JPMorgan Short-Intermediate Municipal Bond Fund
Schedule of Portfolio Investments as of May 31, 2023
(Unaudited)
THE “UNAUDITED MUTUAL FUNDS HOLDINGS” LIST (“the List”) IS TO BE USED FOR REPORTING PURPOSES ONLY. IT IS NOT TO BE REPRODUCED FOR USE AS ADVERTISING OR SALES LITERATURE WITH THE GENERAL PUBLIC. The list is submitted for the general information of the shareholders of the Fund. It is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by a prospectus. The list has been created from the books and records of the Fund. Holdings are available 60 days after the fund’s fiscal quarter, using a trade date accounting convention, by contacting the appropriate service center. The list is subject to change without notice. The list is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security. |
JPMorgan Asset Management is the marketing name for the asset management business of J.P. Morgan Chase & Co. |
J.P. Morgan Distribution Services, Inc., member FINRA. |
© J.P. Morgan Chase & Co., 2023. |
JPMorgan Short-Intermediate Municipal Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Municipal Bonds — 97.3% (a) | ||
Alabama — 2.5% | ||
Birmingham Airport Authority | ||
Rev., 5.00%, 7/1/2027 | 250 | 268 |
Rev., 5.00%, 7/1/2028 | 350 | 381 |
Rev., 5.00%, 7/1/2029 | 375 | 415 |
Rev., 5.00%, 7/1/2030 | 250 | 281 |
Rev., 5.00%, 7/1/2031 | 175 | 196 |
Rev., 5.00%, 7/1/2032 | 150 | 168 |
Rev., 5.00%, 7/1/2033 | 325 | 364 |
Rev., 5.00%, 7/1/2034 | 375 | 418 |
Black Belt Energy Gas District Series 2021C-1, Rev., 4.00%, 12/1/2026 (b) | 6,515 | 6,443 |
Black Belt Energy Gas District, Gas Prepay Series 2018B-2, Rev., (SIFMA Municipal Swap Index Yield + 0.62%), 4.18%, 6/8/2023 (c) | 7,500 | 7,488 |
Black Belt Energy Gas District, Gas Project | ||
Series 2022C-1, Rev., 5.25%, 6/1/2027 | 1,300 | 1,357 |
Series 2022B-1, Rev., 4.00%, 10/1/2027 (b) | 2,500 | 2,463 |
Series 2022C-1, Rev., 5.25%, 12/1/2027 | 1,165 | 1,220 |
Black Belt Energy Gas District, Gas Project No. 6 Series 2021B, Rev., 4.00%, 12/1/2026 (b) | 1,000 | 989 |
City of Huntsville Series 2017D, GO, 5.00%, 11/1/2024 | 125 | 128 |
City of Montgomery Series 2020, GO, 4.00%, 2/1/2025 | 100 | 101 |
Selma Industrial Development Board, International Paper Co. Project Series 2019A, Rev., 2.00%, 10/1/2024 (b) | 3,625 | 3,531 |
Total Alabama | 26,211 | |
Alaska — 0.7% | ||
Alaska Municipal Bond Bank Authority | ||
Series 1, Rev., 5.00%, 12/1/2028 | 1,230 | 1,341 |
Series 1, Rev., 5.00%, 12/1/2029 | 1,275 | 1,413 |
Series 1, Rev., 5.00%, 12/1/2030 | 875 | 983 |
Borough of Matanuska-Susitna Series 2007A, GO, NATL-RE, 5.00%, 4/1/2025 | 100 | 103 |
Borough of North Slope, General Purpose Series 2021C, GO, 4.00%, 6/30/2025 | 2,500 | 2,538 |
City of Anchorage, Electric Utilities, Senior Lien Series 2014A, Rev., 5.00%, 12/1/2023 (d) | 500 | 503 |
State of Alaska Series 2023A, GO, 5.00%, 8/1/2024 | 145 | 148 |
Total Alaska | 7,029 | |
Arizona — 3.4% | ||
Arizona Health Facilities Authority Series 2014A, Rev., 5.00%, 1/1/2024 (d) | 235 | 237 |
Arizona Health Facilities Authority, Scottsdale Lincoln Hospitals Series 2014A, Rev., 5.00%, 12/1/2025 | 3,540 | 3,616 |
Arizona Industrial Development Authority, Phoenix Children's Hospital Series 2020A, Rev., 5.00%, 2/1/2027 | 125 | 132 |
Arizona State University,Stimulus plan for Economic and Educational Development Series 2021, Rev., 5.00%, 8/1/2024 | 125 | 127 |
City of Mesa Series 2016, GO, 3.00%, 7/1/2025 | 500 | 497 |
City of Phoenix Civic Improvement Corp. | ||
Series 2014B, Rev., 5.00%, 7/1/2024 | 350 | 357 |
Series 2023, Rev., AMT, 5.00%, 7/1/2024 (e) | 375 | 380 |
Series 2023, Rev., AMT, 5.00%, 7/1/2025 (e) | 500 | 514 |
Series 2023, Rev., AMT, 5.00%, 7/1/2026 (e) | 1,505 | 1,566 |
Maricopa County Elementary School District No. 6 Washington, School Improvement, Project of 2016 Series 2019B, GO, 5.00%, 7/1/2029 | 3,950 | 4,337 |
Maricopa County Industrial Development Authority, Banner Health | ||
Series C, Rev., 5.00%, 10/18/2024 (b) | 5,000 | 5,098 |
JPMorgan Short-Intermediate Municipal Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Municipal Bonds — continued | ||
Arizona — continued | ||
Series 2019D, Rev., 5.00%, 5/15/2026 (b) | 3,000 | 3,130 |
Maricopa County Pollution Control Corp., Palo Verde Project | ||
Series 2010A, Rev., 0.88%, 10/1/2026 (b) | 4,500 | 3,950 |
Series 2010B, Rev., 0.88%, 10/1/2026 (b) | 2,150 | 1,887 |
Maricopa County Unified School District No. 11-Peoria Series 2015, GO, AGM, 5.00%, 7/1/2024 | 250 | 254 |
Maricopa County Unified School District No. 41 Gilbert,Project of 2019 Series 2023C, GO, 5.00%, 7/1/2024 | 775 | 788 |
Salt River Project Agricultural Improvement and Power District Series 2022A, Rev., 5.00%, 1/1/2031 | 5,000 | 5,769 |
Tempe Industrial Development Authority, Friendship Village of Tempe Project | ||
Series 2021C-2, Rev., 1.13%, 12/1/2026 | 1,470 | 1,351 |
Series 2021C-1, Rev., 1.50%, 12/1/2027 | 1,965 | 1,764 |
Total Arizona | 35,754 | |
Arkansas — 1.0% | ||
Arkansas Development Finance Authority Public Safety Charges, Division of Emergency Management Project | ||
Rev., 4.00%, 6/1/2028 | 1,000 | 1,029 |
Rev., 4.00%, 6/1/2030 | 1,195 | 1,225 |
Arkansas Development Finance Authority, Department of Community Correction Project Rev., 5.00%, 11/1/2026 | 325 | 344 |
City of Rogers, Sales Tax Series B, Rev., 5.00%, 11/1/2027 | 3,855 | 4,061 |
County of Sharp, Sales and Use Tax | ||
Rev., 5.00%, 3/1/2024 | 595 | 600 |
Rev., 5.00%, 3/1/2026 | 685 | 710 |
University of Arkansas, Various Facilities Fayetteville Series 2012A, Rev., 5.00%, 5/1/2024 (d) | 125 | 127 |
University of Arkansas, Various Facility UAMS Campus | ||
Rev., 5.00%, 3/1/2025 | 500 | 514 |
Rev., 5.00%, 3/1/2026 | 1,000 | 1,027 |
University of Central Arkansas, Student Housing System | ||
Series 2019C, Rev., AGM, 4.00%, 11/1/2025 | 110 | 111 |
Series 2019C, Rev., AGM, 4.00%, 11/1/2026 | 240 | 244 |
Series 2019C, Rev., AGM, 4.00%, 11/1/2027 | 180 | 183 |
Total Arkansas | 10,175 | |
California — 11.9% | ||
Bay Area Toll Authority, Toll Bridge Series S-7, Rev., 4.00%, 4/1/2029 | 20,000 | 20,763 |
California Community Choice Financing Authority, Clean Energy Project Series 2023B-1, Rev., 5.00%, 8/1/2029 (b) | 2,500 | 2,621 |
California Health Facilities Financing Authority, Adventist Health System Series 2011A, Rev., 3.00%, 3/1/2024 (b) | 7,690 | 7,630 |
California Health Facilities Financing Authority, Cedars-Sinai Medical Center Rev., 5.00%, 11/15/2025 | 1,850 | 1,931 |
California Municipal Finance Authority, California Lutheran University | ||
Rev., 5.00%, 10/1/2025 | 275 | 280 |
Rev., 5.00%, 10/1/2026 | 150 | 154 |
Rev., 5.00%, 10/1/2027 | 150 | 156 |
California Municipal Finance Authority, North Bay Healthcare Group | ||
Series 2017A, Rev., 5.00%, 11/1/2023 | 500 | 501 |
Series 2017A, Rev., 5.00%, 11/1/2024 | 800 | 808 |
California Public Finance Authority, Enso Village Project Series 2021B-3, Rev., 2.13%, 11/15/2027 (f) | 1,500 | 1,439 |
California School Finance Authority Series A, Rev., 6.38%, 7/1/2025 (d) (f) | 1,000 | 1,067 |
California Statewide Communities Development Authority, Marin General Hospital Project Series 2018A, Rev., 5.00%, 8/1/2028 | 250 | 262 |
City of Chula Vista, Police Facility Project COP, 5.00%, 10/1/2023 | 1,000 | 1,005 |
JPMorgan Short-Intermediate Municipal Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Municipal Bonds — continued | ||
California — continued | ||
City of Los Angeles Department of Airports Series D, Rev., AMT, 5.00%, 5/15/2028 | 1,950 | 2,002 |
City of Los Angeles Department of Airports, International Airport Senior | ||
Series B, Rev., 4.00%, 5/15/2024 | 365 | 368 |
Series D, Rev., AMT, 5.00%, 5/15/2027 | 2,700 | 2,769 |
Series D, Rev., AMT, 5.00%, 5/15/2029 | 2,550 | 2,618 |
City of Vernon, Electric System | ||
Series 2021A, Rev., 5.00%, 4/1/2025 | 1,500 | 1,521 |
Series 2021A, Rev., 5.00%, 10/1/2025 | 1,915 | 1,948 |
Series 2021A, Rev., 5.00%, 4/1/2026 | 1,000 | 1,022 |
Grossmont Healthcare District | ||
Series 2015C, GO, 5.00%, 7/15/2026 | 1,000 | 1,040 |
Series D, GO, 5.00%, 7/15/2026 | 1,225 | 1,274 |
Los Angeles Community College District Series C, GO, 5.00%, 6/1/2026 | 5,000 | 5,308 |
Los Angeles Community College District, Election of 2016 Series C-1, GO, 5.00%, 8/1/2026 | 250 | 266 |
Los Angeles Department of Water and Power, Water System Series 2018A, Rev., 5.00%, 7/1/2025 | 100 | 104 |
Novato Unified School District | ||
Series A, GO, 5.00%, 8/1/2025 | 1,500 | 1,532 |
Series A, GO, 5.00%, 8/1/2026 | 1,800 | 1,838 |
Oak Grove School District GO, 5.00%, 8/1/2023 | 1,200 | 1,203 |
Placentia-Yorba Linda Unified School District GO, 5.00%, 8/1/2025 | 1,770 | 1,843 |
Port of Oakland, Intermediate Lien | ||
Series 2021H, Rev., AMT, 5.00%, 5/1/2024 (d) | 210 | 213 |
Series 2021H, Rev., AMT, 5.00%, 5/1/2024 | 2,725 | 2,753 |
Sacramento Municipal Utility District, Electric Series E, Rev., 5.00%, 8/15/2027 | 105 | 114 |
San Diego Public Facilities Financing Authority Series 2020A, Rev., 5.00%, 8/1/2027 | 250 | 272 |
San Francisco Bay Area Rapid Transit District, Election of 2004 Series 2015D, GO, 5.00%, 8/1/2028 | 1,685 | 1,762 |
Santa Barbara Unified School District Series B, GO, 5.00%, 8/1/2026 | 50 | 53 |
Sequoia Union High School District Series 2014, GO, 4.00%, 7/1/2024 (d) | 1,095 | 1,106 |
Sonoma County Transportation Authority, Limited Tax Rev., 5.00%, 12/1/2024 | 1,000 | 1,025 |
State of California, Various Purpose | ||
Series B, GO, 5.00%, 9/1/2023 | 2,810 | 2,823 |
GO, 5.00%, 3/1/2026 | 13,210 | 13,628 |
GO, 5.00%, 9/1/2026 | 1,000 | 1,063 |
GO, 4.00%, 8/1/2028 | 4,000 | 4,128 |
GO, 4.00%, 8/1/2029 | 4,180 | 4,310 |
GO, 5.00%, 8/1/2029 | 7,830 | 8,343 |
GO, 4.00%, 8/1/2030 | 10,000 | 10,295 |
Stockton Public Financing Authority | ||
Rev., 5.00%, 3/1/2027 | 630 | 635 |
Rev., 5.00%, 3/1/2029 | 465 | 474 |
University of California Series 2023BN, Rev., 5.00%, 5/15/2033 | 5,000 | 6,069 |
Total California | 124,339 | |
Colorado — 1.7% | ||
Board of Governors of Colorado State University System, Green Bond Series E-2, Rev., 5.00%, 3/1/2024 | 110 | 111 |
City of Longmon Series A, COP, 5.00%, 12/1/2023 (d) | 100 | 101 |
Colorado Bridge Enterprise, Tax-Exempt Series 2019A, Rev., 4.00%, 12/1/2027 | 5,000 | 5,178 |
Colorado Health Facilities Authority, CommonSpirit Health Series B-2, Rev., 5.00%, 8/1/2026 (b) | 6,300 | 6,483 |
JPMorgan Short-Intermediate Municipal Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Municipal Bonds — continued | ||
Colorado — continued | ||
Colorado Health Facilities Authority, School Health System Series 2013A, Rev., 5.50%, 1/1/2024 (d) | 125 | 127 |
Colorado School of Mines Series 2022D, Rev., (SIFMA Municipal Swap Index Yield + 0.87%), 4.43%, 6/8/2023 (c) | 1,500 | 1,500 |
Counties of Gunnison, Watershed School District No. 1J Series 2014A, GO, 5.00%, 12/1/2024 (d) | 500 | 513 |
Regional Transportation District, Denver Transit Partners | ||
Rev., 5.00%, 1/15/2027 | 500 | 520 |
Rev., 5.00%, 7/15/2027 | 500 | 524 |
Rev., 5.00%, 1/15/2028 | 250 | 264 |
Rev., 5.00%, 7/15/2028 | 175 | 186 |
Rev., 5.00%, 1/15/2029 | 300 | 321 |
Rev., 5.00%, 7/15/2029 | 135 | 145 |
Rev., 5.00%, 1/15/2030 | 165 | 179 |
Rev., 5.00%, 7/15/2030 | 115 | 125 |
State of Colorado, Tax-Exempt Series 2013I, COP, 5.00%, 3/15/2024 (d) | 1,405 | 1,422 |
Total Colorado | 17,699 | |
Connecticut — 1.9% | ||
City of New Haven | ||
Series 2021A, GO, 5.00%, 8/1/2023 | 400 | 401 |
Series 2021A, GO, 5.00%, 8/1/2024 | 400 | 406 |
Series 2021A, GO, 5.00%, 8/1/2025 | 425 | 436 |
Connecticut State Health and Educational Facilities Authority, Hartford Healthcare Series 2020B-2, Rev., 5.00%, 1/1/2027 (b) | 7,750 | 8,096 |
State of Connecticut | ||
Series 2022G, GO, 5.00%, 11/15/2031 | 5,000 | 5,764 |
Series 2020C, GO, 4.00%, 6/1/2032 | 1,000 | 1,060 |
State of Connecticut, Special Tax Transportation Infrastructure Purposes | ||
Series 2021D, Rev., 5.00%, 11/1/2029 | 1,230 | 1,384 |
Series 2021D, Rev., 5.00%, 11/1/2030 | 1,825 | 2,081 |
Total Connecticut | 19,628 | |
Delaware — 0.0% ^ | ||
Delaware Transportation Authority Series 2022, Rev., 5.00%, 7/1/2024 | 175 | 178 |
District of Columbia — 0.2% | ||
Metropolitan Washington Airports Authority Aviation Series 2023A, Rev., AMT, 5.00%, 10/1/2025 (e) | 875 | 898 |
Washington Metropolitan Area Transit Authority | ||
Series A-1, Rev., 5.00%, 7/1/2024 | 250 | 254 |
Series B, Rev., 5.00%, 7/1/2029 | 1,120 | 1,207 |
Total District of Columbia | 2,359 | |
Florida — 0.9% | ||
Collier County Educational Facilities Authority, Ave Maria University, Inc. Project | ||
Series 2023, Rev., 5.00%, 6/1/2028 | 1,000 | 1,030 |
Series 2023, Rev., 5.00%, 6/1/2029 | 500 | 519 |
County of Pasco Water & Sewer Series A, Rev., 5.00%, 10/1/2024 | 250 | 255 |
Florida Higher Educational Facilities Financial Authority, Florida Institute of Technology Rev., 5.00%, 10/1/2023 | 125 | 125 |
Fort Pierce Utilities Authority | ||
Series 2022A, Rev., AGM, 5.00%, 10/1/2028 | 350 | 383 |
Series 2022A, Rev., AGM, 5.00%, 10/1/2029 | 350 | 388 |
JPMorgan Short-Intermediate Municipal Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Municipal Bonds — continued | ||
Florida — continued | ||
Hillsborough County Industrial Development Authority, Tampa General Hospital Project Series 2012-A, Rev., 4.00%, 10/1/2023 (d) | 1,000 | 1,001 |
JEA Water and Sewer System Series 2017A, Rev., 5.00%, 10/1/2025 | 250 | 259 |
Orange County Health Facilities Authority, Orlando Health Obligated Group Series 2023A, Rev., 5.00%, 10/1/2032 | 1,500 | 1,700 |
Volusia County School Board | ||
Series 2021A, COP, 5.00%, 8/1/2025 | 1,685 | 1,749 |
Series 2021A, COP, 5.00%, 8/1/2027 | 1,965 | 2,124 |
Total Florida | 9,533 | |
Georgia — 2.2% | ||
Atlanta Development Authority (The), New Downtown Atlanta Stadium Project, Senior Lien | ||
Series 2015A-1, Rev., 5.00%, 7/1/2027 | 1,000 | 1,035 |
Series 2015A-1, Rev., 5.00%, 7/1/2028 | 1,000 | 1,036 |
City of Columbus Series 2022, GO, 5.00%, 1/1/2025 | 100 | 103 |
Dahlonega Downtown Development Authority, North Georgia MAC, LLC Project | ||
Rev., 5.00%, 7/1/2023 | 325 | 325 |
Rev., 5.00%, 7/1/2025 | 250 | 257 |
Rev., 5.00%, 7/1/2026 | 275 | 287 |
Rev., 5.00%, 7/1/2028 | 375 | 397 |
Rev., 4.00%, 7/1/2032 | 1,000 | 1,003 |
Gordon County School District GO, 5.00%, 9/1/2027 | 1,000 | 1,083 |
Main Street Natural Gas, Inc., Gas Supply Series 2021A, Rev., 4.00%, 9/1/2027 (b) | 3,250 | 3,235 |
Private Colleges and Universities Authority, Emory University Series 2020B, Rev., 5.00%, 9/1/2030 | 10,755 | 12,342 |
State of Georgia | ||
Series 2019A, GO, 5.00%, 7/1/2024 | 245 | 250 |
Series F, GO, 5.00%, 7/1/2028 | 2,000 | 2,147 |
Total Georgia | 23,500 | |
Guam — 0.2% | ||
Territory of Guam (Guam) | ||
Series F, Rev., 5.00%, 1/1/2028 | 250 | 258 |
Series F, Rev., 5.00%, 1/1/2029 | 750 | 777 |
Series F, Rev., 5.00%, 1/1/2030 | 750 | 779 |
Series F, Rev., 5.00%, 1/1/2031 | 750 | 783 |
Total Guam | 2,597 | |
Hawaii — 0.1% | ||
City and County of Honolulu Series A, GO, 5.00%, 10/1/2029 | 675 | 703 |
Illinois — 9.2% | ||
Carol Stream Park District Series 2020C, GO, 4.00%, 11/1/2027 | 200 | 208 |
Carol Stream Park District, Limited Tax Series 2020A, GO, 4.00%, 11/1/2028 | 145 | 152 |
Champaign County Community Unit School District No. 4 Champaign | ||
GO, 4.00%, 6/1/2028 | 1,255 | 1,302 |
GO, 4.00%, 6/1/2029 | 1,000 | 1,047 |
GO, 4.00%, 6/1/2030 | 1,285 | 1,345 |
Champaign County Community Unit School District No. 4 Champaign, Capital Appreciation | ||
Series 2020A, GO, Zero Coupon, 1/1/2027 | 385 | 337 |
Series 2020A, GO, Zero Coupon, 1/1/2028 | 570 | 482 |
JPMorgan Short-Intermediate Municipal Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Municipal Bonds — continued | ||
Illinois — continued | ||
Chicago O'Hare International Airport, General Airport, Senior Lien | ||
Series 2020B, Rev., 5.00%, 1/1/2028 | 1,000 | 1,082 |
Series 2020A, Rev., 5.00%, 1/1/2030 | 4,605 | 5,136 |
Series 2020E, Rev., 5.00%, 1/1/2031 | 4,620 | 5,157 |
Chicago Transit Authority Capital Grant Receipts Rev., 5.00%, 6/1/2029 | 1,875 | 2,034 |
City of Chicago, Second Lien Waterworks Project Series 2023B, Rev., 5.00%, 11/1/2023 | 1,500 | 1,509 |
City of Springfield, Electric System, Senior Lien Series 2015, Rev., 5.00%, 3/1/2024 | 225 | 227 |
City of Waukegan | ||
Series B, GO, AGM, 5.00%, 12/30/2025 | 1,075 | 1,122 |
Series B, GO, AGM, 5.00%, 12/30/2026 | 1,125 | 1,195 |
Series B, GO, AGM, 5.00%, 12/30/2027 | 1,185 | 1,257 |
City of Waukegan, First Lien, Water and Sewer System | ||
Series C, Rev., AGM, 5.00%, 12/30/2023 | 535 | 539 |
Series C, Rev., AGM, 5.00%, 12/30/2026 | 680 | 723 |
Series C, Rev., AGM, 5.00%, 12/30/2027 | 710 | 753 |
Cook County Community Consolidated School District No. 65, Evanston, Limited Tax GO, 4.00%, 12/1/2030 | 1,225 | 1,281 |
Cook County Community School District No. 97, Oak Park | ||
GO, 4.00%, 1/1/2028 | 500 | 515 |
GO, 4.00%, 1/1/2029 | 375 | 390 |
GO, 4.00%, 1/1/2030 | 285 | 296 |
Cook County School District No. 69, Skokie, Limited Tax | ||
GO, 4.00%, 12/1/2026 | 470 | 481 |
GO, 4.00%, 12/1/2027 | 490 | 507 |
GO, 4.00%, 12/1/2028 | 545 | 569 |
GO, 4.00%, 12/1/2029 | 515 | 539 |
GO, 4.00%, 12/1/2030 | 200 | 209 |
GO, 4.00%, 12/1/2031 | 820 | 855 |
Cook County School District No. 99 Cicero, Limited Tax | ||
Series 2019B, GO, 5.00%, 12/1/2024 | 505 | 516 |
Series 2019B, GO, 5.00%, 12/1/2025 | 515 | 535 |
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%, 12/1/2023 | 2,350 | 2,366 |
County of Cook Series 2021B, GO, 4.00%, 11/15/2027 | 2,425 | 2,498 |
County of Du Page, Courthouse Project GO, 5.00%, 1/1/2024 | 335 | 338 |
DeKalb County Community Unit School District No. 428 DeKalb | ||
GO, 4.00%, 1/1/2028 | 1,265 | 1,316 |
GO, 4.00%, 1/1/2029 | 650 | 680 |
GO, 4.00%, 1/1/2030 | 600 | 627 |
GO, 4.00%, 1/1/2031 | 1,000 | 1,044 |
Effingham Community Unit School District No. 40 Series 2019A, GO, 4.00%, 12/1/2028 | 565 | 591 |
Glenview Park District | ||
GO, 5.00%, 12/1/2026 | 300 | 321 |
GO, 5.00%, 12/1/2029 | 350 | 372 |
Grundy and Kendall Counties Consolidated Grade School District No. 60-C GO, 4.00%, 2/1/2030 | 1,145 | 1,206 |
Illinois Finance Authority, Chicago University Series 2015A, Rev., 5.00%, 10/1/2025 (d) | 6,500 | 6,750 |
Illinois Finance Authority, DePaul University | ||
Rev., 5.00%, 10/1/2023 | 200 | 201 |
JPMorgan Short-Intermediate Municipal Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Municipal Bonds — continued | ||
Illinois — continued | ||
Rev., 5.00%, 10/1/2025 | 300 | 310 |
Rev., 5.00%, 10/1/2028 | 250 | 263 |
Illinois Finance Authority, Lake Zurich Community Unit School District No. 95 Project | ||
Rev., 4.00%, 1/15/2030 | 1,960 | 2,049 |
Rev., 4.00%, 1/15/2032 | 2,120 | 2,214 |
Illinois Finance Authority, The University of Chicago Medical Center Rev., VRDO, LOC : Sumitomo Mitsui Banking Corp., 3.60%, 6/9/2023 (b) | 1,000 | 1,000 |
Kane and DeKalb Counties Community Unit School District No 301 Burlington GO, 5.00%, 1/1/2027 | 355 | 377 |
Kane County School District No. 131 Aurora East Side | ||
Series 2020A, GO, AGM, 5.00%, 12/1/2026 | 115 | 121 |
Series 2020B, GO, AGM, 5.00%, 12/1/2026 | 210 | 221 |
Series 2020A, GO, AGM, 4.00%, 12/1/2027 | 105 | 109 |
Series 2020A, GO, AGM, 4.00%, 12/1/2028 | 65 | 68 |
Series 2020B, GO, AGM, 4.00%, 12/1/2028 | 135 | 141 |
Series 2020A, GO, AGM, 4.00%, 12/1/2029 | 65 | 69 |
Series 2020B, GO, AGM, 4.00%, 12/1/2029 | 40 | 42 |
Series 2020A, GO, AGM, 4.00%, 12/1/2030 | 80 | 84 |
Madison-Macoupin Etc. Counties Community College District No. 536, Lewis and Clark Community | ||
GO, AGM, 4.00%, 5/1/2025 | 400 | 404 |
GO, AGM, 4.00%, 5/1/2026 | 200 | 204 |
GO, AGM, 4.00%, 5/1/2028 | 350 | 361 |
GO, AGM, 4.00%, 5/1/2029 | 2,000 | 2,068 |
Maine Township High School District No. 207 | ||
Series 2019A, GO, 5.00%, 12/1/2027 | 1,915 | 2,086 |
Series 2019A, GO, 5.00%, 12/1/2028 | 1,930 | 2,144 |
Series 2019A, GO, 4.00%, 12/1/2029 | 1,945 | 2,051 |
Peoria County Community Unit School District No. 309 Brimfield | ||
GO, AGM, 4.00%, 4/1/2026 | 750 | 765 |
GO, AGM, 4.00%, 4/1/2027 | 780 | 802 |
GO, AGM, 4.00%, 4/1/2028 | 410 | 426 |
GO, AGM, 4.00%, 4/1/2029 | 240 | 252 |
GO, AGM, 4.00%, 4/1/2030 | 375 | 395 |
Peoria Public Building Commission | ||
Series 2019A, Rev., AGM, 4.00%, 12/1/2025 | 700 | 707 |
Series 2019A, Rev., AGM, 4.00%, 12/1/2026 | 1,000 | 1,017 |
Series 2019A, Rev., AGM, 4.00%, 12/1/2027 | 1,270 | 1,301 |
Series 2019A, Rev., AGM, 5.00%, 12/1/2028 | 1,200 | 1,299 |
Series 2019A, Rev., AGM, 5.00%, 12/1/2029 | 2,400 | 2,593 |
Sales Tax Securitization Corp. | ||
Series C, Rev., 5.00%, 1/1/2024 | 3,000 | 3,023 |
Series C, Rev., 5.00%, 1/1/2025 | 4,250 | 4,347 |
Southwestern Illinois Development Authority, Hospital Sisters Services, Inc., Obligated Group Series A, Rev., 5.00%, 2/15/2027 | 2,000 | 2,085 |
State of Illinois | ||
Series D, GO, 5.00%, 11/1/2023 | 5,000 | 5,023 |
Series 2022A, GO, 5.00%, 3/1/2024 | 500 | 504 |
Series 2023D, GO, 5.00%, 7/1/2024 | 1,000 | 1,013 |
JPMorgan Short-Intermediate Municipal Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Municipal Bonds — continued | ||
Illinois — continued | ||
Series 2023B, GO, 5.00%, 5/1/2028 | 1,000 | 1,075 |
Village of Skokie GO, 5.00%, 12/1/2028 | 1,550 | 1,712 |
Will County Forest Preservation District, Limited Tax GO, 5.00%, 12/15/2027 | 805 | 882 |
Will County Township High School District No. 204 Joliet, Limited Tax GO, 4.00%, 1/1/2029 | 250 | 262 |
Total Illinois | 96,484 | |
Indiana — 2.5% | ||
City of Evansville, Sewage Works Rev., 4.00%, 7/1/2027 | 985 | 1,019 |
City of Rockport, Indiana Michigan Power Co. Project Series 2009B, Rev., 3.05%, 6/1/2025 | 5,000 | 4,905 |
Fort Wayne Redevelopment Authority Lease Rental, Harrison Square Project Rev., 5.00%, 8/1/2023 | 1,000 | 1,002 |
Indiana Finance Authority, Indiana University Health Obligated Group Series B, Rev., 2.25%, 7/1/2025 (b) | 5,000 | 4,847 |
Indiana Finance Authority, Indianapolis Power and Light Co. Project | ||
Rev., 0.75%, 4/1/2026 (b) | 3,000 | 2,654 |
Rev., AMT, 0.95%, 4/1/2026 (b) | 4,525 | 4,039 |
Series 2021A, Rev., 1.40%, 8/1/2029 (b) | 7,000 | 6,039 |
Purdue University, Student Fee | ||
Series DD, Rev., 5.00%, 7/1/2025 | 870 | 904 |
Series DD, Rev., 5.00%, 7/1/2027 | 10 | 11 |
South Bend Community School Corp. Series 2022B, GO, 4.00%, 1/15/2024 | 720 | 722 |
Total Indiana | 26,142 | |
Iowa — 1.0% | ||
Iowa Finance Authority, Health System Rev., (SIFMA Municipal Swap Index Yield + 0.58%), 4.14%, 6/8/2023 (c) (f) | 10,835 | 10,820 |
Kansas — 1.3% | ||
City of Wichita Water and Sewer Utility Series 2016B, Rev., 5.00%, 10/1/2024 | 200 | 204 |
City of Wichita, Sales Tax, River District Stadium Star Bond Project | ||
Rev., 5.00%, 9/1/2025 | 300 | 310 |
Rev., 5.00%, 9/1/2026 | 465 | 491 |
Kansas Development Finance Authority, State of Kansas Project | ||
Series 2019F, Rev., 5.00%, 11/1/2024 | 170 | 174 |
Series F, Rev., 4.00%, 11/1/2029 | 6,820 | 7,060 |
Seward County Unified School District No. 480 Liberal Series 2017-B, GO, 5.00%, 9/1/2025 | 1,750 | 1,818 |
University of Kansas Hospital Authority | ||
Series 2017A, Rev., 5.00%, 3/1/2024 (d) | 70 | 71 |
Series 2017A, Rev., 5.00%, 3/1/2024 | 205 | 207 |
Wyandotte County Unified School District No. 202 Turner | ||
Series 2019A, GO, AGM, 5.00%, 9/1/2025 | 400 | 413 |
Series 2019A, GO, AGM, 5.00%, 9/1/2026 | 220 | 232 |
Series 2019A, GO, AGM, 5.00%, 9/1/2027 | 325 | 348 |
Series 2019A, GO, AGM, 5.00%, 9/1/2028 | 400 | 436 |
Series 2019A, GO, AGM, 5.00%, 9/1/2029 | 375 | 410 |
Wyandotte County-Kansas City Unified Government Series 2021A, GO, AGM, 4.00%, 8/1/2024 | 1,000 | 1,008 |
Total Kansas | 13,182 | |
Kentucky — 3.0% | ||
Kentucky Municipal Power Agency, Prairie State Project Series 2015A, Rev., NATL - RE, 5.00%, 9/1/2023 | 240 | 241 |
Kentucky Public Energy Authority, Gas Supply | ||
Series 2018A, Rev., 4.00%, 4/1/2024 (b) | 2,500 | 2,497 |
JPMorgan Short-Intermediate Municipal Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Municipal Bonds — continued | ||
Kentucky — continued | ||
Series 2018C-1, Rev., 4.00%, 6/1/2025 (b) | 10,160 | 10,131 |
Series 2019C, Rev., 4.00%, 2/1/2028 (b) | 6,500 | 6,443 |
Louisville and Jefferson County Metropolitan Government, Norton Healthcare, Inc. Series 2020D, Rev., 5.00%, 10/1/2029 (b) | 10,500 | 11,193 |
Northern Kentucky University Series 2014A, Rev., 5.00%, 9/1/2024 | 1,310 | 1,325 |
Total Kentucky | 31,830 | |
Louisiana — 2.3% | ||
City of Shreveport, Water and Sewer, Junior Lien | ||
Series 2018C, Rev., 5.00%, 12/1/2023 | 365 | 367 |
Series 2019B, Rev., AGM, 4.00%, 12/1/2025 | 400 | 407 |
Series 2018C, Rev., 5.00%, 12/1/2025 | 915 | 949 |
Series 2018C, Rev., 5.00%, 12/1/2026 | 500 | 526 |
Series 2019B, Rev., AGM, 5.00%, 12/1/2026 | 360 | 378 |
Series 2019B, Rev., AGM, 5.00%, 12/1/2027 | 600 | 639 |
Series 2019B, Rev., AGM, 5.00%, 12/1/2028 | 500 | 536 |
Series 2019B, Rev., AGM, 5.00%, 12/1/2029 | 300 | 328 |
Jefferson Sales Tax District Series 2019B, Rev., AGM, 4.00%, 12/1/2032 | 5,815 | 6,039 |
Louisiana Public Facilities Authority, Louisiana Children's Medical Center Project Rev., (SIFMA Municipal Swap Index Yield + 0.65%), 4.21%, 6/8/2023 (c) | 10,000 | 10,001 |
Louisiana Public Facilities Authority, Tulane University of Louisiana Project | ||
Series 2023A, Rev., 5.00%, 10/15/2028 | 175 | 193 |
Series 2023A, Rev., 5.00%, 10/15/2029 | 175 | 196 |
Series 2023A, Rev., 5.00%, 10/15/2030 | 175 | 199 |
Series 2023A, Rev., 5.00%, 10/15/2031 | 175 | 201 |
Series 2023A, Rev., 5.00%, 10/15/2032 | 225 | 261 |
Louisiana Public Facilities Authority, Tulane University Project | ||
Rev., 5.00%, 12/15/2025 | 250 | 261 |
Series 2020A, Rev., 5.00%, 4/1/2027 | 150 | 161 |
Series 2020A, Rev., 5.00%, 4/1/2028 | 165 | 180 |
Series 2020A, Rev., 5.00%, 4/1/2029 | 220 | 244 |
Series 2020A, Rev., 5.00%, 4/1/2030 | 130 | 146 |
Series 2020A, Rev., 5.00%, 4/1/2031 | 150 | 167 |
State of Louisiana Gasoline and Fuels Tax Series 2014C, GO, 5.00%, 8/1/2024 | 150 | 153 |
State of Louisiana Gasoline and Fuels Tax, First Lien Series A, Rev., 4.50%, 5/1/2025 (d) | 2,000 | 2,047 |
Total Louisiana | 24,579 | |
Maryland — 0.1% | ||
County of Prince George's Series 2020A, GO, 5.00%, 7/15/2032 | 1,000 | 1,108 |
Massachusetts — 2.8% | ||
Commonwealth of Massachusetts, Consolidated Loan of 2015 Series D, GO, 4.00%, 9/1/2030 | 8,290 | 8,452 |
Massachusetts Bay Transportation Authority Sales Tax Series 2022A, Rev., VRDO, LIQ : TD Bank NA, 3.55%, 6/9/2023 (b) | 14,000 | 14,000 |
Massachusetts Development Finance Agency, Northeastern University Issue | ||
Series 2020A, Rev., 5.00%, 10/1/2027 | 1,000 | 1,083 |
Series 2020A, Rev., 5.00%, 10/1/2030 | 660 | 756 |
Series 2020A, Rev., 5.00%, 10/1/2031 | 585 | 670 |
Series 2020A, Rev., 5.00%, 10/1/2032 | 425 | 486 |
Series 2020A, Rev., 5.00%, 10/1/2033 | 450 | 513 |
Series 2020A, Rev., 5.00%, 10/1/2034 | 500 | 568 |
JPMorgan Short-Intermediate Municipal Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Municipal Bonds — continued | ||
Massachusetts — continued | ||
Series 2020A, Rev., 5.00%, 10/1/2035 | 1,000 | 1,128 |
Massachusetts Development Finance Agency, Suffolk University Issue | ||
Rev., 5.00%, 7/1/2025 | 525 | 533 |
Rev., 5.00%, 7/1/2026 | 435 | 446 |
Rev., 5.00%, 7/1/2027 | 420 | 435 |
Rev., 5.00%, 7/1/2028 | 525 | 549 |
Total Massachusetts | 29,619 | |
Michigan — 1.1% | ||
Avondale School District, Unlimited Tax Series 2020A, GO, Q-SBLF, 5.00%, 5/1/2029 | 1,835 | 2,050 |
City of Royal Oak, Limited Tax, Capital Improvement | ||
GO, 5.00%, 4/1/2027 | 625 | 669 |
GO, 5.00%, 4/1/2028 | 245 | 267 |
Gerald R Ford International Airport Authority, Limited Tax Rev., GTD, 5.00%, 1/1/2024 | 1,400 | 1,413 |
Grosse Pointe Public School System GO, 4.00%, 5/1/2027 | 765 | 790 |
Jackson Public Schools, Unlimited Tax | ||
GO, Q-SBLF, 4.00%, 5/1/2025 | 570 | 577 |
GO, Q-SBLF, 4.00%, 5/1/2026 | 885 | 907 |
GO, Q-SBLF, 4.00%, 5/1/2027 | 1,090 | 1,130 |
Michigan State Hospital Finance Authority, Ascension Health Credit Group Series B-4, Rev., 5.00%, 11/15/2027 | 2,250 | 2,327 |
Northville Public Schools, School Building and Site | ||
Series II, GO, 5.00%, 5/1/2027 | 375 | 402 |
Series II, GO, 5.00%, 5/1/2028 | 600 | 656 |
Series II, GO, 5.00%, 5/1/2029 | 250 | 278 |
Total Michigan | 11,466 | |
Minnesota — 0.5% | ||
City of Minneapolis Series 2021, GO, 4.00%, 12/1/2024 | 145 | 147 |
Duluth Independent School District No. 709 | ||
Series 2019B, COP, 5.00%, 2/1/2024 | 210 | 212 |
Series 2019C, COP, 5.00%, 2/1/2024 | 295 | 298 |
Series 2019B, COP, 5.00%, 2/1/2025 | 185 | 189 |
Series 2019C, COP, 5.00%, 2/1/2025 | 310 | 318 |
Series 2019B, COP, 5.00%, 2/1/2026 | 195 | 203 |
Series 2019C, COP, 5.00%, 2/1/2026 | 320 | 333 |
Series 2019B, COP, 5.00%, 2/1/2027 | 185 | 195 |
Series 2019B, COP, 5.00%, 2/1/2028 | 175 | 188 |
Series 2019C, COP, 5.00%, 2/1/2028 | 350 | 376 |
Minnesota Higher Education Facilities Authority, College of St. Scholastica, Inc. | ||
Rev., 4.00%, 12/1/2024 | 100 | 99 |
Rev., 4.00%, 12/1/2025 | 185 | 182 |
Rev., 4.00%, 12/1/2026 | 185 | 182 |
Rev., 4.00%, 12/1/2027 | 195 | 191 |
Rev., 4.00%, 12/1/2028 | 240 | 234 |
State of Minnesota, State Trunk Highway Bond Series 2013E, GO, 5.00%, 10/1/2024 | 115 | 116 |
University of Minnesota Series 2016A, Rev., 5.00%, 4/1/2024 | 300 | 304 |
Western Minnesota Municipal Power Agency, Power Supply Series 2014A, Rev., 5.00%, 1/1/2024 | 1,000 | 1,009 |
Total Minnesota | 4,776 | |
JPMorgan Short-Intermediate Municipal Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Municipal Bonds — continued | ||
Mississippi — 1.0% | ||
County of Harrison, Tax-Exempt | ||
Series 2019A, GO, 5.00%, 10/1/2027 | 800 | 863 |
Series 2019A, GO, 5.00%, 10/1/2028 | 345 | 377 |
Medical Center Educational Building Corp., Capital Improvements and Refinancing Project Rev., 5.00%, 6/1/2031 | 3,105 | 3,455 |
Mississippi Business Finance Corp., Pollution Control, Power Co., Project Rev., 3.20%, 9/1/2028 | 4,000 | 3,910 |
State of Mississippi, Gaming Tax Series 2019A, Rev., 5.00%, 10/15/2028 | 1,400 | 1,505 |
Total Mississippi | 10,110 | |
Missouri — 0.5% | ||
City of Kansas City | ||
Series 2022C, Rev., 5.00%, 9/1/2024 | 100 | 102 |
Series 2019A, Rev., 5.00%, 12/1/2024 | 140 | 144 |
City of St. Louis, St. Louis Lambert International Airport Rev., 5.00%, 7/1/2023 | 1,080 | 1,081 |
City of St. Peters | ||
COP, 4.00%, 5/1/2026 | 705 | 718 |
COP, 4.00%, 5/1/2027 | 730 | 753 |
COP, 4.00%, 5/1/2028 | 760 | 792 |
COP, 4.00%, 5/1/2029 | 760 | 798 |
COP, 4.00%, 5/1/2030 | 545 | 579 |
County of Greene, Missouri Capital project Series 2018, COP, 4.00%, 9/1/2024 | 250 | 252 |
County of Greene, Special Obligation | ||
Rev., 4.00%, 12/1/2028 | 300 | 314 |
Rev., 4.00%, 12/1/2029 | 200 | 211 |
Total Missouri | 5,744 | |
Montana — 0.1% | ||
Gallatin County High School District No. 7 Bozeman Series 2017A, GO, 5.00%, 12/1/2023 | 515 | 519 |
Nebraska — 1.4% | ||
Central Plains Energy Project, Gas Project No. 4 Series 2018A, Rev., 5.00%, 1/1/2024 (b) | 3,000 | 3,014 |
Central Plains Energy Project, Gas Project No. 5 Series 1, Rev., 5.00%, 10/1/2029 (b) | 10,000 | 10,407 |
Southeast Community College Area, Tax Supported | ||
COP, 5.00%, 12/15/2026 | 275 | 294 |
COP, 5.00%, 12/15/2027 | 495 | 539 |
COP, 5.00%, 12/15/2028 | 540 | 595 |
Total Nebraska | 14,849 | |
Nevada — 0.3% | ||
County of Clark Series 2016, Rev., 5.00%, 7/1/2024 | 125 | 127 |
Nevada Housing Division, Woodcreek Apartments Rev., FHA , 5.00%, 12/1/2024 (b) | 2,775 | 2,808 |
Total Nevada | 2,935 | |
New Hampshire — 0.5% | ||
New Hampshire Municipal Bond Bank Series 2020A, Rev., 5.00%, 2/15/2029 | 1,870 | 2,090 |
State of New Hampshire Series 2014A, GO, 5.00%, 3/1/2026 | 2,880 | 2,967 |
Total New Hampshire | 5,057 | |
New Jersey — 5.7% | ||
City of Newark | ||
Series 2020A, GO, AGM, 5.00%, 10/1/2027 | 1,000 | 1,063 |
JPMorgan Short-Intermediate Municipal Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Municipal Bonds — continued | ||
New Jersey — continued | ||
Series 2020A, GO, AGM, 5.00%, 10/1/2028 | 750 | 810 |
New Jersey Economic Development Authority, School Facilities Construction | ||
Series 2023RRR, Rev., 5.00%, 3/1/2025 | 3,250 | 3,319 |
Series DDD, Rev., 5.00%, 6/15/2025 | 1,500 | 1,544 |
Series 2024SSS, Rev., 5.00%, 6/15/2026 (e) | 2,320 | 2,362 |
Series DDD, Rev., 5.00%, 6/15/2026 | 1,840 | 1,922 |
Series 2021QQQ, Rev., 5.00%, 6/15/2027 | 435 | 461 |
Series 2021QQQ, Rev., 5.00%, 6/15/2028 | 400 | 430 |
Series 2021QQQ, Rev., 5.00%, 6/15/2029 | 500 | 546 |
Series 2021QQQ, Rev., 5.00%, 6/15/2030 | 275 | 304 |
Series 2021QQQ, Rev., 5.00%, 6/15/2031 | 500 | 555 |
New Jersey Institute of Technology, Tax-Exempt | ||
Series 2020A, Rev., 5.00%, 7/1/2027 | 175 | 187 |
Series 2020A, Rev., 5.00%, 7/1/2028 | 200 | 218 |
Series 2020A, Rev., 5.00%, 7/1/2029 | 270 | 299 |
Series 2020A, Rev., 5.00%, 7/1/2030 | 415 | 460 |
Series 2020A, Rev., 5.00%, 7/1/2032 | 725 | 801 |
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement | ||
Series A, Rev., 5.00%, 6/15/2028 | 3,000 | 3,136 |
Series A, Rev., 5.00%, 6/15/2029 | 5,350 | 5,593 |
Series A, Rev., 5.00%, 6/15/2031 | 4,750 | 4,952 |
Passaic Valley Sewerage Commission, Sewer System | ||
Series J, Rev., AGM, 3.00%, 12/1/2027 | 6,370 | 6,259 |
Series J, Rev., AGM, 3.00%, 12/1/2028 | 6,465 | 6,323 |
Series J, Rev., AGM, 3.00%, 12/1/2030 | 6,665 | 6,468 |
State of New Jersey Series 2020A, GO, 5.00%, 6/1/2026 | 7,455 | 7,839 |
State of New Jersey, Various Purpose GO, 4.00%, 6/1/2026 | 3,870 | 3,872 |
Township of Stafford Series 2016, GO, 4.00%, 8/1/2024 | 250 | 252 |
Total New Jersey | 59,975 | |
New Mexico — 0.6% | ||
Albuquerque Municipal School District No. 12, School Building Series 2023B, GO, 5.00%, 8/1/2024 | 590 | 600 |
City of Farmington, San Juan Project Series 2010A, Rev., 0.88%, 10/1/2026 (b) | 4,000 | 3,516 |
County of Sandoval | ||
GO, 5.00%, 8/1/2024 | 1,100 | 1,121 |
GO, 5.00%, 8/1/2025 | 500 | 519 |
GO, 5.00%, 8/1/2026 | 650 | 687 |
Total New Mexico | 6,443 | |
New York — 9.0% | ||
City of Jamestown, Public Improvement GO, 5.00%, 6/1/2025 | 540 | 557 |
City of New York, Fiscal Year 2020 | ||
Series 2020-1, GO, 4.00%, 8/1/2027 | 2,450 | 2,542 |
Subseries B-1, GO, 5.00%, 10/1/2032 | 1,375 | 1,539 |
County of Monroe | ||
GO, 5.00%, 6/1/2028 | 350 | 386 |
GO, 5.00%, 6/1/2029 | 400 | 450 |
JPMorgan Short-Intermediate Municipal Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Municipal Bonds — continued | ||
New York — continued | ||
Floral Park-Bellerose Union Free School District | ||
GO, 5.00%, 12/1/2028 | 640 | 714 |
GO, 4.00%, 12/1/2029 | 670 | 712 |
Long Island Power Authority, Electric System | ||
Rev., 5.00%, 9/1/2025 | 500 | 520 |
Rev., 5.00%, 9/1/2027 | 500 | 543 |
Rev., 5.00%, 9/1/2028 | 750 | 810 |
Longwood Central School District, Suffolk County GO, 5.00%, 6/15/2026 | 365 | 387 |
Metropolitan Transportation Authority Subseries C-1, Rev., 5.00%, 11/15/2024 | 3,000 | 3,050 |
Metropolitan Transportation Authority, Dedicated Tax Fund Subseries 2017B-2, Rev., 4.00%, 11/15/2032 | 4,000 | 4,107 |
Nassau County Local Economic Assistance Corp., Catholic Health Services, Long Island Obligated Group Project Series 2014B, Rev., 5.00%, 7/1/2023 | 800 | 801 |
New York City Industrial Development Agency, Queens Baseball Stadium Project Series 2021A, Rev., AGM, 4.00%, 1/1/2032 | 1,000 | 1,040 |
New York City Industrial Development Agency, Yankee Stadium Project | ||
Rev., AGM, 5.00%, 3/1/2028 | 1,000 | 1,070 |
Series 2020A, Rev., AGM, 5.00%, 3/1/2030 | 1,600 | 1,762 |
Rev., AGM, 4.00%, 3/1/2031 | 2,500 | 2,567 |
Rev., AGM, 4.00%, 3/1/2032 | 1,500 | 1,537 |
New York City Municipal Water Finance Authority Series 2021CC-2, Rev., 5.00%, 6/15/2028 | 3,410 | 3,621 |
New York Convention Center Development Corp., Hotel Unit Fee Secured Rev., 5.00%, 11/15/2026 | 5,000 | 5,182 |
New York State Dormitory Authority, Memorial Sloan-Kettering Cancer Center | ||
Series 2017-1, Rev., 5.00%, 7/1/2026 | 1,000 | 1,060 |
Series 1, Rev., 4.00%, 7/1/2031 | 4,255 | 4,437 |
New York State Dormitory Authority, Montefiore Obligated Group Series 2018A, Rev., 5.00%, 8/1/2027 | 3,225 | 3,199 |
New York State Dormitory Authority, Non Stop Supported Debt, New School University | ||
Series 2015A, Rev., 5.00%, 7/1/2024 (d) | 75 | 76 |
Series 2015A, Rev., 5.00%, 7/1/2024 | 1,025 | 1,037 |
New York State Dormitory Authority, Personal Income Tax Series 2017B, Rev., 5.00%, 2/15/2030 | 1,750 | 1,895 |
New York State Dormitory Authority, School Districts Bond Financing Series 2020A, Rev., AGM, 5.00%, 10/1/2031 | 5,065 | 5,536 |
New York State Dormitory Authority, St. John's University | ||
Series 2021A, Rev., 4.00%, 7/1/2029 | 475 | 498 |
Series 2021A, Rev., 4.00%, 7/1/2030 | 550 | 581 |
Series 2021A, Rev., 4.00%, 7/1/2031 | 1,300 | 1,382 |
Series 2021A, Rev., 4.00%, 7/1/2032 | 1,100 | 1,162 |
Series 2021A, Rev., 4.00%, 7/1/2033 | 1,000 | 1,048 |
New York State Dormitory Authority, State Personal Income Tax, General Purpose Series 2021A, Rev., 5.00%, 3/15/2034 | 5,965 | 6,805 |
New York State Urban Development Corp., Personal Income Tax | ||
Series 2017A, Rev., 5.00%, 3/15/2030 | 1,450 | 1,554 |
Series 2022A, Rev., 5.00%, 9/15/2032 | 5,000 | 5,891 |
New York State Urban Development Corp., State Personal Income Tax, General Purpose Series 2014A, Rev., 5.00%, 3/15/2024 (d) | 1,210 | 1,226 |
New York Transportation Development Corp., Terminal 4 John F. Kennedy International Airport Project, Tax-Exempt | ||
Rev., 5.00%, 12/1/2027 | 800 | 848 |
Rev., 5.00%, 12/1/2028 | 500 | 538 |
Niagara Frontier Transportation Authority, Buffalo Niagara International Airport | ||
Series 2019A, Rev., AMT, 5.00%, 4/1/2028 | 265 | 278 |
Series 2019A, Rev., AMT, 5.00%, 4/1/2029 | 265 | 282 |
JPMorgan Short-Intermediate Municipal Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Municipal Bonds — continued | ||
New York — continued | ||
Schenectady County Capital Resource Corp., Union College Project Rev., 5.00%, 1/1/2025 | 400 | 409 |
State of New York Series 2019A, GO, 5.00%, 3/1/2026 | 3,250 | 3,425 |
Syracuse Industrial Development Agency, School District Project Series 2018A, Rev., 5.00%, 5/1/2033 | 1,245 | 1,305 |
Town of Oyster Bay, Public Improvement | ||
GO, 4.00%, 11/1/2026 | 800 | 827 |
GO, 4.00%, 11/1/2027 | 675 | 706 |
Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels Series 2021A-2, Rev., 2.00%, 5/15/2028 (b) | 10,000 | 9,073 |
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 | 4,284 |
White Plains City School District GO, 5.00%, 5/15/2024 | 1,550 | 1,575 |
Total New York | 94,834 | |
North Carolina — 1.5% | ||
City of Charlotte Series 2014A, Rev., 5.00%, 7/1/2024 | 100 | 102 |
City of Winston-Salem, Limited Tax Series A-1, Rev., 5.00%, 6/1/2024 | 1,300 | 1,322 |
County of Mecklenburg Series 2015A, Rev., 5.00%, 10/1/2024 | 250 | 256 |
North Carolina Medical Care Commission, Wake Forest Baptist Obligated Group Series 2019C, Rev., 2.55%, 6/1/2026 (b) | 13,805 | 13,399 |
Winston-Salem State University Foundation LLC, The Board of Governors of The University of North Carolina Rev., AGM, 5.00%, 10/1/2023 | 445 | 447 |
Total North Carolina | 15,526 | |
Ohio — 1.0% | ||
City of Cleveland, Income Tax, Subordinate Lien, Public Facilities Improvements | ||
Series 2018A, Rev., 5.00%, 10/1/2025 | 150 | 156 |
Series 2018A, Rev., 5.00%, 10/1/2027 | 250 | 271 |
Series 2018A, Rev., 5.00%, 10/1/2028 | 250 | 273 |
Series 2017B-1, Rev., 5.00%, 10/1/2030 | 2,510 | 2,747 |
City of Dublin, Various Purpose GO, 4.00%, 12/1/2028 | 200 | 204 |
Cuyahoga Community College District, Facilities Construction Improvement, Unlimited Tax GO, 5.00%, 12/1/2028 | 2,300 | 2,427 |
Franklin County Convention Facilities Authority, Greater Columbus Convention Center Hotel Expansion Project | ||
Rev., 5.00%, 12/1/2025 | 250 | 249 |
Rev., 5.00%, 12/1/2026 | 625 | 625 |
Rev., 5.00%, 12/1/2029 | 800 | 805 |
Ohio Water Development Authority Water Pollution Control Loan Fund Series 2023A, Rev., 5.00%, 12/1/2024 | 3,000 | 3,079 |
Total Ohio | 10,836 | |
Oklahoma — 3.1% | ||
Bryan County School Finance Authority, Durant Public Schools Project | ||
Rev., 4.00%, 12/1/2028 | 385 | 401 |
Rev., 4.00%, 12/1/2029 | 415 | 435 |
Rev., 4.00%, 12/1/2030 | 435 | 456 |
Carter County Public Facilities Authority, Educational Facilities Lease, Ardmore City Schools Project | ||
Rev., 5.00%, 9/1/2025 | 365 | 373 |
Rev., 5.00%, 9/1/2026 | 820 | 847 |
Rev., 5.00%, 9/1/2027 | 1,250 | 1,302 |
Cleveland County Educational Facilities Authority, Moore Public Schools Poject | ||
Series 2021, Rev., 4.00%, 6/1/2026 | 7,015 | 7,109 |
Series 2021, Rev., 4.00%, 6/1/2028 | 2,200 | 2,261 |
Cleveland County Educational Facilities Authority, Norman Public Schools Project Rev., 5.00%, 6/1/2025 | 3,050 | 3,147 |
Custer County Economic Development Authority, Thomas Fay Public Schools Rev., 4.00%, 12/1/2025 | 700 | 708 |
JPMorgan Short-Intermediate Municipal Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
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 | 403 |
Rev., 5.00%, 9/1/2029 | 1,175 | 1,260 |
Grady County School Finance Authority, Educational Facilities Lease, Tuttle Public Schools Project Rev., 4.00%, 9/1/2029 | 300 | 312 |
Muskogee Industrial Trust, Muskogee Public Schools Project | ||
Rev., 5.00%, 9/1/2024 | 890 | 903 |
Rev., 5.00%, 9/1/2025 | 850 | 868 |
Rev., 5.00%, 9/1/2026 | 1,800 | 1,851 |
Rev., 5.00%, 9/1/2027 | 480 | 499 |
Series 2019, Rev., 4.00%, 9/1/2029 | 3,010 | 2,996 |
Oklahoma County Finance Authority, Educational Facilities, Lease Midwest City-Del City Public Schools Project | ||
Rev., 5.00%, 10/1/2023 | 355 | 357 |
Rev., 5.00%, 10/1/2025 | 1,000 | 1,035 |
Oklahoma State University Series 2021A, Rev., 5.00%, 9/1/2024 | 255 | 261 |
Pittsburg County Educational Facilities Authority, McAlester Public Schools Project | ||
Rev., 4.00%, 12/1/2027 | 125 | 128 |
Rev., 4.00%, 12/1/2028 | 175 | 180 |
University of Oklahoma (The), Tax Exempt | ||
Series 2020B, Rev., 5.00%, 7/1/2028 | 455 | 495 |
Series 2020B, Rev., 5.00%, 7/1/2029 | 480 | 530 |
Series 2020B, Rev., 5.00%, 7/1/2032 | 1,105 | 1,224 |
Wagoner County School Development Authority, Wagoner Public Schools Project | ||
Rev., 4.00%, 9/1/2025 | 625 | 631 |
Rev., 4.00%, 9/1/2027 | 725 | 740 |
Rev., 4.00%, 9/1/2028 | 300 | 308 |
Total Oklahoma | 32,020 | |
Oregon — 0.3% | ||
City of Portland, Sewer System, First Lien Series 2014A, Rev., 5.00%, 10/1/2023 | 40 | 40 |
Multnomah County School District No. 1 Portland Series 2023, GO, 5.00%, 6/15/2024 | 400 | 407 |
Port of Portland, International Airport | ||
Series 23, Rev., 5.00%, 7/1/2023 | 1,000 | 1,001 |
Series 23, Rev., 5.00%, 7/1/2024 | 1,595 | 1,623 |
Total Oregon | 3,071 | |
Pennsylvania — 7.0% | ||
Charleroi Borough Authority Water System | ||
Rev., AGM, 4.00%, 12/1/2024 | 175 | 176 |
Rev., AGM, 4.00%, 12/1/2025 | 150 | 153 |
Rev., AGM, 4.00%, 12/1/2026 | 100 | 103 |
Rev., AGM, 4.00%, 12/1/2027 | 125 | 130 |
Chester County Health and Education Facilities Authority, Main Line Health System | ||
Series 2020A, Rev., 5.00%, 9/1/2026 | 250 | 263 |
Series 2020A, Rev., 5.00%, 9/1/2027 | 200 | 214 |
Series 2020A, Rev., 5.00%, 9/1/2028 | 175 | 191 |
Series 2020A, Rev., 5.00%, 9/1/2029 | 175 | 194 |
City of Pittsburgh Series 2020A, GO, 5.00%, 9/1/2027 | 350 | 378 |
Commonwealth of Pennsylvania Series 2016-2, GO, 5.00%, 1/15/2025 | 630 | 648 |
JPMorgan Short-Intermediate Municipal Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Municipal Bonds — continued | ||
Pennsylvania — continued | ||
County of Lackawanna | ||
Series 2020B, GO, 4.00%, 9/1/2027 | 1,480 | 1,522 |
Series 2020B, GO, 4.00%, 9/1/2028 | 1,495 | 1,550 |
Series 2020B, GO, 4.00%, 9/1/2029 | 1,525 | 1,584 |
County of Northampton | ||
Series 2019A, GO, 4.00%, 10/1/2026 | 750 | 766 |
Series 2019A, GO, 4.00%, 10/1/2027 | 1,565 | 1,608 |
Series 2019A, GO, 4.00%, 10/1/2028 | 920 | 949 |
County of Westmoreland Series 2019A, GO, 5.00%, 8/15/2028 | 3,000 | 3,281 |
General Authority of Southcentral Pennsylvania, Hanover Hospital, Inc. Rev., 5.00%, 12/1/2026 | 1,400 | 1,447 |
General Authority of Southcentral Pennsylvania, WellSpan Health Obligated Group Series 2014A, Rev., 5.00%, 6/1/2024 | 380 | 386 |
Montgomery County Higher Education and Health Authority, Thomas Jefferson University Series 2018A, Rev., 5.00%, 9/1/2024 | 1,000 | 1,015 |
Montgomery County Industrial Development Authority Series 2023B, Rev., 4.10%, 6/1/2029 | 5,200 | 5,286 |
Panther Valley School District | ||
GO, 2.00%, 10/15/2026 | 750 | 694 |
GO, 2.00%, 10/15/2027 | 680 | 619 |
GO, 2.00%, 10/15/2028 | 300 | 269 |
GO, 2.00%, 10/15/2029 | 300 | 265 |
Penn Hills School District | ||
GO, 5.00%, 10/1/2027 | 3,585 | 3,810 |
GO, 5.00%, 10/1/2028 | 3,585 | 3,873 |
GO, 5.00%, 10/1/2029 | 3,815 | 4,186 |
Pennsylvania Turnpike Commission Series 2018A-1, Rev., (SIFMA Municipal Swap Index Yield + 0.60%), 4.16%, 6/8/2023 (c) | 13,000 | 12,997 |
Pennsylvania Turnpike Commission, Motor License Fund, Enhanced, Subordinate Series 2017-3, Rev., 5.00%, 12/1/2028 | 1,000 | 1,070 |
Pittsburgh Water and Sewer Authority, First Lien Series 2019A, Rev., 5.00%, 9/1/2023 | 270 | 271 |
Quaker Valley School District | ||
GO, 5.00%, 10/1/2028 | 350 | 388 |
GO, 5.00%, 10/1/2029 | 425 | 480 |
GO, 5.00%, 10/1/2030 | 250 | 286 |
School District of Philadelphia (The) | ||
Series 2021A, GO, 5.00%, 9/1/2023 | 1,190 | 1,193 |
Series 2021A, GO, 5.00%, 9/1/2024 | 1,265 | 1,286 |
Southeastern Pennsylvania Transportation Authority | ||
Rev., 5.00%, 6/1/2027 | 635 | 681 |
Rev., 5.00%, 6/1/2029 | 3,115 | 3,472 |
Southeastern Pennsylvania Transportation Authority, Asset Improvement Program Rev., 5.00%, 6/1/2032 | 100 | 116 |
Sports and Exhibition Authority of Pittsburgh and Allegheny County, Sales Tax | ||
Rev., AGM, 5.00%, 2/1/2029 | 2,750 | 3,034 |
Rev., AGM, 5.00%, 2/1/2030 | 2,925 | 3,249 |
Rev., AGM, 5.00%, 2/1/2031 | 4,750 | 5,278 |
State Public School Building Authority, Community College of Philadelphia Project Rev., 5.00%, 6/15/2024 | 2,625 | 2,666 |
Upper St. Clair Township School District | ||
Series 2019B, GO, 4.00%, 10/1/2028 | 575 | 593 |
Series 2019B, GO, 4.00%, 10/1/2029 | 420 | 434 |
Total Pennsylvania | 73,054 | |
JPMorgan Short-Intermediate Municipal Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Municipal Bonds — continued | ||
Rhode Island — 0.3% | ||
Rhode Island Health and Educational Building Corp., Public School Financing Program | ||
Series 2021F, Rev., 4.00%, 5/15/2027 | 1,200 | 1,230 |
Series 2021F, Rev., 4.00%, 5/15/2028 | 1,650 | 1,704 |
Total Rhode Island | 2,934 | |
Tennessee — 2.2% | ||
City of Chattanooga Series A, Rev., 5.00%, 9/1/2024 | 125 | 128 |
City of Jackson Series 2019, GO, 5.00%, 6/1/2024 | 115 | 117 |
County of Rutherford Series 2015A, GO, 5.00%, 4/1/2026 | 1,165 | 1,204 |
Johnson City Health and Educational Facilities Board, Ballad Health | ||
Series 2023A, Rev., 5.00%, 7/1/2024 | 625 | 633 |
Series 2023A, Rev., 5.00%, 7/1/2025 | 760 | 779 |
Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Chippington Towers Project Rev., 0.45%, 10/1/2024 (b) | 10,000 | 9,440 |
Tennessee Energy Acquisition Corp., Gas Project Series 2023A-1, Rev., 5.00%, 5/1/2028 (b) | 10,000 | 10,347 |
Total Tennessee | 22,648 | |
Texas — 5.6% | ||
Abilene Independent School District, Unlimited Tax School Building GO, PSF-GTD, 4.00%, 2/15/2029 | 2,000 | 2,080 |
Alief Independent School District, Unlimited Tax Series 2021, GO, PSF-GTD, 5.00%, 2/15/2024 | 125 | 126 |
Arlington Higher Education Finance Corp., Uplift Education Series 2017A, Rev., PSF-GTD, 4.00%, 12/1/2029 | 1,000 | 1,024 |
Austin Community College District Public Facility Corp., Lease, Highland Campus Parking Garage Project | ||
Series 2018C, Rev., 5.00%, 8/1/2026 | 250 | 264 |
Series 2018C, Rev., 5.00%, 8/1/2027 | 200 | 215 |
Series 2018C, Rev., 5.00%, 8/1/2029 | 325 | 351 |
Bridge City Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2033 | 520 | 599 |
City of Austin, Airport System | ||
Series 2017B, Rev., AMT, 5.00%, 11/15/2026 | 1,095 | 1,139 |
Series 2017B, Rev., AMT, 5.00%, 11/15/2027 | 585 | 606 |
Series 2017B, Rev., AMT, 5.00%, 11/15/2028 | 630 | 654 |
City of Corpus Christi Utility System,Junior Lien Rev., 5.00%, 7/15/2024 | 110 | 112 |
City of Denton GO, 5.00%, 2/15/2025 | 270 | 278 |
City of El Paso | ||
Series 2023, GO, 5.00%, 8/15/2024 (e) | 1,030 | 1,048 |
Series 2023, GO, 5.00%, 8/15/2025 | 1,080 | 1,118 |
City of Galveston GO, 4.00%, 5/1/2024 | 635 | 638 |
City of Garland Series 2023, GO, 5.00%, 2/15/2024 | 1,155 | 1,168 |
City of Garland, Water and Sewer System Series 2018A, Rev., 5.00%, 3/1/2026 | 1,030 | 1,078 |
City of Houston, Public Improvement Series 2017A, GO, 5.00%, 3/1/2025 | 1,195 | 1,232 |
City of Lubbock Electric Light & Power System Series 2022, Rev., AGM, 5.00%, 4/15/2024 | 770 | 779 |
City of Pearland Series 2017, GO, 5.00%, 3/1/2025 | 125 | 129 |
Colorado River Municipal Water District Series 2021, Rev., 5.00%, 1/1/2024 | 100 | 101 |
Conroe Independent School District Series 2017, GO, PSF-GTD, 5.00%, 2/15/2025 | 500 | 515 |
County of Bexar Series 2015, Rev., AGM, 4.00%, 8/15/2024 (d) | 215 | 217 |
County of Fort Bend Series B, GO, 5.00%, 3/1/2024 | 225 | 228 |
Cypress-Fairbanks Independent School District GO, PSF-GTD, 5.00%, 2/15/2033 | 2,040 | 2,376 |
Eagle Mountain & Saginaw Independent School District Series 2015, GO, PSF-GTD, 5.00%, 8/15/2024 | 100 | 102 |
Elgin Independent School District Series 2022, GO, PSF-GTD, 5.00%, 8/1/2032 | 1,025 | 1,199 |
JPMorgan Short-Intermediate Municipal Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Municipal Bonds — continued | ||
Texas — continued | ||
Forney Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 8/15/2024 | 1,310 | 1,336 |
Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System Series 2014A, Rev., 5.00%, 12/1/2026 | 1,910 | 1,957 |
Harris County Fresh Water Supply District No. 61, Unlimited Tax GO, AGM, 3.00%, 9/1/2025 | 530 | 521 |
Hereford Independent School District, School Building, Unlimited Tax | ||
GO, PSF-GTD, 4.00%, 2/15/2028 | 1,420 | 1,457 |
GO, PSF-GTD, 4.00%, 2/15/2029 | 1,480 | 1,520 |
Humble Independent School District, Unlimited Tax School Building GO, PSF-GTD, 5.00%, 2/15/2033 | 1,655 | 1,927 |
Huntsville Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2034 | 1,340 | 1,538 |
Irving Hospital Authority, Baylor Scott and White Medical Center | ||
Series 2017A, Rev., 5.00%, 10/15/2028 | 250 | 260 |
Series 2017A, Rev., 5.00%, 10/15/2029 | 500 | 519 |
Katy Independent School District, School Building GO, PSF-GTD, 4.00%, 2/15/2027 | 290 | 290 |
Klein Independent School District, Unlimited Tax Series B, GO, 5.00%, 8/1/2029 | 525 | 543 |
Lewisville Independent School District, Unlimited Tax | ||
GO, PSF-GTD, 5.00%, 8/15/2023 (d) | 750 | 752 |
GO, PSF-GTD, 5.00%, 8/15/2026 | 750 | 752 |
GO, PSF-GTD, 5.00%, 8/15/2027 | 650 | 652 |
North Texas Tollway Authority, First Tier Series A, Rev., 4.00%, 1/1/2033 | 2,500 | 2,527 |
Odessa Junior College District, Consolidated Fund | ||
Rev., AGM, 4.00%, 7/1/2023 | 50 | 50 |
Rev., AGM, 4.00%, 7/1/2025 | 440 | 446 |
Rev., AGM, 4.00%, 7/1/2026 | 300 | 307 |
Rev., AGM, 4.00%, 7/1/2027 | 430 | 444 |
Pasadena Independent School District, School Building, Unlimited Tax Series 2015A, GO, PSF-GTD, 5.00%, 2/15/2028 | 1,000 | 1,011 |
Richardson Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2029 | 3,165 | 3,475 |
S&S Consolidated Independent School District GO, PSF-GTD, 4.00%, 2/15/2028 | 580 | 599 |
Southwest Higher Education Authority, Inc., Southern Methodist University Project Rev., 5.00%, 10/1/2023 | 400 | 402 |
Spring Branch Independent School District, Unlimited Tax Series 2022, GO, PSF-GTD, 5.00%, 2/1/2024 | 510 | 516 |
State of Texas Series 2014, GO, 5.00%, 4/1/2024 (d) | 11,720 | 11,877 |
Texas Municipal Gas Acquisition and Supply Corp., I Gas Supply Senior Lien Series D, Rev., 6.25%, 12/15/2026 | 1,100 | 1,143 |
Tyler Independent School District Series 2015, GO, PSF-GTD, 5.00%, 2/15/2024 | 150 | 152 |
West Travis County Public Utility Agency | ||
Rev., 5.00%, 8/15/2023 | 325 | 326 |
Rev., 5.00%, 8/15/2027 | 350 | 375 |
Wichita Falls Independent School District, Unlimited Tax | ||
GO, PSF-GTD, 4.00%, 2/1/2030 | 800 | 846 |
GO, PSF-GTD, 4.00%, 2/1/2031 | 1,000 | 1,057 |
Ysleta Independent School District Series 2020, GO, PSF-GTD, 5.00%, 8/15/2024 | 150 | 153 |
Total Texas | 59,106 | |
Utah — 0.9% | ||
Utah Infrastructure Agency, Tax-Exempt Telecommunications Series 2017A, Rev., 5.00%, 10/15/2025 | 6,880 | 6,903 |
West Valley City Municipal Building Authority | ||
Rev., AGM, 4.00%, 2/1/2024 | 500 | 501 |
Rev., AGM, 5.00%, 2/1/2025 | 250 | 256 |
JPMorgan Short-Intermediate Municipal Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Municipal Bonds — continued | ||
Utah — continued | ||
Rev., AGM, 5.00%, 2/1/2027 | 720 | 763 |
Rev., AGM, 5.00%, 2/1/2029 | 1,070 | 1,125 |
Total Utah | 9,548 | |
Virginia — 1.0% | ||
Chesapeake Bay Bridge and Tunnel District General Resolution Series 2019, Rev., BAN, 5.00%, 11/1/2023 | 8,355 | 8,391 |
Virginia College Building Authority, Educational Facilities, 21st Century College and Equipment Programs Series 2017C, Rev., 5.00%, 2/1/2028 | 1,000 | 1,068 |
Virginia Resources Authority, Infrastructure Pooled Financing Program Series C, Rev., 5.00%, 11/1/2027 | 1,235 | 1,315 |
Total Virginia | 10,774 | |
Washington — 2.5% | ||
Energy Northwest Series 2018C, Rev., 5.00%, 7/1/2024 | 125 | 127 |
Energy Northwest, Columbia Generating Series 2017A, Rev., 5.00%, 7/1/2024 | 185 | 188 |
Snohomish County Public Utility District No. 1, Electric System Rev., 5.00%, 12/1/2025 | 500 | 523 |
State of Washington Series 2014D, GO, 5.00%, 2/1/2024 | 150 | 152 |
University of Washington Series 2022C, Rev., 4.00%, 8/1/2027 (b) | 7,900 | 8,089 |
Washington Health Care Facilities Authority, Commonspirit Health Series B-3, Rev., 5.00%, 8/1/2026 (b) | 17,000 | 17,493 |
Total Washington | 26,572 | |
Wisconsin — 2.2% | ||
Pewaukee School District Series 2019B, GO, 5.00%, 9/1/2027 | 200 | 217 |
State of Wisconsin Series 2016A, GO, 5.00%, 5/1/2026 | 5,050 | 5,221 |
Sun Prairie Area School District GO, 4.00%, 3/1/2028 | 2,500 | 2,574 |
Wauwatosa School District, School Building and Improvement Series 2019A, GO, 5.00%, 3/1/2029 | 6,025 | 6,484 |
Wisconsin Department of Transportation | ||
Series 2017-1, Rev., 5.00%, 7/1/2025 | 1,790 | 1,855 |
Series 2021A, Rev., 5.00%, 7/1/2029 | 1,970 | 2,214 |
Wisconsin Health and Educational Facilities Authority, Advocate Health and Hospital Corp. Series 2018B-2, Rev., 5.00%, 6/24/2026 (b) | 3,500 | 3,655 |
Wisconsin Health and Educational Facilities Authority, Aspirus, Inc., Obligated Group Rev., 5.00%, 8/15/2025 | 325 | 336 |
Total Wisconsin | 22,556 | |
Wyoming — 0.1% | ||
Wyoming Municipal Power Agency, Inc. Series 2017A, Rev., 5.00%, 1/1/2027 (d) | 1,000 | 1,064 |
Total Municipal Bonds (Cost $1,059,452) | 1,019,886 | |
Collateralized Mortgage Obligations — 0.0% ^ | ||
FNMA, REMIC Series 2002-36, Class FS, 5.64%, 6/25/2032 (b)(Cost $26) | 26 | 26 |
JPMorgan Short-Intermediate Municipal Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) |
Short-Term Investments — 2.5% | ||
Investment Companies — 2.5% | ||
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 3.37% (g) (h) (Cost $26,653) | 26,652 | 26,655 |
Total Investments — 99.8% (Cost $1,086,131) | 1,046,567 | |
Other Assets Less Liabilities — 0.2% | 2,139 | |
NET ASSETS — 100.0% | 1,048,706 | |
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 |
FHA | Federal Housing Administration |
FNMA | Federal National Mortgage Association |
GO | General Obligation |
GTD | Guaranteed |
LIQ | Liquidity Agreement |
LOC | Letter of Credit |
MTA | Metropolitan Transportation Authority |
NATL | Insured by National Public Finance Guarantee Corp. |
PSF-GTD | Permanent School Fund Guaranteed |
Q-SBLF | Qualified School Bond Loan Fund |
RE | Reinsured |
REMIC | Real Estate Mortgage Investment Conduit |
Rev. | Revenue |
SIFMA | The Securities Industry and Financial Markets Association |
VRDO | Variable Rate Demand Obligation |
^ | Amount rounds to less than 0.1% of net assets. | |
(a) | The date shown represents the earliest of the prerefunded date, next put date or final maturity date. | |
(b) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of May 31, 2023. | |
(c) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of May 31, 2023. | |
(d) | Security is prerefunded or escrowed to maturity. | |
(e) | All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. | |
(f) | Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. | |
(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 May 31, 2023. | |
JPMorgan Short-Intermediate Municipal Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
(Dollar values in thousands)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
(Dollar values in thousands)
A. Valuation of Investments — Investments are valued in accordance with U.S. generally accepted accounting principles (“GAAP”) and the Fund's valuation policies set forth by, and under the supervision and responsibility of, the Board of Trustees of the Trust (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.
Under Section 2(a)(41) of the Investment Company Act of 1940, the Board is required to determine fair value for securities that do not have readily available market quotations. Under SEC Rule 2a-5 (Good Faith Determinations of Fair Value), the Board may designate the performance of these fair valuation determinations to a valuation designee. The Board has designated the Adviser as the “Valuation Designee” to perform fair valuation determinations for the Fund on behalf of the Board subject to appropriate oversight by the Board. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to help oversee and carry out the policies for the valuation of Investments held in the Fund. The Adviser, as Valuation Designee, remains responsible for the valuation determinations.
This oversight by the AVC includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Board.
Fixed income instruments are valued based on prices received from approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”). The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.
Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s net asset values ("NAV") per share as of the report date.
Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.
The various inputs that are used in determining the valuation of the Fund's investments are summarized into the three broad levels listed below.
•
Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.
•
Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.
•
Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund's assumptions in determining the fair value of investments).
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.
The following table represents each valuation input as presented on the Schedule of Portfolio Investments ("SOI"):
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |
Investments in Securities | ||||
Collateralized Mortgage Obligations | $— | $26 | $— | $26 |
Municipal Bonds | — | 1,019,886 | — | 1,019,886 |
Short-Term Investments | ||||
Investment Companies | 26,655 | — | — | 26,655 |
Total Investments in Securities | $26,655 | $1,019,912 | $— | $1,046,567 |
JPMorgan Short-Intermediate Municipal Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
(Dollar values in thousands)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2023 (Unaudited) (continued)
(Dollar values in thousands)
B. Investment Transactions with Affiliates — The Fund invested in an Underlying Fund, which is advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. The Fund assumes the issuer listed in the table below to be an affiliated issuer. The Underlying Fund's distributions may be reinvested into such Underlying Fund. Reinvestment amounts are included in the purchases at cost amounts in the table below.
For the period ended May 31, 2023 | |||||||||
Security Description | Value at February 28, 2023 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at May 31, 2023 | Shares at May 31, 2023 | Dividend Income | Capital Gain Distributions |
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 3.37% (a) (b) | $70,373 | $63,069 | $106,787 | $— (c) | $— (c) | $26,655 | 26,652 | $495 | $— |
(a) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
(b) | The rate shown is the current yield as of May 31, 2023. |
(c) | Amount rounds to less than one thousand. |