JPMorgan Tax Free Bond Fund
Schedule of Portfolio Investments as of November 30, 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 Tax Free Bond FundSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Municipal Bonds — 93.4% (a) | ||
Alabama — 1.4% | ||
Black Belt Energy Gas District Series 2023B-2, Rev., LIQ : Royal Bank of Canada, 5.25%, 12/1/2030 (b) | 2,000 | 2,121 |
Montgomery County Public Building Authority, Facilities Project Rev., 5.00%, 3/1/2024 (c) | 1,000 | 1,004 |
Southeast Alabama Gas Supply District (The), Project No. 1 Series 2018A, Rev., 4.00%, 4/1/2024 (b) | 300 | 300 |
Southeast Energy Authority A Cooperative District Project No.06 Series 2023B, Rev., LIQ : Royal Bank of Canada, 5.00%, 6/1/2030 (b) | 5,530 | 5,768 |
Southeast Energy Authority A Cooperative District, Project No. 2 Series 2021B, Rev., 4.00%, 12/1/2031 (b) | 2,000 | 1,946 |
UAB Medicine Finance Authority Series 2017B-2, Rev., 3.50%, 9/1/2035 | 160 | 151 |
Total Alabama | 11,290 | |
Alaska — 0.1% | ||
Alaska Industrial Development & Export Authority, Tanana Chiefs Conference Project Series 2019 A, Rev., 4.00%, 10/1/2049 | 1,250 | 1,113 |
Arizona — 1.6% | ||
Arizona Industrial Development Authority, Aliante and Skye Canyon Campus Project Series 2021A, Rev., 4.00%, 12/15/2051 (d) | 350 | 252 |
Arizona Industrial Development Authority, Doral Academy of Northern Nevada Project Series 2021A, Rev., 4.00%, 7/15/2051 (d) | 250 | 181 |
Arizona Industrial Development Authority, Equitable School Revolving Fund LLC | ||
Series 2021A, Rev., 4.00%, 11/1/2051 | 1,300 | 1,132 |
Series 2022A, Rev., 4.25%, 11/1/2052 | 800 | 724 |
Arizona Industrial Development Authority, Great Lakes Senior Living Communities LLC Project Series 2019A, Rev., 4.50%, 1/1/2049 | 4,000 | 2,211 |
Arizona Industrial Development Authority, Pinecrest Academy, Canyon Campus Project Series 2020A1, Rev., 5.00%, 7/15/2040 (d) | 2,515 | 2,440 |
City of Phoenix Civic Improvement Corp., Junior Lien, Airport System Series 2019A, Rev., 4.00%, 7/1/2049 | 50 | 48 |
City of Phoenix Civic Improvement Corp., Junior Lien, Water System Series 2021A, Rev., 4.00%, 7/1/2040 | 3,375 | 3,411 |
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 | 359 |
Series 2018A, Rev., 5.00%, 7/1/2033 | 150 | 153 |
Series 2018A, Rev., 5.00%, 7/1/2037 | 200 | 201 |
Salt River Project Agricultural Improvement & Power District Series 2023B, Rev., 5.25%, 1/1/2053 | 2,000 | 2,218 |
Total Arizona | 13,330 | |
Arkansas — 0.1% | ||
County of Pulaski Rev., 4.25%, 3/1/2048 | 250 | 242 |
University of Arkansas, Various Facility Fayetteville Campus Series 2016A, Rev., 5.00%, 11/1/2037 | 185 | 192 |
Total Arkansas | 434 | |
California — 7.1% | ||
Calexico Unified School District Series 2022, GO, 4.00%, 8/1/2043 | 2,065 | 2,072 |
California Community Choice Financing Authority Series 2023 G, Rev., 5.25%, 12/15/2023 (b) (e) | 2,500 | 2,604 |
California Community Choice Financing Authority, Clean Energy Project Series 2023B-1, Rev., 5.00%, 8/1/2029 (b) | 2,565 | 2,661 |
California County Tobacco Securitization Agency, Los Angeles County Securitization Corp. | ||
Series 2020A, Rev., 5.00%, 6/1/2029 | 110 | 118 |
Series 2020A, Rev., 4.00%, 6/1/2034 | 510 | 519 |
California Educational Facilities Authority, Claremont McKenna College Series 2015A, Rev., 4.00%, 1/1/2026 (c) | 500 | 514 |
California Infrastructure & Economic Development Bank Series 2020A-3, Rev., AMT, 8.00%, 8/15/2024 (b) (d) | 2,000 | 2,025 |
California Municipal Finance Authority, Community Health System Series 2021A, Rev., 4.00%, 2/1/2051 | 365 | 314 |
JPMorgan Tax Free Bond FundSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Municipal Bonds — continued | ||
California — continued | ||
California Public Finance Authority, Enso Village Project | ||
Series 2021A, Rev., 5.00%, 11/15/2046 (d) | 600 | 525 |
Series 2021A, Rev., 5.00%, 11/15/2051 (d) | 500 | 428 |
California Public Finance Authority, Henry Mayo Newhall Hospital | ||
Rev., 5.00%, 10/15/2037 | 500 | 510 |
Rev., 5.00%, 10/15/2047 | 1,000 | 1,003 |
California School Finance Authority, Green Dot Public School Projects | ||
Series 2018A, Rev., 5.00%, 8/1/2024 (d) | 160 | 161 |
Series 2018A, Rev., 5.00%, 8/1/2025 (d) | 150 | 152 |
Series 2018A, Rev., 5.00%, 8/1/2026 (d) | 150 | 154 |
Series 2018A, Rev., 5.00%, 8/1/2027 (d) | 150 | 155 |
Series 2018A, Rev., 5.00%, 8/1/2028 (d) | 190 | 198 |
California Statewide Communities Development Authority, Marin General Hospital Project Series 2018A, Rev., 4.00%, 8/1/2045 | 2,130 | 1,852 |
CSCDA Community Improvement Authority, Essential Housing, Parallel-Anaheim Series 2021A, Rev., 4.00%, 8/1/2056 (d) | 1,500 | 1,087 |
CSCDA Community Improvement Authority, Essential Housing, Pasadena Portfolio Series 2021A-1, Rev., 2.65%, 12/1/2046 (d) | 365 | 256 |
Hartnell Community College District, Election of 2016 Series B, GO, 4.00%, 8/1/2036 | 430 | 440 |
Long Beach Unified School District, Election of 2008 Series G, GO, 4.00%, 8/1/2045 | 4,165 | 4,171 |
Modesto Elementary School District, Election of 2018 Series C, GO, 5.00%, 8/1/2052 | 2,500 | 2,702 |
Modesto High School District Series A, GO, 4.00%, 8/1/2048 | 5,200 | 5,245 |
Mount San Antonio Community College District, Election of 2008 Series 2013A, GO, 0.00%, 8/1/2043 | 7,150 | 6,801 |
Ontario Public Financing Authority, Civic Center Improvements Series 2022A, Rev., AGM, 5.00%, 11/1/2037 | 200 | 228 |
San Diego County Regional Airport Authority | ||
Series 2023B, Rev., AMT, 5.00%, 7/1/2048 | 5,540 | 5,762 |
Series 2023B, Rev., AMT, 5.00%, 7/1/2053 | 2,500 | 2,585 |
San Francisco City and County Airport Commission, San Francisco International Airport Series 2019A, Rev., AMT, 4.00%, 5/1/2049 | 1,325 | 1,219 |
Southern California Public Power Authority, Southern Transmission System Renewal Project Series 2023-1A, Rev., 5.25%, 7/1/2053 | 10,000 | 11,181 |
Total California | 57,642 | |
Colorado — 3.4% | ||
Boulder Valley School District No. Re-2 Boulder GO, 4.13%, 12/1/2046 | 5,000 | 5,017 |
Brighton Crossing Metropolitan District No. 6, Limited Tax Series 2020A-3, GO, 5.00%, 12/1/2050 | 670 | 568 |
Broadway Park North Metropolitan District No. 2, Limited Tax GO, 5.00%, 12/1/2049 (d) | 650 | 588 |
City and County of Denver, Airport System Series 2022A, Rev., AMT, 5.50%, 11/15/2042 | 3,465 | 3,803 |
City of Colorado Springs, Utilities System Improvement Series 2020A, Rev., 4.00%, 11/15/2050 | 1,715 | 1,658 |
Colorado Educational and Cultural Facilities Authority, Aspen View Academy Project Rev., 4.00%, 5/1/2051 | 175 | 138 |
Colorado Educational and Cultural Facilities Authority, Global Village Academy Northglenn Project Rev., 5.00%, 12/1/2050 (d) | 740 | 610 |
Colorado Educational and Cultural Facilities Authority, James Irwin Educational Foundation | ||
Series 2022, Rev., 5.00%, 9/1/2052 | 750 | 728 |
Series 2022, Rev., 5.00%, 9/1/2057 | 1,750 | 1,692 |
Colorado Health Facilities Authority, Children's Hospital Colorado Project Series C, Rev., 5.00%, 12/1/2027 | 160 | 167 |
Colorado Health Facilities Authority, CommonSpirit Health Series 2019A-1, Rev., 4.00%, 8/1/2044 | 2,565 | 2,322 |
Colorado Health Facilities Authority, Vail Valley Medical Centre Project Rev., 4.00%, 1/15/2045 | 1,095 | 976 |
County of Adams COP, 4.00%, 12/1/2040 | 2,815 | 2,816 |
Denver Health and Hospital Authority Series A, Rev., 5.25%, 12/1/2045 | 1,000 | 1,000 |
Raindance Metropolitan District No. 1, Non-Potable Water System Rev., 5.25%, 12/1/2050 | 1,000 | 888 |
Sky Ranch Community Authority Board, Metropolitan District No. 3 Series 2022A, Rev., 5.75%, 12/1/2052 | 500 | 464 |
JPMorgan Tax Free Bond FundSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Municipal Bonds — continued | ||
Colorado — continued | ||
State of Colorado Series 2020-A, COP, 4.00%, 12/15/2034 | 30 | 31 |
State of Colorado Department of Transportation Headquarters Facilities, Headquarters Facilities Lease Purchase Agreement COP, 5.00%, 6/15/2041 | 1,000 | 1,029 |
Transport Metropolitan District No. 3, Limited Tax Series 2021A-1, GO, 5.00%, 12/1/2041 | 1,700 | 1,413 |
Verve Metropolitan District No. 1 GO, 6.75%, 12/1/2052 | 1,500 | 1,388 |
Total Colorado | 27,296 | |
Connecticut — 0.3% | ||
City of Norwalk Series 2023, GO, 4.25%, 8/15/2053 | 1,000 | 999 |
Stamford Housing Authority, The Dogwoods Project Rev., BAN, 11.00%, 12/1/2027 (d) | 1,000 | 1,020 |
State of Connecticut Series A, GO, 5.00%, 4/15/2029 | 150 | 160 |
State of Connecticut, Special Tax Transportation Infrastructure Purposes Series 2018B, Rev., 5.00%, 10/1/2033 | 55 | 60 |
Total Connecticut | 2,239 | |
Delaware — 0.6% | ||
Delaware State Economic Development Authority, Acts Retirement-Life Communities, Inc., Obligated Group Series 2018B, Rev., 5.00%, 11/15/2048 | 1,000 | 944 |
Delaware State Economic Development Authority, Newark Charter School, Inc., Project | ||
Series A, Rev., 5.00%, 9/1/2036 | 500 | 511 |
Series A, Rev., 5.00%, 9/1/2046 | 500 | 501 |
Rev., 5.00%, 9/1/2050 | 1,500 | 1,502 |
Delaware State Health Facilities Authority, Bayhealth Medical Center Project Series 2017A, Rev., 4.00%, 7/1/2043 | 1,275 | 1,222 |
Total Delaware | 4,680 | |
District of Columbia — 1.4% | ||
District of Columbia, Georgetown University Issue Rev., 5.00%, 4/1/2030 | 15 | 16 |
District of Columbia, Kipp DC Project Rev., 4.00%, 7/1/2039 | 1,925 | 1,831 |
District of Columbia, Rocketship Obligated Group Series 2021A, Rev., 5.00%, 6/1/2041 (d) | 1,130 | 1,028 |
Metropolitan Washington Airports Authority Aviation | ||
Series A, Rev., AMT, 5.00%, 10/1/2030 | 80 | 82 |
Series 2021A, Rev., AMT, 4.00%, 10/1/2040 | 3,250 | 3,140 |
Washington Metropolitan Area Transit Authority Series 2018, Rev., 5.00%, 7/1/2043 | 5,010 | 5,160 |
Total District of Columbia | 11,257 | |
Florida — 3.5% | ||
City of Kissimmee, Sales Tax Series 2022A, Rev., 4.00%, 10/1/2051 | 8,110 | 7,693 |
City of Pompano Beach Series 2021A, Rev., 4.00%, 9/1/2051 | 3,400 | 2,472 |
City of Tampa, The University of Tampa Project Series 2020A, Rev., 4.00%, 4/1/2050 | 2,000 | 1,803 |
County of Hillsborough, Parks and Recreation Program GO, NATL - RE, 5.25%, 7/1/2025 | 1,200 | 1,229 |
County of Miami-Dade Series 2020A, Rev., 4.00%, 7/1/2047 | 4,275 | 4,169 |
County of Sarasota, Utility System Series 2016A, Rev., 4.00%, 10/1/2043 | 65 | 63 |
Florida Development Finance Corp., Educational Facilities, River City Science Academy Projects Series 2022A-1, Rev., 5.00%, 7/1/2051 | 195 | 190 |
Florida Development Finance Corp., Mater Academy Project Series 2022A, Rev., 4.00%, 6/15/2042 | 1,500 | 1,337 |
Florida Gulf Coast University Financing Corp., Housing Project Series 2020A, Rev., 4.00%, 2/1/2037 | 225 | 225 |
Florida State Board of Governors, Florida International University Dormitory Series 2021A, Rev., 4.00%, 7/1/2032 | 65 | 68 |
Lee County School Board (The) | ||
Series 2023A, COP, 4.00%, 8/1/2046 | 3,735 | 3,603 |
Series 2023A, COP, 4.00%, 8/1/2048 | 2,500 | 2,386 |
Miami-Dade County Health Facilities Authority, Niklaus Children's Hospital Series 2021A, Rev., 4.00%, 8/1/2046 | 860 | 809 |
JPMorgan Tax Free Bond FundSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Municipal Bonds — continued | ||
Florida — continued | ||
Middleton Community Development District A, City of Wildwood, Florida Special Assessment Series 2022, 6.10%, 5/1/2042 | 1,000 | 1,025 |
Monroe County School District Series 2018A, COP, 5.00%, 6/1/2030 | 150 | 162 |
Orange County Convention Center, Tourist Development Tax Series 2016A, Rev., 4.00%, 10/1/2036 | 40 | 40 |
Palm Beach County Health Facilities Authority, Acts Retirement Life Communities, Inc., Obligated Group Series 2020B, Rev., 4.00%, 11/15/2041 | 400 | 340 |
Village Community Development District No. 15 5.00%, 5/1/2043 (d) | 750 | 743 |
Total Florida | 28,357 | |
Georgia — 2.7% | ||
Carroll City-County Hospital Authority Rev., GTD, 4.00%, 7/1/2045 | 1,250 | 1,196 |
Dalton Whitfield County Joint Development Authority, Hamilton Health Care System Rev., 4.00%, 8/15/2041 | 1,000 | 975 |
Downtown Development Authority of The City of Dalton, Hamilton Health Care System Rev., NATL - RE, 5.50%, 8/15/2026 | 1,210 | 1,246 |
George L Smith II Congress Center Authority, Convention Center Hotel First Series 2021A, Rev., 4.00%, 1/1/2054 | 1,000 | 829 |
George L Smith II Congress Center Authority, Convention Center Hotel Second Series 2021B, Rev., 5.00%, 1/1/2054 (d) | 1,145 | 949 |
Georgia Higher Education Facilities Authority, USG Real Estate Foundation II LLC Projects Rev., 4.00%, 6/15/2038 | 2,000 | 1,982 |
Georgia Ports Authority Rev., 4.00%, 7/1/2052 | 2,805 | 2,714 |
Main Street Natural Gas, Inc. Series 2023E SUB E1, Rev., 5.00%, 6/1/2031 (b) | 6,770 | 7,097 |
Municipal Electric Authority of Georgia Series 2019B, Rev., 5.00%, 1/1/2059 | 5,000 | 5,039 |
Total Georgia | 22,027 | |
Idaho — 0.2% | ||
Boise State University General Project Series 2023A, Rev., 5.00%, 4/1/2048 | 1,595 | 1,725 |
Illinois — 4.3% | ||
Chicago O'Hare International Airport, General Airport, Senior Lien | ||
Series C, Rev., 5.00%, 1/1/2025 | 105 | 107 |
Series 2018B, Rev., 5.00%, 1/1/2053 | 3,000 | 3,055 |
Chicago O'Hare International Airport, Senior Lien | ||
Series 2023A, Rev., AMT, 5.75%, 1/1/2048 | 1,665 | 1,832 |
Series 2023A, Rev., AMT, 5.50%, 1/1/2053 | 2,195 | 2,361 |
City of Chicago, Waterworks, Second Lien | ||
Series 2023B, Rev., AGM, 4.00%, 11/1/2040 | 1,000 | 1,001 |
Series 2023A, Rev., AGM, 5.25%, 11/1/2053 | 635 | 678 |
City of St. Charles Series 2020B, GO, 4.00%, 12/1/2030 | 440 | 452 |
City of Sterling Series 2021B, GO, 4.00%, 11/1/2037 | 570 | 567 |
Cook County School District No. 99 Cicero, Limited Tax Series 2019B, GO, 5.00%, 12/1/2024 | 185 | 188 |
County of Cook GO, 5.00%, 11/15/2034 | 700 | 733 |
Illinois Finance Authority, Memorial Health System Series 2019, Rev., 5.00%, 4/1/2035 | 380 | 402 |
Illinois Finance Authority, Mercy Health System Rev., 5.00%, 12/1/2046 | 305 | 308 |
Illinois Finance Authority, Northwest community Hospital Series 2016A, Rev., 5.00%, 7/1/2025 (c) | 250 | 257 |
Illinois Finance Authority, Southern Illinois Healthcare Enterprises, Inc. Series 2017C, Rev., 5.00%, 3/1/2034 | 205 | 210 |
Illinois State Toll Highway Authority Series 2019A, Rev., 4.00%, 1/1/2044 | 1,000 | 963 |
Lake County Community Consolidated School District No. 3 Beach Park GO, AGM, 4.00%, 2/1/2034 | 130 | 133 |
Metropolitan Pier and Exposition Authority, McCormick Place Expansion Project Series 2002A, Rev., AGM - CR, NATL - RE, Zero Coupon, 12/15/2040 | 5,000 | 2,334 |
Park Ridge Park District Series 2023B, GO, 4.00%, 12/1/2045 | 1,095 | 1,063 |
Sales Tax Securitization Corp. | ||
Series 2018C, Rev., 5.00%, 1/1/2026 | 3,500 | 3,627 |
Series 2018C, Rev., 5.25%, 1/1/2043 | 1,500 | 1,576 |
JPMorgan Tax Free Bond FundSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Municipal Bonds — continued | ||
Illinois — continued | ||
State of Illinois | ||
GO, 5.00%, 5/1/2024 | 205 | 206 |
Series 2017D, GO, 5.00%, 11/1/2024 | 325 | 329 |
GO, 5.00%, 6/1/2027 | 25 | 26 |
GO, 5.00%, 11/1/2028 | 20 | 21 |
GO, 5.50%, 1/1/2030 | 20 | 22 |
GO, 4.13%, 11/1/2031 | 20 | 20 |
Series 2022B, GO, 5.00%, 3/1/2033 | 6,000 | 6,643 |
GO, 4.00%, 6/1/2033 | 15 | 15 |
Series 2021A, GO, 5.00%, 3/1/2036 | 3,250 | 3,520 |
GO, 4.00%, 6/1/2036 | 25 | 25 |
GO, 4.00%, 6/1/2037 | 45 | 44 |
Series 2023B, GO, 4.50%, 5/1/2048 | 615 | 589 |
State of Illinois, Sales Tax | ||
Series 2021C, Rev., 5.00%, 6/15/2032 | 20 | 22 |
Series 2021C, Rev., 5.00%, 6/15/2032 | 45 | 48 |
Village of Arlington Heights GO, 4.00%, 12/1/2034 | 130 | 130 |
Village of Bolingbrook Series 2018A, GO, AGM, 5.00%, 1/1/2033 | 1,000 | 1,075 |
Will County School District No. 86 Joliet, Limited Tax Series 2015A, GO, 4.00%, 3/1/2024 | 220 | 220 |
Winnebago and Boone Counties School District No. 205 Rockford Series 2015B, GO, 3.75%, 2/1/2033 | 35 | 35 |
Total Illinois | 34,837 | |
Indiana — 0.4% | ||
City of Goshen, Multi-Family, Green Oaks of Goshen Project Series 2021A, Rev., 5.00%, 8/1/2041 (d) | 500 | 391 |
Greencastle Community School Building Corp., Ad Valorem Property Tax First Mortgage Rev., 4.00%, 7/15/2031 | 25 | 26 |
Greenfield Middle School Building Corp., Ad Valorem Property Tax First Mortgage Rev., 4.00%, 7/15/2032 | 350 | 359 |
Indiana Finance Authority Series 2023A, Rev., 5.00%, 6/1/2053 | 900 | 864 |
Indiana Finance Authority, Educational Facilities, Kipp Indianapolis, Inc., Project | ||
Series 2020A, Rev., 5.00%, 7/1/2040 | 170 | 160 |
Series 2020A, Rev., 5.00%, 7/1/2055 | 460 | 407 |
Indiana Finance Authority, Marian University Project Series 2019A, Rev., 5.00%, 9/15/2034 | 1,100 | 1,137 |
Indiana Finance Authority, Parkview Health System, Inc. Series 2018A, Rev., 4.00%, 11/1/2048 | 50 | 46 |
Indiana Health and Educational Facilities Financing Authority, Ascension Senior Credit Group Series 2006B-1, Rev., 4.00%, 11/15/2046 | 15 | 14 |
Indiana State University, Housing and Dining System Rev., 5.00%, 4/1/2029 | 30 | 33 |
Total Indiana | 3,437 | |
Louisiana — 3.2% | ||
Lafourche Parish School Board, Parish Wide GO, 4.00%, 3/1/2033 | 125 | 130 |
Louisiana Public Facilities Authority, Lincoln Preparatory School Project Series 2021A, Rev., 5.25%, 6/1/2051 (d) | 1,140 | 916 |
Louisiana Public Facilities Authority, Louisiana Children's Medical Center Project Series 2015A1, Rev., 5.00%, 6/1/2039 | 25 | 26 |
Louisiana Public Facilities Authority, Mentorship Steam Academy Project Series 2021A, Rev., 5.00%, 6/1/2056 (d) | 740 | 558 |
Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project Series 2015, Rev., 5.00%, 5/15/2047 | 1,055 | 1,061 |
State of Louisiana Series 2019A, GO, 5.00%, 3/1/2035 | 2,000 | 2,205 |
State of Louisiana Gasoline and Fuels Tax, Second Lien Series 2023A-1, Rev., VRDO, LOC : TD Bank NA, 1.95%, 12/1/2023 (b) | 20,000 | 20,000 |
Tobacco Settlement Financing Corp. Series 2013A, Rev., 5.25%, 5/15/2035 | 815 | 821 |
Total Louisiana | 25,717 |
JPMorgan Tax Free Bond FundSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Municipal Bonds — continued | ||
Maine — 0.3% | ||
Maine Health and Higher Educational Facilities Authority Series 2021A, Rev., AGM, 4.00%, 7/1/2038 | 350 | 352 |
Maine Health and Higher Educational Facilities Authority, MaineHealth Series 2020A, Rev., 4.00%, 7/1/2045 | 2,355 | 2,206 |
Total Maine | 2,558 | |
Maryland — 1.1% | ||
Maryland Health and Higher Educational Facilities Authority, Medstar Health Issue Series 2017A, Rev., 5.00%, 5/15/2042 | 5,000 | 5,116 |
Maryland Health and Higher Educational Facilities Authority, Stevenson University Project Series 2021A, Rev., 4.00%, 6/1/2051 | 2,000 | 1,757 |
Maryland State Transportation Authority Series 2021 A, Rev., 5.00%, 7/1/2046 | 2,115 | 2,275 |
Total Maryland | 9,148 | |
Massachusetts — 1.3% | ||
Commonwealth of Massachusetts Transportation Fund, Rail Enhancement and Accelerated Bridge Programs Series 2016B, Rev., 4.00%, 6/1/2046 | 2,480 | 2,410 |
Commonwealth of Massachusetts, Consolidated Loan of 2016 Series 2016J, GO, 4.00%, 12/1/2039 | 3,690 | 3,700 |
Massachusetts Port Authority, Bosfuel Project Series 2019 A, Rev., AMT, 5.00%, 7/1/2049 | 4,675 | 4,749 |
Total Massachusetts | 10,859 | |
Michigan — 1.6% | ||
City of Detroit, Unlimited Tax | ||
Series 2021A, GO, 4.00%, 4/1/2041 | 300 | 270 |
Series 2021A, GO, 4.00%, 4/1/2042 | 350 | 310 |
Grand Rapids Charter Township Economic Development Corp., Porter Hills Presbyterian Village Project Rev., 5.00%, 5/15/2044 | 2,000 | 1,705 |
Grand Traverse County Hospital Finance Authority, Munson Healthcare Obligated Group Rev., 5.00%, 7/1/2034 | 25 | 27 |
Kentwood Economic Development Corp., Holland Home Obligated Group Series 2022, Rev., 4.00%, 11/15/2043 | 375 | 275 |
Michigan Finance Authority, Henry Ford Health System | ||
Rev., 4.00%, 11/15/2046 | 480 | 434 |
Series 2019A, Rev., 4.00%, 11/15/2050 | 4,890 | 4,317 |
Michigan State Building Authority, Facilities Program | ||
Series 2015I, Rev., 4.00%, 4/15/2040 | 120 | 121 |
Series 2023-II, Rev., 4.00%, 10/15/2047 | 675 | 664 |
Michigan State Housing Development Authority, Single Family Mortgage Series 2015A, Rev., AMT, 4.00%, 6/1/2046 | 10 | 10 |
Michigan Strategic Fund, United Methodist Retirement Communities Obligated Group, Porter Hills Presbyterian Village Project Rev., 5.00%, 5/15/2044 | 1,000 | 853 |
State of Michigan Trunk Line Series 2021A, Rev., 4.00%, 11/15/2044 | 4,295 | 4,300 |
West Ottawa Public Schools, School Building and Site, Unlimited Tax Series 2014-1, GO, 4.00%, 5/1/2024 (c) | 25 | 25 |
Total Michigan | 13,311 | |
Minnesota — 1.1% | ||
Aurora Independent School District No. 2711, School Building, Capital Appreciation | ||
Series 2017B, GO, Zero Coupon, 2/1/2026 | 150 | 139 |
Series 2017B, GO, Zero Coupon, 2/1/2027 | 400 | 357 |
Series 2017B, GO, Zero Coupon, 2/1/2028 | 225 | 193 |
Series 2017B, GO, Zero Coupon, 2/1/2030 | 880 | 687 |
City of Minneapolis, Health Care System, Fairview Health Services Series 2018A, Rev., 4.00%, 11/15/2048 | 3,000 | 2,556 |
Metropolitan Council Series 2023C, GO, 4.00%, 3/1/2041 | 3,000 | 3,011 |
Minneapolis Special School District No. 1 Series 2020A, COP, 4.00%, 4/1/2032 | 125 | 131 |
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 | 25 | 25 |
Minnesota Higher Education Facilities Authority, Carleton College Rev., 4.00%, 3/1/2032 | 1,000 | 1,021 |
JPMorgan Tax Free Bond FundSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Municipal Bonds — continued | ||
Minnesota — continued | ||
Minnesota Housing Finance Agency, Residential Housing Finance | ||
Series C, Rev., AMT, GNMA / FNMA / FHLMC, 4.00%, 1/1/2045 | 175 | 174 |
Series 2017B, Rev., AMT, GNMA / FNMA / FHLMC COLL, 4.00%, 7/1/2047 | 120 | 120 |
Nashwauk Keewatin Independent School District No. 319 Series 2022A, GO, 4.00%, 2/1/2035 | 500 | 523 |
Total Minnesota | 8,937 | |
Mississippi — 0.1% | ||
Mississippi Development Bank, Special Obligation, Water and Sewer System Project Rev., AGM, 6.88%, 12/1/2040 | 1,000 | 1,003 |
Missouri — 0.3% | ||
City of Sedalia COP, 4.00%, 7/15/2035 | 205 | 208 |
County of Pulaski COP, 4.00%, 12/1/2030 | 50 | 50 |
Health and Educational Facilities Authority of the State of Missouri, Lutheran Senior Services Projects | ||
Series 2019A, Rev., 5.00%, 2/1/2034 | 1,000 | 995 |
Series 2019A, Rev., 5.00%, 2/1/2042 | 1,000 | 943 |
Health and Educational Facilities Authority of the State of Missouri, St. Luke's Episcopal-Presbyterian Hospitals Rev., 5.00%, 12/1/2030 | 260 | 277 |
Missouri Housing Development Commission, Single Family Mortgage, First Place Homeownership Loan Program Series B2, Rev., GNMA/FNMA/FHLMC, 4.00%, 11/1/2045 | 115 | 115 |
Total Missouri | 2,588 | |
Montana — 0.0% ^ | ||
Montana Board of Housing, Single Family Homeownership Series A-2, Rev., AMT, 4.00%, 12/1/2023 | 10 | 10 |
Nebraska — 2.2% | ||
Central Plains Energy Project Series A, Rev., 5.00%, 9/1/2035 | 1,500 | 1,601 |
Central Plains Energy Project, Gas Project No. 3 Series 2017A, Rev., 5.00%, 9/1/2042 | 750 | 780 |
Central Plains Energy Project, Gas Project No. 5 Series 2022-1, Rev., 5.00%, 10/1/2029 (b) | 7,625 | 7,846 |
Douglas County Hospital Authority No. 2, Children's Hospital Obligated Group | ||
Series 2020A, Rev., 4.00%, 11/15/2040 | 575 | 554 |
Series 2020A, Rev., 4.00%, 11/15/2041 | 300 | 286 |
Omaha Public Power District Series 2021B, Rev., 4.00%, 2/1/2046 | 6,635 | 6,559 |
Public Power Generation Agency, Whelan Energy Center Unit 2 Series 2016A, Rev., 5.00%, 1/1/2034 | 185 | 192 |
Total Nebraska | 17,818 | |
Nevada — 0.5% | ||
City of Reno, Sales Tax, Senior Lien, ReTrac-Reno Transportation Rail Access Corridor Project Series 2018B, Rev., AGM, 4.00%, 6/1/2048 | 375 | 336 |
Las Vegas Convention and Visitors Authority, Convention Center Expansion Series 2018B, Rev., 4.00%, 7/1/2049 | 2,500 | 2,357 |
Las Vegas Valley Water District, Limited Tax Series 2022A, GO, 4.00%, 6/1/2046 | 1,000 | 977 |
Total Nevada | 3,670 | |
New Hampshire — 0.1% | ||
New Hampshire Business Finance Authority, University of Nevada Reno Project Series 2023A, Rev., 4.50%, 6/1/2053 | 1,075 | 1,064 |
New Jersey — 2.7% | ||
Borough of Dumont, County of Bergen GO, 4.00%, 5/1/2040 | 515 | 521 |
New Jersey Economic Development Authority, Biomedical Research Facilities Series 2016A, Rev., 5.00%, 7/15/2027 | 240 | 251 |
New Jersey Economic Development Authority, State House Project Series 2017B, Rev., 4.13%, 6/15/2039 | 2,800 | 2,849 |
New Jersey Housing and Mortgage Finance Agency, Single Family Housing Series 2018A, Rev., 4.50%, 10/1/2048 | 410 | 412 |
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement | ||
Series A-1, Rev., 5.00%, 6/15/2027 | 2,670 | 2,786 |
JPMorgan Tax Free Bond FundSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Municipal Bonds — continued | ||
New Jersey — continued | ||
Series A, Rev., 5.00%, 6/15/2031 | 3,000 | 3,123 |
New Jersey Transportation Trust Fund Authority, Transportation Program Series 2020AA, Rev., 4.00%, 6/15/2045 | 1,400 | 1,326 |
New Jersey Transportation Trust Fund Authority, Transportation System Series 2008A, Rev., Zero Coupon, 12/15/2036 | 10,355 | 6,060 |
New Jersey Turnpike Authority Series 2017G, Rev., 4.00%, 1/1/2043 | 1,000 | 986 |
Tobacco Settlement Financing Corp. | ||
Series 2018A, Rev., 4.00%, 6/1/2037 | 1,000 | 971 |
Series 2018A, Rev., 5.00%, 6/1/2046 | 1,000 | 1,006 |
Series 2018A, Rev., 5.25%, 6/1/2046 | 1,500 | 1,530 |
Total New Jersey | 21,821 | |
New Mexico — 0.0% ^ | ||
New Mexico Mortgage Finance Authority, Single Family Mortgage Program Series B-1, Class I, Rev., AMT, GNMA/FNMA/FHLMC, 3.75%, 3/1/2048 | 250 | 248 |
New York — 15.4% | ||
Buffalo and Erie County Industrial Land Development Corp., D'youville College Project Series 2020A, Rev., 4.00%, 11/1/2045 | 2,300 | 2,003 |
Build NYC Resource Corp., Global Community Charter School Series 2022A, Rev., 5.00%, 6/15/2042 | 610 | 594 |
Build NYC Resource Corp., Grand Concourse Academy Charter School Series 2022A, Rev., 5.00%, 7/1/2052 | 350 | 342 |
City of New York | ||
Series 2023E, Subseries E-1, GO, 5.25%, 4/1/2047 | 6,500 | 7,163 |
Series 2023E, Subseries E-1, GO, 4.00%, 4/1/2050 | 6,450 | 6,247 |
City of New York, Fiscal Year 2006 Series 2006, Subseries I-4, GO, VRDO, LOC : TD Bank NA, 1.95%, 12/1/2023 (b) | 10,000 | 10,000 |
City of New York, Fiscal Year 2020 Series 2020D-1, GO, 4.00%, 3/1/2050 | 650 | 630 |
City of New York, Fiscal Year 2024 Series 2024A, GO, 4.13%, 8/1/2053 | 1,300 | 1,271 |
Dutchess County Local Development Corp., Millbrook School Series 2021, Rev., 4.00%, 9/1/2051 | 1,030 | 914 |
Metropolitan Transportation Authority Series 2016D, Rev., 5.00%, 11/15/2031 | 400 | 414 |
Metropolitan Transportation Authority, Dedicated Tax Fund | ||
Subseries B-3B, Rev., 5.00%, 11/15/2028 | 25 | 26 |
Series B-1, Rev., 5.00%, 11/15/2029 | 25 | 26 |
Series B-1, Rev., 5.00%, 11/15/2035 | 95 | 101 |
New York City Municipal Water Finance Authority Series 2024, Subseries AA-1, Rev., 5.25%, 6/15/2053 | 2,700 | 2,982 |
New York City Municipal Water Finance Authority Fiscal Year 2022 Series 2022, Subseries BB-1, Rev., 4.00%, 6/15/2045 | 2,180 | 2,156 |
New York City Transitional Finance Authority Building Aid, Subordinate Series 2016S-1, Rev., 4.00%, 7/15/2040 | 410 | 411 |
New York City Transitional Finance Authority Future Tax Secured | ||
Series 2023F, Subseries F-1, Rev., 4.00%, 2/1/2051 | 1,250 | 1,206 |
Series 2022F, Subseries F-1, Rev., 5.00%, 2/1/2051 | 5,000 | 5,344 |
New York City Transitional Finance Authority, Future Tax Secured | ||
Series 2022B, Subseries B-1, Rev., 4.00%, 8/1/2038 | 470 | 472 |
Series 2022B, Subseries B-1, Rev., 4.00%, 8/1/2045 | 2,450 | 2,405 |
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2019 Series 2019 A-1, Rev., 5.00%, 8/1/2040 | 5,000 | 5,279 |
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2020 Series 2022FF, Rev., 4.00%, 6/15/2041 | 2,500 | 2,510 |
New York Liberty Development Corp., Secured by Port Authority Series 1WTC-2021, Rev., 2.75%, 2/15/2044 | 1,900 | 1,457 |
New York Power Authority, Green Transmission Project | ||
Series 2023 A, Rev., AGM, 5.13%, 11/15/2058 | 5,000 | 5,369 |
Series 2023 A, Rev., AGM, 5.13%, 11/15/2063 | 4,000 | 4,279 |
New York State Dormitory Authority | ||
Series 2019D, Rev., 4.00%, 2/15/2047 | 3,500 | 3,395 |
Series 2020A, Rev., 4.00%, 7/1/2053 | 2,500 | 2,258 |
JPMorgan Tax Free Bond FundSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Municipal Bonds — continued | ||
New York — continued | ||
New York State Dormitory Authority, Barnard College Series 2020A, Rev., 4.00%, 7/1/2045 | 1,000 | 923 |
New York State Dormitory Authority, New York University Series 2019A, Rev., 4.00%, 7/1/2045 | 2,000 | 1,950 |
New York State Dormitory Authority, Northwell Health Obligated Group Series 2022A, Rev., 5.00%, 5/1/2052 | 3,970 | 4,114 |
New York State Dormitory Authority, Rockefeller University (The) Series 2019B, Rev., 5.00%, 7/1/2050 | 2,500 | 2,606 |
New York State Dormitory Authority, St. John's University Series 2021A, Rev., 4.00%, 7/1/2035 | 125 | 128 |
New York State Dormitory Authority, State Personal Income Tax, General Purpose Series 2020A, Rev., 4.00%, 3/15/2044 | 2,000 | 1,965 |
New York State Dormitory Authority, State Sales Tax Series 2018A, Rev., 5.00%, 3/15/2037 | 40 | 43 |
New York State Urban Development Corp., Personal Income Tax Series 2020C, Rev., 4.00%, 3/15/2041 | 110 | 109 |
New York State Urban Development Corp., State Sales Tax Series 2021A, Rev., 4.00%, 3/15/2046 | 2,000 | 1,942 |
New York Transportation Development Corp. Series 2023, Rev., AMT, AGM, 5.00%, 6/30/2049 | 2,800 | 2,819 |
New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project | ||
Rev., AMT, 4.00%, 10/1/2030 | 4,255 | 4,103 |
Series 2018, Rev., AMT, 5.00%, 1/1/2031 | 2,000 | 2,026 |
Rev., AMT, 5.00%, 1/1/2034 | 1,125 | 1,138 |
Series 2018, Rev., AMT, 4.00%, 1/1/2036 | 1,500 | 1,395 |
Rev., AMT, 4.38%, 10/1/2045 | 1,200 | 1,079 |
Port Authority of New York & New Jersey Series 242, Rev., AMT, 5.00%, 12/1/2044 | 4,500 | 4,711 |
Port Authority of New York and New Jersey, Consolidated | ||
Series 183, Rev., 4.00%, 6/15/2044 | 50 | 50 |
Series 93, Rev., 6.13%, 6/1/2094 | 7,320 | 7,385 |
Suffolk County Economic Development Corp., St. Johnland Assisted Living Inc., Project | ||
Rev., 5.13%, 11/1/2041 (d) | 850 | 688 |
Series 2021, Rev., 5.38%, 11/1/2054 (d) | 750 | 582 |
Town of Harrison, Public Improvement | ||
GO, 4.00%, 7/1/2037 | 715 | 740 |
GO, 4.00%, 7/1/2038 | 320 | 328 |
Town of Orangetown, Rockland County, Sparkill-Palisades Fire District | ||
GO, AGM, 4.00%, 11/15/2040 | 220 | 220 |
GO, AGM, 4.00%, 11/15/2041 | 205 | 204 |
GO, AGM, 4.00%, 11/15/2042 | 315 | 313 |
GO, AGM, 4.00%, 11/15/2043 | 325 | 320 |
Triborough Bridge & Tunnel Authority Series 2022A, Rev., 4.00%, 5/15/2051 | 2,000 | 1,943 |
Triborough Bridge & Tunnel Authority Sales Tax Series 2023A, Rev., 4.13%, 5/15/2053 | 2,250 | 2,173 |
Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels | ||
Series 2022A, Rev., 4.00%, 5/15/2041 | 2,150 | 2,152 |
Series 2018A, Rev., 5.00%, 11/15/2045 | 140 | 146 |
Triborough Bridge and Tunnel Authority, Payroll Mobility Tax Senior Lien Series 2021A-1, Rev., 4.00%, 5/15/2046 | 1,000 | 981 |
Utility Debt Securitization Authority Series 2013TE, Rev., 5.00%, 3/14/2024 | 4,250 | 4,252 |
Westchester County Local Development Corp., Purchase Senior Learning Community, Inc. Project Series 2021C-EFRB, Rev., 3.20%, 7/1/2028 (d) | 1,375 | 1,284 |
Westchester County Local Development Corp., The Bethel Methodist Home D/B/A, The Knolls Project Series 2020A, Rev., 5.13%, 7/1/2055 | 1,100 | 816 |
Westchester Tobacco Asset Securitization Corp., Tobacco Settlement Series B, Rev., 5.00%, 6/1/2025 | 130 | 132 |
Total New York | 125,014 | |
North Carolina — 0.8% | ||
City of Charlotte Series 2023B, Rev., AMT, 5.00%, 7/1/2048 | 575 | 599 |
JPMorgan Tax Free Bond FundSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Municipal Bonds — continued | ||
North Carolina — continued | ||
North Carolina Capital Facilities Finance Agency, Meredith College | ||
Rev., 5.00%, 6/1/2028 | 805 | 834 |
Rev., 5.00%, 6/1/2030 | 400 | 414 |
North Carolina Housing Finance Agency, Homeownership Series 37-A, Rev., AMT, 3.50%, 7/1/2039 | 75 | 74 |
State of North Carolina Rev., 5.00%, 3/1/2034 | 4,000 | 4,399 |
Total North Carolina | 6,320 | |
Ohio — 3.2% | ||
Buckeye Tobacco Settlement Financing Authority Series 2020B-2, Class 2, Rev., 5.00%, 6/1/2055 | 12,465 | 10,997 |
Butler County Port Authority, Community First Solutions Series 2021A, Rev., 4.00%, 5/15/2046 | 250 | 225 |
County of Allen, Hospital Facilities, Bon Secours Mercy Health, Inc. Series 2015A, Rev., 4.25%, 11/1/2045 | 2,000 | 1,974 |
County of Franklin, Health Care Facilities, Ohio Living Communities Series 2020B, Rev., 5.00%, 7/1/2045 | 5,565 | 4,915 |
County of Hardin, Economic Development Facilities Improvement, Ohio Northern University Rev., 5.25%, 5/1/2040 | 1,425 | 1,292 |
County of Union, Memorial Hospital GO, 4.00%, 12/1/2041 | 1,825 | 1,826 |
Hillsdale Local School District, Ohio School Facilities Project COP, 4.00%, 12/1/2023 | 260 | 260 |
Northeast Ohio Medical University Series 2021A, Rev., 3.00%, 12/1/2040 | 250 | 195 |
Ohio Water Development Authority, Drinking Water Assistance Fund | ||
Series 2022A, Rev., 5.00%, 12/1/2039 | 560 | 626 |
Series 2022A, Rev., 5.00%, 12/1/2040 | 1,250 | 1,392 |
Series 2022A, Rev., 5.00%, 12/1/2042 | 1,000 | 1,103 |
Olmsted Falls City School District Series 2017A, GO, 4.00%, 12/1/2051 | 1,000 | 916 |
Total Ohio | 25,721 | |
Oklahoma — 0.1% | ||
Oklahoma Development Finance Authority, Health System, OU Medicine Project Series 2018B, Rev., AGM, 4.00%, 8/15/2048 | 700 | 628 |
Oregon — 2.1% | ||
City of Eugene, Electric Utility System Series 2016A, Rev., 4.00%, 8/1/2031 | 355 | 363 |
City of Portland Sewer System Series 2023 A, Rev., 5.00%, 12/1/2040 | 6,000 | 6,663 |
County of Benton GO, 4.13%, 6/1/2053 | 1,000 | 980 |
Deschutes County Hospital Facilities Authority, St. Charles Health System Series 2020A, Rev., 4.00%, 1/1/2037 | 210 | 206 |
Lane Community College Series 2020A, GO, 4.00%, 6/15/2038 | 200 | 203 |
State of Oregon Series 2023A, GO, 5.25%, 5/1/2044 | 7,950 | 8,944 |
Total Oregon | 17,359 | |
Pennsylvania — 6.9% | ||
Allegheny County Airport Authority, Pittsburgh International Airport Series 2023A, Rev., AMT, AGM, 5.50%, 1/1/2053 | 1,000 | 1,075 |
Allegheny County Hospital Development Authority, Allegheny Health Network Obligated Group Series 2018A, Rev., 4.00%, 4/1/2044 | 2,000 | 1,863 |
Chester County Health and Education Facilities Authority, Main Line Health System Series 2017A, Rev., 4.00%, 10/1/2036 | 25 | 25 |
Chester County Industrial Development Authority Series 2021, Rev., 4.00%, 12/1/2046 | 1,250 | 1,220 |
City of Pittsburgh GO, 4.00%, 9/1/2031 | 1,155 | 1,187 |
Commonwealth Financing Authority, Tobacco Master Settlement Payment | ||
Rev., 5.00%, 6/1/2029 | 110 | 117 |
Rev., AGM, 4.00%, 6/1/2039 | 9,975 | 9,821 |
Commonwealth of Pennsylvania Series 2018A, COP, 4.00%, 7/1/2046 | 1,200 | 1,107 |
DuBois Hospital Authority, Penn Highlands Healthcare Rev., 4.00%, 7/15/2048 | 1,200 | 1,061 |
Erie City Water Authority Series 2018A, Rev., AGM, 5.00%, 12/1/2043 | 1,500 | 1,578 |
General Authority of Southcentral Pennsylvania, WellSpan Health Obligated Group Series 2019E, Rev., VRDO, LIQ : U.S. Bank NA, 2.00%, 12/1/2023 (b) | 10,000 | 10,000 |
JPMorgan Tax Free Bond FundSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Municipal Bonds — continued | ||
Pennsylvania — continued | ||
Lancaster County Hospital Authority, Health Center, Masonic Villages Project | ||
Rev., 5.00%, 11/1/2034 | 35 | 36 |
Rev., 5.00%, 11/1/2036 | 510 | 517 |
Rev., 5.00%, 11/1/2037 | 250 | 253 |
Montgomery County Higher Education and Health Authority, Thomas Jefferson University | ||
Series 2018A, Rev., 4.00%, 9/1/2038 | 3,725 | 3,658 |
Series 2018A, Rev., 4.00%, 9/1/2043 | 3,740 | 3,561 |
Montgomery County Industrial Development Authority, Acts Retirement-Life Communities, Inc., Obligated Group Series 2020C, Rev., 5.00%, 11/15/2045 | 375 | 359 |
Montgomery County Industrial Development Authority, Waverly Heights Ltd. Project Rev., 5.00%, 12/1/2044 | 350 | 353 |
Northampton County General Purpose Authority, Moravian College Project Rev., 5.00%, 10/1/2036 | 100 | 101 |
Pennsylvania Economic Development Financing Authority, The Penndot Major Bridges Rev., AMT, AGM, 5.00%, 12/31/2057 | 2,825 | 2,852 |
Pennsylvania Housing Finance Agency, Single Family Mortgage Series 2017-122, Rev., AMT, 4.00%, 10/1/2046 | 145 | 144 |
Pennsylvania Turnpike Commission Series 2016-A, Rev., AGM - CR, 4.00%, 12/1/2034 | 10 | 10 |
Pennsylvania Turnpike Commission Oil Franchise Tax Series 2021B, Rev., 4.00%, 12/1/2051 | 10,000 | 9,434 |
Pennsylvania Turnpike Commission, Subordinate Series 2021B, Rev., 4.00%, 12/1/2038 | 2,000 | 2,016 |
Philadelphia Authority for Industrial Development, MAST Community Charter School II Project Series 2020A, Rev., 5.00%, 8/1/2040 | 315 | 311 |
School District of Philadelphia (The) Series 2018B, GO, AGM, 4.00%, 9/1/2043 | 1,250 | 1,221 |
West Cornwall Township Municipal Authority, Pleasant View Retirement Community Project | ||
Rev., 3.00%, 12/15/2023 | 115 | 115 |
Rev., 4.00%, 12/15/2028 | 1,000 | 953 |
Rev., 5.00%, 12/15/2038 | 750 | 704 |
Total Pennsylvania | 55,652 | |
South Carolina — 0.5% | ||
Patriots Energy Group Financing Agency Series 2023 SUB B-1, Rev., 5.25%, 3/1/2031 (b) | 2,665 | 2,828 |
South Carolina Ports Authority Rev., AMT, 4.00%, 7/1/2040 | 1,095 | 1,052 |
Total South Carolina | 3,880 | |
Tennessee — 4.4% | ||
City of Cleveland Series 2018B, GO, 4.00%, 6/1/2028 (c) | 1,115 | 1,172 |
City of Oak Ridge | ||
GO, 4.00%, 6/1/2037 | 695 | 698 |
GO, 4.00%, 6/1/2038 | 720 | 724 |
GO, 4.00%, 6/1/2039 | 750 | 752 |
County of Wilson Series 2017A, GO, 4.00%, 4/1/2039 | 25 | 25 |
Greeneville Health and Educational Facilities Board, Ballad Health Obligated Group Series 2018A, Rev., 4.00%, 7/1/2040 | 4,000 | 3,819 |
Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Blakeford at Green Hills Series 2020A, Rev., 4.00%, 11/1/2038 | 1,305 | 1,087 |
Metropolitan Government Nashville and Davidson County, Health and Educational Facilities Board, Belmont University Series 2023, Rev., 5.25%, 5/1/2048 | 1,250 | 1,324 |
Metropolitan Government Nashville and Davidson County, Health and Educational Facilities Board, Trevecca Nazarene University Project Series 2021B, Rev., 4.00%, 10/1/2041 | 2,265 | 1,992 |
Metropolitan Nashville Airport Authority (The) | ||
Series 2022B, Rev., AMT, 5.00%, 7/1/2052 | 1,975 | 2,021 |
Series 2022B, Rev., AMT, 5.50%, 7/1/2052 | 4,165 | 4,438 |
Metropolitan Nashville Airport Authority (The), Subordinate Airport Series 2019A, Rev., 5.00%, 7/1/2049 | 5,500 | 5,689 |
JPMorgan Tax Free Bond FundSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
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 | 700 |
Series 2019A, Rev., 5.75%, 10/1/2059 | 1,500 | 1,032 |
Tennergy Corp., Gas Supply Series 2021 A, Rev., 4.00%, 9/1/2028 (b) | 10,110 | 9,950 |
Total Tennessee | 35,423 | |
Texas — 11.1% | ||
Aledo Independent School District, Unlimited Tax | ||
GO, PSF-GTD, 5.00%, 2/15/2048 | 2,000 | 2,146 |
Series 2023, GO, PSF-GTD, 5.00%, 2/15/2053 | 4,400 | 4,696 |
Birdville Independent School District, Unlimited Tax Series 2023A, GO, PSF-GTD, 5.00%, 2/15/2045 | 2,785 | 3,026 |
Central Texas Regional Mobility Authority, Senior Lien Series 2021D, Rev., 5.00%, 1/1/2030 | 10 | 11 |
City of Dallas Series 2019A, GO, 4.00%, 2/15/2034 | 15 | 15 |
City of Denton GO, 4.00%, 2/15/2053 | 4,985 | 4,927 |
City of EI Paso, Combination Tax GO, 4.00%, 8/15/2040 | 475 | 475 |
City of El Paso GO, 4.00%, 8/15/2042 | 145 | 143 |
City of Fort Worth Series 2023, Rev., 4.25%, 2/15/2053 | 3,600 | 3,589 |
City of Frisco Series 2023, GO, 4.00%, 2/15/2042 | 2,500 | 2,465 |
City of Houston, Airport System, United Airlines, Inc., Terminal E Project Rev., AMT, 5.00%, 7/1/2029 | 2,500 | 2,491 |
City of Houston, Combined Utility System, Junior Lien Series 2002A, Rev., AGM, 5.75%, 12/1/2032 (c) | 2,500 | 3,093 |
City of Mission, Combination Tax, Certificates of Obligation GO, AGM, 5.00%, 2/15/2031 | 575 | 614 |
City of San Antonio, Electric and Gas Systems Rev., 5.00%, 2/1/2031 | 230 | 240 |
City of San Marcos GO, 4.00%, 8/15/2037 | 400 | 403 |
Clifton Higher Education Finance Corp. Series 2023, Rev., PSF-GTD, 4.25%, 4/1/2048 | 1,000 | 963 |
Clifton Higher Education Finance Corp., Idea Public Schools Rev., 6.00%, 8/15/2033 | 1,250 | 1,252 |
Conroe Local Government Corp., Conroe Convention Center Hotel Series 2021A, Rev., 4.00%, 10/1/2050 | 550 | 427 |
County of Harris | ||
Series 2023A, GO, 4.25%, 9/15/2048 | 2,000 | 2,004 |
Series 2023A, GO, 5.00%, 9/15/2048 | 2,000 | 2,169 |
Crandall Independent School District | ||
Series 2022, GO, PSF-GTD, 4.00%, 8/15/2051 | 2,160 | 2,063 |
Series 2023, GO, PSF-GTD, 5.00%, 8/15/2053 | 1,000 | 1,066 |
Crandall Independent School District, Unlimited Tax Series 2023, GO, PSF-GTD, 5.00%, 8/15/2048 | 315 | 338 |
Crowley Independent School District | ||
Series 2023, GO, PSF-GTD, 5.00%, 2/1/2048 | 1,000 | 1,081 |
GO, PSF-GTD, 4.25%, 2/1/2053 | 500 | 502 |
GO, PSF-GTD, 5.25%, 2/1/2053 | 1,000 | 1,096 |
Harris County Municipal Utility District No. 433 Series 2019A, GO, 4.00%, 9/1/2025 | 75 | 76 |
Hutto Independent School District, Unlimited Tax Series 2023, GO, PSF-GTD, 5.00%, 8/1/2053 | 2,000 | 2,139 |
Johnson City Independent School District | ||
Series 2023, GO, PSF-GTD, 5.00%, 2/15/2047 | 1,915 | 2,064 |
Series 2023, GO, PSF-GTD, 4.13%, 2/15/2051 | 3,270 | 3,194 |
Series 2023, GO, PSF-GTD, 4.13%, 2/15/2052 | 3,405 | 3,316 |
Series 2023, GO, PSF-GTD, 4.13%, 2/15/2053 | 3,550 | 3,448 |
Kermit Independent School District, Unlimited Tax Series 2023, GO, PSF-GTD, 5.00%, 2/15/2053 | 4,000 | 4,255 |
Lamar Consolidated Independent School District, Unlimited Tax Series 2023 A, GO, PSF-GTD, 5.00%, 2/15/2053 | 5,000 | 5,358 |
Lewisville Independent School District, Unlimited Tax Series 2015, GO, 5.00%, 8/15/2024 | 150 | 152 |
Marshall Independent School District, Unlimited Tax Series 2023, GO, PSF-GTD, 4.00%, 2/15/2045 | 2,525 | 2,470 |
JPMorgan Tax Free Bond FundSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Municipal Bonds — continued | ||
Texas — continued | ||
Melissa Independent School District Series 2023, GO, PSF-GTD, 4.25%, 2/1/2053 | 2,225 | 2,185 |
Mount Vernon Independent School District, Unlimited Tax Series 2023, GO, PSF-GTD, 5.00%, 8/15/2048 | 3,500 | 3,768 |
Newark Higher Education Finance Corp., The Hughen Center, Inc. | ||
Series 2022A, Rev., PSF-GTD, 5.00%, 8/15/2047 | 250 | 263 |
Series 2022A, Rev., PSF-GTD, 5.00%, 8/15/2052 | 250 | 262 |
Series 2022A, Rev., PSF-GTD, 5.00%, 8/15/2057 | 600 | 628 |
North Texas Tollway Authority, Second Tier Rev., 4.00%, 1/1/2038 | 200 | 200 |
Northwest Independent School District, Unlimited Tax Series 2023, GO, PSF-GTD, 5.00%, 2/15/2039 | 2,000 | 2,206 |
San Antonio Education Facilities Corp., University of The Incarnate Word Series 2021A, Rev., 4.00%, 4/1/2051 | 1,750 | 1,408 |
State of Texas, College Student Loan Series 2023A, GO, AMT, 5.25%, 8/1/2030 | 4,090 | 4,511 |
Tarrant County Cultural Education Facilities Finance Corp., CHRISTUS Health Series 2022A, Rev., 4.00%, 7/1/2053 | 1,750 | 1,552 |
Tarrant County Cultural Education Facilities Finance Corp., Retirement Facility, MRC Stevenson Oaks Project Series 2020A, Rev., 6.75%, 11/15/2051 | 3,000 | 2,640 |
Texas Water Development Board Series 2023 A, Rev., 5.00%, 10/15/2058 | 2,000 | 2,137 |
Trinity River Authority Series 2023, Rev., 5.00%, 2/1/2043 | 825 | 906 |
Total Texas | 90,433 | |
Utah — 0.5% | ||
City of Lehi, Sales Tax Rev., 4.00%, 6/1/2039 | 480 | 482 |
City of Salt Lake City, Airport System | ||
Series 2023A, Rev., AMT, 5.25%, 7/1/2040 | 1,065 | 1,154 |
Series 2023A, Rev., AMT, 5.25%, 7/1/2048 | 1,750 | 1,849 |
City of St George Rev., 4.00%, 6/1/2028 | 35 | 36 |
Utah Infrastructure Agency, Tax-Exempt Telecommunications Rev., 4.00%, 10/15/2041 | 350 | 290 |
Utah Infrastructure Agency, Telecommunications and Franchise Rev., 4.00%, 10/15/2030 | 360 | 371 |
Utah Transit Authority, Sales Tax Rev., 4.00%, 12/15/2030 | 150 | 152 |
Total Utah | 4,334 | |
Vermont — 0.1% | ||
Vermont Student Assistance Corp., Education Loan | ||
Series 2018A, Rev., AMT, 3.63%, 6/15/2029 | 315 | 313 |
Series 2018A, Rev., AMT, 3.75%, 6/15/2030 | 440 | 437 |
Series 2018A, Rev., AMT, 4.00%, 6/15/2031 | 160 | 159 |
Series 2018A, Rev., AMT, 4.00%, 6/15/2032 | 60 | 60 |
Series 2018A, Rev., AMT, 4.00%, 6/15/2033 | 75 | 75 |
Series 2018A, Rev., AMT, 4.00%, 6/15/2034 | 60 | 59 |
Total Vermont | 1,103 | |
Virginia — 1.2% | ||
Capital Region Airport Commission, Richmond International Airport | ||
Series 2016A, Rev., 4.00%, 7/1/2035 | 350 | 354 |
Series 2016A, Rev., 4.00%, 7/1/2036 | 320 | 323 |
City of Alexandria Series 2023, GO, 4.00%, 12/15/2048 (e) | 7,000 | 6,923 |
Virginia Commonwealth Transportation Board Series 2022, Rev., 4.00%, 5/15/2037 | 500 | 519 |
Virginia Small Business Financing Authority, Senior Lien Rev., AMT, 3.00%, 1/1/2041 | 2,000 | 1,560 |
Total Virginia | 9,679 | |
Washington — 2.6% | ||
Port of Seattle, Intermediate Lien Series 2022B, Rev., AMT, 4.00%, 8/1/2047 | 1,200 | 1,113 |
JPMorgan Tax Free Bond FundSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Municipal Bonds — continued | ||
Washington — continued | ||
State of Washington, Various Purpose Series 2023A, GO, 5.00%, 8/1/2043 | 13,945 | 15,305 |
Washington Health Care Facilities Authority, Commonspirit Health Series 2019A-2, Rev., 5.00%, 8/1/2028 | 115 | 122 |
Washington Health Care Facilities Authority, Seattle Cancer Care Alliance | ||
Series 2021, Rev., 5.00%, 12/1/2028 (d) | 125 | 133 |
Rev., 5.00%, 12/1/2029 (d) | 250 | 269 |
Rev., 4.00%, 12/1/2040 (d) | 860 | 820 |
Rev., 4.00%, 12/1/2045 (d) | 880 | 804 |
Rev., 4.00%, 12/1/2048 (d) | 1,190 | 1,062 |
Washington State Housing Finance Commission, Rockwood Retirement Communities Project Series 2020A, Rev., 5.00%, 1/1/2041 (d) | 2,000 | 1,605 |
Total Washington | 21,233 | |
West Virginia — 0.4% | ||
West Virginia Hospital Finance Authority, United Health System Series 2018A, Rev., 4.00%, 6/1/2051 | 1,000 | 887 |
West Virginia Hospital Finance Authority, West Virginia University Health System Obligation Series 2023A, Rev., 4.25%, 6/1/2047 | 2,000 | 1,984 |
Total West Virginia | 2,871 | |
Wisconsin — 2.4% | ||
Public Finance Authority, Acts Retirement Life Communities, Inc., Obligated Group Series 2020A, Rev., 5.00%, 11/15/2041 | 1,395 | 1,371 |
Public Finance Authority, ENO River Academy Project Series 2020A, Rev., 5.00%, 6/15/2054 (d) | 690 | 606 |
Public Finance Authority, Presbyterian Villages of Michigan Obligated Group Series 2020A, Rev., 4.75%, 11/15/2053 (d) | 2,740 | 1,950 |
Public Finance Authority, Renown Regional Medical Center Project | ||
Series 2020A, Rev., 5.00%, 6/1/2032 | 230 | 245 |
Series 2016A, Rev., 4.00%, 6/1/2035 | 105 | 103 |
Public Finance Authority, The Carmelite System, Inc., Obligated Group Rev., 5.00%, 1/1/2040 | 3,250 | 3,068 |
Public Finance Authority, The Franklin School of Innovation Rev., 5.00%, 1/1/2057 (d) | 1,500 | 1,165 |
Public Finance Authority, Triad Educational Services, Inc. | ||
Rev., 5.00%, 6/15/2042 | 380 | 361 |
Series 2021A, Rev., 4.00%, 6/15/2051 | 2,285 | 1,722 |
Rev., 5.25%, 6/15/2052 | 1,610 | 1,505 |
Rev., 5.38%, 6/15/2057 | 775 | 730 |
Wisconsin Health and Educational Facilities Authority, Children's Hospital of Wisconsin, Inc. Rev., 4.00%, 8/15/2047 | 4,800 | 4,485 |
Wisconsin Health and Educational Facilities Authority, Oakwood Lutheran Senior Ministries Rev., 4.00%, 1/1/2047 | 2,000 | 1,208 |
Wisconsin Health and Educational Facilities Authority, Three Pillars Senior Living Communities Series 2021A, Rev., 4.00%, 8/15/2046 | 1,000 | 766 |
Wisconsin Housing and Economic Development Authority, Home Ownership Series B, Rev., 4.00%, 3/1/2048 | 350 | 348 |
Total Wisconsin | 19,633 | |
Wyoming — 0.1% | ||
University of Wyoming Series 2021C, Rev., AGM, 4.00%, 6/1/2041 | 600 | 596 |
Total Municipal Bonds (Cost $764,955) | 758,295 |
JPMorgan Tax Free Bond FundSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) |
Short-Term Investments — 3.4% | ||
Investment Companies — 3.4% | ||
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 3.14% (f) (g) (Cost $27,940) | 27,942 | 27,945 |
Total Investments — 96.8% (Cost $792,895) | 786,240 | |
Other Assets Less Liabilities — 3.2% | 26,118 | |
NET ASSETS — 100.0% | 812,358 |
Percentages indicated are based on net assets. |
Abbreviations | |
AGM | Insured by Assured Guaranty Municipal Corp. |
AMT | Alternative Minimum Tax |
BAN | Bond Anticipation Note |
COLL | Collateral |
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 |
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 |
RE | Reinsured |
Rev. | Revenue |
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 November 30, 2023. | |
(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) | All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. | |
(f) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
(g) | The rate shown is the current yield as of November 30, 2023. |
Centrally Cleared Credit default swap contracts outstanding - buy protection(*) as of November 30, 2023 (amounts in thousands):
REFERENCE OBLIGATION/INDEX | FINANCING RATE PAID BY THE FUND (%) | PAYMENT FREQUENCY | MATURITY DATE | IMPLIED CREDIT SPREAD (%)(a) | NOTIONAL AMOUNT(b) | UPFRONT PAYMENTS (RECEIPTS) ($)(c) | UNREALIZED APPRECIATION (DEPRECIATION) ($) | VALUE ($) |
CDX.NA.HY.41-V2 | 5.00 | Quarterly | 12/20/2028 | 4.03 | USD21,400 | (192 ) | (842 ) | (1,034 ) |
(*) | The Fund, as a buyer of credit protection, is generally obligated to make periodic payments and may also pay or receive an upfront premium to or from the protection seller, in exchange for the right to receive a contingent payment, upon occurrence of a credit event with respect to an underlying reference obligation, as defined under the terms of individual swap contracts. |
JPMorgan Tax Free Bond FundSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)
(a) | Implied credit spreads are an indication of the seller's performance risk, related to the likelihood of a credit event occurring that would require a seller to make payment to a buyer. Implied credit spreads are used to determine the value of swap contracts and reflect the cost of buying/selling protection, which may include upfront payments made to enter into the contract. Therefore, higher spreads would indicate a greater likelihood that a seller will be obligated to perform (i.e. make payment) under the swap contract. Increasing values, in absolute terms and relative to notional amounts, are also indicative of greater performance risk. Implied credit spreads for credit default swaps on credit indices are linked to the weighted average spread across the underlying reference obligations included in a particular index. | ||||||||
(b) | The notional amount is the maximum amount that a seller of credit protection would be obligated to pay and a buyer of credit protection would receive, upon occurrence of a credit event. | ||||||||
(c) | Upfront payments and receipts generally represent premiums paid or received at the initiation of the agreement to compensate the differences between the stated terms of the swap agreement and current market conditions (credit spreads, interest rates and other relevant factors). |
Abbreviations | |
CDX | Credit Default Swap Index |
USD | United States Dollar |
JPMorgan Tax Free Bond FundSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 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.
Swaps are valued utilizing market quotations from approved Pricing Services.
Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.
The various inputs that are used in determining the valuation of the Fund's investments are summarized into the three broad levels listed below.
•
Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.
•
Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.
•
Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund's assumptions in determining the fair value of investments).
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.
The following table represents each valuation input as presented on the Schedule of Portfolio Investments:
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |
Investments in Securities | ||||
Municipal Bonds | $— | $758,295 | $— | $758,295 |
Short-Term Investments | ||||
Investment Companies | 27,945 | — | — | 27,945 |
Total Investments in Securities | $27,945 | $758,295 | $— | $786,240 |
JPMorgan Tax Free Bond FundSCHEDULE OF PORTFOLIO INVESTMENTSAS OF November 30, 2023 (Unaudited) (continued)(Dollar values in thousands)
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |
Depreciation in Other Financial Instruments | ||||
Swaps | $— | $(842 ) | $— | $(842 ) |
B. Investment Transactions with Affiliates — The Fund invested in an Underlying Fund advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. The Fund assumes the issuer listed in the table below to be an affiliated issuer. The Underlying Fund's distributions may be reinvested into such Underlying Fund. Reinvestment amounts are included in the purchases at cost amounts in the table below.
For the period ended November 30, 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 November 30, 2023 | Shares at November 30, 2023 | Dividend Income | Capital Gain Distributions |
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 3.14% (a) (b) | $13,912 | $354,774 | $340,745 | $2 | $2 | $27,945 | 27,942 | $1,229 | $— |
(a) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
(b) | The rate shown is the current yield as of November 30, 2023. |