JPMorgan Tax Free Bond Fund
Schedule of Portfolio Investments as of May 31, 2024
(Unaudited)
THE “UNAUDITED MUTUAL FUNDS HOLDINGS” LIST (“the List”) IS TO BE USED FOR REPORTING PURPOSES ONLY. IT IS NOT TO BE REPRODUCED FOR USE AS ADVERTISING OR SALES LITERATURE WITH THE GENERAL PUBLIC. The list is submitted for the general information of the shareholders of the Fund. It is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by a prospectus. The list has been created from the books and records of the Fund. Holdings are available 60 days after the fund’s fiscal quarter, using a trade date accounting convention, by contacting the appropriate service center. The list is subject to change without notice. The list is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security. |
JPMorgan Asset Management is the marketing name for the asset management business of J.P. Morgan Chase & Co. |
J.P. Morgan Distribution Services, Inc., member FINRA. |
© J.P. Morgan Chase & Co., 2024. |
JPMorgan Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited)INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Municipal Bonds — 97.0% (a) | ||
Alabama — 1.6% | ||
County of Jefferson | ||
Series 2024, Rev., 5.25%, 10/1/2042 | 2,000 | 2,179 |
Series 2024, Rev., 5.25%, 10/1/2043 | 1,000 | 1,084 |
Series 2024, Rev., 5.25%, 10/1/2049 | 1,000 | 1,061 |
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 | 5,817 |
Total Alabama | 10,141 | |
Alaska — 0.3% | ||
Alaska Industrial Development and Export Authority, Tanana Chiefs Conference Project Series 2019 A, Rev., 4.00%, 10/1/2049 | 1,250 | 1,130 |
Northern Tobacco Securitization Corp. Series 2021A, Class 1, Rev., 5.00%, 6/1/2031 | 1,000 | 1,078 |
Total Alaska | 2,208 | |
Arizona — 1.6% | ||
Arizona Industrial Development Authority, Aliante and Skye Canyon Campus Project Series 2021A, Rev., 4.00%, 12/15/2051 (c) | 350 | 274 |
Arizona Industrial Development Authority, Equitable School Revolving Fund LLC | ||
Series 2021A, Rev., 4.00%, 11/1/2051 | 1,300 | 1,155 |
Series 2022A, Rev., 4.25%, 11/1/2052 | 800 | 739 |
Arizona Industrial Development Authority, Great Lakes Senior Living Communities LLC Project Series 2019A, Rev., 4.50%, 1/1/2049 | 4,000 | 2,256 |
Arizona Industrial Development Authority, National Charter School Revolving Loan Fund Series 2023A, Rev., 5.25%, 11/1/2048 | 2,000 | 2,103 |
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 | 354 |
Series 2018A, Rev., 5.00%, 7/1/2037 | 200 | 201 |
Pima County Unified School District No. 1 Tucson, Project of 2023 Series 2024 A, GO, AGM, 5.00%, 7/1/2042 | 1,000 | 1,086 |
Salt River Project Agricultural Improvement and Power District, Arizona Electric System Series 2023B, Rev., 5.25%, 1/1/2053 | 2,000 | 2,179 |
Total Arizona | 10,347 | |
Arkansas — 0.0% ^ | ||
University of Arkansas, Various Facilities Fayetteville Series 2016A, Rev., 5.00%, 11/1/2037 | 185 | 188 |
California — 8.1% | ||
Burbank-Glendale-Pasadena Airport Authority Brick Campaign Series 2024B, Rev., AMT, 5.25%, 7/1/2044 | 1,750 | 1,885 |
California Community Choice Financing Authority, Clean Energy Project | ||
Series 2023B-1, Rev., 5.00%, 8/1/2029 (b) | 2,565 | 2,682 |
Series 2023 G-1, Rev., 5.25%, 4/1/2030 (b) | 2,500 | 2,656 |
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 | 525 |
California Educational Facilities Authority, Claremont McKenna College Series 2015A, Rev., 4.00%, 1/1/2026 (d) | 500 | 506 |
California Health Facilities Financing Authority, Adventist Health System Series 2024A, Rev., 5.00%, 12/1/2036 | 4,500 | 4,917 |
California Infrastructure and Economic Development Bank, Brightline West Passenger Rail Project | ||
Series 2020A-3, Rev., AMT, 8.00%, 8/15/2024 (b) (c) | 2,000 | 2,066 |
Series 2020A, Rev., AMT, 3.95%, 1/30/2025 (b) (c) | 2,480 | 2,480 |
California Infrastructure and Economic Development Bank, California Academy of Science Series 2024A, Rev., 3.25%, 8/1/2029 | 5,000 | 4,874 |
California Public Finance Authority, Henry Mayo Newhall Hospital Rev., 5.00%, 10/15/2047 | 1,000 | 989 |
California School Finance Authority, Green Dot Public School Projects | ||
Series 2018A, Rev., 5.00%, 8/1/2024 (c) | 160 | 160 |
JPMorgan Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Municipal Bonds — continued | ||
California — continued | ||
Series 2018A, Rev., 5.00%, 8/1/2025 (c) | 150 | 150 |
Series 2018A, Rev., 5.00%, 8/1/2026 (c) | 150 | 152 |
Series 2018A, Rev., 5.00%, 8/1/2027 (c) | 150 | 153 |
California Statewide Communities Development Authority, Kaiser Permanente Series 2009 C-2, Rev., 5.00%, 11/1/2029 (b) | 3,500 | 3,743 |
California Statewide Communities Development Authority, Marin General Hospital Project Series 2018A, Rev., 4.00%, 8/1/2045 | 2,130 | 1,818 |
CSCDA Community Improvement Authority, Essential Housing, Pasadena Portfolio Series 2021A-1, Rev., 2.65%, 12/1/2046 (c) | 365 | 284 |
Encinitas Union School District, Election 2010 | ||
Series 2015, GO, Zero Coupon, 8/1/2025 | 2,000 | 1,116 |
Series 2015, GO, Zero Coupon, 8/1/2025 | 3,000 | 1,518 |
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Series 2021 B, Rev., 3.00%, 6/1/2046 | 1,110 | 1,023 |
Los Angeles Unified School District Series 2024A, GO, 5.00%, 7/1/2034 | 2,835 | 3,279 |
Mount San Antonio Community College District, Election of 2008 Series 2013A, GO, Zero Coupon, 8/1/2043 | 7,150 | 6,833 |
San Diego County Regional Airport Authority | ||
Series 2023B, Rev., AMT, 5.00%, 7/1/2048 | 5,540 | 5,747 |
Series 2023B, Rev., AMT, 5.00%, 7/1/2053 | 2,500 | 2,574 |
Total California | 52,248 | |
Colorado — 2.4% | ||
City and County of Denver, Airport System Series 2022A, Rev., AMT, 5.50%, 11/15/2042 | 3,465 | 3,782 |
Colorado Educational and Cultural Facilities Authority, Global Village Academy Northglenn Project Rev., 5.00%, 12/1/2050 (c) | 740 | 641 |
Colorado Educational and Cultural Facilities Authority, James Irwin Educational Foundation Series 2022, Rev., 5.00%, 9/1/2057 | 1,750 | 1,719 |
Colorado Health Facilities Authority, CommonSpirit Health Series 2019A-1, Rev., 4.00%, 8/1/2044 | 2,565 | 2,404 |
Colorado Health Facilities Authority, Vail Valley Medical Centre Project Rev., 4.00%, 1/15/2045 | 1,095 | 999 |
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 | 955 |
State of Colorado Department of Transportation Headquarters Facilities, Headquarters Facilities Lease Purchase Agreement COP, 5.00%, 6/15/2041 | 1,000 | 1,012 |
Transport Metropolitan District No. 3, Limited Tax Series 2021A-1, GO, 5.00%, 12/1/2041 | 1,700 | 1,448 |
Verve Metropolitan District No. 1 GO, 6.75%, 12/1/2052 | 1,500 | 1,414 |
Total Colorado | 15,374 | |
Connecticut — 0.2% | ||
Stamford Housing Authority, The Dogwoods Project Rev., BAN, 11.00%, 12/1/2027 (c) | 1,000 | 966 |
State of Connecticut Series A, GO, 5.00%, 4/15/2029 | 150 | 157 |
Total Connecticut | 1,123 | |
Delaware — 0.4% | ||
Delaware State Economic Development Authority, Acts Retirement-Life Communities, Inc., Obligated Group | ||
Series 2023B, Rev., 5.00%, 11/15/2038 | 770 | 803 |
Series 2018B, Rev., 5.00%, 11/15/2048 | 1,000 | 1,006 |
Delaware State Economic Development Authority, Newark Charter School, Inc., Project | ||
Series A, Rev., 5.00%, 9/1/2036 | 500 | 507 |
Series A, Rev., 5.00%, 9/1/2046 | 500 | 500 |
Total Delaware | 2,816 | |
District of Columbia — 3.3% | ||
District of Columbia, Kipp DC Project Rev., 4.00%, 7/1/2039 | 1,925 | 1,832 |
District of Columbia, Medlantic/Helix Issue, Tranche II Series 1998A, Rev., VRDO, LOC : TD Bank NA, 2.95%, 6/12/2024 (b) | 10,000 | 10,000 |
District of Columbia, Rocketship Obligated Group Series 2021A, Rev., 5.00%, 6/1/2041 (c) | 1,130 | 1,111 |
JPMorgan Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Municipal Bonds — continued | ||
District of Columbia — continued | ||
Metropolitan Washington Airports Authority Aviation Series 2021A, Rev., AMT, 4.00%, 10/1/2040 | 3,250 | 3,125 |
Washington Metropolitan Area Transit Authority Series 2018, Rev., 5.00%, 7/1/2043 | 5,010 | 5,113 |
Total District of Columbia | 21,181 | |
Florida — 1.6% | ||
City of Miami Series 2024A, Rev., 5.50%, 1/1/2049 (e) | 1,000 | 1,103 |
City of Pompano Beach, John Knox Village Project Series 2021A, Rev., 4.00%, 9/1/2051 | 3,400 | 2,636 |
County of Hillsborough, Parks and Recreation Program GO, NATL - RE, 5.25%, 7/1/2025 | 1,200 | 1,212 |
Florida Development Finance Corp., Brightline Florida Passenger Rail Project Series 2024, Rev., AMT, 5.00%, 7/1/2037 | 4,000 | 4,148 |
Florida Gulf Coast University Financing Corp., Housing Project Series 2020A, Rev., 4.00%, 2/1/2037 | 225 | 225 |
Middleton Community Development District A, City of Wildwood, Florida Special Assessment Series 2022, 6.10%, 5/1/2042 | 1,000 | 1,045 |
Total Florida | 10,369 | |
Georgia — 3.5% | ||
Carroll City-County Hospital Authority, Tanner Medical Center Project Rev., GTD, 4.00%, 7/1/2045 | 1,250 | 1,193 |
Development Authority of Burke County (The) Series 2013-1, Rev., 3.38%, 3/12/2027 (b) | 1,000 | 986 |
Downtown Development Authority of The City of Dalton, Hamilton Health Care System Rev., NATL - RE, 5.50%, 8/15/2026 | 1,210 | 1,227 |
Main Street Natural Gas, Inc., Gas Supply | ||
Series 2022B, Rev., 5.00%, 6/1/2029 (b) | 6,500 | 6,754 |
Series 2023E SUB E1, Rev., 5.00%, 6/1/2031 (b) | 6,770 | 7,136 |
Municipal Electric Authority of Georgia, Plant Vogtle Units 3 and 4 Project Series 2019B, Rev., 5.00%, 1/1/2059 | 5,000 | 5,008 |
Total Georgia | 22,304 | |
Idaho — 0.3% | ||
Boise State University General Project Series 2023A, Rev., 5.00%, 4/1/2048 | 1,595 | 1,700 |
Illinois — 6.0% | ||
Chicago Midway International Airport, Senior Lien | ||
Series 2023A, Rev., AMT, 5.75%, 1/1/2048 | 1,665 | 1,822 |
Series 2023A, Rev., AMT, 5.50%, 1/1/2053 | 2,195 | 2,347 |
Chicago O'Hare International Airport, General Airport, Senior Lien Series 2018B, Rev., 5.00%, 1/1/2053 | 3,000 | 3,074 |
City of Chicago, Waterworks, Second Lien Series 2023A, Rev., AGM, 5.25%, 11/1/2053 | 635 | 679 |
Cook County School District No. 99 Cicero, Limited Tax Series 2019B, GO, 5.00%, 12/1/2024 | 185 | 186 |
Illinois Finance Authority, Mercy Health System Rev., 5.00%, 12/1/2046 | 305 | 306 |
Illinois Finance Authority, University of Chicago Series 2024 A, Rev., 5.00%, 4/1/2032 | 7,485 | 8,329 |
Illinois Housing Development Authority Series 2024 A, Rev., GNMA/FNMA/FHLMC, 6.00%, 10/1/2054 | 1,000 | 1,072 |
Sales Tax Securitization Corp. | ||
Series 2018C, Rev., 5.00%, 1/1/2026 | 3,500 | 3,573 |
Series 2018C, Rev., 5.25%, 1/1/2043 | 1,500 | 1,560 |
State of Illinois | ||
Series 2017D, GO, 5.00%, 11/1/2024 | 325 | 326 |
Series 2024B, GO, 5.00%, 5/1/2025 | 2,000 | 2,020 |
Series 2024B, GO, 5.00%, 5/1/2026 | 1,500 | 1,532 |
Series 2022B, GO, 5.00%, 3/1/2033 | 6,000 | 6,519 |
Series 2021A, GO, 5.00%, 3/1/2036 | 3,250 | 3,485 |
GO, 4.00%, 6/1/2037 | 45 | 44 |
Series 2023B, GO, 4.50%, 5/1/2048 | 615 | 611 |
Village of Bolingbrook Series 2018A, GO, AGM, 5.00%, 1/1/2033 | 1,000 | 1,032 |
Total Illinois | 38,517 |
JPMorgan Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Municipal Bonds — continued | ||
Indiana — 0.7% | ||
Carmel Clay School Building Corp. Series 2021, Rev., 4.00%, 7/15/2028 | 2,055 | 2,103 |
City of Goshen, Multi-Family, Green Oaks of Goshen Project Series 2021A, Rev., 5.00%, 8/1/2041 (c) | 500 | 407 |
Greater Clark County School Building Corp. Series 2024A, Rev., 5.00%, 7/15/2036 | 1,000 | 1,115 |
Indiana Finance Authority, CHF- Tippecanoe LLC- Student Housing Project Series 2023A, Rev., 5.00%, 6/1/2053 | 900 | 905 |
Total Indiana | 4,530 | |
Louisiana — 3.8% | ||
Louisiana Local Government Environmental Facilities and Community Development Authority, American Biocarbon CT, LLC Project Series 2021, Rev., AMT, 4.00%, 6/25/2024 (b) | 2,000 | 1,999 |
Louisiana Public Facilities Authority, Lincoln Preparatory School Project Series 2021A, Rev., 5.25%, 6/1/2051 (c) | 1,140 | 927 |
Louisiana Public Facilities Authority, Mentorship Steam Academy Project Series 2021A, Rev., 5.00%, 6/1/2056 (c) | 740 | 588 |
Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project Series 2015, Rev., 5.00%, 5/15/2047 | 1,055 | 1,058 |
State of Louisiana Gasoline and Fuels Tax, Second Lien Series 2023A-1, Rev., VRDO, LOC : TD Bank NA, 2.15%, 6/1/2024 (b) | 20,000 | 20,000 |
Total Louisiana | 24,572 | |
Maryland — 1.1% | ||
Maryland Health and Higher Educational Facilities Authority, Medstar Health Issue Series 2017A, Rev., 5.00%, 5/15/2042 | 5,000 | 5,091 |
Maryland State Transportation Authority Series 2021 A, Rev., 5.00%, 7/1/2046 | 2,115 | 2,232 |
Total Maryland | 7,323 | |
Massachusetts — 1.6% | ||
City of Quincy | ||
Series 2023 B, GO, 5.00%, 12/15/2042 | 285 | 313 |
Series 2023 B, GO, 5.00%, 12/15/2043 | 250 | 274 |
Commonwealth of Massachusetts Transportation Fund, Enhancement Program Series 2015 A, Rev., 5.00%, 6/1/2028 | 1,010 | 1,022 |
Commonwealth of Massachusetts, Consolidated Loan of 2016 Series 2016J, GO, 4.00%, 12/1/2039 | 3,690 | 3,612 |
Massachusetts Port Authority, Bosfuel Project Series 2019 A, Rev., AMT, 5.00%, 7/1/2049 | 4,675 | 4,761 |
Total Massachusetts | 9,982 | |
Michigan — 2.3% | ||
City of Detroit, Unlimited Tax | ||
Series 2021A, GO, 4.00%, 4/1/2041 | 300 | 269 |
Series 2021A, GO, 4.00%, 4/1/2042 | 350 | 311 |
Great Lakes Water Authority Sewage Disposal System Series 2023A, Rev., 5.00%, 7/1/2037 | 1,875 | 2,099 |
Michigan Finance Authority, Henry Ford Health System | ||
Rev., 4.00%, 11/15/2046 | 480 | 430 |
Series 2019A, Rev., 4.00%, 11/15/2050 | 4,890 | 4,369 |
Michigan Finance Authority, Trinity Health Credit Group Series 2022B, Rev., 5.00%, 12/1/2028 (b) | 2,000 | 2,094 |
Michigan Strategic Fund, Graphic Packaging International, LLC Coated Recycled Board Machine Project Rev., AMT, 4.00%, 10/1/2026 (b) | 5,000 | 4,980 |
Total Michigan | 14,552 | |
Minnesota — 0.0% ^ | ||
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 Housing Finance Agency, Residential Housing Finance Series C, Rev., AMT, GNMA/FNMA/FHLMC, 4.00%, 1/1/2045 | 145 | 143 |
Total Minnesota | 168 | |
Mississippi — 0.2% | ||
Mississippi Development Bank, Special Obligation, Water and Sewer System Project Rev., AGM, 6.88%, 12/1/2040 | 1,000 | 1,003 |
JPMorgan Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Municipal Bonds — continued | ||
Missouri — 0.9% | ||
Health and Educational Facilities Authority of the State of Missouri, Lutheran Senior Services Projects | ||
Series 2019A, Rev., 5.00%, 2/1/2034 | 1,000 | 1,008 |
Series 2019A, Rev., 5.00%, 2/1/2042 | 1,000 | 986 |
Missouri Housing Development Commission, Single Family Mortgage, First Place Homeownership Loan Program Series B2, Rev., GNMA/FNMA/FHLMC, 4.00%, 11/1/2045 | 95 | 94 |
Missouri Housing Development Commission, Single Family, First Place Homeownership Loan Program Series 2024 A, Rev., GNMA/FNMA/FHLMC, 5.75%, 5/1/2055 | 1,000 | 1,067 |
Missouri State Environmental Improvement and Energy Resources Authority, Water Pollution Control and Drinking Water Series 2015 B, Rev., 5.00%, 7/1/2026 | 2,890 | 2,935 |
Total Missouri | 6,090 | |
Nebraska — 1.6% | ||
Central Plains Energy Project, Gas Project No. 3 | ||
Series A, Rev., 5.00%, 9/1/2035 | 1,500 | 1,571 |
Series 2017A, Rev., 5.00%, 9/1/2042 | 750 | 777 |
Central Plains Energy Project, Gas Project No. 5 Series 2022-1, Rev., 5.00%, 10/1/2029 (b) | 7,625 | 7,933 |
Total Nebraska | 10,281 | |
New Hampshire — 0.2% | ||
New Hampshire Business Finance Authority, University of Nevada Reno Project Series 2023A, Rev., 4.50%, 6/1/2053 | 1,075 | 1,055 |
New Jersey — 2.7% | ||
Borough of Dumont, County of Bergen GO, 4.00%, 5/1/2040 | 515 | 520 |
New Jersey Economic Development Authority, Biomedical Research Facilities Series 2016A, Rev., 5.00%, 7/15/2027 | 240 | 245 |
New Jersey Economic Development Authority, State House Project Series 2017B, Rev., 4.13%, 6/15/2039 | 2,800 | 2,806 |
New Jersey Housing and Mortgage Finance Agency, Single Family Housing Series 2018A, Rev., 4.50%, 10/1/2048 | 360 | 360 |
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Series A-1, Rev., 5.00%, 6/15/2027 | 2,670 | 2,734 |
New Jersey Transportation Trust Fund Authority, Transportation System Series 2008A, Rev., Zero Coupon, 12/15/2036 | 10,355 | 6,129 |
New Jersey Turnpike Authority Series 2017G, Rev., 4.00%, 1/1/2043 | 1,000 | 972 |
Tobacco Settlement Financing Corp. | ||
Series 2018A, Rev., 4.00%, 6/1/2037 | 1,000 | 991 |
Series 2018A, Rev., 5.00%, 6/1/2046 | 1,000 | 1,017 |
Series 2018A, Rev., 5.25%, 6/1/2046 | 1,500 | 1,545 |
Total New Jersey | 17,319 | |
New Mexico — 0.3% | ||
City of Farmington, San Juan Project Series 2010 B, Rev., 3.88%, 6/1/2029 (b) (e) | 1,550 | 1,540 |
New Mexico Mortgage Finance Authority, Single Family Mortgage Program Series B-1, Class I, Rev., AMT, GNMA/FNMA/FHLMC, 3.75%, 3/1/2048 | 210 | 207 |
Total New Mexico | 1,747 | |
New York — 14.8% | ||
Build NYC Resource Corp., Grand Concourse Academy Charter School Series 2022A, Rev., 5.00%, 7/1/2052 | 350 | 346 |
City of New York, Fiscal Year 2020 Series 2020D-1, GO, 4.00%, 3/1/2050 | 650 | 616 |
City of New York, Fiscal Year 2024 | ||
Series 2024D, GO, 5.00%, 4/1/2036 | 3,000 | 3,383 |
Series 2024D, GO, 5.00%, 4/1/2044 | 1,500 | 1,625 |
City of Oneida GO, BAN, 4.50%, 3/28/2025 | 7,300 | 7,349 |
Dutchess County Local Development Corp., Millbrook School Project Series 2021, Rev., 4.00%, 9/1/2051 | 1,030 | 920 |
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2024 Series 2024, Subseries AA-1, Rev., 5.25%, 6/15/2053 | 2,700 | 2,933 |
JPMorgan Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Municipal Bonds — continued | ||
New York — continued | ||
New York City Transitional Finance Authority Building Aid, Subordinate Series 2016S-1, Rev., 4.00%, 7/15/2040 | 410 | 396 |
New York City Transitional Finance Authority, Future Tax Secured Series 2018 B-1, Rev., 4.00%, 8/1/2042 | 1,250 | 1,211 |
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2019 Series 2019 A-1, Rev., 5.00%, 8/1/2040 | 5,000 | 5,212 |
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2022 Series 2022B, Subseries B-1, Rev., 4.00%, 8/1/2038 | 470 | 478 |
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2023 | ||
Series 2023, Subseries A-2, Rev., VRDO, LIQ : UBS AG, 2.15%, 6/1/2024 (b) | 12,000 | 12,000 |
Series 2023F, Subseries F-1, Rev., 4.00%, 2/1/2051 | 1,250 | 1,179 |
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2024 Series 2024F, Subseries F-1, Rev., 5.25%, 2/1/2053 | 1,000 | 1,086 |
New York Liberty Development Corp., Secured by Port Authority Series 1WTC-2021, Rev., 2.75%, 2/15/2044 | 1,900 | 1,383 |
New York Power Authority, Green Transmission Project | ||
Series 2023 A, Rev., AGM, 5.13%, 11/15/2058 | 5,000 | 5,401 |
Series 2023 A, Rev., AGM, 5.13%, 11/15/2063 | 4,000 | 4,304 |
New York State Dormitory Authority | ||
Series 2024A, Rev., 5.25%, 3/15/2052 | 3,270 | 3,555 |
Series 2020A, Rev., 4.00%, 7/1/2053 | 2,500 | 2,362 |
Series 2024A, Rev., 5.50%, 7/1/2054 | 2,350 | 2,638 |
New York State Dormitory Authority, Northwell Health Obligated Group Series 2022A, Rev., 5.00%, 5/1/2052 | 3,970 | 4,110 |
New York State Dormitory Authority, State Sales Tax Series 2018A, Rev., 5.00%, 3/15/2037 | 40 | 42 |
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 | 4,227 |
Series 2018, Rev., AMT, 5.00%, 1/1/2031 | 2,000 | 2,062 |
Rev., AMT, 5.00%, 1/1/2034 | 1,125 | 1,160 |
Series 2018, Rev., AMT, 4.00%, 1/1/2036 | 1,500 | 1,480 |
Rev., AMT, 4.38%, 10/1/2045 | 1,200 | 1,165 |
New York Transportation Development Corp., JFK International Airport New Terminal One Project Series 2023, Rev., AMT, AGM, 5.00%, 6/30/2049 | 2,800 | 2,874 |
Port Authority of New York and New Jersey, Consolidated | ||
Series 244, Rev., 5.00%, 7/15/2040 | 1,755 | 1,966 |
Series 242, Rev., AMT, 5.00%, 12/1/2044 | 4,500 | 4,703 |
Series 93, Rev., 6.13%, 6/1/2094 | 7,320 | 7,325 |
Triborough Bridge and Tunnel Authority Sales Tax, TBTA Capital Lockbox Series 2023A, Rev., 4.13%, 5/15/2053 | 2,250 | 2,152 |
Triborough Bridge and Tunnel Authority, Payroll Mobility Tax Series 2021A-1, Rev., 4.00%, 5/15/2046 | 1,000 | 961 |
Westchester County Local Development Corp., Purchase Senior Learning Community, Inc. Project Series 2021C-EFRB, Rev., 3.20%, 7/1/2024 (c) | 1,275 | 1,245 |
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 | 856 |
Westchester Tobacco Asset Securitization Corp., Tobacco Settlement Series B, Rev., 5.00%, 6/1/2025 | 130 | 132 |
Total New York | 94,837 | |
North Carolina — 0.3% | ||
County of Durham | ||
Series 2024 A, Rev., 5.00%, 6/1/2038 | 510 | 578 |
Series 2024 A, Rev., 5.00%, 6/1/2041 | 1,390 | 1,546 |
North Carolina Housing Finance Agency, Homeownership Series 37-A, Rev., AMT, 3.50%, 7/1/2039 | 55 | 54 |
Total North Carolina | 2,178 |
JPMorgan Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Municipal Bonds — continued | ||
Ohio — 4.1% | ||
Buckeye Tobacco Settlement Financing Authority | ||
Series 2020A-2, Rev., 5.00%, 6/1/2031 | 3,000 | 3,186 |
Series 2020B-2, Rev., 5.00%, 6/1/2055 | 4,465 | 3,995 |
Butler County Port Authority, Community First Solutions Series 2021A, Rev., 4.00%, 5/15/2046 | 250 | 218 |
City of Upper Arlington Nontax Series 2023, Rev., 5.25%, 12/1/2053 | 2,500 | 2,619 |
Cleveland Department of Public Utilities Division of Water, Second Lien Series 2017B, Rev., 5.00%, 1/1/2027 | 1,515 | 1,574 |
County of Allen, Hospital Facilities, Bon Secours Mercy Health, Inc. Series 2015A, Rev., 4.25%, 11/1/2045 | 2,000 | 1,962 |
County of Hardin, Economic Development Facilities Improvement, Ohio Northern University Rev., 5.25%, 5/1/2040 | 1,425 | 1,349 |
Jefferson County Port Authority, JSW Steel USA Ohio, Inc., Project Series 2023, Rev., 5.00%, 12/1/2028 (b) (c) | 2,655 | 2,683 |
Northeast Ohio Medical University Series 2021A, Rev., 3.00%, 12/1/2040 | 250 | 192 |
Ohio Air Quality Development Authority, Duke Energy Corp. Series 2022A, Rev., AMT, 4.25%, 6/1/2027 (b) | 2,575 | 2,564 |
Olmsted Falls City School District Series 2017A, GO, 4.00%, 12/1/2051 | 1,000 | 918 |
Port of Greater Cincinnati Development Authority, Duke Energy Convention Center Project Series 2024B, Rev., 5.00%, 12/1/2043 | 1,000 | 1,058 |
State of Ohio Series 2024 A, Rev., 5.25%, 8/15/2048 (e) | 1,000 | 1,082 |
University of Cincinnati Series 2024A, Rev., 5.25%, 6/1/2049 (e) | 2,500 | 2,704 |
Total Ohio | 26,104 | |
Oklahoma — 0.5% | ||
Oklahoma Development Finance Authority Health System, OU Medicine Project Series 2018 B, Rev., 5.50%, 8/15/2052 | 2,000 | 2,041 |
University of Oklahoma (The) Series 2024A, Rev., 5.00%, 7/1/2040 | 1,000 | 1,103 |
Total Oklahoma | 3,144 | |
Oregon — 1.0% | ||
City of Portland, Sewer System Series 2023 A, Rev., 5.00%, 12/1/2040 | 6,000 | 6,655 |
Pennsylvania — 6.7% | ||
Allegheny County Airport Authority, Pittsburgh International Airport Series 2023A, Rev., AMT, AGM, 5.50%, 1/1/2053 | 1,000 | 1,070 |
Chester County Industrial Development Authority, Longwood Gardens Project Series 2021, Rev., 4.00%, 12/1/2046 | 1,250 | 1,187 |
Commonwealth Financing Authority, Tobacco Master Settlement Payment Rev., 5.00%, 6/1/2029 | 110 | 115 |
DuBois Hospital Authority, Penn Highlands Healthcare Series 2018, Rev., 4.00%, 7/15/2048 | 1,200 | 1,068 |
General Authority of Southcentral Pennsylvania, Wellspan Health Obligated Group Series 2019E, Rev., VRDO, LIQ : US Bank NA, 2.20%, 6/1/2024 (b) | 10,000 | 10,000 |
Lancaster County Hospital Authority, Health Center, Masonic Villages Project | ||
Rev., 5.00%, 11/1/2036 | 510 | 513 |
Rev., 5.00%, 11/1/2037 | 250 | 252 |
Montgomery County Industrial Development Authority, Constellation Energy Generation Series 2023A, Rev., 4.10%, 4/3/2028 (b) | 5,000 | 5,056 |
Montgomery County Industrial Development Authority, Waverly Heights Ltd., Project Rev., 5.00%, 12/1/2044 | 350 | 351 |
Pennsylvania Economic Development Financing Authority, Junior Guaranteed, Capitol Region Parking System Series 2024 B, Rev., GTD, 4.25%, 1/1/2050 | 1,000 | 953 |
Pennsylvania Economic Development Financing Authority, The Penndot Major Bridges Rev., AMT, AGM, 5.00%, 12/31/2057 | 2,825 | 2,892 |
Pennsylvania Housing Finance Agency, Single Family Mortgage Series 2017-122, Rev., AMT, 4.00%, 10/1/2046 | 135 | 134 |
Pennsylvania Turnpike Commission Series 2023 B, Rev., VRDO, LOC : TD Bank NA, 2.87%, 6/12/2024 (b) | 10,000 | 10,000 |
Pennsylvania Turnpike Commission Oil Franchise Tax Series 2021B, Rev., 4.00%, 12/1/2051 | 10,000 | 9,121 |
Total Pennsylvania | 42,712 | |
Puerto Rico — 0.4% | ||
Puerto Rico Sales Tax Financing Corp. Sales Tax Series A-2, Rev., 4.78%, 7/1/2058 | 2,750 | 2,712 |
JPMorgan Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Municipal Bonds — continued | ||
Rhode Island — 0.2% | ||
Rhode Island Health and Educational Building Corp., Brynt University Issue Series 2024, Rev., 5.00%, 6/1/2036 | 1,425 | 1,585 |
South Carolina — 0.8% | ||
Horry County School District Series 2015A, GO, SCSDE, 4.00%, 3/1/2028 | 2,085 | 2,086 |
Patriots Energy Group Financing Agency Series 2023 Subseries B-1, Rev., 5.25%, 3/1/2031 (b) | 2,665 | 2,851 |
Total South Carolina | 4,937 | |
Tennessee — 4.1% | ||
City of Cleveland Series 2018B, GO, 4.00%, 6/1/2028 (d) | 410 | 420 |
Knox County Health Educational and Housing Facility Board, University of Tennessee Project Series 2024A-1, Rev., 5.50%, 7/1/2054 | 750 | 804 |
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 | 1,105 |
Metropolitan Government Nashville and Davidson County, Health and Educational Facilities Board, Belmont University Series 2023, Rev., 5.25%, 5/1/2048 | 1,250 | 1,328 |
Metropolitan Nashville Airport Authority (The) | ||
Series 2022B, Rev., AMT, 5.00%, 7/1/2052 | 1,975 | 2,026 |
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 | 4,500 | 4,676 |
Shelby County Health Educational and Housing Facilities Board, The Farms at Bailey Station Project | ||
Series 2019A, Rev., 5.75%, 10/1/2054 | 1,000 | 705 |
Series 2019A, Rev., 5.75%, 10/1/2059 | 1,500 | 1,038 |
Tennergy Corp., Gas Supply Series 2021 A, Rev., 4.00%, 9/1/2028 (b) | 10,110 | 10,021 |
Total Tennessee | 26,561 | |
Texas — 11.6% | ||
Aledo Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2048 | 2,000 | 2,118 |
Austin Independent School District Series 2024, GO, PSF-GTD, 5.00%, 8/1/2037 | 4,250 | 4,805 |
Birdville Independent School District, Unlimited Tax Series 2023A, GO, PSF-GTD, 5.00%, 2/15/2045 | 2,785 | 2,987 |
City of Houston Combined Utility System, First Lien Series 2024 A, Rev., 5.00%, 11/15/2025 | 2,500 | 2,553 |
City of Houston, Airport System, United Airlines, Inc., Terminal E Project Rev., AMT, 5.00%, 7/1/2029 | 2,500 | 2,500 |
City of Houston, Combined Utility System, Junior Lien Series 2002A, Rev., AGM, 5.75%, 12/1/2032 (d) | 2,500 | 2,976 |
Clifton Higher Education Finance Corp., Idea Public Schools Rev., 6.00%, 8/13/2024 | 1,250 | 1,255 |
Clifton Higher Education Finance Corp., Yes Prep Public School, Inc. Series 2023, Rev., PSF-GTD, 4.25%, 4/1/2048 | 1,000 | 969 |
County of Harris Series 2023A, GO, 5.00%, 9/15/2048 | 2,000 | 2,127 |
County of Harris, Unlimited Tax Series 2023A, GO, 4.25%, 9/15/2048 | 2,000 | 1,943 |
Crandall Independent School District, Unlimited Tax | ||
Series 2023, GO, PSF-GTD, 5.00%, 2/1/2048 | 1,000 | 1,066 |
Series 2023, GO, PSF-GTD, 5.00%, 8/15/2048 | 315 | 335 |
GO, PSF-GTD, 4.25%, 2/1/2053 | 500 | 484 |
GO, PSF-GTD, 5.25%, 2/1/2053 | 1,000 | 1,087 |
Series 2023, GO, PSF-GTD, 5.00%, 8/15/2053 | 1,000 | 1,055 |
Hutto Independent School District, Unlimited Tax Series 2023, GO, PSF-GTD, 5.00%, 8/1/2053 | 2,000 | 2,114 |
Johnson City Independent School District | ||
Series 2023, GO, PSF-GTD, 5.00%, 2/15/2047 | 1,915 | 2,049 |
Series 2023, GO, PSF-GTD, 4.13%, 2/15/2051 | 3,270 | 3,121 |
Series 2023, GO, PSF-GTD, 4.13%, 2/15/2052 | 3,405 | 3,235 |
Series 2023, GO, PSF-GTD, 4.13%, 2/15/2053 | 3,550 | 3,362 |
Kermit Independent School District, Unlimited Tax Series 2023, GO, PSF-GTD, 5.00%, 2/15/2053 | 4,000 | 4,227 |
JPMorgan Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Municipal Bonds — continued | ||
Texas — continued | ||
Lamar Consolidated Independent School District, Unlimited Tax Series 2023 A, GO, PSF-GTD, 5.00%, 2/15/2053 | 5,000 | 5,291 |
Laredo Independent School District Series 2024, GO, PSF-GTD, 5.00%, 8/1/2028 (e) | 2,350 | 2,489 |
Leander Independent School District, Unlimited Tax Series A, GO, PSF-GTD, Zero Coupon, 8/15/2035 | 3,020 | 1,795 |
Lewisville Independent School District, Unlimited Tax Series 2015, GO, 5.00%, 8/15/2024 | 150 | 150 |
Marshall Independent School District, Unlimited Tax Series 2023, GO, PSF-GTD, 4.00%, 2/15/2045 | 2,525 | 2,436 |
Melissa Independent School District, Unlimited Tax Series 2023, GO, PSF-GTD, 4.25%, 2/1/2053 | 2,225 | 2,138 |
Mount Vernon Independent School District, Unlimited Tax Series 2023, GO, PSF-GTD, 5.00%, 8/15/2048 | 3,500 | 3,633 |
Newark Higher Education Finance Corp., The Hughen Center, Inc. Series 2022A, Rev., PSF-GTD, 5.00%, 8/15/2047 | 250 | 261 |
North Texas Tollway Authority, Second Tier Rev., 4.00%, 1/1/2038 | 200 | 198 |
Permanent University Fund - Texas A&M University System Series 2015A, Rev., 5.50%, 7/1/2026 | 1,010 | 1,031 |
San Antonio Education Facilities Corp., University of The Incarnate Word Series 2021A, Rev., 4.00%, 4/1/2051 | 1,750 | 1,366 |
Texas A&M University Series 2024A, Rev., 5.00%, 5/15/2037 | 4,500 | 5,086 |
Texas Water Development Board Series 2023 A, Rev., 5.00%, 10/15/2058 | 2,000 | 2,106 |
Total Texas | 74,348 | |
Vermont — 0.1% | ||
Vermont Student Assistance Corp., Education Loan | ||
Series 2018A, Rev., AMT, 3.63%, 6/15/2029 | 280 | 273 |
Series 2018A, Rev., AMT, 3.75%, 6/15/2030 | 395 | 387 |
Series 2018A, Rev., AMT, 4.00%, 6/15/2031 | 145 | 143 |
Total Vermont | 803 | |
Virginia — 1.0% | ||
Halifax County Industrial Development Authority, Virginia Electric and Power Series 2010A, Rev., 3.80%, 5/28/2027 (b) | 1,435 | 1,425 |
Virginia Public Building Authority Series 2015A, Rev., 4.00%, 8/1/2031 | 5,000 | 4,922 |
Total Virginia | 6,347 | |
Washington — 0.6% | ||
Washington Health Care Facilities Authority, Seattle Cancer Care Alliance | ||
Rev., 4.00%, 12/1/2040 (c) | 860 | 817 |
Rev., 4.00%, 12/1/2048 (c) | 1,190 | 1,065 |
Washington State Housing Finance Commission, Rockwood Retirement Communities Project Series 2020A, Rev., 5.00%, 1/1/2041 (c) | 2,000 | 1,801 |
Total Washington | 3,683 | |
West Virginia — 0.3% | ||
West Virginia Hospital Finance Authority, West Virginia University Health System Obligation Series 2023A, Rev., 4.25%, 6/1/2047 | 2,000 | 1,930 |
Wisconsin — 5.7% | ||
Public Finance Authority, Acts Retirement Life Communities, Inc., Obligated Group Series 2020A, Rev., 5.00%, 11/15/2041 | 1,395 | 1,437 |
Public Finance Authority, ENO River Academy Project Series 2020A, Rev., 5.00%, 6/15/2054 (c) | 690 | 647 |
Public Finance Authority, Presbyterian Villages of Michigan Obligated Group Series 2020A, Rev., 4.75%, 11/15/2053 (c) | 2,740 | 2,015 |
Public Finance Authority, The Carmelite System, Inc., Obligated Group Rev., 5.00%, 1/1/2040 | 3,250 | 3,251 |
Public Finance Authority, The Franklin School of Innovation Rev., 5.00%, 1/1/2057 (c) | 1,500 | 1,228 |
Public Finance Authority, Triad Educational Services, Inc. | ||
Series 2021A, Rev., 4.00%, 6/15/2051 | 2,285 | 1,833 |
Rev., 5.25%, 6/15/2052 | 1,610 | 1,563 |
Rev., 5.38%, 6/15/2057 | 775 | 761 |
State of Wisconsin Series 2017 1, GO, 5.00%, 11/1/2027 | 1,250 | 1,306 |
JPMorgan Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Municipal Bonds — continued | ||
Wisconsin — continued | ||
University of Wisconsin Hospitals and Clinics Series 2018 C, Rev., VRDO, LIQ : BMO Harris Bank NA, 2.20%, 6/1/2024 (b) | 17,600 | 17,600 |
Wisconsin Health and Educational Facilities Authority, Forensic science and Protective Medicine Collaboration, Inc. Project Series 2024, Rev., 5.00%, 8/1/2027 (c) | 1,500 | 1,519 |
Wisconsin Health and Educational Facilities Authority, Oakwood Lutheran Senior Ministries Rev., 4.00%, 1/1/2047 | 2,000 | 1,371 |
Wisconsin Health and Educational Facilities Authority, Three Pillars Senior Living Communities Series 2021A, Rev., 4.00%, 8/15/2046 | 1,000 | 789 |
Wisconsin Housing and Economic Development Authority Home Ownership Series 2024 A, Rev., GNMA / FNMA / FHLMC, 6.00%, 9/1/2054 | 1,000 | 1,071 |
Wisconsin Housing and Economic Development Authority, Home Ownership Series B, Rev., 4.00%, 3/1/2048 | 290 | 288 |
Total Wisconsin | 36,679 | |
Wyoming — 0.1% | ||
University of Wyoming Series 2021C, Rev., AGM, 4.00%, 6/1/2041 | 600 | 581 |
Total Municipal Bonds (Cost $623,572) | 622,934 | |
SHARES (000) | ||
Short-Term Investments — 2.9% | ||
Investment Companies — 2.9% | ||
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 3.51% (f) (g) (Cost $18,574) | 18,575 | 18,577 |
Total Investments — 99.9% (Cost $642,146) | 641,511 | |
Other Assets Less Liabilities — 0.1% | 800 | |
NET ASSETS — 100.0% | 642,311 |
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 |
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 |
NATL | Insured by National Public Finance Guarantee Corp. |
PSF-GTD | Permanent School Fund Guaranteed |
RE | Reinsured |
Rev. | Revenue |
SCSDE | South Carolina School District Enhancement |
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. |
JPMorgan Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)(b) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of May 31, 2024. | |
(c) | Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. | |
(d) | Security is prerefunded or escrowed to maturity. | |
(e) | All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. | |
(f) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
(g) | The rate shown is the current yield as of May 31, 2024. |
Futures contracts outstanding as of May 31, 2024 (amounts in thousands, except number of contracts):
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) |
Long Contracts | |||||
U.S. Treasury 2 Year Note | 308 | 09/30/2024 | USD | 62,774 | 51 |
U.S. Treasury 5 Year Note | 108 | 09/30/2024 | USD | 11,443 | 15 |
66 | |||||
Short Contracts | |||||
U.S. Treasury 10 Year Ultra Note | (95 ) | 09/19/2024 | USD | (10,668 ) | 1 |
67 |
Abbreviations | |
USD | United States Dollar |
JPMorgan Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)(Dollar values in thousands)A. Valuation of Investments— Investments are valued in accordance with U.S. generally accepted accounting principles (“GAAP”) and the Fund's valuation policies set forth by, and under the supervision and responsibility of, the Board of Trustees of the Trust (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.
Under Section 2(a)(41) of the Investment Company Act of 1940, the Board is required to determine fair value for securities that do not have readily available market quotations. Under SEC Rule 2a-5 (Good Faith Determinations of Fair Value), the Board may designate the performance of these fair valuation determinations to a valuation designee. The Board has designated the Adviser as the “Valuation Designee” to perform fair valuation determinations for the Fund on behalf of the Board subject to appropriate oversight by the Board. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to help oversee and carry out the policies for the valuation of investments held in the Fund. The Adviser, as Valuation Designee, remains responsible for the valuation determinations.
This oversight by the AVC includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Board.
Fixed income instruments are valued based on prices received from approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”). The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.
Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s net asset values (“NAV”) per share as of the report date.
Futures contracts are generally valued on the basis of available market quotations.
Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.
The various inputs that are used in determining the valuation of the Fund's investments are summarized into the three broad levels listed below.
•
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 | $— | $622,934 | $— | $622,934 |
Short-Term Investments | ||||
Investment Companies | 18,577 | — | — | 18,577 |
Total Investments in Securities | $18,577 | $622,934 | $— | $641,511 |
JPMorgan Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF May 31, 2024 (Unaudited) (continued)(Dollar values in thousands)Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |
Appreciation in Other Financial Instruments | ||||
Futures Contracts | $67 | $— | $— | $67 |
B. Investment Transactions with Affiliates— The Fund invested in an Underlying Fund advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. The Fund assumes the issuer listed in the table below to be an affiliated issuer. The Underlying Fund's distributions may be reinvested into such Underlying Fund. Reinvestment amounts are included in the purchases at cost amounts in the table below.
For the period ended May 31, 2024 | |||||||||
Security Description | Value at February 29, 2024 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at May 31, 2024 | Shares at May 31, 2024 | Dividend Income | Capital Gain Distributions |
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 3.51% (a) (b) | $127,688 | $180,000 | $289,113 | $3 | $(1 ) | $18,577 | 18,575 | $550 | $— |
(a) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
(b) | The rate shown is the current yield as of May 31, 2024. |