
| | |
Rev., 5.00%, 10/15/2037 | | | 500 | | | | 568 | |
| | |
Rev., 5.00%, 10/15/2047 | | | 1,000 | | | | 1,123 | |
| | |
California School Finance Authority, Green Dot Public School Projects | | | | | | | | |
| | |
Series 2018A, Rev., 5.00%, 8/1/2022 (d) | | | 80 | | | | 81 | |
| | |
Series 2018A, Rev., 5.00%, 8/1/2023 (d) | | | 175 | | | | 184 | |
| | |
Series 2018A, Rev., 5.00%, 8/1/2024 (d) | | | 160 | | | | 172 | |
| | |
Series 2018A, Rev., 5.00%, 8/1/2025 (d) | | | 150 | | | | 165 | |
| | |
Series 2018A, Rev., 5.00%, 8/1/2026 (d) | | | 150 | | | | 168 | |
| | |
Series 2018A, Rev., 5.00%, 8/1/2027 (d) | | | 150 | | | | 171 | |
| | |
Series 2018A, Rev., 5.00%, 8/1/2028 (d) | | | 190 | | | | 220 | |
| | |
California State Public Works Board, Riverside Campus Series 2017H, Rev., 5.00%, 4/1/2027 | | | 10 | | | | 12 | |
| | |
California State University, Systemwide | | | | | | | | |
| | |
Series 2019A, Rev., 5.00%, 11/1/2036 | | | 30 | | | | 37 | |
| | |
Series 2016A, Rev., 5.00%, 11/1/2041 | | | 45 | | | | 51 | |
| | |
Series 2017A, Rev., 5.00%, 11/1/2042 | | | 30 | | | | 35 | |
| | |
Series 2016A, Rev., 5.00%, 11/1/2045 | | | 25 | | | | 28 | |
| | |
California Statewide Communities Development Authority, Marin General Hospital Project Series 2018A, Rev., 4.00%, 8/1/2045 | | | 1,500 | | | | 1,528 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | |
| | | | | | | | |
|
California — continued | |
| | |
California Statewide Communities Development Authority, San Francisco Campus for Jewish Living Project Rev., 4.00%, 11/1/2051 | | | 1,150 | | | | 1,284 | |
| | |
City of Los Angeles Department of Airports, International Airport Subordinate | | | | | | | | |
| | |
Series A, Rev., AMT, 5.00%, 5/15/2038 | | | 1,250 | | | | 1,299 | |
| | |
Series 2019E, Rev., AMT, 5.00%, 5/15/2039 | | | 155 | | | | 185 | |
| | |
County of Santa Clara, Campbell Union High School District | | | | | | | | |
| | |
GO, 3.00%, 8/1/2030 | | | 620 | | | | 647 | |
| | |
GO, 3.00%, 8/1/2031 | | | 30 | | | | 31 | |
| | |
CSCDA Community Improvement Authority, Essential Housing, Jefferson-Anaheim Rev., 3.13%, 8/1/2056 (d) | | | 2,000 | | | | 1,664 | |
| | |
CSCDA Community Improvement Authority, Essential Housing, Oceanaire-Long Beach Series 2021A-2, Rev., 4.00%, 9/1/2056 (d) | | | 2,115 | | | | 2,119 | |
| | |
CSCDA Community Improvement Authority, Essential Housing, Parallel-Anaheim Rev., 4.00%, 8/1/2056 (d) | | | 1,500 | | | | 1,427 | |
| | |
CSCDA Community Improvement Authority, Essential Housing, Pasadena Portfolio Series 2021A-1, Rev., 2.65%, 12/1/2046 (d) | | | 365 | | | | 332 | |
| | |
East Bay Municipal Utility District, Wastewater System Series 2015A-1, Rev., 5.00%, 6/1/2036 | | | 2,450 | | | | 2,728 | |
| | |
East Bay Municipal Utility District, Water System Series B, Rev., 5.00%, 6/1/2033 | | | 515 | | | | 574 | |
| | |
Eastern Municipal Water District Financing Authority, Water and Wastewater System | | | | | | | | |
| | |
Series 2020A, Rev., 4.00%, 7/1/2037 | | | 450 | | | | 524 | |
| | |
Series 2020A, Rev., 4.00%, 7/1/2038 | | | 1,000 | | | | 1,160 | |
| | |
El Monte City School District GO, BAN, Zero Coupon, 4/1/2023 | | | 900 | | | | 889 | |
| | |
Franklin-Mckinley School District, Election of 2020 Series A, GO, 4.00%, 8/1/2049 | | | 1,415 | | | | 1,562 | |
| | |
Huntington Beach Union High School District | | | | | | | | |
| | |
COP, AGM, 5.00%, 9/1/2031 | | | 115 | | | | 146 | |
| | |
COP, AGM, 4.00%, 9/1/2032 | | | 100 | | | | 118 | |
| | |
COP, AGM, 4.00%, 9/1/2033 | | | 110 | | | | 129 | |
| | |
COP, AGM, 4.00%, 9/1/2034 | | | 115 | | | | 134 | |
| | |
COP, AGM, 4.00%, 9/1/2035 | | | 100 | | | | 116 | |
| | |
Los Angeles Community College District, Election of 2008 Series F, GO, 5.00%, 8/1/2023 (c) | | | 60 | | | | 63 | |
| | |
Los Angeles County Metropolitan Transportation Authority, Measure J Junior Subordinate Sales Tax Series 2020A, Rev., 5.00%, 6/1/2030 | | | 20 | | | | 25 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 135 |
JPMorgan Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
California — continued | |
| | |
Los Angeles Department of Water and Power, Power System | | | | | | | | |
| | |
Series 2019D, Rev., 5.00%, 7/1/2038 | | | 35 | | | | 43 | |
| | |
Series 2014D, Rev., 5.00%, 7/1/2044 | | | 60 | | | | 65 | |
| | |
Los Angeles Unified School District, Election of 2008 Series 2018B-1, GO, 5.00%, 7/1/2037 | | | 30 | | | | 36 | |
| | |
Millbrae Redevelopment Agency Successor Agency, Millbrae Redevelopment Project Rev., 4.00%, 8/1/2035 | | | 150 | | | | 161 | |
| | |
Moulton-Niguel Water District Rev., 5.00%, 9/1/2038 | | | 35 | | | | 43 | |
| | |
Mount San Antonio Community College District, Election of 2008 Series A, GO, 0.00%, 8/1/2043 | | | 7,150 | | | | 7,760 | |
| | |
Mountain View Shoreline Regional Park Community Series 2018A, Rev., AGM, 5.00%, 8/1/2034 | | | 25 | | | | 30 | |
| | |
Orange County Water District Series 2017A, Rev., 5.00%, 8/15/2034 | | | 650 | | | | 754 | |
| | |
Rim of the World Unified School District Series 2010B, GO, AGM, Zero Coupon, 8/1/2039 | | | 25 | | | | 15 | |
| | |
Riverside County Transportation Commission, Sales Tax Series 2017A, Rev., 5.00%, 6/1/2039 | | | 150 | | | | 175 | |
| | |
Riverside Public Financing Authority, Riverside Pavement Rehabilitation Project COP, AGM, 5.00%, 6/1/2033 | | | 1,500 | | | | 1,570 | |
| | |
San Diego Unified School District, Dedicated Unlimited Ad Valorem Property Tax, Election of 2008 Series 2012E, GO, Zero Coupon, 7/1/2049 | | | 1,000 | | | | 439 | |
| | |
San Francisco City and County Public Utilities Commission Power | | | | | | | | |
| | |
Series 2021A, Rev., 4.00%, 11/1/2038 | | | 2,585 | | | | 2,973 | |
| | |
Series 2021B, Rev., 4.00%, 11/1/2038 | | | 1,140 | | | | 1,311 | |
| | |
San Lorenzo Valley Unified School District, Election of 2020 | | | | | | | | |
| | |
Series 2020A, GO, 4.00%, 8/1/2045 | | | 1,000 | | | | 1,118 | |
| | |
Series 2020A, GO, 5.00%, 8/1/2050 | | | 2,505 | | | | 2,953 | |
| | |
Santa Clara Valley Transportation Authority, Sales Tax Series 2018A, Rev., 5.00%, 6/1/2024 | | | 30 | | | | 33 | |
| | |
Santa Maria Joint Union High School District, Santa Barbara and San Luis Obispo, Election of 2004 GO, Zero Coupon, 8/1/2023 (c) | | | 2,450 | | | | 1,153 | |
| | |
South Monterey County Joint Union High School District, Election of 2018 Series A-1, GO, AGM, 5.00%, 8/1/2035 | | | 15 | | | | 18 | |
| | | | | | | | |
| | |
Total California | | | | | | | 51,957 | |
| | | | | | | | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| |
|
Colorado — 3.6% | |
| | |
Brighton Crossing Metropolitan District No. 6, Limited Tax Series 2020A, GO, 5.00%, 12/1/2050 | | | 670 | | | | 695 | |
| | |
Broadway Park North Metropolitan District No. 2, Limited Tax GO, 5.00%, 12/1/2049 (d) | | | 650 | | | | 688 | |
| | |
Colorado Crossing Metropolitan District No. 2, Limited Tax Series 2020A-2, GO, 5.00%, 12/1/2050 | | | 2,000 | | | | 2,047 | |
| | |
Colorado Educational and Cultural Facilities Authority, Aspen View Academy Project Rev., 4.00%, 5/1/2051 | | | 175 | | | | 184 | |
| | |
Colorado Educational and Cultural Facilities Authority, Global Village Academy Northglenn Project Rev., 5.00%, 12/1/2050 (d) | | | 740 | | | | 766 | |
| | |
Colorado Health Facilities Authority, Commonspirit Health Series 2019A-2, Rev., 4.00%, 8/1/2049 | | | 2,500 | | | | 2,692 | |
| | |
Colorado Health Facilities Authority, Parkview Medical Center, Inc., Project Series 2020A, Rev., 4.00%, 9/1/2050 | | | 675 | | | | 727 | |
| | |
Colorado Health Facilities Authority, Vail Valley Medical Centre Project Rev., 4.00%, 1/15/2045 | | | 1,095 | | | | 1,161 | |
| | |
County of Adams COP, 4.00%, 12/1/2040 | | | 2,815 | | | | 2,979 | |
| | |
County of El Paso, The Colorado College Project Series 2020A, Rev., 5.00%, 6/1/2031 | | | 250 | | | | 307 | |
| | |
Denver Health and Hospital Authority | | | | | | | | |
| | |
Series 2019A, Rev., 4.00%, 12/1/2040 | | | 1,635 | | | | 1,786 | |
| | |
Series A, Rev., 5.25%, 12/1/2045 | | | 1,000 | | | | 1,053 | |
| | |
Larimer County School District No. R-1 Poudre GO, 5.00%, 12/15/2037 | | | 1,000 | | | | 1,212 | |
| | |
Raindance Metropolitan District No. 1, Non-Potable Water System Rev., 5.25%, 12/1/2050 | | | 1,000 | | | | 1,038 | |
| | |
State of Colorado | | | | | | | | |
| | |
Series 2018A, COP, 5.00%, 9/1/2031 | | | 20 | | | | 24 | |
| | |
Series 2021A, COP, 5.00%, 12/15/2032 | | | 1,500 | | | | 1,918 | |
| | |
State of Colorado Department of Transportation Headquarters Facilities, Headquarters Facilities Lease Purchase Agreement COP, 5.00%, 6/15/2041 | | | 1,000 | | | | 1,114 | |
| | |
Transport Metropolitan District No. 3, Limited Tax | | | | | | | | |
| | |
Series 2021A-1, GO, 5.00%, 12/1/2041 | | | 1,700 | | | | 1,833 | |
| | |
Series 2021A-1, GO, 5.00%, 12/1/2051 | | | 1,000 | | | | 1,057 | |
| | |
Vauxmont Metropolitan District, Subordinate Convertible Tax | | | | | | | | |
| | |
GO, AGM, 5.00%, 12/15/2024 | | | 265 | | | | 290 | |
| | |
GO, AGM, 5.00%, 12/15/2025 | | | 250 | | | | 280 | |
| | | | | | | | |
| | |
Total Colorado | | | | | | | 23,851 | |
| | | | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 136 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Connecticut — 0.9% | |
| | |
Connecticut Housing Finance Authority, Housing Mortgage Finance Program | | | | | | | | |
| | |
Series A-1, Rev., 4.00%, 11/15/2045 | | | 50 | | | | 52 | |
| | |
SubSeries A-1, Rev., 4.00%, 11/15/2047 | | | 200 | | | | 209 | |
| | |
Connecticut State Health and Educational Facilities Authority, Covenant Home, Inc. Series B, Rev., 5.00%, 12/1/2025 | | | 1,000 | | | | 1,124 | |
| | |
Connecticut State Health and Educational Facilities Authority, Sacred Heart University Series K, Rev., 4.00%, 7/1/2045 | | | 2,875 | | | | 3,160 | |
| | |
State of Connecticut | | | | | | | | |
| | |
Series 2016D, GO, 5.00%, 8/15/2026 | | | 25 | | | | 29 | |
| | |
Series 2012G, GO, 4.00%, 10/15/2027 | | | 45 | | | | 46 | |
| | |
Series A, GO, 5.00%, 4/15/2029 | | | 150 | | | | 174 | |
| | |
State of Connecticut, Special Tax Transportation Infrastructure Purposes | | | | | | | | |
| | |
Series 2016A, Rev., 5.00%, 9/1/2027 | | | 25 | | | | 29 | |
| | |
Series 2018B, Rev., 5.00%, 10/1/2033 | | | 55 | | | | 66 | |
| | |
Town of New Canaan | | | | | | | | |
| | |
GO, 4.00%, 10/1/2036 | | | 240 | | | | 276 | |
| | |
GO, 4.00%, 10/1/2037 | | | 370 | | | | 426 | |
| | |
GO, 4.00%, 10/1/2039 | | | 100 | | | | 114 | |
| | |
University of Connecticut Series 2015A, Rev., 5.00%, 2/15/2028 | | | 15 | | | | 16 | |
| | | | | | | | |
| | |
Total Connecticut | | | | | | | 5,721 | |
| | | | | | | | |
|
Delaware — 1.4% | |
| | |
County of New Castle GO, 5.00%, 4/1/2027 | | | 25 | | | | 29 | |
| | |
Delaware State Economic Development Authority, Acts Retirement-Life Communities, Inc., Obligated Group Series 2018-B, Rev., 5.00%, 11/15/2048 | | | 1,000 | | | | 1,111 | |
| | |
Delaware State Economic Development Authority, Newark Charter School, Inc., Project | | | | | | | | |
| | |
Series A, Rev., 5.00%, 9/1/2036 | | | 500 | | | | 558 | |
| | |
Series A, Rev., 5.00%, 9/1/2046 | | | 500 | | | | 551 | |
| | |
Rev., 5.00%, 9/1/2050 | | | 1,500 | | | | 1,740 | |
| | |
Delaware State Economic Development Authority, St. Andrews School Project Rev., 4.00%, 7/1/2041 | | | 3,000 | | | | 3,412 | |
| | |
Delaware State Health Facilities Authority, Bayhealth Medical Center Project | | | | | | | | |
| | |
Series 2017A, Rev., 4.00%, 7/1/2033 | | | 25 | | | | 27 | |
| | |
Series 2017A, Rev., 4.00%, 7/1/2043 | | | 1,275 | | | | 1,384 | |
| | |
University of Delaware Series 2019A, Rev., 5.00%, 11/1/2045 | | | 500 | | | | 687 | |
| | | | | | | | |
| | |
Total Delaware | | | | | | | 9,499 | |
| | | | | | | | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| |
|
District of Columbia — 1.5% | |
| | |
District of Columbia, Kipp DC Charter School Series A, Rev., 6.00%, 7/1/2023 (c) | | | 1,000 | | | | 1,065 | |
| | |
District of Columbia, Kipp DC Project | | | | | | | | |
| | |
Series 2017B, Rev., 5.00%, 7/1/2027 | | | 30 | | | | 34 | |
| | |
Series 2017B, Rev., 5.00%, 7/1/2037 | | | 25 | | | | 28 | |
| | |
Rev., 4.00%, 7/1/2039 | | | 600 | | | | 652 | |
| | |
Rev., 4.00%, 7/1/2044 | | | 1,240 | | | | 1,332 | |
| | |
District of Columbia, National Public Radio, Inc. Rev., 5.00%, 4/1/2024 (c) | | | 25 | | | | 27 | |
| | |
District of Columbia, Rocketship Obligated Group | | | | | | | | |
| | |
Series 2021A, Rev., 5.00%, 6/1/2041 (d) | | | 250 | | | | 279 | |
| | |
Metropolitan Washington Airports Authority Aviation | | | | | | | | |
| | |
Series 2012A, Rev., AMT, 5.00%, 10/1/2022 | | | 60 | | | | 61 | |
| | |
Series A, Rev., AMT, 5.00%, 10/1/2030 | | | 50 | | | | 57 | |
| | |
Series 2017A, Rev., AMT, 5.00%, 10/1/2032 | | | 415 | | | | 478 | |
| | |
Washington Metropolitan Area Transit Authority Series B, Rev., 5.00%, 7/1/2042 | | | 5,010 | | | | 5,788 | |
| | | | | | | | |
| | |
Total District of Columbia | | | | | | | 9,801 | |
| | | | | | | | |
|
Florida — 4.0% | |
| | |
City of Jacksonville Series B, Rev., 5.00%, 10/1/2024 | | | 20 | | | | 22 | |
| | |
City of Lakeland, Capital Improvement | | | | | | | | |
| | |
Series 2021A, Rev., 5.00%, 10/1/2038 | | | 200 | | | | 269 | |
| | |
Series 2021A, Rev., 5.00%, 10/1/2039 | | | 275 | | | | 371 | |
| | |
Series 2021A, Rev., 5.00%, 10/1/2040 | | | 290 | | | | 392 | |
| | |
Series 2021A, Rev., 5.00%, 10/1/2041 | | | 200 | | | | 272 | |
| | |
City of Lauderhill, Water and Sewer System Rev., 4.00%, 10/1/2027 | | | 15 | | | | 17 | |
| | |
City of Leesburg, Electric System Rev., 5.00%, 10/1/2031 | | | 15 | | | | 17 | |
| | |
City of Miami Beach, Stormwater Rev., 4.00%, 9/1/2045 | | | 25 | | | | 27 | |
| | |
City of Pompano Beach, John Knox Village Project | | | | | | | | |
| | |
Series 2021B-2, Rev., 1.45%, 1/1/2027 | | | 140 | | | | 133 | |
| | |
Series 2021A, Rev., 4.00%, 9/1/2051 | | | 3,400 | | | | 3,502 | |
| | |
City of Port St. Lucie, Utility System Rev., 5.00%, 9/1/2028 | | | 25 | | | | 30 | |
| | |
City of South Miami Health Facilities Authority, Inc., Baptist Health South Florida Obligated Group Rev., 4.00%, 8/15/2042 | | | 20 | | | | 22 | |
| | |
City of Tallahassee, Utility System Rev., 5.00%, 10/1/2023 | | | 10 | | | | 11 | |
| | |
City of Tampa, H. Lee Moffitt Cancer Center Project Series 2020B, Rev., 5.00%, 7/1/2050 | | | 2,790 | | | | 3,270 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 137 |
JPMorgan Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Florida — continued | |
| | |
City of Tampa, The University of Tampa Project Series 2020A, Rev., 4.00%, 4/1/2050 | | | 2,000 | | | | 2,166 | |
| | |
County of Hillsborough, Parks and Recreation Program GO, NATL-RE, 5.25%, 7/1/2025 | | | 2,415 | | | | 2,613 | |
| | |
County of Miami-Dade, Public Health Trust Program Series A, GO, 5.00%, 7/1/2036 | | | 1,545 | | | | 1,891 | |
| | |
County of Miami-Dade, Subordinate Special Obligation Rev., 4.00%, 10/1/2040 | | | 105 | | | | 113 | |
| | |
County of Sarasota, Utility System | | | | | | | | |
| | |
Series 2019A, Rev., 5.00%, 10/1/2038 | | | 25 | | | | 30 | |
| | |
Series 2016A, Rev., 4.00%, 10/1/2043 | | | 65 | | | | 71 | |
| | |
East Central Regional Wastewater Treatment Facilities Operation Board Rev., 5.00%, 10/1/2028 | | | 30 | | | | 36 | |
| | |
Florida Atlantic University Finance Corp., Student Housing Project | | | | | | | | |
| | |
Series 2019A, Rev., 5.00%, 7/1/2031 | | | 15 | | | | 18 | |
| | |
Series 2019B, Rev., 5.00%, 7/1/2034 | | | 120 | | | | 143 | |
| | |
Florida Development Finance Corp., The Mayflower Retirement Community Project Series 2021A, Rev., 4.00%, 6/1/2041 (d) | | | 2,325 | | | | 2,448 | |
| | |
Florida Governmental Utility Authority | | | | | | | | |
| | |
Rev., AGM, 4.00%, 10/1/2034 | | | 600 | | | | 683 | |
| | |
Rev., AGM, 4.00%, 10/1/2035 | | | 1,000 | | | | 1,138 | |
| | |
Rev., AGM, 4.00%, 10/1/2036 | | | 370 | | | | 421 | |
| | |
Florida Gulf Coast University Financing Corp., Housing Project | | | | | | | | |
| | |
Series 2020A, Rev., 4.00%, 2/1/2035 | | | 300 | | | | 337 | |
| | |
Series 2020A, Rev., 4.00%, 2/1/2037 | | | 730 | | | | 816 | |
| | |
Series 2020A, Rev., 4.00%, 2/1/2038 | | | 535 | | | | 596 | |
| | |
Florida State Board of Governors, International University Dormitory Series 2015A, Rev., 4.00%, 5/1/2034 | | | 30 | | | | 32 | |
| | |
Miami-Dade County Health Facilities Authority, Niklaus Children’s Hospital Series 2021A, Rev., 4.00%, 8/1/2051 | | | 2,000 | | | | 2,197 | |
| | |
Monroe County School District | | | | | | | | |
| | |
Series 2018A, COP, 5.00%, 6/1/2032 | | | 100 | | | | 116 | |
| | |
Series 2018A, COP, 5.00%, 6/1/2034 | | | 40 | | | | 46 | |
| | |
Orange County Convention Center, Tourist Development Tax Series 2016A, Rev., 4.00%, 10/1/2036 | | | 40 | | | | 43 | |
| | |
Orange County Health Facilities Authority, Orlando Health Obligated Group Series B, Rev., 4.00%, 10/1/2045 | | | 215 | | | | 229 | |
| | |
South Broward Hospital District, Memorial Healthcare System Rev., 5.00%, 5/1/2023 | | | 10 | | | | 10 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| |
|
Florida — continued | |
| | |
State of Florida Department of Transportation Turnpike System Series 2018A, Rev., 5.00%, 7/1/2033 | | | 55 | | | | 66 | |
| | |
Volusia County Educational Facility Authority, Embry Riddle Aeronautical University, Inc., Project | | | | | | | | |
| | |
Series 2020A, Rev., 4.00%, 10/15/2037 | | | 725 | | | | 802 | |
| | |
Series 2020A, Rev., 4.00%, 10/15/2038 | | | 750 | | | | 829 | |
| | |
Series 2020A, Rev., 4.00%, 10/15/2039 | | | 350 | | | | 386 | |
| | | | | | | | |
| | |
Total Florida | | | | | | | 26,631 | |
| | | | | | | | |
|
Georgia — 4.5% | |
| | |
Carroll City-County Hospital Authority, Tanner Medical Center Project Rev., GTD, 4.00%, 7/1/2050 | | | 1,450 | | | | 1,633 | |
| | |
City of Bainbridge, Combined Utility Rev., 4.00%, 12/1/2046 | | | 1,000 | | | | 1,144 | |
| | |
Dalton Development Authority of The City of Dalton, Hamilton Health Care System Rev., NATL-RE, 5.50%, 8/15/2026 | | | 1,985 | | | | 2,151 | |
| | |
Dalton Whitfield County Joint Development Authority, Hamilton Health Care System Rev., 4.00%, 8/15/2041 | | | 1,000 | | | | 1,096 | |
| | |
Development Authority for Fulton County, WellStar Health System, Inc., Project Series 2020A, Rev., 4.00%, 4/1/2050 | | | 2,080 | | | | 2,274 | |
| | |
George L Smith II Congress Center Authority, Convention Center Hotel First Series 2021A, Rev., 4.00%, 1/1/2054 | | | 500 | | | | 510 | |
| | |
George L Smith II Congress Center Authority, Convention Center Hotel Second Series 2021B, Rev., 5.00%, 1/1/2054 (d) | | | 1,145 | | | | 1,165 | |
| | |
Georgia Higher Education Facilities Authority, USG Real Estate Foundation II LLC Projects Rev., 4.00%, 6/15/2038 | | | 2,000 | | | | 2,237 | |
| | |
Georgia Housing and Finance Authority, Single Family Mortgage SubSeries A-1, Rev., AMT, 4.00%, 6/1/2044 | | | 45 | | | | 46 | |
| | |
Glynn-Brunswick Memorial Hospital Authority, Southeast Georgia Health System Project Rev., 4.00%, 8/1/2038 | | | 1,000 | | | | 1,130 | |
| | |
Main Street Natural Gas, Inc., Gas Supply | | | | | | | | |
| | |
Series 2018A, Rev., LIQ: Royal Bank of Canada, 4.00%, 9/1/2023 (b) | | | 5,000 | | | | 5,190 | |
| | |
Series 2019B, Rev., 4.00%, 12/2/2024 (b) | | | 8,600 | | | | 9,185 | |
| | |
Metropolitan Atlanta Rapid Transit Authority, Sales Tax, Third Indenture Series 2007A, Rev., NATL-RE, 5.25%, 7/1/2028 | | | 110 | | | | 134 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 138 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Georgia — continued | |
| | |
Private Colleges and Universities Authority, Emory University Series 2020B, Rev., 4.00%, 9/1/2041 | | | 750 | | | | 855 | |
| | |
Private Colleges and Universities Authority, Mercer University Project Rev., 4.00%, 10/1/2050 | | | 1,350 | | | | 1,457 | |
| | | | | | | | |
| | |
Total Georgia | | | | | | | 30,207 | |
| | | | | | | | |
|
Hawaii — 0.3% | |
| | |
City & County Honolulu, Wastewater System Series 2019B, Rev., 5.00%, 7/1/2040 | | | 35 | | | | 43 | |
| | |
City & County of Honolulu Series A, GO, 5.00%, 10/1/2037 | | | 1,970 | | | | 2,202 | |
| | | | | | | | |
| | |
Total Hawaii | | | | | | | 2,245 | |
| | | | | | | | |
|
Idaho — 0.0% (e) | |
| | |
Idaho Health Facilities Authority, Trinity Health Credit Group Series 2016ID, Rev., 5.00%, 12/1/2045 | | | 75 | | | | 84 | |
| | |
University of Idaho | | | | | | | | |
| | |
Series 2018A, Rev., 5.00%, 4/1/2028 (c) | | | 20 | | | | 24 | |
| | |
Series 2018A, Rev., 5.00%, 4/1/2035 | | | 5 | | | | 6 | |
| | | | | | | | |
| | |
Total Idaho | | | | | | | 114 | |
| | | | | | | | |
|
Illinois — 5.6% | |
| | |
City of Rockford, Waterworks System Series 2018B, GO, 4.00%, 12/15/2022 | | | 105 | | | | 107 | |
| | |
Community Unit School District No. 427 DeKalb and Kane Counties Illinois, Limited Tax | | | | | | | | |
| | |
Series 2021B, GO, 4.00%, 2/1/2039 | | | 410 | | | | 456 | |
| | |
Series 2021B, GO, 4.00%, 2/1/2040 | | | 455 | | | | 505 | |
| | |
Series 2021B, GO, 4.00%, 2/1/2041 | | | 465 | | | | 516 | |
| | |
Cook County Forest Preserve District, Limited Tax Series B, GO, 5.00%, 12/15/2037 | | | 295 | | | | 298 | |
| | |
County of Cook GO, 5.00%, 11/15/2034 | | | 700 | | | | 802 | |
| | |
County of Du Page, The Morton Abroretum Project Rev., 3.00%, 5/15/2047 | | | 3,335 | | | | 3,330 | |
| | |
DuPage and Cook Counties Township High School District No. 86 Hinsdale, School Building GO, 4.00%, 1/15/2039 | | | 800 | | | | 882 | |
| | |
Hoffman Estates Park District GO, 4.00%, 12/1/2044 | | | 25 | | | | 26 | |
| | |
Illinois Finance Authority, Clean Water Initiative Revolving Fund Rev., 5.00%, 7/1/2040 | | | 105 | | | | 127 | |
| | |
Illinois Finance Authority, Presbyterian Homes Obligated Group Series 2016A, Rev., 5.00%, 11/1/2031 | | | 10 | | | | 11 | |
| | |
Illinois Finance Authority, Presence Health Network | | | | | | | | |
| | |
Series 2016C, Rev., 4.00%, 2/15/2027 (c) | | | 20 | | | | 22 | |
| | |
Series 2016C, Rev., 4.00%, 2/15/2041 | | | 930 | | | | 1,010 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| |
|
Illinois — continued | |
| | |
Illinois Finance Authority, Social Bonds-Learn Chapter School Project Rev., 4.00%, 11/1/2051 | | | 500 | | | | 535 | |
| | |
Illinois Finance Authority, Southern Illinois Healthcare Enterprises, Inc. | | | | | | | | |
| | |
Series C, Rev., 5.00%, 3/1/2033 | | | 305 | | | | 346 | |
| | |
Series 2017C, Rev., 5.00%, 3/1/2034 | | | 205 | | | | 232 | |
| | |
Illinois Finance Authority, Township High School District Rev., 4.00%, 12/1/2031 | | | 20 | | | | 23 | |
| | |
Illinois State Toll Highway Authority | | | | | | | | |
| | |
Series 2019C, Rev., 5.00%, 1/1/2031 | | | 3,000 | | | | 3,694 | |
| | |
Series 2019A, Rev., 4.00%, 1/1/2044 | | | 65 | | | | 72 | |
| | |
Lake County Community Consolidated School District No. 3 Beach Park | | | | | | | | |
| | |
GO, AGM, 4.00%, 2/1/2034 | | | 620 | | | | 693 | |
| | |
GO, AGM, 4.00%, 2/1/2035 | | | 500 | | | | 557 | |
| | |
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project Series 2002A, Rev., AGM-CR, NATL-RE, Zero Coupon, 12/15/2040 | | | 5,000 | | | | 2,605 | |
| | |
Northern Illinois University, Board of Trustees, Auxiliary Facilities System Rev., 4.00%, 10/1/2043 | | | 325 | | | | 360 | |
| | |
Sales Tax Securitization Corp. | | | | | | | | |
| | |
Series C, Rev., 5.00%, 1/1/2026 | | | 3,500 | | | | 3,928 | |
| | |
Series C, Rev., 5.25%, 1/1/2043 | | | 1,500 | | | | 1,771 | |
| | |
State of Illinois | | | | | | | | |
| | |
Series 2012A, GO, 4.00%, 1/1/2024 | | | 15 | | | | 15 | |
| | |
GO, 5.00%, 5/1/2024 | | | 205 | | | | 221 | |
| | |
Series D, GO, 5.00%, 11/1/2024 | | | 325 | | | | 354 | |
| | |
GO, 4.00%, 8/1/2025 | | | 25 | | | | 25 | |
| | |
GO, 4.00%, 3/1/2026 | | | 10 | | | | 10 | |
| | |
Series 2012A, GO, 5.00%, 1/1/2027 | | | 25 | | | | 25 | |
| | |
GO, 5.00%, 5/1/2027 | | | 175 | | | | 187 | |
| | |
GO, 5.00%, 6/1/2027 | | | 25 | | | | 28 | |
| | |
GO, 5.00%, 11/1/2028 | | | 20 | | | | 23 | |
| | |
Series 2012A, GO, 4.00%, 1/1/2029 | | | 45 | | | | 45 | |
| | |
Series 2012A, GO, 4.00%, 1/1/2030 | | | 225 | | | | 225 | |
| | |
GO, 5.50%, 1/1/2030 | | | 20 | | | | 24 | |
| | |
GO, 5.50%, 5/1/2030 | | | 2,000 | | | | 2,414 | |
| | |
GO, 4.13%, 11/1/2031 | | | 20 | | | | 22 | |
| | |
GO, 4.00%, 6/1/2033 | | | 15 | | | | 16 | |
| | |
Series 2021B, GO, 5.00%, 12/1/2033 | | | 4,500 | | | | 5,392 | |
| | |
GO, 4.00%, 6/1/2036 | | | 25 | | | | 26 | |
| | |
GO, 4.00%, 6/1/2037 | | | 45 | | | | 47 | |
| | |
GO, 5.50%, 7/1/2038 | | | 3,000 | | | | 3,155 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 139 |
JPMorgan Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Illinois — continued | |
| | |
State of Illinois, Sales Tax | | | | | | | | |
| | |
Series 2016C, Rev., 5.00%, 6/15/2022 | | | 25 | | | | 25 | |
| | |
Series D, Rev., 5.00%, 6/15/2027 | | | 15 | | | | 17 | |
| | |
Village of Arlington Heights GO, 4.00%, 12/1/2034 | | | 130 | | | | 142 | |
| | |
Village of Bolingbrook Series 2018A, GO, AGM, 5.00%, 1/1/2033 | | | 1,000 | | | | 1,180 | |
| | |
Village of Hoffman Estates GO, 5.00%, 12/1/2033 | | | 80 | | | | 95 | |
| | |
Village of Midlothian | | | | | | | | |
| | |
GO, AGM, 4.00%, 1/1/2024 | | | 75 | | | | 79 | |
| | |
GO, AGM, 4.00%, 1/1/2025 | | | 40 | | | | 43 | |
| | |
GO, AGM, 4.00%, 1/1/2026 | | | 65 | | | | 71 | |
| | |
GO, AGM, 4.00%, 1/1/2027 | | | 85 | | | | 94 | |
| | |
GO, AGM, 4.00%, 1/1/2028 | | | 65 | | | | 73 | |
| | |
GO, AGM, 4.00%, 1/1/2029 | | | 95 | | | | 107 | |
| | |
Will County School District No. 86 Joliet, Limited Tax Series A, GO, 4.00%, 3/1/2024 | | | 220 | | | | 231 | |
| | |
Winnebago and Boone Counties School District No. 205 Rockford Series B, GO, 3.75%, 2/1/2033 | | | 35 | | | | 36 | |
| | | | | | | | |
| | |
Total Illinois | | | | | | | 37,355 | |
| | | | | | | | |
|
Indiana — 0.9% | |
| | |
City of Goshen, Multi-Family, Green Oaks of Goshen Project Series 2021A, Rev., 5.00%, 8/1/2041 (d) | | | 500 | | | | 456 | |
| | |
City of Lafayette, Local Income Tax Rev., 4.00%, 6/30/2028 | | | 180 | | | | 203 | |
| | |
Clarksville Redevelopment Authority Rev., 5.00%, 1/15/2031 | | | 30 | | | | 37 | |
| | |
Gary Community School Corp. GO, 4.00%, 7/15/2023 | | | 230 | | | | 239 | |
| | |
Greenfield Middle School Building Corp., Ad Valorem Property Tax First Mortgage | | | | | | | | |
| | |
Rev., 5.00%, 1/15/2023 | | | 10 | | | | 10 | |
| | |
Rev., 4.00%, 7/15/2031 | | | 240 | | | | 267 | |
| | |
Rev., 4.00%, 7/15/2032 | | | 350 | | | | 387 | |
| | |
Indiana Finance Authority, Ascension Senior Credit Group Series 2006 B-1, Rev., 4.00%, 11/15/2046 | | | 15 | | | | 16 | |
| | |
Indiana Finance Authority, Butler University Project Rev., 4.00%, 2/1/2040 | | | 25 | | | | 27 | |
| | |
Indiana Finance Authority, Educational Facilities, Kipp Indianapolis, Inc., Project | | | | | | | | |
| | |
Series 2020A, Rev., 5.00%, 7/1/2040 | | | 170 | | | | 186 | |
| | |
Series 2020A, Rev., 5.00%, 7/1/2055 | | | 460 | | | | 496 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| |
|
Indiana — continued | |
| | |
Indiana Finance Authority, Educational Facilities, Valparaiso University Project | | | | | | | | |
| | |
Rev., 5.00%, 10/1/2028 | | | 260 | | | | 301 | |
| | |
Rev., 5.00%, 10/1/2030 | | | 240 | | | | 285 | |
| | |
Rev., 5.00%, 10/1/2031 | | | 250 | | | | 301 | |
| | |
Indiana Finance Authority, Goshen Health | | | | | | | | |
| | |
Series 2019A, Rev., 5.00%, 11/1/2032 | | | 15 | | | | 18 | |
| | |
Series 2019A, Rev., 4.00%, 11/1/2043 | | | 1,125 | | | | 1,224 | |
| | |
Indiana Finance Authority, Marian University Project Series A, Rev., 5.00%, 9/15/2034 | | | 1,100 | | | | 1,270 | |
| | |
Indiana Finance Authority, Parkview Health System, Inc. Series 2018A, Rev., 4.00%, 11/1/2048 | | | 50 | | | | 55 | |
| | |
Indiana Municipal Power Agency, Power Supply System Series 2016A, Rev., 5.00%, 1/1/2042 | | | 30 | | | | 34 | |
| | |
Merrillville Building Corp. Rev., 4.00%, 7/15/2034 | | | 35 | | | | 39 | |
| | |
University of Southern Indiana, Student Fee Series M, Rev., 5.00%, 10/1/2029 | | | 25 | | | | 30 | |
| | | | | | | | |
| | |
Total Indiana | | | | | | | 5,881 | |
| | | | | | | | |
|
Iowa — 0.0% (e) | |
| | |
Iowa Finance Authority, Single Family Mortgage-Backed Securities Program Series 2016D, Rev., AMT, GNMA/FNMA/FHLMC COLL, 3.50%, 7/1/2046 | | | 255 | | | | 263 | |
| | |
Iowa Finance Authority, State Revolving Fund Rev., 5.00%, 8/1/2034 | | | 15 | | | | 18 | |
| | | | | | | | |
| | |
Total Iowa | | | | | | | 281 | |
| | | | | | | | |
|
Kansas — 0.0% (e) | |
| | |
Leavenworth County Unified School District No. 464 Series B, GO, 4.00%, 9/1/2022 | | | 50 | | | | 51 | |
| | | | | | | | |
|
Kentucky — 0.3% | |
| | |
City of Ashland, Kings Daughters Medical Center Series 2016A, Rev., 4.00%, 2/1/2036 | | | 1,750 | | | | 1,869 | |
| | |
Commonwealth of Kentucky, State Office Building Project COP, 4.00%, 6/15/2032 | | | 30 | | | | 32 | |
| | |
Kentucky Turnpike Authority, Revitalization Projects Series B, Rev., 5.00%, 7/1/2023 | | | 30 | | | | 32 | |
| | |
Pike County School District Finance Corp., School Building Rev., 4.00%, 2/1/2028 | | | 20 | | | | 22 | |
| | | | | | | | |
| | |
Total Kentucky | | | | | | | 1,955 | |
| | | | | | | | |
|
Louisiana — 1.0% | |
| | |
City of Ruston, Sales Tax Rev., AGM, 5.00%, 6/1/2024 | | | 10 | | | | 11 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 140 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Louisiana — continued | |
| | |
Lafayette Consolidated Government GO, 5.00%, 3/1/2029 | | | 125 | | | | 151 | |
| | |
Louisiana Local Government Environmental Facilities and Community Development Authority, Jefferson Parish Projects Rev., 5.00%, 4/1/2029 | | | 100 | | | | 114 | |
| | |
Louisiana Public Facilities Authority, Lincoln Preparatory School Project Series 2021A, Rev., 5.25%, 6/1/2051 (d) | | | 1,140 | | | | 1,189 | |
| | |
Louisiana Public Facilities Authority, Louisiana Children’s Medical Center Project Series 2015A1, Rev., 5.00%, 6/1/2039 | | | 25 | | | | 29 | |
| | |
Louisiana Public Facilities Authority, Mentorship Steam Academy Project Series 2021A, Rev., 5.00%, 6/1/2056 (d) | | | 740 | | | | 744 | |
| | |
Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project Rev., 5.00%, 5/15/2047 | | | 1,055 | | | | 1,153 | |
| | |
St. Tammany Parish Hospital Service District No. 1, St. Tammany Parish Hospital Project Series A, Rev., 4.00%, 7/1/2043 | | | 50 | | | | 55 | |
| | |
State of Louisiana Series 2019A, GO, 5.00%, 3/1/2035 | | | 2,000 | | | | 2,429 | |
| | |
Tobacco Settlement Financing Corp. Series 2013A, Rev., 5.25%, 5/15/2035 | | | 1,000 | | | | 1,067 | |
| | | | | | | | |
| | |
Total Louisiana | | | | | | | 6,942 | |
| | | | | | | | |
|
Maine — 0.4% | |
| | |
Maine Health and Higher Educational Facilities Authority, Mainehealth Series 2020A, Rev., 4.00%, 7/1/2050 | | | 2,000 | | | | 2,192 | |
| | |
Maine State Housing Authority, Mortgage Purchase Series A, Rev., 4.00%, 11/15/2045 | | | 175 | | | | 181 | |
| | | | | | | | |
| | |
Total Maine | | | | | | | 2,373 | |
| | | | | | | | |
|
Maryland — 2.4% | |
| | |
City of Baltimore, Stormwater Projects Series 2019A, Rev., 4.00%, 7/1/2044 | | | 50 | | | | 56 | |
| | |
City of Baltimore, Water Projects Series B, Rev., 4.00%, 7/1/2033 | | | 270 | | | | 310 | |
| | |
County of Baltimore, Equipment Acquisition Program COP, 5.00%, 3/1/2029 | | | 5,735 | | | | 7,012 | |
| | |
Maryland Economic Development Corp., Port Covington Project Rev., 4.00%, 9/1/2050 | | | 1,280 | | | | 1,337 | |
| | |
Maryland Health and Higher Educational Facilities Authority, Broadmead Issue Series 2018A, Rev., 5.00%, 7/1/2023 | | | 115 | | | | 120 | |
| | |
Maryland Health and Higher Educational Facilities Authority, Medstar Health Issue Series 2017A, Rev., 5.00%, 5/15/2045 | | | 5,000 | | | | 5,804 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| |
|
Maryland — continued | |
| | |
Maryland Health and Higher Educational Facilities Authority, Stevenson University Project | | | | | | | | |
| | |
Rev., 4.00%, 6/1/2046 | | | 500 | | | | 545 | |
| | |
Rev., 4.00%, 6/1/2051 | | | 500 | | | | 543 | |
| | |
Maryland State Transportation Authority, Transportation Facilities Projects, Tax Exempt Rev., 5.00%, 7/1/2028 | | | 10 | | | | 12 | |
| | |
Montgomery County Housing Opportunities Commission, Single Family Mortgage Series 2013A, Rev., 4.00%, 1/1/2031 | | | 110 | | | | 114 | |
| | | | | | | | |
| | |
Total Maryland | | | | | | | 15,853 | |
| | | | | | | | |
|
Massachusetts��— 2.7% | |
| | |
City of Lowell, Municipal Purpose Loan GO, 5.00%, 3/1/2028 | | | 90 | | | | 108 | |
| | |
Commonwealth of Massachusetts Transportation Fund Series 2021A, Rev., 5.00%, 6/1/2040 | | | 2,200 | | | | 2,744 | |
| | |
Commonwealth of Massachusetts Transportation Fund, Rail Enhancement and Accelerated Bridge Programs Series B, Rev., 4.00%, 6/1/2046 | | | 2,480 | | | | 2,696 | |
| | |
Commonwealth of Massachusetts, Consolidated Loan of 2016 Series J, GO, 4.00%, 12/1/2039 | | | 3,690 | | | | 4,067 | |
| | |
Massachusetts Development Finance Agency, Boston College Issue | | | | | | | | |
| | |
Series 2020U, Rev., 5.00%, 7/1/2038 | | | 755 | | | | 1,006 | |
| | |
Series 2020U, Rev., 5.00%, 7/1/2039 | | | 665 | | | | 887 | |
| | |
Series 2020U, Rev., 5.00%, 7/1/2040 | | | 535 | | | | 714 | |
| | |
Series 2017T, Rev., 4.00%, 7/1/2042 | | | 35 | | | | 38 | |
| | |
Massachusetts Development Finance Agency, Emerson College | | | | | | | | |
| | |
Rev., 5.00%, 1/1/2036 | | | 825 | | | | 939 | |
| | |
Rev., 5.00%, 1/1/2037 | | | 315 | | | | 358 | |
| | |
Massachusetts Development Finance Agency, Southcoast Health System Obligated Group Issue | | | | | | | | |
| | |
Series 2021G, Rev., 5.00%, 7/1/2032 | | | 250 | | | | 313 | |
| | |
Series 2021G, Rev., 5.00%, 7/1/2038 | | | 300 | | | | 372 | |
| | |
Massachusetts Development Finance Agency, Wellforce Issue Series 2020C, Rev., AGM, 3.00%, 10/1/2045 | | | 1,000 | | | | 1,026 | |
| | |
Massachusetts Housing Finance Agency, Single Family Housing | | | | | | | | |
| | |
Series 177, Rev., AMT, 4.00%, 6/1/2039 | | | 200 | | | | 206 | |
| | |
Series 167, Rev., 4.00%, 12/1/2043 | | | 60 | | | | 61 | |
| | |
Series 169, Rev., 4.00%, 12/1/2044 | | | 135 | | | | 137 | |
| | |
Town of Bellingham, Municipal Purpose Loan GO, 4.00%, 6/15/2032 | | | 10 | | | | 11 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 141 |
JPMorgan Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Massachusetts — continued | |
| | |
University of Massachusetts Building Authority Series 2017-1, Rev., 5.25%, 11/1/2042 | | | 50 | | | | 59 | |
| | |
University of Massachusetts Building Authority, Senior Lien Series 2020-1, Rev., 5.00%, 11/1/2034 | | | 2,000 | | | | 2,467 | |
| | | | | | | | |
| | |
Total Massachusetts | | | | | | | 18,209 | |
| | | | | | | | |
|
Michigan — 1.6% | |
| | |
Berkley School District, Michigan 2015 School Building and Site Bonds, Unlimited Tax GO, Q-SBLF, 4.00%, 5/1/2040 | | | 30 | | | | 32 | |
| | |
City of Grand Rapids, Sanitary Sewer System Rev., 5.00%, 1/1/2045 | | | 600 | | | | 726 | |
| | |
Grand Rapids Charter Township Economic Development Corp., Porter Hills Presbyterian Village Project Rev., 5.00%, 5/15/2044 | | | 2,000 | | | | 2,222 | |
| | |
Grand Rapids Public Schools, Unlimited Tax GO, AGM, 5.00%, 11/1/2043 | | | 1,000 | | | | 1,186 | |
| | |
Kentwood Economic Development Corp., Holland Home Obligated Group Rev., 4.00%, 11/15/2045 | | | 375 | | | | 398 | |
| | |
Michigan Finance Authority, Bronson Healthcare Group, Inc. Series A, Rev., 5.00%, 5/15/2054 | | | 1,525 | | | | 1,717 | |
| | |
Michigan Finance Authority, Lawrence Technological University Rev., 4.00%, 2/1/2042 | | | 375 | | | | 397 | |
| | |
Michigan Finance Authority, Trinity Health Credit Group Series 2016MI, Rev., 5.25%, 12/1/2041 | | | 1,000 | | | | 1,140 | |
| | |
Michigan State Building Authority, Facilities Program | | | | | | | | |
| | |
Series 2016 I, Rev., 4.00%, 10/15/2036 | | | 50 | | | | 54 | |
| | |
Series 2015I, Rev., 4.00%, 4/15/2040 | | | 120 | | | | 128 | |
| | |
Michigan State Housing Development Authority, Single Family Mortgage Series 2015A, Rev., AMT, 4.00%, 6/1/2046 | | | 60 | | | | 62 | |
| | |
Michigan Strategic Fund, Holland Home Obligated Group Rev., 5.00%, 11/15/2043 | | | 750 | | | | 838 | |
| | |
Michigan Strategic Fund, United Methodist Retirement Communities Obligated Group, Porter Hills Presbyterian Village Project Rev., 5.00%, 5/15/2044 | | | 1,000 | | | | 1,112 | |
| | |
Niles Community Schools, Unlimited Tax GO, Q-SBLF, 4.00%, 5/1/2041 | | | 25 | | | | 26 | |
| | |
University of Michigan Rev., 4.00%, 4/1/2034 | | | 50 | | | | 55 | |
| | |
Walled Lake Consolidated School District GO, Q-SBLF, 5.00%, 5/1/2033 | | | 10 | | | | 12 | |
| | |
West Ottawa Public Schools, School Building and Site, Unlimited Tax Series 2014-1, GO, 4.00%, 5/1/2024 (c) | | | 25 | | | | 27 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| |
|
Michigan — continued | |
| | |
Western Michigan University, Tax Exempt | | | | | | | | |
| | |
Series 2021A, Rev., AGM, 5.00%, 11/15/2032 | | | 125 | | | | 157 | |
| | |
Series 2021A, Rev., AGM, 5.00%, 11/15/2046 | | | 250 | | | | 304 | |
| | |
Whitehall District Schools, Unlimited Tax GO, AGM, 5.00%, 5/1/2033 | | | 25 | | | | 29 | |
| | | | | | | | |
| | |
Total Michigan | | | | | | | 10,622 | |
| | | | | | | | |
|
Minnesota — 1.4% | |
| | |
Aurora Independent School District No. 2711, School Building, Capital Appreciation | | | | | | | | |
| | |
Series 2017B, GO, Zero Coupon, 2/1/2026 | | | 150 | | | | 136 | |
| | |
Series 2017B, GO, Zero Coupon, 2/1/2027 | | | 400 | | | | 349 | |
| | |
Series 2017B, GO, Zero Coupon, 2/1/2028 | | | 225 | | | | 189 | |
| | |
Series 2017B, GO, Zero Coupon, 2/1/2030 | | | 880 | | | | 678 | |
| | |
City of Hopkins Series 2017B, GO, 4.00%, 2/1/2026 | | | 25 | | | | 27 | |
| | |
City of Minneapolis, Health Care System, Fairview Health Services Series 2018A, Rev., 4.00%, 11/15/2048 | | | 3,000 | | | | 3,273 | |
| | |
City of Rochester, Health Care Facilities, Mayo Clinic Series 2016B, Rev., 5.00%, 11/15/2036 | | | 30 | | | | 42 | |
| | |
City of Woodbury, Charter School Lease Rev., 4.00%, 12/1/2050 | | | 250 | | | | 264 | |
| | |
East Grand Forks Independent School District No. 595, School Building Series 2016A, GO, 4.00%, 2/1/2027 | | | 15 | | | | 16 | |
| | |
Greenway Independent School District No. 316, Capital Appreciation | | | | | | | | |
| | |
Series 2019F, GO, Zero Coupon, 2/1/2029 | | | 1,320 | | | | 1,139 | |
| | |
Series 2019F, GO, Zero Coupon, 2/1/2030 | | | 700 | | | | 585 | |
| | |
Series 2019F, GO, Zero Coupon, 2/1/2031 | | | 545 | | | | 441 | |
| | |
Lakeville Independent School District No. 194 Series 2018A, GO, 5.00%, 2/1/2028 | | | 25 | | | | 29 | |
| | |
Minneapolis-St. Paul Housing Finance Board, Single Family Mortgage, City Living Home Programs Series 2007A-2, Rev., GNMA/FNMA/FHLMC, 5.52%, 3/1/2041 | | | 45 | | | | 45 | |
| | |
Minnesota Higher Education Facilities Authority, Carleton College | | | | | | | | |
| | |
Rev., 4.00%, 3/1/2032 | | | 1,000 | | | | 1,093 | |
| | |
Rev., 4.00%, 3/1/2033 | | | 500 | | | | 547 | |
| | |
Minnesota Housing Finance Agency, Residential Housing Finance | | | | | | | | |
| | |
Series 2014A, Rev., AMT, 4.00%, 7/1/2038 | | | 100 | | | | 103 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 142 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Minnesota — continued | |
| | |
Series C, Rev., AMT, GNMA/FNMA/FHLMC, 4.00%, 1/1/2045 | | | 325 | | | | 338 | |
| | |
Series B, Rev., AMT, GNMA/FNMA/FHLMC COLL, 4.00%, 7/1/2047 | | | 205 | | | | 214 | |
| | | | | | | | |
| | |
Total Minnesota | | | | | | | 9,508 | |
| | | | | | | | |
|
Mississippi — 0.6% | |
| | |
Mississippi Development Bank, Community College Improvement Project Rev., 4.00%, 3/1/2050 | | | 2,335 | | | | 2,583 | |
| | |
Mississippi Development Bank, Lafayette County School District Project Rev., 4.00%, 4/1/2033 | | | 20 | | | | 23 | |
| | |
Mississippi Development Bank, Special Obligation, Water and Sewer System Project Rev., AGM, 6.88%, 12/1/2040 | | | 1,000 | | | | 1,085 | |
| | | | | | | | |
| | |
Total Mississippi | | | | | | | 3,691 | |
| | | | | | | | |
|
Missouri — 0.8% | |
| | |
City of Sedalia COP, 4.00%, 7/15/2035 | | | 205 | | | | 222 | |
| | |
Health and Educational Facilities Authority of the State of Missouri, Lutheran Senior Services Projects | | | | | | | | |
| | |
Series 2019A, Rev., 5.00%, 2/1/2034 | | | 1,000 | | | | 1,087 | |
| | |
Series 2019A, Rev., 5.00%, 2/1/2042 | | | 1,000 | | | | 1,082 | |
| | |
Series 2019C, Rev., 4.00%, 2/1/2048 | | | 265 | | | | 279 | |
| | |
Health and Educational Facilities Authority of the State of Missouri, SSM Health System Series 2018A, Rev., 4.00%, 6/1/2048 | | | 2,160 | | | | 2,380 | |
| | |
Health and Educational Facilities Authority of the State of Missouri, State University Rev., 4.00%, 10/1/2036 | | | 100 | | | | 112 | |
| | |
Metropolitan St. Louis Sewer District, Wastewater System Improvement Series 2017A, Rev., 5.00%, 5/1/2034 | | | 10 | | | | 12 | |
| | |
Missouri Housing Development Commission, Single Family Mortgage, First Place Homeownership Loan Program | | | | | | | | |
| | |
Series 2106B, Rev., AMT, GNMA/FNMA/FHLMC COLL, 3.50%, 5/1/2041 | | | 205 | | | | 211 | |
| | |
Series 2015B-2, Rev., GNMA/FNMA/FHLMC, 4.00%, 11/1/2045 | | | 245 | | | | 255 | |
| | |
St. Louis County Reorganized School District No. R-6 GO, 5.00%, 2/1/2023 | | | 10 | | | | 10 | |
| | | | | | | | |
| | |
Total Missouri | | | | | | | 5,650 | |
| | | | | | | | |
|
Montana — 0.2% | |
| | |
Montana Board of Housing, Single Family Homeownership Series A-2, Rev., AMT, 4.00%, 12/1/2038 | | | 45 | | | | 46 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| |
|
Montana — continued | |
| | |
Montana Facility Finance Authority, School Health System Series 2019A, Rev., 4.00%, 1/1/2038 | | | 1,200 | | | | 1,334 | |
| | | | | | | | |
| | |
Total Montana | | | | | | | 1,380 | |
| | | | | | | | |
|
Nebraska — 0.7% | |
| | |
Central Plains Energy Project, Gas Project No. 3 | | | | | | | | |
| | |
Series 2017A, Rev., 5.00%, 9/1/2034 | | | 1,000 | | | | 1,243 | |
| | |
Series 2017A, Rev., 5.00%, 9/1/2037 | | | 1,500 | | | | 1,904 | |
| | |
Douglas County Hospital Authority No. 2, Children’s Hospital Obligated Group | | | | | | | | |
| | |
Series 2020A, Rev., 4.00%, 11/15/2040 | | | 575 | | | | 652 | |
| | |
Series 2020A, Rev., 4.00%, 11/15/2041 | | | 300 | | | | 339 | |
| | |
Douglas County Hospital Authority No. 2, Health Facilities, Nebraska Medicine Rev., 5.00%, 5/15/2030 | | | 10 | | | | 11 | |
| | |
Public Power Generation Agency, Whelan Energy Center Unit 2 | | | | | | | | |
| | |
Series 2015A, Rev., 5.00%, 1/1/2026 | | | 100 | | | | 110 | |
| | |
Series A, Rev., 5.00%, 1/1/2034 | | | 185 | | | | 211 | |
| | |
Series 2016A, Rev., 5.00%, 1/1/2035 | | | 25 | | | | 28 | |
| | | | | | | | |
| | |
Total Nebraska | | | | | | | 4,498 | |
| | | | | | | | |
|
Nevada — 1.2% | |
| | |
City of Reno, Sales Tax, Senior Lien, ReTrac-Reno Transportation Rail Access Corridor Project Series B, Rev., AGM, 4.00%, 6/1/2048 | | | 375 | | | | 401 | |
| | |
County of Clark, Southern California Edison Co. Rev., 2.10%, 6/1/2031 | | | 5,000 | | | | 4,701 | |
| | |
Las Vegas Convention and Visitors Authority, Convention Center Expansion Series B, Rev., 4.00%, 7/1/2049 | | | 2,500 | | | | 2,718 | |
| | |
Truckee Meadows Water Authority Rev., 5.00%, 7/1/2031 | | | 15 | | | | 17 | |
| | | | | | | | |
| | |
Total Nevada | | | | | | | 7,837 | |
| | | | | | | | |
|
New Hampshire — 0.5% | |
| | |
New Hampshire Business Finance Authority, Springpoint Senior Living Project Rev., 4.00%, 1/1/2041 | | | 1,000 | | | | 1,052 | |
| | |
New Hampshire Business Finance Authority, The Lawrenceville School Project Series 2021A, Rev., 4.00%, 7/1/2051 | | | 2,000 | | | | 2,254 | |
| | | | | | | | |
| | |
Total New Hampshire | | | | | | | 3,306 | |
| | | | | | | | |
|
New Jersey — 4.7% | |
| | |
Atlantic County Improvement Authority (The), Atlantic City Campus Phase II Project | | | | | | | | |
| | |
Series 2021A, Rev., AGM, 4.00%, 7/1/2047 | | | 50 | | | | 56 | |
| | |
Series 2021A, Rev., AGM, 4.00%, 7/1/2053 | | | 125 | | | | 138 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 143 |
JPMorgan Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
New Jersey — continued | |
| | |
County of Middlesex, Civic Square II Redevelopment Associates LLC COP, 4.00%, 6/15/2022 | | | 110 | | | | 111 | |
| | |
New Jersey Economic Development Authority, Biomedical Research Facilities Series 2016A, Rev., 5.00%, 7/15/2027 | | | 240 | | | | 271 | |
| | |
New Jersey Economic Development Authority, School Facilities Construction | | | | | | | | |
| | |
Series NN, Rev., 5.00%, 3/1/2024 | | | 150 | | | | 155 | |
| | |
Series 2021QQQ, Rev., 4.00%, 6/15/2046 | | | 1,375 | | | | 1,476 | |
| | |
Series 2021QQQ, Rev., 4.00%, 6/15/2050 | | | 1,000 | | | | 1,069 | |
| | |
New Jersey Economic Development Authority, State House Project Series 2017B, Rev., 4.13%, 6/15/2039 | | | 2,800 | | | | 3,082 | |
| | |
New Jersey Educational Facilities Authority, Capital Improvement Series 2016B, Rev., 5.00%, 9/1/2036 | | | 105 | | | | 118 | |
| | |
New Jersey Housing and Mortgage Finance Agency, Single Family Housing Series 2018A, Rev., 4.50%, 10/1/2048 | | | 635 | | | | 682 | |
| | |
New Jersey Transportation Trust Fund Authority | | | | | | | | |
| | |
Series BB, Rev., 4.00%, 6/15/2038 | | | 1,500 | | | | 1,616 | |
| | |
Series 2020AA, Rev., 4.00%, 6/15/2050 | | | 1,375 | | | | 1,470 | |
| | |
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement | | | | | | | | |
| | |
Series A-1, Rev., 5.00%, 6/15/2027 | | | 2,670 | | | | 3,034 | |
| | |
Series A, Rev., 5.00%, 6/15/2031 | | | 3,000 | | | | 3,395 | |
| | |
New Jersey Transportation Trust Fund Authority, Transportation System Series A, Rev., Zero Coupon, 12/15/2036 | | | 10,355 | | | | 6,416 | |
| | |
New Jersey Turnpike Authority Series 2021A, Rev., 4.00%, 1/1/2042 | | | 1,000 | | | | 1,123 | |
| | |
State of New Jersey, COVID-19 Emergency Bonds | | | | | | | | |
| | |
GO, 4.00%, 6/1/2031 | | | 1,000 | | | | 1,156 | |
| | |
GO, 4.00%, 6/1/2032 | | | 2,000 | | | | 2,327 | |
| | |
Tobacco Settlement Financing Corp. | | | | | | | | |
| | |
Series 2018A, Rev., 4.00%, 6/1/2037 | | | 1,000 | | | | 1,081 | |
| | |
Series 2018A, Rev., 5.00%, 6/1/2046 | | | 1,000 | | | | 1,123 | |
| | |
Series 2018A, Rev., 5.25%, 6/1/2046 | | | 1,500 | | | | 1,710 | |
| | | | | | | | |
| | |
Total New Jersey | | | | | | | 31,609 | |
| | | | | | | | |
|
New Mexico — 0.1% | |
| | |
New Mexico Mortgage Finance Authority, Single Family Mortgage Program Series B-1, Class I, Rev., AMT, GNMA/FNMA/FHLMC, 3.75%, 3/1/2048 | | | 360 | | | | 378 | |
| | | | | | | | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| |
|
New York — 7.9% | |
| | |
Buffalo and Erie County Industrial Land Development Corp., D’youville College Project Rev., 4.00%, 11/1/2045 | | | 2,300 | | | | 2,463 | |
| | |
City of New York Series 2018E-1, GO, 5.00%, 3/1/2041 | | | 225 | | | | 263 | |
| | |
County of Rockland Series B, GO, AGM, 5.00%, 9/1/2027 | | | 10 | | | | 12 | |
| | |
County of Suffolk Series 2020B, GO, AGM, 5.00%, 5/15/2030 | | | 1,240 | | | | 1,517 | |
| | |
Metropolitan Transportation Authority | | | | | | | | |
| | |
Series H, Rev., 5.00%, 11/15/2022 (c) | | | 70 | | | | 72 | |
| | |
Series D, Rev., 5.00%, 11/15/2031 | | | 400 | | | | 448 | |
| | |
Metropolitan Transportation Authority, Dedicated Tax Fund | | | | | | | | |
| | |
Series 2012A, Rev., 5.00%, 11/15/2026 | | | 25 | | | | 26 | |
| | |
SubSeries B-3B, Rev., 5.00%, 11/15/2028 | | | 25 | | | | 29 | |
| | |
Series 2016B-1, Rev., 5.00%, 11/15/2029 | | | 25 | | | | 29 | |
| | |
Series 2017B-1, Rev., 5.00%, 11/15/2035 | | | 95 | | | | 111 | |
| | |
Monroe County Industrial Development Corp., True North Rochester Preparatory Charter School Project Series 2020A, Rev., 5.00%, 6/1/2059 (d) | | | 540 | | | | 601 | |
| | |
Monroe County Industrial Development Corp., University of Rochester Project Series 2017C, Rev., 4.00%, 7/1/2033 | | | 60 | | | | 66 | |
| | |
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2017 Series 2017F-1, Rev., 4.00%, 5/1/2044 | | | 375 | | | | 408 | |
| | |
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2019 | | | | | | | | |
| | |
Series 2019C-1, Rev., 5.00%, 11/1/2034 | | | 100 | | | | 121 | |
| | |
Series A, SubSeries A-1, Rev., 5.00%, 8/1/2040 | | | 5,000 | | | | 5,905 | |
| | |
New York City Transitional Finance Authority, Future Tax Secured, Tax-Exempt, Fiscal Year 2018 Series C-3, Rev., 5.00%, 5/1/2039 | | | 25 | | | | 29 | |
| | |
New York City Transitional Finance Authority, Future Tax Secured, Tax-Exempt, Fiscal Year 2020 Series A, SubSeries A-2, Rev., 5.00%, 5/1/2035 | | | 50 | | | | 61 | |
| | |
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2012 Series 2012EE, Rev., 4.00%, 6/15/2039 | | | 35 | | | | 35 | |
| | |
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2019 SubSeries 2019FF-2, Rev., 5.00%, 6/15/2038 | | | 30 | | | | 36 | |
| | |
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2020 Series 2020AA, Rev., 5.00%, 6/15/2040 | | | 55 | | | | 67 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 144 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
New York — continued | |
| | |
New York Liberty Development Corp., Secured by Port Authority Series 1WTC-2021, Rev., 2.75%, 2/15/2044 | | | 1,900 | | | | 1,761 | |
| | |
New York State Dormitory Authority, Cornell University Series 2019D, Rev., 5.00%, 7/1/2036 | | | 640 | | | | 881 | |
| | |
New York State Dormitory Authority, New York University Series 2019A, Rev., 4.00%, 7/1/2045 | | | 2,000 | | | | 2,245 | |
| | |
New York State Dormitory Authority, School Districts Financing Program | | | | | | | | |
| | |
Series 2018A, Rev., 5.00%, 10/1/2031 | | | 50 | | | | 58 | |
| | |
Series 2016A, Rev., 5.00%, 10/1/2032 | | | 35 | | | | 40 | |
| | |
New York State Dormitory Authority, St. John’s University Series 2007C, Rev., NATL-RE, 5.25%, 7/1/2026 | | | 100 | | | | 115 | |
| | |
New York State Dormitory Authority, State Personal Income Tax Series 2021E, Rev., 5.00%, 3/15/2033 | | | 1,040 | | | | 1,323 | |
| | |
New York State Dormitory Authority, State Sales Tax | | | | | | | | |
| | |
Series 2017A, Rev., 5.00%, 3/15/2036 | | | 100 | | | | 116 | |
| | |
Series 2018A, Rev., 5.00%, 3/15/2037 | | | 40 | | | | 47 | |
| | |
Series 2018C, Rev., 5.00%, 3/15/2038 | | | 1,250 | | | | 1,475 | |
| | |
New York State Dormitory Authority, State University Dormitory Facilities Series 2015B, Rev., 5.00%, 7/1/2026 | | | 15 | | | | 17 | |
| | |
New York State Environmental Facilities Corp., State Clean Water and Drinking Water Revolving Funds, Municipal Water Finance Authority Projects—Second Resolution Series 2017A, Rev., 5.00%, 6/15/2037 | | | 1,750 | | | | 2,036 | |
| | |
New York State Urban Development Corp., State Personal Income Tax, General Purpose | | | | | | | | |
| | |
Series 2019A, Rev., 5.00%, 3/15/2039 | | | 25 | | | | 30 | |
| | |
Series 2019A, Rev., 5.00%, 3/15/2041 | | | 2,000 | | | | 2,408 | |
| | |
Series 2019A, Rev., 5.00%, 3/15/2042 | | | 3,500 | | | | 4,141 | |
| | |
New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project | | | | | | | | |
| | |
Rev., AMT, 4.00%, 1/1/2036 | | | 1,500 | | | | 1,586 | |
| | |
Rev., AMT, 5.00%, 1/1/2036 | | | 1,125 | | | | 1,264 | |
| | |
Port Authority of New York and New Jersey, Consolidated | | | | | | | | |
| | |
Series 188, Rev., AMT, 5.00%, 5/1/2024 | | | 50 | | | | 54 | |
| | |
Series 93, Rev., 6.13%, 6/1/2094 | | | 7,470 | | | | 8,134 | |
| | |
State of New York Mortgage Agency, Homeowner Mortgage Series 197, Rev., 3.50%, 10/1/2044 | | | 190 | | | | 196 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| |
|
New York — continued | |
| | |
Suffolk County Economic Development Corp., St. Johnland Assisted Living Inc., Project | | | | | | | | |
| | |
Rev., 5.13%, 11/1/2041 (d) | | | 850 | | | | 824 | |
| | |
Rev., 5.38%, 11/1/2054 (d) | | | 750 | | | | 723 | |
| | |
Tompkins County Development Corp., Tax Exempt Ithaca College Project Rev., 5.00%, 7/1/2032 | | | 80 | | | | 93 | |
| | |
Town of Orangetown, Rockland County, Sparkill-Palisades Fire District | | | | | | | | |
| | |
GO, AGM, 4.00%, 11/15/2040 | | | 220 | | | | 234 | |
| | |
GO, AGM, 4.00%, 11/15/2041 | | | 205 | | | | 219 | |
| | |
GO, AGM, 4.00%, 11/15/2042 | | | 315 | | | | 336 | |
| | |
GO, AGM, 4.00%, 11/15/2043 | | | 325 | | | | 345 | |
| | |
Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels | | | | | | | | |
| | |
Series 2018B, Rev., 5.00%, 11/15/2031 | | | 75 | | | | 96 | |
| | |
Series 2018C, Rev., 5.00%, 11/15/2038 | | | 35 | | | | 42 | |
| | |
Series 2018A, Rev., 5.00%, 11/15/2045 | | | 105 | | | | 123 | |
| | |
Series 2021A-1, Rev., 4.00%, 5/15/2046 | | | 4,000 | | | | 4,480 | |
| | |
Utility Debt Securitization Authority Series 2013TE, Rev., 5.00%, 12/15/2041 | | | 4,250 | | | | 4,509 | |
| | |
Village of Tuxedo Park, Public Improvement GO, 4.00%, 8/1/2031 | | | 45 | | | | 50 | |
| | |
Westchester County Local Development Corp., The Bethel Methodist Home D/B/A, The Knolls Project Rev., 5.13%, 7/1/2055 | | | 1,100 | | | | 1,075 | |
| | |
Westchester Tobacco Asset Securitization Corp., Tobacco Settlement Series 2016B, Rev., 5.00%, 6/1/2025 | | | 130 | | | | 144 | |
| | | | | | | | |
| | |
Total New York | | | | | | | 53,519 | |
| | | | | | | | |
|
North Carolina — 1.9% | |
| | |
City of Greensboro, Combined Water and Sewer System Rev., 5.00%, 6/1/2027 | | | 10 | | | | 12 | |
| | |
City of Raleigh, Limited Obligation Series 2014A, Rev., 4.00%, 10/1/2022 | | | 30 | | | | 31 | |
| | |
County of Burke, Limited Obligation | | | | | | | | |
| | |
Rev., 5.00%, 4/1/2025 | | | 15 | | | | 17 | |
| | |
Rev., 5.00%, 4/1/2031 | | | 25 | | | | 29 | |
| | |
North Carolina Capital Facilities Finance Agency, Meredith College | | | | | | | | |
| | |
Rev., 5.00%, 6/1/2027 | | | 105 | | | | 118 | |
| | |
Rev., 5.00%, 6/1/2028 | | | 805 | | | | 898 | |
| | |
Rev., 5.00%, 6/1/2030 | | | 400 | | | | 444 | |
| | |
North Carolina Housing Finance Agency, Homeownership Series A, Rev., AMT, 3.50%, 7/1/2039 | | | 120 | | | | 123 | |
| | |
Raleigh Durham Airport Authority Series 2020A, Rev., AMT, 5.00%, 5/1/2033 | | | 1,645 | | | | 1,971 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 145 |
JPMorgan Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
North Carolina — continued | |
| | |
State of North Carolina Rev., 5.00%, 3/1/2033 | | | 7,735 | | | | 9,293 | |
| | |
Town of Fuquay-Varina Rev., 5.00%, 11/1/2030 | | | 10 | | | | 12 | |
| | | | | | | | |
| | |
Total North Carolina | | | | | | | 12,948 | |
| | | | | | | | |
|
North Dakota — 0.9% | |
| | |
City of Grand Forks, Altru Health System | | | | | | | | |
| | |
Rev., 4.00%, 12/1/2040 | | | 1,750 | | | | 1,894 | |
| | |
Rev., 4.00%, 12/1/2041 | | | 1,875 | | | | 2,025 | |
| | |
North Dakota Housing Finance Agency, Home Mortgage Finance Program Series 2016D, Rev., 3.50%, 7/1/2046 | | | 255 | | | | 265 | |
| | |
University of North Dakota, Housing Infrastructure Project Series 2021A, COP, AGM, 4.00%, 6/1/2051 | | | 1,430 | | | | 1,575 | |
| | | | | | | | |
| | |
Total North Dakota | | | | | | | 5,759 | |
| | | | | | | | |
|
Ohio — 3.8% | |
| | |
American Municipal Power, Inc., Fremont Energy Center Project | | | | | | | | |
| | |
Series 2021A, Rev., 4.00%, 2/15/2037 | | | 1,700 | | | | 1,937 | |
| | |
Series 2021A, Rev., 4.00%, 2/15/2038 | | | 2,000 | | | | 2,277 | |
| | |
Athens City School District, School Facilities Construction and Improvement Series 2019A, GO, 4.00%, 12/1/2040 | | | 460 | | | | 521 | |
| | |
Buckeye Tobacco Settlement Financing Authority Series 2020A-2, Class 1, Rev., 4.00%, 6/1/2048 | | | 3,210 | | | | 3,371 | |
| | |
Butler County Port Authority, Community First Solutions Rev., 4.00%, 5/15/2046 | | | 250 | | | | 277 | |
| | |
Cleveland-Cuyahoga County Port Authority, The Cleveland Museum of Natural History Project Rev., 4.00%, 7/1/2051 | | | 1,000 | | | | 1,118 | |
| | |
County of Franklin, Health Care Facilities, Ohio Living Communities Series 2020B, Rev., 5.00%, 7/1/2045 | | | 5,565 | | | | 6,269 | |
| | |
County of Hardin, Economic Development Facilities Improvement, Ohio Northern University Rev., 5.25%, 5/1/2040 | | | 1,425 | | | | 1,478 | |
| | |
County of Montgomery, Dayton Children’s Hospital Rev., 4.00%, 8/1/2051 | | | 1,500 | | | | 1,669 | |
| | |
County of Union, Memorial Hospital GO, 4.00%, 12/1/2041 | | | 1,825 | | | | 1,988 | |
| | |
County of Warren, Healthcare Facilities, Otterbein Homes Obligated Group | | | | | | | | |
| | |
Series 2016A, Rev., 5.00%, 7/1/2031 | | | 115 | | | | 128 | |
| | |
Series 2016A, Rev., 5.00%, 7/1/2032 | | | 35 | | | | 39 | |
| | |
Series 2013A, Rev., 5.50%, 7/1/2039 | | | 1,000 | | | | 1,057 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| |
|
Ohio — continued | |
| | |
Delaware City School District, School Facilities Construction and Improvement, Unlimited Tax GO, 4.00%, 12/1/2039 | | | 160 | | | | 182 | |
| | |
Licking Heights Local School District, School Facilities Construction and Improvement, Unlimited Tax Series A, GO, 4.00%, 10/1/2034 | | | 10 | | | | 11 | |
| | |
Miami University, General Receipts Rev., 5.00%, 9/1/2029 | | | 25 | | | | 29 | |
| | |
Northeast Ohio Medical University | | | | | | | | |
| | |
Series 2021A, Rev., 3.00%, 12/1/2040 | | | 250 | | | | 244 | |
| | |
Series 2021A, Rev., 4.00%, 12/1/2045 | | | 115 | | | | 123 | |
| | |
Ohio Higher Educational Facility Commission, University of Dayton 2020 Project Rev., 5.00%, 2/1/2035 | | | 735 | | | | 886 | |
| | |
State of Ohio, Higher Education | | | | | | | | |
| | |
Series B, GO, 5.00%, 8/1/2023 | | | 110 | | | | 112 | |
| | |
Series 2019A, GO, 5.00%, 5/1/2033 | | | 1,500 | | | | 1,749 | |
| | |
University of Cincinnati, General Receipts Series 2017A, Rev., 5.00%, 6/1/2045 | | | 25 | | | | 29 | |
| | | | | | | | |
| | |
Total Ohio | | | | | | | 25,494 | |
| | | | | | | | |
|
Oklahoma — 0.7% | |
| | |
Grand River Dam Authority Series 2014A, Rev., 4.00%, 6/1/2022 | | | 10 | | | | 10 | |
| | |
Oklahoma Development Finance Authority, Gilcrease Expressway West Project Rev., AMT, 1.63%, 7/6/2023 | | | 2,000 | | | | 2,002 | |
| | |
Oklahoma Development Finance Authority, Health System, OU Medicine Project Series 2018B, Rev., AGM, 4.00%, 8/15/2048 | | | 700 | | | | 753 | |
| | |
Oklahoma Turnpike Authority, Second Senior Series 2017A, Rev., 5.00%, 1/1/2037 | | | 1,665 | | | | 1,870 | |
| | | | | | | | |
| | |
Total Oklahoma | | | | | | | 4,635 | |
| | | | | | | | |
|
Oregon — 0.2% | |
| | |
City of Eugene, Electric Utility System Series 2016A, Rev., 4.00%, 8/1/2031 | | | 325 | | | | 356 | |
| | |
City of Sheridan, Full Faith and Credit GO, 4.00%, 12/1/2027 | | | 10 | | | | 11 | |
| | |
Salem Hospital Facility Authority, Capital Manor Project | | | | | | | | |
| | |
Rev., 4.00%, 5/15/2047 | | | 500 | | | | 529 | |
| | |
Rev., 4.00%, 5/15/2057 | | | 500 | | | | 522 | |
| | |
State of Oregon, Department of Transportation Highway User Senior Lien Series 2013A, Rev., 5.00%, 11/15/2022 | | | 5 | | | | 5 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 146 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Oregon — continued | |
| | |
State of Oregon, Department of Transportation Highway User Subordinate Lien, Tax-Exempt Series 2019A, Rev., 5.00%, 11/15/2042 | | | 35 | | | | 43 | |
| | |
Yamhill County School District No. 40 McMinnville GO, 4.00%, 6/15/2037 | | | 30 | | | | 32 | |
| | | | | | | | |
| | |
Total Oregon | | | | | | | 1,498 | |
| | | | | | | | |
|
Pennsylvania — 8.0% | |
| | |
Abington School District, Limited Tax Series 2017A, GO, 4.00%, 10/1/2037 | | | 15 | | | | 17 | |
| | |
Allegheny County Hospital Development Authority, Allegheny Health Network Obligated Group Series 2018A, Rev., 4.00%, 4/1/2044 | | | 2,000 | | | | 2,168 | |
| | |
Berks County Industrial Development Authority, Tower Health Project | | | | | | | | |
| | |
Rev., 5.00%, 11/1/2036 | | | 50 | | | | 54 | |
| | |
Rev., 5.00%, 11/1/2037 | | | 430 | | | | 461 | |
| | |
Berks County Municipal Authority (The), Tower Health Project Series 2020B-3, Rev., 5.00%, 2/1/2030 (b) | | | 2,000 | | | | 2,264 | |
| | |
Bucks County Industrial Development Authority, Grand View Hospital Project Rev., 4.00%, 7/1/2046 | | | 1,110 | | | | 1,197 | |
| | |
Central Dauphin School District | | | | | | | | |
| | |
GO, 4.00%, 8/1/2026 (c) | | | 10 | | | | 11 | |
| | |
GO, 4.00%, 2/1/2030 | | | 15 | | | | 17 | |
| | |
Chester County Health and Education Facilities Authority, Main Line Health System Series 2017A, Rev., 4.00%, 10/1/2036 | | | 25 | | | | 28 | |
| | |
Chester County Industrial Development Authority, Longwood Gardens Project Rev., 4.00%, 12/1/2049 | | | 3,345 | | | | 3,710 | |
| | |
City of Pittsburgh GO, 4.00%, 9/1/2031 | | | 1,155 | | | | 1,288 | |
| | |
Commonwealth Financing Authority, Tobacco Master Settlement Payment Rev., AGM, 4.00%, 6/1/2039 | | | 9,950 | | | | 10,953 | |
| | |
Commonwealth of Pennsylvania Series 2018A, COP, 4.00%, 7/1/2046 | | | 1,200 | | | | 1,307 | |
| | |
County of Cambria Series 2020B, GO, AGM, 4.00%, 8/1/2035 | | | 700 | | | | 764 | |
| | |
DuBois Hospital Authority, Penn Highlands Healthcare Rev., 4.00%, 7/15/2048 | | | 1,200 | | | | 1,298 | |
| | |
Erie City Water Authority Series 2018A, Rev., AGM, 5.00%, 12/1/2043 | | | 1,500 | | | | 1,772 | |
| | |
Lancaster County Hospital Authority, Health Center, Masonic Villages Project | | | | | | | | |
| | |
Rev., 5.00%, 11/1/2034 | | | 35 | | | | 40 | |
| | |
Rev., 5.00%, 11/1/2036 | | | 510 | | | | 583 | |
| | |
Rev., 5.00%, 11/1/2037 | | | 250 | | | | 285 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| |
|
Pennsylvania — continued | |
| | |
Lancaster Industrial Development Authority, Landis Homes Retirement Community Project | | | | | | | | |
| | |
Rev., 4.00%, 7/1/2037 | | | 175 | | | | 183 | |
| | |
Rev., 4.00%, 7/1/2046 | | | 675 | | | | 692 | |
| | |
Mifflinburg Area School District Series 2020A, GO, 4.00%, 6/15/2039 | | | 335 | | | | 377 | |
| | |
Montgomery County Higher Education and Health Authority, Thomas Jefferson University | | | | | | | | |
| | |
Rev., 4.00%, 9/1/2036 | | | 1,655 | | | | 1,833 | |
| | |
Series 2018A, Rev., 4.00%, 9/1/2038 | | | 3,725 | | | | 4,080 | |
| | |
Series 2018A, Rev., 4.00%, 9/1/2043 | | | 3,740 | | | | 4,067 | |
| | |
Montgomery County Industrial Development Authority, Acts Retirement-Life Communities, Inc., Obligated Group | | | | | | | | |
| | |
Rev., 5.00%, 5/15/2022 (c) | | | 510 | | | | 515 | |
| | |
Series 2020C, Rev., 5.00%, 11/15/2045 | | | 1,770 | | | | 2,045 | |
| | |
Montgomery County Industrial Development Authority, Waverly Heights Ltd. Project | | | | | | | | |
| | |
Rev., 5.00%, 12/1/2044 | | | 350 | | | | 390 | |
| | |
Rev., 5.00%, 12/1/2049 | | | 500 | | | | 557 | |
| | |
Northampton County General Purpose Authority, Moravian College Project Rev., 5.00%, 10/1/2036 | | | 100 | | | | 112 | |
| | |
Pennsylvania Housing Finance Agency, Single Family Mortgage | | | | | | | | |
| | |
Series 118A, Rev., AMT, 3.50%, 4/1/2040 | | | 245 | | | | 249 | |
| | |
Series 122, Rev., AMT, 4.00%, 10/1/2046 | | | 245 | | | | 255 | |
| | |
Pennsylvania Turnpike Commission Series 2021B, Rev., 4.00%, 12/1/2040 | | | 1,390 | | | | 1,567 | |
| | |
Philadelphia Authority for Industrial Development, MAST Community Charter School II Project Series 2020A, Rev., 5.00%, 8/1/2040 | | | 315 | | | | 363 | |
| | |
Pittsburgh Water and Sewer Authority Series B, Rev., AGM, 5.00%, 9/1/2032 | | | 1,000 | | | | 1,286 | |
| | |
School District of Philadelphia (The) Series B, GO, AGM, 4.00%, 9/1/2043 | | | 1,250 | | | | 1,395 | |
| | |
Swarthmore Borough Authority, Swarthmore College | | | | | | | | |
| | |
Rev., 5.00%, 9/15/2023 | | | 25 | | | | 27 | |
| | |
Series 2016B, Rev., 4.00%, 9/15/2041 | | | 15 | | | | 16 | |
| | |
Township of West Bradford | | | | | | | | |
| | |
GO, 4.00%, 12/15/2040 | | | 600 | | | | 667 | |
| | |
GO, 4.00%, 12/15/2045 | | | 1,100 | | | | 1,214 | |
| | |
Upper Merion Area School District GO, 5.00%, 1/15/2036 | | | 250 | | | | 281 | |
| | |
West Cornwall Township Municipal Authority, Pleasant View Retirement Community Project | | | | | | | | |
| | |
Rev., 3.00%, 12/15/2023 | | | 230 | | | | 233 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 147 |
JPMorgan Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Pennsylvania — continued | |
| | |
Rev., 4.00%, 12/15/2028 | | | 1,000 | | | | 1,082 | |
| | |
Rev., 5.00%, 12/15/2038 | | | 750 | | | | 823 | |
| | |
West Mifflin School District, Limited Tax GO, 3.00%, 4/1/2038 | | | 1,400 | | | | 1,453 | |
| | | | | | | | |
| | |
Total Pennsylvania | | | | | | | 53,979 | |
| | | | | | | | |
|
Rhode Island — 0.0% (e) | |
| | |
City of Pawtucket Series D, GO, AGM, 5.00%, 7/15/2028 | | | 200 | | | | 239 | |
| | |
Rhode Island Health and Educational Building Corp., Public School Financing Program Series A, Rev., AGM, 5.00%, 5/15/2032 | | | 25 | | | | 30 | |
| | | | | | | | |
| | |
Total Rhode Island | | | | | | | 269 | |
| | | | | | | | |
|
South Carolina — 0.8% | |
| | |
City of Greenwood, Combined Public Utility System | | | | | | | | |
| | |
Rev., 5.00%, 12/1/2026 | | | 340 | | | | 394 | |
| | |
Rev., 5.00%, 12/1/2028 | | | 250 | | | | 303 | |
| | |
Rev., 5.00%, 12/1/2030 | | | 675 | | | | 833 | |
| | |
City of North Charleston, Limited Obligation, Tax Increment Pledge Rev., 4.00%, 10/1/2040 | | | 90 | | | | 100 | |
| | |
Greenwood Metropolitan District, Sewer System Rev., 5.00%, 10/1/2027 | | | 10 | | | | 12 | |
| | |
South Carolina Ports Authority Rev., AMT, 4.00%, 7/1/2040 | | | 1,095 | | | | 1,158 | |
| | |
South Carolina State Housing Finance and Development Authority Series 2017A, Rev., 4.00%, 1/1/2047 | | | 175 | | | | 182 | |
| | |
Spartanburg County School District No. 7 Series 2019D, GO, SCSDE, 5.00%, 3/1/2044 | | | 1,970 | | | | 2,377 | |
| | | | | | | | |
| | |
Total South Carolina | | | | | | | 5,359 | |
| | | | | | | | |
|
South Dakota — 0.4% | |
| | |
Rapid City Area School District No. 51-4, Limited Tax, Capital Outlay | | | | | | | | |
| | |
GO, 4.00%, 8/1/2029 | | | 1,165 | | | | 1,309 | |
| | |
GO, 4.00%, 8/1/2030 | | | 610 | | | | 681 | |
| | |
GO, 4.00%, 8/1/2031 | | | 420 | | | | 466 | |
| | |
South Dakota Board of Regents Housing and Auxiliary Facilities System Series 2019A, Rev., 4.00%, 4/1/2036 | | | 65 | | | | 74 | |
| | |
South Dakota Housing Development Authority, Homeownership Mortgage Series 2015D, Rev., 4.00%, 11/1/2045 | | | 210 | | | | 218 | |
| | | | | | | | |
| | |
Total South Dakota | | | | | | | 2,748 | |
| | | | | | | | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| |
|
Tennessee — 3.8% | |
| | |
City of Cleveland | | | | | | | | |
| | |
Series 2018B, GO, 5.00%, 6/1/2022 | | | 205 | | | | 207 | |
| | |
Series 2018B, GO, 5.00%, 6/1/2027 | | | 245 | | | | 288 | |
| | |
Series 2018B, GO, 5.00%, 6/1/2028 | | | 260 | | | | 312 | |
| | |
Series 2018B, GO, 5.00%, 6/1/2030 | | | 285 | | | | 342 | |
| | |
Series 2018B, GO, 4.00%, 6/1/2031 | | | 300 | | | | 339 | |
| | |
Series 2018B, GO, 4.00%, 6/1/2032 | | | 310 | | | | 350 | |
| | |
Series 2018B, GO, 4.00%, 6/1/2038 | | | 395 | | | | 444 | |
| | |
Series 2018B, GO, 4.00%, 6/1/2039 | | | 410 | | | | 460 | |
| | |
City of Oak Ridge | | | | | | | | |
| | |
GO, 4.00%, 6/1/2037 | | | 695 | | | | 760 | |
| | |
GO, 4.00%, 6/1/2038 | | | 720 | | | | 787 | |
| | |
GO, 4.00%, 6/1/2039 | | | 750 | | | | 818 | |
| | |
County of Hamilton | | | | | | | | |
| | |
Series 2018A, GO, 5.00%, 4/1/2028 | | | 25 | | | | 30 | |
| | |
County of Williamson | | | | | | | | |
| | |
GO, 4.00%, 4/1/2033 | | | 1,490 | | | | 1,713 | |
| | |
GO, 4.00%, 4/1/2034 | | | 1,485 | | | | 1,705 | |
| | |
County of Wilson Series 2017A, GO, 4.00%, 4/1/2039 | | | 25 | | | | 27 | |
| | |
Greeneville Health and Educational Facilities Board, Ballad Health Obligated Group Series 2018A, Rev., 4.00%, 7/1/2040 | | | 4,000 | | | | 4,371 | |
| | |
Knox County Health Educational and Housing Facility Board, East Tennessee Children’s Hospital | | | | | | | | |
| | |
Rev., 5.00%, 11/15/2024 | | | 800 | | | | 874 | |
| | |
Rev., 4.00%, 11/15/2043 | | | 105 | | | | 115 | |
| | |
Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Green Hills Series 2020A, Rev., 4.00%, 11/1/2038 | | | 1,305 | | | | 1,357 | |
| | |
Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Trevecca Nazarene University Project Series 2021B, Rev., 4.00%, 10/1/2051 | | | 2,000 | | | | 2,066 | |
| | |
Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Vanderbilt University Medical Center Series A, Rev., 5.00%, 7/1/2035 | | | 100 | | | | 112 | |
| | |
Metropolitan Nashville Airport Authority (The) Series 2015A, Rev., 5.00%, 7/1/2035 | | | 20 | | | | 22 | |
| | |
Metropolitan Nashville Airport Authority (The), Subordinate Airport | | | | | | | | |
| | |
Series 2019A, Rev., 5.00%, 7/1/2044 | | | 1,000 | | | | 1,188 | |
| | |
Series 2019A, Rev., 5.00%, 7/1/2049 | | | 1,000 | | | | 1,180 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 148 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Tennessee — continued | |
| | |
Shelby County Health Educational and Housing Facilities Board, The Farms at Bailey Station Project Series 2019A, Rev., 5.75%, 10/1/2054 | | | 1,000 | | | | 1,032 | |
| | |
Tennessee Energy Acquisition Corp., Gas Project Rev., 4.00%, 11/1/2025 (b) | | | 4,000 | | | | 4,293 | |
| | |
Tennessee State School Bond Authority, Higher Educational Facilities Second Program Series B, Rev., 5.00%, 11/1/2025 (c) | | | 35 | | | | 39 | |
| | | | | | | | |
| | |
Total Tennessee | | | | | | | 25,231 | |
| | | | | | | | |
|
Texas — 5.6% | |
| | |
Calallen Independent School District, School Building GO, PSF-GTD, 5.00%, 2/15/2028 | | | 10 | | | | 12 | |
| | |
Central Texas Regional Mobility Authority, Senior Lien Series 2021D, Rev., 4.00%, 1/1/2044 | | | 2,500 | | | | 2,755 | |
| | |
City of Abilene, Combination Tax GO, 5.00%, 2/15/2024 | | | 10 | | | | 11 | |
| | |
City of Austin, Public Improvement Series 2019, GO, 5.00%, 9/1/2033 | | | 2,000 | | | | 2,467 | |
| | |
City of Bryan, Electric System Rev., AGM, 4.00%, 7/1/2031 | | | 50 | | | | 55 | |
| | |
City of Conroe Series 2018A, GO, 5.00%, 3/1/2032 | | | 10 | | | | 12 | |
| | |
City of EI Paso, Combination Tax GO, 4.00%, 8/15/2040 | | | 475 | | | | 497 | |
| | |
City of El Paso GO, 4.00%, 8/15/2042 | | | 25 | | | | 27 | |
| | |
City of Garland GO, 5.00%, 2/15/2027 | | | 10 | | | | 12 | |
| | |
City of Houston, Airport System, Subordinate Lien Series 2012A, Rev., AMT, 5.00%, 7/1/2022 (c) | | | 35 | | | | 35 | |
| | |
City of Houston, Airport System, United Airlines, Inc., Terminal E Project Rev., AMT, 5.00%, 7/1/2029 | | | 2,500 | | | | 2,632 | |
| | |
City of Houston, Combined Utility System, Junior Lien Series 2002A, Rev., AGM, 5.75%, 12/1/2032 (c) | | | 2,500 | | | | 3,474 | |
| | |
City of Laredo | | | | | | | | |
| | |
GO, 5.00%, 2/15/2027 | | | 30 | | | | 33 | |
| | |
GO, 5.00%, 2/15/2032 | | | 40 | | | | 48 | |
| | |
City of Lucas, Combination Tax GO, 5.00%, 2/1/2028 | | | 170 | | | | 203 | |
| | |
City of Mission, Combination Tax, Certificates of Obligation GO, AGM, 5.00%, 2/15/2031 | | | 575 | | | | 678 | |
| | |
City of Pearland, Certificates of Obligation GO, 4.00%, 3/1/2032 | | | 35 | | | | 39 | |
| | |
City of San Antonio, Electric and Gas Systems | | | | | | | | |
| | |
Rev., 4.00%, 2/1/2028 | | | 45 | | | | 51 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| |
|
Texas — continued | |
| | |
Rev., 5.00%, 2/1/2031 | | | 230 | | | | 264 | |
| | |
Rev., 5.00%, 2/1/2032 | | | 35 | | | | 39 | |
| | |
City of San Marcos GO, 5.00%, 8/15/2031 | | | 25 | | | | 29 | |
| | |
City of Temple, Combination Tax, Certificates of Obligation Series 2016A, GO, 5.00%, 8/1/2031 | | | 50 | | | | 56 | |
| | |
City of Waxahachie Series 2016A, GO, 5.00%, 8/1/2025 | | | 45 | | | | 50 | |
| | |
Clifton Higher Education Finance Corp., Idea Public Schools | | | | | | | | |
| | |
Series B, Rev., 4.00%, 8/15/2023 | | | 500 | | | | 519 | |
| | |
Series B, Rev., 5.00%, 8/15/2024 | | | 345 | | | | 372 | |
| | |
Series 2016B, Rev., 5.00%, 8/15/2025 | | | 460 | | | | 507 | |
| | |
Rev., 6.00%, 8/15/2033 | | | 1,250 | | | | 1,326 | |
| | |
Clifton Higher Education Finance Corp., Yes Prep Public Schools, Inc. | | | | | | | | |
| | |
Rev., PSF-GTD, 4.00%, 4/1/2035 | | | 400 | | | | 455 | |
| | |
Rev., PSF-GTD, 4.00%, 4/1/2036 | | | 500 | | | | 568 | |
| | |
Clint Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 8/15/2025 (c) | | | 800 | | | | 898 | |
| | |
Conroe Local Government Corp., Conroe Convention Center Hotel Series 2021A, Rev., 4.00%, 10/1/2050 | | | 550 | | | | 574 | |
| | |
County of Galveston, Unlimited Tax GO, 4.00%, 2/1/2039 | | | 10 | | | | 11 | |
| | |
County of Harris, Toll Road, Senior Lien Series 2016A, Rev., 5.00%, 8/15/2022 | | | 10 | | | | 10 | |
| | |
County of Hidalgo | | | | | | | | |
| | |
GO, 5.00%, 8/15/2028 | | | 10 | | | | 11 | |
| | |
GO, 4.00%, 8/15/2035 | | | 85 | | | | 94 | |
| | |
Series 2018B, GO, 4.00%, 8/15/2038 | | | 40 | | | | 45 | |
| | |
County of Victoria, Limited Tax GO, 4.00%, 2/15/2030 | | | 15 | | | | 17 | |
| | |
Dallas Fort Worth International Airport Series 2013B, Rev., 5.00%, 11/1/2044 | | | 25 | | | | 26 | |
| | |
El Paso County Hospital District GO, AGM-CR, 5.00%, 8/15/2023 | | | 510 | | | | 537 | |
| | |
Ennis Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 8/15/2028 | | | 30 | | | | 36 | |
| | |
Frisco Independent School District, Unlimited Tax School Building GO, PSF-GTD, Zero Coupon, 8/15/2036 | | | 1,035 | | | | 731 | |
| | |
Harris Montgomery Counties Municipal Utility District No. 386, Unlimited Tax GO, 4.00%, 9/1/2023 | | | 15 | | | | 16 | |
| | |
Highland Park Independent School District, Dallas County, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2024 | | | 30 | | | | 32 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 149 |
JPMorgan Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Texas — continued | |
| | |
Ingleside Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 8/15/2028 | | | 35 | | | | 40 | |
| | |
Killeen Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2026 | | | 25 | | | | 28 | |
| | |
Malakoff Independent School District, Unlimited Tax GO, PSF-GTD, 4.00%, 2/15/2033 | | | 110 | | | | 130 | |
| | |
Metropolitan Transit Authority of Harris County, Sales and Use Tax, Contractual Obligations Rev., 5.00%, 11/1/2024 (c) | | | 15 | | | | 16 | |
| | |
Midlothian Independent School District, Unlimited Tax Series 2017A, GO, PSF-GTD, 4.00%, 2/15/2037 | | | 25 | | | | 27 | |
| | |
New Hope Cultural Education Facilities Finance Corp., Westminster Project Rev., 4.00%, 11/1/2055 | | | 850 | | | | 887 | |
| | |
Newark Higher Education Finance Corp., The Hughen Center, Inc. Series 2021A, Rev., PSF-GTD, 5.00%, 8/15/2029 | | | 120 | | | | 145 | |
| | |
North Texas Municipal Water District, Upper East Fork Wastewater Interceptor System Rev., 5.00%, 6/1/2031 | | | 10 | | | | 12 | |
| | |
North Texas Municipal Water District, Wastewater System Rev., 4.00%, 6/1/2028 | | | 15 | | | | 17 | |
| | |
North Texas Tollway Authority, Second Tier Rev., 4.00%, 1/1/2038 | | | 200 | | | | 222 | |
| | |
Palestine Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2026 | | | 30 | | | | 34 | |
| | |
Pasadena Independent School District, School Building, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2028 | | | 15 | | | | 18 | |
| | |
Permanent University Fund—University of Texas System Series 2016A, Rev., 5.00%, 7/1/2031 | | | 210 | | | | 234 | |
| | |
Plano Independent School District, Unlimited Tax, School Building GO, PSF-GTD, 5.00%, 2/15/2026 | | | 40 | | | | 45 | |
| | |
Red Oak Independent School District GO, PSF-GTD, 5.00%, 8/15/2030 | | | 20 | | | | 23 | |
| | |
Round Rock Independent School District, Unlimited Tax GO, PSF-GTD, 4.00%, 8/1/2032 | | | 170 | | | | 186 | |
| | |
San Antonio Education Facilities Corp., Hallmark University Project Series 2021A, Rev., 5.00%, 10/1/2051 | | | 500 | | | | 510 | |
| | |
San Antonio Education Facilities Corp., University of the Incarnate Word Project Series 2021A, Rev., 4.00%, 4/1/2046 | | | 1,750 | | | | 1,859 | |
| | |
San Antonio Water System, Junior Lien Series 2017A, Rev., 4.00%, 5/15/2034 | | | 60 | | | | 66 | |
| | |
Socorro Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2026 | | | 45 | | | | 51 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| |
|
Texas — continued | |
| | |
Stafford Municipal School District, School Building, Unlimited Tax GO, PSF-GTD, 5.00%, 8/15/2029 | | | 35 | | | | 42 | |
| | |
Tarrant County Cultural Education Facilities Finance Corp., Hendrick Medical Center Rev., 5.50%, 9/1/2023 (c) | | | 2,300 | | | | 2,450 | |
| | |
Tarrant County Cultural Education Facilities Finance Corp., Retirement Facility, MRC Stevenson Oaks Project Series 2020A, Rev., 6.75%, 11/15/2051 | | | 3,000 | | | | 3,387 | |
| | |
Texas Public Finance Authority Rev., 4.00%, 2/1/2035 | | | 2,315 | | | | 2,642 | |
| | |
Texas Water Development Board, Water Implementation Fund | | | | | | | | |
| | |
Series B, Rev., 5.00%, 4/15/2026 | | | 25 | | | | 29 | |
| | |
Series 2019A, Rev., 4.00%, 10/15/2037 | | | 500 | | | | 580 | |
| | |
Series 2019A, Rev., 4.00%, 10/15/2044 | | | 2,100 | | | | 2,394 | |
| | |
Texas Woman’s University, Financing System Rev., 4.00%, 7/1/2030 | | | 10 | | | | 11 | |
| | |
West Harris County Regional Water Authority Rev., 4.00%, 12/15/2045 | | | 1,000 | | | | 1,127 | |
| | | | | | | | |
| | |
Total Texas | | | | | | | 37,476 | |
| | | | | | | | |
|
Utah — 0.4% | |
| | |
City of Lehi, Sales Tax Rev., 4.00%, 6/1/2039 | | | 480 | | | | 531 | |
| | |
City of Provo GO, 5.00%, 1/1/2032 | | | 10 | | | | 12 | |
| | |
City of Salt Lake, International Airport Series 2017B, Rev., 5.00%, 7/1/2042 | | | 260 | | | | 299 | |
| | |
City of South Jordan, Sales Tax Rev., 5.00%, 8/15/2038 | | | 25 | | | | 30 | |
| | |
Tooele County Municipal Building Authority, Cross-Over Lease Rev., 4.00%, 12/15/2042 | | | 25 | | | | 27 | |
| | |
University of Utah (The) Series 2018A, Rev., 5.00%, 8/1/2044 | | | 60 | | | | 72 | |
| | |
Utah Infrastructure Agency, Tax-Exempt Telecommunications | | | | | | | | |
| | |
Rev., 4.00%, 10/15/2035 | | | 400 | | | | 442 | |
| | |
Rev., 4.00%, 10/15/2036 | | | 400 | | | | 441 | |
| | |
Rev., 4.00%, 10/15/2038 | | | 500 | | | | 549 | |
| | |
Rev., 4.00%, 10/15/2041 | | | 350 | | | | 382 | |
| | | | | | | | |
| | |
Total Utah | | | | | | | 2,785 | |
| | | | | | | | |
|
Vermont — 0.6% | |
| | |
City of Burlington, Public Improvement | | | | | | | | |
| | |
Series 2019A, GO, 4.00%, 11/1/2037 | | | 500 | | | | 570 | |
| | |
Series 2019A, GO, 4.00%, 11/1/2039 | | | 435 | | | | 494 | |
| | |
Vermont Housing Finance Agency, Multiple Purpose Series A, Rev., AMT, 4.00%, 11/1/2046 | | | 140 | | | | 146 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 150 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Vermont — continued | |
| | |
Vermont Municipal Bond Bank Series 1, Rev., 5.00%, 12/1/2034 | | | 30 | | | | 35 | |
| | |
Vermont Student Assistance Corp., Education Loan | | | | | | | | |
| | |
Series A, Rev., AMT, 5.00%, 6/15/2022 | | | 725 | | | | 734 | |
| | |
Series 2018A, Rev., AMT, 3.63%, 6/15/2029 | | | 550 | | | | 563 | |
| | |
Series 2018A, Rev., AMT, 3.75%, 6/15/2030 | | | 765 | | | | 783 | |
| | |
Series 2018A, Rev., AMT, 4.00%, 6/15/2031 | | | 270 | | | | 278 | |
| | |
Series 2018A, Rev., AMT, 4.00%, 6/15/2032 | | | 110 | | | | 113 | |
| | |
Series 2018A, Rev., AMT, 4.00%, 6/15/2033 | | | 145 | | | | 149 | |
| | |
Series 2018A, Rev., AMT, 4.00%, 6/15/2034 | | | 110 | | | | 113 | |
| | | | | | | | |
| | |
Total Vermont | | | | | | | 3,978 | |
| | | | | | | | |
|
Virginia — 1.5% | |
| | |
Capital Region Airport Commission, Richmond International Airport | | | | | | | | |
| | |
Series 2016A, Rev., 4.00%, 7/1/2035 | | | 350 | | | | 379 | |
| | |
Series 2016A, Rev., 4.00%, 7/1/2036 | | | 320 | | | | 347 | |
| | |
City of Portsmouth, Tax Exempt Series 2015A, GO, 5.00%, 8/1/2025 | | | 20 | | | | 22 | |
| | |
City of Richmond, Public Improvement Series 2018A, GO, 5.00%, 3/1/2029 | | | 5 | | | | 6 | |
| | |
Lynchburg Economic Development Authority, Central Health, Inc. | | | | | | | | |
| | |
Rev., 4.00%, 1/1/2041 | | | 1,140 | | | | 1,270 | |
| | |
Rev., 4.00%, 1/1/2055 | | | 1,500 | | | | 1,636 | |
| | |
Norfolk Economic Development Authority, Sentara Healthcare Series B, Rev., 4.00%, 11/1/2048 | | | 4,375 | | | | 4,818 | |
| | |
Virginia College Building Authority, Educational Facilities, 21st Century College and Equipment Programs Series 2017E, Rev., 5.00%, 2/1/2029 | | | 10 | | | | 12 | |
| | |
Virginia Resources Authority, Infrastructure Moral Obligation, Pooled Financing Program Series B, Rev., 5.00%, 11/1/2026 | | | 5 | | | | 5 | |
| | |
Virginia Resources Authority, Infrastructure Pooled Financing Program Series 2017B, Rev., 5.00%, 11/1/2028 | | | 10 | | | | 12 | |
| | |
Virginia Small Business Financing Authority, Senior Lien Rev., AMT, 3.00%, 1/1/2041 (f) | | | 2,000 | | | | 1,811 | |
| | | | | | | | |
| | |
Total Virginia | | | | | | | 10,318 | |
| | | | | | | | |
|
Washington — 1.0% | |
| | |
City of Lynnwood, Utility System Rev., 5.00%, 12/1/2028 | | | 25 | | | | 30 | |
| | |
County of King, Sewer | | | | | | | | |
| | |
Series 2102C, Rev., 5.00%, 1/1/2023 | | | 40 | | | | 40 | |
| | |
Series 2018B, Rev., 5.00%, 7/1/2031 | | | 10 | | | | 12 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| |
|
Washington — continued | |
| | |
Energy Northwest, Project 3 Electric Series C, Rev., 5.00%, 7/1/2023 | | | 25 | | | | 26 | |
| | |
King County School District No. 414 Lake Washington, Unlimited Tax GO, 5.00%, 12/1/2028 | | | 15 | | | | 18 | |
| | |
Pierce and Lewis Counties School District No. 404, Unlimited Tax GO, 4.00%, 12/1/2025 | | | 5 | | | | 5 | |
| | |
Pierce County School District No. 416 White River, Unlimited Tax GO, 4.00%, 12/1/2030 | | | 10 | | | | 11 | |
| | |
Washington Health Care Facilities Authority, Commonspirit Health Series 2019A-1, Rev., 5.00%, 8/1/2031 | | | 1,000 | �� | | | 1,187 | |
| | |
Washington Health Care Facilities Authority, Seattle Cancer Care Alliance Rev., 4.00%, 9/1/2045 | | | 2,500 | | | | 2,759 | |
| | |
Washington State Housing Finance Commission, Rockwood Retirement Communities Project Series 2020A, Rev., 5.00%, 1/1/2041 (d) | | | 2,000 | | | | 2,067 | |
| | |
Washington State Housing Finance Commission, Single Family Program Series 2A-R, Rev., AMT, 3.50%, 12/1/2046 | | | 135 | | | | 138 | |
| | |
Western Washington University, Housing and Dining System, Junior Lien Series A, Rev., AMBAC, 5.50%, 10/1/2022 (c) | | | 495 | | | | 509 | |
| | | | | | | | |
| | |
Total Washington | | | | | | | 6,802 | |
| | | | | | | | |
|
West Virginia — 0.2% | |
| | |
West Virginia Hospital Finance Authority, United Health System Series A, Rev., 4.00%, 6/1/2051 | | | 1,000 | | | | 1,082 | |
| | | | | | | | |
|
Wisconsin — 4.0% | |
| | |
Public Finance Authority, Blue Ridge Healthcare Facilities Series 2020A, Rev., 3.00%, 1/1/2050 | | | 1,000 | | | | 952 | |
| | |
Public Finance Authority, Coral Academy of Science Series 2021A, Rev., 4.00%, 7/1/2051 | | | 1,000 | | | | 1,042 | |
| | |
Public Finance Authority, ENO River Academy Project Series 2020A, Rev., 5.00%, 6/15/2054 (d) | | | 690 | | | | 744 | |
| | |
Public Finance Authority, KU Campus Development Corp.—Central District Development Project Rev., 5.00%, 3/1/2027 | | | 280 | | | | 317 | |
| | |
Public Finance Authority, Presbyterian Villages of Michigan Obligated Group Rev., 4.75%, 11/15/2053 (d) | | | 2,740 | | | | 2,781 | |
| | |
Public Finance Authority, Roseman University of Health Sciences Project Rev., 4.00%, 4/1/2042 (d) | | | 100 | | | | 103 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 151 |
JPMorgan Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Wisconsin — continued | |
| | |
Public Finance Authority, Scotland Healthcare System Series 2021A, Rev., 4.00%, 10/1/2035 | | | 110 | | | | 125 | |
| | |
Public Finance Authority, The Carmelite System, Inc., Obligated Group Rev., 5.00%, 1/1/2040 | | | 3,000 | | | | 3,438 | |
| | |
Public Finance Authority, Triad Educational Services, Inc. | | | | | | | | |
| | |
Series 2021A, Rev., 4.00%, 6/15/2051 | | | 2,290 | | | | 2,419 | |
| | |
Series 2021A, Rev., 4.00%, 6/15/2061 | | | 2,750 | | | | 2,862 | |
| | |
Wisconsin Health and Educational Facilities Authority, Advocate Aurora Health Credit Group Series 2018A, Rev., 5.00%, 8/15/2033 | | | 55 | | | | 66 | |
| | |
Wisconsin Health and Educational Facilities Authority, Beloit Health System, Inc. Rev., 4.00%, 7/1/2046 | | | 15 | | | | 16 | |
| | |
Wisconsin Health and Educational Facilities Authority, Children’s Hospital of Wisconsin, Inc. Rev., 4.00%, 8/15/2047 | | | 4,800 | | | | 5,239 | |
| | |
Wisconsin Health and Educational Facilities Authority, Oakwood Lutheran Senior Ministries Rev., 4.00%, 1/1/2047 | | | 2,000 | | | | 2,019 | |
| | |
Wisconsin Health and Educational Facilities Authority, Rogers Memorial Hospital, Inc. | | | | | | | | |
| | |
Series B, Rev., 5.00%, 7/1/2038 | | | 150 | | | | 169 | |
| | |
Series A, Rev., 5.00%, 7/1/2044 | | | 210 | | | | 236 | |
| | |
Series A, Rev., 5.00%, 7/1/2049 | | | 750 | | | | 839 | |
| | |
Wisconsin Health and Educational Facilities Authority, St. John’s Communities, Inc., Project Series 2018A, Rev., 5.00%, 9/15/2023 (c) | | | 665 | | | | 704 | |
| | |
Wisconsin Health and Educational Facilities Authority, Thedacare, Inc. Rev., 4.00%, 12/15/2039 | | | 500 | | | | 529 | |
| | |
Wisconsin Health and Educational Facilities Authority, Three Pillars Senior Living Communities Rev., 4.00%, 8/15/2046 | | | 1,350 | | | | 1,459 | |
| | |
Wisconsin Housing and Economic Development Authority, Home Ownership Series B, Rev., 4.00%, 3/1/2048 | | | 525 | | | | 551 | |
| | | | | | | | |
| | |
Total Wisconsin | | | | | | | 26,610 | |
| | | | | | | | |
| | |
Total Municipal Bonds
(Cost $622,821) | | | | | | | 641,640 | |
| | | | | | | | |
| | | | | | | | |
| INVESTMENTS | |
SHARES
(000) | | | VALUE
($000) | |
Short-Term Investments — 3.7% | |
|
Investment Companies — 3.7% | |
| | |
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 0.04% (g) (h)
(Cost $24,532) | | | 24,529 | | | | 24,536 | |
| | | | | | | | |
Total Investments — 99.4%
(Cost $647,353) | | | | | | | 666,176 | |
Other Assets Less Liabilities — 0.6% | | | | | | | 3,776 | |
| | | | | | | | |
NET ASSETS — 100.0% | | | | | | | 669,952 | |
| | | | | | | | |
Percentages indicated are based on net assets.
Abbreviations
| | |
| AGM | | Insured by Assured Guaranty Municipal Corp. |
| AMBAC | | Insured by American Municipal Bond Assurance Corp. |
| AMT | | Alternative Minimum Tax |
| BAN | | Bond Anticipation Note |
| BHAC | | Insured by Berkshire Hathaway Assurance Corp. |
| COLL | | Collateral |
| COP | | Certificate of Participation |
| CR | | Custodial Receipts |
| FGIC | | Insured by Financial Guaranty Insurance Co. |
| FHLMC | | Federal Home Loan Mortgage Corp. |
| FNMA | | Federal National Mortgage Association |
| GNMA | | Government National Mortgage Association |
| GO | | General Obligation |
| GTD | | Guaranteed |
| LIQ | | Liquidity Agreement |
| MTA | | Metropolitan Transportation Authority |
| NATL | | Insured by National Public Finance Guarantee Corp. |
| PSF-GTD | | Permanent School Fund Guaranteed |
| Q-SBLF | | Qualified School Bond Loan Fund |
| RE | | Reinsured |
| Rev. | | Revenue |
| SCSDE | | South Carolina School District Enhancement |
| |
| (a) | | The date shown represents the earliest of the prerefunded date, next put date or final maturity date. |
| (b) | | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of February 28, 2022. |
| (c) | | Security is prerefunded or escrowed to maturity. |
| (d) | | Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. |
| (e) | | Amount rounds to less than 0.1% of net assets. |
| (f) | | All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. |
| (g) | | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
| (h) | | The rate shown is the current yield as of February 28, 2022. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 152 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | | | | | | | | | | | | | |
| Futures contracts outstanding as of February 28, 2022 (amounts in thousands, except number of contracts): | |
| Description | | NUMBER OF
CONTRACTS | | | EXPIRATION
DATE | | | TRADING
CURRENCY | | | NOTIONAL
AMOUNT ($) | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) | |
Short Contracts | | | | | | | | | | | | | | | | | | | | |
U.S. Treasury 10 Year Note | | | (39 | ) | | | 06/2022 | | | | USD | | | | (4,970 | ) | | | (32 | ) |
U.S. Treasury 10 Year Ultra Note | | | (142 | ) | | | 06/2022 | | | | USD | | | | (20,084 | ) | | | (194 | ) |
U.S. Treasury Ultra Bond | | | (11 | ) | | | 06/2022 | | | | USD | | | | (2,052 | ) | | | (24 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | (250 | ) |
| | | | | | | | | | | | | | | | | | | | |
Abbreviations
��
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 153 |
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — 95.2% (a) | |
|
Alabama — 1.8% | |
| | |
Birmingham Airport Authority | | | | | | | | |
| | |
Rev., 5.00%, 7/1/2023 | | | 125 | | | | 131 | |
| | |
Rev., 5.00%, 7/1/2024 | | | 150 | | | | 162 | |
| | |
Rev., 5.00%, 7/1/2025 | | | 250 | | | | 279 | |
| | |
Rev., 5.00%, 7/1/2026 | | | 225 | | | | 256 | |
| | |
Black Belt Energy Gas District, Gas Prepay | | | | | | | | |
| | |
Series 2018B-2, Rev., (SIFMA Municipal Swap Index Yield + 0.62%), 0.82%, 3/10/2022 (b) | | | 30,000 | | | | 30,034 | |
| | |
Series 2018A, Rev., 4.00%, 12/1/2023 (c) | | | 1,400 | | | | 1,454 | |
| | |
Black Belt Energy Gas District, Gas Project No. 7 Series 2021C-2, Rev., (SIFMA Municipal Swap Index Yield + 0.35%), 0.55%, 3/10/2022 (b) | | | 27,000 | | | | 26,859 | |
| | |
Black Belt Energy Gas District, Gas Supply Series 2017A, Rev., LIQ: Royal Bank of Canada, 4.00%, 7/1/2022 (c) | | | 2,340 | | | | 2,358 | |
| | |
City of Centre, Warrant | | | | | | | | |
| | |
GO, 3.00%, 9/1/2022 | | | 110 | | | | 111 | |
| | |
GO, 4.00%, 9/1/2023 | | | 215 | | | | 224 | |
| | |
City of Hamilton, Warrants | | | | | | | | |
| | |
GO, 2.00%, 8/1/2022 | | | 370 | | | | 372 | |
| | |
GO, 5.00%, 8/1/2023 | | | 240 | | | | 252 | |
| | |
Industrial Development Board of The City of Mobile, Alabama Power Control, Barry Plant Project Series 2007A, Rev., 1.00%, 6/26/2025 (c) | | | 4,750 | | | | 4,620 | |
| | |
Prattville Industrial Development Board, International Paper Co. Project | | | | | | | | |
| | |
Series 2019B, Rev., 2.00%, 10/1/2024 (c) | | | 450 | | | | 457 | |
| | |
Series 2019C, Rev., 2.00%, 10/1/2024 (c) | | | 430 | | | | 437 | |
| | |
Selma Industrial Development Board, International Paper Co. Project Series 2020A, Rev., 1.37%, 6/16/2025 (c) | | | 2,670 | | | | 2,654 | |
| | |
Southeast Energy Authority A Cooperative District, Project No. 2 Series 2021B, Rev., 4.00%, 6/1/2027 | | | 2,415 | | | | 2,661 | |
| | |
State of Alabama Series 2013A, GO, 4.00%, 8/1/2023 | | | 1,250 | | | | 1,304 | |
| | |
University of West Alabama, General Fee | | | | | | | | |
| | |
Rev., AGM, 4.00%, 1/1/2023 | | | 120 | | | | 123 | |
| | |
Rev., AGM, 4.00%, 1/1/2024 | | | 125 | | | | 131 | |
| | |
Rev., AGM, 4.00%, 1/1/2025 | | | 150 | | | | 159 | |
| | | | | | | | |
| | |
Total Alabama | | | | | | | 75,038 | |
| | | | | | | | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
|
Alaska — 1.2% | |
| | |
Alaska Municipal Bond Bank Authority | | | | | | | | |
| | |
Series 1, Rev., 5.00%, 5/1/2022 | | | 200 | | | | 201 | |
| | |
Series 1, Rev., 5.00%, 12/1/2022 | | | 500 | | | | 516 | |
| | |
Series 1, Rev., 5.00%, 12/1/2023 | | | 960 | | | | 1,024 | |
| | |
Series 1, Rev., 5.00%, 12/1/2024 | | | 870 | | | | 956 | |
| | |
Series 1, Rev., 5.00%, 12/1/2025 | | | 750 | | | | 847 | |
| | |
Series 1, Rev., 5.00%, 12/1/2026 | | | 675 | | | | 782 | |
| | |
Borough of North Slope, General Purpose Series 2021A, GO, 5.00%, 6/30/2024 | | | 2,000 | | | | 2,169 | |
| | |
City of Valdez, Exxon Pipeline Co. Project Series 1993-B, Rev., VRDO, 0.08%, 3/1/2022 (c) | | | 6,840 | | | | 6,840 | |
| | |
City of Valdez, Phillips Trans Alaska Project | | | | | | | | |
| | |
Rev., VRDO, 0.25%, 3/9/2022 (c) | | | 12,200 | | | | 12,200 | |
| | |
Rev., VRDO, 0.25%, 3/9/2022 (c) | | | 23,100 | | | | 23,100 | |
| | | | | | | | |
| | |
Total Alaska | | | | | | | 48,635 | |
| | | | | | | | |
|
Arizona — 0.1% | |
| | |
Arizona Industrial Development Authority, Phoenix Children’s Hospital Series 2020A, Rev., 5.00%, 2/1/2026 | | | 130 | | | | 147 | |
| | |
City of Tucson Series 2018-A, GO, 5.00%, 7/1/2026 | | | 325 | | | | 374 | |
| | |
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 | | | | 147 | |
| | |
Series 2018A, Rev., 5.00%, 7/1/2024 | | | 200 | | | | 215 | |
| | |
Industrial Development Authority of the County of Yavapai (The), Regional Medical Center | | | | | | | | |
| | |
Rev., 5.00%, 8/1/2022 | | | 380 | | | | 386 | |
| | |
Rev., 5.00%, 8/1/2023 | | | 325 | | | | 343 | |
| | |
Maricopa County Industrial Development Authority, HonorHealth | | | | | | | | |
| | |
Series 2021A, Rev., 5.00%, 9/1/2024 | | | 175 | | | | 191 | |
| | |
Series 2021A, Rev., 5.00%, 9/1/2025 | | | 725 | | | | 815 | |
| | |
Series 2021A, Rev., 5.00%, 9/1/2026 | | | 700 | | | | 808 | |
| | |
Maricopa County School District No. 24 Gila Bend | | | | | | | | |
| | |
GO, AGM, 4.00%, 7/1/2022 | | | 300 | | | | 303 | |
| | |
GO, AGM, 5.00%, 7/1/2023 | | | 700 | | | | 736 | |
| | |
Maricopa County Unified School District No. 95, Queen Creek, School Improvement GO, 3.00%, 7/1/2024 | | | 525 | | | | 546 | |
| | | | | | | | |
| | |
Total Arizona | | | | | | | 5,011 | |
| | | | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 154 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Arkansas — 0.1% | |
| | |
Arkansas Development Finance Authority, Department of Community Correction Project Rev., 5.00%, 11/1/2022 | | | 410 | | | | 421 | |
| | |
City of Heber Springs, Water and Sewer Rev., 3.00%, 11/1/2023 | | | 100 | | | | 103 | |
| | |
County of Sharp, Sales and Use Tax | | | | | | | | |
| | |
Rev., 5.00%, 3/1/2022 | | | 495 | | | | 495 | |
| | |
Rev., 5.00%, 3/1/2023 | | | 540 | | | | 560 | |
| | |
University of Central Arkansas, Student Fee | | | | | | | | |
| | |
Series 2020A, Rev., 5.00%, 11/1/2022 | | | 200 | | | | 205 | |
| | |
Series 2020A, Rev., 5.00%, 11/1/2023 | | | 205 | | | | 218 | |
| | |
Series 2020A, Rev., 5.00%, 11/1/2024 | | | 160 | | | | 175 | |
| | |
Series 2020A, Rev., 5.00%, 11/1/2025 | | | 230 | | | | 258 | |
| | |
Series 2020A, Rev., 5.00%, 11/1/2026 | | | 220 | | | | 253 | |
| | |
Series 2020A, Rev., 5.00%, 11/1/2027 | | | 200 | | | | 235 | |
| | |
University of Central Arkansas, Student Housing System | | | | | | | | |
| | |
Series 2019C, Rev., AGM, 3.00%, 11/1/2022 | | | 85 | | | | 86 | |
| | |
Series 2019C, Rev., AGM, 3.00%, 11/1/2023 | | | 135 | | | | 138 | |
| | | | | | | | |
| | |
Total Arkansas | | | | | | | 3,147 | |
| | | | | | | | |
|
California — 3.2% | |
| | |
California Educational Facilities Authority, University of Southern California Series 2015A, Rev., 5.00%, 10/1/2025 (d) | | | 250 | | | | 282 | |
| | |
California Enterprise Development Authority, Riverside County, Library Facility Project | | | | | | | | |
| | |
Rev., 4.00%, 11/1/2022 | | | 100 | | | | 102 | |
| | |
Rev., 4.00%, 11/1/2023 | | | 200 | | | | 209 | |
| | |
California Health Facilities Financing Authority, Adventist Health System Series 2011A, Rev., 3.00%, 3/1/2024 (c) | | | 1,575 | | | | 1,611 | |
| | |
California Health Facilities Financing Authority, Stanford Health Clinic Series 2021A, Rev., 3.00%, 8/15/2025 (c) | | | 20,000 | | | | 20,997 | |
| | |
California Infrastructure and Economic Development Bank Series 2018C, Rev., (SIFMA Municipal Swap Index Yield + 0.35%), 0.55%, 3/10/2022 (b) | | | 19,250 | | | | 19,267 | |
| | |
California Municipal Finance Authority, San Antonio Gardens Project | | | | | | | | |
| | |
Rev., 4.00%, 11/15/2022 | | | 280 | | | | 284 | |
| | |
Rev., 4.00%, 11/15/2023 | | | 290 | | | | 301 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
|
California — continued | |
| | |
California Municipal Finance Authority, UCR North District, Phase 1 Student Housing Project | | | | | | | | |
| | |
Rev., 5.00%, 5/15/2023 | | | 360 | | | | 377 | |
| | |
Rev., 5.00%, 5/15/2024 | | | 300 | | | | 324 | |
| | |
Rev., 5.00%, 5/15/2025 | | | 425 | | | | 471 | |
| | |
Rev., 5.00%, 5/15/2026 | | | 500 | | | | 567 | |
| | |
Rev., 5.00%, 5/15/2027 | | | 725 | | | | 840 | |
| | |
California Pollution Control Financing Authority, American Water Capital Corp. Project Rev., 0.60%, 9/1/2023 (c) | | | 1,850 | | | | 1,826 | |
| | |
California School Finance Authority, Green Dot Public School Projects Series 2018A, Rev., 5.00%, 8/1/2022 (e) | | | 85 | | | | 86 | |
| | |
California School Finance Authority, Kipp Socal Projects | | | | | | | | |
| | |
Series 2019A, Rev., 5.00%, 7/1/2022 (e) | | | 100 | | | | 101 | |
| | |
Series 2019A, Rev., 5.00%, 7/1/2023 (e) | | | 100 | | | | 105 | |
| | |
California Statewide Communities Development Authority, Multi-Family Housing, Washington Court Apartments Series 2021E, Rev., 0.22%, 8/1/2022 (c) | | | 7,000 | | | | 6,982 | |
| | |
Chula Vista Elementary School District Rev., BAN, Zero Coupon, 8/1/2023 | | | 5,500 | | | | 5,414 | |
| | |
City of Vernon, Electric System | | | | | | | | |
| | |
Series 2021A, Rev., 4.00%, 4/1/2022 | | | 1,000 | | | | 1,003 | |
| | |
Series 2021A, Rev., 4.00%, 10/1/2022 | | | 1,000 | | | | 1,017 | |
| | |
Series 2021A, Rev., 5.00%, 4/1/2023 | | | 1,500 | | | | 1,559 | |
| | |
Series 2021A, Rev., 5.00%, 10/1/2023 | | | 1,250 | | | | 1,320 | |
| | |
Series 2021A, Rev., 5.00%, 4/1/2024 | | | 1,220 | | | | 1,306 | |
| | |
Series 2021A, Rev., 5.00%, 10/1/2024 | | | 1,250 | | | | 1,356 | |
| | |
Mount San Antonio Community College District GO, BAN, Zero Coupon, 4/1/2022 (d) | | | 250 | | | | 250 | |
| | |
Port of Oakland, Intermediate Lien | | | | | | | | |
| | |
Series 2021H, Rev., AMT, 5.00%, 5/1/2022 | | | 2,550 | | | | 2,569 | |
| | |
Series 2021H, Rev., AMT, 5.00%, 5/1/2022 (d) | | | 200 | | | | 201 | |
| | |
Series 2021H, Rev., AMT, 5.00%, 5/1/2023 | | | 3,245 | | | | 3,385 | |
| | |
Series 2021H, Rev., AMT, 5.00%, 5/1/2023 (d) | | | 255 | | | | 267 | |
| | |
Santa Clara County Financing Authority, El Camino Hospital Series 2009A, Rev., VRDO, LOC: Wells Fargo Bank NA, 0.16%, 3/9/2022 (c) | | | 6,605 | | | | 6,605 | |
| | |
Silicon Valley Clean Water, WIFIA Rescue Project Series 2021A, Rev., 0.25%, 3/1/2024 | | | 40,000 | | | | 39,197 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 155 |
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
California — continued | |
| | |
South Bay Union School District, San Diego County GO, BAN, Zero Coupon, 8/1/2022 | | | 2,000 | | | | 1,992 | |
| | |
Stockton Public Financing Authority | | | | | | | | |
| | |
Rev., 5.00%, 3/1/2023 | | | 360 | | | | 372 | |
| | |
Rev., 5.00%, 3/1/2025 | | | 570 | | | | 618 | |
| | |
Tender Option Bond Trust Receipts/Certificates Series 2018-XF2615, Rev., VRDO, LOC: Barclays Bank plc, 0.32%, 3/9/2022 (c) (e) | | | 5,230 | | | | 5,230 | |
| | | | | | | | |
| | |
Total California | | | | | | | 128,393 | |
| | | | | | | | |
|
Colorado — 2.1% | |
| | |
Arapahoe County School District No. 6 Littleton Series 2019A, GO, 5.00%, 12/1/2022 | | | 1,370 | | | | 1,413 | |
| | |
City of Aurora, First Lien Water Rev., 5.00%, 8/1/2023 | | | 2,355 | | | | 2,488 | |
| | |
City of Colorado Springs | | | | | | | | |
| | |
COP, 5.00%, 12/1/2022 | | | 155 | | | | 159 | |
| | |
COP, 5.00%, 12/1/2023 | | | 100 | | | | 107 | |
| | |
Colorado Health Facilities Authority, Valley View Hospital Association Project Rev., 2.80%, 5/15/2023 (c) | | | 1,470 | | | | 1,489 | |
| | |
Denver Health and Hospital Authority, 550 Acoma, Inc. COP, 5.00%, 12/1/2022 | | | 295 | | | | 304 | |
| | |
E-470 Public Highway Authority Series 2021B, Rev., (SOFR + 0.35%), 0.38%, 3/3/2022 (b) | | | 5,000 | | | | 4,993 | |
| | |
Regional Transportation District, Denver Transit Partners | | | | | | | | |
| | |
Rev., 3.00%, 7/15/2023 | | | 50 | | | | 51 | |
| | |
Rev., 5.00%, 1/15/2024 | | | 200 | | | | 213 | |
| | |
Rev., 5.00%, 7/15/2024 | | | 150 | | | | 161 | |
| | |
Rev., 5.00%, 1/15/2025 | | | 165 | | | | 180 | |
| | |
Rev., 5.00%, 7/15/2025 | | | 200 | | | | 221 | |
| | |
Rev., 3.00%, 1/15/2026 | | | 110 | | | | 115 | |
| | |
Rev., 5.00%, 7/15/2026 | | | 225 | | | | 253 | |
| | |
State of Colorado | | | | | | | | |
| | |
Series 2020A, COP, 5.00%, 12/15/2023 | | | 2,500 | | | | 2,672 | |
| | |
Series 2020A, COP, 5.00%, 12/15/2024 | | | 2,085 | | | | 2,294 | |
| | |
University of Colorado Hospital Authority | | | | | | | | |
| | |
Series 2018 B, Rev., VRDO, LIQ: TD Bank NA, 0.19%, 3/9/2022 (c) | | | 48,085 | | | | 48,085 | |
| | |
Series 2019A, Rev., VRDO, 0.19%, 3/9/2022 (c) | | | 20,000 | | | | 20,000 | |
| | | | | | | | |
| | |
Total Colorado | | | | | | | 85,198 | |
| | | | | | | | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
|
Connecticut — 1.9% | |
| | |
City of Derby | | | | | | | | |
| | |
Series 2019A, GO, 5.00%, 8/1/2022 | | | 75 | | | | 76 | |
| | |
Series 2019A, GO, 5.00%, 8/1/2023 | | | 150 | | | | 159 | |
| | |
Series 2019A, GO, 5.00%, 8/1/2024 | | | 85 | | | | 92 | |
| | |
City of New Britain | | | | | | | | |
| | |
GO, 5.00%, 9/1/2022 (d) | | | 50 | | | | 51 | |
| | |
GO, 5.00%, 9/1/2023 (d) | | | 110 | | | | 116 | |
| | |
City of New Haven Series 2019A, GO, 5.00%, 8/1/2022 | | | 1,000 | | | | 1,017 | |
| | |
Connecticut Housing Finance Authority, Housing Mortgage Finance Program | | | | | | | | |
| | |
Series 2020C-3, Rev., VRDO, LIQ: TD Bank NA, 0.20%, 3/9/2022 (c) | | | 20,000 | | | | 20,000 | |
| | |
Series E, SubSeries E-3, Rev., 1.63%, 11/15/2022 (c) | | | 850 | | | | 850 | |
| | |
Connecticut State Health and Educational Facilities Authority, Hartford Healthcare Series 2020B-1, Rev., 5.00%, 1/1/2025 (c) | | | 8,500 | | | | 9,313 | |
| | |
Connecticut State Health and Educational Facilities Authority, Stamford Hospital | | | | | | | | |
| | |
Series L-1, Rev., 4.00%, 7/1/2022 | | | 500 | | | | 505 | |
| | |
Series L-1, Rev., 4.00%, 7/1/2023 | | | 275 | | | | 285 | |
| | |
Series L-1, Rev., 4.00%, 7/1/2024 | | | 300 | | | | 317 | |
| | |
Series L-1, Rev., 4.00%, 7/1/2025 | | | 300 | | | | 322 | |
| | |
Series L-1, Rev., 4.00%, 7/1/2026 | | | 350 | | | | 382 | |
| | |
Series L-1, Rev., 4.00%, 7/1/2027 | | | 350 | | | | 388 | |
| | |
Connecticut State Health and Educational Facilities Authority, University of New Haven Series K-1, Rev., 5.00%, 7/1/2022 | | | 675 | | | | 683 | |
| | |
New Canaan Housing Authority, Multi-Family Housing, Parish Project Rev., 0.44%, 3/1/2023 (c) | | | 12,475 | | | | 12,402 | |
| | |
State of Connecticut | | | | | | | | |
| | |
Series 2020C, GO, 3.00%, 6/1/2022 | | | 1,000 | | | | 1,006 | |
| | |
Series 2021C, GO, 5.00%, 7/15/2022 | | | 20,000 | | | | 20,323 | |
| | |
Series 2020C, GO, 3.00%, 6/1/2023 | | | 600 | | | | 615 | |
| | |
Series 2020C, GO, 4.00%, 6/1/2023 | | | 400 | | | | 415 | |
| | |
Series 2020C, GO, 3.00%, 6/1/2024 | | | 1,065 | | | | 1,106 | |
| | |
Series 2020C, GO, 4.00%, 6/1/2024 | | | 500 | | | | 531 | |
| | |
Series 2020C, GO, 2.00%, 6/1/2025 | | | 3,350 | | | | 3,396 | |
| | |
Series 2020C, GO, 4.00%, 6/1/2025 | | | 850 | | | | 920 | |
| | | | | | | | |
| | |
Total Connecticut | | | | | | | 75,270 | |
| | | | | | | | |
|
Delaware — 0.2% | |
| | |
Delaware Economic Development Authority, Delmarva Power and Light Co. Project Series 2020A, Rev., 1.05%, 7/1/2025 (c) | | | 6,000 | | | | 5,843 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 156 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Delaware — continued | |
| | |
Delaware Municipal Electric Corp. (The), Middletown and Seaford Project | | | | | | | | |
| | |
Series 2019A, Rev., 5.00%, 10/1/2022 | | | 150 | | | | 154 | |
| | |
Series 2019A, Rev., 5.00%, 10/1/2023 | | | 220 | | | | 233 | |
| | | | | | | | |
| | |
Total Delaware | | | | | | | 6,230 | |
| | | | | | | | |
|
District of Columbia — 0.5% | |
| | |
District of Columbia, Carnegie Endowment for International Peace Rev., VRDO, LOC: Wells Fargo Bank NA, 0.19%, 3/9/2022 (c) | | | 375 | | | | 375 | |
| | |
District of Columbia, Gallaudet University Project Rev., 5.00%, 4/1/2026 | | | 100 | | | | 113 | |
| | |
District of Columbia, Georgetown University Issue Series 2017 B-1, Rev., VRDO, LOC: Bank of America NA, 0.20%, 3/9/2022 (c) | | | 1,190 | | | | 1,190 | |
| | |
District of Columbia, International School Rev., 5.00%, 7/1/2022 | | | 500 | | | | 506 | |
| | |
District of Columbia, Kipp DC Project Rev., 5.00%, 7/1/2023 | | | 100 | | | | 105 | |
| | |
District of Columbia, Medlantic/Helix Issue, Tranche II Series 1998A, Rev., VRDO, LOC: TD Bank NA, 0.19%, 3/9/2022 (c) | | | 2,660 | | | | 2,660 | |
| | |
Metropolitan Washington Airports Authority Aviation | | | | | | | | |
| | |
Series 2021A, Rev., AMT, 5.00%, 10/1/2023 | | | 3,500 | | | | 3,704 | |
| | |
Series 2021A, Rev., AMT, 5.00%, 10/1/2024 | | | 6,000 | | | | 6,528 | |
| | |
Series 2021A, Rev., AMT, 5.00%, 10/1/2025 | | | 5,865 | | | | 6,545 | |
| | | | | | | | |
| | |
Total District of Columbia | | | | | | | 21,726 | |
| | | | | | | | |
|
Florida — 2.5% | |
| | |
City of Fort Myers, Subordinate Utility System | | | | | | | | |
| | |
Series 2020B, Rev., AGM, 5.00%, 10/1/2022 | | | 2,000 | | | | 2,048 | |
| | |
Series 2020B, Rev., AGM, 5.00%, 10/1/2023 | | | 2,125 | | | | 2,250 | |
| | |
Series 2020B, Rev., AGM, 5.00%, 10/1/2024 | | | 2,355 | | | | 2,578 | |
| | |
Series 2020B, Rev., AGM, 5.00%, 10/1/2025 | | | 5,100 | | | | 5,724 | |
| | |
City of Gainesville, Utilities System Series B, Rev., VRDO, LIQ: Barclays Bank plc, 0.20%, 3/9/2022 (c) | | | 10,200 | | | | 10,200 | |
| | |
City of Tallahassee, Utility System | | | | | | | | |
| | |
Rev., 5.00%, 10/1/2023 | | | 2,430 | | | | 2,581 | |
| | |
Rev., 5.00%, 10/1/2024 | | | 2,550 | | | | 2,788 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
|
Florida — continued | |
| | |
County of Escambia, International Paper Co. Project, Environmental Improvement Series 2019B, Rev., 2.00%, 10/1/2024 (c) | | | 775 | | | | 787 | |
| | |
County of Miami-Dade, Aviation System | | | | | | | | |
| | |
Series 2020A, Rev., 5.00%, 10/1/2023 | | | 2,500 | | | | 2,650 | |
| | |
Series 2020A, Rev., 5.00%, 10/1/2024 | | | 2,400 | | | | 2,616 | |
| | |
Series 2020A, Rev., 5.00%, 10/1/2025 | | | 1,375 | | | | 1,541 | |
| | |
County of Okeechobee, Solid Waste Disposal, Waste Management, Inc., Okeechobee Landfill Project Rev., 0.55%, 7/1/2024 (c) | | | 2,250 | | | | 2,174 | |
| | |
Escambia County School Board Series 2020A, COP, 5.00%, 2/1/2026 | | | 1,895 | | | | 2,146 | |
| | |
Florida Governmental Utility Authority Rev., AGM, 5.00%, 7/1/2025 (d) | | | 200 | | | | 224 | |
| | |
Florida Higher Educational Facilities Financial Authority, Ringling College Project | | | | | | | | |
| | |
Rev., 4.00%, 3/1/2022 | | | 55 | | | | 55 | |
| | |
Rev., 5.00%, 3/1/2023 | | | 185 | | | | 192 | |
| | |
Rev., 5.00%, 3/1/2024 | | | 110 | | | | 117 | |
| | |
Florida Higher Educational Facilities Financial Authority, St. Leo University Project | | | | | | | | |
| | |
Rev., 5.00%, 3/1/2022 | | | 355 | | | | 355 | |
| | |
Rev., 5.00%, 3/1/2023 | | | 410 | | | | 423 | |
| | |
Highlands County Health Facilities Authority, Adventist Health System Series 2012I, Rev., VRDO, 0.19%, 3/9/2022 (c) | | | 12,945 | | | | 12,945 | |
| | |
JEA Water and Sewer System | | | | | | | | |
| | |
Series A-2, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.20%, 3/9/2022 (c) | | | 18,670 | | | | 18,670 | |
| | |
Series Sub Series B-1, Rev., VRDO, LIQ: State Street Bank & Trust, 0.20%, 3/9/2022 (c) | | | 9,980 | | | | 9,980 | |
| | |
Lee Memorial Health System | | | | | | | | |
| | |
Series 2019A-1, Rev., 5.00%, 4/1/2022 | | | 750 | | | | 753 | |
| | |
Series 2019A-1, Rev., 5.00%, 4/1/2023 | | | 400 | | | | 417 | |
| | |
Series 2019A-1, Rev., 5.00%, 4/1/2024 | | | 575 | | | | 617 | |
| | |
Miami-Dade County Industrial Development Authority, Solid Waste Disposal, Waste Management, Inc. of Florida Project | | | | | | | | |
| | |
Series 2018B, Rev., AMT, (SIFMA Municipal Swap Index Yield + 0.38%), 0.57%, 3/10/2022 (b) | | | 10,500 | | | | 10,444 | |
| | |
Rev., AMT, 0.40%, 8/1/2023 | | | 2,600 | | | | 2,571 | |
| | |
Village Community Development District No. 13 Special Assessment Rev., 2.63%, 5/1/2024 | | | 375 | | | | 378 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 157 |
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Florida — continued | |
| | |
West Palm Beach Community Redevelopment Agency, City Center Community Redevelopment Area | | | | | | | | |
| | |
Rev., 5.00%, 3/1/2023 | | | 1,335 | | | | 1,388 | |
| | |
Rev., 5.00%, 3/1/2024 | | | 1,160 | | | | 1,242 | |
| | | | | | | | |
| | |
Total Florida | | | | | | | 100,854 | |
| | | | | | | | |
|
Georgia — 0.7% | |
| | |
City of Atlanta, Department of Aviation | | | | | | | | |
| | |
Series 2020A, Rev., 5.00%, 7/1/2024 | | | 2,000 | | | | 2,171 | |
| | |
Series 2020B, Rev., AMT, 5.00%, 7/1/2024 | | | 1,170 | | | | 1,264 | |
| | |
Series 2020B, Rev., AMT, 5.00%, 7/1/2025 | | | 1,800 | | | | 1,996 | |
| | |
Series 2020B, Rev., AMT, 5.00%, 7/1/2026 | | | 2,000 | | | | 2,269 | |
| | |
Dahlonega Downtown Development Authority, North Georgia MAC, LLC Project Rev., 5.00%, 7/1/2022 | | | 300 | | | | 304 | |
| | |
Georgia State Road and Tollway Authority, Federal Highway Reimbursement | | | | | | | | |
| | |
Rev., 5.00%, 6/1/2022 | | | 5,000 | | | | 5,055 | |
| | |
Rev., 5.00%, 6/1/2023 | | | 4,000 | | | | 4,199 | |
| | |
Main Street Natural Gas, Inc., Gas Supply | | | | | | | | |
| | |
Series 2021C, Rev., 4.00%, 12/1/2022 | | | 400 | | | | 408 | |
| | |
Series 2021C, Rev., 4.00%, 12/1/2023 | | | 750 | | | | 782 | |
| | |
Series 2021C, Rev., 4.00%, 12/1/2024 | | | 750 | | | | 796 | |
| | |
Municipal Electric Authority of Georgia, Project One Series 2008-B, Rev., VRDO, LOC: PNC Bank NA, 0.19%, 3/9/2022 (c) | | | 4,255 | | | | 4,255 | |
| | |
Paulding County School District, Sales Tax GO, 3.00%, 8/1/2022 | | | 1,500 | | | | 1,515 | |
| | |
Savannah Economic Development Authority, International Paper Co. Project Series 2019A, Rev., 2.00%, 10/1/2024 (c) | | | 1,675 | | | | 1,702 | |
| | | | | | | | |
| | |
Total Georgia | | | | | | | 26,716 | |
| | | | | | | | |
|
Hawaii — 0.5% | |
| | |
State of Hawaii Airports System | | | | | | | | |
| | |
Series 2022B, Rev., AMT, 5.00%, 7/1/2023 | | | 12,885 | | | | 13,521 | |
| | |
Series 2022B, Rev., AMT, 5.00%, 7/1/2024 | | | 4,500 | | | | 4,842 | |
| | | | | | | | |
| | |
Total Hawaii | | | | | | | 18,363 | |
| | | | | | | | |
|
Idaho — 0.0% (f) | |
| | |
University of Idaho | | | | | | | | |
| | |
Series 2020A, Rev., 5.00%, 4/1/2022 | | | 165 | | | | 166 | |
| | |
Series 2020A, Rev., 5.00%, 4/1/2023 | | | 355 | | | | 369 | |
| | |
Series 2020A, Rev., 5.00%, 4/1/2024 | | | 315 | | | | 339 | |
| | |
Series 2020A, Rev., 5.00%, 4/1/2025 | | | 330 | | | | 366 | |
| | | | | | | | |
| | |
Total Idaho | | | | | | | 1,240 | |
| | | | | | | | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
|
Illinois — 3.3% | |
| | |
Carol Stream Park District | | | | | | | | |
| | |
Series 2020C, GO, 4.00%, 11/1/2024 | | | 210 | | | | 223 | |
| | |
Series 2020C, GO, 4.00%, 11/1/2025 | | | 405 | | | | 439 | |
| | |
Series 2020C, GO, 4.00%, 11/1/2026 | | | 535 | | | | 589 | |
| | |
Champaign County Community Unit School District No. 4 Champaign, Capital Appreciation | | | | | | | | |
| | |
Series 2020A, GO, Zero Coupon, 1/1/2023 | | | 200 | | | | 198 | |
| | |
Series 2020A, GO, Zero Coupon, 1/1/2024 | | | 385 | | | | 375 | |
| | |
Chicago Midway International Airport, Second Lien Series 2014B, Rev., 5.00%, 1/1/2023 | | | 150 | | | | 155 | |
| | |
Chicago O’Hare International Airport, General Airport, Senior Lien | | | | | | | | |
| | |
Series 2020B, Rev., 5.00%, 1/1/2024 | | | 500 | | | | 533 | |
| | |
Series 2020B, Rev., 5.00%, 1/1/2026 | | | 1,250 | | | | 1,408 | |
| | |
Chicago Transit Authority Capital Grant Receipts | | | | | | | | |
| | |
Rev., 5.00%, 6/1/2022 | | | 800 | | | | 808 | |
| | |
Rev., 5.00%, 6/1/2023 | | | 700 | | | | 733 | |
| | |
Rev., 5.00%, 6/1/2024 | | | 600 | | | | 648 | |
| | |
Rev., 5.00%, 6/1/2027 | | | 3,500 | | | | 4,085 | |
| | |
City of Aurora | | | | | | | | |
| | |
Series 2019A, GO, 4.00%, 12/30/2022 | | | 1,525 | | | | 1,564 | |
| | |
Series 2019A, GO, 4.00%, 12/30/2023 | | | 1,595 | | | | 1,674 | |
| | |
Series 2019A, GO, 4.00%, 12/30/2024 | | | 1,655 | | | | 1,773 | |
| | |
City of Danville | | | | | | | | |
| | |
GO, 3.00%, 12/1/2022 | | | 140 | | | | 142 | |
| | |
GO, 4.00%, 12/1/2023 | | | 145 | | | | 150 | |
| | |
City of Elgin | | | | | | | | |
| | |
Series 2020A, GO, 3.00%, 12/15/2022 | | | 1,480 | | | | 1,506 | |
| | |
Series 2020A, GO, 3.00%, 12/15/2023 | | | 1,025 | | | | 1,059 | |
| | |
City of Rockford, Sales Tax Alternative Revenue Source | | | | | | | | |
| | |
Series 2019A, GO, AGM, 4.00%, 12/15/2022 | | | 135 | | | | 138 | |
| | |
Series 2019A, GO, AGM, 4.00%, 12/15/2023 | | | 140 | | | | 147 | |
| | |
City of Waukegan Series 2018A, GO, AGM, 4.00%, 12/30/2023 | | | 525 | | | | 549 | |
| | |
Clay Wayne & Marion Counties Community Unit School District No. 35 | | | | | | | | |
| | |
GO, AGM, 5.00%, 12/1/2022 | | | 165 | | | | 170 | |
| | |
GO, AGM, 5.00%, 12/1/2023 | | | 175 | | | | 186 | |
| | |
Cook County Community College District No. 508, Unlimited Tax GO, 5.25%, 12/1/2029 | | | 250 | | | | 266 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 158 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Illinois — continued | |
| | |
Cook County Community Consolidated School District No. 34, Glenview, Limited Tax | | | | | | | | |
| | |
GO, 4.00%, 12/1/2022 | | | 150 | | | | 154 | |
| | |
GO, 4.00%, 12/1/2023 | | | 150 | | | | 157 | |
| | |
Cook County Community School District No. 97, Oak Park | | | | | | | | |
| | |
GO, 4.00%, 1/1/2023 | | | 300 | | | | 307 | |
| | |
GO, 4.00%, 1/1/2024 | | | 275 | | | | 289 | |
| | |
Cook County High School District No. 207, Maine Township Series 2019B, GO, 3.50%, 12/1/2022 | | | 325 | | | | 332 | |
| | |
Cook County School District No. 100, South Berwyn | | | | | | | | |
| | |
Series 2019A, GO, 4.00%, 12/1/2022 | | | 235 | | | | 240 | |
| | |
Series 2019C, GO, 4.00%, 12/1/2022 | | | 605 | | | | 619 | |
| | |
Series 2019A, GO, 5.00%, 12/1/2023 | | | 345 | | | | 365 | |
| | |
Series 2019C, GO, 5.00%, 12/1/2023 | | | 660 | | | | 699 | |
| | |
Cook County School District No. 102, La Grange, Limited Tax | | | | | | | | |
| | |
GO, AGM, 4.00%, 12/15/2022 | | | 825 | | | | 845 | |
| | |
GO, AGM, 4.00%, 12/15/2023 | | | 825 | | | | 865 | |
| | |
GO, AGM, 4.00%, 12/15/2024 | | | 930 | | | | 993 | |
| | |
GO, AGM, 4.00%, 12/15/2025 | | | 985 | | | | 1,072 | |
| | |
Cook County School District No. 109, Indian Springs, Limited Tax | | | | | | | | |
| | |
Series 2020A, GO, 4.00%, 12/1/2023 | | | 125 | | | | 131 | |
| | |
Series 2020A, GO, 4.00%, 12/1/2024 | | | 400 | | | | 426 | |
| | |
Cook County School District No. 145, Arbor Park Series 2019D, GO, 4.00%, 12/1/2023 | | | 110 | | | | 115 | |
| | |
Cook County School District No. 148, Dolton Series 2018A, GO, 5.00%, 12/1/2022 | | | 725 | | | | 747 | |
| | |
Cook County School District No. 151, South Holland, Limited Tax GO, 4.00%, 4/1/2022 | | | 190 | | | | 191 | |
| | |
Cook County School District No. 160, Country Club Hills | | | | | | | | |
| | |
Series 2020A, GO, 4.00%, 12/1/2022 | | | 510 | | | | 521 | |
| | |
Series 2020A, GO, 4.00%, 12/1/2023 | | | 285 | | | | 298 | |
| | |
Series 2020A, GO, 4.00%, 12/1/2024 | | | 255 | | | | 272 | |
| | |
Cook County School District No. 160, Country Club Hills, Limited Tax | | | | | | | | |
| | |
Series 2020B, GO, 4.00%, 12/1/2022 | | | 180 | | | | 183 | |
| | |
Series 2020B, GO, 4.00%, 12/1/2023 | | | 100 | | | | 105 | |
| | |
Series 2020B, GO, 4.00%, 12/1/2024 | | | 100 | | | | 107 | |
| | |
Cook County School District No. 63, East Maine, Limited Tax GO, 5.00%, 12/1/2022 | | | 1,935 | | | | 1,995 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
|
Illinois — continued | |
| | |
Cook County School District No. 69, Skokie, Limited Tax | | | | | | | | |
| | |
GO, 4.00%, 12/1/2024 | | | 315 | | | | 337 | |
| | |
GO, 4.00%, 12/1/2025 | | | 460 | | | | 500 | |
| | |
Cook County School District No. 89, Maywood, Maywood-Melrose Park-Broadview, Limited Tax | | | | | | | | |
| | |
Rev., AGM, 4.00%, 12/15/2022 | | | 535 | | | | 547 | |
| | |
Rev., AGM, 4.00%, 12/15/2023 | | | 555 | | | | 581 | |
| | |
Rev., AGM, 4.00%, 12/15/2024 | | | 580 | | | | 619 | |
| | |
Cook County School District No. 99 Cicero, Limited Tax | | | | | | | | |
| | |
Series 2019B, GO, 5.00%, 12/1/2022 | | | 350 | | | | 360 | |
| | |
Series 2019B, GO, 5.00%, 12/1/2023 | | | 575 | | | | 608 | |
| | |
County of Cook | | | | | | | | |
| | |
Series C, GO, 5.00%, 11/15/2022 | | | 180 | | | | 185 | |
| | |
Series 2021B, GO, 4.00%, 11/15/2026 | | | 3,700 | | | | 4,089 | |
| | |
County of Will | | | | | | | | |
| | |
GO, 5.00%, 11/15/2022 | | | 475 | | | | 489 | |
| | |
GO, 5.00%, 11/15/2023 | | | 525 | | | | 560 | |
| | |
Du Page and Will Counties Community School District No. 204 Indian Prairie GO, 4.00%, 12/30/2025 | | | 1,710 | | | | 1,876 | |
| | |
DuPage County Community High School District No. 94 West Chicago GO, 4.00%, 1/1/2033 | | | 10 | | | | 11 | |
| | |
DuPage County High School District No. 87 Glenbard GO, 3.00%, 10/1/2022 | | | 1,500 | | | | 1,520 | |
| | |
DuPage County School District No. 10 Itasca | | | | | | | | |
| | |
GO, 5.00%, 1/1/2023 | | | 1,040 | | | | 1,076 | |
| | |
GO, 5.00%, 1/1/2024 | | | 1,090 | | | | 1,165 | |
| | |
Flagg-Rochelle Community Park District | | | | | | | | |
| | |
Series 2019A, GO, AGM, 4.00%, 1/1/2023 | | | 220 | | | | 225 | |
| | |
Series 2019A, GO, AGM, 4.00%, 1/1/2024 | | | 225 | | | | 236 | |
| | |
Hoffman Estates Park District Series 2019B, GO, 4.00%, 12/1/2023 | | | 245 | | | | 257 | |
| | |
Illinois Finance Authority, Advocate Health Care Network Series 2008C-3A, Rev., VRDO, LIQ: Northern Trust Co., 0.21%, 3/9/2022 (c) | | | 2,650 | | | | 2,650 | |
| | |
Illinois Finance Authority, Edward Health Obligated Group Series 2008C, Rev., VRDO, LOC: TD Bank NA, 0.19%, 3/9/2022 (c) | | | 3,240 | | | | 3,240 | |
| | |
Illinois Finance Authority, Mccormick Theological Series 2001B, Rev., VRDO, LOC: Northern Trust Co., 0.20%, 3/9/2022 (c) | | | 15,250 | | | | 15,250 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 159 |
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Illinois — continued | |
| | |
Illinois Finance Authority, Northshore University Health System | | | | | | | | |
| | |
Series 2020A, Rev., 5.00%, 8/15/2022 | | | 750 | | | | 765 | |
| | |
Series 2020A, Rev., 5.00%, 8/15/2023 | | | 500 | | | | 529 | |
| | |
Series 2020A, Rev., 5.00%, 8/15/2024 | | | 1,000 | | | | 1,089 | |
| | |
Series 2020A, Rev., 5.00%, 8/15/2025 | | | 1,250 | | | | 1,401 | |
| | |
Illinois Finance Authority, Northwestern University Series 2008-B, Rev., VRDO, 0.19%, 3/9/2022 (c) | | | 3,425 | | | | 3,425 | |
| | |
Illinois Finance Authority, OSF Healthcare System | | | | | | | | |
| | |
Rev., 5.00%, 11/15/2024 (c) | | | 3,000 | | | | 3,224 | |
| | |
Rev., 5.00%, 11/15/2026 (c) | | | 4,000 | | | | 4,515 | |
| | |
Illinois Finance Authority, Presbyterian Homes Obligated Group Series 2021B, Rev., (SIFMA Municipal Swap Index Yield + 0.70%), 0.90%, 3/10/2022 (b) | | | 1,125 | | | | 1,127 | |
| | |
Illinois Finance Authority, Water Facilities, American Water Capital Corp. Project Rev., 0.70%, 9/1/2023 (c) | | | 2,800 | | | | 2,767 | |
| | |
Illinois Finance Authority, Wesleyan University Rev., 5.00%, 9/1/2022 | | | 560 | | | | 571 | |
| | |
Illinois Housing Development Authority Series 2019A, Rev., FHA, 1.60%, 3/21/2022 (c) | | | 5,600 | | | | 5,601 | |
| | |
Kane County School District No. 131 Aurora East Side | | | | | | | | |
| | |
Series 2020A, GO, AGM, 4.00%, 12/1/2022 | | | 120 | | | | 123 | |
| | |
Series 2020B, GO, AGM, 4.00%, 12/1/2022 | | | 220 | | | | 225 | |
| | |
Series 2020A, GO, AGM, 5.00%, 12/1/2023 | | | 145 | | | | 154 | |
| | |
Series 2020B, GO, AGM, 5.00%, 12/1/2023 | | | 235 | | | | 248 | |
| | |
Series 2020A, GO, AGM, 5.00%, 12/1/2024 | | | 240 | | | | 261 | |
| | |
Series 2020A, GO, AGM, 5.00%, 12/1/2025 | | | 55 | | | | 62 | |
| | |
Series 2020B, GO, AGM, 5.00%, 12/1/2025 | | | 115 | | | | 129 | |
| | |
Kendall Kane and Will Counties Community Unit School District No. 308 Series B, GO, 5.00%, 10/1/2022 | | | 1,375 | | | | 1,407 | |
| | |
Lake County School District No. 70 Libertyville, Debt Certificates, Limited Tax Rev., 4.00%, 1/1/2023 | | | 300 | | | | 308 | |
| | |
Lee and Ogle Counties School District No. 170 Dixon | | | | | | | | |
| | |
Series 2019A, GO, AGM, 3.00%, 1/30/2023 | | | 170 | | | | 173 | |
| | |
Series 2019B, GO, AGM, 3.00%, 1/30/2023 | | | 255 | | | | 260 | |
| | |
Madison-Macoupin Etc. Counties Community College District No. 536, Lewis and Clark Community | | | | | | | | |
| | |
GO, AGM, 4.00%, 5/1/2022 | | | 750 | | | | 754 | |
| | |
GO, AGM, 4.00%, 5/1/2023 | | | 700 | | | | 721 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
|
Illinois — continued | |
| | |
Peoria Public Building Commission | | | | | | | | |
| | |
Series 2019A, Rev., AGM, 3.00%, 12/1/2022 | | | 75 | | | | 76 | |
| | |
Series 2019A, Rev., AGM, 4.00%, 12/1/2024 | | | 655 | | | | 697 | |
| | |
Sangamon County Community Unit School District No. 5, Ball-Chatham GO, 4.00%, 2/1/2023 | | | 2,015 | | | | 2,071 | |
| | |
Sangamon Menard Etc Counties Community School District No. 8 Pleasant Plains | | | | | | | | |
| | |
Series 2019C, GO, 4.00%, 1/1/2023 | | | 310 | | | | 318 | |
| | |
Series 2019C, GO, 4.00%, 1/1/2024 | | | 370 | | | | 387 | |
| | |
St. Charles Public Library District, Limited Tax Rev., 4.00%, 11/1/2022 | | | 100 | | | | 102 | |
| | |
State of Illinois | | | | | | | | |
| | |
GO, 5.00%, 2/1/2024 | | | 3,370 | | | | 3,598 | |
| | |
GO, 5.50%, 5/1/2025 | | | 2,500 | | | | 2,791 | |
| | |
GO, 5.50%, 5/1/2026 | | | 5,000 | | | | 5,701 | |
| | |
State of Illinois, Sales Tax Rev., 5.00%, 6/15/2023 | | | 990 | | | | 1,038 | |
| | |
University of Illinois, Auxiliary Facilities System Series 2013A, Rev., 5.00%, 4/1/2024 | | | 2,500 | | | | 2,609 | |
| | |
University of Illinois, Health Services System Series 2008, Rev., VRDO, LOC: Wells Fargo Bank NA, 0.19%, 3/9/2022 (c) | | | 2,110 | | | | 2,110 | |
| | |
Village of Arlington Heights | | | | | | | | |
| | |
GO, 4.00%, 12/1/2023 | | | 1,130 | | | | 1,183 | |
| | |
GO, 4.00%, 12/1/2024 | | | 1,175 | | | | 1,257 | |
| | |
GO, 4.00%, 12/1/2025 | | | 695 | | | | 759 | |
| | |
Village of Bartlett | | | | | | | | |
| | |
GO, 5.00%, 12/1/2022 | | | 1,065 | | | | 1,099 | |
| | |
GO, 5.00%, 12/1/2023 | | | 1,130 | | | | 1,200 | |
| | |
Village of Midlothian | | | | | | | | |
| | |
Series 2019A, GO, 4.00%, 1/1/2023 | | | 190 | | | | 194 | |
| | |
Series 2019A, GO, 4.00%, 1/1/2024 | | | 120 | | | | 126 | |
| | |
Village of Villa Park | | | | | | | | |
| | |
Series B, GO, 4.00%, 12/15/2022 | | | 200 | | | | 205 | |
| | |
Series B, GO, 4.00%, 12/15/2023 | | | 205 | | | | 214 | |
| | |
Village of Villa Park, Sales Tax Series 2019A, GO, 4.00%, 12/15/2023 | | | 125 | | | | 131 | |
| | |
Washington County Community Unit School District No.10 West Washington GO, 4.00%, 1/15/2023 | | | 685 | | | | 703 | |
| | |
Will County Township High School District No. 204 Joliet, Limited Tax GO, 4.00%, 1/1/2023 | | | 125 | | | | 128 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 160 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Illinois — continued | |
| | |
Will Grundy Etc Counties Community College District No. 525, Joliet Junior College | | | | | | | | |
| | |
GO, 5.00%, 1/1/2023 | | | 5,495 | | | | 5,678 | |
| | |
GO, 5.00%, 1/1/2024 | | | 2,600 | | | | 2,777 | |
| | | | | | | | |
| | |
Total Illinois | | | | | | | 134,918 | |
| | | | | | | | |
|
Indiana — 1.5% | |
| | |
City of Evansville, Sewage Works Rev., 4.00%, 7/1/2026 | | | 3,710 | | | | 4,083 | |
| | |
City of Rockport, AEP Generating Co. Project | | | | | | | | |
| | |
Series A, Rev., 1.35%, 9/1/2022 (c) | | | 2,000 | | | | 2,006 | |
| | |
Series B, Rev., 1.35%, 9/1/2022 (c) | | | 2,250 | | | | 2,256 | |
| | |
City of Rockport, Indiana Michigan Power Co. Project Series 2009B, Rev., 3.05%, 6/1/2025 | | | 6,500 | | | | 6,752 | |
| | |
Fort Wayne Community School Building Corp., Indiana Unlimited Ad Valorem Property Tax, First Mortgage Rev., 4.00%, 7/15/2022 | | | 125 | | | | 127 | |
| | |
Gary Community School Building Corp., Ad Valorem Property Tax First Mortgage | | | | | | | | |
| | |
Series 2020B, Rev., 4.00%, 7/15/2022 | | | 165 | | | | 167 | |
| | |
Series 2020B, Rev., 4.00%, 1/15/2023 | | | 165 | | | | 169 | |
| | |
Series 2020B, Rev., 4.00%, 7/15/2023 | | | 185 | | | | 192 | |
| | |
Series 2020B, Rev., 4.00%, 7/15/2025 | | | 215 | | | | 231 | |
| | |
Series 2020B, Rev., 4.00%, 1/15/2026 | | | 220 | | | | 238 | |
| | |
Series 2020B, Rev., 4.00%, 7/15/2026 | | | 235 | | | | 256 | |
| | |
Indiana Finance Authority, Butler University Project Rev., 3.00%, 2/1/2023 | | | 225 | | | | 229 | |
| | |
Indiana Finance Authority, Goshen Health Series B, Rev., 2.10%, 11/1/2026 (c) | | | 2,700 | | | | 2,728 | |
| | |
Indiana Finance Authority, Indianapolis Power and Light Co. Project Series 2021B, Rev., 0.65%, 8/1/2025 | | | 4,500 | | | | 4,274 | |
| | |
Indiana Finance Authority, Marian University Project | | | | | | | | |
| | |
Series A, Rev., 5.00%, 9/15/2022 | | | 50 | | | | 51 | |
| | |
Series A, Rev., 5.00%, 9/15/2023 | | | 75 | | | | 79 | |
| | |
Series A, Rev., 5.00%, 9/15/2024 | | | 155 | | | | 167 | |
| | |
Indiana Health Facility Financing Authority, Ascension Health Credit Group | | | | | | | | |
| | |
Series 2001A-2, Rev., 2.00%, 2/1/2023 (c) | | | 24,875 | | | | 25,119 | |
| | |
Series 2001A-2, Rev., 2.00%, 2/1/2023 (c) (d) | | | 125 | | | | 126 | |
| | |
Metropolitan School District of Southwest Allen County | | | | | | | | |
| | |
Series 2019B, GO, 4.00%, 7/15/2022 | | | 590 | | | | 597 | |
| | |
Series 2019B, GO, 4.00%, 1/15/2023 | | | 520 | | | | 534 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
|
Indiana — continued | |
| | |
Series 2019B, GO, 4.00%, 7/15/2023 | | | 485 | | | | 505 | |
| | |
Series 2019B, GO, 4.00%, 1/15/2024 | | | 575 | | | | 604 | |
| | |
North Putnam Middle School Building Corp., Ad Valorem Property Tax, First Mortgage Rev., 3.00%, 7/15/2022 | | | 150 | | | | 151 | |
| | |
Purdue University, Student Facilities System Series 2007C, Rev., VRDO, 0.18%, 3/9/2022 (c) | | | 6,460 | | | | 6,460 | |
| | |
Tippecanoe County School Building Corp., Ad Valorem Property Tax First Mortgage | | | | | | | | |
| | |
Rev., 4.00%, 7/15/2022 | | | 275 | | | | 278 | |
| | |
Rev., 4.00%, 1/15/2023 | | | 300 | | | | 308 | |
| | |
Rev., 4.00%, 7/15/2023 | | | 380 | | | | 396 | |
| | |
Town of Schererville, Sewage Works | | | | | | | | |
| | |
Rev., 4.00%, 3/1/2022 | | | 75 | | | | 75 | |
| | |
Rev., 4.00%, 3/1/2023 | | | 75 | | | | 77 | |
| | |
Rev., 4.00%, 3/1/2024 | | | 110 | | | | 116 | |
| | | | | | | | |
| | |
Total Indiana | | | | | | | 59,351 | |
| | | | | | | | |
|
Iowa — 0.7% | |
| | |
City of Altoona | | | | | | | | |
| | |
Series 2020A, COP, 4.00%, 6/1/2022 | | | 225 | | | | 227 | |
| | |
Series 2020A, COP, 4.00%, 6/1/2023 | | | 275 | | | | 285 | |
| | |
City of Coralville Series 2016E, COP, 4.00%, 6/1/2023 | | | 325 | | | | 330 | |
| | |
City of Iowa Falls, Capital Lien GO, 3.00%, 6/1/2023 | | | 230 | | | | 235 | |
| | |
County of Plymouth GO, AGM, 3.00%, 6/1/2022 | | | 290 | | | | 292 | |
| | |
Iowa Finance Authority, Health System Rev., (SIFMA Municipal Swap Index Yield + 0.58%), 0.78%, 3/10/2022 (b) (e) | | | 17,400 | | | | 17,423 | |
| | |
Iowa Finance Authority, Single Family Mortgage-Backed Securities Program Rev., VRDO, GNMA/FNMA/FHLMC, LIQ: TD Bank NA, 0.19%, 3/9/2022 (c) | | | 8,500 | | | | 8,500 | |
| | |
North Polk Community School District, Services and Use Tax Series 2020B, Rev., 4.00%, 6/1/2022 | | | 450 | | | | 454 | |
| | | | | | | | |
| | |
Total Iowa | | | | | | | 27,746 | |
| | | | | | | | |
|
Kansas — 0.4% | |
| | |
City of Manhattan, Temporary Notes GO, 1.50%, 6/15/2022 | | | 5,815 | | | | 5,819 | |
| | |
Johnson County Park and Recreation District | | | | | | | | |
| | |
Series 2019B, COP, 3.00%, 9/1/2022 | | | 200 | | | | 202 | |
| | |
Series 2019A, COP, 5.00%, 9/1/2022 | | | 250 | | | | 255 | |
| | |
Series 2019B, COP, 3.00%, 9/1/2023 | | | 200 | | | | 206 | |
| | |
Series 2019A, COP, 5.00%, 9/1/2023 | | | 125 | | | | 132 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 161 |
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Kansas — continued | |
| | |
Kansas City, Kansas Community College | | | | | | | | |
| | |
Series 2020A, COP, 4.00%, 4/1/2022 | | | 600 | | | | 602 | |
| | |
Series 2020A, COP, 4.00%, 4/1/2023 | | | 800 | | | | 824 | |
| | |
Series 2020A, COP, 4.00%, 4/1/2024 | | | 500 | | | | 526 | |
| | |
Kansas Development Finance Authority, State of Kansas Project | | | | | | | | |
| | |
Series 2020R, Rev., 5.00%, 11/1/2024 | | | 2,255 | | | | 2,472 | |
| | |
Series 2020R, Rev., 5.00%, 11/1/2025 | | | 3,570 | | | | 4,030 | |
| | |
Sedgwick County Unified School District No. 265 Goddard | | | | | | | | |
| | |
Series 2020A, GO, 3.00%, 10/1/2022 | | | 295 | | | | 299 | |
| | |
Series 2020A, GO, 3.00%, 10/1/2023 | | | 350 | | | | 360 | |
| | |
Series 2020A, GO, 3.00%, 10/1/2024 | | | 1,050 | | | | 1,095 | |
| | |
Sedgwick County Unified School District No. 267 Renwick | | | | | | | | |
| | |
Series 2019A, GO, 3.00%, 11/1/2022 | | | 100 | | | | 101 | |
| | |
Series 2019A, GO, 3.00%, 11/1/2023 | | | 100 | | | | 103 | |
| | |
Wyandotte County Unified School District No. 202 Turner | | | | | | | | |
| | |
Series 2019A, GO, AGM, 3.00%, 9/1/2022 | | | 125 | | | | 126 | |
| | |
Series 2019A, GO, AGM, 3.00%, 9/1/2023 | | | 400 | | | | 410 | |
| | |
Series 2019A, GO, AGM, 3.00%, 9/1/2024 | | | 400 | | | | 414 | |
| | | | | | | | |
| | |
Total Kansas | | | | | | | 17,976 | |
| | | | | | | | |
|
Kentucky — 1.6% | |
| | |
City of Ashland, Ashland Hospital Corp. DBA King’s Daughters Medical Center | | | | | | | | |
| | |
Rev., 5.00%, 2/1/2023 | | | 600 | | | | 621 | |
| | |
Rev., 5.00%, 2/1/2024 | | | 575 | | | | 613 | |
| | |
City of Hazard, Appalachian Regional Healthcare Project Rev., 5.00%, 7/1/2027 | | | 600 | | | | 701 | |
| | |
County of Owen, Water Facilities, Kentucky-American Water Co. Project Rev., 0.70%, 9/1/2023 (c) | | | 2,500 | | | | 2,471 | |
| | |
Kentucky Asset Liability Commission | | | | | | | | |
| | |
Series 2021A, Rev., 5.00%, 11/1/2022 | | | 4,500 | | | | 4,623 | |
| | |
Series 2021A, Rev., 5.00%, 11/1/2023 | | | 2,500 | | | | 2,657 | |
| | |
Series 2021A, Rev., 5.00%, 11/1/2024 | | | 2,500 | | | | 2,738 | |
| | |
Series 2021A, Rev., 5.00%, 11/1/2025 | | | 3,000 | | | | 3,371 | |
| | |
Kentucky Asset Liability Commission, Federal Highway Trust Fund Series 2020A, Rev., 5.00%, 9/1/2022 | | | 3,250 | | | | 3,318 | |
| | |
Kentucky Housing Corp., BTT Development III Portfolio Rev., 1.40%, 6/1/2022 (c) | | | 3,315 | | | | 3,320 | |
| | |
Kentucky Public Energy Authority, Gas Supply | | | | | | | | |
| | |
Series 2018A, Rev., 4.00%, 4/1/2022 | | | 1,210 | | | | 1,213 | |
| | |
Series 2018A, Rev., 4.00%, 4/1/2024 (c) | | | 18,685 | | | | 19,537 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
|
Kentucky — continued | |
| | |
Kentucky State Property and Building Commission, Project No. 110 Rev., 5.00%, 8/1/2024 | | | 85 | | | | 93 | |
| | |
Kentucky State Property and Building Commission, Project No. 125 | | | | | | | | |
| | |
Series A, Rev., 5.00%, 3/1/2022 | | | 5,500 | | | | 5,500 | |
| | |
Series A, Rev., 5.00%, 9/1/2022 | | | 3,000 | | | | 3,062 | |
| | |
Louisville and Jefferson County Metropolitan Government, Louisville Gas and Electric Co. Project Series 2020A, Rev., 0.90%, 9/1/2026 | | | 5,000 | | | | 4,774 | |
| | |
Louisville and Jefferson County Metropolitan Government, Norton Healthcare, Inc. Series 2011A, Rev., VRDO, LOC: PNC Bank NA, 0.18%, 3/9/2022 (c) | | | 1,700 | | | | 1,700 | |
| | |
Louisville Regional Airport Authority, Airport System Series 2014A, Rev., AMT, 5.00%, 7/1/2022 | | | 1,000 | | | | 1,014 | |
| | |
Paducah Electric Plant Board | | | | | | | | |
| | |
Rev., 5.00%, 10/1/2022 | | | 2,000 | | | | 2,046 | |
| | |
Rev., 5.00%, 10/1/2023 | | | 2,000 | | | | 2,112 | |
| | | | | | | | |
| | |
Total Kentucky | | | | | | | 65,484 | |
| | | | | | | | |
|
Louisiana — 4.4% | |
| | |
Calcasieu Parish School District No. 23, Public School Improvement | | | | | | | | |
| | |
GO, 5.00%, 9/1/2023 | | | 180 | | | | 190 | |
| | |
GO, 5.00%, 9/1/2024 | | | 250 | | | | 271 | |
| | |
City of Shreveport, Water and Sewer, Junior Lien | | | | | | | | |
| | |
Series 2019B, Rev., AGM, 4.00%, 12/1/2023 | | | 310 | | | | 325 | |
| | |
Series 2019B, Rev., AGM, 5.00%, 12/1/2024 | | | 225 | | | | 247 | |
| | |
Lake Charles Harbor and Terminal District, Big Lake Full LLC Projects Rev., AMT, 1.00%, 12/1/2024 (c) | | | 5,000 | | | | 4,908 | |
| | |
Louisiana Housing Corp., England Apartment Projects Rev., 1.25%, 2/1/2024 (c) | | | 7,890 | | | | 7,856 | |
| | |
Louisiana Local Government Environmental Facilities and Community Development Authority, East Ascension Consolidated Gravity Drainage District No. 1 Rev., 5.00%, 12/1/2025 | | | 715 | | | | 804 | |
| | |
Louisiana Local Government Environmental Facilities and Community Development Authority, East Baton Rouge Sewerage Commission Projects Rev., 5.00%, 2/1/2023 (d) | | | 3,000 | | | | 3,113 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 162 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Louisiana — continued | |
| | |
Louisiana Public Facilities Authority, Louisiana Children’s Medical Center Project Rev., (SIFMA Municipal Swap Index Yield + 0.65%), 0.85%, 3/10/2022 (b) | | | 40,000 | | | | 40,060 | |
| | |
Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project Rev., 5.00%, 5/15/2025 (c) | | | 8,410 | | | | 9,275 | |
| | |
Louisiana Public Facilities Authority, Tulane University Project | | | | | | | | |
| | |
Series 2020A, Rev., 5.00%, 4/1/2025 | | | 60 | | | | 66 | |
| | |
Series 2020A, Rev., 5.00%, 4/1/2026 | | | 100 | | | | 114 | |
| | |
Louisiana Stadium and Exposition District Rev., BAN, 4.00%, 7/3/2023 | | | 3,325 | | | | 3,418 | |
| | |
Parish of St. Charles, Pollution Control, Shell Oil Co. Project Series B, Rev., VRDO, 0.04%, 3/1/2022 (c) | | | 150 | | | | 150 | |
| | |
Parish of St. John the Baptist, Marathon Oil Corp., Project | | | | | | | | |
| | |
SubSeries 2017B-1, Rev., 2.13%, 7/1/2024 (c) | | | 18,000 | | | | 18,092 | |
| | |
SubSeries 2017B-2, Rev., 2.37%, 7/1/2026 (c) | | | 12,800 | | | | 12,918 | |
| | |
State of Louisiana Gasoline and Fuels Tax, Second Lien | | | | | | | | |
| | |
Series 2017D, Rev., 0.55%, 5/1/2022 (c) | | | 16,035 | | | | 16,037 | |
| | |
Series 2017A, Rev., 0.60%, 5/1/2023 (c) | | | 60,000 | | | | 60,001 | |
| | |
Zachary Community School District No. 1 | | | | | | | | |
| | |
GO, 3.00%, 3/1/2022 | | | 685 | | | | 685 | |
| | |
GO, 3.00%, 3/1/2023 | | | 715 | | | | 729 | |
| | | | | | | | |
| | |
Total Louisiana | | | | | | | 179,259 | |
| | | | | | | | |
|
Maine — 0.0% (f) | |
| | |
Maine Health and Higher Educational Facilities Authority, Mainehealth Series 2020A, Rev., 5.00%, 7/1/2026 | | | 250 | | | | 286 | |
| | | | | | | | |
|
Maryland — 0.9% | |
| | |
County of Calvert, Consolidated Public Improvement | | | | | | | | |
| | |
GO, 4.00%, 7/1/2022 | | | 1,940 | | | | 1,962 | |
| | |
GO, 4.00%, 7/1/2023 | | | 2,070 | | | | 2,151 | |
| | |
GO, 4.00%, 7/1/2024 | | | 2,010 | | | | 2,140 | |
| | |
County of Montgomery, Public Improvement Series 2020B, GO, 4.00%, 11/1/2024 | | | 1,000 | | | | 1,073 | |
| | |
Maryland Health and Higher Educational Facilities Authority, Pooled Loan Program | | | | | | | | |
| | |
Series 1985A, Rev., VRDO, LOC: TD Bank NA, 0.18%, 3/9/2022 (c) | | | 25 | | | | 25 | |
| | |
Series B, Rev., VRDO, LOC: TD Bank NA, 0.19%, 3/9/2022 (c) | | | 16,915 | | | | 16,915 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
|
Maryland — continued | |
| | |
State of Maryland, State and Local Facilities Loan of 2017 Series 2017B, GO, 5.00%, 8/1/2025 | | | 2,825 | | | | 3,175 | |
| | |
Washington Suburban Sanitary Commission, Multi-Modal Bond Series A-2, Rev., VRDO, BAN, GTD, LIQ: TD Bank NA, 0.19%, 3/9/2022 (c) | | | 7,500 | | | | 7,500 | |
| | | | | | | | |
| | |
Total Maryland | | | | | | | 34,941 | |
| | | | | | | | |
|
Massachusetts — 2.0% | |
| | |
City of Boston Series 2020D, GO, 5.00%, 3/1/2024 | | | 2,335 | | | | 2,513 | |
| | |
City of New Bedford GO, BAN, 2.00%, 4/15/2022 | | | 9,245 | | | | 9,261 | |
| | |
Commonwealth of Massachusetts, Consolidated Loan of 2014 SubSeries D-2, GO, 1.70%, 8/1/2022 (c) | | | 5,500 | | | | 5,521 | |
| | |
Massachusetts Development Finance Agency, Northeastern University Issue | | | | | | | | |
| | |
Series 2020A, Rev., 5.00%, 10/1/2022 | | | 3,600 | | | | 3,690 | |
| | |
Series 2020A, Rev., 5.00%, 10/1/2023 | | | 2,900 | | | | 3,080 | |
| | |
Series 2020A, Rev., 5.00%, 10/1/2024 | | | 1,580 | | | | 1,730 | |
| | |
Series 2020A, Rev., 5.00%, 10/1/2025 | | | 975 | | | | 1,099 | |
| | |
Series 2020A, Rev., 5.00%, 10/1/2026 | | | 895 | | | | 1,036 | |
| | |
Massachusetts Development Finance Agency, Partners Healthcare System Issue Series 2017S, Rev., (SIFMA Municipal Swap Index Yield + 0.50%), 0.70%, 3/10/2022 (b) | | | 1,500 | | | | 1,500 | |
| | |
Massachusetts Development Finance Agency, Suffolk University Issue | | | | | | | | |
| | |
Rev., 5.00%, 7/1/2022 | | | 390 | | | | 396 | |
| | |
Rev., 5.00%, 7/1/2024 | | | 350 | | | | 376 | |
| | |
Massachusetts Development Finance Agency, Wellforce Issue | | | | | | | | |
| | |
Series 2020C, Rev., AGM, 5.00%, 10/1/2022 | | | 150 | | | | 154 | |
| | |
Series 2020C, Rev., AGM, 5.00%, 10/1/2023 | | | 100 | | | | 106 | |
| | |
Series 2020C, Rev., AGM, 5.00%, 10/1/2024 | | | 115 | | | | 125 | |
| | |
Series 2020C, Rev., AGM, 5.00%, 10/1/2025 | | | 175 | | | | 196 | |
| | |
Series 2020C, Rev., AGM, 5.00%, 10/1/2026 | | | 175 | | | | 200 | |
| | |
Massachusetts Port Authority Series 2019-A, Rev., AMT, 5.00%, 7/1/2022 (d) | | | 2,500 | | | | 2,535 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 163 |
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Massachusetts — continued | |
| | |
Massachusetts Transportation Trust Fund Metropolitan Highway System, Commonwealth Contract Assistance Secured, Subordinated Series A, Rev., 5.00%, 1/1/2023 (c) | | | 10,000 | | | | 10,333 | |
| | |
Massachusetts Water Resources Authority Series A-3, Rev., VRDO, LIQ: Wells Fargo Bank NA, 0.19%, 3/9/2022 (c) | | | 27,170 | | | | 27,170 | |
| | |
University of Massachusetts Building Authority | | | | | | | | |
| | |
Rev., 5.00%, 11/1/2024 (d) | | | 9,485 | | | | 10,419 | |
| | |
Series 2015-1, Rev., 5.00%, 11/1/2025 (d) | | | 250 | | | | 283 | |
| | | | | | | | |
| | |
Total Massachusetts | | | | | | | 81,723 | |
| | | | | | | | |
|
Michigan — 2.1% | |
| | |
City of Charlevoix, Building Authority, Limited Tax | | | | | | | | |
| | |
Rev., 4.00%, 10/1/2022 | | | 175 | | | | 178 | |
| | |
Rev., 4.00%, 10/1/2023 | | | 110 | | | | 115 | |
| | |
City of Gladstone, Capital Improvement, Limited Tax | | | | | | | | |
| | |
GO, AGM, 3.00%, 3/1/2022 | | | 250 | | | | 250 | |
| | |
GO, AGM, 3.00%, 3/1/2023 | | | 260 | | | | 265 | |
| | |
GO, AGM, 3.00%, 3/1/2024 | | | 265 | | | | 273 | |
| | |
GO, AGM, 3.00%, 3/1/2025 | | | 275 | | | | 287 | |
| | |
Frankenmuth School District, School Building and Site GO, Q-SBLF, 4.00%, 5/1/2023 | | | 200 | | | | 207 | |
| | |
Fulton School District, Unlimited Tax | | | | | | | | |
| | |
GO, AGM, 4.00%, 5/1/2025 | | | 215 | | | | 231 | |
| | |
GO, AGM, 4.00%, 5/1/2026 | | | 220 | | | | 241 | |
| | |
GO, AGM, 4.00%, 5/1/2027 | | | 210 | | | | 233 | |
| | |
Hopkins Public Schools | | | | | | | | |
| | |
Series 2019A, GO, Q-SBLF, 4.00%, 5/1/2022 | | | 160 | | | | 161 | |
| | |
Series 2019A, GO, Q-SBLF, 4.00%, 5/1/2023 | | | 365 | | | | 378 | |
| | |
Huron Valley School District, Unlimited Tax | | | | | | | | |
| | |
GO, Q-SBLF, 2.00%, 5/1/2024 | | | 5,825 | | | | 5,920 | |
| | |
GO, Q-SBLF, 2.00%, 5/1/2025 | | | 2,050 | | | | 2,090 | |
| | |
Jackson Public Schools, Unlimited Tax | | | | | | | | |
| | |
GO, Q-SBLF, 4.00%, 5/1/2023 | | | 605 | | | | 626 | |
| | |
GO, Q-SBLF, 4.00%, 5/1/2024 | | | 690 | | | | 731 | |
| | |
Kelloggsville Public Schools, School Building and Site GO, AGM, 4.00%, 5/1/2022 | | | 380 | | | | 382 | |
| | |
Kent Hospital Finance Authority, Spectrum Health System Series 2008B-3, Rev., VRDO, LIQ: Wells Fargo Bank NA, 0.20%, 3/9/2022 (c) | | | 34,040 | | | | 34,040 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
|
Michigan — continued | |
| | |
Lakeview School District, School Building and Site, Unlimited Tax Series B, GO, VRDO, LOC: TD Bank NA, 0.20%, 3/9/2022 (c) | | | 8,330 | | | | 8,330 | |
| | |
Leland Public School District | | | | | | | | |
| | |
GO, AGM, 4.00%, 5/1/2022 | | | 510 | | | | 513 | |
| | |
GO, AGM, 4.00%, 5/1/2023 | | | 785 | | | | 812 | |
| | |
Michigan Finance Authority, Bronson Healthcare Group, Inc. Series B, Rev., 3.50%, 11/15/2022 (c) | | | 4,165 | | | | 4,239 | |
| | |
Michigan State Hospital Finance Authority, Ascension Health Credit Group Series 2010F-3, Rev., 4.00%, 7/1/2024 (c) | | | 1,000 | | | | 1,059 | |
| | |
Michigan State Housing Development Authority, Single Family Mortgage Series D, Rev., VRDO, LIQ: Industrial & Commercial Bank of China, 0.24%, 3/9/2022 (c) | | | 5,485 | | | | 5,485 | |
| | |
Michigan State Housing Development Authority, Woodland Hills Apartments Project Rev., 0.23%, 10/1/2022 (c) | | | 7,200 | | | | 7,169 | |
| | |
Michigan Strategic Fund, Holland Home Obligated Group | | | | | | | | |
| | |
Rev., 4.00%, 11/15/2022 | | | 180 | | | | 183 | |
| | |
Rev., 4.00%, 11/15/2023 | | | 190 | | | | 197 | |
| | |
Michigan Strategic Fund, Waste Management, Inc. Project Rev., 0.58%, 8/1/2024 (c) | | | 3,000 | | | | 2,897 | |
| | |
South Haven Township and Casco Township, Water and Sewage Treatment Authority, Limited Tax | | | | | | | | |
| | |
Rev., 4.00%, 5/1/2022 | | | 285 | | | | 287 | |
| | |
Rev., 4.00%, 5/1/2023 | | | 480 | | | | 497 | |
| | |
Rev., 4.00%, 5/1/2024 | | | 720 | | | | 758 | |
| | |
Waterford School District, Unlimited Tax | | | | | | | | |
| | |
GO, Q-SBLF, 4.00%, 5/1/2022 | | | 650 | | | | 653 | |
| | |
GO, Q-SBLF, 4.00%, 5/1/2023 | | | 1,340 | | | | 1,383 | |
| | |
GO, Q-SBLF, 4.00%, 5/1/2024 | | | 1,360 | | | | 1,440 | |
| | |
Wayne County Airport Authority Series G, Rev., 5.00%, 12/1/2024 | | | 1,000 | | | | 1,098 | |
| | |
Wayne-Westland Community Schools, Building and Site Unlimited Tax | | | | | | | | |
| | |
GO, Q-SBLF, 4.00%, 5/1/2022 | | | 160 | | | | 161 | |
| | |
GO, Q-SBLF, 5.00%, 11/1/2022 | | | 290 | | | | 298 | |
| | | | | | | | |
| | |
Total Michigan | | | | | | | 84,067 | |
| | | | | | | | |
|
Minnesota — 0.3% | |
| | |
City of Minneapolis & St. Paul Housing and Redevelopment Authority, Health Care, Allina Health System Series 2007C-2, Rev., VRDO, LOC: Wells Fargo Bank NA, 0.20%, 3/9/2022 (c) | | | 6,410 | | | | 6,410 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 164 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Minnesota — continued | |
| | |
City of Wayzata, Folkestone Senior Living Community | | | | | | | | |
| | |
Rev., 3.00%, 8/1/2022 | | | 200 | | | | 201 | |
| | |
Rev., 3.00%, 8/1/2023 | | | 100 | | | | 101 | |
| | |
Rev., 3.00%, 8/1/2024 | | | 100 | | | | 101 | |
| | |
Duluth Economic Development Authority, Benedictine Health System | | | | | | | | |
| | |
Series 2021A, Rev., 3.00%, 7/1/2023 | | | 210 | | | | 212 | |
| | |
Series 2021A, Rev., 3.00%, 7/1/2024 | | | 100 | | | | 102 | |
| | |
Series 2021A, Rev., 3.00%, 7/1/2025 | | | 100 | | | | 102 | |
| | |
Series 2021A, Rev., 3.00%, 7/1/2026 | | | 180 | | | | 183 | |
| | |
Duluth Housing and Redevelopment Authority, Duluth Public Schools Academy Project | | | | | | | | |
| | |
Series 2018-A, Rev., 3.63%, 11/1/2022 | | | 345 | | | | 347 | |
| | |
Series 2018-A, Rev., 3.88%, 11/1/2023 | | | 325 | | | | 333 | |
| | |
Duluth Independent School District No. 709 Series 2019B, COP, 5.00%, 2/1/2023 | | | 185 | | | | 192 | |
| | |
Metropolitan Council, Minneapolis St. Paul Metropolitan Area Series 2020C, GO, GAN, 0.38%, 12/1/2022 | | | 5,000 | | | | 4,981 | |
| | |
Minnesota Higher Education Facilities Authority, College of St. Scholastica, Inc. | | | | | | | | |
| | |
Rev., 3.00%, 12/1/2022 | | | 100 | | | | 101 | |
| | |
Rev., 3.00%, 12/1/2023 | | | 100 | | | | 103 | |
| | | | | | | | |
| | |
Total Minnesota | | | | | | | 13,469 | |
| | | | | | | | |
|
Mississippi — 0.1% | |
| | |
City of Tupelo | | | | | | | | |
| | |
GO, 4.00%, 12/1/2022 | | | 245 | | | | 251 | |
| | |
GO, 4.00%, 12/1/2023 | | | 315 | | | | 330 | |
| | |
County of Warren, Gulf Opportunity Zone, International Paper Co. Project | | | | | | | | |
| | |
Series 2020A, Rev., 1.37%, 6/16/2025 (c) | | | 1,750 | | | | 1,739 | |
| | |
Series 2020C, Rev., 1.37%, 6/16/2025 (c) | | | 1,500 | | | | 1,490 | |
| | |
Mississippi Development Bank, Biloxi Project Rev., 3.00%, 3/1/2022 | | | 175 | | | | 175 | |
| | |
Mississippi Development Bank, Rankin County Bond Project Rev., 3.00%, 3/1/2022 | | | 100 | | | | 100 | |
| | |
Mississippi Hospital Equipment and Facilities Authority, Forrest County General Hospital Refunding Project | | | | | | | | |
| | |
Series B, Rev., 5.00%, 1/1/2023 | | | 370 | | | | 382 | |
| | |
Series B, Rev., 5.00%, 1/1/2024 | | | 370 | | | | 395 | |
| | | | | | | | |
| | |
Total Mississippi | | | | | | | 4,862 | |
| | | | | | | | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
|
Missouri — 0.8% | |
| | |
City of Kansas City, Roe Bartle Convention Center Series 2008F, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.21%, 3/9/2022 (c) | | | 4,490 | | | | 4,490 | |
| | |
City of St. Peters | | | | | | | | |
| | |
COP, 4.00%, 5/1/2022 | | | 605 | | | | 608 | |
| | |
COP, 4.00%, 5/1/2023 | | | 625 | | | | 646 | |
| | |
COP, 4.00%, 5/1/2024 | | | 650 | | | | 687 | |
| | |
COP, 4.00%, 5/1/2025 | | | 425 | | | | 458 | |
| | |
County of Greene, Special Obligation | | | | | | | | |
| | |
Rev., 4.00%, 12/1/2022 | | | 260 | | | | 266 | |
| | |
Rev., 4.00%, 12/1/2023 | | | 520 | | | | 545 | |
| | |
Rev., 4.00%, 12/1/2024 | | | 540 | | | | 578 | |
| | |
County of Jackson, Harry S. Truman Sports Complex Project Rev., 5.00%, 12/1/2022 | | | 4,000 | | | | 4,115 | |
| | |
Greene County Reorganized School District No. R-8 | | | | | | | | |
| | |
Series 2019B, GO, 3.00%, 3/1/2022 | | | 500 | | | | 500 | |
| | |
Series 2019B, GO, 3.00%, 3/1/2023 | | | 595 | | | | 608 | |
| | |
Health and Educational Facilities Authority of the State of Missouri, BJC Health System | | | | | | | | |
| | |
Series C, Rev., VRDO, LIQ: BJC Health System, 0.19%, 3/9/2022 (c) | | | 1,285 | | | | 1,285 | |
| | |
Series 2021B, Rev., 4.00%, 5/1/2026 (c) | | | 7,500 | | | | 8,264 | |
| | |
Missouri Western State University, Auxiliary System Rev., 2.80%, 10/1/2022 | | | 50 | | | | 50 | |
| | |
Nixa Public Schools | | | | | | | | |
| | |
Series 2019B, GO, 4.00%, 3/1/2022 | | | 175 | | | | 175 | |
| | |
Series 2019B, GO, 5.00%, 3/1/2023 | | | 200 | | | | 208 | |
| | |
St. Louis County Special School District | | | | | | | | |
| | |
COP, 4.00%, 4/1/2022 | | | 395 | | | | 396 | |
| | |
COP, 4.00%, 4/1/2023 | | | 410 | | | | 423 | |
| | |
COP, 4.00%, 4/1/2024 | | | 605 | | | | 637 | |
| | |
Tender Option Bond Trust Receipts/Certificates | | | | | | | | |
| | |
Series 2018-XG0176, Rev., VRDO, LIQ: Royal Bank of Canada, 0.32%, 3/9/2022 (c) (e) | | | 8,200 | | | | 8,200 | |
| | | | | | | | |
| | |
Total Missouri | | | | | | | 33,139 | |
| | | | | | | | |
|
Montana — 0.1% | |
| | |
Montana State Board of Regents, Montana State University Series F, Rev., (SIFMA Municipal Swap Index Yield + 0.45%), 0.65%, 3/10/2022 (b) | | | 2,940 | | | | 2,946 | |
| | | | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 165 |
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Nebraska — 0.4% | |
| | |
County of Saunders | | | | | | | | |
| | |
GO, 2.00%, 11/1/2022 | | | 300 | | | | 302 | |
| | |
GO, 3.00%, 11/1/2023 | | | 325 | | | | 334 | |
| | |
GO, 3.00%, 11/1/2024 | | | 415 | | | | 433 | |
| | |
County of Washington, Wastewater and Solid Waste Disposal Facilities, Cargill Incorporated Projects Rev., AMT, 0.90%, 9/1/2025 (c) | | | 6,800 | | | | 6,680 | |
| | |
Nebraska Public Power District | | | | | | | | |
| | |
Series 2021C, Rev., 5.00%, 1/1/2023 | | | 1,600 | | | | 1,655 | |
| | |
Series 2021D, Rev., 5.00%, 1/1/2023 | | | 1,500 | | | | 1,552 | |
| | |
Series 2021C, Rev., 5.00%, 1/1/2024 | | | 4,710 | | | | 5,039 | |
| | | | | | | | |
| | |
Total Nebraska | | | | | | | 15,995 | |
| | | | | | | | |
|
Nevada — 0.5% | |
| | |
Carson City Nevada Hospital Rev., 5.00%, 9/1/2027 | | | 610 | | | | 709 | |
| | |
City of Sparks, Senior Sales Tax Series 2019A, Rev., 2.50%, 6/15/2024 (e) | | | 595 | | | | 597 | |
| | |
Clark County School District, Limited Tax Series C, GO, 5.00%, 6/15/2023 | | | 2,000 | | | | 2,100 | |
| | |
County of Clark, Department of Aviation, Nevada Airport System, Subordinate Lien Series 2008D-3, Rev., VRDO, LOC: Bank of America NA, 0.20%, 3/9/2022 (c) | | | 4,435 | | | | 4,435 | |
| | |
County of Humboldt, Sierra Pacific Power Company Project Series 2016B, Rev., 1.85%, 4/15/2022 (c) | | | 4,550 | | | | 4,556 | |
| | |
County of Washoe, Water Facilities Bonds, Sierra Pacific Power Co. Project | | | | | | | | |
| | |
Rev., AMT, 0.62%, 4/15/2022 (c) | | | 4,000 | | | | 3,999 | |
| | |
Series 2016G, Rev., 1.85%, 4/15/2022 (c) | | | 5,000 | | | | 5,007 | |
| | | | | | | | |
| | |
Total Nevada | | | | | | | 21,403 | |
| | | | | | | | |
|
New Hampshire — 0.6% | |
| | |
New Hampshire Business Finance Authority, Waste Management, Inc., Project Series 2018A, Rev., AMT, (SIFMA Municipal Swap Index Yield + 0.38%), 0.57%, 3/10/2022 (b) | | | 24,500 | | | | 24,367 | |
| | | | | | | | |
|
New Jersey — 3.4% | |
| | |
Atlantic County Improvement Authority (The), Atlantic City Campus Phase II Project | | | | | | | | |
| | |
Series 2021A, Rev., AGM, 5.00%, 7/1/2024 | | | 75 | | | | 81 | |
| | |
Series 2021A, Rev., AGM, 5.00%, 7/1/2025 | | | 100 | | | | 111 | |
| | |
Series 2021A, Rev., AGM, 5.00%, 7/1/2026 | | | 100 | | | | 114 | |
| | |
City of Newark | | | | | | | | |
| | |
Series 2020A, GO, 5.00%, 10/1/2022 | | | 750 | | | | 766 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
|
New Jersey — continued | |
| | |
Series 2020B, GO, 5.00%, 10/1/2022 | | | 500 | | | | 511 | |
| | |
Series 2020A, GO, AGM, 5.00%, 10/1/2023 | | | 1,000 | | | | 1,056 | |
| | |
Series 2020B, GO, AGM, 5.00%, 10/1/2023 | | | 525 | | | | 554 | |
| | |
Series 2020A, GO, AGM, 5.00%, 10/1/2024 | | | 1,000 | | | | 1,085 | |
| | |
Series 2020B, GO, AGM, 5.00%, 10/1/2024 | | | 650 | | | | 704 | |
| | |
Series 2020A, GO, AGM, 5.00%, 10/1/2025 | | | 850 | | | | 945 | |
| | |
Series 2020B, GO, AGM, 5.00%, 10/1/2025 | | | 595 | | | | 662 | |
| | |
Series 2020A, GO, AGM, 5.00%, 10/1/2026 | | | 750 | | | | 854 | |
| | |
East Brunswick Township Board of Education, School Energy Savings GO, 5.00%, 8/1/2022 | | | 110 | | | | 112 | |
| | |
Jersey City Municipal Utilities Authority, Water Project Notes Rev., 3.00%, 7/1/2022 | | | 16,000 | | | | 16,116 | |
| | |
New Brunswick Parking Authority, Tax-Exempt | | | | | | | | |
| | |
Series 2020B, Rev., GTD, 5.00%, 9/1/2022 | | | 350 | | | | 357 | |
| | |
Series 2020B, Rev., GTD, 5.00%, 9/1/2023 | | | 335 | | | | 353 | |
| | |
Series 2020B, Rev., GTD, 5.00%, 9/1/2024 | | | 425 | | | | 463 | |
| | |
Series 2020B, Rev., GTD, 5.00%, 9/1/2025 | | | 425 | | | | 476 | |
| | |
Series 2020A, Rev., GTD, 5.00%, 9/1/2026 | | | 500 | | | | 576 | |
| | |
New Jersey Economic Development Authority, School Facilities Construction | | | | | | | | |
| | |
Series 2021QQQ, Rev., 5.00%, 6/15/2022 | | | 100 | | | | 101 | |
| | |
Series 2021QQQ, Rev., 5.00%, 6/15/2023 | | | 110 | | | | 115 | |
| | |
Series 2021QQQ, Rev., 5.00%, 6/15/2024 | | | 300 | | | | 323 | |
| | |
Series 2021QQQ, Rev., 5.00%, 6/15/2025 | | | 550 | | | | 608 | |
| | |
Series 2021QQQ, Rev., 5.00%, 6/15/2026 | | | 555 | | | | 627 | |
| | |
New Jersey Health Care Facilities Financing Authority, Barnabas Health Obligated Group | | | | | | | | |
| | |
Series 2021A, Rev., 5.00%, 7/1/2022 | | | 5,590 | | | | 5,668 | |
| | |
Series 2021A, Rev., 5.00%, 7/1/2023 | | | 6,810 | | | | 7,171 | |
| | |
New Jersey Transportation Trust Fund Authority Series 2021A, Rev., 5.00%, 6/15/2025 | | | 2,750 | | | | 3,038 | |
| | |
New Jersey Turnpike Authority Series D, Rev., 5.00%, 1/1/2028 | | | 7,000 | | | | 7,979 | |
| | |
Passaic County Improvement Authority (The), City of Paterson Project Rev., GTD, 5.00%, 8/15/2026 | | | 350 | | | | 404 | |
| | |
Passaic Valley Sewerage Commission, Sewer System | | | | | | | | |
| | |
Series J, Rev., AGM, 3.00%, 12/1/2025 | | | 1,825 | | | | 1,917 | |
| | |
Series J, Rev., AGM, 3.00%, 12/1/2026 | | | 6,285 | | | | 6,664 | |
| | |
State of New Jersey, COVID-19 Emergency Bonds | | | | | | | | |
| | |
GO, 4.00%, 6/1/2023 | | | 21,380 | | | | 22,119 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 166 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
New Jersey — continued | |
| | |
GO, 5.00%, 6/1/2024 | | | 26,250 | | | | 28,298 | |
| | |
GO, 5.00%, 6/1/2025 | | | 12,670 | | | | 14,041 | |
| | |
Township of Chatham | | | | | | | | |
| | |
GO, BAN, 1.50%, 4/8/2022 | | | 11,475 | | | | 11,483 | |
| | | | | | | | |
| | |
Total New Jersey | | | | | | | 136,452 | |
| | | | | | | | |
|
New Mexico — 0.2% | |
| | |
City of Rio Rancho, Water and Wastewater System Rev., 5.00%, 5/15/2022 | | | 1,250 | | | | 1,261 | |
| | |
City of Santa Fe, El Castillo Retirement Residences Project Series 2019B-2, Rev., 2.25%, 5/15/2024 | | | 600 | | | | 600 | |
| | |
County of Sandoval GO, 5.00%, 8/1/2022 | | | 560 | | | | 570 | |
| | |
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 | | | | 1,527 | |
| | |
Series C, Rev., 2.38%, 7/1/2024 | | | 1,525 | | | | 1,525 | |
| | |
University of New Mexico (The), Subordinate Lien System Series 2002B, Rev., VRDO, LIQ: U.S. Bank NA, 0.21%, 3/9/2022 (c) | | | 2,360 | | | | 2,360 | |
| | |
University of New Mexico, Gallup Branch Community College District GO, 2.00%, 10/15/2022 | | | 1,500 | | | | 1,501 | |
| | | | | | | | |
| | |
Total New Mexico | | | | | | | 9,344 | |
| | | | | | | | |
|
New York — 28.5% | |
| | |
Afton Central School District GO, BAN, 1.25%, 7/15/2022 | | | 6,000 | | | | 6,007 | |
| | |
Albany City School District | | | | | | | | |
| | |
Series 2021A, GO, BAN, 3.00%, 3/25/2022 | | | 46,605 | | | | 46,675 | |
| | |
Series B, GO, BAN, 1.00%, 7/29/2022 | | | 33,090 | | | | 33,103 | |
| | |
Amsterdam City School District GO, BAN, 1.25%, 6/24/2022 | | | 23,548 | | | | 23,573 | |
| | |
Ardsley Union Free School District GO, BAN, 1.50%, 2/10/2023 | | | 4,994 | | | | 5,015 | |
| | |
Battery Park City Authority | | | | | | | | |
| | |
Series 2019D-2, Rev., VRDO, LIQ: TD Bank NA, 0.19%, 3/9/2022 (c) | | | 935 | | | | 935 | |
| | |
Series 2019D-1, Rev., VRDO, LIQ: TD Bank NA, 0.20%, 3/9/2022 (c) | | | 14,655 | | | | 14,655 | |
| | |
Bay Shore Union Free School District GO, TAN, 1.25%, 6/24/2022 | | | 32,500 | | | | 32,532 | |
| | |
Berlin Central School District GO, BAN, 2.00%, 6/29/2022 | | | 5,195 | | | | 5,213 | |
| | |
Binghamton City School District Series 2021B, GO, BAN, 1.25%, 11/10/2022 | | | 10,500 | | | | 10,517 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
|
New York — continued | |
| | |
Brasher Falls Central School District Series 2021B, GO, BAN, 1.25%, 7/13/2022 | | | 15,811 | | | | 15,831 | |
| | |
Broome County Local Development Corp., United Health Services Hospitals, Inc., Project | | | | | | | | |
| | |
Rev., AGM, 5.00%, 4/1/2024 | | | 500 | | | | 537 | |
| | |
Rev., AGM, 5.00%, 4/1/2025 | | | 500 | | | | 553 | |
| | |
Rev., AGM, 5.00%, 4/1/2026 | | | 500 | | | | 568 | |
| | |
Canaseraga Central School District GO, BAN, 1.25%, 7/20/2022 | | | 3,640 | | | | 3,644 | |
| | |
Canastota Central School District GO, BAN, 1.25%, 6/29/2022 | | | 19,200 | | | | 19,224 | |
| | |
Catskill Central School District | | | | | | | | |
| | |
GO, BAN, 1.25%, 6/29/2022 | | | 26,960 | | | | 26,989 | |
| | |
Center Moriches Union Free School District GO, TAN, 1.25%, 6/24/2022 | | | 9,000 | | | | 9,010 | |
| | |
Chenango Forks Central School District Series 2021B, GO, BAN, 1.25%, 6/30/2022 | | | 12,000 | | | | 12,012 | |
| | |
Chenango Valley Central School District GO, BAN, 1.25%, 6/24/2022 | | | 12,190 | | | | 12,202 | |
| | |
City of Jamestown, Public Improvement | | | | | | | | |
| | |
GO, 5.00%, 6/1/2022 | | | 500 | | | | 505 | |
| | |
GO, 5.00%, 6/1/2023 | | | 525 | | | | 551 | |
| | |
GO, 5.00%, 6/1/2024 | | | 545 | | | | 587 | |
| | |
City of New York, Fiscal Year 2012 Series A, SubSeries A-4, GO, VRDO, LOC: Bank of Tokyo-Mitsubishi UFJ Ltd., 0.19%, 3/9/2022 (c) | | | 2,300 | | | | 2,300 | |
| | |
City of New York, Fiscal Year 2020 Series 2020-1, GO, 5.00%, 8/1/2026 | | | 1,300 | | | | 1,496 | |
| | |
City of New York, Fiscal Year 2021 Series A, SubSeries A-1, GO, 5.00%, 8/1/2024 | | | 15,000 | | | | 16,332 | |
| | |
City of Rochester Series 2021-I, GO, BAN, 1.50%, 3/3/2022 | | | 41,355 | | | | 41,357 | |
| | |
Copiague Union Free School District GO, TAN, 1.25%, 6/22/2022 | | | 26,000 | | | | 26,029 | |
| | |
East Quogue Union Free School District GO, TAN, 1.25%, 6/24/2022 | | | 5,000 | | | | 5,005 | |
| | |
Edgemont Union Free School District at Greenburgh GO, BAN, 1.25%, 9/2/2022 | | | 3,800 | | | | 3,806 | |
| | |
Floral Park-Bellerose Union Free School District | | | | | | | | |
| | |
GO, 5.00%, 12/1/2022 | | | 475 | | | | 490 | |
| | |
GO, 5.00%, 12/1/2023 | | | 495 | | | | 529 | |
| | |
GO, 5.00%, 12/1/2024 | | | 525 | | | | 579 | |
| | |
GO, 5.00%, 12/1/2025 | | | 550 | | | | 625 | |
| | |
Frewsburg Central School District GO, BAN, 1.25%, 6/22/2022 | | | 6,177 | | | | 6,182 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 167 |
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
New York — continued | |
| | |
Fulton City School District GO, BAN, 1.25%, 7/22/2022 | | | 10,000 | | | | 10,011 | |
| | |
Gananda Central School District GO, BAN, 1.25%, 6/30/2022 | | | 8,000 | | | | 8,010 | |
| | |
Geneva City School District GO, RAN, 1.25%, 6/22/2022 | | | 7,000 | | | | 7,007 | |
| | |
Gowanda Central School District GO, BAN, 1.25%, 6/21/2022 | | | 10,911 | | | | 10,921 | |
| | |
Granville Central School District GO, BAN, 1.25%, 6/17/2022 | | | 13,951 | | | | 13,965 | |
| | |
Hamilton Central School District GO, BAN, 1.25%, 7/8/2022 | | | 5,796 | | | | 5,807 | |
| | |
Harborfields Central School District GO, BAN, 1.25%, 9/8/2022 | | | 14,609 | | | | 14,636 | |
| | |
Hempstead Town Local Development Corp., Adelphi University Project | | | | | | | | |
| | |
Rev., 4.00%, 2/1/2023 | | | 100 | | | | 103 | |
| | |
Rev., 4.00%, 2/1/2024 | | | 200 | | | | 209 | |
| | |
Hempstead Union Free School District | | | | | | | | |
| | |
Series A, GO, RAN, 1.00%, 6/30/2022 | | | 6,000 | | | | 6,001 | |
| | |
Series 2021B, GO, BAN, 1.00%, 7/13/2022 | | | 4,130 | | | | 4,131 | |
| | |
Hermon-DeKalb Central School District GO, BAN, 1.25%, 6/30/2022 | | | 14,000 | | | | 14,014 | |
| | |
Hoosick Falls Central School District GO, BAN, 1.25%, 8/5/2022 | | | 12,500 | | | | 12,514 | |
| | |
Jamesville-Dewitt Central School District GO, BAN, 1.25%, 7/15/2022 | | | 21,000 | | | | 21,029 | |
| | |
Lewiston-Porter Central School District GO, BAN, 1.25%, 6/15/2022 | | | 8,090 | | | | 8,097 | |
| | |
Lisbon Central School District GO, BAN, 1.25%, 7/15/2022 | | | 5,200 | | | | 5,207 | |
| | |
Long Island Power Authority, Electric System | | | | | | | | |
| | |
Rev., 1.00%, 9/1/2025 | | | 25,000 | | | | 24,450 | |
| | |
Series 2020A, Rev., 5.00%, 9/1/2026 | | | 680 | | | | 785 | |
| | |
Mattituck-Cutchogue Union Free School District GO, TAN, 1.25%, 6/24/2022 | | | 8,500 | | | | 8,510 | |
| | |
Mcgraw Central School District GO, BAN, 1.25%, 6/28/2022 | | | 8,855 | | | | 8,865 | |
| | |
Metropolitan Transportation Authority Series 2002G-1F, Rev., (SOFR + 0.43%), 0.46%, 4/1/2022 (b) | | | 1,670 | | | | 1,641 | |
| | |
Metropolitan Transportation Authority, Dedicated Tax Fund Series 2019A, Rev., BAN, 5.00%, 3/1/2022 (d) | | | 20,500 | | | | 20,500 | |
| | |
Middleburgh Central School District GO, BAN, 1.25%, 6/28/2022 | | | 9,770 | | | | 9,780 | |
| | |
Moriah Central School District GO, BAN, 1.25%, 7/14/2022 | | | 6,815 | | | | 6,828 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
|
New York — continued | |
| | |
Mount Vernon City School District GO, 5.00%, 12/1/2022 | | | 1,965 | | | | 2,024 | |
| | |
New York City Industrial Development Agency, Queens Baseball Stadium Project | | | | | | | | |
| | |
Rev., AGM, 5.00%, 1/1/2024 | | | 1,000 | | | | 1,068 | |
| | |
Rev., AGM, 5.00%, 1/1/2025 | | | 2,000 | | | | 2,188 | |
| | |
Rev., AGM, 5.00%, 1/1/2026 | | | 1,000 | | | | 1,122 | |
| | |
Rev., AGM, 5.00%, 1/1/2027 | | | 1,000 | | | | 1,148 | |
| | |
New York City Water and Sewer System, Fiscal Year 2003 SubSeries F1B, Rev., VRDO, LIQ: U.S. Bank NA, 0.19%, 3/9/2022 (c) | | | 150 | | | | 150 | |
| | |
New York City Water and Sewer System, Second General Resolution Series BB-1A, Rev., VRDO, LIQ: State Street Bank & Trust, 0.08%, 3/1/2022 (c) | | | 14,600 | | | | 14,600 | |
| | |
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2008 SubSeries BB-1, Rev., VRDO, LIQ: Bank of Tokyo-Mitsubishi UFJ Ltd., 0.19%, 3/9/2022 (c) | | | 11,390 | | | | 11,390 | |
| | |
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2011 Series DD-1, Rev., VRDO, LIQ: TD Bank NA, 0.03%, 3/1/2022 (c) | | | 11,200 | | | | 11,200 | |
| | |
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2015 Series 2015BB-3, Rev., VRDO, LIQ: Sumitomo Mitsui Banking Corp., 0.21%, 3/9/2022 (c) | | | 5,680 | | | | 5,680 | |
| | |
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2018 Series 2018CC-2, Rev., 5.00%, 6/15/2025 | | | 4,420 | | | | 4,725 | |
| | |
New York State Dormitory Authority, Fordham University Rev., 5.00%, 7/1/2023 | | | 920 | | | | 968 | |
| | |
New York State Dormitory Authority, School Districts Financing Program Series 2019A, Rev., 5.00%, 10/1/2022 | | | 7,490 | | | | 7,675 | |
| | |
New York State Dormitory Authority, St. John’s University | | | | | | | | |
| | |
Series 2021A, Rev., 4.00%, 7/1/2022 | | | 1,500 | | | | 1,517 | |
| | |
Series 2021A, Rev., 5.00%, 7/1/2025 | | | 750 | | | | 834 | |
| | |
New York State Dormitory Authority, State Sales Tax Series 2018C, Rev., 5.00%, 3/15/2025 | | | 400 | | | | 443 | |
| | |
New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project, Tax-Exempt | | | | | | | | |
| | |
Rev., 5.00%, 12/1/2022 | | | 750 | | | | 770 | |
| | |
Rev., 5.00%, 12/1/2023 | | | 800 | | | | 844 | |
| | |
Rev., 5.00%, 12/1/2024 | | | 800 | | | | 866 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 168 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
New York — continued | |
| | |
Rev., 5.00%, 12/1/2025 | | | 500 | | | | 552 | |
| | |
Rev., 5.00%, 12/1/2026 | | | 750 | | | | 843 | |
| | |
Niagara Frontier Transportation Authority, Buffalo Niagara International Airport Series 2019A, Rev., AMT, 5.00%, 4/1/2022 | | | 845 | | | | 848 | |
| | |
North Syracuse Central School District GO, BAN, 1.25%, 8/5/2022 | | | 40,300 | | | | 40,355 | |
| | |
Northeastern Clinton Central School District GO, BAN, 1.25%, 9/2/2022 | | | 20,000 | | | | 20,032 | |
| | |
Oakfield-Alabama Central School District GO, BAN, 1.25%, 7/19/2022 | | | 11,000 | | | | 11,015 | |
| | |
Odessa-Montour Central School District GO, BAN, 1.25%, 7/15/2022 | | | 11,200 | | | | 11,214 | |
| | |
Owego Apalachin Central School District GO, BAN, 1.25%, 6/29/2022 | | | 22,476 | | | | 22,504 | |
| | |
Oxford Academy and Central School District GO, BAN, 2.00%, 7/8/2022 | | | 5,580 | | | | 5,600 | |
| | |
Palmyra Macedon Central School District GO, BAN, 1.25%, 6/16/2022 | | | 16,220 | | | | 16,238 | |
| | |
Pine Valley Central School District GO, BAN, 1.25%, 6/15/2022 | | | 6,420 | | | | 6,426 | |
| | |
Port Authority of New York and New Jersey, Consolidated Series 207, Rev., AMT, 5.00%, 9/15/2023 | | | 10,000 | | | | 10,562 | |
| | |
Sachem Central School District GO, TAN, 1.25%, 6/23/2022 | | | 50,000 | | | | 50,058 | |
| | |
Sandy Creek Central School District GO, BAN, 1.25%, 6/24/2022 | | | 20,222 | | | | 20,242 | |
| | |
Seneca Falls Central School District GO, BAN, 1.25%, 6/28/2022 | | | 14,715 | | | | 14,732 | |
| | |
Smithtown Central School District GO, TAN, 1.25%, 6/29/2022 | | | 50,000 | | | | 50,062 | |
| | |
Solvay Union Free School District GO, BAN, 1.25%, 6/29/2022 | | | 25,530 | | | | 25,556 | |
| | |
Springs Union Free School District GO, TAN, 1.25%, 6/24/2022 | | | 6,000 | | | | 6,007 | |
| | |
Town of Oyster Bay, Public Improvement | | | | | | | | |
| | |
GO, 4.00%, 11/1/2022 | | | 410 | | | | 418 | |
| | |
GO, 4.00%, 11/1/2023 | | | 1,000 | | | | 1,047 | |
| | |
GO, 4.00%, 11/1/2024 | | | 950 | | | | 1,015 | |
| | |
GO, 4.00%, 11/1/2025 | | | 495 | | | | 539 | |
| | |
Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels | | | | | | | | |
| | |
Series 2021A, Rev., BAN, 5.00%, 11/1/2025 | | | 15,000 | | | | 16,930 | |
| | |
Series 2021A-2, Rev., 2.00%, 5/15/2026 (c) | | | 16,000 | | | | 16,206 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
|
New York — continued | |
| | |
Trust for Cultural Resources of The City of New York (The), American Museum of Natural History Series 2014B-1, Rev., (SIFMA Municipal Swap Index Yield + 0.04%), 0.24%, 3/10/2022 (b) | | | 5,000 | | | | 5,000 | |
| | |
Union Endicott Central School District GO, BAN, 1.25%, 6/24/2022 | | | 8,513 | | | | 8,523 | |
| | |
Wantagh Union Free School District GO, TAN, 1.25%, 6/24/2022 | | | 10,000 | | | | 10,011 | |
| | |
Waterville Central School District Series 2021B, GO, BAN, 1.25%, 7/15/2022 | | | 12,310 | | | | 12,323 | |
| | |
Watervliet City School District GO, BAN, 1.25%, 4/27/2022 | | | 10,000 | | | | 10,007 | |
| | |
West Babylon Union Free School District GO, TAN, 1.25%, 6/24/2022 | | | 22,000 | | | | 22,025 | |
| | |
Whitesboro Central School District GO, BAN, 1.25%, 6/24/2022 | | | 20,717 | | | | 20,739 | |
| | |
Williamson Central School District GO, BAN, 1.25%, 7/15/2022 | | | 9,272 | | | | 9,284 | |
| | |
Windsor Central School District GO, BAN, 1.25%, 6/16/2022 | | | 9,649 | | | | 9,658 | |
| | |
Wyandanch Union Free School District GO, TAN, 1.25%, 6/24/2022 | | | 12,000 | | | | 12,012 | |
| | |
Yorkshire-Pioneer Central School District GO, BAN, 1.25%, 7/28/2022 | | | 14,000 | | | | 14,016 | |
| | | | | | | | |
| | |
Total New York | | | | | | | 1,160,000 | |
| | | | | | | | |
|
North Carolina — 2.9% | |
| | |
Buncombe County Metropolitan Sewerage District Series 2008A, Rev., VRDO, LIQ: Wells Fargo Bank NA, 0.20%, 3/9/2022 (c) | | | 19,975 | | | | 19,975 | |
| | |
City of Raleigh, Downtown Improvement Projects Series 2005-B-1, COP, VRDO, LIQ: PNC Bank NA, 0.20%, 3/9/2022 (c) | | | 21,400 | | | | 21,400 | |
| | |
City of Raleigh, Limited Obligation Series 2016A, Rev., VRDO, LIQ: PNC Bank NA, 0.20%, 3/9/2022 (c) | | | 8,115 | | | | 8,115 | |
| | |
Columbus County Industrial Facilities and Pollution Control Financing Authority, International Paper Co. Project | | | | | | | | |
| | |
Series 2019A, Rev., 2.00%, 10/1/2024 (c) | | | 825 | | | | 838 | |
| | |
Series 2019B, Rev., 2.00%, 10/1/2024 (c) | | | 825 | | | | 838 | |
| | |
Series 2020A, Rev., 1.37%, 6/16/2025 (c) | | | 1,780 | | | | 1,769 | |
| | |
County of Harnett, Limited Obligation | | | | | | | | |
| | |
Rev., 4.00%, 12/1/2022 | | | 1,700 | | | | 1,741 | |
| | |
Rev., 4.00%, 12/1/2023 | | | 1,650 | | | | 1,733 | |
| | |
Rev., 4.00%, 12/1/2024 | | | 1,000 | | | | 1,073 | |
| | |
Rev., 5.00%, 12/1/2025 | | | 1,000 | | | | 1,132 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 169 |
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
North Carolina — continued | |
| | |
County of Orange, Limited Obligation | | | | | | | | |
| | |
Series 2021A, Rev., 5.00%, 11/15/2022 | | | 1,405 | | | | 1,447 | |
| | |
Series 2021A, Rev., 5.00%, 11/15/2023 | | | 630 | | | | 672 | |
| | |
Series 2021A, Rev., 5.00%, 11/15/2024 | | | 350 | | | | 385 | |
| | |
Series 2021A, Rev., 5.00%, 11/15/2025 | | | 250 | | | | 283 | |
| | |
North Carolina Medical Care Commission, Caromont Health Series 2021B, Rev., 5.00%, 2/1/2026 (c) | | | 2,840 | | | | 3,209 | |
| | |
North Carolina Turnpike Authority, Triangle Expressway System Rev., BAN, 5.00%, 2/1/2024 | | | 39,700 | | | | 42,375 | |
| | |
State of North Carolina, Build NC Programs, Limited Obligation Series 2020B, Rev., 5.00%, 5/1/2022 | | | 7,000 | | | | 7,051 | |
| | |
University of North Carolina at Chapel Hill Series B, Rev., (ICE LIBOR USD 1 Month + 0.40%), 0.55%, 4/1/2022 (b) | | | 3,750 | | | | 3,750 | |
| | | | | | | | |
| | |
Total North Carolina | | | | | | | 117,786 | |
| | | | | | | | |
|
Ohio — 4.0% | |
| | |
City of Akron, Various Purpose | | | | | | | | |
| | |
GO, 2.00%, 12/1/2022 | | | 565 | | | | 570 | |
| | |
GO, 2.00%, 12/1/2023 | | | 485 | | | | 491 | |
| | |
City of Cleveland, Income Tax, Subordinate Lien, Public Facilities Improvements Series 2018A, Rev., 5.00%, 10/1/2022 | | | 265 | | | | 272 | |
| | |
City of Elyria, Limited Tax Series 2019-2, GO, 4.00%, 12/1/2022 | | | 935 | | | | 957 | |
| | |
City of Lakewood, Income Tax Rev., 0.75%, 3/22/2022 | | | 5,000 | | | | 5,000 | |
| | |
City of Lorain, Limited Tax | | | | | | | | |
| | |
Series 2020A, GO, 4.00%, 12/1/2022 | | | 280 | | | | 286 | |
| | |
Series 2020A, GO, 4.00%, 12/1/2023 | | | 300 | | | | 315 | |
| | |
Series 2020A, GO, 4.00%, 12/1/2024 | | | 250 | | | | 267 | |
| | |
City of Toledo, Limited Tax, Capital Improvement GO, AGM, 5.00%, 12/1/2022 | | | 1,305 | | | | 1,345 | |
| | |
Cleveland-Cuyahoga County Port Authority, The Cleveland Museum of Natural History Project | | | | | | | | |
| | |
Rev., 5.00%, 7/1/2025 | | | 100 | | | | 111 | |
| | |
Rev., 5.00%, 7/1/2026 | | | 125 | | | | 142 | |
| | |
County of Allen, Hospital Facilities, Mercy Health Series B, Rev., 5.00%, 5/5/2022 (c) | | | 2,000 | | | | 2,015 | |
| | |
County of Franklin, Hospital Facilities, OhioHealth Corp. | | | | | | | | |
| | |
Series 2011C, Rev., VRDO, 0.18%, 3/9/2022 (c) | | | 200 | | | | 200 | |
| | |
Series 2009A, Rev., VRDO, LIQ: Barclays Bank plc, 0.19%, 3/9/2022 (c) | | | 38,030 | | | | 38,030 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
|
Ohio — continued | |
| | |
County of Ross, Adena Health System Obligated Group Project | | | | | | | | |
| | |
Rev., 5.00%, 12/1/2022 | | | 355 | | | | 366 | |
| | |
Rev., 5.00%, 12/1/2023 | | | 490 | | | | 520 | |
| | |
Euclid City School District | | | | | | | | |
| | |
COP, 4.00%, 12/1/2023 | | | 70 | | | | 73 | |
| | |
COP, 4.00%, 12/1/2024 | | | 180 | | | | 192 | |
| | |
Lancaster Port Authority, Gas Supply Series 2019A, Rev., LIQ: Royal Bank of Canada, 5.00%, 2/1/2025 (c) | | | 6,100 | | | | 6,669 | |
| | |
Ohio Housing Finance Agency, Carnegie Tower Project Rev., FHA, 0.35%, 10/1/2022 (c) | | | 10,200 | | | | 10,166 | |
| | |
Ohio Water Development Authority, Water Pollution Control Loan Fund Series 2016A, Rev., VRDO, LIQ: TD Bank NA, 0.17%, 3/9/2022 (c) | | | 73,645 | | | | 73,645 | |
| | |
State of Ohio, Capital Facilities Lease Appropriation Park and Recreation Improvement Fund Projects Series 2020B, Rev., VRDO, 0.17%, 3/9/2022 (c) | | | 12,000 | | | | 12,000 | |
| | |
State of Ohio, University Hospitals Health System, Inc. Series A, Rev., VRDO, 0.33%, 3/9/2022 (c) | | | 8,250 | | | | 8,250 | |
| | | | | | | | |
| | |
Total Ohio | | | | | | | 161,882 | |
| | | | | | | | |
|
Oklahoma — 0.4% | |
| | |
Bryan County School Finance Authority, Durant Public Schools Project | | | | | | | | |
| | |
Rev., 4.00%, 12/1/2022 | | | 190 | | | | 195 | |
| | |
Rev., 4.00%, 12/1/2023 | | | 155 | | | | 162 | |
| | |
Rev., 4.00%, 12/1/2024 | | | 165 | | | | 176 | |
| | |
Canadian County Educational Facilities Authority, Mustang Public Schools Project Rev., 3.00%, 9/1/2023 | | | 1,000 | | | | 1,028 | |
| | |
City of Moore GO, 1.25%, 4/1/2022 | | | 1,550 | | | | 1,551 | |
| | |
Cleveland County Educational Facilities Authority, Lexington Public Schools Project | | | | | | | | |
| | |
Rev., 4.00%, 9/1/2022 | | | 125 | | | | 127 | |
| | |
Rev., 4.00%, 9/1/2023 | | | 270 | | | | 281 | |
| | |
Custer County Economic Development Authority, Thomas Fay Public Schools Rev., 4.00%, 12/1/2023 | | | 450 | | | | 469 | |
| | |
Elk City Industrial Authority, Sales Tax Rev., 2.00%, 5/1/2023 | | | 140 | | | | 141 | |
| | |
Ellis County Educational Facilities Authority, Fargo-Gage Public Schools Project | | | | | | | | |
| | |
Rev., 3.00%, 3/1/2022 | | | 725 | | | | 725 | |
| | |
Rev., 3.00%, 3/1/2023 | | | 730 | | | | 743 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 170 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Oklahoma — continued | |
| | |
Garvin County Educational Facilities Authority, Pernell Public Schools Project | | | | | | | | |
| | |
Rev., 4.00%, 9/1/2022 | | | 135 | | | | 137 | |
| | |
Rev., 4.00%, 9/1/2023 | | | 110 | | | | 114 | |
| | |
Rev., 4.00%, 9/1/2024 | | | 160 | | | | 170 | |
| | |
Grady County School Finance Authority, Educational Facilities Lease, Tuttle Public Schools Project | | | | | | | | |
| | |
Rev., 4.00%, 9/1/2022 | | | 200 | | | | 203 | |
| | |
Rev., 4.00%, 9/1/2023 | | | 300 | | | | 313 | |
| | |
Rev., 4.00%, 9/1/2024 | | | 245 | | | | 260 | |
| | |
Kingfisher County Educational Facilities Authority, Lomega Public Schools Project | | | | | | | | |
| | |
Rev., 3.00%, 3/1/2022 | | | 165 | | | | 165 | |
| | |
Rev., 3.00%, 3/1/2023 | | | 385 | | | | 392 | |
| | |
Rev., 3.00%, 3/1/2024 | | | 270 | | | | 279 | |
| | |
Muskogee Industrial Trust, Muskogee Public Schools Project Rev., 5.00%, 9/1/2023 | | | 900 | | | | 946 | |
| | |
Oklahoma Development Finance Authority, Gilcrease Expressway West Project Rev., AMT, 1.63%, 7/6/2023 | | | 4,885 | | | | 4,889 | |
| | |
Oklahoma Housing Finance Agency, Central Oklahoma Portfolio Rev., 0.28%, 8/1/2022 (c) | | | 2,500 | | | | 2,494 | |
| | |
Pittsburg County Educational Facilities Authority, McAlester Public Schools Project | | | | | | | | |
| | |
Rev., 4.00%, 12/1/2024 | | | 250 | | | | 266 | |
| | |
Rev., 4.00%, 12/1/2026 | | | 250 | | | | 274 | |
| | |
Tulsa County Industrial Authority, Sand Springs Public Schools Project | | | | | | | | |
| | |
Rev., 2.00%, 9/1/2022 | | | 125 | | | | 126 | |
| | |
Rev., 4.00%, 9/1/2023 | | | 175 | | | | 182 | |
| | |
Rev., 4.00%, 9/1/2024 | | | 435 | | | | 461 | |
| | |
Wagoner County School Development Authority, Wagoner Public Schools Project Rev., 4.00%, 9/1/2023 | | | 525 | | | | 546 | |
| | | | | | | | |
| | |
Total Oklahoma | | | | | | | 17,815 | |
| | | | | | | | |
|
Oregon — 0.5% | |
| | |
County of Yamhill, Linfield University Project | | | | | | | | |
| | |
Rev., 4.00%, 10/1/2022 | | | 250 | | | | 254 | |
| | |
Rev., 4.00%, 10/1/2023 | | | 435 | | | | 452 | |
| | |
Rev., 4.00%, 10/1/2024 | | | 425 | | | | 447 | |
| | |
Oregon State Facilities Authority, Linfield College Project Series 2015A, Rev., 5.00%, 10/1/2025 (d) | | | 1,000 | | | | 1,117 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
|
Oregon — continued | |
| | |
State of Oregon, Housing and Community Services Department Series 2021BB, Rev., 0.47%, 12/1/2023 (c) | | | 8,500 | | | | 8,363 | |
| | |
State of Oregon, Housing and Community Services Department, Sha Rad Group II Apartment Projects Rev., 1.45%, 6/1/2022 (c) | | | 3,350 | | | | 3,356 | |
| | |
State of Oregon, Veterans Welfare Series 2015P, GO, VRDO, LIQ: U.S. Bank NA, 0.20%, 3/9/2022 (c) | | | 3,500 | | | | 3,500 | |
| | |
Yamhill County Hospital Authority, Friendsview, Tax Exempt | | | | | | | | |
| | |
Series 2021B-3, Rev., 1.75%, 11/15/2026 | | | 415 | | | | 406 | |
| | |
Series 2021B-2, Rev., 2.13%, 11/15/2027 | | | 500 | | | | 483 | |
| | | | | | | | |
| | |
Total Oregon | | | | | | | 18,378 | |
| | | | | | | | |
|
Pennsylvania — 5.1% | |
| | |
Allegheny County Sanitary Authority, Sewer | | | | | | | | |
| | |
Series 2020B, Rev., 3.00%, 6/1/2022 | | | 250 | | | | 251 | |
| | |
Series 2020A, Rev., 4.00%, 6/1/2024 | | | 300 | | | | 318 | |
| | |
Series 2020A, Rev., 4.00%, 6/1/2025 | | | 150 | | | | 162 | |
| | |
Series 2020B, Rev., 4.00%, 6/1/2025 | | | 210 | | | | 227 | |
| | |
Series 2020A, Rev., 5.00%, 6/1/2026 | | | 425 | | | | 487 | |
| | |
Allentown Neighborhood Improvement Zone Development Authority, City Center Project Rev., 5.00%, 5/1/2023 (e) | | | 200 | | | | 207 | |
| | |
Ambridge Borough Water Authority | | | | | | | | |
| | |
Rev., 4.00%, 11/15/2022 | | | 175 | | | | 179 | |
| | |
Rev., 4.00%, 11/15/2023 | | | 175 | | | | 182 | |
| | |
Apollo-Ridge School District | | | | | | | | |
| | |
Series 2019A, GO, 2.00%, 9/1/2022 | | | 375 | | | | 377 | |
| | |
Series 2019A, GO, 4.00%, 9/1/2023 | | | 385 | | | | 401 | |
| | |
Series 2019A, GO, 4.00%, 9/1/2024 | | | 450 | | | | 477 | |
| | |
Armstrong School District | | | | | | | | |
| | |
Series 2019A, GO, 3.00%, 3/15/2022 | | | 235 | | | | 235 | |
| | |
Series B, GO, 3.00%, 3/15/2022 | | | 300 | | | | 300 | |
| | |
Series 2019A, GO, 3.00%, 3/15/2023 | | | 240 | | | | 245 | |
| | |
Series B, GO, 3.00%, 3/15/2023 | | | 400 | | | | 408 | |
| | |
Berks County Municipal Authority (The), Tower Health Project | | | | | | | | |
| | |
Series 2020A, Rev., 5.00%, 2/1/2023 | | | 1,300 | | | | 1,332 | |
| | |
Series 2020A, Rev., 5.00%, 2/1/2024 | | | 425 | | | | 446 | |
| | |
Series 2020A, Rev., 5.00%, 2/1/2025 | | | 600 | | | | 642 | |
| | |
Series 2020A, Rev., 5.00%, 2/1/2026 | | | 1,015 | | | | 1,106 | |
| | |
Big Beaver Falls Area School District, Unlimited Tax | | | | | | | | |
| | |
GO, 4.00%, 3/15/2022 | | | 1,155 | | | | 1,156 | |
| | |
GO, 5.00%, 3/15/2023 | | | 1,200 | | | | 1,248 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 171 |
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Pennsylvania — continued | |
| | |
Burgettstown Area School District | | | | | | | | |
| | |
Series 2019A, GO, 3.00%, 3/15/2022 | | | 100 | | | | 100 | |
| | |
Series 2019A, GO, 4.00%, 3/15/2023 | | | 200 | | | | 206 | |
| | |
Carmichaels Area School District, Limited Tax | | | | | | | | |
| | |
GO, 4.00%, 9/1/2022 | | | 190 | | | | 193 | |
| | |
GO, 4.00%, 9/1/2023 | | | 150 | | | | 156 | |
| | |
Charleroi Borough Authority Water System | | | | | | | | |
| | |
Rev., AGM, 4.00%, 12/1/2022 | | | 165 | | | | 169 | |
| | |
Rev., AGM, 4.00%, 12/1/2023 | | | 225 | | | | 235 | |
| | |
Chester County Health and Education Facilities Authority, Main Line Health System | | | | | | | | |
| | |
Series 2020A, Rev., 3.00%, 9/1/2023 | | | 230 | | | | 237 | |
| | |
Series 2020A, Rev., 3.00%, 9/1/2024 | | | 215 | | | | 224 | |
| | |
Series 2020A, Rev., 5.00%, 9/1/2025 | | | 250 | | | | 280 | |
| | |
City of Altoona, Guaranteed Sewer | | | | | | | | |
| | |
GO, AGM, 5.00%, 12/1/2022 | | | 200 | | | | 206 | |
| | |
GO, AGM, 5.00%, 12/1/2023 | | | 300 | | | | 319 | |
| | |
City of Lebanon Authority | | | | | | | | |
| | |
Rev., 4.00%, 12/15/2022 | | | 275 | | | | 282 | |
| | |
Rev., 4.00%, 12/15/2023 | | | 360 | | | | 377 | |
| | |
City of Philadelphia Series 2019A, GO, 5.00%, 8/1/2022 | | | 4,755 | | | | 4,841 | |
| | |
City of Philadelphia, Airport System | | | | | | | | |
| | |
Series 2020A, Rev., 5.00%, 7/1/2024 | | | 1,480 | | | | 1,600 | |
| | |
Series 2020A, Rev., 5.00%, 7/1/2025 | | | 1,550 | | | | 1,723 | |
| | |
Series 2020A, Rev., 5.00%, 7/1/2026 | | | 1,160 | | | | 1,321 | |
| | |
City of Philadelphia, Water and Wastewater System Rev., 5.00%, 11/1/2022 (d) | | | 1,465 | | | | 1,506 | |
| | |
City of Pittsburgh Series 2020A, GO, 5.00%, 9/1/2026 | | | 300 | | | | 344 | |
| | |
Connellsville Area School District | | | | | | | | |
| | |
Series 2019A, GO, AGM, 2.00%, 5/15/2022 | | | 70 | | | | 70 | |
| | |
Series 2019A, GO, AGM, 2.00%, 5/15/2023 | | | 70 | | | | 71 | |
| | |
Cornell School District GO, AGM, 4.00%, 9/1/2022 | | | 200 | | | | 203 | |
| | |
County of Armstrong | | | | | | | | |
| | |
GO, AGM, 4.00%, 6/1/2022 | | | 380 | | | | 383 | |
| | |
Series 2019A, GO, 4.00%, 6/1/2022 | | | 430 | | | | 435 | |
| | |
GO, AGM, 4.00%, 6/1/2023 | | | 225 | | | | 233 | |
| | |
Series 2019A, GO, 5.00%, 6/1/2023 | | | 225 | | | | 236 | |
| | |
GO, AGM, 4.00%, 6/1/2024 | | | 230 | | | | 243 | |
| | |
GO, AGM, 4.00%, 6/1/2025 | | | 240 | | | | 259 | |
| | |
County of Indiana | | | | | | | | |
| | |
GO, 2.00%, 12/15/2022 | | | 180 | | | | 181 | |
| | |
GO, 2.00%, 12/15/2023 | | | 260 | | | | 263 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
|
Pennsylvania — continued | |
| | |
GO, 3.00%, 12/15/2024 | | | 430 | | | | 449 | |
| | |
GO, 3.00%, 12/15/2025 | | | 250 | | | | 263 | |
| | |
GO, 3.00%, 12/15/2026 | | | 435 | | | | 463 | |
| | |
County of Lackawanna | | | | | | | | |
| | |
Series 2020A, GO, 4.00%, 3/15/2022 | | | 200 | | | | 200 | |
| | |
Series 2020B, GO, 4.00%, 9/1/2022 | | | 135 | | | | 137 | |
| | |
Series 2020A, GO, 4.00%, 3/15/2023 | | | 200 | | | | 206 | |
| | |
Series 2020B, GO, 4.00%, 9/1/2023 | | | 305 | | | | 317 | |
| | |
Series 2020A, GO, 4.00%, 3/15/2024 | | | 300 | | | | 315 | |
| | |
Series 2020B, GO, 4.00%, 9/1/2024 | | | 680 | | | | 721 | |
| | |
Series 2020A, GO, 4.00%, 3/15/2025 | | | 300 | | | | 321 | |
| | |
Series 2020B, GO, 4.00%, 9/1/2025 | | | 685 | | | | 740 | |
| | |
Series 2020B, GO, 4.00%, 9/1/2026 | | | 1,445 | | | | 1,589 | |
| | |
County of Somerset | | | | | | | | |
| | |
GO, 2.00%, 10/1/2022 | | | 340 | | | | 342 | |
| | |
GO, 2.00%, 10/1/2023 | | | 335 | | | | 339 | |
| | |
GO, 2.00%, 10/1/2024 | | | 300 | | | | 305 | |
| | |
County of York Series 2020A, GO, 5.00%, 6/1/2026 | | | 1,305 | | | | 1,494 | |
| | |
Dallas School District | | | | | | | | |
| | |
GO, AGM, 4.00%, 10/15/2022 | | | 300 | | | | 306 | |
| | |
GO, AGM, 5.00%, 10/15/2023 | | | 175 | | | | 184 | |
| | |
GO, AGM, 5.00%, 10/15/2024 | | | 325 | | | | 353 | |
| | |
General Authority of Southcentral Pennsylvania, Wellspan Health Obligated Group Series C, Rev., VRDO, LIQ: Bank of America NA, 0.24%, 3/9/2022 (c) | | | 16,000 | | | | 16,000 | |
| | |
Iroquois School District | | | | | | | | |
| | |
GO, 4.00%, 10/1/2022 | | | 390 | | | | 397 | |
| | |
GO, 4.00%, 10/1/2023 | | | 200 | | | | 209 | |
| | |
Lycoming County Water and Sewer Authority | | | | | | | | |
| | |
Rev., AGM, 4.00%, 11/15/2022 | | | 200 | | | | 204 | |
| | |
Rev., AGM, 4.00%, 11/15/2023 | | | 150 | | | | 157 | |
| | |
Mars Area School District Series 2019B, GO, AGM, 5.00%, 9/1/2023 | | | 115 | | | | 121 | |
| | |
Middletown Township Sewer Authority | | | | | | | | |
| | |
Rev., GTD, 4.00%, 10/1/2022 | | | 265 | | | | 270 | |
| | |
Rev., GTD, 4.00%, 10/1/2023 | | | 210 | | | | 219 | |
| | |
Montgomery County Higher Education and Health Authority, Arcadia University | | | | | | | | |
| | |
Rev., 5.00%, 4/1/2022 | | | 300 | | | | 301 | |
| | |
Rev., 5.00%, 4/1/2023 | | | 300 | | | | 311 | |
| | |
Rev., 5.00%, 4/1/2024 | | | 300 | | | | 320 | |
| | |
Rev., 5.00%, 4/1/2025 | | | 250 | | | | 272 | |
| | |
Rev., 5.00%, 4/1/2026 | | | 165 | | | | 183 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 172 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Pennsylvania — continued | |
| | |
Montour School District GO, 3.00%, 10/1/2023 | | | 200 | | | | 206 | |
| | |
Muncy School District GO, 4.00%, 5/15/2023 | | | 345 | | | | 357 | |
| | |
Municipality of Norristown Series 2020A, GO, 4.00%, 5/1/2023 | | | 6,000 | | | | 6,029 | |
| | |
Municipality of Penn Hills | | | | | | | | |
| | |
Series 2019A, GO, 3.00%, 12/1/2022 | | | 345 | | | | 351 | |
| | |
Series 2019A, GO, 3.00%, 12/1/2023 | | | 305 | | | | 314 | |
| | |
Neshannock Township School District | | | | | | | | |
| | |
Series 2019AA, GO, 4.00%, 9/1/2022 | | | 150 | | | | 152 | |
| | |
Series 2019AA, GO, 4.00%, 9/1/2023 | | | 200 | | �� | | 209 | |
| | |
New Castle Area School District | | | | | | | | |
| | |
GO, 3.00%, 3/1/2022 | | | 610 | | | | 610 | |
| | |
GO, 3.00%, 3/1/2023 | | | 1,000 | | | | 1,019 | |
| | |
GO, 4.00%, 3/1/2024 | | | 240 | | | | 251 | |
| | |
Northeast Bradford School District | | | | | | | | |
| | |
GO, AGM, 2.00%, 6/1/2022 | | | 320 | | | | 321 | |
| | |
GO, AGM, 3.00%, 6/1/2023 | | | 330 | | | | 338 | |
| | |
Northwestern Lehigh School District GO, 5.00%, 2/15/2023 | | | 680 | | | | 706 | |
| | |
Penn Hills School District | | | | | | | | |
| | |
GO, 3.00%, 10/1/2022 | | | 1,725 | | | | 1,747 | |
| | |
GO, 4.00%, 10/1/2023 | | | 1,790 | | | | 1,864 | |
| | |
GO, 4.00%, 10/1/2024 | | | 1,855 | | | | 1,969 | |
| | |
GO, 5.00%, 10/1/2025 | | | 4,615 | | | | 5,154 | |
| | |
Pennsylvania Economic Development Financing Authority, Waste Management, Inc., Project Series 2017A, Rev., AMT, 0.58%, 8/1/2024 (c) | | | 5,500 | | | | 5,304 | |
| | |
Pennsylvania Higher Educational Facilities Authority, State System of Higher Education Series AX, Rev., AGM, 5.00%, 6/15/2022 | | | 1,375 | | | | 1,392 | |
| | |
Pennsylvania Turnpike Commission | | | | | | | | |
| | |
Series 2018A-1, Rev., (SIFMA Municipal Swap Index Yield + 0.60%), 0.80%, 3/10/2022 (b) | | | 18,000 | | | | 18,092 | |
| | |
Series 2019A, Rev., 5.00%, 12/1/2022 | | | 1,000 | | | | 1,031 | |
| | |
Series 2019A, Rev., 5.00%, 12/1/2023 | | | 1,000 | | | | 1,065 | |
| | |
Series 2020B, Rev., 5.00%, 12/1/2023 | | | 425 | | | | 453 | |
| | |
Series 2020B, Rev., 5.00%, 12/1/2024 | | | 450 | | | | 495 | |
| | |
Series 2020B, Rev., 5.00%, 12/1/2025 | | | 325 | | | | 367 | |
| | |
Series 2020B, Rev., 5.00%, 12/1/2026 | | | 400 | | | | 464 | |
| | |
Philadelphia Authority for Industrial Development | | | | | | | | |
| | |
Series B-2, Rev., VRDO, LOC: TD Bank NA, 0.20%, 3/9/2022 (c) | | | 7,095 | | | | 7,095 | |
| | |
Rev., 1.63%, 4/15/2026 | | | 1,500 | | | | 1,459 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
|
Pennsylvania — continued | |
| | |
Philadelphia Gas Works Co., 1998 General Ordinance Series A-2, Rev., VRDO, LOC: TD Bank NA, 0.20%, 3/9/2022 (c) | | | 20,300 | | | | 20,300 | |
| | |
Pittsburgh School District | | | | | | | | |
| | |
GO, 5.00%, 9/1/2022 | | | 1,690 | | | | 1,726 | |
| | |
GO, 5.00%, 9/1/2023 | | | 1,810 | | | | 1,916 | |
| | |
Pittsburgh Water and Sewer Authority, First Lien Series 2019A, Rev., 5.00%, 9/1/2022 | | | 250 | | | | 255 | |
| | |
Punxsutawney Area School District | | | | | | | | |
| | |
Series 2020A, GO, AGM, 5.00%, 10/15/2022 | | | 290 | | | | 297 | |
| | |
Series 2020A, GO, AGM, 5.00%, 10/15/2023 | | | 250 | | | | 265 | |
| | |
Series 2020A, GO, AGM, 5.00%, 10/15/2024 | | | 150 | | | | 164 | |
| | |
School District of Philadelphia (The) | | | | | | | | |
| | |
Series 2019A, GO, 5.00%, 9/1/2022 | | | 1,050 | | | | 1,072 | |
| | |
Series 2019A, GO, 5.00%, 9/1/2023 | | | 1,050 | | | | 1,108 | |
| | |
School District of the City of Erie (The), Limited Tax | | | | | | | | |
| | |
Series 2019B, GO, AGM, 5.00%, 4/1/2022 | | | 325 | | | | 326 | |
| | |
Series 2019B, GO, AGM, 5.00%, 4/1/2023 | | | 315 | | | | 328 | |
| | |
Selinsgrove Area School District | | | | | | | | |
| | |
Series 2019A, GO, 2.00%, 3/1/2022 | | | 5 | | | | 5 | |
| | |
Series B, GO, 3.00%, 3/1/2022 | | | 130 | | | | 130 | |
| | |
Series 2019A, GO, 2.00%, 9/1/2022 | | | 400 | | | | 403 | |
| | |
Series 2019A, GO, 2.00%, 3/1/2023 | | | 5 | | | | 5 | |
| | |
Series B, GO, 3.00%, 3/1/2023 | | | 95 | | | | 97 | |
| | |
Series 2019A, GO, 2.00%, 9/1/2023 | | | 585 | | | | 592 | |
| | |
Southeastern Pennsylvania Transportation Authority | | | | | | | | |
| | |
Rev., 5.00%, 6/1/2022 | | | 500 | | | | 506 | |
| | |
Rev., 5.00%, 6/1/2023 | | | 750 | | | | 788 | |
| | |
Rev., 5.00%, 6/1/2024 | | | 755 | | | | 810 | |
| | |
Rev., 5.00%, 6/1/2025 | | | 1,250 | | | | 1,375 | |
| | |
Rev., 5.00%, 6/1/2026 | | | 750 | | | | 845 | |
| | |
Sports and Exhibition Authority of Pittsburgh and Allegheny County, Sales Tax | | | | | | | | |
| | |
Rev., AGM, 4.00%, 2/1/2023 | | | 1,500 | | | | 1,542 | |
| | |
Rev., AGM, 5.00%, 2/1/2026 | | | 1,995 | | | | 2,250 | |
| | |
Spring-Benner-Walker Joint Authority Series 2020A, Rev., 4.00%, 9/1/2024 | | | 440 | | | | 468 | |
| | |
State Public School Building Authority, Community College of Philadelphia Project Series 2019A, Rev., AGM, 5.00%, 6/15/2022 | | | 310 | | | | 314 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 173 |
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Pennsylvania — continued | |
| | |
Steel Valley School District, Allegheny County, Pennsylvania Unlimited Tax | | | | | | | | |
| | |
Series 2019B, GO, 4.00%, 11/1/2022 | | | 240 | | | | 245 | |
| | |
Series 2019B, GO, 4.00%, 11/1/2023 | | | 250 | | | | 261 | |
| | |
Steelton-Highspire School District, Limited Tax | | | | | | | | |
| | |
GO, 4.00%, 11/15/2022 | | | 60 | | | | 61 | |
| | |
GO, 4.00%, 11/15/2023 | | | 85 | | | | 89 | |
| | |
Township of Butler | | | | | | | | |
| | |
GO, 5.00%, 10/1/2022 | | | 250 | | | | 256 | |
| | |
GO, 5.00%, 10/1/2023 | | | 260 | | | | 275 | |
| | |
GO, 5.00%, 10/1/2024 | | | 275 | | | | 300 | |
| | |
Township of East Coventry | | | | | | | | |
| | |
GO, 3.00%, 12/1/2025 | | | 345 | | | | 363 | |
| | |
GO, 3.00%, 12/1/2026 | | | 275 | | | | 293 | |
| | |
Township of East Pennsboro, Cumberland County GO, 3.00%, 9/1/2022 | | | 175 | | | | 177 | |
| | |
Township of Radnor | | | | | | | | |
| | |
GO, 2.00%, 6/15/2022 | | | 190 | | | | 190 | |
| | |
GO, 3.00%, 6/15/2024 | | | 145 | | | | 151 | |
| | |
Uniontown Area School District | | | | | | | | |
| | |
GO, 2.00%, 10/1/2023 | | | 530 | | | | 536 | |
| | |
GO, 3.00%, 10/1/2024 | | | 900 | | | | 935 | |
| | |
University of Pittsburgh of the Commonwealth System of Higher Education Rev., (SIFMA Municipal Swap Index Yield + 0.36%), 0.56%, 3/10/2022 (b) | | | 47,000 | | | | 47,146 | |
| | |
Upper Allegheny Joint Sanitary Authority | | | | | | | | |
| | |
Series 2019A, Rev., AGM, 4.00%, 9/1/2022 | | | 200 | | | | 203 | |
| | |
Series 2019A, Rev., AGM, 4.00%, 9/1/2023 | | | 215 | | | | 224 | |
| | |
Waynesboro Area School District, Franklin County | | | | | | | | |
| | |
GO, 5.00%, 10/1/2022 | | | 305 | | | | 312 | |
| | |
GO, 5.00%, 10/1/2023 | | | 320 | | | | 339 | |
| | |
Wilkes-Barre Area School District GO, 5.00%, 4/15/2023 | | | 115 | | | | 120 | |
| | |
Wyalusing Area School District | | | | | | | | |
| | |
GO, 3.00%, 4/1/2022 | | | 150 | | | | 150 | |
| | |
GO, AGM, 4.00%, 4/1/2022 | | | 315 | | | | 316 | |
| | |
GO, 3.00%, 4/1/2023 | | | 200 | | | | 204 | |
| | |
GO, AGM, 4.00%, 4/1/2023 | | | 400 | | | | 413 | |
| | |
GO, 3.00%, 4/1/2024 | | | 185 | | | | 192 | |
| | |
GO, 3.00%, 4/1/2025 | | | 200 | | | | 210 | |
| | |
GO, 3.00%, 4/1/2026 | | | 300 | | | | 318 | |
| | | | | | | | |
| | |
Total Pennsylvania | | | | | | | 206,270 | |
| | | | | | | | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
|
Rhode Island — 0.4% | |
| | |
City of Pawtucket | | | | | | | | |
| | |
Series 2019D, GO, AGM, 3.00%, 7/15/2022 | | | 210 | | | | 212 | |
| | |
Series 2019C, GO, AGM, 4.00%, 7/15/2022 | | | 210 | | | | 213 | |
| | |
Series 2019D, GO, AGM, 3.00%, 7/15/2023 | | | 70 | | | | 72 | |
| | |
Series 2019C, GO, AGM, 4.00%, 7/15/2023 | | | 380 | | | | 394 | |
| | |
Rhode Island Health and Educational Building Corp., Public School Financing Program | | | | | | | | |
| | |
Series 2021F, Rev., 4.00%, 5/15/2024 | | | 1,790 | | | | 1,897 | |
| | |
Series 2021F, Rev., 3.00%, 5/15/2026 | | | 1,225 | | | | 1,297 | |
| | |
Rhode Island Health and Educational Building Corp., Public School Program, Providence Public Building Authority Series 2013A, Rev., 5.00%, 5/15/2022 | | | 15 | | | | 16 | |
| | |
Rhode Island Industrial Facilities Corp., Marine Terminal, ExxonMobil Project Rev., VRDO, 0.08%, 3/1/2022 (c) | | | 12,105 | | | | 12,105 | |
| | |
Rhode Island Turnpike and Bridge Authority, Motor Fuel Tax Series 2019A, Rev., 5.00%, 10/1/2023 | | | 125 | | | | 132 | |
| | | | | | | | |
| | |
Total Rhode Island | | | | | | | 16,338 | |
| | | | | | | | |
|
South Carolina — 0.3% | |
| | |
Charleston County School District GO, SCSDE, 5.00%, 3/1/2024 | | | 3,000 | | | | 3,225 | |
| | |
Chester Sewer District, Wastewater System Improvement Rev., 4.00%, 6/1/2023 | | | 75 | | | | 78 | |
| | |
County Square Redevelopment Corp., Greenville County, South Carolina Project Rev., BAN, 2.00%, 3/3/2022 | | | 7,000 | | | | 7,000 | |
| | |
Educational Facilities Authority, Wofford College Rev., 2.37%, 4/1/2022 (c) | | | 400 | | | | 400 | |
| | |
Piedmont Municipal Power Agency Series 2021A, Rev., 4.00%, 1/1/2024 | | | 1,525 | | | | 1,602 | |
| | |
South Carolina Jobs-Economic Development Authority, Lowcountry Leadership Charter School Project Series 2019A, Rev., 2.38%, 12/1/2024 (e) | | | 600 | | | | 594 | |
| | |
South Carolina Jobs-Economic Development Authority, Woodlands at Furman Project Series 2020A, Rev., 4.00%, 11/15/2023 | | | 130 | | | | 133 | |
| | | | | | | | |
| | |
Total South Carolina | | | | | | | 13,032 | |
| | | | | | | | |
|
South Dakota — 0.0% (f) | |
| | |
South Dakota Board of Regents Housing and Auxiliary Facilities System Rev., 5.00%, 4/1/2022 | | | 375 | | | | 376 | |
| | | | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 174 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Tennessee — 1.8% | |
| | |
Chattanooga Health Educational & Housing Facility Board, Battery Heights Apartment Rev., 0.20%, 8/1/2023 (c) | | | 2,000 | | | | 1,969 | |
| | |
City of Memphis, General Improvement | | | | | | | | |
| | |
Series 2020A, GO, 5.00%, 12/1/2022 | | | 2,035 | | | | 2,099 | |
| | |
Series 2020A, GO, 5.00%, 12/1/2023 | | | 2,135 | | | | 2,280 | |
| | |
Series 2020A, GO, 5.00%, 12/1/2024 | | | 2,245 | | | | 2,472 | |
| | |
County of Hamilton | | | | | | | | |
| | |
Series 2020B, GO, 5.00%, 3/1/2022 | | | 3,255 | | | | 3,255 | |
| | |
Series 2020B, GO, 5.00%, 3/1/2023 | | | 3,270 | | | | 3,406 | |
| | |
Series 2020B, GO, 5.00%, 3/1/2024 | | | 3,355 | | | | 3,608 | |
| | |
County of Shelby, Public Improvement Series 2006B, GO, VRDO, 0.21%, 3/9/2022 (c) | | | 4,715 | | | | 4,715 | |
| | |
Knox County Health Educational and Housing Facility Board, University Health System, Inc. Rev., 5.00%, 4/1/2025 | | | 1,000 | | | | 1,099 | |
| | |
Knoxville’s Community Development Corp., Austin Homes 18 Project Rev., 0.22%, 10/1/2023 (c) | | | 4,500 | | | | 4,407 | |
| | |
Lewisburg Industrial Development Board, Lewisburg Summit Apartments, Multi-Family Rev., VRDO, 1.55%, 3/1/2022 (c) | | | 1,900 | | | | 1,900 | |
| | |
Memphis-Shelby County Airport Authority | | | | | | | | |
| | |
Series 2021B, Rev., AMT, 5.00%, 7/1/2022 | | | 305 | | | | 309 | |
| | |
Series 2021C, Rev., AMT, 5.00%, 7/1/2022 | | | 185 | | | | 188 | |
| | |
Series 2021C, Rev., AMT, 5.00%, 7/1/2023 | | | 645 | | | | 677 | |
| | |
Series 2021C, Rev., AMT, 5.00%, 7/1/2024 | | | 850 | | | | 915 | |
| | |
Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Trevecca Nazarene University Project Rev., 3.00%, 10/1/2024 | | | 325 | | | | 329 | |
| | |
Metropolitan Government Nashville and Davidson County Industrial Development Board, Waste Management, Inc. of Tennessee Project Rev., 0.58%, 8/1/2024 (c) | | | 1,150 | | | | 1,110 | |
| | |
Metropolitan Government Nashville and Davidson County, Health and Educational Facilities Board, Shelby House Apartments Project Rev., 1.25%, 12/1/2024 (c) | | | 5,655 | | | | 5,593 | |
| | |
Metropolitan Government of Nashville and Davidson County Series 2021A, GO, 5.00%, 7/1/2026 | | | 600 | | | | 690 | |
| | |
Shelby County Health Educational and Housing Facilities Board, The Farms at Bailey Station Project Series 2019B-1, Rev., 4.00%, 12/1/2026 | | | 10,000 | | | | 9,995 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
|
Tennessee — continued | |
| | |
Tennessee Energy Acquisition Corp., Commodity Project | | | | | | | | |
| | |
Series 2021A, Rev., 5.00%, 11/1/2022 | | | 175 | | | | 179 | |
| | |
Series 2021A, Rev., 5.00%, 11/1/2023 | | | 250 | | | | 264 | |
| | |
Series 2021A, Rev., 5.00%, 11/1/2024 | | | 250 | | | | 271 | |
| | |
Series 2021A, Rev., 5.00%, 11/1/2025 | | | 290 | | | | 322 | |
| | |
Series 2021A, Rev., 5.00%, 11/1/2026 | | | 350 | | | | 397 | |
| | |
Series 2021A, Rev., 5.00%, 11/1/2027 | | | 1,000 | | | | 1,156 | |
| | |
Tennessee Energy Acquisition Corp., Gas Project Series 2017A, Rev., 4.00%, 5/1/2023 (c) | | | 17,045 | | | | 17,495 | |
| | | | | | | | |
| | |
Total Tennessee | | | | | | | 71,100 | |
| | | | | | | | |
|
Texas — 7.3% | |
| | |
Arlington Higher Education Finance Corp., Trinity Basin Preparatory, Inc. | | | | | | | | |
| | |
Rev., PSF-GTD, 3.00%, 8/15/2022 | | | 635 | | | | 641 | |
| | |
Rev., PSF-GTD, 3.00%, 8/15/2023 | | | 655 | | | | 673 | |
| | |
Austin Community College District Public Facility Corp., Lease, Highland Campus Parking Garage Project | | | | | | | | |
| | |
Series 2018C, Rev., 5.00%, 8/1/2024 | | | 200 | | | | 218 | |
| | |
Series 2018C, Rev., 5.00%, 8/1/2025 | | | 200 | | | | 224 | |
| | |
Austin Community College District, Combined Fee Rev., 5.00%, 2/1/2023 | | | 170 | | | | 176 | |
| | |
Avery Ranch Road District No. 1, Unlimited Tax | | | | | | | | |
| | |
GO, 3.00%, 8/15/2022 | | | 615 | | | | 621 | |
| | |
GO, 3.00%, 8/15/2023 | | | 810 | | | | 833 | |
| | |
Big Oaks Municipal Utility District, Waterworks & Sewer System, Unlimited Tax | | | | | | | | |
| | |
GO, AGM, 3.00%, 3/1/2022 | | | 345 | | | | 345 | |
| | |
GO, AGM, 3.00%, 3/1/2023 | | | 905 | | | | 922 | |
| | |
Bridgestone Municipal Utility District, Unlimited Tax | | | | | | | | |
| | |
Series 2019A, GO, AGM, 2.00%, 5/1/2022 | | | 110 | | | | 110 | |
| | |
Series 2019A, GO, AGM, 3.00%, 5/1/2023 | | | 85 | | | | 87 | |
| | |
Brushy Creek Municipal Utility District, Unlimited Tax | | | | | | | | |
| | |
GO, 3.00%, 6/1/2022 | | | 235 | | | | 236 | |
| | |
GO, 3.00%, 6/1/2023 | | | 250 | | | | 257 | |
| | |
Capital Area Housing Finance Corp., Multi-Family Housing, Grand Avenue Flats Ltd. Rev., 0.29%, 8/1/2024 (c) | | | 11,100 | | | | 10,777 | |
| | |
Capital Area Housing Finance Corp., Variable Lockhart Farms Apartments Rev., 0.70%, 6/1/2024 (c) | | | 3,000 | | | | 2,936 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 175 |
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Texas — continued | |
| | |
Central Texas Regional Mobility Authority, Subordinated Lien Series 2020F, Rev., BAN, 5.00%, 1/1/2025 | | | 6,430 | | | | 6,930 | |
| | |
City of Austin, Airport System Rev., AMT, 5.00%, 11/15/2022 | | | 4,250 | | | | 4,368 | |
| | |
City of EI Paso, Combination Tax | | | | | | | | |
| | |
GO, 5.00%, 8/15/2022 | | | 400 | | | | 408 | |
| | |
GO, 5.00%, 8/15/2023 | | | 515 | | | | 545 | |
| | |
GO, 5.00%, 8/15/2024 | | | 700 | | | | 762 | |
| | |
City of El Paso Series 2020A, GO, 5.00%, 8/15/2024 | | | 275 | | | | 299 | |
| | |
City of Galveston GO, 4.00%, 5/1/2022 | | | 590 | | | | 593 | |
| | |
City of Garland, Electric Utility System Series 2019A, Rev., 5.00%, 3/1/2022 | | | 1,395 | | | | 1,395 | |
| | |
City of Houston, Airport System, Subordinate Lien | | | | | | | | |
| | |
Series 2021A, Rev., AMT, 5.00%, 7/1/2023 | | | 850 | | | | 892 | |
| | |
Series 2021A, Rev., AMT, 5.00%, 7/1/2024 | | | 500 | | | | 538 | |
| | |
Series 2021A, Rev., AMT, 5.00%, 7/1/2025 | | | 500 | | | | 552 | |
| | |
Series 2021A, Rev., AMT, 5.00%, 7/1/2027 | | | 1,000 | | | | 1,150 | |
| | |
City of Houston, Combined Utility System, First Lien | | | | | | | | |
| | |
Series 2004B-6, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.20%, 3/9/2022 (c) | | | 9,000 | | | | 9,000 | |
| | |
Series B-2, Rev., VRDO, LOC: Citibank NA, 0.20%, 3/9/2022 (c) | | | 22,500 | | | | 22,500 | |
| | |
City of Irving, Hotel Occupancy, Occupancy Tax | | | | | | | | |
| | |
Rev., 5.00%, 8/15/2022 | | | 50 | | | | 51 | |
| | |
Rev., 5.00%, 8/15/2023 | | | 50 | | | | 52 | |
| | |
City of Kenedy, Combination Tax | | | | | | | | |
| | |
GO, 4.00%, 5/1/2022 | | | 120 | | | | 121 | |
| | |
GO, 4.00%, 5/1/2023 | | | 125 | | | | 129 | |
| | |
City of Port Arthur | | | | | | | | |
| | |
GO, AGM, 5.00%, 2/15/2023 | | | 910 | | | | 945 | |
| | |
City of Port Arthur, Combination Tax, Certificates of Obligation | | | | | | | | |
| | |
Series 2020A, GO, AGM, 4.00%, 2/15/2023 | | | 365 | | | | 375 | |
| | |
Series 2020A, GO, AGM, 5.00%, 2/15/2024 | | | 380 | | | | 407 | |
| | |
Series 2020A, GO, AGM, 5.00%, 2/15/2025 | | | 400 | | | | 442 | |
| | |
City of Sulphur Springs GO, AGM, 3.00%, 9/1/2022 | | | 520 | | | | 526 | |
| | |
City of Universal City, Improvement Bonds | | | | | | | | |
| | |
GO, 4.00%, 8/15/2022 | | | 145 | | | | 147 | |
| | |
GO, 2.00%, 8/15/2023 | | | 230 | | | | 233 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
|
Texas — continued | |
| | |
Clear Brook City Municipal Utility District, Unlimited Tax GO, AGM, 2.10%, 2/1/2023 | | | 450 | | | | 454 | |
| | |
County of Bexar, Tax Exempt Venue Project | | | | | | | | |
| | |
Rev., 5.00%, 8/15/2022 | | | 275 | | | | 279 | |
| | |
Rev., 5.00%, 8/15/2023 | | | 275 | | | | 288 | |
| | |
County of Kaufman, Limited Tax | | | | | | | | |
| | |
Series 2020A, GO, 5.00%, 2/15/2023 | | | 110 | | | | 114 | |
| | |
Series 2020A, GO, 5.00%, 2/15/2024 | | | 125 | | | | 134 | |
| | |
Series 2020A, GO, 5.00%, 2/15/2025 | | | 130 | | | | 144 | |
| | |
County of Kaufman, Unlimited Tax | | | | | | | | |
| | |
GO, 5.00%, 2/15/2023 | | | 155 | | | | 161 | |
| | |
GO, 5.00%, 2/15/2024 | | | 210 | | | | 225 | |
| | |
GO, 5.00%, 2/15/2025 | | | 255 | | | | 282 | |
| | |
Cypress Hill Municipal Utility District No. 1, Unlimited Tax | | | | | | | | |
| | |
GO, 2.00%, 9/1/2022 | | | 190 | | | | 191 | |
| | |
GO, 3.00%, 9/1/2023 | | | 270 | | | | 276 | |
| | |
Cypress-Fairbanks Independent School District, Unlimited Tax Series 2020A, GO, PSF-GTD, 5.00%, 2/15/2023 | | | 5,000 | | | | 5,198 | |
| | |
Florence Independent School District, Unlimited Tax | | | | | | | | |
| | |
GO, PSF-GTD, 3.00%, 8/15/2026 | | | 230 | | | | 232 | |
| | |
GO, PSF-GTD, 3.00%, 8/15/2027 | | | 115 | | | | 116 | |
| | |
Fort Bend County Levee Improvement District No. 11, Levee Improvement, Unlimited Tax GO, AGM, 3.00%, 9/1/2023 | | | 400 | | | | 411 | |
| | |
Fort Bend County Municipal Utility District No. 116, Unlimited Tax | | | | | | | | |
| | |
GO, 3.00%, 9/1/2022 | | | 460 | | | | 465 | |
| | |
GO, 3.00%, 9/1/2023 | | | 450 | | | | 462 | |
| | |
Galveston Public Facility Corp., The Oleanders at Broadway Rev., 0.47%, 8/1/2024 (c) | | | 11,255 | | | | 10,934 | |
| | |
Grand Parkway Transportation Corp., System Toll Series 2013B, Rev., 5.00%, 10/1/2023 (d) | | | 21,060 | | | | 22,346 | |
| | |
Greenhawe Water Control and Improvement District No. 2 | | | | | | | | |
| | |
GO, AGM, 3.00%, 9/1/2022 | | | 190 | | | | 192 | |
| | |
GO, AGM, 3.00%, 9/1/2023 | | | 200 | | | | 205 | |
| | |
Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System | | | | | | | | |
| | |
Series 2016D, Rev., VRDO, 0.20%, 3/9/2022 (c) | | | 11,995 | | | | 11,995 | |
| | |
Series 2019F, Rev., VRDO, 0.20%, 3/9/2022 (c) | | | 18,300 | | | | 18,300 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 176 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Texas — continued | |
| | |
Series 2019C, Rev., (SIFMA Municipal Swap Index Yield + 0.42%), 0.62%, 3/10/2022 (b) | | | 10,000 | | | | 9,998 | |
| | |
Series 2019C-2, Rev., (SIFMA Municipal Swap Index Yield + 0.57%), 0.77%, 3/10/2022 (b) | | | 9,000 | | | | 9,032 | |
| | |
Series 2019A, Rev., 5.00%, 12/1/2022 | | | 1,700 | | | | 1,754 | |
| | |
Series 2019A, Rev., 5.00%, 12/1/2023 | | | 2,230 | | | | 2,379 | |
| | |
Series 2020C-3, Rev., 5.00%, 12/1/2026 (c) | | | 5,000 | | | | 5,761 | |
| | |
Harris County Fresh Water Supply District No. 61 | | | | | | | | |
| | |
GO, AGM, 4.00%, 9/1/2023 | | | 445 | | | | 464 | |
| | |
GO, AGM, 3.00%, 9/1/2024 | | | 695 | | | | 723 | |
| | |
Harris County Municipal Utility District No. 096, Unlimited Tax GO, 2.00%, 9/1/2023 | | | 195 | | | | 197 | |
| | |
Harris County Municipal Utility District No. 152, Unlimited Tax | | | | | | | | |
| | |
GO, AGM, 3.00%, 8/1/2022 | | | 280 | | | | 283 | |
| | |
GO, AGM, 3.00%, 8/1/2023 | | | 400 | | | | 410 | |
| | |
Harris County Municipal Utility District No. 157, Unlimited Tax GO, AGM, 3.00%, 3/1/2023 | | | 425 | | | | 433 | |
| | |
Harris County Municipal Utility District No. 276, Unlimited Tax | | | | | | | | |
| | |
GO, 3.00%, 9/1/2022 | | | 365 | | | | 369 | |
| | |
GO, 3.00%, 9/1/2023 | | | 745 | | | | 762 | |
| | |
Harris County Municipal Utility District No. 281, Unlimited Tax | | | | | | | | |
| | |
GO, 2.00%, 9/1/2022 | | | 300 | | | | 302 | |
| | |
GO, 2.00%, 9/1/2023 | | | 305 | | | | 308 | |
| | |
Harris County Municipal Utility District No. 374, Unlimited Tax | | | | | | | | |
| | |
GO, 3.00%, 9/1/2022 | | | 145 | | | | 146 | |
| | |
GO, 3.00%, 9/1/2023 | | | 115 | | | | 118 | |
| | |
Harris County Municipal Utility District No. 391, Unlimited Tax GO, 3.00%, 9/1/2023 | | | 400 | | | | 410 | |
| | |
Harris County Municipal Utility District No. 419, Unlimited Tax | | | | | | | | |
| | |
GO, 3.00%, 9/1/2022 | | | 175 | | | | 177 | |
| | |
GO, 3.00%, 9/1/2023 | | | 455 | | | | 467 | |
| | |
Harris County Municipal Utility District No. 55, Unlimited Tax GO, 3.00%, 2/1/2023 | | | 785 | | | | 799 | |
| | |
Harris County Water Control and Improvement District No. 119, Unlimited Tax | | | | | | | | |
| | |
GO, AGM, 3.00%, 10/1/2022 | | | 365 | | | | 369 | |
| | |
GO, AGM, 3.00%, 10/1/2023 | | | 375 | | | | 386 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
|
Texas — continued | |
| | |
Hunters Glen Municipal Utility District, Waterworks and Sewer System | | | | | | | | |
| | |
Series 2019A, GO, AGM, 2.00%, 4/1/2022 | | | 330 | | | | 330 | |
| | |
Series 2019A, GO, AGM, 2.00%, 4/1/2023 | | | 595 | | | | 601 | |
| | |
La Joya Independent School District, Maintenance Tax GO, AGM, 4.00%, 2/15/2023 | | | 420 | | | | 432 | |
| | |
Lytle Independent School District, Unlimited Tax GO, PSF-GTD, 4.00%, 2/15/2028 | | | 255 | | | | 290 | |
| | |
Matagorda County Navigation District No.1, Pollution Control, Central Power and Light Co. Project Rev., AMT, 0.90%, 9/1/2023 (c) | | | 3,750 | | | | 3,721 | |
| | |
McLennan County Junior College District Rev., AGM, 3.00%, 4/15/2022 | | | 100 | | | | 100 | |
| | |
Metropolitan Transit Authority of Harris County, Sales and Use Tax Series 2016A, Rev., 5.00%, 11/1/2024 | | | 6,290 | | | | 6,908 | |
| | |
Mission Economic Development Corp., Waste Management, Inc., Project Rev., AMT, (SIFMA Municipal Swap Index Yield + 0.38%), 0.57%, 3/10/2022 (b) | | | 10,000 | | | | 9,946 | |
| | |
Montgomery County Municipal Utility District No. 94, Unlimited Tax | | | | | | | | |
| | |
GO, 2.00%, 10/1/2022 | | | 185 | | | | 186 | |
| | |
GO, 2.00%, 10/1/2023 | | | 185 | | | | 187 | |
| | |
New Hope Cultural Education Facilities Finance Corp., Morningside Ministries Project | | | | | | | | |
| | |
Series 2020A, Rev., 2.10%, 1/1/2023 | | | 90 | | | | 90 | |
| | |
Series 2020A, Rev., 2.20%, 1/1/2024 | | | 180 | | | | 180 | |
| | |
Series 2020A, Rev., 2.25%, 1/1/2025 | | | 315 | | | | 314 | |
| | |
New Hope Cultural Education Facilities Finance Corp., Presbyterian Village North Project Rev., 5.00%, 10/1/2022 | | | 1,495 | | �� | | 1,514 | |
| | |
North Texas Tollway Authority, First Tier Series 2017A, Rev., 5.00%, 1/1/2025 | | | 4,725 | | | | 4,878 | |
| | |
North Texas Tollway Authority, Second Tier | | | | | | | | |
| | |
Series B, Rev., 5.00%, 1/1/2023 | | | 5,000 | | | | 5,166 | |
| | |
Series B, Rev., 5.00%, 1/1/2024 | | | 5,500 | | | | 5,869 | |
| | |
Northwest Harris County Municipal Utility District No. 19, Unlimited Tax | | | | | | | | |
| | |
GO, AGM, 2.00%, 10/1/2022 | | | 100 | | | | 101 | |
| | |
GO, AGM, 2.00%, 10/1/2023 | | | 105 | | | | 106 | |
| | |
Pecan Grove Municipal Utility District, Unlimited Tax | | | | | | | | |
| | |
GO, AGM, 3.00%, 9/1/2022 | | | 195 | | | | 197 | |
| | |
GO, 4.00%, 9/1/2022 | | | 710 | | | | 721 | |
| | |
GO, AGM, 3.00%, 9/1/2023 | | | 345 | | | | 354 | |
| | |
GO, 4.00%, 9/1/2023 | | | 740 | | | | 771 | |
| | |
GO, AGM, 3.00%, 9/1/2024 | | | 600 | | | | 622 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 177 |
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Texas — continued | |
| | |
Plano Independent School District, Unlimited Tax, School Building GO, PSF-GTD, 5.00%, 2/15/2025 | | | 1,140 | | | | 1,262 | |
| | |
Plano Public Facility Corp., K Avenue Lofts Rev., VRDO, 0.65%, 12/1/2024 (c) | | | 9,500 | | | | 9,500 | |
| | |
Robstown Independent School District, Unlimited Tax | | | | | | | | |
| | |
GO, PSF-GTD, 3.00%, 2/15/2023 | | | 650 | | | | 662 | |
| | |
GO, PSF-GTD, 3.00%, 2/15/2024 | | | 360 | | | | 372 | |
| | |
Sienna Municipal Utility District No. 3, Unlimited Tax | | | | | | | | |
| | |
GO, 2.00%, 3/1/2022 | | | 225 | | | | 225 | |
| | |
GO, 2.00%, 3/1/2023 | | | 185 | | | | 187 | |
| | |
Socorro Independent School District, Unlimited Tax Series 2014A, GO, PSF-GTD, 5.00%, 8/15/2024 (d) | | | 2,385 | | | | 2,600 | |
| | |
State of Texas, Veterans | | | | | | | | |
| | |
Series 2011A, GO, VRDO, LIQ: State Street Bank & Trust, 0.20%, 3/9/2022 (c) | | | 11,030 | | | | 11,030 | |
| | |
GO, VRDO, LIQ: Sumitomo Mitsui Banking Corp., 0.23%, 3/9/2022 (c) | | | 15,790 | | | | 15,790 | |
| | |
State of Texas, Veterans Housing Assistance Program Series 2008 B, GO, VRDO, LIQ: State Street Bank & Trust, 0.20%, 3/9/2022 (c) | | | 5,535 | | | | 5,535 | |
| | |
Tarrant County Cultural Education Facilities Finance Corp., Texas Health Resources System Series 2008-C, Rev., VRDO, 0.19%, 3/9/2022 (c) | | | 1,175 | | | | 1,175 | |
| | |
Tarrant Regional Water District, Water Control and Improvement Series 2020C, Rev., 4.00%, 3/1/2022 | | | 3,325 | | | | 3,325 | |
| | |
Town of Horizon City, Combination Tax | | | | | | | | |
| | |
GO, AGM, 3.00%, 8/15/2022 | | | 170 | | | | 172 | |
| | |
GO, AGM, 4.00%, 8/15/2023 | | | 230 | | | | 239 | |
| | |
Travis County Housing Finance Corp., Multi-Family Housing, Enclave on Ross Apartments Rev., 0.23%, 2/1/2024 (c) | | | 10,000 | | | | 9,739 | |
| | |
Travis County Municipal Utility District No. 4, Unlimited Contract Tax | | | | | | | | |
| | |
Series 2019A, GO, AGM, 2.00%, 9/1/2022 | | | 410 | | | | 412 | |
| | |
Series 2019A, GO, AGM, 3.00%, 9/1/2023 | | | 650 | | | | 667 | |
| | |
Travis County Water Control and Improvement District No. 17, Texas Steiner Ranch Defined Area Unlimited Tax | | | | | | | | |
| | |
GO, 3.00%, 5/1/2024 | | | 400 | | | | 414 | |
| | |
GO, 4.00%, 5/1/2025 | | | 300 | | | | 322 | |
| | |
GO, 4.00%, 5/1/2026 | | | 280 | | | | 306 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
|
Texas — continued | |
| | |
Upper Trinity Regional Water District, Regional Treated Water Supply System Rev., 4.00%, 8/1/2027 | | | 900 | | | | 1,002 | |
| | |
Wichita Falls Independent School District, Unlimited Tax | | | | | | | | |
| | |
GO, PSF-GTD, 3.00%, 2/1/2023 | | | 1,400 | | | | 1,427 | |
| | |
GO, PSF-GTD, 4.00%, 2/1/2024 | | | 1,000 | | | | 1,053 | |
| | |
GO, PSF-GTD, 4.00%, 2/1/2025 | | | 1,520 | | | | 1,636 | |
| | |
Williamson County Municipal Utility District No. 11, Unlimited Tax GO, AGM, 4.00%, 8/1/2022 | | | 110 | | | | 111 | |
| | | | | | | | |
| | |
Total Texas | | | | | | | 294,614 | |
| | | | | | | | |
|
Utah — 0.1% | |
| | |
City of Salt Lake, International Airport | | | | | | | | |
| | |
Series 2021A, Rev., AMT, 5.00%, 7/1/2022 | | | 250 | | | | 253 | |
| | |
Series 2021A, Rev., AMT, 5.00%, 7/1/2023 | | | 300 | | | | 314 | |
| | |
Series 2021A, Rev., AMT, 5.00%, 7/1/2024 | | | 1,000 | | | | 1,076 | |
| | |
Series 2021A, Rev., AMT, 5.00%, 7/1/2025 | | | 1,325 | | | | 1,462 | |
| | |
Utah Charter School Finance Authority, Summit Academy Incorporated | | | | | | | | |
| | |
Series A, Rev., 5.00%, 4/15/2022 | | | 35 | | | | 35 | |
| | |
Series A, Rev., 5.00%, 4/15/2023 | | | 85 | | | | 89 | |
| | |
Utah Infrastructure Agency, Tax-Exempt Telecommunications | | | | | | | | |
| | |
Rev., 3.00%, 10/15/2023 | | | 60 | | | | 61 | |
| | |
Rev., 3.00%, 10/15/2025 | | | 125 | | | | 130 | |
| | | | | | | | |
| | |
Total Utah | | | | | | | 3,420 | |
| | | | | | | | |
|
Vermont — 0.2% | |
| | |
Vermont Educational and Health Buildings Financing Agency, Fletcher Allen Health Series A, Rev., VRDO, LOC: TD Bank NA, 0.18%, 3/9/2022 (c) | | | 10,000 | | | | 10,000 | |
| | | | | | | | |
|
Virginia — 3.5% | |
| | |
Chesapeake Economic Development Authority, Virginia Electric and Power Co. Project Series 2008A, Rev., 1.90%, 6/1/2023 (c) | | | 4,250 | | | | 4,273 | |
| | |
Chesapeake Hospital Authority, Regional Medical Center | | | | | | | | |
| | |
Rev., 5.00%, 7/1/2023 | | | 925 | | | | 972 | |
| | |
Rev., 5.00%, 7/1/2024 | | | 885 | | | | 954 | |
| | |
County of Fairfax, Public Improvement Series 2021A, GO, 4.00%, 10/1/2023 | | | 2,740 | | | | 2,868 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 178 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Virginia — continued | |
| | |
Fairfax County Industrial Development Authority, Virginia Health Care, Inova Health System Project | | | | | | | | |
| | |
Series 2016C, Rev., VRDO, 0.21%, 3/9/2022 (c) | | | 13,775 | | | | 13,775 | |
| | |
Series 2018C, Rev., VRDO, 0.21%, 3/9/2022 (c) | | | 49,305 | | | | 49,305 | |
| | |
Halifax County Industrial Development Authority, Electric and Power Co. Project Series 2010A, Rev., 0.45%, 4/1/2022 (c) | | | 8,000 | | | | 7,997 | |
| | |
Loudoun County Economic Development Authority, Howard Hughes Medical Institute | | | | | | | | |
| | |
Series 2003B, Rev., VRDO, 0.19%, 3/9/2022 (c) | | | 18,650 | | | | 18,650 | |
| | |
Series 2003E, Rev., VRDO, 0.19%, 3/9/2022 (c) | | | 5,710 | | | | 5,710 | |
| | |
Series 2003F, Rev., VRDO, 0.19%, 3/9/2022 (c) | | | 4,050 | | | | 4,050 | |
| | |
Norfolk Economic Development Authority, Sentara Healthcare Series 2016A, Rev., VRDO, 0.20%, 3/9/2022 (c) | | | 3,035 | | | | 3,035 | |
| | |
Peninsula Ports Authority, Dominion Terminal Associates Project — DETC Issue Rev., 1.70%, 10/1/2022 (c) | | | 1,550 | | | | 1,556 | |
| | |
Rockingham County Economic Development Authority, Sunnyside Presbyterian Home | | | | | | | | |
| | |
Series 2020A, Rev., 4.00%, 12/1/2022 | | | 295 | | | | 301 | |
| | |
Series 2020A, Rev., 4.00%, 12/1/2023 | | | 100 | | | | 104 | |
| | |
Wise County Industrial Development Authority, Electric and Power Co. Project Series 2009A, Rev., 0.75%, 9/2/2025 (c) | | | 22,765 | | | | 21,879 | |
| | |
York County Economic Development Authority, Electric and Power Co. Project Series 2009A, Rev., 1.90%, 6/1/2023 (c) | | | 8,000 | | | | 8,042 | |
| | | | | | | | |
| | |
Total Virginia | | | | | | | 143,471 | |
| | | | | | | | |
|
Washington — 0.9% | |
| | |
Chelan County Public Utility District No.1 Series 2008B, Rev., VRDO, LIQ: Barclays Bank plc, 0.19%, 3/9/2022 (c) | | | 2,350 | | | | 2,350 | |
| | |
King County Housing Authority, Highland Village Project | | | | | | | | |
| | |
Rev., 4.00%, 1/1/2023 | | | 100 | | | | 102 | |
| | |
Rev., 5.00%, 1/1/2024 | | | 120 | | | | 128 | |
| | |
King County School District No. 407 Riverview, Unlimited Tax GO, 4.00%, 12/1/2023 | | | 500 | | | | 524 | |
| | |
State of Washington, Various Purpose Series R-2013C, GO, 5.00%, 7/1/2025 | | | 8,000 | | | | 8,414 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
|
Washington — continued | |
| | |
Washington Health Care Facilities Authority, Catholic Health Initiatives Series 2013B, Rev., (SIFMA Municipal Swap Index Yield + 1.40%), 1.60%, 3/10/2022 (b) | | | 10,000 | | | | 10,046 | |
| | |
Washington Health Care Facilities Authority, Commonspirit Health Series B-1, Rev., 5.00%, 8/1/2024 (c) | | | 11,000 | | | | 11,698 | |
| | |
Washington Health Care Facilities Authority, Overlake Hospital Medical Center Series 2017B, Rev., 5.00%, 7/1/2022 | | | 1,210 | | | | 1,227 | |
| | |
Washington State Housing Finance Commission, Transforming Age Projects Series 2019B, Rev., 2.38%, 1/1/2026 (e) | | | 600 | | | | 593 | |
| | | | | | | | |
| | |
Total Washington | | | | | | | 35,082 | |
| | | | | | | | |
|
West Virginia — 0.3% | |
| | |
Berkeley County Board of Education | | | | | | | | |
| | |
GO, 4.00%, 5/1/2022 | | | 600 | | | | 603 | |
| | |
GO, 5.00%, 5/1/2025 | | | 360 | | | | 401 | |
| | |
West Virginia Economic Development Authority, Solid Waste Disposal Facilities, Appalachian Power Co. Amos Project | | | | | | | | |
| | |
Series 2009A, Rev., 2.63%, 6/1/2022 (c) | | | 3,805 | | | | 3,815 | |
| | |
Series 2011A, Rev., AMT, 1.00%, 9/1/2025 (c) | | | 5,650 | | | | 5,504 | |
| | | | | | | | |
| | |
Total West Virginia | | | | | | | 10,323 | |
| | | | | | | | |
|
Wisconsin — 0.9% | |
| | |
Big Foot Union High School District | | | | | | | | |
| | |
GO, 4.00%, 3/1/2022 | | | 100 | | | | 100 | |
| | |
GO, 4.00%, 3/1/2023 | | | 115 | | | | 118 | |
| | |
City of Fort Atkinson GO, 4.00%, 2/1/2023 | | | 230 | | | | 236 | |
| | |
City of Kaukauna, Sanitary Sewer System Series 2019C, Rev., BAN, 2.63%, 9/1/2024 | | | 510 | | | | 513 | |
| | |
City of Kaukauna, Storm Water System Series 2019D, Rev., BAN, 2.63%, 9/1/2024 | | | 660 | | | | 663 | |
| | |
City of Milwaukee, Promissory Notes | | | | | | | | |
| | |
Series 2015N2, GO, 4.00%, 3/15/2024 | | | 1,955 | | | | 2,060 | |
| | |
Series 2017N4, GO, 5.00%, 4/1/2024 | | | 3,045 | | | | 3,276 | |
| | |
City of Oak Creek | | | | | | | | |
| | |
GO, 3.00%, 4/1/2022 | | | 135 | | | | 135 | |
| | |
GO, 3.00%, 4/1/2023 | | | 180 | | | | 184 | |
| | |
City of Racine | | | | | | | | |
| | |
Series 2019B, GO, 4.00%, 12/1/2022 | | | 145 | | | | 149 | |
| | |
Series 2019B, GO, 5.00%, 12/1/2023 | | | 125 | | | | 133 | |
| | |
City of Shawano, Promissory Notes | | | | | | | | |
| | |
GO, 3.00%, 4/1/2022 | | | 140 | | | | 140 | |
| | |
GO, 3.00%, 4/1/2023 | | | 150 | | | | 154 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 179 |
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF FEBRUARY 28, 2022 (continued)
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
Municipal Bonds — continued | |
|
Wisconsin — continued | |
| | |
City of Watertown, Promissory Notes | | | | | | | | |
| | |
GO, 3.00%, 6/1/2023 | | | 125 | | | | 128 | |
| | |
GO, 3.00%, 6/1/2024 | | | 425 | | | | 441 | |
| | |
City of Waukesha, Promissory Notes | | | | | | | | |
| | |
Series 2019C, GO, 3.00%, 10/1/2022 | | | 425 | | | | 431 | |
| | |
Series 2019C, GO, 3.00%, 10/1/2023 | | | 350 | | | | 360 | |
| | |
County of Manitowoc | | | | | | | | |
| | |
GO, AGM, 3.00%, 11/1/2022 | | | 50 | | | | 51 | |
| | |
GO, AGM, 3.00%, 11/1/2023 | | | 150 | | | | 154 | |
| | |
County of Manitowoc, Promissory Notes | | | | | | | | |
| | |
GO, AGM, 3.00%, 4/1/2022 | | | 875 | | | | 877 | |
| | |
GO, AGM, 3.00%, 4/1/2023 | | | 895 | | | | 913 | |
| | |
GO, AGM, 4.00%, 4/1/2024 | | | 680 | | | | 716 | |
| | |
County of Rusk | | | | | | | | |
| | |
GO, 3.00%, 3/1/2022 | | | 130 | | | | 130 | |
| | |
GO, 3.00%, 3/1/2023 | | | 260 | | | | 265 | |
| | |
GO, 3.00%, 3/1/2024 | | | 270 | | | | 279 | |
| | |
Gale-Ettrick-Trempealeau School District | | | | | | | | |
| | |
GO, 2.00%, 4/1/2022 | | | 105 | | | | 105 | |
| | |
GO, 2.00%, 4/1/2023 | | | 130 | | | | 131 | |
| | |
Gibraltar Area School District, Promissory Notes GO, 4.00%, 3/1/2022 | | | 315 | | | | 315 | |
| | |
Lakeshore Technical College District | | | | | | | | |
| | |
Series 2019A, GO, 3.00%, 3/1/2022 | | | 75 | | | | 75 | |
| | |
Series 2019A, GO, 3.00%, 3/1/2023 | | | 110 | | | | 112 | |
| | |
Series 2019A, GO, 3.00%, 3/1/2024 | | | 405 | | | | 419 | |
| | |
Pewaukee School District Series 2019A, GO, 5.00%, 3/1/2024 | | | 375 | | | | 402 | |
| | |
Poynette School District | | | | | | | | |
| | |
GO, 3.00%, 4/1/2022 | | | 340 | | | | 340 | |
| | |
GO, 3.00%, 4/1/2023 | | | 265 | | | | 271 | |
| | |
River Falls School District GO, 3.00%, 4/1/2026 | | | 1,830 | | | | 1,946 | |
| | |
Village of DeForest Series C, Rev., 3.00%, 5/1/2023 | | | 4,865 | | | | 4,873 | |
| | |
Village of Mount Pleasant, Promissory Notes | | | | | | | | |
| | |
Series 2019A, GO, 3.00%, 3/1/2022 | | | 265 | | | | 265 | |
| | |
Series 2019A, GO, 5.00%, 3/1/2023 | | | 380 | | | | 395 | |
| | |
Wisconsin Department of Transportation | | | | | | | | |
| | |
Series 2021A, Rev., 5.00%, 7/1/2024 | | | 1,250 | | | | 1,358 | |
| | |
Series 2021A, Rev., 5.00%, 7/1/2026 | | | 1,330 | | | | 1,530 | |
| | |
Wisconsin Health and Educational Facilities Authority, Advocate Aurora Health Credit Group Series 2018B-2, Rev., 5.00%, 1/25/2023 (c) | | | 5,750 | | | | 5,950 | |
| | | | | | | | |
| INVESTMENTS | | PRINCIPAL
AMOUNT
($000) | | | VALUE
($000) | |
| | | | | | | | |
|
Wisconsin — continued | |
| | |
Wisconsin Health and Educational Facilities Authority, Hmong American Peace Academy | | | | | | | | |
| | |
Rev., 4.00%, 3/15/2022 | | | 110 | | | | 110 | |
| | |
Rev., 4.00%, 3/15/2023 | | | 120 | | | | 123 | |
| | |
Rev., 4.00%, 3/15/2024 | | | 120 | | | | 124 | |
| | |
Rev., 4.00%, 3/15/2025 | | | 125 | | | | 132 | |
| | |
Wisconsin Health and Educational Facilities Authority, St. Camillus Health System Series 2019B-3, Rev., 2.25%, 11/1/2026 | | | 4,000 | | | | 4,013 | |
| | |
Wittenberg Birnamwood School District | | | | | | | | |
| | |
GO, AGM, 4.00%, 3/1/2022 | | | 260 | | | | 260 | |
| | |
GO, AGM, 4.00%, 3/1/2023 | | | 280 | | | | 288 | |
| | | | | | | | |
| | |
Total Wisconsin | | | | | | | 36,143 | |
| | | | | | | | |
| | |
Total Municipal Bonds
(Cost $3,880,068) | | | | | | | 3,859,579 | |
| | | | | | | | |
| | |
| | | SHARES
(000) | | | | |
Short-Term Investments — 4.3% | |
|
Investment Companies — 4.3% | |
| | |
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 0.04% (g) (h)
(Cost $175,700) | | | 175,645 | | | | 175,698 | |
| | | | | | | | |
Total Investments — 99.5%
(Cost $4,055,768) | | | | 4,035,277 | |
Other Assets Less Liabilities — 0.5% | | | | 21,424 | |
| | | | | | | | |
NET ASSETS — 100.0% | | | | 4,056,701 | |
| | | | | |
Percentages indicated are based on net assets.
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 180 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
Abbreviations
| | |
| AGM | | Insured by Assured Guaranty Municipal Corp. |
| AMT | | Alternative Minimum Tax |
| BAN | | Bond Anticipation Note |
| COP | | Certificate of Participation |
| FHA | | Federal Housing Administration |
| FHLMC | | Federal Home Loan Mortgage Corp. |
| FNMA | | Federal National Mortgage Association |
| GAN | | Grant Anticipation Note |
| GNMA | | Government National Mortgage Association |
| GO | | General Obligation |
| GTD | | Guaranteed |
| ICE | | Intercontinental Exchange |
| LIBOR | | London Interbank Offered Rate |
| LIQ | | Liquidity Agreement |
| LOC | | Letter of Credit |
| MTA | | Metropolitan Transportation Authority |
| PSF-GTD | | Permanent School Fund Guaranteed |
| Q-SBLF | | Qualified School Bond Loan Fund |
| RAN | | Revenue Anticipation Note |
| Rev. | | Revenue |
| SCSDE | | South Carolina School District Enhancement |
| SIFMA | | The Securities Industry and Financial Markets Association |
| SOFR | | Secured Overnight Financing Rate |
| TAN | | Tax Anticipation Note |
| USD | | United States Dollar |
| VRDO | | Variable Rate Demand Obligation |
| | |
| (a) | | The date shown represents the earliest of the prerefunded date, next put date or final maturity date. |
| (b) | | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of February 28, 2022. |
| (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 February 28, 2022. |
| (d) | | Security is prerefunded or escrowed to maturity. |
| (e) | | Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. |
| (f) | | Amount rounds to less than 0.1% of net assets. |
| (g) | | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
| (h) | | The rate shown is the current yield as of February 28, 2022. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 181 |
STATEMENTS OF ASSETS AND LIABILITIES
AS OF FEBRUARY 28, 2022
(Amounts in thousands, except per share amounts)
| | | | | | | | | | | | |
| | |
JPMorgan
California
Tax Free
Bond Fund | | | JPMorgan
High Yield
Municipal
Fund | | | JPMorgan
Intermediate
Tax Free
Bond Fund | |
ASSETS: | | | | | | | | | | | | |
Investments in non-affiliates, at value | | $ | 375,137 | | | $ | 489,445 | | | $ | 4,395,898 | |
Investments in affiliates, at value | | | 9,234 | | | | 2,497 | | | | 81,485 | |
Deposits at broker for futures contracts | | | — | | | | — | | | | 2,962 | |
Receivables: | | | | | | | | | | | | |
Investment securities sold | | | — | | | | 504 | | | | 15,159 | |
Investment securities sold — delayed delivery securities | | | — | | | | 7,354 | | | | 8,351 | |
Fund shares sold | | | 2 | | | | 1,656 | | | | 21,171 | |
Interest from non-affiliates | | | 3,327 | | | | 5,616 | | | | 46,173 | |
Dividends from affiliates | | | — | (a) | | | — | (a) | | | 2 | |
| | | | | | | | | | | | |
Total Assets | | | 387,700 | | | | 507,072 | | | | 4,571,201 | |
| | | | | | | | | | | | |
| | | |
LIABILITIES: | | | | | | | | | | | | |
Payables: | | | | | | | | | | | | |
Due to custodian | | | — | (a) | | | — | (a) | | | — | (a) |
Investment securities purchased | | | — | | | | — | | | | 918 | |
Investment securities purchased— delayed delivery securities | | | — | | | | 13,585 | | | | 49,525 | |
Fund shares redeemed | | | 1,179 | | | | 476 | | | | 2,306 | |
Variation margin on futures contracts | | | — | | | | — | | | | 2,359 | |
Accrued liabilities: | | | | | | | | | | | | |
Investment advisory fees | | | 67 | | | | 107 | | | | 816 | |
Administration fees | | | 12 | | | | 18 | | | | 115 | |
Distribution fees | | | 41 | | | | 55 | | | | 75 | |
Service fees | | | 6 | | | | 19 | | | | 77 | |
Custodian and accounting fees | | | 7 | | | | 13 | | | | 60 | |
Trustees’ and Chief Compliance Officer’s fees | | | — | | | | — | (a) | | | — | (a) |
Other | | | 34 | | | | 163 | | | | 62 | |
| | | | | | | | | | | | |
Total Liabilities | | | 1,346 | | | | 14,436 | | | | 56,313 | |
| | | | | | | | | | | | |
Net Assets | | $ | 386,354 | | | $ | 492,636 | | | $ | 4,514,888 | |
| | | | | | | | | | | | |
| (a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 182 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | | | | | |
| | | JPMorgan
California Tax
Free Bond
Fund | | | JPMorgan
High Yield
Municipal
Fund | | | JPMorgan
Intermediate
Tax Free Bond
Fund | |
NET ASSETS: | |
Paid-in-Capital | | $ | 385,894 | | | $ | 488,184 | | | $ | 4,366,004 | |
Total distributable earnings (loss) | | | 460 | | | | 4,452 | | | | 148,884 | |
| | | | | | | | | | | | |
Total Net Assets | | $ | 386,354 | | | $ | 492,636 | | | $ | 4,514,888 | |
| | | | | | | | | | | | |
| | | |
Net Assets: | | | | | | | | | | | | |
Class A | | $ | 136,939 | | | $ | 195,574 | | | $ | 341,321 | |
Class C | | | 24,442 | | | | 28,844 | | | | 14,423 | |
Class I | | | 80,566 | | | | 247,902 | | | | 655,190 | |
Class R6 | | | 144,407 | | | | 20,316 | | | | 3,503,954 | |
| | | | | | | | | | | | |
Total | | $ | 386,354 | | | $ | 492,636 | | | $ | 4,514,888 | |
| | | | | | | | | | | | |
| | | |
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized): | | | | | | | | | | | | |
Class A | | | 12,819 | | | | 17,264 | | | | 31,289 | |
Class C | | | 2,308 | | | | 2,552 | | | | 1,358 | |
Class I | | | 7,723 | | | | 21,887 | | | | 61,267 | |
Class R6 | | | 13,844 | | | | 1,793 | | | | 327,690 | |
| | | |
Net Asset Value (a): | | | | | | | | | | | | |
Class A — Redemption price per share | | $ | 10.68 | | | $ | 11.33 | | | $ | 10.91 | |
Class C — Offering price per share (b) | | | 10.59 | | | | 11.30 | | | | 10.62 | |
Class I — Offering and redemption price per share | | | 10.43 | | | | 11.33 | | | | 10.69 | |
Class R6 — Offering and redemption price per share | | | 10.43 | | | | 11.33 | | | | 10.69 | |
Class A maximum sales charge | | | 3.75 | % | | | 3.75 | % | | | 3.75 | % |
Class A maximum public offering price per share
[net asset value per share/(100% — maximum sales charge)] | | $ | 11.10 | | | $ | 11.77 | | | $ | 11.34 | |
| | | | | | | | | | | | |
| | | |
Cost of investments in non-affiliates | | $ | 370,933 | | | $ | 484,228 | | | $ | 4,250,234 | |
Cost of investments in affiliates | | | 9,232 | | | | 2,496 | | | | 81,474 | |
| (a) | Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding. |
| (b) | Redemption price for Class C Shares varies based upon length of time the shares are held. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 183 |
STATEMENTS OF ASSETS AND LIABILITIES
AS OF FEBRUARY 28, 2022 (continued)
(Amounts in thousands, except per share amounts)
| | | | | | | | | | | | |
| | | JPMorgan
New York
Tax Free
Bond Fund | | | JPMorgan
Short-
Intermediate
Municipal
Bond Fund | | | JPMorgan
Sustainable
Municipal
Income Fund | |
ASSETS: | | | | | | | | | | | | |
Investments in non-affiliates, at value | | $ | 365,834 | | | $ | 1,482,901 | | | $ | 306,053 | |
Investments in affiliates, at value | | | 3,522 | | | | 68,570 | | | | 4,996 | |
Cash | | | 15 | | | | — | | | | — | (a) |
Deposits at broker for futures contracts | | | 92 | | | | — | | | | 35 | |
Receivables: | | | | | | | | | | | | |
Due from custodian | | | — | | | | — | | | | 262 | |
Investment securities sold | | | — | | | | — | | | | 60 | |
Investment securities sold — delayed delivery securities | | | — | | | | 185 | | | | 2,338 | |
Fund shares sold | | | 305 | | | | 741 | | | | 98 | |
Interest from non-affiliates | | | 4,592 | | | | 15,272 | | | | 3,300 | |
Dividends from affiliates | | | — | (a) | | | 1 | | | | — | (a) |
| | | | | | | | | | | | |
Total Assets | | | 374,360 | | | | 1,567,670 | | | | 317,142 | |
| | | | | | | | | | | | |
| | | |
LIABILITIES: | | | | | | | | | | | | |
Payables: | | | | | | | | | | | | |
Due to custodian | | | — | | | | — | (a) | | | — | |
Investment securities purchased | | | — | | | | — | | | | 262 | |
Investment securities purchased — delayed delivery securities | | | — | | | | 9,922 | | | | 3,350 | |
Fund shares redeemed | | | 609 | | | | 3,582 | | | | 437 | |
Variation margin on futures contracts | | | 75 | | | | — | | | | 24 | |
Accrued liabilities: | | | | | | | | | | | | |
Investment advisory fees | | | 72 | | | | 174 | | | | 53 | |
Administration fees | | | 12 | | | | 10 | | | | 5 | |
Distribution fees | | | 43 | | | | 20 | | | | 26 | |
Service fees | | | 19 | | | | 51 | | | | 18 | |
Custodian and accounting fees | | | 6 | | | | 17 | | | | 8 | |
Other | | | 42 | | | | 50 | | | | 40 | |
| | | | | | | | | | | | |
Total Liabilities | | | 878 | | | | 13,826 | | | | 4,223 | |
| | | | | | | | | | | | |
Net Assets | | $ | 373,482 | | | $ | 1,553,844 | | | $ | 312,919 | |
| | | | | | | | | | | | |
| (a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 184 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | | | | | |
| | | JPMorgan
New York Tax
Free Bond
Fund | | | JPMorgan
Short-
Intermediate
Municipal
Bond Fund | | | JPMorgan
Sustainable
Municipal
Income Fund | |
NET ASSETS: | |
Paid-in-Capital | | $ | 366,166 | | | $ | 1,561,604 | | | $ | 310,796 | |
Total distributable earnings (loss) | | | 7,316 | | | | (7,760 | ) | | | 2,123 | |
| | | | | | | | | | | | |
Total Net Assets | | $ | 373,482 | | | $ | 1,553,844 | | | $ | 312,919 | |
| | | | | | | | | | | | |
Net Assets: | | | | | | | | | | | | |
Class A | | $ | 143,940 | | | $ | 93,976 | | | $ | 107,969 | |
Class C | | | 24,776 | | | | 3,473 | | | | 7,156 | |
Class I | | | 76,802 | | | | 823,600 | | | | 116,395 | |
Class R6 | | | 127,964 | | | | 632,795 | | | | 81,399 | |
| | | | | | | | | | | | |
Total | | $ | 373,482 | | | $ | 1,553,844 | | | $ | 312,919 | |
| | | | | | | | | | | | |
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized): | | | | | | | | | | | | |
Class A | | | 21,446 | | | | 8,985 | | | | 11,171 | |
Class C | | | 3,691 | | | | 329 | | | | 748 | |
Class I | | | 11,384 | | | | 78,297 | | | | 12,138 | |
Class R6 | | | 18,973 | | | | 60,175 | | | | 8,491 | |
| | | |
Net Asset Value (a): | | | | | | | | | | | | |
Class A — Redemption price per share | | $ | 6.71 | | | $ | 10.46 | | | $ | 9.67 | |
Class C — Offering price per share (b) | | | 6.71 | | | | 10.56 | | | | 9.56 | |
Class I — Offering and redemption price per share | | | 6.75 | | | | 10.52 | | | | 9.59 | |
Class R6 — Offering and redemption price per share | | | 6.74 | | | | 10.52 | | | | 9.59 | |
Class A maximum sales charge | | | 3.75 | % | | | 2.25 | % | | | 3.75 | % |
Class A maximum public offering price per share
[net asset value per share/(100% — maximum sales charge)] | | $ | 6.97 | | | $ | 10.70 | | | $ | 10.05 | |
| | | | | | | | | | | | |
| | | |
Cost of investments in non-affiliates | | $ | 355,765 | | | $ | 1,479,919 | | | $ | 303,607 | |
Cost of investments in affiliates | | | 3,522 | | | | 68,564 | | | | 4,995 | |
| (a) | Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding. |
| (b) | Redemption price for Class C Shares varies based upon length of time the shares are held. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 185 |
STATEMENTS OF ASSETS AND LIABILITIES
AS OF FEBRUARY 28, 2022 (continued)
(Amounts in thousands, except per share amounts)
| | | | | | | | |
| | | JPMorgan
Tax Free
Bond Fund | | | JPMorgan
Ultra-Short
Municipal
Fund | |
ASSETS: | |
Investments in non-affiliates, at value | | $ | 641,640 | | | $ | 3,859,579 | |
Investments in affiliates, at value | | | 24,536 | | | | 175,698 | |
Cash | | | — | | | | 103 | |
Deposits at broker for futures contracts | | | 501 | | | | — | |
Receivables: | | | | | | | | |
Investment securities sold | | | 1 | | | | 3 | |
Investment securities sold — delayed delivery securities | | | 2,737 | | | | 1,740 | |
Fund shares sold | | | 134 | | | | 4,802 | |
Interest from non-affiliates | | | 6,338 | | | | 23,854 | |
Dividends from affiliates | | | — | (a) | | | 3 | |
Due from adviser | | | — | | | | 8 | |
| | | | | | | | |
Total Assets | | | 675,887 | | | | 4,065,790 | |
| | | | | | | | |
| | |
LIABILITIES: | | | | | | | | |
Payables: | | | | | | | | |
Due to custodian | | | — | (a) | | | — | |
Investment securities purchased — delayed delivery securities | | | 4,467 | | | | — | |
Fund shares redeemed | | | 751 | | | | 8,005 | |
Variation margin on futures contracts | | | 379 | | | | — | |
Accrued liabilities: | | | | | | | | |
Investment advisory fees | | | 139 | | | | — | |
Administration fees | | | 29 | | | | — | |
Distribution fees | | | 72 | | | | 15 | |
Service fees | | | 13 | | | | 661 | |
Custodian and accounting fees | | | 13 | | | | 54 | |
Other | | | 72 | | | | 354 | |
| | | | | | | | |
Total Liabilities | | | 5,935 | | | | 9,089 | |
| | | | | | | | |
Net Assets | | $ | 669,952 | | | $ | 4,056,701 | |
| | | | | | | | |
| (a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 186 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | |
| | | JPMorgan
Tax Free
Bond Fund | | | JPMorgan
Ultra-Short Municipal
Fund | |
NET ASSETS: | |
Paid-in-Capital | | $ | 661,783 | | | $ | 4,085,464 | |
Total distributable earnings (loss) | | | 8,169 | | | | (28,763 | ) |
| | | | | | | | |
Total Net Assets | | $ | 669,952 | | | $ | 4,056,701 | |
| | | | | | | | |
Net Assets: | | | | | | | | |
Class A | | $ | 330,640 | | | $ | 72,506 | |
Class C | | | 12,535 | | | | — | |
Class I | | | 173,023 | | | | 3,984,195 | |
Class R6 | | | 153,754 | | | | — | |
| | | | | | | | |
Total | | $ | 669,952 | | | $ | 4,056,701 | |
| | | | | | | | |
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized): | | | | | | | | |
Class A | | | 27,215 | | | | 7,262 | |
Class C | | | 1,041 | | | | — | |
Class I | | | 14,306 | | | | 399,327 | |
Class R6 | | | 12,717 | | | | — | |
| | |
Net Asset Value (a): | | | | | | | | |
Class A — Redemption price per share | | $ | 12.15 | | | $ | 9.98 | |
Class C — Offering price per share (b) | | | 12.04 | | | | — | |
Class I — Offering and redemption price per share | | | 12.09 | | | | 9.98 | |
Class R6 — Offering and redemption price per share | | | 12.09 | | | | — | |
Class A maximum sales charge | | | 3.75 | % | | | — | |
Class A maximum public offering price per share
[net asset value per share/(100% — maximum sales charge)] | | $ | 12.62 | | | $ | — | |
| | | | | | | | |
| | |
Cost of investments in non-affiliates | | $ | 622,821 | | | $ | 3,880,068 | |
Cost of investments in affiliates | | | 24,532 | | | | 175,700 | |
| (a) | Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding. |
| (b) | Redemption price for Class C Shares varies based upon length of time the shares are held. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 187 |
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED FEBRUARY 28, 2022
(Amounts in thousands)
| | | | | | | | | | | | |
| | | JPMorgan
California
Tax Free
Bond Fund | | | JPMorgan
High Yield
Municipal
Fund | | | JPMorgan
Intermediate
Tax Free
Bond Fund | |
INVESTMENT INCOME: | | | | | | | | | | | | |
Interest income from non-affiliates | | $ | 8,493 | | | $ | 18,163 | | | $ | 124,856 | |
Dividend income from affiliates | | | 3 | | | | 2 | | | | 24 | |
| | | | | | | | | | | | |
Total investment income | | | 8,496 | | | | 18,165 | | | | 124,880 | |
| | | | | | | | | | | | |
| | | |
EXPENSES: | | | | | | | | | | | | |
Investment advisory fees | | | 1,256 | | | | 1,808 | | | | 13,830 | |
Administration fees | | | 314 | | | | 387 | | | | 3,458 | |
Distribution fees: | | | | | | | | | | | | |
Class A | | | 384 | | | | 489 | | | | 856 | |
Class C | | | 221 | | | | 238 | | | | 126 | |
Service fees: | | | | | | | | | | | | |
Class A | | | 384 | | | | 489 | | | | 856 | |
Class C | | | 74 | | | | 79 | | | | 42 | |
Class I | | | 222 | | | | 670 | | | | 1,575 | |
Custodian and accounting fees | | | 65 | | | | 145 | | | | 647 | |
Interest expense to affiliates | | | — | | | | 1 | | | | — | (a) |
Professional fees | | | 56 | | | | 96 | | | | 90 | |
Trustees’ and Chief Compliance Officer’s fees | | | 26 | | | | 27 | | | | 37 | |
Printing and mailing costs | | | 21 | | | | 16 | | | | 89 | |
Registration and filing fees | | | 60 | | | | 136 | | | | 114 | |
Transfer agency fees (See Note 2.H.) | | | 8 | | | | 9 | | | | 44 | |
Other | | | 14 | | | | 20 | | | | 128 | |
| | | | | | | | | | | | |
Total expenses | | | 3,105 | | | | 4,610 | | | | 21,892 | |
| | | | | | | | | | | | |
Less fees waived | | | (740 | ) | | | (1,287 | ) | | | (6,122 | ) |
Less expense reimbursements | | | (97 | ) | | | (117 | ) | | | — | |
| | | | | | | | | | | | |
Net expenses | | | 2,268 | | | | 3,206 | | | | 15,770 | |
| | | | | | | | | | | | |
Net investment income (loss) | | | 6,228 | | | | 14,959 | | | | 109,110 | |
| | | | | | | | | | | | |
| | | |
REALIZED/UNREALIZED GAINS (LOSSES): | | | | | | | | | | | | |
Net realized gain (loss) on transactions from: | | | | | | | | | | | | |
Investments in non-affiliates | | | (897 | ) | | | 2,572 | | | | 5,680 | |
Investments in affiliates | | | 2 | | | | (2 | ) | | | (30 | ) |
Futures contracts | | | — | | | | — | | | | 4,186 | |
| | | | | | | | | | | | |
Net realized gain (loss) | | | (895 | ) | | | 2,570 | | | | 9,836 | |
| | | | | | | | | | | | |
Distributions of capital gains received from investment company affiliates | | | — | (a) | | | — | (a) | | | 1 | |
Change in net unrealized appreciation/depreciation on: | | | | | | | | | | | | |
Investments in non-affiliates | | | (12,965 | ) | | | (10,592 | ) | | | (158,760 | ) |
Investments in affiliates | | | (4 | ) | | | 1 | | | | 5 | |
Futures contracts | | | — | | | | — | | | | (1,628 | ) |
| | | | | | | | | | | | |
Change in net unrealized appreciation/depreciation | | | (12,969 | ) | | | (10,591 | ) | | | (160,383 | ) |
| | | | | | | | | | | | |
Net realized/unrealized gains (losses) | | | (13,864 | ) | | | (8,021 | ) | | | (150,546 | ) |
| | | | | | | | | | | | |
Change in net assets resulting from operations | | $ | (7,636 | ) | | $ | 6,938 | | | $ | (41,436 | ) |
| | | | | | | | | | | | |
| (a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 188 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | | | | | |
| | | JPMorgan
New York
Tax Free
Bond Fund | | | JPMorgan
Short-
Intermediate
Municipal
Bond Fund | | | JPMorgan
Sustainable
Municipal
Income Fund | |
INVESTMENT INCOME: | | | | | | | | | | | | |
Interest income from non-affiliates | | $ | 9,510 | | | $ | 28,639 | | | $ | 8,044 | |
Dividend income from affiliates | | | 2 | | | | 25 | | | | 2 | |
| | | | | | | | | | | | |
Total investment income | | | 9,512 | | | | 28,664 | | | | 8,046 | |
| | | | | | | | | | | | |
| | | |
EXPENSES: | | | | | | | | | | | | |
Investment advisory fees | | | 1,217 | | | | 4,172 | | | | 969 | |
Administration fees | | | 304 | | | | 1,252 | | | | 242 | |
Distribution fees: | | | | | | | | | | | | |
Class A | | | 405 | | | | 230 | | | | 311 | |
Class C | | | 215 | | | | 31 | | | | 63 | |
Service fees: | | | | | | | | | | | | |
Class A | | | 405 | | | | 230 | | | | 311 | |
Class C | | | 72 | | | | 10 | | | | 21 | |
Class I | | | 213 | | | | 2,222 | | | | 297 | |
Custodian and accounting fees | | | 53 | | | | 171 | | | | 92 | |
Interest expense to affiliates | | | — | | | | — | (a) | | | — | |
Professional fees | | | 59 | | | | 68 | | | | 55 | |
Trustees’ and Chief Compliance Officer’s fees | | | 26 | | | | 30 | | | | 26 | |
Printing and mailing costs | | | 21 | | | | 5 | | | | 6 | |
Registration and filing fees | | | 62 | | | | 161 | | | | 73 | |
Transfer agency fees (See Note 2.H.) | | | 14 | | | | 13 | | | | 6 | |
Other | | | 15 | | | | 45 | | | | 12 | |
| | | | | | | | | | | | |
Total expenses | | | 3,081 | | | | 8,640 | | | | 2,484 | |
| | | | | | | | | | | | |
Less fees waived | | | (564 | ) | | | (4,398 | ) | | | (727 | ) |
Less expense reimbursements | | | — | | | | (4 | ) | | | — | |
| | | | | | | | | | | | |
Net expenses | | | 2,517 | | | | 4,238 | | | | 1,757 | |
| | | | | | | | | | | | |
Net investment income (loss) | | | 6,995 | | | | 24,426 | | | | 6,289 | |
| | | | | | | | | | | | |
| | | |
REALIZED/UNREALIZED GAINS (LOSSES): | | | | | | | | | | | | |
Net realized gain (loss) on transactions from: | | | | | | | | | | | | |
Investments in non-affiliates | | | (394 | ) | | | (702 | ) | | | 131 | |
Investments in affiliates | | | (1 | ) | | | (22 | ) | | | (2 | ) |
Futures contracts | | | 72 | | | | — | | | | 92 | |
| | | | | | | | | | | | |
Net realized gain (loss) | | | (323 | ) | | | (724 | ) | | | 221 | |
| | | | | | | | | | | | |
Distributions of capital gains received from investment company affiliates | | | — | (a) | | | 1 | | | | — | (a) |
Change in net unrealized appreciation/depreciation on: | | | | | | | | | | | | |
Investments in non-affiliates | | | (11,732 | ) | | | (47,127 | ) | | | (10,166 | ) |
Investments in affiliates | | | (1 | ) | | | (1 | ) | | | (1 | ) |
Futures contracts | | | (35 | ) | | | — | | | | (16 | ) |
| | | | | | | | | | | | |
Change in net unrealized appreciation/depreciation | | | (11,768 | ) | | | (47,128 | ) | | | (10,183 | ) |
| | | | | | | | | | | | |
Net realized/unrealized gains (losses) | | | (12,091 | ) | | | (47,851 | ) | | | (9,962 | ) |
| | | | | | | | | | | | |
Change in net assets resulting from operations | | $ | (5,096 | ) | | $ | (23,425 | ) | | $ | (3,673 | ) |
| | | | | | | | | | | | |
| (a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 189 |
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED FEBRUARY 28, 2022 (continued)
(Amounts in thousands)
| | | | | | | | |
| | | JPMorgan
Tax Free
Bond Fund | | | JPMorgan
Ultra-Short
Municipal
Fund | |
INVESTMENT INCOME: | | | | | | | | |
Interest income from non-affiliates | | $ | 18,829 | | | $ | 27,149 | |
Dividend income from affiliates | | | 8 | | | | 73 | |
| | | | | | | | |
Total investment income | | | 18,837 | | | | 27,222 | |
| | | | | | | | |
| | |
EXPENSES: | | | | | | | | |
Investment advisory fees | | | 2,029 | | | | 8,140 | |
Administration fees | | | 507 | | | | 4,070 | |
Distribution fees: | | | | | | | | |
Class A | | | 826 | | | | 250 | |
Class C | | | 113 | | | | — | |
Service fees: | | | | | | | | |
Class A | | | 826 | | | | 250 | |
Class C | | | 38 | | | | — | |
Class I | | | 446 | | | | 13,316 | |
Custodian and accounting fees | | | 146 | | | | 451 | |
Interest expense to affiliates | | | — | (a) | | | — | |
Professional fees | | | 63 | | | | 113 | |
Trustees’ and Chief Compliance Officer’s fees | | | 27 | | | | 39 | |
Printing and mailing costs | | | 11 | | | | 18 | |
Registration and filing fees | | | 136 | | | | 434 | |
Transfer agency fees (See Note 2.H.) | | | 17 | | | | 39 | |
Other | | | 22 | | | | 137 | |
| | | | | | | | |
Total expenses | | | 5,207 | | | | 27,257 | |
| | | | | | | | |
Less fees waived | | | (1,409 | ) | | | (13,695 | ) |
| | | | | | | | |
Net expenses | | | 3,798 | | | | 13,562 | |
| | | | | | | | |
Net investment income (loss) | | | 15,039 | | | | 13,660 | |
| | | | | | | | |
| | |
REALIZED/UNREALIZED GAINS (LOSSES): | | | | | | | | |
Net realized gain (loss) on transactions from: | | | | | | | | |
Investments in non-affiliates | | | (835 | ) | | | (1,280 | ) |
Investments in affiliates | | | (7 | ) | | | (35 | ) |
Futures contracts | | | 786 | | | | — | |
| | | | | | | | |
Net realized gain (loss) | | | (56 | ) | | | (1,315 | ) |
| | | | | | | | |
Distributions of capital gains received from investment company affiliates | | | — | (a) | | | 3 | |
Change in net unrealized appreciation/depreciation on: | | | | | | | | |
Investments in non-affiliates | | | (18,263 | ) | | | (34,879 | ) |
Investments in affiliates | | | 2 | | | | 7 | |
Futures contracts | | | (303 | ) | | | — | |
| | | | | | | | |
Change in net unrealized appreciation/depreciation | | | (18,564 | ) | | | (34,872 | ) |
| | | | | | | | |
Net realized/unrealized gains (losses) | | | (18,620 | ) | | | (36,184 | ) |
| | | | | | | | |
Change in net assets resulting from operations | | $ | (3,581 | ) | | $ | (22,524 | ) |
| | | | | | | | |
| (a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 190 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED
(Amounts in thousands)
| | | | | | | | | | | | | | | | |
| | | JPMorgan California Tax Free Bond Fund | | | JPMorgan High Yield Municipal Fund | |
| | | Year Ended
February 28, 2022 | | | Year Ended
February 28, 2021 | | | Year Ended
February 28, 2022 | | | Year Ended
February 28, 2021 | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | | | | | |
Net investment income (loss) | | $ | 6,228 | | | $ | 6,302 | | | $ | 14,959 | | | $ | 14,687 | |
Net realized gain (loss) | | | (895 | ) | | | (129 | ) | | | 2,570 | | | | (3,564 | ) |
Distributions of capital gains received from investment company affiliates | | | — | (a) | | | — | (a) | | | — | (a) | | | — | (a) |
Change in net unrealized appreciation/depreciation | | | (12,969 | ) | | | (7,247 | ) | | | (10,591 | ) | | | (15,351 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from operations | | | (7,636 | ) | | | (1,074 | ) | | | 6,938 | | | | (4,228 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
Class A | | | (2,180 | ) | | | (2,120 | ) | | | (5,624 | ) | | | (5,122 | ) |
Class C | | | (271 | ) | | | (431 | ) | | | (749 | ) | | | (890 | ) |
Class I | | | (1,374 | ) | | | (1,333 | ) | | | (7,942 | ) | | | (8,504 | ) |
Class R6 | | | (2,437 | ) | | | (2,386 | ) | | | (638 | ) | | | (439 | ) |
| | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (6,262 | ) | | | (6,270 | ) | | | (14,953 | ) | | | (14,955 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
CAPITAL TRANSACTIONS: | | | | | | | | | | | | | | | | |
Change in net assets resulting from capital transactions | | | (24,610 | ) | | | 66,593 | | | | 10,900 | | | | (25,822 | ) |
| | | | | | | | | | | | | | | | |
| |
NET ASSETS: | | | | | |
Change in net assets | | | (38,508 | ) | | | 59,249 | | | | 2,885 | | | | (45,005 | ) |
Beginning of period | | | 424,862 | | | | 365,613 | | | | 489,751 | | | | 534,756 | |
| | | | | | | | | | | | | | | | |
End of period | | $ | 386,354 | | | $ | 424,862 | | | $ | 492,636 | | | $ | 489,751 | |
| | | | | | | | | | | | | | | | |
| (a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 191 |
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| | | | | | | | | | | | | | | | |
| | | JPMorgan Intermediate
Tax Free Bond Fund | | | JPMorgan New York
Tax Free Bond Fund | |
| | | Year Ended
February 28, 2022 | | | Year Ended
February 28, 2021 | | | Year Ended
February 28, 2022 | | | Year Ended
February 28, 2021 | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 109,110 | | | $ | 126,027 | | | $ | 6,995 | | | $ | 7,696 | |
Net realized gain (loss) | | | 9,836 | | | | 51,626 | | | | (323 | ) | | | (1,044 | ) |
Distributions of capital gains received from investment company affiliates | | | 1 | | | | — | (a) | | | — | (a) | | | — | (a) |
Change in net unrealized appreciation/depreciation | | | (160,383 | ) | | | (97,800 | ) | | | (11,768 | ) | | | (8,679 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from operations | | | (41,436 | ) | | | 79,853 | | | | (5,096 | ) | | | (2,027 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
Class A | | | (9,878 | ) | | | (4,936 | ) | | | (2,674 | ) | | | (2,780 | ) |
Class C | | | (386 | ) | | | (324 | ) | | | (329 | ) | | | (523 | ) |
Class I | | | (19,779 | ) | | | (15,413 | ) | | | (1,607 | ) | | | (1,728 | ) |
Class R6 | | | (117,266 | ) | | | (104,860 | ) | | | (2,597 | ) | | | (2,462 | ) |
| | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (147,309 | ) | | | (125,533 | ) | | | (7,207 | ) | | | (7,493 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
CAPITAL TRANSACTIONS: | | | | | | | | | | | | | | | | |
Change in net assets resulting from capital transactions | | | 72,300 | | | | (591,833 | ) | | | (22,376 | ) | | | (29,677 | ) |
| | | | | | | | | | | | | | | | |
| |
NET ASSETS: | | | | | |
Change in net assets | | | (116,445 | ) | | | (637,513 | ) | | | (34,679 | ) | | | (39,197 | ) |
Beginning of period | | | 4,631,333 | | | | 5,268,846 | | | | 408,161 | | | | 447,358 | |
| | | | | | | | | | | | | | | | |
End of period | | $ | 4,514,888 | | | $ | 4,631,333 | | | $ | 373,482 | | | $ | 408,161 | |
| | | | | | | | | | | | | | | | |
| (a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 192 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | | | | | | | | | |
| | | JPMorgan Short-Intermediate
Municipal Bond Fund | | | JPMorgan Sustainable
Municipal Income Fund | |
| | | Year Ended
February 28, 2022 | | | Year Ended
February 28, 2021 | | | Year Ended
February 28, 2022 | | | Year Ended
February 28, 2021 | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 24,426 | | | $ | 28,092 | | | $ | 6,289 | | | $ | 5,467 | |
Net realized gain (loss) | | | (724 | ) | | | 1,191 | | | | 221 | | | | (50 | ) |
Distributions of capital gains received from investment company affiliates | | | 1 | | | | — | (a) | | | — | (a) | | | — | (a) |
Change in net unrealized appreciation/depreciation | | | (47,128 | ) | | | (16,498 | ) | | | (10,183 | ) | | | (2,572 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from operations | | | (23,425 | ) | | | 12,785 | | | | (3,673 | ) | | | 2,845 | |
| | | | | | | | | | | | | | | | |
| | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
Class A | | | (953 | ) | | | (779 | ) | | | (2,205 | ) | | | (1,927 | ) |
Class C | | | (21 | ) | | | (33 | ) | | | (103 | ) | | | (125 | ) |
Class I | | | (13,083 | ) | | | (11,441 | ) | | | (2,437 | ) | | | (2,091 | ) |
Class R6 | | | (10,440 | ) | | | (14,636 | ) | | | (1,560 | ) | | | (1,289 | ) |
| | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (24,497 | ) | | | (26,889 | ) | | | (6,305 | ) | | | (5,432 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
CAPITAL TRANSACTIONS: | | | | | | | | | | | | | | | | |
Change in net assets resulting from capital transactions | | | (2,483 | ) | | | (43,014 | ) | | | 13,825 | | | | 26,239 | |
| | | | | | | | | | | | | | | | |
| |
NET ASSETS: | | | | | |
Change in net assets | | | (50,405 | ) | | | (57,118 | ) | | | 3,847 | | | | 23,652 | |
Beginning of period | | | 1,604,249 | | | | 1,661,367 | | | | 309,072 | | | | 285,420 | |
| | | | | | | | | | | | | | | | |
End of period | | $ | 1,553,844 | | | $ | 1,604,249 | | | $ | 312,919 | | | $ | 309,072 | |
| | | | | | | | | | | | | | | | |
| (a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 193 |
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| | | | | | | | | | | | | | | | |
| | | JPMorgan Tax Free Bond Fund | | | JPMorgan Ultra-Short Municipal Fund | |
| | | Year Ended
February 28, 2022 | | | Year Ended
February 28, 2021 | | | Year Ended
February 28, 2022 | | | Year Ended
February 28, 2021 | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 15,039 | | | $ | 13,381 | | | $ | 13,660 | | | $ | 27,753 | |
Net realized gain (loss) | | | (56 | ) | | | (1,806 | ) | | | (1,315 | ) | | | (6,192 | ) |
Distributions of capital gains received from investment company affiliates | | | — | (a) | | | — | (a) | | | 3 | | | | — | (a) |
Change in net unrealized appreciation/depreciation | | | (18,564 | ) | | | (9,442 | ) | | | (34,872 | ) | | | (6,202 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from operations | | | (3,581 | ) | | | 2,133 | | | | (22,524 | ) | | | 15,359 | |
| | | | | | | | | | | | | | | | |
| | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | | | | | | | | | |
Class A | | | (6,998 | ) | | | (5,779 | ) | | | (64 | ) | | | (512 | ) |
Class C | | | (229 | ) | | | (357 | ) | | | — | | | | — | |
Class I | | | (4,177 | ) | | | (4,166 | ) | | | (13,905 | ) | | | (26,593 | ) |
Class R6 | | | (3,665 | ) | | | (2,984 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Total distributions to shareholders | | | (15,069 | ) | | | (13,286 | ) | | | (13,969 | ) | | | (27,105 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
CAPITAL TRANSACTIONS: | | | | | | | | | | | | | | | | |
Change in net assets resulting from capital transactions | | | 59,422 | | | | 88,555 | | | | (2,717,428 | ) | | | 2,664,857 | |
| | | | | | | | | | | | | | | | |
| |
NET ASSETS: | | | | | |
Change in net assets | | | 40,772 | | | | 77,402 | | | | (2,753,921 | ) | | | 2,653,111 | |
Beginning of period | | | 629,180 | | | | 551,778 | | | | 6,810,622 | | | | 4,157,511 | |
| | | | | | | | | | | | | | | | |
End of period | | $ | 669,952 | | | $ | 629,180 | | | $ | 4,056,701 | | | $ | 6,810,622 | |
| | | | | | | | | | | | | | | | |
| (a) | Amount rounds to less than one thousand. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 194 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | | | | | | | | | |
| | | JPMorgan California Tax Free Bond Fund | | | JPMorgan High Yield Municipal Fund | |
| | | Year Ended
February 28, 2022 | | | Year Ended
February 28, 2021 | | | Year Ended
February 28, 2022 | | | Year Ended
February 28, 2021 | |
CAPITAL TRANSACTIONS: | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | $ | 24,762 | | | $ | 66,895 | | | $ | 54,636 | | | $ | 56,724 | |
Distributions reinvested | | | 2,148 | | | | 2,091 | | | | 5,553 | | | | 5,048 | |
Cost of shares redeemed | | | (38,942 | ) | | | (38,270 | ) | | | (40,631 | ) | | | (68,231 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Class A capital transactions | | | (12,032 | ) | | | 30,716 | | | | 19,558 | | | | (6,459 | ) |
| | | | | | | | | | | | | | | | |
Class C | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | | 1,702 | | | | 5,484 | | | | 3,297 | | | | 11,663 | |
Distributions reinvested | | | 267 | | | | 418 | | | | 746 | | | | 877 | |
Cost of shares redeemed | | | (9,898 | ) | | | (23,934 | ) | | | (7,347 | ) | | | (16,305 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Class C capital transactions | | | (7,929 | ) | | | (18,032 | ) | | | (3,304 | ) | | | (3,765 | ) |
| | | | | | | | | | | | | | | | |
Class I | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | | 30,276 | | | | 73,425 | | | | 82,232 | | | | 164,748 | |
Distributions reinvested | | | 1,368 | | | | 1,326 | | | | 7,865 | | | | 8,426 | |
Cost of shares redeemed | | | (48,690 | ) | | | (33,301 | ) | | | (94,925 | ) | | | (203,574 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Class I capital transactions | | | (17,046 | ) | | | 41,450 | | | | (4,828 | ) | | | (30,400 | ) |
| | | | | | | | | | | | | | | | |
Class R6 | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | | 53,693 | | | | 42,624 | | | | 3,103 | | | | 17,390 | |
Distributions reinvested | | | 2,436 | | | | 2,383 | | | | 638 | | | | 439 | |
Cost of shares redeemed | | | (43,732 | ) | | | (32,548 | ) | | | (4,267 | ) | | | (3,027 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Class R6 capital transactions | | | 12,397 | | | | 12,459 | | | | (526 | ) | | | 14,802 | |
| | | | | | | | | | | | | | | | |
Total change in net assets resulting from capital transactions | | $ | (24,610 | ) | | $ | 66,593 | | | $ | 10,900 | | | $ | (25,822 | ) |
| | | | | | | | | | | | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 195 |
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| | | | | | | | | | | | | | | | |
| | | JPMorgan California Tax Free Bond Fund | | | JPMorgan High Yield Municipal Fund | |
| | | Year Ended
February 28, 2022 | | | Year Ended
February 28, 2021 | | | Year Ended
February 28, 2022 | | | Year Ended
February 28, 2021 | |
SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | |
Issued | | | 2,229 | | | | 6,019 | | | | 4,641 | | | | 5,104 | |
Reinvested | | | 194 | | | | 188 | | | | 473 | | | | 455 | |
Redeemed | | | (3,537 | ) | | | (3,497 | ) | | | (3,458 | ) | | | (6,266 | ) |
| | | | | | | | | | | | | | | | |
Change in Class A Shares | | | (1,114 | ) | | | 2,710 | | | | 1,656 | | | | (707 | ) |
| | | | | | | | | | | | | | | | |
Class C | | | | | | | | | | | | | | | | |
Issued | | | 155 | | | | 497 | | | | 281 | | | | 1,076 | |
Reinvested | | | 24 | | | | 38 | | | | 64 | | | | 79 | |
Redeemed | | | (902 | ) | | | (2,182 | ) | | | (626 | ) | | | (1,483 | ) |
| | | | | | | | | | | | | | | | |
Change in Class C Shares | | | (723 | ) | | | (1,647 | ) | | | (281 | ) | | | (328 | ) |
| | | | | | | | | | | | | �� | | | |
Class I | | | | | | | | | | | | | | | | |
Issued | | | 2,832 | | | | 6,735 | | | | 6,990 | | | | 15,171 | |
Reinvested | | | 127 | | | | 122 | | | | 671 | | | | 761 | |
Redeemed | | | (4,506 | ) | | | (3,055 | ) | | | (8,096 | ) | | | (18,464 | ) |
| | | | | | | | | | | | | | | | |
Change in Class I Shares | | | (1,547 | ) | | | 3,802 | | | | (435 | ) | | | (2,532 | ) |
| | | | | | | | | | | | | | | | |
Class R6 | | | | | | | | | | | | | | | | |
Issued | | | 4,946 | | | | 3,939 | | | | 264 | | | | 1,568 | |
Reinvested | | | 226 | | | | 219 | | | | 54 | | | | 39 | |
Redeemed | | | (4,042 | ) | | | (3,003 | ) | | | (366 | ) | | | (274 | ) |
| | | | | | | | | | | | | | | | |
Change in Class R6 Shares | | | 1,130 | | | | 1,155 | | | | (48 | ) | | | 1,333 | |
| | | | | | | | | | | | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 196 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | | | | | | | | | |
| | | JPMorgan Intermediate
Tax Free Bond Fund | | | JPMorgan New York
Tax Free Bond Fund | |
| | | Year Ended
February 28, 2022 | | | Year Ended
February 28, 2021 | | | Year Ended
February 28, 2022 | | | Year Ended
February 28, 2021 | |
CAPITAL TRANSACTIONS: | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | $ | 126,415 | | | $ | 185,301 | | | $ | 21,907 | | | $ | 39,618 | |
Distributions reinvested | | | 9,738 | | | | 4,835 | | | | 2,618 | | | | 2,723 | |
Cost of shares redeemed | | | (88,317 | ) | | | (127,422 | ) | | | (42,275 | ) | | | (36,969 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Class A capital transactions | | | 47,836 | | | | 62,714 | | | | (17,750 | ) | | | 5,372 | |
| | | | | | | | | | | | | | | | |
Class C | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | | 1,491 | | | | 5,895 | | | | 2,209 | | | | 4,671 | |
Distributions reinvested | | | 383 | | | | 319 | | | | 327 | | | | 515 | |
Cost of shares redeemed | | | (5,911 | ) | | | (15,832 | ) | | | (8,137 | ) | | | (30,592 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Class C capital transactions | | | (4,037 | ) | | | (9,618 | ) | | | (5,601 | ) | | | (25,406 | ) |
| | | | | | | | | | | | | | | | |
Class I | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | | 230,054 | | | | 366,473 | | | | 13,849 | | | | 14,428 | |
Distributions reinvested | | | 19,112 | | | | 15,053 | | | | 1,573 | | | | 1,691 | |
Cost of shares redeemed | | | (189,772 | ) | | | (409,978 | ) | | | (23,971 | ) | | | (31,305 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Class I capital transactions | | | 59,394 | | | | (28,452 | ) | | | (8,549 | ) | | | (15,186 | ) |
| | | | | | | | | | | | | | | | |
Class R6 | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | | 574,261 | | | | 1,729,151 | | | | 30,636 | | | | 39,540 | |
Distributions reinvested | | | 115,780 | | | | 103,803 | | | | 2,595 | | | | 2,455 | |
Cost of shares redeemed | | | (720,934 | ) | | | (2,449,431 | ) | | | (23,707 | ) | | | (36,452 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Class R6 capital transactions | | | (30,893 | ) | | | (616,477 | ) | | | 9,524 | | | | 5,543 | |
| | | | | | | | | | | | | | | | |
Total change in net assets resulting from capital transactions | | $ | 72,300 | | | $ | (591,833 | ) | | $ | (22,376 | ) | | $ | (29,677 | ) |
| | | | | | | | | | | | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 197 |
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| | | | | | | | | | | | | | | | |
| | | JPMorgan Intermediate
Tax Free Bond Fund | | | JPMorgan New York
Tax Free Bond Fund | |
| | | Year Ended
February 28, 2022 | | | Year Ended
February 28, 2021 | | | Year Ended
February 28, 2022 | | | Year Ended
February 28, 2021 | |
SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | |
Issued | | | 11,069 | | | | 16,309 | | | | 3,141 | | | | 5,732 | |
Reinvested | | | 859 | | | | 425 | | | | 377 | | | | 394 | |
Redeemed | | | (7,800 | ) | | | (11,274 | ) | | | (6,097 | ) | | | (5,392 | ) |
| | | | | | | | | | | | | | | | |
Change in Class A Shares | | | 4,128 | | | | 5,460 | | | | (2,579 | ) | | | 734 | |
| | | | | | | | | | | | | | | | |
Class C | | | | | | | | | | | | | | | | |
Issued | | | 133 | | | | 532 | | | | 317 | | | | 676 | |
Reinvested | | | 35 | | | | 29 | | | | 47 | | | | 75 | |
Redeemed | | | (532 | ) | | | (1,437 | ) | | | (1,173 | ) | | | (4,441 | ) |
| | | | | | | | | | | | | | | | |
Change in Class C Shares | | | (364 | ) | | | (876 | ) | | | (809 | ) | | | (3,690 | ) |
| | | | | | | | | | | | | | | | |
Class I | | | | | | | | | | | | | | | | |
Issued | | | 20,829 | | | | 33,152 | | | | 1,982 | | | | 2,068 | |
Reinvested | | | 1,718 | | | | 1,350 | | | | 226 | | | | 243 | |
Redeemed | | | (17,071 | ) | | | (37,062 | ) | | | (3,453 | ) | | | (4,559 | ) |
| | | | | | | | | | | | | | | | |
Change in Class I Shares | | | 5,476 | | | | (2,560 | ) | | | (1,245 | ) | | | (2,248 | ) |
| | | | | | | | | | | | | | | | |
Class R6 | | | | | | | | | | | | | | | | |
Issued | | | 51,442 | | | | 156,661 | | | | 4,380 | | | | 5,698 | |
Reinvested | | | 10,409 | | | | 9,319 | | | | 373 | | | | 353 | |
Redeemed | | | (64,411 | ) | | | (218,578 | ) | | | (3,397 | ) | | | (5,321 | ) |
| | | | | | | | | | | | | | | | |
Change in Class R6 Shares | | | (2,560 | ) | | | (52,598 | ) | | | 1,356 | | | | 730 | |
| | | | | | | | | | | | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 198 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | | | | | | | | | |
| | | JPMorgan Short-Intermediate
Municipal Bond Fund | | | JPMorgan Sustainable
Municipal Income Fund | |
| | | Year Ended
February 28, 2022 | | | Year Ended
February 28, 2021 | | | Year Ended
February 28, 2022 | | | Year Ended
February 28, 2021 | |
CAPITAL TRANSACTIONS: | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | $ | 49,893 | | | $ | 60,770 | | | $ | 14,958 | | | $ | 47,636 | |
Distributions reinvested | | | 942 | | | | 771 | | | | 2,172 | | | | 1,899 | |
Cost of shares redeemed | | | (34,859 | ) | | | (33,469 | ) | | | (31,411 | ) | | | (20,025 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Class A capital transactions | | | 15,976 | | | | 28,072 | | | | (14,281 | ) | | | 29,510 | |
| | | | | | | | | | | | | | | | |
Class C | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | | 577 | | | | 3,057 | | | | 532 | | | | 2,266 | |
Distributions reinvested | | | 20 | | | | 31 | | | | 101 | | | | 122 | |
Cost of shares redeemed | | | (1,649 | ) | | | (2,785 | ) | | | (2,443 | ) | | | (5,965 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Class C capital transactions | | | (1,052 | ) | | | 303 | | | | (1,810 | ) | | | (3,577 | ) |
| | | | | | | | | | | | | | | | |
Class I | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | | 459,768 | | | | 569,979 | | | | 34,663 | | | | 46,166 | |
Distributions reinvested | | | 13,022 | | | | 11,270 | | | | 2,407 | | | | 2,043 | |
Cost of shares redeemed | | | (452,970 | ) | | | (386,079 | ) | | | (28,719 | ) | | | (49,863 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Class I capital transactions | | | 19,820 | | | | 195,170 | | | | 8,351 | | | | (1,654 | ) |
| | | | | | | | | | | | | | | | |
Class R6 | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | | 389,321 | | | | 255,400 | | | | 35,661 | | | | 21,958 | |
Distributions reinvested | | | 10,198 | | | | 14,404 | | | | 1,550 | | | | 1,273 | |
Cost of shares redeemed | | | (436,746 | ) | | | (536,363 | ) | | | (15,646 | ) | | | (21,271 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Class R6 capital transactions | | | (37,227 | ) | | | (266,559 | ) | | | 21,565 | | | | 1,960 | |
| | | | | | | | | | | | | | | | |
Total change in net assets resulting from capital transactions | | $ | (2,483 | ) | | $ | (43,014 | ) | | $ | 13,825 | | | $ | 26,239 | |
| | | | | | | | | | | | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 199 |
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| | | | | | | | | | | | | | | | |
| | | JPMorgan Short-Intermediate
Municipal Bond Fund | | | JPMorgan Sustainable
Municipal Income Fund | |
| | | Year Ended
February 28, 2022 | | | Year Ended
February 28, 2021 | | | Year Ended
February 28, 2022 | | | Year Ended
February 28, 2021 | |
SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | |
Issued | | | 4,629 | | | | 5,628 | | | | 1,490 | | | | 4,791 | |
Reinvested | | | 88 | | | | 71 | | | | 217 | | | | 191 | |
Redeemed | | | (3,244 | ) | | | (3,106 | ) | | | (3,162 | ) | | | (2,020 | ) |
| | | | | | | | | | | | | | | | |
Change in Class A Shares | | | 1,473 | | | | 2,593 | | | | (1,455 | ) | | | 2,962 | |
| | | | | | | | | | | | | | | | |
Class C | | | | | | | | | | | | | | | | |
Issued | | | 52 | | | | 287 | | | | 54 | | | | 231 | |
Reinvested | | | 2 | | | | 3 | | | | 10 | | | | 12 | |
Redeemed | | | (151 | ) | | | (257 | ) | | | (247 | ) | | | (610 | ) |
| | | | | | | | | | | | | | | | |
Change in Class C Shares | | | (97 | ) | | | 33 | | | | (183 | ) | | | (367 | ) |
| | | | | | | | | | | | | | | | |
Class I | | | | | | | | | | | | | | | | |
Issued | | | 42,430 | | | | 52,415 | | | | 3,493 | | | | 4,691 | |
Reinvested | | | 1,204 | | | | 1,039 | | | | 243 | | | | 207 | |
Redeemed | | | (41,914 | ) | | | (35,675 | ) | | | (2,901 | ) | | | (5,135 | ) |
| | | | | | | | | | | | | | | | |
Change in Class I Shares | | | 1,720 | | | | 17,779 | | | | 835 | | | | (237 | ) |
| | | | | | | | | | | | | | | | |
Class R6 | | | | | | | | | | | | | | | | |
Issued | | | 35,890 | | | | 23,492 | | | | 3,594 | | | | 2,208 | |
Reinvested | | | 943 | | | | 1,330 | | | | 157 | | | | 129 | |
Redeemed | | | (40,244 | ) | | | (49,385 | ) | | | (1,577 | ) | | | (2,149 | ) |
| | | | | | | | | | | | | | | | |
Change in Class R6 Shares | | | (3,411 | ) | | | (24,563 | ) | | | 2,174 | | | | 188 | |
| | | | | | | | | | | | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 200 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | | | | | | | | | |
| | | JPMorgan Tax Free Bond Fund | | | JPMorgan Ultra-Short Municipal Fund | |
| | | Year Ended
February 28, 2022 | | | Year Ended
February 28, 2021 | | | Year Ended
February 28, 2022 | | | Year Ended
February 28, 2021 | |
CAPITAL TRANSACTIONS: | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | $ | 97,266 | | | $ | 135,267 | | | $ | 36,947 | | | $ | 246,999 | |
Distributions reinvested | | | 6,877 | | | | 5,656 | | | | 64 | | | | 512 | |
Cost of shares redeemed | | | (66,093 | ) | | | (66,686 | ) | | | (107,817 | ) | | | (210,001 | ) |
| | | | | | �� | | | | | | | | | | |
Change in net assets resulting from Class A capital transactions | | | 38,050 | | | | 74,237 | | | | (70,806 | ) | | | 37,510 | |
| | | | | | | | | | | | | | | | |
Class C | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | | 1,345 | | | | 3,303 | | | | — | | | | — | |
Distributions reinvested | | | 229 | | | | 348 | | | | — | | | | — | |
Cost of shares redeemed | | | (5,264 | ) | | | (13,493 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Class C capital transactions | | | (3,690 | ) | | | (9,842 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Class I | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | | 40,245 | | | | 62,872 | | | | 2,457,859 | | | | 8,428,561 | |
Distributions reinvested | | | 3,658 | | | | 3,783 | | | | 13,901 | | | | 26,591 | |
Cost of shares redeemed | | | (42,617 | ) | | | (63,956 | ) | | | (5,118,382 | ) | | | (5,827,805 | ) |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Class I capital transactions | | | 1,286 | | | | 2,699 | | | | (2,646,622 | ) | | | 2,627,347 | |
| | | | | | | | | | | | | | | | |
Class R6 | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | | 48,969 | | | | 53,081 | | | | — | | | | — | |
Distributions reinvested | | | 3,664 | | | | 2,981 | | | | — | | | | — | |
Cost of shares redeemed | | | (28,857 | ) | | | (34,601 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Change in net assets resulting from Class R6 capital transactions | | | 23,776 | | | | 21,461 | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Total change in net assets resulting from capital transactions | | $ | 59,422 | | | $ | 88,555 | | | $ | (2,717,428 | ) | | $ | 2,664,857 | |
| | | | | | | | | | | | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 201 |
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| | | | | | | | | | | | | | | | |
| | | JPMorgan Tax Free Bond Fund | | | JPMorgan Ultra-Short Municipal Fund | |
| | | Year Ended
February 28, 2022 | | | Year Ended
February 28, 2021 | | | Year Ended
February 28, 2022 | | | Year Ended
February 28, 2021 | |
SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | |
Issued | | | 7,686 | | | | 10,911 | | | | 3,671 | | | | 24,565 | |
Reinvested | | | 546 | | | | 457 | | | | 6 | | | | 51 | |
Redeemed | | | (5,256 | ) | | | (5,436 | ) | | | (10,709 | ) | | | (20,899 | ) |
| | | | | | | | | | | | | | | | |
Change in Class A Shares | | | 2,976 | | | | 5,932 | | | | (7,032 | ) | | | 3,717 | |
| | | | | | | | | | | | | | | | |
Class C | | | | | | | | | | | | | | | | |
Issued | | | 107 | | | | 270 | | | | — | | | | — | |
Reinvested | | | 18 | | | | 28 | | | | — | | | | — | |
Redeemed | | | (422 | ) | | | (1,108 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Change in Class C Shares | | | (297 | ) | | | (810 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Class I | | | | | | | | | | | | | | | | |
Issued | | | 3,214 | | | | 5,111 | | | | 244,227 | | | | 837,628 | |
Reinvested | | | 292 | | | | 308 | | | | 1,383 | | | | 2,647 | |
Redeemed | | | (3,388 | ) | | | (5,317 | ) | | | (508,812 | ) | | | (579,918 | ) |
| | | | | | | | | | | | | | | | |
Change in Class I Shares | | | 118 | | | | 102 | | | | (263,202 | ) | | | 260,357 | |
| | | | | | | | | | | | | | | | |
Class R6 | | | | | | | | | | | | | | | | |
Issued | | | 3,895 | | | | 4,304 | | | | — | | | | — | |
Reinvested | | | 293 | | | | 242 | | | | — | | | | — | |
Redeemed | | | (2,308 | ) | | | (2,866 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
Change in Class R6 Shares | | | 1,880 | | | | 1,680 | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
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THIS PAGE IS INTENTIONALLY LEFT BLANK
| | | | | | | | | | |
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| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 203 |
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED
| | | | | | | | | | | | | | | | | | | | |
| | | | | | Per share operating performance | |
| | | | | | Investment operations | | | Distributions | |
| | | Net asset
value,
beginning
of period | | | Net
investment
income
(loss) (b) | | | Net realized
and unrealized
gains
(losses) on
investments | | | Total from
investment
operations | | | Net
investment
income | |
JPMorgan California Tax Free Bond Fund | |
Class A | |
Year Ended February 28, 2022 | | $ | 11.06 | | | $ | 0.16 | | | $ | (0.38 | ) | | $ | (0.22 | ) | | $ | (0.16 | ) |
Year Ended February 28, 2021 | | | 11.25 | | | | 0.17 | | | | (0.19 | ) | | | (0.02 | ) | | | (0.17 | ) |
Year Ended February 29, 2020 | | | 10.71 | | | | 0.23 | | | | 0.54 | | | | 0.77 | | | | (0.23 | ) |
Year Ended February 28, 2019 | | | 10.64 | | | | 0.28 | | | | 0.07 | | | | 0.35 | | | | (0.28 | ) |
Year Ended February 28, 2018 | | | 10.78 | | | | 0.28 | | | | (0.14 | ) | | | 0.14 | | | | (0.28 | ) |
|
Class C | |
Year Ended February 28, 2022 | | | 10.96 | | | | 0.10 | | | | (0.37 | ) | | | (0.27 | ) | | | (0.10 | ) |
Year Ended February 28, 2021 | | | 11.15 | | | | 0.12 | | | | (0.20 | ) | | | (0.08 | ) | | | (0.11 | ) |
Year Ended February 29, 2020 | | | 10.62 | | | | 0.18 | | | | 0.53 | | | | 0.71 | | | | (0.18 | ) |
Year Ended February 28, 2019 | | | 10.55 | | | | 0.22 | | | | 0.07 | | | | 0.29 | | | | (0.22 | ) |
Year Ended February 28, 2018 | | | 10.69 | | | | 0.22 | | | | (0.14 | ) | | | 0.08 | | | | (0.22 | ) |
|
Class I | |
Year Ended February 28, 2022 | | | 10.80 | | | | 0.17 | | | | (0.37 | ) | | | (0.20 | ) | | | (0.17 | ) |
Year Ended February 28, 2021 | | | 10.99 | | | | 0.18 | | | | (0.19 | ) | | | (0.01 | ) | | | (0.18 | ) |
Year Ended February 29, 2020 | | | 10.47 | | | | 0.24 | | | | 0.52 | | | | 0.76 | | | | (0.24 | ) |
Year Ended February 28, 2019 | | | 10.41 | | | | 0.28 | | | | 0.07 | | | | 0.35 | | | | (0.29 | ) |
Year Ended February 28, 2018 | | | 10.55 | | | | 0.29 | | | | (0.14 | ) | | | 0.15 | | | | (0.29 | ) |
|
Class R6 | |
Year Ended February 28, 2022 | | | 10.80 | | | | 0.18 | | | | (0.37 | ) | | | (0.19 | ) | | | (0.18 | ) |
Year Ended February 28, 2021 | | | 10.99 | | | | 0.19 | | | | (0.19 | ) | | | — | (f) | | | (0.19 | ) |
Year Ended February 29, 2020 | | | 10.47 | | | | 0.25 | | | | 0.52 | | | | 0.77 | | | | (0.25 | ) |
October 1, 2018 (g) through February 28, 2019 | | | 10.33 | | | | 0.13 | | | | 0.13 | | | | 0.26 | | | | (0.12 | ) |
| (a) | Annualized for periods less than one year, unless otherwise noted. |
| (b) | Calculated based upon average shares outstanding. |
| (c) | Not annualized for periods less than one year. |
| (d) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| (e) | Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
| (f) | Amount rounds to less than $0.005. |
| (g) | Commencement of offering of class of shares. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
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| 204 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Ratios/Supplemental data | |
| | | | | | | | | | Ratios to average net assets (a) | | | | |
Net asset
value,
end of
period | | | Total return
(excludes
sales charge) (c)(d) | | | Net assets,
end of
period
(000’s) | | | Net
expenses (e) | | | Net
investment
income
(loss) | | | Expenses
without waivers,
reimbursements and
earnings credits | | | Portfolio
turnover
rate (c) | |
| | |
| | |
| $ | 10.68 | | | | (2.05 | )% | | $ | 136,939 | | | | 0.60 | % | | | 1.43 | % | | | 0.94 | % | | | 11 | % |
| | 11.06 | | | | (0.19 | ) | | | 154,108 | | | | 0.59 | | | | 1.54 | | | | 0.93 | | | | 6 | |
| | 11.25 | | | | 7.29 | | | | 126,253 | | | | 0.60 | | | | 2.13 | | | | 0.96 | | | | 8 | |
| | 10.71 | | | | 3.31 | | | | 67,275 | | | | 0.60 | | | | 2.63 | | | | 0.97 | | | | 17 | |
| | 10.64 | | | | 1.27 | | | | 69,092 | | | | 0.60 | | | | 2.58 | | | | 0.98 | | | | 8 | |
|
| | |
| | 10.59 | | | | (2.47 | ) | | | 24,442 | | | | 1.10 | | | | 0.93 | | | | 1.43 | | | | 11 | |
| | 10.96 | | | | (0.70 | ) | | | 33,234 | | | | 1.09 | | | | 1.07 | | | | 1.43 | | | | 6 | |
| | 11.15 | | | | 6.72 | | | | 52,168 | | | | 1.10 | | | | 1.66 | | | | 1.47 | | | | 8 | |
| | 10.62 | | | | 2.82 | | | | 46,950 | | | | 1.10 | | | | 2.13 | | | | 1.48 | | | | 17 | |
| | 10.55 | | | | 0.78 | | | | 54,655 | | | | 1.10 | | | | 2.08 | | | | 1.48 | | | | 8 | |
|
| | |
| | 10.43 | | | | (1.90 | ) | | | 80,566 | | | | 0.50 | | | | 1.53 | | | | 0.68 | | | | 11 | |
| | 10.80 | | | | (0.09 | ) | | | 100,163 | | | | 0.49 | | | | 1.62 | | | | 0.68 | | | | 6 | |
| | 10.99 | | | | 7.37 | | | | 60,122 | | | | 0.50 | | | | 2.26 | | | | 0.71 | | | | 8 | |
| | 10.47 | | | | 3.39 | | | | 62,069 | | | | 0.50 | | | | 2.72 | | | | 0.72 | | | | 17 | |
| | 10.41 | | | | 1.41 | | | | 143,734 | | | | 0.50 | | | | 2.68 | | | | 0.71 | | | | 8 | |
|
| | |
| | 10.43 | | | | (1.80 | ) | | | 144,407 | | | | 0.40 | | | | 1.63 | | | | 0.43 | | | | 11 | |
| | 10.80 | | | | 0.01 | | | | 137,357 | | | | 0.39 | | | | 1.74 | | | | 0.43 | | | | 6 | |
| | 10.99 | | | | 7.48 | | | | 127,070 | | | | 0.40 | | | | 2.35 | | | | 0.46 | | | | 8 | |
| | 10.47 | | | | 2.58 | | | | 80,424 | | | | 0.35 | | | | 2.95 | | | | 0.48 | | | | 17 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 205 |
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | Per share operating performance | |
| | | | | | Investment operations | | | Distributions | |
| | | Net asset
value,
beginning
of period | | | Net
investment
income
(loss) (b) | | | Net realized
and unrealized
gains
(losses) on
investments | | | Total from
investment
operations | | | Net
investment
income | | | Net
realized
gain | | | Total
distributions | |
JPMorgan High Yield Municipal Fund | |
Class A | |
Year Ended February 28, 2022 | | $ | 11.50 | | | $ | 0.34 | | | $ | (0.17 | ) | | $ | 0.17 | | | $ | (0.34 | ) | | $ | — | | | $ | (0.34 | ) |
Year Ended February 28, 2021 | | | 11.93 | | | | 0.33 | | | | (0.42 | ) | | | (0.09 | ) | | | (0.33 | ) | | | (0.01 | ) | | | (0.34 | ) |
Year Ended February 29, 2020 | | | 10.88 | | | | 0.32 | | | | 1.05 | | | | 1.37 | | | | (0.31 | ) | | | (0.01 | ) | | | (0.32 | ) |
Year Ended February 28, 2019 | | | 10.78 | | | | 0.36 | | | | 0.09 | | | | 0.45 | | | | (0.35 | ) | | | — | | | | (0.35 | ) |
Year Ended February 28, 2018 | | | 10.82 | | | | 0.28 | | | | (0.04 | ) | | | 0.24 | | | | (0.28 | ) | | | — | | | | (0.28 | ) |
|
Class C | |
Year Ended February 28, 2022 | | | 11.47 | | | | 0.28 | | | | (0.17 | ) | | | 0.11 | | | | (0.28 | ) | | | — | | | | (0.28 | ) |
Year Ended February 28, 2021 | | | 11.90 | | | | 0.28 | | | | (0.43 | ) | | | (0.15 | ) | | | (0.27 | ) | | | (0.01 | ) | | | (0.28 | ) |
Year Ended February 29, 2020 | | | 10.85 | | | | 0.27 | | | | 1.05 | | | | 1.32 | | | | (0.26 | ) | | | (0.01 | ) | | | (0.27 | ) |
Year Ended February 28, 2019 | | | 10.76 | | | | 0.30 | | | | 0.09 | | | | 0.39 | | | | (0.30 | ) | | | — | | | | (0.30 | ) |
Year Ended February 28, 2018 | | | 10.80 | | | | 0.22 | | | | (0.03 | ) | | | 0.19 | | | | (0.23 | ) | | | — | | | | (0.23 | ) |
|
Class I | |
Year Ended February 28, 2022 | | | 11.50 | | | | 0.35 | | | | (0.17 | ) | | | 0.18 | | | | (0.35 | ) | | | — | | | | (0.35 | ) |
Year Ended February 28, 2021 | | | 11.93 | | | | 0.34 | | | | (0.42 | ) | | | (0.08 | ) | | | (0.34 | ) | | | (0.01 | ) | | | (0.35 | ) |
Year Ended February 29, 2020 | | | 10.87 | | | | 0.34 | | | | 1.06 | | | | 1.40 | | | | (0.33 | ) | | | (0.01 | ) | | | (0.34 | ) |
Year Ended February 28, 2019 | | | 10.78 | | | | 0.37 | | | | 0.08 | | | | 0.45 | | | | (0.36 | ) | | | — | | | | (0.36 | ) |
Year Ended February 28, 2018 | | | 10.82 | | | | 0.29 | | | | (0.03 | ) | | | 0.26 | | | | (0.30 | ) | | | — | | | | (0.30 | ) |
|
Class R6 | |
Year Ended February 28, 2022 | | | 11.50 | | | | 0.36 | | | | (0.17 | ) | | | 0.19 | | | | (0.36 | ) | | | — | | | | (0.36 | ) |
Year Ended February 28, 2021 | | | 11.93 | | | | 0.36 | | | | (0.43 | ) | | | (0.07 | ) | | | (0.35 | ) | | | (0.01 | ) | | | (0.36 | ) |
Year Ended February 29, 2020 | | | 10.87 | | | | 0.35 | | | | 1.06 | | | | 1.41 | | | | (0.34 | ) | | | (0.01 | ) | | | (0.35 | ) |
November 1, 2018 (f) through February 28, 2019 | | | 10.53 | | | | 0.14 | | | | 0.33 | | | | 0.47 | | | | (0.13 | ) | | | — | | | | (0.13 | ) |
| (a) | Annualized for periods less than one year, unless otherwise noted. |
| (b) | Calculated based upon average shares outstanding. |
| (c) | Not annualized for periods less than one year. |
| (d) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| (e) | Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
| (f) | Commencement of offering of class of shares. |
SEE NOTES TO FINANCIAL STATEMENTS.
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| 206 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Ratios/Supplemental data | |
| | | | | | | | | | Ratios to average net assets (a) | | | | |
Net asset
value,
end of
period | | | Total return
(excludes
sales charge) (c)(d) | | | Net assets,
end of
period
(000’s) | | | Net expenses (e) | | | Net
investment
income
(loss) | | | Expenses
without waivers,
reimbursements and
earnings credits | | | Portfolio
turnover
rate (c) | |
| | |
| | |
| $ | 11.33 | | | | 1.39 | % | | $ | 195,574 | | | | 0.65 | % | | | 2.87 | % | | | 1.01 | % | | | 24 | % |
| | 11.50 | | | | (0.61 | ) | | | 179,459 | | | | 0.65 | | | | 2.99 | | | | 1.02 | | | | 39 | |
| | 11.93 | | | | 12.81 | | | | 194,623 | | | | 0.64 | | | | 2.80 | | | | 1.06 | | | | 18 | |
| | 10.88 | | | | 4.28 | | | | 43,565 | | | | 0.64 | | | | 3.32 | | | | 1.22 | | | | 130 | |
| | 10.78 | | | | 2.25 | | | | 35,071 | | | | 0.64 | | | | 2.56 | | | | 1.20 | | | | 17 | |
|
| | |
| | 11.30 | | | | 0.89 | | | | 28,844 | | | | 1.15 | | | | 2.37 | | | | 1.51 | | | | 24 | |
| | 11.47 | | | | (1.11 | ) | | | 32,499 | | | | 1.14 | | | | 2.50 | | | | 1.51 | | | | 39 | |
| | 11.90 | | | | 12.29 | | | | 37,623 | | | | 1.14 | | | | 2.34 | | | | 1.57 | | | | 18 | |
| | 10.85 | | | | 3.67 | | | | 17,929 | | | | 1.14 | | | | 2.82 | | | | 1.71 | | | | 130 | |
| | 10.76 | | | | 1.74 | | | | 18,675 | | | | 1.14 | | | | 2.06 | | | | 1.70 | | | | 17 | |
|
| | |
| | 11.33 | | | | 1.50 | | | | 247,902 | | | | 0.55 | | | | 2.97 | | | | 0.76 | | | | 24 | |
| | 11.50 | | | | (0.51 | ) | | | 256,624 | | | | 0.55 | | | | 3.09 | | | | 0.76 | | | | 39 | |
| | 11.93 | | | | 13.02 | | | | 296,450 | | | | 0.54 | | | | 2.92 | | | | 0.81 | | | | 18 | |
| | 10.87 | | | | 4.29 | | | | 95,662 | | | | 0.54 | | | | 3.45 | | | | 0.97 | | | | 130 | |
| | 10.78 | | | | 2.36 | | | | 51,274 | | | | 0.54 | | | | 2.66 | | | | 0.95 | | | | 17 | |
|
| | |
| | 11.33 | | | | 1.60 | | | | 20,316 | | | | 0.45 | | | | 3.07 | | | | 0.51 | | | | 24 | |
| | 11.50 | | | | (0.41 | ) | | | 21,169 | | | | 0.45 | | | | 3.16 | | | | 0.51 | | | | 39 | |
| | 11.93 | | | | 13.12 | | | | 6,060 | | | | 0.44 | | | | 3.01 | | | | 0.56 | | | | 18 | |
| | 10.87 | | | | 4.46 | | | | 1,338 | | | | 0.39 | | | | 4.09 | | | | 1.23 | | | | 130 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 207 |
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | Per share operating performance | |
| | | | | | Investment operations | | | Distributions | |
| | | Net asset
value,
beginning
of period | | | Net
investment
income
(loss) (b) | | | Net realized
and unrealized
gains
(losses) on
investments | | | Total from
investment
operations | | | Net
investment
income | | | Net realized
gain | | | Total
distributions | |
JPMorgan Intermediate Tax Free Bond Fund | |
Class A | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year Ended February 28, 2022 | | $ | 11.37 | | | $ | 0.23 | | | $ | (0.37 | ) | | $ | (0.14 | ) | | $ | (0.23 | ) | | $ | (0.09 | ) | | $ | (0.32 | ) |
Year Ended February 28, 2021 | | | 11.52 | | | | 0.22 | | | | (0.16 | ) | | | 0.06 | | | | (0.21 | ) | | | — | | | | (0.21 | ) |
Year Ended February 29, 2020 | | | 10.91 | | | | 0.24 | | | | 0.61 | | | | 0.85 | | | | (0.24 | ) | | | — | | | | (0.24 | ) |
Year Ended February 28, 2019 | | | 10.80 | | | | 0.25 | | | | 0.11 | | | | 0.36 | | | | (0.25 | ) | | | — | | | | (0.25 | ) |
Year Ended February 28, 2018 | | | 10.94 | | | | 0.24 | | | | (0.15 | ) | | | 0.09 | | | | (0.23 | ) | | | — | | | | (0.23 | ) |
|
Class C | |
Year Ended February 28, 2022 | | | 11.07 | | | | 0.17 | | | | (0.36 | ) | | | (0.19 | ) | | | (0.17 | ) | | | (0.09 | ) | | | (0.26 | ) |
Year Ended February 28, 2021 | | | 11.23 | | | | 0.15 | | | | (0.16 | ) | | | (0.01 | ) | | | (0.15 | ) | | | — | | | | (0.15 | ) |
Year Ended February 29, 2020 | | | 10.63 | | | | 0.18 | | | | 0.60 | | | | 0.78 | | | | (0.18 | ) | | | — | | | | (0.18 | ) |
Year Ended February 28, 2019 | | | 10.53 | | | | 0.18 | | | | 0.11 | | | | 0.29 | | | | (0.19 | ) | | | — | | | | (0.19 | ) |
Year Ended February 28, 2018 | | | 10.68 | | | | 0.18 | | | | (0.15 | ) | | | 0.03 | | | | (0.18 | ) | | | — | | | | (0.18 | ) |
|
Class I | |
Year Ended February 28, 2022 | | | 11.15 | | | | 0.26 | | | | (0.37 | ) | | | (0.11 | ) | | | (0.26 | ) | | | (0.09 | ) | | | (0.35 | ) |
Year Ended February 28, 2021 | | | 11.31 | | | | 0.24 | | | | (0.16 | ) | | | 0.08 | | | | (0.24 | ) | | | — | | | | (0.24 | ) |
Year Ended February 29, 2020 | | | 10.71 | | | | 0.27 | | | | 0.60 | | | | 0.87 | | | | (0.27 | ) | | | — | | | | (0.27 | ) |
Year Ended February 28, 2019 | | | 10.61 | | | | 0.27 | | | | 0.10 | | | | 0.37 | | | | (0.27 | ) | | | — | | | | (0.27 | ) |
Year Ended February 28, 2018 | | | 10.75 | | | | 0.27 | | | | (0.14 | ) | | | 0.13 | | | | (0.27 | ) | | | — | | | | (0.27 | ) |
|
Class R6 | |
Year Ended February 28, 2022 | | | 11.15 | | | | 0.27 | | | | (0.37 | ) | | | (0.10 | ) | | | (0.27 | ) | | | (0.09 | ) | | | (0.36 | ) |
Year Ended February 28, 2021 | | | 11.31 | | | | 0.25 | | | | (0.16 | ) | | | 0.09 | | | | (0.25 | ) | | | — | | | | (0.25 | ) |
Year Ended February 29, 2020 | | | 10.71 | | | | 0.28 | | | | 0.60 | | | | 0.88 | | | | (0.28 | ) | | | — | | | | (0.28 | ) |
Year Ended February 28, 2019 | | | 10.60 | | | | 0.28 | | | | 0.11 | | | | 0.39 | | | | (0.28 | ) | | | — | | | | (0.28 | ) |
November 6, 2017 (f) through February 28, 2018 | | | 10.83 | | | | 0.09 | | | | (0.23 | ) | | | (0.14 | ) | | | (0.09 | ) | | | — | | | | (0.09 | ) |
| (a) | Annualized for periods less than one year, unless otherwise noted. |
| (b) | Calculated based upon average shares outstanding. |
| (c) | Not annualized for periods less than one year. |
| (d) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| (e) | Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
| (f) | Commencement of offering of class of shares. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 208 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Ratios/Supplemental data | |
| | | | | | | | | | Ratios to average net assets (a) | | | | |
Net asset
value,
end of
period | | | Total return
(excludes
sales charge) (c)(d) | | | Net assets,
end of
period
(000’s) | | | Net
expenses (e) | | | Net
investment
income
(loss) | | | Expenses
without waivers,
reimbursements and
earnings credits | | | Portfolio
turnover
rate (c) | |
| | |
| | |
| $ | 10.91 | | | | (1.29 | )% | | $ | 341,321 | | | | 0.65 | % | | | 2.06 | % | | | 0.90 | % | | | 12 | % |
| | 11.37 | | | | 0.57 | | | | 308,709 | | | | 0.64 | | | | 1.93 | | | | 0.90 | | | | 34 | |
| | 11.52 | | | | 7.86 | | | | 250,087 | | | | 0.65 | | | | 2.17 | | | | 0.90 | | | | 20 | |
| | 10.91 | | | | 3.34 | | | | 222,295 | | | | 0.64 | | | | 2.32 | | | | 0.90 | | | | 48 | |
| | 10.80 | | | | 0.83 | | | | 174,653 | | | | 0.71 | | | | 2.17 | | | | 0.91 | | | | 30 | |
|
| | |
| | 10.62 | | | | (1.77 | ) | | | 14,423 | | | | 1.20 | | | | 1.51 | | | | 1.40 | | | | 12 | |
| | 11.07 | | | | (0.07 | ) | | | 19,061 | | | | 1.19 | | | | 1.38 | | | | 1.40 | | | | 34 | |
| | 11.23 | | | | 7.38 | | | | 29,173 | | | | 1.20 | | | | 1.63 | | | | 1.40 | | | | 20 | |
| | 10.63 | | | | 2.76 | | | | 37,603 | | | | 1.19 | | | | 1.76 | | | | 1.40 | | | | 48 | |
| | 10.53 | | | | 0.24 | | | | 50,481 | | | | 1.22 | | | | 1.65 | | | | 1.41 | | | | 30 | |
|
| | |
| | 10.69 | | | | (1.06 | ) | | | 655,190 | | | | 0.40 | | | | 2.31 | | | | 0.65 | | | | 12 | |
| | 11.15 | | | | 0.75 | | | | 622,009 | | | | 0.39 | | | | 2.17 | | | | 0.65 | | | | 34 | |
| | 11.31 | | | | 8.19 | | | | 660,041 | | | | 0.40 | | | | 2.42 | | | | 0.64 | | | | 20 | |
| | 10.71 | | | | 3.57 | | | | 523,544 | | | | 0.39 | | | | 2.57 | | | | 0.65 | | | | 48 | |
| | 10.61 | | | | 1.17 | | | | 770,626 | | | | 0.39 | | | | 2.45 | | | | 0.64 | | | | 30 | |
|
| | |
| | 10.69 | | | | (0.96 | ) | | | 3,503,954 | | | | 0.30 | | | | 2.41 | | | | 0.40 | | | | 12 | |
| | 11.15 | | | | 0.85 | | | | 3,681,554 | | | | 0.29 | | | | 2.27 | | | | 0.40 | | | | 34 | |
| | 11.31 | | | | 8.30 | | | | 4,329,545 | | | | 0.30 | | | | 2.52 | | | | 0.39 | | | | 20 | |
| | 10.71 | | | | 3.77 | | | | 3,911,573 | | | | 0.29 | | | | 2.66 | | | | 0.40 | | | | 48 | |
| | 10.60 | | | | (1.26 | ) | | | 3,497,046 | | | | 0.29 | | | | 2.73 | | | | 0.41 | | | | 30 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 209 |
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
| | | | | | | | | | | | | | | | | | | | |
| | | | | | Per share operating performance | |
| | | | | | Investment operations | | | Distributions | |
| | | Net asset
value,
beginning
of period | | | Net
investment
income
(loss) (b) | | | Net realized
and unrealized
gains
(losses) on
investments | | | Total from
investment
operations | | | Net
investment
income | |
JPMorgan New York Tax Free Bond Fund | |
Class A | |
Year Ended February 28, 2022 | | $ | 6.93 | | | $ | 0.11 | | | $ | (0.21 | ) | | $ | (0.10 | ) | | $ | (0.12 | ) |
Year Ended February 28, 2021 | | | 7.06 | | | | 0.12 | | | | (0.13 | ) | | | (0.01 | ) | | | (0.12 | ) |
Year Ended February 29, 2020 | | | 6.71 | | | | 0.14 | | | | 0.35 | | | | 0.49 | | | | (0.14 | ) |
Year Ended February 28, 2019 | | | 6.70 | | | | 0.18 | | | | 0.01 | | | | 0.19 | | | | (0.18 | ) |
Year Ended February 28, 2018 | | | 6.84 | | | | 0.20 | | | | (0.14 | ) | | | 0.06 | | | | (0.20 | ) |
|
Class C | |
Year Ended February 28, 2022 | | | 6.93 | | | | 0.08 | | | | (0.22 | ) | | | (0.14 | ) | | | (0.08 | ) |
Year Ended February 28, 2021 | | | 7.05 | | | | 0.09 | | | | (0.13 | ) | | | (0.04 | ) | | | (0.08 | ) |
Year Ended February 29, 2020 | | | 6.71 | | | | 0.10 | | | | 0.34 | | | | 0.44 | | | | (0.10 | ) |
Year Ended February 28, 2019 | | | 6.69 | | | | 0.14 | | | | 0.02 | | | | 0.16 | | | | (0.14 | ) |
Year Ended February 28, 2018 | | | 6.84 | | | | 0.16 | | | | (0.15 | ) | | | 0.01 | | | | (0.16 | ) |
|
Class I | |
Year Ended February 28, 2022 | | | 6.96 | | | | 0.13 | | | | (0.21 | ) | | | (0.08 | ) | | | (0.13 | ) |
Year Ended February 28, 2021 | | | 7.09 | | | | 0.14 | | | | (0.13 | ) | | | 0.01 | | | | (0.14 | ) |
Year Ended February 29, 2020 | | | 6.75 | | | | 0.15 | | | | 0.34 | | | | 0.49 | | | | (0.15 | ) |
Year Ended February 28, 2019 | | | 6.73 | | | | 0.20 | | | | 0.01 | | | | 0.21 | | | | (0.19 | ) |
Year Ended February 28, 2018 | | | 6.87 | | | | 0.21 | | | | (0.14 | ) | | | 0.07 | | | | (0.21 | ) |
|
Class R6 | |
Year Ended February 28, 2022 | | | 6.96 | | | | 0.14 | | | | (0.22 | ) | | | (0.08 | ) | | | (0.14 | ) |
Year Ended February 28, 2021 | | | 7.09 | | | | 0.15 | | | | (0.14 | ) | | | 0.01 | | | | (0.14 | ) |
Year Ended February 29, 2020 | | | 6.75 | | | | 0.16 | | | | 0.34 | | | | 0.50 | | | | (0.16 | ) |
October 1, 2018 (f) through February 28, 2019 | | | 6.64 | | | | 0.08 | | | | 0.11 | | | | 0.19 | | | | (0.08 | ) |
| (a) | Annualized for periods less than one year, unless otherwise noted. |
| (b) | Calculated based upon average shares outstanding. |
| (c) | Not annualized for periods less than one year. |
| (d) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| (e) | Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
| (f) | Commencement of offering of class of shares. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 210 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Ratios/Supplemental data | |
| | | | | | | | | | Ratios to average net assets (a) | | | | |
Net asset
value,
end of
period | | | Total return
(excludes
sales charge) (c)(d) | | | Net assets,
end of
period
(000’s) | | | Net
expenses (e) | | | Net
investment
income
(loss) | | | Expenses
without waivers,
reimbursements and
earnings credits | | | Portfolio
turnover
rate (c) | |
| | |
| | |
| $ | 6.71 | | | | (1.55 | )% | | $ | 143,940 | | | | 0.75 | % | | | 1.60 | % | | | 0.94 | % | | | 10 | % |
| | 6.93 | | | | (0.13 | ) | | | 166,435 | | | | 0.74 | | | | 1.77 | | | | 0.93 | | | | 5 | |
| | 7.06 | | | | 7.31 | | | | 164,358 | | | | 0.75 | | | | 1.96 | | | | 0.95 | | | | 13 | |
| | 6.71 | | | | 2.86 | | | | 120,371 | | | | 0.75 | | | | 2.66 | | | | 0.96 | | | | 21 | |
| | 6.70 | | | | 0.81 | | | | 128,973 | | | | 0.75 | | | | 2.85 | | | | 0.96 | | | | 8 | |
|
| | |
| | 6.71 | | | | (2.05 | ) | | | 24,776 | | | | 1.25 | | | | 1.10 | | | | 1.44 | | | | 10 | |
| | 6.93 | | | | (0.51 | ) | | | 31,173 | | | | 1.24 | | | | 1.26 | | | | 1.43 | | | | 5 | |
| | 7.05 | | | | 6.62 | | | | 57,781 | | | | 1.25 | | | | 1.49 | | | | 1.45 | | | | 13 | |
| | 6.71 | | | | 2.50 | | | | 67,242 | | | | 1.25 | | | | 2.16 | | | | 1.45 | | | | 21 | |
| | 6.69 | | | | 0.15 | | | | 83,807 | | | | 1.25 | | | | 2.35 | | | | 1.45 | | | | 8 | |
|
| | |
| | 6.75 | | | | (1.16 | ) | | | 76,802 | | | | 0.50 | | | | 1.85 | | | | 0.69 | | | | 10 | |
| | 6.96 | | | | 0.12 | | | | 87,928 | | | | 0.49 | | | | 2.02 | | | | 0.68 | | | | 5 | |
| | 7.09 | | | | 7.38 | | | | 105,497 | | | | 0.50 | | | | 2.22 | | | | 0.70 | | | | 13 | |
| | 6.75 | | | | 3.26 | | | | 87,158 | | | | 0.50 | | | | 2.92 | | | | 0.70 | | | | 21 | |
| | 6.73 | | | | 1.06 | | | | 163,141 | | | | 0.50 | | | | 3.10 | | | | 0.69 | | | | 8 | |
|
| | |
| | 6.74 | | | | (1.20 | ) | | | 127,964 | | | | 0.40 | | | | 1.95 | | | | 0.43 | | | | 10 | |
| | 6.96 | | | | 0.22 | | | | 122,625 | | | | 0.39 | | | | 2.11 | | | | 0.43 | | | | 5 | |
| | 7.09 | | | | 7.49 | | | | 119,722 | | | | 0.40 | | | | 2.32 | | | | 0.44 | | | | 13 | |
| | 6.75 | | | | 2.89 | | | | 91,813 | | | | 0.40 | | | | 2.93 | | | | 0.45 | | | | 21 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 211 |
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
| | | | | | | | | | | | | | | | | | | | |
| | | | | | Per share operating performance | |
| | | | | | Investment operations | | | Distributions | |
| | | Net asset
value,
beginning
of period | | | Net
investment
income
(loss) (b) | | | Net realized
and unrealized
gains
(losses) on
investments | | | Total from
investment
operations | | | Net
investment
income | |
JPMorgan Short-Intermediate Municipal Bond Fund | |
Class A | |
Year Ended February 28, 2022 | | $ | 10.78 | | | $ | 0.11 | | | $ | (0.32 | ) | | $ | (0.21 | ) | | $ | (0.11 | ) |
Year Ended February 28, 2021 | | | 10.86 | | | | 0.13 | | | | (0.08 | ) | | | 0.05 | | | | (0.13 | ) |
Year Ended February 29, 2020 | | | 10.49 | | | | 0.16 | | | | 0.37 | | | | 0.53 | | | | (0.16 | ) |
Year Ended February 28, 2019 | | | 10.39 | | | | 0.16 | | | | 0.10 | | | | 0.26 | | | | (0.16 | ) |
Year Ended February 28, 2018 | | | 10.48 | | | | 0.12 | | | | (0.09 | ) | | | 0.03 | | | | (0.12 | ) |
|
Class C | |
Year Ended February 28, 2022 | | | 10.88 | | | | 0.06 | | | | (0.32 | ) | | | (0.26 | ) | | | (0.06 | ) |
Year Ended February 28, 2021 | | | 10.96 | | | | 0.08 | | | | (0.09 | ) | | | (0.01 | ) | | | (0.07 | ) |
Year Ended February 29, 2020 | | | 10.59 | | | | 0.11 | | | | 0.37 | | | | 0.48 | | | | (0.11 | ) |
Year Ended February 28, 2019 | | | 10.48 | | | | 0.11 | | | | 0.11 | | | | 0.22 | | | | (0.11 | ) |
Year Ended February 28, 2018 | | | 10.56 | | | | 0.06 | | | | (0.08 | ) | | | (0.02 | ) | | | (0.06 | ) |
|
Class I | |
Year Ended February 28, 2022 | | | 10.84 | | | | 0.16 | | | | (0.32 | ) | | | (0.16 | ) | | | (0.16 | ) |
Year Ended February 28, 2021 | | | 10.92 | | | | 0.18 | | | | (0.09 | ) | | | 0.09 | | | | (0.17 | ) |
Year Ended February 29, 2020 | | | 10.55 | | | | 0.21 | | | | 0.37 | | | | 0.58 | | | | (0.21 | ) |
Year Ended February 28, 2019 | | | 10.44 | | | | 0.21 | | | | 0.11 | | | | 0.32 | | | | (0.21 | ) |
Year Ended February 28, 2018 | | | 10.53 | | | | 0.16 | | | | (0.09 | ) | | | 0.07 | | | | (0.16 | ) |
|
Class R6 | |
Year Ended February 28, 2022 | | | 10.83 | | | | 0.16 | | | | (0.31 | ) | | | (0.15 | ) | | | (0.16 | ) |
Year Ended February 28, 2021 | | | 10.91 | | | | 0.19 | | | | (0.09 | ) | | | 0.10 | | | | (0.18 | ) |
Year Ended February 29, 2020 | | | 10.54 | | | | 0.21 | | | | 0.38 | | | | 0.59 | | | | (0.22 | ) |
October 1, 2018 (f) through February 28, 2019 | | | 10.39 | | | | 0.09 | | | | 0.15 | | | | 0.24 | | | | (0.09 | ) |
| (a) | Annualized for periods less than one year, unless otherwise noted. |
| (b) | Calculated based upon average shares outstanding. |
| (c) | Not annualized for periods less than one year. |
| (d) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| (e) | Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
| (f) | Commencement of offering of class of shares. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 212 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Ratios/Supplemental data | |
| | | | | | | | | | Ratios to average net assets (a) | | | | |
Net asset
value,
end of
period | | | Total return
(excludes
sales charge) (c)(d) | | | Net assets,
end of
period
(000’s) | | | Net
expenses (e) | | | Net
investment
income
(loss) | | |
Expenses
without waivers,
reimbursements and
earnings credits | | | Portfolio
turnover
rate (c) | |
| | |
| | |
| $ | 10.46 | | | | (1.96 | )% | | $ | 93,976 | | | | 0.70 | % | | | 1.02 | % | | | 0.85 | % | | | 21 | % |
| | 10.78 | | | | 0.43 | | | | 80,956 | | | | 0.69 | | | | 1.20 | | | | 0.86 | | | | 21 | |
| | 10.86 | | | | 5.12 | | | | 53,408 | | | | 0.70 | | | | 1.48 | | | | 0.86 | | | | 24 | |
| | 10.49 | | | | 2.55 | | | | 33,554 | | | | 0.70 | | | | 1.54 | | | | 0.86 | | | | 42 | |
| | 10.39 | | | | 0.26 | | | | 32,373 | | | | 0.69 | | | | 1.10 | | | | 0.86 | | | | 73 | |
|
| | |
| | 10.56 | | | | (2.45 | ) | | | 3,473 | | | | 1.20 | | | | 0.52 | | | | 1.36 | | | | 21 | |
| | 10.88 | | | | (0.09 | ) | | | 4,626 | | | | 1.19 | | | | 0.72 | | | | 1.36 | | | | 21 | |
| | 10.96 | | | | 4.52 | | | | 4,303 | | | | 1.20 | | | | 0.99 | | | | 1.36 | | | | 24 | |
| | 10.59 | | | | 2.10 | | | | 4,590 | | | | 1.20 | | | | 1.03 | | | | 1.38 | | | | 42 | |
| | 10.48 | | | | (0.19 | ) | | | 6,406 | | | | 1.19 | | | | 0.56 | | | | 1.37 | | | | 73 | |
|
| | |
| | 10.52 | | | | (1.51 | ) | | | 823,600 | | | | 0.25 | | | | 1.47 | | | | 0.60 | | | | 21 | |
| | 10.84 | | | | 0.87 | | | | 829,847 | | | | 0.24 | | | | 1.66 | | | | 0.60 | | | | 21 | |
| | 10.92 | | | | 5.56 | | | | 641,836 | | | | 0.24 | | | | 1.94 | | | | 0.61 | | | | 24 | |
| | 10.55 | | | | 3.09 | | | | 573,350 | | | | 0.25 | | | | 1.97 | | | | 0.61 | | | | 42 | |
| | 10.44 | | | | 0.70 | | | | 1,680,807 | | | | 0.24 | | | | 1.53 | | | | 0.60 | | | | 73 | |
|
| | |
| | 10.52 | | | | (1.37 | ) | | | 632,795 | | | | 0.20 | | | | 1.52 | | | | 0.35 | | | | 21 | |
| | 10.83 | | | | 0.92 | | | | 688,820 | | | | 0.19 | | | | 1.72 | | | | 0.35 | | | | 21 | |
| | 10.91 | | | | 5.61 | | | | 961,820 | | | | 0.19 | | | | 1.99 | | | | 0.36 | | | | 24 | |
| | 10.54 | | | | 2.31 | | | | 866,630 | | | | 0.19 | | | | 2.19 | | | | 0.37 | | | | 42 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 213 |
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | Per share operating performance | |
| | | | | | Investment operations | | | Distributions | |
| | | Net asset
value,
beginning
of period | | | Net
investment
income
(loss) (b) | | | Net realized
and unrealized
gains (losses) on
investments | | | Total from
investment
operations | | | Net
investment
income | | | Net
realized
gain | | | Total
distributions | |
JPMorgan Sustainable Municipal Income Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year Ended February 28, 2022 | | $ | 9.96 | | | $ | 0.18 | | | $ | (0.29 | ) | | $ | (0.11 | ) | | $ | (0.18 | ) | | $ | — | | | $ | (0.18 | ) |
Year Ended February 28, 2021 | | | 10.02 | | | | 0.17 | | | | (0.06 | ) | | | 0.11 | | | | (0.17 | ) | | | — | | | | (0.17 | ) |
Year Ended February 29, 2020 | | | 9.55 | | | | 0.20 | | | | 0.47 | | | | 0.67 | | | | (0.20 | ) | | | — | | | | (0.20 | ) |
Year Ended February 28, 2019 | | | 9.52 | | | | 0.21 | | | | 0.08 | | | | 0.29 | | | | (0.21 | ) | | | (0.05 | ) | | | (0.26 | ) |
Year Ended February 28, 2018 | | | 9.70 | | | | 0.23 | (f) | | | (0.11 | ) | | | 0.12 | | | | (0.23 | ) | | | (0.07 | ) | | | (0.30 | ) |
|
Class C | |
Year Ended February 28, 2022 | | | 9.86 | | | | 0.12 | | | | (0.30 | ) | | | (0.18 | ) | | | (0.12 | ) | | | — | | | | (0.12 | ) |
Year Ended February 28, 2021 | | | 9.92 | | | | 0.11 | | | | (0.06 | ) | | | 0.05 | | | | (0.11 | ) | | | — | | | | (0.11 | ) |
Year Ended February 29, 2020 | | | 9.45 | | | | 0.14 | | | | 0.47 | | | | 0.61 | | | | (0.14 | ) | | | — | | | | (0.14 | ) |
Year Ended February 28, 2019 | | | 9.42 | | | | 0.16 | | | | 0.08 | | | | 0.24 | | | | (0.16 | ) | | | (0.05 | ) | | | (0.21 | ) |
Year Ended February 28, 2018 | | | 9.61 | | | | 0.17 | (f) | | | (0.12 | ) | | | 0.05 | | | | (0.17 | ) | | | (0.07 | ) | | | (0.24 | ) |
|
Class I | |
Year Ended February 28, 2022 | | | 9.88 | | | | 0.20 | | | | (0.29 | ) | | | (0.09 | ) | | | (0.20 | ) | | | — | | | | (0.20 | ) |
Year Ended February 28, 2021 | | | 9.95 | | | | 0.19 | | | | (0.07 | ) | | | 0.12 | | | | (0.19 | ) | | | — | | | | (0.19 | ) |
Year Ended February 29, 2020 | | | 9.48 | | | | 0.22 | | | | 0.47 | | | | 0.69 | | | | (0.22 | ) | | | — | | | | (0.22 | ) |
Year Ended February 28, 2019 | | | 9.45 | | | | 0.24 | | | | 0.08 | | | | 0.32 | | | | (0.24 | ) | | | (0.05 | ) | | | (0.29 | ) |
Year Ended February 28, 2018 | | | 9.63 | | | | 0.25 | (f) | | | (0.11 | ) | | | 0.14 | | | | (0.25 | ) | | | (0.07 | ) | | | (0.32 | ) |
|
Class R6 | |
Year Ended February 28, 2022 | | | 9.88 | | | | 0.21 | | | | (0.29 | ) | | | (0.08 | ) | | | (0.21 | ) | | | — | | | | (0.21 | ) |
Year Ended February 28, 2021 | | | 9.94 | | | | 0.20 | | | | (0.06 | ) | | | 0.14 | | | | (0.20 | ) | | | — | | | | (0.20 | ) |
Year Ended February 29, 2020 | | | 9.48 | | | | 0.23 | | | | 0.46 | | | | 0.69 | | | | (0.23 | ) | | | — | | | | (0.23 | ) |
Year Ended February 28, 2019 | | | 9.45 | | | | 0.25 | | | | 0.08 | | | | 0.33 | | | | (0.25 | ) | | | (0.05 | ) | | | (0.30 | ) |
November 6, 2017 (g) through February 28, 2018 | | | 9.74 | | | | 0.08 | (f) | | | (0.21 | ) | | | (0.13 | ) | | | (0.09 | ) | | | (0.07 | ) | | | (0.16 | ) |
| (a) | Annualized for periods less than one year, unless otherwise noted. |
| (b) | Calculated based upon average shares outstanding. |
| (c) | Not annualized for periods less than one year. |
| (d) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| (e) | Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
| (f) | Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes. |
| (g) | Commencement of offering of class of shares. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 214 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Ratios/Supplemental data | |
| | | | | | | | | | Ratios to average net assets (a) | | | | |
Net asset
value,
end of
period | | | Total return
(excludes
sales charge) (c)(d) | | | Net assets,
end of
period
(000’s) | | | Net
expenses (e) | | | Net
investment
income
(loss) | | |
Expenses
without waivers,
reimbursements and
earnings credits | | | Portfolio
turnover
rate (c) | |
| | |
| | |
| $ | 9.67 | | | | (1.16 | )% | | $ | 107,969 | | | | 0.70 | % | | | 1.79 | % | | | 0.96 | % | | | 18 | % |
| | 9.96 | | | | 1.09 | | | | 125,754 | | | | 0.69 | | | | 1.71 | | | | 0.96 | | | | 22 | |
| | 10.02 | | | | 7.04 | | | | 96,844 | | | | 0.70 | | | | 2.02 | | | | 0.99 | | | | 7 | |
| | 9.55 | | | | 3.15 | | | | 60,078 | | | | 0.70 | | | | 2.26 | | | | 1.01 | | | | 13 | |
| | 9.52 | | | | 1.16 | | | | 66,258 | | | | 0.69 | | | | 2.33 | (f) | | | 1.01 | | | | 21 | |
|
| | |
| | 9.56 | | | | (1.82 | ) | | | 7,156 | | | | 1.25 | | | | 1.24 | | | | 1.46 | | | | 18 | |
| | 9.86 | | | | 0.54 | | | | 9,178 | | | | 1.24 | | | | 1.16 | | | | 1.46 | | | | 22 | |
| | 9.92 | | | | 6.52 | | | | 12,868 | | | | 1.25 | | | | 1.49 | | | | 1.51 | | | | 7 | |
| | 9.45 | | | | 2.61 | | | | 12,833 | | | | 1.25 | | | | 1.71 | | | | 1.51 | | | | 13 | |
| | 9.42 | | | | 0.51 | | | | 15,138 | | | | 1.24 | | | | 1.78 | (f) | | | 1.51 | | | | 21 | |
|
| | |
| | 9.59 | | | | (0.92 | ) | | | 116,395 | | | | 0.45 | | | | 2.04 | | | | 0.71 | | | | 18 | |
| | 9.88 | | | | 1.25 | | | | 111,724 | | | | 0.44 | | | | 1.96 | | | | 0.71 | | | | 22 | |
| | 9.95 | | | | 7.36 | | | | 114,772 | | | | 0.44 | | | | 2.28 | | | | 0.74 | | | | 7 | |
| | 9.48 | | | | 3.43 | | | | 74,386 | | | | 0.45 | | | | 2.51 | | | | 0.76 | | | | 13 | |
| | 9.45 | | | | 1.42 | | | | 71,161 | | | | 0.44 | | | | 2.57 | (f) | | | 0.74 | | | | 21 | |
|
| | |
| | 9.59 | | | | (0.82 | ) | | | 81,399 | | | | 0.35 | | | | 2.14 | | | | 0.46 | | | | 18 | |
| | 9.88 | | | | 1.46 | | | | 62,416 | | | | 0.34 | | | | 2.06 | | | | 0.46 | | | | 22 | |
| | 9.94 | | | | 7.36 | | | | 60,936 | | | | 0.34 | | | | 2.38 | | | | 0.49 | | | | 7 | |
| | 9.48 | | | | 3.54 | | | | 51,261 | | | | 0.35 | | | | 2.61 | | | | 0.50 | | | | 13 | |
| | 9.45 | | | | (1.42 | ) | | | 64,738 | | | | 0.34 | | | | 2.67 | (f) | | | 0.57 | | | | 21 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 215 |
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
| | | | | | | | | | | | | | | | | | | | |
| | | | | | Per share operating performance | |
| | | | | | Investment operations | | | Distributions | |
| | | Net asset
value,
beginning
of period | | | Net
investment
income
(loss) (b) | | | Net realized
and unrealized
gains
(losses) on
investments | | | Total from
investment
operations | | | Net
investment
income | |
JPMorgan Tax Free Bond Fund | |
Class A | |
Year Ended February 28, 2022 | | $ | 12.46 | | | $ | 0.27 | | | $ | (0.31 | ) | | $ | (0.04 | ) | | $ | (0.27 | ) |
Year Ended February 28, 2021 | | | 12.66 | | | | 0.28 | | | | (0.20 | ) | | | 0.08 | | | | (0.28 | ) |
Year Ended February 29, 2020 | | | 11.77 | | | | 0.32 | | | | 0.89 | | | | 1.21 | | | | (0.32 | ) |
Year Ended February 28, 2019 | | | 11.82 | | | | 0.40 | | | | (0.05 | ) | | | 0.35 | | | | (0.40 | ) |
Year Ended February 28, 2018 | | | 11.93 | | | | 0.39 | | | | (0.11 | ) | | | 0.28 | | | | (0.39 | ) |
|
Class C | |
Year Ended February 28, 2022 | | | 12.35 | | | | 0.19 | | | | (0.31 | ) | | | (0.12 | ) | | | (0.19 | ) |
Year Ended February 28, 2021 | | | 12.55 | | | | 0.21 | | | | (0.21 | ) | | | — | (f) | | | (0.20 | ) |
Year Ended February 29, 2020 | | | 11.67 | | | | 0.25 | | | | 0.87 | | | | 1.12 | | | | (0.24 | ) |
Year Ended February 28, 2019 | | | 11.72 | | | | 0.33 | | | | (0.05 | ) | | | 0.28 | | | | (0.33 | ) |
Year Ended February 28, 2018 | | | 11.84 | | | | 0.32 | | | | (0.12 | ) | | | 0.20 | | | | (0.32 | ) |
|
Class I | |
Year Ended February 28, 2022 | | | 12.41 | | | | 0.29 | | | | (0.32 | ) | | | (0.03 | ) | | | (0.29 | ) |
Year Ended February 28, 2021 | | | 12.61 | | | | 0.31 | | | | (0.21 | ) | | | 0.10 | | | | (0.30 | ) |
Year Ended February 29, 2020 | | | 11.72 | | | | 0.34 | | | | 0.89 | | | | 1.23 | | | | (0.34 | ) |
Year Ended February 28, 2019 | | | 11.77 | | | | 0.42 | | | | (0.05 | ) | | | 0.37 | | | | (0.42 | ) |
Year Ended February 28, 2018 | | | 11.88 | | | | 0.42 | | | | (0.11 | ) | | | 0.31 | | | | (0.42 | ) |
|
Class R6 | |
Year Ended February 28, 2022 | | | 12.41 | | | | 0.30 | | | | (0.32 | ) | | | (0.02 | ) | | | (0.30 | ) |
Year Ended February 28, 2021 | | | 12.60 | | | | 0.31 | | | | (0.19 | ) | | | 0.12 | | | | (0.31 | ) |
Year Ended February 29, 2020 | | | 11.72 | | | | 0.35 | | | | 0.88 | | | | 1.23 | | | | (0.35 | ) |
October 1, 2018 (g) through February 28, 2019 | | | 11.61 | | | | 0.17 | | | | 0.11 | | | | 0.28 | | | | (0.17 | ) |
| (a) | Annualized for periods less than one year, unless otherwise noted. |
| (b) | Calculated based upon average shares outstanding. |
| (c) | Not annualized for periods less than one year. |
| (d) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| (e) | Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
| (f) | Amount rounds to less than $0.005. |
| (g) | Commencement of offering of class of shares. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 216 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Ratios/Supplemental data | |
| | | | | | | | | | Ratios to average net assets (a) | | | | |
Net asset
value,
end of
period | | | Total return
(excludes
sales charge) (c)(d) | | | Net assets,
end of
period
(000’s) | | | Net
expenses (e) | | | Net
investment
income
(loss) | | |
Expenses
without waivers, reimbursements and
earnings credits | | | Portfolio
turnover
rate (c) | |
| | |
| | |
| $ | 12.15 | | | | (0.40 | )% | | $ | 330,640 | | | | 0.67 | % | | | 2.12 | % | | | 0.94 | % | | | 16 | % |
| | 12.46 | | | | 0.66 | | | | 302,134 | | | | 0.66 | | | | 2.28 | | | | 0.95 | | | | 23 | |
| | 12.66 | | | | 10.37 | | | | 231,815 | | | | 0.67 | | | | 2.58 | | | | 0.97 | | | | 31 | |
| | 11.77 | | | | 3.00 | | | | 132,813 | | | | 0.67 | | | | 3.40 | | | | 1.00 | | | | 53 | |
| | 11.82 | | | | 2.36 | | | | 130,462 | | | | 0.66 | | | | 3.27 | | | | 0.98 | | | | 39 | |
|
| | |
| | 12.04 | | | | (0.99 | ) | | | 12,535 | | | | 1.25 | | | | 1.54 | | | | 1.44 | | | | 16 | |
| | 12.35 | | | | 0.07 | | | | 16,524 | | | | 1.24 | | | | 1.70 | | | | 1.45 | | | | 23 | |
| | 12.55 | | | | 9.73 | | | | 26,965 | | | | 1.25 | | | | 2.05 | | | | 1.48 | | | | 31 | |
| | 11.67 | | | | 2.43 | | | | 27,701 | | | | 1.25 | | | | 2.81 | | | | 1.49 | | | | 53 | |
| | 11.72 | | | | 1.70 | | | | 25,172 | | | | 1.24 | | | | 2.69 | | | | 1.48 | | | | 39 | |
|
| | |
| | 12.09 | | | | (0.27 | ) | | | 173,023 | | | | 0.45 | | | | 2.34 | | | | 0.69 | | | | 16 | |
| | 12.41 | | | | 0.88 | | | | 176,073 | | | | 0.45 | | | | 2.50 | | | | 0.70 | | | | 23 | |
| | 12.61 | | | | 10.66 | | | | 177,584 | | | | 0.45 | | | | 2.82 | | | | 0.72 | | | | 31 | |
| | 11.72 | | | | 3.24 | | | | 135,295 | | | | 0.45 | | | | 3.61 | | | | 0.74 | | | | 53 | |
| | 11.77 | | | | 2.60 | | | | 160,391 | | | | 0.44 | | | | 3.49 | | | | 0.72 | | | | 39 | |
|
| | |
| | 12.09 | | | | (0.22 | ) | | | 153,754 | | | | 0.40 | | | | 2.39 | | | | 0.44 | | | | 16 | |
| | 12.41 | | | | 1.01 | | | | 134,449 | | | | 0.40 | | | | 2.55 | | | | 0.45 | | | | 23 | |
| | 12.60 | | | | 10.63 | | | | 115,414 | | | | 0.40 | | | | 2.87 | | | | 0.47 | | | | 31 | |
| | 11.72 | | | | 2.44 | | | | 86,790 | | | | 0.40 | | | | 3.61 | | | | 0.51 | | | | 53 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 217 |
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
| | | | | | | | | | | | | | | | | | | | |
| | | | | | Per share operating performance | |
| | | | | | Investment operations | | | Distributions | |
| | | Net asset
value,
beginning
of period | | | Net
investment
income
(loss) (a) | | | Net realized
and unrealized
gains
(losses) on
investments | | | Total from
investment
operations | | | Net
investment
income | |
JPMorgan Ultra-Short Municipal Fund | |
Class A | |
Year Ended February 28, 2022 | | $ | 10.07 | | | $ | 0.01 | | | $ | (0.09 | ) | | $ | (0.08 | ) | | $ | (0.01 | ) |
Year Ended February 28, 2021 | | | 10.08 | | | | 0.03 | | | | — | (d) | | | 0.03 | | | | (0.04 | ) |
Year Ended February 29, 2020 | | | 10.03 | | | | 0.12 | | | | 0.06 | | | | 0.18 | | | | (0.13 | ) |
Year Ended February 28, 2019 | | | 10.01 | | | | 0.13 | | | | — | (d) | | | 0.13 | | | | (0.11 | ) |
Year Ended February 28, 2018 | | | 10.02 | | | | 0.07 | | | | (0.02 | ) | | | 0.05 | | | | (0.06 | ) |
|
Class I | |
Year Ended February 28, 2022 | | | 10.06 | | | | 0.03 | | | | (0.08 | ) | | | (0.05 | ) | | | (0.03 | ) |
Year Ended February 28, 2021 | | | 10.07 | | | | 0.05 | | | | — | (d) | | | 0.05 | | | | (0.06 | ) |
Year Ended February 29, 2020 | | | 10.02 | | | | 0.14 | | | | 0.05 | | | | 0.19 | | | | (0.14 | ) |
Year Ended February 28, 2019 | | | 10.00 | | | | 0.14 | | | | 0.02 | | | | 0.16 | | | | (0.14 | ) |
Year Ended February 28, 2018 | | | 10.02 | | | | 0.09 | | | | (0.03 | ) | | | 0.06 | | | | (0.08 | ) |
| (a) | Calculated based upon average shares outstanding. |
| (b) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| (c) | Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
| (d) | Amount rounds to less than $0.005. |
| (e) | Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated. |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
| | | | | |
| 218 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Ratios/Supplemental data | |
| | | | | | | | | | Ratios to average net assets | | | | |
Net asset
value,
end of
period | | | Total return
(excludes
sales charge) (b) | | | Net assets,
end of
period
(000’s) | | | Net
expenses (c) | | | Net
investment
income
(loss) | | |
Expenses
without waivers,
reimbursements and
earnings credits | | | Portfolio
turnover
rate | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 9.98 | | | | (0.83 | )% | | $ | 72,506 | | | | 0.45 | % | | | 0.06 | % | | | 0.75 | % | | | 33 | % |
| | 10.07 | | | | 0.30 | | | | 143,944 | | | | 0.44 | | | | 0.35 | | | | 0.75 | | | | 71 | |
| | 10.08 | | | | 1.76 | | | | 106,625 | | | | 0.45 | | | | 1.23 | | | | 0.76 | | | | 48 | |
| | 10.03 | | | | 1.33 | | | | 67,256 | | | | 0.44 | | | | 1.32 | | | | 0.77 | | | | 50 | |
| | 10.01 | | | | 0.47 | | | | 772 | | | | 0.44 | (e) | | | 0.67 | (e) | | | 0.85 | (e) | | | 71 | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 9.98 | | | | (0.53 | ) | | | 3,984,195 | | | | 0.25 | | | | 0.26 | | | | 0.50 | | | | 33 | |
| | 10.06 | | | | 0.51 | | | | 6,666,678 | | | | 0.24 | | | | 0.53 | | | | 0.50 | | | | 71 | |
| | 10.07 | | | | 1.96 | | | | 4,050,886 | | | | 0.25 | | | | 1.43 | | | | 0.50 | | | | 48 | |
| | 10.02 | | | | 1.60 | | | | 3,021,190 | | | | 0.24 | | | | 1.42 | | | | 0.52 | | | | 50 | |
| | 10.00 | | | | 0.63 | | | | 2,064,297 | | | | 0.24 | (e) | | | 0.90 | (e) | | | 0.56 | (e) | | | 71 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | | | | | | | | | |
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| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 219 |
NOTES TO FINANCIAL STATEMENTS
AS OF FEBRUARY 28, 2022
(Dollar values in thousands)
1. Organization
JPMorgan Trust I (“JPM I”), JPMorgan Trust II (“JPM II”) and JPMorgan Trust IV (“JPM IV”) (collectively, the “Trusts”) were formed on November 12, 2004 for JPM I and JPM II and November 11, 2015 for JPM IV, as Delaware statutory trusts, pursuant to Declarations of Trust dated November 5, 2004 and November 11, 2015, respectively, and are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as open-end management investment companies.
The following are 8 separate funds of the Trusts (each, a “Fund” and collectively, the “Funds”) covered by this report:
| | | | | | |
| | | Classes Offered | | Trust | | Diversification Classification |
| JPMorgan California Tax Free Bond Fund | | Class A, Class C, Class I and Class R6 | | JPM I | | Diversified |
| JPMorgan High Yield Municipal Fund | | Class A, Class C, Class I and Class R6 | | JPM I | | Diversified |
| JPMorgan Intermediate Tax Free Bond Fund | | Class A, Class C, Class I and Class R6 | | JPM I | | Diversified |
| JPMorgan New York Tax Free Bond Fund | | Class A, Class C, Class I and Class R6 | | JPM I | | Diversified |
| JPMorgan Short-Intermediate Municipal Bond Fund | | Class A, Class C, Class I and Class R6 | | JPM II | | Diversified |
| JPMorgan Sustainable Municipal Income Fund | | Class A, Class C, Class I and Class R6 | | JPM II | | Diversified |
| JPMorgan Tax Free Bond Fund | | Class A, Class C, Class I and Class R6 | | JPM II | | Diversified |
| JPMorgan Ultra-Short Municipal Fund | | Class A and Class I | | JPM IV | | Diversified |
The investment objective of JPMorgan California Tax Free Bond Fund (“California Tax Free Bond Fund”) is to seek to provide high after-tax total return for California residents consistent with moderate risk of capital.
The investment objective of JPMorgan High Yield Municipal Fund (“High Yield Municipal Fund”) is to seek a high level of current income exempt from federal income taxes.
The investment objective of JPMorgan Intermediate Tax Free Bond Fund (“Intermediate Tax Free Bond Fund”) is to seek to provide monthly dividends, which are excluded from gross income, and to protect the value of your investment by investing primarily in municipal obligations. For purposes of the Fund’s investment objective, “gross income” means gross income for federal tax purposes.
The investment objective of JPMorgan New York Tax Free Bond Fund (“New York Tax Free Bond Fund”) is to seek to provide monthly dividends that are excluded from gross income for federal income tax purposes and are exempt from New York State and New York City personal income taxes. It also seeks to protect the value of your investment.
The investment objective of JPMorgan Short-Intermediate Municipal Bond Fund (“Short-Intermediate Bond Fund”), JPMorgan Tax Free Bond Fund (“Tax Free Bond Fund”) and JPMorgan Ultra-Short Municipal Fund (“Ultra-Short Municipal Fund”) is to seek as high a level of current income exempt from federal income tax as is consistent with relative stability of principal.
The investment objective of JPMorgan Sustainable Municipal Income Fund (“Sustainable Municipal Income Fund”) is to seek current income exempt from federal income taxes.
Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge (“CDSC”). No sales charges are assessed with respect to Class I and Class R6 Shares. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Funds’ prospectus. Effective October 1, 2020, Class C Shares automatically convert to Class A Shares after eight years. Prior to October 1, 2020, Class C Shares automatically converted to Class A Shares after ten years. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements.
J.P. Morgan Investment Management Inc. (“JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), acts as Adviser (the “Adviser”) and Administrator (the “Administrator”) to the Funds.
2. Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
A. Valuation of Investments — Investments are valued in accordance with GAAP and the Funds’ valuation policies set forth by, and under the supervision and responsibility of, the Boards of Trustees of the Trusts (the “Boards”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Boards.
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The Administrator has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Boards with the oversight and monitoring of the valuation of the Funds’ investments. The Administrator implements the valuation policies of the Funds’ investments, as directed by the Boards. The AVC oversees and carries out the policies for the valuation of investments held in the Funds. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Boards.
A market-based approach is primarily used to value the Funds’ investments. Investments for which market quotations are not readily available are fair valued by approved affiliated and/or unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Boards. This may include the use of related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material.
Fixed income instruments are valued based on prices received from Pricing Services. The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.
Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s net asset values (“NAV”) per share as of the report date.
Futures contracts are generally valued on the basis of available market quotations.
Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.
The various inputs that are used in determining the valuation of the Funds’ investments are summarized into the three broad levels listed below.
| • | | Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments. |
| • | | Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs. |
| • | | Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Funds’ assumptions in determining the fair value of investments). |
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.
| | | | | | | | | | |
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| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 221 |
NOTES TO FINANCIAL STATEMENTS
AS OF FEBRUARY 28, 2022 (continued)
(Dollar values in thousands)
The following tables represent each valuation input as presented on the Schedules of Portfolio Investments (“SOIs”):
California Tax Free Bond Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
Quoted prices | | | Level 2
Other significant
observable inputs | | | Level 3
Significant
unobservable inputs | | | Total | |
Investments in Securities | | | | | | | | | | | | | | | | |
Municipal Bonds | | | | | | | | | | | | | | | | |
California | | | | | | | | | | | | | | | | |
Certificate of Participation/Lease | | $ | — | | | $ | 1,015 | | | $ | — | | | $ | 1,015 | |
Education | | | — | | | | 18,445 | | | | — | | | | 18,445 | |
General Obligation | | | — | | | | 126,411 | | | | — | | | | 126,411 | |
Hospital | | | — | | | | 25,264 | | | | — | | | | 25,264 | |
Housing | | | — | | | | 2,037 | | | | — | | | | 2,037 | |
Industrial Development Revenue/Pollution Control Revenue | | | — | | | | 2,646 | | | | — | | | | 2,646 | |
Other Revenue | | | — | | | | 30,904 | | | | 543 | | | | 31,447 | |
Prerefunded | | | — | | | | 31,130 | | | | — | | | | 31,130 | |
Transportation | | | — | | | | 58,927 | | | | — | | | | 58,927 | |
Utility | | | — | | | | 23,229 | | | | — | | | | 23,229 | |
Water & Sewer | | | — | | | | 54,586 | | | | — | | | | 54,586 | |
| | | | | | | | | | | | | | | | |
Total California | | | — | | | | 374,594 | | | | 543 | | | | 375,137 | |
| | | | | | | | | | | | | | | | |
Total Municipal Bonds | | | — | | | | 374,594 | | | | 543 | | | | 375,137 | |
| | | | | | | | | | | | | | | | |
Short-Term Investments | | | | | | | | | | | | | | | | |
Investment Companies | | | 9,234 | | | | — | | | | — | | | | 9,234 | |
| | | | | | | | | | | | | | | | |
Total Investments in Securities | | $ | 9,234 | | | $ | 374,594 | | | $ | 543 | | | $ | 384,371 | |
| | | | | | | | | | | | | | | | |
High Yield Municipal Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
Quoted prices | | | Level 2
Other significant
observable inputs | | | Level 3
Significant
unobservable inputs | | | Total | |
Investments in Securities | | | | | | | | | | | | | | | | |
Municipal Bonds | | $ | — | | | $ | 489,445 | | | $ | — | | | $ | 489,445 | |
Short-Term Investments | | | | | | | | | | | | | | | | |
Investment Companies | | | 2,497 | | | | — | | | | — | | | | 2,497 | |
| | | | | | | | | | | | | | | | |
Total Investments in Securities | | $ | 2,497 | | | $ | 489,445 | | | $ | — | | | $ | 491,942 | |
| | | | | | | | | | | | | | | | |
Intermediate Tax Free Bond Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
Quoted prices | | | Level 2
Other significant
observable inputs | | | Level 3
Significant
unobservable inputs | | | Total | |
Investments in Securities | | | | | | | | | | | | | | | | |
Municipal Bonds | | $ | — | | | $ | 4,395,898 | | | $ | — | | | $ | 4,395,898 | |
Short-Term Investments | | | | | | | | | | | | | | | | |
Investment Companies | | | 81,485 | | | | — | | | | — | | | | 81,485 | |
| | | | | | | | | | | | | | | | |
Total Investments in Securities | | $ | 81,485 | | | $ | 4,395,898 | | | $ | — | | | $ | 4,477,383 | |
| | | | | | | | | | | | | | | | |
Depreciation in Other Financial Instruments | | | | | | | | | | | | | | | | |
Futures Contracts | | $ | (1,628 | ) | | $ | — | | | $ | — | | | $ | (1,628 | ) |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | |
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| 222 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
New York Tax Free Bond Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
Quoted prices | | | Level 2
Other significant
observable inputs | | | Level 3
Significant
unobservable inputs | | | Total | |
Investments in Securities | | | | | | | | | | | | | | | | |
Municipal Bonds | | $ | — | | | $ | 365,834 | | | $ | — | | | $ | 365,834 | |
Short-Term Investments | | | | | | | | | | | | | | | | |
Investment Companies | | | 3,522 | | | | — | | | | — | | | | 3,522 | |
| | | | | | | | | | | | | | | | |
Total Investments in Securities | | $ | 3,522 | | | $ | 365,834 | | | $ | — | | | $ | 369,356 | |
| | | | | | | | | | | | | | | | |
Depreciation in Other Financial Instruments | | | | | | | | | | | | | | | | |
Futures Contracts | | $ | (35 | ) | | $ | — | | | $ | — | | | $ | (35 | ) |
| | | | | | | | | | | | | | | | |
Short-Intermediate Municipal Bond Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
Quoted prices | | | Level 2
Other significant
observable inputs | | | Level 3
Significant
unobservable inputs | | | Total | |
Investments in Securities | | | | | | | | | | | | | | | | |
Collateralized Mortgage Obligations | | $ | — | | | $ | 56 | | | $ | — | | | $ | 56 | |
Municipal Bonds | | | — | | | | 1,482,845 | | | | — | | | | 1,482,845 | |
Short-Term Investments | | | | | | | | | | | | | | | | |
Investment Companies | | | 68,570 | | | | — | | | | — | | | | 68,570 | |
| | | | | | | | | | | | | | | | |
Total Investments in Securities | | $ | 68,570 | | | $ | 1,482,901 | | | $ | — | | | $ | 1,551,471 | |
| | | | | | | | | | | | | | | | |
Sustainable Municipal Income Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
Quoted prices | | | Level 2
Other significant
observable inputs | | | Level 3
Significant
unobservable inputs | | | Total | |
Investments in Securities | | | | | | | | | | | | | | | | |
Municipal Bonds | |
Alabama | | $ | — | | | $ | 1,924 | | | $ | — | | | $ | 1,924 | |
Alaska | | | — | | | | 439 | | | | — | | | | 439 | |
Arizona | | | — | | | | 8,467 | | | | — | | | | 8,467 | |
California | | | — | | | | 14,253 | | | | — | | | | 14,253 | |
Colorado | | | — | | | | 11,286 | | | | — | (a) | | | 11,286 | |
Connecticut | | | — | | | | 6,576 | | | | — | | | | 6,576 | |
Delaware | | | — | | | | 3,091 | | | | — | | | | 3,091 | |
District of Columbia | | | — | | | | 7,140 | | | | — | | | | 7,140 | |
Florida | | | — | | | | 24,904 | | | | — | | | | 24,904 | |
Georgia | | | — | | | | 4,702 | | | | — | | | | 4,702 | |
Illinois | | | — | | | | 14,242 | | | | — | | | | 14,242 | |
Indiana | | | — | | | | 12,689 | | | | — | | | | 12,689 | |
Iowa | | | — | | | | 3,294 | | | | — | | | | 3,294 | |
Kansas | | | — | | | | 314 | | | | — | | | | 314 | |
Kentucky | | | — | | | | 1,284 | | | | — | | | | 1,284 | |
Louisiana | | | — | | | | 2,678 | | | | — | | | | 2,678 | |
Maine | | | — | | | | 1,995 | | | | — | | | | 1,995 | |
Maryland | | | — | | | | 3,181 | | | | — | | | | 3,181 | |
Massachusetts | | | — | | | | 17,962 | | | | — | | | | 17,962 | |
Michigan | | | — | | | | 2,403 | | | | — | | | | 2,403 | |
Minnesota | | | — | | | | 5,659 | | | | — | | | | 5,659 | |
Mississippi | | | — | | | | 1,189 | | | | — | | | | 1,189 | |
Missouri | | | — | | | | 3,708 | | | | — | | | | 3,708 | |
Nebraska | | | — | | | | 1,915 | | | | — | | | | 1,915 | |
Nevada | | | — | | | | 1,348 | | | | — | | | | 1,348 | |
New Hampshire | | | — | | | | 6,909 | | | | — | | | | 6,909 | |
| | | | | | | | | | |
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| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 223 |
NOTES TO FINANCIAL STATEMENTS
AS OF FEBRUARY 28, 2022 (continued)
(Dollar values in thousands)
| | | | | | | | | | | | | | | | |
Sustainable Municipal Income Fund (continued) | | | | | | | | | | | | | | | | |
| | | Level 1
Quoted prices | | | Level 2
Other significant
observable inputs | | | Level 3
Significant
unobservable inputs | | | Total | |
New Jersey | | $ | — | | | $ | 13,424 | | | $ | — | | | $ | 13,424 | |
New Mexico | | | — | | | | 1,035 | | | | — | | | | 1,035 | |
New York | | | — | | | | 14,988 | | | | — | | | | 14,988 | |
North Carolina | | | — | | | | 4,217 | | | | — | | | | 4,217 | |
North Dakota | | | — | | | | 2,272 | | | | — | | | | 2,272 | |
Ohio | | | — | | | | 15,468 | | | | — | | | | 15,468 | |
Oregon | | | — | | | | 1,810 | | | | — | | | | 1,810 | |
Other | | | — | | | | 906 | | | | — | | | | 906 | |
Pennsylvania | | | — | | | | 22,170 | | | | — | | | | 22,170 | |
South Carolina | | | — | | | | 2,001 | | | | — | | | | 2,001 | |
South Dakota | | | — | | | | 2,301 | | | | — | | | | 2,301 | |
Tennessee | | | — | | | | 4,212 | | | | — | | | | 4,212 | |
Texas | | | — | | | | 15,762 | | | | — | | | | 15,762 | |
Utah | | | — | | | | 7,388 | | | | — | | | | 7,388 | |
Vermont | | | — | | | | 5,437 | | | | — | | | | 5,437 | |
Virginia | | | — | | | | 2,349 | | | | — | | | | 2,349 | |
Washington | | | — | | | | 11,738 | | | | — | | | | 11,738 | |
Wisconsin | | | — | | | | 13,516 | | | | — | | | | 13,516 | |
Wyoming | | | — | | | | 1,507 | | | | — | | | | 1,507 | |
| | | | | | | | | | | | | | | | |
Total Municipal Bonds | | | — | | | | 306,053 | | | | — | (a) | | | 306,053 | |
| | | | | | | | | | | | | | | | |
Short-Term Investments | | | | | | | | | | | | | | | | |
Investment Companies | | $ | 4,996 | | | $ | — | | | $ | — | | | $ | 4,996 | |
| | | | | | | | | | | | | | | | |
Total Investments in Securities | | $ | 4,996 | | | $ | 306,053 | | | $ | — | (a) | | $ | 311,049 | |
| | | | | | | | | | | | | | | | |
Depreciation in Other Financial Instruments | | | | | | | | | | | | | | | | |
Futures Contracts | | $ | (16 | ) | | $ | — | | | $ | — | | | $ | (16 | ) |
| | | | | | | | | | | | | | | | |
| (a) | Amount rounds to less than one thousand. |
Tax Free Bond Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
Quoted prices | | | Level 2
Other significant
observable inputs | | | Level 3
Significant
unobservable inputs | | | Total | |
Investments in Securities | | | | | | | | | | | | | | | | |
Municipal Bonds | | $ | — | | | $ | 641,640 | | | $ | — | | | $ | 641,640 | |
Short-Term Investments | | | | | | | | | | | | | | | | |
Investment Companies | | | 24,536 | | | | — | | | | — | | | | 24,536 | |
| | | | | | | | | | | | | | | | |
Total Investments in Securities | | $ | 24,536 | | | $ | 641,640 | | | $ | — | | | $ | 666,176 | |
| | | | | | | | | | | | | | | | |
Depreciation in Other Financial Instruments | | | | | | | | | | | | | | | | |
Futures Contracts | | $ | (250 | ) | | $ | — | | | $ | — | | | $ | (250 | ) |
| | | | | | | | | | | | | | | | |
Ultra-Short Municipal Fund
| | | | | | | | | | | | | | | | |
| | | Level 1
Quoted prices | | | Level 2
Other significant
observable inputs | | | Level 3
Significant
unobservable inputs | | | Total | |
Investments in Securities | | | | | | | | | | | | | | | | |
Municipal Bonds | | $ | — | | | $ | 3,859,579 | | | $ | — | | | $ | 3,859,579 | |
Short-Term Investments | | | | | | | | | | | | | | | | |
Investment Companies | | | 175,698 | | | | — | | | | — | | | | 175,698 | |
| | | | | | | | | | | | | | | | |
Total Investments in Securities | | $ | 175,698 | | | $ | 3,859,579 | | | $ | — | | | $ | 4,035,277 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | |
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B. Restricted Securities — Certain securities held by the Funds may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the NAVs of the Funds.
As of February 28, 2022, the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A and/or Regulation S under the Securities Act.
C. When-Issued Securities, Delayed Delivery Securities and Forward Commitments — High Yield Municipal Fund, Intermediate Tax Free Bond Fund, Short Intermediate Municipal Bond Fund, Sustainable Municipal Income Fund, Tax Free Bond Fund and Ultra-Short Municipal Bond Fund purchased when-issued securities, including To Be Announced (“TBA”) securities, and entered into contracts to purchase or sell securities for a fixed price that may be settled a month or more after the trade date, or purchased delayed delivery securities which generally settle seven days after the trade date. When-issued securities are securities that have been authorized, but not issued in the market. A forward commitment involves entering into a contract to purchase or sell securities for a fixed price at a future date that may be settled a month or more after the trade date. A delayed delivery security is agreed upon in advance between the buyer and the seller of the security and is generally delivered beyond seven days of the agreed upon date. The purchase of securities on a when-issued, delayed delivery or forward commitment basis involves the risk that the value of the security to be purchased declines before the settlement date. The sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. The Funds may be exposed to credit risk if the counterparty fails to perform under the terms of the transaction. Interest income for securities purchased on a when-issued, delayed delivery or forward commitment basis is not accrued until the settlement date.
High Yield Municipal Fund, Intermediate Tax Free Bond Fund, Short Intermediate Municipal Bond Fund, Sustainable Municipal Income Fund, Tax Free Bond Fund and Ultra-Short Municipal Bond Fund had when-issued securities, delayed delivery securities or forward commitments outstanding as of February 28, 2022, which are shown as a Receivable for Investment securities sold — delayed delivery securities and a Payable for Investment securities purchased — delayed delivery securities, respectively, on the Statements of Assets and Liabilities. The values of these securities held at February 28, 2022 are detailed on the SOIs.
D. Securities Lending — The Funds are authorized to engage in securities lending in order to generate additional income. The Funds are able to lend to approved borrowers. Citibank N.A. (“Citibank”) serves as lending agent for the Funds, pursuant to a Securities Lending Agency Agreement (the “Securities Lending Agency Agreement”). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in an affiliated money market fund. The Funds retain the interest earned on cash collateral investments but are required to pay the borrower a rebate for the use of the cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Funds). Upon termination of a loan, the Funds are required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Funds or the borrower at any time.
The net income earned on the securities lending (after payment of rebates and Citibank’s fee) is included on the Statements of Operations as Income from securities lending (net). The Funds also receive payments from the borrower during the period of the loan, equivalent to dividends and interest earned on the securities loaned, which are recorded as Dividend or Interest income, respectively, on the Statements of Operations.
Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans of non-U.S. securities), Citibank requests additional cash from the borrower so as to maintain a collateralization level of at least 102% of the value of the loaned securities plus accrued interest (105% for loans of non-U.S. securities), subject to certain de minimis amounts.
The value of securities out on loan is recorded as an asset on the Statements of Assets and Liabilities. The value of the cash collateral received is recorded as a liability on the Statements of Assets and Liabilities and details of collateral investments are disclosed on the SOIs.
The Funds bear the risk of loss associated with the collateral investments and are not entitled to additional collateral from the borrower to cover any such losses. To the extent that the value of the collateral investments declines below the amount owed to a borrower, the Funds may incur losses that exceed the amount they earned on lending the security. Upon termination of a loan, the Funds may use leverage (borrow money) to repay the borrower for cash collateral posted if the Adviser does not believe that it is prudent to sell the collateral investments to fund the payment of this liability. Securities lending activity is subject to master netting arrangements.
Securities lending also involves counterparty risks, including the risk that the loaned securities may not be returned in a timely manner or at all. Subject to certain conditions, Citibank has agreed to indemnify the Funds from losses resulting from a borrower’s failure to return a loaned security.
The Funds did not lend out any securities during the year ended February 28, 2022.
E. Investment Transactions with Affiliates — The Funds invested in Underlying Funds , which are advised by the Adviser. An issuer which is under common control with a Fund may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed in the
| | | | | | | | | | |
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| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 225 |
NOTES TO FINANCIAL STATEMENTS
AS OF FEBRUARY 28, 2022 (continued)
(Dollar values in thousands)
tables below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into such Underlying Funds. Reinvestment amounts are included in the purchases at cost amounts in the tables below.
California Tax Free Bond Fund
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| For the year ended February 28, 2022 | |
| Security Description | | Value at
February 28,
2021 | | | Purchases
at Cost | | | Proceeds
from Sales | | | Net
Realized
Gain
(Loss) | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | Value at
February 28,
2022 | | | Shares at
February 28,
2022 | | | Dividend
Income | | | Capital Gain
Distributions | |
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 0.04% (a) (b) | | $ | 18,709 | | | $ | 120,485 | | | $ | 129,958 | | | $ | 2 | | | $ | (4 | ) | | $ | 9,234 | | | | 9,231 | | | $ | 3 | | | $ | — | (c) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
High Yield Municipal Fund
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| For the year ended February 28, 2022 | |
| Security Description | | Value at
February 28,
2021 | | | Purchases
at Cost | | | Proceeds
from Sales | | | Net
Realized
Gain
(Loss) | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | Value at
February 28,
2022 | | | Shares at
February 28,
2022 | | | Dividend
Income | | | Capital Gain
Distributions | |
JPMorgan Institutional Tax Free M oney Market Fund Class IM Shares, 0.04% (a) (b) | | $ | 5,698 | | | $ | 114,842 | | | $ | 118,042 | | | $ | (2 | ) | | $ | 1 | | | $ | 2,497 | | | | 2,496 | | | $ | 2 | | | $ | — | (c) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Intermediate Tax Free Bond Fund
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| For the year ended February 28, 2022 | |
| Security Description | | Value at
February 28,
2021 | | | Purchases
at Cost | | | Proceeds
from Sales | | | Net
Realized
Gain
(Loss) | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | Value at
February 28,
2022 | | | Shares at
February 28,
2022 | | | Dividend
Income | | | Capital Gain
Distributions | |
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 0.04% (a) (b) | | $ | 229,398 | | | $ | 936,702 | | | $ | 1,084,590 | | | $ | (30 | ) | | $ | 5 | | | $ | 81,485 | | | | 81,460 | | | $ | 24 | | | $ | 1 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
New York Tax Free Bond Fund
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| For the year ended February 28, 2022 | |
| Security Description | | Value at
February 28,
2021 | | | Purchases
at Cost | | | Proceeds
from Sales | | | Net
Realized
Gain
(Loss) | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | Value at
February 28,
2022 | | | Shares at
February 28,
2022 | | | Dividend
Income | | | Capital Gain
Distributions | |
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 0.04% (a) (b) | | $ | 12,075 | | | $ | 99,110 | | | $ | 107,661 | | | $ | (1 | ) | | $ | (1 | ) | | $ | 3,522 | | | | 3,521 | | | $ | 2 | | | $ | — | (c) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Short-Intermediate Municipal Bond Fund
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| For the year ended February 28, 2022 | |
| Security Description | | Value at
February 28,
2021 | | | Purchases
at Cost | | | Proceeds
from Sales | | | Net
Realized
Gain
(Loss) | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | Value at
February 28,
2022 | | | Shares at
February 28,
2022 | | | Dividend
Income | | | Capital Gain
Distributions | |
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 0.04% (a) (b) | | $ | 7,161 | | | $ | 807,335 | | | $ | 745,903 | | | $ | (22 | ) | | $ | (1 | ) | | $ | 68,570 | | | | 68,549 | | | $ | 25 | | | $ | 1 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | |
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| 226 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
Sustainable Municipal Income Fund
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| For the year ended February 28, 2022 | |
| Security Description | | Value at
February 28,
2021 | | | Purchases
at Cost | | | Proceeds
from Sales | | | Net
Realized
Gain
(Loss) | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | Value at
February 28,
2022 | | | Shares at
February 28,
2022 | | | Dividend
Income | | | Capital Gain
Distributions | |
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 0.04% (a) (b) | | $ | 1,085 | | | $ | 87,376 | | | $ | 83,462 | | | $ | (2 | ) | | $ | (1 | ) | | $ | 4,996 | | | | 4,994 | | | $ | 2 | | | $ | — | (c) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Tax Free Bond Fund
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| For the year ended February 28, 2022 | |
| Security Description | | Value at
February 28,
2021 | | | Purchases
at Cost | | | Proceeds
from Sales | | | Net
Realized
Gain
(Loss) | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | Value at
February 28,
2022 | | | Shares at
February 28,
2022 | | | Dividend
Income | | | Capital Gain
Distributions | |
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 0.04% (a) (b) | | $ | 32,164 | | | $ | 142,558 | | | $ | 150,181 | | | $ | (7 | ) | | $ | 2 | | | $ | 24,536 | | | | 24,529 | | | $ | 8 | | | $ | — | (c) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ultra-Short Municipal Fund
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| For the year ended February 28, 2022 | |
| Security Description | | Value at
February 28,
2021 | | | Purchases
at Cost | | | Proceeds
from Sales | | | Net
Realized
Gain
(Loss) | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | Value at
February 28,
2022 | | | Shares at
February 28,
2022 | | | Dividend
Income | | | Capital Gain
Distributions | |
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 0.04% (a) (b) | | $ | 213,242 | | | $ | 4,618,407 | | | $ | 4,655,923 | | | $ | (35 | ) | | $ | 7 | | | $ | 175,698 | | | | 175,645 | | | $ | 73 | | | $ | 3 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (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 February 28, 2022. |
| (c) | Amount rounds to less than one thousand. |
F. Futures Contracts — Intermediate Tax Free Bond Fund, New York Tax Free Bond Fund, Sustainable Municipal Income Fund and Tax Free Bond Fund used interest rate and treasury futures contracts to manage and hedge interest rate risk associated with portfolio investments. The Funds also used futures contracts to lengthen or shorten the duration of the overall investment portfolio.
Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Funds are required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Funds periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on futures contracts on the Statements of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statements of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the SOIs, while cash deposited, which is considered restricted, is recorded on the Statements of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statements of Assets and Liabilities.
| | | | | | | | | | |
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| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 227 |
NOTES TO FINANCIAL STATEMENTS
AS OF FEBRUARY 28, 2022 (continued)
(Dollar values in thousands)
The use of futures contracts exposes the Funds to interest rate risk. The Funds may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Funds to risk of loss in excess of the amounts shown on the Statements of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Funds to unlimited risk of loss. The Funds may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Funds’ credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.
The Funds’ futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).
The table below discloses the volume of the Funds’ futures contracts activity during the year ended February 28, 2022:
| | | | | | | | | | | | | | | | |
| | | Intermediate Tax
Free Bond Fund | | | New York Tax
Free Bond Fund | | | Sustainable Municipal
Income Fund | | | Tax Free
Bond Fund | |
Futures Contracts—Interest: | | | | | | | | | | | | | | | | |
Average Notional Balance Short | | $ | 130,831 | | | $ | 1,389 | | | $ | 1,076 | | | $ | 22,489 | |
Ending Notional Balance Short | | | 168,169 | | | | 8,750 | | | | 1,697 | | | | 27,106 | |
G. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income is determined on the basis of coupon interest accrued using the effective interest method, which adjusts for amortization of premiums and accretion of discounts.
H. Allocation of Income and Expenses — Expenses directly attributable to a Fund are charged directly to that Fund, while the expenses attributable to more than one fund of the Trusts are allocated among the applicable funds. Investment income, realized and unrealized gains and losses and expenses, other than class-specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.
Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each share class of the Funds for the year ended February 28, 2022 are as follows:
| | | | | | | | | | | | | | | | | | | | |
| | | Class A | | | Class C | | | Class I | | | Class R6 | | | Total | |
California Tax Free Bond Fund | | | | | | | | | | | | | | | | | | | | |
Transfer agency fees | | $ | 5 | | | $ | 1 | | | $ | 1 | | | $ | 1 | | | $ | 8 | |
High Yield Municipal Fund | | | | | | | | | | | | | | | | | | | | |
Transfer agency fees | | | 5 | | | | 1 | | | | 3 | | | | — | (a) | | | 9 | |
Intermediate Tax Free Bond Fund | | | | | | | | | | | | | | | | | | | | |
Transfer agency fees | | | 10 | | | | 1 | | | | 8 | | | | 25 | | | | 44 | |
New York Tax Free Bond Fund | | | | | | | | | | | | | | | | | | | | |
Transfer agency fees | | | 10 | | | | 1 | | | | 2 | | | | 1 | | | | 14 | |
Short-Intermediate Municipal Bond Fund | | | | | | | | | | | | | | | | | | | | |
Transfer agency fees | | | 1 | | | | — | (a) | | | 7 | | | | 5 | | | | 13 | |
Sustainable Municipal Income Fund | | | | | | | | | | | | | | | | | | | | |
Transfer agency fees | | | 4 | | | | — | (a) | | | 2 | | | | — | (a) | | | 6 | |
Tax Free Bond Fund | | | | | | | | | | | | | | | | | | | | |
Transfer agency fees | | | 12 | | | | — | (a) | | | 4 | | | | 1 | | | | 17 | |
Ultra-Short Municipal Fund | | | | | | | | | | | | | | | | | | | | |
Transfer agency fees | | | 2 | | | | n/a | | | | 37 | | | | n/a | | | | 39 | |
| (a) | Amount rounds to less than one thousand. |
I. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of February 28, 2022, no liability for Federal income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each Fund’s Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.
J. Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid at least monthly and are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income
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| 228 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax basis treatment.
The following amounts were reclassified within the capital accounts:
| | | | | | | | | | | | |
| | | Paid-in-Capital | | | Accumulated
undistributed
(distributions in
excess of)
net investment
income | | | Accumulated
net realized
gains (losses) | |
California Tax Free Bond Fund | | $ | — | | | $ | (8 | ) | | $ | 8 | |
High Yield Municipal Fund | | | — | | | | 2 | | | | (2 | ) |
Intermediate Tax Free Bond Fund | | | — | | | | 104 | | | | (104 | ) |
Short-Intermediate Municipal Bond Fund | | | — | | | | (8 | ) | | | 8 | |
Sustainable Municipal Income Fund | | | — | | | | (2 | ) | | | 2 | |
Tax Free Bond Fund | | | — | | | | — | (a) | | | — | (a) |
Ultra-Short Municipal Fund | | | — | | | | (14 | ) | | | 14 | |
| (a) | Amount rounds to less than one thousand. |
The reclassifications for the Funds relate primarily to callable bonds.
3. Fees and Other Transactions with Affiliates
A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser manages the investments of each Fund and for such services is paid a fee. The investment advisory fee is accrued daily and paid monthly at an annual rate based on each Fund’s respective average daily net assets. The annual rate for each Fund is as follows:
| | | | |
California Tax Free Bond Fund | | | 0.30 | % |
High Yield Municipal Fund | | | 0.35 | |
Intermediate Tax Free Bond Fund | | | 0.30 | |
New York Tax Free Bond Fund | | | 0.30 | |
Short-Intermediate Municipal Bond Fund | | | 0.25 | |
Sustainable Municipal Income Fund | | | 0.30 | |
Tax Free Bond Fund | | | 0.30 | |
Ultra-Short Municipal Fund | | | 0.15 | |
The Adviser waived investment advisory fees and/or reimbursed expenses as outlined in Note 3.F.
B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to each Fund. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of each Fund’s respective average daily net assets, plus 0.050% of each Fund’s respective average daily net assets between $10 billion and $20 billion, plus 0.025% of each Fund’s respective average daily net assets between $20 billion and $25 billion, plus 0.01% of each Fund’s respective average daily net assets in excess of $25 billion. For the year ended February 28, 2022, the effective rate was 0.075% of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.
The Administrator waived administration fees as outlined in Note 3.F.
JPMorgan Chase Bank, N.A. (“JPMCB”), a wholly-owned subsidiary of JPMorgan, serves as the Funds’ sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.
C. Distribution Fees - Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (“JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, serves as each Fund’s principal underwriter and promotes and arranges for the sale of each Fund’s shares.
The Boards have adopted a Distribution Plan (the “Distribution Plan”) for Class A and Class C Shares of the Funds, as applicable, pursuant to Rule 12b-1 under the 1940 Act. Class I and Class R6 Shares of the Funds do not charge a distribution fee. The Distribution Plan provides that each Fund shall pay, with respect to the applicable share classes, distribution fees, including payments to JPMDS, at annual rates of the average daily net assets as shown in the table below:
| | | | | | | | |
| | | Class A | | | Class C | |
| | | 0.25 | % | | | 0.75 | % |
| | | | | | | | | | |
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| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 229 |
NOTES TO FINANCIAL STATEMENTS
AS OF FEBRUARY 28, 2022 (continued)
(Dollar values in thousands)
In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares, except for Ultra-Short Municipal Fund which has no sales charge, and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the year ended February 28, 2022, JPMDS retained the following:
| | | | | | | | |
| | | Front-End Sales Charge | | | CDSC | |
California Tax Free Bond Fund | | | $2 | | | $ | — | |
High Yield Municipal Fund | | | 9 | | | | 1 | |
Intermediate Tax Free Bond Fund | | | 25 | | | | 1 | |
New York Tax Free Bond Fund | | | 4 | | | | — | (a) |
Short-Intermediate Municipal Bond Fund | | | 15 | | | | — | |
Sustainable Municipal Income Fund | | | 2 | | | | — | |
Tax Free Bond Fund | | | 13 | | | | — | (a) |
| (a) | Amount rounds to less than one thousand. |
D. Service Fees — The Trusts, on behalf of the Funds, have entered into a Shareholder Servicing Agreement with JPMDS under which JPMDS provides certain support services to fund shareholders. For performing these services, JPMDS receives a fee with respect to all share classes, except Class R6 Shares which do not charge a service fee, that is accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:
| | | | | | | | | | |
| | | Class A | | Class C | | | Class I | |
California Tax Free Bond Fund | | 0.25% | | | 0.25 | % | | | 0.25 | % |
High Yield Municipal Fund | | 0.25 | | | 0.25 | | | | 0.25 | |
Intermediate Tax Free Bond Fund | | 0.25 | | | 0.25 | | | | 0.25 | |
New York Tax Free Bond Fund | | 0.25 | | | 0.25 | | | | 0.25 | |
Short-Intermediate Municipal Bond Fund | | 0.25 | | | 0.25 | | | | 0.25 | |
Sustainable Municipal Income Fund | | 0.25 | | | 0.25 | | | | 0.25 | |
Tax Free Bond Fund | | 0.25 | | | 0.25 | | | | 0.25 | |
Ultra-Short Municipal Fund | | 0.25 | | | n/a | | | | 0.25 | |
JPMDS has entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Funds. Pursuant to such contracts, JPMDS will pay all or a portion of such fees earned to financial intermediaries for performing such services.
JPMDS waived service fees as outlined in Note 3.F.
E. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Funds. For performing these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees on the Statements of Operations.
Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statements of Operations.
Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statements of Operations.
F. Waivers and Reimbursements — The Adviser, Administrator and/or JPMDS have contractually agreed to waive fees and/or reimburse the Funds to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections and extraordinary expenses) exceed the percentages of the Funds’ respective average daily net assets as shown in the table below:
| | | | | | | | | | | | | | |
| | | Class A | | Class C | | | Class I | | | Class R6 | |
California Tax Free Bond Fund | | 0.60% | | | 1.10 | % | | | 0.50 | % | | | 0.40 | % |
High Yield Municipal Fund | | 0.65 | | | 1.15 | | | | 0.55 | | | | 0.45 | |
Intermediate Tax Free Bond Fund | | 0.65 | | | 1.20 | | | | 0.40 | | | | 0.30 | |
New York Tax Free Bond Fund | | 0.75 | | | 1.25 | | | | 0.50 | | | | 0.40 | |
Short-Intermediate Municipal Bond Fund | | 0.70 | | | 1.20 | | | | 0.25 | | | | 0.20 | |
Sustainable Municipal Income Fund | | 0.70 | | | 1.25 | | | | 0.45 | | | | 0.35 | |
Tax Free Bond Fund | | 0.67 | | | 1.25 | | | | 0.45 | | | | 0.40 | |
Ultra-Short Municipal Fund | | 0.45 | | | n/a | | | | 0.25 | | | | n/a | |
The expense limitation agreements were in effect for the year ended February 28, 2022 and the contractual expense limitation percentages in the table above are in place until at least June 30, 2022.
| | | | | | | | | | |
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| 230 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
For the year ended February 28, 2022, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.
| | | | | | | | | | | | | | | | | | | | |
| | | Contractual Waivers | | | | |
| | | Investment
Advisory Fees | | | Administration
Fees | | | Service
Fees | | | Total | | | Contractual
Reimbursements | |
California Tax Free Bond Fund | | $ | 82 | | | $ | 55 | | | $ | 592 | | | $ | 729 | | | $ | 97 | |
High Yield Municipal Fund | | | 186 | | | | 123 | | | | 972 | | | | 1,281 | | | | 117 | |
Intermediate Tax Free Bond Fund | | | 2,739 | | | | 1,814 | | | | 1,488 | | | | 6,041 | | | | — | |
New York Tax Free Bond Fund | | | 80 | | | | 53 | | | | 425 | | | | 558 | | | | — | |
Short-Intermediate Municipal Bond Fund | | | 1,533 | | | | 1,020 | | | | 1,784 | | | | 4,337 | | | | 4 | |
Sustainable Municipal Income Fund | | | 207 | | | | 137 | | | | 378 | | | | 722 | | | | — | |
Tax Free Bond Fund | | | 141 | | | | 93 | | | | 1,151 | | | | 1,385 | | | | — | |
Ultra-Short Municipal Fund | | | 8,139 | | | | 4,070 | | | | 1,259 | | | | 13,468 | | | | — | |
Additionally, the Funds may invest in one or more money market funds advised by the Adviser (affiliated money market funds). The Adviser, Administrator and/or JPMDS, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the applicable Fund’s investment in such affiliated money market fund, except for investments of securities lending cash collateral. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.
The amounts of these waivers resulting from investments in these money market funds for the year ended February 28, 2022 were as follows:
| | | | |
California Tax Free Bond Fund | | $ | 11 | |
High Yield Municipal Fund | | | 6 | |
Intermediate Tax Free Bond Fund | | | 81 | |
New York Tax Free Bond Fund | | | 6 | |
Short-Intermediate Municipal Bond Fund | | | 61 | |
Sustainable Municipal Income Fund | | | 5 | |
Tax Free Bond Fund | | | 24 | |
Ultra-Short Municipal Fund | | | 227 | |
Effective January 1, 2022, JPMIM voluntarily agreed to reimburse the Funds for the Trustee Fees paid to one of the interested Trustees. For the period January 1, 2022 through February 28, 2022 the amount of these waivers were as follows:
| | | | |
California Tax Free Bond Fund | | $ | — | (a) |
High Yield Municipal Fund | | | — | (a) |
Intermediate Tax Free Bond Fund | | | — | (a) |
New York Tax Free Bond Fund | | | — | (a) |
Short-Intermediate Municipal Bond Fund | | | — | (a) |
Sustainable Municipal Income Fund | | | — | (a) |
Tax Free Bond Fund | | | — | (a) |
Ultra-Short Municipal Fund | | | — | (a) |
| (a) | Amount rounds to less than one thousand. |
G. Other — Certain officers of the Trusts are affiliated with the Adviser, the Administrator and JPMDS. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Funds for serving in their respective roles.
The Boards designated and appointed a Chief Compliance Officer to the Funds pursuant to Rule 38a-1 under the 1940 Act. Each Fund, along with affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the Statements of Operations.
The Trusts adopted a Trustee Deferred Compensation Plan (the “Plan”) which allows the independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.
During the year ended February 28, 2022, California Tax Free Bond Fund, High Yield Municipal Fund, Intermediate Tax Free Bond Fund, Short-Intermediate Municipal Bond Fund, Sustainable Municipal Income Fund, Tax Free Bond Fund and Ultra-Short Municipal Fund purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.
The Securities and Exchange Commission (“SEC”) has granted an exemptive order permitting the Funds to engage in principal transactions with J.P. Morgan Securities LLC, an affiliated broker, involving taxable money market instruments, subject to certain conditions.
| | | | | | | | | | |
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| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 231 |
NOTES TO FINANCIAL STATEMENTS
AS OF FEBRUARY 28, 2022 (continued)
(Dollar values in thousands)
4. Investment Transactions
During the year ended February 28, 2022, purchases and sales of investments (excluding short-term investments) were as follows:
| | | | | | | | | | | | | | | | |
| | | Purchases
(excluding U.S.
Government) | | | Sales
(excluding U.S.
Government) | | | Purchases of
U.S.
Government | | | Sales
of U.S.
Government | |
California Tax Free Bond Fund | | $ | 42,249 | | | $ | 50,757 | | | $ | — | | | $ | — | |
High Yield Municipal Fund | | | 126,088 | | | | 121,709 | | | | — | | | | — | |
Intermediate Tax Free Bond Fund | | | 642,327 | | | | 532,660 | | | | — | | | | — | |
New York Tax Free Bond Fund | | | 37,736 | | | | 45,237 | | | | — | | | | — | |
Short-Intermediate Municipal Bond Fund | | | 349,236 | | | | 319,804 | | | | — | | | | — | |
Sustainable Municipal Income Fund | | | 71,974 | | | | 56,715 | | | | — | | | | — | |
Tax Free Bond Fund | | | 174,275 | | | | 102,162 | | | | — | | | | — | |
Ultra-Short Municipal Fund | | | 1,484,660 | | | | 3,398,817 | | | | — | | | | 100,848 | |
During the year ended February 28, 2022, there were no purchases of U.S. Government securities.
5. Federal Income Tax Matters
For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at February 28, 2022 were as follows:
| | | | | | | | | | | | | | | | |
| | | Aggregate
Cost | | | Gross
Unrealized
Appreciation | | | Gross
Unrealized
Depreciation | | | Net Unrealized
Appreciation
(Depreciation) | |
California Tax Free Bond Fund | | $ | 380,162 | | | $ | 8,826 | | | $ | 4,617 | | | $ | 4,209 | |
High Yield Municipal Fund | | | 486,526 | | | | 13,220 | | | | 7,804 | | | | 5,416 | |
Intermediate Tax Free Bond Fund | | | 4,330,633 | | | | 175,164 | | | | 30,042 | | | | 145,122 | |
New York Tax Free Bond Fund | | | 359,253 | | | | 12,210 | | | | 2,142 | | | | 10,068 | |
Short-Intermediate Municipal Bond Fund | | | 1,548,202 | | | | 22,399 | | | | 19,130 | | | | 3,269 | |
Sustainable Municipal Income Fund | | | 308,562 | | | | 6,455 | | | | 3,984 | | | | 2,471 | |
Tax Free Bond Fund | | | 647,028 | | | | 26,719 | | | | 7,821 | | | | 18,898 | |
Ultra-Short Municipal Fund | | | 4,055,666 | | | | 4,031 | | | | 24,420 | | | | (20,389 | ) |
The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to investments in futures contracts, callable bond adjustments, investments in debt instruments, and wash sale loss deferrals.
The tax character of distributions paid during the year ended February 28, 2022 was as follows:
| | | | | | | | | | | | | | | | |
| | | Ordinary
Income* | | | Net
Long-Term
Capital Gains | | | Tax Exempt
Income | | | Total
Distributions
Paid | |
California Tax Free Bond Fund | | $ | 87 | | | $ | — | | | $ | 6,175 | | | $ | 6,262 | |
High Yield Municipal Fund | | | 239 | | | | — | | | | 14,714 | | | | 14,953 | |
Intermediate Tax Free Bond Fund | | | 1,999 | | | | 35,970 | | | | 109,340 | | | | 147,309 | |
New York Tax Free Bond Fund | | | 2 | | | | — | | | | 7,205 | | | | 7,207 | |
Short-Intermediate Municipal Bond Fund | | | 1 | | | | — | | | | 24,496 | | | | 24,497 | |
Sustainable Municipal Income Fund | | | 121 | | | | — | | | | 6,184 | | | | 6,305 | |
Tax Free Bond Fund | | | 1 | | | | — | | | | 15,068 | | | | 15,069 | |
Ultra-Short Municipal Fund | | | 113 | | | | — | | | | 13,856 | | | | 13,969 | |
| * | Short-term gain distributions are treated as ordinary income for income tax purposes. |
The tax character of distributions paid during the year ended February 28, 2021 was as follows:
| | | | | | | | | | | | |
| | | Ordinary
Income* | | | Tax
Exempt
Income | | | Total
Distributions
Paid | |
California Tax Free Bond Fund | | $ | 1 | | | $ | 6,269 | | | $ | 6,270 | |
High Yield Municipal Fund | | | 656 | | | | 14,299 | | | | 14,955 | |
Intermediate Tax Free Bond Fund | | | 317 | | | | 125,216 | | | | 125,533 | |
New York Tax Free Bond Fund | | | 134 | | | | 7,359 | | | | 7,493 | |
Short-Intermediate Municipal Bond Fund | | | 164 | | | | 26,725 | | | | 26,889 | |
Sustainable Municipal Income Fund | | | 4 | | | | 5,428 | | | | 5,432 | |
Tax Free Bond Fund | | | 5 | | | | 13,281 | | | | 13,286 | |
Ultra-Short Municipal Fund | | | 498 | | | | 26,607 | | | | 27,105 | |
| * | Short-term gain distributions are treated as ordinary income for income tax purposes. |
| | | | | | | | | | |
| | | | | |
| 232 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
As of February 28, 2022, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows:
| | | | | | | | | | | | | | | | |
| | | Current
Distributable
Ordinary
Income | | | Current
Distributable
Long-Term
Capital Gain
(Tax Basis Capital
Loss Carryover) | | | Tax
Exempt
Income | | | Unrealized
Appreciation
(Depreciation) | |
California Tax Free Bond Fund | | $ | — | | | $ | (3,032 | ) | | $ | 21 | | | $ | 4,209 | |
High Yield Municipal Fund | | | — | | | | (877 | ) | | | 43 | | | | 5,416 | |
Intermediate Tax Free Bond Fund | | | 42 | | | | 3,524 | | | | 338 | | | | 145,122 | |
New York Tax Free Bond Fund | | | — | | | | (2,450 | ) | | | 18 | | | | 10,068 | |
Short-Intermediate Municipal Bond Fund | | | — | | | | (10,946 | ) | | | 71 | | | | 3,269 | |
Sustainable Municipal Income Fund | | | — | | | | (162 | ) | | | 20 | | | | 2,471 | |
Tax Free Bond Fund | | | — | | | | (10,370 | ) | | | 52 | | | | 18,898 | |
Ultra-Short Municipal Fund | | | — | | | | (7,051 | ) | | | 51 | | | | (20,389 | ) |
The cumulative timing differences primarily consist of investments in futures contracts and callable bond adjustments.
As of February 28, 2022, the following Funds had net capital loss carryforwards which are available to offset future realized gains:
| | | | | | | | |
| | | Capital Loss Carryforward Character | |
| | | Short-Term | | | Long-Term | |
California Tax Free Bond Fund | | $ | 2,805 | | | $ | 227 | |
High Yield Municipal Fund | | | 877 | | | | — | |
New York Tax Free Bond Fund | | | 2,305 | | | | 145 | |
Short-Intermediate Municipal Bond Fund | | | 10,792 | | | | 154 | |
Sustainable Municipal Income Fund | | | — | | | | 162 | |
Tax Free Bond Fund | | | 6,486 | | | | 3,884 | |
Ultra-Short Municipal Fund | | | 6,206 | | | | 845 | |
Net Capital (gains) losses incurred after October 31, and within the taxable year are deemed to arise on the first business day of the Funds’ next taxable year. For the year ended February 28, 2022, the Fund deferred to March 1, 2022 the following net capital (gains) losses of:
| | | | | | | | |
| | | Net Capital Losses (Gains) | |
| | | Short-Term | | | Long-Term | |
California Tax Free Bond Fund | | $ | 108 | | | $ | 591 | |
High Yield Municipal Fund | | | 97 | | | | — | |
New York Tax Free Bond Fund | | | 159 | | | | 102 | |
Short-Intermediate Municipal Bond Fund | | | 71 | | | | 8 | |
Sustainable Municipal Income Fund | | | 31 | | | | 121 | |
Tax Free Bond Fund | | | 796 | | | | (457 | ) |
Ultra-Short Municipal Fund | | | 830 | | | | 506 | |
During the year ended February 28, 2022, the following Funds utilized capital loss carryforwards as follows:
| | | | | | | | |
| | | Capital Loss Utilized | |
| | | Short-Term | | | Long-Term | |
High Yield Municipal Fund | | $ | 1,447 | | | $ | 1,064 | |
New York Tax Free Bond Fund | | | — | | | | 4 | |
Sustainable Municipal Income Fund | | | — | | | | 216 | |
Tax Free Bond Fund | | | 21 | | | | — | |
Ultra-Short Municipal Fund | | | — | | | | 700 | |
6. Borrowings
The Funds rely upon an exemptive order granted by the SEC (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The Facility allows the Funds to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. The Interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 233 |
NOTES TO FINANCIAL STATEMENTS
AS OF FEBRUARY 28, 2022 (continued)
(Dollar values in thousands)
bank loan rate. The Order was granted to JPM II and may be relied upon by the Funds because the Funds and the series of JPM II are all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).
The Funds had no borrowings outstanding from another fund, or loans outstanding to another fund, during the year ended February 28, 2022. Average borrowings from the Facility during the year ended February 28, 2022 were as follows:
| | | | | | | | | | | | | | | | |
| | | Average
Borrowings | | | Average Interest
Rate Paid | | | Number of
Days Outstanding | | | Interest
Paid | |
High Yield Municipal Fund | | $ | 5,627 | | | | 0.82 | % | | | 2 | | | $ | – | (a) |
| (a) | Amount rounds to less than one thousand. |
The Trusts and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until October 31, 2022.
The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended February 28, 2022.
The Trusts, along with certain other trusts for J.P. Morgan Funds (“Borrowers”), have entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25,000,000 in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the fund must remediate within three business days with respect to the $25,000,000 minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.
Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00%, which was decreased from 1.25% pursuant to the amendment referenced below (the “Applicable Margin”), plus the greater of the federal funds effective rate or one month London Interbank Offered Rate (“LIBOR”). The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. Effective August 10, 2021, the Credit Facility has been amended and restated for a term of 364 days, unless extended, and to include a reduction of the Applicable Margin charged for borrowing under the Credit Facility from 1.25% to 1.00%.
The Funds did not utilize the Credit Facility during the year ended February 28, 2022.
7. Risks, Concentrations and Indemnifications
In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against each Fund. However, based on experience, the Funds expect the risk of loss to be remote.
As of February 28, 2022, the following Funds had individual shareholder and/or omnibus accounts each owning more than 10% of the respective Fund’s outstanding shares as follows:
| | | | | | | | | | | | | | | | |
| | | Number of
Individual Shareholder
and/or Affiliated
Omnibus Accounts | | | % of the Fund | | | Number of
Individual Shareholder
and/or Non-Affiliated
Omnibus Accounts | | | % of the Fund | |
California Tax Free Bond Fund | | | 1 | | | | 68.5 | % | | | 1 | | | | 10.7 | % |
High Yield Municipal Fund | | | 1 | | | | 12.7 | | | | 3 | | | | 48.3 | |
Intermediate Tax Free Bond Fund | | | 1 | | | | 80.2 | | | | — | | | | — | |
New York Tax Free Bond Fund | | | 1 | | | | 76.5 | | | | — | | | | — | |
Short-Intermediate Municipal Bond Fund | | | 1 | | | | 70.5 | | | | 1 | | | | 15.6 | |
Sustainable Municipal Income Fund | | | 1 | | | | 44.0 | | | | 2 | | | | 31.3 | |
Tax Free Bond Fund | | | 1 | | | | 45.7 | | | | 1 | | | | 28.9 | |
Ultra-Short Municipal Fund | | | 1 | | | | 74.4 | | | | 1 | | | | 17.4 | |
Significant shareholder transactions by these shareholders may impact the Funds’ performance and liquidity.
| | | | | | | | | | |
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| 234 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
High Yield Municipal Fund invests in high yield securities that are not rated or rated below investment grade (commonly known as “junk bonds”). These securities are considered to be high risk investments. Investments in lower-rated securities or unrated securities of comparable quality tend to be more sensitive to economic conditions than higher rated securities. Junk bonds involve a greater risk of default by the issuer because such securities are generally unsecured and are often subordinated to other creditors’ claims. The market price of these securities can change suddenly and unexpectedly. As a result, the Funds are intended for investors who are able and willing to assume a high degree of risk.
The Funds invest primarily in a portfolio of debt obligations issued by states, territories and possessions of the United States and by the District of Columbia, and by their political subdivisions and duly constituted authorities. California Tax Free Bond Fund and New York Tax Free Bond Fund primarily invest in issuers in the states of California and New York, respectively. An issuer’s ability to meet its payment obligations may be affected by economic or political developments in a specific state or region. These debt obligations may be insured by private insurers who guarantee the payment of principal and interest in the event of issuer default. The value of these investments may be impacted by changes to bond insurers’ ratings and the Funds’ ability to collect principal and interest, in the event of an issuer’s default, may be limited if the private insurer does not have the wherewithal to satisfy its obligation.
Sustainable Municipal Income Fund’s investment in securities whose use of proceeds, in the Adviser’s opinion, provide positive social or environmental benefits could cause it to perform differently compared to funds that do not have such a policy. Investing in securities whose use of proceeds, in the Adviser’s opinion, provide positive social or environmental benefits may result in the Fund forgoing opportunities to buy certain securities when it might otherwise be advantageous to do so, or selling securities when it might be otherwise disadvantageous for it to do so. In addition, there is a risk that the municipal bonds identified by the Adviser’s use of proceeds determination do not operate as expected when addressing positive social or environmental benefits. The Adviser’s assessment of the positive social or environmental impact of a municipal bond’s proceeds is made at the time of purchase and the actual use of proceeds by the issuer could vary over time, which could cause the Fund to be invested in bonds that do not comply with the Fund’s approach towards considering social or environmental characteristics. The factors that the Adviser considers in evaluating whether a security has positive social or environmental benefits may change over time. There are significant differences in interpretations of what it means to promote positive social or environmental benefits. While the Adviser believes its definitions are reasonable, the portfolio decisions it makes may differ with other’s views.
LIBOR is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. On March 5, 2021, the U.K. Financial Conduct Authority (“FCA”) publicly announced that (i) immediately after December 31, 2021, publication of the 1-week and 2-month U.S. Dollar LIBOR settings will permanently cease; (ii) immediately after June 30, 2023, publication of the overnight and 12-month U.S. Dollar LIBOR settings will permanently cease; and (iii) immediately after June 30, 2023, the 1-month, 3-month and 6-month U.S. Dollar LIBOR settings will cease to be provided or, subject to the FCA’s consideration of the case, be provided on a synthetic basis and no longer be representative of the underlying market and economic reality they are intended to measure and that representativeness will not be restored. There is no assurance that the dates announced by the FCA will not change or that the administrator of LIBOR and/or regulators will not take further action that could impact the availability, composition or characteristics of LIBOR or the currencies and/or tenors for which LIBOR is published. In addition, certain regulated entities ceased entering into most new LIBOR contracts in connection with regulatory guidance or prohibitions. Public and private sector industry initiatives are currently underway to implement new or alternative reference rates to be used in place of LIBOR. There is no assurance that any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR prior to its discontinuance, unavailability or replacement, all of which may affect the value, volatility, liquidity or return on certain of a Fund’s loans, notes, derivatives and other instruments or investments comprising some or all of a Fund’s investments and result in costs incurred in connection with changing reference rates used for positions, closing out positions and entering into new trades. Certain of a Fund’s investments may transition from LIBOR prior to the dates announced by the FCA. The transition from LIBOR to alternative reference rates may result in operational issues for a Fund or its investments. No assurances can be given as to the impact of the LIBOR transition (and the timing of any such impact) on a Fund and its investments.
The Funds are subject to infectious disease epidemics/pandemics risk. The worldwide outbreak of COVID-19, a novel coronavirus disease, has negatively affected economies, markets and individual companies throughout the world. The effects of this COVID-19 pandemic to public health, and business and market conditions, including exchange trading suspensions and closures may continue to have a significant negative impact on the performance of a Fund’s investments, increase a Fund’s volatility, exacerbate other pre-existing political, social and economic risks to the Funds and negatively impact broad segments of businesses and populations. The Funds’ operations may be interrupted as a result, which may have a significant negative impact on investment performance. In addition, governments, their regulatory agencies, or self-regulatory organizations may take actions in response to the pandemic that affect the instruments in which the Funds invest, or the issuers of such instruments, in ways that could also have a significant negative impact on a Fund’s investment performance. The full impact of this COVID-19 pandemic, or other future epidemics/pandemics, is currently unknown.
| | | | | | | | | | |
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| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 235 |
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Boards of Trustees of JPMorgan Trust I, JPMorgan Trust II and JPMorgan Trust IV and Shareholders of JPMorgan California Tax Free Bond Fund, JPMorgan High Yield Municipal Fund, JPMorgan Intermediate Tax Free Bond Fund, JPMorgan New York Tax Free Bond Fund, JPMorgan Short-Intermediate Municipal Bond Fund, JPMorgan Sustainable Municipal Income Fund, JPMorgan Tax Free Bond Fund and JPMorgan Ultra–Short Municipal Fund
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of JPMorgan California Tax Free Bond Fund, JPMorgan High Yield Municipal Fund, JPMorgan Intermediate Tax Free Bond Fund and JPMorgan New York Tax Free Bond Fund (four of the funds constituting JPMorgan Trust I), JPMorgan Short-Intermediate Municipal Bond Fund, JPMorgan Sustainable Municipal Income Fund and JPMorgan Tax Free Bond Fund (three of the funds constituting JPMorgan Trust II) and JPMorgan Ultra-Short Municipal Fund (one of the funds constituting JPMorgan Trust IV) (hereafter collectively referred to as the “Funds”) as of February 28, 2022, the related statements of operations for the year ended February 28, 2022, the statements of changes in net assets for each of the two years in the period ended February 28, 2022, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of February 28, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended February 28, 2022 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers LLP
New York, New York
April 27, 2022
We have served as the auditor of one or more investment companies in the JPMorgan Funds complex since 1993.
| | | | | | | | | | |
| | | | | |
| 236 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
TRUSTEES
(Unaudited)
The Funds’ Statement of Additional Information includes additional information about the Funds’ Trustees and is available, without charge, upon request by calling 1-800-480-4111 or on the J.P. Morgan Funds’ website at www.jpmorganfunds.com.
| | | | | | |
Name (Year of Birth); Positions With the Funds (1) | | Principal Occupation During Past 5 Years | | Number of
Funds in Fund
Complex Overseen
by Trustee (2) | | Other Directorships Held During the Past 5 Years |
Independent Trustees | | |
| | | |
| John F. Finn (1947); Chair since 2020; Trustee since 1998. | | Chairman, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (serving in various roles 1974-present). | | 172 | | Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present). |
| | | |
| Stephen P. Fisher (1959); Trustee since 2018. | | Retired; Chairman and Chief Executive Officer, NYLIFE Distributors LLC (registered broker-dealer) (serving in various roles 2008-2013); Chairman, NYLIM Service Company LLC (transfer agent) (2008-2017); New York Life Investment Management LLC (registered investment adviser) (serving in various roles 2005-2017); Chairman, IndexIQ Advisors LLC (registered investment adviser for ETFs) (2014-2017); President, MainStay VP Funds Trust (2007-2017), MainStay DefinedTerm Municipal Opportunities Fund (2011-2017) and MainStay Funds Trust (2007-2017) (registered investment companies). | | 172 | | Honors Program Advisory Board Member, The Zicklin School of Business, Baruch College, The City University of New York (2017-present). |
| | | |
| Gary L. French (1951); Trustee since 2014. | | Real Estate Investor (2011-2020); Investment management industry Consultant and Expert Witness (2011-present); Senior Consultant for The Regulatory Fundamentals Group LLC (2011-2017). | | 172 | | Independent Trustee, The China Fund, Inc. (2013-2019); Exchange Traded Concepts Trust II (2012-2014); Exchange Traded Concepts Trust I (2011-2014). |
| | | |
| Kathleen M. Gallagher (1958); Trustee since 2018. | | Retired; Chief Investment Officer — Benefit Plans, Ford Motor Company (serving in various roles 1985-2016). | | 172 | | Non-Executive Director, Legal & General Investment Management (Holdings) (2018-present); Non-Executive Director, Legal & General Investment Management America (U.S. Holdings) (financial services and insurance) (2017-present); Advisory Board Member, State Street Global Advisors Total Portfolio Solutions (2017-present); Member, Client Advisory Council, Financial Engines, LLC (registered investment adviser) (2011-2016); Director, Ford Pension Funds Investment Management Ltd. (2007-2016). |
| | | |
| Robert J. Grassi (1957); Trustee since 2014. | | Sole Proprietor, Academy Hills Advisors LLC (2012-present); Pension Director, Corning Incorporated (2002-2012). | | 172 | | None |
| | | |
| Frankie D. Hughes (1952); Trustee since 2008. | | President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014). | | 172 | | None |
| | | | | | | | | | |
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| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 237 |
TRUSTEES
(Unaudited) (continued)
| | | | | | |
Name (Year of Birth); Positions With the Funds (1) | | Principal Occupation During Past 5 Years | | Number of
Funds in Fund
Complex Overseen
by Trustee (2) | | Other Directorships Held During the Past 5 Years |
Independent Trustees (continued) | | |
| | | |
Raymond Kanner (1953); Trustee since 2017. | | Retired; Managing Director and Chief Investment Officer, IBM Retirement Funds (2007-2016). | | 172 | | Advisory Board Member, Penso Advisors, LLC (2020-present); Advisory Board Member, Los Angeles Capital (2018-present); Advisory Board Member, State Street Global Advisors Total Portfolio Solutions (2017-present); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA) (2016-2017); Advisory Board Member, Betterment for Business (robo advisor) (2016-2017); Advisory Board Member, BlueStar Indexes (index creator) (2013-2017); Director, Emerging Markets Growth Fund (registered investment company) (1997-2016); Member, Russell Index Client Advisory Board (2001-2015). |
| | | |
| Thomas P. Lemke (1954); Trustee since 2014. | | Retired since 2013. | | 172 | | (1) Independent Trustee of Advisors’ Inner Circle III fund platform, consisting of the following: (i) the Advisors’ Inner Circle Fund III, (ii) the Gallery Trust, (iii) the Schroder Series Trust, (iv) the Delaware Wilshire Private Markets Fund (since 2020), (v) Chiron Capital Allocation Fund Ltd., and (vi) formerly the Winton Diversified Opportunities Fund (2014-2018); and (2) Independent Trustee of the Symmetry Panoramic Trust (since 2018). |
| | | |
| Lawrence R. Maffia (1950); Trustee since 2014. | | Retired; Director and President, ICI Mutual Insurance Company (2006-2013). | | 172 | | Director, ICI Mutual Insurance Company (1999-2013). |
| | | |
| Mary E. Martinez (1960); Vice Chair since 2021; Trustee since 2013. | | Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (asset management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005). | | 172 | | None |
| | | |
| Marilyn McCoy (1948); Trustee since 2005. | | Vice President of Administration and Planning, Northwestern University (1985-present). | | 172 | | None |
| | | |
| Dr. Robert A. Oden, Jr. (1946); Trustee since 2005. | | Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002). | | 172 | | Trustee, The Coldwater Conservation Fund; Trustee, American Museum of Fly Fishing (2013-present); Trustee and Vice Chair, Trout Unlimited (2017-2021); Trustee, Dartmouth-Hitchcock Medical Center (2011-2020). |
| | | | | | | | | | |
| | | | | |
| 238 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
| | | | | | |
Name (Year of Birth); Positions With the Funds (1) | | Principal Occupation During Past 5 Years | | Number of
Funds in Fund
Complex Overseen
by Trustee (2) | | Other Directorships Held During the Past 5 Years |
Independent Trustees (continued) | | |
| | | |
| Marian U. Pardo* (1946); Trustee since 2013. | | Managing Director and Founder, Virtual Capital Management LLC (investment consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006). | | 172 | | Board Chair and Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present). |
| | | |
| Emily A. Youssouf (1951); Trustee since 2022. | | Adjunct Professor (2011-present) and Clinical Professor (2009-2011), NYU Schack Institute of Real Estate; Board Member and Member of the Audit Committee (2013–present), Chair of Finance Committee (2019-present), Member of Related Parties Committee (2013-2018) and Member of the Enterprise Risk Committee (2015-2018), PennyMac Financial Services, Inc.; Board Member (2005-2018), Chair of Capital Committee (2006-2016), Chair of Audit Committee (2005-2018), Member of Finance Committee (2005-2018) and Chair of IT Committee (2016-2018), NYC Health and Hospitals Corporation. | | 172 | | Trustee, NYC School Construction Authority (2009-present); Board Member, NYS Job Development Authority (2008-present); Trustee and Chair of the Audit Committee of the Transit Center Foundation (2015-2019). |
Interested Trustees | | |
| | | |
| Robert F. Deutsch** (1957); Trustee since 2014. | | Retired; Head of the Global ETF Business for JPMorgan Asset Management (2013-2017); Head of the Global Liquidity Business for JPMorgan Asset Management (2003-2013). | | 172 | | Treasurer and Director of the JUST Capital Foundation (2017-present). |
| | | |
| Nina O. Shenker** (1957) Trustee since 2022. | | Vice Chair (2017-2021), General Counsel and Managing Director (2008-2016), Associate General Counsel and Managing Director (2004-2008), J.P. Morgan Asset & Wealth Management. | | 172 | | Director and Member of Executive Committee and Legal and Human Resources Subcommittees, American Jewish Joint Distribution Committee (2018-present). |
| (1) | The year shown is the first year in which a Trustee became a member of any of the following: the Mutual Fund Board, the ETF Board, the heritage J.P. Morgan Funds or the heritage One Group Mutual Funds. Trustees serve an indefinite term, until resignation, retirement, removal or death. The Board’s current retirement policy sets retirement at the end of the calendar year in which the Trustee attains the age of 75, provided that any Board member who was a member of the Mutual Fund Board prior to January 1, 2022 and was born prior to January 1, 1950 shall retire from the Board at the end of the calendar year in which the Trustee attains the age of 78. |
| (2) | A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Boards of Trustees serves currently includes nine registered investment companies (172 J.P. Morgan Funds). |
| * | In connection with prior employment with JPMorgan Chase, Ms. Pardo was the recipient of non-qualified pension plan payments from JPMorgan Chase in the amount of approximately $2,055 per month, which she irrevocably waived effective January 1, 2013, and deferred compensation payments from JPMorgan Chase in the amount of approximately $7,294 per year, which ended in January 2013. In addition, Ms. Pardo receives payments from a fully-funded qualified plan, which is not an obligation of JPMorgan Chase. |
| ** | Designation as an “Interested Trustee” is based on prior employment by the Adviser or an affiliate of the Adviser or interests in a control person of the Adviser. |
The contact address for each of the Trustees is 277 Park Avenue, New York, NY 10172.
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 239 |
OFFICERS
(Unaudited)
| | |
Name (Year of Birth), Positions Held with the Trust (Since) | | Principal Occupations During Past 5 Years |
| |
Brian S. Shlissel (1964),
President and Principal Executive Officer (2016)* | | Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. since 2014. |
| |
Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2018) | | Executive Director, J.P. Morgan Investment Management Inc. since February 2016. Mr. Clemens has been with J.P. Morgan Investment Management Inc. since 2013. |
| |
Gregory S. Samuels (1980),
Secretary (2019) (formerly Assistant Secretary 2010-2019)** | | Managing Director and Assistant General Counsel, JPMorgan Chase. Mr. Samuels has been with JPMorgan Chase since 2010. |
| |
Stephen M. Ungerman (1953),
Chief Compliance Officer (2005) | | Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000. |
| |
Kiesha Astwood-Smith (1973), Assistant Secretary (2021)** | | Vice President and Assistant General Counsel, JPMorgan Chase since June 2021; Senior Director and Counsel, Equitable Financial Life Insurance Company (formerly, AXA Equitable Life Insurance Company) from 2015 to 2021. |
| |
Matthew Beck (1988), Assistant Secretary (2021)*** | | Vice President and Assistant General Counsel, JPMorgan Chase since May 2021; Senior Legal Counsel, Ultimus Fund Solutions from May 2018 through May 2021; General Counsel, The Nottingham Company from April 2014 through May 2018. |
| |
Elizabeth A. Davin (1964), Assistant Secretary (2005)*** | | Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Davin has been with JPMorgan Chase (formerly Bank One Corporation) since 2004. |
| |
Jessica K. Ditullio (1962),
Assistant Secretary (2005)*** | | Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990. |
| |
Anthony Geron (1971),
Assistant Secretary (2018)** | | Vice President and Assistant General Counsel, JPMorgan Chase since September 2018; Lead Director and Counsel, AXA Equitable Life Insurance Company from 2015 to 2018 and Senior Director and Counsel, AXA Equitable Life Insurance Company from 2014 to 2015. |
| |
Carmine Lekstutis (1980),
Assistant Secretary (2011)** | | Executive Director and Assistant General Counsel, JPMorgan Chase. Mr. Lekstutis has been with JPMorgan Chase since 2011. |
| |
Max Vogel (1990), Assistant Secretary (2021)** | | Vice President and Assistant General Counsel, JPMorgan Chase since June 2021; Associate, Proskauer Rose LLP (law firm) from March 2017 through June 2021; Associate, Stroock & Stroock & Lavan LLP (law firm) from October 2015 through March 2017. |
| |
Zachary E. Vonnegut-Gabovitch (1986), Assistant Secretary (2017)** | | Vice President and Assistant General Counsel, JPMorgan Chase since September 2016. |
| |
Michael M. D’Ambrosio (1969),
Assistant Treasurer (2012) | | Managing Director, J.P. Morgan Investment Management Inc. Mr. D’Ambrosio has been with J.P. Morgan Investment Management Inc. since 2012. |
| |
Aleksandr Fleytekh (1972), Assistant Treasurer (2019) | | Vice President, J.P. Morgan Investment Management Inc. since February 2012. |
| |
Shannon Gaines (1977),
Assistant Treasurer (2018)*** | | Vice President, J.P. Morgan Investment Management Inc. since January 2014. |
| |
Jeffrey D. House (1972), Assistant Treasurer (2017)*** | | Vice President, J.P. Morgan Investment Management Inc. since July 2006. |
| |
Michael Mannarino (1985),
Assistant Treasurer (2020) | | Vice President, J.P. Morgan Investment Management Inc. since 2014. |
| |
Joseph Parascondola (1963),
Assistant Treasurer (2011)* | | Executive Director, J.P. Morgan Investment Management Inc. Mr. Parascondola has been with J.P. Morgan Investment Management Inc. since 2006. |
| |
Gillian I. Sands (1969),
Assistant Treasurer (2012) | | Executive Director, J.P. Morgan Investment Management Inc. Ms. Sands has been with J.P. Morgan Investment Management Inc. since 2012. |
The contact address for each of the officers, unless otherwise noted, is 277 Park Avenue, New York, NY 10172.
| * | The contact address for the officer is 575 Washington Boulevard, Jersey City, NJ 07310. |
| ** | The contact address for the officer is 4 New York Plaza, New York, NY 10004. |
| *** | The contact address for the officer is 1111 Polaris Parkway, Columbus, OH 43240. |
| | | | | | | | | | |
| | | | | |
| 240 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
SCHEDULE OF SHAREHOLDER EXPENSES
(Unaudited)
Hypothetical $1,000 Investment
As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, if applicable, and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, September 1, 2021, and continued to hold your shares at the end of the reporting period, February 28, 2022.
Actual Expenses
For each Class of each Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading titled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.
| | | | | | | | | | | | | | | | |
| | | Beginning
Account Value
September 1, 2021 | | | Ending
Account Value
February 28, 2022 | | | Expenses
Paid During
the Period* | | | Annualized
Expense
Ratio | |
JPMorgan California Tax Free Bond Fund | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | | $ | 962.90 | | | $ | 2.92 | | | | 0.60 | % |
Hypothetical | | | 1,000.00 | | | | 1,021.82 | | | | 3.01 | | | | 0.60 | |
Class C | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 961.00 | | | | 5.35 | | | | 1.10 | |
Hypothetical | | | 1,000.00 | | | | 1,019.34 | | | | 5.51 | | | | 1.10 | |
Class I | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 963.40 | | | | 2.43 | | | | 0.50 | |
Hypothetical | | | 1,000.00 | | | | 1,022.32 | | | | 2.51 | | | | 0.50 | |
Class R6 | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 963.90 | | | | 1.95 | | | | 0.40 | |
Hypothetical | | | 1,000.00 | | | | 1,022.81 | | | | 2.01 | | | | 0.40 | |
| | | | |
JPMorgan High Yield Municipal Fund | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 964.30 | | | | 3.17 | | | | 0.65 | |
Hypothetical | | | 1,000.00 | | | | 1,021.57 | | | | 3.26 | | | | 0.65 | |
Class C | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 961.80 | | | | 5.59 | | | | 1.15 | |
Hypothetical | | | 1,000.00 | | | | 1,019.09 | | | | 5.76 | | | | 1.15 | |
Class I | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 964.80 | | | | 2.68 | | | | 0.55 | |
Hypothetical | | | 1,000.00 | | | | 1,022.07 | | | | 2.76 | | | | 0.55 | |
Class R6 | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 965.20 | | | | 2.19 | | | | 0.45 | |
Hypothetical | | | 1,000.00 | | | | 1,022.56 | | | | 2.26 | | | | 0.45 | |
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 241 |
SCHEDULE OF SHAREHOLDER EXPENSES
(Unaudited) (continued)
Hypothetical $1,000 Investment
| | | | | | | | | | | | | | | | |
| | | Beginning
Account Value
September 1, 2021 | | | Ending
Account Value
February 28, 2022 | | | Expenses
Paid During
the Period* | | | Annualized
Expense
Ratio | |
JPMorgan Intermediate Tax Free Bond Fund | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | | $ | 966.10 | | | $ | 3.17 | | | | 0.65 | % |
Hypothetical | | | 1,000.00 | | | | 1,021.57 | | | | 3.26 | | | | 0.65 | |
Class C | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 963.50 | | | | 5.84 | | | | 1.20 | |
Hypothetical | | | 1,000.00 | | | | 1,018.84 | | | | 6.01 | | | | 1.20 | |
Class I | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 966.70 | | | | 1.95 | | | | 0.40 | |
Hypothetical | | | 1,000.00 | | | | 1,022.81 | | | | 2.01 | | | | 0.40 | |
Class R6 | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 967.10 | | | | 1.46 | | | | 0.30 | |
Hypothetical | | | 1,000.00 | | | | 1,023.31 | | | | 1.51 | | | | 0.30 | |
| | | | |
JPMorgan New York Tax Free Bond Fund | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 966.40 | | | | 3.66 | | | | 0.75 | |
Hypothetical | | | 1,000.00 | | | | 1,021.08 | | | | 3.76 | | | | 0.75 | |
Class C | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 964.00 | | | | 6.09 | | | | 1.25 | |
Hypothetical | | | 1,000.00 | | | | 1,018.60 | | | | 6.26 | | | | 1.25 | |
Class I | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 967.80 | | | | 2.44 | | | | 0.50 | |
Hypothetical | | | 1,000.00 | | | | 1,022.32 | | | | 2.51 | | | | 0.50 | |
Class R6 | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 968.30 | | | | 1.95 | | | | 0.40 | |
Hypothetical | | | 1,000.00 | | | | 1,022.81 | | | | 2.01 | | | | 0.40 | |
| | | | |
JPMorgan Short-Intermediate Municipal Bond Fund | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 969.90 | | | | 3.42 | | | | 0.70 | |
Hypothetical | | | 1,000.00 | | | | 1,021.32 | | | | 3.51 | | | | 0.70 | |
Class C | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 967.70 | | | | 5.85 | | | | 1.20 | |
Hypothetical | | | 1,000.00 | | | | 1,018.84 | | | | 6.01 | | | | 1.20 | |
Class I | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 972.20 | | | | 1.22 | | | | 0.25 | |
Hypothetical | | | 1,000.00 | | | | 1,023.55 | | | | 1.25 | | | | 0.25 | |
Class R6 | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 973.40 | | | | 0.98 | | | | 0.20 | |
Hypothetical | | | 1,000.00 | | | | 1,023.80 | | | | 1.00 | | | | 0.20 | |
| | | | |
JPMorgan Sustainable Municipal Income Fund | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 966.20 | | | | 3.41 | | | | 0.70 | |
Hypothetical | | | 1,000.00 | | | | 1,021.32 | | | | 3.51 | | | | 0.70 | |
Class C | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 963.20 | | | | 6.08 | | | | 1.25 | |
Hypothetical | | | 1,000.00 | | | | 1,018.60 | | | | 6.26 | | | | 1.25 | |
Class I | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 967.20 | | | | 2.19 | | | | 0.45 | |
Hypothetical | | | 1,000.00 | | | | 1,022.56 | | | | 2.26 | | | | 0.45 | |
Class R6 | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 967.70 | | | | 1.71 | | | | 0.35 | |
Hypothetical | | | 1,000.00 | | | | 1,023.06 | | | | 1.76 | | | | 0.35 | |
| | | | | | | | | | |
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| 242 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
| | | | | | | | | | | | | | | | |
| | | Beginning
Account Value
September 1, 2021 | | | Ending
Account Value
February 28, 2022 | | | Expenses
Paid During
the Period* | | | Annualized
Expense
Ratio | |
JPMorgan Tax Free Bond Fund | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | |
Actual | | $ | 1,000.00 | | | $ | 963.10 | | | $ | 3.26 | | | | 0.67 | % |
Hypothetical | | | 1,000.00 | | | | 1,021.47 | | | | 3.36 | | | | 0.67 | |
Class C | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 960.70 | | | | 6.08 | | | | 1.25 | |
Hypothetical | | | 1,000.00 | | | | 1,018.60 | | | | 6.26 | | | | 1.25 | |
Class I | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 963.90 | | | | 2.19 | | | | 0.45 | |
Hypothetical | | | 1,000.00 | | | | 1,022.56 | | | | 2.26 | | | | 0.45 | |
Class R6 | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 964.20 | | | | 1.95 | | | | 0.40 | |
Hypothetical | | | 1,000.00 | | | | 1,022.81 | | | | 2.01 | | | | 0.40 | |
| | | | |
JPMorgan Ultra-Short Municipal Fund | | | | | | | | | | | | | | | | |
Class A | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 990.50 | | | | 2.22 | | | | 0.45 | |
Hypothetical | | | 1,000.00 | | | | 1,022.56 | | | | 2.26 | | | | 0.45 | |
Class I | | | | | | | | | | | | | | | | |
Actual | | | 1,000.00 | | | | 992.50 | | | | 1.24 | | | | 0.25 | |
Hypothetical | | | 1,000.00 | | | | 1,023.55 | | | | 1.25 | | | | 0.25 | |
| * | Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 243 |
Liquidity Risk Management Program
(Unaudited)
Each of the Funds covered in this report has adopted the J.P. Morgan Funds and J.P. Morgan Exchange-Traded Funds Amended and Restated Liquidity Risk Management Program (the “Program”) under Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”). The Program seeks to assess, manage and review each Fund’s Liquidity Risk. “Liquidity Risk” is defined as the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund. Among other things, the Liquidity Rule requires that a written report be provided to the Board of Trustees (the “Board”) on an annual basis that addresses the operation of the Program and assesses the adequacy and effectiveness of its implementation, including the operation of any Highly Liquid Investment Minimum (“HLIM”), where applicable, and any material changes to the Program.
The Board has appointed J.P. Morgan Asset Management’s Liquidity Risk Forum to be the program administrator for the Program (the “Program Administrator”). In addition to regular reporting at each of its quarterly meetings, on February 8, 2022, the Board reviewed the Program Administrator’s annual written report (the “Report”) concerning the operation of the Program for the period from January 1, 2021 through December 31, 2021 (the “Program Reporting Period”). The Report addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including, where applicable, the operation of a Fund’s HLIM. During the Program Reporting Period, the Program was amended, pursuant to an exemptive order from the Securities and Exchange Commission, to permit the Funds to use liquidity definitions and classification methodologies that differ from the requirements under the Liquidity Rule in some respects. The Report
discussed the implementation of these changes. No other material changes were made to the Program during the Program Reporting Period.
The Report summarized the operation of the Program and the information and factors considered by the Program Administrator in assessing whether the Program has been adequately and effectively implemented with respect to each Fund. Such information and factors included, among other things: (1) the liquidity risk framework used to assess, manage, and periodically review each Fund’s Liquidity Risk and the results of this assessment; (2) the methodology and inputs for classifying the investments of a Fund into one of the required liquidity categories that reflect an estimate of the liquidity of those investments under current market conditions; (3) whether a Fund invested primarily in “Highly Liquid Investments” (as defined or modified under the Program), as well as whether an HLIM should be established for a Fund (and, for Funds that have adopted an HLIM, whether the HLIM continues to be appropriate or whether a Fund has invested below its HLIM) and the procedures for monitoring for any HLIM; (4) whether a Fund invested more than 15% of its assets in “Illiquid Investments” (as defined or modified under the Program) and the procedures for monitoring for this limit; ; and (5) specific liquidity events arising during the Program Reporting Period. The Report further summarized the conditions of the exemptive order.
Based on this review, the Report concluded that: (1) the Program continues to be reasonably designed to effectively assess and manage each Fund’s Liquidity Risk; and (2) the Program has been adequately and effectively implemented with respect to each Fund during the Program Reporting Period.
| | | | | | | | | | |
| | | | | |
| 244 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
TAX LETTER
(Unaudited)
(Dollar values in thousands)
Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Funds’ income and distributions for the taxable year ended February 28, 2022. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2022. The information necessary to complete your income tax returns for the calendar year ending December 31, 2022 will be provided under separate cover.
Long Term Capital Gain
Each Fund listed below distributed the following amount, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended February 28, 2022:
| | | | |
| | | Long-Term
Capital Gain
Distribution | |
JPMorgan Intermediate Tax Free Bond Fund | | $ | 35,970 | |
Tax-Exempt Income
Each Fund listed below had the following amount, or maximum allowable amount, of dividends paid from investment income exempt from federal income tax for the fiscal year ended February 28, 2022:
| | | | |
| | | Exempt
Distributions
Paid | |
JPMorgan California Tax Free Bond Fund | | $ | 6,175 | |
JPMorgan High Yield Municipal Fund | | | 14,714 | |
JPMorgan Intermediate Tax Free Bond Fund | | | 109,340 | |
JPMorgan New York Tax Free Bond Fund | | | 7,205 | |
JPMorgan Short-Intermediate Municipal Bond Fund | | | 24,496 | |
JPMorgan Sustainable Municipal Income Fund | | | 6,184 | |
JPMorgan Tax Free Bond Fund | | | 15,068 | |
JPMorgan Ultra-Short Municipal Fund | | | 13,856 | |
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 245 |
SPECIAL SHAREHOLDER MEETING RESULTS
(Unaudited)
JPMorgan Trust I (“JPM I”)
JPM I held a special meeting of shareholders on October 27, 2021, for the purpose of considering and voting upon the election of Trustees, which meeting was adjourned to November 23, 2021 to allow shareholders to vote on the proposal.
When the special meeting reconvened on November 23, 2021, Trustees were elected by the shareholders of all of the series of JPM I, including California Tax Free Bond Fund, High Yield Municipal Fund and Intermediate Tax Free Bond Fund and.
The results of the voting were as follows:
| | | | |
| | | Votes Received
(Amounts in
thousands) | |
Independent Nominee | | | | |
| John F. Finn | | | | |
In Favor | | | 218,161,076 | |
Withheld | | | 3,798,560 | |
| |
| Steven P. Fisher | | | | |
In Favor | | | 219,683,469 | |
Withheld | | | 2,276,167 | |
| |
| Gary L. French | | | | |
In Favor | | | 219,573,994 | |
Withheld | | | 2,385,642 | |
| |
| Kathleen M. Gallagher | | | | |
In Favor | | | 219,614,901 | |
Withheld | | | 2,344,735 | |
| |
| Robert J. Grassi | | | | |
In Favor | | | 219,652,125 | |
Withheld | | | 2,307,510 | |
| |
| Frankie D. Hughes | | | | |
In Favor | | | 219,173,958 | |
Withheld | | | 2,785,677 | |
| |
| Raymond Kanner | | | | |
In Favor | | | 219,638,172 | |
Withheld | | | 2,321,463 | |
| |
| Thomas P. Lemke | | | | |
In Favor | | | 219,600,003 | |
Withheld | | | 2,359,633 | |
| | | | |
| | | Votes Received
(Amounts in
thousands) | |
| Lawrence R. Maffia | | | | |
In Favor | | | 219,558,283 | |
Withheld | | | 2,401,353 | |
| |
| Mary E. Martinez | | | | |
In Favor | | | 219,188,002 | |
Withheld | | | 2,771,634 | |
| |
| Marilyn McCoy | | | | |
In Favor | | | 218,775,511 | |
Withheld | | | 3,184,125 | |
| |
| Dr. Robert A. Oden, Jr. | | | | |
In Favor | | | 218,109,306 | |
Withheld | | | 3,850,330 | |
| |
| Marian U. Pardo | | | | |
In Favor | | | 219,504,107 | |
Withheld | | | 2,445,528 | |
| |
| Emily A. Youssouf | | | | |
In Favor | | | 219,549,573 | |
Withheld | | | 2,410,062 | |
| |
Interested Nominee | | | | |
| Robert F. Deutsch | | | | |
In Favor | | | 219,143,836 | |
Withheld | | | 2,815,799 | |
| |
| Nina O. Shenker | | | | |
In Favor | | | 219,183,139 | |
Withheld | | | 2,776,497 | |
| | | | | | | | | | |
| | | | | |
| 246 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
JPMorgan Trust II (“JPM II”)
JPM II held a special meeting of shareholders on October 27, 2021, for the purpose considering and voting upon the election of Trustees, which meeting was adjourned to November 23, 2021 to allow shareholders to vote on the proposal.
When the special meeting reconvened on November 23, 2021, Trustees were elected by the shareholders of all of the series of JPM II, including Short-Intermediate Municipal Bond Fund, Sustainable Municipal Income Fund and Tax Free Bond Fund.
The results of the voting were as follows:
| | | | |
| | | Votes Received
(Amounts in
thousands) | |
Independent Nominee | | | | |
| John F. Finn | | | | |
In Favor | | | 288,983,507 | |
Withheld | | | 6,732,052 | |
| |
| Steven P. Fisher | | | | |
In Favor | | | 289,598,586 | |
Withheld | | | 6,116,973 | |
| |
| Gary L. French | | | | |
In Favor | | | 289,542,085 | |
Withheld | | | 6,173,474 | |
| |
| Kathleen M. Gallagher | | | | |
In Favor | | | 289,773,673 | |
Withheld | | | 5,941,887 | |
| |
| Robert J. Grassi | | | | |
In Favor | | | 289,609,331 | |
Withheld | | | 6,106,229 | |
| Frankie D. Hughes | | | | |
In Favor | | | 289,641,174 | |
Withheld | | | 6,074,386 | |
| |
| Raymond Kanner | | | | |
In Favor | | | 289,603,025 | |
Withheld | | | 6,112,535 | |
| |
| Thomas P. Lemke | | | | |
In Favor | | | 289,581,867 | |
Withheld | | | 6,133,692 | |
| |
| Lawrence R. Maffia | | | | |
In Favor | | | 289,544,612 | |
Withheld | | | 6,170,947 | |
| | | | |
| | | Votes Received
(Amounts in
thousands) | |
| Mary E. Martinez | | | | |
In Favor | | | 289,745,394 | |
Withheld | | | 5,970,165 | |
| |
| Marilyn McCoy | | | | |
In Favor | | | 289,336,040 | |
Withheld | | | 6,379,520 | |
| |
| Dr. Robert A. Oden, Jr. | | | | |
In Favor | | | 288,968,016 | |
Withheld | | | 6,747,543 | |
| |
| Marian U. Pardo | | | | |
In Favor | | | 289,619,985 | |
Withheld | | | 6,095,575 | |
| |
| Emily A. Youssouf | | | | |
In Favor | | | 289,555,396 | |
Withheld | | | 6,160,163 | |
| |
Interested Nominee | | | | |
| Robert F. Deutsch | | | | |
In Favor | | | 289,562,178 | |
Withheld | | | 6,153,382 | |
| |
| Nina O. Shenker | | | | |
In Favor | | | 289,698,757 | |
Withheld | | | 6,016,803 | |
| | | | | | | | | | |
| | | | | |
| FEBRUARY 28, 2022 | | J.P. MORGAN MUNICIPAL BOND FUNDS | | | | | | | | 247 |
SPECIAL SHAREHOLDER MEETING RESULTS
(Unaudited) (continued)
JPMorgan Trust IV (“JPMIV”)
JPM IV held a special meeting of shareholders on October 27, 2021, for the purpose of considering and voting upon the election of Trustees.
Trustees were elected by the shareholders of all of the series of JPM IV, including Ultra-Short Municipal Fund.
The results of the voting were as follows:
| | | | |
| | | Votes Received
(Amounts in
thousands) | |
Independent Nominee | | | | |
| John F. Finn | | | | |
In Favor | | | 2,308,022 | |
Withheld | | | 4,313 | |
| |
| Steven P. Fisher | | | | |
In Favor | | | 2,309,583 | |
Withheld | | | 2,752 | |
| |
| Gary L. French | | | | |
In Favor | | | 2,309,620 | |
Withheld | | | 2,715 | |
| |
| Kathleen M. Gallagher | | | | |
In Favor | | | 2,309,789 | |
Withheld | | | 2,546 | |
| |
| Robert J. Grassi | | | | |
In Favor | | | 2,309,623 | |
Withheld | | | 2,712 | |
| |
| Frankie D. Hughes | | | | |
In Favor | | | 2,309,543 | |
Withheld | | | 2,791 | |
| |
| Raymond Kanner | | | | |
In Favor | | | 2,309,644 | |
Withheld | | | 2,691 | |
| |
| Thomas P. Lemke | | | | |
In Favor | | | 2,309,600 | |
Withheld | | | 2,735 | |
| | | | |
| | | Votes Received
(Amounts in
thousands) | |
| Lawrence R. Maffia | | | | |
In Favor | | | 2,309,585 | |
Withheld | | | 2,750 | |
| |
| Mary E. Martinez | | | | |
In Favor | | | 2,309,800 | |
Withheld | | | 2,534 | |
| |
| Marilyn McCoy | | | | |
In Favor | | | 2,309,821 | |
Withheld | | | 2,514 | |
| |
| Dr. Robert A. Oden, Jr. | | | | |
In Favor | | | 2,308,857 | |
Withheld | | | 3,478 | |
| |
| Marian U. Pardo | | | | |
In Favor | | | 2,309,743 | |
Withheld | | | 2,591 | |
| |
| Emily A. Youssouf | | | | |
In Favor | | | 2,309,749 | |
Withheld | | | 2,586 | |
| |
Interested Nominee | | | | |
| Robert F. Deutsch | | | | |
In Favor | | | 2,309,524 | |
Withheld | | | 2,811 | |
| |
| Nina O. Shenker | | | | |
In Favor | | | 2,309,718 | |
Withheld | | | 2,616 | |
| | | | | | | | | | |
| | | | | |
| 248 | | | | | | | | J.P. MORGAN MUNICIPAL BOND FUNDS | | FEBRUARY 28, 2022 |
Rev. January 2011
| | |
| | |
| FACTS | | WHAT DOES J.P. MORGAN FUNDS DO WITH YOUR PERSONAL INFORMATION? |
| | |
| Why? | | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
| | |
| What? | | The types of personal information we collect and share depend on the product or service you have with us. This information can include: ◾ Social Security number and account balances ◾ transaction history and account transactions ◾ checking account information and wire transfer instructions When you are no longer our customer, we continue to share your information as described in this notice. |
| | |
| How? | | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons J.P. Morgan Funds chooses to share; and whether you can limit this sharing. |
| | | | |
| | | |
| Reasons we can share your personal information | | Does J.P. Morgan
Funds share? | | Can you limit this
sharing? |
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | | Yes | | No |
For marketing purposes — to offer our products and services to you | | Yes | | No |
| For joint marketing with other financial companies | | No | | We don’t share |
For our affiliates’ everyday business purposes — information about your transactions and experiences | | No | | We don’t share |
For our affiliates’ everyday business purposes — information about your creditworthiness | | No | | We don’t share |
| For nonaffiliates to market to you | | No | | We don’t share |
| | |
| |
| Who we are |
| Who is providing this notice? | | J.P. Morgan Funds |
| | |
| |
| What we do |
| How does J.P. Morgan Funds protect my personal information? | | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We authorize our employees to access your information only when they need it to do their work and we require companies that work for us to protect your information. |
How does J.P. Morgan Funds collect my personal information? | | We collect your personal information, for example, when you: ◾ open an account or provide contact information ◾ give us your account information or pay us by check ◾ make a wire transfer We also collect your personal information from others, such as credit bureaus, affiliates and other companies. |
| Why can’t I limit all sharing? | | Federal law gives you the right to limit only ◾ sharing for affiliates’ everyday business purposes – information about your creditworthiness ◾ affiliates from using your information to market to you ◾ sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing. |
| | |
| |
| Definitions |
| Affiliates | | Companies related by common ownership or control. They can be financial and nonfinancial companies. ◾ J.P. Morgan Funds does not share with our affiliates. |
| Nonaffiliates | | Companies not related by common ownership or control. They can be financial and nonfinancial companies. ◾ J.P. Morgan Funds does not share with nonaffiliates so they can market to you. |
| Joint Marketing | | A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ◾ J.P. Morgan Funds doesn’t jointly market. |
J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds.
Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.
Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure, by visiting www.sipc.org or by calling SIPC at 202-371-8300.
Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC as an exhibit to its report on Form N-PORT. The Funds’ Form N-PORT reports are available on the SEC’s website at http://www.sec.gov. Each Fund’s quarterly holdings can be found by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.
A description of each Fund’s policies and procedures with respect to the disclosure of each Fund’s holdings is available in the prospectuses and Statement of Additional Information.
A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 and on the Funds’ website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser. A copy of the Funds’ voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Funds’ website at www.jpmorganfunds.com no later than August 31 of each year. The Funds’ proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.
J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.
| | | | |
| | © JPMorgan Chase & Co., 2022. All rights reserved. February 2022. | | AN-MUNIBOND-222 |
ITEM 2. CODE OF ETHICS.
Disclose whether, as of the end of the period covered by the report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, explain why it has not done so.
The registrant must briefly describe the nature of any amendment, during the period covered by the report, to a provision of its code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item. The registrant must file a copy of any such amendment as an exhibit pursuant to Item 13(a)(1), unless the registrant has elected to satisfy paragraph (f) of this Item by positing its code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by undertaking to provide its code of ethics to any person without charge, upon request, pursuant to paragraph (f)(3) of this Item.
If the registrant has, during the period covered by the report, granted a waiver, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or third party, that relates to one or more items set forth in paragraph (b) of this Item, the registrant must briefly describe the nature of the waiver, the name of the person to whom the waiver was granted, and the date of the waiver.
The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer and principal financial officer. There were no amendments to the code of ethics or waivers granted with respect to the code of ethics in the period covered by the report.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
(a) (1) Disclose that the registrant’s board of directors has determined that the registrant either:
(i) Has at least one audit committee financial expert serving on its audit committee; or
(ii) Does not have an audit committee financial expert serving on its audit committee.
The Registrant’s Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its audit committee. The Securities and Exchange Commission has stated that the designation or identification of a person as an audit committee financial expert pursuant to this Item 3 of Form N-CSR does not impose on such person any duties, obligations or liabilities that are greater than the duties, obligations and liabilities imposed on such person as a member of the Audit Committee and the Board of Trustees in the absence of such designation or identification.
(2) If the registrant provides the disclosure required by paragraph (a)(1)(i) of this Item, it must disclose the name of the audit committee financial expert and whether that person is “independent.” In order to be considered “independent” for purposes of this Item, a member of an audit committee may not, other than in his or her capacity as a member of the audit committee, the board of directors, or any other board committee:
(i) Accept directly or indirectly any consulting, advisory, or other compensatory fee from the issuer; or
(ii) Be an “interested person” of the investment company as defined in Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).
The audit committee financial expert is Kathleen M. Gallagher. She is not an “interested person” of the Registrant and is also “independent” as defined by the U.S. Securities and Exchange Commission for purposes of audit committee financial expert determinations.
On April 1, 2021, Kathleen M. Gallagher replaced Dennis P. Harrington as the audit committee financial expert. Mr. Harrington was not an “interested person” of the Registrant and was “independent” as defined by the U.S. Securities and Exchange Commission for the purposes of the audit committee financial expert determination.
(3) If the registrant provides the disclosure required by paragraph (a)(1)(ii) of this Item, it must explain why it does not have an audit committee financial expert.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Disclose, under the caption Audit Fees, the aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.
AUDIT FEES
2022 – $135,960
2021 – $136,863
(b) Disclose, under the caption Audit-Related Fees, the aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.
AUDIT-RELATED FEES
2022 – $18,434
2021 – $18,434
Audit-related fees consists of semi-annual financial statement reviews and security count procedures performed as required under Rule 17f-2 of the Investment Company Act of 1940 during the Registrant’s fiscal year.
(c) Disclose, under the caption Tax Fees, the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Registrants shall describe the nature of the services comprising the fees disclosed under this category.
TAX FEES
2022 – $25,909
2021 – $25,916
The tax fees consist of fees billed in connection with preparing the federal regulated investment company income tax returns for the Registrant for the tax years ended February 28, 2022 and 2021, respectively.
For the last fiscal year, no tax fees were required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X.
(d) Disclose, under the caption All Other Fees, the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.
ALL OTHER FEES
2022 – Not applicable
2021 – Not applicable
(e) (1) Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
Pursuant to the Registrant’s Audit Committee Charter and written policies and procedures for the pre-approval of audit and non-audit services (the “Pre-approval Policy”), the Audit Committee pre-approves all audit and non-audit services performed by the Registrant’s independent public registered accounting firm for the Registrant. In addition, the Audit Committee pre-approves the auditor’s engagement for non-audit services with the Registrant’s investment adviser (not including a sub-adviser whose role is primarily portfolio management and is sub-contracted or overseen by another investment adviser) and any Service Affiliate in accordance with paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, if the engagement relates directly to the operations and financial reporting of the Registrant. Proposed services may be pre-approved either 1) without consideration of specific case-by-case services or 2) require the specific pre-approval of the Audit Committee. Therefore, initially the Pre-approval Policy listed a number of audit and non-audit services that have been approved by the Audit Committee, or which were not subject to pre-approval under the transition provisions of Sarbanes-Oxley Act of 2002 (the “Pre-approval List”). The Audit Committee annually reviews and pre-approves the services included on the Pre-approval List
that may be provided by the independent public registered accounting firm without obtaining additional specific pre-approval of individual services from the Audit Committee. The Audit Committee adds to, or subtracts from, the list of general pre-approved services from time to time, based on subsequent determinations. All other audit and non-audit services not on the Pre-approval List must be specifically pre-approved by the Audit Committee.
One or more members of the Audit Committee may be appointed as the Committee’s delegate for the purposes of considering whether to approve such services. Any pre-approvals granted by the delegate will be reported, for informational purposes only, to the Audit Committee at its next scheduled meeting. The Audit Committee’s responsibilities to pre-approve services performed by the independent public registered accounting firm are not delegated to management.
(2) Disclose the percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
2022 – 0.0%
2021 – 0.0%
(f) If greater than 50 percent, disclose the percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.
Not applicable – Less than 50%.
(g) Disclose the aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant.
The aggregate non-audit fees billed by the independent registered public accounting firm for services rendered to the Registrant, and rendered to Service Affiliates, for the last two calendar year ends were:
2021 – $ 30.5 million
2020 – $ 30.0 million
(h) Disclose whether the registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.
The Registrant’s Audit Committee has considered whether the provision of the non-audit services that were rendered to Service Affiliates that were not pre-approved (not requiring pre-approval) is compatible with maintaining the independent public registered accounting firm’s independence. All services provided by the independent public registered accounting firm to the Registrant or to Service Affiliates that were required to be pre-approved were pre-approved as required.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
(a) If the registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act (17CFR 240.10A-3), state whether or not the registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has such a committee, however designated, identify each committee member. If the entire board of directors is acting as the registrant’s audit committee as specified in Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)), so state.
(b) If applicable, provide the disclosure required by Rule 10A-3(d) under the Exchange Act (17CFR 240.10A-3(d)) regarding an exemption from the listing standards for all audit committees.
Not applicable.
ITEM 6. INVESTMENTS.
File Schedule I – Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth in Section 210.12-12 of Regulation S-X, unless the schedule is included as part of the report to shareholders filed under Item 1 of this Form.
Included in Item 1.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 9. PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101), or this Item.
No material changes to report.
ITEM 11. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant’s principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).
The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.
(b) Disclose any change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
There were no changes in the Registrant’s internal control over financial reporting that occurred during the last fiscal quarter covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 13. EXHIBITS.
| | (a) | File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated. |
(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit.
Code of Ethics applicable to its Principal Executive and Principal Financial Officers pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 attached hereto.
(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2).
Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 are attached hereto.
(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.
Not applicable.
| | (b) | A separate or combined certification for each principal executive officer and principal officer of the registrant as required by Rule 30a-2(b) under the Act of 1940. |
Certifications pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 are attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
JPMorgan Trust IV
| | |
| By: | | /s/ Brian S. Shlissel |
| | Brian S. Shlissel |
| | President and Principal Executive Officer |
| | May 4, 2022 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on2 behalf of the registrant and in the capacities and on the dates indicated.
| | |
| By: | | /s/ Brian S. Shlissel |
| | Brian S. Shlissel |
| | President and Principal Executive Officer |
| | May 4, 2022 |
| |
| By: | | /s/ Timothy J. Clemens |
| | Timothy J. Clemens |
| | Treasurer and Principal Financial Officer |
| | May 4, 2022 |
