JPMorgan Trust IV
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number
(Exact name of registrant as specified in charter)
277 Park Avenue
New York, NY 10172
(Address of principal executive offices) (Zip code)
Gregory S. Samuels
277 Park Avenue
New York, NY 10172
(Name and Address of Agent for Service)
Registrant's telephone number, including area code:
Date of reporting period:
Item 1. Report to Stockholders.
a.) The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1).
b.) A copy of the notice transmitted to shareholders in reliance on Rule 30e-3 under the 1940 Act that contains disclosures specified by paragraph (c)(3) of that rule is included in the Annual Report. Not Applicable. Notices do not incorporate disclosures from the shareholder reports.
SEMI-ANNUAL SHAREHOLDER REPORT | August 31, 2024 (Unaudited)
JPMorgan Institutional Tax Free Money Market Fund
Agency Shares/Ticker: JOAXX
SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Institutional Tax Free Money Market Fund for the period March 1, 2024 to August 31, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-766-7722 or by sending an e-mail request to global_liquidity_funds_services_us@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
| Fund (Class) |
Costs of a
$10,000 investment |
Costs paid as a percentage
of a $10,000 investment* |
JPMorgan Institutional Tax Free Money Market Fund
(Agency Shares) |
$13 |
0.26% |
| * |
This charge is annualized. |
| Fund net assets (000's) |
$1,960,939 |
| Total number of portfolio holdings |
$263 |
EFFECTIVE MATURITY
(% of total investments)
| 2–7 calendar days |
49.0 |
| 8–30 calendar days |
51.0 |
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
-
Prospectus
-
Financial information
-
Fund holdings
-
Proxy voting information
You can also request this information by contacting us at 1-800-766-7722.
SEMI-ANNUAL SHAREHOLDER REPORT | August 31, 2024 (Unaudited)
JPMorgan Institutional Tax Free Money Market Fund
Capital Shares/Ticker: JOCXX
SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Institutional Tax Free Money Market Fund for the period March 1, 2024 to August 31, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-766-7722 or by sending an e-mail request to global_liquidity_funds_services_us@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
| Fund (Class) |
Costs of a
$10,000 investment |
Costs paid as a percentage
of a $10,000 investment* |
JPMorgan Institutional Tax Free Money Market Fund
(Capital Shares) |
$9 |
0.18% |
| * |
This charge is annualized. |
| Fund net assets (000's) |
$1,960,939 |
| Total number of portfolio holdings |
$263 |
EFFECTIVE MATURITY
(% of total investments)
| 2–7 calendar days |
49.0 |
| 8–30 calendar days |
51.0 |
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
-
Prospectus
-
Financial information
-
Fund holdings
-
Proxy voting information
You can also request this information by contacting us at 1-800-766-7722.
SEMI-ANNUAL SHAREHOLDER REPORT | August 31, 2024 (Unaudited)
JPMorgan Institutional Tax Free Money Market Fund
SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Institutional Tax Free Money Market Fund for the period March 1, 2024 to August 31, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/jpmfpages/imshares. You can also request this information by contacting us at 1-800-766-7722 or by sending an e-mail request to global_liquidity_funds_services_us@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
| Fund (Class) |
Costs of a
$10,000 investment |
Costs paid as a percentage
of a $10,000 investment* |
JPMorgan Institutional Tax Free Money Market Fund
(IM Shares) |
$7 |
0.14% |
| * |
This charge is annualized. |
| Fund net assets (000's) |
$1,960,939 |
| Total number of portfolio holdings |
$263 |
EFFECTIVE MATURITY
(% of total investments)
| 2–7 calendar days |
49.0 |
| 8–30 calendar days |
51.0 |
Availability of Additional Information
At www.jpmorganfunds.com/jpmfpages/imshares, you can find additional information about the Fund, including the Fund’s:
-
Prospectus
-
Financial information
-
Fund holdings
-
Proxy voting information
You can also request this information by contacting us at 1-800-766-7722.
SEMI-ANNUAL SHAREHOLDER REPORT | August 31, 2024 (Unaudited)
JPMorgan Institutional Tax Free Money Market Fund
Institutional Class Shares/Ticker: JOFXX
SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Institutional Tax Free Money Market Fund for the period March 1, 2024 to August 31, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-766-7722 or by sending an e-mail request to global_liquidity_funds_services_us@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
| Fund (Class) |
Costs of a
$10,000 investment |
Costs paid as a percentage
of a $10,000 investment* |
JPMorgan Institutional Tax Free Money Market Fund
(Institutional Class Shares) |
$11 |
0.21% |
| * |
This charge is annualized. |
| Fund net assets (000's) |
$1,960,939 |
| Total number of portfolio holdings |
$263 |
EFFECTIVE MATURITY
(% of total investments)
| 2–7 calendar days |
49.0 |
| 8–30 calendar days |
51.0 |
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
-
Prospectus
-
Financial information
-
Fund holdings
-
Proxy voting information
You can also request this information by contacting us at 1-800-766-7722.
SEMI-ANNUAL SHAREHOLDER REPORT | August 31, 2024 (Unaudited)
JPMorgan Securities Lending Money Market Fund
Agency SL Shares/Ticker: VSLXX
SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Securities Lending Money Market Fund for the period March 1, 2024 to August 31, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-766-7722 or by sending an e-mail request to global_liquidity_funds_services_us@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
| Fund (Class) |
Costs of a
$10,000 investment |
Costs paid as a percentage
of a $10,000 investment* |
JPMorgan Securities Lending Money Market Fund
(Agency SL Shares) |
$3 |
0.06% |
| * |
This charge is annualized. |
| Fund net assets (000's) |
$653,156 |
| Total number of portfolio holdings |
$43 |
EFFECTIVE MATURITY
(% of total investments)
| 2–7 calendar days |
82.4 |
| 31–60 calendar days |
6.1 |
| 61–90 calendar days |
3.0 |
| 91–180 calendar days |
8.5 |
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
-
Prospectus
-
Financial information
-
Fund holdings
-
Proxy voting information
You can also request this information by contacting us at 1-800-766-7722.
SEMI-ANNUAL SHAREHOLDER REPORT | August 31, 2024 (Unaudited)
JPMorgan Ultra-Short Municipal Fund
Class A Shares/Ticker: USMSX
SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Ultra-Short Municipal Fund for the period March 1, 2024 to August 31, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
| Fund (Class) |
Costs of a
$10,000 investment |
Costs paid as a percentage
of a $10,000 investment* |
JPMorgan Ultra-Short Municipal Fund
(Class A Shares) |
$22 |
0.44% |
| * |
This charge is annualized. |
| Fund net assets (000's) |
$1,920,634 |
|
| Total number of portfolio holdings |
$1,684 |
|
| Portfolio turnover rate |
$41 |
% |
CREDIT QUALITY ALLOCATIONS
(% of Total Investments)
| (a) |
Amount rounds to less than 0.1%. |
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
-
Prospectus
-
Financial information
-
Fund holdings
-
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
SEMI-ANNUAL SHAREHOLDER REPORT | August 31, 2024 (Unaudited)
JPMorgan Ultra-Short Municipal Fund
Class I Shares/Ticker: USMTX
SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Ultra-Short Municipal Fund for the period March 1, 2024 to August 31, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
| Fund (Class) |
Costs of a
$10,000 investment |
Costs paid as a percentage
of a $10,000 investment* |
JPMorgan Ultra-Short Municipal Fund
(Class I Shares) |
$12 |
0.24% |
| * |
This charge is annualized. |
| Fund net assets (000's) |
$1,920,634 |
|
| Total number of portfolio holdings |
$1,684 |
|
| Portfolio turnover rate |
$41 |
% |
CREDIT QUALITY ALLOCATIONS
(% of Total Investments)
| (a) |
Amount rounds to less than 0.1%. |
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
-
Prospectus
-
Financial information
-
Fund holdings
-
Proxy voting information
You can also request this information by contacting us at 1-800-480-4111.
ITEM 2. CODE OF ETHICS.
Not applicable to a semi-annual report.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable to a semi-annual report.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable to a semi-annual report.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable to a semi-annual report.
ITEM 6. INVESTMENTS.
File Schedule I – Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth in Section 210.12-12 of Regulation S-X, unless the schedule is included as part of the report to shareholders filed under Item 1 of this Form.
Included in Item 1.
ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT
COMPANIES.
Semi-Annual Report
J.P. Morgan Money Market Funds
August 31, 2024 (Unaudited)
JPMorgan Prime Money Market Fund |
JPMorgan Institutional Tax Free Money Market Fund |
JPMorgan Securities Lending Money Market Fund |
JPMorgan Liquid Assets Money Market Fund |
JPMorgan U.S. Government Money Market Fund |
JPMorgan U.S. Treasury Plus Money Market Fund |
JPMorgan Federal Money Market Fund |
JPMorgan 100% U.S. Treasury Securities Money Market Fund |
JPMorgan Tax Free Money Market Fund |
JPMorgan Municipal Money Market Fund |
JPMorgan California Municipal Money Market Fund |
JPMorgan New York Municipal Money Market Fund |
CONTENTS
The following disclosure applies to the JPMorgan Liquid Assets Money Market Fund, JPMorgan Tax Free Money Market Fund, JPMorgan Municipal Money Market Fund, JPMorgan California Municipal Money Market Fund and JPMorgan New York Municipal Money Market Fund.
You could lose money by investing in a Fund. Although each Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. A Fund may impose a fee upon the sale of your shares. An investment in a Fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Funds’ sponsor is not required to reimburse a Fund for losses, and you should not expect that the sponsor will provide financial support to the Funds at any time, including during periods of market stress.
The following disclosure applies to the JPMorgan Prime Money Market Fund and JPMorgan Institutional Tax Free Money Market Fund.
You could lose money by investing in a Fund. Because the share price of each Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. A Fund generally must impose a fee when net sales of Fund shares exceed certain levels. An investment in a Fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Funds’ sponsor is not required to reimburse a Fund for losses, and you should not expect that the sponsor will provide financial support to the Funds at any time, including during periods of market stress.
Any gain resulting from the sale or exchange of Fund shares will be taxable as long-term or short-term gain, depending upon how long you have held your shares.
The following disclosure applies to the JPMorgan U.S. Government Money Market Fund, JPMorgan U.S. Treasury Plus Money Market Fund, JPMorgan Federal Money Market Fund, JPMorgan 100% U.S. Treasury Securities Money Market Fund and, effective September 3, 2024, JPMorgan Securities Lending Money Market Fund.
You could lose money by investing in a Fund. Although each Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in a Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Funds’ sponsor is not required to reimburse a Fund for losses, and you should not expect that the sponsor will provide financial support to the Funds at any time, including during periods of market stress.
Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of a Fund or the securities markets.
Prospective investors should refer to the Funds’ prospectuses for a discussion of the Funds’ investment objectives, strategies and risks. Call J.P. Morgan Funds Service Center at 1-800-480-4111 (retail investors) or 1-800-766-7722 (institutional investors) for a prospectus containing more complete information about a Fund, including management fees and other expenses. Please read it carefully before investing.
JPMorgan Prime Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2024 (Unaudited)
| |
|
|
Repurchase Agreements — 17.6% |
BMO Capital Markets Corp., 5.45%, dated 8/30/2024, due 9/3/2024, repurchase price $175,106, collateralized by Asset-Backed Securities, 0.00% - 12.96%, due 10/15/2027 - 9/15/2071, Collateralized Mortgage Obligations, 0.00% - 8.44%, due 9/25/2034 - 10/25/2063, Corporate Notes and Bonds, 0.75% - 9.00%, due 10/7/2024 - 8/15/2052, FHLMC, 0.13% - 4.50%, due 9/25/2025 - 8/25/2054, FNMA, 0.50% - 17.35%, due 10/25/2030 - 6/25/2057 , GNMA, 4.00% - 6.55%, due 6/20/2051 - 6/20/2064 and U.S. Treasury Securities, 0.00% - 2.38%, due 1/23/2025 - 8/15/2041, with a value of $188,718. |
|
|
BMO Capital Markets Corp., 5.42%, dated 8/30/2024, due 9/6/2024, repurchase price $80,084, collateralized by Asset-Backed Securities, 0.00% - 12.96%, due 6/25/2027 - 2/25/2067, Collateralized Mortgage Obligations, 0.00% - 9.16%, due 10/27/2024 - 7/25/2064, Corporate Notes and Bonds, 1.35% - 8.25%, due 12/2/2024 - 4/15/2034, FHLMC, 5.50%, due 7/25/2054, FNMA, 0.50% - 17.35%, due 3/25/2031 - 7/25/2054 , GNMA, 1.50% - 6.17%, due 7/20/2052 - 12/20/2071 and U.S. Treasury Securities, 0.25% - 2.00%, due 2/15/2025 - 1/15/2033, with a value of $86,453. |
|
|
BMO Capital Markets Corp., 5.42%, dated 8/30/2024, due 9/6/2024, repurchase price $80,084, collateralized by Asset-Backed Securities, 3.73% - 13.58%, due 6/25/2027 - 2/25/2067, Collateralized Mortgage Obligations, 0.00% - 8.27%, due 8/15/2032 - 7/25/2064, Corporate Notes and Bonds, 0.95% - 8.75%, due 10/1/2024 - 9/19/2049, FHLMC, 6.00%, due 8/15/2039, FNMA, 5.91% - 17.35%, due 6/25/2037 - 6/25/2042 and GNMA, 1.45% - 6.46%, due 3/20/2046 - 4/20/2072, with a value of $86,459. |
|
|
| |
|
|
| |
BNP Paribas SA, 5.40%, dated 8/30/2024, due 9/3/2024, repurchase price $1,600,960, collateralized by Asset-Backed Securities, 0.30% - 7.54%, due 8/15/2025 - 7/20/2049, Collateralized Mortgage Obligations, 0.18% - 10.25%, due 10/27/2024 - 8/25/2069, Corporate Notes and Bonds, 0.45% - 10.75%, due 9/10/2024 - 12/15/2086^^, FHLMC, 1.72% - 5.36%, due 1/25/2025 - 10/25/2036, FNMA, 4.25% - 11.05%, due 5/27/2042 - 5/25/2060 , Sovereign Government Securities, 0.50% - 7.50%, due 9/16/2024 - 1/15/2050 and U.S. Treasury Securities, 0.00% - 2.38%, due 1/15/2025 - 5/15/2044, with a value of $1,688,749. |
|
|
BNP Paribas SA, 5.46%, dated 8/30/2024, due 9/3/2024, repurchase price $100,061, collateralized by Asset-Backed Securities, 0.00% - 13.05%, due 12/25/2025 - 7/25/2066, Corporate Notes and Bonds, 0.00% - 13.00%, due 11/1/2024 - 1/27/2084^^, Sovereign Government Securities, 3.50%, due 7/9/2041 and U.S. Treasury Securities, 3.50% - 4.63%, due 9/15/2025 - 9/30/2028, with a value of $108,121. |
|
|
BNP Paribas SA, 5.67%, dated 8/30/2024, due 10/4/2024, repurchase price $713,914, collateralized by Asset-Backed Securities, 7.23% - 10.99%, due 5/15/2030 - 7/20/2037, Corporate Notes and Bonds, 2.31% - 15.70%, due 10/15/2024 - 12/1/2086^^, Sovereign Government Securities, 5.00% - 7.45%, due 1/9/2038 - 4/30/2044 and U.S. Treasury Securities, 5.21%, due 4/30/2025, with a value of $769,637. |
|
|
BofA Securities, Inc., 5.34%, dated 8/30/2024, due 9/3/2024, repurchase price $50,030, collateralized by Certificates of Deposit, 6.05%, due 9/11/2024 and Commercial Paper, 0.00% - 5.54%, due 9/5/2024 - 5/29/2025, with a value of $52,500. |
|
|
BofA Securities, Inc., 5.39%, dated 8/30/2024, due 9/3/2024, repurchase price $100,060, collateralized by Asset-Backed Securities, 2.44% - 10.30%, due 1/7/2030 - 8/26/2069, with a value of $106,000. |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
JPMorgan Prime Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2024 (Unaudited) (continued)
| |
|
|
Repurchase Agreements — continued |
BofA Securities, Inc., 5.39%, dated 8/30/2024, due 9/3/2024, repurchase price $120,072, collateralized by Corporate Notes and Bonds, 1.38% - 8.11%, due 12/13/2024 - 10/24/2067, with a value of $126,001. |
|
|
BofA Securities, Inc., 5.39%, dated 8/30/2024, due 9/4/2024, repurchase price $125,094, collateralized by Asset-Backed Securities, 1.03% - 10.89%, due 11/1/2028 - 8/26/2069, with a value of $132,500. |
|
|
BofA Securities, Inc., 5.39%, dated 8/30/2024, due 9/5/2024, repurchase price $50,045, collateralized by Corporate Notes and Bonds, 1.71% - 8.25%, due 9/15/2024 - 12/31/2079, with a value of $52,500. |
|
|
BofA Securities, Inc., 5.39%, dated 8/30/2024, due 9/6/2024, repurchase price $100,105, collateralized by Commercial Paper, 0.00%, due 9/6/2024 - 10/29/2024 and Corporate Notes and Bonds, 1.47% - 8.38%, due 11/1/2024 - 8/16/2077, with a value of $105,000. |
|
|
BofA Securities, Inc., 5.75%, dated 8/30/2024, due 12/3/2024, repurchase price $406,069, collateralized by Collateralized Mortgage Obligations, 0.00% - 15.03%, due 5/15/2025 - 12/25/2063, Commercial Paper, 5.58%, due 10/15/2024, FNMA, 2.35% - 15.46%, due 8/25/2033 - 11/25/2061 and Sovereign Government Securities, 3.88% - 9.50%, due 10/13/2024 - 7/15/2052, with a value of $431,988. |
|
|
Credit Agricole Corporate and Investment Bank SA, 5.42%, dated 8/30/2024, due 9/6/2024, repurchase price $250,263, collateralized by Asset-Backed Securities, 1.13% - 9.60%, due 5/25/2027 - 10/12/2038, Collateralized Mortgage Obligations, 3.91% - 7.45%, due 9/13/2032 - 3/16/2037, Commercial Paper, 0.00%, due 9/24/2024 - 11/22/2024, Corporate Notes and Bonds, 0.50% - 11.25%, due 10/25/2024 - 11/17/2058^^, GNMA, 7.50%, due 8/20/2054 and Sovereign Government Securities, 1.25% - 8.75%, due 1/7/2025 - 8/8/2054, with a value of $265,581. |
|
|
Fixed Income Clearing Corp., 5.32%, dated 8/30/2024, due 9/3/2024, repurchase price $3,001,773, collateralized by U.S. Treasury Securities, 0.38% - 4.13%, due 7/15/2025 - 8/15/2033, with a value of $3,060,000. |
|
|
| |
|
|
| |
Goldman Sachs & Co. LLC, 5.67%, dated 8/30/2024, due 10/29/2024, repurchase price $807,560, collateralized by Asset-Backed Securities, 2.32% - 11.33%, due 10/27/2031 - 10/15/2058, Corporate Notes and Bonds, 3.05% - 10.50%, due 10/1/2024 - 3/1/2050, FHLMC, 1.50% - 6.50%, due 2/1/2027 - 9/1/2054, FNMA, 1.50% - 8.00%, due 4/1/2026 - 6/25/2057 and GNMA, 3.50% - 6.50%, due 8/20/2040 - 2/20/2054, with a value of $816,991. |
|
|
Goldman Sachs & Co. LLC, 5.70%, dated 8/30/2024, due 10/29/2024, repurchase price $201,900, collateralized by Asset-Backed Securities, 2.45%, due 12/25/2066, FHLMC, 2.50%, due 10/1/2032 and FNMA, 3.50% - 5.50%, due 9/1/2038 - 9/1/2054, with a value of $204,003. |
|
|
HSBC Securities USA, Inc., 5.43%, dated 8/30/2024, due 9/3/2024, repurchase price $20,012, collateralized by Asset-Backed Securities, 2.65% - 6.25%, due 7/15/2037 - 4/20/2062 and Municipal Debt Securities, 7.50%, due 8/20/2040, with a value of $21,213. |
|
|
HSBC Securities USA, Inc., 5.43%, dated 8/30/2024, due 9/3/2024, repurchase price $175,106, collateralized by Corporate Notes and Bonds, 2.70% - 7.30%, due 9/1/2029 - 9/1/2054, FHLMC, 1.50% - 6.50%, due 12/1/2025 - 9/1/2054, FNMA, 1.50% - 7.50%, due 2/1/2026 - 6/1/2063, GNMA, 4.50% - 5.00%, due 12/20/2024 - 1/20/2030 and Sovereign Government Securities, 2.38%, due 10/17/2024, with a value of $183,842. |
|
|
ING Financial Markets LLC, 5.40%, dated 8/30/2024, due 9/3/2024, repurchase price $20,012, collateralized by Corporate Notes and Bonds, 4.63% - 5.00%, due 6/1/2025 - 8/2/2041, with a value of $21,013. |
|
|
ING Financial Markets LLC, 5.40%, dated 8/30/2024, due 9/3/2024, repurchase price $100,060, collateralized by Common Stocks, with a value of $108,065. |
|
|
ING Financial Markets LLC, 5.40%, dated 8/30/2024, due 9/3/2024, repurchase price $160,096, collateralized by Corporate Notes and Bonds, 1.16% - 7.50%, due 4/21/2025 - 8/12/2061 and Sovereign Government Securities, 3.77% - 5.65%, due 6/15/2045 - 5/24/2061, with a value of $169,308. |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
|
|
Repurchase Agreements — continued |
ING Financial Markets LLC, 5.40%, dated 8/30/2024, due 9/3/2024, repurchase price $200,120, collateralized by Common Stocks, with a value of $216,130. |
|
|
ING Financial Markets LLC, 5.60%, dated 8/30/2024, due 9/30/2024, repurchase price $251,206, collateralized by Common Stocks, with a value of $272,520. |
|
|
Mitsubishi UFJ Trust & Banking Corp., 5.45%, dated 8/30/2024, due 9/5/2024, repurchase price $1,000,908, collateralized by Corporate Notes and Bonds, 0.00% - 4.70%, due 1/15/2025 - 2/25/2032, with a value of $1,050,318. |
|
|
Pershing LLC, 5.72%, dated 8/30/2024, due 11/29/2024, repurchase price $152,169, collateralized by Corporate Notes and Bonds, 5.50% - 7.41%, due 12/15/2027 - 3/15/2038 and U.S. Treasury Securities, 0.00% - 4.88%, due 9/5/2024 - 8/15/2054, with a value of $155,487. |
|
|
RBC Capital Markets LLC, 5.43%, dated 8/30/2024, due 9/3/2024, repurchase price $350,211, collateralized by Commercial Paper, 0.00%, due 10/3/2024 - 10/28/2024, Corporate Notes and Bonds, 0.00% - 9.00%, due 12/15/2025 - 1/31/2032^^ and U.S. Treasury Securities, 0.13% - 1.63%, due 7/15/2026 - 10/15/2027, with a value of $359,423. |
|
|
Societe Generale SA, 5.39%, dated 8/30/2024, due 9/3/2024, repurchase price $250,150, collateralized by Collateralized Mortgage Obligations, 3.00%, due 1/18/2052, Corporate Notes and Bonds, 1.05% - 8.75%, due 10/1/2024 - 12/31/2079^^ and Sovereign Government Securities, 0.55% - 6.38%, due 10/26/2024 - 1/23/2046^^, with a value of $262,736. |
|
|
Societe Generale SA, 5.46%, dated 8/30/2024, due 9/3/2024, repurchase price $140,085, collateralized by Asset-Backed Securities, 5.86%, due 8/25/2036, Collateralized Mortgage Obligations, 3.35% - 11.59%, due 9/15/2034 - 1/17/2048, Corporate Notes and Bonds, 0.00% - 13.38%, due 1/15/2025 - 12/31/2079^^, FNMA, 10.60% - 11.10%, due 3/25/2042 - 3/25/2043 and Sovereign Government Securities, 2.78% - 11.88%, due 2/4/2025 - 7/23/2060^^, with a value of $150,987. |
|
|
| |
|
|
| |
Societe Generale SA, 5.47%, dated 8/30/2024, due 9/3/2024, repurchase price $475,289, collateralized by Asset-Backed Securities, 5.69% - 5.86%, due 8/25/2036 - 5/25/2037, Collateralized Mortgage Obligations, 3.35% - 11.59%, due 9/15/2034 - 1/17/2048, Corporate Notes and Bonds, 0.00% - 13.38%, due 9/16/2024 - 12/31/2079^^, FNMA, 10.85% - 11.10%, due 9/25/2042 - 3/25/2043 and Sovereign Government Securities, 2.78% - 9.88%, due 1/7/2025 - 9/23/2061^^, with a value of $512,841. |
|
|
Societe Generale SA, 5.40%, dated 8/30/2024, due 9/4/2024, repurchase price $400,300, collateralized by Collateralized Mortgage Obligations, 1.14% - 3.00%, due 1/10/2048 - 1/18/2052, Corporate Notes and Bonds, 1.13% - 8.75%, due 10/1/2024 - 7/17/2064^^ and Sovereign Government Securities, 0.75% - 5.88%, due 10/26/2024 - 1/23/2031^^, with a value of $420,467. |
|
|
Societe Generale SA, 5.40%, dated 8/30/2024, due 9/6/2024, repurchase price $215,226, collateralized by Collateralized Mortgage Obligations, 3.00% - 7.41%, due 11/19/2038 - 1/18/2052, Corporate Notes and Bonds, 0.00% - 8.75%, due 12/15/2024 - 10/31/2082^^ and Sovereign Government Securities, 0.55% - 6.38%, due 10/26/2024 - 5/14/2049^^, with a value of $226,008. |
|
|
Societe Generale SA, 5.70%, dated 8/30/2024, due 11/12/2024, repurchase price $510,917, collateralized by Asset-Backed Securities, 5.69% - 5.86%, due 8/25/2036 - 5/25/2037, Collateralized Mortgage Obligations, 3.35% - 11.59%, due 11/25/2035 - 8/25/2047, Corporate Notes and Bonds, 0.00% - 13.38%, due 2/26/2025 - 12/31/2079^^, FNMA, 11.10%, due 9/25/2042 and Sovereign Government Securities, 2.78% - 11.88%, due 1/7/2025 - 7/23/2060^^, with a value of $552,615. |
|
|
TD Securities USA LLC, 5.40%, dated 8/30/2024, due 9/3/2024, repurchase price $150,090, collateralized by Municipal Debt Securities, 5.00% - 7.43%, due 9/1/2031 - 7/1/2043, with a value of $157,596. |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
JPMorgan Prime Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2024 (Unaudited) (continued)
| |
|
|
Repurchase Agreements — continued |
TD Securities USA LLC, 5.42%, dated 8/30/2024, due 9/6/2024, repurchase price $600,632, collateralized by Asset-Backed Securities, 1.53% - 6.35%, due 3/16/2026 - 10/20/2052 and Corporate Notes and Bonds, 1.00% - 8.50%, due 9/15/2024 - 5/1/2067, with a value of $634,924. |
|
|
TD Securities USA LLC, 5.45%, dated 8/30/2024, due 9/6/2024, repurchase price $390,413, collateralized by Corporate Notes and Bonds, 2.88% - 12.88%, due 11/15/2024 - 2/15/2067, with a value of $423,050. |
|
|
TD Securities USA LLC, 5.67%, dated 8/30/2024, due 10/8/2024, repurchase price $226,382, collateralized by Corporate Notes and Bonds, 0.55% - 13.38%, due 4/1/2025 - 5/22/2054 and GNMA, 2.44% - 8.00%, due 10/15/2041 - 2/15/2065, with a value of $234,736. |
|
|
UBS Securities LLC, 5.50%, dated 8/30/2024, due 9/6/2024, repurchase price $400,428, collateralized by Certificates of Deposit, 2.65% - 5.40%, due 8/27/2025 - 2/16/2029, Corporate Notes and Bonds, 1.02% - 11.75%, due 9/14/2024 - 1/15/2084^^ and Sovereign Government Securities, 3.75%, due 9/12/2031, with a value of $424,247. |
|
|
Wells Fargo Securities LLC, 5.46%, dated 8/30/2024, due 9/3/2024, repurchase price $85,052, collateralized by Certificates of Deposit, 0.00% - 5.95%, due 3/11/2025 - 7/1/2027, with a value of $89,345. |
|
|
Wells Fargo Securities LLC, 5.77%, dated 8/30/2024, due 11/4/2024, repurchase price $55,582, collateralized by Sovereign Government Securities, 0.38% - 5.65%, due 7/18/2025 - 1/11/2053, with a value of $58,584. |
|
|
| |
|
|
| |
Wells Fargo Securities LLC, 5.77%, dated 8/30/2024, due 11/19/2024, repurchase price $40,519, collateralized by Sovereign Government Securities, 0.63% - 9.50%, due 10/21/2024 - 4/27/2046, with a value of $42,606. |
|
|
Wells Fargo Securities LLC, 5.77%, dated 8/30/2024, due 11/22/2024, repurchase price $228,029, collateralized by Certificates of Deposit, 0.00% - 5.68%, due 9/5/2024 - 1/21/2025 and Sovereign Government Securities, 0.00% - 6.38%, due 11/13/2024 - 9/23/2061, with a value of $239,583. |
|
|
Total Repurchase Agreements
(Cost $14,520,000) |
|
|
| |
| |
Alaska Housing Finance Corp., State Capital Project Series 2022A, Rev., VRDO, LOC : Barclays Bank plc, 5.35%, 9/9/2024 (a) |
|
|
| |
Iowa Student Loan Liquidity Corp., Student Loan Series 2023-1, Rev., VRDO, LOC : Royal Bank of Canada, 5.38%, 9/9/2024 (a) |
|
|
| |
Ecmc Group, Inc. Series 23-1, 5.46%, 9/9/2024 (a) |
|
|
Minnesota Housing Finance Agency, Residential Housing Finance Series 2024Q, Rev., VRDO, GNMA / FNMA / FHLMC, LIQ : State Street Bank & Trust Co., 5.35%, 9/9/2024 (a) |
|
|
| |
|
|
| |
New Hampshire Business Finance Authority, Hanwa Q Cells USA, Inc., Project Series 2024A, Rev., VRDO, LOC : Kookmin Bank, 5.54%, 9/9/2024 (a) (b) |
|
|
New Hampshire Business Finance Authority, University of Nevada Reno Project Series 2023, Rev., VRDO, LOC : Korea Development Bank, 5.41%, 9/9/2024 (a) (b) |
|
|
| |
|
|
| |
Pennsylvania Higher Education Assistance Agency Series 2024A, Rev., VRDO, LOC : Bank of America NA, 5.35%, 9/9/2024 (a) |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
|
|
Municipal Bonds — continued |
| |
North Texas Higher Education Authority, Inc. Series 2023-1, Rev., VRDO, LOC : Royal Bank of Canada, 5.38%, 9/9/2024 (a) |
|
|
State of Texas, Public Finance Authority Series 2024 A, GO, VRDO, LIQ : FHLB, 5.75%, 9/9/2024 (a) |
|
|
State of Texas, Veterans Series 2023A, GO, VRDO, LIQ : Texas State Comptroller, 5.40%, 9/9/2024 (a) |
|
|
| |
|
|
Total Municipal Bonds
(Cost $553,813) |
|
|
U.S. Government Agency Securities — 0.4% |
| |
|
|
| |
|
|
| |
|
|
Total U.S. Government Agency Securities
(Cost $313,391) |
|
|
| |
| |
Barclays Bank plc (United Kingdom)(OBFR + 0.20%), 5.52%, 9/3/2024 (b) (d)(Cost $170,000) |
|
|
Total Corporate Bonds
(Cost $170,000) |
|
|
Short Term Investments — 81.0% |
| |
Agricultural Bank of China Ltd. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Australia & New Zealand Banking Group Ltd. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Canadian Imperial Bank of Commerce 5.32%, 9/3/2024 |
|
|
China Construction Bank Corp. |
|
|
| |
|
|
| |
|
|
Credit Agricole Corporate and Investment Bank |
|
|
| |
|
|
| |
|
|
| |
Time Deposits — continued |
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Erste Group Bank AG 5.33%, 9/3/2024 |
|
|
First Abu Dhabi Bank USA NV |
|
|
| |
|
|
| |
|
|
Industrial & Commercial Bank of China Ltd. |
|
|
| |
|
|
| |
|
|
ING Bank NV (Netherlands) |
|
|
| |
|
|
| |
|
|
KBC Bank NV 5.33%, 9/3/2024 |
|
|
Mitsubishi UFJ Trust & Banking Corp. 5.34%, 9/3/2024 |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Skandinaviska Enskilda Banken AB |
|
|
| |
|
|
| |
|
|
Total Time Deposits
(Cost $22,852,489) |
|
|
| |
Antalis SA (France), 0.00%, 9/13/2024 (b) |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
JPMorgan Prime Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2024 (Unaudited) (continued)
| |
|
|
Short Term Investments — continued |
Commercial Paper — continued |
Atlantic Asset Securitization LLC |
|
|
| |
|
|
| |
|
|
| |
|
|
Australia & New Zealand Banking Group Ltd. (Australia) |
|
|
(SOFR + 0.17%), 5.50%, 9/3/2024 (b) (d) |
|
|
(SOFR + 0.20%), 5.53%, 9/3/2024 (b) (d) |
|
|
(SOFR + 0.25%), 5.58%, 9/3/2024 (b) (d) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Bank of China Ltd. (China) |
|
|
| |
|
|
| |
|
|
Bank of Montreal (Canada) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Bank of Nova Scotia (The) (Canada), (SOFR + 0.17%), 5.50%, 9/3/2024 (b) (d) |
|
|
Banque et Caisse d'Epargne de l'Etat (Luxembourg), 0.00%, 2/4/2025 |
|
|
Barclays Bank plc (United Kingdom) |
|
|
| |
|
|
| |
|
|
Barton Capital SA (France) |
|
|
(SOFR + 0.19%), 5.52%, 9/3/2024 (b) (d) |
|
|
| |
|
|
| |
|
|
Bedford Row Funding Corp. |
|
|
(SOFR + 0.16%), 5.49%, 9/3/2024 (b) (d) |
|
|
(SOFR + 0.22%), 5.55%, 9/3/2024 (b) (d) |
|
|
| |
|
|
| |
Commercial Paper — continued |
Bennington Stark Capital Co. LLC, (SOFR + 0.17%), 5.50%, 9/3/2024 (b) (d) |
|
|
| |
|
|
(SOFR + 0.20%), 5.53%, 9/3/2024 (d) |
|
|
| |
|
|
| |
|
|
| |
|
|
BNZ International Funding Ltd. (New Zealand) |
|
|
(SOFR + 0.14%), 5.48%, 9/3/2024 (b) (d) |
|
|
| |
|
|
BofA Securities, Inc., 0.00%, 9/13/2024 |
|
|
| |
|
|
| |
|
|
(SOFR + 0.15%), 5.48%, 9/3/2024 (b) (d) |
|
|
| |
|
|
Caisse d'Amortissement de la Dette Sociale (France) |
|
|
| |
|
|
| |
|
|
| |
|
|
Canadian Imperial Bank of Commerce (Canada) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Canadian Imperial Holdings, Inc. (Canada) |
|
|
| |
|
|
| |
|
|
Chesham Finance Ltd. (Cayman Islands) |
|
|
Series 2, 0.00%, 9/3/2024 (b) |
|
|
Series 4, (SOFR + 0.11%), 5.44%, 9/3/2024 (b) (d) |
|
|
China Construction Bank Corp. (China), 0.00%, 9/3/2024 (b) |
|
|
Citigroup Global Markets, Inc., 0.00%, 1/9/2025 (b) |
|
|
Commonwealth Bank of Australia (Australia) |
|
|
(SOFR + 0.17%), 5.50%, 9/3/2024 (b) (d) |
|
|
(SOFR + 0.25%), 5.58%, 9/3/2024 (b) (d) |
|
|
Cooperatieve Rabobank UA (Netherlands) |
|
|
| |
|
|
| |
|
|
Credit Agricole Corporate and Investment Bank (France), 0.00%, 9/3/2024 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
|
|
Short Term Investments — continued |
Commercial Paper — continued |
Credit Industriel et Commercial (France) |
|
|
| |
|
|
| |
|
|
| |
|
|
DBS Bank Ltd. (Singapore), 0.00%, 11/22/2024 (b) |
|
|
Dexia Credit Local (Belgium), 0.00%, 3/3/2025 (b) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Erste Finance Delaware LLC (Austria), 0.00%, 9/3/2024 (b) |
|
|
European Investment Bank (Luxembourg), 0.00%, 4/17/2025 |
|
|
Federation des Caisses Desjardins du Quebec (Canada) |
|
|
| |
|
|
| |
|
|
First Abu Dhabi Bank PJSC |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Glencove Funding LLC (Ireland), 0.00%, 10/10/2024 (b) |
|
|
| |
|
|
| |
|
|
| |
|
|
Industrial & Commercial Bank of China Ltd. (China), 0.00%, 9/3/2024 (b) |
|
|
ING US Funding LLC (Netherlands) |
|
|
| |
|
|
| |
|
|
(SOFR + 0.20%), 5.55%, 9/3/2024 (b) (d) |
|
|
(SOFR + 0.23%), 5.58%, 9/3/2024 (b) (d) |
|
|
(SOFR + 0.24%), 5.59%, 9/3/2024 (d) |
|
|
| |
|
|
| |
Commercial Paper — continued |
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Ionic Funding LLC Series IIIA, 0.00%, 10/8/2024 |
|
|
Kingdom of the Netherlands (Netherlands), 0.00%, 9/3/2024 (b) |
|
|
Korea Development Bank (The) (South Korea), 0.00%, 1/21/2025 |
|
|
Liberty Street Funding LLC |
|
|
| |
|
|
| |
|
|
| |
|
|
LMA-Americas LLC, 0.00%, 12/5/2024 (b) |
|
|
Macquarie Bank Ltd. (Australia) |
|
|
(SOFR + 0.18%), 5.53%, 9/3/2024 (b) (d) |
|
|
(SOFR + 0.18%), 5.53%, 9/3/2024 (b) (d) |
|
|
(SOFR + 0.19%), 5.54%, 9/3/2024 (b) (d) |
|
|
(SOFR + 0.23%), 5.58%, 9/3/2024 (b) (d) |
|
|
(SOFR + 0.25%), 5.60%, 9/3/2024 (b) (d) |
|
|
| |
|
|
National Australia Bank Ltd. (Australia) |
|
|
(SOFR + 0.16%), 5.49%, 9/3/2024 (b) (d) |
|
|
(SOFR + 0.20%), 5.53%, 9/3/2024 (b) (d) |
|
|
(SOFR + 0.25%), 5.58%, 9/3/2024 (b) (d) |
|
|
National Bank of Canada (Canada) |
|
|
(SOFR + 0.29%), 5.62%, 9/3/2024 (b) (d) |
|
|
| |
|
|
| |
|
|
| |
|
|
National Westminster Bank plc (United Kingdom) |
|
|
| |
|
|
| |
|
|
| |
|
|
Natixis SA (France), (SOFR + 0.13%), 5.46%, 9/3/2024 (d) |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
JPMorgan Prime Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2024 (Unaudited) (continued)
| |
|
|
Short Term Investments — continued |
Commercial Paper — continued |
NatWest Markets plc (United Kingdom)Series G, 0.00%, 9/4/2024 (b) |
|
|
Nieuw Amsterdam Receivables Corp. (Netherlands) |
|
|
| |
|
|
| |
|
|
Nordea Bank Abp (Finland) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
(SOFR + 0.16%), 5.51%, 9/3/2024 (b) (d) |
|
|
(SOFR + 0.21%), 5.56%, 9/3/2024 (b) (d) |
|
|
(SOFR + 0.26%), 5.61%, 9/3/2024 (b) (d) |
|
|
| |
|
|
Oversea-Chinese Banking Corp. Ltd. (Singapore) |
|
|
(SOFR + 0.14%), 5.47%, 9/3/2024 (b) (d) |
|
|
(SOFR + 0.16%), 5.49%, 9/3/2024 (b) (d) |
|
|
Procter & Gamble Co. (The) |
|
|
| |
|
|
| |
|
|
| |
|
|
Queensland Treasury Corp. (Australia), 0.00%, 1/16/2025 |
|
|
Royal Bank of Canada (Canada) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Santander UK plc (United Kingdom) |
|
|
| |
|
|
| |
|
|
Sheffield Receivables Co. LLC (United Kingdom), (SOFR + 0.18%), 5.51%, 9/3/2024 (b) (d) |
|
|
Skandinaviska Enskilda Banken AB (Sweden) |
|
|
(SOFR + 0.14%), 5.49%, 9/3/2024 (b) (d) |
|
|
(SOFR + 0.17%), 5.52%, 9/3/2024 (b) (d) |
|
|
(SOFR + 0.20%), 5.55%, 9/3/2024 (b) (d) |
|
|
(SOFR + 0.24%), 5.59%, 9/3/2024 (b) (d) |
|
|
(SOFR + 0.25%), 5.60%, 9/3/2024 (b) (d) |
|
|
| |
|
|
| |
|
|
| |
Commercial Paper — continued |
| |
|
|
| |
|
|
Societe Generale SA (France), 0.00%, 12/2/2024 (b) |
|
|
Standard Chartered Bank (United Kingdom), 0.00%, 2/10/2025 (b) |
|
|
| |
|
|
(SOFR + 0.19%), 5.52%, 9/3/2024 (b) (d) |
|
|
(SOFR + 0.19%), 5.52%, 9/3/2024 (b) (d) |
|
|
(SOFR + 0.22%), 5.55%, 9/3/2024 (b) (d) |
|
|
(SOFR + 0.25%), 5.58%, 9/3/2024 (b) (d) |
|
|
Sumitomo Mitsui Banking Corp. (Japan) |
|
|
(SOFR + 0.23%), 5.56%, 9/3/2024 (b) (d) |
|
|
(SOFR + 0.24%), 5.57%, 9/3/2024 (b) (d) |
|
|
Sumitomo Mitsui Trust Bank Ltd. (Japan), 0.00%, 1/24/2025 (b) |
|
|
Svenska Handelsbanken AB (Sweden) |
|
|
(SOFR + 0.19%), 5.54%, 9/3/2024 (b) (d) |
|
|
(SOFR + 0.19%), 5.54%, 9/3/2024 (b) (d) |
|
|
(SOFR + 0.25%), 5.60%, 9/3/2024 (b) (d) |
|
|
(SOFR + 0.25%), 5.60%, 9/3/2024 (b) (d) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Thunder Bay Funding LLC, (SOFR + 0.22%), 5.57%, 9/3/2024 (b) (d) |
|
|
Toronto-Dominion Bank (The) (Canada) |
|
|
(SOFR + 0.21%), 5.56%, 9/3/2024 (b) (d) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
TotalEnergies Capital SA (France), 0.00%, 9/9/2024 (b) |
|
|
Toyota Credit Canada, Inc. (Canada), 0.00%, 4/14/2025 |
|
|
Toyota Credit de Puerto Rico Corp. |
|
|
| |
|
|
| |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
|
|
Short Term Investments — continued |
Commercial Paper — continued |
Toyota Finance Australia Ltd. (Australia), 0.00%, 9/9/2024 |
|
|
Toyota Motor Credit Corp. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
(SOFR + 0.23%), 5.55%, 9/3/2024 (b) (d) |
|
|
| |
|
|
United Overseas Bank Ltd. (Singapore) |
|
|
(SOFR + 0.18%), 5.53%, 9/3/2024 (b) (d) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Versailles Commercial Paper LLC |
|
|
(SOFR + 0.19%), 5.52%, 9/3/2024 (b) (d) |
|
|
(SOFR + 0.23%), 5.56%, 9/3/2024 (b) (d) |
|
|
| |
|
|
Westpac Banking Corp. (Australia) |
|
|
| |
|
|
| |
|
|
Total Commercial Paper
(Cost $20,409,596) |
|
|
Certificates of Deposits — 24.0% |
ABN AMRO Bank NV (Netherlands) |
|
|
| |
|
|
| |
|
|
Agricultural Bank of China Ltd. (China) |
|
|
| |
|
|
| |
|
|
| |
|
|
(SOFR + 0.20%), 5.55%, 9/3/2024 (d) |
|
|
| |
|
|
Bank of Montreal (Canada) |
|
|
(SOFR + 0.20%), 5.53%, 9/3/2024 (d) |
|
|
| |
|
|
(SOFR + 0.18%), 5.54%, 9/3/2024 (d) |
|
|
(SOFR + 0.28%), 5.61%, 9/3/2024 (d) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
Certificates of Deposits — continued |
| |
|
|
| |
|
|
| |
|
|
Bank of Nova Scotia (The) (Canada) |
|
|
(SOFR + 0.55%), 5.88%, 9/3/2024 (d) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
(SOFR + 0.25%), 5.58%, 9/3/2024 (d) |
|
|
| |
|
|
| |
|
|
Canadian Imperial Bank of Commerce (Canada) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
China Construction Bank Corp. (China) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Cooperatieve Rabobank UA (Netherlands) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
JPMorgan Prime Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2024 (Unaudited) (continued)
| |
|
|
Short Term Investments — continued |
Certificates of Deposits — continued |
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Credit Agricole Corporate and Investment Bank |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Credit Industriel et Commercial (France) |
|
|
(SOFR + 0.22%), 5.55%, 9/3/2024 (d) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Industrial & Commercial Bank of China Ltd. (China) |
|
|
| |
|
|
| |
|
|
| |
|
|
ING Bank NV (Netherlands) , 5.25%, 10/21/2024 |
|
|
| |
|
|
| |
Certificates of Deposits — continued |
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Korea Development Bank (South Korea) (SOFR + 0.21%), 5.56%, 9/3/2024 (d) |
|
|
Mitsubishi UFJ Trust & Banking Corp. (Japan) |
|
|
(SOFR + 0.19%), 5.52%, 9/3/2024 (d) |
|
|
(SOFR + 0.18%), 5.53%, 9/3/2024 (d) |
|
|
(SOFR + 0.19%), 5.54%, 9/3/2024 (d) |
|
|
(SOFR + 0.19%), 5.54%, 9/3/2024 (d) |
|
|
(SOFR + 0.21%), 5.54%, 9/3/2024 (d) |
|
|
(SOFR + 0.22%), 5.55%, 9/3/2024 (d) |
|
|
(SOFR + 0.25%), 5.58%, 9/3/2024 (d) |
|
|
(SOFR + 0.25%), 5.58%, 9/3/2024 (d) |
|
|
(SOFR + 0.25%), 5.58%, 9/3/2024 (d) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
(SOFR + 0.19%), 5.54%, 9/3/2024 (d) |
|
|
(SOFR + 0.23%), 5.56%, 9/3/2024 (d) |
|
|
(SOFR + 0.23%), 5.58%, 9/3/2024 (d) |
|
|
(SOFR + 0.25%), 5.60%, 9/3/2024 (d) |
|
|
(SOFR + 0.25%), 5.60%, 9/3/2024 (d) |
|
|
(SOFR + 0.25%), 5.60%, 9/3/2024 (d) |
|
|
| |
|
|
| |
|
|
(SOFR + 0.17%), 5.52%, 9/3/2024 (d) |
|
|
(SOFR + 0.17%), 5.52%, 9/3/2024 (d) |
|
|
(SOFR + 0.19%), 5.54%, 9/3/2024 (d) |
|
|
| |
|
|
National Australia Bank Ltd. (Australia) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
(SOFR + 0.18%), 5.51%, 9/3/2024 (d) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
|
|
Short Term Investments — continued |
Certificates of Deposits — continued |
| |
|
|
| |
|
|
Nordea Bank Abp (Finland) |
|
|
(SOFR + 0.20%), 5.53%, 9/3/2024 (d) |
|
|
(SOFR + 0.20%), 5.53%, 9/3/2024 (d) |
|
|
(SOFR + 0.20%), 5.53%, 9/3/2024 (d) |
|
|
(SOFR + 0.20%), 5.53%, 9/3/2024 (d) |
|
|
Norinchukin Bank (The) (Japan) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Oversea-Chinese Banking Corp. Ltd. (Singapore) |
|
|
(SOFR + 0.16%), 5.51%, 9/3/2024 (d) |
|
|
(SOFR + 0.19%), 5.52%, 9/3/2024 (d) |
|
|
(SOFR + 0.20%), 5.55%, 9/3/2024 (d) |
|
|
Royal Bank of Canada (Canada) (SOFR + 0.27%), 5.60%, 9/3/2024 (d) |
|
|
Skandinaviska Enskilda Banken AB (Sweden) |
|
|
(SOFR + 0.14%), 5.49%, 9/3/2024 (d) |
|
|
(SOFR + 0.17%), 5.52%, 9/3/2024 (d) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Standard Chartered Bank (United Kingdom) |
|
|
(SOFR + 0.25%), 5.60%, 9/3/2024 (d) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Sumitomo Mitsui Banking Corp. (Japan) |
|
|
(SOFR + 0.19%), 5.52%, 9/3/2024 (d) |
|
|
(SOFR + 0.19%), 5.52%, 9/3/2024 (d) |
|
|
(SOFR + 0.25%), 5.58%, 9/3/2024 (d) |
|
|
(SOFR + 0.25%), 5.58%, 9/3/2024 (d) |
|
|
Sumitomo Mitsui Trust Bank Ltd. (Japan) |
|
|
(SOFR + 0.15%), 5.48%, 9/3/2024 (d) |
|
|
(SOFR + 0.16%), 5.49%, 9/3/2024 (d) |
|
|
(SOFR + 0.19%), 5.52%, 9/3/2024 (d) |
|
|
(SOFR + 0.19%), 5.52%, 9/3/2024 (d) |
|
|
| |
|
|
| |
Certificates of Deposits — continued |
(SOFR + 0.23%), 5.56%, 9/3/2024 (d) |
|
|
(SOFR + 0.15%), 5.53%, 9/4/2024 (d) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Svenska Handelsbanken AB (Sweden) |
|
|
| |
|
|
| |
|
|
| |
|
|
Toronto-Dominion Bank (The) (Canada) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Wells Fargo Bank NA (SOFR + 0.60%), 5.93%, 9/3/2024 (d) |
|
|
| |
|
|
| |
|
|
| |
|
|
Total Certificates of Deposit
(Cost $19,796,397) |
|
|
U.S. Treasury Obligations — 4.4% |
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Total U.S. Treasury Obligations
(Cost $3,636,265) |
|
|
Total Short Term Investments
(Cost $66,694,747) |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
JPMorgan Prime Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2024 (Unaudited) (continued)
| |
|
|
Total Investments — 99.9%
(Cost $82,251,951) |
|
|
Other Assets Less Liabilities — 0.1% |
|
|
| |
|
|
Percentages indicated are based on net assets. |
| |
|
| |
|
| |
|
| |
Federal Home Loan Mortgage Corp. |
| |
Federal National Mortgage Association |
| |
Government National Mortgage Association |
| |
|
| |
|
| |
|
| |
Overnight Bank Funding Rate |
| |
Public Joint Stock Company |
| |
|
| |
Secured Overnight Financing Rate |
| |
Variable Rate Demand Obligation |
| |
The date shown represents the earliest of the next put date, next demand date or final maturity date. |
| |
Certain securities are perpetual and thus, do not have predetermined maturity dates. The coupon rates for these securities are fixed for a period of time and may be structured to adjust thereafter. The coupon rates shown are the rates in effect as of August 31, 2024. |
|
| |
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 August 31, 2024. |
|
| |
Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. |
|
| |
The rate shown is the effective yield as of August 31, 2024. |
|
| |
Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of August 31, 2024. |
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
JPMorgan Institutional Tax Free Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2024 (Unaudited)
| |
|
|
| |
| |
Tender Option Bond Trust Receipts/Certificates Series 2023-YX1319, Rev., VRDO, LOC : Barclays Bank plc, 2.96%, 9/9/2024 (a) (b) |
|
|
| |
Alaska Housing Finance Corp., Home Mortgage |
|
|
Series 2009A, Rev., VRDO, LIQ : FHLB, 2.85%, 9/9/2024 (b) |
|
|
Series 2009 B, Rev., VRDO, LIQ : FHLB, 2.90%, 9/9/2024 (b) |
|
|
Series 2007A, Rev., VRDO, LIQ : FHLB, 2.85%, 9/12/2024 (b) |
|
|
City of Valdez, Exxon Pipeline Co. Project |
|
|
Series 1993-B, Rev., VRDO, 3.90%, 9/3/2024 (b) |
|
|
Series 1993-C, Rev., VRDO, 3.90%, 9/3/2024 (b) |
|
|
Tender Option Bond Trust Receipts/Certificates Series 2023-XG0518, Rev., VRDO, LIQ : Royal Bank of Canada, 2.96%, 9/9/2024 (a) (b) |
|
|
| |
|
|
| |
Arizona Industrial Development Authority, 67 Flats Project Series 2023A, Rev., VRDO, LOC : Barclays Bank plc, 2.97%, 9/9/2024 (b) |
|
|
Arizona Industrial Development Authority, Juniper Square Project Series 2023A, Rev., VRDO, LOC : Barclays Bank plc, 2.97%, 9/9/2024 (b) |
|
|
Arizona Industrial Development Authority, Phoenix Children's Hospital Series 2019 A, Rev., VRDO, LOC : TD Bank NA, 3.80%, 9/3/2024 (b) |
|
|
Deutsche Bank Spears Series DB-8141, Rev., VRDO, LIQ : Deutsche Bank AG, Zero Coupon, 9/9/2024 (a) (b) |
|
|
Salt River Pima-Maricopa Indian Community, Rev., VRDO, LOC : Bank of America NA, 2.99%, 9/9/2024 (b) |
|
|
Tender Option Bond Trust Receipts/Certificates |
|
|
Series 2024-XG0580, Rev., VRDO, GNMA / FNMA / FHLMC, LIQ : Barclays Bank plc, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2023-BAML6007, Rev., VRDO, LOC : Bank of America NA, 3.07%, 9/9/2024 (a) (b) |
|
|
| |
|
|
| |
|
|
| |
| |
Metropolitan Water District of Southern California Series 2024B-1, Rev., VRDO, LIQ : Bank of America NA, 2.40%, 9/9/2024 (b) |
|
|
San Francisco City and County Airport Comm-San Francisco International Airport Series 2018C, Rev., VRDO, LOC : Sumitomo Mitsui Banking Corp., 1.97%, 9/9/2024 (b) |
|
|
Southern California Public Power Authority, Magnolia Power Project Series 2020-3, Rev., VRDO, LIQ : Bank of America NA, 3.95%, 9/3/2024 (b) |
|
|
Tender Option Bond Trust Receipts/Certificates |
|
|
Series 2022-XF3030, Rev., VRDO, LOC : Barclays Bank plc, 4.10%, 9/3/2024 (a) (b) |
|
|
Series 2023-ZF3175, Rev., VRDO, LIQ : Morgan Stanley Bank NA, 2.93%, 9/9/2024 (a) (b) |
|
|
Series 2022-XX1237, GO, VRDO, LIQ : Barclays Bank plc, 2.94%, 9/9/2024 (a) (b) |
|
|
Series 2022-XX1239, GO, VRDO, LIQ : Barclays Bank plc, 2.94%, 9/9/2024 (a) (b) |
|
|
Series 2022-XF3025, Rev., VRDO, LIQ : Morgan Stanley Bank NA, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2022-XG0372, COP, VRDO, LIQ : Wells Fargo Bank NA, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2022-XM1064, Rev., VRDO, LIQ : Morgan Stanley Bank NA, 2.95%, 9/9/2024 (a) (b) |
|
|
| |
|
|
| |
City of Colorado Springs, Utilities System Improvement Series 2009C, Rev., VRDO, LIQ : Sumitomo Mitsui Banking Corp., 2.90%, 9/9/2024 (b) |
|
|
Colorado Housing and Finance Authority, Multi-Family Mortgage Series 2009A-1, Class 1, Rev., VRDO, LIQ : FHLB, 2.93%, 9/9/2024 (b) |
|
|
RIB Floater Trust Various States Series 2022-038, COP, VRDO, LIQ : Barclays Bank plc, 3.95%, 9/3/2024 (a) (b) |
|
|
Tender Option Bond Trust Receipts/Certificates |
|
|
Series 2022-XG0420, Rev., VRDO, LIQ : Wells Fargo Bank NA, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2023-XF1619, Rev., VRDO, LIQ : Royal Bank of Canada, 2.95%, 9/9/2024 (a) (b) |
|
|
University of Colorado, Hospital Authority Series 2018C, Rev., VRDO, LIQ : TD Bank NA, 3.80%, 9/3/2024 (b) |
|
|
| |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
JPMorgan Institutional Tax Free Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2024 (Unaudited) (continued)
| |
|
|
Municipal Bonds — continued |
| |
Connecticut Housing Finance Authority, Housing Mortgage Finance Program |
|
|
Series 2022, Subseries E-2, Rev., VRDO, GNMA / FNMA / FHLMC COLL, LOC : Sumitomo Mitsui Banking Corp., 2.90%, 9/9/2024 (b) |
|
|
Subseries 2020A-3, Rev., VRDO, LIQ : Sumitomo Mitsui Banking Corp., 2.90%, 9/9/2024 (b) |
|
|
Series 2019 F-2, Rev., VRDO, LIQ : State Street Bank & Trust Co., 2.92%, 9/9/2024 (b) |
|
|
Tender Option Bond Trust Receipts/Certificates Series 2022-YX1255, Rev., VRDO, LIQ : Barclays Bank plc, 2.95%, 9/9/2024 (a) (b) |
|
|
| |
|
|
| |
University of Delaware Series 2004 B, Rev., VRDO, LIQ : Bank of America NA, 3.90%, 9/3/2024 (b) |
|
|
District of Columbia — 0.2% |
Tender Option Bond Trust Receipts/Certificates |
|
|
Series 2022-YX1195, Rev., VRDO, LIQ : Barclays Bank plc, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2023-ZL0506, Rev., VRDO, LIQ : Wells Fargo Bank NA, 2.95%, 9/9/2024 (a) (b) |
|
|
| |
|
|
| |
County of Escambia, Gulf Power Co., Project Series R, Rev., VRDO, 3.15%, 9/9/2024 (b) |
|
|
County of Miami-Dade, Professional Sports Franchise Series 2009 E, Rev., VRDO, LOC : TD Bank NA, 2.90%, 9/9/2024 (b) |
|
|
County of St. Lucie, Power and Light Co., Project, Rev., VRDO, 3.15%, 9/3/2024 (b) |
|
|
Florida Housing Finance Corp., Autumn Place Apartments Series 2008-K-1, Rev., VRDO, LOC : Truist Bank, 3.05%, 9/9/2024 (b) |
|
|
Highlands County Health Facilities Authority, Adventist Health System Series 2012I-3, Rev., VRDO, 2.90%, 9/9/2024 (b) |
|
|
Tender Option Bond Trust Receipts/Certificates |
|
|
Series 2024-XF3223, Rev., VRDO, LOC : Barclays Bank plc, 4.10%, 9/3/2024 (a) (b) |
|
|
Series 2021-XG0345, Rev., VRDO, LIQ : Wells Fargo Bank NA, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2022-XL0324, Rev., VRDO, LIQ : Royal Bank of Canada, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2023-XF3080, Rev., VRDO, LOC : Barclays Bank plc, 2.95%, 9/9/2024 (a) (b) |
|
|
| |
|
|
| |
| |
Series 2023-ZL0485, Rev., VRDO, LIQ : Wells Fargo Bank NA, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2024 XL0551, Rev., VRDO, LIQ : Bank of America NA, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2023-XF1666, Rev., VRDO, LIQ : Toronto-Dominion Bank, 2.97%, 9/9/2024 (a) (b) |
|
|
Series 2024-BAML6018, Rev., VRDO, LOC : Bank of America NA, 3.04%, 9/9/2024 (a) (b) |
|
|
| |
|
|
| |
Development Authority of Gwinnett County, Goodwill North Georgia, Inc. Project Series 2009, Rev., VRDO, LOC : Truist Bank, 3.03%, 9/9/2024 (b) |
|
|
Development Authority of Monroe County (The), Gulf Power Co. Project Series 2002-1, Rev., VRDO, 3.15%, 9/9/2024 (b) |
|
|
Tender Option Bond Trust Receipts/Certificates Series 2024-XF3232, Rev., VRDO, LOC : Barclays Bank plc, 4.10%, 9/3/2024 (a) (b) |
|
|
| |
|
|
| |
Illinois Finance Authority, Northwestern Memorial Healthcare |
|
|
Series 2021B, Rev., VRDO, LIQ : Royal Bank of Canada, 3.85%, 9/3/2024 (b) |
|
|
Series 2021D, Rev., VRDO, 2.90%, 9/9/2024 (b) |
|
|
Illinois Finance Authority, The University of Chicago Medical Center Series 2009E-1, Rev., VRDO, LOC : Sumitomo Mitsui Banking Corp., 2.94%, 9/9/2024 (b) |
|
|
Illinois Housing Development Authority, Multi-Family Series 2024A, Rev., VRDO, FHA, LIQ : FHLB, 2.93%, 9/9/2024 (b) |
|
|
Joliet Regional Port District, ExxonMobil Project, Rev., VRDO, 3.90%, 9/3/2024 (b) |
|
|
Tender Option Bond Trust Receipts/Certificates |
|
|
Series 2023-YX1326, Rev., VRDO, LOC : Barclays Bank plc, 2.96%, 9/9/2024 (a) (b) |
|
|
Series 2017-XG0108, Rev., VRDO, LOC : Barclays Bank plc, 3.00%, 9/9/2024 (a) (b) |
|
|
| |
|
|
| |
Indiana Finance Authority, Parkview Health System, Inc. Series 2009D, Rev., VRDO, LOC : TD Bank NA, 3.80%, 9/3/2024 (b) |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
|
|
Municipal Bonds — continued |
| |
Iowa Finance Authority, CJ Bio America, Inc., Project, Rev., VRDO, LOC : Korea Development Bank, 3.09%, 9/9/2024 (a) (b) |
|
|
Iowa Finance Authority, Single Family Mortgage Series 2016B, Rev., AMT, VRDO, GNMA / FNMA / FHLMC, LIQ : FHLB, 2.90%, 9/9/2024 (b) |
|
|
Tender Option Bond Trust Receipts/Certificates |
|
|
Series 2022-YX1196, Rev., VRDO, FNMA COLL, LIQ : Barclays Bank plc, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2023-XG0522, Rev., VRDO, GNMA / FNMA / FHLMC COLL, LIQ : Royal Bank of Canada, 2.95%, 9/9/2024 (a) (b) |
|
|
| |
|
|
| |
University of Kansas Hospital Authority, Health System, Rev., VRDO, LOC : US Bank NA, 3.90%, 9/3/2024 (b) |
|
|
| |
Tender Option Bond Trust Receipts/Certificates Series 2024-XG0578, Rev., VRDO, GNMA / FNMA / FHLMC, LIQ : Bank of America NA, 2.95%, 9/9/2024 (a) (b) |
|
|
| |
East Baton Rouge Parish Industrial Development Board, Inc., ExxonMobil Project, Gulf Opportunity Zone |
|
|
Series 2010, Rev., VRDO, 3.92%, 9/3/2024 (b) |
|
|
Series 2010B, Rev., VRDO, 3.92%, 9/3/2024 (b) |
|
|
Louisiana Public Facilities Authority Multifamily, Linlake Ventures Project Series 2006, Rev., VRDO, LIQ : FHLMC, 3.00%, 9/9/2024 (b) |
|
|
State of Louisiana Gasoline and Fuels Tax, Second Lien Series 2023A-1, Rev., VRDO, LOC : TD Bank NA, 3.80%, 9/3/2024 (b) |
|
|
| |
|
|
| |
Maryland Economic Development Corp. Howard Hughes Medical Institute Series 2008B, Rev., VRDO, 2.83%, 9/9/2024 (b) |
|
|
Maryland Health and Higher Educational Facilities Authority, The Johns Hopkins Health System |
|
|
Series 2024A, Rev., VRDO, LOC : TD Bank NA, 3.80%, 9/3/2024 (b) |
|
|
| |
|
|
| |
| |
Series 2024 C, Rev., VRDO, 2.88%, 9/9/2024 (b) |
|
|
Tender Option Bond Trust Receipts/Certificates Series 2023-XF3152, Rev., VRDO, LOC : Barclays Bank plc, 2.96%, 9/9/2024 (a) (b) |
|
|
| |
|
|
| |
Massachusetts Health and Educational Facilities Authority, Museum of Fine Arts Issue Series 2007 A-1, Rev., VRDO, LIQ : Bank of America NA, 4.01%, 9/3/2024 (b) |
|
|
Tender Option Bond Trust Receipts/Certificates Series 2024-XG0582, Rev., VRDO, LIQ : Bank of America NA, 2.95%, 9/9/2024 (a) (b) |
|
|
| |
|
|
| |
RIB Floater Trust Various States |
|
|
Series 2022-046, Rev., VRDO, LOC : Barclays Bank plc, 3.95%, 9/3/2024 (a) (b) |
|
|
Series 2022-048, Rev., VRDO, LIQ : Barclays Bank plc, 3.95%, 9/3/2024 (a) (b) |
|
|
Tender Option Bond Trust Receipts/Certificates |
|
|
Series 2022-XX1259, Rev., VRDO, LIQ : Barclays Bank plc, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2023-XF1667, Rev., VRDO, LOC : Royal Bank of Canada, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2023-XF3143, Rev., VRDO, LIQ : Wells Fargo Bank NA, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2023-XF3151, Rev., VRDO, LIQ : Wells Fargo Bank NA, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2024-XM1171, Rev., VRDO, LIQ : Royal Bank of Canada, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2023-XF1581, Rev., VRDO, LIQ : Toronto-Dominion Bank, 2.96%, 9/9/2024 (a) (b) |
|
|
| |
|
|
Series 2012D-1, Rev., VRDO, 3.75%, 9/3/2024 (b) |
|
|
Series 2008 B, Rev., VRDO, 2.84%, 9/9/2024 (b) |
|
|
| |
|
|
| |
City of Rochester, Mayo Clinic Series 2008B, Rev., VRDO, LIQ : Northern Trust Co. (The), 2.80%, 9/9/2024 (b) |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
JPMorgan Institutional Tax Free Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2024 (Unaudited) (continued)
| |
|
|
Municipal Bonds — continued |
| |
Tender Option Bond Trust Receipts/Certificates |
|
|
Series 2024-CF7001, GO, VRDO, LIQ : Citibank NA, 2.94%, 9/9/2024 (a) (b) |
|
|
Series 2023-XG0523, Rev., VRDO, LOC : Barclays Bank plc, 2.96%, 9/9/2024 (a) (b) |
|
|
| |
|
|
| |
Mississippi Business Finance Corp., Chevron USA, Inc. Project |
|
|
Series 2011E, Rev., VRDO, 3.90%, 9/3/2024 (b) |
|
|
Series 2023, Rev., VRDO, 3.90%, 9/3/2024 (b) |
|
|
Mississippi Business Finance Corp., Gulf Opportunity Zone Industrial Development, Chevron USA, Inc., Project |
|
|
Series 2007B, Rev., VRDO, 3.90%, 9/3/2024 (b) |
|
|
Series 2007C, Rev., VRDO, 3.90%, 9/3/2024 (b) |
|
|
Series 2009A, Rev., VRDO, 3.90%, 9/3/2024 (b) |
|
|
Series 2009B, Rev., VRDO, 3.90%, 9/3/2024 (b) |
|
|
Series 2009C, Rev., VRDO, 3.90%, 9/3/2024 (b) |
|
|
Series 2009F, Rev., VRDO, 3.90%, 9/3/2024 (b) |
|
|
Series 2009G, Rev., VRDO, 3.90%, 9/3/2024 (b) |
|
|
Series 2010I, Rev., VRDO, 3.90%, 9/3/2024 (b) |
|
|
Series 2010J, Rev., VRDO, 3.90%, 9/3/2024 (b) |
|
|
Series 2011G, Rev., VRDO, 3.90%, 9/3/2024 (b) |
|
|
| |
|
|
| |
Health and Educational Facilities Authority of the State of Missouri, BJC Health System Series C, Rev., VRDO, LIQ : BJC Health System, 2.93%, 9/9/2024 (b) |
|
|
Health and Educational Facilities Authority of the State of Missouri, Ranken Technical College Series 2011B, Rev., VRDO, LOC : Northern Trust Co. (The), 3.85%, 9/3/2024 (b) |
|
|
Industrial Development Authority of the City of St. Louis Missouri (The), Mid-America Transplant Services Project, Rev., VRDO, LOC : BMO Harris Bank NA, 4.00%, 9/3/2024 (b) |
|
|
Industrial Development Authority of the City of St. Louis Missouri (The), Multi-Family Housing Minerva Place Apartments Series 2012, Rev., VRDO, LOC : FHLMC, 3.12%, 9/9/2024 (b) |
|
|
Missouri Development Finance Board, Nelson Gallery Foundation (The) Series 2008-A, Rev., VRDO, LIQ : US Bank NA, 3.55%, 9/3/2024 (b) |
|
|
| |
|
|
| |
| |
Missouri Development Finance Board, St. Louis Convention Center Hotel Garage Project Series 2020 C, Rev., VRDO, LOC : US Bank NA, 3.90%, 9/3/2024 (b) |
|
|
RBC Municipal Products, Inc. Trust, Floater Certificates |
|
|
Series 2024-E-158, Rev., VRDO, LOC : Royal Bank of Canada, 2.95%, 9/9/2024 (a) (b) |
|
|
Series C-23, Rev., VRDO, LOC : Royal Bank of Canada, 2.96%, 9/9/2024 (a) (b) |
|
|
Series C-16, Rev., VRDO, LOC : Royal Bank of Canada, 2.97%, 9/9/2024 (a) (b) |
|
|
St. Charles County Industrial Development Authority, Casalon Apartments Project Series 1995, Rev., VRDO, FNMA, LOC : FNMA, 3.02%, 9/9/2024 (b) |
|
|
Tender Option Bond Trust Receipts/Certificates Series 2024-ZF3236, Rev., VRDO, GNMA / FNMA / FHLMC, LIQ : Wells Fargo Bank NA, 2.95%, 9/9/2024 (a) (b) |
|
|
| |
|
|
| |
County of Washington, Cargill, Inc., Recovery Zone Facility Project Series 2010B, Rev., VRDO, 2.95%, 9/9/2024 (b) |
|
|
Tender Option Bond Trust Receipts/Certificates |
|
|
Series 2023-ZF3191, Rev., VRDO, LIQ : Morgan Stanley Bank NA, 2.94%, 9/9/2024 (a) (b) |
|
|
Series 2023-ZF3168, Rev., VRDO, LIQ : Morgan Stanley Bank NA, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2024-YX1335, Rev., VRDO, GNMA / FNMA / FHLMC, LIQ : Barclays Bank plc, 2.95%, 9/9/2024 (a) (b) |
|
|
| |
|
|
| |
Tender Option Bond Trust Receipts/Certificates Series 2023-XG0494, Rev., VRDO, LIQ : UBS AG, 2.95%, 9/9/2024 (a) (b) |
|
|
| |
New Hampshire Health and Education Facilities Authority Act, Trustees of Dartmouth College Series 2007B, Rev., VRDO, LIQ : Bank of New York Mellon (The), 3.85%, 9/3/2024 (b) |
|
|
| |
RIB Floater Trust Various States Series 2024-005, GO, BAN, VRDO, LIQ : Barclays Bank plc, 3.89%, 9/3/2024 (a) (b) |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
|
|
Municipal Bonds — continued |
| |
City of New York, Fiscal Year 2008 Series 2008 L-3, GO, VRDO, LOC : Bank of America NA, 3.90%, 9/3/2024 (b) |
|
|
City of New York, Fiscal Year 2012 Series 2012D-3A, GO, VRDO, LIQ : Bank of New York Mellon (The), 3.90%, 9/3/2024 (b) |
|
|
City of New York, Fiscal Year 2013 |
|
|
Series 2013F-3, GO, VRDO, LIQ : Bank of America NA, 3.90%, 9/3/2024 (b) |
|
|
Series 2013, Subseries A-2, GO, VRDO, LOC : Mizuho Bank Ltd., 3.95%, 9/3/2024 (b) |
|
|
Series 2013A-3, GO, VRDO, LOC : Mizuho Bank Ltd., 3.95%, 9/3/2024 (b) |
|
|
City of New York, Fiscal Year 2014 Series 2014D-4, GO, VRDO, LOC : TD Bank NA, 3.80%, 9/3/2024 (b) |
|
|
City of New York, Fiscal Year 2017 Series 2017A-7, GO, VRDO, LOC : BMO Harris Bank NA, 3.91%, 9/3/2024 (b) |
|
|
City of New York, Fiscal Year 2022 |
|
|
Series 2022D, Subseries D-3, GO, VRDO, LIQ : State Street Bank & Trust Co., 3.90%, 9/3/2024 (b) |
|
|
Subseries D-4, GO, VRDO, LIQ : State Street Bank & Trust Co., 4.00%, 9/3/2024 (b) |
|
|
City of New York, Fiscal Year 2023 |
|
|
Series 2023A, Subseries A-3, GO, VRDO, LIQ : Bank of Montreal, 3.80%, 9/3/2024 (b) |
|
|
Series 2023A, Subseries A-4, GO, VRDO, LIQ : TD Bank NA, 3.80%, 9/3/2024 (b) |
|
|
Metropolitan Transportation Authority |
|
|
Series 2015 E-1, Rev., VRDO, LOC : Barclays Bank plc, 3.90%, 9/3/2024 (b) |
|
|
Series 2020B, Rev., VRDO, LOC : Royal Bank of Canada, 3.95%, 9/3/2024 (b) |
|
|
Subseries 2002D-2B, Rev., VRDO, LOC : Truist Bank, 4.00%, 9/3/2024 (b) |
|
|
Metropolitan Transportation Authority, Dedicated Tax Fund |
|
|
Series 2008A-1, Rev., VRDO, LOC : TD Bank NA, 3.80%, 9/3/2024 (b) |
|
|
Series 2008A-2A, Rev., VRDO, LOC : TD Bank NA, 3.80%, 9/3/2024 (b) |
|
|
New York City Capital Resources Corp., LN Enhanced Assistance Program Series 2008B-1, Rev., VRDO, LOC : Bank of America NA, 2.82%, 9/9/2024 (b) |
|
|
| |
|
|
| |
| |
New York City Housing Development Corp., Multi-Family, 90 Washington Street Series 2005A, Rev., VRDO, LOC : FNMA, 2.91%, 9/9/2024 (b) |
|
|
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution |
|
|
Series 2007, Subseries CC-2, Rev., VRDO, LIQ : State Street Bank & Trust Co., 3.90%, 9/3/2024 (b) |
|
|
Series 2009BB-2, Rev., VRDO, LIQ : UBS AG, 3.95%, 9/3/2024 (b) |
|
|
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2010 Series 2010CC, Rev., VRDO, LIQ : State Street Bank & Trust Co., 3.80%, 9/3/2024 (b) |
|
|
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal year 2014 Series AA-5, Rev., VRDO, LIQ : Mizuho Bank Ltd., 3.80%, 9/3/2024 (b) |
|
|
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal year 2021 Series 2021, Subseries EE2, Rev., VRDO, LIQ : State Street Bank & Trust Co., 3.60%, 9/3/2024 (b) |
|
|
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2023 |
|
|
Series 2023, Subseries BB-2, Rev., VRDO, LIQ : Mizuho Bank Ltd., 3.83%, 9/3/2024 (b) |
|
|
Series 2023, Subseries B-1, Rev., VRDO, LIQ : Mizuho Bank Ltd., 3.90%, 9/3/2024 (b) |
|
|
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2015 |
|
|
Series A-4, Rev., VRDO, LIQ : Mizuho Bank Ltd., 3.83%, 9/3/2024 (b) |
|
|
Series 2015A-3, Rev., VRDO, LIQ : Mizuho Bank Ltd., 3.90%, 9/3/2024 (b) |
|
|
Series 2015E-4, Rev., VRDO, LIQ : Bank of America NA, 3.90%, 9/3/2024 (b) |
|
|
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2016, Rev., VRDO, LIQ : Bank of America NA, 3.90%, 9/3/2024 (b) |
|
|
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2018 Series 2018 C-7, Rev., VRDO, LIQ : TD Bank NA, 3.80%, 9/3/2024 (b) |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
JPMorgan Institutional Tax Free Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2024 (Unaudited) (continued)
| |
|
|
Municipal Bonds — continued |
| |
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2023 |
|
|
Series 2023, Subseries A-2, Rev., VRDO, LIQ : UBS AG, 3.80%, 9/3/2024 (b) |
|
|
Series 2023, Subseries A3, Rev., VRDO, LIQ : Bank of New York Mellon (The), 3.90%, 9/3/2024 (b) |
|
|
RBC Municipal Products, Inc. Trust, Floater Certificates Series E-146, Rev., VRDO, LOC : Royal Bank of Canada, 2.95%, 9/5/2024 (a) (b) |
|
|
Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels |
|
|
Series 2005B-4C, Rev., VRDO, LOC : US Bank NA, 3.60%, 9/3/2024 (b) |
|
|
Series 2005B-4A, Rev., VRDO, LOC : TD Bank NA, 3.80%, 9/3/2024 (b) |
|
|
Trust for Cultural Resources of The City of New York, The Museum of Modern Art Series 2006A-2, Rev., VRDO, 2.80%, 9/9/2024 (b) |
|
|
| |
|
|
| |
Charlotte-Mecklenburg Hospital Authority (The), Atrium Health Care System Series 2018 F, Rev., VRDO, 2.93%, 9/9/2024 (b) |
|
|
North Carolina Housing Finance Agency, Homeownership Series 52-C, Rev., VRDO, GNMA / FNMA / FHLMC, LIQ : TD Bank NA, 3.80%, 9/3/2024 (b) |
|
|
North Carolina Medical Care Commission, First Health of the Carolina Project |
|
|
Series 2017C, Rev., VRDO, LOC : Truist Bank, 3.75%, 9/3/2024 (b) |
|
|
Series 2017D, Rev., VRDO, LOC : Truist Bank, 3.75%, 9/3/2024 (b) |
|
|
| |
|
|
| |
North Dakota Housing Finance Agency, Home Mortgage Finance Program Series 2019 B, Rev., VRDO, LIQ : FHLB, 2.90%, 9/9/2024 (b) |
|
|
| |
County of Allen Hospital Facilities, Catholic Healthcare Partners Series 2010-C, Rev., VRDO, LOC : Truist Bank, 3.75%, 9/3/2024 (b) |
|
|
Ohio Higher Educational Facility Commission, Cleveland Clinic Health System Series 2013B-2, Rev., VRDO, LIQ : TD Bank NA, 3.80%, 9/3/2024 (b) |
|
|
| |
|
|
| |
| |
Ohio State University (The) Series 2023 A1, Rev., VRDO, 2.90%, 9/9/2024 (b) |
|
|
Ohio Water Development Authority Water Pollution Control Loan Fund Series 2024C, Rev., VRDO, LIQ : TD Bank NA, 3.80%, 9/3/2024 (b) |
|
|
RBC Municipal Products, Inc. Trust, Floater Certificates |
|
|
Series E132, Rev., VRDO, LOC : Royal Bank of Canada, 2.95%, 9/5/2024 (a) (b) |
|
|
Series C-18, Rev., VRDO, LOC : Royal Bank of Canada, 2.96%, 9/9/2024 (a) (b) |
|
|
Series C-22, Rev., VRDO, LOC : Royal Bank of Canada, 2.96%, 9/9/2024 (a) (b) |
|
|
State of Ohio, Cleveland Clinic Health System Series 2019F, Rev., VRDO, LIQ : US Bank NA, 3.50%, 9/3/2024 (b) |
|
|
Tender Option Bond Trust Receipts/Certificates |
|
|
Series 2024-XG0570, Rev., VRDO, LOC : Barclays Bank plc, 4.10%, 9/3/2024 (a) (b) |
|
|
Series 2022-ZL0355, Rev., VRDO, LIQ : Morgan Stanley Bank NA, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2023-XG0525, Rev., VRDO, LOC : Royal Bank of Canada, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2024-XF1711, Rev., VRDO, LIQ : Royal Bank of Canada, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2022-XL0321, Rev., VRDO, LIQ : Bank of America NA, 2.96%, 9/9/2024 (a) (b) |
|
|
| |
|
|
| |
Tender Option Bond Trust Receipts/Certificates Series 2023-ZF1636, Rev., VRDO, LIQ : Royal Bank of Canada, 2.95%, 9/9/2024 (a) (b) |
|
|
| |
Tender Option Bond Trust Receipts/Certificates Series 2024-CF7004, Rev., VRDO, LOC : Citibank NA, 3.04%, 9/9/2024 (a) (b) |
|
|
| |
Allegheny County Higher Education Building Authority, Carnegie Mellon University Series 2008A, Rev., VRDO, LIQ : Bank of New York Mellon (The), 3.80%, 9/3/2024 (b) |
|
|
Delaware County Industrial Development Authority, United Parcel Service Project, Rev., VRDO, 3.90%, 9/3/2024 (b) |
|
|
RIB Floater Trust Various States Series 2022-044, Rev., VRDO, LIQ : Barclays Bank plc, 3.95%, 9/3/2024 (a) (b) |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
|
|
Municipal Bonds — continued |
| |
Tender Option Bond Trust Receipts/Certificates |
|
|
Series 2023-BAML5029, Rev., VRDO, LOC : Bank of America NA, 4.05%, 9/3/2024 (a) (b) |
|
|
Series 2023-XL0469, Rev., VRDO, LIQ : Wells Fargo Bank NA, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2023-ZL0514, Rev., VRDO, LIQ : Wells Fargo Bank NA, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2024-XG0550, Rev., VRDO, LOC : Royal Bank of Canada, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2024-XG0566, Rev., VRDO, LOC : Royal Bank of Canada, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2024-XF1707, Rev., VRDO, LIQ : Toronto-Dominion Bank, 2.96%, 9/9/2024 (a) (b) |
|
|
| |
|
|
| |
Rhode Island Industrial Facilities Corp., Marine Terminal, ExxonMobil Project, Rev., VRDO, 3.92%, 9/3/2024 (b) |
|
|
| |
South Carolina Public Service Authority Series 2019A, Rev., VRDO, LOC : Bank of America NA, 3.04%, 9/9/2024 (b) |
|
|
| |
South Dakota Housing Development Authority, Homeownership Mortgage Series 2022D, Rev., VRDO, LIQ : FHLB, 2.90%, 9/9/2024 (b) |
|
|
| |
Clarksville Public Building Authority, Pooled Financing |
|
|
Series 2008, Rev., VRDO, LOC : Bank of America NA, 4.05%, 9/3/2024 (b) |
|
|
Series 2001, Rev., VRDO, LOC : Bank of America NA, 4.06%, 9/3/2024 (b) |
|
|
Series 2009, Rev., VRDO, LOC : Bank of America NA, 3.01%, 9/9/2024 (b) |
|
|
Montgomery County Public Building Authority, Pooled Financing, Tennessee Country Pool Series 2006, Rev., VRDO, LOC : Bank of America NA, 4.03%, 9/3/2024 (b) |
|
|
Montgomery County Public Building Authority, Tenn County Pool, Rev., VRDO, LOC : Bank of America NA, 4.09%, 9/3/2024 (b) |
|
|
| |
|
|
| |
| |
Public Building Authority of Sevier County, Local Government Public Improvement |
|
|
Series VII-B-2, Rev., VRDO, LOC : Truist Bank, 3.75%, 9/3/2024 (b) |
|
|
Series VII-Q-1, Rev., VRDO, LOC : Truist Bank, 3.75%, 9/3/2024 (b) |
|
|
Tender Option Bond Trust Receipts/Certificates |
|
|
Series 2022-XF1421, Rev., VRDO, LIQ : Bank of America NA, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2022-XL0369, Rev., VRDO, LIQ : Morgan Stanley Bank NA, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2018-XF2576, Rev., VRDO, LOC : Barclays Bank plc, 2.96%, 9/9/2024 (a) (b) |
|
|
Series 2023-XF1625, Rev., VRDO, LIQ : Toronto-Dominion Bank, 2.96%, 9/9/2024 (a) (b) |
|
|
Series 2024-XG0548, Rev., VRDO, LOC : Barclays Bank plc, 2.96%, 9/9/2024 (a) (b) |
|
|
Series 2024-XF1698, Rev., VRDO, LIQ : TD Bank NA, 2.97%, 9/9/2024 (a) (b) |
|
|
| |
|
|
| |
City of Austin, Texas Hotel Occupancy Tax, Subordinate Lien Series 2008A, Rev., VRDO, LOC : Sumitomo Mitsui Banking Corp., 2.92%, 9/9/2024 (b) |
|
|
Lower Neches Valley Authority Industrial Development Corp., ExxonMobil Project, Rev., VRDO, 3.95%, 9/3/2024 (b) |
|
|
Lubbock Independent School District Series 2006, GO, VRDO, PSF-GTD, LIQ : Wells Fargo Bank NA, 2.97%, 9/9/2024 (b) |
|
|
RBC Municipal Products, Inc. Trust, Floater Certificates Series 2023-G-124, Rev., VRDO, LOC : Royal Bank of Canada, 3.12%, 9/3/2024 (a) (b) |
|
|
| |
|
|
GO, VRDO, LIQ : Sumitomo Mitsui Banking Corp., 2.85%, 9/9/2024 (b) |
|
|
Series 2011A, GO, VRDO, LIQ : State Street Bank & Trust Co., 2.85%, 9/12/2024 (b) |
|
|
Series 2015A, GO, VRDO, LIQ : State Street Bank & Trust Co., 2.85%, 9/12/2024 (b) |
|
|
State of Texas, Veterans Housing Assistance Program Series 2010C, GO, VRDO, LIQ : State Street Bank & Trust Co., 2.85%, 9/9/2024 (b) |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
JPMorgan Institutional Tax Free Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2024 (Unaudited) (continued)
| |
|
|
Municipal Bonds — continued |
| |
Tarrant County Cultural Education Facilities Finance Corp., Texas Health Resources System Series 2012B, Rev., VRDO, 2.85%, 9/9/2024 (b) |
|
|
Tender Option Bond Trust Receipts/Certificates |
|
|
Series 2023-XF3121, Rev., VRDO, LOC : Barclays Bank plc, 4.10%, 9/3/2024 (a) (b) |
|
|
Series 2023-XF3128, GO, VRDO, PSF-GTD, LIQ : UBS AG, 2.94%, 9/9/2024 (a) (b) |
|
|
Series 2023-XF3165, GO, VRDO, PSF-GTD, LIQ : Morgan Stanley Bank NA, 2.94%, 9/9/2024 (a) (b) |
|
|
Series 2023-ZF3201, Rev., VRDO, LIQ : Morgan Stanley Bank NA, 2.94%, 9/9/2024 (a) (b) |
|
|
Series 2024-XF3238, GO, VRDO, PSF-GTD, LIQ : UBS AG, 2.94%, 9/9/2024 (a) (b) |
|
|
Series 2022-XF1448, GO, VRDO, PSF-GTD, LIQ : Bank of America NA, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2022-XL0282, GO, VRDO, LIQ : Bank of America NA, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2022-XL0360, Rev., VRDO, LIQ : Wells Fargo Bank NA, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2022-XL0362, GO, VRDO, PSF-GTD, LIQ : Bank of America NA, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2022-XM1050, Rev., VRDO, LIQ : Morgan Stanley Bank NA, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2023-XF1664, Rev., VRDO, LIQ : Bank of America NA, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2023-XF3154, Rev., VRDO, LIQ : Wells Fargo Bank NA, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2023-XG0530, Rev., VRDO, LIQ : Wells Fargo Bank NA, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2023-XG0534, Rev., VRDO, LIQ : Wells Fargo Bank NA, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2023-XG0535, Rev., VRDO, LIQ : Royal Bank of Canada, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2023-XL0500, Rev., VRDO, LIQ : UBS AG, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2023-XM1125, GO, VRDO, PSF-GTD, LIQ : Wells Fargo Bank NA, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2023-XF1480, GO, VRDO, LIQ : TD Bank NA, 2.96%, 9/9/2024 (a) (b) |
|
|
Series 2023-XF1657, GO, VRDO, PSF-GTD, LIQ : Toronto-Dominion Bank, 2.96%, 9/9/2024 (a) (b) |
|
|
| |
|
|
| |
| |
Series 2023-XG0505, GO, VRDO, PSF-GTD, LIQ : Toronto-Dominion Bank, 2.96%, 9/9/2024 (a) (b) |
|
|
Series 2023-XF3147, GO, VRDO, LIQ : Wells Fargo Bank NA, 2.97%, 9/9/2024 (a) (b) |
|
|
| |
|
|
| |
County of Utah, IHC Health Services, Inc. Series 2016 C, Rev., VRDO, LIQ : Bank of New York Mellon (The), 2.90%, 9/9/2024 (b) |
|
|
| |
Albemarle County Economic Development Authority, Sentara Martha Jefferson Hospital Series 2018 A, Rev., VRDO, LIQ : TD Bank NA, 2.85%, 9/9/2024 (b) |
|
|
City of Norfolk Series 2007, GO, VRDO, LIQ : Bank of America NA, 2.91%, 9/9/2024 (b) |
|
|
Loudoun County Economic Development Authority, Howard Hughes Medical Institute Series 2003D, Rev., VRDO, 2.83%, 9/9/2024 (b) |
|
|
RBC Municipal Products, Inc. Trust, Floater Certificates Series C-19, Rev., VRDO, LOC : Royal Bank of Canada, 2.96%, 9/9/2024 (a) (b) |
|
|
Tender Option Bond Trust Receipts/Certificates |
|
|
Series 2022-ZL0267, Rev., VRDO, LIQ : Wells Fargo Bank NA, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2023-XL0489, Rev., VRDO, LIQ : Wells Fargo Bank NA, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2024-XM1176, Rev., VRDO, LIQ : Royal Bank of Canada, 2.95%, 9/9/2024 (a) (b) |
|
|
Winchester Economic Development Authority, Valley Health System Obligated Group |
|
|
Series 2024B-1, Rev., VRDO, LOC : Truist Bank, 3.75%, 9/3/2024 (b) |
|
|
Series 2024B-2, Rev., VRDO, LOC : Truist Bank, 3.75%, 9/3/2024 (b) |
|
|
| |
|
|
| |
Port of Tacoma, Subordinate Lien Series 2008B, Rev., VRDO, LOC : Bank of America NA, 2.85%, 9/9/2024 (b) |
|
|
State of Washington Series 2023-0012, Class A, GO, VRDO, LIQ : Citibank NA, 2.96%, 9/9/2024 (a) (b) |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
|
|
Municipal Bonds — continued |
| |
Tender Option Bond Trust Receipts/Certificates |
|
|
Series 2015-XF1017, Rev., VRDO, LOC : Barclays Bank plc, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2023-ZL0490, GO, VRDO, LIQ : Wells Fargo Bank NA, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2023-ZL0491, GO, VRDO, LIQ : Wells Fargo Bank NA, 2.95%, 9/9/2024 (a) (b) |
|
|
| |
|
|
| |
Tender Option Bond Trust Receipts/Certificates |
|
|
Series 2024-XG0571, Rev., VRDO, LOC : Barclays Bank plc, 4.10%, 9/3/2024 (a) (b) |
|
|
Series 2022-XL0296, Rev., VRDO, LIQ : Morgan Stanley Bank NA, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2023-XF3076, Rev., VRDO, LIQ : Wells Fargo Bank NA, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2023-XL0483, Rev., VRDO, LIQ : Barclays Bank plc, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2024-XF1696, Rev., VRDO, GNMA / FNMA / FHLMC, LIQ : Royal Bank of Canada, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2024-XG0553, Rev., VRDO, LOC : Royal Bank of Canada, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2024-XL0554, Rev., VRDO, FNMA / GNMA / FHLMC, LIQ : Royal Bank of Canada, 2.95%, 9/9/2024 (a) (b) |
|
|
Wisconsin Health and Educational Facilities Authority, Medical College of Wisconsin, Inc., (The) Series 2008B, Rev., VRDO, LOC : TD Bank NA, 3.80%, 9/3/2024 (b) |
|
|
Wisconsin Housing and Economic Development Authority Home Ownership Series 2016 C, Rev., AMT, VRDO, FNMA COLL, LIQ : Royal Bank of Canada, 2.90%, 9/9/2024 (b) |
|
|
Wisconsin Housing and Economic Development Authority, Home Ownership Series 2019B, Rev., VRDO, FNMA COLL, LIQ : FHLB, 2.90%, 9/9/2024 (b) |
|
|
| |
|
|
Total Municipal Bonds
(Cost $1,821,324) |
|
|
| |
|
|
Variable Rate Demand Preferred Shares — 7.2% |
| |
Nuveen California AMT - Free Quality Municipal Income Fund Series 6, LIQ : Sumitomo Mitsui Banking Corp., 2.95%, 9/9/2024# (a) |
|
|
| |
Nuveen New York AMT - Free Quality Municipal Income Fund Series 1, LIQ : Royal Bank of Canada, 2.97%, 9/9/2024# (a) |
|
|
| |
Nuveen AMT - Free Municipal Credit Income Fund |
|
|
Series 6, LIQ : Sumitomo Mitsui Banking Corp., 2.97%, 9/9/2024# (a) |
|
|
Series 5, LIQ : Societe Generale SA, 2.97%, 9/9/2024# (a) |
|
|
Nuveen AMT - Free Quality Municipal Income Fund |
|
|
Series 5, LOC : Sumitomo Mitsui Banking Corp., 2.97%, 9/9/2024# (a) |
|
|
Series 4, LIQ : Barclays Bank plc, 2.97%, 9/9/2024# (a) |
|
|
Series 3, LIQ : Toronto-Dominion Bank, 2.97%, 9/9/2024# (a) |
|
|
| |
|
|
Total Variable Rate Demand Preferred Shares
(Cost $142,500) |
|
|
Total Investments — 100.1%
(Cost $1,963,824) * |
|
|
Liabilities in Excess of Other Assets — (0.1)% |
|
|
| |
|
|
Percentages indicated are based on net assets. |
| |
|
| |
|
| |
|
| |
|
| |
Certificate of Participation |
| |
Federal Housing Administration |
| |
|
| |
Federal Home Loan Mortgage Corp. |
| |
Federal National Mortgage Association |
| |
Government National Mortgage Association |
| |
|
| |
|
| |
|
| |
Metropolitan Transportation Authority |
| |
Permanent School Fund Guaranteed |
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
JPMorgan Institutional Tax Free Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2024 (Unaudited) (continued)
| |
|
| |
Variable Rate Demand Obligation |
| |
The date shown represents the earliest of the next put date, next demand date or final maturity date. |
| |
Variable Rate Demand Preferred Shares of a closed-end investment company which has a weekly demand feature. The interest rate shown is the rate in effect as of August 31, 2024. |
|
| |
The cost of securities is substantially the same for federal income tax purposes. |
|
| |
Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. |
|
| |
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 August 31, 2024. |
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
JPMorgan Securities Lending Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2024 (Unaudited)
| |
|
|
Repurchase Agreements — 42.1% |
Agency Joint Trading Account II, J.P. Morgan Investment Management Inc., as agent, 5.33% - 5.34%, dated 8/30/2024, due 9/3/2024, repurchase price $100,059. (a) |
|
|
Agency Joint Trading Account III, J.P. Morgan Investment Management Inc., as agent, 5.33%, dated 8/30/2024, due 9/3/2024, repurchase price $50,030. (a) |
|
|
Canadian Imperial Bank of Commerce, 5.32%, dated 8/30/2024, due 9/3/2024, repurchase price $25,014, collateralized by U.S. Treasury Securities, 0.38% - 4.63%, due 1/31/2025 - 8/15/2053, with a value of $25,515. |
|
|
Fixed Income Clearing Corp., 5.32%, dated 8/30/2024, due 9/3/2024, repurchase price $50,030, collateralized by U.S. Treasury Securities, 3.75%, due 12/31/2030, with a value of $51,000. |
|
|
HSBC Securities USA, Inc., 5.34%, dated 8/30/2024, due 9/3/2024, repurchase price $25,015, collateralized by FNMA, 2.00% - 4.00%, due 11/1/2048 - 8/1/2051, with a value of $25,515. |
|
|
ING Financial Markets LLC, 5.33%, dated 8/30/2024, due 9/3/2024, repurchase price $25,015, collateralized by GNMA, 2.50%, due 9/20/2051 - 2/20/2052, with a value of $25,515. |
|
|
Total Repurchase Agreements
(Cost $275,000) |
|
|
U.S. Treasury Obligations — 1.8% |
U.S. Treasury Notes, (US Treasury 3 Month Bill Money Market Yield + 0.18%), 5.23%, 9/3/2024 (b)(Cost $11,993) |
|
|
Short Term Investments — 56.6% |
| |
Barclays Bank plc (United Kingdom), 0.00%, 9/3/2024 (c) |
|
|
Canadian Imperial Bank of Commerce (Canada), 0.00%, 9/3/2024 (c) |
|
|
China Construction Bank Corp. (China), 0.00%, 9/3/2024 (c) |
|
|
Credit Agricole Corporate and Investment Bank (France), 0.00%, 9/3/2024 |
|
|
Federation des Caisses Desjardins du Quebec (Canada), 0.00%, 9/3/2024 (c) |
|
|
Industrial & Commercial Bank of China Ltd. (China), 0.00%, 9/3/2024 (c) |
|
|
| |
|
|
| |
Commercial Paper — continued |
Nationwide Building Society (United Kingdom), 0.00%, 9/3/2024 (c) |
|
|
Svenska Handelsbanken AB (Sweden), 0.00%, 9/3/2024 (c) |
|
|
Total Commercial Paper
(Cost $158,853) |
|
|
U.S. Treasury Obligations — 17.7% |
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Total U.S. Treasury Obligations
(Cost $115,567) |
|
|
| |
Credit Agricole Corporate and Investment Bank 5.32%, 9/3/2024 |
|
|
Erste Group Bank AG 5.33%, 9/3/2024 |
|
|
Mizuho Bank Ltd. 5.33%, 9/3/2024 |
|
|
Royal Bank of Canada 5.33%, 9/3/2024 |
|
|
Skandinaviska Enskilda Banken AB 5.33%, 9/3/2024 |
|
|
Total Time Deposits
(Cost $94,948) |
|
|
Total Short Term Investments
(Cost $369,368) |
|
|
Total Investments — 100.5%
(Cost $656,361) |
|
|
Liabilities in Excess of Other Assets — (0.5)% |
|
|
| |
|
|
Percentages indicated are based on net assets. |
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
JPMorgan Securities Lending Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2024 (Unaudited) (continued)
| |
|
| |
|
| |
|
| |
Federal Home Loan Mortgage Corp. |
| |
Federal National Mortgage Association |
| |
Government National Mortgage Association |
| |
The date shown represents the earliest of the next put date, next demand date or final maturity date. |
| |
Agency Joint Trading Account II, III - At August 31, 2024, the Fund had proportionate interests in the Agency Joint Trading Account II and III with a maturity date of September 3, 2024, as follows for JPMorgan Securities Lending Money Market Fund (amounts in thousands): |
|
| |
|
|
Collateral Value
Allocation |
Agency Joint Trading Account II |
|
|
|
Agency Joint Trading Account III |
|
|
|
Repurchase Agreements - At August 31, 2024, the Principal Amounts of the Fund's interests in the Agency Joint Trading Account II, III were as follows (amounts in thousands): |
| |
|
Securities Lending Money Market Fund |
Agency Joint Trading Account II |
|
|
| |
|
|
Citigroup Global Markets Holdings, Inc. |
|
|
| |
|
|
Agency Joint Trading Account III |
|
|
| |
|
|
At August 31, 2024, the Agency Joint Trading Account II, III was fully collateralized by: |
| |
|
|
Agency Joint Trading Account II |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Tennessee Valley Authority |
|
|
| |
|
|
Agency Joint Trading Account III |
|
|
| |
|
|
| |
|
|
| |
Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of August 31, 2024. |
| |
Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. |
| |
The rate shown is the effective yield as of August 31, 2024. |
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
JPMorgan Liquid Assets Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2024 (Unaudited)
| |
|
|
Repurchase Agreements — 12.1% |
BMO Capital Markets Corp., 5.42%, dated 8/30/2024, due 9/6/2024, repurchase price $20,021, collateralized by Asset-Backed Securities, 0.00% - 12.31%, due 3/15/2027 - 7/26/2066, Collateralized Mortgage Obligations, 3.26% - 7.71%, due 2/25/2035 - 10/25/2063, Corporate Notes and Bonds, 1.65% - 7.63%, due 2/1/2025 - 5/20/2032, FNMA, 15.95% - 16.35%, due 3/25/2042 - 5/27/2042, GNMA, 4.00% - 6.10%, due 7/20/2052 - 9/20/2066 and U.S. Treasury Securities, 0.88% - 1.13%, due 6/30/2026 - 1/15/2033, with a value of $21,598. |
|
|
BMO Capital Markets Corp., 5.42%, dated 8/30/2024, due 9/6/2024, repurchase price $20,021, collateralized by Asset-Backed Securities, 0.00% - 12.79%, due 1/15/2031 - 7/25/2063, Collateralized Mortgage Obligations, 0.03% - 8.10%, due 10/25/2028 - 7/25/2064, Corporate Notes and Bonds, 1.35% - 5.79%, due 12/2/2024 - 3/1/2052, FHLMC, 3.00% - 4.50%, due 12/15/2043 - 1/15/2047, FNMA, 4.00%, due 1/25/2042 , GNMA, 2.50% - 6.17%, due 3/20/2046 - 12/20/2071 and U.S. Treasury Securities, 1.13% - 2.00%, due 2/15/2025 - 1/15/2033, with a value of $21,700. |
|
|
BNP Paribas SA, 5.40%, dated 8/30/2024, due 9/3/2024, repurchase price $845,507, collateralized by Asset-Backed Securities, 1.38% - 7.75%, due 9/15/2026 - 12/25/2068, Collateralized Mortgage Obligations, 6.41% - 6.63%, due 9/15/2033 - 11/15/2034, Corporate Notes and Bonds, 1.10% - 9.00%, due 3/14/2025 - 5/2/2084^^, FNMA, 4.25% - 15.95%, due 11/25/2024 - 4/25/2062 and Sovereign Government Securities, 2.38% - 5.10%, due 10/17/2024 - 4/16/2050, with a value of $903,720. |
|
|
BNP Paribas SA, 5.67%, dated 8/30/2024, due 10/4/2024, repurchase price $512,811, collateralized by Asset-Backed Securities, 0.00% - 11.93%, due 7/15/2026 - 5/25/2067, Corporate Notes and Bonds, 1.99% - 15.70%, due 10/25/2024 - 12/31/2079^^ and Sovereign Government Securities, 3.50%, due 7/9/2041, with a value of $561,079. |
|
|
| |
|
|
| |
BofA Securities, Inc., 5.34%, dated 8/30/2024, due 9/3/2024, repurchase price $50,030, collateralized by Commercial Paper, 0.00% - 99.00%, due 11/18/2024 - 12/5/2024, with a value of $52,500. |
|
|
BofA Securities, Inc., 5.34%, dated 8/30/2024, due 9/3/2024, repurchase price $100,059, collateralized by Commercial Paper, 0.00% - 5.53%, due 9/13/2024 - 2/28/2025, with a value of $105,000. |
|
|
BofA Securities, Inc., 5.39%, dated 8/30/2024, due 9/4/2024, repurchase price $75,056, collateralized by Asset-Backed Securities, 1.53% - 10.85%, due 4/19/2027 - 7/25/2065, with a value of $79,500. |
|
|
BofA Securities, Inc., 5.39%, dated 8/30/2024, due 9/5/2024, repurchase price $50,045, collateralized by Commercial Paper, 0.00%, due 10/25/2024 and Corporate Notes and Bonds, 1.82% - 8.15%, due 10/1/2024 - 7/15/2064, with a value of $52,500. |
|
|
BofA Securities, Inc., 5.75%, dated 8/30/2024, due 12/3/2024, repurchase price $248,718, collateralized by Asset-Backed Securities, 0.00% - 7.00%, due 4/17/2025 - 7/25/2037, Collateralized Mortgage Obligations, 0.00% - 9.19%, due 9/15/2025 - 8/25/2064, Commercial Paper, 5.61%, due 2/5/2025, Corporate Notes and Bonds, 0.00% - 8.50%, due 2/24/2028 - 5/20/2036, FNMA, 9.35% - 17.21%, due 12/27/2033 - 5/28/2052 and Sovereign Government Securities, 6.00% - 11.95%, due 11/15/2026 - 8/5/2031, with a value of $264,593. |
|
|
Fixed Income Clearing Corp., 5.32%, dated 8/30/2024, due 9/3/2024, repurchase price $3,001,773, collateralized by U.S. Treasury Securities, 0.25% - 4.13%, due 1/15/2025 - 1/31/2031, with a value of $3,060,000. |
|
|
Goldman Sachs & Co. LLC, 5.67%, dated 8/30/2024, due 10/29/2024, repurchase price $423,969, collateralized by Asset-Backed Securities, 0.00% - 3.75%, due 4/28/2031 - 4/20/2062, Corporate Notes and Bonds, 2.50% - 6.63%, due 3/1/2025 - 9/1/2031, FHLMC, 3.00% - 5.50%, due 11/1/2029 - 5/1/2054 and FNMA, 2.91% - 7.50%, due 7/1/2029 - 8/1/2054, with a value of $428,507. |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
JPMorgan Liquid Assets Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2024 (Unaudited) (continued)
| |
|
|
Repurchase Agreements — continued |
Goldman Sachs & Co. LLC, 5.70%, dated 8/30/2024, due 10/29/2024, repurchase price $403,800, collateralized by Corporate Notes and Bonds, 0.00% - 9.75%, due 2/15/2025 - 8/1/2044, FNMA, 3.00% - 5.25%, due 7/25/2039 - 5/25/2044, GNMA, 4.00% - 6.00%, due 8/16/2039 - 8/20/2053, Sovereign Government Securities, 0.00% - 5.75%, due 10/27/2027 - 7/9/2041 and U.S. Treasury Securities, 0.00% - 5.18%, due 10/31/2024 - 5/15/2052, with a value of $408,428. |
|
|
HSBC Securities USA, Inc., 5.43%, dated 8/30/2024, due 9/3/2024, repurchase price $85,051, collateralized by Corporate Notes and Bonds, 1.10% - 9.00%, due 4/30/2025 - 12/31/2079^^, Sovereign Government Securities, 4.40% - 5.25%, due 6/6/2027 - 11/25/2027 and U.S. Treasury Securities, 0.00% - 1.88%, due 8/31/2024 - 5/15/2038, with a value of $89,304. |
|
|
ING Financial Markets LLC, 5.60%, dated 8/30/2024, due 9/30/2024, repurchase price $452,170, collateralized by Common Stocks, with a value of $490,536. |
|
|
Pershing LLC, 5.72%, dated 8/30/2024, due 11/29/2024, repurchase price $101,446, collateralized by U.S. Treasury Securities, 0.00% - 5.24%, due 8/31/2024 - 11/15/2053, with a value of $103,491. |
|
|
RBC Capital Markets LLC, 5.43%, dated 8/30/2024, due 9/3/2024, repurchase price $150,091, collateralized by Collateralized Mortgage Obligations, 4.74%, due 8/25/2028, Commercial Paper, 0.00%, due 10/3/2024 - 10/28/2024 and Corporate Notes and Bonds, 0.95% - 8.13%, due 10/29/2024 - 8/1/2052^^, with a value of $157,537. |
|
|
Societe Generale SA, 5.39%, dated 8/30/2024, due 9/3/2024, repurchase price $175,105, collateralized by Collateralized Mortgage Obligations, 3.00%, due 1/18/2052, Corporate Notes and Bonds, 0.00% - 8.75%, due 9/30/2024 - 12/31/2079^^, FNMA, 8.85%, due 3/25/2042, Sovereign Government Securities, 0.55% - 6.46%, due 9/17/2024 - 7/6/2046^^ and U.S. Treasury Securities, 0.00% - 0.13%, due 11/15/2025 - 11/15/2026, with a value of $184,124. |
|
|
| |
|
|
| |
Societe Generale SA, 5.46%, dated 8/30/2024, due 9/3/2024, repurchase price $60,036, collateralized by Asset-Backed Securities, 5.69% - 6.60%, due 8/25/2036 - 5/25/2037, Collateralized Mortgage Obligations, 3.35% - 11.59%, due 9/15/2034 - 8/25/2047, Corporate Notes and Bonds, 2.90% - 13.38%, due 9/20/2025 - 8/15/2052^^, FNMA, 10.60% - 11.10%, due 3/25/2042 - 9/25/2042 and Sovereign Government Securities, 2.78% - 9.38%, due 2/4/2025 - 4/16/2043^^, with a value of $64,640. |
|
|
Societe Generale SA, 5.47%, dated 8/30/2024, due 9/3/2024, repurchase price $75,046, collateralized by Asset-Backed Securities, 5.77%, due 8/25/2036, Collateralized Mortgage Obligations, 2.92% - 11.59%, due 9/15/2034 - 11/25/2051, Corporate Notes and Bonds, 0.00% - 13.38%, due 4/1/2025 - 11/26/2084^^, FNMA, 10.60% - 11.10%, due 3/25/2042 - 3/25/2043 and Sovereign Government Securities, 4.63% - 9.88%, due 2/4/2025 - 1/30/2060, with a value of $80,908. |
|
|
Societe Generale SA, 5.40%, dated 8/30/2024, due 9/4/2024, repurchase price $200,150, collateralized by Collateralized Mortgage Obligations, 3.00%, due 1/18/2052, Corporate Notes and Bonds, 0.90% - 8.75%, due 1/9/2025 - 12/31/2079^^ and Sovereign Government Securities, 2.78% - 6.38%, due 11/16/2027 - 5/14/2049^^, with a value of $210,238. |
|
|
Societe Generale SA, 5.40%, dated 8/30/2024, due 9/6/2024, repurchase price $135,142, collateralized by Collateralized Mortgage Obligations, 1.14% - 3.00%, due 1/10/2048 - 1/18/2052, Corporate Notes and Bonds, 1.35% - 8.75%, due 9/15/2024 - 12/31/2079 and Sovereign Government Securities, 0.75% - 6.46%, due 10/26/2024 - 5/14/2049^^, with a value of $141,929. |
|
|
Societe Generale SA, 5.70%, dated 8/30/2024, due 11/12/2024, repurchase price $171,992, collateralized by Asset-Backed Securities, 5.69%, due 5/25/2037, Collateralized Mortgage Obligations, 3.02% - 11.59%, due 9/15/2034 - 10/25/2045, Corporate Notes and Bonds, 0.00% - 13.38%, due 6/16/2025 - 12/31/2079^^, FNMA, 10.85%, due 3/25/2043 and Sovereign Government Securities, 2.78% - 8.95%, due 1/7/2025 - 3/12/2045^^, with a value of $186,272. |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
|
|
Repurchase Agreements — continued |
TD Securities USA LLC, 5.40%, dated 8/30/2024, due 9/3/2024, repurchase price $50,030, collateralized by Municipal Debt Securities, 4.84% - 8.00%, due 9/1/2029 - 4/1/2057, with a value of $52,536. |
|
|
TD Securities USA LLC, 5.43%, dated 8/30/2024, due 9/3/2024, repurchase price $100,060, collateralized by Corporate Notes and Bonds, 3.25% - 11.50%, due 9/1/2026 - 5/19/2032, with a value of $108,066. |
|
|
TD Securities USA LLC, 5.42%, dated 8/30/2024, due 9/6/2024, repurchase price $300,316, collateralized by Corporate Notes and Bonds, 3.75% - 7.50%, due 3/21/2025 - 10/15/2047, with a value of $316,526. |
|
|
TD Securities USA LLC, 5.45%, dated 8/30/2024, due 9/6/2024, repurchase price $110,117, collateralized by Corporate Notes and Bonds, 4.63% - 11.88%, due 6/15/2025 - 8/1/2032, with a value of $119,322. |
|
|
TD Securities USA LLC, 5.67%, dated 8/30/2024, due 10/8/2024, repurchase price $75,461, collateralized by Corporate Notes and Bonds, 1.10% - 13.38%, due 1/22/2025 - 5/15/2064, FNMA, 6.50% - 7.00%, due 8/1/2054, GNMA, 2.44% - 7.50%, due 11/20/2053 - 6/15/2064 and Municipal Debt Securities, 3.90% - 5.00%, due 7/1/2033 - 11/1/2039, with a value of $81,332. |
|
|
Wells Fargo Securities LLC, 5.46%, dated 8/30/2024, due 9/3/2024, repurchase price $40,024, collateralized by Certificates of Deposit, 0.00% - 5.90%, due 9/6/2024 - 4/4/2030, with a value of $42,045. |
|
|
Wells Fargo Securities LLC, 5.77%, dated 8/30/2024, due 11/4/2024, repurchase price $35,370, collateralized by Certificates of Deposit, 0.00% - 6.00%, due 9/5/2024 - 12/3/2029, with a value of $37,281. |
|
|
Wells Fargo Securities LLC, 5.77%, dated 8/30/2024, due 11/19/2024, repurchase price $50,649, collateralized by Certificates of Deposit, 0.00% - 5.95%, due 2/7/2025 - 3/20/2025, with a value of $53,258. |
|
|
Wells Fargo Securities LLC, 5.77%, dated 8/30/2024, due 11/22/2024, repurchase price $121,616, collateralized by Certificates of Deposit, 0.00% - 6.00%, due 9/26/2024 - 5/3/2030, with a value of $127,778. |
|
|
Total Repurchase Agreements
(Cost $8,215,000) |
|
|
| |
|
|
| |
| |
Barclays Bank plc (United Kingdom) |
|
|
(OBFR + 0.20%), 5.52%, 9/3/2024 (a) (b) |
|
|
(OBFR + 0.20%), 5.52%, 9/3/2024 (a) (b) |
|
|
Total Corporate Bonds
(Cost $250,000) |
|
|
| |
| |
Colorado Housing and Finance Authority, Single Family Mortgage Series 2023 N-2, Class 1, Rev., VRDO, GNMA COLL, LIQ : Royal Bank of Canada, 5.35%, 9/9/2024 (c) |
|
|
| |
Illinois Housing Development Authority Series 2023 M, Rev., VRDO, GNMA / FNMA / FHLMC, LIQ : TD Bank NA, 5.35%, 9/9/2024 (c) |
|
|
| |
Iowa Student Loan Liquidity Corp., Student Loan Series 2023-1, Rev., VRDO, LOC : Royal Bank of Canada, 5.38%, 9/9/2024 (c) |
|
|
| |
New Hampshire Business Finance Authority, Hanwa Q Cells USA, Inc., Project Series 2024A, Rev., VRDO, LOC : Kookmin Bank, 5.54%, 9/9/2024 (a) (c) |
|
|
| |
North Texas Higher Education Authority, Inc. Series 2023-1, Rev., VRDO, LOC : Royal Bank of Canada, 5.38%, 9/9/2024 (c) |
|
|
State of Texas, Veterans Series 2023A, GO, VRDO, LIQ : Texas State Comptroller, 5.40%, 9/9/2024 (c) |
|
|
| |
|
|
Total Municipal Bonds
(Cost $192,000) |
|
|
Short Term Investments — 87.0% |
| |
ABN AMRO Bank NV (Netherlands) 5.33%, 9/6/2024 |
|
|
Agricultural Bank of China Ltd. |
|
|
| |
|
|
| |
|
|
| |
|
|
Australia & New Zealand Banking Group Ltd. |
|
|
| |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
JPMorgan Liquid Assets Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2024 (Unaudited) (continued)
| |
|
|
Short Term Investments — continued |
Time Deposits — continued |
| |
|
|
| |
|
|
| |
|
|
Bank of Montreal 5.33%, 9/3/2024 |
|
|
China Construction Bank Corp. 5.35%, 9/3/2024 |
|
|
Credit Agricole Corporate and Investment Bank |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
DNB Bank ASA 5.32%, 9/3/2024 |
|
|
Erste Group Bank AG 5.33%, 9/3/2024 |
|
|
First Abu Dhabi Bank USA NV |
|
|
| |
|
|
| |
|
|
Industrial & Commercial Bank of China Ltd. |
|
|
| |
|
|
| |
|
|
ING Bank NV (Netherlands) |
|
|
| |
|
|
| |
|
|
KBC Bank NV 5.33%, 9/3/2024 |
|
|
Landesbank Hessen-Thueringen Girozentrale |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
National Bank of Canada 5.33%, 9/3/2024 |
|
|
| |
|
|
| |
|
|
| |
|
|
Skandinaviska Enskilda Banken AB |
|
|
| |
|
|
| |
|
|
Svenska Handelsbanken AB 5.32%, 9/3/2024 |
|
|
Swedbank AB 5.32%, 9/3/2024 |
|
|
Total Time Deposits
(Cost $20,792,352) |
|
|
| |
|
|
| |
| |
ABN AMRO Funding USA LLC (Netherlands), 0.00%, 9/3/2024 (a) |
|
|
Antalis SA (France), 0.00%, 9/13/2024 (a) |
|
|
Australia & New Zealand Banking Group Ltd. (Australia) |
|
|
(SOFR + 0.17%), 5.50%, 9/3/2024 (a) (b) |
|
|
(SOFR + 0.20%), 5.53%, 9/3/2024 (a) (b) |
|
|
(SOFR + 0.25%), 5.58%, 9/3/2024 (a) (b) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Bank of Montreal (Canada) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Bank of Nova Scotia (The) (Canada), (SOFR + 0.17%), 5.50%, 9/3/2024 (a) (b) |
|
|
Banque et Caisse d'Epargne de l'Etat (Luxembourg), 0.00%, 2/4/2025 |
|
|
Barclays Bank plc (United Kingdom), 0.00%, 11/26/2024 (a) |
|
|
Barton Capital SA (France) |
|
|
| |
|
|
(SOFR + 0.19%), 5.52%, 9/3/2024 (a) (b) |
|
|
| |
|
|
(SOFR + 0.20%), 5.53%, 9/3/2024 (b) |
|
|
| |
|
|
| |
|
|
| |
|
|
BNZ International Funding Ltd. (New Zealand) |
|
|
(SOFR + 0.14%), 5.48%, 9/3/2024 (a) (b) |
|
|
| |
|
|
| |
|
|
BofA Securities, Inc., 0.00%, 9/13/2024 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
|
|
Short Term Investments — continued |
Commercial Paper — continued |
| |
|
|
| |
|
|
(SOFR + 0.15%), 5.48%, 9/3/2024 (a) (b) |
|
|
| |
|
|
Caisse d'Amortissement de la Dette Sociale (France) |
|
|
| |
|
|
| |
|
|
| |
|
|
Canadian Imperial Bank of Commerce (Canada) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Canadian Imperial Holdings, Inc. (Canada) |
|
|
| |
|
|
| |
|
|
Chesham Finance Ltd. (Cayman Islands)Series 2, 0.00%, 9/3/2024 (a) |
|
|
Citigroup Global Markets, Inc., 0.00%, 1/9/2025 (a) |
|
|
Commonwealth Bank of Australia (Australia) |
|
|
(SOFR + 0.17%), 5.50%, 9/3/2024 (a) (b) |
|
|
(SOFR + 0.25%), 5.58%, 9/3/2024 (a) (b) |
|
|
Cooperatieve Rabobank UA (Netherlands), 0.00%, 9/3/2024 |
|
|
Credit Industriel et Commercial (France), 0.00%, 2/14/2025 (a) |
|
|
DBS Bank Ltd. (Singapore), 0.00%, 11/22/2024 (a) |
|
|
Dexia Credit Local (Belgium), 0.00%, 3/3/2025 (a) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
DZ Bank AG (Germany), 0.00%, 9/3/2024 (a) |
|
|
European Investment Bank (Luxembourg), 0.00%, 4/17/2025 |
|
|
Federation des Caisses Desjardins du Quebec (Canada) |
|
|
| |
|
|
| |
|
|
| |
Commercial Paper — continued |
| |
|
|
First Abu Dhabi Bank PJSC |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Great Bear Funding LLC, (OBFR + 0.23%), 5.55%, 9/3/2024 (a) (b) |
|
|
| |
|
|
| |
|
|
| |
|
|
ING US Funding LLC (Netherlands) |
|
|
| |
|
|
| |
|
|
(SOFR + 0.20%), 5.55%, 9/3/2024 (a) (b) |
|
|
(SOFR + 0.23%), 5.58%, 9/3/2024 (a) (b) |
|
|
(SOFR + 0.24%), 5.59%, 9/3/2024 (b) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Kingdom of the Netherlands (Netherlands), 0.00%, 9/3/2024 (a) |
|
|
Korea Development Bank (The) (South Korea), 0.00%, 1/21/2025 |
|
|
Landesbank Baden-Wurttemberg (Germany), 0.00%, 9/3/2024 |
|
|
Liberty Street Funding LLC |
|
|
| |
|
|
| |
|
|
| |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
JPMorgan Liquid Assets Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2024 (Unaudited) (continued)
| |
|
|
Short Term Investments — continued |
Commercial Paper — continued |
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Macquarie Bank Ltd. (Australia) |
|
|
(SOFR + 0.18%), 5.53%, 9/3/2024 (a) (b) |
|
|
(SOFR + 0.18%), 5.53%, 9/3/2024 (a) (b) |
|
|
(SOFR + 0.19%), 5.54%, 9/3/2024 (a) (b) |
|
|
(SOFR + 0.20%), 5.55%, 9/3/2024 (a) (b) |
|
|
(SOFR + 0.23%), 5.58%, 9/3/2024 (a) (b) |
|
|
(SOFR + 0.25%), 5.60%, 9/3/2024 (a) (b) |
|
|
| |
|
|
National Australia Bank Ltd. (Australia) |
|
|
(SOFR + 0.16%), 5.49%, 9/3/2024 (a) (b) |
|
|
(SOFR + 0.20%), 5.53%, 9/3/2024 (a) (b) |
|
|
(SOFR + 0.25%), 5.58%, 9/3/2024 (a) (b) |
|
|
(SOFR + 0.52%), 5.85%, 9/3/2024 (a) (b) |
|
|
National Bank of Canada (Canada) |
|
|
(SOFR + 0.29%), 5.62%, 9/3/2024 (a) (b) |
|
|
| |
|
|
| |
|
|
| |
|
|
National Westminster Bank plc (United Kingdom), 0.00%, 9/6/2024 (a) |
|
|
| |
|
|
| |
|
|
| |
|
|
NatWest Markets plc (United Kingdom)Series G, 0.00%, 9/4/2024 (a) |
|
|
Nieuw Amsterdam Receivables Corp., 0.00%, 1/13/2025 (a) |
|
|
Nordea Bank Abp (Finland), 0.00%, 2/18/2025 (a) |
|
|
Norfina Ltd. (Australia), 0.00%, 10/17/2024 (a) |
|
|
| |
|
|
(SOFR + 0.16%), 5.51%, 9/3/2024 (a) (b) |
|
|
(SOFR + 0.21%), 5.56%, 9/3/2024 (a) (b) |
|
|
(SOFR + 0.26%), 5.61%, 9/3/2024 (a) (b) |
|
|
(SOFR + 0.26%), 5.61%, 9/3/2024 (a) (b) |
|
|
| |
|
|
Oversea-Chinese Banking Corp. Ltd. (Singapore), (SOFR + 0.14%), 5.47%, 9/3/2024 (a) (b) |
|
|
Podium Funding Trust (Canada), (SOFR + 0.19%), 5.52%, 9/3/2024 (b) |
|
|
| |
|
|
| |
Commercial Paper — continued |
Procter & Gamble Co. (The) |
|
|
| |
|
|
| |
|
|
| |
|
|
Royal Bank of Canada (Canada) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Santander UK plc (United Kingdom) |
|
|
| |
|
|
| |
|
|
Sheffield Receivables Co. LLC (United Kingdom) |
|
|
(SOFR + 0.18%), 5.51%, 9/3/2024 (a) (b) |
|
|
| |
|
|
Skandinaviska Enskilda Banken AB (Sweden) |
|
|
(SOFR + 0.17%), 5.52%, 9/3/2024 (a) (b) |
|
|
(SOFR + 0.20%), 5.55%, 9/3/2024 (a) (b) |
|
|
(SOFR + 0.24%), 5.59%, 9/3/2024 (a) (b) |
|
|
(SOFR + 0.25%), 5.60%, 9/3/2024 (a) (b) |
|
|
| |
|
|
Societe Generale SA (France), 0.00%, 12/2/2024 (a) |
|
|
Standard Chartered Bank (United Kingdom) |
|
|
| |
|
|
| |
|
|
| |
|
|
(SOFR + 0.19%), 5.52%, 9/3/2024 (a) (b) |
|
|
(SOFR + 0.19%), 5.52%, 9/3/2024 (a) (b) |
|
|
(SOFR + 0.22%), 5.55%, 9/3/2024 (a) (b) |
|
|
(SOFR + 0.24%), 5.57%, 9/3/2024 (a) (b) |
|
|
(SOFR + 0.25%), 5.58%, 9/3/2024 (a) (b) |
|
|
Sumitomo Mitsui Banking Corp. (Japan), (SOFR + 0.24%), 5.57%, 9/3/2024 (a) (b) |
|
|
Sumitomo Mitsui Trust Bank Ltd. (Japan), 0.00%, 1/24/2025 (a) |
|
|
Svenska Handelsbanken AB (Sweden) |
|
|
(SOFR + 0.19%), 5.54%, 9/3/2024 (a) (b) |
|
|
(SOFR + 0.25%), 5.60%, 9/3/2024 (a) (b) |
|
|
(SOFR + 0.25%), 5.60%, 9/3/2024 (a) (b) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
|
|
Short Term Investments — continued |
Commercial Paper — continued |
| |
|
|
| |
|
|
| |
|
|
| |
|
|
(SOFR + 0.22%), 5.57%, 9/3/2024 (a) (b) |
|
|
| |
|
|
Toronto-Dominion Bank (The) (Canada) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
TotalEnergies Capital SA (France), 0.00%, 9/9/2024 (a) |
|
|
Toyota Finance Australia Ltd. (Australia), 0.00%, 9/9/2024 |
|
|
Toyota Motor Credit Corp. |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
(SOFR + 0.23%), 5.55%, 9/3/2024 (a) (b) |
|
|
(SOFR + 0.17%), 5.57%, 9/3/2024 (a) (b) |
|
|
| |
|
|
| |
|
|
United Overseas Bank Ltd. (Singapore) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Versailles Commercial Paper LLC |
|
|
(SOFR + 0.19%), 5.52%, 9/3/2024 (a) (b) |
|
|
| |
|
|
Westpac Banking Corp. (Australia) |
|
|
| |
|
|
| |
|
|
Total Commercial Paper
(Cost $19,307,746) |
|
|
Certificates of Deposits — 25.5% |
ABN AMRO Bank NV (Netherlands) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
Certificates of Deposits — continued |
Agricultural Bank of China Ltd. (China) , 5.51%, 10/16/2024 |
|
|
| |
|
|
(SOFR + 0.20%), 5.55%, 9/3/2024 (b) |
|
|
| |
|
|
Bank of Montreal (Canada) |
|
|
(SOFR + 0.20%), 5.53%, 9/3/2024 (b) |
|
|
| |
|
|
(SOFR + 0.18%), 5.54%, 9/3/2024 (b) |
|
|
(SOFR + 0.28%), 5.61%, 9/3/2024 (b) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Bank of Nova Scotia (The) (Canada) |
|
|
(SOFR + 0.55%), 5.88%, 9/3/2024 (b) |
|
|
| |
|
|
| |
|
|
| |
|
|
Bayerische Landesbank (Germany) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
(SOFR + 0.25%), 5.58%, 9/3/2024 (b) |
|
|
| |
|
|
| |
|
|
Canadian Imperial Bank of Commerce (Canada) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
China Construction Bank Corp. (China) |
|
|
| |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
JPMorgan Liquid Assets Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2024 (Unaudited) (continued)
| |
|
|
Short Term Investments — continued |
Certificates of Deposits — continued |
| |
|
|
| |
|
|
Cooperatieve Rabobank UA (Netherlands) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Credit Agricole Corporate and Investment Bank |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Credit Industriel et Commercial (France) |
|
|
(SOFR + 0.22%), 5.55%, 9/3/2024 (b) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
Certificates of Deposits — continued |
First Abu Dhabi Bank USA NV (SOFR + 0.27%), 5.62%, 9/3/2024 (b) |
|
|
Industrial & Commercial Bank of China Ltd. (China) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
ING Bank NV (Netherlands) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Landesbank Baden-Wurttemberg (Germany) , 5.33%, 9/3/2024 |
|
|
Landesbank Hessen-Thueringen Girozentrale (Germany) , 5.33%, 9/3/2024 |
|
|
Mitsubishi UFJ Trust & Banking Corp. (Japan) |
|
|
(SOFR + 0.19%), 5.52%, 9/3/2024 (b) |
|
|
(SOFR + 0.18%), 5.53%, 9/3/2024 (b) |
|
|
(SOFR + 0.19%), 5.54%, 9/3/2024 (b) |
|
|
(SOFR + 0.19%), 5.54%, 9/3/2024 (b) |
|
|
(SOFR + 0.21%), 5.54%, 9/3/2024 (b) |
|
|
(SOFR + 0.22%), 5.55%, 9/3/2024 (b) |
|
|
(SOFR + 0.25%), 5.58%, 9/3/2024 (b) |
|
|
(SOFR + 0.25%), 5.58%, 9/3/2024 (b) |
|
|
(SOFR + 0.25%), 5.58%, 9/3/2024 (b) |
|
|
| |
|
|
| |
|
|
(SOFR + 0.19%), 5.54%, 9/3/2024 (b) |
|
|
(SOFR + 0.23%), 5.56%, 9/3/2024 (b) |
|
|
(SOFR + 0.23%), 5.58%, 9/3/2024 (b) |
|
|
(SOFR + 0.23%), 5.58%, 9/3/2024 (b) |
|
|
(SOFR + 0.25%), 5.60%, 9/3/2024 (b) |
|
|
(SOFR + 0.25%), 5.60%, 9/3/2024 (b) |
|
|
(SOFR + 0.25%), 5.60%, 9/3/2024 (b) |
|
|
| |
|
|
| |
|
|
(SOFR + 0.17%), 5.52%, 9/3/2024 (b) |
|
|
(SOFR + 0.17%), 5.52%, 9/3/2024 (b) |
|
|
(SOFR + 0.19%), 5.54%, 9/3/2024 (b) |
|
|
| |
|
|
National Australia Bank Ltd. (Australia) |
|
|
| |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
|
|
Short Term Investments — continued |
Certificates of Deposits — continued |
| |
|
|
| |
|
|
| |
|
|
| |
|
|
(SOFR + 0.18%), 5.51%, 9/3/2024 (b) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Nordea Bank Abp (Finland) |
|
|
(SOFR + 0.20%), 5.53%, 9/3/2024 (b) |
|
|
(SOFR + 0.20%), 5.53%, 9/3/2024 (b) |
|
|
(SOFR + 0.20%), 5.53%, 9/3/2024 (b) |
|
|
(SOFR + 0.20%), 5.53%, 9/3/2024 (b) |
|
|
Norinchukin Bank (The) (Japan) |
|
|
| |
|
|
| |
|
|
| |
|
|
Oversea-Chinese Banking Corp. Ltd. (Singapore) |
|
|
(SOFR + 0.16%), 5.51%, 9/3/2024 (b) |
|
|
(SOFR + 0.19%), 5.52%, 9/3/2024 (b) |
|
|
(SOFR + 0.19%), 5.54%, 9/3/2024 (b) |
|
|
(SOFR + 0.20%), 5.55%, 9/3/2024 (b) |
|
|
Royal Bank of Canada (Canada) (SOFR + 0.27%), 5.60%, 9/3/2024 (b) |
|
|
Skandinaviska Enskilda Banken AB (Sweden) |
|
|
(SOFR + 0.14%), 5.49%, 9/3/2024 (b) |
|
|
(SOFR + 0.14%), 5.49%, 9/3/2024 (b) |
|
|
(SOFR + 0.17%), 5.52%, 9/3/2024 (b) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Standard Chartered Bank (United Kingdom) |
|
|
(SOFR + 0.24%), 5.57%, 9/3/2024 (b) |
|
|
(SOFR + 0.25%), 5.60%, 9/3/2024 (b) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
Certificates of Deposits — continued |
Sumitomo Mitsui Banking Corp. (Japan) |
|
|
(SOFR + 0.19%), 5.52%, 9/3/2024 (b) |
|
|
(SOFR + 0.19%), 5.52%, 9/3/2024 (b) |
|
|
(SOFR + 0.23%), 5.56%, 9/3/2024 (b) |
|
|
(SOFR + 0.25%), 5.58%, 9/3/2024 (b) |
|
|
(SOFR + 0.25%), 5.58%, 9/3/2024 (b) |
|
|
Sumitomo Mitsui Trust Bank Ltd. (Japan) |
|
|
(SOFR + 0.15%), 5.48%, 9/3/2024 (b) |
|
|
(SOFR + 0.16%), 5.49%, 9/3/2024 (b) |
|
|
(SOFR + 0.16%), 5.49%, 9/3/2024 (b) |
|
|
(SOFR + 0.18%), 5.51%, 9/3/2024 (b) |
|
|
(SOFR + 0.19%), 5.52%, 9/3/2024 (b) |
|
|
(SOFR + 0.19%), 5.52%, 9/3/2024 (b) |
|
|
(SOFR + 0.23%), 5.56%, 9/3/2024 (b) |
|
|
(SOFR + 0.15%), 5.53%, 9/4/2024 (b) |
|
|
| |
|
|
| |
|
|
| |
|
|
Svenska Handelsbanken AB (Sweden) |
|
|
| |
|
|
| |
|
|
Toronto-Dominion Bank (The) (Canada) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Wells Fargo Bank NA (SOFR + 0.60%), 5.93%, 9/3/2024 (b) |
|
|
| |
|
|
| |
|
|
| |
|
|
Total Certificates of Deposit
(Cost $17,251,536) |
|
|
U.S. Treasury Obligations — 2.3% |
| |
|
|
| |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
JPMorgan Liquid Assets Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2024 (Unaudited) (continued)
| |
|
|
Short Term Investments — continued |
U.S. Treasury Obligations — continued |
| |
|
|
| |
|
|
Total U.S. Treasury Obligations
(Cost $1,516,328) |
|
|
Total Short Term Investments
(Cost $58,867,962) |
|
|
Total Investments — 99.8%
(Cost $67,524,962) * |
|
|
Other Assets Less Liabilities — 0.2% |
|
|
| |
|
|
Percentages indicated are based on net assets. |
| |
|
| |
|
| |
Federal Home Loan Mortgage Corp. |
| |
Federal National Mortgage Association |
| |
Government National Mortgage Association |
| |
|
| |
|
| |
|
| |
Overnight Bank Funding Rate |
| |
Public Joint Stock Company |
| |
|
| |
Secured Overnight Financing Rate |
| |
Variable Rate Demand Obligation |
| |
Amount rounds to less than 0.1% of net assets. |
| |
The date shown represents the earliest of the next put date, next demand date or final maturity date. |
| |
The cost of securities is substantially the same for federal income tax purposes. |
|
| |
Certain securities are perpetual and thus, do not have predetermined maturity dates. The coupon rates for these securities are fixed for a period of time and may be structured to adjust thereafter. The coupon rates shown are the rates in effect as of August 31, 2024. |
|
| |
Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. |
|
| |
Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of August 31, 2024. |
|
| |
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 August 31, 2024. |
|
| |
The rate shown is the effective yield as of August 31, 2024. |
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
JPMorgan U.S. Government Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2024 (Unaudited)
| |
|
|
Repurchase Agreements — 51.3% |
Agency Joint Trading Account I, J.P. Morgan Investment Management Inc., as agent, 5.34%, dated 8/30/2024, due 9/3/2024, repurchase price $900,534. (a) |
|
|
Agency Joint Trading Account II, J.P. Morgan Investment Management Inc., as agent, 5.33% - 5.34%, dated 8/30/2024, due 9/3/2024, repurchase price $1,608,834. (a) |
|
|
Agency Joint Trading Account III, J.P. Morgan Investment Management Inc., as agent, 5.33%, dated 8/30/2024, due 9/3/2024, repurchase price $141,591. (a) |
|
|
Bank of America NA, 5.33%, dated 8/30/2024, due 9/3/2024, repurchase price $1,200,711, collateralized by FHLMC, 3.00% - 4.50%, due 3/1/2032 - 5/1/2049 and GNMA, 2.50%, due 8/20/2050, with a value of $1,224,000. |
|
|
Bank of Montreal, 5.33%, dated 8/30/2024, due 9/3/2024, repurchase price $1,400,829, collateralized by FHLMC, 0.13% - 6.60%, due 2/15/2028 - 1/25/2055, FNMA, 1.25% - 6.65%, due 10/25/2025 - 9/25/2054 and GNMA, 1.75% - 6.53%, due 7/16/2029 - 9/20/2070, with a value of $1,442,854. |
|
|
BMO Capital Markets Corp., 5.34%, dated 8/30/2024, due 9/6/2024, repurchase price $750,779, collateralized by FHLMC, 1.13% - 5.27%, due 10/25/2024 - 8/25/2052, FNMA, 0.50% - 8.60%, due 10/25/2024 - 7/25/2054, GNMA, 0.13% - 6.72%, due 12/20/2028 - 1/20/2074 and U.S. Treasury Securities, 4.38%, due 11/30/2028, with a value of $776,516. |
|
|
BNP Paribas SA, 5.33%, dated 8/30/2024, due 9/3/2024, repurchase price $2,001,184, collateralized by FFCB, 2.45% - 3.65%, due 11/17/2036 - 2/3/2042, FHLB, 3.38% - 4.00%, due 11/28/2033 - 3/12/2038, FHLMC, 0.00% - 7.50%, due 2/25/2026 - 8/1/2054, FNMA, 0.00% - 7.50%, due 6/1/2026 - 9/1/2054, GNMA, 2.50% - 7.00%, due 10/20/2031 - 7/15/2066 and U.S. Treasury Securities, 0.00% - 4.38%, due 6/30/2029 - 2/15/2052, with a value of $2,051,167. |
|
|
| |
|
|
| |
BNP Paribas SA, 5.38%, dated 8/30/2024, due 9/6/2024, repurchase price $1,001,046, collateralized by U.S. Treasury Securities, 0.00% - 4.88%, due 1/15/2028 - 11/15/2053, with a value of $1,047,879. |
|
|
BNP Paribas SA, 5.50%, dated 8/30/2024, due 9/6/2024, repurchase price $1,001,069, collateralized by FFCB, 4.07%, due 11/21/2033, FHLMC, 1.22% - 8.00%, due 5/25/2025 - 6/1/2054, FNMA, 0.00% - 7.00%, due 6/1/2026 - 8/1/2054, GNMA, 3.00% - 7.00%, due 8/15/2029 - 4/15/2059 and U.S. Treasury Securities, 0.00% - 4.38%, due 10/31/2024 - 8/15/2051, with a value of $1,080,539. |
|
|
BofA Securities, Inc., 5.33%, dated 8/30/2024, due 9/3/2024, repurchase price $250,148, collateralized by FHLMC, 2.00% - 7.00%, due 7/15/2027 - 9/25/2054, FNMA, 1.25% - 5.50%, due 7/25/2025 - 12/25/2051 and GNMA, 2.50% - 6.66%, due 9/16/2041 - 9/20/2066, with a value of $257,439. |
|
|
Citigroup Global Markets Holdings, Inc., 5.32%, dated 8/30/2024, due 9/3/2024, repurchase price $250,148, collateralized by U.S. Treasury Securities, 0.00% - 4.75%, due 9/3/2024 - 2/15/2054, with a value of $255,000. |
|
|
Citigroup Global Markets Holdings, Inc., 5.32%, dated 8/30/2024, due 9/3/2024, repurchase price $1,000,591, collateralized by U.S. Treasury Securities, 0.00% - 4.25%, due 9/3/2024 - 2/15/2054, with a value of $1,020,000. |
|
|
Citigroup Global Markets Holdings, Inc., 5.32%, dated 8/30/2024, due 9/3/2024, repurchase price $3,051,803, collateralized by U.S. Treasury Securities, 0.00% - 5.29%, due 9/3/2024 - 11/15/2049, with a value of $3,111,000. |
|
|
Citigroup Global Markets Holdings, Inc., 5.34%, dated 8/30/2024, due 9/3/2024, repurchase price $5,002,967, collateralized by U.S. Treasury Securities, 0.13% - 5.38%, due 2/28/2029 - 5/15/2034, with a value of $5,100,000. |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
JPMorgan U.S. Government Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2024 (Unaudited) (continued)
| |
|
|
Repurchase Agreements — continued |
Citigroup Global Markets Holdings, Inc., 5.36%, dated 8/30/2024, due 9/4/2024, repurchase price $1,000,744, collateralized by GNMA, 2.00% - 8.00%, due 2/16/2039 - 10/16/2064 and U.S. Treasury Securities, 1.25%, due 8/15/2031, with a value of $1,020,786. |
|
|
Citigroup Global Markets Holdings, Inc., 5.32%, dated 8/30/2024, due 11/1/2024, repurchase price $7,065,170, collateralized by FHLMC, 2.00% - 15.28%, due 5/25/2027 - 4/25/2062, FNMA, 1.09% - 10.87%, due 2/25/2026 - 11/25/2059, GNMA, 6.14%, due 7/20/2074 and U.S. Treasury Securities, 4.63%, due 9/15/2026, with a value of $7,146,538. |
|
|
Daiwa Capital Markets America, Inc., 5.34%, dated 8/30/2024, due 9/3/2024, repurchase price $3,001,780, collateralized by FFCB, 5.23% - 5.70%, due 1/22/2031 - 8/20/2032, FHLMC, 2.00% - 7.00%, due 1/27/2026 - 9/25/2054, FNMA, 1.50% - 7.50%, due 9/1/2027 - 9/1/2054, GNMA, 1.00% - 7.50%, due 6/20/2035 - 8/20/2054 and U.S. Treasury Securities, 0.00% - 5.19%, due 9/10/2024 - 8/15/2054, with a value of $3,065,849. |
|
|
Deutsche Bank Securities, Inc., 5.34%, dated 8/30/2024, due 9/3/2024, repurchase price $1,000,593, collateralized by FHLMC, 2.00% - 6.50%, due 5/1/2036 - 1/1/2054 and FNMA, 2.00% - 7.00%, due 3/1/2042 - 8/1/2054, with a value of $1,020,000. |
|
|
Deutsche Bank Securities, Inc., 5.34%, dated 8/30/2024, due 9/3/2024, repurchase price $2,001,187, collateralized by FHLMC, 6.00% - 7.00%, due 9/1/2053 - 9/25/2054, FNMA, 3.00%, due 8/1/2046, GNMA, 1.25% - 3.95%, due 2/16/2048 - 1/16/2054 and U.S. Treasury Securities, 0.00%, due 11/15/2024 - 8/15/2054, with a value of $2,041,402. |
|
|
Federal Reserve Bank of New York, 5.30%, dated 8/30/2024, due 9/3/2024, repurchase price $10,906,419, collateralized by U.S. Treasury Securities, 0.75% - 3.13%, due 11/15/2024 - 11/15/2045, with a value of $10,906,419. |
|
|
| |
|
|
| |
Fixed Income Clearing Corp., 5.32%, dated 8/30/2024, due 9/3/2024, repurchase price $1,000,591, collateralized by U.S. Treasury Securities, 0.75%, due 3/31/2026, with a value of $1,020,000. |
|
|
Fixed Income Clearing Corp., 5.32%, dated 8/30/2024, due 9/3/2024, repurchase price $3,001,773, collateralized by U.S. Treasury Securities, 0.50% - 4.00%, due 5/31/2026 - 1/31/2031, with a value of $3,060,000. |
|
|
Fixed Income Clearing Corp., 5.32%, dated 8/30/2024, due 9/3/2024, repurchase price $4,002,364, collateralized by U.S. Treasury Securities, 0.13% - 4.25%, due 11/30/2027 - 11/15/2031, with a value of $4,080,000. |
|
|
Fixed Income Clearing Corp., 5.32%, dated 8/30/2024, due 9/3/2024, repurchase price $4,602,719, collateralized by U.S. Treasury Securities, 0.13% - 4.88%, due 1/31/2030 - 12/31/2030, with a value of $4,692,000. |
|
|
Fixed Income Clearing Corp., 5.32%, dated 8/30/2024, due 9/3/2024, repurchase price $6,954,108, collateralized by U.S. Treasury Securities, 0.13% - 4.63%, due 12/31/2030 - 7/15/2032, with a value of $7,089,000. |
|
|
Fixed Income Clearing Corp., 5.32%, dated 8/30/2024, due 9/3/2024, repurchase price $9,005,320, collateralized by U.S. Treasury Securities, 0.00% - 4.75%, due 2/27/2025 - 2/15/2051, with a value of $9,180,000. |
|
|
Goldman Sachs & Co. LLC, 5.34%, dated 8/30/2024, due 9/3/2024, repurchase price $1,500,890, collateralized by U.S. Treasury Securities, 0.75% - 4.00%, due 11/15/2025 - 1/15/2033, with a value of $1,530,000. |
|
|
Goldman Sachs & Co. LLC, 5.34%, dated 8/30/2024, due 9/3/2024, repurchase price $2,001,187, collateralized by U.S. Treasury Securities, 0.00% - 3.50%, due 11/15/2026 - 5/15/2054, with a value of $2,040,000. |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
|
|
Repurchase Agreements — continued |
Goldman Sachs & Co. LLC, 5.34%, dated 8/30/2024, due 9/3/2024, repurchase price $2,751,632, collateralized by GNMA, 0.00% - 7.00%, due 9/20/2027 - 3/16/2065 and U.S. Treasury Securities, 0.13% - 4.88%, due 10/15/2025 - 11/15/2053, with a value of $2,810,026. |
|
|
Goldman Sachs & Co. LLC, 5.34%, dated 8/30/2024, due 9/3/2024, repurchase price $3,251,928, collateralized by U.S. Treasury Securities, 0.25% - 3.00%, due 9/30/2025 - 5/15/2049, with a value of $3,315,000. |
|
|
Goldman Sachs & Co. LLC, 5.35%, dated 8/30/2024, due 9/3/2024, repurchase price $5,002,972, collateralized by FHLMC, 1.50% - 6.00%, due 2/1/2037 - 7/1/2054, FNMA, 2.00% - 6.00%, due 1/1/2027 - 8/1/2059, GNMA, 1.50% - 7.00%, due 1/15/2030 - 3/16/2065 and U.S. Treasury Securities, 2.25% - 4.50%, due 3/31/2025 - 11/15/2043, with a value of $5,100,171. |
|
|
Goldman Sachs & Co. LLC, 5.35%, dated 8/30/2024, due 9/4/2024, repurchase price $1,501,115, collateralized by FHLMC, 2.00% - 6.50%, due 2/1/2035 - 9/1/2054, FNMA, 1.50% - 6.50%, due 3/1/2026 - 8/1/2059, GNMA, 2.69% - 5.54%, due 5/20/2052 - 6/15/2058 and U.S. Treasury Securities, 0.00% - 4.00%, due 10/10/2024 - 2/15/2040, with a value of $1,530,000. |
|
|
Goldman Sachs & Co. LLC, 5.34%, dated 8/30/2024, due 9/5/2024, repurchase price $3,002,670, collateralized by FHLMC, 2.50% - 6.50%, due 8/1/2026 - 8/1/2054, FNMA, 2.00% - 6.50%, due 4/1/2029 - 3/1/2062, GNMA, 2.50% - 7.00%, due 6/15/2031 - 10/15/2064 and U.S. Treasury Securities, 0.00% - 4.75%, due 10/31/2025 - 8/15/2054, with a value of $3,060,903. |
|
|
Goldman Sachs & Co. LLC, 5.34%, dated 8/30/2024, due 9/5/2024, repurchase price $5,004,450, collateralized by FHLMC, 6.00%, due 5/15/2027 - 9/15/2032, FNMA, 3.00% - 6.50%, due 10/25/2028 - 6/1/2046, GNMA, 2.48% - 6.50%, due 4/20/2031 - 10/15/2064 and U.S. Treasury Securities, 0.00% - 6.13%, due 9/17/2024 - 2/15/2053, with a value of $5,100,003. |
|
|
| |
|
|
| |
Goldman Sachs & Co. LLC, 5.34%, dated 8/30/2024, due 9/6/2024, repurchase price $3,003,115, collateralized by GNMA, 2.00% - 7.00%, due 9/15/2025 - 4/15/2065 and U.S. Treasury Securities, 0.00% - 6.00%, due 12/31/2025 - 2/15/2054, with a value of $3,060,000. |
|
|
Goldman Sachs & Co. LLC, 5.38%, dated 8/30/2024, due 10/11/2024, repurchase price $1,006,277, collateralized by FHLMC, 2.00% - 7.00%, due 12/1/2029 - 8/1/2054, FNMA, 1.50% - 7.00%, due 3/1/2026 - 9/1/2062 and GNMA, 2.00% - 4.50%, due 12/20/2040 - 2/16/2064, with a value of $1,020,764. |
|
|
Goldman Sachs & Co. LLC, 5.49%, dated 8/30/2024, due 10/22/2024, repurchase price $1,512,124, collateralized by FHLMC, 2.00% - 6.00%, due 9/1/2027 - 8/1/2054, FNMA, 2.00% - 6.50%, due 6/1/2026 - 8/1/2054 and GNMA, 2.00% - 5.50%, due 8/20/2035 - 1/20/2051, with a value of $1,530,155. |
|
|
HSBC Securities USA, Inc., 5.34%, dated 8/30/2024, due 9/3/2024, repurchase price $1,475,875, collateralized by FHLMC, 2.50% - 7.00%, due 6/1/2030 - 8/1/2054 and FNMA, 1.50% - 7.00%, due 3/1/2026 - 6/1/2063, with a value of $1,505,393. |
|
|
ING Financial Markets LLC, 5.33%, dated 8/30/2024, due 9/3/2024, repurchase price $375,222, collateralized by FHLMC, 5.50%, due 7/1/2053 - 5/1/2054 and FNMA, 3.50% - 6.50%, due 10/1/2045 - 7/1/2054, with a value of $382,727. |
|
|
Metropolitan Life Insurance Co., 5.33%, dated 8/30/2024, due 9/3/2024, repurchase price $1,000,592, collateralized by U.S. Treasury Securities, 0.00% - 3.63%, due 8/15/2027 - 11/15/2050, with a value of $1,020,151. |
|
|
Mitsubishi UFJ Trust & Banking Corp., 5.34%, dated 8/30/2024, due 9/3/2024, repurchase price $500,297, collateralized by GNMA, 2.50% - 5.00%, due 8/15/2038 - 5/20/2052, with a value of $510,303. |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
JPMorgan U.S. Government Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2024 (Unaudited) (continued)
| |
|
|
Repurchase Agreements — continued |
Natixis SA, 5.35%, dated 8/30/2024, due 9/6/2024, repurchase price $2,002,081, collateralized by FFCB, 2.90% - 2.92%, due 12/9/2041 - 12/16/2041, FHLB, 4.15%, due 6/1/2038, FHLMC, 2.00% - 6.50%, due 7/15/2033 - 9/1/2054, FNMA, 2.00% - 7.00%, due 12/25/2027 - 6/1/2063, GNMA, 2.00% - 6.50%, due 9/16/2039 - 8/20/2054 , Tennessee Valley Authority, 0.00%, due 6/15/2038 - 4/1/2056 and U.S. Treasury Securities, 0.00% - 5.50%, due 10/15/2024 - 5/15/2054, with a value of $2,057,841. |
|
|
Natixis SA, 5.36%, dated 8/30/2024, due 9/6/2024, repurchase price $2,002,084, collateralized by FHLB, 3.00% - 4.15%, due 2/24/2037 - 6/1/2038, FHLMC, 2.00% - 7.00%, due 12/1/2035 - 9/1/2054, FNMA, 2.00% - 7.00%, due 7/1/2029 - 8/1/2054, GNMA, 2.50% - 6.50%, due 1/20/2051 - 8/20/2054 and U.S. Treasury Securities, 0.00% - 6.13%, due 10/31/2024 - 2/15/2053, with a value of $2,054,721. |
|
|
Nomura Securities Co. Ltd., 5.33%, dated 8/30/2024, due 9/3/2024, repurchase price $500,296, collateralized by FHLMC, 2.00% - 7.00%, due 7/1/2036 - 8/1/2054, FNMA, 2.50% - 6.50%, due 3/25/2044 - 8/1/2054 and GNMA, 3.00% - 5.50%, due 11/20/2050 - 6/20/2054, with a value of $510,330. |
|
|
Norinchukin Bank (The), 5.35%, dated 8/30/2024, due 9/3/2024, repurchase price $350,208, collateralized by U.S. Treasury Securities, 1.25% - 3.50%, due 4/30/2028 - 5/15/2033, with a value of $357,000. |
|
|
Norinchukin Bank (The), 5.36%, dated 8/30/2024, due 9/4/2024, repurchase price $650,484, collateralized by U.S. Treasury Securities, 1.25% - 3.50%, due 4/30/2028 - 5/15/2033, with a value of $663,000. |
|
|
| |
|
|
| |
RBC Capital Markets LLC, 5.33%, dated 8/30/2024, due 9/3/2024, repurchase price $3,051,806, collateralized by FFCB, 0.75% - 6.47%, due 9/26/2024 - 8/1/2044, FHLB, 0.80% - 6.14%, due 9/30/2024 - 6/27/2039, FHLMC, 0.38% - 8.00%, due 9/25/2024 - 9/25/2054, FNMA, 1.00% - 7.00%, due 10/15/2024 - 2/1/2054, GNMA, 0.00% - 8.00%, due 4/15/2026 - 8/20/2074 , Tennessee Valley Authority, 0.00%, due 1/15/2048 and U.S. Treasury Securities, 0.00% - 2.38%, due 10/15/2024 - 1/15/2034, with a value of $3,123,668. |
|
|
Royal Bank of Canada, 5.39%, dated 8/30/2024, due 9/6/2024, repurchase price $1,001,048, collateralized by FHLMC, 2.00% - 7.00%, due 2/15/2032 - 6/1/2054 and FNMA, 0.50% - 7.50%, due 6/1/2026 - 9/1/2054, with a value of $1,049,022. |
|
|
Societe Generale SA, 5.35%, dated 8/30/2024, due 9/4/2024, repurchase price $500,372, collateralized by U.S. Treasury Securities, 1.25% - 7.63%, due 11/15/2024 - 8/15/2054, with a value of $510,000. |
|
|
Societe Generale SA, 5.37%, dated 8/30/2024, due 9/4/2024, repurchase price $1,200,895, collateralized by FHLMC, 3.00% - 6.00%, due 5/1/2052 - 6/1/2054, FNMA, 2.00% - 5.50%, due 8/1/2046 - 8/1/2054 and U.S. Treasury Securities, 1.38% - 2.38%, due 2/15/2042 - 2/15/2051, with a value of $1,224,000. |
|
|
Societe Generale SA, 5.34%, dated 8/30/2024, due 9/5/2024, repurchase price $500,445, collateralized by GNMA, 2.50% - 6.00%, due 7/20/2051 - 4/20/2053, with a value of $510,000. |
|
|
Societe Generale SA, 5.34%, dated 8/30/2024, due 9/5/2024, repurchase price $1,201,068, collateralized by U.S. Treasury Securities, 0.00% - 4.75%, due 11/29/2024 - 11/15/2053, with a value of $1,224,000. |
|
|
Societe Generale SA, 5.33%, dated 8/30/2024, due 9/6/2024, repurchase price $1,201,244, collateralized by U.S. Treasury Securities, 0.75% - 4.63%, due 1/31/2028 - 2/15/2034, with a value of $1,224,000. |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
|
|
Repurchase Agreements — continued |
Societe Generale SA, 5.33%, dated 8/30/2024, due 9/6/2024, repurchase price $1,501,555, collateralized by U.S. Treasury Securities, 1.50% - 4.63%, due 6/30/2026 - 5/15/2033, with a value of $1,530,000. |
|
|
Societe Generale SA, 5.34%, dated 8/30/2024, due 9/6/2024, repurchase price $1,001,038, collateralized by GNMA, 2.50% - 7.50%, due 9/15/2039 - 1/20/2054 and U.S. Treasury Securities, 0.00%, due 12/10/2024, with a value of $1,020,002. |
|
|
Sumitomo Mitsui Banking Corp., 5.32%, dated 8/30/2024, due 9/3/2024, repurchase price $3,502,069, collateralized by U.S. Treasury Securities, 0.25% - 5.00%, due 9/30/2024 - 8/15/2045, with a value of $3,572,110. |
|
|
TD Securities USA LLC, 5.32%, dated 8/30/2024, due 9/3/2024, repurchase price $2,201,300, collateralized by U.S. Treasury Securities, 0.25% - 5.19%, due 9/15/2024 - 5/15/2034, with a value of $2,245,326. |
|
|
The Northwestern Mutual Life Insurance Co., 5.34%, dated 8/30/2024, due 9/3/2024, repurchase price $1,500,890, collateralized by FHLMC, 2.00% - 6.00%, due 9/1/2042 - 9/1/2053 and FNMA, 0.00% - 5.50%, due 1/12/2039 - 3/1/2053, with a value of $1,530,227. |
|
|
Treasury Joint Trading Account I, J.P. Morgan Investment Management Inc., as agent, 5.32%, dated 8/30/2024, due 9/3/2024, repurchase price $1,658,743. (a) |
|
|
UBS Securities LLC, 5.35%, dated 8/30/2024, due 9/3/2024, repurchase price $200,119, collateralized by FHLB, 0.00%, due 11/22/2024, FHLMC, 2.00% - 8.50%, due 10/1/2024 - 10/1/2053, FNMA, 2.00% - 9.00%, due 9/25/2024 - 1/1/2054, GNMA, 2.50% - 9.50%, due 9/15/2024 - 6/20/2054 and U.S. Treasury Securities, 2.88% - 4.38%, due 8/31/2028 - 4/30/2029, with a value of $204,000. |
|
|
| |
|
|
| |
UBS Securities LLC, 5.35%, dated 8/30/2024, due 9/4/2024, repurchase price $200,149, collateralized by FHLMC, 4.50% - 4.54%, due 6/1/2029 - 5/1/2037, FNMA, 4.00% - 8.50%, due 12/1/2025 - 1/1/2049, GNMA, 3.00% - 8.00%, due 2/15/2025 - 11/20/2063 and U.S. Treasury Securities, 2.88% - 4.38%, due 8/31/2028 - 4/30/2029, with a value of $204,000. |
|
|
Wells Fargo Securities LLC, 5.34%, dated 8/30/2024, due 9/3/2024, repurchase price $2,501,483, collateralized by GNMA, 1.50% - 7.50%, due 5/20/2027 - 8/20/2054, with a value of $2,551,513. |
|
|
Wells Fargo Securities LLC, 5.21%, dated 8/30/2024, due 11/15/2024, repurchase price $2,527,859, collateralized by FNMA, 1.50% - 8.00%, due 8/1/2025 - 1/1/2059, with a value of $2,582,107. |
|
|
Total Repurchase Agreements
(Cost $136,757,151) |
|
|
U.S. Government Agency Securities — 16.0% |
FFCB, DN, 4.76%, 11/25/2024 (b) |
|
|
| |
|
|
(US Treasury 3 Month Bill Money Market Yield + 0.21%), 5.25%, 9/3/2024 (c) |
|
|
(SOFR + 0.14%), 5.47%, 9/3/2024 (c) |
|
|
(SOFR + 0.16%), 5.48%, 9/3/2024 (c) |
|
|
(SOFR + 0.15%), 5.48%, 9/3/2024 (c) |
|
|
(SOFR + 0.16%), 5.48%, 9/3/2024 (c) |
|
|
(SOFR + 0.15%), 5.48%, 9/3/2024 (c) |
|
|
(SOFR + 0.16%), 5.49%, 9/3/2024 (c) |
|
|
(SOFR + 0.16%), 5.49%, 9/3/2024 (c) |
|
|
(SOFR + 0.16%), 5.49%, 9/3/2024 (c) |
|
|
(SOFR + 0.16%), 5.49%, 9/3/2024 (c) |
|
|
(SOFR + 0.17%), 5.50%, 9/3/2024 (c) |
|
|
(SOFR + 0.17%), 5.50%, 9/3/2024 (c) |
|
|
(SOFR + 0.17%), 5.50%, 9/3/2024 (c) |
|
|
(SOFR + 0.19%), 5.51%, 9/3/2024 (c) |
|
|
(SOFR + 0.20%), 5.53%, 9/3/2024 (c) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
(SOFR + 0.01%), 5.33%, 9/3/2024 (c) |
|
|
(SOFR + 0.01%), 5.33%, 9/3/2024 (c) |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
JPMorgan U.S. Government Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2024 (Unaudited) (continued)
| |
|
|
U.S. Government Agency Securities — continued |
| |
|
|
| |
|
|
(SOFR + 0.01%), 5.34%, 9/3/2024 (c) |
|
|
(SOFR + 0.03%), 5.36%, 9/3/2024 (c) |
|
|
(SOFR + 0.04%), 5.37%, 9/3/2024 (c) |
|
|
(SOFR + 0.10%), 5.43%, 9/3/2024 (c) |
|
|
(SOFR + 0.10%), 5.43%, 9/3/2024 (c) |
|
|
(SOFR + 0.16%), 5.48%, 9/3/2024 (c) |
|
|
(SOFR + 0.16%), 5.48%, 9/3/2024 (c) |
|
|
(SOFR + 0.16%), 5.48%, 9/3/2024 (c) |
|
|
(SOFR + 0.16%), 5.48%, 9/3/2024 (c) |
|
|
(SOFR + 0.16%), 5.49%, 9/3/2024 (c) |
|
|
(SOFR + 0.16%), 5.49%, 9/3/2024 (c) |
|
|
(SOFR + 0.16%), 5.49%, 9/3/2024 (c) |
|
|
(SOFR + 0.16%), 5.49%, 9/3/2024 (c) |
|
|
(SOFR + 0.16%), 5.49%, 9/3/2024 (c) |
|
|
(SOFR + 0.16%), 5.49%, 9/3/2024 (c) |
|
|
(SOFR + 0.16%), 5.49%, 9/3/2024 (c) |
|
|
(SOFR + 0.16%), 5.49%, 9/3/2024 (c) |
|
|
(SOFR + 0.16%), 5.49%, 9/3/2024 (c) |
|
|
(SOFR + 0.16%), 5.49%, 9/3/2024 (c) |
|
|
(SOFR + 0.16%), 5.49%, 9/3/2024 (c) |
|
|
(SOFR + 0.19%), 5.52%, 9/3/2024 (c) |
|
|
(SOFR + 0.20%), 5.53%, 9/3/2024 (c) |
|
|
DN, 5.24%, 10/18/2024 (b) |
|
|
| |
|
|
| |
|
|
| |
|
|
DN, 4.75%, 11/15/2024 (b) |
|
|
DN, 4.76%, 11/22/2024 (b) |
|
|
DN, 4.75%, 11/25/2024 (b) |
|
|
DN, 4.78%, 11/26/2024 (b) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Total U.S. Government Agency Securities
(Cost $42,557,073) |
|
|
U.S. Treasury Obligations — 7.8% |
U.S. Treasury Floating Rate Notes |
|
|
(US Treasury 3 Month Bill Money Market Yield + 0.14%), 5.18%, 9/3/2024 (c) |
|
|
| |
|
|
| |
(US Treasury 3 Month Bill Money Market Yield + 0.17%), 5.21%, 9/3/2024 (c) |
|
|
(US Treasury 3 Month Bill Money Market Yield + 0.17%), 5.21%, 9/3/2024 (c) |
|
|
| |
|
|
(US Treasury 3 Month Bill Money Market Yield + 0.15%), 5.19%, 9/3/2024 (c) |
|
|
(US Treasury 3 Month Bill Money Market Yield + 0.18%), 5.23%, 9/3/2024 (c) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Total U.S. Treasury Obligations
(Cost $20,839,714) |
|
|
Short Term Investments — 24.2% |
U.S. Treasury Obligations — 24.2% |
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
|
|
Short Term Investments — continued |
U.S. Treasury Obligations — continued |
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Total U.S. Treasury Obligations
(Cost $64,367,091) |
|
|
Total Short Term Investments
(Cost $64,367,091) |
|
|
Total Investments — 99.3%
(Cost $264,521,029) * |
|
|
Other Assets Less Liabilities — 0.7% |
|
|
| |
|
|
Percentages indicated are based on net assets. |
| |
|
| |
|
| |
|
| |
|
| |
Federal Home Loan Mortgage Corp. |
| |
Federal National Mortgage Association |
| |
Government National Mortgage Association |
| |
Secured Overnight Financing Rate |
| |
The date shown represents the earliest of the next put date, next demand date or final maturity date. |
| |
The cost of securities is substantially the same for federal income tax purposes. |
|
| |
Agency Joint Trading Account I, II, III and Treasury Joint Trading Account I - At August 31, 2024, the Fund had proportionate interests in the Agency Joint Trading Account I, II, III and Treasury Joint Trading Account I with a maturity date of September 3, 2024, as follows for JPMorgan U.S. Government Money Market Fund (amounts in thousands): |
|
| |
|
|
Collateral Value
Allocation |
Agency Joint Trading Account I |
|
|
|
Agency Joint Trading Account II |
|
|
|
Agency Joint Trading Account III |
|
|
|
Treasury Joint Trading Account I |
|
|
|
Repurchase Agreements - At August 31, 2024, the Principal Amounts of the Fund's interests in the Agency Joint Trading Account I, II, III and Treasury Joint Trading Account I were as follows (amounts in thousands): |
| |
|
U.S. Government Money Market Fund |
Agency Joint Trading Account I |
|
|
| |
|
|
Agency Joint Trading Account II |
|
|
| |
|
|
Citigroup Global Markets Holdings, Inc. |
|
|
| |
|
|
Agency Joint Trading Account III |
|
|
| |
|
|
Treasury Joint Trading Account I |
|
|
| |
|
|
| |
|
|
Wells Fargo Securities LLC |
|
|
| |
|
|
At August 31, 2024, the Agency Joint Trading Account I, II, III and Treasury Joint Trading Account I was fully collateralized by: |
| |
|
|
Agency Joint Trading Account I |
|
|
| |
|
|
| |
|
|
Agency Joint Trading Account II |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Tennessee Valley Authority |
|
|
| |
|
|
Agency Joint Trading Account III |
|
|
| |
|
|
| |
|
|
Treasury Joint Trading Account I |
|
|
| |
|
|
| |
The rate shown is the effective yield as of August 31, 2024. |
| |
Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of August 31, 2024. |
| |
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 August 31, 2024. |
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
JPMorgan U.S. Treasury Plus Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2024 (Unaudited)
| |
|
|
Repurchase Agreements — 46.8% |
Citigroup Global Markets Holdings, Inc., 5.32%, dated 8/30/2024, due 9/3/2024, repurchase price $1,000,591, collateralized by U.S. Treasury Securities, 0.00% - 1.13%, due 11/5/2024 - 2/28/2027, with a value of $1,020,000. |
|
|
Citigroup Global Markets Holdings, Inc., 5.32%, dated 8/30/2024, due 9/3/2024, repurchase price $1,450,857, collateralized by U.S. Treasury Securities, 0.13% - 5.23%, due 6/30/2026 - 2/28/2027, with a value of $1,479,000. |
|
|
Citigroup Global Markets Holdings, Inc., 5.34%, dated 8/30/2024, due 9/3/2024, repurchase price $1,000,593, collateralized by U.S. Treasury Securities, 0.13% - 5.23%, due 5/31/2026 - 7/31/2026, with a value of $1,020,000. |
|
|
Citigroup Global Markets Holdings, Inc., 5.37%, dated 8/30/2024, due 11/21/2024, repurchase price $253,095, collateralized by U.S. Treasury Securities, 0.00%, due 1/23/2025 - 2/27/2025, with a value of $255,000. |
|
|
Federal Reserve Bank of New York, 5.30%, dated 8/30/2024, due 9/3/2024, repurchase price $1,100,648, collateralized by U.S. Treasury Securities, 3.00% - 4.25%, due 5/15/2039 - 11/15/2045, with a value of $1,100,648. |
|
|
Fixed Income Clearing Corp., 5.32%, dated 8/30/2024, due 9/3/2024, repurchase price $7,004,138, collateralized by U.S. Treasury Securities, 0.00% - 4.13%, due 2/6/2025 - 8/15/2046, with a value of $7,140,000. |
|
|
Goldman Sachs & Co. LLC, 5.34%, dated 8/30/2024, due 9/3/2024, repurchase price $500,297, collateralized by U.S. Treasury Securities, 0.00% - 2.38%, due 8/15/2028 - 8/15/2045, with a value of $510,000. |
|
|
Goldman Sachs & Co. LLC, 5.34%, dated 8/30/2024, due 9/3/2024, repurchase price $750,445, collateralized by U.S. Treasury Securities, 0.00% - 4.25%, due 7/15/2025 - 5/15/2053, with a value of $765,000. |
|
|
Goldman Sachs & Co. LLC, 5.34%, dated 8/30/2024, due 9/3/2024, repurchase price $1,000,593, collateralized by U.S. Treasury Securities, 0.00% - 4.63%, due 3/15/2026 - 1/31/2030, with a value of $1,020,000. |
|
|
| |
|
|
| |
Goldman Sachs & Co. LLC, 5.37%, dated 8/30/2024, due 9/4/2024, repurchase price $250,186, collateralized by U.S. Treasury Securities, 0.00% - 2.13%, due 11/15/2024 - 2/15/2047, with a value of $255,000. |
|
|
Goldman Sachs & Co. LLC, 5.37%, dated 8/30/2024, due 9/23/2024, repurchase price $501,790, collateralized by U.S. Treasury Securities, 4.25%, due 6/30/2031, with a value of $510,000. |
|
|
Goldman Sachs & Co. LLC, 5.37%, dated 8/30/2024, due 9/27/2024, repurchase price $251,044, collateralized by U.S. Treasury Securities, 0.00% - 3.63%, due 12/31/2027 - 5/15/2053, with a value of $255,000. |
|
|
ING Financial Markets LLC, 5.31%, dated 8/30/2024, due 9/3/2024, repurchase price $100,059, collateralized by U.S. Treasury Securities, 1.50% - 2.00%, due 2/15/2025 - 11/30/2028, with a value of $102,060. |
|
|
Norinchukin Bank (The), 5.35%, dated 8/30/2024, due 9/3/2024, repurchase price $150,089, collateralized by U.S. Treasury Securities, 1.25% - 3.50%, due 4/30/2028 - 5/15/2033, with a value of $153,000. |
|
|
Norinchukin Bank (The), 5.36%, dated 8/30/2024, due 9/4/2024, repurchase price $100,075, collateralized by U.S. Treasury Securities, 1.25% - 3.50%, due 4/30/2028 - 5/15/2033, with a value of $102,000. |
|
|
Societe Generale SA, 5.35%, dated 8/30/2024, due 9/4/2024, repurchase price $500,372, collateralized by U.S. Treasury Securities, 1.25%, due 8/15/2031, with a value of $510,000. |
|
|
Societe Generale SA, 5.34%, dated 8/30/2024, due 9/5/2024, repurchase price $400,356, collateralized by U.S. Treasury Securities, 2.38% - 3.00%, due 2/15/2047 - 11/15/2049, with a value of $408,000. |
|
|
Societe Generale SA, 5.33%, dated 8/30/2024, due 9/6/2024, repurchase price $300,311, collateralized by U.S. Treasury Securities, 2.25%, due 5/15/2041, with a value of $306,000. |
|
|
Societe Generale SA, 5.33%, dated 8/30/2024, due 9/6/2024, repurchase price $500,518, collateralized by U.S. Treasury Securities, 1.25% - 4.38%, due 7/15/2027 - 8/15/2031, with a value of $510,000. |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
|
|
Repurchase Agreements — continued |
Treasury Joint Trading Account I, J.P. Morgan Investment Management Inc., as agent, 5.32%, dated 8/30/2024, due 9/3/2024, repurchase price $1,513,997. (a) |
|
|
Wells Fargo Securities LLC, 5.32%, dated 8/30/2024, due 9/3/2024, repurchase price $100,059, collateralized by U.S. Treasury Securities, 1.13% - 4.50%, due 11/30/2024 - 2/29/2028, with a value of $102,060. |
|
|
Total Repurchase Agreements
(Cost $18,713,103) |
|
|
U.S. Treasury Obligations — 13.5% |
U.S. Treasury Floating Rate Notes |
|
|
(US Treasury 3 Month Bill Money Market Yield + 0.13%), 5.17%, 9/3/2024 (b) |
|
|
(US Treasury 3 Month Bill Money Market Yield + 0.14%), 5.18%, 9/3/2024 (b) |
|
|
(US Treasury 3 Month Bill Money Market Yield + 0.17%), 5.21%, 9/3/2024 (b) |
|
|
(US Treasury 3 Month Bill Money Market Yield + 0.25%), 5.29%, 9/3/2024 (b) |
|
|
| |
|
|
(US Treasury 3 Month Bill Money Market Yield + 0.15%), 5.19%, 9/3/2024 (b) |
|
|
(US Treasury 3 Month Bill Money Market Yield + 0.18%), 5.23%, 9/3/2024 (b) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Total U.S. Treasury Obligations
(Cost $5,408,148) |
|
|
Short Term Investments — 38.5% |
U.S. Treasury Obligations — 38.5% |
| |
|
|
| |
|
|
| |
|
|
| |
U.S. Treasury Obligations — continued |
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
JPMorgan U.S. Treasury Plus Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2024 (Unaudited) (continued)
| |
|
|
Short Term Investments — continued |
U.S. Treasury Obligations — continued |
| |
|
|
| |
|
|
Total U.S. Treasury Obligations
(Cost $15,369,297) |
|
|
Total Short Term Investments
(Cost $15,369,297) |
|
|
Total Investments — 98.8%
(Cost $39,490,548) * |
|
|
Other Assets Less Liabilities — 1.2% |
|
|
| |
|
|
Percentages indicated are based on net assets. |
| |
The date shown represents the earliest of the next put date, next demand date or final maturity date. |
| |
The cost of securities is substantially the same for federal income tax purposes. |
|
| |
Treasury Joint Trading Account I - At August 31, 2024, the Fund had proportionate interests in the Treasury Joint Trading Account I with a maturity date of September 3, 2024, as follows for JPMorgan U.S. Treasury Plus Money Market Fund (amounts in thousands): |
|
| |
|
|
Collateral Value
Allocation |
Treasury Joint Trading Account I |
|
|
|
Repurchase Agreements - At August 31, 2024, the Principal Amounts of the Fund's interests in the Treasury Joint Trading Account I were as follows (amounts in thousands): |
| |
|
U.S. Treasury Plus Money Market Fund |
Treasury Joint Trading Account I |
|
|
| |
|
|
| |
|
|
Wells Fargo Securities LLC |
|
|
| |
|
|
At August 31, 2024, the Treasury Joint Trading Account I was fully collateralized by: |
| |
|
|
Treasury Joint Trading Account I |
|
|
| |
|
|
| |
Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of August 31, 2024. |
| |
The rate shown is the effective yield as of August 31, 2024. |
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
JPMorgan Federal Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2024 (Unaudited)
| |
|
|
U.S. Government Agency Securities — 14.3% |
| |
|
|
DN, 4.76%, 11/25/2024 (a) |
|
|
DN, 4.67%, 12/26/2024 (a) |
|
|
| |
|
|
| |
|
|
(US Treasury 3 Month Bill Money Market Yield + 0.14%), 5.18%, 9/3/2024 (b) |
|
|
(US Treasury 3 Month Bill Money Market Yield + 0.21%), 5.25%, 9/3/2024 (b) |
|
|
(SOFR + 0.15%), 5.48%, 9/3/2024 (b) |
|
|
(SOFR + 0.16%), 5.49%, 9/3/2024 (b) |
|
|
(Federal Reserve Bank Prime Loan Rate US + (3.01)%), 5.49%, 9/3/2024 (b) |
|
|
(SOFR + 0.17%), 5.50%, 9/3/2024 (b) |
|
|
(Federal Reserve Bank Prime Loan Rate US + (3.00)%), 5.51%, 9/3/2024 (b) |
|
|
| |
|
|
| |
|
|
| |
|
|
(SOFR + 0.10%), 5.43%, 9/3/2024 (b) |
|
|
(SOFR + 0.14%), 5.47%, 9/3/2024 (b) |
|
|
(SOFR + 0.16%), 5.48%, 9/3/2024 (b) |
|
|
(SOFR + 0.16%), 5.48%, 9/3/2024 (b) |
|
|
(SOFR + 0.16%), 5.49%, 9/3/2024 (b) |
|
|
(SOFR + 0.20%), 5.53%, 9/3/2024 (b) |
|
|
| |
|
|
DN, 4.77%, 11/15/2024 (a) |
|
|
DN, 4.82%, 11/29/2024 (a) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Total U.S. Government Agency Securities
(Cost $1,043,599) |
|
|
U.S. Treasury Obligations — 2.1% |
U.S. Treasury Floating Rate Notes |
|
|
(US Treasury 3 Month Bill Money Market Yield + 0.14%), 5.18%, 9/3/2024 (b) |
|
|
(US Treasury 3 Month Bill Money Market Yield + 0.20%), 5.24%, 9/3/2024 (b) |
|
|
| |
|
|
| |
U.S. Treasury Notes, 0.75%, 11/15/2024 |
|
|
Total U.S. Treasury Obligations
(Cost $149,812) |
|
|
Short Term Investments — 85.7% |
U.S. Treasury Obligations — 85.7% |
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
JPMorgan Federal Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2024 (Unaudited) (continued)
| |
|
|
Short Term Investments — continued |
U.S. Treasury Obligations — continued |
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Total U.S. Treasury Obligations
(Cost $6,247,416) |
|
|
Total Short Term Investments
(Cost $6,247,416) |
|
|
Total Investments — 102.1%
(Cost $7,440,827) * |
|
|
Liabilities in Excess of Other Assets — (2.1)% |
|
|
| |
|
|
Percentages indicated are based on net assets. |
| |
|
| |
|
| |
|
| |
|
| |
Secured Overnight Financing Rate |
| |
The date shown represents the earliest of the next put date, next demand date or final maturity date. |
| |
The cost of securities is substantially the same for federal income tax purposes. |
|
| |
The rate shown is the effective yield as of August 31, 2024. |
|
| |
Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of August 31, 2024. |
|
| |
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 August 31, 2024. |
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
JPMorgan 100% U.S. Treasury Securities Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2024 (Unaudited)
| |
|
|
U.S. Treasury Obligations — 12.7% |
U.S. Treasury Floating Rate Notes |
|
|
(US Treasury 3 Month Bill Money Market Yield + 0.13%), 5.17%, 9/3/2024 (a) |
|
|
(US Treasury 3 Month Bill Money Market Yield + 0.14%), 5.18%, 9/3/2024 (a) |
|
|
(US Treasury 3 Month Bill Money Market Yield + 0.17%), 5.21%, 9/3/2024 (a) |
|
|
(US Treasury 3 Month Bill Money Market Yield + 0.17%), 5.21%, 9/3/2024 (a) |
|
|
(US Treasury 3 Month Bill Money Market Yield + 0.20%), 5.24%, 9/3/2024 (a) |
|
|
(US Treasury 3 Month Bill Money Market Yield + 0.25%), 5.29%, 9/3/2024 (a) |
|
|
| |
|
|
(US Treasury 3 Month Bill Money Market Yield + 0.15%), 5.19%, 9/3/2024 (a) |
|
|
(US Treasury 3 Month Bill Money Market Yield + 0.18%), 5.23%, 9/3/2024 (a) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Total U.S. Treasury Obligations
(Cost $25,219,114) |
|
|
Short Term Investments — 91.0% |
U.S. Treasury Obligations — 91.0% |
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
U.S. Treasury Obligations — continued |
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Total U.S. Treasury Obligations
(Cost $180,413,271) |
|
|
Total Short Term Investments
(Cost $180,413,271) |
|
|
Total Investments — 103.7%
(Cost $205,632,385) * |
|
|
Liabilities in Excess of Other Assets — (3.7)% |
|
|
| |
|
|
Percentages indicated are based on net assets. |
| |
The date shown represents the earliest of the next put date, next demand date or final maturity date. |
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
JPMorgan 100% U.S. Treasury Securities Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2024 (Unaudited) (continued)
| |
The cost of securities is substantially the same for federal income tax purposes. |
|
| |
Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of August 31, 2024. |
|
| |
The rate shown is the effective yield as of August 31, 2024. |
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
JPMorgan Tax Free Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2024 (Unaudited)
| |
|
|
| |
| |
Alaska Housing Finance Corp., Home Mortgage |
|
|
Series 2007B, Rev., VRDO, LIQ : FHLB, 2.90%, 9/9/2024 (a) |
|
|
Series 2009D, Rev., VRDO, LIQ : FHLB, 2.95%, 9/9/2024 (a) |
|
|
Series 2007D, Rev., VRDO, LIQ : FHLB, 3.00%, 9/9/2024 (a) |
|
|
City of Valdez, Exxon Pipeline Co. Project |
|
|
Series 1993-B, Rev., VRDO, 3.90%, 9/3/2024 (a) |
|
|
Series 1993-C, Rev., VRDO, 3.90%, 9/3/2024 (a) |
|
|
| |
|
|
| |
Arizona Health Facilities Authority Series 2015-XF2050, Rev., VRDO, LIQ : Morgan Stanley Bank NA, 2.95%, 9/9/2024 (a) (b) |
|
|
RBC Municipal Products, Inc. Trust, Floater Certificates Series E-147, Rev., VRDO, LOC : Royal Bank of Canada, 2.95%, 9/12/2024 (a) (b) |
|
|
Salt River Pima-Maricopa Indian Community, Rev., VRDO, LOC : Bank of America NA, 2.99%, 9/9/2024 (a) |
|
|
| |
|
|
| |
Alameda County Industrial Development Authority, Plyproperties Project Series 1997A, Rev., VRDO, LOC : Wells Fargo Bank NA, 2.97%, 9/9/2024 (a) |
|
|
California Health Facilities Financing Authority, Memorial Health Services Series 2013A, Rev., VRDO, 2.00%, 9/9/2024 (a) |
|
|
City of San Jose, Multi-Family Housing, Almaden Lake Village Apartments Series 1997A, Rev., VRDO, LOC : FNMA, 2.93%, 9/9/2024 (a) |
|
|
County of Sacramento, Special Facilities Apartment, Cessna Aircraft Co. Project, Rev., VRDO, LOC : Bank of America NA, 2.95%, 9/9/2024 (a) |
|
|
Los Angeles Department of Water and Power, Power System Series A-6, Rev., VRDO, LIQ : Bank of America NA, 3.57%, 9/3/2024 (a) |
|
|
Metropolitan Water District of Southern California |
|
|
Series 2024B-1, Rev., VRDO, LIQ : Bank of America NA, 2.40%, 9/9/2024 (a) |
|
|
Series 2022A, Rev., 5.00%, 10/1/2024 |
|
|
| |
|
|
| |
| |
State of California, Various Purpose, GO, 5.00%, 10/1/2024 |
|
|
Tender Option Bond Trust Receipts/Certificates |
|
|
Series 2024-XX1336, Rev., VRDO, LIQ : Barclays Bank plc, 3.90%, 9/3/2024 (a) (b) |
|
|
Series 2022-XF3028, Rev., VRDO, LOC : Barclays Bank plc, 4.10%, 9/3/2024 (a) (b) |
|
|
Series 2021-XF2962, Rev., VRDO, LIQ : Barclays Bank plc, 2.94%, 9/9/2024 (a) (b) |
|
|
Series 2022-XF3006, Rev., VRDO, LIQ : Barclays Bank plc, 2.94%, 9/9/2024 (a) (b) |
|
|
Series 2022-XX1258, Rev., VRDO, LIQ : Barclays Bank plc, 2.94%, 9/9/2024 (a) (b) |
|
|
Series 2023-XG0502, Rev., VRDO, LIQ : Barclays Bank plc, 2.94%, 9/9/2024 (a) (b) |
|
|
Series 2023-XX1325, Rev., VRDO, LIQ : Barclays Bank plc, 2.94%, 9/9/2024 (a) (b) |
|
|
Series 2023-ZF3164, Rev., VRDO, LIQ : Barclays Bank plc, 2.94%, 9/9/2024 (a) (b) |
|
|
Series 2022-XM1064, Rev., VRDO, LIQ : Morgan Stanley Bank NA, 2.95%, 9/9/2024 (a) (b) |
|
|
| |
|
|
| |
City of Colorado Springs, Utilities System Improvement Series 2009C, Rev., VRDO, LIQ : Sumitomo Mitsui Banking Corp., 2.90%, 9/9/2024 (a) |
|
|
Colorado Educational and Cultural Facilities Authority, National Jewish Federation Series F2, Rev., VRDO, LOC : TD Bank NA, 3.80%, 9/3/2024 (a) |
|
|
Colorado Housing and Finance Authority, Single Family Mortgage Series 2019D, Class I-S, Rev., AMT, VRDO, LIQ : Royal Bank of Canada, 3.00%, 9/9/2024 (a) |
|
|
County of Arapahoe, Multi-Family Rental Housing, Hunter's Run Holdings LP, Rev., VRDO, LOC : FHLMC, 2.99%, 9/9/2024 (a) |
|
|
Tender Option Bond Trust Receipts/Certificates |
|
|
Series 2022-YX1254, Rev., VRDO, LOC : Barclays Bank plc, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2024-XL0549, Rev., VRDO, LIQ : Bank of America NA, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2023-XF1592, Rev., VRDO, LIQ : Toronto-Dominion Bank, 2.96%, 9/9/2024 (a) (b) |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
JPMorgan Tax Free Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2024 (Unaudited) (continued)
| |
|
|
Municipal Bonds — continued |
| |
Series 2016-ZF0467, Rev., VRDO, LOC : Royal Bank of Canada, 2.98%, 9/9/2024 (a) (b) |
|
|
University of Colorado, Hospital Authority Series 2018C, Rev., VRDO, LIQ : TD Bank NA, 3.80%, 9/3/2024 (a) |
|
|
| |
|
|
| |
Connecticut Housing Finance Authority, Housing Mortgage Finance Program |
|
|
Series 2020 C-3, Rev., VRDO, LIQ : TD Bank NA, 2.90%, 9/9/2024 (a) |
|
|
Series 2022, Subseries E-2, Rev., VRDO, GNMA / FNMA / FHLMC COLL, LOC : Sumitomo Mitsui Banking Corp., 2.90%, 9/9/2024 (a) |
|
|
Subseries 2020A-3, Rev., VRDO, LIQ : Sumitomo Mitsui Banking Corp., 2.90%, 9/9/2024 (a) |
|
|
Regional School District No. 18, GO, BAN, 4.25%, 8/14/2025 |
|
|
Tender Option Bond Trust Receipts/Certificates |
|
|
Series 2017-YX1077, Rev., VRDO, LIQ : Barclays Bank plc, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2024-XG0558, Rev., VRDO, GNMA / FNMA / FHLMC, LIQ : Bank of America NA, 2.95%, 9/9/2024 (a) (b) |
|
|
| |
|
|
| |
University of Delaware Series 2004 B, Rev., VRDO, LIQ : Bank of America NA, 3.90%, 9/3/2024 (a) |
|
|
District of Columbia — 1.8% |
District of Columbia Water and Sewer Authority, Subordinate Lien |
|
|
Series 2024B, Subseries B-1, Rev., VRDO, LIQ : TD Bank NA, 3.90%, 9/3/2024 (a) |
|
|
Series 2024B, Subseries B-2, Rev., VRDO, LIQ : TD Bank NA, 3.90%, 9/3/2024 (a) |
|
|
RBC Municipal Products, Inc. Trust, Floater Certificates Series E-108, GO, VRDO, LOC : Royal Bank of Canada, 2.95%, 9/9/2024 (a) (b) |
|
|
Tender Option Bond Trust Receipts/Certificates |
|
|
Series 2023-XF3133, Rev., VRDO, LOC : Barclays Bank plc, 4.10%, 9/3/2024 (a) (b) |
|
|
Series 2022-ZL0319, Rev., VRDO, LIQ : Royal Bank of Canada, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2023-XF3140, Rev., VRDO, LIQ : Wells Fargo Bank NA, 2.95%, 9/9/2024 (a) (b) |
|
|
| |
|
|
| |
District of Columbia — continued |
Series 2023-XM1129, Rev., VRDO, LIQ : UBS AG, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2023-ZF3209, Rev., VRDO, LIQ : Morgan Stanley Bank NA, 2.97%, 9/9/2024 (a) (b) |
|
|
Series 2024-XL0561, Rev., VRDO, LIQ : Bank of America NA, 2.97%, 9/9/2024 (a) (b) |
|
|
| |
|
|
| |
Alachua County Housing Finance Authority, Multi-Family, Santa Fe Apartments Project Series 2008, Rev., VRDO, LOC : FNMA, 2.90%, 9/9/2024 (a) |
|
|
County of Broward, Power and Light Co. Project, Rev., VRDO, 3.05%, 9/9/2024 (a) |
|
|
County of Escambia, Gulf Power Co., Project Series R, Rev., VRDO, 3.15%, 9/9/2024 (a) |
|
|
County of Martin, Florida Power and Light Co. Project, Rev., VRDO, 3.15%, 9/9/2024 (a) |
|
|
County of Miami-Dade, Professional Sports Franchise Series 2009 E, Rev., VRDO, LOC : TD Bank NA, 2.90%, 9/9/2024 (a) |
|
|
County of St. Lucie, Power and Light Co., Project, Rev., VRDO, 3.15%, 9/3/2024 (a) |
|
|
Florida Housing Finance Agency, Sun Pointe Cove Apartments Series 85 XX, Rev., VRDO, FNMA, LIQ : FNMA, 3.31%, 9/4/2024 (a) |
|
|
Florida Housing Finance Corp., Multi-Family Mortgage, Kings Terrace LLC Series 2013B, Rev., VRDO, LIQ : FHLMC, 2.97%, 9/9/2024 (a) |
|
|
Florida Housing Finance Corp., Valencia Village Apartments Series 1999G-1, Rev., VRDO, FNMA, LIQ : FNMA, 3.00%, 9/9/2024 (a) |
|
|
JEA Water and Sewer System Series 2008A-1, Rev., VRDO, LIQ : US Bank NA, 3.55%, 9/3/2024 (a) |
|
|
Lee County Industrial Development Authority, Florida Power and Light Co. Project Series 2016B, Rev., AMT, VRDO, 3.24%, 9/9/2024 (a) |
|
|
Miami-Dade County Industrial Development Authority, Florida Power and Light Co. Project |
|
|
Series 2024A, Rev., AMT, VRDO, 3.15%, 9/9/2024 (a) |
|
|
Series 2024B, Rev., AMT, VRDO, 3.15%, 9/9/2024 (a) |
|
|
Orange County Health Facilities Authority, The Nemours Foundation Project |
|
|
Series 2009B, Rev., VRDO, LOC : TD Bank NA, 2.92%, 9/9/2024 (a) |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
|
|
Municipal Bonds — continued |
| |
Series 2009C-1, Rev., VRDO, LOC : TD Bank NA, 2.92%, 9/9/2024 (a) |
|
|
Series 2009C-2, Rev., VRDO, LOC : TD Bank NA, 2.92%, 9/12/2024 (a) |
|
|
Orlando Utilities Commission, Utility System Series 2008-1, Rev., VRDO, LIQ : TD Bank NA, 3.09%, 9/9/2024 (a) |
|
|
Pinellas County Housing Finance Authority, Booker Creek Apartments, Rev., VRDO, LOC : FHLMC, 2.90%, 9/9/2024 (a) |
|
|
Sumter County Industrial Development Authority, Solid Waste Disposal, American Cement Co., LLC Project, Rev., VRDO, LOC : Bank of America NA, 3.22%, 9/9/2024 (a) |
|
|
Tender Option Bond Trust Receipts/Certificates |
|
|
Series 2021-XG0345, Rev., VRDO, LIQ : Wells Fargo Bank NA, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2022-YX1182, Rev., VRDO, LIQ : Barclays Bank plc, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2023-XF3100, Rev., VRDO, LIQ : Barclays Bank plc, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2023-XM1155, Rev., VRDO, LOC : Royal Bank of Canada, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2024-XF1709, Rev., VRDO, GNMA / FNMA / FHLMC, LIQ : Bank of America NA, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2024-XL0548, Rev., VRDO, LIQ : Bank of America NA, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2024-XL0561, Rev., VRDO, LIQ : Morgan Stanley Bank NA, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2022-XX1279, Rev., VRDO, LIQ : Barclays Bank plc, 2.96%, 9/9/2024 (a) (b) |
|
|
Series 2022-YX1216, Rev., VRDO, LOC : Barclays Bank plc, 2.96%, 9/9/2024 (a) (b) |
|
|
Series 2024-XF1704, Rev., VRDO, AGM, LOC : Royal Bank of Canada, 2.97%, 9/9/2024 (a) (b) |
|
|
| |
|
|
| |
Bartow-Cartersville Joint Development Authority Series 2023A, Rev., AMT, VRDO, LOC : Korea Development Bank, 3.15%, 9/9/2024 (a) (b) |
|
|
| |
|
|
| |
| |
Cobb County School District Series 2024, GO, 4.00%, 12/16/2024 |
|
|
Development Authority of Monroe County (The), Florida Power and Light Co. Project, Rev., AMT, VRDO, 3.20%, 9/9/2024 (a) |
|
|
| |
|
|
| |
Tender Option Bond Trust Receipts/Certificates Series 2024-XG0565, Rev., VRDO, GNMA / FNMA / FHLMC, LIQ : Barclays Bank plc, 2.97%, 9/9/2024 (a) (b) |
|
|
| |
County of Kane, Glenwood School for Boys, Rev., VRDO, LOC : Northern Trust Co. (The), 3.12%, 9/9/2024 (a) |
|
|
County of Lake, A L Hansen Manufacturing Co. Project, Rev., VRDO, LOC : BMO Harris Bank NA, 2.96%, 9/9/2024 (a) |
|
|
Illinois Finance Authority, American Youth Hostels Project, Rev., VRDO, LOC : BMO Harris Bank NA, 2.91%, 9/9/2024 (a) |
|
|
Illinois Finance Authority, Northwestern Memorial Healthcare Series 2021D, Rev., VRDO, 2.90%, 9/9/2024 (a) |
|
|
Illinois Finance Authority, Northwestern University Series 2008-B, Rev., VRDO, 2.90%, 9/9/2024 (a) |
|
|
Illinois Finance Authority, The University of Chicago Medical Center Series 2009E-1, Rev., VRDO, LOC : Sumitomo Mitsui Banking Corp., 2.94%, 9/9/2024 (a) |
|
|
Illinois Finance Authority, The Wbez Alliance, Inc., Project, Rev., VRDO, LOC : BMO Harris Bank NA, 2.90%, 9/9/2024 (a) |
|
|
Illinois Finance Authority, University of Wesleyan, Rev., VRDO, LOC : PNC Bank NA, 2.97%, 9/9/2024 (a) |
|
|
Illinois Finance Authority,The University Of Chicago Medical Center Series 2006E-2, Rev., VRDO, LOC : Sumitomo Mitsui Banking Corp., 2.94%, 9/9/2024 (a) |
|
|
Illinois Housing Development Authority, Alden Gardens Bloomingdale, Rev., VRDO, LOC : BMO Harris Bank NA, 2.91%, 9/9/2024 (a) |
|
|
Illinois Housing Development Authority, Homeowner Mortgage Series C-3, Rev., AMT, VRDO, LIQ : FHLB, 3.55%, 9/9/2024 (a) |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
JPMorgan Tax Free Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2024 (Unaudited) (continued)
| |
|
|
Municipal Bonds — continued |
| |
Illinois Housing Development Authority, Multi-Family Series 2024A, Rev., VRDO, FHA, LIQ : FHLB, 2.93%, 9/9/2024 (a) |
|
|
Joliet Regional Port District, ExxonMobil Project, Rev., VRDO, 3.90%, 9/3/2024 (a) |
|
|
Tender Option Bond Trust Receipts/Certificates |
|
|
Series 2023-YX1327, GO, VRDO, LOC : Barclays Bank plc, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2024-YX1338, GO, VRDO, LOC : Barclays Bank plc, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2020-XL0145, Rev., VRDO, LOC : Barclays Bank plc, 2.96%, 9/9/2024 (a) (b) |
|
|
Series 2022-XF3042, GO, VRDO, LIQ : Barclays Bank plc, 2.96%, 9/9/2024 (a) (b) |
|
|
Series 2022-XF3045, GO, VRDO, LOC : Barclays Bank plc, 2.96%, 9/9/2024 (a) (b) |
|
|
Series 2022-XX1264, GO, VRDO, LOC : Barclays Bank plc, 2.96%, 9/9/2024 (a) (b) |
|
|
Series 2017-XG0108, Rev., VRDO, LOC : Barclays Bank plc, 3.00%, 9/9/2024 (a) (b) |
|
|
| |
|
|
| |
City of Huntington, Rev., VRDO, LOC : Wells Fargo Bank NA, 3.08%, 9/9/2024 (a) |
|
|
Gary Chicago International Airport Authority, Special Purpose Facilities, Jet Center Project, Rev., VRDO, LOC : BMO Harris Bank NA, 2.95%, 9/9/2024 (a) |
|
|
Indiana Finance Authority, Parkview Health System, Inc. Series 2009D, Rev., VRDO, LOC : TD Bank NA, 3.80%, 9/3/2024 (a) |
|
|
Tender Option Bond Trust Receipts/Certificates Series 2022-XX1220, Rev., VRDO, LIQ : Barclays Bank plc, 2.96%, 9/9/2024 (a) (b) |
|
|
| |
|
|
| |
Iowa Finance Authority, Chevron USA, Inc. Project Series 2024, Rev., AMT, VRDO, 3.95%, 9/3/2024 (a) |
|
|
Iowa Finance Authority, CJ Bio America, Inc., Project, Rev., VRDO, LOC : Korea Development Bank, 3.09%, 9/9/2024 (a) (b) |
|
|
Iowa Finance Authority, Midwestern Disaster Area, Cargill, Inc., Project Series 2011A, Rev., VRDO, 2.95%, 9/9/2024 (a) |
|
|
| |
|
|
| |
| |
Iowa Finance Authority, Multi-Family Housing |
|
|
Series A, Rev., AMT, VRDO, LIQ : Wells Fargo Bank NA, 2.97%, 9/9/2024 (a) |
|
|
Series B, Rev., AMT, VRDO, LIQ : Wells Fargo Bank NA, 2.97%, 9/9/2024 (a) |
|
|
Iowa Finance Authority, Single Family Mortgage-Backed Securities Program |
|
|
Series 2019E, Rev., VRDO, GNMA / FNMA / FHLMC, LIQ : TD Bank NA, 2.90%, 9/9/2024 (a) |
|
|
Series 2020B, Rev., VRDO, GNMA / FNMA / FHLMC, LIQ : TD Bank NA, 2.90%, 9/9/2024 (a) |
|
|
Series 2020E, Rev., VRDO, GNMA / FNMA / FHLMC, LIQ : TD Bank NA, 2.95%, 9/9/2024 (a) |
|
|
Series 2017 B, Rev., VRDO, GNMA / FNMA / FHLMC, LIQ : FHLB, 3.00%, 9/9/2024 (a) |
|
|
Tender Option Bond Trust Receipts/Certificates Series 2022-YX1196, Rev., VRDO, FNMA COLL, LIQ : Barclays Bank plc, 2.95%, 9/9/2024 (a) (b) |
|
|
| |
|
|
| |
| |
|
|
Series 316, GO, 4.00%, 10/15/2024 |
|
|
Series 314, GO, 5.00%, 10/15/2024 |
|
|
University of Kansas Hospital Authority, Health System, Rev., VRDO, LOC : US Bank NA, 3.90%, 9/3/2024 (a) |
|
|
Wyandotte County-Kansas City Unified Government Series 2024-I, GO, 4.00%, 4/1/2025 |
|
|
| |
|
|
| |
Kentucky Higher Education Student Loan Corp. Series 2023-1A-1, Rev., AMT, VRDO, LOC : Bank of America NA, 3.14%, 9/9/2024 (a) |
|
|
Louisville Regional Airport Authority, OH LLC Project Series 2006 A, Rev., VRDO, 3.93%, 9/3/2024 (a) |
|
|
Louisville Regional Airport Authority, UPS Worldwide Forwarding, Inc. |
|
|
Series 1999 B, Rev., VRDO, 3.93%, 9/3/2024 (a) |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
|
|
Municipal Bonds — continued |
| |
Series 1999C, Rev., VRDO, 3.93%, 9/3/2024 (a) |
|
|
Tender Option Bond Trust Receipts/Certificates Series 2023-XF3181, Rev., VRDO, LOC : Barclays Bank plc, 2.96%, 9/9/2024 (a) (b) |
|
|
| |
|
|
| |
Louisiana Public Facilities Authority, Chevron USA, Inc. Projects Series 2024, Rev., AMT, VRDO, 3.95%, 9/3/2024 (a) |
|
|
Louisiana Public Facilities Authority, Children Medical Center Project Series 2017B, Rev., VRDO, LOC : UBS AG, 2.92%, 9/9/2024 (a) |
|
|
State of Louisiana Gasoline and Fuels Tax, Second Lien |
|
|
Series 2023 A-2, Rev., VRDO, LOC : TD Bank NA, 3.80%, 9/3/2024 (a) |
|
|
Series 2023A-1, Rev., VRDO, LOC : TD Bank NA, 3.80%, 9/3/2024 (a) |
|
|
Tender Option Bond Trust Receipts/Certificates Series 2024-XG0567, Rev., VRDO, GNMA / FNMA / FHLMC, LIQ : Bank of America NA, 2.95%, 9/9/2024 (a) (b) |
|
|
| |
|
|
| |
Maine State Housing Authority Series 2016 B-2, Rev., AMT, VRDO, LIQ : Bank of America NA, 2.94%, 9/9/2024 (a) |
|
|
| |
County of Montgomery, Trinity Health Credit Group Series 2013MD, Rev., VRDO, 3.70%, 9/3/2024 (a) |
|
|
Maryland Health and Higher Educational Facilities Authority, The Johns Hopkins Health System |
|
|
Series 2024A, Rev., VRDO, LOC : TD Bank NA, 3.80%, 9/3/2024 (a) |
|
|
Series 2024B, Rev., VRDO, LOC : TD Bank NA, 3.80%, 9/3/2024 (a) |
|
|
Maryland Health and Higher Educational Facilities Authority, University of Maryland Medical System Series 2008D, Rev., VRDO, LOC : TD Bank NA, 3.80%, 9/3/2024 (a) |
|
|
| |
|
|
| |
City of Haverhill, GO, BAN, 4.25%, 11/21/2024 |
|
|
City of Lawrence, GO, BAN, 4.50%, 9/1/2024 |
|
|
| |
|
|
| |
Massachusetts — continued |
City of Lawrence, State Qualified Deficit Financing, GO, BAN, 4.25%, 9/1/2025 (c) |
|
|
City of Quincy, GO, BAN, 5.00%, 7/25/2025 |
|
|
City of Waltham, GO, BAN, 4.50%, 10/10/2024 |
|
|
City of Westfield Series 7, GO, BAN, 4.25%, 6/6/2025 |
|
|
Massachusetts Development Finance Agency, Children's Hospital Corp Obligated Group Series 2024 U-2, Rev., VRDO, LOC : TD Bank NA, 3.80%, 9/3/2024 (a) |
|
|
Massachusetts Health and Educational Facilities Authority, Capital Asset Program Series 2002M-2, Rev., VRDO, LOC : Bank of America NA, 2.90%, 9/9/2024 (a) |
|
|
Massachusetts Health and Educational Facilities Authority, Museum of Fine Arts Issue Series 2007 A-1, Rev., VRDO, LIQ : Bank of America NA, 4.01%, 9/3/2024 (a) |
|
|
RBC Municipal Products, Inc. Trust, Floater Certificates Series E-148, GO, VRDO, LOC : Royal Bank of Canada, 2.95%, 9/5/2024 (a) (b) |
|
|
Tender Option Bond Trust Receipts/Certificates Series 2022-ZL0339, GO, VRDO, LIQ : Morgan Stanley Bank NA, 2.94%, 9/9/2024 (a) (b) |
|
|
Town of Agawam, GO, BAN, 3.75%, 10/29/2024 |
|
|
Town of Ipswich, GO, BAN, 4.00%, 8/8/2025 |
|
|
Town of Ludlow, GO, BAN, 3.75%, 9/11/2025 (c) |
|
|
| |
|
|
| |
Michigan State Housing Development Authority, Rental Housing |
|
|
Series 2016C, Rev., AMT, VRDO, LIQ : TD Bank NA, 2.85%, 9/9/2024 (a) |
|
|
Series 2002 A, Rev., AMT, VRDO, LIQ : FHLB, 2.94%, 9/9/2024 (a) |
|
|
Series 2016E, Rev., AMT, VRDO, LIQ : UBS AG, 2.96%, 9/9/2024 (a) |
|
|
RIB Floater Trust Various States |
|
|
Series 2022-046, Rev., VRDO, LOC : Barclays Bank plc, 3.95%, 9/3/2024 (a) (b) |
|
|
Series 47, Rev., VRDO, LIQ : Barclays Bank plc, 3.95%, 9/3/2024 (a) (b) |
|
|
Tender Option Bond Trust Receipts/Certificates |
|
|
Series 2018-ZF2716, Rev., VRDO, LIQ : Morgan Stanley Bank NA, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2023-XM1130, Rev., VRDO, LIQ : Wells Fargo Bank NA, 2.95%, 9/9/2024 (a) (b) |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
JPMorgan Tax Free Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2024 (Unaudited) (continued)
| |
|
|
Municipal Bonds — continued |
| |
Series 2023-YX1320, Rev., VRDO, LIQ : Barclays Bank plc, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2024-XF3221, Rev., VRDO, LIQ : Barclays Bank plc, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2024-XL0550, Rev., VRDO, LIQ : Bank of America NA, 2.95%, 9/9/2024 (a) (b) |
|
|
| |
|
|
| |
City of Minneapolis, University Gateway Project, Rev., VRDO, LIQ : Wells Fargo Bank NA, 3.00%, 9/9/2024 (a) |
|
|
City of Oakdale, Housing Cottage Homesteads, Rev., VRDO, LOC : FHLMC, 2.92%, 9/9/2024 (a) |
|
|
Minnesota Higher Education Facilities Authority, Concordia University, St. Paul Series 6Q, Rev., VRDO, LOC : US Bank NA, 4.00%, 9/3/2024 (a) |
|
|
Minnesota Housing Finance Agency, Residential Housing Finance |
|
|
Series 2015D, Rev., AMT, VRDO, GNMA / FNMA / FHLMC, LIQ : Royal Bank of Canada, 2.97%, 9/9/2024 (a) |
|
|
Series 2016F, Rev., AMT, VRDO, GNMA / FNMA / FHLMC COLL, LIQ : FHLB, 2.97%, 9/9/2024 (a) |
|
|
Tender Option Bond Trust Receipts/Certificates Series 2023-BAML6016, Rev., VRDO, LOC : Bank of America NA, 3.04%, 9/9/2024 (a) (b) |
|
|
| |
|
|
| |
Mississippi Business Finance Corp., Chevron USA, Inc., Project Series 2007D, Rev., VRDO, 3.90%, 9/3/2024 (a) |
|
|
Mississippi Business Finance Corp., Gulf Opportunity Zone Industrial Development, Chevron USA, Inc., Project |
|
|
Series 2007A, Rev., VRDO, 3.90%, 9/3/2024 (a) |
|
|
Series 2007B, Rev., VRDO, 3.90%, 9/3/2024 (a) |
|
|
Series 2007E, Rev., VRDO, 3.90%, 9/3/2024 (a) |
|
|
Series 2009A, Rev., VRDO, 3.90%, 9/3/2024 (a) |
|
|
Series 2009B, Rev., VRDO, 3.90%, 9/3/2024 (a) |
|
|
| |
|
|
| |
| |
Series 2009D, Rev., VRDO, 3.90%, 9/3/2024 (a) |
|
|
Series 2009E, Rev., VRDO, 3.90%, 9/3/2024 (a) |
|
|
Series 2009F, Rev., VRDO, 3.90%, 9/3/2024 (a) |
|
|
Series 2009G, Rev., VRDO, 3.90%, 9/3/2024 (a) |
|
|
Series 2010I, Rev., VRDO, 3.90%, 9/3/2024 (a) |
|
|
Series 2010J, Rev., VRDO, 3.90%, 9/3/2024 (a) |
|
|
Series 2011G, Rev., VRDO, 3.90%, 9/3/2024 (a) |
|
|
Mississippi Development Bank, Jackson County Industrial Water System Project Series 2009, Rev., VRDO, 3.90%, 9/3/2024 (a) |
|
|
| |
|
|
| |
Health and Educational Facilities Authority of the State of Missouri, Ranken Technical College Series 2011B, Rev., VRDO, LOC : Northern Trust Co. (The), 3.85%, 9/3/2024 (a) |
|
|
Health and Educational Facilities Authority of the State of Missouri, SSM Health Care Obligated Group Series 2018F, Rev., VRDO, 3.85%, 9/3/2024 (a) |
|
|
Health and Educational Facilities Authority of the State of Missouri, The Washington University Series 2000 C, Rev., VRDO, LIQ : US Bank NA, 3.55%, 9/3/2024 (a) |
|
|
Industrial Development Authority of the City of St. Louis Missouri (The), St. Luke's Preservation Partners LP, Rev., VRDO, LOC : FHLMC, 2.90%, 9/9/2024 (a) |
|
|
Missouri Development Finance Board, St. Louis Convention Center Hotel Garage Project Series 2020 C, Rev., VRDO, LOC : US Bank NA, 3.90%, 9/3/2024 (a) |
|
|
RBC Municipal Products, Inc. Trust, Floater Certificates |
|
|
Series 2024-E-158, Rev., VRDO, LOC : Royal Bank of Canada, 2.95%, 9/9/2024 (a) (b) |
|
|
Series C-23, Rev., VRDO, LOC : Royal Bank of Canada, 2.96%, 9/9/2024 (a) (b) |
|
|
Series C-16, Rev., VRDO, LOC : Royal Bank of Canada, 2.97%, 9/9/2024 (a) (b) |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
|
|
Municipal Bonds — continued |
| |
Series G-121, Rev., VRDO, LOC : Royal Bank of Canada, 3.12%, 12/2/2024 (a) (b) |
|
|
Tender Option Bond Trust Receipts/Certificates |
|
|
Series 2022-XG0382, Rev., VRDO, LIQ : Wells Fargo Bank NA, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2022-YX1193, Rev., VRDO, LOC : Barclays Bank plc, 2.96%, 9/9/2024 (a) (b) |
|
|
| |
|
|
| |
Tender Option Bond Trust Receipts/Certificates Series 2022-XX1253, Rev., VRDO, LIQ : Barclays Bank plc, 2.95%, 9/9/2024 (a) (b) |
|
|
| |
Tender Option Bond Trust Receipts/Certificates |
|
|
Series 2023-XF3103, Rev., VRDO, LIQ : Morgan Stanley Bank NA, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2023-XG0511, GO, VRDO, LIQ : Bank of America NA, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2023-XG0529, GO, VRDO, LIQ : Bank of America NA, 2.95%, 9/9/2024 (a) (b) |
|
|
| |
|
|
| |
City of Portsmouth, GO, BAN, 4.25%, 6/20/2025 |
|
|
New Hampshire Business Finance Authority, Novant Health Obligation Group Series 2024 C, Rev., VRDO, LOC : Truist Bank, 2.98%, 9/9/2024 (a) |
|
|
RBC Municipal Products, Inc. Trust, Floater Certificates Series E-157, Rev., VRDO, LOC : Royal Bank of Canada, 2.95%, 9/9/2024 (a) (b) |
|
|
Tender Option Bond Trust Receipts/Certificates Series 2022-YX1190, Rev., VRDO, LIQ : Barclays Bank plc, 2.95%, 9/9/2024 (a) (b) |
|
|
| |
|
|
| |
Borough of Point Pleasant Beach, General Capital Notes Water and Sewer Utility Series 2023, GO, BAN, 5.00%, 11/8/2024 |
|
|
Borough of South Plainfield Series 2024B, GO, BAN, 4.00%, 8/13/2025 |
|
|
City of Margate City Series 2023, GO, BAN, 4.75%, 11/8/2024 |
|
|
City of New Brunswick, GO, BAN, 4.50%, 4/30/2025 |
|
|
| |
|
|
| |
| |
City of North Wildwood, GO, BAN, 4.00%, 7/29/2025 |
|
|
City of Ocean City, GO, BAN, 5.00%, 10/16/2024 |
|
|
County of Sussex, GO, BAN, 4.25%, 6/30/2025 |
|
|
Hudson County Improvement Authority, Local Unit Loan Program Series 2024B, Rev., GTD, 4.50%, 7/11/2025 |
|
|
RIB Floater Trust Various States Series 20, Rev., VRDO, LIQ : Barclays Bank plc, 2.98%, 9/9/2024 (a) (b) |
|
|
Tender Option Bond Trust Receipts/Certificates |
|
|
Series 2024-XG0557, Rev., VRDO, LOC : Royal Bank of Canada, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2018-XX1093, Rev., VRDO, LOC : Barclays Bank plc, 2.96%, 9/9/2024 (a) (b) |
|
|
Series 2022-YX1256, Rev., VRDO, LOC : Barclays Bank plc, 2.96%, 9/9/2024 (a) (b) |
|
|
Series 2023-XF1480, Rev., VRDO, LOC : Barclays Bank plc, 2.96%, 9/9/2024 (a) (b) |
|
|
Town of Hammonton, General Improvement Water And Sewer Utilities Series 2023, GO, BAN, 4.50%, 10/23/2024 |
|
|
Town of Phillipsburg Series 2023, GO, BAN, 4.25%, 12/13/2024 |
|
|
Town of Secaucus, GO, BAN, 4.00%, 8/1/2025 |
|
|
Township of Bridgewater, GO, BAN, 4.00%, 7/30/2025 |
|
|
Township of Lakewood Series 2023B, GO, BAN, 5.00%, 12/20/2024 |
|
|
Township of Mahwah, GO, BAN, 4.25%, 5/30/2025 |
|
|
| |
|
|
Series 2023A, GO, BAN, 4.25%, 9/11/2024 |
|
|
| |
|
|
Series 2024A, GO, BAN, 4.00%, 9/9/2025 (c) |
|
|
Township of Robbinsville Series 2024 C, GO, BAN, 4.25%, 7/9/2025 |
|
|
Township of South Orange Village, GO, BAN, 4.25%, 6/26/2025 |
|
|
Township of Stafford Series 2023A, GO, BAN, 5.00%, 10/22/2024 |
|
|
Township of Union Series 2024, GO, BAN, 4.50%, 1/21/2025 |
|
|
Township of Verona, GO, BAN, 5.00%, 10/24/2024 |
|
|
Township of Voorhees Series 2023A, GO, BAN, 4.25%, 9/25/2024 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
JPMorgan Tax Free Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2024 (Unaudited) (continued)
| |
|
|
Municipal Bonds — continued |
| |
Township of West Milford, GO, BAN, 4.25%, 9/13/2024 |
|
|
Township of West Orange Series 2024, GO, BAN, 4.00%, 3/24/2025 |
|
|
Township of West Windsor, GO, BAN, 4.50%, 11/6/2024 |
|
|
Village of Ridgewood Series 2024, GO, BAN, 4.00%, 1/23/2025 |
|
|
| |
|
|
| |
Altmar-Parish-Williamstown Central School District, GO, BAN, 3.75%, 6/26/2025 |
|
|
City of New York, Fiscal Year 2006 Series 2006I, GO, VRDO, LIQ : State Street Bank & Trust Co., 3.95%, 9/3/2024 (a) |
|
|
City of New York, Fiscal Year 2012 Series 2012D-3A, GO, VRDO, LIQ : Bank of New York Mellon (The), 3.90%, 9/3/2024 (a) |
|
|
City of New York, Fiscal Year 2013 |
|
|
Series 2013, Subseries A-2, GO, VRDO, LOC : Mizuho Bank Ltd., 3.95%, 9/3/2024 (a) |
|
|
Series 2013A-3, GO, VRDO, LOC : Mizuho Bank Ltd., 3.95%, 9/3/2024 (a) |
|
|
City of New York, Fiscal Year 2017 Series 2017A-7, GO, VRDO, LOC : BMO Harris Bank NA, 3.91%, 9/3/2024 (a) |
|
|
City of New York, Fiscal Year 2022 Series 2022D, Subseries D-3, GO, VRDO, LIQ : State Street Bank & Trust Co., 3.90%, 9/3/2024 (a) |
|
|
City of New York, Fiscal Year 2023 Series 2023A, Subseries A-3, GO, VRDO, LIQ : Bank of Montreal, 3.80%, 9/3/2024 (a) |
|
|
Hamburg Central School District, GO, BAN, 4.25%, 5/29/2025 |
|
|
Horseheads Central School District Series 2023, GO, BAN, 4.25%, 9/6/2024 |
|
|
Metropolitan Transportation Authority Series 2015, Subseries E-3, Rev., VRDO, LOC : Bank of America NA, 3.90%, 9/3/2024 (a) |
|
|
Metropolitan Transportation Authority, Dedicated Tax Fund |
|
|
Series 2008A-2A, Rev., VRDO, LOC : TD Bank NA, 3.80%, 9/3/2024 (a) |
|
|
Series 2008A-2B, Rev., VRDO, LOC : PNC Bank NA, 2.90%, 9/9/2024 (a) |
|
|
| |
|
|
| |
| |
New York City Housing Development Corp., Multi-Family Rental Housing, West 89th Street Development Series 2006A, Rev., VRDO, LOC : FNMA, 3.40%, 9/9/2024 (a) |
|
|
New York City Industrial Development Agency, Washington LLC Project, Rev., VRDO, LOC : Bank of China Ltd., 4.20%, 9/3/2024 (a) |
|
|
New York City Municipal Water Finance Authority, Second General Resolution, Fiscal Year 2011 Series DD-3B, Rev., VRDO, LIQ : State Street Bank & Trust Co., 3.60%, 9/3/2024 (a) |
|
|
New York City Municipal Water Finance Authority, Second General Resolution, Fiscal Year 2016 Series 2016AA-1, Rev., VRDO, LIQ : Bank of America NA, 3.90%, 9/3/2024 (a) |
|
|
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution |
|
|
Series DD-1, Rev., VRDO, LIQ : TD Bank NA, 3.80%, 9/3/2024 (a) |
|
|
Series 2007, Subseries CC-2, Rev., VRDO, LIQ : State Street Bank & Trust Co., 3.90%, 9/3/2024 (a) |
|
|
Series 2009BB-1, Rev., VRDO, LIQ : UBS AG, 3.90%, 9/3/2024 (a) |
|
|
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2010 Series 2010CC, Rev., VRDO, LIQ : State Street Bank & Trust Co., 3.80%, 9/3/2024 (a) |
|
|
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2011 Series 2011FF-1, Rev., VRDO, LIQ : Bank of America NA, 3.90%, 9/3/2024 (a) |
|
|
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal year 2014 |
|
|
Series 2014AA-3, Rev., VRDO, LIQ : TD Bank NA, 3.80%, 9/3/2024 (a) |
|
|
Series AA-5, Rev., VRDO, LIQ : Mizuho Bank Ltd., 3.80%, 9/3/2024 (a) |
|
|
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2023 Series 2023CC, Rev., VRDO, LIQ : Barclays Bank plc, 3.90%, 9/3/2024 (a) |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
|
|
Municipal Bonds — continued |
| |
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2013 Series 2013C-5, Rev., VRDO, LOC : Sumitomo Mitsui Banking Corp., 2.91%, 9/9/2024 (a) |
|
|
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2014 Series D-3, Rev., VRDO, LIQ : Mizuho Bank Ltd., 3.85%, 9/3/2024 (a) |
|
|
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2015 |
|
|
Series A-4, Rev., VRDO, LIQ : Mizuho Bank Ltd., 3.83%, 9/3/2024 (a) |
|
|
Series 2015A-3, Rev., VRDO, LIQ : Mizuho Bank Ltd., 3.90%, 9/3/2024 (a) |
|
|
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2018 Series 2018 C-7, Rev., VRDO, LIQ : TD Bank NA, 3.80%, 9/3/2024 (a) |
|
|
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2019 Series 2019C-4, Rev., VRDO, LIQ : Barclays Bank plc, 3.90%, 9/3/2024 (a) |
|
|
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2023 |
|
|
Series 2023, Subseries A-2, Rev., VRDO, LIQ : UBS AG, 3.80%, 9/3/2024 (a) |
|
|
Series 2023, Subseries A3, Rev., VRDO, LIQ : Bank of New York Mellon (The), 3.90%, 9/3/2024 (a) |
|
|
New York State Dormitory Authority, Columbia University Series 2003B, Rev., VRDO, 2.80%, 9/9/2024 (a) |
|
|
RBC Municipal Products, Inc. Trust, Floater Certificates |
|
|
Series E-118, GO, VRDO, LOC : Royal Bank of Canada, 4.00%, 9/3/2024 (a) (b) |
|
|
Series E-120, Rev., VRDO, LOC : Royal Bank of Canada, 4.00%, 9/3/2024 (a) (b) |
|
|
Series E-146, Rev., VRDO, LOC : Royal Bank of Canada, 2.95%, 9/5/2024 (a) (b) |
|
|
Series 2018-E129, Rev., VRDO, LOC : Royal Bank of Canada, 2.95%, 9/9/2024 (a) (b) |
|
|
Series E-86, GO, VRDO, LOC : Royal Bank of Canada, 2.95%, 9/9/2024 (a) (b) |
|
|
Series E-87, GO, VRDO, LOC : Royal Bank of Canada, 2.95%, 9/9/2024 (a) (b) |
|
|
Series E-88, GO, VRDO, LOC : Royal Bank of Canada, 2.95%, 9/9/2024 (a) (b) |
|
|
| |
|
|
| |
| |
Tender Option Bond Trust Receipts/Certificates |
|
|
Series 2022-XF1420, Rev., VRDO, LIQ : Bank of America NA, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2022-XF1444, GO, VRDO, LIQ : Bank of America NA, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2022-XM1009, Rev., VRDO, LIQ : Bank of America NA, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2022-XM1015, Rev., VRDO, LIQ : Morgan Stanley Bank NA, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2023-XL0441, GO, VRDO, LIQ : Royal Bank of Canada, 2.95%, 9/9/2024 (a) (b) |
|
|
Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels |
|
|
Series 2005B-4C, Rev., VRDO, LOC : US Bank NA, 3.60%, 9/3/2024 (a) |
|
|
Series 2005B-4A, Rev., VRDO, LOC : TD Bank NA, 3.80%, 9/3/2024 (a) |
|
|
Unadilla Valley Central School District, GO, BAN, 4.25%, 8/15/2025 |
|
|
Windsor Central School District, GO, BAN, 4.25%, 6/26/2025 |
|
|
| |
|
|
| |
City of Raleigh Series 2016A, Rev., VRDO, LIQ : PNC Bank NA, 2.88%, 9/9/2024 (a) |
|
|
Lower Cape Fear Water and Sewer Authority, Bladen Bluffs Project, Rev., VRDO, LOC : Cooperatieve Rabobank UA, 3.01%, 9/9/2024 (a) |
|
|
North Carolina Housing Finance Agency, Homeownership Series 52-C, Rev., VRDO, GNMA / FNMA / FHLMC, LIQ : TD Bank NA, 3.80%, 9/3/2024 (a) |
|
|
Person County Industrial Facilities and Pollution Control Financing Authority, Recovery Zone Facility, Certainteed Gypsum, Inc., Rev., VRDO, LOC : Credit Industriel et Commercial, 2.98%, 9/9/2024 (a) |
|
|
Tender Option Bond Trust Receipts/Certificates Series 2023-XF1603, Rev., VRDO, LIQ : Bank of America NA, 2.95%, 9/9/2024 (a) (b) |
|
|
| |
|
|
| |
North Dakota Housing Finance Agency, Home Mortgage Finance Program |
|
|
Series 2015C, Rev., VRDO, LIQ : TD Bank NA, 2.90%, 9/9/2024 (a) |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
JPMorgan Tax Free Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2024 (Unaudited) (continued)
| |
|
|
Municipal Bonds — continued |
| |
Series 2015E, Rev., VRDO, LIQ : TD Bank NA, 2.90%, 9/9/2024 (a) |
|
|
Series 2019 B, Rev., VRDO, LIQ : FHLB, 2.90%, 9/9/2024 (a) |
|
|
| |
|
|
| |
County of Allen Hospital Facilities, Catholic Healthcare Partners Series 2012 B, Rev., VRDO, LOC : TD Bank NA, 2.80%, 9/9/2024 (a) |
|
|
Kings Local School District, Unlimited Tax, GO, BAN, 4.50%, 7/16/2025 |
|
|
Ohio Water Development Authority Water Pollution Control Loan Fund Series 2024C, Rev., VRDO, LIQ : TD Bank NA, 3.80%, 9/3/2024 (a) |
|
|
RBC Municipal Products, Inc. Trust, Floater Certificates |
|
|
Series E132, Rev., VRDO, LOC : Royal Bank of Canada, 2.95%, 9/5/2024 (a) (b) |
|
|
Series 2019-E134, Rev., VRDO, LOC : Royal Bank of Canada, 2.95%, 9/9/2024 (a) (b) |
|
|
Series C-18, Rev., VRDO, LOC : Royal Bank of Canada, 2.96%, 9/9/2024 (a) (b) |
|
|
State of Ohio, Cleveland Clinic Health System Series 2019 E, Rev., VRDO, LIQ : PNC Bank NA, 3.80%, 9/3/2024 (a) |
|
|
Tender Option Bond Trust Receipts/Certificates |
|
|
Series 2024-XG0570, Rev., VRDO, LOC : Barclays Bank plc, 4.10%, 9/3/2024 (a) (b) |
|
|
Series 2022-XX1247, Rev., VRDO, LOC : Barclays Bank plc, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2024-XL0553, Rev., VRDO, AGM, LOC : Royal Bank of Canada, 2.95%, 9/9/2024 (a) (b) |
|
|
| |
|
|
| |
RBC Municipal Products, Inc. Trust, Floater Certificates Series E-140, Rev., VRDO, LOC : Royal Bank of Canada, 2.95%, 9/5/2024 (a) (b) |
|
|
| |
Port of Portland, International Airport Series Subseries18B, Rev., AMT, VRDO, LOC : Industrial & Commercial Bank of China, 2.96%, 9/9/2024 (a) |
|
|
| |
|
|
| |
| |
FHLMC, Multi-Family VRD Certificates Series M019, Class A, Rev., VRDO, LIQ : FHLMC, 3.34%, 9/9/2024 (a) (b) |
|
|
Tender Option Bond Trust Receipts/Certificates Series 2024-CF7004, Rev., VRDO, LOC : Citibank NA, 3.04%, 9/9/2024 (a) (b) |
|
|
| |
|
|
| |
Delaware Valley Regional Finance Authority, Local Government Series 2022E, Rev., VRDO, LOC : TD Bank NA, 2.75%, 9/9/2024 (a) |
|
|
Montgomery County Redevelopment Authority, Multi-Family Housing, Brookside Manors Apartments Project Series 2001A, Rev., VRDO, LOC : FNMA, 2.97%, 9/9/2024 (a) |
|
|
Montgomery County Redevelopment Authority, Multi-Family Housing, Kingswood Apartments Project Series 2001A, Rev., VRDO, LOC : FNMA, 3.00%, 9/9/2024 (a) |
|
|
Northampton County General Purpose Authority, St. Luke's Hospital Obligated Group Series 2024 B, Rev., VRDO, LOC : TD Bank NA, 3.80%, 9/3/2024 (a) |
|
|
Pennsylvania Higher Educational Facilities Authority, Susquehanna University Project Series 2001H-9, Rev., VRDO, LOC : PNC Bank NA, 2.90%, 9/9/2024 (a) |
|
|
Pennsylvania Housing Finance Agency, Single Family Mortgage Series 2020-132B, Rev., VRDO, LIQ : TD Bank NA, 2.75%, 9/9/2024 (a) |
|
|
Pennsylvania Turnpike Commission Series 2019, Rev., VRDO, LOC : TD Bank NA, 2.98%, 9/9/2024 (a) |
|
|
Philadelphia Gas Works Co. |
|
|
Series 8B, Rev., VRDO, LOC : TD Bank NA, 2.91%, 9/9/2024 (a) |
|
|
Series 8D, Rev., VRDO, LOC : TD Bank NA, 2.91%, 9/9/2024 (a) |
|
|
Series C, Rev., VRDO, LOC : TD Bank NA, 2.91%, 9/9/2024 (a) |
|
|
Series E, Rev., VRDO, LOC : TD Bank NA, 2.91%, 9/9/2024 (a) |
|
|
RIB Floater Trust Various States |
|
|
Series 2022-044, Rev., VRDO, LIQ : Barclays Bank plc, 3.95%, 9/3/2024 (a) (b) |
|
|
Series 2023-013, Rev., VRDO, LIQ : Barclays Bank plc, 2.95%, 9/9/2024 (a) (b) |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
|
|
Municipal Bonds — continued |
| |
Tender Option Bond Trust Receipts/Certificates |
|
|
Series 2024-XF1700, Rev., VRDO, LIQ : Royal Bank of Canada, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2023-XG0540, Rev., VRDO, LIQ : Bank of America NA, 2.96%, 9/9/2024 (a) (b) |
|
|
| |
|
|
| |
Rhode Island Health and Educational Building Corp., Educational Institution, International Institute of Rhode Island, Rev., VRDO, LOC : Bank of America NA, 2.97%, 9/9/2024 (a) |
|
|
Rhode Island Industrial Facilities Corp., Marine Terminal, ExxonMobil Project, Rev., VRDO, 3.92%, 9/3/2024 (a) |
|
|
Tender Option Bond Trust Receipts/Certificates Series 2022-YX1198, Rev., VRDO, LIQ : Barclays Bank plc, 2.96%, 9/9/2024 (a) (b) |
|
|
| |
|
|
| |
County Square Redevelopment Corp., South Carolina Project Series 2024, Rev., BAN, 5.00%, 2/9/2025 |
|
|
South Carolina Jobs-Economic Development Authority, Prisma Health Obligated Group |
|
|
Series 2018B, Rev., VRDO, LOC : TD Bank NA, 3.80%, 9/3/2024 (a) |
|
|
Series 2018C, Rev., VRDO, LOC : TD Bank NA, 3.80%, 9/3/2024 (a) |
|
|
South Carolina Public Service Authority Series 2019A, Rev., VRDO, LOC : Bank of America NA, 3.04%, 9/9/2024 (a) |
|
|
| |
|
|
| |
South Dakota Housing Development Authority, Homeownership Mortgage Series 2022D, Rev., VRDO, LIQ : FHLB, 2.90%, 9/9/2024 (a) |
|
|
| |
Clarksville Public Building Authority, Pooled Financing, Rev., VRDO, LOC : Bank of America NA, 4.05%, 9/3/2024 (a) |
|
|
Health Educational and Housing Facility Board of the City of Memphis (The), Ashland Lakes Apartments Series 2006A, Rev., VRDO, LOC : US Bank NA, 3.15%, 9/9/2024 (a) |
|
|
| |
|
|
| |
| |
Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Multi-Family Housing, Retreat Dry, Rev., VRDO, LOC : Citibank NA, 3.15%, 9/9/2024 (a) |
|
|
Montgomery County Public Building Authority, Pooled Financing, Tennessee Country Pool, Rev., VRDO, LOC : Bank of America NA, 3.02%, 9/9/2024 (a) |
|
|
Tender Option Bond Trust Receipts/Certificates |
|
|
Series 2022-XL0369, Rev., VRDO, LIQ : Morgan Stanley Bank NA, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2018-XF2576, Rev., VRDO, LOC : Barclays Bank plc, 2.96%, 9/9/2024 (a) (b) |
|
|
| |
|
|
| |
City of Austin, Texas Hotel Occupancy Tax, Subordinate Lien |
|
|
Series 2008A, Rev., VRDO, LOC : Sumitomo Mitsui Banking Corp., 2.92%, 9/9/2024 (a) |
|
|
Series 2008-B, Rev., VRDO, LOC : Sumitomo Mitsui Banking Corp., 2.92%, 9/9/2024 (a) |
|
|
Collin County Housing Finance Corp., Multi-Family Housing, Huntington Apartments Project, Rev., VRDO, LOC : Northern Trust Co. (The), 3.04%, 9/9/2024 (a) |
|
|
Gulf Coast Authority, American Acryl LP Project, Rev., AMT, VRDO, LOC : Bank of Tokyo-Mitsubishi UFJ Ltd., 3.02%, 9/9/2024 (a) |
|
|
Gulf Coast Authority, Waste Disposal Environmental Facilities, ExxonMobil Project, Rev., VRDO, 3.99%, 9/3/2024 (a) |
|
|
Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System Series 2024F, Rev., VRDO, 2.90%, 9/9/2024 (a) |
|
|
Lower Neches Valley Authority Industrial Development Corp., ExxonMobil Project, Rev., VRDO, 3.95%, 9/3/2024 (a) |
|
|
Lubbock Independent School District Series 2005-A, GO, VRDO, PSF-GTD, LIQ : Wells Fargo Bank NA, 2.97%, 9/9/2024 (a) |
|
|
Port of Port Arthur Navigation District, Texaco, Inc, Project, Rev., VRDO, 3.90%, 9/3/2024 (a) |
|
|
RBC Municipal Products, Inc. Trust, Floater Certificates |
|
|
Series E141, Rev., VRDO, LOC : Royal Bank of Canada, 2.95%, 9/5/2024 (a) (b) |
|
|
Series E-149, Rev., VRDO, LOC : Royal Bank of Canada, 2.95%, 9/9/2024 (a) (b) |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
JPMorgan Tax Free Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2024 (Unaudited) (continued)
| |
|
|
Municipal Bonds — continued |
| |
Series E-150, Rev., VRDO, LOC : Royal Bank of Canada, 2.95%, 9/9/2024 (a) (b) |
|
|
| |
|
|
Series 2012B, GO, VRDO, LIQ : State Street Bank & Trust Co., 2.85%, 9/9/2024 (a) |
|
|
Series 2013B, GO, VRDO, LIQ : State Street Bank & Trust Co., 2.85%, 9/9/2024 (a) |
|
|
Series 2011A, GO, VRDO, LIQ : State Street Bank & Trust Co., 2.85%, 9/12/2024 (a) |
|
|
Series 2015A, GO, VRDO, LIQ : State Street Bank & Trust Co., 2.85%, 9/12/2024 (a) |
|
|
State of Texas, Veterans Housing Assistance Program Series 2008B, GO, VRDO, LIQ : State Street Bank & Trust Co., 2.85%, 9/12/2024 (a) |
|
|
Tarrant County Cultural Education Facilities Finance Corp., Methodist Hospitals of Dallas Project |
|
|
Series 2008-A, Rev., VRDO, LOC : TD Bank NA, 3.80%, 9/3/2024 (a) |
|
|
Series 2008B, Rev., VRDO, LOC : TD Bank NA, 3.90%, 9/3/2024 (a) |
|
|
Tarrant County Cultural Education Facilities Finance Corp., Texas Health Resources System Series 2012B, Rev., VRDO, 2.85%, 9/9/2024 (a) |
|
|
Tender Option Bond Trust Receipts/Certificates |
|
|
Series 2023-XF3101, GO, VRDO, LIQ : Morgan Stanley Bank NA, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2023-XL0446, Rev., VRDO, LIQ : Wells Fargo Bank NA, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2023-XM1105, Rev., VRDO, AGM, LOC : Royal Bank of Canada, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2022-XF1392, Rev., VRDO, LIQ : Toronto-Dominion Bank, 2.96%, 9/9/2024 (a) (b) |
|
|
Series 2023-XF1480, GO, VRDO, LIQ : TD Bank NA, 2.96%, 9/9/2024 (a) (b) |
|
|
Series 2023-XL0455, GO, VRDO, LIQ : Wells Fargo Bank NA, 2.97%, 9/9/2024 (a) (b) |
|
|
Series 2023-BAML6013, Rev., VRDO, LOC : Bank of America NA, 3.05%, 9/9/2024 (a) (b) |
|
|
Texas Department of Transportation State Highway Fund, First Tier Series 2014-B, Rev., VRDO, LIQ : Sumitomo Mitsui Banking Corp., 2.95%, 9/9/2024 (a) |
|
|
| |
|
|
| |
|
|
| |
| |
County of Utah, IHC Health Services, Inc. Series 2014C, Rev., VRDO, LIQ : US Bank NA, 3.00%, 9/9/2024 (a) |
|
|
Tender Option Bond Trust Receipts/Certificates |
|
|
Series 2022-YX1207, Rev., VRDO, LIQ : Barclays Bank plc, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2024-XG0563, Rev., VRDO, GNMA / FNMA / FHLMC, LIQ : Barclays Bank plc, 2.97%, 9/9/2024 (a) (b) |
|
|
| |
|
|
| |
Albemarle County Economic Development Authority, Sentara Martha Jefferson Hospital Series 2018 A, Rev., VRDO, LIQ : TD Bank NA, 2.85%, 9/9/2024 (a) |
|
|
Fairfax County Industrial Development Authority, Virginia Health Care, Inova Health System Project Series 2016C, Rev., VRDO, 3.00%, 9/9/2024 (a) |
|
|
Loudoun County Economic Development Authority, Jack Kent Cooke Foundation Project Series 2004, Rev., VRDO, LOC : Northern Trust Co. (The), 3.00%, 9/9/2024 (a) |
|
|
RBC Municipal Products, Inc. Trust, Floater Certificates Series 2022C-20, Rev., VRDO, LOC : Royal Bank of Canada, 2.96%, 9/9/2024 (a) (b) |
|
|
Tender Option Bond Trust Receipts/Certificates |
|
|
Series 2024-XF1716, Rev., VRDO, LOC : Bank of America NA, 4.05%, 9/3/2024 (a) (b) |
|
|
Series 2024-XG0560, Rev., VRDO, LIQ : Bank of America NA, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2018-XF0606, Rev., VRDO, LIQ : Bank of America NA, 2.98%, 9/9/2024 (a) (b) |
|
|
Virginia Commonwealth University Health System Authority Series 2024 B, Rev., VRDO, LOC : TD Bank NA, 3.80%, 9/3/2024 (a) |
|
|
Winchester Economic Development Authority, Valley Health System Obligated Group |
|
|
Series 2024B-1, Rev., VRDO, LOC : Truist Bank, 3.75%, 9/3/2024 (a) |
|
|
Series 2024B-2, Rev., VRDO, LOC : Truist Bank, 3.75%, 9/3/2024 (a) |
|
|
| |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
|
|
Municipal Bonds — continued |
| |
Port of Tacoma, Subordinate Lien Series 2019A, Rev., AMT, VRDO, LOC : PNC Bank NA, 3.00%, 9/9/2024 (a) |
|
|
Tender Option Bond Trust Receipts/Certificates Series 2022-XG0400, GO, VRDO, LIQ : Barclays Bank plc, 2.96%, 9/9/2024 (a) (b) |
|
|
| |
|
|
| |
Tender Option Bond Trust Receipts/Certificates |
|
|
Series 2023-XF3117, Rev., VRDO, LOC : Barclays Bank plc, 4.10%, 9/3/2024 (a) (b) |
|
|
Series 2024-XG0571, Rev., VRDO, LOC : Barclays Bank plc, 4.10%, 9/3/2024 (a) (b) |
|
|
Series 2024-XG0576, Rev., VRDO, LOC : Barclays Bank plc, 4.10%, 9/3/2024 (a) (b) |
|
|
Series 2024-XL0533, Rev., VRDO, LIQ : Wells Fargo Bank NA, 2.97%, 9/9/2024 (a) (b) |
|
|
University of Wisconsin Hospitals and Clinics Series 2024C, Rev., VRDO, LIQ : US Bank NA, 3.85%, 9/3/2024 (a) |
|
|
Wisconsin Health and Educational Facilities Authority, Medical College of Wisconsin, Inc., (The) Series 2008B, Rev., VRDO, LOC : TD Bank NA, 3.80%, 9/3/2024 (a) |
|
|
Wisconsin Housing and Economic Development Authority Housing |
|
|
Series 2007F, Rev., AMT, VRDO, LOC : Bank of America NA, 2.99%, 9/9/2024 (a) |
|
|
Series 2023 C, Rev., VRDO, LIQ : FHLB, 3.00%, 9/9/2024 (a) |
|
|
Series 2023F, Rev., VRDO, LIQ : FHLB, 3.00%, 9/9/2024 (a) |
|
|
Wisconsin Housing and Economic Development Authority, Home Ownership |
|
|
Series 2019B, Rev., VRDO, FNMA COLL, LIQ : FHLB, 2.90%, 9/9/2024 (a) |
|
|
Series 2021B, Rev., VRDO, LIQ : FHLB, 2.90%, 9/9/2024 (a) |
|
|
| |
|
|
| |
|
|
| |
| |
Wyoming Community Development Authority |
|
|
Series 2023 2, Rev., VRDO, GNMA / FNMA / FHLMC COLL, LIQ : TD Bank NA, 2.90%, 9/9/2024 (a) |
|
|
Series 2024 2, Rev., VRDO, LIQ : Royal Bank of Canada, 2.90%, 9/9/2024 (a) |
|
|
| |
|
|
Total Municipal Bonds
(Cost $6,177,838) |
|
|
| |
|
|
Variable Rate Demand Preferred Shares — 9.7% |
| |
Nuveen California AMT - Free Quality Municipal Income Fund Series 6, LIQ : Sumitomo Mitsui Banking Corp., 2.95%, 9/9/2024# (b) |
|
|
Nuveen California Quality Municipal Income Fund |
|
|
Series 7, LIQ : Royal Bank of Canada, 2.99%, 9/9/2024# (b) |
|
|
Series 1, LIQ : Royal Bank of Canada, 2.99%, 9/9/2024# (b) |
|
|
Series 1-1362, LIQ : Societe Generale SA, 3.01%, 9/9/2024# (b) |
|
|
| |
|
|
| |
AllianceBernstein National Municipal Income Fund, Inc. Series LIQ : Bank of America NA, 3.02%, 9/9/2024(a) (b) |
|
|
BlackRock Municipal 2030 Target Term Trust Series W-7, LIQ : Barclays Bank plc, 3.02%, 9/9/2024(a) (b) |
|
|
BlackRock MuniYield Quality Fund, Inc. |
|
|
Series W-7, LIQ : TD Bank NA, 3.02%, 9/9/2024(a) (b) |
|
|
Series W-7A, LIQ : Royal Bank of Canada, 3.02%, 9/9/2024(a) (b) |
|
|
Nuveen AMT - Free Municipal Credit Income Fund |
|
|
Series 6, LIQ : Sumitomo Mitsui Banking Corp., 2.97%, 9/9/2024# (b) |
|
|
Series 5, LIQ : Societe Generale SA, 2.97%, 9/9/2024# (b) |
|
|
Nuveen AMT - Free Quality Municipal Income Fund Series 3, LIQ : Toronto-Dominion Bank, 2.97%, 9/9/2024# (b) |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
JPMorgan Tax Free Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2024 (Unaudited) (continued)
| |
|
|
Variable Rate Demand Preferred Shares — continued |
| |
Nuveen Quality Municipal Income Fund |
|
|
Series 2-2525, LIQ : Barclays Bank plc, 3.02%, 9/9/2024# (b) |
|
|
Series 1-2118, LIQ : Barclays Bank plc, 3.02%, 9/9/2024# (b) |
|
|
| |
|
|
Total Variable Rate Demand Preferred Shares
(Cost $985,800) |
|
|
| |
|
|
Short Term Investments — 30.0% |
| |
Alachua County Health Facilities Authority Series 08-A, 3.52%, 9/12/2024 |
|
|
Board of Governors of Colorado State University System Series A, 3.65%, 10/10/2024 |
|
|
Board of Regents of the University of Texas System |
|
|
Series B, 3.48%, 9/18/2024 |
|
|
Series A, 3.44%, 9/26/2024 |
|
|
Series A, 3.60%, 10/2/2024 |
|
|
Series A, 3.65%, 10/3/2024 |
|
|
Series A, 3.64%, 10/8/2024 |
|
|
Series A, 3.53%, 10/15/2024 |
|
|
Series A, 3.62%, 10/15/2024 |
|
|
Series A, 3.55%, 10/16/2024 |
|
|
Series A, 3.58%, 10/17/2024 |
|
|
Series A, 3.58%, 10/22/2024 |
|
|
Series A, 3.56%, 10/23/2024 |
|
|
Series A, 3.62%, 10/24/2024 |
|
|
Series A, 3.47%, 11/1/2024 |
|
|
Series A, 3.62%, 11/5/2024 |
|
|
Series A, 3.52%, 11/12/2024 |
|
|
Series A, 3.60%, 11/13/2024 |
|
|
Series A, 3.43%, 11/19/2024 |
|
|
Series A, 3.60%, 11/21/2024 |
|
|
Series A, 3.62%, 11/26/2024 |
|
|
Series A, 3.35%, 12/12/2024 |
|
|
Series A, 3.32%, 12/18/2024 |
|
|
Series A, 3.22%, 1/8/2025 |
|
|
Series A, 3.28%, 2/4/2025 |
|
|
Series A, 3.20%, 2/6/2025 |
|
|
California Educational Facilities Authority, 3.58%, 2/18/2025 |
|
|
| |
|
|
| |
Commercial Paper — continued |
California Statewide Communities Development Authority |
|
|
Series 9B-1, 3.65%, 9/4/2024 |
|
|
Series 06-D, 3.70%, 9/4/2024 |
|
|
Series 9B-3, 3.70%, 9/4/2024 |
|
|
Series B-6, 3.65%, 9/5/2024 |
|
|
Series 9B-4, 3.68%, 9/5/2024 |
|
|
Series 9B-3, 3.60%, 9/10/2024 |
|
|
Series 06-D, 3.65%, 9/11/2024 |
|
|
Series 9B-2, 3.55%, 10/3/2024 |
|
|
Series 09-D, 3.60%, 10/8/2024 |
|
|
Series 09-D, 3.53%, 10/9/2024 |
|
|
Series 08-B, 3.60%, 10/10/2024 |
|
|
| |
|
|
Series M-2, 3.38%, 11/22/2024 |
|
|
Series N-2, 3.44%, 11/22/2024 |
|
|
City of Atlanta Water and Wastewater, 3.53%, 10/15/2024 |
|
|
City of Dallas Waterworks and Sewer System |
|
|
Series G, 3.48%, 9/5/2024 |
|
|
Series G, 3.46%, 9/10/2024 |
|
|
City of Garland Series 2015, 3.60%, 9/9/2024 |
|
|
City of Jacksonville Series 2016, 3.10%, 2/20/2025 |
|
|
| |
|
|
Series A, 3.75%, 9/10/2024 |
|
|
Series A, 3.67%, 9/25/2024 |
|
|
City of Philadelphia Series A-1, 3.40%, 11/13/2024 |
|
|
City of Philadelphia Water and Wastewater |
|
|
Series A, 3.52%, 9/5/2024 |
|
|
Series A, 3.68%, 9/5/2024 |
|
|
Series B, 3.65%, 10/8/2024 |
|
|
| |
|
|
Series 2011, 3.50%, 10/8/2024 |
|
|
Series 2014, 3.38%, 11/19/2024 |
|
|
Series 08-C, 3.10%, 2/20/2025 |
|
|
City of San Antonio Series A, 3.63%, 12/16/2024 |
|
|
City of San Antonio Electric and Gas Systems Series C, 3.70%, 9/20/2024 |
|
|
| |
|
|
Series C, 3.35%, 9/19/2024 |
|
|
Series A-1, 3.35%, 9/19/2024 |
|
|
Series A-1, 3.80%, 10/1/2024 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
|
|
Short Term Investments — continued |
Commercial Paper — continued |
Series K-2, 3.35%, 10/29/2024 |
|
|
Series C, 3.35%, 11/5/2024 |
|
|
Series A-1, 3.35%, 11/5/2024 |
|
|
Series A-1, 3.75%, 11/12/2024 |
|
|
Series A-1, 3.75%, 11/12/2024 |
|
|
Series A-1, 3.75%, 11/12/2024 |
|
|
| |
|
|
Series A, 3.63%, 9/10/2024 |
|
|
Series A, 3.58%, 9/16/2024 |
|
|
| |
|
|
Series A, 3.58%, 10/7/2024 |
|
|
County of Montgomery Series 10-A, 3.43%, 10/1/2024 |
|
|
| |
|
|
Series B-1, 3.45%, 9/3/2024 |
|
|
Series B-2, 3.45%, 9/3/2024 |
|
|
Series B-3, 3.45%, 9/3/2024 |
|
|
Dallas Area Rapid Transit Series I, 3.65%, 9/12/2024 |
|
|
Denver City and County Housing Authority |
|
|
| |
|
|
| |
|
|
Health and Educational Facilities Authority of the State of Missouri |
|
|
Series 14-E, 3.42%, 9/10/2024 |
|
|
Series 14-D, 3.42%, 10/3/2024 |
|
|
Series 14-B, 3.36%, 11/12/2024 |
|
|
Series 14-C, 3.36%, 11/14/2024 |
|
|
Hennepin County Medical Center Series A, 3.58%, 9/12/2024 |
|
|
Indiana Finance Authority Series D-2, 3.75%, 1/16/2025 |
|
|
Indiana University Series 2018, 3.65%, 9/9/2024 |
|
|
Jacksonville Aviation Authority Series 92, 3.75%, 10/2/2024 |
|
|
Louisville and Jefferson County Metropolitan Sewer District |
|
|
Series A-1, 3.44%, 9/3/2024 |
|
|
Series A-1, 3.50%, 9/12/2024 |
|
|
Maryland Health and Higher Educational Facilities Authority Series B, 3.47%, 10/9/2024 |
|
|
Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, 3.32%, 10/16/2024 |
|
|
| |
|
|
| |
Commercial Paper — continued |
Metropolitan Government of Nashville and Davidson County |
|
|
| |
|
|
| |
|
|
Metropolitan Government of Nashville and Davidson County Health and Education Facility Board, 3.35%, 10/22/2024 |
|
|
Miami Dade College Foundation, Inc. Series 2021, 3.50%, 10/9/2024 |
|
|
Michigan State University |
|
|
Series G, 3.41%, 9/9/2024 |
|
|
Series G, 3.46%, 9/23/2024 |
|
|
Municipal Electric Authority of Georgia Series B, 3.35%, 12/10/2024 |
|
|
Omaha Public Power District |
|
|
Series A, 3.48%, 9/4/2024 |
|
|
Series A, 3.49%, 9/5/2024 |
|
|
Series A, 3.63%, 10/1/2024 |
|
|
Series A, 3.40%, 10/4/2024 |
|
|
Series A, 3.34%, 10/11/2024 |
|
|
Series A, 3.68%, 10/16/2024 |
|
|
Series A, 3.40%, 10/22/2024 |
|
|
Series A, 3.35%, 11/12/2024 |
|
|
Series A, 3.38%, 11/18/2024 |
|
|
Regents of the University of California (The) Series A, 3.50%, 12/19/2024 |
|
|
Regents of the University of Michigan Series B, 3.40%, 10/21/2024 |
|
|
Rutgers, The State University of New Jersey |
|
|
Series B, 3.58%, 9/23/2024 |
|
|
Series A, 3.45%, 10/17/2024 |
|
|
Salt River Project Agricultural Improvement & Power District Series C, 3.85%, 1/16/2025 |
|
|
Southwestern Illinois Development Authority |
|
|
Series 17-B, 3.64%, 10/2/2024 |
|
|
Series 17-B, 3.41%, 10/4/2024 |
|
|
State of Oregon Department of Transportation |
|
|
Series A-2, 3.65%, 9/25/2024 |
|
|
Series A-1, 3.30%, 11/21/2024 |
|
|
Series A-1, 3.32%, 11/21/2024 |
|
|
Texas Public Finance Authority |
|
|
Series 19, 3.45%, 9/5/2024 |
|
|
Series 16-B, 3.65%, 9/12/2024 |
|
|
Series 19, 3.65%, 9/12/2024 |
|
|
Series 19, 3.40%, 12/5/2024 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
JPMorgan Tax Free Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2024 (Unaudited) (continued)
| |
|
|
Short Term Investments — continued |
Commercial Paper — continued |
Trustees of Indiana University |
|
|
Series 2018, 3.65%, 9/9/2024 |
|
|
Series 2018, 3.30%, 10/28/2024 |
|
|
University of Houston, 3.60%, 9/10/2024 |
|
|
University of Massachusetts Building Authority Series 13B-1, 3.31%, 12/4/2024 |
|
|
| |
|
|
Series 07-B, 3.55%, 10/1/2024 |
|
|
Series 07-C, 3.55%, 10/1/2024 |
|
|
Series G, 3.52%, 10/3/2024 |
|
|
University of Pittsburgh-of the Commonwealth System of Higher Education |
|
|
Series B-1, 3.62%, 9/4/2024 |
|
|
Series B-2, 3.58%, 11/6/2024 |
|
|
Total Commercial Paper
(Cost $3,060,141) |
|
|
Total Short Term Investments
(Cost $3,060,141) |
|
|
Total Investments — 100.4%
(Cost $10,223,779) * |
|
|
Liabilities in Excess of Other Assets — (0.4)% |
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|
| |
|
|
Percentages indicated are based on net assets. |
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Insured by Assured Guaranty Municipal Corp. |
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|
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Federal Housing Administration |
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Federal Home Loan Mortgage Corp. |
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Federal National Mortgage Association |
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Government National Mortgage Association |
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Metropolitan Transportation Authority |
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Permanent School Fund Guaranteed |
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|
| |
Variable Rate Demand Obligation |
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Amount rounds to less than 0.1% of net assets. |
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The date shown represents the earliest of the next put date, next demand date or final maturity date. |
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Variable Rate Demand Preferred Shares of a closed-end investment company which has a weekly demand feature. The interest rate shown is the rate in effect as of August 31, 2024. |
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| |
The cost of securities is substantially the same for federal income tax purposes. |
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| |
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 August 31, 2024. |
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Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. |
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| |
All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. |
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SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
JPMorgan Municipal Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2024 (Unaudited)
| |
|
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| |
Tender Option Bond Trust Receipts/Certificates Series 2023-XM1131, Rev., VRDO, LOC : Royal Bank of Canada, 2.97%, 9/9/2024 (a) (b) |
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|
| |
Alaska Housing Finance Corp., Home Mortgage Series 2002A, Rev., AMT, VRDO, LIQ : FHLB, 3.95%, 9/3/2024 (b) |
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|
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Tender Option Bond Trust Receipts/Certificates Series 2023-YX1272, Rev., VRDO, LOC : Barclays Bank plc, 2.97%, 9/9/2024 (a) (b) |
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|
| |
Alameda County Industrial Development Authority, Plyproperties Project Series 1997A, Rev., VRDO, LOC : Wells Fargo Bank NA, 2.97%, 9/9/2024 (b) |
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|
City of San Jose, Multi-Family Housing, Almaden Lake Village Apartments Series 2000A, Rev., VRDO, LOC : FNMA, 2.93%, 9/9/2024 (b) |
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|
County of Sacramento, Special Facilities Apartment, Cessna Aircraft Co. Project, Rev., VRDO, LOC : Bank of America NA, 2.95%, 9/9/2024 (b) |
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|
Mizuho Floater Series 2023-MIZ9122, Rev., VRDO, LIQ : Mizuho Capital Markets LLC, 4.65%, 9/3/2024 (a) (b) |
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|
San Diego Housing Authority, Multi-Family Housing Series 2006B, Rev., VRDO, LOC : Citibank NA, 3.05%, 9/9/2024 (b) |
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Tender Option Bond Trust Receipts/Certificates |
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Series 2022-XF3029, Rev., VRDO, LOC : Barclays Bank plc, 4.10%, 9/3/2024 (a) (b) |
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Series 2022-XG0430, Rev., VRDO, LIQ : Wells Fargo Bank NA, 2.95%, 9/9/2024 (a) (b) |
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Series 2023-ZF3166, Rev., VRDO, LIQ : Wells Fargo Bank NA, 2.95%, 9/9/2024 (a) (b) |
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Series 2022-XG0363, GO, VRDO, LOC : Bank of America NA, 3.00%, 9/9/2024 (a) (b) |
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County of Arapahoe, Multi-Family Rental Housing, Hunter's Run Holdings LP, Rev., VRDO, LOC : FHLMC, 2.99%, 9/9/2024 (b) |
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RIB Floater Trust Various States |
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Series 2022-038, COP, VRDO, LIQ : Barclays Bank plc, 3.95%, 9/3/2024 (a) (b) |
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Series 2023-017, Rev., VRDO, LOC : Barclays Bank plc, 3.22%, 10/4/2024 (a) (b) |
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Tender Option Bond Trust Receipts/Certificates |
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Series 2022-XF3053, Rev., VRDO, LIQ : Morgan Stanley Bank NA, 2.97%, 9/9/2024 (a) (b) |
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Series 2022-XX1260, Rev., VRDO, LIQ : Barclays Bank plc, 2.97%, 9/9/2024 (a) (b) |
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Series 2022-ZF3061, Rev., VRDO, LIQ : Morgan Stanley Bank NA, 2.97%, 9/9/2024 (a) (b) |
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Series 2023-XM1151, Rev., VRDO, LOC : UBS AG, 2.97%, 9/9/2024 (a) (b) |
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Series XX1261, Rev., VRDO, LIQ : Barclays Bank plc, 2.97%, 9/9/2024 (a) (b) |
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Series 2016-ZF0467, Rev., VRDO, LOC : Royal Bank of Canada, 2.98%, 9/9/2024 (a) (b) |
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Series 2023-XF3141, Rev., VRDO, LIQ : Morgan Stanley Bank NA, 2.98%, 9/9/2024 (a) (b) |
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Series 2022-XG0424, Rev., VRDO, LIQ : Royal Bank of Canada, 2.99%, 9/9/2024 (a) (b) |
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Series 2023-XF1621, Rev., VRDO, LIQ : Bank of America NA, 3.03%, 9/9/2024 (a) (b) |
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Town of Ledyard Series B, GO, BAN, 4.00%, 8/12/2025 |
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District of Columbia — 0.8% |
District of Columbia Water and Sewer Authority, Subordinate Lien Series 2024B, Subseries B-1, Rev., VRDO, LIQ : TD Bank NA, 3.90%, 9/3/2024 (b) |
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Tender Option Bond Trust Receipts/Certificates |
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Series 2023-XL0454, Rev., VRDO, LIQ : Morgan Stanley Bank NA, 2.97%, 9/9/2024 (a) (b) |
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Series 2024-XG0583, Rev., VRDO, LIQ : Bank of America NA, 3.00%, 9/9/2024 (a) (b) |
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Alachua County Housing Finance Authority, Multi-Family, Santa Fe Apartments Project, Rev., VRDO, LOC : Citibank NA, 3.01%, 9/9/2024 (b) |
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Collier County Industrial Development Authority, Ave Maria Utility Co. Project Series 2024, Rev., AMT, VRDO, LOC : Northern Trust Co. (The), 3.10%, 9/9/2024 (b) |
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SEE NOTES TO FINANCIAL STATEMENTS.
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J.P. Morgan Money Market Funds |
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JPMorgan Municipal Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2024 (Unaudited) (continued)
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Municipal Bonds — continued |
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County of Broward, Power and Light Co., Project Series 2018A, Rev., AMT, VRDO, 3.20%, 9/9/2024 (b) |
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County of St. Lucie, Power and Light Co., Project, Rev., VRDO, 3.20%, 9/9/2024 (b) |
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Florida Housing Finance Corp., Valencia Village Apartments Series 1999G-1, Rev., VRDO, FNMA, LIQ : FNMA, 3.00%, 9/9/2024 (b) |
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Hillsborough County, Housing Finance Authority, Multi-Family Housing, Brandywine Apartments, Rev., VRDO, LOC : Citibank NA, 3.01%, 9/9/2024 (b) |
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Miami-Dade County Industrial Development Authority, Florida Power and Light Co. Project Series 2024A, Rev., AMT, VRDO, 3.15%, 9/9/2024 (b) |
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Tender Option Bond Trust Receipts/Certificates |
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Series 2023-XL0430, Rev., VRDO, LOC : Barclays Bank plc, 2.97%, 9/9/2024 (a) (b) |
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Series 2023-XX1322, Rev., VRDO, LOC : Barclays Bank plc, 2.97%, 9/9/2024 (a) (b) |
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Series 2024-ZF3225, Rev., VRDO, LIQ : Morgan Stanley Bank NA, 2.97%, 9/9/2024 (a) (b) |
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Series 2023-XF1523, Rev., VRDO, LOC : Royal Bank of Canada, 2.98%, 9/9/2024 (a) (b) |
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Series 2023-XF1637, Rev., VRDO, LOC : Royal Bank of Canada, 2.98%, 9/9/2024 (a) (b) |
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Series 2023-XG0545, Rev., VRDO, LOC : Royal Bank of Canada, 2.98%, 9/9/2024 (a) (b) |
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Series 2023-XF1463, Rev., VRDO, LIQ : Toronto-Dominion Bank, 3.02%, 9/9/2024 (a) (b) |
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Bartow-Cartersville Joint Development Authority Series 2023A, Rev., AMT, VRDO, LOC : Korea Development Bank, 3.15%, 9/9/2024 (a) (b) |
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Development Authority of Monroe County (The), Florida Power and Light Co. Project Series 2019, Rev., AMT, VRDO, 3.15%, 9/9/2024 (b) |
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Development Authority of Monroe County (The), Gulf Power Co. Project, Rev., AMT, VRDO, 3.20%, 9/9/2024 (b) |
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Tender Option Bond Trust Receipts/Certificates |
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Series 2023-XF1593, Rev., VRDO, LIQ : Bank of America NA, 2.97%, 9/9/2024 (a) (b) |
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Series 2023-XG0520, Rev., VRDO, LIQ : Bank of America NA, 3.02%, 9/9/2024 (a) (b) |
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Tender Option Bond Trust Receipts/Certificates Series 2022-YX1252, Rev., VRDO, LOC : Barclays Bank plc, 2.97%, 9/9/2024 (a) (b) |
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Tender Option Bond Trust Receipts/Certificates Series 2023-ZF1654, Rev., VRDO, LIQ : Bank of America NA, 2.95%, 9/9/2024 (a) (b) |
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RIB Floater Trust Various States Series 41, Rev., VRDO, LIQ : Barclays Bank plc, 3.95%, 9/3/2024 (a) (b) |
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Tender Option Bond Trust Receipts/Certificates |
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Series 2023-XG0434, GO, VRDO, LOC : Royal Bank of Canada, 2.95%, 9/9/2024 (a) (b) |
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Series 2022-XX1243, Rev., VRDO, LOC : Barclays Bank plc, 2.96%, 9/9/2024 (a) (b) |
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Series 2023-XG0538, Rev., VRDO, LOC : Royal Bank of Canada, 2.98%, 9/9/2024 (a) (b) |
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Series 2017-XG0108, Rev., VRDO, LOC : Barclays Bank plc, 3.00%, 9/9/2024 (a) (b) |
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City of Hammond, Cargill, Inc. Project Series 2005, Rev., VRDO, 2.99%, 9/4/2024 (b) |
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City of Indianapolis, Multi-Family Housing, Limited Obligations Nora Common Series 2004 A, Rev., AMT, VRDO, LOC : US Bank NA, 3.65%, 9/3/2024 (b) |
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Gary Chicago International Airport Authority, Special Purpose Facilities, Jet Center Project, Rev., VRDO, LOC : BMO Harris Bank NA, 2.95%, 9/9/2024 (b) |
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Indiana Finance Authority, Solid Waste Disposal, Four-Leaf Clover Dairy LLC, Rev., VRDO, LOC : Bank of America NA, 3.42%, 9/9/2024 (b) |
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Indiana Finance Authority, Solid Waste Disposal, New Holland Dairy Leasing, Rev., VRDO, LOC : Bank of America NA, 3.40%, 9/9/2024 (b) |
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SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
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Municipal Bonds — continued |
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Iowa Finance Authority, Chevron USA, Inc. Project Series 2024, Rev., AMT, VRDO, 3.95%, 9/3/2024 (b) |
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Iowa Finance Authority, Cone ENT Project Series 2007, Rev., VRDO, LOC : Wells Fargo Bank NA, 3.00%, 9/9/2024 (b) |
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Iowa Finance Authority, Single Family Mortgage-Backed Securities Program |
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Series 2019E, Rev., VRDO, GNMA / FNMA / FHLMC, LIQ : TD Bank NA, 2.90%, 9/9/2024 (b) |
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Series 2020E, Rev., VRDO, GNMA / FNMA / FHLMC, LIQ : TD Bank NA, 2.95%, 9/9/2024 (b) |
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Louisville Regional Airport Authority, OH LLC Project Series 2006 A, Rev., VRDO, 3.93%, 9/3/2024 (b) |
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Louisville Regional Airport Authority, UPS Worldwide Forwarding, Inc. |
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Series 1999A, Rev., VRDO, 3.93%, 9/3/2024 (b) |
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Series 1999C, Rev., VRDO, 3.93%, 9/3/2024 (b) |
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Consolidated Government of the City of Baton Rouge and Parish of East Baton Rouge, Exxon Mobil Corp., Rev., VRDO, 3.99%, 9/3/2024 (b) |
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East Baton Rouge Parish Industrial Development Board, Inc., ExxonMobil Project, Gulf Opportunity Zone Series 2010B, Rev., VRDO, 3.92%, 9/3/2024 (b) |
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State of Louisiana Gasoline and Fuels Tax, Second Lien Series 2023 A-2, Rev., VRDO, LOC : TD Bank NA, 3.80%, 9/3/2024 (b) |
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Maryland Community Development Administration, Housing and Community Development |
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Series 2006G, Rev., AMT, VRDO, LIQ : Wells Fargo Bank NA, 3.03%, 9/9/2024 (b) |
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Series 2006J, Rev., AMT, VRDO, LIQ : Wells Fargo Bank NA, 3.03%, 9/9/2024 (b) |
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Montgomery County Housing Opportunities Commission, Multi-Family Mortgage Series 2023A, Rev., VRDO, FHA, FNMA COLL, LOC : TD Bank NA, 3.80%, 9/3/2024 (b) |
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RBC Municipal Products, Inc. Trust, Floater Certificates Series 2023-G122, Rev., VRDO, LOC : Royal Bank of Canada, 2.95%, 9/9/2024 (a) (b) |
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City of Beverly, GO, BAN, 4.50%, 6/27/2025 |
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GO, BAN, 4.75%, 9/27/2024 |
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GO, BAN, 5.00%, 11/21/2024 |
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GO, BAN, 4.00%, 2/21/2025 |
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GO, BAN, 4.75%, 2/21/2025 |
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City of Revere, GO, BAN, 4.00%, 8/21/2025 |
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Massachusetts Development Finance Agency, Children's Hospital Corp Obligated Group Series 2024 U-1, Rev., VRDO, LOC : TD Bank NA, 3.80%, 9/3/2024 (b) |
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Massachusetts Health and Educational Facilities Authority, Museum of Fine Arts Issue Series 2007 A-1, Rev., VRDO, LIQ : Bank of America NA, 4.01%, 9/3/2024 (b) |
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Metrowest Regional Transit Authority, Rev., TRAN, 4.50%, 9/13/2024 |
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Nashoba Valley Technical High School District, GO, 4.75%, 1/17/2025 |
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RIB Floater Trust Various States Series 39, Rev., VRDO, LIQ : Barclays Bank plc, 3.95%, 9/3/2024 (a) (b) |
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Tender Option Bond Trust Receipts/Certificates Series 2024-XF3218, Rev., VRDO, LOC : Barclays Bank plc, 4.10%, 9/3/2024 (a) (b) |
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Town of Bellingham, GO, BAN, 4.25%, 5/30/2025 |
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Town of Braintree, GO, BAN, 4.50%, 2/27/2025 |
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Town of Danvers, GO, BAN, 4.00%, 9/27/2024 |
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Town of Hatfield, GO, BAN, 5.25%, 11/1/2024 |
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Town of Needham, GO, BAN, 4.25%, 12/19/2024 |
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Town of Palmer, GO, BAN, 4.75%, 11/29/2024 |
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Town of Southbridge, GO, BAN, 4.50%, 5/30/2025 |
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|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
JPMorgan Municipal Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2024 (Unaudited) (continued)
| |
|
|
Municipal Bonds — continued |
| |
Michigan State Housing Development Authority, Rental Housing |
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Series 2016C, Rev., AMT, VRDO, LIQ : TD Bank NA, 2.85%, 9/9/2024 (b) |
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Series 2016E, Rev., AMT, VRDO, LIQ : UBS AG, 2.96%, 9/9/2024 (b) |
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Michigan State Housing Development Authority, Single Family Mortgage Series 2007E, Rev., AMT, VRDO, LIQ : Royal Bank of Canada, 2.95%, 9/9/2024 (b) |
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RIB Floater Trust Various States Series 2022-046, Rev., VRDO, LOC : Barclays Bank plc, 3.95%, 9/3/2024 (a) (b) |
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Minnesota Higher Education Facilities Authority, Concordia University, St. Paul Series 6Q, Rev., VRDO, LOC : US Bank NA, 4.00%, 9/3/2024 (b) |
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Minnesota Housing Finance Agency, Residential Housing Finance Series 2016F, Rev., AMT, VRDO, GNMA / FNMA / FHLMC COLL, LIQ : FHLB, 2.97%, 9/9/2024 (b) |
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Tender Option Bond Trust Receipts/Certificates Series 2024-BAML6027, Rev., VRDO, LOC : Bank of America NA, 4.12%, 9/3/2024 (a) (b) |
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County of Jackson, Chevron USA, Inc., Project Series 1994, Rev., VRDO, 3.95%, 9/3/2024 (b) |
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Mississippi Business Finance Corp., Gulf Opportunity Zone Industrial Development, Chevron USA, Inc., Project |
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Series 2007A, Rev., VRDO, 3.90%, 9/3/2024 (b) |
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Series 2007B, Rev., VRDO, 3.90%, 9/3/2024 (b) |
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Series 2009B, Rev., VRDO, 3.90%, 9/3/2024 (b) |
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Series 2009C, Rev., VRDO, 3.90%, 9/3/2024 (b) |
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Series 2009E, Rev., VRDO, 3.90%, 9/3/2024 (b) |
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Series 2009F, Rev., VRDO, 3.90%, 9/3/2024 (b) |
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Tender Option Bond Trust Receipts/Certificates Series 2023-XG0546, COP, VRDO, LOC : Royal Bank of Canada, 2.95%, 9/9/2024 (a) (b) |
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Health and Educational Facilities Authority of the State of Missouri, Ranken Technical College Series 2011B, Rev., VRDO, LOC : Northern Trust Co. (The), 3.85%, 9/3/2024 (b) |
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RBC Municipal Products, Inc. Trust, Floater Certificates Series E-157, Rev., VRDO, LOC : Royal Bank of Canada, 2.95%, 9/9/2024 (a) (b) |
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Borough of South River, General Improvement water Utility Series 2023A, GO, BAN, 4.50%, 12/12/2024 |
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Borough of Wanaque, GO, BAN, 4.25%, 12/19/2024 |
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City of Jersey City Series 2023C, GO, BAN, 5.00%, 10/24/2024 |
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City of Somers Point, GO, BAN, 4.50%, 8/28/2025 |
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RIB Floater Trust Various States Series 20, Rev., VRDO, LIQ : Barclays Bank plc, 2.98%, 9/9/2024 (a) (b) |
|
|
Tender Option Bond Trust Receipts/Certificates |
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Series 2023-XL0470, Rev., VRDO, LOC : Royal Bank of Canada, 2.95%, 9/9/2024 (a) (b) |
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|
Series 2020-XF0957, Rev., VRDO, LOC : Royal Bank of Canada, 2.99%, 9/9/2024 (a) (b) |
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Town of Dover, General Improvement Water Utility Series 2024, GO, BAN, 4.50%, 1/23/2025 |
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Town of Guttenberg, GO, BAN, 5.00%, 10/18/2024 |
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Town of Morristown, GO, BAN, 4.50%, 6/4/2025 |
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Township of Eastampton, GO, BAN, 4.50%, 7/22/2025 |
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Township of Millburn, GO, BAN, 4.50%, 1/24/2025 |
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Alfred Almond Central School District, GO, BAN, 4.50%, 6/26/2025 |
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Amsterdam City School District, GO, BAN, 4.00%, 8/1/2025 (c) |
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Baldwinsville Central School District Series 2024B, GO, BAN, 4.00%, 7/18/2025 |
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City of Albany, GO, BAN, 4.00%, 3/21/2025 |
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City of Canandaigua, GO, BAN, 4.50%, 2/26/2025 |
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City of New York, Fiscal Year 2018 Series B-5, GO, VRDO, LIQ : Barclays Bank plc, 3.90%, 9/3/2024 (b) |
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|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
|
|
Municipal Bonds — continued |
| |
City of New York, Fiscal Year 2022 Subseries D-4, GO, VRDO, LIQ : State Street Bank & Trust Co., 4.00%, 9/3/2024 (b) |
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City of New York, Fiscal Year 2023 |
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Series 2023A, Subseries A-3, GO, VRDO, LIQ : Bank of Montreal, 3.80%, 9/3/2024 (b) |
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Series 2023A, Subseries A-4, GO, VRDO, LIQ : TD Bank NA, 3.80%, 9/3/2024 (b) |
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City of Olean Series 2024 A, GO, BAN, 4.25%, 7/24/2025 |
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City of Oswego, GO, BAN, 4.50%, 4/17/2025 |
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City of Peekskill, GO, BAN, 4.00%, 8/22/2025 |
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City of Rome, GO, BAN, 4.50%, 6/11/2025 |
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Cobleskill-Richmondville Central School District, GO, BAN, 4.50%, 6/20/2025 |
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Fonda-Fultonville Central School District, GO, BAN, 4.50%, 7/11/2025 |
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Geneseo Central School District, GO, BAN, 4.50%, 6/26/2025 |
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Indian River Central School District at Philadelphia, GO, BAN, 4.50%, 6/26/2025 |
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Metropolitan Transportation Authority, Dedicated Tax Fund |
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Series 2008A-1, Rev., VRDO, LOC : TD Bank NA, 3.80%, 9/3/2024 (b) |
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Series 2008A-2A, Rev., VRDO, LOC : TD Bank NA, 3.80%, 9/3/2024 (b) |
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Moravia Central School District, GO, BAN, 4.50%, 6/26/2025 |
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|
Nanuet Union Free School District Series 2024A, GO, BAN, 4.00%, 12/18/2024 |
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Naples Central School District, GO, BAN, 4.25%, 6/25/2025 |
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New York City Housing Development Corp., Markham Gardens Apartment Series 2006 A, Rev., VRDO, LOC : FHLMC, 3.10%, 9/9/2024 (b) |
|
|
New York City Industrial Development Agency, Washington LLC Project, Rev., VRDO, LOC : Bank of China Ltd., 4.20%, 9/3/2024 (b) |
|
|
New York City Municipal Water Finance Authority, Second General Resolution, Fiscal Year 2016 Series 2016AA-1, Rev., VRDO, LIQ : Bank of America NA, 3.90%, 9/3/2024 (b) |
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New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution Series DD-1, Rev., VRDO, LIQ : TD Bank NA, 3.80%, 9/3/2024 (b) |
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New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2010 Series 2010CC, Rev., VRDO, LIQ : State Street Bank & Trust Co., 3.80%, 9/3/2024 (b) |
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|
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal year 2014 Series AA-5, Rev., VRDO, LIQ : Mizuho Bank Ltd., 3.80%, 9/3/2024 (b) |
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|
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal year 2017 Series 2017 BB, Rev., VRDO, LIQ : State Street Bank & Trust Co., 3.90%, 9/3/2024 (b) |
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|
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2023 Series 2023, Subseries BB-2, Rev., VRDO, LIQ : Mizuho Bank Ltd., 3.83%, 9/3/2024 (b) |
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New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2023 |
|
|
Series 2023, Subseries A-2, Rev., VRDO, LIQ : UBS AG, 3.80%, 9/3/2024 (b) |
|
|
Series 2023, Subseries A3, Rev., VRDO, LIQ : Bank of New York Mellon (The), 3.90%, 9/3/2024 (b) |
|
|
RBC Municipal Products, Inc. Trust, Floater Certificates Series E-146, Rev., VRDO, LOC : Royal Bank of Canada, 2.95%, 9/5/2024 (a) (b) |
|
|
Springville-Griffith Institute Central School District, GO, BAN, 4.00%, 8/15/2025 |
|
|
Stamford Central School District, GO, BAN, 4.50%, 6/26/2025 |
|
|
State of New York Mortgage Agency Homeowner Mortgage Series 199, Rev., AMT, VRDO, LIQ : Royal Bank of Canada, 2.92%, 9/9/2024 (b) |
|
|
Tender Option Bond Trust Receipts/Certificates Series 2023-XF3184, Rev., VRDO, LIQ : Morgan Stanley Bank NA, 2.95%, 9/9/2024 (a) (b) |
|
|
Town of Salina, GO, BAN, 4.25%, 6/6/2025 |
|
|
Village of Hamburg, GO, BAN, 4.00%, 9/18/2025 (c) |
|
|
Village of Penn Yan, GO, BAN, 4.50%, 7/17/2025 |
|
|
Village of Scotia, GO, BAN, 4.50%, 6/27/2025 |
|
|
Weedsport Central School District, GO, BAN, 4.50%, 7/17/2025 |
|
|
| |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
JPMorgan Municipal Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2024 (Unaudited) (continued)
| |
|
|
Municipal Bonds — continued |
| |
Tender Option Bond Trust Receipts/Certificates |
|
|
Series 2022-XM1011, Rev., VRDO, AGM, LOC : Royal Bank of Canada, 2.99%, 9/9/2024 (a) (b) |
|
|
Series 2023-XG0527, Rev., VRDO, LIQ : Bank of America NA, 3.01%, 9/9/2024 (a) (b) |
|
|
University of North Carolina, Hospital at Chapel Hill Series B, Rev., VRDO, LIQ : TD Bank NA, 3.80%, 9/3/2024 (b) |
|
|
| |
|
|
| |
Tender Option Bond Trust Receipts/Certificates Series 2024-XG0559, Rev., VRDO, LIQ : Royal Bank of Canada, 2.95%, 9/9/2024 (a) (b) |
|
|
| |
City of Brecksville, GO, BAN, 4.63%, 9/19/2024 |
|
|
Dublin City School District, GO, BAN, 5.00%, 12/18/2024 |
|
|
Ohio Water Development Authority Water Pollution Control Loan Fund Series 2024C, Rev., VRDO, LIQ : TD Bank NA, 3.80%, 9/3/2024 (b) |
|
|
Tender Option Bond Trust Receipts/Certificates |
|
|
Series 2023-XG0507, Rev., VRDO, LIQ : Royal Bank of Canada, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2024-YX133, Rev., VRDO, LOC : Barclays Bank plc, 3.02%, 9/9/2024 (a) (b) |
|
|
| |
|
|
| |
Tender Option Bond Trust Receipts/Certificates |
|
|
Series 2023-XF1572, Rev., VRDO, LIQ : Royal Bank of Canada, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2024-XG0581, Rev., VRDO, GNMA / FNMA / FHLMC, LIQ : Barclays Bank plc, 2.95%, 9/9/2024 (a) (b) |
|
|
| |
|
|
| |
Marion County Housing Authority, Residence at Marian, Rev., VRDO, LOC : US Bank NA, 3.52%, 9/9/2024 (b) |
|
|
Port of Portland, International Airport Subseries 18A, Rev., AMT, VRDO, LOC : Industrial & Commercial Bank of China, 4.15%, 9/9/2024 (b) |
|
|
Port of Portland, Special Obligation, Horizon Air Industries, Inc., Project, Rev., VRDO, LOC : Bank of America NA, 4.19%, 9/3/2024 (b) |
|
|
| |
|
|
| |
| |
Tender Option Bond Trust Receipts/Certificates |
|
|
Series 2023-ZL0472, Rev., VRDO, LIQ : Morgan Stanley Bank NA, 2.97%, 9/9/2024 (a) (b) |
|
|
Series 2023-ZL0520, Rev., VRDO, LIQ : Wells Fargo Bank NA, 3.02%, 9/9/2024 (a) (b) |
|
|
Series 2024-ZF1728, Rev., VRDO, LIQ : Bank of America NA, 3.02%, 9/9/2024 (a) (b) |
|
|
Series 2023-XF1493, Rev., VRDO, LIQ : Bank of America NA, 3.04%, 9/9/2024 (a) (b) |
|
|
| |
|
|
| |
FHLMC, Multi-Family VRD Certificates Series M019, Class A, Rev., VRDO, LIQ : FHLMC, 3.34%, 9/9/2024 (a) (b) |
|
|
| |
Northampton County General Purpose Authority, St. Luke's Hospital Obligated Group Series 2024 B, Rev., VRDO, LOC : TD Bank NA, 3.80%, 9/3/2024 (b) |
|
|
Pennsylvania Turnpike Commission Series 2019, Rev., 5.00%, 12/1/2024 |
|
|
Philadelphia Authority for Industrial Development Series B-2, Rev., VRDO, LOC : TD Bank NA, 2.91%, 9/9/2024 (b) |
|
|
Tender Option Bond Trust Receipts/Certificates |
|
|
Series 2022-XF3041, Rev., VRDO, LIQ : Morgan Stanley Bank NA, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2022-XG0412, Rev., VRDO, LIQ : Royal Bank of Canada, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2022-XG0413, Rev., VRDO, LIQ : Royal Bank of Canada, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2023-XG0536, GO, VRDO, LOC : Royal Bank of Canada, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2023-ZF3186, Rev., VRDO, LIQ : Wells Fargo Bank NA, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2022-XG0437, Rev., VRDO, LOC : Barclays Bank plc, 2.97%, 9/9/2024 (a) (b) |
|
|
Series 2022-XM1057, Rev., VRDO, LIQ : Bank of America NA, 2.97%, 9/9/2024 (a) (b) |
|
|
Series 2023-XF1634, Rev., VRDO, AGM, LOC : Royal Bank of Canada, 2.98%, 9/9/2024 (a) (b) |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
|
|
Municipal Bonds — continued |
| |
Series 2024-XG0551, Rev., VRDO, LOC : Royal Bank of Canada, 2.98%, 9/9/2024 (a) (b) |
|
|
Series 2022-XM1083, Rev., VRDO, AGM, LOC : Royal Bank of Canada, 3.00%, 9/9/2024 (a) (b) |
|
|
| |
|
|
| |
Tender Option Bond Trust Receipts/Certificates Series 2024-XG0552, Rev., VRDO, LOC : Royal Bank of Canada, 2.98%, 9/9/2024 (a) (b) |
|
|
| |
Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Multi-Family Housing, Retreat Dry, Rev., VRDO, LOC : Citibank NA, 3.15%, 9/9/2024 (b) |
|
|
Public Building Authority of Sevier County, Local Government Public Improvement Series VII-Q-1, Rev., VRDO, LOC : Truist Bank, 3.75%, 9/3/2024 (b) |
|
|
Tender Option Bond Trust Receipts/Certificates |
|
|
Series 2023-YX1289, Rev., VRDO, LOC : Barclays Bank plc, 2.97%, 9/9/2024 (a) (b) |
|
|
Series 2022-XL0382, Rev., VRDO, LOC : Royal Bank of Canada, 2.99%, 9/9/2024 (a) (b) |
|
|
| |
|
|
| |
Deutsche Bank Spears Series DB-8142, GO, VRDO, PSF - GTD, LIQ : Deutsche Bank AG, Zero Coupon, 9/9/2024 (a) (b) |
|
|
Gilmer Industrial Development Corp., Duoline Technologies LP Series 2008-A, Rev., VRDO, LOC : Wells Fargo Bank NA, 3.10%, 9/9/2024 (b) |
|
|
Harris County Industrial Development Corp., Exxon Corp. Project, Rev., VRDO, 3.99%, 9/3/2024 (b) |
|
|
Lower Neches Valley Authority Industrial Development Corp., Exxon Capital Ventures, Inc. Series B-4, Rev., VRDO, 3.99%, 9/3/2024 (b) |
|
|
Lower Neches Valley Authority Industrial Development Corp., ExxonMobil Project Series 2001B3, Rev., VRDO, 3.99%, 9/3/2024 (b) |
|
|
RIB Floater Trust Various States Series 2022-006, Rev., VRDO, LOC : Barclays Bank plc, 3.22%, 10/11/2024 (a) (b) |
|
|
Southeast Texas Housing Finance Corp., Wyndham Park Apartments, Rev., VRDO, LOC : FNMA, 3.05%, 9/9/2024 (b) |
|
|
| |
|
|
| |
| |
State of Texas, Veterans, GO, AMT, VRDO, LIQ : State Street Bank & Trust Co., 2.90%, 9/9/2024 (b) |
|
|
State of Texas, Veterans Housing Assistance Program |
|
|
Series 2002A-2, GO, AMT, VRDO, LIQ : State Street Bank & Trust Co., 2.90%, 9/4/2024 (b) |
|
|
Series 2004 A, GO, AMT, VRDO, LIQ : State Street Bank & Trust Co., 2.93%, 9/9/2024 (b) |
|
|
Tender Option Bond Trust Receipts/Certificates |
|
|
Series 2024-XL0556, GO, VRDO, PSF-GTD, LIQ : UBS AG, 3.95%, 9/3/2024 (a) (b) |
|
|
Series 2022-XM1050, Rev., VRDO, LIQ : Morgan Stanley Bank NA, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2023-XF1447, Rev., VRDO, LIQ : Bank of America NA, 2.95%, 9/9/2024 (a) (b) |
|
|
| |
|
|
| |
Tender Option Bond Trust Receipts/Certificates |
|
|
Series 2022-XX1249, Rev., VRDO, LOC : Barclays Bank plc, 2.97%, 9/9/2024 (a) (b) |
|
|
Series 2023-XM1146, Rev., VRDO, LOC : UBS AG, 2.97%, 9/9/2024 (a) (b) |
|
|
| |
|
|
| |
King County Housing Authority, Overlake Tod Housing Project Series 2001B, Rev., VRDO, LOC : Bank of America NA, 2.93%, 9/9/2024 (b) |
|
|
Port of Tacoma, Subordinate Lien, Rev., AMT, VRDO, LOC : PNC Bank NA, 3.00%, 9/9/2024 (b) |
|
|
Tender Option Bond Trust Receipts/Certificates |
|
|
Series 2023-ZL0513, Rev., VRDO, LIQ : Morgan Stanley Bank NA, 2.97%, 9/9/2024 (a) (b) |
|
|
Series 2024-ZF1738, Rev., VRDO, LIQ : Bank of America NA, 2.99%, 9/9/2024 (a) (b) |
|
|
Series 2024-ZF1739, Rev., VRDO, LIQ : Bank of America NA, 2.99%, 9/9/2024 (a) (b) |
|
|
| |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
JPMorgan Municipal Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2024 (Unaudited) (continued)
| |
|
|
Municipal Bonds — continued |
| |
Tender Option Bond Trust Receipts/Certificates |
|
|
Series 2024-YX1339, Rev., VRDO, LOC : Barclays Bank plc, 4.10%, 9/3/2024 (a) (b) |
|
|
Series 2023-XL0447, Rev., VRDO, LOC : Barclays Bank plc, 2.96%, 9/9/2024 (a) (b) |
|
|
| |
|
|
Total Municipal Bonds
(Cost $1,473,115) |
|
|
| |
|
|
Variable Rate Demand Preferred Shares — 9.1% |
| |
BlackRock MuniAssets Fund, Inc. Series LIQ : Bank of America NA, 3.02%, 9/9/2024(a) (b) |
|
|
BlackRock Municipal 2030 Target Term Trust Series W-7, LIQ : Barclays Bank plc, 3.02%, 9/9/2024(a) (b) |
|
|
BlackRock MuniYield Quality Fund, Inc. |
|
|
Series W-7, LIQ : TD Bank NA, 3.02%, 9/9/2024(a) (b) |
|
|
Series W-7A, LIQ : Royal Bank of Canada, 3.02%, 9/9/2024(a) (b) |
|
|
Nuveen AMT - Free Municipal Credit Income Fund Series 6, LIQ : Sumitomo Mitsui Banking Corp., 2.97%, 9/9/2024# (a) |
|
|
Nuveen AMT - Free Quality Municipal Income Fund Series 3, LIQ : Toronto-Dominion Bank, 2.97%, 9/9/2024# (a) |
|
|
Nuveen Quality Municipal Income Fund Series 2-2525, LIQ : Barclays Bank plc, 3.02%, 9/9/2024# (a) |
|
|
Total Variable Rate Demand Preferred Shares
(Cost $182,500) |
|
|
| |
|
|
Short Term Investments — 17.7% |
| |
Board of Regents of the University of Texas System |
|
|
Series A, 3.65%, 9/18/2024 |
|
|
Series A, 3.44%, 9/26/2024 |
|
|
Series A, 3.58%, 10/15/2024 |
|
|
Series A, 3.58%, 10/17/2024 |
|
|
Series A, 3.62%, 10/24/2024 |
|
|
Series A, 3.47%, 11/1/2024 |
|
|
| |
|
|
| |
Commercial Paper — continued |
Series A, 3.43%, 11/19/2024 |
|
|
Series A, 3.62%, 11/26/2024 |
|
|
| |
|
|
Series M-2, 3.38%, 11/22/2024 |
|
|
Series N-2, 3.44%, 11/22/2024 |
|
|
City of Philadelphia Airport Series B-1, 3.45%, 11/13/2024 |
|
|
City of San Antonio Electric and Gas Systems Series C, 3.70%, 9/20/2024 |
|
|
County of Harris Toll Road |
|
|
Series K, 3.40%, 9/12/2024 |
|
|
Series K, 3.45%, 9/12/2024 |
|
|
County of Miami-Dade Aviation Series 2021, 3.45%, 11/14/2024 |
|
|
County of Montgomery Series 10-A, 3.43%, 10/1/2024 |
|
|
County of York Series B-3, 3.45%, 9/3/2024 |
|
|
Health Care Authority of the City of Huntsville (The) |
|
|
| |
|
|
| |
|
|
Indiana Finance Authority Series D-2, 3.70%, 11/20/2024 |
|
|
Jacksonville Aviation Authority Series 92, 3.75%, 10/2/2024 |
|
|
Metropolitan Government of Nashville and Davidson County, 3.41%, 10/7/2024 |
|
|
Miami Dade College Foundation, Inc. |
|
|
Series 2021, 3.50%, 9/12/2024 |
|
|
Series 2021, 3.55%, 9/23/2024 |
|
|
Municipal Electric Authority of Georgia Series B, 3.30%, 12/10/2024 |
|
|
Rutgers, The State University of New Jersey Series A, 3.45%, 10/17/2024 |
|
|
Texas Public Finance Authority |
|
|
Series 19, 3.65%, 9/12/2024 |
|
|
Series 19, 3.40%, 12/5/2024 |
|
|
University of Massachusetts Building Authority Series 13B-1, 3.31%, 12/4/2024 |
|
|
Total Commercial Paper
(Cost $355,386) |
|
|
Total Short Term Investments
(Cost $355,386) |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
|
|
Total Investments — 100.0%
(Cost $2,011,001) * |
|
|
Other Assets Less Liabilities — 0.0% ^ |
|
|
| |
|
|
Percentages indicated are based on net assets. |
| |
|
| |
Insured by Assured Guaranty Municipal Corp. |
| |
|
| |
|
| |
|
| |
Certificate of Participation |
| |
Federal Housing Administration |
| |
|
| |
Federal Home Loan Mortgage Corp. |
| |
Federal National Mortgage Association |
| |
Government National Mortgage Association |
| |
|
| |
|
| |
|
| |
|
| |
|
| |
Permanent School Fund Guaranteed |
| |
|
| |
Tax & Revenue Anticipation Note |
| |
Variable Rate Demand Obligation |
| |
Amount rounds to less than 0.1% of net assets. |
| |
The date shown represents the earliest of the next put date, next demand date or final maturity date. |
| |
Variable Rate Demand Preferred Shares of a closed-end investment company which has a weekly demand feature. The interest rate shown is the rate in effect as of August 31, 2024. |
|
| |
The cost of securities is substantially the same for federal income tax purposes. |
|
| |
Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. |
|
| |
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 August 31, 2024. |
|
| |
All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. |
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
JPMorgan California Municipal Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2024 (Unaudited)
| |
|
|
| |
| |
Alameda Public Financing Authority Series 2003A, Rev., VRDO, LOC : Wells Fargo Bank NA, 2.80%, 9/9/2024 (a) |
|
|
Bay Area Toll Authority, Toll Bridge Series 2024D, Rev., VRDO, LOC : TD Bank NA, 3.65%, 9/3/2024 (a) |
|
|
California Health Facilities Financing Authority, Adventist Health System Series 1998B, Rev., VRDO, LOC : US Bank NA, 3.15%, 9/3/2024 (a) |
|
|
California Health Facilities Financing Authority, Memorial Health Services |
|
|
Rev., VRDO, 2.00%, 9/4/2024 (a) |
|
|
Series 2013A, Rev., VRDO, 2.00%, 9/9/2024 (a) |
|
|
California Housing Finance Agency, Montecito Village Affordable LP Series 2009B, Rev., VRDO, LIQ : FHLMC, 2.90%, 9/9/2024 (a) |
|
|
California Municipal Finance Authority, Chevron USA, Inc. Project Series 2010B, Rev., VRDO, 3.30%, 9/3/2024 (a) |
|
|
California Municipal Finance Authority, Multi-Family Housing, Pacific Meadows Apartments Series 2010A, Rev., VRDO, LIQ : FHLMC, 3.00%, 9/9/2024 (a) |
|
|
California Municipal Finance Authority, Recovery Zone Facility, Chevron USA, Inc., Project Series 2010C, Rev., VRDO, 3.80%, 9/3/2024 (a) |
|
|
California Public Finance Authority, Sharp Healthcare Series 2024E, Rev., VRDO, LOC : TD Bank NA, 3.65%, 9/3/2024 (a) |
|
|
California Statewide Communities Development Authority, American Modular System Series 2001A, Rev., VRDO, LOC : BMO Harris Bank NA, 2.59%, 9/9/2024 (a) |
|
|
California Statewide Communities Development Authority, Rady Children's Hospital Series 2008A, Rev., VRDO, LOC : US Bank NA, 3.15%, 9/3/2024 (a) |
|
|
City of Irvine, Assessment District No. 03-19, Limited Obligation Improvement Series A, VRDO, LOC : US Bank NA, 3.15%, 9/3/2024 (a) |
|
|
City of Los Angeles, Rev., TRAN, 5.00%, 6/26/2025 |
|
|
County of Los Angeles, Rev., TRAN, 5.00%, 6/30/2025 |
|
|
County of Riverside, Teeter Plan Obligation Series 2023A, GO, 3.88%, 10/18/2024 |
|
|
County of San Bernardino, Somerset Apartments LLC Series 1999A, Rev., VRDO, LOC : FNMA, 2.55%, 9/9/2024 (a) |
|
|
County of Santa Cruz, Rev., TRAN, 5.00%, 7/1/2025 |
|
|
| |
|
|
| |
| |
Irvine Ranch Water District Water Service Corp., VRDO, LOC : US Bank NA, 3.65%, 9/3/2024 (a) |
|
|
Los Angeles Department of Water and Power Series 2023C SUB C-2, Rev., VRDO, LIQ : TD Bank NA, 3.65%, 9/3/2024 (a) |
|
|
Los Angeles Department of Water and Power, Power System |
|
|
Series A-6, Rev., VRDO, LIQ : Bank of America NA, 3.57%, 9/3/2024 (a) |
|
|
Series 2002 A-1, Rev., VRDO, LIQ : Bank of America NA, 3.65%, 9/3/2024 (a) |
|
|
Series 2019, Subseries A-2, Rev., VRDO, LIQ : Barclays Bank plc, 3.65%, 9/3/2024 (a) |
|
|
Los Angeles Department of Water and Power, Water System |
|
|
Series 2021 A-2, Rev., VRDO, LIQ : TD Bank NA, 3.65%, 9/3/2024 (a) |
|
|
Series 2021A-1, Rev., VRDO, LIQ : TD Bank NA, 3.65%, 9/3/2024 (a) |
|
|
Metropolitan Water District of Southern California Series 2024B-1, Rev., VRDO, LIQ : Bank of America NA, 2.40%, 9/9/2024 (a) |
|
|
Metropolitan Water District of Southern California, Waterworks Series 2016 B-2, Rev., VRDO, LIQ : TD Bank NA, 3.65%, 9/3/2024 (a) |
|
|
Mizuho Floater Series 2023-MIZ9122, Rev., VRDO, LIQ : Mizuho Capital Markets LLC, 4.65%, 9/3/2024 (a) (b) |
|
|
Modesto Public Financing Authority Series 2008, Rev., VRDO, LOC : BMO Harris Bank NA, 2.25%, 9/9/2024 (a) |
|
|
RBC Municipal Products, Inc. Trust, Floater Certificates Series C-21, Rev., VRDO, LOC : Royal Bank of Canada, 2.92%, 9/9/2024 (a) (b) |
|
|
Regents of the University of California Medical Center Pooled Series 2007B-1, Rev., VRDO, 3.60%, 9/3/2024 (a) |
|
|
RIB Floater Trust Various States |
|
|
Series 45, GO, VRDO, LIQ : Barclays Bank plc, 3.90%, 9/3/2024 (a) (b) |
|
|
Series 2022-010, Rev., VRDO, LOC : Barclays Bank plc, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2022-015, Rev., VRDO, LOC : Barclays Bank plc, 3.17%, 10/4/2024 (a) (b) |
|
|
Sacramento County Housing Authority, Multi-Family Housing, Ashford Park Apartments Series 1996D, Rev., VRDO, FNMA, LIQ : FNMA, 2.55%, 9/9/2024 (a) |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
|
|
Municipal Bonds — continued |
| |
Sacramento County Housing Authority, River Terrace Apartments Series C, Rev., VRDO, FNMA, LIQ : FNMA, 2.55%, 9/9/2024 (a) |
|
|
San Francisco City and County Airport Comm-San Francisco International Airport Series 2018C, Rev., VRDO, LOC : Sumitomo Mitsui Banking Corp., 1.97%, 9/9/2024 (a) |
|
|
Southern California Public Power Authority, Magnolia Power Project Series 2020-3, Rev., VRDO, LIQ : Bank of America NA, 3.95%, 9/3/2024 (a) |
|
|
State of California, Kindergarten Series 2004A3, GO, VRDO, LOC : State Street Bank & Trust Co., 3.50%, 9/3/2024 (a) |
|
|
Tender Option Bond Trust Receipts/Certificates |
|
|
Series 2022-XF3028, Rev., VRDO, LOC : Barclays Bank plc, 4.10%, 9/3/2024 (a) (b) |
|
|
Series 2022-XF3029, Rev., VRDO, LOC : Barclays Bank plc, 4.10%, 9/3/2024 (a) (b) |
|
|
Series 2022-XF3030, Rev., VRDO, LOC : Barclays Bank plc, 4.10%, 9/3/2024 (a) (b) |
|
|
Series 2023-ZF3176, Rev., VRDO, LIQ : Morgan Stanley Bank NA, 2.93%, 9/9/2024 (a) (b) |
|
|
Series 2023-ZF3187, GO, VRDO, LIQ : Morgan Stanley Bank NA, 2.93%, 9/9/2024 (a) (b) |
|
|
Series 2021-XF2962, Rev., VRDO, LIQ : Barclays Bank plc, 2.94%, 9/9/2024 (a) (b) |
|
|
Series 2022-XX1237, GO, VRDO, LIQ : Barclays Bank plc, 2.94%, 9/9/2024 (a) (b) |
|
|
Series 2022-XX1262, Rev., VRDO, LIQ : Barclays Bank plc, 2.94%, 9/9/2024 (a) (b) |
|
|
Series 2022-XX1263, Rev., VRDO, LIQ : Barclays Bank plc, 2.94%, 9/9/2024 (a) (b) |
|
|
Series 2022-YX1200, Rev., VRDO, LIQ : Barclays Bank plc, 2.94%, 9/9/2024 (a) (b) |
|
|
Series 2023-XM1153, Rev., VRDO, LIQ : UBS AG, 2.94%, 9/9/2024 (a) (b) |
|
|
Series 2024-XF1731, Rev., VRDO, LOC : Royal Bank of Canada, 2.94%, 9/9/2024 (a) (b) |
|
|
Series 2022-XF1323, Rev., VRDO, LIQ : Toronto-Dominion Bank, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2022-XF1326, GO, VRDO, LIQ : Toronto-Dominion Bank, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2022-XF1415, Rev., VRDO, LIQ : Toronto-Dominion Bank, 2.95%, 9/9/2024 (a) (b) |
|
|
| |
|
|
| |
| |
Series 2022-XF3025, Rev., VRDO, LIQ : Morgan Stanley Bank NA, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2022-XG0372, COP, VRDO, LIQ : Wells Fargo Bank NA, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2022-XG0393, GO, VRDO, LOC : Barclays Bank plc, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2022-XG0430, Rev., VRDO, LIQ : Wells Fargo Bank NA, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2022-XL0384, GO, VRDO, LOC : Royal Bank of Canada, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2022-XM1007, Rev., VRDO, LIQ : Royal Bank of Canada, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2022-XM1036, Rev., VRDO, LIQ : Bank of America NA, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2022-XM1064, Rev., VRDO, LIQ : Morgan Stanley Bank NA, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2023-XG0501, GO, VRDO, LIQ : Wells Fargo Bank NA, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2023-XL0445, Rev., VRDO, LIQ : Royal Bank of Canada, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2023-XL0501, GO, VRDO, LIQ : Wells Fargo Bank NA, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2023-XM1114, Rev., VRDO, LIQ : Royal Bank of Canada, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2023-ZF3162, Rev., VRDO, LIQ : Wells Fargo Bank NA, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2024-XG0587, Rev., VRDO, LIQ : Bank of America NA, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2024-XL0552, Rev., VRDO, LIQ : Wells Fargo Bank NA, 2.95%, 9/9/2024 (a) (b) |
|
|
Series 2022-XF1376, Rev., VRDO, LIQ : Bank of America NA, 2.97%, 9/9/2024 (a) (b) |
|
|
Series 2024-XF1708, Rev., VRDO, LOC : Royal Bank of Canada, 2.97%, 9/9/2024 (a) (b) |
|
|
Series 2022-XF1384, Rev., VRDO, LIQ : Toronto-Dominion Bank, 2.98%, 9/9/2024 (a) (b) |
|
|
Series 2023-007, Rev., VRDO, LOC : Barclays Bank plc, 3.17%, 10/4/2024 (a) (b) |
|
|
| |
|
|
Series 2013AL-3, Rev., VRDO, 3.65%, 9/3/2024 (a) |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
JPMorgan California Municipal Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2024 (Unaudited) (continued)
| |
|
|
Municipal Bonds — continued |
| |
Series 2024 BY-1, Rev., VRDO, 2.05%, 9/9/2024 (a) |
|
|
Western Municipal Water District Facilities Authority Series 2012A, Rev., VRDO, LOC : TD Bank NA, 2.25%, 9/9/2024 (a) |
|
|
| |
|
|
Total Municipal Bonds
(Cost $228,542) |
|
|
| |
|
|
Variable Rate Demand Preferred Shares — 11.3% |
| |
Nuveen California AMT - Free Quality Municipal Income Fund Series 6, LIQ : Sumitomo Mitsui Banking Corp., 2.95%, 9/9/2024# (b) |
|
|
Nuveen California Quality Municipal Income Fund Series 1-1362, LIQ : Societe Generale SA, 3.01%, 9/9/2024# (b) |
|
|
Total Variable Rate Demand Preferred Shares
(Cost $37,000) |
|
|
| |
|
|
Short Term Investments — 18.5% |
| |
California Educational Facilities Authority, 3.58%, 2/18/2025 |
|
|
California State University Institute Series A, 3.30%, 11/4/2024 |
|
|
California Statewide Communities Development Authority |
|
|
Series 9B-1, 3.65%, 9/4/2024 |
|
|
Series B-5, 3.70%, 9/4/2024 |
|
|
Series B-6, 3.65%, 9/5/2024 |
|
|
Series 9B-2, 3.55%, 10/3/2024 |
|
|
Series 09-D, 3.60%, 10/8/2024 |
|
|
Series 08-C, 3.60%, 10/9/2024 |
|
|
Municipal Improvement Corp. of Los Angeles Series A-3, 3.38%, 9/19/2024 |
|
|
| |
|
|
Series A-1, 3.38%, 9/19/2024 |
|
|
| |
|
|
| |
Commercial Paper — continued |
Series A-7, 3.55%, 10/8/2024 |
|
|
University of California Series A, 3.75%, 12/19/2024 |
|
|
Total Commercial Paper
(Cost $60,748) |
|
|
Total Short Term Investments
(Cost $60,748) |
|
|
Total Investments — 99.4%
(Cost $326,290) * |
|
|
Other Assets Less Liabilities — 0.6% |
|
|
| |
|
|
Percentages indicated are based on net assets. |
| |
|
| |
|
| |
Certificate of Participation |
| |
Federal Home Loan Mortgage Corp. |
| |
Federal National Mortgage Association |
| |
|
| |
|
| |
|
| |
|
| |
Tax & Revenue Anticipation Note |
| |
Variable Rate Demand Obligation |
| |
The date shown represents the earliest of the next put date, next demand date or final maturity date. |
| |
Variable Rate Demand Preferred Shares of a closed-end investment company which has a weekly demand feature. The interest rate shown is the rate in effect as of August 31, 2024. |
|
| |
The cost of securities is substantially the same for federal income tax purposes. |
|
| |
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 August 31, 2024. |
|
| |
Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. |
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
JPMorgan New York Municipal Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2024 (Unaudited)
| |
|
|
| |
| |
Albany Industrial Development Agency, Civic Facility, Living Resources Corp., Project Series 2007A, Rev., VRDO, LOC : HSBC Bank USA NA, 2.92%, 9/9/2024 (a) |
|
|
Amherst Development Corp., Student Housing Facility, South Lake Village Project Series 2010B, Rev., VRDO, LOC : HSBC Bank USA NA, 3.02%, 9/9/2024 (a) |
|
|
Amsterdam City School District, GO, BAN, 4.00%, 8/1/2025 (b) |
|
|
Ballston Spa Central School District, GO, BAN, 4.25%, 9/13/2024 |
|
|
Battery Park City Authority |
|
|
Series 2019D-2, Rev., VRDO, LIQ : TD Bank NA, 3.80%, 9/3/2024 (a) |
|
|
Series 2019D-1, Rev., VRDO, LIQ : TD Bank NA, 3.85%, 9/3/2024 (a) |
|
|
Series 2023 B, Rev., 5.00%, 11/1/2024 |
|
|
Bemus Point Central School District, GO, BAN, 4.50%, 7/24/2025 |
|
|
Bethlehem Central School District, GO, BAN, 4.50%, 7/8/2025 |
|
|
Build NYC Resource Corp., The Asia Society Project, Rev., VRDO, LOC : TD Bank NA, 2.95%, 9/9/2024 (a) |
|
|
Canton Central School District, St. Lawrence County Series 2024B, GO, BAN, 4.00%, 9/5/2025 (b) |
|
|
City of Albany, GO, BAN, 4.00%, 3/21/2025 |
|
|
City of Buffalo Series 2018 A, GO, 5.00%, 10/1/2024 |
|
|
City of Canandaigua, GO, BAN, 4.50%, 2/26/2025 |
|
|
City of Glens Falls Series 2024, GO, BAN, 4.00%, 2/28/2025 |
|
|
City of New York, Fiscal Year 2006 Series 2006E-2, GO, VRDO, LOC : Bank of America NA, 3.90%, 9/3/2024 (a) |
|
|
City of New York, Fiscal Year 2008 |
|
|
Series 2008 L-4, GO, VRDO, LOC : US Bank NA, 3.60%, 9/3/2024 (a) |
|
|
Series 2008 L-3, GO, VRDO, LOC : Bank of America NA, 3.90%, 9/3/2024 (a) |
|
|
City of New York, Fiscal Year 2013 Series 2013, Subseries A-2, GO, VRDO, LOC : Mizuho Bank Ltd., 3.95%, 9/3/2024 (a) |
|
|
City of New York, Fiscal Year 2014 Series 2014D-4, GO, VRDO, LOC : TD Bank NA, 3.80%, 9/3/2024 (a) |
|
|
| |
|
|
| |
| |
City of New York, Fiscal Year 2020 Series 2020, Subseries B-1, GO, 4.00%, 10/1/2024 |
|
|
City of New York, Fiscal Year 2022 Subseries D-4, GO, VRDO, LIQ : State Street Bank & Trust Co., 4.00%, 9/3/2024 (a) |
|
|
City of New York, Fiscal Year 2023 Series 2023A, Subseries A-3, GO, VRDO, LIQ : Bank of Montreal, 3.80%, 9/3/2024 (a) |
|
|
City of Olean Series 2024 A, GO, BAN, 4.25%, 7/24/2025 |
|
|
City of Oswego, GO, BAN, 4.50%, 4/17/2025 |
|
|
City of Rome, GO, BAN, 4.50%, 6/11/2025 |
|
|
City of Troy Series 2024, GO, BAN, 4.00%, 1/31/2025 |
|
|
Cobleskill-Richmondville Central School District, GO, BAN, 4.50%, 6/20/2025 |
|
|
County of Chemung Series 2023B, GO, BAN, 4.25%, 12/20/2024 |
|
|
County of Clinton, GO, BAN, 4.25%, 7/25/2025 |
|
|
County of Madison Series 2023, GO, BAN, 4.50%, 11/21/2024 |
|
|
County of Montgomery, GO, BAN, 4.25%, 8/1/2025 |
|
|
County of Tompkins Series 2024, GO, BAN, 4.00%, 2/14/2025 |
|
|
County of Washington, GO, BAN, 4.00%, 3/21/2025 |
|
|
| |
|
|
Series DB-8139, GO, VRDO, LIQ : Deutsche Bank AG, 4.20%, 9/3/2024 (a) (c) |
|
|
Series DB-8129, GO, VRDO, LIQ : Deutsche Bank AG, 3.02%, 9/5/2024 (a) (c) |
|
|
Dundee Central School District, GO, BAN, 4.50%, 6/20/2025 |
|
|
Edmeston Central School District, GO, BAN, 4.25%, 7/24/2025 |
|
|
Elmira Heights Central School District, GO, BAN, 4.50%, 6/27/2025 |
|
|
Erie County Industrial Development Agency (The), Our Lady Victory Corp. Series 2007A, Rev., VRDO, LOC : HSBC Bank USA NA, 2.95%, 9/9/2024 (a) |
|
|
Fonda-Fultonville Central School District, GO, BAN, 4.50%, 7/11/2025 |
|
|
Forestville Central School District, GO, BAN, 4.50%, 6/18/2025 |
|
|
Geneseo Central School District, GO, BAN, 4.50%, 6/26/2025 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
JPMorgan New York Municipal Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2024 (Unaudited) (continued)
| |
|
|
Municipal Bonds — continued |
| |
Greenwich Central School District, GO, BAN, 4.50%, 6/25/2025 |
|
|
Hartford Central School District, GO, BAN, 4.25%, 6/25/2025 |
|
|
Indian River Central School District at Philadelphia, GO, BAN, 4.50%, 6/26/2025 |
|
|
Long Island Power Authority, Electric System Series 2023D, Rev., VRDO, LOC : Barclays Bank plc, 2.90%, 9/9/2024 (a) |
|
|
Maine-Endwell Central School District Series 2023, GO, BAN, 4.25%, 9/27/2024 |
|
|
Mechanicville City School District, GO, BAN, 4.50%, 6/25/2025 |
|
|
Metropolitan Transportation Authority |
|
|
Series 2012G-1, Rev., VRDO, LOC : Barclays Bank plc, 3.90%, 9/3/2024 (a) |
|
|
Series 2015 E-1, Rev., VRDO, LOC : Barclays Bank plc, 3.90%, 9/3/2024 (a) |
|
|
Series 2015, Subseries E-3, Rev., VRDO, LOC : Bank of America NA, 3.90%, 9/3/2024 (a) |
|
|
Series 2020B, Rev., VRDO, LOC : Royal Bank of Canada, 3.95%, 9/3/2024 (a) |
|
|
Subseries 2002D-2B, Rev., VRDO, LOC : Truist Bank, 4.00%, 9/3/2024 (a) |
|
|
Metropolitan Transportation Authority, Dedicated Tax Fund |
|
|
Series 2008A-1, Rev., VRDO, LOC : TD Bank NA, 3.80%, 9/3/2024 (a) |
|
|
Series 2008A-2B, Rev., VRDO, LOC : PNC Bank NA, 2.90%, 9/9/2024 (a) |
|
|
Series 2005 E-2, Rev., VRDO, LOC : Bank of America NA, 2.96%, 9/9/2024 (a) |
|
|
Naples Central School District, GO, BAN, 4.25%, 6/25/2025 |
|
|
Nassau County Industrial Development Agency, Clinton Plaza Senior Housing Project, Rev., VRDO, LOC : FNMA, 2.90%, 9/9/2024 (a) |
|
|
New York City Housing Development Corp., Fifth Avenue Apartments Series 2006A, Rev., VRDO, LOC : Citibank NA, 2.85%, 9/9/2024 (a) |
|
|
New York City Housing Development Corp., Markham Gardens Apartment Series 2006 A, Rev., VRDO, LOC : FHLMC, 3.10%, 9/9/2024 (a) |
|
|
New York City Housing Development Corp., Multi-Family Mortgage, Manhattan Court Series 2004A, Rev., VRDO, LOC : Citibank NA, 2.88%, 9/9/2024 (a) |
|
|
| |
|
|
| |
| |
New York City Housing Development Corp., Multi-Family Mortgage, West 26th Street Development |
|
|
Series 2011B, Rev., VRDO, 2.95%, 9/9/2024 (a) |
|
|
Series 2012A, Rev., VRDO, LIQ : FHLMC, 2.95%, 9/9/2024 (a) |
|
|
New York City Housing Development Corp., Multi-Family Rent Housing, Gold Street Series 2006A, Rev., VRDO, LOC : FNMA, 2.79%, 9/9/2024 (a) |
|
|
New York City Housing Development Corp., Multi-Family Rental Housing, West 89th Street Development |
|
|
Series 2006A, Rev., VRDO, LOC : FNMA, 3.40%, 9/9/2024 (a) |
|
|
Series 2000A, Rev., VRDO, LOC : FNMA, 3.45%, 9/9/2024 (a) |
|
|
New York City Housing Development Corp., Multi-Family, 201 Pearl LLC Series 2006A, Rev., VRDO, LOC : FNMA, 2.79%, 9/9/2024 (a) |
|
|
New York City Housing Development Corp., Multi-Family, 90 Washington Street Series 2005A, Rev., VRDO, LOC : FNMA, 2.91%, 9/9/2024 (a) |
|
|
New York City Industrial Development Agency, Civic Facility, Rev., VRDO, LOC : TD Bank NA, 2.93%, 9/9/2024 (a) |
|
|
New York City Industrial Development Agency, Washington LLC Project, Rev., VRDO, LOC : Bank of China Ltd., 4.20%, 9/3/2024 (a) |
|
|
New York City Municipal Water Finance Authority, Second General Resolution, Fiscal Year 2016 Series 2016AA-1, Rev., VRDO, LIQ : Bank of America NA, 3.90%, 9/3/2024 (a) |
|
|
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution Series 2007, Subseries CC-2, Rev., VRDO, LIQ : State Street Bank & Trust Co., 3.90%, 9/3/2024 (a) |
|
|
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2010 Series 2010CC, Rev., VRDO, LIQ : State Street Bank & Trust Co., 3.80%, 9/3/2024 (a) |
|
|
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal year 2014 Series AA-5, Rev., VRDO, LIQ : Mizuho Bank Ltd., 3.80%, 9/3/2024 (a) |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
|
|
Municipal Bonds — continued |
| |
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2015 Series 2015 BB-3, Rev., VRDO, LIQ : Sumitomo Mitsui Banking Corp., 2.92%, 9/9/2024 (a) |
|
|
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal year 2017 Series 2017 BB, Rev., VRDO, LIQ : State Street Bank & Trust Co., 3.90%, 9/3/2024 (a) |
|
|
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2023 Series 2023, Subseries BB-2, Rev., VRDO, LIQ : Mizuho Bank Ltd., 3.83%, 9/3/2024 (a) |
|
|
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 1999 Series 1999, Subseries A-1, Rev., 5.00%, 11/1/2024 |
|
|
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2014 Series D-3, Rev., VRDO, LIQ : Mizuho Bank Ltd., 3.85%, 9/3/2024 (a) |
|
|
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2015 |
|
|
Series A-4, Rev., VRDO, LIQ : Mizuho Bank Ltd., 3.83%, 9/3/2024 (a) |
|
|
Series 2015A-3, Rev., VRDO, LIQ : Mizuho Bank Ltd., 3.90%, 9/3/2024 (a) |
|
|
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2016, Rev., VRDO, LIQ : Bank of America NA, 3.90%, 9/3/2024 (a) |
|
|
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2023 Series 2023, Subseries A-2, Rev., VRDO, LIQ : UBS AG, 3.80%, 9/3/2024 (a) |
|
|
New York State Dormitory Authority |
|
|
Series 2019 A, Rev., 5.00%, 10/1/2024 |
|
|
Series E, Rev., 5.00%, 10/1/2024 |
|
|
Series F, Rev., 5.00%, 10/1/2024 |
|
|
New York State Dormitory Authority, Columbia University |
|
|
Series 2003B, Rev., VRDO, 2.80%, 9/9/2024 (a) |
|
|
Series 2009A, Rev., VRDO, 3.20%, 9/9/2024 (a) |
|
|
Series B, Rev., 5.00%, 10/1/2024 |
|
|
New York State Dormitory Authority, Fordham University Series 2008A-1, Rev., VRDO, LOC : Bank of America NA, 2.88%, 9/9/2024 (a) |
|
|
| |
|
|
| |
| |
New York State Dormitory Authority, Northern Westchester Hospital, Rev., VRDO, LOC : TD Bank NA, 2.91%, 9/9/2024 (a) |
|
|
New York State Dormitory Authority, Royal Charter Properties Series A, Rev., VRDO, LOC : FNMA, 3.02%, 9/9/2024 (a) |
|
|
New York State Dormitory Authority, School Districts Financing Program |
|
|
Series 2017G, Rev., 5.00%, 10/1/2024 |
|
|
Series 2018A, Rev., 5.00%, 10/1/2024 |
|
|
Series 2022 A, Rev., 5.00%, 10/1/2024 |
|
|
Series A, Rev., 5.00%, 10/1/2024 |
|
|
Series B, Rev., 5.00%, 10/1/2024 |
|
|
New York State Energy Research and Development Authority, Consolidated Edison Co. of New York, Inc. Series 2005A-3, Rev., VRDO, LOC : Mizuho Bank Ltd., 3.35%, 9/9/2024 (a) |
|
|
New York State Energy Research and Development Authority, Consolidated Edison Co. of New York, Inc. Project |
|
|
Series 2005A-3, Rev., VRDO, LOC : Mizuho Bank Ltd., 2.90%, 9/9/2024 (a) |
|
|
Series 2010A-1, Rev., VRDO, LOC : Scotiabank, 3.00%, 9/9/2024 (a) |
|
|
New York State Housing Finance Agency, 10 Barclay Street Series 2004A, Rev., VRDO, LOC : FNMA, 2.90%, 9/12/2024 (a) |
|
|
New York State Housing Finance Agency, 160 Madison Avenue LLC |
|
|
Series 2013A, Rev., VRDO, LOC : Landesbank Hessen-Thuringen Girozentrale, 3.60%, 9/3/2024 (a) |
|
|
Series 2014A, Rev., VRDO, LOC : Landesbank Hessen-Thuringen Girozentrale, 3.60%, 9/3/2024 (a) |
|
|
New York State Housing Finance Agency, 29 Flatbush Avenue Housing |
|
|
Series 2010A, Rev., VRDO, LOC : Landesbank Hessen-Thuringen Girozentrale, 2.90%, 9/9/2024 (a) |
|
|
Series A, Rev., VRDO, LOC : Landesbank Hessen-Thuringen Girozentrale, 2.90%, 9/9/2024 (a) |
|
|
New York State Housing Finance Agency, 316 Eleventh Avenue Housing Series 2009A, Rev., VRDO, LOC : FNMA, 3.40%, 9/9/2024 (a) |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
JPMorgan New York Municipal Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2024 (Unaudited) (continued)
| |
|
|
Municipal Bonds — continued |
| |
New York State Housing Finance Agency, 330 Riverdale Ave Apartments Series 2008A, Rev., VRDO, LOC : Bank of America NA, 3.00%, 9/9/2024 (a) |
|
|
New York State Housing Finance Agency, 330 West 39th Street Housing Series 2010A, Rev., VRDO, LOC : Landesbank Hessen-Thuringen Girozentrale, 2.95%, 9/9/2024 (a) |
|
|
New York State Housing Finance Agency, 360 West 43rd Street Housing, Rev., VRDO, LOC : FNMA, 3.45%, 9/9/2024 (a) |
|
|
New York State Housing Finance Agency, 435 East 13th Street Housing Series 2016A, Rev., VRDO, LOC : Landesbank Hessen-Thuringen Girozentrale, 2.90%, 9/9/2024 (a) |
|
|
New York State Housing Finance Agency, 8 East 102nd Street Housing Series 2010A, Rev., VRDO, LOC : TD Bank NA, 2.75%, 9/9/2024 (a) |
|
|
New York State Housing Finance Agency, College ARMS Apartments Series 2008A, Rev., VRDO, LIQ : FHLMC, 2.82%, 9/9/2024 (a) |
|
|
New York State Housing Finance Agency, Historic Front Street Series 2003A, Rev., VRDO, LOC : Landesbank Hessen-Thuringen Girozentrale, 2.83%, 9/12/2024 (a) |
|
|
New York State Housing Finance Agency, Housing Related Taconic Series 2009A, Rev., VRDO, LOC : FNMA, 2.90%, 9/9/2024 (a) |
|
|
New York State Housing Finance Agency, Maiden Lane Properties LLC Series 2004A, Rev., VRDO, LOC : FNMA, 2.80%, 9/9/2024 (a) |
|
|
New York State Housing Finance Agency, North End Series 2004A, Rev., VRDO, LOC : FNMA, 3.40%, 9/9/2024 (a) |
|
|
New York State Housing Finance Agency, Weyant Green Apartments Series 2007A, Rev., VRDO, LOC : FNMA, 3.35%, 9/9/2024 (a) |
|
|
New York State Housing Finance Agency, Worth Street, 23rd Chelsea Assocs LLC |
|
|
Series A, Rev., VRDO, LOC : FNMA, 3.45%, 9/9/2024 (a) |
|
|
Series A, Rev., VRDO, LOC : FNMA, 3.45%, 9/9/2024 (a) |
|
|
North Salem Central School District, GO, BAN, 4.50%, 6/20/2025 |
|
|
Onondaga County Industrial Development Agency, Civic Facility, Syracuse Home Association Project, Rev., VRDO, LOC : HSBC Bank USA NA, 2.96%, 9/9/2024 (a) |
|
|
| |
|
|
| |
| |
Penn Yan Central School District, GO, BAN, 4.50%, 9/13/2024 |
|
|
Port Authority of New York and New Jersey Series 2023-0009, Rev., VRDO, LIQ : Citibank NA, 2.95%, 9/9/2024 (a) (c) |
|
|
Randolph Central School District, GO, BAN, 4.25%, 6/27/2025 |
|
|
RBC Municipal Products, Inc. Trust, Floater Certificates |
|
|
Series E-118, GO, VRDO, LOC : Royal Bank of Canada, 4.00%, 9/3/2024 (a) (c) |
|
|
Series E-120, Rev., VRDO, LOC : Royal Bank of Canada, 4.00%, 9/3/2024 (a) (c) |
|
|
Series G-120, Rev., VRDO, LOC : Royal Bank of Canada, 2.98%, 9/9/2024 (a) (c) |
|
|
Series 2022-E154, Rev., VRDO, LOC : Royal Bank of Canada, 3.02%, 9/9/2024 (a) (c) |
|
|
RIB Floater Trust Various States |
|
|
Series 2022-011, Rev., VRDO, LIQ : Barclays Bank plc, 2.95%, 9/9/2024 (a) (c) |
|
|
Series 2022-012, Rev., VRDO, LIQ : Barclays Bank plc, 2.95%, 9/9/2024 (a) (c) |
|
|
Series 2022-008, Rev., VRDO, LOC : Barclays Bank plc, 3.17%, 10/4/2024 (a) (c) |
|
|
Series 2024-002, Rev., VRDO, LOC : Barclays Bank plc, 3.17%, 10/4/2024 (a) (c) |
|
|
South Colonie Central School District Series 2023, GO, BAN, 4.25%, 12/20/2024 |
|
|
South Jefferson Central School District Series 2024, GO, BAN, 4.25%, 2/7/2025 |
|
|
State of New York Mortgage Agency Homeowner Mortgage |
|
|
Series 247, Rev., VRDO, LIQ : TD Bank NA, 2.70%, 9/9/2024 (a) |
|
|
Series 249, Rev., AMT, VRDO, LIQ : TD Bank NA, 2.75%, 9/9/2024 (a) |
|
|
Series 207, Rev., VRDO, LIQ : Royal Bank of Canada, 2.90%, 9/9/2024 (a) |
|
|
Series 234, Rev., VRDO, LIQ : UBS AG, 2.90%, 9/9/2024 (a) |
|
|
Series 199, Rev., AMT, VRDO, LIQ : Royal Bank of Canada, 2.92%, 9/9/2024 (a) |
|
|
Stockbridge Valley Central School District, GO, BAN, 4.50%, 7/11/2025 |
|
|
Tender Option Bond Trust Receipts/Certificates |
|
|
Series 2024-XX1331, Rev., VRDO, LIQ : Barclays Bank plc, 3.90%, 9/3/2024 (a) (c) |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
|
|
Municipal Bonds — continued |
| |
Series 2024-XL0555, GO, VRDO, LIQ : UBS AG, 3.95%, 9/3/2024 (a) (c) |
|
|
Series 2024-XL0558, Rev., VRDO, LIQ : UBS AG, 3.95%, 9/3/2024 (a) (c) |
|
|
Series 2024-BAML6026, Rev., VRDO, LOC : Bank of America NA, 4.15%, 9/3/2024 (a) (c) |
|
|
Series 2022-XF2996, Rev., VRDO, LIQ : Morgan Stanley Bank NA, 2.94%, 9/9/2024 (a) (c) |
|
|
Series 2022-XG0428, Rev., VRDO, LIQ : Wells Fargo Bank NA, 2.94%, 9/9/2024 (a) (c) |
|
|
Series 2022-XM1058, Rev., VRDO, LIQ : Morgan Stanley Bank NA, 2.94%, 9/9/2024 (a) (c) |
|
|
Series 2022-XM1070, Rev., VRDO, LIQ : Morgan Stanley Bank NA, 2.94%, 9/9/2024 (a) (c) |
|
|
Series 2023-XF3160, Rev., VRDO, LIQ : Morgan Stanley Bank NA, 2.94%, 9/9/2024 (a) (c) |
|
|
Series 2023-XF3185, Rev., VRDO, LIQ : Morgan Stanley Bank NA, 2.94%, 9/9/2024 (a) (c) |
|
|
Series 2023-XL0414, Rev., VRDO, LIQ : Wells Fargo Bank NA, 2.94%, 9/9/2024 (a) (c) |
|
|
Series 2023-XM1142, Rev., VRDO, LIQ : Morgan Stanley Bank NA, 2.94%, 9/9/2024 (a) (c) |
|
|
Series 2023-ZF3210, Rev., VRDO, LIQ : Morgan Stanley Bank NA, 2.94%, 9/9/2024 (a) (c) |
|
|
Series 2024-XL0538, Rev., VRDO, LIQ : Wells Fargo Bank NA, 2.94%, 9/9/2024 (a) (c) |
|
|
Series 2019-XF0847, Rev., VRDO, LOC : Royal Bank of Canada, 2.95%, 9/9/2024 (a) (c) |
|
|
Series 2020-XG0276, Rev., VRDO, LOC : Bank of America NA, 2.95%, 9/9/2024 (a) (c) |
|
|
Series 2022-XF1312, Rev., VRDO, LIQ : Toronto-Dominion Bank, 2.95%, 9/9/2024 (a) (c) |
|
|
Series 2022-XF1339, GO, VRDO, LIQ : Bank of America NA, 2.95%, 9/9/2024 (a) (c) |
|
|
Series 2022-XF1374, Rev., VRDO, LIQ : Bank of America NA, 2.95%, 9/9/2024 (a) (c) |
|
|
Series 2022-XF1382, Rev., VRDO, LIQ : Bank of America NA, 2.95%, 9/9/2024 (a) (c) |
|
|
Series 2022-XF1383, Rev., VRDO, LIQ : Bank of America NA, 2.95%, 9/9/2024 (a) (c) |
|
|
Series 2022-XF1393, Rev., VRDO, LIQ : TD Bank NA, 2.95%, 9/9/2024 (a) (c) |
|
|
Series 2022-XF1399, Rev., VRDO, LIQ : Bank of America NA, 2.95%, 9/9/2024 (a) (c) |
|
|
Series 2022-XF1400, Rev., VRDO, LIQ : Bank of America NA, 2.95%, 9/9/2024 (a) (c) |
|
|
| |
|
|
| |
| |
Series 2022-XF1420, Rev., VRDO, LIQ : Bank of America NA, 2.95%, 9/9/2024 (a) (c) |
|
|
Series 2022-XF1444, GO, VRDO, LIQ : Bank of America NA, 2.95%, 9/9/2024 (a) (c) |
|
|
Series 2022-XF3002, Rev., VRDO, LIQ : Morgan Stanley Bank NA, 2.95%, 9/9/2024 (a) (c) |
|
|
Series 2022-XF3013, Rev., VRDO, LIQ : Morgan Stanley Bank NA, 2.95%, 9/9/2024 (a) (c) |
|
|
Series 2022-XF3016, Rev., VRDO, LIQ : Morgan Stanley Bank NA, 2.95%, 9/9/2024 (a) (c) |
|
|
Series 2022-XF3021, Rev., VRDO, LIQ : Wells Fargo Bank NA, 2.95%, 9/9/2024 (a) (c) |
|
|
Series 2022-XF3043, Rev., VRDO, LIQ : Morgan Stanley Bank NA, 2.95%, 9/9/2024 (a) (c) |
|
|
Series 2022-XF3047, Rev., VRDO, LIQ : Wells Fargo Bank NA, 2.95%, 9/9/2024 (a) (c) |
|
|
Series 2022-XG0405, Rev., VRDO, LIQ : Bank of America NA, 2.95%, 9/9/2024 (a) (c) |
|
|
Series 2022-XL0274, Rev., VRDO, LIQ : Bank of America NA, 2.95%, 9/9/2024 (a) (c) |
|
|
Series 2022-XL0322, Rev., VRDO, LIQ : Morgan Stanley Bank NA, 2.95%, 9/9/2024 (a) (c) |
|
|
Series 2022-XL0353, GO, VRDO, LIQ : Wells Fargo Bank NA, 2.95%, 9/9/2024 (a) (c) |
|
|
Series 2022-XL0381, Rev., VRDO, LIQ : Wells Fargo Bank NA, 2.95%, 9/9/2024 (a) (c) |
|
|
Series 2022-XM1006, Rev., VRDO, LIQ : Bank of America NA, 2.95%, 9/9/2024 (a) (c) |
|
|
Series 2022-XM1010, Rev., VRDO, LIQ : Royal Bank of Canada, 2.95%, 9/9/2024 (a) (c) |
|
|
Series 2022-XM1031, Rev., VRDO, LIQ : Morgan Stanley Bank NA, 2.95%, 9/9/2024 (a) (c) |
|
|
Series 2022-XM1052, Rev., VRDO, LIQ : Royal Bank of Canada, 2.95%, 9/9/2024 (a) (c) |
|
|
Series 2022-XM1069, Rev., VRDO, LIQ : Wells Fargo Bank NA, 2.95%, 9/9/2024 (a) (c) |
|
|
Series 2022-XM1073, Rev., VRDO, LIQ : Morgan Stanley Bank NA, 2.95%, 9/9/2024 (a) (c) |
|
|
Series 2022-XX1282, Rev., VRDO, LIQ : Barclays Bank plc, 2.95%, 9/9/2024 (a) (c) |
|
|
Series 2022-YX1183, Rev., VRDO, LIQ : Barclays Bank plc, 2.95%, 9/9/2024 (a) (c) |
|
|
Series 2022-YX1208, Rev., VRDO, LIQ : Barclays Bank plc, 2.95%, 9/9/2024 (a) (c) |
|
|
Series 2022-YX1242, Rev., VRDO, LIQ : Barclays Bank plc, 2.95%, 9/9/2024 (a) (c) |
|
|
Series 2022-YX1250, Rev., VRDO, LIQ : Barclays Bank plc, 2.95%, 9/9/2024 (a) (c) |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
JPMorgan New York Municipal Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2024 (Unaudited) (continued)
| |
|
|
Municipal Bonds — continued |
| |
Series 2022-YX1257, Rev., VRDO, LIQ : Barclays Bank plc, 2.95%, 9/9/2024 (a) (c) |
|
|
Series 2022-YX1277, Rev., VRDO, LIQ : Barclays Bank plc, 2.95%, 9/9/2024 (a) (c) |
|
|
Series 2022-ZF1417, Rev., VRDO, LIQ : Royal Bank of Canada, 2.95%, 9/9/2024 (a) (c) |
|
|
Series 2022-ZL0263, Rev., VRDO, LIQ : Royal Bank of Canada, 2.95%, 9/9/2024 (a) (c) |
|
|
Series 2022-ZL0350, GO, VRDO, LIQ : Morgan Stanley Bank NA, 2.95%, 9/9/2024 (a) (c) |
|
|
Series 2022-ZL0393, Rev., VRDO, LIQ : Morgan Stanley Bank NA, 2.95%, 9/9/2024 (a) (c) |
|
|
Series 2023-XF0524, Rev., VRDO, LIQ : Wells Fargo Bank NA, 2.95%, 9/9/2024 (a) (c) |
|
|
Series 2023-XF1442, Rev., VRDO, LIQ : Toronto-Dominion Bank, 2.95%, 9/9/2024 (a) (c) |
|
|
Series 2023-XF1495, Rev., VRDO, LIQ : Toronto-Dominion Bank, 2.95%, 9/9/2024 (a) (c) |
|
|
Series 2023-XF1505, Rev., VRDO, LIQ : Bank of America NA, 2.95%, 9/9/2024 (a) (c) |
|
|
Series 2023-XF1506, Rev., VRDO, LIQ : Bank of America NA, 2.95%, 9/9/2024 (a) (c) |
|
|
Series 2023-XF1507, Rev., VRDO, LIQ : Bank of America NA, 2.95%, 9/9/2024 (a) (c) |
|
|
Series 2023-XF1589, GO, VRDO, LIQ : Toronto-Dominion Bank, 2.95%, 9/9/2024 (a) (c) |
|
|
Series 2023-XF1614, Rev., VRDO, LOC : Royal Bank of Canada, 2.95%, 9/9/2024 (a) (c) |
|
|
Series 2023-XF1622, Rev., VRDO, LIQ : Bank of America NA, 2.95%, 9/9/2024 (a) (c) |
|
|
Series 2023-XF1633, Rev., VRDO, LIQ : Toronto-Dominion Bank, 2.95%, 9/9/2024 (a) (c) |
|
|
Series 2023-XF1643, Rev., VRDO, LIQ : Bank of America NA, 2.95%, 9/9/2024 (a) (c) |
|
|
Series 2023-XF1644, Rev., VRDO, LIQ : Bank of America NA, 2.95%, 9/9/2024 (a) (c) |
|
|
Series 2023-XF1652, Rev., VRDO, LIQ : TD Bank NA, 2.95%, 9/9/2024 (a) (c) |
|
|
Series 2023-XF1662, Rev., VRDO, LIQ : Bank of America NA, 2.95%, 9/9/2024 (a) (c) |
|
|
Series 2023-XF1663, Rev., VRDO, LIQ : Bank of America NA, 2.95%, 9/9/2024 (a) (c) |
|
|
Series 2023-XF1665, Rev., VRDO, LIQ : Bank of America NA, 2.95%, 9/9/2024 (a) (c) |
|
|
| |
|
|
| |
| |
Series 2023-XF3107, Rev., VRDO, LIQ : Morgan Stanley Bank NA, 2.95%, 9/9/2024 (a) (c) |
|
|
Series 2023-XF3161, Rev., VRDO, LIQ : Wells Fargo Bank NA, 2.95%, 9/9/2024 (a) (c) |
|
|
Series 2023-XF3169, Rev., VRDO, LIQ : Barclays Bank plc, 2.95%, 9/9/2024 (a) (c) |
|
|
Series 2023-XF3182, Rev., VRDO, LIQ : Barclays Bank plc, 2.95%, 9/9/2024 (a) (c) |
|
|
Series 2023-XL0416, Rev., VRDO, LIQ : Barclays Bank plc, 2.95%, 9/9/2024 (a) (c) |
|
|
Series 2023-XL0434, Rev., VRDO, LIQ : Bank of America NA, 2.95%, 9/9/2024 (a) (c) |
|
|
Series 2023-XL0441, GO, VRDO, LIQ : Royal Bank of Canada, 2.95%, 9/9/2024 (a) (c) |
|
|
Series 2023-XL0463, Rev., VRDO, LIQ : Barclays Bank plc, 2.95%, 9/9/2024 (a) (c) |
|
|
Series 2023-XX1281, Rev., VRDO, LIQ : Barclays Bank plc, 2.95%, 9/9/2024 (a) (c) |
|
|
Series 2023-XX1323, Rev., VRDO, LIQ : Barclays Bank plc, 2.95%, 9/9/2024 (a) (c) |
|
|
Series 2023-XX1324, Rev., VRDO, LIQ : Barclays Bank plc, 2.95%, 9/9/2024 (a) (c) |
|
|
Series 2023-ZF1656, Rev., VRDO, LIQ : Royal Bank of Canada, 2.95%, 9/9/2024 (a) (c) |
|
|
Series 2023-ZF3167, Rev., VRDO, LIQ : Wells Fargo Bank NA, 2.95%, 9/9/2024 (a) (c) |
|
|
Series 2023-ZF3171, Rev., VRDO, LIQ : Wells Fargo Bank NA, 2.95%, 9/9/2024 (a) (c) |
|
|
Series 2023-ZL0494, Rev., VRDO, LIQ : Wells Fargo Bank NA, 2.95%, 9/9/2024 (a) (c) |
|
|
Series 2023-ZL0517, Rev., VRDO, LIQ : Wells Fargo Bank NA, 2.95%, 9/9/2024 (a) (c) |
|
|
Series 2024-XF1701, Rev., VRDO, LIQ : Toronto-Dominion Bank, 2.95%, 9/9/2024 (a) (c) |
|
|
Series 2024-XG0561, Rev., VRDO, LIQ : Bank of America NA, 2.95%, 9/9/2024 (a) (c) |
|
|
Series 2024-XG0562, GO, VRDO, LIQ : Bank of America NA, 2.95%, 9/9/2024 (a) (c) |
|
|
Series 2024-XG0568, Rev., VRDO, LIQ : Royal Bank of Canada, 2.95%, 9/9/2024 (a) (c) |
|
|
Series 2020-XF2868, Rev., VRDO, LOC : Barclays Bank plc, 2.96%, 9/9/2024 (a) (c) |
|
|
Series 2020-XF2878, Rev., VRDO, LOC : Barclays Bank plc, 2.96%, 9/9/2024 (a) (c) |
|
|
Series 2020-XX1127, Rev., VRDO, AGM, LOC : Barclays Bank plc, 2.96%, 9/9/2024 (a) (c) |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
|
|
Municipal Bonds — continued |
| |
Series 2022-XF1357, Rev., VRDO, LIQ : Toronto-Dominion Bank, 2.96%, 9/9/2024 (a) (c) |
|
|
Series 2022-XF3065, Rev., VRDO, LOC : Barclays Bank plc, 2.96%, 9/9/2024 (a) (c) |
|
|
Series 2024-XF3229, Rev., VRDO, AGM, LOC : Barclays Bank plc, 2.96%, 9/9/2024 (a) (c) |
|
|
Series 2024-ZF1699, Rev., VRDO, LIQ : Bank of America NA, 2.96%, 9/9/2024 (a) (c) |
|
|
Series 2023-XF1496, Rev., VRDO, LIQ : Toronto-Dominion Bank, 2.97%, 9/9/2024 (a) (c) |
|
|
Series 2023-XL0526, Rev., VRDO, LOC : Royal Bank of Canada, 2.97%, 9/9/2024 (a) (c) |
|
|
Series 2022-XG0379, Rev., VRDO, LIQ : Bank of America NA, 2.98%, 9/9/2024 (a) (c) |
|
|
Series 2022-XG0394, Rev., VRDO, LIQ : Bank of America NA, 2.98%, 9/9/2024 (a) (c) |
|
|
Series 2022-XG0438, Rev., VRDO, LIQ : Bank of America NA, 2.98%, 9/9/2024 (a) (c) |
|
|
Series 2023-XG0526, Rev., VRDO, LIQ : Bank of America NA, 2.98%, 9/9/2024 (a) (c) |
|
|
Series 2022-ZL0270, Rev., VRDO, LIQ : Barclays Bank plc, 2.99%, 9/9/2024 (a) (c) |
|
|
Town of Camillus, GO, BAN, 4.00%, 3/14/2025 |
|
|
Town of Fishkill, GO, BAN, 4.50%, 7/11/2025 |
|
|
Town of Irondequoit Series 2024A, GO, BAN, 4.00%, 4/11/2025 |
|
|
Town of LaGrange, GO, BAN, 4.00%, 9/11/2025 (b) |
|
|
Town of Salina, GO, BAN, 4.25%, 6/6/2025 |
|
|
Town of Stillwater, GO, BAN, 4.25%, 5/30/2025 |
|
|
Town of West Seneca Series 2024, GO, BAN, 4.00%, 2/7/2025 |
|
|
Triborough Bridge and Tunnel Authority Series 2005B-3, Rev., VRDO, LOC : Bank of America NA, 3.90%, 9/3/2024 (a) |
|
|
Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels |
|
|
Series 2005B-4C, Rev., VRDO, LOC : US Bank NA, 3.60%, 9/3/2024 (a) |
|
|
Series 2005 B-2A, Rev., VRDO, LOC : State Street Bank & Trust Co., 2.82%, 9/9/2024 (a) |
|
|
Series 2005 B-2B, Rev., VRDO, LOC : State Street Bank & Trust Co., 2.90%, 9/9/2024 (a) |
|
|
Series 2018E, Rev., VRDO, LOC : UBS AG, 5.33%, 9/9/2024 (a) |
|
|
| |
|
|
| |
| |
Triborough Bridge and Tunnel Authority, Payroll Mobility Tax Series 2022B, Rev., BAN, 5.00%, 12/16/2024 |
|
|
Trust for Cultural Resources of The City of New York (The), American Museum of Natural History |
|
|
Series 2008B-3, Rev., VRDO, LIQ : Wells Fargo Bank NA, 2.90%, 9/9/2024 (a) |
|
|
Series 2014B2, Rev., VRDO, 2.96%, 11/11/2024 (a) |
|
|
Trust for Cultural Resources of The City of New York, The Museum of Modern Art |
|
|
Series 2006A-1, Rev., VRDO, 2.80%, 9/9/2024 (a) |
|
|
Series 2006A-2, Rev., VRDO, 2.80%, 9/9/2024 (a) |
|
|
Union Endicott Central School District Series 2023, GO, BAN, 5.00%, 10/18/2024 |
|
|
Union Springs Central School District, GO, BAN, 4.50%, 7/24/2025 |
|
|
Victor Central School District Series 2023, GO, BAN, 4.25%, 9/13/2024 |
|
|
Village of Freeport Series 2023E, GO, BAN, 4.75%, 11/14/2024 |
|
|
Village of Hamburg, GO, BAN, 4.00%, 9/18/2025 (b) |
|
|
| |
|
|
Series 2023A, GO, BAN, 4.25%, 9/13/2024 |
|
|
Series 2024 A, GO, BAN, 4.00%, 9/12/2025 (b) |
|
|
Village of Mount Kisco Series 2024A, GO, BAN, 4.25%, 5/30/2025 |
|
|
| |
|
|
Series 2024A, GO, BAN, 4.50%, 1/31/2025 |
|
|
Series 2024 C, GO, BAN, 4.00%, 9/12/2025 (b) |
|
|
Village of Nyack Series 2024 B, GO, BAN, 4.00%, 2/21/2025 (b) |
|
|
Village of Pelham, GO, BAN, 4.25%, 9/13/2024 |
|
|
Village of Penn Yan, GO, BAN, 4.50%, 7/17/2025 |
|
|
Village of Scotia, GO, BAN, 4.50%, 6/27/2025 |
|
|
Weedsport Central School District, GO, BAN, 4.50%, 7/17/2025 |
|
|
West Genesee Central School District, GO, RAN, 4.00%, 10/25/2024 |
|
|
Westchester County Industrial Development Agency, Apartments Council, Rev., VRDO, LOC : Wells Fargo Bank NA, 3.04%, 9/9/2024 (a) |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
JPMorgan New York Municipal Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2024 (Unaudited) (continued)
| |
|
|
Municipal Bonds — continued |
| |
Westchester County Industrial Development Agency, Northern Westchester Hospital, Rev., VRDO, LOC : TD Bank NA, 2.91%, 9/5/2024 (a) |
|
|
Whitehall Central School District, GO, BAN, 4.50%, 6/27/2025 |
|
|
Williamson Central School District Series 2023, GO, BAN, 4.25%, 12/19/2024 |
|
|
Wilson Central School District, GO, BAN, 4.50%, 6/25/2025 |
|
|
| |
|
|
Total Municipal Bonds
(Cost $2,050,334) |
|
|
| |
|
|
Variable Rate Demand Preferred Shares — 6.8% |
| |
Nuveen New York AMT - Free Quality Municipal Income Fund |
|
|
Series 5, LIQ : Toronto-Dominion Bank, 2.95%, 9/9/2024# (c) |
|
|
Series 1, LIQ : Societe Generale SA, 2.97%, 9/9/2024# (c) |
|
|
Series 1, LIQ : Royal Bank of Canada, 2.97%, 9/9/2024# (c) |
|
|
Series 1, LIQ : Sumitomo Mitsui Banking Corp., 2.97%, 9/9/2024# (c) |
|
|
Nuveen New York Quality Municipal Income Fund Series 1-PFD, LIQ : Toronto-Dominion Bank, 3.01%, 9/9/2024# (c) |
|
|
Total Variable Rate Demand Preferred Shares
(Cost $149,100) |
|
|
| |
|
|
Short Term Investments — 0.2% |
| |
New York State Dormitory Authority, 3.50%, 9/5/2024
(Cost $3,450) |
|
|
| |
|
|
Total Investments — 100.3%
(Cost $2,202,884) * |
|
|
Liabilities in Excess of Other Assets — (0.3)% |
|
|
| |
|
|
Percentages indicated are based on net assets. |
| |
|
| |
Insured by Assured Guaranty Municipal Corp. |
| |
|
| |
|
| |
Federal Home Loan Mortgage Corp. |
| |
Federal National Mortgage Association |
| |
|
| |
|
| |
|
| |
Metropolitan Transportation Authority |
| |
Revenue Anticipation Note |
| |
|
| |
Variable Rate Demand Obligation |
| |
The date shown represents the earliest of the next put date, next demand date or final maturity date. |
| |
Variable Rate Demand Preferred Shares of a closed-end investment company which has a weekly demand feature. The interest rate shown is the rate in effect as of August 31, 2024. |
|
| |
The cost of securities is substantially the same for federal income tax purposes. |
|
| |
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 August 31, 2024. |
|
| |
All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. |
|
| |
Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. |
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
STATEMENTS OF ASSETS AND LIABILITIES
AS OF August 31, 2024 (Unaudited)
(Amounts in thousands, except per share amounts)
| |
JPMorgan
Prime Money
Market Fund |
JPMorgan
Institutional
Tax Free Money
Market Fund |
JPMorgan
Securities
Lending Money
|
| |
|
|
|
Investments in non-affiliates, at value |
|
|
|
Repurchase agreements, at value |
|
|
|
| |
|
|
|
| |
|
|
|
Investment securities sold — delayed delivery securities |
|
|
|
Interest from non-affiliates |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
Investment securities purchased |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
Custodian and accounting fees |
|
|
|
Trustees’ and Chief Compliance Officer’s fees |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
STATEMENTS OF ASSETS AND LIABILITIES
AS OF August 31, 2024 (Unaudited) (continued)
(Amounts in thousands, except per share amounts)
| |
JPMorgan Prime Money Market Fund |
JPMorgan Institutional Tax Free Money Market Fund |
JPMorgan Securities Lending Money |
| |
|
|
|
| |
|
|
|
Total distributable earnings (loss) |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized): |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
Net Asset Value offering and redemption price per share |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
Cost of investments in non-affiliates |
|
|
|
Cost of repurchase agreements |
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
JPMorgan
Liquid
Assets Money
Market Fund |
JPMorgan
U.S. Government
Money
Market Fund |
JPMorgan
U.S. Treasury
Plus Money
|
| |
|
|
|
Investments in non-affiliates, at value |
|
|
|
Repurchase agreements, at value |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
Interest from non-affiliates |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
Investment securities purchased |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
Custodian and accounting fees |
|
|
|
Trustees’ and Chief Compliance Officer’s fees |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
STATEMENTS OF ASSETS AND LIABILITIES
AS OF August 31, 2024 (Unaudited) (continued)
(Amounts in thousands, except per share amounts)
| |
JPMorgan Liquid Assets Money Market Fund |
JPMorgan U.S. Government Money Market Fund |
JPMorgan U.S. Treasury Plus Money |
| |
|
|
|
| |
|
|
|
Total distributable earnings (loss) |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized): |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
Net Asset Value offering and redemption price per share (all classes) |
|
|
|
Cost of investments in non-affiliates |
|
|
|
Cost of repurchase agreements |
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
JPMorgan
Federal Money
Market Fund |
JPMorgan
100% U.S.
Treasury
Securities Money
Market Fund |
JPMorgan
Tax Free
Money
Market Fund |
| |
|
|
|
Investments in non-affiliates, at value |
|
|
|
| |
|
|
|
| |
|
|
|
Investment securities sold |
|
|
|
Investment securities sold — delayed delivery securities |
|
|
|
| |
|
|
|
Interest from non-affiliates |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
Investment securities purchased |
|
|
|
Investment securities purchased — delayed delivery securities |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
Custodian and accounting fees |
|
|
|
Trustees’ and Chief Compliance Officer’s fees |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
STATEMENTS OF ASSETS AND LIABILITIES
AS OF August 31, 2024 (Unaudited) (continued)
(Amounts in thousands, except per share amounts)
| |
JPMorgan Federal Money Market Fund |
JPMorgan 100% U.S. Treasury Securities Money Market Fund |
JPMorgan Tax Free Money Market Fund |
| |
|
|
|
| |
|
|
|
Total distributable earnings (loss) |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized): |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
Net Asset Value offering and redemption price per share (all classes) |
|
|
|
Cost of investments in non-affiliates |
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
JPMorgan
Municipal
Money
Market Fund |
JPMorgan
California
Municipal Money
Market Fund |
JPMorgan
New York
Municipal Money
Market Fund |
| |
|
|
|
Investments in non-affiliates, at value |
|
|
|
| |
|
|
|
| |
|
|
|
Investment securities sold — delayed delivery securities |
|
|
|
Interest from non-affiliates |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
Investment securities purchased |
|
|
|
Investment securities purchased — delayed delivery securities |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
Custodian and accounting fees |
|
|
|
Trustees’ and Chief Compliance Officer’s fees |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
Total distributable earnings (loss) |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized): |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
Net Asset Value offering and redemption price per share (all classes) |
|
|
|
Cost of investments in non-affiliates |
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED August 31, 2024 (Unaudited)
(Amounts in thousands)
| |
JPMorgan
Prime Money
Market Fund |
JPMorgan
Institutional
Tax Free Money
Market Fund |
JPMorgan
Securities
Lending Money
|
| |
|
|
|
Interest income from non-affiliates |
|
|
|
Interest income from affiliates |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
Distribution fees (See Note 4) |
|
|
|
Service fees (See Note 4) |
|
|
|
Custodian and accounting fees |
|
|
|
Interest expense to affiliates |
|
|
|
| |
|
|
|
Trustees’ and Chief Compliance Officer’s fees |
|
|
|
Printing and mailing costs |
|
|
|
Registration and filing fees |
|
|
|
Transfer agency fees (See Note 2.F.) |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
Less expense reimbursements |
|
|
|
| |
|
|
|
Net investment income (loss) |
|
|
|
REALIZED/UNREALIZED GAINS (LOSSES): |
|
|
|
Net realized gain (loss) on transactions from investments in non-affiliates |
|
|
|
Change in net unrealized appreciation/depreciation on investments in non-affiliates |
|
|
|
Net realized/unrealized gains (losses) |
|
|
|
Change in net assets resulting from operations |
|
|
|
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
JPMorgan
Liquid
Assets Money
Market Fund |
JPMorgan
U.S. Government
Money
Market Fund |
JPMorgan
U.S. Treasury
Plus Money
|
| |
|
|
|
Interest income from non-affiliates |
|
|
|
Interest income from affiliates |
|
|
|
Income from interfund lending (net) |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
Distribution fees (See Note 4) |
|
|
|
Service fees (See Note 4) |
|
|
|
Custodian and accounting fees |
|
|
|
Interest expense to affiliates |
|
|
|
| |
|
|
|
Trustees’ and Chief Compliance Officer’s fees |
|
|
|
Printing and mailing costs |
|
|
|
Registration and filing fees |
|
|
|
Transfer agency fees (See Note 2.F.) |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
Net investment income (loss) |
|
|
|
REALIZED/UNREALIZED GAINS (LOSSES): |
|
|
|
Net realized gain (loss) on transactions from investments in non-affiliates |
|
|
|
Change in net assets resulting from operations |
|
|
|
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED August 31, 2024 (Unaudited) (continued)
(Amounts in thousands)
| |
JPMorgan
Federal Money
Market Fund |
JPMorgan
100% U.S.
Treasury
Securities Money
Market Fund |
|
| |
|
|
|
Interest income from non-affiliates |
|
|
|
Interest income from affiliates |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
Distribution fees (See Note 4) |
|
|
|
Service fees (See Note 4) |
|
|
|
Custodian and accounting fees |
|
|
|
Interest expense to affiliates |
|
|
|
| |
|
|
|
Trustees’ and Chief Compliance Officer’s fees |
|
|
|
Printing and mailing costs |
|
|
|
Registration and filing fees |
|
|
|
Transfer agency fees (See Note 2.F.) |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
Net investment income (loss) |
|
|
|
REALIZED/UNREALIZED GAINS (LOSSES): |
|
|
|
Net realized gain (loss) on transactions from investments in non-affiliates |
|
|
|
Change in net assets resulting from operations |
|
|
|
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
JPMorgan
Municipal
Money
Market Fund |
JPMorgan
California
Municipal Money
Market Fund |
JPMorgan
New York
Municipal Money
|
| |
|
|
|
Interest income from non-affiliates |
|
|
|
Interest income from affiliates |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
Distribution fees (See Note 4) |
|
|
|
Service fees (See Note 4) |
|
|
|
Custodian and accounting fees |
|
|
|
Interest expense to affiliates |
|
|
|
| |
|
|
|
Trustees’ and Chief Compliance Officer’s fees |
|
|
|
Printing and mailing costs |
|
|
|
Registration and filing fees |
|
|
|
Transfer agency fees (See Note 2.F.) |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
Net investment income (loss) |
|
|
|
REALIZED/UNREALIZED GAINS (LOSSES): |
|
|
|
Net realized gain (loss) on transactions from investments in non-affiliates |
|
|
|
Change in net assets resulting from operations |
|
|
|
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED
(Amounts in thousands)
| |
JPMorgan Prime Money Market Fund |
JPMorgan Institutional Tax Free Money
Market Fund |
| |
Six Months Ended
August 31, 2024
(Unaudited) |
Year Ended
February 29, 2024 |
Six Months Ended
August 31, 2024
(Unaudited) |
Year Ended
February 29, 2024 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: |
|
|
|
|
Net investment income (loss) |
|
|
|
|
| |
|
|
|
|
Change in net unrealized appreciation/depreciation |
|
|
|
|
Change in net assets resulting from operations |
|
|
|
|
DISTRIBUTIONS TO SHAREHOLDERS: |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Total distributions to shareholders |
|
|
|
|
| |
|
|
|
|
Change in net assets resulting from capital transactions |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
JPMorgan Securities Lending Money
Market Fund |
JPMorgan Liquid Assets Money Market Fund |
| |
Six Months Ended
August 31, 2024
(Unaudited) |
Year Ended
February 29, 2024 |
Six Months Ended
August 31, 2024
(Unaudited) |
Year Ended
February 29, 2024 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: |
|
|
|
|
Net investment income (loss) |
|
|
|
|
| |
|
|
|
|
Change in net unrealized appreciation/depreciation |
|
|
|
|
Change in net assets resulting from operations |
|
|
|
|
DISTRIBUTIONS TO SHAREHOLDERS: |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Total distributions to shareholders |
|
|
|
|
| |
|
|
|
|
Change in net assets resulting from capital transactions |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| |
JPMorgan U.S. Government Money Market
Fund |
JPMorgan U.S. Treasury Plus Money
Market Fund |
| |
Six Months Ended
August 31, 2024
(Unaudited) |
Year Ended
February 29, 2024 |
Six Months Ended
August 31, 2024
(Unaudited) |
|
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: |
|
|
|
|
Net investment income (loss) |
|
|
|
|
| |
|
|
|
|
Change in net assets resulting from operations |
|
|
|
|
DISTRIBUTIONS TO SHAREHOLDERS: |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Total distributions to shareholders |
|
|
|
|
| |
|
|
|
|
Change in net assets resulting from capital transactions |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
(a)
Liquidated on September 29, 2023 for JPMorgan U.S. Government Money Market Fund.
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
JPMorgan Federal Money Market Fund |
JPMorgan 100% U.S. Treasury Securities
Money Market Fund |
| |
Six Months Ended
August 31, 2024
(Unaudited) |
Year Ended
February 29, 2024 |
Six Months Ended
August 31, 2024
(Unaudited) |
Year Ended
February 29, 2024 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: |
|
|
|
|
Net investment income (loss) |
|
|
|
|
| |
|
|
|
|
Change in net assets resulting from operations |
|
|
|
|
DISTRIBUTIONS TO SHAREHOLDERS: |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Total distributions to shareholders |
|
|
|
|
| |
|
|
|
|
Change in net assets resulting from capital transactions |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| |
JPMorgan Tax Free Money Market Fund |
JPMorgan Municipal Money Market Fund |
| |
Six Months Ended
August 31, 2024
(Unaudited) |
Year Ended
February 29, 2024 |
Six Months Ended
August 31, 2024
(Unaudited) |
Year Ended
February 29, 2024 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: |
|
|
|
|
Net investment income (loss) |
|
|
|
|
| |
|
|
|
|
Change in net assets resulting from operations |
|
|
|
|
DISTRIBUTIONS TO SHAREHOLDERS: |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Total distributions to shareholders |
|
|
|
|
| |
|
|
|
|
Change in net assets resulting from capital transactions |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
JPMorgan California Municipal Money
Market Fund |
JPMorgan New York Municipal Money
Market Fund |
| |
Six Months Ended
August 31, 2024
(Unaudited) |
Year Ended
February 29, 2024 |
Six Months Ended
August 31, 2024
(Unaudited) |
|
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: |
|
|
|
|
Net investment income (loss) |
|
|
|
|
| |
|
|
|
|
Change in net assets resulting from operations |
|
|
|
|
DISTRIBUTIONS TO SHAREHOLDERS: |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Total distributions to shareholders |
|
|
|
|
| |
|
|
|
|
Change in net assets resulting from capital transactions |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| |
JPMorgan Prime Money Market Fund |
JPMorgan Institutional Tax Free Money
Market Fund |
| |
Six Months Ended August 31, 2024
(Unaudited) |
Year Ended February 29, 2024 |
Six Months Ended August 31, 2024
(Unaudited) |
Year Ended February 29, 2024 |
| |
|
|
|
|
| |
|
|
|
|
Proceeds from shares issued |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Change in net assets resulting from Academy capital transactions |
|
|
|
|
| |
|
|
|
|
Proceeds from shares issued |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Change in net assets resulting from Agency capital transactions |
|
|
|
|
| |
|
|
|
|
Proceeds from shares issued |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Change in net assets resulting from Capital capital transactions |
|
|
|
|
| |
|
|
|
|
Proceeds from shares issued |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Change in net assets resulting from Empower capital transactions |
|
|
|
|
| |
|
|
|
|
Proceeds from shares issued |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Change in net assets resulting from IM capital transactions |
|
|
|
|
| |
|
|
|
|
Proceeds from shares issued |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Change in net assets resulting from Institutional Class capital transactions |
|
|
|
|
| |
|
|
|
|
Proceeds from shares issued |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Change in net assets resulting from Morgan capital transactions |
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
JPMorgan Prime Money Market Fund |
JPMorgan Institutional Tax Free Money Market Fund |
| |
Six Months Ended August 31, 2024 (Unaudited) |
Year Ended February 29, 2024 |
Six Months Ended August 31, 2024 (Unaudited) |
Year Ended February 29, 2024 |
CAPITAL TRANSACTIONS: (continued) |
|
|
|
|
| |
|
|
|
|
Proceeds from shares issued |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Change in net assets resulting from Premier capital transactions |
|
|
|
|
| |
|
|
|
|
Proceeds from shares issued |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Change in net assets resulting from Reserve capital transactions |
|
|
|
|
Total change in net assets resulting from capital transactions |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
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| |
|
|
|
|
| |
|
|
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|
| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
|
|
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| |
|
|
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|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
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|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
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| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| |
JPMorgan Prime Money Market Fund |
JPMorgan Institutional Tax Free Money Market Fund |
| |
Six Months Ended August 31, 2024 (Unaudited) |
Year Ended February 29, 2024 |
Six Months Ended August 31, 2024 (Unaudited) |
Year Ended February 29, 2024 |
SHARE TRANSACTIONS: (continued) |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Change in Institutional Class Shares |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
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| |
|
|
|
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| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
JPMorgan Securities Lending Money
Market Fund |
JPMorgan Liquid Assets Money Market Fund |
| |
Six Months Ended August 31, 2024
(Unaudited) |
Year Ended February 29, 2024 |
Six Months Ended August 31, 2024
(Unaudited) |
Year Ended February 29, 2024 |
| |
|
|
|
|
| |
|
|
|
|
Proceeds from shares issued |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Change in net assets resulting from Agency capital transactions |
|
|
|
|
| |
|
|
|
|
Proceeds from shares issued |
|
|
|
|
| |
|
|
|
|
Change in net assets resulting from Agency SL capital transactions |
|
|
|
|
| |
|
|
|
|
Proceeds from shares issued |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Change in net assets resulting from Capital capital transactions |
|
|
|
|
| |
|
|
|
|
Proceeds from shares issued |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Change in net assets resulting from Institutional Class capital transactions |
|
|
|
|
| |
|
|
|
|
Proceeds from shares issued |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Change in net assets resulting from Investor capital transactions |
|
|
|
|
| |
|
|
|
|
Proceeds from shares issued |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Change in net assets resulting from Morgan capital transactions |
|
|
|
|
| |
|
|
|
|
Proceeds from shares issued |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Change in net assets resulting from Premier capital transactions |
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| |
JPMorgan Securities Lending Money Market Fund |
JPMorgan Liquid Assets Money Market Fund |
| |
Six Months Ended August 31, 2024 (Unaudited) |
Year Ended February 29, 2024 |
Six Months Ended August 31, 2024 (Unaudited) |
Year Ended February 29, 2024 |
CAPITAL TRANSACTIONS: (continued) |
|
|
|
|
| |
|
|
|
|
Proceeds from shares issued |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Change in net assets resulting from Reserve capital transactions |
|
|
|
|
Total change in net assets resulting from capital transactions |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
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| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Change in Agency SL Shares |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
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| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Change in Institutional Class Shares |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Change in Investor Shares |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
JPMorgan Securities Lending Money Market Fund |
JPMorgan Liquid Assets Money Market Fund |
| |
Six Months Ended August 31, 2024 (Unaudited) |
Year Ended February 29, 2024 |
Six Months Ended August 31, 2024 (Unaudited) |
Year Ended February 29, 2024 |
SHARE TRANSACTIONS: (continued) |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
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| |
|
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|
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| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| |
JPMorgan U.S. Government Money Market
Fund |
JPMorgan U.S. Treasury Plus Money
Market Fund |
| |
Six Months Ended August 31, 2024
(Unaudited) |
Year Ended February 29, 2024 |
Six Months Ended August 31, 2024
(Unaudited) |
|
| |
|
|
|
|
| |
|
|
|
|
Proceeds from shares issued |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Change in net assets resulting from Academy capital transactions |
|
|
|
|
| |
|
|
|
|
Proceeds from shares issued |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Change in net assets resulting from Agency capital transactions |
|
|
|
|
| |
|
|
|
|
Proceeds from shares issued |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Change in net assets resulting from Capital capital transactions |
|
|
|
|
| |
|
|
|
|
Proceeds from shares issued |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Change in net assets resulting from E*Trade capital transactions |
|
|
|
|
| |
|
|
|
|
Proceeds from shares issued |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Change in net assets resulting from Empower capital transactions |
|
|
|
|
| |
|
|
|
|
Proceeds from shares issued |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Change in net assets resulting from IM capital transactions |
|
|
|
|
(a)
Liquidated on September 29, 2023 for JPMorgan U.S. Government Money Market Fund.
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
JPMorgan U.S. Government Money Market Fund |
JPMorgan U.S. Treasury Plus Money Market Fund |
| |
Six Months Ended August 31, 2024 (Unaudited) |
Year Ended February 29, 2024 |
Six Months Ended August 31, 2024 (Unaudited) |
|
CAPITAL TRANSACTIONS: (continued) |
|
|
|
|
| |
|
|
|
|
Proceeds from shares issued |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Change in net assets resulting from Institutional Class capital transactions |
|
|
|
|
| |
|
|
|
|
Proceeds from shares issued |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Change in net assets resulting from Investor capital transactions |
|
|
|
|
| |
|
|
|
|
Proceeds from shares issued |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Change in net assets resulting from Morgan capital transactions |
|
|
|
|
| |
|
|
|
|
Proceeds from shares issued |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Change in net assets resulting from Premier capital transactions |
|
|
|
|
| |
|
|
|
|
Proceeds from shares issued |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Change in net assets resulting from Reserve capital transactions |
|
|
|
|
| |
|
|
|
|
Proceeds from shares issued |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Change in net assets resulting from Service capital transactions |
|
|
|
|
Total change in net assets resulting from capital transactions |
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| |
JPMorgan U.S. Government Money Market Fund |
JPMorgan U.S. Treasury Plus Money Market Fund |
| |
Six Months Ended August 31, 2024 (Unaudited) |
Year Ended February 29, 2024 |
Six Months Ended August 31, 2024 (Unaudited) |
|
| |
|
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Change in Institutional Class Shares |
|
|
|
|
(a)
Liquidated on September 29, 2023 for JPMorgan U.S. Government Money Market Fund.
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
JPMorgan U.S. Government Money Market Fund |
JPMorgan U.S. Treasury Plus Money Market Fund |
| |
Six Months Ended August 31, 2024 (Unaudited) |
Year Ended February 29, 2024 |
Six Months Ended August 31, 2024 (Unaudited) |
|
SHARE TRANSACTIONS: (continued) |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Change in Investor Shares |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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|
| |
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| |
|
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| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| |
JPMorgan Federal Money Market Fund |
JPMorgan 100% U.S. Treasury Securities
Money Market Fund |
| |
Six Months Ended August 31, 2024
(Unaudited) |
Year Ended February 29, 2024 |
Six Months Ended August 31, 2024
(Unaudited) |
Year Ended February 29, 2024 |
| |
|
|
|
|
| |
|
|
|
|
Proceeds from shares issued |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Change in net assets resulting from Academy capital transactions |
|
|
|
|
| |
|
|
|
|
Proceeds from shares issued |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Change in net assets resulting from Agency capital transactions |
|
|
|
|
| |
|
|
|
|
Proceeds from shares issued |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Change in net assets resulting from Capital capital transactions |
|
|
|
|
| |
|
|
|
|
Proceeds from shares issued |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Change in net assets resulting from Empower capital transactions |
|
|
|
|
| |
|
|
|
|
Proceeds from shares issued |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Change in net assets resulting from IM capital transactions |
|
|
|
|
| |
|
|
|
|
Proceeds from shares issued |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Change in net assets resulting from Institutional Class capital transactions |
|
|
|
|
| |
|
|
|
|
Proceeds from shares issued |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Change in net assets resulting from Morgan capital transactions |
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
JPMorgan Federal Money Market Fund |
JPMorgan 100% U.S. Treasury Securities Money Market Fund |
| |
Six Months Ended August 31, 2024 (Unaudited) |
Year Ended February 29, 2024 |
Six Months Ended August 31, 2024 (Unaudited) |
Year Ended February 29, 2024 |
CAPITAL TRANSACTIONS: (continued) |
|
|
|
|
| |
|
|
|
|
Proceeds from shares issued |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Change in net assets resulting from Premier capital transactions |
|
|
|
|
| |
|
|
|
|
Proceeds from shares issued |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Change in net assets resulting from Reserve capital transactions |
|
|
|
|
Total change in net assets resulting from capital transactions |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
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| |
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|
| |
|
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| |
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| |
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| |
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| |
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| |
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| |
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|
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| |
|
|
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| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
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| |
|
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|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| |
JPMorgan Federal Money Market Fund |
JPMorgan 100% U.S. Treasury Securities Money Market Fund |
| |
Six Months Ended August 31, 2024 (Unaudited) |
Year Ended February 29, 2024 |
Six Months Ended August 31, 2024 (Unaudited) |
Year Ended February 29, 2024 |
SHARE TRANSACTIONS: (continued) |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Change in Institutional Class Shares |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
JPMorgan Tax Free Money Market Fund |
JPMorgan Municipal Money Market Fund |
| |
Six Months Ended August 31, 2024
(Unaudited) |
Year Ended February 29, 2024 |
Six Months Ended August 31, 2024
(Unaudited) |
Year Ended February 29, 2024 |
| |
|
|
|
|
| |
|
|
|
|
Proceeds from shares issued |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Change in net assets resulting from Agency capital transactions |
|
|
|
|
| |
|
|
|
|
Proceeds from shares issued |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Change in net assets resulting from Institutional Class capital transactions |
|
|
|
|
| |
|
|
|
|
Proceeds from shares issued |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Change in net assets resulting from Morgan capital transactions |
|
|
|
|
| |
|
|
|
|
Proceeds from shares issued |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Change in net assets resulting from Premier capital transactions |
|
|
|
|
| |
|
|
|
|
Proceeds from shares issued |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Change in net assets resulting from Reserve capital transactions |
|
|
|
|
| |
|
|
|
|
Proceeds from shares issued |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Change in net assets resulting from Service capital transactions |
|
|
|
|
Total change in net assets resulting from capital transactions |
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| |
JPMorgan Tax Free Money Market Fund |
JPMorgan Municipal Money Market Fund |
| |
Six Months Ended August 31, 2024 (Unaudited) |
Year Ended February 29, 2024 |
Six Months Ended August 31, 2024 (Unaudited) |
Year Ended February 29, 2024 |
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Change in Institutional Class Shares |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
JPMorgan California Municipal Money
Market Fund |
JPMorgan New York Municipal Money
Market Fund |
| |
Six Months Ended August 31, 2024
(Unaudited) |
Year Ended February 29, 2024 |
Six Months Ended August 31, 2024
(Unaudited) |
Year Ended February 29, 2024 |
| |
|
|
|
|
| |
|
|
|
|
Proceeds from shares issued |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Change in net assets resulting from Agency capital transactions |
|
|
|
|
| |
|
|
|
|
Proceeds from shares issued |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Change in net assets resulting from Institutional Class capital transactions |
|
|
|
|
| |
|
|
|
|
Proceeds from shares issued |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Change in net assets resulting from Morgan capital transactions |
|
|
|
|
| |
|
|
|
|
Proceeds from shares issued |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Change in net assets resulting from Premier capital transactions |
|
|
|
|
| |
|
|
|
|
Proceeds from shares issued |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Change in net assets resulting from Reserve capital transactions |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Change in net assets resulting from Service capital transactions |
|
|
|
|
Total change in net assets resulting from capital transactions |
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| |
JPMorgan California Municipal Money Market Fund |
JPMorgan New York Municipal Money Market Fund |
| |
Six Months Ended August 31, 2024 (Unaudited) |
Year Ended February 29, 2024 |
Six Months Ended August 31, 2024 (Unaudited) |
Year Ended February 29, 2024 |
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
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| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Change in Institutional Class Shares |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
|
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| |
|
|
|
|
| |
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
THIS PAGE IS INTENTIONALLY LEFT BLANK
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED
| |
Per share operating performance |
| |
|
|
|
| |
Net asset
value,
beginning
of period |
Net
investment
income
(loss) |
Net realized
and unrealized
gains
(losses) on
investments |
Total from
investment
operations |
|
|
|
JPMorgan Prime Money Market Fund |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Six Months Ended August 31, 2024 (Unaudited) |
|
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
|
Year Ended February 28, 2021 |
|
|
|
|
|
|
|
May 15, 2019 (f) through February 29, 2020 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Six Months Ended August 31, 2024 (Unaudited) |
|
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
|
Year Ended February 28, 2021 |
|
|
|
|
|
|
|
Year Ended February 29, 2020 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Six Months Ended August 31, 2024 (Unaudited) |
|
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
|
Year Ended February 28, 2021 |
|
|
|
|
|
|
|
Year Ended February 29, 2020 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Six Months Ended August 31, 2024 (Unaudited) |
|
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
|
February 23, 2021 (f) through February 28, 2021 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Six Months Ended August 31, 2024 (Unaudited) |
|
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
|
Year Ended February 28, 2021 |
|
|
|
|
|
|
|
Year Ended February 29, 2020 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Six Months Ended August 31, 2024 (Unaudited) |
|
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
|
Year Ended February 28, 2021 |
|
|
|
|
|
|
|
Year Ended February 29, 2020 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Six Months Ended August 31, 2024 (Unaudited) |
|
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
|
Year Ended February 28, 2021 |
|
|
|
|
|
|
|
Year Ended February 29, 2020 |
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
|
| |
|
|
Ratios to average net assets(a) |
Net asset
value,
end of
period |
|
Net assets,
end of
period
(000's) |
|
Net
investment
income
(loss) |
Expenses without
waivers and reimbursements |
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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|
| |
|
|
|
|
|
| |
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
| |
Per share operating performance |
| |
|
|
|
| |
Net asset
value,
beginning
of period |
Net
investment
income
(loss) |
Net realized
and unrealized
gains
(losses) on
investments |
Total from
investment
operations |
|
|
|
JPMorgan Prime Money Market Fund (continued) |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Six Months Ended August 31, 2024 (Unaudited) |
|
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
|
Year Ended February 28, 2021 |
|
|
|
|
|
|
|
Year Ended February 29, 2020 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Six Months Ended August 31, 2024 (Unaudited) |
|
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
|
Year Ended February 28, 2021 |
|
|
|
|
|
|
|
Year Ended February 29, 2020 |
|
|
|
|
|
|
|
| |
| |
Annualized for periods less than one year, unless otherwise noted. |
| |
Not annualized for periods less than one year. |
| |
Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
| |
|
| |
|
|
|
|
|
|
Voluntary waivers were as follows: |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
(a) Amount rounds to less than 0.005%. |
| |
Amount rounds to less than $0.00005. |
| |
Commencement of offering of class of shares. |
| |
Amount rounds to less than 0.005%. |
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
|
| |
|
|
Ratios to average net assets(a) |
Net asset
value,
end of
period |
|
Net assets,
end of
period
(000's) |
|
Net
investment
income
(loss) |
Expenses without
waivers and reimbursements |
| |
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
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|
| |
|
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|
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|
| |
|
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|
|
|
| |
|
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|
|
|
| |
|
|
|
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|
| |
|
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|
|
|
| |
|
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|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED
| |
Per share operating performance |
| |
|
|
|
| |
Net asset
value,
beginning
of period |
Net
investment
income
(loss) |
Net realized
and unrealized
gains
(losses) on
investments |
Total from
investment
operations |
|
|
|
JPMorgan Institutional Tax Free Money Market Fund |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Six Months Ended August 31, 2024 (Unaudited) |
|
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
|
Year Ended February 28, 2021 |
|
|
|
|
|
|
|
Year Ended February 29, 2020 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Six Months Ended August 31, 2024 (Unaudited) |
|
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
|
Year Ended February 28, 2021 |
|
|
|
|
|
|
|
Year Ended February 29, 2020 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Six Months Ended August 31, 2024 (Unaudited) |
|
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
|
Year Ended February 28, 2021 |
|
|
|
|
|
|
|
Year Ended February 29, 2020 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Six Months Ended August 31, 2024 (Unaudited) |
|
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
|
Year Ended February 28, 2021 |
|
|
|
|
|
|
|
Year Ended February 29, 2020 |
|
|
|
|
|
|
|
| |
| |
Annualized for periods less than one year, unless otherwise noted. |
| |
Not annualized for periods less than one year. |
| |
Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
| |
Amount rounds to less than $0.00005. |
| |
|
| |
|
|
|
|
|
|
Voluntary waivers were as follows: |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
(a) Amount rounds to less than 0.005%. |
| |
Net realized and unrealized gains (losses) on investments may appear disproportionate in relation to the classes due to rounding. |
| |
Amount rounds to less than 0.005%. |
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
|
| |
|
|
Ratios to average net assets(a) |
Net asset
value,
end of
period |
|
Net assets,
end of
period
(000's) |
|
Net
investment
income
(loss) |
Expenses without
waivers and reimbursements |
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
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| |
|
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|
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| |
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| |
|
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| |
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| |
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| |
|
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| |
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| |
|
|
|
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|
| |
|
|
|
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|
| |
|
|
|
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|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED
| |
Per share operating performance |
| |
|
|
|
| |
Net asset
value,
beginning
of period |
Net
investment
income
(loss) |
Net realized
and unrealized
gains
(losses) on
investments |
Total from
investment
operations |
|
|
|
JPMorgan Securities Lending Money Market Fund |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Six Months Ended August 31, 2024 (Unaudited) |
|
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
|
Year Ended February 28, 2021 |
|
|
|
|
|
|
|
Year Ended February 29, 2020 |
|
|
|
|
|
|
|
| |
| |
Annualized for periods less than one year, unless otherwise noted. |
| |
Not annualized for periods less than one year. |
| |
Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
| |
Amount rounds to less than $0.00005. |
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
|
| |
|
|
Ratios to average net assets(a) |
Net asset
value,
end of
period |
|
Net assets,
end of
period
(000's) |
|
Net
investment
income
(loss) |
Expenses without
waivers and reimbursements |
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED
| |
Per share operating performance |
| |
|
|
|
| |
Net asset
value,
beginning
of period |
Net
investment
income
(loss)(b) |
Net realized
and unrealized
gains
(losses) on
investments |
Total from
investment
operations |
|
|
|
JPMorgan Liquid Assets Money Market Fund |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Six Months Ended August 31, 2024 (Unaudited) |
|
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
|
Year Ended February 28, 2021 |
|
|
|
|
|
|
|
Year Ended February 29, 2020 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Six Months Ended August 31, 2024 (Unaudited) |
|
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
|
Year Ended February 28, 2021 |
|
|
|
|
|
|
|
Year Ended February 29, 2020 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Six Months Ended August 31, 2024 (Unaudited) |
|
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
|
Year Ended February 28, 2021 |
|
|
|
|
|
|
|
Year Ended February 29, 2020 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Six Months Ended August 31, 2024 (Unaudited) |
|
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
|
Year Ended February 28, 2021 |
|
|
|
|
|
|
|
Year Ended February 29, 2020 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Six Months Ended August 31, 2024 (Unaudited) |
|
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
|
Year Ended February 28, 2021 |
|
|
|
|
|
|
|
Year Ended February 29, 2020 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Six Months Ended August 31, 2024 (Unaudited) |
|
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
|
Year Ended February 28, 2021 |
|
|
|
|
|
|
|
Year Ended February 29, 2020 |
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
|
| |
|
|
Ratios to average net assets(a) |
Net asset
value,
end of
period |
|
Net assets,
end of
period
(000's) |
|
Net
investment
income
(loss) |
Expenses without
waivers and reimbursements |
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
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| |
|
|
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| |
|
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
|
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| |
|
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|
| |
|
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|
| |
|
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| |
|
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|
| |
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| |
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| |
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| |
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| |
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|
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|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
| |
Per share operating performance |
| |
|
|
|
| |
Net asset
value,
beginning
of period |
Net
investment
income
(loss)(b) |
Net realized
and unrealized
gains
(losses) on
investments |
Total from
investment
operations |
|
|
|
JPMorgan Liquid Assets Money Market Fund (continued) |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Six Months Ended August 31, 2024 (Unaudited) |
|
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
|
Year Ended February 28, 2021 |
|
|
|
|
|
|
|
Year Ended February 29, 2020 |
|
|
|
|
|
|
|
| |
| |
Annualized for periods less than one year, unless otherwise noted. |
| |
Calculated based upon average shares outstanding. |
| |
Not annualized for periods less than one year. |
| |
Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
| |
Amount rounds to less than $0.005. |
| |
|
| |
|
|
|
|
|
|
Voluntary waivers were as follows: |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
(a) Amount rounds to less than 0.005%. |
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
|
| |
|
|
Ratios to average net assets(a) |
Net asset
value,
end of
period |
|
Net assets,
end of
period
(000's) |
|
Net
investment
income
(loss) |
Expenses without
waivers and reimbursements |
| |
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED
| |
Per share operating performance |
| |
|
|
|
| |
Net asset
value,
beginning
of period |
Net
investment
income
(loss)(b) |
Net realized
and unrealized
gains
(losses) on
investments |
Total from
investment
operations |
|
Net asset
value,
end of
period |
JPMorgan U.S. Government Money Market Fund |
|
|
|
|
|
|
| |
|
|
|
|
|
|
Six Months Ended August 31, 2024 (Unaudited) |
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
Year Ended February 28, 2021 |
|
|
|
|
|
|
May 15, 2019 (g) through February 29, 2020 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
Six Months Ended August 31, 2024 (Unaudited) |
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
Year Ended February 28, 2021 |
|
|
|
|
|
|
Year Ended February 29, 2020 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
Six Months Ended August 31, 2024 (Unaudited) |
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
Year Ended February 28, 2021 |
|
|
|
|
|
|
Year Ended February 29, 2020 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
Six Months Ended August 31, 2024 (Unaudited) |
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
February 23, 2021 (g) through February 28, 2021 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
Six Months Ended August 31, 2024 (Unaudited) |
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
Year Ended February 28, 2021 |
|
|
|
|
|
|
Year Ended February 29, 2020 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
Six Months Ended August 31, 2024 (Unaudited) |
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
Year Ended February 28, 2021 |
|
|
|
|
|
|
Year Ended February 29, 2020 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
Six Months Ended August 31, 2024 (Unaudited) |
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
Year Ended February 28, 2021 |
|
|
|
|
|
|
Year Ended February 29, 2020 |
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
| |
|
Ratios to average net assets(a) |
| |
Net assets,
end of
period
(000's) |
|
Net
investment
income
(loss) |
Expenses without
waivers and reimbursements |
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
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| |
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| |
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|
|
|
| |
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|
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| |
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|
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| |
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| |
|
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| |
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| |
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| |
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| |
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| |
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|
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|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
| |
Per share operating performance |
| |
|
|
|
| |
Net asset
value,
beginning
of period |
Net
investment
income
(loss)(b) |
Net realized
and unrealized
gains
(losses) on
investments |
Total from
investment
operations |
|
Net asset
value,
end of
period |
JPMorgan U.S. Government Money Market Fund (continued) |
|
|
|
|
|
|
| |
|
|
|
|
|
|
Six Months Ended August 31, 2024 (Unaudited) |
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
Year Ended February 28, 2021 |
|
|
|
|
|
|
Year Ended February 29, 2020 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
Six Months Ended August 31, 2024 (Unaudited) |
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
Year Ended February 28, 2021 |
|
|
|
|
|
|
Year Ended February 29, 2020 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
Six Months Ended August 31, 2024 (Unaudited) |
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
Year Ended February 28, 2021 |
|
|
|
|
|
|
Year Ended February 29, 2020 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
Six Months Ended August 31, 2024 (Unaudited) |
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
Year Ended February 28, 2021 |
|
|
|
|
|
|
Year Ended February 29, 2020 |
|
|
|
|
|
|
| |
| |
Annualized for periods less than one year, unless otherwise noted. |
| |
Calculated based upon average shares outstanding. |
| |
Not annualized for periods less than one year. |
| |
Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
| |
Amount rounds to less than $0.005. |
| |
|
| |
|
|
|
|
|
|
Voluntary waivers were as follows: |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
(a) Amount rounds to less than 0.005%. |
| |
Commencement of offering of class of shares. |
| |
Amount rounds to less than 0.005%. |
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
| |
|
Ratios to average net assets(a) |
| |
Net assets,
end of
period
(000's) |
|
Net
investment
income
(loss) |
Expenses without
waivers and reimbursements |
| |
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
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|
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|
| |
|
|
|
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| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
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|
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| |
|
|
|
|
| |
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|
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|
| |
|
|
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| |
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|
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| |
|
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| |
|
|
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|
| |
|
|
|
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| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED
| |
Per share operating performance |
| |
|
|
|
| |
Net asset
value,
beginning
of period |
Net
investment
income
(loss)(b) |
Net realized
and unrealized
gains
(losses) on
investments |
Total from
investment
operations |
|
Net asset
value,
end of
period |
JPMorgan U.S. Treasury Plus Money Market Fund |
|
|
|
|
|
|
| |
|
|
|
|
|
|
Six Months Ended August 31, 2024 (Unaudited) |
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
September 30, 2020 (g) through February 28, 2021 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
Six Months Ended August 31, 2024 (Unaudited) |
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
Year Ended February 28, 2021 |
|
|
|
|
|
|
Year Ended February 29, 2020 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
Six Months Ended August 31, 2024 (Unaudited) |
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
Year Ended February 28, 2021 |
|
|
|
|
|
|
Year Ended February 29, 2020 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
Six Months Ended August 31, 2024 (Unaudited) |
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
February 23, 2021 (g) through February 28, 2021 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
Six Months Ended August 31, 2024 (Unaudited) |
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
Year Ended February 28, 2021 |
|
|
|
|
|
|
Year Ended February 29, 2020 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
Six Months Ended August 31, 2024 (Unaudited) |
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
Year Ended February 28, 2021 |
|
|
|
|
|
|
Year Ended February 29, 2020 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
Six Months Ended August 31, 2024 (Unaudited) |
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
Year Ended February 28, 2021 |
|
|
|
|
|
|
Year Ended February 29, 2020 |
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
| |
|
Ratios to average net assets(a) |
| |
Net assets,
end of
period
(000's) |
|
Net
investment
income
(loss) |
Expenses without
waivers and reimbursements |
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
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| |
|
|
|
|
| |
|
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| |
|
|
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
|
|
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| |
|
|
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| |
|
|
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|
| |
|
|
|
|
| |
|
|
|
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| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
| |
Per share operating performance |
| |
|
|
|
| |
Net asset
value,
beginning
of period |
Net
investment
income
(loss)(b) |
Net realized
and unrealized
gains
(losses) on
investments |
Total from
investment
operations |
|
Net asset
value,
end of
period |
JPMorgan U.S. Treasury Plus Money Market Fund (continued) |
|
|
|
|
|
|
| |
|
|
|
|
|
|
Six Months Ended August 31, 2024 (Unaudited) |
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
Year Ended February 28, 2021 |
|
|
|
|
|
|
Year Ended February 29, 2020 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
Six Months Ended August 31, 2024 (Unaudited) |
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
Year Ended February 28, 2021 |
|
|
|
|
|
|
Year Ended February 29, 2020 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
Six Months Ended August 31, 2024 (Unaudited) |
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
Year Ended February 28, 2021 |
|
|
|
|
|
|
Year Ended February 29, 2020 |
|
|
|
|
|
|
| |
| |
Annualized for periods less than one year, unless otherwise noted. |
| |
Calculated based upon average shares outstanding. |
| |
Not annualized for periods less than one year. |
| |
Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
| |
Amount rounds to less than $0.005. |
| |
|
| |
|
|
|
|
|
|
Voluntary waivers were as follows: |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
(a) Amount rounds to less than 0.005%. |
| |
Commencement of offering of class of shares. |
| |
Amount rounds to less than 0.005%. |
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
| |
|
Ratios to average net assets(a) |
| |
Net assets,
end of
period
(000's) |
|
Net
investment
income
(loss) |
Expenses without
waivers and reimbursements |
| |
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED
| |
Per share operating performance |
| |
|
|
|
| |
Net asset
value,
beginning
of period |
Net
investment
income
(loss)(b) |
Net realized
and unrealized
gains
(losses) on
investments |
Total from
investment
operations |
|
|
|
JPMorgan Federal Money Market Fund |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Six Months Ended August 31, 2024 (Unaudited) |
|
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
|
Year Ended February 28, 2021 |
|
|
|
|
|
|
|
Year Ended February 29, 2020 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Six Months Ended August 31, 2024 (Unaudited) |
|
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
|
Year Ended February 28, 2021 |
|
|
|
|
|
|
|
Year Ended February 29, 2020 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Six Months Ended August 31, 2024 (Unaudited) |
|
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
|
Year Ended February 28, 2021 |
|
|
|
|
|
|
|
Year Ended February 29, 2020 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Six Months Ended August 31, 2024 (Unaudited) |
|
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
|
Year Ended February 28, 2021 |
|
|
|
|
|
|
|
Year Ended February 29, 2020 |
|
|
|
|
|
|
|
| |
| |
Annualized for periods less than one year, unless otherwise noted. |
| |
Calculated based upon average shares outstanding. |
| |
Not annualized for periods less than one year. |
| |
Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
| |
Amount rounds to less than $0.005. |
| |
|
| |
|
|
|
|
|
|
Voluntary waivers were as follows: |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
| |
Amount rounds to less than 0.005%. |
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
|
| |
|
|
Ratios to average net assets(a) |
Net asset
value,
end of
period |
|
Net assets,
end of
period
(000's) |
|
Net
investment
income
(loss) |
Expenses without
waivers and reimbursements |
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
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|
| |
|
|
|
|
|
| |
|
|
|
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|
| |
|
|
|
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|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
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|
| |
|
|
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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|
| |
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|
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| |
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|
| |
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|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED
| |
Per share operating performance |
| |
|
|
|
| |
Net asset
value,
beginning
of period |
Net
investment
income
(loss)(b) |
Net realized
and unrealized
gains
(losses) on
investments |
Total from
investment
operations |
|
|
|
JPMorgan 100% U.S. Treasury Securities Money Market Fund |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Six Months Ended August 31, 2024 (Unaudited) |
|
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
|
September 30, 2020 (g) through February 28, 2021 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Six Months Ended August 31, 2024 (Unaudited) |
|
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
|
Year Ended February 28, 2021 |
|
|
|
|
|
|
|
Year Ended February 29, 2020 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Six Months Ended August 31, 2024 (Unaudited) |
|
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
|
Year Ended February 28, 2021 |
|
|
|
|
|
|
|
Year Ended February 29, 2020 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Six Months Ended August 31, 2024 (Unaudited) |
|
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
|
February 23, 2021 (g) through February 28, 2021 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Six Months Ended August 31, 2024 (Unaudited) |
|
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
|
Year Ended February 28, 2021 |
|
|
|
|
|
|
|
January 15, 2020 (g) through February 29, 2020 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Six Months Ended August 31, 2024 (Unaudited) |
|
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
|
Year Ended February 28, 2021 |
|
|
|
|
|
|
|
Year Ended February 29, 2020 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Six Months Ended August 31, 2024 (Unaudited) |
|
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
|
Year Ended February 28, 2021 |
|
|
|
|
|
|
|
Year Ended February 29, 2020 |
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
|
| |
|
|
Ratios to average net assets(a) |
Net asset
value,
end of
period |
|
Net assets,
end of
period
(000's) |
|
Net
investment
income
(loss) |
Expenses without
waivers and reimbursements |
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
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|
| |
|
|
|
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|
| |
|
|
|
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|
| |
|
|
|
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|
| |
|
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| |
|
|
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| |
|
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| |
|
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
|
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|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
| |
Per share operating performance |
| |
|
|
|
| |
Net asset
value,
beginning
of period |
Net
investment
income
(loss)(b) |
Net realized
and unrealized
gains
(losses) on
investments |
Total from
investment
operations |
|
|
|
JPMorgan 100% U.S. Treasury Securities Money Market Fund (continued) |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Six Months Ended August 31, 2024 (Unaudited) |
|
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
|
Year Ended February 28, 2021 |
|
|
|
|
|
|
|
Year Ended February 29, 2020 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Six Months Ended August 31, 2024 (Unaudited) |
|
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
|
Year Ended February 28, 2021 |
|
|
|
|
|
|
|
Year Ended February 29, 2020 |
|
|
|
|
|
|
|
| |
| |
Annualized for periods less than one year, unless otherwise noted. |
| |
Calculated based upon average shares outstanding. |
| |
Not annualized for periods less than one year. |
| |
Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
| |
Amount rounds to less than $0.005. |
| |
|
| |
|
|
|
|
|
|
Voluntary waivers were as follows: |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
(a) Amount rounds to less than 0.005%. |
| |
Commencement of offering of class of shares. |
| |
Amount rounds to less than 0.005%. |
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
|
| |
|
|
Ratios to average net assets(a) |
Net asset
value,
end of
period |
|
Net assets,
end of
period
(000's) |
|
Net
investment
income
(loss) |
Expenses without
waivers and reimbursements |
| |
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED
| |
Per share operating performance |
| |
|
|
|
| |
Net asset
value,
beginning
of period |
Net
investment
income
(loss)(b) |
Net realized
and unrealized
gains
(losses) on
investments |
Total from
investment
operations |
|
|
|
JPMorgan Tax Free Money Market Fund |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Six Months Ended August 31, 2024 (Unaudited) |
|
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
|
Year Ended February 28, 2021 |
|
|
|
|
|
|
|
Year Ended February 29, 2020 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Six Months Ended August 31, 2024 (Unaudited) |
|
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
|
Year Ended February 28, 2021 |
|
|
|
|
|
|
|
Year Ended February 29, 2020 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Six Months Ended August 31, 2024 (Unaudited) |
|
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
|
Year Ended February 28, 2021 |
|
|
|
|
|
|
|
Year Ended February 29, 2020 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Six Months Ended August 31, 2024 (Unaudited) |
|
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
|
Year Ended February 28, 2021 |
|
|
|
|
|
|
|
Year Ended February 29, 2020 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Six Months Ended August 31, 2024 (Unaudited) |
|
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
|
Year Ended February 28, 2021 |
|
|
|
|
|
|
|
Year Ended February 29, 2020 |
|
|
|
|
|
|
|
| |
| |
Annualized for periods less than one year, unless otherwise noted. |
| |
Calculated based upon average shares outstanding. |
| |
Not annualized for periods less than one year. |
| |
Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
| |
Amount rounds to less than $0.005. |
| |
|
| |
|
|
|
|
|
|
Voluntary waivers were as follows: |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
(a) Amount rounds to less than 0.005%. |
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
|
| |
|
|
Ratios to average net assets(a) |
Net asset
value,
end of
period |
|
Net assets,
end of
period
(000's) |
|
Net
investment
income
(loss) |
Expenses without
waivers and reimbursements |
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
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| |
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| |
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| |
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| |
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|
| |
|
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|
| |
|
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|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED
| |
Per share operating performance |
| |
|
|
|
| |
Net asset
value,
beginning
of period |
Net
investment
income
(loss)(b) |
Net realized
and unrealized
gains
(losses) on
investments |
Total from
investment
operations |
|
|
|
JPMorgan Municipal Money Market Fund |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Six Months Ended August 31, 2024 (Unaudited) |
|
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
|
Year Ended February 28, 2021 |
|
|
|
|
|
|
|
Year Ended February 29, 2020 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Six Months Ended August 31, 2024 (Unaudited) |
|
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
|
Year Ended February 28, 2021 |
|
|
|
|
|
|
|
Year Ended February 29, 2020 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Six Months Ended August 31, 2024 (Unaudited) |
|
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
|
Year Ended February 28, 2021 |
|
|
|
|
|
|
|
Year Ended February 29, 2020 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Six Months Ended August 31, 2024 (Unaudited) |
|
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
|
Year Ended February 28, 2021 |
|
|
|
|
|
|
|
Year Ended February 29, 2020 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Six Months Ended August 31, 2024 (Unaudited) |
|
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
|
Year Ended February 28, 2021 |
|
|
|
|
|
|
|
Year Ended February 29, 2020 |
|
|
|
|
|
|
|
| |
| |
Annualized for periods less than one year, unless otherwise noted. |
| |
Calculated based upon average shares outstanding. |
| |
Not annualized for periods less than one year. |
| |
Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
| |
Amount rounds to less than $0.005. |
| |
|
| |
|
|
|
|
|
|
Voluntary waivers were as follows: |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
(a) Amount rounds to less than 0.005%. |
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
|
| |
|
|
Ratios to average net assets(a) |
Net asset
value,
end of
period |
|
Net assets,
end of
period
(000's) |
|
Net
investment
income
(loss) |
Expenses without
waivers and reimbursements |
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
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|
| |
|
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|
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|
| |
|
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| |
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| |
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| |
|
|
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED
| |
Per share operating performance |
| |
|
|
|
| |
Net asset
value,
beginning
of period |
Net
investment
income
(loss)(b) |
Net realized
and unrealized
gains
(losses) on
investments |
Total from
investment
operations |
|
|
|
JPMorgan California Municipal Money Market Fund |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Six Months Ended August 31, 2024 (Unaudited) |
|
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
|
Year Ended February 28, 2021 |
|
|
|
|
|
|
|
March 1, 2019 (g) through February 29, 2020 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Six Months Ended August 31, 2024 (Unaudited) |
|
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
|
Year Ended February 28, 2021 |
|
|
|
|
|
|
|
March 1, 2019 (g) through February 29, 2020 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Six Months Ended August 31, 2024 (Unaudited) |
|
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
|
Year Ended February 28, 2021 |
|
|
|
|
|
|
|
Year Ended February 29, 2020 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Six Months Ended August 31, 2024 (Unaudited) |
|
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
|
Year Ended February 28, 2021 |
|
|
|
|
|
|
|
Year Ended February 29, 2020 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Six Months Ended August 31, 2024 (Unaudited) |
|
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
|
Year Ended February 28, 2021 |
|
|
|
|
|
|
|
Year Ended February 29, 2020 |
|
|
|
|
|
|
|
| |
| |
Annualized for periods less than one year, unless otherwise noted. |
| |
Calculated based upon average shares outstanding. |
| |
Not annualized for periods less than one year. |
| |
Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
| |
Amount rounds to less than $0.005. |
| |
|
| |
|
|
|
|
|
|
Voluntary waivers were as follows: |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
(a) Amount rounds to less than 0.005%. |
| |
Commencement of offering of class of shares. |
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
|
| |
|
|
Ratios to average net assets(a) |
Net asset
value,
end of
period |
|
Net assets,
end of
period
(000's) |
|
Net
investment
income
(loss) |
Expenses without
waivers and reimbursements |
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
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|
| |
|
|
|
|
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| |
|
|
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|
| |
|
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|
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| |
|
|
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED
| |
Per share operating performance |
| |
|
|
|
| |
Net asset
value,
beginning
of period |
Net
investment
income
(loss)(b) |
Net realized
and unrealized
gains
(losses) on
investments |
Total from
investment
operations |
|
|
|
JPMorgan New York Municipal Money Market Fund |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Six Months Ended August 31, 2024 (Unaudited) |
|
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
|
Year Ended February 28, 2021 |
|
|
|
|
|
|
|
March 1, 2019 (g) through February 29, 2020 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Six Months Ended August 31, 2024 (Unaudited) |
|
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
|
Year Ended February 28, 2021 |
|
|
|
|
|
|
|
March 1, 2019 (g) through February 29, 2020 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Six Months Ended August 31, 2024 (Unaudited) |
|
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
|
Year Ended February 28, 2021 |
|
|
|
|
|
|
|
Year Ended February 29, 2020 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Six Months Ended August 31, 2024 (Unaudited) |
|
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
|
Year Ended February 28, 2021 |
|
|
|
|
|
|
|
Year Ended February 29, 2020 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Six Months Ended August 31, 2024 (Unaudited) |
|
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
|
Year Ended February 28, 2021 |
|
|
|
|
|
|
|
Year Ended February 29, 2020 |
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
|
| |
|
|
Ratios to average net assets(a) |
Net asset
value,
end of
period |
|
Net assets,
end of
period
(000's) |
|
Net
investment
income
(loss) |
Expenses without
waivers and reimbursements |
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
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| |
|
|
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| |
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|
|
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| |
|
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| |
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| |
|
|
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
| |
Per share operating performance |
| |
|
|
|
| |
Net asset
value,
beginning
of period |
Net
investment
income
(loss)(b) |
Net realized
and unrealized
gains
(losses) on
investments |
Total from
investment
operations |
|
|
|
JPMorgan New York Municipal Money Market Fund (continued) |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Six Months Ended August 31, 2024 (Unaudited) |
|
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
|
Year Ended February 28, 2021 |
|
|
|
|
|
|
|
Year Ended February 29, 2020 |
|
|
|
|
|
|
|
| |
| |
Annualized for periods less than one year, unless otherwise noted. |
| |
Calculated based upon average shares outstanding. |
| |
Not annualized for periods less than one year. |
| |
Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
| |
Amount rounds to less than $0.005. |
| |
|
| |
|
|
|
|
|
|
Voluntary waivers were as follows: |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
(a) Amount rounds to less than 0.005%. |
| |
Commencement of offering of class of shares. |
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
| |
|
| |
|
|
Ratios to average net assets(a) |
Net asset
value,
end of
period |
|
Net assets,
end of
period
(000's) |
|
Net
investment
income
(loss) |
Expenses without
waivers and reimbursements |
| |
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Money Market Funds |
|
NOTES TO FINANCIAL STATEMENTS
AS OF August 31, 2024 (Unaudited)
(Dollar values in thousands)
1. Organization
JPMorgan Trust I (“JPM I”), JPMorgan Trust II (“JPM II”) and JPMorgan Trust IV (“JPM IV”) (collectively, the “Trusts”) were formed on November 12, 2004 for JPM I and JPM II and November 11, 2015 for JPM IV, as Delaware statutory trusts, pursuant to Declarations of Trust dated November 5, 2004 and November 11, 2015, respectively, and are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as open-end management investment companies.
The following are 12 separate funds of the Trusts (each, a "Fund" and collectively, the "Funds") covered by this report:
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Diversification Classification |
JPMorgan Prime Money Market Fund |
Academy, Agency, Capital, Empower, IM, Institutional Class, Morgan, Premier and Reserve |
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JPMorgan Institutional Tax Free Money Market Fund |
Agency, Capital, IM and Institutional Class |
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JPMorgan Securities Lending Money Market Fund |
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JPMorgan Liquid Assets Money Market Fund |
Agency, Capital, E*Trade(1), Institutional Class, Investor, Morgan, Premier and Reserve |
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JPMorgan U.S. Government Money Market Fund |
Academy, Agency, Capital, E*Trade(1), Empower, IM, Institutional Class, Investor, Morgan, Premier, Reserve and Service |
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JPMorgan U.S. Treasury Plus Money Market Fund |
Academy, Agency, Capital, Empower, IM, Institutional Class, Investor, Morgan, Premier and Reserve |
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JPMorgan Federal Money Market Fund |
Agency, Institutional Class, Morgan and Premier |
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JPMorgan 100% U.S. Treasury Securities Money Market Fund |
Academy, Agency, Capital, Empower, IM, Institutional Class, Morgan, Premier and Reserve |
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JPMorgan Tax Free Money Market Fund |
Agency, Institutional Class, Morgan, Premier and Reserve |
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JPMorgan Municipal Money Market Fund |
Agency, E*Trade(1), Institutional Class, Morgan, Premier and Service |
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JPMorgan California Municipal Money Market Fund |
Agency, E*Trade(1), Institutional Class, Morgan, Premier and Service |
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JPMorgan New York Municipal Money Market Fund |
Agency, E*Trade(1), Institutional Class, Morgan, Premier, Reserve and Service |
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Liquidated on September 29, 2023. |
The investment objective of JPMorgan Prime Money Market Fund (“Prime Money Market Fund”) and JPMorgan Securities Lending Money Market Fund (“Securities Lending Money Market Fund”) is to seek current income while seeking to maintain liquidity and a low volatility of principal.
The investment objective of JPMorgan Institutional Tax Free Money Market Fund (“Institutional Tax Free Money Market Fund”) is to aim to provide current income, while seeking to maintain liquidity and a low volatility of principal.
The investment objective of JPMorgan Liquid Assets Money Market Fund (“Liquid Assets Money Market Fund”) and JPMorgan U.S. Treasury Plus Money Market Fund (“U.S. Treasury Plus Money Market Fund”) is to seek current income with liquidity and stability of principal.
The investment objective of JPMorgan U.S. Government Money Market Fund (“U.S. Government Money Market Fund”) is to seek high current income with liquidity and stability of principal.
The investment objective of JPMorgan Federal Money Market Fund (“Federal Money Market Fund”) is to aim to provide current income while still preserving capital and maintaining liquidity.
The investment objective of JPMorgan 100% U.S. Treasury Securities Money Market Fund (“100% U.S. Treasury Securities Money Market Fund”) is to aim to provide the highest possible level of current income while still maintaining liquidity and providing maximum safety of principal.
The investment objective of JPMorgan Tax Free Money Market Fund (“Tax Free Money Market Fund”) is to aim to provide the highest possible level of current income which is excluded from gross income, while still preserving capital and maintaining liquidity.
The investment objective of JPMorgan Municipal Money Market Fund (“Municipal Money Market Fund”) is to seek as high a level of current interest income exempt from federal income tax as is consistent with liquidity and stability of principal.
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J.P. Morgan Money Market Funds |
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The investment objective of JPMorgan California Municipal Money Market Fund (“California Municipal Money Market Fund”) is to aim to provide the highest possible level of current income which is exempt from federal and California personal income taxes, while still preserving capital and maintaining liquidity.
The investment objective of JPMorgan New York Municipal Money Market Fund (“New York Municipal Money Market Fund”) is to aim to provide the highest possible level of current income which is excluded from gross income and exempt from New York State and New York City personal income taxes, while still preserving capital and maintaining liquidity.
Liquid Assets Money Market Fund, Tax Free Money Market Fund, Municipal Money Market Fund, California Municipal Money Market Fund and New York Municipal Money Market Fund seek to qualify as retail money market funds in accordance with criteria established by the Securities and Exchange Commission (“SEC”). Under applicable SEC rules, these Funds are ordinarily permitted to utilize amortized cost accounting to value their portfolio securities and transact at a stable $1.00 share price.
Prime Money Market Fund, Institutional Tax Free Money Market Fund and Securities Lending Money Market Fund do not seek to qualify as a retail or government money market fund and transact utilizing a floating net asset value (“NAV”) calculated to four decimal places. Effective September 3, 2024, Securities Lending Money Market Fund intends to qualify as a government money market fund.
U.S. Government Money Market Fund, U.S. Treasury Plus Money Market Fund, Federal Money Market Fund and 100% U.S. Treasury Securities Money Market Fund seek to qualify as government money market funds in accordance with criteria established by the SEC. Under applicable SEC rules, these Funds are ordinarily permitted to utilize amortized cost accounting to value their portfolio securities and transact at a stable $1.00 share price.
Effective as of the close of business on April 27, 2023, all share classes of California Municipal Money Market Fund and New York Municipal Money Market Fund are publicly offered on a limited basis. Investors are not eligible to purchase shares of California Municipal Money Market Fund and New York Municipal Money Market Fund unless they meet certain requirements as described in the Funds' prospectuses.
J.P. Morgan Investment Management Inc. (“JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), acts as adviser (the “Adviser”) and administrator (the “Administrator”) to the Funds.
2. Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
A. Valuation of Investments— Investments are valued in accordance with GAAP and the Funds' valuation policies set forth by, and under the supervision and responsibility of, the Boards of Trustees of the Trusts (the "Boards"), which established the following approach to valuation, as described more fully below: securities and other debt instruments held by money market funds pursuant to Rule 2a-7 under the 1940 Act shall be valued using the amortized cost method provided that certain conditions are met, with the exception of the Prime Money Market Fund, Institutional Tax Free Money Market Fund and Securities Lending Money Market Fund.
The amortized cost method of valuation involves valuing a security at its cost initially and thereafter assuming a constant amortization to maturity of any discount or premium, regardless of the impact of fluctuating interest rates on the market value of the security. This method may result in periods during which value, as determined by amortized cost, is higher or lower than the price each Fund would receive if it sold the security. The market value of securities in the Funds can generally be expected to vary inversely with changes in prevailing interest rates.Under Section 2(a)(41) of the 1940 Act, the Boards are 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 Boards may designate the performance of these fair valuation determinations to a valuation designee. The Boards have designated the Adviser as the “Valuation Designee” to perform fair valuation determinations for the Funds on behalf of the Boards subject to appropriate oversight by the Boards. 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 Funds. 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. This also includes monitoring on a daily basis that the amortized cost valuation method fairly reflects the market-based net asset value (“NAV”) of the Funds. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Boards.
For Prime Money Market Fund, Institutional Tax Free Money Market Fund and Securities Lending Money Market Fund, fixed income instruments for which market quotations are not readily available are fair valued based on prices received from approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”). The Pricing Services use multiple valuation techniques to determine the
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J.P. Morgan Money Market Funds |
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NOTES TO FINANCIAL STATEMENTS
AS OF August 31, 2024 (Unaudited) (continued)
(Dollar values in thousands)
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.
Effective September 3, 2024, securities and other debt instruments held by Securities Lending Money Market Fund shall be valued using the amortized cost method provided that certain conditions are met pursuant to Rule 2a-7 under the 1940 Act.
Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.
The various inputs that are used in determining the valuation of the Funds’ investments are summarized into the three broad levels listed below.
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Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.
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Level 2 — Other significant observable inputs (including, but not limited to, quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
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Level 3 — Significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments).
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, certain money market securities are valued using amortized cost, in accordance with rules under the 1940 Act. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as level 2.
The following tables represent each valuation input as presented on the Schedules of Portfolio Investments (“SOIs”):
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Level 2
Other significant
observable inputs |
Level 3
Significant
unobservable inputs |
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Total Investments in Securities (a) |
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Please refer to the SOI for specifics of portfolio holdings. |
Institutional Tax Free Money Market Fund |
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Level 2
Other significant
observable inputs |
Level 3
Significant
unobservable inputs |
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Total Investments in Securities (a) |
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Please refer to the SOI for specifics of portfolio holdings. |
Securities Lending Money Market Fund |
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Level 2
Other significant
observable inputs |
Level 3
Significant
unobservable inputs |
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Total Investments in Securities (a) |
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Please refer to the SOI for specifics of portfolio holdings. |
Liquid Assets Money Market Fund |
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Level 2
Other significant
observable inputs |
Level 3
Significant
unobservable inputs |
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Total Investments in Securities (a) |
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Please refer to the SOI for specifics of portfolio holdings. |
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J.P. Morgan Money Market Funds |
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U.S. Government Money Market Fund |
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Level 2
Other significant
observable inputs |
Level 3
Significant
unobservable inputs |
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Total Investments in Securities (a) |
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Please refer to the SOI for specifics of portfolio holdings. |
U.S. Treasury Plus Money Market Fund |
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Level 2
Other significant
observable inputs |
Level 3
Significant
unobservable inputs |
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Total Investments in Securities (a) |
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Please refer to the SOI for specifics of portfolio holdings. |
Federal Money Market Fund |
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Level 2
Other significant
observable inputs |
Level 3
Significant
unobservable inputs |
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Total Investments in Securities (a) |
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Please refer to the SOI for specifics of portfolio holdings. |
100% U.S. Treasury Securities Money Market Fund |
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Level 2
Other significant
observable inputs |
Level 3
Significant
unobservable inputs |
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Total Investments in Securities (a) |
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Please refer to the SOI for specifics of portfolio holdings. |
Tax Free Money Market Fund |
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Level 2
Other significant
observable inputs |
Level 3
Significant
unobservable inputs |
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Total Investments in Securities (a) |
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Please refer to the SOI for specifics of portfolio holdings. |
Municipal Money Market Fund |
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Level 2
Other significant
observable inputs |
Level 3
Significant
unobservable inputs |
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Total Investments in Securities (a) |
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Please refer to the SOI for specifics of portfolio holdings. |
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J.P. Morgan Money Market Funds |
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NOTES TO FINANCIAL STATEMENTS
AS OF August 31, 2024 (Unaudited) (continued)
(Dollar values in thousands)
California Municipal Money Market Fund |
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Level 2
Other significant
observable inputs |
Level 3
Significant
unobservable inputs |
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Total Investments in Securities (a) |
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Please refer to the SOI for specifics of portfolio holdings. |
New York Municipal Money Market Fund |
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Level 2
Other significant
observable inputs |
Level 3
Significant
unobservable inputs |
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Total Investments in Securities (a) |
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Please refer to the SOI for specifics of portfolio holdings. |
B. Restricted Securities— Certain securities held by the Funds may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the NAVs of the Funds.
As of August 31, 2024, the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A and/or Regulation S under the Securities Act.
C. Repurchase Agreements— Prime Money Market Fund, Institutional Tax Free Money Market Fund, Securities Lending Money Market Fund, Liquid Assets Money Market Fund, U.S. Government Money Market Fund, U.S. Treasury Plus Money Market Fund, Tax Free Money Market Fund, Municipal Money Market Fund and New York Municipal Money Market Fund may enter into repurchase agreement transactions that meet the credit guidelines of JPMIM. Repurchase agreements involve the purchase of securities subject to the seller’s agreement to repurchase the securities at a mutually agreed upon date and price. The Funds require that the collateral received in a repurchase agreement transaction be transferred to a custodian in a manner sufficient to enable the Funds to obtain collateral in the event of a counterparty default. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Funds may be delayed or limited. Repurchase agreement collateral may be held in segregated accounts maintained by JPMorgan Chase Bank, N.A. (“JPMCB”), a wholly-owned subsidiary of JPMorgan, or in segregated accounts maintained by an unaffiliated third-party custodian. Securities Lending Money Market Fund, U.S. Government Money Market Fund and U.S. Treasury Plus Money Market Fund or their affiliates may transfer uninvested cash into joint accounts, which are utilized by multiple accounts or funds managed by the Adviser or its affiliates, the daily aggregate balance of which is invested in one or more repurchase agreements. Under these joint accounts, the Funds maintain pro-rata credit exposure to the underlying repurchase agreements’ counterparties and collateral (collateral may also be held overnight in segregated custodial sub-accounts established in the name of each participating Fund).
The Funds' repurchase agreements are not subject to master netting arrangements.
D. When-Issued Securities, Delayed Delivery Securities and Forward Commitments— Institutional Tax Free Money Market Fund, Tax Free Money Market Fund, Municipal Money Market Fund, California Municipal Money Market Fund and New York Municipal Money Market Fund purchased when-issued securities, including To-Be-Announced (“TBA”) securities, and entered into contracts to purchase or sell securities for a fixed price that may be settled a month or more after the trade date, or purchased delayed delivery securities which generally settle seven days after the trade date. When-issued securities are securities that have been authorized, but not issued in the market. A forward commitment involves entering into a contract to purchase or sell securities for a fixed price at a future date that may be settled a month or more after the trade date. A delayed delivery security is agreed upon in advance between the buyer and the seller of the security and is generally delivered beyond seven days of the agreed upon date. The purchase of securities on a when-issued, delayed delivery or forward commitment basis involves the risk that the value of the security to be purchased declines before the settlement date. The sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. The Funds may be exposed to credit risk if the counterparty fails to perform under the terms of the transaction. Interest income for securities purchased on a when-issued, delayed delivery or forward commitment basis is not accrued until the settlement date.
Institutional Tax Free Money Market Fund, Tax Free Money Market Fund, Municipal Money Market Fund, California Municipal Money Market Fund and New York Municipal Money Market Fund had when-issued securities, delayed delivery securities or forward commitments outstanding as of August 31, 2024, which are shown as a Receivable for Investment securities sold — delayed delivery securities and/or a Payable for Investment securities purchased — delayed delivery securities, respectively, on the Statements of Assets and Liabilities. The values of these securities held at August 31, 2024 are detailed on the SOIs, if any.
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J.P. Morgan Money Market Funds |
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E. Security Transactions and Investment Income— Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis.
Interest income is determined on the basis of coupon interest accrued using the effective interest method, which adjusts for amortization of premiums and accretion of discounts.
F. Allocation of Income and Expenses— Expenses directly attributable to a Fund are charged directly to that Fund, while the expenses attributable to more than one fund of the Trusts are allocated among the applicable funds. Investment income, realized and unrealized gains and losses and expenses, other than class-specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.
Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each share class of the Funds for the six months ended August 31, 2024 are as follows:
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Institutional
Tax Free
Money
Market
Fund |
Securities
Lending
Money
Market
Fund |
Liquid
Assets
Money
Market
Fund |
U.S.
Government
Money
Market
Fund |
U.S.
Treasury
Plus
Money
Market
Fund |
Federal
Money
Market
Fund |
100%
U.S.
Treasury
Securities
Money
Market
Fund |
Tax
Free
Money
Market
Fund |
Municipal
Money
Market
Fund |
California
Municipal
Money
Market
Fund |
New York
Municipal
Money
Market
Fund |
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Amount rounds to less than one thousand. |
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J.P. Morgan Money Market Funds |
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NOTES TO FINANCIAL STATEMENTS
AS OF August 31, 2024 (Unaudited) (continued)
(Dollar values in thousands)
G. Federal Income Taxes— Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund's policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds' tax positions for all open tax years and has determined that as of August 31, 2024, no liability for Federal income tax is required in the Funds' financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each Fund's Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.
H. Distributions to Shareholders— Distributions from net investment income, if any, are generally declared daily and paid monthly and are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax basis treatment.
I. Recent Accounting Pronouncement — In July 2023, the SEC adopted changes to the rules that govern money market funds (the "Amendments"). Among other things, these Amendments: (1) remove the discretion of an institutional or retail money market fund to impose a “redemption gate” that temporarily restricts redemptions when the fund’s portfolio liquidity falls below the required minimum; (2) remove the discretion of an institutional or retail money market fund to impose a “liquidity fee” when the fund’s portfolio liquidity falls below the required minimum, while preserving the discretion to impose the fee when it is in the best interests of the fund to do so (without regard to the fund’s portfolio liquidity level); (3) require an institutional money market fund to impose a mandatory liquidity fee when the fund’s net redemptions exceed certain levels (unless the fee is de minimis); and (4) increase the required minimum levels of daily and weekly liquid assets for all money market funds. The Amendments became effective on October 2, 2023 with tiered compliance dates, the last being October 2, 2024. Management is currently evaluating the Amendments and its impacts to the financial statements.
3. Fees and Other Transactions with Affiliates
A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser manages the investments of each Fund and for such services is paid a fee. The investment advisory fee is accrued daily and paid monthly at an annual rate of 0.08% of each Fund’s respective average daily net assets.
The Adviser waived investment advisory fees and/or reimbursed expenses as outlined in Note 3.F.
B. Administration Fee— Pursuant to an Administration Agreement, the Administrator provides certain administration services to each Fund. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.07% of the first $150 billion of the average daily net assets of all money market funds in the J.P. Morgan Funds Complex covered by the Administration Agreement, plus 0.05% of the average daily net assets between $150 billion and $300 billion, plus 0.03% of the average daily net assets between $300 billion and $400 billion, plus 0.01% of the average daily net assets in excess of $400 billion. For the six months ended August 31, 2024, the effective annualized rate was 0.04% of each Fund's average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.
The Administrator waived administration fees as outlined in Note 3.F.
JPMCB serves as the Funds' sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.
C. Distribution Fees— Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (“JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, serves as each Fund's principal underwriter and promotes and arranges for the sale of each Fund's shares.
The Boards have adopted a Distribution Plan (the “Distribution Plan”) for Morgan, Reserve and Service Shares of the Funds, as applicable, pursuant to Rule 12b-1 under the 1940 Act. Academy, Agency, Agency SL, Capital, Empower, IM, Institutional Class, Investor and Premier Shares of the Funds do not participate in the Distribution Plan. The Distribution Plan provides that each Fund shall pay, with respect to the applicable share classes, distribution fees, including payments to JPMDS, at annual rates of the average daily net assets as shown in the table below:
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Liquid Assets Money Market Fund |
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U.S. Government Money Market Fund |
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U.S. Treasury Plus Money Market Fund |
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Federal Money Market Fund |
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100% U.S. Treasury Securities Money Market Fund |
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Tax Free Money Market Fund |
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Municipal Money Market Fund |
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J.P. Morgan Money Market Funds |
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California Municipal Money Market Fund |
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New York Municipal Money Market Fund |
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JPMDS waived distribution fees as outlined in Note 3.F.
In addition, JPMDS is entitled to receive the CDSC from redemptions of Morgan and Reserve Shares. For the six months ended August 31, 2024, JPMDS retained the following:
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U.S. Government Money Market Fund |
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100% U.S. Treasury Securities Money Market Fund |
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Amount rounds to less than one thousand. |
D. Service Fees— The Trusts, on behalf of the Funds, have entered into a Shareholder Servicing Agreement with JPMDS under which JPMDS provides certain support services to fund shareholders. For performing these services, JPMDS receives a fee with respect to all share classes, except Agency SL and IM Shares which do not charge a service fee, that is accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:
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Institutional Tax Free Money Market Fund |
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Securities Lending Money Market Fund |
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Liquid Assets Money Market Fund |
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U.S. Government Money Market Fund |
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U.S. Treasury Plus Money Market Fund |
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Federal Money Market Fund |
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100% U.S. Treasury Securities Money Market Fund |
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Tax Free Money Market Fund |
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Municipal Money Market Fund |
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California Municipal Money Market Fund |
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New York Municipal Money Market Fund |
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Institutional Tax Free Money Market Fund |
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Securities Lending Money Market Fund |
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|
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Liquid Assets Money Market Fund |
|
|
|
|
U.S. Government Money Market Fund |
|
|
|
|
U.S. Treasury Plus Money Market Fund |
|
|
|
|
Federal Money Market Fund |
|
|
|
|
100% U.S. Treasury Securities Money Market Fund |
|
|
|
|
Tax Free Money Market Fund |
|
|
|
|
Municipal Money Market Fund |
|
|
|
|
California Municipal Money Market Fund |
|
|
|
|
New York Municipal Money Market Fund |
|
|
|
|
| |
|
|
|
|
JPMDS has entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Funds. Pursuant to such contracts, JPMDS will pay all or a portion of such fees earned to financial intermediaries for performing such services.
JPMDS waived service fees as outlined in Note 3.F.
| |
J.P. Morgan Money Market Funds |
|
NOTES TO FINANCIAL STATEMENTS
AS OF August 31, 2024 (Unaudited) (continued)
(Dollar values in thousands)
E. Custodian and Accounting Fees— JPMCB provides portfolio custody and accounting services to the Funds. For performing these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees on the Statements of Operations.
Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statements of Operations.
Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statements of Operations.
F. Waivers and Reimbursements— The Adviser, Administrator and JPMDS have contractually agreed to waive fees and/or reimburse the Funds except IM Shares of Prime Money Market Fund, U.S. Government Money Market Fund, U.S. Treasury Plus Money Market Fund and 100% U.S. Treasury Securities Money Market Fund, to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections and extraordinary expenses) exceed the percentages of the Funds' respective average daily net assets as shown in the table below:
| |
|
|
|
|
|
| |
|
|
|
|
|
Institutional Tax Free Money Market Fund |
|
|
|
|
|
Securities Lending Money Market Fund |
|
|
|
|
|
Liquid Assets Money Market Fund |
|
|
|
|
|
U.S. Government Money Market Fund |
|
|
|
|
|
U.S. Treasury Plus Money Market Fund |
|
|
|
|
|
Federal Money Market Fund |
|
|
|
|
|
100% U.S. Treasury Securities Money Market Fund |
|
|
|
|
|
Tax Free Money Market Fund |
|
|
|
|
|
Municipal Money Market Fund |
|
|
|
|
|
California Municipal Money Market Fund |
|
|
|
|
|
New York Municipal Money Market Fund |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Institutional Tax Free Money Market Fund |
|
|
|
|
|
|
|
Securities Lending Money Market Fund |
|
|
|
|
|
|
|
Liquid Assets Money Market Fund |
|
|
|
|
|
|
|
U.S. Government Money Market Fund |
|
|
|
|
|
|
|
U.S. Treasury Plus Money Market Fund |
|
|
|
|
|
|
|
Federal Money Market Fund |
|
|
|
|
|
|
|
100% U.S. Treasury Securities Money Market Fund |
|
|
|
|
|
|
|
Tax Free Money Market Fund |
|
|
|
|
|
|
|
Municipal Money Market Fund |
|
|
|
|
|
|
|
California Municipal Money Market Fund |
|
|
|
|
|
|
|
New York Municipal Money Market Fund |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
The expense limitation agreements were in effect for the six months ended August 31, 2024 and the contractual expense limitation percentages in the table above are in place until at least June 30, 2025. In addition, the Funds’ service providers have voluntarily waived fees during the six months ended August 31, 2024. However, the Funds’ service providers are under no obligation to do so and may discontinue such voluntary waivers at any time.
| |
J.P. Morgan Money Market Funds |
|
For the six months ended August 31, 2024, the Funds' service providers waived fees and/or reimbursed expenses for each of the Funds as follows. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.
| |
|
|
| |
|
|
|
|
Contractual
Reimbursements |
| |
|
|
|
|
|
Institutional Tax Free Money Market Fund |
|
|
|
|
|
Securities Lending Money Market Fund |
|
|
|
|
|
Liquid Assets Money Market Fund |
|
|
|
|
|
U.S. Government Money Market Fund |
|
|
|
|
|
U.S. Treasury Plus Money Market Fund |
|
|
|
|
|
Federal Money Market Fund |
|
|
|
|
|
100% U.S. Treasury Securities Money Market Fund |
|
|
|
|
|
Tax Free Money Market Fund |
|
|
|
|
|
Municipal Money Market Fund |
|
|
|
|
|
California Municipal Money Market Fund |
|
|
|
|
|
New York Municipal Money Market Fund |
|
|
|
|
|
| |
| |
Amount rounds to less than one thousand. |
Additionally, the Funds may invest in one or more money market funds advised by the Adviser (affiliated money market funds). The Adviser, Administrator and/or JPMDS, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the applicable Fund’s investment in such affiliated money market fund, except for investments of securities lending cash collateral. None of these parties expect the Funds to repay any such waived fees and/ or reimbursed expenses in future years.
The amounts of these waivers resulting from investments in these money market funds for the six months ended August 31, 2024 were as follows:
| |
|
Liquid Assets Money Market Fund |
|
Federal Money Market Fund |
|
100% U.S. Treasury Securities Money Market Fund |
|
| |
| |
Amount rounds to less than one thousand. |
G. Other— Certain officers of the Trusts are affiliated with the Adviser, the Administrator and JPMDS. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Funds for serving in their respective roles.
The Boards designated and appointed a Chief Compliance Officer to the Funds pursuant to Rule 38a-1 under the 1940 Act. Each Fund, along with affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the Statements of Operations.
Certain Funds earn interest on certain uninvested cash balances held at the custodian, which is included in the Interest income from affiliates on the Statements of Operations.
The Trusts adopted a Trustee Deferred Compensation Plan (the “Plan”) which allows the independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.
During the six months ended August 31, 2024, California Municipal Money Market Fund purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.
The SEC has granted an exemptive order permitting the Funds to engage in principal transactions with J.P. Morgan Securities LLC, an affiliated broker, involving taxable money market instruments, subject to certain conditions.
The Funds are permitted to effect purchase and sale transactions with affiliated Funds under procedures adopted by the Boards. The procedures have been designed to seek to ensure that any such security transaction complies with certain conditions of Rule 17a-7 under the 1940 Act. Further,
| |
J.P. Morgan Money Market Funds |
|
NOTES TO FINANCIAL STATEMENTS
AS OF August 31, 2024 (Unaudited) (continued)
(Dollar values in thousands)
as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the six months ended August 31, 2024, the Funds below engaged in such transactions in the following amounts:
| |
|
|
|
Institutional Tax Free Money Market Fund |
|
|
|
Securities Lending Money Market Fund |
|
|
|
Tax Free Money Market Fund |
|
|
|
Municipal Money Market Fund |
|
|
|
California Municipal Money Market Fund |
|
|
|
New York Municipal Money Market Fund |
|
|
|
4. Class-Specific Expenses
The Funds' class specific gross expenses for the six months ended August 31, 2024 were as follows:
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Institutional Tax Free Money Market Fund |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Liquid Assets Money Market Fund |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
U.S. Government Money Market Fund |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
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| |
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|
| |
|
|
| |
|
|
| |
J.P. Morgan Money Market Funds |
|
| |
|
|
U.S. Treasury Plus Money Market Fund |
|
|
| |
|
|
| |
|
|
| |
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| |
|
|
| |
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|
|
| |
|
|
Federal Money Market Fund |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
100% U.S. Treasury Securities Money Market Fund |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Tax Free Money Market Fund |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Municipal Money Market Fund |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
California Municipal Money Market Fund |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
J.P. Morgan Money Market Funds |
|
NOTES TO FINANCIAL STATEMENTS
AS OF August 31, 2024 (Unaudited) (continued)
(Dollar values in thousands)
| |
|
|
New York Municipal Money Market Fund |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
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|
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|
5. Federal Income Tax Matters
For Federal income tax purposes, the estimated tax cost and unrealized appreciation (depreciation) in value of investments held at August 31, 2024 equals their book cost and unrealized appreciation (depreciation) in value of investments.
| |
|
Gross
Unrealized
Appreciation |
Gross
Unrealized
Depreciation |
Net Unrealized
Appreciation
(Depreciation) |
| |
|
|
|
|
Securities Lending Money Market Fund |
|
|
|
|
Estimated tax cost and unrealized appreciation (depreciation) in value of investments for the Funds equals their book cost and unrealized appreciation (depreciation) in value of investments.
At February 29, 2024, the following Funds had net capital loss carryforwards, which are available to offset future realized gains:
| |
Capital Loss Carryforward Character |
| |
|
|
| |
|
|
Securities Lending Money Market Fund |
|
|
Liquid Assets Money Market Fund |
|
|
U.S. Government Money Market Fund |
|
|
U.S. Treasury Plus Money Market Fund |
|
|
100% U.S. Treasury Securities Money Market Fund |
|
|
Net capital losses (gains) incurred after October 31, and within the taxable year are deemed to arise on the first business day of the Funds' next taxable year. For the year ended February 29, 2024, the Funds deferred to March 1, 2024 the following net capital losses (gains) of:
| |
Net Capital Losses (Gains) |
| |
|
| |
|
Liquid Assets Money Market Fund |
|
| |
J.P. Morgan Money Market Funds |
|
During the year ended February 29, 2024, the following Funds utilized capital loss carryforwards as follows:
| |
|
| |
|
|
Liquid Assets Money Market Fund |
|
|
U.S. Government Money Market Fund |
|
|
U.S. Treasury Plus Money Market Fund |
|
|
Federal Money Market Fund |
|
|
100% U.S. Treasury Securities Money Market Fund |
|
|
| |
| |
Amount rounds to less than one thousand. |
The Funds rely upon an exemptive order granted by the SEC (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The Facility allows the Funds to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund's borrowing restrictions. The interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPM II and may be relied upon by the Funds because the Funds and the series of JPM II are all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).
As of August 31, 2024, the Funds had no borrowings outstanding from another fund or loans outstanding to another fund. Average loans made to another fund under the Facility for the six months ended August 31, 2024, were as follows:
| |
|
Number of
Days
Outstanding |
|
Liquid Assets Money Market Fund |
|
|
|
Interest earned as a result of lending money to another fund for the six months ended August 31, 2024, if any, is included in Income from interfund lending (net) on the Statements of Operations.
The Trusts and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund's borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until October 29, 2024.
The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended August 31, 2024.
7. Risks, Concentrations and Indemnifications
In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund's maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against each Fund. However, based on experience, the Funds expect the risk of loss to be remote.
| |
J.P. Morgan Money Market Funds |
|
NOTES TO FINANCIAL STATEMENTS
AS OF August 31, 2024 (Unaudited) (continued)
(Dollar values in thousands)
As of August 31, 2024, the following Funds had individual shareholder and/or omnibus accounts each owning more than 10% of the respective Fund's outstanding shares as follows:
| |
Number of
Individual Shareholder
and/or Affiliated
Omnibus Accounts |
|
Number of
Individual Shareholder
and/or Non-Affiliated
Omnibus Accounts |
|
| |
|
|
|
|
Institutional Tax Free Money Market Fund |
|
|
|
|
Securities Lending Money Market Fund |
|
|
|
|
Liquid Assets Money Market Fund |
|
|
|
|
U.S. Government Money Market Fund |
|
|
|
|
U.S. Treasury Plus Money Market Fund |
|
|
|
|
Federal Money Market Fund |
|
|
|
|
100% U.S. Treasury Securities Money Market Fund |
|
|
|
|
Tax Free Money Market Fund |
|
|
|
|
Municipal Money Market Fund |
|
|
|
|
California Municipal Money Market Fund |
|
|
|
|
New York Municipal Money Market Fund |
|
|
|
|
Significant shareholder transactions by these shareholders may impact the Funds' performance and liquidity.
The Funds are subject to interest rate risk. Investments in bonds and other debt securities will change in value based on changes in interest rates. If rates increase, the value of these investments generally declines. Securities with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in value. The Funds may face a heightened level of interest rate risk due to certain changes in monetary policy. It is difficult to predict the pace at which central banks or monetary authorities may change interest rates or the timing, frequency, or magnitude of such changes. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for Fund investments.
The Funds are subject to credit risk. The Funds' investments are subject to the risk that an issuer and/or a counterparty will fail to make payments when due or default completely. Prices of the Funds' investments may be adversely affected if any of the issuers or counterparties it is invested in are subject to an actual or perceived deterioration in their credit quality. Credit spreads may increase, which may reduce the market values of the Funds' securities. Credit spread risk is the risk that economic and market conditions or any actual or perceived credit deterioration may lead to an increase in the credit spreads (i.e., the difference in yield between two securities of similar maturity but different credit quality) and a decline in price of the issuer’s securities.
Institutional Tax Free Money Market Fund, Tax Free Money Market Fund, Municipal Money Market Fund, California Municipal Money Market Fund and New York Municipal Money Market Fund invest primarily in a portfolio of debt obligations issued by states, territories and possessions of the United States and by the District of Columbia, and by their political subdivisions and duly constituted authorities. California Municipal Money Market Fund and New York Municipal Money Market Fund primarily invest in issuers in the states of California and New York, respectively. An issuer’s ability to meet its payment obligations may be affected by economic or political developments in a specific state or region. These debt obligations may be insured by private insurers who guarantee the payment of principal and interest in the event of issuer default. The value of these investments may be impacted by changes to bond insurers’ ratings and the Funds’ ability to collect principal and interest, in the event of an issuer’s default, may be limited if the private insurer does not have the wherewithal to satisfy its obligation.
The profitability of banks depends largely on the availability and cost of funds, which can change depending upon economic conditions. Banks are also exposed to losses if borrowers cannot repay their loans.
The Funds are subject to infectious disease epidemics/pandemics risk. The effects of any future pandemic or other global event to public health and business and market conditions, may have a significant negative impact on the performance of a Fund's investments, increase a Fund's volatility, exacerbate pre-existing political, social and economic risks to the Funds, and negatively impact broad segments of businesses and populations. In addition, governments, their regulatory agencies, or self-regulatory organizations have taken or may take actions in response to a pandemic or other global event that affect the instruments in which the Funds invest, or the issuers of such instruments, in ways that could have a significant negative impact on a Fund’s investment performance. The ultimate impact of any pandemic or other global event and the extent to which the associated conditions and governmental responses impact a Fund will also depend on future developments, which are highly uncertain, difficult to accurately predict and subject to frequent changes.
The Funds may have elements of risk not typically associated with investments in the United States of America due to concentrated investments in a limited number of foreign countries or regions, which may vary throughout the period. Such concentrations may subject each of these Funds to additional risks resulting from political or economic conditions in such countries or regions and the possible imposition of adverse governmental
| |
J.P. Morgan Money Market Funds |
|
laws or currency exchange restrictions could cause the securities and their markets to be less liquid and their prices to be more volatile than those of comparable U.S. securities.
As of August 31, 2024, the following Funds had non-U.S. country allocations representing greater than 10% of total investments (excluding investment of cash collateral from securities loaned) as follows:
| |
|
Securities
Lending
Money
Market
Fund |
Liquid
Assets
Money
Market
Fund |
| |
|
|
|
| |
|
|
|
| |
J.P. Morgan Money Market Funds |
|
THIS PAGE IS INTENTIONALLY LEFT BLANK
J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the Funds.
Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.
Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure, by visiting www.sipc.org or by calling SIPC at 202-371-8300.
Each Fund files a complete schedule of its portfolio holdings with the SEC each month on Form N-MFP. The Funds’ Form N-MFP reports are available on the SEC’s website at http://www.sec.gov. Each Fund’s monthly holdings can be found by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.
A description of each Fund's policies and procedures with respect to the disclosure of each Fund's holdings is available in the prospectuses and Statement of Additional Information.
A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 (retail investors) or 1-800-766-7722 (institutional investors) and on the Funds’ website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser. A copy of the Funds’ voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Funds’ website at www.jpmorganfunds.com no later than August 31 of each year. The Funds’ proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.
J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.
© JPMorgan Chase & Co., 2024. All rights reserved. August 2024.
SAN-MMKT-824
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Proxy Disclosures for Open-End Management Investment Companies
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Included in the Statements of Operations within the Funds' Financial Statements.
Statement Regarding Basis for Approval of Investment Advisory Agreements
The Board of Trustees (the “Board” or the “Trustees”) has established various standing committees composed of Trustees with diverse backgrounds, to which the Board has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board and its investment committees (Money Market and Alternative Products Committee, Equity Committee, and Fixed Income Committee) met regularly throughout the year and, at each meeting, considered factors that are relevant to their annual consideration of the continuation of the investment advisory agreements. The Board also met for the specific purpose of considering investment advisory agreement annual renewals. The Board held meetings June 25-26, 2024 and August 20-22, 2024, at which the Trustees considered the continuation of the investment advisory agreements for each Fund whose semi-annual report is contained herein (each an “Advisory Agreement” and collectively, the “Advisory Agreements”). At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered each investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not parties to an Advisory Agreement or “interested persons” (as defined in the Investment Company Act of 1940) (the “1940 Act”) of any party to an Advisory Agreement or any of their affiliates, approved the continuation of each Advisory Agreement on August 22, 2024.
As part of their review of the Advisory Agreements, the Trustees considered and reviewed performance and other information about the Funds received from J.P. Morgan Investment Management Inc. (the “Adviser”). This information included the Funds’ performance as compared to the performance of their peers and analyses by the Adviser of the Funds’ performance. In addition, at each of their regular meetings throughout the year, the Trustees considered reports on the performance of certain J.P. Morgan Funds provided by an independent investment consulting firm (the “independent consultant”). In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Broadridge, using data from Lipper Inc. and/or Morningstar, Inc., independent providers of investment company data (together, “Broadridge”). The Trustees’ independent consultant also provided additional quantitative and statistical analyses of certain Funds, including risk and performance return assessments as compared to the Funds’ objectives, benchmarks, and peers. Before voting on the Advisory Agreements, the Trustees reviewed the Advisory Agreements with representatives of the Adviser, counsel to the
Funds and independent legal counsel to the Trustees, and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the Advisory Agreements. The Trustees also discussed the Advisory Agreements with independent legal counsel in executive sessions at which no representatives of the Adviser were present.
A summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement is provided below. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. The Trustees considered information provided with respect to the Funds throughout the year, as well as materials furnished specifically in connection with the annual review process. The Trustees also considered information provided with respect to the amount of time and resources the Adviser dedicated to ensuring the Funds comply with amendments to Rule 2a-7 under the 1940 Act as approved by the Securities and Exchange Commission. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions.
After considering and weighing the factors and information they had received, the Trustees found that the compensation to be received by the Adviser from each Fund under the applicable Advisory Agreement was fair and reasonable under the circumstances and determined that the continuance of each Advisory Agreement was in the best interests of each Fund and its shareholders.
Nature, Extent and Quality of Services Provided by the Adviser
The Trustees received and considered information regarding the nature, extent and quality of services provided to each Fund under the applicable Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. Among other things, the Trustees considered:
•
The background and experience of the Adviser’s senior management and investment personnel, including personnel changes, if any;
•
The qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of each Fund, including personnel changes, if any;
•
The investment strategy for each Fund, and the infrastructure supporting the portfolio management teams;
•
Information about the structure and distribution strategy for
each Fund and how it fits within the Adviser’s other fund offerings within the J.P. Morgan Funds complex;
•
The administration services provided by the Adviser in its role as Administrator;
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Their knowledge of the nature and quality of the services provided by the Adviser and its affiliates gained from their experience as Trustees of the Funds and in the financial industry generally;
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The overall reputation and capabilities of the Adviser and its affiliates;
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The commitment of the Adviser to provide high quality service to the Funds;
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Their overall confidence in the Adviser’s integrity; andThe Adviser’s responsiveness to requests for additional information, questions or concerns raised by them, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to each Fund.
Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of the services provided to the Funds by the Adviser.
Costs of Services Provided and Profitability to the Adviser and its Affiliates
The Trustees received and considered information regarding the profitability to the Adviser and its affiliates from providing services to each Fund. The Trustees reviewed and discussed this information. The Trustees recognized that this information is not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to the Funds, less expenses of providing such services. Expenses include direct and indirect costs and are calculated using an allocation methodology developed by the Adviser and reviewed with the Board. The Trustees also recognized that it is difficult to make comparisons of profitability from fund investment advisory contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-traded fund managers’ operating profits and net income are net of distribution and marketing expenses. Based upon their review, and taking into consideration the factors noted above, the Trustees concluded that the profitability to the Adviser under each Advisory Agreement was not unreasonable in light of the services and benefits provided to each Fund.
The Trustees also considered that JPMorgan Distribution Services, Inc. (“JPMDS”), an affiliate of the Adviser, and the Adviser earn fees from the Funds for providing shareholder and
administration services, respectively. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, which also acts as the Funds’ distributor, and that these fees are in turn generally paid to financial intermediaries that sell the Funds, including financial intermediaries that are affiliates of the Adviser (although they are retained by JPMDS in certain instances). The Trustees also considered the fees earned by JPMorgan Chase Bank, N.A. (“JPMCB”), an affiliate of the Adviser, for custody, fund accounting and other related services for each Fund, and the profitability of the arrangements to JPMCB.
The Trustees reviewed information regarding potential “fall-out” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Funds. The Trustees considered that the J.P. Morgan Funds' operating accounts are held at JPMCB, which, as a result, will receive float benefits for certain J.P. Morgan Funds, as applicable. The Trustees also noted that the Adviser supports a diverse set of products and services, which benefits the Adviser by allowing it to leverage its infrastructure to serve additional clients. The Trustees also reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser, as well as the Adviser’s use of affiliates to provide other services and the benefits to such affiliates of doing so. The Trustees also considered the benefit to the Adviser and its affiliates from allocating client assets to the Funds.
The Trustees considered the extent to which the Funds may benefit from potential economies of scale. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Funds and those realized by the Adviser as assets increase. The Trustees considered the extent to which the Funds were priced to scale and whether it would be appropriate to add advisory fee breakpoints or revise the breakpoints on the administration fee schedule. The Trustees noted certain Funds with contractual expense limitations and fee waivers (“Fee Caps”), which allow a Fund’s shareholders to share potential economies of scale from a Fund’s inception, prior to reaching scale. The Trustees also noted that certain other Funds that had achieved scale as asset levels had increased, no longer had Fee Caps in place for some or all of their share classes, but shared economies of scale through lower average expenses. The Trustees further noted that the Adviser and JPMDS had previously implemented additional voluntary waivers in connection with a low interest rate environment. In addition, the Trustees noted that, for each of the U.S. Government Money Market Fund and 100% U.S. Treasury Securities Money Market Fund, the Adviser made a commitment to waive 0.01% of its fee on assets in excess of
$250 billion and $200 billion, respectively, for two years effective November 1, 2024. The Trustees informed management that they would continue to analyze potential economies of scale as the Funds increase in assets. The Trustees noted that the fees remain fair and reasonable relative to peer funds. The Trustees considered the benefits to the Funds of the use of an affiliated distributor and custodian, including the ability to rely on existing infrastructure supporting distribution, custodial and transfer agent services and the ability to negotiate competitive fees for the Funds. The Trustees further considered the Adviser’s and JPMDS’s ongoing investments in their business in support of the Funds, including the Adviser’s and/or JPMDS’s investments in trading systems, technology (including improvements to the J.P. Morgan Funds’ website, and cybersecurity improvements), retention of key talent, and regulatory support enhancements. The Trustees also noted that the Adviser expects to make significant near-term investments to support the Funds in response to regulatory initiatives and industry developments that specifically impact the Funds’ operations. The Trustees concluded that the current fee structure for each Fund, including any Fee Caps the Adviser has in place that serve to limit the overall net expense ratios of a Fund at competitive levels, was reasonable. The Trustees concluded that, for Funds with Fee Caps in place for some or all of their share classes, the relevant Funds’ shareholders received the benefits of potential economies of scale through the Fee Caps and, for Funds that achieved scale and no longer had Fee Caps in place for some or all of their share classes, the relevant Funds’ shareholders benefited from lower average expenses resulting from increased assets. The Trustees also concluded that all Funds benefited from the Adviser’s reinvestment in its operations to serve the Funds and their shareholders. The Trustees noted that the Adviser’s reinvestment ensures sufficient resources in terms of personnel and infrastructure to support the Funds.
Independent Written Evaluation of the Funds’ Senior Officer
The Trustees noted that, upon their direction, the Senior Officer for the Prime Money Market Fund, Liquid Assets Money Market Fund, U.S. Government Money Market Fund, U.S. Treasury Plus Money Market Fund, 100% U.S. Treasury Securities Money Market Fund and Municipal Money Market Fund, had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. In determining whether to continue the Advisory Agreements, the Trustees considered the Senior Officer’s report.
Fees Relative to Adviser’s Other Clients
The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser, including to the extent applicable, institutional separate accounts, collective investment trusts, other registered investment companies and/or
private funds sub-advised by the Adviser, for investment management styles substantially similar to that of each Fund. The Trustees considered the complexity of investment management for registered investment companies relative to the Adviser’s other clients and noted differences, as applicable, in the fee structure and the regulatory, legal and other risks and responsibilities of providing services to the different clients. The Trustees considered that serving as an adviser to a registered investment company involves greater responsibilities and risks than acting as a sub-adviser and observed that sub-advisory fees may be lower than those charged by the Adviser to each Fund. The Trustees also noted that the adviser, not the applicable registered investment company, typically bears the sub-advisory fee and that many responsibilities related to the advisory function are typically retained by the primary adviser. The Trustees concluded that the fee rates charged to each Fund in comparison to those charged to the Adviser’s other clients were reasonable.
The Trustees receive and consider information about each Fund’s performance throughout the year. In addition, the Trustees received and considered absolute and/or relative performance information for the Funds in a report prepared by Broadridge. The Trustees considered the total return performance information, which included the ranking of the Funds within a performance universe comprised of funds’ selected share classes with the same Broadridge investment classification and objective (the “Universe”) by total return for applicable one-, three- and five-year periods. The Trustees reviewed a description of Broadridge’s methodology for selecting mutual funds in each Fund’s Universe and noted that Universe quintile rankings were not calculated if the number of funds in the Universe did not meet a predetermined minimum. The Trustees also considered enhancements to the methodology employed by Broadridge for identifying funds in the Peer Groups for the Funds’ Premier share class, based upon discussions with the Adviser, Broadridge and certain Trustees in advance of, and preparation for, the June meeting. The Broadridge materials provided to the Trustees highlighted information with respect to certain representative share classes to assist the Trustees in their review. As part of this review, the Trustees also considered the performance information provided for the Funds at regular Board meetings by the Adviser. The Trustees also engaged with the Adviser to consider what steps might be taken to improve performance, as applicable. The Broadridge performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund’s performance for certain representative share classes are summarized below:
The Trustees noted that the Prime Money Market Fund’s performance for the Institutional shares was in the first quintile of the Universe for each of the one-, three- and five-year
periods ended December 31, 2023. The Trustees noted that the performance for the Premier shares was in the fourth quintile of the Universe for each of the one-, three- and five-year periods ended December 31, 2023. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances. The Trustees requested, however, that the Adviser provide additional Fund performance information to be reviewed with members of the Money Market and Alternative Products Committee at each of their regular meetings over the course of the next year.
The Trustees noted that the Institutional Tax Free Money Market Fund’s performance for the Institutional shares was in the second, second and third quintiles of the Universe for the one-, three and five-year periods ended December 31, 2023, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser, including the adoption of a non-fundamental policy to ordinarily invest, under normal circumstances, 100% of its total assets in weekly liquid assets (as defined under Rule 2a-7), and, based upon this discussion and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.
The Trustees noted that the Securities Lending Money Market Fund’s performance for the Agency SL shares was in the first quintile of the Universe for each of the one-, three and five-year periods ended December 31, 2023. The Trustees discussed the performance and investment strategy of the Fund with the Adviser, including the conversion of the Fund to qualify as a “government money market fund” as defined in Rule 2a-7 under the 1940 Act, effective September 3, 2024, and, based upon this discussion and various other factors, the Trustees concluded that the performance was satisfactory.
The Trustees noted that the Liquid Assets Money Market Fund’s performance for the Institutional shares was in the first quintile of the Universe for each of the one-, three- and five-year periods ended December 31, 2023. The Trustees noted that the performance for the Premier shares was in the third quintile of the Universe for each of the one-, three- and five-year periods ended December 31, 2023. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.
The Trustees noted that the U.S. Government Money Market Fund’s performance for the Institutional shares was in the second quintile of the Universe for each of the one-, three- and five-year periods ended December 31, 2023. The Trustees noted that the performance for the Premier shares was in the fourth quintile of the Universe for each of the one-, three- and five-year periods ended December 31, 2023. The Trustees
discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances. The Trustees requested, however, that the Adviser provide additional Fund performance information to be reviewed with members of the Money Market and Alternative Products Committee at each of their regular meetings over the course of the next year.
The Trustees noted that the U.S. Treasury Plus Money Market Fund’s performance for the Institutional shares was in the second quintile of the Universe for each of the one-, three- and five-year periods ended December 31, 2023. The Trustees noted that the performance for the Premier shares was in the third quintile of the Universe for each of the one-, three- and five-year periods ended December 31, 2023. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, the Trustees concluded that the Fund’s performance was satisfactory. The Trustees requested, however, that the Adviser provide additional Fund performance information to be reviewed with members of the Money Market and Alternative Products Committee at each of their regular meetings over the course of the next year.
The Trustees noted that the Federal Money Market Fund’s performance for the Institutional shares was in the second quintile of the Universe for each of the one-, three- and five-year periods ended December 31, 2023. The Trustees noted that the performance for the Premier shares was in the fourth quintile of the Universe for each of the one-, three-, and five-year periods ended December 31, 2023. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances. The Trustees requested, however, that the Adviser provide additional Fund performance information to be reviewed with members of the Money Market and Alternative Products Committee at each of their regular meetings over the course of the next year.
The Trustees noted that the 100% U.S. Treasury Securities Money Market Fund’s performance for the Institutional shares was in the third, third and second quintiles of the Universe for the one-, three- and five-year periods ended December 31, 2023, respectively. The Trustees noted that the performance for the Premier shares was in the fourth quintile of the Universe for each of the one-, three- and five-year periods ended December 31, 2023. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances. The Trustees requested, however,
that the Adviser provide additional Fund performance information to be reviewed with members of the Money Market and Alternative Products Committee at each of their regular meetings over the course of the next year.
The Trustees noted that the Tax Free Money Market Fund’s performance for the Institutional shares was in the second, first and first quintiles of the Universe for the one-, three- and five-year periods ended December 31, 2023, respectively. The Trustees noted that the performance for the Premier shares was in the fourth quintile of the Universe for each of the one-, three- and five-year periods ended December 31, 2023. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances.
The Trustees noted that the Municipal Money Market Fund’s performance for the Institutional shares was in the first quintile of the Universe for each of the one-, three- and five-year periods ended December 31, 2023. The Trustees noted that the performance for the Premier shares was in the fourth quintile of the Universe for each of the one-, three- and five-year periods ended December 31, 2023. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances.
The Trustees noted that the California Municipal Money Market Fund’s performance for the Institutional shares was in the fourth quintile of the Universe for both the one- and three-year periods ended December 31, 2023. The Trustees noted that the performance for the Premier shares was in the fifth, fifth and fourth quintiles of the Universe for the one-, three- and five- year periods ended December 31, 2023, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances.
The Trustees noted that the New York Municipal Money Market Fund’s performance for the Institutional shares was in the second and first quintiles of the Universe for the one- and three-year periods ended December 31, 2023, respectively. The Trustees noted that the performance for the Premier shares was in the fourth quintile of the Universe for each of the one-, three- and five-year periods ended December 31, 2023. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances.
Advisory Fees and Expense Ratios
The Trustees considered the contractual advisory fee rate and administration fee rate paid by each Fund to the Adviser and compared the combined rate to the information prepared by Broadridge concerning management fee rates paid by other funds’ selected share classes in the Universe, as well as a subset of funds within the Universe (the “Peer Group”). The Trustees recognized that Broadridge reported each Fund’s management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for each Fund and noted that Universe and Peer Group quintile rankings were not calculated if the number of funds in the Universe and/or Peer Group did not meet a predetermined minimum. For each Fund that had a Fee Cap in place, the Trustees considered the net advisory fee rate and net expense ratio for each share class, as applicable, taking into account any waivers and/or reimbursements. The Trustees also considered any proposed changes to a Fee Cap, and, where deemed appropriate by the Trustees, additional waivers and/or reimbursements. The Trustees recognized that it can be difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determinations as a result of the review of each Fund’s advisory fees and expense ratios for certain representative share classes are summarized below:
The Trustees noted that the Prime Money Market Fund’s net advisory fee for the Institutional shares was in the second and third quintiles of the Peer Group and Universe, respectively, and that the actual total expenses for the Institutional shares were in the fourth and second quintiles of the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for the Premier shares was in the second and third quintiles of the Peer Group and Universe, respectively, and that the actual total expenses for the Premier shares were in the fourth quintile of both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was fair and reasonable in light of the services provided to the Fund.
The Trustees noted that the Institutional Tax Free Money Market Fund’s net advisory fee and actual total expenses for the Institutional shares were in the fourth and third quintiles, respectively, of the Universe. Broadridge did not calculate quintile rankings of the Peer Group due to the limited number of funds in the Peer Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was fair and reasonable in light of the services provided to the Fund.
The Trustees noted that the Securities Lending Money Market Fund’s net advisory fee and actual total expenses for the Agency SL shares were in the first quintile of both the Peer Group and Universe. After considering the factors identified
above, in light of this information, the Trustees concluded that the advisory fee was fair and reasonable in light of the services provided to the Fund and the services that will be provided to the Fund following its conversion to a government money market fund.
The Trustees noted that the Liquid Assets Money Market Fund’s net advisory fee for the Institutional shares was in the third and first quintiles of the Peer Group and Universe, respectively, and that the actual total expenses for the Institutional shares were in the fifth and second quintiles of the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for the Premier shares was in the first quintile of both the Peer Group and Universe, and that the actual total expenses for the Premier shares were in the third quintile of both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was fair and reasonable in light of the services provided to the Fund.
The Trustees noted that the U.S. Government Money Market Fund’s net advisory fee for the Institutional shares was in the first and second quintiles of the Peer Group and Universe, respectively, and that the actual total expenses for the Institutional shares were in the fourth and second quintiles of the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for the Premier shares was in the first and second quintiles of the Peer Group and Universe, respectively, and that the actual total expenses for the Premier shares were in the fifth and fourth quintiles of the Peer Group and Universe, respectively. After considering the factors identified above, including, as noted above, the Adviser’s commitment to waive 0.01% of its fee on assets in excess of $250 billion for two years effective November 1, 2024, in light of this information, the Trustees concluded that the advisory fee was fair and reasonable in light of the services provided to the Fund.
The Trustees noted that the U.S. Treasury Plus Money Market Fund’s net advisory fee for the Institutional shares was in the second quintile of both the Peer Group and Universe, and that the actual total expenses for the Institutional shares were in the fourth and second quintiles of the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for the Premier shares was in the second and first quintiles of the Peer Group and Universe, respectively, and that the actual total expenses for the Premier shares were in the fourth and third quintiles of the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was fair and reasonable in light of the services provided to the Fund.
The Trustees noted that the Federal Money Market Fund’s net advisory fee for the Institutional shares was in the second quintile of both the Peer Group and Universe, and that the
actual total expenses for the Institutional shares were in the fifth and third quintiles of the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for the Premier shares was in the second quintile of both the Peer Group and Universe, and that the actual total expenses for the Premier shares were in the fourth quintile of both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was fair and reasonable in light of the services provided to the Fund.
The Trustees noted that the 100% U.S. Treasury Securities Money Market Fund’s net advisory fee for the Institutional shares was in the second quintile of both the Peer Group and Universe, and that the actual total expenses for the Institutional shares were in the fourth and second quintiles of the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for the Premier shares was in the second quintile of both the Peer Group and Universe, and that the actual total expenses for the Premier shares were in the fifth and fourth quintiles of the Peer Group and Universe, respectively. After considering the factors identified above, including, as noted above, the Adviser’s commitment to waive 0.01% of its fee on assets in excess of $200 billion for two years effective November 1, 2024, in light of this information, the Trustees concluded that the advisory fee was fair and reasonable in light of the services provided to the Fund.
The Trustees noted that the Tax Free Money Market Fund’s net advisory fee for the Institutional shares was in the second quintile of both the Peer Group and Universe, and that the actual total expenses for the Institutional shares were in the third and second quintiles of the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for the Premier shares was in the second quintile of both the Peer Group and Universe, and that the actual total expenses for the Premier shares were in the fourth quintile of both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was fair and reasonable in light of the services provided to the Fund.
The Trustees noted that the Municipal Money Market Fund’s net advisory fee for the Institutional shares was in the second and first quintiles of the Peer Group and Universe, respectively, and that the actual total expenses for the Institutional shares were in the third and second quintiles of the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for the Premier shares was in the second and first quintiles of the Peer Group and Universe, respectively, and that the actual total expenses for the Premier shares were in the fifth
and fourth quintiles of the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was fair and reasonable in light of the services provided to the Fund.
The Trustees noted that the California Municipal Money Market Fund’s net advisory fee and actual total expenses for the Institutional shares were in the first and third quintiles of the Universe, respectively. The Trusteed noted that the net advisory fee and actual total expenses for the Premier shares were in the first and fifth quintiles of the Universe, respectively. Broadridge did not calculate quintile rankings of the Peer Groups due to the limited number of funds in the Peer Groups. After considering the factors identified above, the Trustees
concluded that the advisory fee was fair and reasonable in light of the services provided to the Fund.
The Trustees noted that the New York Municipal Money Market Fund’s net advisory fee and actual total expenses for the Institutional shares were in the third quintile of the Universe. The Trusteed noted that the net advisory fee and actual total expenses for the Premier shares were in the third and fifth quintiles of the Universe, respectively. Broadridge did not calculate quintile rankings of the Peer Groups due to the limited number of funds in the Peer Groups. After considering the factors identified above, the Trustees concluded that the advisory was fair and reasonable in light of the services provided to the Fund.
Semi-Annual Report
J.P. Morgan Municipal Bond Funds
August 31, 2024 (Unaudited)
JPMorgan California Tax Free Bond Fund |
JPMorgan National Municipal Income Fund |
JPMorgan New York Tax Free Bond Fund |
JPMorgan Short-Intermediate Municipal Bond Fund |
JPMorgan Tax Free Bond Fund |
JPMorgan Ultra-Short Municipal Fund |
CONTENTS
Investments in a Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when a Fund’s share price is lower than when you invested.
Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of a Fund or the securities markets.
Prospective investors should refer to the Funds’ prospectuses for a discussion of the Funds’ investment objectives, strategies and risks. Call J.P. Morgan Funds Service Center at 1-800-480-4111 for a prospectus containing more complete information about a Fund, including management fees and other expenses. Please read it carefully before investing.
JPMorgan California Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2024 (Unaudited)
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Municipal Bonds—89.6% (a) |
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Energy Southeast A Cooperative District, Series 2024B, Rev., 5.25%, 6/1/2032 (b) |
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Southeast Alabama Gas Supply District (The), Project No. 2, Series 2024 B, Rev., 5.00%, 5/1/2032 (b) |
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Certificate of Participation/Lease—0.4% |
County of San Diego, County Public Health and Capital Improvement |
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Series 2023, COP, 5.00%, 10/1/2036 |
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Series 2023, COP, 5.00%, 10/1/2037 |
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California Educational Facilities Authority, Stanford University |
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Series T-1, Rev., 5.00%, 3/15/2039 |
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Series U-4, Rev., 5.00%, 6/1/2043 |
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Series U-6, Rev., 5.00%, 5/1/2045 |
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California Enterprise Development Authority, Riverside County, Rocketship Public Schools-Obligated Group No. 2, Series 2022A, Rev., 4.00%, 6/1/2031 (c) |
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California School Finance Authority, Green Dot Public Schools Project, Series 2022A, Rev., 5.00%, 8/1/2032 (c) |
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California State University, Systemwide |
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Series 2023A, Rev., 5.00%, 11/1/2044 |
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Series 2024 A, Rev., 5.50%, 11/1/2045 |
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Palmdale Elementary School District |
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Series 2023, 5.00%, 8/1/2041 |
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Series 2023, 4.00%, 8/1/2043 |
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Series 2023, 5.00%, 8/1/2044 |
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Series 2020BE, Rev., 5.00%, 5/15/2034 |
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Series 2016AR, Rev., 5.00%, 5/15/2035 |
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Series 2023BN, Rev., 5.00%, 5/15/2042 |
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Clovis Unified School District, Election of 2020, Series C, GO, 5.00%, 8/1/2041 |
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Coast Community College District, Election of 2002, Series 2006B, GO, AGM, Zero Coupon, 8/1/2030 |
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General Obligation — continued |
East Side Union High School District, Series B, GO, NATL - RE, 5.25%, 2/1/2026 |
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Encinitas Union School District, Election 2010 |
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Series 2015, GO, Zero Coupon, 8/1/2025 |
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Series 2015, GO, Zero Coupon, 8/1/2025 |
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Escondido Union High School District, Capital Appreciation, Election of 2008 |
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Series A, GO, AGC, Zero Coupon, 8/1/2025 |
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Series A, GO, AGC, Zero Coupon, 8/1/2029 |
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Los Alamitos Unified School District, School Facilities Improvement District, Election of 2018, Series C, GO, 4.00%, 8/1/2045 |
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Los Angeles Community College District, Election of 2008 |
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Series M, GO, 5.00%, 8/1/2037 |
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Series M, GO, 5.00%, 8/1/2038 |
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Los Angeles Unified School District, Series 2024A, GO, 5.00%, 7/1/2034 |
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Los Angeles Unified School District, Dedicated Unlimited Ad Valorem Property Tax, Series 2023 QRR, GO, 5.25%, 7/1/2040 |
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Menlo Park City School District, Capital Appreciation |
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GO, Zero Coupon, 7/1/2031 |
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GO, Zero Coupon, 7/1/2032 |
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Murrieta Valley Unified School District, GO, AGM, Zero Coupon, 9/1/2024 |
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Napa Valley Unified School District, Election of 2006, Series 2010A, GO, Zero Coupon, 8/1/2027 |
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Palo Alto Unified School District, Election of 2008 |
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Series 2008-2, GO, Zero Coupon, 8/1/2025 |
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Series 2008-2, GO, Zero Coupon, 8/1/2026 |
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San Diego Unified School District, Series 2023 A-3, GO, 4.00%, 7/1/2053 |
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San Diego Unified School District, Election of 1998, Series G-1, GO, AGM, 5.25%, 7/1/2028 (d) |
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San Diego Unified School District, Election of 1998, Series G-1, GO, AGM, 5.25%, 7/1/2028 |
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San Jose Evergreen Community College District |
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Series C, GO, 4.00%, 9/1/2041 |
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Series C, GO, 4.00%, 9/1/2043 |
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San Jose Unified School District, Election of 2002, Series C, GO, NATL - RE, Zero Coupon, 6/1/2031 |
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San Mateo County Community College District, Election of 2005 |
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Series A, GO, NATL - RE, Zero Coupon, 9/1/2026 |
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SEE NOTES TO FINANCIAL STATEMENTS.
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J.P. Morgan Municipal Bond Funds |
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JPMorgan California Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2024 (Unaudited) (continued)
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Municipal Bonds — continued |
General Obligation — continued |
Series A, GO, NATL - RE, Zero Coupon, 9/1/2029 |
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Series 2006B, GO, NATL - RE, Zero Coupon, 9/1/2034 |
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San Mateo County Community College District, Election of 2014, Series 2018B, GO, 5.00%, 9/1/2033 |
|
|
San Rafael City Elementary School District, Election of 2002, Series 2004B, GO, NATL - RE, Zero Coupon, 8/1/2029 |
|
|
Santa Monica Community College District, Election of 2004, Series 2009C, GO, Zero Coupon, 8/1/2027 |
|
|
South San Francisco Unified School District, Measure J, Dedicated Unlimited Ad Valorem Property Tax, Series 2016C, GO, Zero Coupon, 9/1/2028 |
|
|
State of California, Various Purpose |
|
|
| |
|
|
| |
|
|
William S Hart Union High School District, Capital Appreciation Election 2001, Series 2005B, GO, AGM, Zero Coupon, 9/1/2029 |
|
|
Windsor Unified School District, Series 2023, GO, 5.00%, 8/1/2037 |
|
|
| |
|
|
| |
California Health Facilities Financing Authority, Adventist Health System |
|
|
Series 2013A, Rev., 5.00%, 3/1/2026 |
|
|
Series 2016A, Rev., 4.00%, 3/1/2029 |
|
|
Series 2024A, Rev., 5.25%, 12/1/2043 |
|
|
Series 2024A, Rev., 5.25%, 12/1/2044 |
|
|
California Health Facilities Financing Authority, Cedars-Sinai Medical Center |
|
|
| |
|
|
| |
|
|
Series A, Rev., 5.00%, 8/15/2033 |
|
|
California Health Facilities Financing Authority, Children's Hospital Of Orange County, Series 2024B, Rev., 5.00%, 5/1/2031 (b) |
|
|
California Health Facilities Financing Authority, CommonSpirit Health, Series 2024A, Rev., 5.00%, 12/1/2025 |
|
|
California Health Facilities Financing Authority, Lucile Salter Packard Children's Hospital at Stanford, Series 2014A, Rev., 5.00%, 9/20/2024 |
|
|
California Health Facilities Financing Authority, Scripps Health, Series 2024 B2, Rev., 5.00%, 2/4/2031 (b) |
|
|
| |
|
|
| |
| |
California Health Facilities Financing Authority, Sutter Health |
|
|
Series 2018A, Rev., 5.00%, 11/15/2025 |
|
|
Series 2017A, Rev., 5.00%, 11/15/2034 |
|
|
California Public Finance Authority, PIH Health, Series 2024A, Rev., 5.00%, 6/1/2037 |
|
|
California Statewide Communities Development Authority, Series 2009 C-2, Rev., 5.00%, 11/1/2029 (b) |
|
|
California Statewide Communities Development Authority, John Muir Health |
|
|
Series 2024A, Rev., 5.00%, 12/1/2027 |
|
|
Series 2024A, Rev., 5.00%, 12/1/2049 |
|
|
California Statewide Communities Development Authority, Loma Linda University Medical Center |
|
|
Series 2016 A, Rev., 5.25%, 12/1/2056 (c) |
|
|
Series 2018 A, Rev., 5.50%, 12/1/2058 (c) |
|
|
Regents of the University of California, Medical Center Pooled, Series 2022P, Rev., 5.00%, 5/15/2037 |
|
|
| |
|
|
| |
California Enterprise Development Authority, Pamona Properties LLC Project |
|
|
Series 2024A, Rev., 5.00%, 1/15/2039 |
|
|
Series 2024A, Rev., 5.00%, 1/15/2045 |
|
|
California Municipal Finance Authority, Caritas Projects |
|
|
Series 2024A, Rev., 5.00%, 8/15/2025 (e) |
|
|
Series 2024A, Rev., 5.00%, 8/15/2026 (e) |
|
|
Series 2024A, Rev., 5.00%, 8/15/2027 (e) |
|
|
Series 2024A, Rev., 5.00%, 8/15/2029 (e) |
|
|
Series 2024A, Rev., 5.00%, 8/15/2031 (e) |
|
|
Series 2024A, Rev., 5.00%, 8/15/2049 (e) |
|
|
| |
|
|
Industrial Development Revenue/Pollution Control Revenue—4.3% |
California Infrastructure and Economic Development Bank, California Academy Of Science, Series 2024A, Rev., 3.25%, 8/1/2029 |
|
|
California Infrastructure and Economic Development Bank, The J. Paul Getty Trust, Series 2023 B, Rev., 5.00%, 10/1/2026 (b) |
|
|
California Pollution Control Financing Authority, Poseidon Resources Channelside LP Desalination Project, Rev., AMT, 5.00%, 7/1/2035 (c) |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
| |
|
|
Municipal Bonds — continued |
Industrial Development Revenue/Pollution Control Revenue — continued |
California Pollution Control Financing Authority, Solid Waste Disposal, Waste Management, Inc., Project, Series B-1, Rev., AMT, 3.00%, 11/1/2025 |
|
|
Rialto Public Financing Authority, Police Station Project |
|
|
Series 2023 A, Rev., 5.00%, 6/1/2036 |
|
|
Series 2023 A, Rev., 5.00%, 6/1/2038 |
|
|
Series 2023 A, Rev., 5.00%, 6/1/2048 |
|
|
| |
|
|
| |
California Community Choice Financing Authority, Green Bond |
|
|
Series 2022A-1, Rev., 4.00%, 8/1/2025 |
|
|
Series 2022A-1, Rev., 4.00%, 8/1/2026 |
|
|
California County Tobacco Securitization Agency, Los Angeles County Securitization Corp. |
|
|
Series 2020A, Rev., 5.00%, 6/1/2030 |
|
|
Series 2020 A, Rev., 4.00%, 6/1/2049 |
|
|
Series 2020 B-2, Rev., Zero Coupon, 6/1/2055 |
|
|
California County Tobacco Securitization Agency, Sonoma County Securitization Corp., Series 2020 A, Rev., 4.00%, 6/1/2049 |
|
|
California Municipal Finance Authority, Series 2021A, Rev., AMT, 4.00%, 10/1/2024 (b) |
|
|
California Municipal Finance Authority, Republic Services, Inc., Project, Series 2024A, Rev., AMT, 3.88%, 3/1/2034 (b) |
|
|
California Municipal Finance Authority, Terracina At Westpark Apartments, Series 2024A, Rev., 3.20%, 8/1/2027 (b) |
|
|
California Statewide Communities Development Authority, John Muir Health, Series 2024E-2, Rev., 5.00%, 4/1/2025 (b) |
|
|
City of Los Angeles, Rev., TRAN, 5.00%, 6/26/2025 |
|
|
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement |
|
|
Series 2021 B, Rev., 3.00%, 6/1/2046 |
|
|
Series 2021B-2, Rev., Zero Coupon, 6/1/2066 |
|
|
Jurupa Public Financing Authority, Series 2024, AGM, 5.00%, 9/1/2035 |
|
|
Los Angeles County Metropolitan Transportation Authority Sales Tax, Series 2021A, Rev., 5.00%, 7/1/2045 |
|
|
Los Angeles County Metropolitan Transportation Authority, Measure R Junior Subordinate Sales Tax, Series 2020A, Rev., 4.00%, 6/1/2035 |
|
|
| |
|
|
| |
Other Revenue — continued |
Los Angeles County Public Works Financing Authority, Series 2022G, Rev., 5.00%, 12/1/2037 |
|
|
Municipal Improvement Corp. of Los Angeles |
|
|
Series 2023-A, Rev., 5.00%, 5/1/2042 |
|
|
Series 2023-A, Rev., 5.00%, 5/1/2043 |
|
|
San Bernardino County Transportation Authority, Sales Tax, Series 2023 A, Rev., 5.00%, 3/1/2039 |
|
|
San Diego Public Facilities Financing Authority, Series 2023A, Rev., 5.00%, 8/1/2042 |
|
|
San Diego Public Facilities Financing Authority, Capital Improvement Project, Series 2024A, Rev., 5.00%, 10/15/2041 |
|
|
Tobacco Securitization Authority of Northern California, Series 2021 B-1, Rev., 4.00%, 6/1/2049 |
|
|
Tobacco Securitization Authority of Southern California, Series 2019 A, Rev., 5.00%, 6/1/2048 |
|
|
Tobacco Securitization Authority of Southern California, San Diego County Tobacco Asset Securitization Corp., Series 2019 A, Rev., 5.00%, 6/1/2038 |
|
|
| |
|
|
| |
California Health Facilities Financing Authority, Sutter Health, Series 2016A, Rev., 5.00%, 11/15/2025 (d) |
|
|
Campbell Union High School District, Election of 2016Series B, GO, 5.00%, 8/1/2026 (d) |
|
|
State of California Department of Water Resources, Central Valley Project, Water System, Series AW, Rev., 5.00%, 12/1/2026 (d) |
|
|
| |
|
|
| |
Burbank-Glendale-Pasadena Airport Authority Brick Campaign, Series 2024B, Rev., AMT, AGM, 4.38%, 7/1/2049 |
|
|
California Infrastructure and Economic Development Bank, Academy Of Motion Picture |
|
|
Series 2023A, Rev., 5.00%, 11/1/2024 |
|
|
Series 2023A, Rev., 5.00%, 11/1/2034 |
|
|
California Infrastructure and Economic Development Bank, Brightline West Passenger Rail Project, Series 2020 A-4, Rev., AMT, 8.00%, 8/15/2025 (b) (c) |
|
|
California Municipal Finance Authority, Linxs Apartments Project, Senior Lien, Series 2018A, Rev., AMT, 5.00%, 12/31/2028 |
|
|
City of Long Beach Harbor |
|
|
Series C, Rev., AMT, 5.00%, 5/15/2030 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
JPMorgan California Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2024 (Unaudited) (continued)
| |
|
|
Municipal Bonds — continued |
Transportation — continued |
Series 2019A, Rev., 5.00%, 5/15/2039 |
|
|
City of Los Angeles Department of Airports |
|
|
Series 2022A, Rev., AMT, 5.00%, 5/15/2034 |
|
|
Series 2020A, Rev., 5.00%, 5/15/2039 |
|
|
Series 2022B, Rev., 4.00%, 5/15/2041 |
|
|
City of Los Angeles Department of Airports, International Airport Subordinate, Series 2018C, Rev., AMT, 5.00%, 5/15/2034 |
|
|
Foothill Eastern Transportation Corridor Agency, Capital Appreciation, Senior Lien, Series 1995A, Rev., Zero Coupon, 1/1/2026 (d) |
|
|
Norman Y Mineta San Jose International Airport SJC, Series 2021A, Rev., AMT, 5.00%, 3/1/2032 |
|
|
Port of Los Angeles, Harbor Department, Series 2019B, Rev., 5.00%, 8/1/2026 |
|
|
San Diego County Regional Airport Authority, Series 2023B, Rev., AMT, 5.25%, 7/1/2037 |
|
|
San Francisco City and County Airport Commission, San Francisco International Airport |
|
|
Series 2019A, Rev., AMT, 5.00%, 5/1/2037 |
|
|
Series 2020A, Rev., AMT, 5.00%, 5/1/2037 |
|
|
| |
|
|
| |
California Community Choice Financing Authority, Clean Energy Project |
|
|
Series 2023 G-1, Rev., 5.25%, 4/1/2030 (b) |
|
|
Series 2024 A, Rev., 5.00%, 4/1/2032 (b) |
|
|
City of Glendale, Electric, Series 2024, Rev., 5.00%, 2/1/2054 |
|
|
Los Angeles Department of Water and Power, Power System |
|
|
Series 2022C, Rev., 5.00%, 7/1/2038 |
|
|
Series 2020B, Rev., 5.00%, 7/1/2039 |
|
|
Series 2023E, Rev., 5.00%, 7/1/2040 |
|
|
Series 2023 D, Rev., 5.00%, 7/1/2041 |
|
|
Los Angeles Department of Water and Power, Water System, Series 2021 B, Rev., 5.00%, 7/1/2051 |
|
|
| |
|
|
| |
| |
Sacramento Municipal Utility District, Electric, Series 2023K, Rev., 5.00%, 8/15/2041 |
|
|
Southern California Public Power Authority, Series 2024-1, Rev., 5.00%, 7/1/2044 |
|
|
| |
|
|
| |
California Infrastructure and Economic Development Bank, Clean Water State Revolving Fund, Rev., 4.00%, 10/1/2040 |
|
|
City of Bakersfield, Wastewater, Series 2015A, Rev., 5.00%, 9/15/2031 |
|
|
City of Los Angeles, Wastewater System |
|
|
Series 2018A, Rev., 5.00%, 6/1/2034 |
|
|
Series 2018A, Rev., 5.00%, 6/1/2035 |
|
|
City of San Francisco, Public Utilities Commission Water |
|
|
Series 2020, Subseries C-10, Rev., 4.00%, 11/1/2040 |
|
|
Series 2023AB, Subseries A, Rev., 5.00%, 11/1/2041 |
|
|
East Bay Municipal Utility District, Water System, Series 2024 A, Rev., 5.00%, 6/1/2049 |
|
|
Eastern Municipal Water District, Water and Wastewater, Series 2016A, Rev., 5.00%, 7/1/2035 |
|
|
| |
|
|
Series 2023A, Rev., 5.00%, 9/1/2025 |
|
|
Series 2023A, Rev., 5.00%, 9/1/2027 |
|
|
Series 2023A, Rev., 5.00%, 9/1/2029 |
|
|
Series 2023A, Rev., 5.00%, 9/1/2031 |
|
|
Series 2023A, Rev., 5.00%, 9/1/2034 |
|
|
Metropolitan Water District of Southern California, Series 2024 B3, Rev., 5.00%, 7/1/2031 (b) |
|
|
Metropolitan Water District of Southern California, Waterworks, Series 2024 B2, Rev., 5.00%, 7/1/2029 (b) |
|
|
Metropolitan Water District of Southern California, Waterworks, Series 2020C, Rev., 5.00%, 7/1/2040 |
|
|
Ontario Public Financing Authority, Series 2024A, Rev., 5.00%, 8/1/2049 |
|
|
San Francisco City and County Public Utilities Commission Wastewater |
|
|
Series 2018B, Rev., 5.00%, 10/1/2026 |
|
|
Series 2018B, Rev., 5.00%, 10/1/2036 |
|
|
Southern California Water Replenishment District, Rev., 5.00%, 8/1/2038 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
| |
|
|
Municipal Bonds — continued |
Water & Sewer — continued |
State of California Department of Water Resources, Central Valley Project, Series BF, Rev., 5.00%, 12/1/2035 |
|
|
State of California Department of Water Resources, Central Valley Project, Water System, Series 2023A, Rev., 5.00%, 6/1/2042 |
|
|
| |
|
|
| |
|
|
| |
| |
Florida Development Finance Corp., Brightline Florida Passenger Rail Project, Series 2024, Rev., AMT, 5.50%, 7/1/2053 |
|
|
| |
| |
Main Street Natural Gas, Inc., Gas Supply |
|
|
Series 2022B, Rev., 5.00%, 6/1/2029 (b) |
|
|
Series 2024 A, Rev., 5.00%, 9/1/2031 (b) |
|
|
Series 2024B, Rev., 5.00%, 3/1/2032 (b) |
|
|
| |
|
|
| |
Industrial Development Revenue/Pollution Control Revenue—0.5% |
County of Knott, Solid Waste Water Project, Series 2024, Rev., AMT, 4.00%, 4/1/2025 (b) (c) |
|
|
| |
Kentucky Public Energy Authority, Series 2024B, Rev., 5.00%, 8/1/2032 (b) |
|
|
| |
|
|
| |
| |
Buckeye Tobacco Settlement Financing Authority, Series 2020B-3, Rev., Zero Coupon, 6/1/2057 |
|
|
| |
Jefferson County Port Authority, JSW Steel USA Ohio, Inc., Project, Series 2023, Rev., 5.00%, 12/1/2028 (b) (c) |
|
|
| |
Ohio Air Quality Development Authority, Duke Energy Corp., Series 2022A, Rev., AMT, 4.25%, 6/1/2027 (b) |
|
|
| |
|
|
| |
|
|
| |
| |
| |
| |
Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 2024-146A, Rev., 6.25%, 10/1/2054 |
|
|
| |
| |
Puerto Rico Sales Tax Financing Corp. Sales Tax |
|
|
Series A-1, Rev., Zero Coupon, 7/1/2046 |
|
|
Series A-1, Rev., 4.75%, 7/1/2053 |
|
|
Series A-2, Rev., 4.78%, 7/1/2058 |
|
|
| |
|
|
| |
| |
South Dakota Housing Development Authority, Series 2024C, Rev., GNMA / FNMA / FHLMC, 6.25%, 11/1/2055 (e) |
|
|
| |
Industrial Development Revenue/Pollution Control Revenue—0.3% |
Wisconsin Housing and Economic Development Authority Home Ownership, Series 2024 A, Rev., GNMA / FNMA / FHLMC, 6.00%, 9/1/2054 |
|
|
Total Municipal Bonds
(Cost $269,091) |
|
|
| |
|
|
Short-Term Investments—11.2% |
Investment Companies—11.2% |
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 3.24% (f) (g)(Cost $34,224) |
|
|
Total Investments—100.8%
(Cost $303,315) |
|
|
Liabilities in Excess of Other Assets—(0.8)% |
|
|
| |
|
|
Percentages indicated are based on net assets. |
| |
|
| |
Insured by Assured Guaranty Corp. |
| |
Insured by Assured Guaranty Municipal Corp. |
| |
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
JPMorgan California Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2024 (Unaudited) (continued)
| |
Certificate of Participation |
| |
Federal Home Loan Mortgage Corp. |
| |
Federal National Mortgage Association |
| |
Government National Mortgage Association |
| |
|
| |
Insured by National Public Finance Guarantee Corp. |
| |
|
| |
|
| |
Tax & Revenue Anticipation Note |
| |
The date shown represents the earliest of the prerefunded date, next put date or final maturity date. |
| |
Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of August 31, 2024. |
| |
Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. |
| |
Security is prerefunded or escrowed to maturity. |
| |
All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. |
| |
Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
| |
The rate shown is the current yield as of August 31, 2024. |
Futures contracts outstanding as of August 31, 2024 (amounts in thousands, except number of contracts):
| |
|
|
|
|
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| |
|
|
|
|
|
U.S. Treasury 2 Year Note |
|
|
|
|
|
U.S. Treasury 5 Year Note |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
JPMorgan National Municipal Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2024 (Unaudited)
| |
|
|
Municipal Bonds — 92.9% (a) |
| |
Black Belt Energy Gas District, Gas Project Series 2022B-1, Rev., 4.00%, 10/1/2027 (b) |
|
|
County of Jefferson sewer |
|
|
Series 2024, Rev., 5.00%, 10/1/2035 |
|
|
Series 2024, Rev., 5.00%, 10/1/2039 |
|
|
Mobile County Industrial Development Authority, Calvert LLC Project Series 2024 A, Rev., AMT, 5.00%, 6/1/2054 |
|
|
Southeast Energy Authority A Cooperative District, Project No. 2 Series 2021B, Rev., 4.00%, 12/1/2031 (b) |
|
|
| |
|
|
| |
Northern Tobacco Securitization Corp., Tobacco Settlement Asset-Backed Senior Capital Appreciation Series 2021 B-2, Class 2, Rev., Zero Coupon, 6/1/2066 |
|
|
| |
Arizona Industrial Development Authority, Equitable School Revolving Fund LLC |
|
|
Series 2022A, Rev., 5.00%, 11/1/2034 |
|
|
Series 2022A, Rev., 5.00%, 11/1/2035 |
|
|
Series 2022A, Rev., 5.00%, 11/1/2036 |
|
|
Arizona Industrial Development Authority, Great Lakes Senior Living Communities LLC Project |
|
|
Series 2019A, Rev., 5.00%, 1/1/2025 |
|
|
Series 2019A, Rev., 5.00%, 1/1/2026 |
|
|
Series 2019A, Rev., 5.00%, 1/1/2027 |
|
|
Series 2019A, Rev., 5.00%, 1/1/2028 |
|
|
Series 2019A, Rev., 5.00%, 1/1/2029 |
|
|
Series 2019A, Rev., 5.00%, 1/1/2030 |
|
|
Series 2019A, Rev., 4.00%, 1/1/2031 |
|
|
Series 2019A, Rev., 4.00%, 1/1/2032 |
|
|
Series 2019A, Rev., 4.00%, 1/1/2033 |
|
|
Series 2019A, Rev., 5.00%, 1/1/2034 |
|
|
Series 2019A, Rev., 5.00%, 1/1/2035 |
|
|
Series 2019A, Rev., 5.00%, 1/1/2036 |
|
|
Series 2019A, Rev., 5.00%, 1/1/2037 |
|
|
Series 2019A, Rev., 5.00%, 1/1/2038 |
|
|
Series 2019A, Rev., 4.25%, 1/1/2039 |
|
|
Series 2019A, Rev., 4.25%, 1/1/2040 |
|
|
Series 2019A, Rev., 5.00%, 1/1/2043 |
|
|
City of Glendale Series 2024, GO, 5.00%, 7/1/2044 (c) |
|
|
| |
|
|
| |
| |
Industrial Development Authority of The City of Phoenix, Downtown Phoenix Student Housing LLC - Arizona State University Project |
|
|
Series 2018A, Rev., 5.00%, 7/1/2028 |
|
|
Series 2018A, Rev., 5.00%, 7/1/2029 |
|
|
Industrial Development Authority of the County of Pima (The), La Posada at Pusch Ridge Project Series 2022B-3, Rev., 5.13%, 11/15/2029 (d) |
|
|
Maricopa County Industrial Development Authority, Banner Health Series A, Rev., 4.00%, 1/1/2041 |
|
|
Maricopa County Industrial Development Authority, Honorhealth Series 2019A, Rev., 5.00%, 9/1/2037 |
|
|
Maricopa County Industrial Development Authority, HonorHealth Series 2019A, Rev., 5.00%, 9/1/2034 |
|
|
Maricopa County Industrial Development Authority, Ottawa University Rev., 5.13%, 10/1/2030 (d) |
|
|
Maricopa County Industrial Development Authority, Valley Christian Schools Project Series 2023A, Rev., 6.00%, 7/1/2043 (d) |
|
|
Pima County Unified School District No. 1 Tucson, Project Of 2023 Series 2024 A, GO, AGM, 5.00%, 7/1/2036 |
|
|
Regional Public Transportation Authority, Transportation Excise Tax, Maricopa County Public Transportation Fund Rev., 5.25%, 7/1/2025 |
|
|
Salt River Project Agricultural Improvement and Power District, Arizona Electric System |
|
|
Series 2017A, Rev., 5.00%, 1/1/2033 |
|
|
Series 2017A, Rev., 5.00%, 1/1/2034 |
|
|
Scottsdale Municipal Property Corp., Excise Tax Rev., 5.00%, 7/1/2026 |
|
|
| |
|
|
| |
Burbank-Glendale-Pasadena Airport Authority Brick Campaign Series 2024B, Rev., AMT, AGM, 4.38%, 7/1/2049 |
|
|
California Community Choice Financing Authority, Clean Energy Project Series 2021B-1, Rev., 4.00%, 8/1/2031 (b) |
|
|
California County Tobacco Securitization Agency, Los Angeles County Securitization Corp. |
|
|
Series 2020A, Rev., 5.00%, 6/1/2027 |
|
|
Series 2020 B-2, Rev., Zero Coupon, 6/1/2055 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
JPMorgan National Municipal Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2024 (Unaudited) (continued)
| |
|
|
Municipal Bonds — continued |
| |
California Infrastructure and Economic Development Bank, Brightline West Passenger Rail Project Series 2020 A-4, Rev., AMT, 8.00%, 8/15/2025 (b) (d) |
|
|
California Municipal Finance Authority, Community Medical Center |
|
|
Series 2017A, Rev., 5.00%, 2/1/2028 |
|
|
Series 2017A, Rev., 5.00%, 2/1/2029 |
|
|
California Municipal Finance Authority, Linxs Apartments Project, Senior Lien Series 2018A, Rev., AMT, AGM, 3.25%, 12/31/2032 |
|
|
California Pollution Control Financing Authority, Poseidon Resources Channelside LP Desalination Project |
|
|
Rev., AMT, 5.00%, 7/1/2036 (d) |
|
|
Rev., AMT, 5.00%, 7/1/2037 (d) |
|
|
Rev., AMT, 5.00%, 11/21/2045 (d) |
|
|
Castaic Lake Water Agency, Capital Appreciation, Water System Improvement Project Series 1999A, COP, AMBAC, Zero Coupon, 8/1/2025 |
|
|
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement |
|
|
Series 2015A, Rev., 5.00%, 6/1/2025 (e) |
|
|
Series 2021B-2, Rev., Zero Coupon, 6/1/2066 |
|
|
Grossmont-Cuyamaca Community College District, Election of 2002 Series 2008C, GO, AGC, Zero Coupon, 8/1/2026 |
|
|
Menlo Park City School District, Capital Appreciation |
|
|
GO, Zero Coupon, 7/1/2033 |
|
|
GO, Zero Coupon, 7/1/2036 |
|
|
GO, Zero Coupon, 7/1/2037 |
|
|
GO, Zero Coupon, 7/1/2041 |
|
|
Mountain View-Los Altos Union High School District, Election of 2010 Series C, GO, Zero Coupon, 8/1/2027 |
|
|
River Islands Public Financing Authority, Facilities District No. 2003 Series 2022A-1, AGM, 5.00%, 9/1/2042 |
|
|
San Diego County Regional Airport Authority Series 2021 B, Rev., AMT, 5.00%, 7/1/2051 |
|
|
San Jose Evergreen Community College District |
|
|
Series C, GO, 4.00%, 9/1/2042 |
|
|
Series C, GO, 4.00%, 9/1/2045 |
|
|
Santa Clara County Financing Authority, Multiple Facilities Projects Series 2015P, Rev., 5.00%, 5/15/2029 |
|
|
| |
|
|
| |
| |
Southern California Public Power Authority, Southern Transmission System Renewal Project Series 2023-1A, Rev., 5.25%, 7/1/2053 |
|
|
State of California, Various Purpose GO, 5.00%, 8/1/2028 |
|
|
West Hills Community College District GO, AGM, 4.00%, 8/1/2037 |
|
|
| |
|
|
| |
Canyon Pines Metropolitan District Special Improvement District No. 1 Series 2021A-2, 3.75%, 12/1/2040 |
|
|
City and County of Denver, Airport System |
|
|
Series 2018A, Rev., AMT, 5.00%, 12/1/2035 |
|
|
Series 2022A, Rev., AMT, 5.00%, 11/15/2037 |
|
|
Series 2022A, Rev., AMT, 5.50%, 11/15/2038 |
|
|
Series 2022B, Rev., 5.00%, 11/15/2040 |
|
|
Series 2022B, Rev., 5.00%, 11/15/2041 |
|
|
Series 2022A, Rev., AMT, 5.50%, 11/15/2042 |
|
|
Clear Creek Transit Metropolitan District No. 2, Limited Tax Series 2021A, GO, 5.00%, 12/1/2041 |
|
|
Colorado Bridge and Tunnel Enterprise Series 2024 A, Rev., AGM, 5.25%, 12/1/2049 |
|
|
Colorado Educational and Cultural Facilities Authority, Global Village Academy Northglenn Project Rev., 5.00%, 12/1/2040 (d) |
|
|
Colorado Health Facilities Authority, Children's Hospital Colorado Project Series 2019A-2, Rev., 5.00%, 8/1/2039 |
|
|
Colorado Health Facilities Authority, CommonSpirit Health |
|
|
Series 2019A-2, Rev., 5.00%, 8/1/2030 |
|
|
Series 2019A-2, Rev., 5.00%, 8/1/2031 |
|
|
Series 2019A-2, Rev., 5.00%, 8/1/2032 |
|
|
Colorado Health Facilities Authority, School Health System Series 2019A, Rev., 4.00%, 1/1/2037 |
|
|
Denver Health and Hospital Authority |
|
|
Series 2019A, Rev., 5.00%, 12/1/2031 |
|
|
Series 2019A, Rev., 5.00%, 12/1/2032 |
|
|
Series 2019A, Rev., 4.00%, 12/1/2037 |
|
|
Dominion Water and Sanitation District |
|
|
| |
|
|
| |
|
|
Peak Metropolitan District No. 1 |
|
|
Series 2021A, GO, 4.00%, 12/1/2035 (d) |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
| |
|
|
Municipal Bonds — continued |
| |
Series 2021A, GO, 5.00%, 12/1/2041 (d) |
|
|
Series 2021A, GO, 5.00%, 12/1/2051 (d) |
|
|
Raindance Metropolitan District No. 1, Non-Potable Water System Rev., 5.00%, 12/1/2040 |
|
|
Rocky Mountain Rail Park Metropolitan District, Limited Tax |
|
|
Series 2021A, GO, 5.00%, 12/1/2031 (d) |
|
|
Series 2021A, GO, 5.00%, 12/1/2041 (d) |
|
|
State of Colorado Series 2021A, COP, 4.00%, 12/15/2039 |
|
|
Third Creek Metropolitan District No. 1, Limited Tax Series 2022A-1, GO, 4.75%, 12/1/2051 |
|
|
Verve Metropolitan District No. 1 GO, 5.75%, 12/1/2033 |
|
|
| |
|
|
| |
City of Stamford, Water Pollution Control System and Facility |
|
|
Series 2013A, Rev., 5.00%, 8/15/2025 |
|
|
Series 2013A, Rev., 5.00%, 8/15/2029 |
|
|
Stamford Housing Authority, The Dogwoods Project Rev., BAN, 11.00%, 12/1/2027 (d) |
|
|
| |
|
|
| |
Delaware State Economic Development Authority, Newark Charter School, Inc., Project Rev., 5.00%, 9/1/2040 |
|
|
District of Columbia — 1.6% |
| |
|
|
Series 2015A, GO, 5.00%, 6/1/2031 |
|
|
Series 2015A, GO, 5.00%, 6/1/2036 |
|
|
Washington Metropolitan Area Transit Authority Series 2017B, Rev., 5.00%, 7/1/2032 |
|
|
Washington Metropolitan Area Transit Authority Dedicated, Sustainability Climate Transition Bonds Series 2024 A, Rev., 4.38%, 7/15/2059 |
|
|
Total District of Columbia |
|
|
| |
Capital Trust Agency, Inc., Legends Academy Project Series 2021A, Rev., 5.00%, 12/1/2045 (d) |
|
|
City of Jacksonville, Health Care Facilities, Brooks Rehabilitation Project Rev., 4.00%, 11/1/2045 |
|
|
City of Miami Series 2024A, Rev., 5.50%, 1/1/2049 |
|
|
| |
|
|
| |
| |
County of Miami-Dade Rev., Zero Coupon, 10/1/2040 |
|
|
County of Miami-Dade, Building Better Communities Program Series 2016A, GO, 5.00%, 7/1/2034 |
|
|
Florida Development Finance Corp., Brightline Florida Passenger Rail Project Series 2024, Rev., AMT, 5.50%, 7/1/2053 |
|
|
Florida Development Finance Corp., Idea Florida, Inc., Jacksonville IV Project Rev., 5.25%, 6/15/2029 (d) |
|
|
Hillsborough County Industrial Development Authority, Baycare Health System Series 2024C, Rev., 5.00%, 11/15/2029 (c) |
|
|
Lee County School Board (The) Series 2023A, COP, 5.00%, 8/1/2042 |
|
|
Middleton Community Development District A, City of Wildwood, Florida Special Assessment 5.85%, 5/1/2037 |
|
|
Okaloosa County School Board COP, AGC, 5.00%, 10/1/2049 |
|
|
State of Florida Department of Transportation Series 2023, Rev., 5.00%, 7/1/2039 |
|
|
Village Community Development District No. 15 4.85%, 5/1/2038 (d) |
|
|
| |
|
|
| |
Bartow County Development Authority, Georgia Power Co. Plant Series 2009-1, Rev., 3.95%, 3/8/2028 (b) |
|
|
Brookhaven Urban Redevelopment Agency Series 2023A, Rev., 5.00%, 7/1/2039 |
|
|
County of DeKalb, Water and Sewerage Series 2006B, Rev., 5.25%, 10/1/2026 |
|
|
Fayette County Development Authority, United States Soccer Federation, Inc. Project Series 2024, Rev., 5.00%, 10/1/2042 |
|
|
Gainesville and Hall County Hospital Authority, Northeast Georgia Health System, Inc., Project |
|
|
Rev., RAN, 5.00%, 10/15/2030 |
|
|
Rev., RAN, 5.00%, 10/15/2034 |
|
|
George L Smith II Congress Center Authority, Convention Center Hotel Second Series 2021B, Rev., 3.63%, 1/1/2031 (d) |
|
|
Georgia Higher Education Facilities Authority, USG Real Estate Foundation II LLC Projects |
|
|
| |
|
|
| |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
JPMorgan National Municipal Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2024 (Unaudited) (continued)
| |
|
|
Municipal Bonds — continued |
| |
| |
|
|
Georgia Ports Authority Series 2022, Rev., 4.00%, 7/1/2040 |
|
|
Georgia State Road and Tollway Authority, Managed Lane System Series 2021A, Rev., GTD, 4.00%, 7/15/2039 |
|
|
Henry County, Water and Sewerage Authority Rev., AGM - CR, BHAC - CR, NATL - RE, 5.25%, 2/1/2028 |
|
|
Main Street Natural Gas, Inc., Gas Supply |
|
|
Series 2021C, Rev., 4.00%, 12/1/2028 (b) |
|
|
Series 2022B, Rev., 5.00%, 6/1/2029 (b) |
|
|
Series 2023B, Rev., 5.00%, 3/1/2030 (b) |
|
|
Series 2023A, Rev., 5.00%, 6/1/2030 (b) |
|
|
Series 2024 A, Rev., 5.00%, 9/1/2031 (b) |
|
|
| |
|
|
| |
Idaho Housing and Finance Association, Federal Highway Trust |
|
|
Series 2015A, Rev., 5.00%, 7/15/2025 |
|
|
Series 2015A, Rev., 5.00%, 7/15/2026 |
|
|
| |
|
|
| |
Chicago Midway International Airport, Senior Lien |
|
|
Series 2023A, Rev., AMT, 5.00%, 1/1/2029 |
|
|
Series 2023A, Rev., AMT, 5.00%, 1/1/2030 |
|
|
Series 2023A, Rev., AMT, 5.75%, 1/1/2048 |
|
|
Chicago O'Hare International Airport, General Airport, Senior Lien |
|
|
Series 2024 B, Rev., 5.00%, 1/1/2048 (c) |
|
|
Series 2024 B, Rev., 5.50%, 1/1/2059 (c) |
|
|
City of Chicago, Waterworks, Second Lien |
|
|
| |
|
|
Series 2023B, Rev., AGM, 5.00%, 11/1/2039 |
|
|
City of Springfield, Electric System, Senior Lien Rev., AGM, 3.50%, 3/1/2030 |
|
|
Cook County Community Consolidated School District No. 15 Palatine GO, 4.00%, 12/1/2041 |
|
|
County of Cook, Sales Tax Rev., 5.00%, 11/15/2031 |
|
|
DuPage & Cook Counties, Community Unit School District No. 205 Elmhurst Series 2022, GO, 4.00%, 9/15/2042 |
|
|
Illinois Finance Authority, University Of Chicago Series 2024 A, Rev., 5.00%, 4/1/2031 |
|
|
| |
|
|
| |
| |
Illinois Housing Development Authority Series 2024 E, Rev., GNMA / FNMA / FHLMC, 6.25%, 10/1/2055 |
|
|
Park Ridge Park District Series 2023B, GO, 4.00%, 12/1/2042 |
|
|
Sales Tax Securitization Corp. |
|
|
Series 2018C, Rev., 5.50%, 1/1/2030 |
|
|
Series 2018C, Rev., 5.50%, 1/1/2032 |
|
|
Series 2018C, Rev., 5.25%, 1/1/2034 |
|
|
Series 2018C, Rev., 5.25%, 1/1/2035 |
|
|
| |
|
|
Series 2017D, GO, 5.00%, 11/1/2024 |
|
|
| |
|
|
Series 2017D, GO, 5.00%, 11/1/2026 |
|
|
Series 2022B, GO, 5.00%, 10/1/2032 |
|
|
Series 2022A, GO, 5.00%, 3/1/2034 |
|
|
Series 2022A, GO, 5.00%, 3/1/2035 |
|
|
Series 2019C, GO, 4.00%, 11/1/2042 |
|
|
Series 2023B, GO, 5.50%, 5/1/2047 |
|
|
Village of Bolingbrook, Will and Dupage Counties, Special Service Areas Numbers 2001-1, 2001-2, 2001-3, and 2002-1 Rev., AGM, 4.00%, 3/1/2028 |
|
|
Will County Community Unit School District No. 365-U Valley View GO, 3.00%, 7/1/2036 |
|
|
| |
|
|
| |
City of Goshen, Multi-Family, Green Oaks of Goshen Project Series 2021A, Rev., 5.00%, 8/1/2041 (d) |
|
|
City of Jeffersonville, Vivera Senior Living of Jeffersonville Project Series 2020A, Rev., 5.25%, 11/1/2040 (d) |
|
|
City of Rockport, Indiana Michigan Power Co. Project Series 2009A, Rev., 3.05%, 6/1/2025 |
|
|
City of Valparaiso, Green Oaks of Valparaiso Project Rev., 5.38%, 12/1/2041 (d) |
|
|
Indiana Finance Authority, CHF- Tippecanoe LLC- Student Housing Project |
|
|
Series 2023A, Rev., 5.00%, 6/1/2038 |
|
|
Series 2023A, Rev., 5.00%, 6/1/2053 |
|
|
Indiana Finance Authority, Goshen Health |
|
|
Series 2019A, Rev., 4.00%, 11/1/2036 |
|
|
Series 2019A, Rev., 4.00%, 11/1/2037 |
|
|
Series 2019A, Rev., 4.00%, 11/1/2038 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
| |
|
|
Municipal Bonds — continued |
| |
Series 2019A, Rev., 4.00%, 11/1/2039 |
|
|
Indiana Housing and Community Development Authority, Vita of Marion Project Series 2021A, Rev., 5.25%, 4/1/2041 (d) |
|
|
Indiana Housing and Community Development Authority, Vita of New Whiteland Project Rev., 6.75%, 1/1/2043 |
|
|
Whitley County Multi School Building Corp., Ad Valorem Property Tax Rev., 5.00%, 7/15/2038 |
|
|
| |
|
|
| |
Iowa Finance Authority, Senior Living Facility, Sunrise Retirement Community Project |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Iowa Tobacco Settlement Authority, Subordinate Senior Capital Appreciation Asset Backed Series 2021-B-2, Class 2, Rev., Zero Coupon, 6/1/2065 |
|
|
| |
|
|
| |
City of Topeka, Kansas Health Care Facilities Series 2022A, Rev., 5.75%, 12/1/2033 |
|
|
Johnson and Miami Counties Unified School District No. 230 Spring Hills Series 2018A, GO, 4.00%, 9/1/2033 |
|
|
Wyandotte County Unified School District No. 203 Piper Series 2018A, GO, 5.00%, 9/1/2039 |
|
|
| |
|
|
| |
County of Boone, Duke Energy Kentucky, Inc. Series 2008A, Rev., 3.70%, 8/1/2027 |
|
|
County of Carroll, Kentucky Environmental Facilities |
|
|
Series 2008A, Rev., AMT, 2.00%, 2/1/2032 |
|
|
Series 2006B, Rev., AMT, 2.13%, 10/1/2034 |
|
|
County of Knott, Solid Waste Water Project Series 2024, Rev., AMT, 4.00%, 4/1/2025 (b) (d) |
|
|
Kentucky Economic Development Finance Authority, Baptist Healthcare System Obligated Group Series 2017B, Rev., 5.00%, 8/15/2028 |
|
|
| |
|
|
| |
| |
Kentucky Economic Development Finance Authority, CommonSpirit Health Obligated Group |
|
|
Series 2019A-1, Rev., 5.00%, 8/1/2031 |
|
|
Series 2019A-1, Rev., 5.00%, 8/1/2032 |
|
|
Kentucky Economic Development Finance Authority, Owensboro Health, Inc. |
|
|
Series 2017A, Rev., AGM, 4.00%, 6/1/2037 |
|
|
Series 2017A, Rev., 5.00%, 6/1/2037 |
|
|
Kentucky Public Energy Authority Series 2024B, Rev., 5.00%, 8/1/2032 (b) |
|
|
University of Kentucky, Healthcare Cancer Center Parking Projects Rev., 5.00%, 10/1/2031 (c) |
|
|
| |
|
|
| |
Louisiana Public Facilities Authority, Mentorship Steam Academy Project |
|
|
Series 2021A, Rev., 5.00%, 6/1/2036 (d) |
|
|
Series 2021A, Rev., 5.00%, 6/1/2042 (d) |
|
|
Series 2021A, Rev., 5.00%, 6/1/2051 (d) |
|
|
| |
|
|
| |
City of Baltimore, Consolidated Public Improvement Series 2017B, GO, 5.00%, 10/15/2027 |
|
|
Maryland Health and Higher Educational Facilities Authority, Lifebridge Health Issue |
|
|
| |
|
|
| |
|
|
Maryland Health and Higher Educational Facilities Authority, Medstar Health Issue Series 2017A, Rev., 5.00%, 5/15/2045 |
|
|
Washington Suburban Sanitary Commission |
|
|
Rev., GTD, 4.00%, 6/1/2045 |
|
|
Rev., GTD, 4.00%, 6/1/2048 |
|
|
| |
|
|
| |
Commonwealth of Massachusetts, Consolidated Loan Series E, GO, AMBAC, 5.00%, 11/1/2025 |
|
|
Commonwealth of Massachusetts, Consolidated Loan of 2016 Series 2016J, GO, 4.00%, 12/1/2039 |
|
|
Massachusetts Bay Transportation Authority Assessment Series 2006A, Rev., 5.25%, 7/1/2025 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
JPMorgan National Municipal Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2024 (Unaudited) (continued)
| |
|
|
Municipal Bonds — continued |
Massachusetts — continued |
Massachusetts Bay Transportation Authority, Sales Tax Series 2006A, Rev., 5.25%, 7/1/2029 |
|
|
Massachusetts Development Finance Agency, Boston Medical Center Issue Series 2023G, Rev., 4.38%, 7/1/2052 |
|
|
| |
|
|
| |
City of Detroit, Unlimited Tax Series 2021A, GO, 5.00%, 4/1/2037 |
|
|
Michigan Finance Authority, Henry Ford Health System Rev., 4.00%, 11/15/2036 |
|
|
Michigan Finance Authority, Trinity Health Credit Group |
|
|
Series 2016MI, Rev., 5.00%, 12/1/2035 |
|
|
Series 2013MI-4, Rev., 4.00%, 12/1/2038 |
|
|
Michigan Strategic Fund, Graphic Packaging International, LLC Coated Recycled Board Machine Project Rev., AMT, 4.00%, 10/1/2026 (b) |
|
|
State of Michigan Trunk Line Series 2020B, Rev., 4.00%, 11/15/2039 |
|
|
West Ottawa Public Schools, Unlimited Tax GO, AGM, 4.00%, 11/1/2039 |
|
|
| |
|
|
| |
City of Minneapolis, Health Care System, Fairview Health Services |
|
|
Series 2018A, Rev., 4.00%, 11/15/2037 |
|
|
Series 2018A, Rev., 4.00%, 11/15/2038 |
|
|
Series 2018A, Rev., 5.00%, 11/15/2049 |
|
|
Minnesota Housing Finance Agency, Residential Housing Series 2024 O, Rev., GNMA / FNMA / FHLMC, 6.25%, 1/1/2055 |
|
|
| |
|
|
| |
| |
|
|
Series 2018A, GO, 4.00%, 11/1/2026 (e) |
|
|
Series 2018A, GO, 5.00%, 11/1/2026 (e) |
|
|
Series 2018A, GO, 4.00%, 11/1/2038 |
|
|
| |
|
|
| |
|
|
| |
| |
Health and Educational Facilities Authority of the State of Missouri, Lutheran Senior Services Projects |
|
|
Series 2019C, Rev., 4.00%, 2/1/2030 |
|
|
Series 2016B, Rev., 5.00%, 2/1/2035 |
|
|
Series 2019A, Rev., 5.00%, 2/1/2042 |
|
|
Health and Educational Facilities Authority of the State of Missouri, Wright Memorial Hospital |
|
|
| |
|
|
| |
|
|
| |
|
|
Kansas City Industrial Development Authority, Airport Terminal Modernization Project Series 2019 B, Rev., AMT, 5.00%, 3/1/2039 |
|
|
Kansas City Industrial Development Authority, City International Airport Terminal Modernization Project Series 2019B, Rev., AMT, 5.00%, 3/1/2034 |
|
|
| |
|
|
| |
County of Gallatin, Bozeman Fiber Project Series 2021A, Rev., 4.00%, 10/15/2036 (d) |
|
|
| |
Douglas County School District No. 001, Omaha Public GO, 4.00%, 12/15/2041 |
|
|
Nebraska Educational Health Cultural and Social Services Finance Authority, Immanuel Retirement Communities Obligated Group |
|
|
Series 2019A, Rev., 4.00%, 1/1/2034 |
|
|
Series 2019A, Rev., 4.00%, 1/1/2037 |
|
|
| |
|
|
| |
Clark County School District, Limited Tax Series 2020A, GO, AGM, 4.00%, 6/15/2039 |
|
|
Clark County Water Reclamation District |
|
|
Series 2023, GO, 5.00%, 7/1/2040 |
|
|
Series 2023, GO, 5.00%, 7/1/2041 |
|
|
Nye County School District Series 2023, GO, PSF-GTD, 5.00%, 5/1/2035 |
|
|
| |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
| |
|
|
Municipal Bonds — continued |
| |
New Hampshire Business Finance Authority, Tamarron Project Series 2024, Rev., 5.25%, 12/1/2035 (d) |
|
|
New Hampshire Business Finance Authority, University of Nevada Reno Project Series 2023A, Rev., 5.25%, 6/1/2051 |
|
|
| |
|
|
| |
New Jersey Economic Development Authority, School Facilities Construction |
|
|
Series 2019LLL, Rev., 5.00%, 6/15/2034 |
|
|
Series 2018EEE, Rev., 5.00%, 6/15/2043 |
|
|
New Jersey Economic Development Authority, Transit Transportation Project Series 2020A, Rev., 4.00%, 11/1/2038 |
|
|
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement |
|
|
Series 2018A, Rev., 5.00%, 6/15/2030 |
|
|
Series A, Rev., 5.00%, 6/15/2031 |
|
|
New Jersey Transportation Trust Fund Authority, Transportation Program |
|
|
Series 2019BB, Rev., 5.00%, 6/15/2032 |
|
|
Series 2020AA, Rev., 4.00%, 6/15/2036 |
|
|
Series 2022A, Rev., 4.00%, 6/15/2042 |
|
|
Tobacco Settlement Financing Corp. |
|
|
Series 2018A, Rev., 5.00%, 6/1/2026 |
|
|
Series 2018 A, Rev., 5.00%, 6/1/2027 |
|
|
Series 2018A, Rev., 4.00%, 6/1/2037 |
|
|
Township of North Brunswick, General Improvement GO, 4.00%, 7/1/2039 |
|
|
| |
|
|
| |
Albuquerque Municipal School District No. 12, School Building GO, 5.00%, 8/1/2035 |
|
|
County of Bernalillo Series 1996B, Rev., NATL - RE - IBC, 5.70%, 4/1/2027 |
|
|
| |
|
|
| |
Build NYC Resource Corp., Grand Concourse Academy Charter School |
|
|
Series 2022A, Rev., 5.00%, 7/1/2042 |
|
|
Series 2022A, Rev., 5.00%, 7/1/2052 |
|
|
City of New York, Fiscal Year 2018 Series 2018B-1, GO, 4.00%, 10/1/2041 |
|
|
| |
|
|
| |
| |
City of New York, Fiscal Year 2024 Series 2024A, GO, 4.13%, 8/1/2053 |
|
|
Long Island Power Authority, Electric System |
|
|
Series 2024B, Rev., 3.00%, 9/1/2029 (b) |
|
|
Series 2024B, Rev., 3.00%, 9/1/2031 (b) |
|
|
Series 2018, Rev., 5.00%, 9/1/2034 |
|
|
Series 2018, Rev., 5.00%, 9/1/2035 |
|
|
Series 2024A, Rev., 5.00%, 9/1/2049 |
|
|
Monroe County Industrial Development Corp., Academy of Health Sciences Charter School Project |
|
|
Series 2022A, Rev., 5.00%, 7/1/2032 (d) |
|
|
Series 2022A, Rev., 5.63%, 7/1/2042 (d) |
|
|
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2017 Series 2017EE, Rev., 5.00%, 6/15/2036 |
|
|
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2020 |
|
|
Series 2020CC-1, Rev., 4.00%, 6/15/2038 |
|
|
Series 2020CC-2, Rev., 4.00%, 6/15/2042 |
|
|
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2022 Series 2022, Subseries BB-1, Rev., 4.00%, 6/15/2045 |
|
|
New York City Transitional Finance Authority, Building Aid, Fiscal Year 2019 Series 2019 S-2A, Rev., 4.00%, 7/15/2037 |
|
|
New York City Transitional Finance Authority, Future Tax Secured Series C, Rev., 5.00%, 11/1/2033 |
|
|
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2017 |
|
|
Series 2017 E1, Rev., 5.00%, 2/1/2035 |
|
|
Series B, Rev., 5.00%, 8/1/2036 |
|
|
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2019 Series 2019 A-1, Rev., 5.00%, 8/1/2040 |
|
|
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2020 Series 2020B-1, Rev., 4.00%, 11/1/2038 |
|
|
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2021 Series 2021-A, Rev., 4.00%, 11/1/2038 |
|
|
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2022 Series 2022C, Subseries C-1, Rev., 4.00%, 2/1/2047 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
JPMorgan National Municipal Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2024 (Unaudited) (continued)
| |
|
|
Municipal Bonds — continued |
| |
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2024 |
|
|
Series 2024F, Subseries F-1, Rev., 5.25%, 2/1/2053 |
|
|
Series 2024F, Subseries F-1, Rev., 4.25%, 2/1/2054 |
|
|
New York Convention Center Development Corp., Subordinate Lien, Hotel Unit Fee Secured |
|
|
Series B, Rev., Zero Coupon, 11/15/2032 |
|
|
Series B, Rev., Zero Coupon, 11/15/2033 |
|
|
Series B, Rev., AGM - CR, Zero Coupon, 11/15/2049 |
|
|
New York Liberty Development Corp., Secured by Port Authority |
|
|
Series 1WTC-2021, Rev., AGM - CR, 3.00%, 2/15/2042 |
|
|
Series 1WTC-2021, Rev., 2.75%, 2/15/2044 |
|
|
New York Liberty Development Corp., World Trade Centre Series 1WTC-2021, Rev., 2.25%, 2/15/2041 |
|
|
New York Power Authority, Green Transmission Project |
|
|
Series 2023 A, Rev., AGM, 5.00%, 11/15/2053 |
|
|
Series 2023 A, Rev., AGM, 5.13%, 11/15/2058 |
|
|
New York State Dormitory Authority |
|
|
Series 2024A, Rev., AGM, 5.00%, 10/1/2038 |
|
|
Series 2024A, Rev., AGM, 5.00%, 10/1/2039 |
|
|
Series 2024A, Rev., 5.50%, 7/1/2054 |
|
|
New York State Dormitory Authority, New York University Series 2016A, Rev., 4.00%, 7/1/2043 |
|
|
New York State Dormitory Authority, Pace University |
|
|
Series 2024 A, Rev., 5.25%, 5/1/2030 |
|
|
Series 2024 A, Rev., 5.25%, 5/1/2037 |
|
|
Series 2024 A, Rev., 5.25%, 5/1/2038 |
|
|
Series 2024 A, Rev., 5.50%, 5/1/2049 |
|
|
New York State Dormitory Authority, Personal Income Tax Series 2019D, Rev., 4.00%, 2/15/2047 |
|
|
New York State Dormitory Authority, State Personal Income Tax, General Purpose |
|
|
Series 2021 E, Rev., 4.00%, 3/15/2042 |
|
|
Series 2020A, Rev., 4.00%, 3/15/2047 |
|
|
New York State Dormitory Authority, State Sales Tax |
|
|
Series 2018C, Rev., 5.00%, 3/15/2036 |
|
|
Series 2018E, Rev., 5.00%, 3/15/2038 |
|
|
| |
|
|
| |
| |
New York State Environmental Facilities Corp., State Clean Water and Drinking Water Revolving Funds, Municipal Water Finance Authority Projects - Second Resolution Series 2021A, Rev., 4.00%, 6/15/2038 |
|
|
New York State Thruway Authority Series O, Rev., 4.00%, 1/1/2043 |
|
|
New York State Thruway Authority, Personal Income Tax Series 2022 A, Rev., 5.00%, 3/15/2042 |
|
|
New York State Urban Development Corp., State Sales Tax |
|
|
Series 2019A, Rev., 5.00%, 3/15/2039 |
|
|
Series 2019 A, Rev., 4.00%, 3/15/2042 |
|
|
New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project |
|
|
Series 2018, Rev., AMT, 5.00%, 1/1/2025 |
|
|
Rev., AMT, 5.00%, 1/1/2029 |
|
|
Series 2018, Rev., AMT, 5.00%, 1/1/2031 |
|
|
Rev., AMT, 5.00%, 1/1/2034 |
|
|
Rev., AMT, 5.00%, 10/1/2035 |
|
|
Rev., AMT, 5.00%, 10/1/2040 |
|
|
Rev., AMT, 4.38%, 10/1/2045 |
|
|
New York Transportation Development Corp., JFK International Airport New Terminal One Project |
|
|
Series 2023, Rev., AMT, AGM, 5.50%, 6/30/2042 |
|
|
Series 2023, Rev., AMT, AGM, 5.50%, 6/30/2043 |
|
|
Series 2023, Rev., AMT, AGM, 5.50%, 6/30/2044 |
|
|
Series 2023, Rev., AMT, AGM, 5.00%, 6/30/2049 |
|
|
New York Transportation Development Corp., John F. Kennedy International Airport New Terminal One Project Series 2024, Rev., AMT, AGM, 5.00%, 6/30/2049 |
|
|
Port Authority of New York and New Jersey, Consolidated |
|
|
Series 223, Rev., AMT, 4.00%, 7/15/2039 |
|
|
Series 93, Rev., 6.13%, 6/1/2094 |
|
|
Sherburne Earlville Central School District GO, BAN, 4.50%, 7/18/2025 |
|
|
Triborough Bridge and Tunnel Authority |
|
|
Series 2018D, Rev., 4.00%, 11/15/2038 |
|
|
Series 2024B, Subseries B-1, Rev., 5.25%, 5/15/2054 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
| |
|
|
Municipal Bonds — continued |
| |
Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels Series 2012B, Rev., Zero Coupon, 11/15/2032 |
|
|
Triborough Bridge and Tunnel Authority, Payroll Mobility Tax Series 2024C, Rev., 5.00%, 11/15/2035 |
|
|
Utility Debt Securitization Authority Rev., 5.00%, 12/15/2037 |
|
|
Westchester County Local Development Corp., Purchase Senior Learning Community, Inc., Project Series 2021A, Rev., 5.00%, 7/1/2041 (d) |
|
|
Westchester County Local Development Corp., The Bethel Methodist Home D/B/A, The Knolls Project Series 2020A, Rev., 5.00%, 7/1/2040 |
|
|
| |
|
|
| |
City of Asheville Water System Series 2024, Rev., 5.00%, 8/1/2041 (c) |
|
|
| |
|
|
Series 2024B, Rev., 5.00%, 6/1/2041 |
|
|
Series 2024B, Rev., 5.00%, 6/1/2042 |
|
|
County of Johnston Water and Sewer System Series 2024, Rev., 4.00%, 4/1/2054 |
|
|
State of North Carolina Rev., 5.00%, 3/1/2033 |
|
|
Town of Fuquay-Varina Combined Utilities |
|
|
Series 2024B, Rev., 5.00%, 2/1/2034 |
|
|
Series 2024B, Rev., 5.00%, 2/1/2036 |
|
|
Series 2024B, Rev., 5.00%, 2/1/2038 |
|
|
Series 2024B, Rev., 5.00%, 2/1/2040 |
|
|
| |
|
|
| |
Buckeye Tobacco Settlement Financing Authority |
|
|
Series 2020A-2, Rev., 4.00%, 6/1/2038 |
|
|
Series 2020B-2, Rev., 5.00%, 6/1/2055 |
|
|
Series 2020B-3, Rev., Zero Coupon, 6/1/2057 |
|
|
Jefferson County Port Authority, JSW Steel USA Ohio, Inc., Project Series 2023, Rev., 5.00%, 12/1/2028 (b) (d) |
|
|
Ohio Housing Finance Agency, Mortgage- Backed Securities Program Series 2023 B, Rev., GNMA / FNMA / FHLMC COLL, 6.00%, 3/1/2055 |
|
|
Ohio Water Development Authority, Drinking Water Assistance |
|
|
Series 2024 A, Rev., 5.00%, 12/1/2041 |
|
|
| |
|
|
| |
| |
Series 2024 A, Rev., 5.00%, 12/1/2043 |
|
|
Ohio Water Development Authority, Water Pollution Control Loan Fund Series 2019A, Rev., 5.00%, 6/1/2029 |
|
|
Port of Greater Cincinnati Development Authority, Duke Energy Convention Center Project |
|
|
Series 2024B, Rev., 5.00%, 12/1/2041 |
|
|
Series 2024B, Rev., 5.00%, 12/1/2042 |
|
|
Series 2024B, Rev., 5.00%, 12/1/2044 |
|
|
State of Ohio, Children's Hospital Medical Center of Akron Series 2024 A, Rev., 5.25%, 8/15/2048 |
|
|
State of Ohio, University Hospitals Health System, Inc. Series 2021E, Rev., 4.00%, 1/15/2038 |
|
|
University of Cincinnati Series 2024A, Rev., 5.25%, 6/1/2049 |
|
|
| |
|
|
| |
Oklahoma Development Finance Authority, Health System, OU Medicine Project Series 2018B, Rev., 5.00%, 8/15/2025 |
|
|
University of Oklahoma (The) Series 2024A, Rev., 5.00%, 7/1/2043 |
|
|
| |
|
|
| |
Multnomah and Clackamas Counties School District No. 10JT Gresham-Barlow Series B, GO, Zero Coupon, 6/15/2035 |
|
|
Multnomah County School District No. 40 |
|
|
Series A, GO, Zero Coupon, 6/15/2034 |
|
|
Series A, GO, Zero Coupon, 6/15/2036 |
|
|
Union County Hospital Facility Authority, Grande Ronde Hospital, Inc. Series 2022, Rev., 5.00%, 7/1/2047 |
|
|
| |
|
|
| |
Allegheny County Hospital Development Authority, Allegheny Health Network Obligated Group |
|
|
Series 2018A, Rev., 5.00%, 4/1/2028 |
|
|
Series 2018A, Rev., 5.00%, 4/1/2030 |
|
|
Series 2018A, Rev., 5.00%, 4/1/2031 |
|
|
Commonwealth Financing Authority, Tobacco Master Settlement Payment |
|
|
| |
|
|
| |
|
|
| |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
JPMorgan National Municipal Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2024 (Unaudited) (continued)
| |
|
|
Municipal Bonds — continued |
| |
| |
|
|
County of Delaware Series 2024, GO, 5.00%, 8/1/2042 |
|
|
Erie City Water Authority Series 2019B, Rev., AGM, 5.00%, 12/1/2032 |
|
|
Lancaster County Hospital Authority, Health Center, Masonic Villages Project Series 2015, Rev., 5.00%, 11/1/2028 |
|
|
Montgomery County Higher Education and Health Authority, Thomas Jefferson University Series 2018A, Rev., 4.00%, 9/1/2038 |
|
|
Montgomery County Industrial Development Authority, Acts Retirement-Life Communities, Inc., Obligated Group Series 2020C, Rev., 4.00%, 11/15/2043 |
|
|
Montgomery County Industrial Development Authority, Constellation Energy Generation Series 2023A, Rev., 4.10%, 4/3/2028 (b) |
|
|
Northampton County General Purpose Authority, St. Luke's Hospital Obligated Group Series 2024A-1, Rev., 5.25%, 8/15/2053 |
|
|
Pennsylvania Economic Development Financing Authority, The Penndot Major Bridges Rev., AMT, AGM, 5.00%, 12/31/2057 |
|
|
Pennsylvania Housing Finance Agency, Single Family Mortgage Series 2024-146A, Rev., 6.25%, 10/1/2054 |
|
|
Pennsylvania Turnpike Commission, Subordinate |
|
|
Series 2021B, Rev., 4.00%, 12/1/2038 |
|
|
Series 2021B, Rev., 4.00%, 12/1/2039 |
|
|
Series 2023, Rev., 5.00%, 12/1/2040 |
|
|
Philadelphia Authority for Industrial Development, Holy Family University Project Series 2023, Rev., 5.50%, 9/1/2037 |
|
|
School District of the City of Erie (The), Limited Tax Series 2019A, GO, AGM, 4.00%, 4/1/2033 |
|
|
Wilkes-Barre Area School District GO, 3.75%, 4/15/2044 |
|
|
| |
|
|
| |
Puerto Rico Public Finance Corp. Series 2001E, Rev., AGC - ICC, AGM - CR, 6.00%, 8/1/2026 (e) |
|
|
Puerto Rico Sales Tax Financing Corp. Sales Tax (Puerto Rico) |
|
|
Series A-1, Rev., Zero Coupon, 7/1/2027 |
|
|
Series A-1, Rev., 4.75%, 7/1/2053 |
|
|
| |
|
|
| |
|
|
| |
| |
Tobacco Settlement Financing Corp. Series B, Rev., 5.00%, 6/1/2050 |
|
|
| |
South Carolina Jobs-Economic Development Authority, Novant Health Obligated Group Series 2024 A, Rev., 5.50%, 11/1/2054 |
|
|
South Carolina Public Service Authority, Santee Cooper Series 2024 B, Rev., AGM, 5.00%, 12/1/2049 |
|
|
| |
|
|
| |
Knox County Health Educational and Housing Facility Board, East Tennessee Children's Hospital Rev., 4.00%, 11/15/2043 |
|
|
Metropolitan Government of Nashville and Davidson County GO, 4.00%, 7/1/2036 |
|
|
Metropolitan Nashville Airport Authority (The) |
|
|
Series 2022B, Rev., AMT, 5.50%, 7/1/2041 |
|
|
Series 2022B, Rev., AMT, 5.50%, 7/1/2042 |
|
|
Series 2022B, Rev., AMT, 5.25%, 7/1/2047 |
|
|
Metropolitan Nashville Airport Authority (The), Subordinate Airport |
|
|
Series 2019A, Rev., 5.00%, 7/1/2049 |
|
|
Series 2019B, Rev., AMT, 5.00%, 7/1/2054 |
|
|
Shelby County Health Educational and Housing Facilities Board, Baptism Memorial Health Obligated Group Series 2024B, Rev., 5.00%, 9/1/2029 (b) |
|
|
Shelby County Health Educational and Housing Facilities Board, The Farms at Bailey Station Project |
|
|
Series 2019A, Rev., 5.75%, 10/1/2049 |
|
|
Series 2019A, Rev., 5.75%, 10/1/2054 |
|
|
Series 2019A, Rev., 5.75%, 10/1/2059 |
|
|
Tennergy Corp., Gas Supply Series 2021 A, Rev., 4.00%, 9/1/2028 (b) |
|
|
Tennessee Energy Acquisition Corp., Gas Project |
|
|
Series 2018, Rev., 4.00%, 11/1/2025 (b) |
|
|
Series 2023A-1, Rev., 5.00%, 5/1/2028 (b) |
|
|
| |
|
|
| |
Austin Independent School District, Unlimited Tax Series 2023, GO, 5.00%, 8/1/2040 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
| |
|
|
Municipal Bonds — continued |
| |
Barbers Hill Independent School District, Unlimited Tax Series 2022, GO, PSF-GTD, 5.00%, 2/15/2042 |
|
|
Central Texas Regional Mobility Authority, Senior Lien Series 2021B, Rev., 4.00%, 1/1/2041 |
|
|
Central Texas Turnpike System, First Tier |
|
|
Series 2024 B, Rev., 5.00%, 5/15/2030 (b) |
|
|
Series 2024 A, Rev., 5.00%, 8/15/2032 |
|
|
Central Texas Turnpike System, Second Tier |
|
|
Series 2024 C, Rev., 5.00%, 8/15/2032 |
|
|
Series 2024 C, Rev., 5.00%, 8/15/2034 |
|
|
City of Dallas Housing Finance Corp., Rosemont At Ash Creek Apartments Series 2023, Rev., FHA, 5.00%, 12/1/2025 (b) |
|
|
City of Houston, Combined Utility System, Junior Lien Series 2002A, Rev., AGM, 5.75%, 12/1/2032 (e) |
|
|
City of Mesquite, Combination tax GO, 4.13%, 2/15/2040 |
|
|
City of San Antonio Electric and Gas Systems Series 2024 B, Rev., 5.00%, 2/1/2039 |
|
|
Clifton Higher Education Finance Corp., Idea Public Schools Series 2019, Rev., PSF-GTD, 4.00%, 8/15/2037 |
|
|
Clifton Higher Education Finance Corp., Yes Prep Public School, Inc. Series 2023, Rev., PSF-GTD, 4.25%, 4/1/2048 |
|
|
Coastal Water Authority, City of Houston Projects Rev., 5.00%, 12/15/2025 |
|
|
County of Harris Toll Road, First Lien Series 2024 A, Rev., 5.00%, 8/15/2040 |
|
|
County of Harris, Unlimited Tax Series 2023A, GO, 4.25%, 9/15/2048 |
|
|
Dallas Area Rapid Transit, Sales Tax, Senior Lien Series 2016A, Rev., 5.00%, 12/1/2025 (e) |
|
|
Denison Independent School District, Unlimited Tax Series 2023, GO, PSF-GTD, 4.00%, 8/1/2045 |
|
|
Hutto Independent School District, Unlimited Tax Series 2023, GO, PSF-GTD, 5.00%, 8/1/2053 |
|
|
Lamar Consolidated Independent School District, Unlimited Tax Series 2023 A, GO, PSF-GTD, 5.00%, 2/15/2053 |
|
|
Little Elm Independent School District Series 2024, GO, PSF-GTD, 4.00%, 8/15/2054 |
|
|
Lower Colorado River Authority Series 2024, Rev., 5.00%, 5/15/2039 |
|
|
| |
|
|
| |
| |
Mansfield Independent School District, Unlimited Tax Series 2024, GO, PSF-GTD, 4.00%, 2/15/2054 |
|
|
New Hope Cultural Education Facilities Finance Corp., Morningside Ministries Project Rev., 4.00%, 1/1/2037 |
|
|
North Texas Tollway Authority, First Tier Series 2020A, Rev., 4.00%, 1/2/2038 |
|
|
North Texas Tollway Authority, Second Tier Series B, Rev., 5.00%, 1/1/2030 |
|
|
Northwest Independent School District, Unlimited Tax Series 2024 A, GO, PSF-GTD, 5.00%, 2/15/2049 |
|
|
Permanent University Fund - Texas A&M University System Series 2009A, Rev., 5.25%, 7/1/2028 |
|
|
San Antonio Education Facilities Corp., Trinity University Project Series 2024 A, Rev., 5.00%, 6/1/2034 |
|
|
Tarrant County Cultural Education Facilities Finance Corp., Retirement Facility, MRC Stevenson Oaks Project |
|
|
Series 2020B-1, Rev., 4.00%, 11/15/2027 |
|
|
Series 2020A, Rev., 6.25%, 11/15/2031 |
|
|
Series 2020A, Rev., 6.63%, 11/15/2041 |
|
|
Texas A&M University Series 2024A, Rev., 5.00%, 5/15/2040 |
|
|
Texas Municipal Gas Acquisition and Supply Corp. IV Series 2023B, Rev., 5.50%, 1/1/2034 (b) |
|
|
Texas Water Development Board Series 2023 A, Rev., 5.00%, 10/15/2058 |
|
|
Texas Water Development Board, State Water Implementation Fund Series 2018 B, Rev., 5.00%, 4/15/2030 |
|
|
Trinity River Authority of Texas, Livingston Regional Water Supply System Project Series 2023, Rev., 5.00%, 8/1/2038 |
|
|
| |
|
|
| |
County of Utah, IHC Health Services, Inc. Series 2018C, Rev., VRDO, LIQ : TD Bank NA, 2.50%, 9/3/2024 (b) |
|
|
Utah Infrastructure Agency, Clearfield City Project Rev., 4.00%, 10/15/2040 |
|
|
Utah Infrastructure Agency, Tax-Exempt Telecommunications |
|
|
Series 2018A, Rev., 5.00%, 10/15/2025 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
JPMorgan National Municipal Income Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2024 (Unaudited) (continued)
| |
|
|
Municipal Bonds — continued |
| |
Series 2018A, Rev., 5.00%, 10/15/2028 |
|
|
| |
|
|
| |
|
|
| |
Lynchburg Economic Development Authority, Centra Health Obligated Group Rev., 4.00%, 1/1/2037 |
|
|
Virginia College Building Authority, Educational Facilities, Washington & Lee University Project Rev., NATL - RE, 5.25%, 1/1/2026 |
|
|
Virginia Public School Authority |
|
|
Series 2023, Rev., 5.00%, 8/1/2041 |
|
|
Series 2023, Rev., 5.00%, 8/1/2042 |
|
|
Series 2023, Rev., 5.00%, 8/1/2043 |
|
|
Virginia Small Business Financing Authority, Senior Lien Rev., AMT, 4.00%, 1/1/2032 |
|
|
Virginia Small Business Financing Authority, Senior Lien, Elizabeth River Crossing Opco, LLC Project Series 2022, Rev., AMT, 4.00%, 7/1/2033 |
|
|
| |
|
|
| |
Chelan County Public Utility District No. 1 Series 2020A, Rev., 4.00%, 7/1/2038 |
|
|
County of Snohomish, Limited Tax GO, 4.00%, 12/1/2039 |
|
|
Port of Seattle, Intermediate Lien Series B, Rev., 5.00%, 11/12/2024 |
|
|
State of Washington, Various Purpose |
|
|
Series 2018A, GO, 5.00%, 8/1/2040 |
|
|
Series 2023C, GO, 5.00%, 6/1/2041 |
|
|
Tacoma Metropolitan Park District, Unlimited Tax GO, 5.00%, 12/1/2036 |
|
|
Washington State Housing Finance Commission, Rockwood Retirement Communities Project |
|
|
Series 2020A, Rev., 5.00%, 1/1/2032 (d) |
|
|
Series 2020A, Rev., 5.00%, 1/1/2041 (d) |
|
|
| |
|
|
| |
Public Finance Authority, Ascend Leadership Academy Project Series 2021A, Rev., 5.00%, 6/15/2041 (d) |
|
|
Public Finance Authority, Cone Health Series 2022A, Rev., 5.00%, 10/1/2052 |
|
|
Public Finance Authority, The Carmelite System, Inc., Obligated Group Rev., 3.25%, 1/1/2028 |
|
|
| |
|
|
| |
| |
Public Finance Authority, The Franklin School of Innovation Rev., 5.00%, 1/1/2042 (d) |
|
|
Public Finance Authority, Viticus Group Project Series 2022A, Rev., 4.00%, 12/1/2041 (d) |
|
|
Public Finance Authority, Wakemed Hospital Series 2019A, Rev., 5.00%, 10/1/2044 |
|
|
Wisconsin Housing and Economic Development Authority Home Ownership Series 2024 A, Rev., GNMA / FNMA / FHLMC, 6.00%, 9/1/2054 |
|
|
| |
|
|
| |
County of Campbell, Solid Waste Facilities, Basin Electric Power Co-operative, Dry Fork Station Facilities Series 2019A, Rev., 3.63%, 7/15/2039 |
|
|
Total Municipal Bonds
(Cost $1,884,739) |
|
|
| |
|
|
Short-Term Investments — 6.5% |
Investment Companies — 6.5% |
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 3.24% (f) (g)
(Cost $133,803) |
|
|
Total Investments — 99.4%
(Cost $2,018,542) |
|
|
Other Assets Less Liabilities — 0.6% |
|
|
| |
|
|
Percentages indicated are based on net assets. |
| |
|
| |
Insured by Assured Guaranty Corp. |
| |
Insured by Assured Guaranty Municipal Corp. |
| |
Insured by American Municipal Bond Assurance Corp. |
| |
|
| |
|
| |
Insured by Berkshire Hathaway Assurance Corp. |
| |
|
| |
Certificate of Participation |
| |
|
| |
Federal Housing Administration |
| |
Federal Home Loan Mortgage Corp. |
| |
Federal National Mortgage Association |
| |
Government National Mortgage Association |
| |
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
| |
|
| |
Insured Bond Certificates |
| |
Insured Custody Certificates |
| |
|
| |
Metropolitan Transportation Authority |
| |
Insured by National Public Finance Guarantee Corp. |
| |
Permanent School Fund Guaranteed |
| |
Revenue Anticipation Note |
| |
|
| |
|
| |
Variable Rate Demand Obligation |
| |
The date shown represents the earliest of the prerefunded date, next put date or final maturity date. |
| |
Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of August 31, 2024. |
| |
All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. |
| |
Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. |
| |
Security is prerefunded or escrowed to maturity. |
| |
Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
| |
The rate shown is the current yield as of August 31, 2024. |
Futures contracts outstanding as of August 31, 2024 (amounts in thousands, except number of contracts):
| |
|
|
|
|
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| |
|
|
|
|
|
U.S. Treasury 2 Year Note |
|
|
|
|
|
U.S. Treasury 5 Year Note |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
JPMorgan New York Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2024 (Unaudited)
| |
|
|
Municipal Bonds—90.4% (a) |
| |
| |
Southeast Alabama Gas Supply District (The), Project No. 2, Series 2024 B, Rev., 5.00%, 5/1/2032 (b) |
|
|
| |
| |
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement, Series 2021B-2, Rev., Zero Coupon, 6/1/2066 |
|
|
| |
California Infrastructure and Economic Development Bank, Brightline West Passenger Rail Project, Series 2020 A-4, Rev., AMT, 8.00%, 8/15/2025 (b) (c) |
|
|
| |
|
|
| |
| |
Florida Development Finance Corp., Brightline Florida Passenger Rail Project, Series 2024, Rev., AMT, 5.50%, 7/1/2053 |
|
|
| |
| |
Gainesville and Hall County Hospital Authority, Northeast Georgia Health System, Inc., Project, Rev., RAN, 5.00%, 10/15/2034 |
|
|
| |
Main Street Natural Gas, Inc., Gas Supply |
|
|
Series 2022B, Rev., 5.00%, 6/1/2029 (b) |
|
|
Series 2024 A, Rev., 5.00%, 9/1/2031 (b) |
|
|
Series 2024B, Rev., 5.00%, 3/1/2032 (b) |
|
|
| |
|
|
| |
|
|
| |
Industrial Development Revenue/Pollution Control Revenue—0.7% |
County of Knott, Solid Waste Water Project, Series 2024, Rev., AMT, 4.00%, 4/1/2025 (b) (c) |
|
|
| |
Kentucky Public Energy Authority |
|
|
Series 2024A, Rev., 5.00%, 7/1/2030 (b) |
|
|
Series 2024B, Rev., 5.00%, 8/1/2032 (b) |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
| |
| |
| |
New York State Dormitory Authority |
|
|
Series 2024, Rev., 5.25%, 7/1/2054 |
|
|
Series 2024A, Rev., 5.50%, 7/1/2054 |
|
|
New York State Dormitory Authority, Brooklyn Law School, Series 2019 A, Rev., 5.00%, 7/1/2033 |
|
|
New York State Dormitory Authority, Court Facilities Lease, Series 2005A, Rev., AMBAC, 5.50%, 5/15/2026 |
|
|
New York State Dormitory Authority, New York University, Series 2001-1, Rev., AMBAC, 5.50%, 7/1/2025 |
|
|
New York State Dormitory Authority, Pace University |
|
|
Series 2024 A, Rev., 5.25%, 5/1/2033 |
|
|
Series 2024 A, Rev., 5.25%, 5/1/2035 |
|
|
Series 2024 A, Rev., 5.50%, 5/1/2049 |
|
|
Series 2024 A, Rev., 5.50%, 5/1/2056 |
|
|
New York State Dormitory Authority, School Districts Financing Program, Series 2009A, Rev., AGC, 5.00%, 10/1/2024 |
|
|
| |
|
|
| |
Camden Central School District, GO, BAN, 4.50%, 6/26/2025 |
|
|
City of New York, Fiscal Year 2018, Series 2018F-1, GO, 5.00%, 4/1/2034 |
|
|
City of New York, Fiscal Year 2020, Series 2020C-1, GO, 5.00%, 8/1/2033 |
|
|
City of New York, Fiscal Year 2022, Series 2022D, Subseries D-1, GO, 5.25%, 5/1/2039 |
|
|
City of New York, Fiscal Year 2023, Series 2023A, Subseries A-4, GO, VRDO, 3.80%, 9/3/2024 (b) |
|
|
City of New York, Fiscal Year 2023 |
|
|
Series 2023A, Subseries A-1, GO, 5.00%, 9/1/2037 |
|
|
Series 2023E, GO, 4.00%, 4/1/2042 |
|
|
City of New York, Fiscal Year 2024, Series 2024A, GO, 5.00%, 8/1/2045 |
|
|
City of Oneida, GO, BAN, 4.50%, 3/28/2025 |
|
|
| |
|
|
Series 2024 A, GO, AGM, 5.00%, 2/15/2041 |
|
|
Series 2024B, GO, AGM, 5.00%, 2/15/2041 |
|
|
Series 2024 A, GO, AGM, 5.00%, 2/15/2042 |
|
|
Series 2024B, GO, AGM, 5.00%, 2/15/2042 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
| |
|
|
Municipal Bonds — continued |
General Obligation — continued |
County of Albany, Series 2022A, GO, 4.00%, 6/1/2036 |
|
|
County of Monroe, GO, 4.00%, 6/1/2040 |
|
|
County of Nassau, Series 2021A, GO, AGM, 4.00%, 4/1/2036 |
|
|
County of Nassau, General Improvement, Series 2023A, GO, AGM, 4.00%, 4/1/2042 |
|
|
County of Onondaga, Series 2022, GO, 4.00%, 6/15/2037 |
|
|
County of Suffolk, Series 2017D, GO, 4.00%, 10/15/2028 |
|
|
| |
|
|
Series 2018A, GO, 5.00%, 12/1/2025 |
|
|
Series 2018-A, GO, 4.00%, 12/1/2028 |
|
|
Gloversville Enlarged School District, GO, BAN, 4.50%, 6/26/2025 |
|
|
Medina Central School District, GO, BAN, 4.50%, 7/16/2025 |
|
|
Northeastern Clinton Central School District, GO, BAN, 4.50%, 6/26/2025 |
|
|
Port Washington Union Free School District, GO, 4.00%, 8/1/2037 |
|
|
State of New York, Series 2023A, GO, 5.00%, 3/15/2041 |
|
|
Town of Babylon, Series 2022, GO, 4.00%, 12/15/2041 |
|
|
Town of Clarkstown, Series 2023, GO, 4.00%, 11/15/2039 |
|
|
Town of Huntington, Public Improvement, Series 2022A, GO, 4.00%, 6/15/2037 |
|
|
Town of Oyster Bay, Public Improvement, GO, AGM, 5.00%, 8/1/2029 |
|
|
| |
|
|
| |
General Obligation — continued |
Uniondale Union Free School District |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
New York State Dormitory Authority, Northwell Health Obligated Group, Series 2022 A, Rev., 4.25%, 5/1/2052 |
|
|
Oneida County Local Development Corp., Mohawk Valley Health System Project, Series 2019A, Rev., AGM, 4.00%, 12/1/2049 |
|
|
| |
|
|
| |
Onondaga County Trust for Cultural Resources, Abby Lane Housing Corp., Series 2017, Rev., 5.00%, 5/1/2040 |
|
|
Industrial Development Revenue/Pollution Control Revenue—1.5% |
New York City Industrial Development Agency, Queens Baseball Stadium Project, Series 2021A, Rev., AGM, 5.00%, 1/1/2031 |
|
|
New York City Industrial Development Agency, Yankee Stadium Project, Series 2020 A, Rev., AGM, 5.00%, 3/1/2029 |
|
|
New York State Environmental Facilities Corp., State Revolving Funds, Master Financing Program, Series 2021-B, Rev., 4.00%, 8/15/2039 |
|
|
| |
|
|
| |
Battery Park City Authority, Series 2019D-1, Rev., VRDO, 3.85%, 9/3/2024 (b) |
|
|
Battery Park City Authority, Series 2019 B, Rev., 5.00%, 11/1/2040 |
|
|
Chautauqua Tobacco Asset Securitization Corp., Series 2014, Rev., 5.00%, 6/1/2048 |
|
|
Hudson Yards Infrastructure Corp., Second Indenture |
|
|
Series 2017 A, Rev., 5.00%, 2/15/2031 |
|
|
Series 2017A, Rev., 5.00%, 2/15/2037 |
|
|
Series 2017 A, Rev., 5.00%, 2/15/2038 |
|
|
Series 2022A, Rev., 4.00%, 2/15/2040 |
|
|
New York City Transitional Finance Authority, Building Aid, Fiscal Year 2015, Series 2015 S-1, Rev., 5.00%, 7/15/2031 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
JPMorgan New York Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2024 (Unaudited) (continued)
| |
|
|
Municipal Bonds — continued |
Other Revenue — continued |
New York City Transitional Finance Authority, Building Aid, Fiscal Year 2019 |
|
|
Series 2019S-2A, Rev., 5.00%, 7/15/2034 |
|
|
Series 2019S-3A, Rev., 5.00%, 7/15/2034 |
|
|
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2017, Series 2017 E1, Rev., 5.00%, 2/1/2035 |
|
|
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2019, Series 2019A-1, Rev., 5.00%, 8/1/2035 |
|
|
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2022 |
|
|
Series 2022F, Subseries F-1, Rev., 4.00%, 2/1/2038 |
|
|
Series 2022B-1, Rev., 4.00%, 8/1/2039 |
|
|
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2023 |
|
|
Series 2023D, Subseries D-1, Rev., 5.25%, 11/1/2037 |
|
|
Series 2023F, Rev., 5.00%, 2/1/2042 |
|
|
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2024 |
|
|
Series 2024B, Rev., 5.00%, 5/1/2042 |
|
|
Series 2024F, Subseries F-1, Rev., 5.25%, 2/1/2053 |
|
|
Series 2024F, Subseries F-1, Rev., 4.25%, 2/1/2054 |
|
|
New York Convention Center Development Corp., Hotel Unit Fee Secured, Rev., 5.00%, 11/15/2030 |
|
|
New York Convention Center Development Corp., Senior Lien, Hotel Unit Fee Secured, Series A, Rev., Zero Coupon, 11/15/2047 |
|
|
New York Convention Center Development Corp., Subordinate Lien, Hotel Unit Fee Secured, Series B, Rev., Zero Coupon, 11/15/2033 |
|
|
New York Liberty Development Corp., Goldman Sachs Headquarters LLC, Series 2005, Rev., 5.25%, 10/1/2035 |
|
|
New York State Dormitory Authority, State Sales Tax |
|
|
Series 2015 B, Rev., 5.00%, 3/15/2030 |
|
|
Series 2016A, Rev., 5.00%, 3/15/2031 |
|
|
Series 2018E-2, Rev., 5.00%, 3/15/2033 |
|
|
Series 2017A, Rev., 5.00%, 3/15/2034 |
|
|
New York State Housing Finance Agency, 10 Barclay Street, Series 2004A, Rev., VRDO, 2.90%, 9/12/2024 (b) |
|
|
New York State Urban Development Corp., State Sales Tax, Series 2021 A, Rev., 4.00%, 3/15/2044 |
|
|
| |
|
|
| |
Other Revenue — continued |
Suffolk Regional Off-Track Betting Co., Series 2024, Rev., 5.75%, 12/1/2044 |
|
|
Suffolk Tobacco Asset Securitization Corp., Series 2021 A-2, Rev., 5.00%, 6/1/2029 |
|
|
Triborough Bridge and Tunnel Authority Sales Tax |
|
|
Series 2024A SUB A2, Rev., 5.25%, 5/15/2059 |
|
|
Series 2024A, Subseries A-1, Rev., 4.13%, 5/15/2064 |
|
|
TSASC, Inc., Series B, Rev., 5.00%, 6/1/2048 |
|
|
Westchester County Local Development Corp., Kendal on Hudson Project, Series 2022B, Rev., 5.00%, 1/1/2032 |
|
|
Westchester County Local Development Corp., Purchase Senior Learning Community, Inc., Project, Series 2021 A, Rev., 5.00%, 7/1/2056 (c) |
|
|
Westchester Tobacco Asset Securitization Corp., Tobacco Settlement |
|
|
Series B, Rev., 5.00%, 6/1/2033 |
|
|
Series B, Rev., 5.00%, 6/1/2034 |
|
|
| |
|
|
| |
New York State Dormitory Authority, Personal Income Tax, Series 2015B, Rev., 5.00%, 2/15/2035 |
|
|
New York State Dormitory Authority, State Personal Income Tax, General Purpose, Series 2020A, Rev., 4.00%, 3/15/2047 |
|
|
New York State Thruway Authority, Personal Income Tax |
|
|
Series 2022A, Rev., 5.00%, 3/15/2037 |
|
|
Series 2021A-1, Rev., 4.00%, 3/15/2038 |
|
|
Series 2022A, Rev., 5.00%, 3/15/2041 |
|
|
Series 2021A-1, Rev., 4.00%, 3/15/2042 |
|
|
New York State Urban Development Corp., State Personal Income Tax, General Purpose |
|
|
Series 2019A, Rev., 5.00%, 3/15/2033 |
|
|
Series 2020C, Rev., 4.00%, 3/15/2037 |
|
|
Series 2020 A, Rev., 4.00%, 3/15/2040 |
|
|
Series 2020E, Rev., 4.00%, 3/15/2045 |
|
|
New York State Urban Development Corp., State Personal Income Tax, State Facilities and Equipment, Series A-2, Rev., NATL - RE, 5.50%, 3/15/2025 |
|
|
| |
|
|
| |
Metropolitan Transportation Authority, Series 2015 A-2, Rev., 5.00%, 5/15/2030 (b) |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
| |
|
|
Municipal Bonds — continued |
Transportation — continued |
Metropolitan Transportation Authority |
|
|
Series C-1, Rev., 5.25%, 11/15/2030 |
|
|
Series A-1, Rev., 5.00%, 11/15/2031 |
|
|
Series A-1, Rev., 4.00%, 11/15/2033 |
|
|
Metropolitan Transportation Authority, Dedicated Tax Fund |
|
|
Series 2012A, Rev., Zero Coupon, 11/15/2030 |
|
|
Series 2016A, Rev., 5.25%, 11/15/2034 |
|
|
New York State Thruway Authority |
|
|
Series L, Rev., 5.00%, 1/1/2032 |
|
|
Series N, Rev., 4.00%, 1/1/2041 |
|
|
New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project |
|
|
Series 2018, Rev., AMT, 5.00%, 1/1/2026 |
|
|
Series 2018, Rev., AMT, 5.00%, 1/1/2031 |
|
|
Series 2018, Rev., AMT, 4.00%, 1/1/2036 |
|
|
New York Transportation Development Corp., John F. Kennedy International Airport New Terminal One Project, Series 2024, Rev., AMT, AGM, 5.00%, 6/30/2049 |
|
|
Port Authority of New York and New Jersey, Consolidated |
|
|
Series 221, Rev., AMT, 4.00%, 7/15/2039 |
|
|
Series 244, Rev., 5.00%, 7/15/2041 |
|
|
Series 237, Rev., 5.00%, 1/15/2052 |
|
|
Triborough Bridge and Tunnel Authority, Series 2024B,SubseriesB-3, Rev., 5.00%, 11/15/2025 (b) |
|
|
Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels |
|
|
Series 2023A, Rev., 5.00%, 5/15/2025 |
|
|
Series 2024A, Subseries A-2, Rev., 5.00%, 11/15/2029 |
|
|
Series 2013A, Rev., Zero Coupon, 11/15/2032 |
|
|
Series B, Rev., 5.00%, 11/15/2033 |
|
|
Series 2023A, Rev., 4.00%, 11/15/2037 |
|
|
Series 2022A, Rev., 4.00%, 5/15/2041 |
|
|
Series 2019C, Rev., 4.00%, 11/15/2042 |
|
|
| |
|
|
| |
Transportation — continued |
Series 2020 A, Rev., 5.00%, 11/15/2054 |
|
|
Triborough Bridge and Tunnel Authority, Payroll Mobility Tax, Series 2024C, Rev., 5.00%, 11/15/2035 |
|
|
| |
|
|
| |
Long Island Power Authority, Electric System |
|
|
Series 2024B, Rev., 3.00%, 9/1/2029 (b) |
|
|
Series 2024B, Rev., 3.00%, 9/1/2031 (b) |
|
|
Long Island Power Authority, Electric System |
|
|
Series 2018, Rev., 5.00%, 9/1/2035 |
|
|
Series 2021A, Rev., 4.00%, 9/1/2041 |
|
|
Series 2024A, Rev., 5.00%, 9/1/2049 |
|
|
New York Power Authority, Green Transmission Project |
|
|
Series 2022A, Rev., AGM, 5.00%, 11/15/2035 |
|
|
Series 2022A, Rev., AGM, 4.00%, 11/15/2038 |
|
|
Utility Debt Securitization Authority |
|
|
Series 2016A, Rev., 5.00%, 12/15/2034 |
|
|
Series 2023 TE-1, Rev., 5.00%, 12/15/2041 |
|
|
Utility Debt Securitization Authority, Restructuring Bond, Series 2016 B, Rev., 5.00%, 12/15/2035 |
|
|
| |
|
|
| |
New York City Municipal Water Finance Authority, Second Generation, Fiscal Year 2024 |
|
|
Series 2024, Subseries CC-2, Rev., 5.00%, 6/15/2046 |
|
|
Series 2024, Subseries BB-1, Rev., 5.25%, 6/15/2047 |
|
|
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Series 2018CC-1, Rev., 4.00%, 6/15/2037 |
|
|
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2020 |
|
|
Series 2020CC-1, Rev., 4.00%, 6/15/2041 |
|
|
Subseries 202DD-3, Rev., 4.00%, 6/15/2042 |
|
|
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2021, Series 2021, Subseries BB-2, Rev., 4.00%, 6/15/2042 |
|
|
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2022, Series 2022, Subseries BB-1, Rev., 4.00%, 6/15/2045 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
JPMorgan New York Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2024 (Unaudited) (continued)
| |
|
|
Municipal Bonds — continued |
Water & Sewer — continued |
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2023, Series 2023DD, Rev., 5.25%, 6/15/2046 |
|
|
New York State Environmental Facilities Corp., State Clean Water and Drinking Water Revolving Funds, Municipal Water Finance Authority Projects - Second Resolution, Series 2017E, Rev., 5.00%, 6/15/2038 |
|
|
New York State Environmental Facilities Corp., State Clean Water and Drinking Water Revolving Funds, Pooled Financing Program, Series 2005B, Rev., 5.50%, 10/15/2025 (d) |
|
|
| |
|
|
| |
|
|
| |
| |
Buckeye Tobacco Settlement Financing Authority, Series 2020B-3, Rev., Zero Coupon, 6/1/2057 |
|
|
| |
Jefferson County Port Authority, JSW Steel USA Ohio, Inc., Project, Series 2023, Rev., 5.00%, 12/1/2028 (b) (c) |
|
|
| |
Ohio Air Quality Development Authority, Duke Energy Corp., Series 2022A, Rev., AMT, 4.25%, 6/1/2027 (b) |
|
|
| |
|
|
| |
| |
Pennsylvania Housing Finance Agency, Single Family Mortgage, Series 2024-146A, Rev., 6.25%, 10/1/2054 |
|
|
| |
| |
Puerto Rico Sales Tax Financing Corp. Sales Tax |
|
|
Series A-1, Rev., Zero Coupon, 7/1/2046 |
|
|
Series A-1, Rev., 4.75%, 7/1/2053 |
|
|
Series A-2, Rev., 4.78%, 7/1/2058 |
|
|
| |
|
|
| |
|
|
| |
Other Revenue — continued |
| |
| |
South Dakota Housing Development Authority, Series 2024C, Rev., GNMA / FNMA / FHLMC, 6.25%, 11/1/2055 (e) |
|
|
| |
Industrial Development Revenue/Pollution Control Revenue—0.3% |
Wisconsin Housing and Economic Development Authority Home Ownership, Series 2024 A, Rev., GNMA / FNMA / FHLMC, 6.00%, 9/1/2054 |
|
|
Total Municipal Bonds
(Cost $328,472) |
|
|
| |
|
|
Short-Term Investments—8.7% |
Investment Companies—8.7% |
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 3.24% (f) (g)(Cost $31,949) |
|
|
Total Investments—99.1%
(Cost $360,421) |
|
|
Assets in Excess of Other Liabilities—0.9% |
|
|
| |
|
|
Percentages indicated are based on net assets. |
| |
|
| |
Insured by Assured Guaranty Corp. |
| |
Insured by Assured Guaranty Municipal Corp. |
| |
Insured by American Municipal Bond Assurance Corp. |
| |
|
| |
|
| |
Federal Home Loan Mortgage Corp. |
| |
Federal National Mortgage Association |
| |
Government National Mortgage Association |
| |
|
| |
Metropolitan Transportation Authority |
| |
Insured by National Public Finance Guarantee Corp. |
| |
Revenue Anticipation Note |
| |
|
| |
|
| |
Variable Rate Demand Obligation |
| |
The date shown represents the earliest of the prerefunded date, next put date or final maturity date. |
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
| |
Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of August 31, 2024. |
| |
Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. |
| |
Security is prerefunded or escrowed to maturity. |
| |
All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. |
| |
Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
| |
The rate shown is the current yield as of August 31, 2024. |
Futures contracts outstanding as of August 31, 2024 (amounts in thousands, except number of contracts):
| |
|
|
|
|
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| |
|
|
|
|
|
U.S. Treasury 2 Year Note |
|
|
|
|
|
U.S. Treasury 5 Year Note |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
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|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
JPMorgan Short-Intermediate Municipal Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2024 (Unaudited)
| |
|
|
Municipal Bonds — 95.0% (a) |
| |
Birmingham Airport Authority |
|
|
| |
|
|
| |
|
|
Black Belt Energy Gas District, Gas Prepay Project No. 7 Series 2021C-1, Rev., 4.00%, 12/1/2026 (b) |
|
|
Black Belt Energy Gas District, Gas Project Series 2022B-1, Rev., 4.00%, 10/1/2027 (b) |
|
|
City of Huntsville, Warrants Series 2017D, GO, 5.00%, 11/1/2024 |
|
|
City of Montgomery, Warrants Series 2020, GO, 4.00%, 2/1/2025 |
|
|
County of Jefferson sewer |
|
|
Series 2024, Rev., 5.00%, 10/1/2025 |
|
|
Series 2024, Rev., 5.00%, 10/1/2026 |
|
|
Selma Industrial Development Board, International Paper Co. Project Series 2019A, Rev., 2.00%, 10/1/2024 (b) |
|
|
Southeast Energy Authority A Cooperative District, Project No. 4 Series 2022B-1, Rev., 5.00%, 8/1/2028 (b) |
|
|
| |
|
|
| |
Borough of Matanuska-Susitna Series 2007A, GO, NATL - RE, 5.00%, 4/1/2025 |
|
|
| |
Arizona Health Facilities Authority, Scottsdale Lincoln Hospitals Series 2014A, Rev., 5.00%, 12/1/2024 |
|
|
Arizona Industrial Development Authority, National Charter School Revolving Loan Fund Series 2023A, Rev., 5.00%, 11/1/2028 |
|
|
Arizona Sports and Tourism Authority, Senior Lien Multipurpose Stadium Facility Project Series 2022, Rev., 5.00%, 7/1/2030 |
|
|
City of Glendale Rev., 5.00%, 7/1/2028 |
|
|
City of Mesa Series 2016, GO, 3.00%, 7/1/2025 |
|
|
City of Phoenix Civic Improvement Corp., Senior Lien, Airport System |
|
|
Series 2023, Rev., AMT, 5.00%, 7/1/2025 |
|
|
Series 2023, Rev., AMT, 5.00%, 7/1/2026 |
|
|
Maricopa County Elementary School District No. 6 Washington, School Improvement, Project of 2016 Series 2019B, GO, 5.00%, 7/1/2029 |
|
|
Maricopa County Industrial Development Authority, Banner Health |
|
|
Series 2023A-1, Rev., 5.00%, 5/15/2026 (b) |
|
|
Series 2023 A3, Rev., 5.00%, 11/1/2030 (b) |
|
|
| |
|
|
| |
| |
Maricopa County Pollution Control Corp., Palo Verde Project |
|
|
Series 2010A, Rev., 0.88%, 10/1/2026 (b) |
|
|
Series 2010B, Rev., 0.88%, 10/1/2026 (b) |
|
|
| |
|
|
| |
Arkansas Development Finance Authority, Department of Community Correction Project Rev., 5.00%, 11/1/2026 |
|
|
City of Rogers, Sales Tax Series 2018B, Rev., 5.00%, 11/1/2027 |
|
|
County of Sharp, Sales and Use Tax Rev., 5.00%, 3/1/2026 |
|
|
University of Central Arkansas, Student Housing System |
|
|
Series 2019C, Rev., AGM, 4.00%, 11/1/2025 |
|
|
Series 2019C, Rev., AGM, 4.00%, 11/1/2026 |
|
|
Series 2019C, Rev., AGM, 4.00%, 11/1/2027 |
|
|
| |
|
|
| |
California Community Choice Financing Authority, Clean Energy Project |
|
|
Series 2023B-1, Rev., 5.00%, 8/1/2029 (b) |
|
|
Series 2023E-1, Rev., 5.00%, 3/1/2031 (b) |
|
|
California Infrastructure and Economic Development Bank, Brightline West Passenger Rail Project Series 2020 A-4, Rev., AMT, 8.00%, 8/15/2025 (b) (c) |
|
|
California Municipal Finance Authority, North Bay Healthcare Group Series 2017A, Rev., 5.00%, 11/1/2024 |
|
|
California Statewide Communities Development Authority, Marin General Hospital Project Series 2018A, Rev., 5.00%, 8/1/2028 |
|
|
Los Angeles Community College District, Election of 2016 Series C-1, GO, 5.00%, 8/1/2026 |
|
|
Los Angeles Unified School District Series 2024A, GO, 5.00%, 7/1/2026 |
|
|
Novato Unified School District Series 2014A, GO, 5.00%, 9/23/2024 |
|
|
State of California, Various Purpose |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
| |
|
|
Municipal Bonds — continued |
| |
City and County of Denver |
|
|
Series 2024A, GO, 5.00%, 8/1/2026 |
|
|
Series 2024B, GO, 5.00%, 8/1/2026 |
|
|
Colorado Health Facilities Authority, Adventist Health System Series 2024 A-1, Rev., 5.00%, 11/15/2029 (b) |
|
|
Colorado Health Facilities Authority, Intermountain Healthcare Series 2022C, Rev., 5.00%, 8/15/2028 (b) |
|
|
Colorado Housing and Finance Authority Series 2023L, Class III, Rev., GNMA COLL, 5.75%, 11/1/2053 |
|
|
Colorado School of Mines Series 2022D, Rev., (SIFMA Municipal Swap Index Yield + 0.87%), 3.71%, 9/12/2024 (d) |
|
|
| |
|
|
Series 2018 A, COP, 5.00%, 12/15/2029 |
|
|
Series 2021A, COP, 4.00%, 12/15/2039 |
|
|
| |
|
|
District of Columbia — 2.3% |
District of Columbia Series 2019 A, GO, 5.00%, 10/15/2028 |
|
|
Metropolitan Washington Airports Authority Aviation |
|
|
Series 2021 A, Rev., AMT, 5.00%, 10/1/2025 |
|
|
Series 2023A, Rev., AMT, 5.00%, 10/1/2025 |
|
|
Series 2021A, Rev., AMT, 5.00%, 10/1/2028 |
|
|
Metropolitan Washington Airports Authority Dulles Toll Road Series 2009B, Rev., AGC, Zero Coupon, 10/1/2024 |
|
|
Washington Metropolitan Area Transit Authority Series 2017B, Rev., 5.00%, 7/1/2029 |
|
|
Total District of Columbia |
|
|
| |
City of Tallahassee, Energy System Rev., 5.00%, 10/1/2025 |
|
|
County of Miami-Dade Water and Sewer System Series 2017 B, Rev., 5.00%, 10/1/2029 |
|
|
County of Miami-Dade, Aviation System Series B, Rev., 5.00%, 10/30/2024 |
|
|
County of Pasco Series A, Rev., 5.00%, 10/1/2024 |
|
|
Florida Municipal Power Agency, St. Lucie Project Series 2021B, Rev., 5.00%, 10/1/2030 |
|
|
Fort Pierce Utilities Authority |
|
|
Series 2022A, Rev., AGM, 5.00%, 10/1/2028 |
|
|
Series 2022A, Rev., AGM, 5.00%, 10/1/2029 |
|
|
| |
|
|
| |
| |
Highlands County Health Facilities Authority, Adventhealth Obligated Group Series 2024C, Rev., 5.00%, 11/15/2031 (b) |
|
|
Hillsborough County Industrial Development Authority, Baycare Health System Series 2024C, Rev., 5.00%, 11/15/2029 (e) |
|
|
JEA Water and Sewer System Series 2017A, Rev., 5.00%, 10/1/2025 |
|
|
Miami-Dade County Housing Finance Authority, Running Brook Apartments Series 202, Rev., 3.55%, 1/1/2026 (b) |
|
|
Pasco County School Board Series 2022A, COP, 5.00%, 8/1/2026 |
|
|
Polk County Housing Finance Authority, Episcopal Catholic Apartments Series 2023, Rev., 4.15%, 6/1/2026 (b) |
|
|
State of Florida Board of Education, Public Education Capital Outlay Series 2020 B, GO, 5.00%, 6/1/2028 |
|
|
| |
|
|
| |
Atlanta Development Authority (The), New Downtown Atlanta Stadium Project, Senior Lien |
|
|
Series A-1, Rev., 5.00%, 7/1/2027 |
|
|
Series A-1, Rev., 5.00%, 7/1/2028 |
|
|
City of Columbus Series 2022, GO, 5.00%, 1/1/2025 |
|
|
Columbia County Hospital Authority, Wellstart Health System Inc., Project |
|
|
Series 2023B, Rev., 5.00%, 4/1/2026 |
|
|
Series 2023B, Rev., 5.00%, 4/1/2027 |
|
|
Series 2023B, Rev., 5.00%, 4/1/2028 |
|
|
Columbus Medical Center Hospital Authority, Piedmont Healthcare Inc., Project Series 2019B, Rev., 5.00%, 7/1/2029 (b) |
|
|
Dahlonega Downtown Development Authority, North Georgia MAC, LLC Project |
|
|
| |
|
|
| |
|
|
| |
|
|
Development Authority of Burke County (The), Georgia Power Co. Plant Vogtle Project Series 2012-2, Rev., 3.30%, 8/21/2029 (b) |
|
|
Main Street Natural Gas, Inc., Gas Supply |
|
|
Series 2024C, Rev., 5.00%, 12/1/2027 |
|
|
Series 2024C, Rev., 5.00%, 12/1/2028 |
|
|
Series 2024C, Rev., 5.00%, 12/1/2029 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
JPMorgan Short-Intermediate Municipal Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2024 (Unaudited) (continued)
| |
|
|
Municipal Bonds — continued |
| |
Series 2023B, Rev., 5.00%, 3/1/2030 (b) |
|
|
Series 2024C, Rev., 5.00%, 12/1/2031 (b) |
|
|
State of Georgia Series 2016F, GO, 5.00%, 7/1/2028 |
|
|
| |
|
|
| |
Champaign County Community Unit School District No. 4 Champaign |
|
|
| |
|
|
| |
|
|
Series 2019, GO, 4.00%, 6/1/2034 |
|
|
Chicago Midway International Airport, Senior Lien |
|
|
Series 2023A, Rev., AMT, 5.00%, 1/1/2027 |
|
|
Series 2023A, Rev., AMT, 5.00%, 1/1/2028 |
|
|
Series 2023 C, Rev., AMT, 5.00%, 1/1/2029 |
|
|
Chicago Park District, Limited Tax Series 2023C, GO, 5.00%, 1/1/2026 |
|
|
Chicago Transit Authority Capital Grant Receipts Series 2021, Rev., 5.00%, 6/1/2027 |
|
|
| |
|
|
Series 2018B, GO, AGM, 5.00%, 12/30/2026 |
|
|
Series 2018B, GO, AGM, 5.00%, 12/30/2027 |
|
|
City of Waukegan, First Lien, Water and Sewer System |
|
|
Series 2018C, Rev., AGM, 5.00%, 12/30/2026 |
|
|
Series 2018C, Rev., AGM, 5.00%, 12/30/2027 |
|
|
Cook County Community Consolidated School District No. 65, Evanston, Limited Tax GO, 4.00%, 12/1/2030 |
|
|
Cook County School District No. 69, Skokie, Limited Tax GO, 4.00%, 12/1/2031 |
|
|
DeKalb County Community Unit School District No. 428 DeKalb GO, 4.00%, 1/1/2031 |
|
|
Effingham Community Unit School District No. 40 Series 2019A, GO, 4.00%, 12/1/2028 |
|
|
| |
|
|
| |
|
|
| |
|
|
Grundy and Kendall Counties Consolidated Grade School District No. 60-C GO, 4.00%, 2/1/2030 |
|
|
Illinois Finance Authority, DePaul University Rev., 5.00%, 10/1/2025 |
|
|
Illinois Finance Authority, Lake Zurich Community Unit School District No. 95 Project |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
| |
Illinois Finance Authority, University of Chicago |
|
|
Series 2015A, Rev., 5.00%, 10/1/2025 (f) |
|
|
Series 2024B, Rev., 5.00%, 4/1/2027 |
|
|
Series 2024B, Rev., 5.00%, 4/1/2028 |
|
|
Illinois Housing Development Authority |
|
|
Series 2022 E, Rev., GNMA / FNMA / FHLMC COLL, 5.25%, 10/1/2052 |
|
|
Series 2024 E, Rev., GNMA / FNMA / FHLMC, 6.25%, 10/1/2055 |
|
|
Kane and DeKalb Counties Community Unit School District No. 301 Burlington GO, 5.00%, 1/1/2027 |
|
|
Madison-Macoupin Etc. Counties Community College District No. 536, Lewis and Clark Community GO, AGM, 4.00%, 5/1/2029 |
|
|
Maine Township High School District No. 207 of Cook Country Series 2019A, GO, 5.00%, 12/1/2028 |
|
|
Peoria County Community Unit School District No. 309 Brimfield |
|
|
| |
|
|
| |
|
|
| |
|
|
Peoria Public Building Commission |
|
|
Series 2019A, Rev., AGM, 5.00%, 12/1/2028 |
|
|
Series 2019A, Rev., AGM, 5.00%, 12/1/2029 |
|
|
Southwestern Illinois Development Authority, Hospital Sisters Services, Inc., Obligated Group Series 2017A, Rev., 5.00%, 2/15/2027 |
|
|
| |
|
|
Series 2017 A, GO, 5.00%, 12/1/2026 |
|
|
Series 2023B, GO, 5.00%, 5/1/2028 |
|
|
Series 2024B, GO, 5.00%, 5/1/2028 |
|
|
| |
|
|
Village of Skokie GO, 5.00%, 12/1/2028 |
|
|
Will County Forest Preservation District, Limited Tax GO, 5.00%, 12/15/2027 |
|
|
| |
|
|
| |
City of Rockport, Indiana Michigan Power Co. Project Series 2009B, Rev., 3.05%, 6/1/2025 |
|
|
Indiana Finance Authority, Indianapolis Power and Light Co. Project Series 2021A, Rev., 1.40%, 8/1/2029 |
|
|
Indiana Finance Authority, Stadium Project Series 2022 A, Rev., 5.00%, 2/1/2026 |
|
|
| |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
| |
|
|
Municipal Bonds — continued |
| |
Iowa Finance Authority, Midwestern Disaster Area, Archer-Daniels-Midland Co. Project Rev., VRDO, 2.95%, 9/12/2024 (b) |
|
|
| |
City of Wichita, Sales Tax, River District Stadium Star Bond Project |
|
|
Series 2018, Rev., 5.00%, 9/1/2025 |
|
|
Series 2018, Rev., 5.00%, 9/1/2026 |
|
|
City of Wichita, Water and Sewer System Series 2016B, Rev., 5.00%, 10/1/2024 |
|
|
Kansas Development Finance Authority, State of Kansas Project Series 2019F, Rev., 5.00%, 11/1/2024 |
|
|
State of Kansas Department of Transportation Series 2024A, Rev., 5.00%, 9/1/2028 |
|
|
Wyandotte County Unified School District No. 202 Turner |
|
|
Series 2019A, GO, AGM, 5.00%, 9/1/2025 |
|
|
Series 2019A, GO, AGM, 5.00%, 9/1/2026 |
|
|
Series 2019A, GO, AGM, 5.00%, 9/1/2028 |
|
|
| |
|
|
| |
County of Knott, Solid Waste Water Project Series 2024, Rev., AMT, 4.00%, 4/1/2025 (b) (c) |
|
|
Kentucky Public Energy Authority Series 2023 A-1, Rev., 5.25%, 2/1/2032 (b) |
|
|
Kentucky State Property and Building Commission, Project No. 113 Series 2024 B, Rev., 5.00%, 11/1/2027 |
|
|
Kentucky State Property and Building Commission, Project No. 130 Series 2024 B, Rev., 5.00%, 11/1/2028 |
|
|
| |
|
|
| |
City of Shreveport, Water and Sewer, Junior Lien |
|
|
Series 2019B, Rev., AGM, 5.00%, 12/1/2026 |
|
|
Series 2019B, Rev., AGM, 5.00%, 12/1/2027 |
|
|
Series 2019B, Rev., AGM, 5.00%, 12/1/2028 |
|
|
Series 2019B, Rev., AGM, 5.00%, 12/1/2029 |
|
|
Louisiana Public Facilities Authority, Tulane University of Louisiana Project |
|
|
Series 2017A, Rev., 5.00%, 12/15/2025 |
|
|
Series 2023A, Rev., 5.00%, 10/15/2028 |
|
|
Series 2023A, Rev., 5.00%, 10/15/2029 |
|
|
| |
|
|
| |
| |
Series 2023A, Rev., 5.00%, 10/15/2030 |
|
|
State of Louisiana Series 2024 E, GO, 5.00%, 9/1/2029 (e) |
|
|
| |
|
|
| |
County of Prince George's, Consolidated Public Improvement Series 2020A, GO, 5.00%, 7/15/2032 |
|
|
State of Maryland Series 2021-2, GO, 5.00%, 8/1/2030 |
|
|
| |
|
|
| |
Commonwealth of Massachusetts, Consolidated Loan of 2015 Series 2015D, GO, 4.00%, 9/1/2030 |
|
|
Massachusetts Department of Transportation Series 1997-A, Rev., NATL - RE, Zero Coupon, 1/1/2029 |
|
|
Massachusetts Development Finance Agency, Caregroup Series 2015 H-1, Rev., 5.00%, 7/1/2025 (f) |
|
|
Massachusetts Development Finance Agency, Suffolk University Issue Rev., 5.00%, 7/1/2026 |
|
|
Town of Wilbraham GO, BAN, 4.25%, 3/12/2025 |
|
|
| |
|
|
| |
City of Royal Oak, Limited Tax, Capital Improvement |
|
|
| |
|
|
| |
|
|
Northville Public Schools, School Building and Site |
|
|
Series 2019-II, GO, 5.00%, 5/1/2027 |
|
|
Series 2019-II, GO, 5.00%, 5/1/2028 |
|
|
Series 2019-II, GO, 5.00%, 5/1/2029 |
|
|
| |
|
|
| |
City of Minneapolis Series 2021, GO, 4.00%, 12/1/2024 |
|
|
Duluth Independent School District No. 709 |
|
|
Series 2019B, COP, 5.00%, 2/1/2026 |
|
|
Series 2019C, COP, 5.00%, 2/1/2026 |
|
|
Series 2019B, COP, 5.00%, 2/1/2027 |
|
|
Series 2019B, COP, 5.00%, 2/1/2028 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
JPMorgan Short-Intermediate Municipal Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2024 (Unaudited) (continued)
| |
|
|
Municipal Bonds — continued |
| |
Series 2019C, COP, 5.00%, 2/1/2028 |
|
|
Housing And Redevelopment Authority of The City of St. Paul Minnesota, Healtheast care System Series 2015A, Rev., 5.00%, 11/15/2025 (f) |
|
|
| |
|
|
| |
Mississippi Business Finance Corp., Pollution Control, Power Co., Project Rev., 3.20%, 9/1/2028 |
|
|
State of Mississippi, Gaming Tax Series 2019A, Rev., 5.00%, 10/15/2028 |
|
|
| |
|
|
| |
City of Kansas City Series 2019A, Rev., 5.00%, 12/1/2024 |
|
|
City of Kansas City, Missouri Special Obligation Refunding and Improvement, Main Streetcar Extension Project Series 2022C, Rev., 5.00%, 9/1/2024 |
|
|
City of St. Louis Airport Series 2007-A, Rev., AGM, 5.25%, 7/1/2026 |
|
|
County of Greene, Missouri Capital project Series 2018, COP, 4.00%, 9/1/2024 |
|
|
Curators of the University of Missouri (The) Series 2020 B, Rev., 5.00%, 11/1/2030 |
|
|
Health and Educational Facilities Authority of the State of Missouri Series 2021 C, Rev., 5.00%, 5/1/2028 (b) |
|
|
Health and Educational Facilities Authority of the State of Missouri, SSM Health Care Obligated Group Series 2022A, Rev., 5.00%, 6/1/2028 |
|
|
Jackson County School District No. R-IV Blue Springs, Missouri Direct Deposit Program Series 2019, GO, 5.50%, 3/1/2029 |
|
|
Missouri Highway and Transportation Commission Series 2022 A, Rev., 4.00%, 5/1/2033 |
|
|
| |
|
|
| |
Nebraska Investment Finance Authority, Single Family Housing Series 2023 C, Rev., GNMA / FNMA / FHLMC COLL, 5.50%, 9/1/2053 |
|
|
Omaha School District Series 2016, GO, 5.00%, 12/15/2028 |
|
|
Southeast Community College Area, Tax Supported |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
| |
| |
|
|
University of Nebraska, Lincoln Student Fees and Facilities Series 2015A, Rev., 5.00%, 7/1/2025 (f) |
|
|
| |
|
|
| |
Nevada Housing Division, Woodcreek Apartments Rev., FHA, 5.00%, 12/1/2024 (b) |
|
|
| |
New Hampshire Municipal Bond Bank Series 2020A, Rev., 5.00%, 2/15/2029 |
|
|
| |
Borough of Seaside Park GO, BAN, 4.25%, 4/11/2025 |
|
|
Borough of South Plainfield Series 2024A, GO, BAN, 4.25%, 4/10/2025 |
|
|
Burlington County Bridge Commission, Government Leasing Program Series 2024A, Rev., 4.25%, 4/8/2025 |
|
|
New Jersey Economic Development Authority, School Facilities Construction |
|
|
Series 2017DDD, Rev., 5.00%, 6/15/2026 |
|
|
Series 2024SSS, Rev., 5.00%, 6/15/2026 |
|
|
Series 2019 GGG, Rev., 5.25%, 9/1/2026 (c) |
|
|
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement |
|
|
Series A, Rev., 5.00%, 6/15/2028 |
|
|
Series A, Rev., 5.00%, 6/15/2029 |
|
|
Series A, Rev., 5.00%, 6/15/2031 |
|
|
Passaic Valley Sewerage Commission, Sewer System Series J, Rev., AGM, 3.00%, 12/1/2030 |
|
|
State of New Jersey, COVID-19 Emergency Bonds Series 2020A, GO, 5.00%, 6/1/2026 |
|
|
Tobacco Settlement Financing Corp. Series 2018A, Rev., 5.00%, 6/1/2028 |
|
|
Township of Brick GO, BAN, 4.25%, 3/19/2025 |
|
|
| |
|
|
| |
City of Farmington, San Juan Project Series 2010A, Rev., 0.88%, 10/1/2026 (b) |
|
|
County of Sandoval GO, 5.00%, 8/1/2026 |
|
|
New Mexico Finance Authority Series 2018 A, Rev., 5.00%, 6/15/2029 |
|
|
| |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
| |
|
|
Municipal Bonds — continued |
| |
City of Oneida GO, BAN, 4.50%, 3/28/2025 |
|
|
Eastport-South Manor Central School District GO, BAN, 4.50%, 5/22/2025 |
|
|
Long Island Power Authority, Electric System Rev., 5.00%, 9/1/2027 |
|
|
Longwood Central School District, Suffolk County GO, 5.00%, 6/15/2026 |
|
|
Metropolitan Transportation Authority, Dedicated Tax Fund Series B-2, Rev., 4.00%, 11/15/2032 |
|
|
Metropolitan Transportation Authority, Green Bond |
|
|
Series A-2, Rev., 4.00%, 11/15/2025 |
|
|
Series 2017C-1, Rev., 5.00%, 11/15/2026 |
|
|
Series 2018 B, Rev., 5.00%, 11/15/2026 |
|
|
New York City Industrial Development Agency, Yankee Stadium LLC Project Series 2020A, Rev., AGM, 5.00%, 3/1/2030 |
|
|
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2021 Series 2021, Subseries CC-2, Rev., 5.00%, 6/15/2028 |
|
|
New York City Transitional Finance Authority Future Tax Secured Series 2024G, Subseries G-1, Rev., 5.00%, 5/1/2027 |
|
|
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2025 Series 2025A, Subseries A-1, Rev., 5.00%, 11/1/2030 |
|
|
New York State Dormitory Authority Series 2024A, Rev., AGM, 5.00%, 10/1/2028 |
|
|
New York State Dormitory Authority, Pace University |
|
|
Series 2024 A, Rev., 5.25%, 5/1/2027 |
|
|
Series 2024 A, Rev., 5.25%, 5/1/2028 |
|
|
Series 2024 A, Rev., 5.25%, 5/1/2029 |
|
|
New York State Dormitory Authority, Personal Income Tax Series 2017B-2, Rev., 5.00%, 2/15/2030 |
|
|
New York State Dormitory Authority, School Districts Financing Program Series 2020A, Rev., AGM, 5.00%, 10/1/2031 |
|
|
New York State Dormitory Authority, St. John's University |
|
|
Series 2021A, Rev., 4.00%, 7/1/2029 |
|
|
Series 2021A, Rev., 4.00%, 7/1/2030 |
|
|
New York State Dormitory Authority, State Personal Income Tax, General Purpose Series 2021 A, Rev., 5.00%, 3/15/2031 |
|
|
| |
|
|
| |
| |
New York State Urban Development Corp., State Personal Income Tax Series 2017C, Rev., 5.00%, 3/15/2032 |
|
|
Triborough Bridge and Tunnel Authority Series 2024B, Rev., BAN, 5.00%, 3/15/2027 |
|
|
| |
|
|
| |
County of Mecklenburg Series 2015A, Rev., 5.00%, 10/1/2024 |
|
|
North Carolina Housing Finance Agency Series 2024, Rev., 5.00%, 4/1/2028 (b) |
|
|
North Carolina Medical Care Commission, Wake Forest Baptist Obligated Group Series 2019C, Rev., 2.55%, 6/1/2026 (b) |
|
|
| |
|
|
| |
City of Grand Forks, Altru Health System |
|
|
Series 2023A, Rev., AGM, 5.00%, 12/1/2026 |
|
|
Series 2023A, Rev., AGM, 5.00%, 12/1/2027 |
|
|
Series 2023A, Rev., AGM, 5.00%, 12/1/2028 |
|
|
| |
|
|
| |
American Municipal Power, Inc. Prairie State Energy Campus Project Series 2023A, Rev., 5.00%, 2/15/2026 |
|
|
City of Cleveland, Income Tax, Subordinate Lien, Public Facilities Improvements |
|
|
Series 2018A, Rev., 5.00%, 10/1/2025 |
|
|
Series 2018A, Rev., 5.00%, 10/1/2027 |
|
|
Series 2018A, Rev., 5.00%, 10/1/2028 |
|
|
Series 2017B-1, Rev., 5.00%, 10/1/2030 |
|
|
City of Columbus, Unlimited Tax Series 2024-1, GO, 5.00%, 2/15/2030 |
|
|
City of Dublin, Various Purpose GO, 4.00%, 12/1/2028 |
|
|
City of Toledo Series 2023, GO, 5.00%, 12/1/2026 |
|
|
Cuyahoga Community College District, Facilities Construction Improvement, Unlimited Tax GO, 5.00%, 12/1/2028 |
|
|
Jefferson County Port Authority, JSW Steel USA Ohio, Inc., Project Series 2023, Rev., 5.00%, 12/1/2028 (b) (c) |
|
|
State of Ohio, Common School Series 2023A, GO, 5.00%, 3/15/2027 |
|
|
| |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
JPMorgan Short-Intermediate Municipal Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2024 (Unaudited) (continued)
| |
|
|
Municipal Bonds — continued |
| |
Carter County Public Facilities Authority, Educational Facilities Lease, Ardmore City Schools Project |
|
|
| |
|
|
| |
|
|
| |
|
|
Cleveland County Educational Facilities Authority, Moore Public School Project |
|
|
Series 2021, Rev., 4.00%, 6/1/2026 |
|
|
Series 2021, Rev., 4.00%, 6/1/2028 |
|
|
Grady County School Finance Authority, Educational Facilities Lease, Minco Public Schools Project |
|
|
| |
|
|
| |
|
|
Muskogee Industrial Trust, Muskogee Public Schools Project |
|
|
| |
|
|
Series 2019, Rev., 4.00%, 9/1/2029 |
|
|
Oklahoma County Independent School District No. 52 Midwest City-Del City Series 2024, GO, 4.00%, 7/1/2028 |
|
|
Oklahoma State University, Agricultural Mechanical Colleges Series 2021A, Rev., 5.00%, 9/1/2024 |
|
|
| |
|
|
| |
Port of Portland, International Airport Series 26A, Rev., 5.00%, 7/1/2026 |
|
|
| |
Allegheny County Airport Authority, Pittsburgh International Airport |
|
|
Series 2023A, Rev., AMT, AGM, 5.00%, 1/1/2026 |
|
|
Series 2023A, Rev., AMT, AGM, 5.00%, 1/1/2027 |
|
|
Allegheny County Higher Education Building Authority, Carnegie Mellon University Series 2022A, Rev., (SOFR + 0.29%), 4.03%, 9/6/2024 (d) |
|
|
Bethlehem Area School District Series 2021, GO, 5.00%, 11/15/2026 |
|
|
Commonwealth Financing Authority Series 2019 B, Rev., 5.00%, 6/1/2029 |
|
|
Commonwealth of Pennsylvania Series 2023, GO, 5.00%, 9/1/2029 |
|
|
| |
|
|
Series 2019A, GO, 4.00%, 10/1/2027 |
|
|
Series 2019A, GO, 4.00%, 10/1/2028 |
|
|
General Authority of Southcentral Pennsylvania, Hanover Hospital, Inc. Rev., 5.00%, 12/1/2026 |
|
|
| |
|
|
| |
| |
General Authority of Southcentral Pennsylvania, Wellspan Health Obligated Group Series 2023A, Rev., 5.00%, 6/1/2029 |
|
|
Montgomery County Higher Education and Health Authority, Thomas Jefferson University Series 2018A, Rev., 5.00%, 9/1/2024 |
|
|
Montgomery County Industrial Development Authority, Constellation Energy Generation Series 2023B, Rev., 4.10%, 6/1/2029 |
|
|
Panther Valley School District |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Pennsylvania Economic Development Financing Authority, Waste Management, Inc. Project Series 2021A-2, Rev., 4.60%, 10/1/2026 (b) |
|
|
Pennsylvania Housing Finance Agency, Single Family Mortgage Series 2024-146A, Rev., 6.25%, 10/1/2054 |
|
|
Pennsylvania Turnpike Commission Series 2019, Rev., 5.00%, 12/1/2030 |
|
|
Pennsylvania Turnpike Commission, Motor License Fund, Enhanced, Subordinate Series 2017-3, Rev., 5.00%, 12/1/2028 |
|
|
Pennsylvania Turnpike Commission, Subordinate Series 2021 B, Rev., 5.00%, 12/1/2027 |
|
|
Southeastern Pennsylvania Transportation Authority, Asset Improvement Program Rev., 5.00%, 6/1/2032 |
|
|
Upper St. Clair Township School District |
|
|
Series 2019B, GO, 4.00%, 10/1/2028 |
|
|
Series 2019B, GO, 4.00%, 10/1/2029 |
|
|
| |
|
|
| |
Patriots Energy Group Financing Agency Series 2023 Subseries B-1, Rev., 5.25%, 3/1/2031 (b) |
|
|
| |
South Dakota Housing Development Authority Series 2024C, Rev., GNMA / FNMA / FHLMC, 6.25%, 11/1/2055 (e) |
|
|
| |
City of Chattanooga Series A, Rev., 5.00%, 9/1/2024 |
|
|
County of Rutherford Series 2015A, GO, 5.00%, 4/1/2026 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
| |
|
|
Municipal Bonds — continued |
| |
Johnson City Health and Educational Facilities Board, Ballad Health Series 2023A, Rev., 5.00%, 7/1/2025 |
|
|
Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Chippington Towers Project Rev., 0.45%, 10/1/2024 (b) |
|
|
Tennergy Corp., Gas Supply Series 2021 A, Rev., 4.00%, 9/1/2028 (b) |
|
|
| |
|
|
| |
Abilene Independent School District, Unlimited Tax School Building GO, PSF-GTD, 4.00%, 2/15/2029 |
|
|
Arlington Higher Education Finance Corp., Uplift Education Series 2017A, Rev., PSF-GTD, 4.00%, 12/1/2029 |
|
|
Austin Community College District Public Facility Corp., Lease, Highland Campus Parking Garage Project |
|
|
Series 2018C, Rev., 5.00%, 8/1/2026 |
|
|
Series 2018C, Rev., 5.00%, 8/1/2027 |
|
|
Series 2018C, Rev., 5.00%, 8/1/2029 |
|
|
Bridge City Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2033 |
|
|
City of Austin Water and Wastewater System Series 2024, Rev., 5.00%, 11/15/2028 |
|
|
City of Austin, Airport System Series 2017 A, Rev., 5.00%, 11/15/2028 |
|
|
City of Denton GO, 5.00%, 2/15/2025 |
|
|
City of El Paso Series 2023, GO, 5.00%, 8/15/2025 |
|
|
City of Houston Series 2024A, GO, 5.00%, 3/1/2030 |
|
|
City of Houston Combined Utility System Series 2016B, Rev., 5.00%, 11/15/2027 |
|
|
City of Houston Combined Utility System, First Lien Series 2024 A, Rev., 5.00%, 11/15/2027 |
|
|
City of Houston, Airport System, Subordinate Lien Series 2018 B, Rev., 5.00%, 7/1/2025 |
|
|
City of Houston, Combined Utility System, First Lien Series 2024 A, Rev., 5.00%, 11/15/2026 |
|
|
City of Lubbock Electric Light and Power System Series 2022, Rev., AGM, 5.00%, 4/15/2028 |
|
|
City of Pearland, Permanent Improvement Series 2017, GO, 5.00%, 3/1/2025 |
|
|
City of San Antonio Series 2024, GO, 5.00%, 2/1/2030 (e) |
|
|
City of San Antonio Electric and Gas Systems Series 2024D, Rev., 5.00%, 2/1/2030 (e) |
|
|
| |
|
|
| |
| |
City of Waco, Combination Tax |
|
|
Series 2024 A, GO, 5.00%, 2/1/2028 |
|
|
Series 2024 A, GO, 5.00%, 2/1/2029 |
|
|
County of Bastrop, Combination Tax GO, 5.00%, 8/1/2030 (e) |
|
|
Dallas County Utility and Reclamation District, Unlimited Tax Series 2016, GO, 5.00%, 2/15/2028 |
|
|
Elgin Independent School District, Unlimited Tax Series 2022, GO, PSF-GTD, 5.00%, 8/1/2032 |
|
|
Grand Parkway Transportation Corp. Series 2023, Rev., 5.00%, 4/1/2028 (b) |
|
|
Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System |
|
|
Series 2014A, Rev., 5.00%, 12/1/2026 |
|
|
Series 2022B, Rev., 5.00%, 12/1/2028 (b) |
|
|
Series 2024 B, Rev., 5.00%, 7/1/2031 |
|
|
Harris County Fresh Water Supply District No. 61, Unlimited Tax GO, AGM, 3.00%, 9/1/2025 |
|
|
Hereford Independent School District, School Building, Unlimited Tax |
|
|
GO, PSF-GTD, 4.00%, 2/15/2028 |
|
|
GO, PSF-GTD, 4.00%, 2/15/2029 |
|
|
Irving Hospital Authority, Baylor Scott and White Medical Center |
|
|
Series 2017A, Rev., 5.00%, 10/15/2028 |
|
|
Series 2017A, Rev., 5.00%, 10/15/2029 |
|
|
Lone Star College System, Limited Tax Series 2016, GO, 4.00%, 2/15/2032 |
|
|
Lower Colorado River Authority, LCRA Transmission Services Corp. Project |
|
|
Series 2022A, Rev., 5.00%, 5/15/2030 |
|
|
Series 2023A, Rev., AGM, 5.00%, 5/15/2030 |
|
|
Metropolitan Transit Authority of Harris County Sales and Use Tax |
|
|
Series A, Rev., 5.00%, 11/1/2028 |
|
|
| |
|
|
North Texas Tollway Authority, First Tier |
|
|
Series 2023 A, Rev., 5.00%, 1/1/2026 |
|
|
Series A, Rev., 4.00%, 1/1/2033 |
|
|
Northwest Independent School District, Unlimited Tax Series 2024 A, GO, PSF-GTD, 5.00%, 2/15/2029 |
|
|
S&S Consolidated Independent School District GO, PSF-GTD, 4.00%, 2/15/2028 |
|
|
Spring Independent School District, Unlimited Tax Series 2024 B, GO, 5.00%, 8/15/2030 (e) |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
JPMorgan Short-Intermediate Municipal Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2024 (Unaudited) (continued)
| |
|
|
Municipal Bonds — continued |
| |
State of Texas, College Student Loan Series 2023A, GO, AMT, 5.25%, 8/1/2029 |
|
|
Texas A&M University, Financing System Series 2017E, Rev., 5.00%, 5/15/2027 |
|
|
Texas Municipal Gas Acquisition & Supply Corp. IV Series 2023A, Rev., 5.50%, 1/1/2030 (b) |
|
|
Texas Municipal Gas Acquisition and Supply Corp. I, Gas Supply, Senior Lien Series 2008D, Rev., 6.25%, 12/15/2026 |
|
|
Texas State University System Series 2024, Rev., 5.00%, 3/15/2029 |
|
|
Texas Water Development Board Series 2023 A, Rev., 5.00%, 10/15/2024 |
|
|
West Travis County Public Utility Agency Rev., 5.00%, 8/15/2027 |
|
|
| |
|
|
| |
Utah Infrastructure Agency, Tax-Exempt Telecommunications Series 2017A, Rev., 5.00%, 10/15/2025 |
|
|
West Valley City Municipal Building Authority |
|
|
Rev., AGM, 5.00%, 2/1/2027 |
|
|
Rev., AGM, 5.00%, 2/1/2029 |
|
|
| |
|
|
| |
County of Henrico Water and Sewer Series 2016, Rev., 5.00%, 5/1/2026 (f) |
|
|
Hampton Roads Sanitation District Series 2024 A, Rev., 5.00%, 11/1/2026 |
|
|
Hampton Roads Transportation Accountability Commission, Transportation Fund, Senior Lien Series 2021A, Rev., BAN, 5.00%, 7/1/2026 (f) |
|
|
Isle Wight County Economic Development Authority, Riverside Health System |
|
|
Series 2023, Rev., AGM, 5.00%, 7/1/2026 |
|
|
Series 2023, Rev., AGM, 5.00%, 7/1/2027 |
|
|
Series 2023, Rev., AGM, 5.00%, 7/1/2028 |
|
|
Series 2023, Rev., AGM, 5.00%, 7/1/2029 |
|
|
Series 2023, Rev., AGM, 5.00%, 7/1/2030 |
|
|
Series 2023, Rev., AGM, 5.00%, 7/1/2031 |
|
|
Norfolk Economic Development Authority, Sentara Healthcare Series 2018A, Rev., 5.00%, 11/1/2028 (b) |
|
|
| |
|
|
| |
| |
Rappahannock Regional Jail Authority Series 2015, Rev., 5.00%, 10/1/2025 (f) |
|
|
Virginia Small Business Financing Authority, Environmental Facilities Series 2022, Rev., 5.00%, 11/15/2024 (b) |
|
|
| |
|
|
| |
Central Puget Sound Regional Transit Authority Series 2021 S 1, Rev., 5.00%, 11/1/2025 |
|
|
Central Puget Sound Regional Transit Authority, Sales Tax and Motor Vehicle Excise Tax Series 2021 S 1, Rev., 5.00%, 11/1/2030 |
|
|
Energy Northwest, Project 1 Series 2024 B, Rev., 5.00%, 7/1/2027 |
|
|
State of Washington, Various Purpose Series 2024 C, GO, 5.00%, 2/1/2027 |
|
|
Washington Health Care Facilities Authority, Commonspirit Health Series 2019B-3, Rev., 5.00%, 8/1/2026 (b) |
|
|
| |
|
|
| |
Sun Prairie Area School District GO, 4.00%, 3/1/2028 |
|
|
Wauwatosa School District, School Building and Improvement Series 2019A, GO, 5.00%, 3/1/2029 |
|
|
Wisconsin Health and Educational Facilities Authority, Advocate Aurora Health Credit Group Series 2018 B-1, Rev., 5.00%, 7/1/2027 (b) |
|
|
Wisconsin Health and Educational Facilities Authority, Aspirus, Inc., Obligated Group Rev., 5.00%, 8/15/2025 |
|
|
| |
|
|
| |
Wyoming Municipal Power Agency, Inc. Series 2017A, Rev., 5.00%, 1/1/2027 (f) |
|
|
Total Municipal Bonds
(Cost $720,192) |
|
|
Collateralized Mortgage Obligations — 0.0% ^ |
FNMA, REMIC Series 2002-36, Class FS, 5.96%, 6/25/2032 (b)(Cost $8) |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
| |
|
|
Short-Term Investments — 5.1% |
Investment Companies — 5.1% |
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 3.24% (g) (h)
(Cost $38,575) |
|
|
Total Investments — 100.1%
(Cost $758,775) |
|
|
Liabilities in Excess of Other Assets — (0.1)% |
|
|
| |
|
|
Percentages indicated are based on net assets. |
| |
|
| |
Insured by Assured Guaranty Corp. |
| |
Insured by Assured Guaranty Municipal Corp. |
| |
|
| |
|
| |
|
| |
Certificate of Participation |
| |
Federal Housing Administration |
| |
Federal Home Loan Mortgage Corp. |
| |
Federal National Mortgage Association |
| |
Government National Mortgage Association |
| |
|
| |
Insured by National Public Finance Guarantee Corp. |
| |
Permanent School Fund Guaranteed |
| |
|
| |
Real Estate Mortgage Investment Conduit |
| |
|
| |
The Securities Industry and Financial Markets Association |
| |
Secured Overnight Financing Rate |
| |
Variable Rate Demand Obligation |
| |
Amount rounds to less than 0.1% of net assets. |
| |
The date shown represents the earliest of the prerefunded date, next put date or final maturity date. |
|
| |
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 August 31, 2024. |
|
| |
Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. |
|
| |
Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of August 31, 2024. |
|
| |
All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. |
|
| |
Security is prerefunded or escrowed to maturity. |
|
| |
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. |
|
| |
The rate shown is the current yield as of August 31, 2024. |
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
JPMorgan Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2024 (Unaudited)
| |
|
|
Municipal Bonds — 94.3% (a) |
| |
Mobile County Industrial Development Authority, Calvert LLC Project Series 2024 A, Rev., AMT, 5.00%, 6/1/2054 |
|
|
Southeast Energy Authority A Cooperative District Project No.06 Series 2023B, Rev., LIQ : Royal Bank of Canada, 5.00%, 6/1/2030 (b) |
|
|
| |
|
|
| |
Alaska Industrial Development and Export Authority, Tanana Chiefs Conference Project Series 2019 A, Rev., 4.00%, 10/1/2049 |
|
|
Northern Tobacco Securitization Corp., Senior Lien Series 2021A CL1, Class 1, Rev., 5.00%, 6/1/2029 |
|
|
Northern Tobacco Securitization Corp., Tobacco Settlement Asset-Backed Senior Capital Appreciation Series 2021 B-2, Class 2, Rev., Zero Coupon, 6/1/2066 |
|
|
| |
|
|
| |
Arizona Industrial Development Authority, Equitable School Revolving Fund LLC |
|
|
Series 2021A, Rev., 4.00%, 11/1/2051 |
|
|
Series 2022A, Rev., 4.25%, 11/1/2052 |
|
|
Arizona Industrial Development Authority, Great Lakes Senior Living Communities LLC Project Series 2019A, Rev., 4.50%, 1/1/2049 |
|
|
Arizona Industrial Development Authority, National Charter School Revolving Loan Fund Series 2023A, Rev., 5.25%, 11/1/2048 |
|
|
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 |
|
|
Series 2018A, Rev., 5.00%, 7/1/2037 |
|
|
Pima County Unified School District No. 1 Tucson, Project of 2023 Series 2024 A, GO, AGM, 5.00%, 7/1/2042 |
|
|
Salt River Project Agricultural Improvement and Power District, Arizona Electric System Series 2023B, Rev., 5.25%, 1/1/2053 |
|
|
| |
|
|
| |
University of Arkansas, Various Facilities Fayetteville Campus Series 2024 B, Rev., 5.00%, 11/1/2030 |
|
|
| |
|
|
| |
| |
California Community Choice Financing Authority, Clean Energy Project |
|
|
Series 2023B-1, Rev., 5.00%, 8/1/2029 (b) |
|
|
Series 2023 G-1, Rev., 5.25%, 4/1/2030 (b) |
|
|
California County Tobacco Securitization Agency, Los Angeles County Securitization Corp. |
|
|
Series 2020A, Rev., 5.00%, 6/1/2029 |
|
|
Series 2020A, Rev., 4.00%, 6/1/2034 |
|
|
Series 2020 B-2, Rev., Zero Coupon, 6/1/2055 |
|
|
California Educational Facilities Authority, Claremont McKenna College Series 2015A, Rev., 4.00%, 1/1/2026 (c) |
|
|
California Health Facilities Financing Authority, Adventist Health System Series 2024A, Rev., 5.00%, 12/1/2036 |
|
|
California Infrastructure and Economic Development Bank, Brightline West Passenger Rail Project Series 2020 A-4, Rev., AMT, 8.00%, 8/15/2025 (b) (d) |
|
|
California Infrastructure and Economic Development Bank, California Academy Of Science Series 2024A, Rev., 3.25%, 8/1/2029 |
|
|
California Public Finance Authority, Henry Mayo Newhall Hospital Rev., 5.00%, 10/15/2047 |
|
|
California School Finance Authority, Green Dot Public School Projects |
|
|
Series 2018A, Rev., 5.00%, 8/1/2025 (d) |
|
|
Series 2018A, Rev., 5.00%, 8/1/2026 (d) |
|
|
Series 2018A, Rev., 5.00%, 8/1/2027 (d) |
|
|
California Statewide Communities Development Authority Series 2009 C-2, Rev., 5.00%, 11/1/2029 (b) |
|
|
California Statewide Communities Development Authority, John Muir Health Series 2024A, Rev., 5.00%, 12/1/2049 |
|
|
California Statewide Communities Development Authority, Marin General Hospital Project Series 2018A, Rev., 4.00%, 8/1/2045 |
|
|
Encinitas Union School District, Election 2010 |
|
|
Series 2015, GO, Zero Coupon, 8/1/2025 |
|
|
Series 2015, GO, Zero Coupon, 8/1/2025 |
|
|
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement |
|
|
Series 2021 B, Rev., 3.00%, 6/1/2046 |
|
|
Series 2021B-2, Rev., Zero Coupon, 6/1/2066 |
|
|
Mount San Antonio Community College District, Election of 2008 Series 2013A, GO, Zero Coupon, 8/1/2043 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
| |
|
|
Municipal Bonds — continued |
| |
San Diego County Regional Airport Authority |
|
|
Series 2023B, Rev., AMT, 5.00%, 7/1/2048 |
|
|
Series 2023B, Rev., AMT, 5.00%, 7/1/2053 |
|
|
State of California, Various Purpose GO, 5.00%, 8/1/2028 |
|
|
| |
|
|
| |
City and County of Denver, Airport System Series 2022A, Rev., AMT, 5.50%, 11/15/2042 |
|
|
Colorado Educational and Cultural Facilities Authority, Global Village Academy Northglenn Project Rev., 5.00%, 12/1/2050 (d) |
|
|
Colorado Educational and Cultural Facilities Authority, James Irwin Educational Foundation Series 2022, Rev., 5.00%, 9/1/2057 |
|
|
Colorado Health Facilities Authority, Adventist Health System Series 2024 A-1, Rev., 5.00%, 11/15/2029 (b) |
|
|
Colorado Health Facilities Authority, CommonSpirit Health Series 2019A-1, Rev., 4.00%, 8/1/2044 |
|
|
Colorado Health Facilities Authority, Vail Valley Medical Centre Project Rev., 4.00%, 1/15/2045 |
|
|
Colorado Springs School District No. 11 Facilities Corp. COP, 5.00%, 12/15/2043 |
|
|
Denver Health and Hospital Authority Series A, Rev., 5.25%, 12/1/2045 |
|
|
Raindance Metropolitan District No. 1, Non-Potable Water System Rev., 5.25%, 12/1/2050 |
|
|
Transport Metropolitan District No. 3, Limited Tax Series 2021A-1, GO, 5.00%, 12/1/2041 |
|
|
Verve Metropolitan District No. 1 GO, 6.75%, 12/1/2052 |
|
|
| |
|
|
| |
Connecticut State Health and Educational Facilities Authority, Yale New Heaven Health Series 2024 B, Rev., 5.00%, 7/1/2029 (b) |
|
|
Stamford Housing Authority, The Dogwoods Project Rev., BAN, 11.00%, 12/1/2027 (d) |
|
|
State of Connecticut Series A, GO, 5.00%, 4/15/2029 |
|
|
| |
|
|
| |
Delaware State Economic Development Authority, Acts Retirement-Life Communities, Inc., Obligated Group |
|
|
Series 2023B, Rev., 5.00%, 11/15/2038 |
|
|
| |
|
|
| |
| |
Series 2018B, Rev., 5.00%, 11/15/2048 |
|
|
Delaware State Economic Development Authority, Newark Charter School, Inc., Project |
|
|
Series A, Rev., 5.00%, 9/1/2036 |
|
|
Series A, Rev., 5.00%, 9/1/2046 |
|
|
| |
|
|
District of Columbia — 1.9% |
District of Columbia, Kipp DC Project Rev., 4.00%, 7/1/2039 |
|
|
District of Columbia, Rocketship Obligated Group Series 2021A, Rev., 5.00%, 6/1/2041 (d) |
|
|
Metropolitan Washington Airports Authority Aviation |
|
|
Series 2024A, Rev., AMT, 5.00%, 10/1/2025 |
|
|
Series 2021A, Rev., AMT, 4.00%, 10/1/2040 |
|
|
Washington Metropolitan Area Transit Authority Series 2018, Rev., 5.00%, 7/1/2043 |
|
|
Total District of Columbia |
|
|
| |
City of Miami Series 2024A, Rev., 5.50%, 1/1/2049 |
|
|
City of Pompano Beach, John Knox Village Project Series 2021A, Rev., 4.00%, 9/1/2051 |
|
|
City of Tallahassee Utility System Series 2024 A, Rev., 5.00%, 10/1/2035 |
|
|
County of Hillsborough, Parks and Recreation Program GO, NATL - RE, 5.25%, 7/1/2025 |
|
|
Florida Development Finance Corp., Brightline Florida Passenger Rail Project Series 2024, Rev., AMT, 5.00%, 7/1/2037 |
|
|
Florida Gulf Coast University Financing Corp., Housing Project Series 2020A, Rev., 4.00%, 2/1/2037 |
|
|
Middleton Community Development District A, City of Wildwood, Florida Special Assessment Series 2022, 6.10%, 5/1/2042 |
|
|
Okaloosa County School Board COP, AGC, 5.00%, 10/1/2049 |
|
|
| |
|
|
| |
Carroll City-County Hospital Authority, Tanner Medical Center Project Rev., GTD, 4.00%, 7/1/2045 |
|
|
Development Authority of Burke County (The) Series 2013-1, Rev., 3.38%, 3/12/2027 (b) |
|
|
Downtown Development Authority of The City of Dalton, Hamilton Health Care System Rev., NATL - RE, 5.50%, 8/15/2026 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
JPMorgan Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2024 (Unaudited) (continued)
| |
|
|
Municipal Bonds — continued |
| |
Fayette County Development Authority, United States Soccer Federation, Inc. Project Series 2024, Rev., 5.00%, 10/1/2044 |
|
|
Main Street Natural Gas, Inc., Gas Supply |
|
|
Series 2022B, Rev., 5.00%, 6/1/2029 (b) |
|
|
Series 2023E SUB E1, Rev., 5.00%, 6/1/2031 (b) |
|
|
Series 2024C, Rev., 5.00%, 12/1/2031 (b) |
|
|
Municipal Electric Authority of Georgia, Plant Vogtle Units 3 and 4 Project Series 2019B, Rev., 5.00%, 1/1/2059 |
|
|
| |
|
|
| |
Boise State University General Project Series 2023A, Rev., 5.00%, 4/1/2048 |
|
|
| |
Chicago Midway International Airport, Senior Lien |
|
|
Series 2023A, Rev., AMT, 5.75%, 1/1/2048 |
|
|
Series 2023A, Rev., AMT, 5.50%, 1/1/2053 |
|
|
Chicago O'Hare International Airport, General Airport, Senior Lien |
|
|
Series 2018B, Rev., 5.00%, 1/1/2053 |
|
|
Series 2024 B, Rev., 5.50%, 1/1/2059 (e) |
|
|
City of Chicago, Waterworks, Second Lien Series 2023A, Rev., AGM, 5.25%, 11/1/2053 |
|
|
Cook County School District No. 99 Cicero, Limited Tax Series 2019B, GO, 5.00%, 12/1/2024 |
|
|
Illinois Finance Authority, Mercy Health System Rev., 5.00%, 12/1/2046 |
|
|
Illinois Finance Authority, University Of Chicago Series 2024 A, Rev., 5.00%, 4/1/2032 |
|
|
Illinois Housing Development Authority Series 2024 A, Rev., GNMA / FNMA / FHLMC, 6.00%, 10/1/2054 |
|
|
Sales Tax Securitization Corp. |
|
|
Series 2018C, Rev., 5.00%, 1/1/2026 |
|
|
Series 2018C, Rev., 5.25%, 1/1/2043 |
|
|
| |
|
|
Series 2017D, GO, 5.00%, 11/1/2024 |
|
|
Series 2024B, GO, 5.00%, 5/1/2025 |
|
|
Series 2024B, GO, 5.00%, 5/1/2026 |
|
|
Series 2022B, GO, 5.00%, 3/1/2033 |
|
|
| |
|
|
| |
|
|
| |
| |
Series 2023B, GO, 4.50%, 5/1/2048 |
|
|
Village of Bolingbrook Series 2018A, GO, AGM, 5.00%, 1/1/2033 |
|
|
| |
|
|
| |
Carmel Clay School Building Corp. Series 2021, Rev., 4.00%, 7/15/2028 |
|
|
City of Goshen, Multi-Family, Green Oaks of Goshen Project Series 2021A, Rev., 5.00%, 8/1/2041 (d) |
|
|
Greater Clark County School Building Corp. Series 2024A, Rev., 5.00%, 7/15/2036 |
|
|
Indiana Finance Authority, CHF- Tippecanoe LLC- Student Housing Project Series 2023A, Rev., 5.00%, 6/1/2053 |
|
|
| |
|
|
| |
Iowa Tobacco Settlement Authority, Subordinate Senior Capital Appreciation Asset Backed Series 2021-B-2, Class 2, Rev., Zero Coupon, 6/1/2065 |
|
|
| |
Kentucky Public Energy Authority Series 2024B, Rev., 5.00%, 8/1/2032 (b) |
|
|
| |
Louisiana Public Facilities Authority, Lincoln Preparatory School Project Series 2021A, Rev., 5.25%, 6/1/2051 (d) |
|
|
Louisiana Public Facilities Authority, Mentorship Steam Academy Project Series 2021A, Rev., 5.00%, 6/1/2056 (d) |
|
|
Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project Series 2015, Rev., 5.00%, 5/15/2047 |
|
|
State of Louisiana Gasoline and Fuels Tax, Second Lien Series 2023A-1, Rev., VRDO, LOC : TD Bank NA, 3.80%, 9/3/2024 (b) |
|
|
| |
|
|
| |
Maryland Health and Higher Educational Facilities Authority, Medstar Health Issue Series 2017A, Rev., 5.00%, 5/15/2042 |
|
|
Maryland State Transportation Authority Series 2021 A, Rev., 5.00%, 7/1/2046 |
|
|
| |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
| |
|
|
Municipal Bonds — continued |
| |
Commonwealth of Massachusetts Transportation Fund Series 2015 A, Rev., 5.00%, 6/1/2028 |
|
|
Commonwealth of Massachusetts, Consolidated Loan of 2016 Series 2016J, GO, 4.00%, 12/1/2039 |
|
|
Massachusetts Port Authority, Bosfuel Project Series 2019 A, Rev., AMT, 5.00%, 7/1/2049 |
|
|
| |
|
|
| |
City of Detroit, Unlimited Tax |
|
|
Series 2021A, GO, 4.00%, 4/1/2041 |
|
|
Series 2021A, GO, 4.00%, 4/1/2042 |
|
|
Michigan Finance Authority, Henry Ford Health System |
|
|
| |
|
|
Series 2019A, Rev., 4.00%, 11/15/2050 |
|
|
Michigan Finance Authority, Trinity Health Credit Group Series 2022B, Rev., 5.00%, 12/1/2028 (b) |
|
|
Michigan Strategic Fund, Graphic Packaging International, LLC Coated Recycled Board Machine Project Rev., AMT, 4.00%, 10/1/2026 (b) |
|
|
| |
|
|
| |
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 |
|
|
Minnesota Housing Finance Agency, Residential Housing Series 2024 O, Rev., GNMA / FNMA / FHLMC, 6.25%, 1/1/2055 |
|
|
Minnesota Housing Finance Agency, Residential Housing Finance Series C, Rev., AMT, GNMA / FNMA / FHLMC, 4.00%, 1/1/2045 |
|
|
| |
|
|
| |
Mississippi Development Bank, Special Obligation, Water and Sewer System Project Rev., AGM, 6.88%, 12/1/2040 |
|
|
| |
Health and Educational Facilities Authority of the State of Missouri, Lutheran Senior Services Projects |
|
|
Series 2019A, Rev., 5.00%, 2/1/2034 |
|
|
Series 2019A, Rev., 5.00%, 2/1/2042 |
|
|
| |
|
|
| |
| |
Missouri Housing Development Commission, Single Family, First Place Homeownership Loan Program Series 2024 A, Rev., GNMA / FNMA / FHLMC, 5.75%, 5/1/2055 |
|
|
Missouri State Environmental Improvement and Energy Resources Authority, Water Pollution Control and Drinking Water Series 2015 B, Rev., 5.00%, 7/1/2026 |
|
|
| |
|
|
| |
Central Plains Energy Project, Gas Project No. 3 |
|
|
Series A, Rev., 5.00%, 9/1/2035 |
|
|
Series 2017A, Rev., 5.00%, 9/1/2042 |
|
|
Central Plains Energy Project, Gas Project No. 5 Series 2022-1, Rev., 5.00%, 10/1/2029 (b) |
|
|
| |
|
|
| |
New Hampshire Business Finance Authority, Tamarron Project Series 2024, Rev., 5.25%, 12/1/2035 (d) |
|
|
New Hampshire Business Finance Authority, University of Nevada Reno Project Series 2023A, Rev., 4.50%, 6/1/2053 |
|
|
| |
|
|
| |
Borough of Dumont, County of Bergen GO, 4.00%, 5/1/2040 |
|
|
New Jersey Economic Development Authority, Biomedical Research Facilities Series 2016A, Rev., 5.00%, 7/15/2027 |
|
|
New Jersey Economic Development Authority, State House Project Series 2017B, Rev., 4.13%, 6/15/2039 |
|
|
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Series A-1, Rev., 5.00%, 6/15/2027 |
|
|
New Jersey Transportation Trust Fund Authority, Transportation System Series 2008A, Rev., Zero Coupon, 12/15/2036 |
|
|
New Jersey Turnpike Authority Series 2017G, Rev., 4.00%, 1/1/2043 |
|
|
Tobacco Settlement Financing Corp. |
|
|
Series 2018A, Rev., 4.00%, 6/1/2037 |
|
|
Series 2018A, Rev., 5.00%, 6/1/2046 |
|
|
Series 2018A, Rev., 5.25%, 6/1/2046 |
|
|
| |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
JPMorgan Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2024 (Unaudited) (continued)
| |
|
|
Municipal Bonds — continued |
| |
City of Farmington, San Juan Project Series 2010 B, Rev., 3.88%, 6/1/2029 (b) |
|
|
| |
Build NYC Resource Corp., Grand Concourse Academy Charter School Series 2022A, Rev., 5.00%, 7/1/2052 |
|
|
City of New York, Fiscal Year 2020 Series 2020D-1, GO, 4.00%, 3/1/2050 |
|
|
City of New York, Fiscal Year 2024 Series 2024D, GO, 5.00%, 4/1/2044 |
|
|
City of Oneida GO, BAN, 4.50%, 3/28/2025 |
|
|
Dutchess County Local Development Corp., Millbrook School Project Series 2021, Rev., 4.00%, 9/1/2051 |
|
|
Long Island Power Authority, Electric System |
|
|
Series 2024B, Rev., 3.00%, 9/1/2029 (b) |
|
|
Series 2024B, Rev., 3.00%, 9/1/2031 (b) |
|
|
Series 2024A, Rev., 5.00%, 9/1/2049 |
|
|
New York City Industrial Development Agency, Yankee Stadium Project Series 2020 A, Rev., AGM, 5.00%, 3/1/2029 |
|
|
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 |
|
|
New York City Transitional Finance Authority Building Aid, Subordinate Series 2016S-1, Rev., 4.00%, 7/15/2040 |
|
|
New York City Transitional Finance Authority Future Tax Secured Series 2018 B-1, Rev., 4.00%, 8/1/2042 |
|
|
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2019 Series 2019 A-1, Rev., 5.00%, 8/1/2040 |
|
|
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2022 Series 2022B, Subseries B-1, Rev., 4.00%, 8/1/2038 |
|
|
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2023 Series 2023F, Subseries F-1, Rev., 4.00%, 2/1/2051 |
|
|
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2025 Series 2025A, Subseries A-1, Rev., 5.00%, 11/1/2035 |
|
|
New York Liberty Development Corp., Secured by Port Authority Series 1WTC-2021, Rev., 2.75%, 2/15/2044 |
|
|
New York Power Authority, Green Transmission Project |
|
|
Series 2023 A, Rev., AGM, 5.13%, 11/15/2058 |
|
|
| |
|
|
| |
| |
Series 2023 A, Rev., AGM, 5.13%, 11/15/2063 |
|
|
New York State Dormitory Authority |
|
|
Series 2024A, Rev., 5.25%, 3/15/2052 |
|
|
Series 2020A, Rev., 4.00%, 7/1/2053 |
|
|
Series 2024A, Rev., 5.50%, 7/1/2054 |
|
|
New York State Dormitory Authority, Northwell Health Obligated Group Series 2022A, Rev., 5.00%, 5/1/2052 |
|
|
New York State Dormitory Authority, Pace University Series 2024 A, Rev., 5.25%, 5/1/2043 |
|
|
New York State Dormitory Authority, State Sales Tax Series 2018A, Rev., 5.00%, 3/15/2037 |
|
|
New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project |
|
|
Rev., AMT, 4.00%, 10/1/2030 |
|
|
Series 2018, Rev., AMT, 5.00%, 1/1/2031 |
|
|
Rev., AMT, 5.00%, 1/1/2034 |
|
|
Series 2018, Rev., AMT, 4.00%, 1/1/2036 |
|
|
Rev., AMT, 4.38%, 10/1/2045 |
|
|
New York Transportation Development Corp., JFK International Airport New Terminal One Project Series 2023, Rev., AMT, AGM, 5.00%, 6/30/2049 |
|
|
Port Authority of New York and New Jersey, Consolidated |
|
|
Series 244, Rev., 5.00%, 7/15/2040 |
|
|
Series 93, Rev., 6.13%, 6/1/2094 |
|
|
Sherburne Earlville Central School District GO, BAN, 4.50%, 7/18/2025 |
|
|
Triborough Bridge and Tunnel Authority, Payroll Mobility Tax |
|
|
Series 2024C, Rev., 5.00%, 11/15/2035 |
|
|
Series 2021A-1, Rev., 4.00%, 5/15/2046 |
|
|
Westchester County Local Development Corp., The Bethel Methodist Home D/B/A, The Knolls Project Series 2020A, Rev., 5.13%, 7/1/2055 |
|
|
Westchester Tobacco Asset Securitization Corp., Tobacco Settlement Series B, Rev., 5.00%, 6/1/2025 |
|
|
| |
|
|
| |
County of Durham Series 2024 A, Rev., 5.00%, 6/1/2041 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
| |
|
|
Municipal Bonds — continued |
North Carolina — continued |
County of Johnston Water and Sewer System Series 2024, Rev., 4.00%, 4/1/2054 |
|
|
North Carolina Housing Finance Agency, Homeownership Series 53-A, Rev., GNMA / FNMA / FHLMC, 6.25%, 1/1/2055 |
|
|
| |
|
|
| |
North Dakota Housing Finance Agency, Home Mortgage Finance Program Series 2024 C, Rev., 5.00%, 7/1/2042 |
|
|
| |
Buckeye Tobacco Settlement Financing Authority |
|
|
Series 2020A-2, Rev., 5.00%, 6/1/2031 |
|
|
Series 2020B-2, Rev., 5.00%, 6/1/2055 |
|
|
Series 2020B-3, Rev., Zero Coupon, 6/1/2057 |
|
|
Butler County Port Authority, Community First Solutions Series 2021A, Rev., 4.00%, 5/15/2046 |
|
|
City of Upper Arlington Nontax Series 2023, Rev., 5.25%, 12/1/2053 |
|
|
Cleveland Department of Public Utilities Division of Water, Second Lien Series 2017B, Rev., 5.00%, 1/1/2027 |
|
|
County of Allen, Hospital Facilities, Bon Secours Mercy Health, Inc. Series 2015A, Rev., 4.25%, 11/1/2045 |
|
|
Jefferson County Port Authority, JSW Steel USA Ohio, Inc., Project Series 2023, Rev., 5.00%, 12/1/2028 (b) (d) |
|
|
North Ridgeville City School District Series 2024, GO, 4.50%, 12/1/2061 |
|
|
Northeast Ohio Medical University Series 2021A, Rev., 3.00%, 12/1/2040 |
|
|
Ohio Air Quality Development Authority, Duke Energy Corp. Series 2022A, Rev., AMT, 4.25%, 6/1/2027 (b) |
|
|
Olmsted Falls City School District Series 2017A, GO, 4.00%, 12/1/2051 |
|
|
Port of Greater Cincinnati Development Authority, Duke Energy Convention Center Project Series 2024B, Rev., 5.00%, 12/1/2043 |
|
|
State of Ohio, Children's Hospital Medical Center of Akron Series 2024 A, Rev., 5.25%, 8/15/2048 |
|
|
University of Cincinnati Series 2024A, Rev., 5.25%, 6/1/2049 |
|
|
| |
|
|
| |
|
|
| |
| |
Oklahoma Development Finance Authority Health System, OU Medicine Project Series 2018 B, Rev., 5.50%, 8/15/2052 |
|
|
University of Oklahoma (The) Series 2024A, Rev., 5.00%, 7/1/2040 |
|
|
| |
|
|
| |
City of Portland, Sewer System Series 2023 A, Rev., 5.00%, 12/1/2040 |
|
|
Multnomah and Clackamas Counties School District No. 10JT Gresham-Barlow Series B, GO, Zero Coupon, 6/15/2035 |
|
|
| |
|
|
| |
Chester County Industrial Development Authority, Longwood Gardens Project Series 2021, Rev., 4.00%, 12/1/2046 |
|
|
Commonwealth Financing Authority, Tobacco Master Settlement Payment Rev., 5.00%, 6/1/2029 |
|
|
Lancaster County Hospital Authority, Health Center, Masonic Villages Project |
|
|
| |
|
|
| |
|
|
Montgomery County Industrial Development Authority, Constellation Energy Generation Series 2023A, Rev., 4.10%, 4/3/2028 (b) |
|
|
Montgomery County Industrial Development Authority, Waverly Heights Ltd., Project Rev., 5.00%, 12/1/2044 |
|
|
Pennsylvania Economic Development Financing Authority, Junior Guaranteed, Capitol Region Parking System Series 2024 B, Rev., GTD, 4.25%, 1/1/2050 |
|
|
Pennsylvania Economic Development Financing Authority, The Penndot Major Bridges Rev., AMT, AGM, 5.00%, 12/31/2057 |
|
|
Pennsylvania Housing Finance Agency Series 2024-145A, Rev., 6.00%, 10/1/2054 |
|
|
Pennsylvania Turnpike Commission Series 2023 B, Rev., VRDO, LOC : TD Bank NA, 2.90%, 9/12/2024 (b) |
|
|
Pennsylvania Turnpike Commission Oil Franchise Tax Series 2021B, Rev., 4.00%, 12/1/2051 |
|
|
| |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
JPMorgan Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2024 (Unaudited) (continued)
| |
|
|
Municipal Bonds — continued |
| |
Puerto Rico Sales Tax Financing Corp. Sales Tax (Puerto Rico) |
|
|
Series A-1, Rev., Zero Coupon, 7/1/2027 |
|
|
Series A-2, Rev., 4.78%, 7/1/2058 |
|
|
| |
|
|
| |
Tobacco Settlement Financing Corp. Series B, Rev., 5.00%, 6/1/2050 |
|
|
| |
Greenville-Spartanburg Airport District Series 2024A, Rev., 5.25%, 7/1/2054 |
|
|
Horry County School District Series 2015A, GO, SCSDE, 4.00%, 3/1/2028 |
|
|
Patriots Energy Group Financing Agency Series 2023 Subseries B-1, Rev., 5.25%, 3/1/2031 (b) |
|
|
South Carolina Public Service Authority, Santee Cooper |
|
|
Series 2024 B, Rev., 5.00%, 12/1/2041 |
|
|
Series 2024 B, Rev., AGM, 5.00%, 12/1/2049 |
|
|
| |
|
|
| |
Knox County Health Educational and Housing Facility Board, University of Tennessee Project Series 2024A-1, Rev., 5.50%, 7/1/2054 |
|
|
Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Blakeford at Green Hills Series 2020A, Rev., 4.00%, 11/1/2038 |
|
|
Metropolitan Government Nashville and Davidson County, Health and Educational Facilities Board, Belmont University Series 2023, Rev., 5.25%, 5/1/2048 |
|
|
Metropolitan Nashville Airport Authority (The) Series 2022B, Rev., AMT, 5.00%, 7/1/2052 |
|
|
Metropolitan Nashville Airport Authority (The), Subordinate Airport Series 2019A, Rev., 5.00%, 7/1/2049 |
|
|
Shelby County Health Educational and Housing Facilities Board, Baptism Memorial Health Obligated Group Series 2024B, Rev., 5.00%, 9/1/2029 (b) |
|
|
Shelby County Health Educational and Housing Facilities Board, The Farms at Bailey Station Project |
|
|
Series 2019A, Rev., 5.75%, 10/1/2054 |
|
|
| |
|
|
| |
| |
Series 2019A, Rev., 5.75%, 10/1/2059 |
|
|
Tennergy Corp., Gas Supply Series 2021 A, Rev., 4.00%, 9/1/2028 (b) |
|
|
| |
|
|
| |
Aledo Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2048 |
|
|
Austin Independent School District, Unlimited Tax Series 2024, GO, PSF-GTD, 5.00%, 8/1/2037 |
|
|
Birdville Independent School District, Unlimited Tax Series 2023A, GO, PSF-GTD, 5.00%, 2/15/2045 |
|
|
Central Texas Turnpike System, First Tier Series 2024 B, Rev., 5.00%, 5/15/2030 (b) |
|
|
Central Texas Turnpike System, Second Tier Series 2024 C, Rev., 5.00%, 8/15/2041 |
|
|
City of Houston, Airport System, United Airlines, Inc., Terminal E Project Rev., AMT, 5.00%, 7/1/2029 |
|
|
City of Houston, Combined Utility System, First Lien Series 2024 A, Rev., 5.00%, 11/15/2025 |
|
|
City of Houston, Combined Utility System, Junior Lien Series 2002A, Rev., AGM, 5.75%, 12/1/2032 (c) |
|
|
City of San Antonio Electric and Gas Systems |
|
|
Series 2024 B, Rev., 5.00%, 2/1/2039 |
|
|
Series 2024 B, Rev., 5.25%, 2/1/2049 |
|
|
Clifton Higher Education Finance Corp., Yes Prep Public School, Inc. Series 2023, Rev., PSF-GTD, 4.25%, 4/1/2048 |
|
|
County of Harris, Unlimited Tax Series 2023A, GO, 4.25%, 9/15/2048 |
|
|
Crandall Independent School District, Unlimited Tax |
|
|
Series 2023, GO, PSF-GTD, 5.00%, 2/1/2048 |
|
|
Series 2023, GO, PSF-GTD, 5.00%, 8/15/2048 |
|
|
GO, PSF-GTD, 4.25%, 2/1/2053 |
|
|
GO, PSF-GTD, 5.25%, 2/1/2053 |
|
|
Series 2023, GO, PSF-GTD, 5.00%, 8/15/2053 |
|
|
Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System Series 2024 C, Rev., 5.00%, 7/1/2029 (b) |
|
|
Hutto Independent School District, Unlimited Tax Series 2023, GO, PSF-GTD, 5.00%, 8/1/2053 |
|
|
Johnson City Independent School District |
|
|
Series 2023, GO, PSF-GTD, 5.00%, 2/15/2047 |
|
|
Series 2023, GO, PSF-GTD, 4.13%, 2/15/2051 |
|
|
Series 2023, GO, PSF-GTD, 4.13%, 2/15/2052 |
|
|
Series 2023, GO, PSF-GTD, 4.13%, 2/15/2053 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
| |
|
|
Municipal Bonds — continued |
| |
Kermit Independent School District, Unlimited Tax Series 2023, GO, PSF-GTD, 5.00%, 2/15/2053 |
|
|
Lamar Consolidated Independent School District, Unlimited Tax Series 2023 A, GO, PSF-GTD, 5.00%, 2/15/2053 |
|
|
Laredo Independent School District Series 2024, GO, PSF-GTD, 5.00%, 8/1/2028 |
|
|
Leander Independent School District, Unlimited Tax Series A, GO, PSF-GTD, Zero Coupon, 8/15/2035 |
|
|
Lower Colorado River Authority |
|
|
Series 2024, Rev., 5.00%, 5/15/2033 |
|
|
Series 2024, Rev., 5.00%, 5/15/2038 |
|
|
Marshall Independent School District, Unlimited Tax Series 2023, GO, PSF-GTD, 4.00%, 2/15/2045 |
|
|
Melissa Independent School District, Unlimited Tax Series 2023, GO, PSF-GTD, 4.25%, 2/1/2053 |
|
|
Mount Vernon Independent School District, Unlimited Tax Series 2023, GO, PSF-GTD, 5.00%, 8/15/2048 |
|
|
Newark Higher Education Finance Corp., The Hughen Center, Inc. Series 2022A, Rev., PSF-GTD, 5.00%, 8/15/2047 |
|
|
Permanent University Fund - Texas A&M University System Series 2015A, Rev., 5.50%, 7/1/2026 |
|
|
San Antonio Education Facilities Corp., University of The Incarnate Word Series 2021A, Rev., 4.00%, 4/1/2051 |
|
|
Texas A&M University Series 2024A, Rev., 5.00%, 5/15/2037 |
|
|
Texas Water Development Board Series 2023 A, Rev., 5.00%, 10/15/2058 |
|
|
| |
|
|
| |
Vermont Student Assistance Corp., Education Loan |
|
|
Series 2018A, Rev., AMT, 3.63%, 6/15/2029 |
|
|
Series 2018A, Rev., AMT, 3.75%, 6/15/2030 |
|
|
Series 2018A, Rev., AMT, 4.00%, 6/15/2031 |
|
|
| |
|
|
| |
Halifax County Industrial Development Authority, Virginia Electric and Power Series 2010A, Rev., 3.80%, 5/28/2027 (b) |
|
|
Virginia Public Building Authority Series 2015A, Rev., 4.00%, 8/1/2031 |
|
|
| |
|
|
| |
|
|
| |
| |
State of Washington, Various Purpose Series 2024 A, GO, 5.00%, 8/1/2046 |
|
|
Washington Health Care Facilities Authority, Seattle Cancer Care Alliance |
|
|
Rev., 4.00%, 12/1/2040 (d) |
|
|
Rev., 4.00%, 12/1/2048 (d) |
|
|
Washington State Housing Finance Commission, Rockwood Retirement Communities Project Series 2020A, Rev., 5.00%, 1/1/2041 (d) |
|
|
| |
|
|
| |
West Virginia Hospital Finance Authority, West Virginia University Health System Obligation Series 2023A, Rev., 4.25%, 6/1/2047 |
|
|
| |
Public Finance Authority, Acts Retirement Life Communities, Inc., Obligated Group Series 2020A, Rev., 5.00%, 11/15/2041 |
|
|
Public Finance Authority, Presbyterian Villages of Michigan Obligated Group Series 2020A, Rev., 4.75%, 11/15/2053 (d) |
|
|
Public Finance Authority, The Carmelite System, Inc., Obligated Group Rev., 5.00%, 1/1/2040 |
|
|
Public Finance Authority, The Franklin School of Innovation Rev., 5.00%, 1/1/2057 (d) |
|
|
Public Finance Authority, Triad Educational Services, Inc. |
|
|
| |
|
|
| |
|
|
University of Wisconsin Hospitals and Clinics Series 2018 C, Rev., VRDO, LIQ : BMO Harris Bank NA, 2.45%, 9/3/2024 (b) |
|
|
Wisconsin Health and Educational Facilities Authority, Forensic science and Protective Medicine Collaboration, Inc. Project Series 2024, Rev., 5.00%, 8/1/2027 (d) |
|
|
Wisconsin Housing and Economic Development Authority Home Ownership Series 2024 A, Rev., GNMA / FNMA / FHLMC, 6.00%, 9/1/2054 |
|
|
Wisconsin Housing and Economic Development Authority, Home Ownership Series B, Rev., 4.00%, 3/1/2048 |
|
|
| |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
JPMorgan Tax Free Bond Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2024 (Unaudited) (continued)
| |
|
|
Municipal Bonds — continued |
| |
University of Wyoming Series 2021C, Rev., AGM, 4.00%, 6/1/2041 |
|
|
Wyoming Community Development Authority Series 2024 1, Rev., 6.00%, 12/1/2054 |
|
|
| |
|
|
Total Municipal Bonds
(Cost $593,126) |
|
|
| |
|
|
Short-Term Investments — 3.6% |
Investment Companies — 3.6% |
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 3.24% (f) (g)
(Cost $22,851) |
|
|
Total Investments — 97.9%
(Cost $615,977) |
|
|
Other Assets Less Liabilities — 2.1% |
|
|
| |
|
|
Percentages indicated are based on net assets. |
| |
|
| |
Insured by Assured Guaranty Corp. |
| |
Insured by Assured Guaranty Municipal Corp. |
| |
|
| |
|
| |
Certificate of Participation |
| |
Federal Home Loan Mortgage Corp. |
| |
Federal National Mortgage Association |
| |
Government National Mortgage Association |
| |
|
| |
|
| |
|
| |
|
| |
Insured by National Public Finance Guarantee Corp. |
| |
Permanent School Fund Guaranteed |
| |
|
| |
|
| |
South Carolina School District Enhancement |
| |
Variable Rate Demand Obligation |
| |
Amount rounds to less than 0.1% of net assets. |
| |
The date shown represents the earliest of the prerefunded date, next put date or final maturity date. |
|
| |
Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of August 31, 2024. |
|
| |
Security is prerefunded or escrowed to maturity. |
|
| |
Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. |
|
| |
All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. |
|
| |
Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
|
| |
The rate shown is the current yield as of August 31, 2024. |
|
Futures contracts outstanding as of August 31, 2024 (amounts in thousands, except number of contracts):
| |
|
|
|
|
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| |
|
|
|
|
|
U.S. Treasury 2 Year Note |
|
|
|
|
|
U.S. Treasury 5 Year Note |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2024 (Unaudited)
| |
|
|
Municipal Bonds — 83.4% (a) |
| |
Alabama Community College System, Gadsen State Community College Series 2018, Rev., 5.00%, 6/1/2025 |
|
|
Alabama Federal Aid Highway Finance Authority |
|
|
Series 2015, Rev., 4.00%, 9/1/2024 (b) |
|
|
Series 2015, Rev., 5.00%, 9/1/2024 (b) |
|
|
Series A, Rev., 5.00%, 9/1/2024 (b) |
|
|
Series B, Rev., 5.00%, 9/1/2024 (b) |
|
|
Series 2016 A, Rev., 5.00%, 9/1/2026 (b) |
|
|
Alabama Special Care Facilities Financing Authority-Birmingham, Childrens Hospital Health Care Facility Rev., 5.00%, 6/1/2025 |
|
|
Alabaster Board of Education, Alabama Special Tax |
|
|
Series 2014A, AGM, 4.00%, 9/1/2024 (b) |
|
|
Series 2014A, AGM, 5.00%, 9/1/2024 (b) |
|
|
Birmingham Airport Authority Rev., 5.00%, 7/1/2026 |
|
|
Black Belt Energy Gas District, Gas Supply Series 2022D-2, Rev., LIQ : Royal Bank of Canada, (SOFR + 1.40%), 4.98%, 9/6/2024 (c) |
|
|
City of Birmingham Series B, GO, 5.00%, 9/1/2024 (b) |
|
|
City of Enterprise GO, 5.00%, 10/1/2024 (b) |
|
|
City of Huntsville Series 2020 B, GO, 5.00%, 9/1/2024 |
|
|
City of Huntsville Water Series 2015, Rev., 5.00%, 11/1/2024 |
|
|
City of Huntsville, Warrants Series 2014C, GO, 5.00%, 9/1/2024 |
|
|
City of Oxford Series 2015A, GO, 5.00%, 9/1/2024 (b) |
|
|
City of Oxford, Warrants Series 2015A, GO, 5.00%, 9/1/2024 (b) |
|
|
County of Baldwin GO, 5.00%, 11/1/2024 (b) |
|
|
County of Jefferson sewer Series 2024, Rev., 5.00%, 10/1/2027 |
|
|
Industrial Development Board of The City of Mobile, Alabama Power Control, Barry Plant Project Series 2007A, Rev., 1.00%, 6/26/2025 (d) |
|
|
Prattville Industrial Development Board, International Paper Co., Project |
|
|
Series 2019B, Rev., 2.00%, 10/1/2024 (d) |
|
|
Series 2019C, Rev., 2.00%, 10/1/2024 (d) |
|
|
Selma Industrial Development Board, International Paper Co. Project Series 2020A, Rev., 1.38%, 6/16/2025 (d) |
|
|
| |
|
|
| |
| |
Southeast Energy Authority A Cooperative District, Project No. 4 Series 2022B-2, Rev., (SOFR + 1.79%), 5.35%, 9/6/2024 (c) |
|
|
State of Alabama Series 2016C, GO, 5.00%, 8/1/2026 |
|
|
University of West Alabama, General Fee Rev., AGM, 4.00%, 1/1/2025 |
|
|
| |
|
|
| |
Alaska Housing Finance Corp., State Capital Project Series 2015A, Rev., 5.00%, 6/1/2025 (b) |
|
|
Alaska Municipal Bond Bank Authority |
|
|
Series 2014 Series-3, Rev., 5.00%, 10/1/2024 (b) |
|
|
Series 3, Rev., 5.00%, 12/1/2026 |
|
|
Borough of Matanuska-Susitna, Goose Creek Correctional Center Project |
|
|
| |
|
|
| |
|
|
Municipality of Anchorage Series 2021 A, GO, 5.00%, 9/1/2024 |
|
|
State of Alaska Series 2024 B, GO, 5.00%, 8/1/2028 |
|
|
State of Alaska International Airports System Series 2016 A, Rev., 5.00%, 10/1/2024 |
|
|
University of Alaska Series V-1, Rev., 5.00%, 10/1/2024 |
|
|
| |
|
|
| |
Arizona Board of Regents Series 2021A, COP, 5.00%, 6/1/2025 |
|
|
Arizona Health Facilities Authority, Scottsdale Lincoln Hospitals Series 2014A, Rev., 5.00%, 12/1/2024 |
|
|
Arizona Industrial Development Authority, Phoenix Children's Hospital Series 2020A, Rev., 5.00%, 2/1/2026 |
|
|
Arizona Water Infrastructure Finance Authority Series 2014A, Rev., 5.00%, 10/1/2024 |
|
|
City of Chandler Series 2014, GO, 4.00%, 7/1/2025 |
|
|
City of Mesa Series 2017, Rev., 4.00%, 7/1/2025 |
|
|
City of Phoenix Civic Improvement Corp., Junior Lien, Airport System Series 2017D, Rev., 5.00%, 7/1/2029 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2024 (Unaudited) (continued)
| |
|
|
Municipal Bonds — continued |
| |
City of Phoenix Civic Improvement Corp., Junior Lien, Water System |
|
|
Series 2016, Rev., 5.00%, 7/1/2025 |
|
|
Series 2014B, Rev., 5.00%, 7/1/2027 |
|
|
City of Tucson Series 2018A, GO, 5.00%, 7/1/2026 |
|
|
County of Pima Series 2020B, COP, 5.00%, 7/1/2027 |
|
|
Maricopa County Industrial Development Authority, Banner Health |
|
|
Series C, Rev., 5.00%, 10/18/2024 (d) |
|
|
Series 2016 A, Rev., 5.00%, 1/1/2026 |
|
|
Series 2019 D, Rev., 5.00%, 5/15/2026 (d) |
|
|
Series 2023A-1, Rev., 5.00%, 5/15/2026 (d) |
|
|
Series 2023 A-2, Rev., 5.00%, 5/15/2028 (d) |
|
|
Maricopa County Industrial Development Authority, HonorHealth Series 2021A, Rev., 5.00%, 9/1/2024 |
|
|
Maricopa County Union High School District No 210-Phoenix, Project 2023 Series 2024A, GO, 5.00%, 7/1/2027 |
|
|
Salt River Project Agricultural Improvement and Power District Series 2019 A, Rev., 5.00%, 1/1/2027 |
|
|
Salt River Project Agricultural Improvement and Power District, Arizona Electric System Series 2015A, Rev., 5.00%, 12/1/2045 |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
City of Rogers Sales and Use Tax Series 2022, Rev., 5.00%, 11/1/2024 |
|
|
Pulaski County Public Facilities Board, Baptist Health Series 2014, Rev., 5.00%, 12/1/2024 (b) |
|
|
State of Arkansas, Federal Highway GO, 5.00%, 10/1/2025 |
|
|
University of Arkansas, Fayetteville Campuenter Facility Project |
|
|
Series 2015A, Rev., 5.00%, 11/1/2024 (b) |
|
|
Series 2017, Rev., 5.00%, 11/1/2024 |
|
|
University of Arkansas, Various Facility UALR Campus Series 2016, Rev., 5.00%, 10/1/2024 |
|
|
University of Arkansas, Various Facility UAMS Campus Series 2019 A, Rev., 5.00%, 3/1/2027 |
|
|
| |
|
|
| |
| |
University of Central Arkansas, Student Fee |
|
|
Series 2020A, Rev., 5.00%, 11/1/2026 |
|
|
Series 2020A, Rev., 5.00%, 11/1/2027 |
|
|
| |
|
|
| |
Anaheim Housing and Public Improvements Authority Series 2017 A, Rev., 5.00%, 10/1/2024 |
|
|
Antelope Valley Community College District Series 2015, GO, 5.00%, 2/15/2025 (b) |
|
|
California Community Choice Financing Authority, Green Bond Series 2022A-2, Rev., (SOFR + 1.70%), 5.26%, 9/6/2024 (c) |
|
|
California Health Facilities Financing Authority, Providence Health and Services Series 2014A, Rev., 4.00%, 10/1/2024 (b) |
|
|
California Health Facilities Financing Authority, St. Joseph Health System |
|
|
Series 2016B-2, Rev., 4.00%, 10/1/2024 (d) |
|
|
Series 2013 A, Rev., 5.00%, 7/1/2025 |
|
|
California State University Series 2014A, Rev., 5.00%, 11/1/2024 (b) |
|
|
California State University, Systemwide Series 2014A, Rev., 5.00%, 11/1/2024 (b) |
|
|
City of Los Angeles Series 2017 B, GO, 5.00%, 9/1/2024 (b) |
|
|
City of Los Angeles, Wastewater System Series 2013-A, Rev., 5.00%, 6/1/2025 |
|
|
City of San Francisco Public Utilities Commission Water Series 2017 A, Rev., 5.00%, 11/1/2024 (b) |
|
|
City of Vernon Electric System |
|
|
Series 2021 A, Rev., 5.00%, 10/1/2027 |
|
|
Series 2021 A, Rev., 5.00%, 4/1/2028 |
|
|
City of Vernon, Electric System Series 2021 A, Rev., 5.00%, 10/1/2024 |
|
|
Golden State Tobacco Securitization Corp. Series 2017 A-1, Rev., 5.00%, 6/1/2026 (b) |
|
|
La Quinta Redevelopment Agency Successor Agency Series 2014A, Rev., 5.00%, 9/1/2024 (b) |
|
|
Long Beach Community College District Series 2014 E, GO, 5.00%, 11/1/2024 (b) |
|
|
Modesto Irrigation District Series 2019 B, Rev., 5.00%, 10/1/2024 |
|
|
Palomar Community College District Series 2015, GO, 5.00%, 5/1/2025 (b) |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
| |
|
|
Municipal Bonds — continued |
| |
Sacramento Municipal Utility District, Electric Series 2019B, Rev., 5.00%, 10/15/2025 (d) |
|
|
San Jose Evergreen Community College District |
|
|
Series A, GO, 5.00%, 9/1/2024 (b) |
|
|
Series C, GO, 5.00%, 9/1/2024 (b) |
|
|
San Mateo County Community College District Series 2014, GO, 5.00%, 9/1/2024 (b) |
|
|
State of California, Various Purpose |
|
|
| |
|
|
| |
|
|
Stockton Public Financing Authority Series 2018 A, Rev., 5.00%, 10/1/2024 |
|
|
Suisun-Solano Water Authority Series 2016, Rev., 5.00%, 9/1/2024 (b) |
|
|
University of California Series 2015I, Rev., 5.00%, 5/15/2029 |
|
|
| |
|
|
| |
Board of Governors of Colorado State University System Series E-1, Rev., 5.00%, 3/1/2025 (b) |
|
|
Boulder Larimer and Weld Countes St. Vrain Valley School District Re-1J Series 2014A, GO, 5.00%, 12/15/2025 |
|
|
Boulder Larimer and Weld Counties St Vrain Valley School District Re1J Series 2016 C, GO, 5.00%, 12/15/2025 |
|
|
City and County of Denver |
|
|
Series 2020 A1, Rev., 5.00%, 11/15/2024 |
|
|
Series 2024A, GO, 5.00%, 8/1/2026 |
|
|
Series 2024B, GO, 5.00%, 8/1/2026 |
|
|
City and County of Denver Airport System |
|
|
Series 2022C, Rev., 5.00%, 11/15/2024 |
|
|
Series 2022C, Rev., 5.00%, 11/15/2025 |
|
|
City and County of Denver, Airport System |
|
|
Series 2023B, Rev., AMT, 5.00%, 11/15/2027 |
|
|
Series 2023B, Rev., AMT, 5.00%, 11/15/2028 |
|
|
City of Colorado Springs Utilities System Series A-1, Rev., 5.00%, 11/15/2024 |
|
|
City of Westminster COP, 4.00%, 12/1/2024 |
|
|
Colorado Bridge Enterprise Series 2019A, Rev., 4.00%, 12/1/2025 |
|
|
Colorado Health Facilities Authority, Adventist Health System |
|
|
Series 2018B, Rev., 5.00%, 11/20/2025 (d) |
|
|
Series 2016C, Rev., 5.00%, 11/15/2026 (d) |
|
|
| |
|
|
| |
| |
Colorado Health Facilities Authority, Adventist Health System/Sunbelt Obligated Group Series 2014E, Rev., 5.00%, 11/15/2024 |
|
|
Colorado Health Facilities Authority, CommonSpirit Health |
|
|
Series 2019 B-1, Rev., 5.00%, 8/1/2025 (d) |
|
|
Series 2019 A-2, Rev., 5.00%, 8/1/2028 |
|
|
Colorado Health Facilities Authority, CommonSpirit Health Obligated Group Series 2022A, Rev., 5.00%, 11/1/2024 |
|
|
Colorado Health Facilities Authority, Intermountain Healthcare Series 2022C, Rev., 5.00%, 8/15/2028 (d) |
|
|
Colorado Health Facilities Authority, School Health System Series 2019A, Rev., 5.00%, 1/1/2025 |
|
|
Colorado Health Facilities Authority, The Evangelical Lutheran Good Samaritan Society Project |
|
|
Series 2015A, Rev., 5.00%, 6/1/2025 (b) |
|
|
Series 2017, Rev., 5.00%, 6/1/2027 (b) |
|
|
Colorado Higher Education, Capital Construction, Lease Purchase Financing Program Series 2014A, COP, 5.00%, 11/1/2024 |
|
|
Colorado Water Resources and Power Development Authority, Clean water Series 2016 B, Rev., 5.00%, 9/1/2024 |
|
|
Denver Urban Renewal Authority Series 2010B-1, Rev., 5.00%, 12/1/2025 |
|
|
El Paso County School District No. 12 Cheyenne Mountain Series 2015, GO, 5.00%, 9/15/2024 (b) |
|
|
El Paso County School District No. 49 Falcon Series 2017B, COP, 5.00%, 12/15/2024 |
|
|
Regional Transportation District Series 2015 A, COP, 5.00%, 6/1/2026 |
|
|
Regional Transportation District Sales Tax Series 2023A, Rev., 5.00%, 11/1/2026 |
|
|
Regional Transportation District, Denver Transit Partners |
|
|
Series 2020A, Rev., 5.00%, 1/15/2025 |
|
|
Series 2020A, Rev., 3.00%, 1/15/2026 |
|
|
Series 2020A, Rev., 5.00%, 7/15/2026 |
|
|
| |
|
|
Series 2020A, COP, 5.00%, 9/1/2024 |
|
|
| |
|
|
Series 2017K, COP, 5.00%, 3/15/2025 |
|
|
Series 2018L, COP, 5.00%, 3/15/2025 |
|
|
Series 2017K, COP, 5.00%, 3/15/2026 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2024 (Unaudited) (continued)
| |
|
|
Municipal Bonds — continued |
| |
Series 2018 L, COP, 5.00%, 3/15/2026 |
|
|
| |
|
|
Series 2018 L, COP, 4.00%, 3/15/2029 |
|
|
University of Colorado Series 2017A-2, Rev., 5.00%, 6/1/2027 |
|
|
| |
|
|
| |
City of Danbury Series 2024, GO, BAN, 5.00%, 9/24/2024 (e) |
|
|
Connecticut State Health and Educational Facilities Authority Series L, Rev., 4.00%, 11/1/2024 |
|
|
Connecticut State Health and Educational Facilities Authority, Stamford Hospital Series L-1, Rev., 4.00%, 7/1/2026 |
|
|
Connecticut State Health and Educational Facilities Authority., Yale New Heaven Health Series A, Rev., 5.00%, 9/27/2024 |
|
|
Hartford County Metropolitan District Clean Water Project Series 2014A, Rev., 5.00%, 11/1/2024 (b) |
|
|
| |
|
|
Series 2018 E, GO, 5.00%, 9/15/2024 |
|
|
Series 2022D, GO, 5.00%, 9/15/2024 |
|
|
| |
|
|
Series F, GO, 5.00%, 11/15/2026 |
|
|
Series 2018 F, GO, 5.00%, 9/15/2028 |
|
|
Series G, GO, 5.00%, 11/15/2028 |
|
|
State of Connecticut Clean Water Fund, State Revolving Fund |
|
|
Series 2015A, Rev., 5.00%, 3/1/2025 |
|
|
Series 2015A, Rev., 5.00%, 3/1/2026 |
|
|
State of Connecticut Special Tax |
|
|
Series A, Rev., 5.00%, 9/1/2024 |
|
|
Series 2021D, Rev., 5.00%, 11/1/2024 |
|
|
Series 2021D, Rev., 5.00%, 11/1/2026 |
|
|
Series B, Rev., 5.00%, 9/1/2028 |
|
|
Town of Wolcott GO, BAN, 4.25%, 2/11/2025 |
|
|
University of Connecticut |
|
|
Series 2019 A, Rev., 5.00%, 11/1/2024 |
|
|
Series 2020A, Rev., 5.00%, 2/15/2025 |
|
|
| |
|
|
| |
|
|
| |
| |
Delaware State Economic Development Authority, Delmarva Power and Light Co. Project Series 2020A, Rev., 1.05%, 7/1/2025 (d) |
|
|
Delaware State Health Facilities Authority, Christiana Health Care System Series 2020 A, Rev., 5.00%, 10/1/2024 |
|
|
| |
|
|
District of Columbia — 0.5% |
| |
|
|
Series 2021 E, GO, 5.00%, 2/1/2025 |
|
|
Series 2016, Rev., 5.00%, 4/1/2026 (b) |
|
|
Series 2017D, GO, 5.00%, 6/1/2029 |
|
|
District of Columbia Housing Finance Agency, Multi Family Housing Edgewood Apartments Project Series 2023, Rev., FHA, 5.00%, 6/1/2026 (d) |
|
|
District of Columbia Income Tax |
|
|
Series 2019 C, Rev., 5.00%, 10/1/2024 |
|
|
Series 2020 C, Rev., 5.00%, 5/1/2025 |
|
|
District of Columbia Water and Sewer Authority |
|
|
Series 2018 B, Rev., 5.00%, 10/1/2024 |
|
|
Series B, Rev., 5.00%, 10/1/2024 |
|
|
District of Columbia, Children's Hospital Obligated Group |
|
|
Series 2015, Rev., 5.00%, 7/15/2025 |
|
|
Series 2015, Rev., 5.00%, 7/15/2026 |
|
|
Series 2015, Rev., 5.00%, 7/15/2027 |
|
|
Series 2015, Rev., 5.00%, 7/15/2028 |
|
|
Series 2015, Rev., 5.00%, 7/15/2029 |
|
|
District of Columbia, Gallaudet University Project Series 2021A, Rev., 5.00%, 4/1/2026 |
|
|
Metropolitan Washington Airports Authority Dulles Toll Road Series 2009B, Rev., AGC, Zero Coupon, 10/1/2024 |
|
|
Washington Metropolitan Area Transit Authority |
|
|
Series A-1, Rev., 5.00%, 7/1/2025 |
|
|
Series 2017B, Rev., 5.00%, 7/1/2027 |
|
|
Series A-1, Rev., 5.00%, 7/1/2028 |
|
|
Total District of Columbia |
|
|
| |
Alachua County School Board Series 2020, COP, AGM, 5.00%, 7/1/2027 |
|
|
Brevard County School District Series 2014, COP, 5.00%, 10/8/2024 |
|
|
Central Florida Expressway Authority, Senior Lien |
|
|
Series 2016B, Rev., 5.00%, 7/1/2025 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
| |
|
|
Municipal Bonds — continued |
| |
Series 2019B, Rev., 5.00%, 7/1/2026 |
|
|
Series 2016 B, Rev., 5.00%, 7/1/2028 |
|
|
City of Gainesville Utilities System Series B, Rev., 5.00%, 10/1/2029 |
|
|
City of Gainesville, Utilities System |
|
|
Series 2017A, Rev., 5.00%, 10/1/2024 |
|
|
Series 2017 A, Rev., 5.00%, 10/1/2028 |
|
|
| |
|
|
Series 2015, Rev., 5.00%, 10/1/2024 |
|
|
Series 2022A, Rev., 5.00%, 10/1/2024 |
|
|
Series 2023 A, Rev., 5.00%, 10/1/2024 |
|
|
Series 2023B, Rev., 5.00%, 10/1/2024 |
|
|
Series B, Rev., 5.00%, 10/1/2024 (b) |
|
|
Series 2015, Rev., 5.00%, 10/1/2027 |
|
|
City of Lakeland Series 2021 A, Rev., 4.00%, 10/1/2024 |
|
|
City of Lakeland, Department of Electric Utilities Series 2016, Rev., 5.00%, 10/1/2024 |
|
|
City of South Miami Health Facilities Authority, Inc., Baptist Health South Florida Obligated Group Rev., 5.00%, 8/15/2028 |
|
|
City of St Petersburg Public Utility Series 2014B, Rev., 5.00%, 10/1/2024 |
|
|
City of Tallahassee Utility System |
|
|
Series 2017, Rev., 5.00%, 10/1/2024 |
|
|
Series 2020, Rev., 5.00%, 10/1/2024 |
|
|
City of Tallahassee Utility System, Energy System Series 2018, Rev., 5.00%, 10/1/2024 |
|
|
City of Tallahassee, Energy System Series 2018, Rev., 5.00%, 10/1/2024 (b) |
|
|
County of Broward, Airport System Series 2013C, Rev., 5.25%, 10/1/2026 |
|
|
County of Escambia Series 2018, Rev., 5.00%, 10/1/2024 |
|
|
County of Escambia, International Paper Co. Project, Environmental Improvement Series 2019B, Rev., 2.00%, 10/1/2024 (d) |
|
|
County of Lee Series 2012, Rev., 5.00%, 10/1/2024 |
|
|
County of Lee, Transportation Facilities Series 2014, Rev., AGM, 5.00%, 10/1/2027 |
|
|
County of Manatee Series 2022, Rev., 5.00%, 10/1/2024 |
|
|
County of Manatee Public Utilities Series 2017, Rev., 5.00%, 10/1/2024 |
|
|
| |
|
|
| |
| |
| |
|
|
Series 2016 B, Rev., 5.00%, 4/1/2025 |
|
|
Series 2020, GO, 5.00%, 7/1/2027 |
|
|
Series 2016, Rev., 5.00%, 10/1/2029 |
|
|
County of Miami-Dade Water and Sewer System Series 2017 B, Rev., 5.00%, 10/1/2024 |
|
|
County of Miami-Dade, Aviation System |
|
|
Series 2020A, Rev., 5.00%, 10/1/2024 |
|
|
Series B, Rev., 5.00%, 10/30/2024 |
|
|
Series B, Rev., 5.00%, 10/1/2026 |
|
|
Series A, Rev., 5.00%, 10/1/2027 |
|
|
Series A, Rev., 5.00%, 10/1/2028 |
|
|
Series A, Rev., 5.00%, 10/1/2029 |
|
|
County of Miami-Dade, Building Better Communities Program Series 2016 A, GO, 5.00%, 7/1/2027 |
|
|
County of Miami-Dade, Transit System |
|
|
Series 2015, Rev., 5.00%, 7/1/2025 |
|
|
| |
|
|
County of Miami-Dade, Water and Sewer System Series 2021, Rev., 5.00%, 10/1/2027 |
|
|
County of Sarasota Series 2015, Rev., 5.00%, 10/1/2024 |
|
|
County of St. Lucie, Power and Light Co., Project Rev., VRDO, 3.15%, 9/3/2024 (d) |
|
|
Duval County Public Schools Series 2022A, COP, AGM, 5.00%, 7/1/2027 |
|
|
East Central Regional Wastewater Treatment Facilities Operation Board Series 2014, Rev., 5.00%, 10/1/2024 (b) |
|
|
East Central Regional Wastewater Treatment Facilities Operation Board, Biosolids Project Series 2014, Rev., 5.00%, 10/1/2024 (b) |
|
|
Escambia County School Board Series 2020A, COP, 5.00%, 2/1/2026 |
|
|
Florida Department of Environmental Protection |
|
|
Series 2015A, Rev., 5.00%, 7/1/2025 |
|
|
Series 2017 A, Rev., 5.00%, 7/1/2027 |
|
|
Series 2019 B, Rev., 5.00%, 7/1/2027 |
|
|
Florida Department of Management Services |
|
|
Series 2017A, Rev., 5.00%, 9/1/2026 |
|
|
Series 2018A, COP, 5.00%, 11/1/2026 |
|
|
Series 2018 A, COP, 5.00%, 11/1/2027 |
|
|
Florida Housing Finance Corp., Culmer Apartments Series 2023C, Rev., 5.00%, 12/1/2025 (d) |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2024 (Unaudited) (continued)
| |
|
|
Municipal Bonds — continued |
| |
Florida Housing Finance Corp., Hampton Point Apartments Series 2023E, Rev., 5.00%, 5/1/2025 (d) |
|
|
Florida Municipal Power Agency, All-Requirements Power Supply Project |
|
|
Series 2016A, Rev., 5.00%, 10/1/2024 |
|
|
Series 2016A, Rev., 5.00%, 10/1/2026 |
|
|
Series 2017 A, Rev., 5.00%, 10/1/2026 |
|
|
Series 2016A, Rev., 5.00%, 10/1/2027 |
|
|
Series 2017 A, Rev., 5.00%, 10/1/2027 |
|
|
Series 2019 A, Rev., 5.00%, 10/1/2027 |
|
|
Series 2018A, Rev., 4.00%, 10/1/2028 |
|
|
Series 2016A, Rev., 5.00%, 10/1/2028 |
|
|
Hillsborough County Aviation Authority Series 2015-B, Rev., 5.00%, 10/1/2024 (b) |
|
|
Hillsborough County Industrial Development Authority, Baycare Health System Series 2024C, Rev., 5.00%, 11/15/2029 (f) |
|
|
| |
|
|
Series 2017 B, Rev., 5.00%, 10/1/2024 (b) |
|
|
Series 2017B, Rev., 5.00%, 10/1/2027 |
|
|
Series 2017B, Rev., 5.00%, 10/1/2029 |
|
|
JEA Water and Sewer System Series 2021A, Rev., 5.00%, 10/1/2024 |
|
|
Lee County School Board (The) |
|
|
Series 2020A, COP, 5.00%, 8/1/2026 |
|
|
Series 2014A, COP, 5.00%, 8/1/2028 |
|
|
Lee Memorial Health System Series A-1, Rev., 5.00%, 4/1/2025 |
|
|
Manatee County School District Series 2017, Rev., AGM, 5.00%, 10/1/2029 |
|
|
Martin County Health Facilities Authority, Martin Memorial Medical Center Series 2015, Rev., 5.00%, 11/15/2024 (b) |
|
|
Martin County School District COP, 5.00%, 10/1/2024 |
|
|
Miami Beach Redevelopment Agency Series A, Rev., 5.00%, 2/1/2028 |
|
|
Miami-Dade County Expressway Authority |
|
|
Series 2014 A, Rev., 5.00%, 7/1/2027 |
|
|
Series 2016A, Rev., 5.00%, 7/1/2028 |
|
|
Miami-Dade County Housing Finance Authority, Quail Roost Transit Village Series 2023, Rev., 5.00%, 9/1/2025 (d) |
|
|
| |
|
|
| |
| |
Miami-Dade County Housing Finance Authority, Santa Clara II Apartments Series 2023, Rev., 5.00%, 10/1/2025 (d) |
|
|
Orange County Convention Center |
|
|
Series 2010, Rev., 5.00%, 10/1/2024 |
|
|
Series 2017, Rev., 5.00%, 10/1/2026 |
|
|
Orange County Health Facilities Authority, Orlando Health Obligated Group Series 2019B, Rev., 5.00%, 10/1/2026 |
|
|
Orange County School Board |
|
|
Series 2015D, COP, 5.00%, 8/1/2025 (b) |
|
|
Series 2016C, COP, 5.00%, 8/1/2026 (b) |
|
|
Series 2017B, COP, 5.00%, 8/1/2027 |
|
|
Orlando Utilities Commission Series 2012A, Rev., 5.00%, 10/1/2024 |
|
|
Palm Beach County Housing Finance Authority Series 2023, Rev., 5.00%, 4/1/2025 (d) |
|
|
Palm Beach County School District |
|
|
Series 2017A, COP, 5.00%, 8/1/2025 |
|
|
Series 2018A, COP, 5.00%, 8/1/2026 |
|
|
Series 2022B, COP, 5.00%, 8/1/2026 |
|
|
Series 2017A, COP, 5.00%, 8/1/2027 |
|
|
Series 2018B, COP, 5.00%, 8/1/2027 |
|
|
Pasco County School Board |
|
|
Series 2013, Rev., 5.00%, 10/1/2024 |
|
|
Series 2022A, COP, 5.00%, 8/1/2025 |
|
|
Series 2022A, COP, 5.00%, 8/1/2027 |
|
|
Polk County School District |
|
|
Series 2019B, COP, 5.00%, 1/1/2025 |
|
|
Series 2019B, COP, 5.00%, 1/1/2026 |
|
|
Riviera Beach Utility Special District Series 2014, Rev., 5.00%, 10/1/2024 |
|
|
School Board of Miami-Dade County (The) |
|
|
Series 2014D, COP, 5.00%, 11/1/2024 |
|
|
Series 2015D, COP, 5.00%, 2/1/2025 |
|
|
Series 2015A, COP, 5.00%, 5/1/2025 |
|
|
Series 2015C, COP, 5.00%, 5/1/2025 |
|
|
Series 2014D, COP, 5.00%, 11/1/2025 |
|
|
Series 2015D, COP, 5.00%, 2/1/2026 |
|
|
Series 2015A, COP, 5.00%, 5/1/2026 |
|
|
Series 2014D, COP, 5.00%, 11/1/2026 |
|
|
Series 2015D, COP, 5.00%, 2/1/2027 |
|
|
Series 2015A, COP, AGM, 5.00%, 5/1/2027 |
|
|
Series 2015B, COP, 5.00%, 5/1/2027 |
|
|
Series 2015A, COP, 5.00%, 5/1/2028 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
| |
|
|
Municipal Bonds — continued |
| |
Series 2015D, COP, 5.00%, 5/1/2028 |
|
|
School Board of Miami-Dade County (The), Florida Certificates Of Participation |
|
|
Series 2012A, COP, 4.00%, 8/1/2028 |
|
|
Series 2014D, COP, 5.00%, 11/1/2028 |
|
|
School District of Broward County |
|
|
Series 2015A, COP, 5.00%, 7/1/2025 |
|
|
Series A, COP, 5.00%, 7/1/2028 |
|
|
South Broward Hospital District, Memorial Healthcare System Rev., 4.00%, 5/1/2026 |
|
|
State of Florida Department of Education Series 2018A, Rev., 5.00%, 7/1/2027 |
|
|
State of Florida Department of Transportation |
|
|
Series 2021A, Rev., 5.00%, 7/1/2025 |
|
|
Series 2019A, Rev., 5.00%, 7/1/2027 |
|
|
Series 2019A, Rev., 5.00%, 7/1/2028 |
|
|
State of Florida Lottery Series 2017 A, Rev., 5.00%, 7/1/2027 |
|
|
State of Florida, Public Education Capital Outlay Series 2020 A, GO, 5.00%, 6/1/2027 |
|
|
Tampa Bay Water Series 2005, Rev., NATL - RE, 5.50%, 10/1/2024 |
|
|
Tampa Sports Authority Series 2015, Rev., 5.00%, 1/1/2026 |
|
|
Tohopekaliga Water Authority Series 2016, Rev., 5.00%, 10/1/2024 |
|
|
Volusia County School Board, Master Lease Program Series 2014B, COP, 5.00%, 9/27/2024 |
|
|
| |
|
|
| |
Athens-Clarke County Unified Government Water and Sewerage Series 2015, Rev., 5.00%, 1/1/2026 |
|
|
Atlanta Development Authority, Georgia State University Research Foundation Science Park LLC Project Series 2016, Rev., 4.00%, 7/1/2026 (b) |
|
|
Bartow County Development Authority, Georgia Power Co. Plant Series 2013-1, Rev., 2.88%, 8/19/2025 (d) |
|
|
City of Atlanta Water and Wastewater |
|
|
Series 2013B, Rev., 5.00%, 11/1/2024 |
|
|
Series 2017 A, Rev., 5.00%, 11/1/2024 |
|
|
Series 2015, Rev., 5.00%, 5/1/2025 (b) |
|
|
Series 2004, Rev., AGM, 5.75%, 11/1/2027 |
|
|
| |
|
|
| |
| |
Clarke County Hospital Authority, Pidemont Healthcare Series 2016 A, Rev., 5.00%, 7/1/2029 |
|
|
County of Barrow Series 2020, GO, 5.00%, 10/1/2024 |
|
|
County of DeKalb, Water and Sewerage Series 2006B, Rev., 5.25%, 10/1/2026 |
|
|
Development Authority for Fulton County, Georgia Tech Facilities Series 2013, Rev., 5.00%, 11/1/2024 |
|
|
Development Authority of Burke County (The), Georgia Power Co. Plant Vogtle Project Series 2012-2, Rev., 3.30%, 8/21/2029 (d) |
|
|
Grady County School District, Sales Tax Series 2019, GO, 5.00%, 10/1/2024 |
|
|
Gwinnett County School District Series 2010, GO, 5.00%, 2/1/2026 |
|
|
Henry County Hospital Authority, Piedmont Henry Hospital Project Series 2014A, Rev., 5.00%, 7/1/2027 |
|
|
Main Street Natural Gas, Inc., Gas Supply Series 2021C, Rev., 4.00%, 12/1/2024 |
|
|
Paulding County School District Series 2014, GO, 5.00%, 2/1/2025 (b) |
|
|
Savannah Economic Development Authority, International Paper Co. Project Series 2019A, Rev., 2.00%, 10/1/2024 (d) |
|
|
State of Georgia Series 2014A, GO, 4.00%, 2/1/2026 |
|
|
Villa Rica Public Facilities Authority, Water and Sewerage Project Series 2015, Rev., 5.00%, 9/1/2024 (b) |
|
|
| |
|
|
| |
| |
|
|
Series 2018 A, GO, 4.00%, 9/1/2024 |
|
|
Series A, GO, 5.00%, 9/1/2024 |
|
|
Series B, GO, 5.00%, 9/1/2024 |
|
|
Series B, GO, 5.00%, 10/1/2024 |
|
|
Series C, GO, 5.00%, 10/1/2024 |
|
|
Series D, GO, 5.00%, 9/1/2026 |
|
|
City and County of Honolulu, Rail Transit Project Series 2019 A, GO, 5.00%, 9/1/2024 |
|
|
| |
|
|
Series A, GO, 5.00%, 9/1/2024 |
|
|
Series C, GO, 5.00%, 9/1/2024 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2024 (Unaudited) (continued)
| |
|
|
Municipal Bonds — continued |
| |
Series A, GO, 5.00%, 9/1/2027 |
|
|
County of Maui Series 2018, GO, 5.00%, 9/1/2024 |
|
|
| |
|
|
| |
|
|
Series FK, GO, 5.00%, 5/1/2027 |
|
|
Series FH, GO, 5.00%, 10/1/2028 |
|
|
University of Hawaii Series 2017 F, Rev., 5.00%, 10/1/2024 |
|
|
| |
|
|
| |
Carol Stream Park District Series 2020C, GO, 4.00%, 11/1/2026 |
|
|
Chicago Board of Education, Unlimited Tax Series 2018A, GO, AGM, 5.00%, 12/1/2024 |
|
|
Chicago O'Hare International Airport, Customer Facility Charge Senior Lien Series B, Rev., 5.00%, 1/1/2027 |
|
|
Chicago O'Hare International Airport, General Airport, Senior Lien |
|
|
Series 2020B, Rev., 5.00%, 1/1/2025 |
|
|
Series B, Rev., 5.00%, 1/1/2025 |
|
|
Series C, Rev., 5.00%, 1/1/2025 |
|
|
Series E, Rev., 5.00%, 1/1/2025 |
|
|
Series B, Rev., 5.00%, 1/1/2026 |
|
|
Series A, Rev., 5.00%, 1/1/2027 |
|
|
Series C, Rev., 5.00%, 1/1/2027 |
|
|
Series B, Rev., 5.00%, 1/1/2028 |
|
|
Series C, Rev., 5.00%, 1/1/2028 |
|
|
Series C, Rev., 5.00%, 1/1/2028 |
|
|
Series C, Rev., 5.00%, 1/1/2029 |
|
|
Chicago O'Hare International Airport, Passenger Facility Charge Series 2012B, Rev., AMT, 4.00%, 1/1/2029 |
|
|
City of Chicago Wastewater Transmission, Second Lien Series 2008C, Rev., 5.00%, 1/1/2025 (b) |
|
|
City of Chicago, Sales Tax Series 2002, Rev., 5.00%, 1/1/2025 (b) |
|
|
City of Decatur GO, 4.00%, 3/1/2025 |
|
|
City of Springfield Electric, Senior Lien Series 2015, Rev., 5.00%, 3/1/2026 |
|
|
City of Springfield Electric, Senior Line Series 2015, Rev., 5.00%, 3/1/2029 |
|
|
City of Springfield, Electric System, Senior Lien Series 2015, Rev., 5.00%, 3/1/2025 |
|
|
| |
|
|
| |
| |
Cook County School District No. 102, La Grange, Limited Tax GO, AGM, 4.00%, 12/15/2024 |
|
|
Cook County School District No. 160, Country Club Hills Series 2020A, GO, 4.00%, 12/1/2024 |
|
|
Cook County School District No. 89, Maywood, Maywood-Melrose Park-Broadview, Limited Tax Series 2020, GO, AGM, 4.00%, 12/15/2024 |
|
|
| |
|
|
Series 2021 B, GO, 4.00%, 11/15/2024 |
|
|
Series 2022A, GO, 5.00%, 11/15/2024 |
|
|
Series 2021B, GO, 4.00%, 11/15/2026 |
|
|
Series 2021 A, GO, 5.00%, 11/15/2026 |
|
|
Series 2016 A, GO, 5.00%, 11/15/2028 |
|
|
County of Cook, Sales Tax Series 2022 B, Rev., 5.00%, 11/15/2024 |
|
|
Du Page County High School District No. 88 Series 2016, GO, 5.00%, 1/15/2025 |
|
|
DuPage County Community High School District No. 94 West Chicago GO, 4.00%, 1/1/2033 |
|
|
DuPage County Community Unit School District No. 200 Wheaton-Warrenville Series 2019, GO, 5.00%, 10/1/2024 |
|
|
Illinois Finance Authority, Advocate Healthcare Series 2015 B, Rev., 5.00%, 5/1/2025 |
|
|
Illinois Finance Authority, Centegra Health System Series 2014A, Rev., 5.00%, 9/1/2024 (b) |
|
|
Illinois Finance Authority, Clean Water Initiative Revolving |
|
|
Series 2019, Rev., 5.00%, 1/1/2027 |
|
|
Series 2019, Rev., 5.00%, 7/1/2027 |
|
|
Series 2020, Rev., 5.00%, 7/1/2027 |
|
|
Illinois Finance Authority, Northwestern Memorial Healthcare Series 2017A, Rev., 5.00%, 7/15/2027 |
|
|
Illinois Finance Authority, Northwestern University Series 2015, Rev., 5.00%, 12/1/2025 |
|
|
Illinois Finance Authority, OSF Healthcare System Series 2020 B-1, Rev., 5.00%, 11/15/2024 (d) |
|
|
Illinois Finance Authority, Plymouth Place, Inc. Series 2015, Rev., 5.25%, 5/15/2025 (b) |
|
|
Illinois Finance Authority, Presbyterian Homes Obligated Group Series 2021B, Rev., (SIFMA Municipal Swap Index Yield + 0.70%), 3.54%, 9/12/2024 (c) |
|
|
Illinois Finance Authority, Presence Health Network |
|
|
Series 2016 C, Rev., 5.00%, 2/15/2025 |
|
|
Series 2016 C, Rev., 5.00%, 2/15/2027 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
| |
|
|
Municipal Bonds — continued |
| |
Illinois Finance Authority, Rush University Medical Center Obligated Group |
|
|
Series 2015A, Rev., 5.00%, 11/15/2024 |
|
|
Series 2015A, Rev., 5.00%, 11/15/2025 |
|
|
Series 2015A, Rev., 5.00%, 11/15/2027 |
|
|
Illinois Finance Authority, State Clean Water Initiative |
|
|
Series 2016, Rev., 5.00%, 1/1/2026 |
|
|
Series 2017, Rev., 5.00%, 1/1/2026 |
|
|
Series 2017, Rev., 5.00%, 7/1/2027 |
|
|
Illinois Finance Authority, Swedish Covenant Hospital Series 2016A, Rev., 5.00%, 8/15/2026 (b) |
|
|
Illinois Finance Authority, The Carle Foundation Series 2021A, Rev., 5.00%, 8/15/2028 |
|
|
Illinois Finance Authority, Uchicago Medicine Series 2022B-2, Rev., 5.00%, 8/15/2027 (d) |
|
|
Illinois Finance Authority, University of Chicago Series 2015A, Rev., 5.00%, 10/1/2025 (b) |
|
|
Illinois Finance Authority, University Of Chicago Series 2014A, Rev., 5.00%, 10/1/2024 |
|
|
Illinois Housing Development Authority Rev., FHA, 4.00%, 6/1/2025 (d) |
|
|
Illinois Municipal Electric Agency, Power Supply System |
|
|
Series 2015A, Rev., 5.00%, 2/1/2025 |
|
|
Series 2015A, Rev., 5.00%, 2/1/2026 |
|
|
Illinois State Toll Highway Authority |
|
|
Series 2019 C, Rev., 5.00%, 1/1/2026 |
|
|
Series 2019B, Rev., 5.00%, 1/1/2027 |
|
|
Series 2019C, Rev., 5.00%, 1/1/2027 |
|
|
Kane McHenry Cook & De Kalb Counties Unit School District No. 300 Series 2015, GO, 5.00%, 1/1/2027 |
|
|
McHenry County Conservation District Series 2014, GO, 5.00%, 2/1/2025 |
|
|
Northern Illinois Municipal Power Agency |
|
|
Series 2016 A, Rev., 5.00%, 12/1/2026 |
|
|
Series 2016 A, Rev., 5.00%, 12/1/2029 |
|
|
Regional Transportation Authority Series 2017 A, Rev., 5.00%, 7/1/2028 |
|
|
| |
|
|
Series 2017D, GO, 5.00%, 11/1/2024 |
|
|
Series 2021A, GO, 5.00%, 12/1/2024 |
|
|
Series 2022B, GO, 5.00%, 3/1/2025 |
|
|
| |
|
|
Series 2023D, GO, 5.00%, 7/1/2025 |
|
|
| |
|
|
| |
| |
Series 2019B, GO, 5.00%, 9/1/2025 |
|
|
Series 2020D, GO, 5.00%, 10/1/2025 |
|
|
Series 2017D, GO, 5.00%, 11/1/2025 |
|
|
Series 2017A, GO, 5.00%, 12/1/2025 |
|
|
| |
|
|
| |
|
|
Series 2023D, GO, 5.00%, 7/1/2026 |
|
|
Series 2017D, GO, 5.00%, 11/1/2026 |
|
|
Series 2014, GO, AGM - CR, 5.00%, 2/1/2027 |
|
|
Series 2016, GO, 5.00%, 2/1/2027 |
|
|
Series 2021 B, GO, 5.00%, 3/1/2027 |
|
|
Series 2022A, GO, 5.00%, 3/1/2027 |
|
|
Series 2023D, GO, 5.00%, 7/1/2027 |
|
|
Series 2018 A, GO, 5.00%, 10/1/2027 |
|
|
Series 2017D, GO, 5.00%, 11/1/2027 |
|
|
Series 2022B, GO, 5.00%, 3/1/2028 |
|
|
Series 2017D, GO, 5.00%, 11/1/2028 |
|
|
Series 2017 A, GO, 5.00%, 12/1/2028 |
|
|
Series 2016, GO, 5.00%, 2/1/2029 |
|
|
Series 2018A, GO, 5.00%, 5/1/2029 |
|
|
Series 2017C, GO, 5.00%, 11/1/2029 |
|
|
State of Illinois, Sales Tax |
|
|
Series 2013, Rev., 5.00%, 6/15/2026 |
|
|
Series 2021 A, Rev., 4.00%, 6/15/2027 |
|
|
Series 2016, Rev., 5.00%, 6/15/2029 |
|
|
University of Illinois Series 2023 A, Rev., 5.00%, 4/1/2027 |
|
|
Village of Oswego Series 2016, GO, 5.00%, 12/15/2025 (b) |
|
|
Will County Community Unit School District No. 365-U Valley View Series 2018 A, GO, 5.00%, 11/1/2024 |
|
|
Will Grundy Etc Counties Community College District No. 525, Joliet Junior College GO, 5.00%, 1/1/2026 |
|
|
| |
|
|
| |
Brownsburg 1999 School Building Corp. Series 2024B, Rev., BAN, 5.00%, 6/1/2025 |
|
|
City of Indianapolis, Department of Public Utilities Water System Series 2018A, Rev., 5.00%, 10/1/2026 |
|
|
City of Rockport, Indiana Michigan Power Co. Project Series 2009B, Rev., 3.05%, 6/1/2025 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2024 (Unaudited) (continued)
| |
|
|
Municipal Bonds — continued |
| |
City of Whiting, BP Products North America, Inc. Project Series 2019A, Rev., AMT, 5.00%, 6/5/2026 (d) |
|
|
Danville Multi-School Building Corp. Rev., BAN, 4.50%, 12/15/2024 |
|
|
Gary Community School Building Corp., Ad Valorem Property Tax First Mortgage |
|
|
Series 2020B, Rev., 4.00%, 1/15/2026 |
|
|
Series 2020B, Rev., 4.00%, 7/15/2026 |
|
|
Indiana Finance Authority Series 2017 A, Rev., 5.00%, 6/1/2025 (b) |
|
|
Indiana Finance Authority, CWA Authority Project |
|
|
Series 2021-2, Rev., 5.00%, 10/1/2024 |
|
|
Series 2021-2, Rev., 5.00%, 10/1/2027 |
|
|
Indiana Finance Authority, Franciscan Alliance, Inc., Obligated Group Series 2017 C, Rev., 5.00%, 11/1/2024 |
|
|
Indiana Finance Authority, Goshen Health Series 2019B, Rev., 2.10%, 11/1/2026 (d) |
|
|
Indiana Finance Authority, Indiana University Health Obligated Group |
|
|
Series 2016A, Rev., 5.00%, 12/1/2024 |
|
|
Series 2016A, Rev., 5.00%, 12/1/2025 |
|
|
Series 2014 A, Rev., 5.00%, 12/1/2026 |
|
|
Indiana Finance Authority, Indianapolis Power and Light Co. Project Series 2021B, Rev., 0.65%, 8/1/2025 |
|
|
Indiana Finance Authority, Marian University Project Series 2019A, Rev., 5.00%, 9/15/2024 |
|
|
Indiana Finance Authority, Parkview Health System, Inc. |
|
|
Series 2017 A, Rev., 5.00%, 11/1/2024 |
|
|
Series 2017 A, Rev., 5.00%, 11/1/2025 |
|
|
Indiana Finance Authority, Stadium Project |
|
|
Series 2022 A, Rev., 5.00%, 2/1/2025 |
|
|
Series 2022 A, Rev., 5.00%, 2/1/2026 |
|
|
Indiana Finance Authority, State Revolving Program |
|
|
Series 2015A, Rev., 5.00%, 2/1/2025 (b) |
|
|
Series 2015A, Rev., 5.00%, 2/1/2025 |
|
|
Series 2018 A, Rev., 5.00%, 2/1/2025 |
|
|
Series 2021 B, Rev., 5.00%, 2/1/2025 |
|
|
Indiana Housing and Community Development Authority Series 2017B-3, Rev., VRDO, LIQ : TD Bank NA, 2.55%, 9/3/2024 (d) |
|
|
| |
|
|
| |
| |
Indiana Municipal Power Agency, Power Supply System |
|
|
Series 2016 C, Rev., 5.00%, 1/1/2025 |
|
|
Series 2014A, Rev., 5.00%, 1/1/2026 |
|
|
Series 2016 C, Rev., 5.00%, 1/1/2026 |
|
|
Series 2014A, Rev., 5.00%, 1/1/2027 |
|
|
Series 2014A, Rev., 5.00%, 1/1/2028 |
|
|
Series 2016 C, Rev., 5.00%, 1/1/2029 |
|
|
Indianapolis Local Public Improvement Bond Bank, Courthouse And Jail Project Series 2019A, Rev., 5.00%, 2/1/2025 |
|
|
Purdue University Series EE, Rev., 5.00%, 7/1/2027 |
|
|
| |
|
|
| |
County of Polk Series 2019, GO, 4.00%, 6/1/2025 |
|
|
Iowa Finance Authority Series 2016, Rev., 5.00%, 8/1/2026 |
|
|
Iowa Finance Authority, Midwestern Disaster Area, Archer-Daniels-Midland Co. Project Rev., VRDO, 2.95%, 9/12/2024 (d) |
|
|
State of Iowa Board of Regents Series 2021A, Rev., 5.00%, 9/1/2024 |
|
|
State of Iowa Board of Regents, University of Iowa, Hospitals and Clinics Series 2021C, Rev., 5.00%, 9/1/2024 |
|
|
University of Iowa (The), Parking System Series 2023, Rev., BAN, 3.50%, 7/1/2026 |
|
|
| |
|
|
| |
City of Derby Series 2024-1, GO, 4.00%, 12/1/2026 |
|
|
City of Lenexa Series 2015B, GO, 5.00%, 9/1/2024 |
|
|
Johnson County Public Building Commission, Couthouse and Medical Examiners Facility Projects Series 2018A, Rev., 5.00%, 9/1/2024 |
|
|
Johnson County Unified School District No. 229 Blue Valley Series 2023A, GO, 5.00%, 10/1/2024 |
|
|
Johnson County Unified School District No. 233 Olathe |
|
|
Series 2016 A, GO, 4.00%, 9/1/2024 (b) |
|
|
Series 2016 A, GO, 5.00%, 9/1/2024 |
|
|
Series 2016 B, GO, 5.00%, 9/1/2024 |
|
|
Series 2016 C, GO, 5.00%, 9/1/2024 |
|
|
Series 2017B, GO, 5.00%, 9/1/2024 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
| |
|
|
Municipal Bonds — continued |
| |
Riley County Unified School District No. 383, Manhattan-Ogden Series 2018A, GO, 5.00%, 9/1/2027 (b) |
|
|
Sedgwick County Unified School District No. 265 Goddard Series 2020A, GO, 3.00%, 10/1/2024 |
|
|
Sedgwick County Unified School District No. 266 Maize Series 2017, GO, 5.00%, 9/1/2024 |
|
|
State of Kansas Department of Transportation |
|
|
Series 2015A, Rev., 5.00%, 9/1/2024 |
|
|
Series 2018 A, Rev., 5.00%, 9/1/2024 |
|
|
Wyandotte County Unified School District No. 202 Turner Series 2019A, GO, AGM, 3.00%, 9/1/2024 |
|
|
Wyandotte County-Kansas City Unified Government Utility System |
|
|
Series 2014A, Rev., 5.00%, 9/1/2028 |
|
|
Series 2014A, Rev., 5.00%, 9/1/2029 |
|
|
| |
|
|
| |
County of Knott, Solid Waste Water Project Series 2024, Rev., AMT, 4.00%, 4/1/2025 (d) (e) |
|
|
Kentucky Asset Liability Commission, Federal Highway Trust Fund |
|
|
Rev., 5.00%, 9/1/2024 (b) |
|
|
Series 2023A, Rev., 5.00%, 9/1/2024 |
|
|
Series A, Rev., 5.00%, 9/1/2024 |
|
|
Kentucky Economic Development Finance Authority, CommonSpirit Health Obligated Group Series 2019A-1, Rev., 5.00%, 8/1/2025 |
|
|
Kentucky Municipal Power Agency, Prairie State Project Series 2015A, Rev., NATL - RE, 5.00%, 9/1/2024 |
|
|
Kentucky State Property and Building Commission Series 2024 B, Rev., 5.00%, 11/1/2029 |
|
|
Kentucky State Property and Building Commission, Project No. 108 Series B, Rev., 5.00%, 8/1/2025 |
|
|
Kentucky State Property and Building Commission, Project No. 112 |
|
|
Series B, Rev., 5.00%, 11/1/2024 |
|
|
Series B, Rev., 5.00%, 11/1/2026 |
|
|
Series B, Rev., 5.00%, 11/1/2027 |
|
|
Series B, Rev., 5.00%, 11/1/2028 |
|
|
Kentucky State Property and Building Commission, Project No. 115 Rev., 5.00%, 4/1/2028 |
|
|
| |
|
|
| |
| |
Kentucky State Property and Building Commission, Project No. 122 Series A, Rev., 5.00%, 11/1/2027 |
|
|
Kentucky Turnpike Authority, Revitalization Projects |
|
|
Series B, Rev., 5.00%, 7/1/2025 |
|
|
Series B, Rev., 5.00%, 7/1/2027 |
|
|
Lexington-Fayette Urban County Government Series 2014A, GO, 5.00%, 9/1/2024 |
|
|
Louisville and Jefferson County Metropolitan Government, Louisville Gas and Electric Co. Project Series 2001A, Rev., 0.90%, 9/1/2026 |
|
|
Louisville and Jefferson County Metropolitan Government, Norton Healthcare, Inc. Series 2016A, Rev., 5.00%, 10/1/2027 |
|
|
Louisville Water Co. Series 2019, Rev., 5.00%, 11/15/2024 |
|
|
University of Kentucky, General Receipts |
|
|
Series 2015 C, Rev., 4.00%, 10/1/2024 |
|
|
Series 2015B, Rev., 5.00%, 10/1/2024 |
|
|
Series 2015 B, Rev., 5.00%, 10/1/2026 |
|
|
Series 2015 B, Rev., 5.00%, 10/1/2027 |
|
|
| |
|
|
| |
Calcasieu Parish School District No. 23, Public School Improvement GO, 5.00%, 9/1/2024 |
|
|
City of Bossier City Utilities Series 2014, Rev., 5.00%, 10/1/2024 (b) |
|
|
City of New Orleans Water System Series 2015, Rev., 5.00%, 12/1/2025 (b) |
|
|
City of Shreveport, Water and Sewer Series 2014, GO, 5.00%, 9/1/2024 (b) |
|
|
City of Shreveport, Water and Sewer, Junior Lien Series 2018C, Rev., 5.00%, 12/1/2026 |
|
|
East Baton Rouge Sewerage Commission |
|
|
Series 2014B, Rev., 4.00%, 2/1/2025 (b) |
|
|
Series 2014B, Rev., 5.00%, 2/1/2025 (b) |
|
|
Series 2019 B, Rev., 5.00%, 2/1/2025 |
|
|
Lake Charles Harbor and Terminal District, Big Lake Full LLC Projects Rev., AMT, 1.00%, 12/1/2024 (d) |
|
|
Louisiana Local Government Environmental Facilities And Community Development Authority, LCTCS 360 Project Series 2014, Rev., 5.00%, 10/1/2024 (b) |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2024 (Unaudited) (continued)
| |
|
|
Municipal Bonds — continued |
| |
Louisiana Local Government Environmental Facilities and Community Development Authority, LCTCS Act 391 Project Series 2017, Rev., 5.00%, 10/1/2024 |
|
|
Louisiana Public Facilities Authority, Elementus Minerals, LLC Project Series 2023, Rev., 5.00%, 11/1/2025 (d) (e) |
|
|
Louisiana Public Facilities Authority, Tulane University of Louisiana Project |
|
|
Series 2020A, Rev., 5.00%, 4/1/2025 (b) |
|
|
Series 2020A, Rev., 5.00%, 4/1/2026 (b) |
|
|
Series 2020A, Rev., 5.00%, 4/1/2026 |
|
|
Parish of St. John the Baptist, Marathon Oil Corp., Project Series 2017B-2, Rev., 2.38%, 7/1/2026 (d) |
|
|
| |
|
|
Series 2016 D, GO, 5.00%, 9/1/2024 |
|
|
Series D-1, GO, 5.00%, 12/2/2024 |
|
|
Series 2023 A, GO, 5.00%, 4/1/2027 |
|
|
Series 2024 E, GO, 5.00%, 9/1/2028 (f) |
|
|
Series 2024 E, GO, 5.00%, 9/1/2029 (f) |
|
|
State of Louisiana Gasoline and Fuels Tax Series A, Rev., 4.50%, 5/1/2025 (b) |
|
|
State of Louisiana Gasoline and Fuels Tax, First Lien Series A, Rev., 5.00%, 5/1/2025 (b) |
|
|
State of Louisiana Gasoline and Fuels Tax, Second Lien Series 2023 A-2, Rev., VRDO, LOC : TD Bank NA, 3.80%, 9/3/2024 (d) |
|
|
| |
|
|
| |
City of Westbrook Series 2015, GO, 5.00%, 10/15/2024 |
|
|
Maine Governmental Facilities Authority Series 2020 A, Rev., 5.00%, 10/1/2024 |
|
|
Maine Health and Higher Educational Facilities Authority, Mainehealth Series 2020A, Rev., 5.00%, 7/1/2026 |
|
|
Maine Municipal Bond Bank |
|
|
Series 2014A, Rev., 5.00%, 9/1/2024 |
|
|
Series 2018 B, Rev., 5.00%, 11/1/2024 |
|
|
State of Maine Series 2017 B, GO, 5.00%, 6/1/2025 |
|
|
| |
|
|
| |
City of Baltimore Series 2017 B, GO, 5.00%, 10/15/2024 |
|
|
| |
|
|
| |
| |
County of Anne Arundel Series 2015, GO, 5.00%, 4/1/2025 |
|
|
| |
|
|
Series 2014B, GO, 4.50%, 9/1/2024 |
|
|
Series 2017, GO, 5.00%, 3/1/2027 |
|
|
County of Baltimore, Equipment Acquisition Program COP, 5.00%, 3/1/2025 |
|
|
County of Baltimore, Metropolitan District, 2019 Crossover GO, 5.00%, 11/1/2024 |
|
|
County of Carroll Series 2014, GO, 5.00%, 11/1/2024 |
|
|
County of Harford Series 2022A, GO, 5.00%, 10/1/2024 |
|
|
County of Howard Series 2017 A, GO, 5.00%, 2/15/2027 |
|
|
| |
|
|
Series 2014A, GO, 5.00%, 11/1/2024 (b) |
|
|
Series 2019 A, GO, 5.00%, 11/1/2024 |
|
|
Series 2018 A, GO, 5.00%, 11/1/2026 |
|
|
County of Prince George's, Consolidated Public Improvement |
|
|
Series 2014A, GO, 4.00%, 9/3/2024 (b) |
|
|
Series 2017 A, GO, 5.00%, 9/15/2024 |
|
|
County of Prince George's, Maryland Chesapeake Lighthouse Charter School Project Series A, Rev., 7.00%, 12/1/2024 (b) |
|
|
Maryland Health and Higher Educational Facilities Authority, Medstar Health Issue Series 2020B-1, Rev., 5.00%, 7/1/2025 (d) |
|
|
Maryland Stadium Authority, Baltimore City Public School Program Series 2016, Rev., 5.00%, 5/1/2025 |
|
|
Maryland Stadium Authority, Construction and Revitalization Program Series 2018 A, Rev., 5.00%, 5/1/2025 |
|
|
| |
|
|
Series 2020A, GO, 5.00%, 3/15/2025 |
|
|
Series B, GO, 4.00%, 6/1/2025 |
|
|
Series 2021A, GO, 5.00%, 8/1/2026 |
|
|
Series 2016, GO, 4.00%, 6/1/2027 |
|
|
State of Maryland Department of Transportation |
|
|
Series 2017, Rev., 5.00%, 9/1/2024 |
|
|
Series 2018, Rev., 5.00%, 10/1/2024 |
|
|
Series 2016, Rev., 5.00%, 11/1/2024 |
|
|
Series 2017, Rev., 5.00%, 5/1/2026 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
| |
|
|
Municipal Bonds — continued |
| |
State of Maryland Department of Transportation, Second Issue |
|
|
| |
|
|
Series 2018, Rev., 5.00%, 10/1/2027 |
|
|
University System of Maryland |
|
|
Series 2017 A, Rev., 5.00%, 4/1/2025 |
|
|
Series 2022 B, Rev., 5.00%, 4/1/2025 |
|
|
Series 2017 A, Rev., 5.00%, 4/1/2026 |
|
|
Series 2019 B, Rev., 5.00%, 4/1/2026 |
|
|
Series 2019 C, Rev., 5.00%, 4/1/2027 |
|
|
| |
|
|
| |
Acton and Boxborough Regional School District GO, BAN, 4.50%, 7/10/2025 |
|
|
Brockton Area Transit Authority Rev., RAN, 4.50%, 7/25/2025 |
|
|
City of Peabody Series 2021, GO, 5.00%, 9/15/2024 |
|
|
Commonwealth of Massachusetts |
|
|
Series 2018C, GO, 5.00%, 9/1/2024 |
|
|
Series 2006 B, GO, AGM, 5.25%, 9/1/2024 |
|
|
Series 2021 B, GO, 5.00%, 11/1/2024 |
|
|
Series 2023 B, GO, 5.00%, 10/1/2026 |
|
|
Series C, GO, AGM, 5.25%, 11/1/2026 |
|
|
Series 2021A, GO, 5.00%, 9/1/2029 |
|
|
Massachusetts Bay Transportation Authority, Sales Tax Series 2021, Rev., BAN, 4.00%, 5/1/2025 |
|
|
Massachusetts Development Finance Agency, Children's Hospital Corp Obligated Group Series 2024 U-2, Rev., VRDO, LOC : TD Bank NA, 3.80%, 9/3/2024 (d) |
|
|
Massachusetts Development Finance Agency, Harvard University Series 2016 A, Rev., 5.00%, 7/15/2026 |
|
|
Massachusetts Development Finance Agency, Partners Healthcare System Issue |
|
|
Series 2017S-2, Rev., 5.00%, 1/30/2025 (d) |
|
|
Series O-2, Rev., 5.00%, 7/1/2026 |
|
|
Massachusetts School Building Authority, Dedicated Sales Tax |
|
|
Series 2016B, Rev., 5.00%, 11/15/2024 |
|
|
Series 2015C, Rev., 5.00%, 8/15/2025 (b) |
|
|
Series 2016B, Rev., 5.00%, 11/15/2026 (b) |
|
|
Massachusetts State College Building Authority Series 2016A, Rev., 5.00%, 5/1/2025 (b) |
|
|
| |
|
|
| |
Massachusetts — continued |
Merrimack Valley Regional Transit Authority Rev., RAN, 4.50%, 6/20/2025 |
|
|
Southeastern Massachusetts Regional 911 District GO, BAN, 5.00%, 10/10/2024 |
|
|
Southeastern Regional Transit Authority Rev., RAN, 4.25%, 8/15/2025 |
|
|
Spencer East Brookfield Regional School District GO, BAN, 4.50%, 5/22/2025 |
|
|
Town of Nantucket Series A, GO, BAN, 4.50%, 7/25/2025 |
|
|
Town of Northbridge GO, BAN, 4.50%, 6/20/2025 |
|
|
Town of Wilbraham GO, BAN, 4.25%, 3/12/2025 |
|
|
University of Massachusetts Building Authority Series 2019-1, Rev., 5.00%, 5/1/2025 |
|
|
Worcester Regional Transit Authority Rev., RAN, GTD, 4.50%, 6/20/2025 |
|
|
| |
|
|
| |
City of Gladstone, Capital Improvement, Limited Tax GO, AGM, 3.00%, 3/1/2025 |
|
|
Fulton School District, Unlimited Tax |
|
|
| |
|
|
| |
|
|
| |
|
|
Grand Valley State University Series 2014B, Rev., 5.00%, 12/1/2028 |
|
|
Great Lakes Water Authority Water Supply System, Second Lien Series 2018 A, Rev., 5.00%, 7/1/2028 |
|
|
Great Lakes Water Authority, Water Supply System, Second Lien Series 2018 A, Rev., 5.00%, 7/1/2027 |
|
|
L'Anse Creuse Public Schools Series 2015, GO, Q-SBLF, 5.00%, 5/1/2025 (b) |
|
|
Mattawan Consolidated School District Series 2015 I, GO, Q-SBLF, 5.00%, 5/1/2025 (b) |
|
|
Michigan Finance Authority, Clean Water Revolving Fund Series 2020B, Rev., 5.00%, 10/1/2024 |
|
|
Michigan Finance Authority, Henry Ford Health System |
|
|
Series 2016, Rev., 5.00%, 11/15/2024 |
|
|
Series 2016, Rev., 5.00%, 11/15/2026 |
|
|
| |
|
|
Michigan Finance Authority, Hospital Trinity Health Credit Group |
|
|
Series 2017A-MI, Rev., 5.00%, 12/1/2027 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2024 (Unaudited) (continued)
| |
|
|
Municipal Bonds — continued |
| |
Series 2015MI, Rev., 5.50%, 12/1/2027 |
|
|
Michigan Finance Authority, Sparrow Obligation Group Series 2015, Rev., 5.00%, 11/15/2024 (b) |
|
|
Michigan Finance Authority, Trinity Health Credit Group |
|
|
Series 2017A-MI, Rev., 5.00%, 12/1/2024 |
|
|
Series 2019MI-2, Rev., 5.00%, 2/1/2025 (d) |
|
|
Series 2017A-MI, Rev., 5.00%, 12/1/2026 |
|
|
Series 2017 A-MI, Rev., 5.00%, 12/1/2028 |
|
|
Michigan State Building Authority Series 2016 I, Rev., 5.00%, 4/15/2025 |
|
|
Michigan State Building Authority, Facilities Program |
|
|
Series 2023-I, Rev., VRDO, 3.02%, 9/12/2024 (d) |
|
|
Series 2015 I, Rev., 5.00%, 4/15/2025 |
|
|
Series 2019 I, Rev., 5.00%, 4/15/2025 |
|
|
Series 2016 I, Rev., 5.00%, 4/15/2026 |
|
|
Michigan State Hospital Finance Authority, Ascension Health Credit Group Series 2005 A-4, Rev., 5.00%, 11/1/2024 |
|
|
Michigan State Hospital Finance Authority, Trinity Health Credit Group |
|
|
Series 2008C, Rev., 5.00%, 12/1/2024 |
|
|
Series 2008C, Rev., 5.00%, 12/1/2025 |
|
|
Michigan State University |
|
|
Series 2019 B, Rev., 5.00%, 2/15/2025 |
|
|
Series 2023A, Rev., 5.00%, 2/15/2025 |
|
|
Series 2020 A, Rev., 5.00%, 8/15/2027 |
|
|
Novi Community School District Series 2022 II, GO, 4.00%, 5/1/2025 |
|
|
RIB Floater Trust Various States Series 2022-046, Rev., VRDO, LOC : Barclays Bank plc, 3.95%, 9/3/2024 (d) (e) |
|
|
Roseville Community Schools, Unlimited Tax Series 2015, GO, Q-SBLF, 5.00%, 5/1/2025 (b) |
|
|
South Lyon Community Schools Series 2023-2, GO, 4.00%, 5/1/2025 |
|
|
State of Michigan Series 2017 A, GO, 5.00%, 5/1/2025 |
|
|
State of Michigan Trunk Line Series 2020 A, Rev., 5.00%, 11/15/2024 |
|
|
Wayne State University Series 2015A, Rev., 5.00%, 11/15/2025 |
|
|
| |
|
|
| |
|
|
| |
| |
City of St. Cloud, Centracare Health System Series 2016A, Rev., 5.00%, 5/1/2026 |
|
|
County of Olmsted Series 2015A, GO, 4.00%, 2/1/2025 |
|
|
Duluth Independent School District No. 709 Series 2019B, COP, 5.00%, 2/1/2028 |
|
|
Minneapolis-St Paul Metropolitan Airports Commission |
|
|
Series 2023A, Rev., 5.00%, 1/1/2027 |
|
|
Series A, Rev., 5.00%, 1/1/2029 |
|
|
Minneapolis-St. Paul Metropolitan Airports Commission Series A, Rev., 5.00%, 1/1/2027 |
|
|
Minnesota Higher Education Facilities Authority Series 2017, Rev., 5.00%, 3/1/2026 |
|
|
| |
|
|
Series 2014A, GO, 5.00%, 11/18/2024 |
|
|
Series 2022A, Rev., 5.00%, 3/1/2027 |
|
|
Series 2019 B, GO, 5.00%, 8/1/2027 |
|
|
Western Minnesota Municipal Power Agency, Red Rock Hydrelectric Project Series 2018 A, Rev., 5.00%, 1/1/2026 |
|
|
| |
|
|
| |
Alcorn State University Educational Building Corp. (The), Facilities Refinancing Project Series 2016, Rev., 5.00%, 9/1/2024 |
|
|
County of Warren, Gulf Opportunity Zone, International Paper Co. Project |
|
|
Series 2020A, Rev., 1.38%, 6/16/2025 (d) |
|
|
Series 2020C, Rev., 1.38%, 6/16/2025 (d) |
|
|
Mississippi Development Bank, Brandon Public Improvement Project Series 2014, Rev., 5.00%, 11/1/2024 (b) |
|
|
State of Mississippi Series 2016 B, GO, 5.00%, 12/1/2026 (b) |
|
|
| |
|
|
| |
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Combined Lien Mass Sales Tax Series 2019, Rev., 5.00%, 10/1/2024 |
|
|
| |
|
|
Series 2022A, GO, 5.00%, 2/1/2025 |
|
|
Series 2018 A, GO, 5.00%, 2/1/2027 |
|
|
Series 2017C, Rev., 5.00%, 9/1/2027 |
|
|
Series 2017 C, Rev., 5.00%, 9/1/2028 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
| |
|
|
Municipal Bonds — continued |
| |
City of Kansas City, Downtown Arena Project Series E, Rev., 5.00%, 4/1/2028 |
|
|
City of O'Fallon Series 2017, Rev., 5.00%, 11/1/2024 |
|
|
City of St Louis Airport, Lambert St. Louis International Airport Series 2005, Rev., NATL - RE, 5.50%, 7/1/2028 |
|
|
City of St. Louis Airport Series 2005, Rev., NATL - RE, 5.50%, 7/1/2027 |
|
|
City of St. Peters COP, 4.00%, 5/1/2025 |
|
|
County of Jackson, Harry S. Truman Sports Complex Project Series 2014, Rev., 5.00%, 12/1/2026 |
|
|
Curators of the University of Missouri (The) Series 2014A, Rev., 5.00%, 11/1/2025 |
|
|
Health and Educational Facilities Authority of the State of Missouri, BJC Health System Series 2021 A, Rev., 4.00%, 7/1/2025 |
|
|
Health and Educational Facilities Authority of the State of Missouri, Mercy Health Series 2018A, Rev., 5.00%, 6/1/2028 |
|
|
Health and Educational Facilities Authority of the State of Missouri, SSM Health Care Obligated Group Series 2018F, Rev., VRDO, 3.85%, 9/3/2024 (d) |
|
|
Health and Educational Facilities Authority of the State of Missouri, St. Louis University Rev., 5.00%, 11/15/2028 |
|
|
Health and Educational Facilities Authority of the State of Missouri, St. Luke's Healthh System, Inc. Series 2016, Rev., 5.00%, 11/15/2025 |
|
|
Liberty Public School District No. 53 Series 2023, GO, 5.00%, 3/1/2025 |
|
|
Missouri Joint Municipal Electric Utility Commission, Plum Point Project |
|
|
Series 2014A, Rev., 5.00%, 1/1/2025 |
|
|
Series 2014A, Rev., 5.00%, 1/1/2027 |
|
|
Missouri Joint Municipal Electric Utility Commission, Prairie State Project Series 2015A, Rev., 5.00%, 12/1/2029 |
|
|
Missouri State Board of Public Buildings Series 2014A, Rev., 4.00%, 10/1/2024 |
|
|
North Kansas City School District No. 74 COP, 5.00%, 9/1/2024 |
|
|
| |
|
|
| |
| |
|
|
Series B, GO, 5.00%, 11/15/2024 (b) |
|
|
| |
|
|
| |
| |
Series 2004, GO, 5.25%, 4/1/2025 |
|
|
City of Omaha Sewer Series 2014, Rev., 5.00%, 11/15/2024 |
|
|
County of Saunders GO, 3.00%, 11/1/2024 |
|
|
County of Washington, Wastewater and Solid Waste Disposal Facilities, Cargill Incorporated Projects Rev., AMT, 0.90%, 9/1/2025 (d) |
|
|
Douglas County Hospital Authority No. 2, Health Facilities Rev., 5.00%, 5/15/2025 |
|
|
Nebraska Public Power District |
|
|
Series A-1, Rev., 5.00%, 1/1/2025 |
|
|
Series A-1, Rev., 5.00%, 1/1/2026 |
|
|
Series B, Rev., 5.00%, 1/1/2026 |
|
|
Series 2016A, Rev., 5.00%, 1/1/2027 |
|
|
Series A-1, Rev., 5.00%, 1/1/2027 |
|
|
Series C, Rev., 5.00%, 1/1/2028 |
|
|
Series A-1, Rev., 5.00%, 1/1/2029 |
|
|
Omaha School District Series 2016, GO, 5.00%, 12/15/2028 |
|
|
Public Power Generation Agency, Whelan Energy Center Unit 2 |
|
|
Series 2015A, Rev., 5.00%, 1/1/2025 |
|
|
Series 2015A, Rev., 5.00%, 1/1/2026 |
|
|
| |
|
|
| |
Carson City Nevada Hospital, Carson Tahoe Regional Healthcare Project Rev., 5.00%, 9/1/2027 |
|
|
Clark County School District, Limited Tax |
|
|
Series 2015C, GO, 5.00%, 6/15/2025 |
|
|
Series 2016A, GO, 5.00%, 6/15/2025 |
|
|
Series 2017 A, GO, 5.00%, 6/15/2025 |
|
|
Series 2018A, GO, 5.00%, 6/15/2025 |
|
|
Series 2021C, GO, 5.00%, 6/15/2026 |
|
|
Series 2016B, GO, 5.00%, 6/15/2027 |
|
|
Series 2017A, GO, 5.00%, 6/15/2027 |
|
|
Series 2018A, GO, 5.00%, 6/15/2027 |
|
|
Series 2015 D, GO, 5.00%, 6/15/2028 |
|
|
Series 2017A, GO, 5.00%, 6/15/2028 |
|
|
Series 2018A, GO, 5.00%, 6/15/2029 |
|
|
| |
|
|
| |
|
|
Series 2016A, GO, 5.00%, 11/1/2024 |
|
|
Series 2018, GO, 5.00%, 12/1/2026 |
|
|
Series 2018 B, GO, 5.00%, 12/1/2026 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2024 (Unaudited) (continued)
| |
|
|
Municipal Bonds — continued |
| |
Series 2017, Rev., 5.00%, 7/1/2027 |
|
|
County of Clark, Department of Aviation, Nevada Airport System, Subordinate Lien Series 2019D, Rev., 5.00%, 7/1/2025 |
|
|
County of Clark, Limited Tax Flood Control GO, 4.00%, 11/1/2024 (b) |
|
|
County of Clark, Limited Tax Las Vegas Convention and Visitors Authority Series 2017 C, GO, 5.00%, 7/1/2025 |
|
|
County of Clark, Motor Vehicle Fuel Tax Series 2020 C, Rev., 5.00%, 7/1/2027 |
|
|
Las Vegas Valley Water District Series 2017 A, GO, 5.00%, 2/1/2025 |
|
|
State of Nevada, Capital Improvement Series 2023A, GO, 5.00%, 5/1/2025 |
|
|
State of Nevada, Capital Improvement and Cultural Affairs |
|
|
Series 2015D, GO, 5.00%, 4/1/2026 |
|
|
Series 2019 A, GO, 5.00%, 5/1/2027 |
|
|
State of Nevada, Water Pollution Control Series 2019 E, GO, 5.00%, 8/1/2027 |
|
|
Washoe County School District |
|
|
Series 2017 C, GO, 5.00%, 10/1/2024 |
|
|
Series 2020A, GO, 5.00%, 10/1/2024 |
|
|
| |
|
|
| |
New Hampshire Health and Education Facilities Authority Act Series 2015B, Rev., 3.30%, 8/3/2027 (d) |
|
|
New Hampshire Municipal Bond Bank Series 2022 C, Rev., 5.00%, 8/15/2027 |
|
|
State of New Hampshire Series 2014A, GO, 5.00%, 3/1/2026 |
|
|
| |
|
|
| |
Atlantic County Improvement Authority (The), Atlantic City Campus Phase II Project Series 2021A, Rev., AGM, 5.00%, 7/1/2026 |
|
|
Bergen County Improvement Authority (The), Guaranteed Government Pooled Project Rev., GTD, 4.50%, 5/28/2025 |
|
|
Borough of Carlstadt GO, BAN, 4.50%, 5/2/2025 |
|
|
Borough of East Rutherford GO, BAN, 4.25%, 4/4/2025 |
|
|
Borough of Emerson GO, BAN, 4.50%, 7/25/2025 |
|
|
| |
|
|
| |
| |
Borough of Florham Park Series 2015, GO, 5.00%, 10/15/2024 |
|
|
Borough of Middlesex Series 2024 A, GO, BAN, 5.00%, 5/8/2025 |
|
|
Borough of North Haledon GO, BAN, 4.50%, 6/24/2025 |
|
|
Borough of Ramsey GO, BAN, 4.50%, 2/28/2025 |
|
|
Borough of Seaside Park GO, BAN, 4.25%, 4/11/2025 |
|
|
Borough of South Plainfield Series 2024A, GO, BAN, 4.25%, 4/10/2025 |
|
|
Borough of Stone Harbor Series 2018, GO, 5.00%, 11/1/2024 |
|
|
Borough of Upper Saddle River GO, BAN, 4.25%, 3/21/2025 |
|
|
Borough of Woodland Park GO, BAN, 4.50%, 5/1/2025 |
|
|
Burlington County Bridge Commission, Government Leasing Program |
|
|
Series 2024A, Rev., 4.25%, 4/8/2025 |
|
|
Series 2024 C, Rev., 4.50%, 8/5/2025 |
|
|
County of Essex Series A, GO, 5.00%, 9/1/2024 |
|
|
County of Hudson Series 2014, GO, 5.00%, 9/1/2024 |
|
|
Cumberland County Improvement Authority (The), Technical High School Project Series 2014, Rev., AGM, 5.00%, 9/1/2024 (b) |
|
|
Essex County Improvement Authority, Family Court Building Project Rev., GTD, 5.00%, 6/18/2025 |
|
|
Metuchen School District GO, 5.00%, 9/15/2024 |
|
|
Middlesex County Improvement Authority Series 2021, Rev., GTD, 5.00%, 9/15/2024 |
|
|
New Brunswick Parking Authority, Tax-Exempt Series 2020B, Rev., GTD, 5.00%, 9/1/2024 |
|
|
New Jersey Economic Development Authority |
|
|
Series B, Rev., 5.00%, 11/1/2024 |
|
|
Series A, Rev., 4.00%, 11/1/2027 |
|
|
New Jersey Economic Development Authority, School Facilities Construction |
|
|
Series 2019GGG, Rev., 5.25%, 9/1/2024 (e) |
|
|
Series 2024SSS, Rev., 5.00%, 6/15/2026 |
|
|
Series 2019 GGG, Rev., 5.25%, 9/1/2026 (e) |
|
|
Series 2024SSS, Rev., 5.00%, 6/15/2027 |
|
|
New Jersey Educational Facilities Authority, Higher Educational Capital Improvement Series 2014A, Rev., 5.00%, 9/1/2024 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
| |
|
|
Municipal Bonds — continued |
| |
New Jersey Health Care Facilities Financing Authority, Virtua Health Obligated Group Rev., 5.00%, 7/1/2025 |
|
|
New Jersey Infrastructure Bank |
|
|
Series 2016A-1, Rev., GTD, 4.00%, 9/1/2024 |
|
|
Series 2016A-R2, Rev., GTD, 5.00%, 9/1/2024 |
|
|
New Jersey Infrastructure Bank, Environmental Infrastructure Series 2021 A 2, Rev., 5.00%, 9/1/2024 |
|
|
New Jersey Transportation Trust Fund Authority, Capital Appreciation Series 2010A, Rev., Zero Coupon, 12/15/2028 |
|
|
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Series 2016A-1, Rev., 5.00%, 6/15/2028 |
|
|
New Jersey Transportation Trust Fund Authority, Transportation Program |
|
|
Series 2014AA, Rev., 5.00%, 6/15/2025 |
|
|
Series 2014AA, Rev., 5.00%, 6/15/2026 |
|
|
Series 2023AA, Rev., 5.00%, 6/15/2026 |
|
|
New Jersey Turnpike Authority |
|
|
Series 2005 D-2, Rev., AGM, 5.25%, 1/1/2026 |
|
|
Series 2014A, Rev., 5.00%, 1/1/2027 |
|
|
Series 2017 A, Rev., 5.00%, 1/1/2029 |
|
|
Passaic County Improvement Authority (The), City of Paterson Project Rev., GTD, 5.00%, 8/15/2026 |
|
|
| |
|
|
| |
|
|
Series 2020 A, GO, 5.00%, 6/1/2027 |
|
|
State of New Jersey, COVID-19 Emergency Bonds Series 2020A, GO, 5.00%, 6/1/2026 |
|
|
Tobacco Settlement Financing Corp. |
|
|
Series 2018A, Rev., 5.00%, 6/1/2026 |
|
|
Series 2018A, Rev., 5.00%, 6/1/2028 |
|
|
Series 2018A, Rev., 5.00%, 6/1/2029 |
|
|
Town of Dover, General Improvement Water Utility Series 2024, GO, BAN, 4.50%, 1/23/2025 |
|
|
Town of Westfield GO, BAN, 4.75%, 11/8/2024 |
|
|
Township of Brick GO, BAN, 4.25%, 3/19/2025 |
|
|
Township of Evesham Series 2023A, GO, BAN, 5.00%, 9/18/2024 |
|
|
Township of Marlboro Series 2017, GO, 4.00%, 10/1/2024 |
|
|
Township of Mendham Series 2015, GO, 4.00%, 9/1/2024 |
|
|
| |
|
|
| |
| |
Township of Middle, General Improvement Sewer Utility |
|
|
| |
|
|
GO, BAN, 4.25%, 9/3/2025 (f) |
|
|
Township of Montville GO, BAN, 5.00%, 11/6/2024 |
|
|
Township of Mount Holly Series 2023A, GO, BAN, 4.50%, 9/26/2024 |
|
|
Township of Ocean GO, BAN, 4.50%, 5/28/2025 |
|
|
Township of Scotch Plains GO, BAN, 4.50%, 1/17/2025 |
|
|
Township of Toms River Series 2016 AB, GO, 5.00%, 11/15/2024 |
|
|
Township of Woodbridge GO, BAN, 4.00%, 3/14/2025 |
|
|
Union County Improvement Authority, Juvenile Detention Center Facility Project Series 2015A, Rev., 5.50%, 5/1/2025 |
|
|
| |
|
|
| |
New Mexico Finance Authority, State Transportation, Subordinate Lien |
|
|
Series 2014A, Rev., 5.00%, 9/27/2024 |
|
|
Series 2018A, Rev., 5.00%, 6/15/2027 |
|
|
New Mexico Hospital Equipment Loan Council, Presbyterian Health Care Services Series 2015A, Rev., 5.00%, 8/1/2025 (b) |
|
|
State of New Mexico Series 2021, GO, 5.00%, 3/1/2025 |
|
|
State of New Mexico Severance Tax Permanent Fund Series 2018A, Rev., 5.00%, 7/1/2027 |
|
|
| |
|
|
| |
Avon Central School District GO, BAN, 4.50%, 6/27/2025 |
|
|
Candor Central School District GO, BAN, 4.50%, 7/25/2025 |
|
|
Charlotte Valley Central School District GO, BAN, 4.50%, 6/27/2025 |
|
|
City of Auburn GO, BAN, 4.25%, 8/14/2025 |
|
|
City of Hudson GO, BAN, 4.50%, 6/20/2025 |
|
|
City of Jamestown Series 2024A, GO, BAN, 5.00%, 5/16/2025 |
|
|
City of Long Beach Series 2024A, GO, BAN, 4.50%, 9/27/2024 |
|
|
City of New York, Fiscal Year 2008 Series 2018 J-11, GO, 5.00%, 8/1/2026 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2024 (Unaudited) (continued)
| |
|
|
Municipal Bonds — continued |
| |
City of New York, Fiscal Year 2014 Series 2014J, GO, 5.00%, 8/1/2026 |
|
|
City of New York, Fiscal Year 2015 |
|
|
Series 2015A, GO, 5.00%, 11/13/2024 |
|
|
Series 2015C, GO, 5.00%, 8/1/2026 |
|
|
Series 2015D, GO, 5.00%, 8/1/2026 |
|
|
Series 2015C, GO, 5.00%, 8/1/2028 |
|
|
City of New York, Fiscal Year 2019 |
|
|
Series A, GO, 5.00%, 8/1/2026 |
|
|
Series 2019 E, GO, 5.00%, 8/1/2027 |
|
|
City of New York, Fiscal Year 2023 |
|
|
Series 2023A, Subseries A-1, GO, 5.00%, 9/1/2024 |
|
|
Series 2023, Subseries F-1, GO, 5.00%, 8/1/2026 |
|
|
Series 2024, Subseries A-1, GO, 5.00%, 9/1/2026 |
|
|
City of New York, Fiscal Year 2024 Series 2024E, GO, 5.00%, 8/1/2029 |
|
|
City of New York, Fiscal Year 2025 Series 2025A, GO, 5.00%, 8/1/2028 |
|
|
City of Newburgh Series 2024A, GO, BAN, 4.25%, 8/8/2025 |
|
|
City of Oneida GO, BAN, 4.50%, 3/28/2025 |
|
|
City of Troy GO, BAN, 4.50%, 7/25/2025 |
|
|
City of Yonkers Series 2017 C, GO, 5.00%, 10/1/2024 |
|
|
Cohoes City School District GO, BAN, 4.50%, 6/26/2025 |
|
|
County of Albany Series 2019 A, GO, 5.00%, 9/15/2024 |
|
|
County of Erie Series 2018A, GO, 5.00%, 9/15/2024 |
|
|
County of Nassau, General Improvement Series 2017 C, GO, 5.00%, 10/1/2024 |
|
|
County of Rensselaer Series 2015, GO, 5.00%, 9/1/2024 |
|
|
Cuba-Rushford Central School District GO, BAN, 4.50%, 6/27/2025 |
|
|
East Aurora Union Free School District GO, BAN, 4.50%, 6/18/2025 |
|
|
Eastport-South Manor Central School District GO, BAN, 4.50%, 5/22/2025 |
|
|
Eldred Central School District GO, BAN, 4.50%, 6/18/2025 |
|
|
Ellenville Central School District GO, BAN, 4.50%, 6/20/2025 |
|
|
| |
|
|
| |
| |
Erie County Industrial Development Agency (The), School District Buffalo Project Series 2016A, Rev., 5.00%, 5/1/2025 |
|
|
Evans-Brant Central School District Series 2014 B, GO, BAN, 4.50%, 6/17/2025 |
|
|
Haverstraw-Stony Point Central School District Series 2015, GO, 5.00%, 10/15/2024 |
|
|
Highland Central School District GO, BAN, 4.50%, 6/27/2025 |
|
|
Hornell City School District GO, BAN, 4.50%, 6/27/2025 |
|
|
Jasper-Troupsberg Central School District GO, BAN, 4.50%, 6/27/2025 |
|
|
Lancaster Central School District GO, BAN, 4.50%, 6/6/2025 |
|
|
Lansingburgh Central School District at Troy GO, BAN, 4.50%, 7/11/2025 |
|
|
Long Island Power Authority Series 2023 F, Rev., 5.00%, 9/1/2027 |
|
|
Long Island Power Authority, Electric System Rev., 1.00%, 9/1/2025 |
|
|
Lyons Central School District GO, BAN, 4.50%, 6/27/2025 |
|
|
Madison Central School District GO, BAN, 4.50%, 6/20/2025 |
|
|
Malone Central School District GO, BAN, 4.50%, 6/26/2025 |
|
|
Manhasset Union Free School District Series 2019, GO, 5.00%, 9/15/2024 |
|
|
Medina Central School District GO, BAN, 4.50%, 7/16/2025 |
|
|
Metropolitan Transportation Authority |
|
|
Series 2002G-1F, Rev., (SOFR + 0.43%), 4.01%, 9/3/2024 (c) |
|
|
Series 2016D, Rev., 4.00%, 11/15/2024 |
|
|
Series 2014C, Rev., 5.00%, 11/15/2024 (b) |
|
|
Series 2015F, Rev., 5.00%, 11/15/2024 |
|
|
Series 2016B, Rev., 5.00%, 11/15/2024 |
|
|
Series 2017B, Rev., 5.00%, 11/15/2024 |
|
|
Series A-1, Rev., 5.00%, 11/15/2024 |
|
|
Series 2016B, Rev., 4.00%, 11/15/2025 |
|
|
Metropolitan Transportation Authority, Green Bond Series 2017C-1, Rev., 5.00%, 11/15/2024 |
|
|
Mount Markham Central School District, Unlimited Tax GO, BAN, 4.50%, 6/25/2025 |
|
|
Nassau County Sewer and Storm Water Finance Authority Series A, Rev., 5.00%, 10/1/2025 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
| |
|
|
Municipal Bonds — continued |
| |
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution, Fiscal Year 2023 Series 2023, Subseries B-1, Rev., VRDO, LIQ : Mizuho Bank Ltd., 3.90%, 9/3/2024 (d) |
|
|
New York City Transitional Finance Authority Building Aid |
|
|
Series 2015 Series S-1, Rev., 5.00%, 7/15/2026 |
|
|
Series 2016 S-1, Rev., 5.00%, 7/15/2026 |
|
|
Series 2019 S-2A, Rev., 5.00%, 7/15/2027 |
|
|
New York City Transitional Finance Authority Future Tax Secured |
|
|
Series 2015C, Rev., 5.00%, 11/1/2024 |
|
|
Series 2023B, Subseries B-1, Rev., 5.00%, 11/1/2024 |
|
|
Series 2023D, Subseries D-1, Rev., 5.00%, 11/1/2024 |
|
|
Series C, Rev., 5.00%, 11/1/2024 |
|
|
Series 2023A, Subseries A-1, Rev., 5.00%, 8/1/2026 |
|
|
Series C, Rev., 5.00%, 11/1/2026 |
|
|
Series B1, Rev., 5.00%, 11/1/2028 |
|
|
Series 2017 A-1, Rev., 5.00%, 5/1/2029 |
|
|
New York City Transitional Finance Authority, Building Aid, Fiscal Year 2018 Series S-1, Rev., 5.00%, 7/15/2028 |
|
|
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2014 |
|
|
Series D-3, Rev., VRDO, LIQ : Mizuho Bank Ltd., 3.85%, 9/3/2024 (d) |
|
|
Series 2014 B-1, Rev., 5.00%, 10/28/2024 |
|
|
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2015 |
|
|
Series 2015 A-1, Rev., 5.00%, 10/28/2024 |
|
|
Series 2015B Subseries B-1, Rev., 5.00%, 10/28/2024 |
|
|
New York State Dormitory Authority |
|
|
Series 2019 A, Rev., 5.00%, 10/1/2024 |
|
|
Series B, Rev., 5.00%, 10/1/2024 |
|
|
Series G, Rev., 5.00%, 10/1/2024 |
|
|
Series 2019 D, Rev., 4.00%, 2/15/2025 (b) |
|
|
Series 2015B, Rev., 5.00%, 2/15/2025 (b) |
|
|
Series 2016 A, Rev., 5.00%, 2/15/2025 (b) |
|
|
Series 2017 A, Rev., 5.00%, 3/15/2025 (b) |
|
|
Series 2018A, Rev., 5.00%, 3/15/2025 (b) |
|
|
Series 2005 B, Rev., AMBAC, 5.50%, 3/15/2025 |
|
|
| |
|
|
| |
| |
Series 2024A, Rev., AGM, 5.00%, 10/1/2025 |
|
|
Series 2018 1, Rev., 5.00%, 1/15/2026 |
|
|
Series 2016 D, Rev., 5.00%, 2/15/2026 (b) |
|
|
Series 2016 D, Rev., 5.00%, 2/15/2026 |
|
|
Series 2024A, Rev., AGM, 5.00%, 10/1/2026 |
|
|
Series 2021 A, Rev., 5.00%, 3/15/2027 |
|
|
Series 2016 A, Rev., 5.00%, 3/15/2028 |
|
|
New York State Dormitory Authority, Court Facilities Lease Series 2005 A, Rev., AMBAC, 5.50%, 5/15/2025 |
|
|
New York State Dormitory Authority, Icahn School of Medicine at Mount Sinai Series 2015A, Rev., 5.00%, 7/1/2025 |
|
|
New York State Dormitory Authority, New York University |
|
|
Series 2017 A, Rev., 5.00%, 7/1/2028 |
|
|
Series 2017 A, Rev., 5.00%, 7/1/2029 |
|
|
New York State Dormitory Authority, Oersonal Income Tax Series 2017 B GRP 1, Rev., 5.00%, 2/15/2026 (b) |
|
|
New York State Dormitory Authority, Sales Tax Series 2024A, Rev., AGM, 5.00%, 10/1/2027 |
|
|
New York State Dormitory Authority, School Districts Financing Program |
|
|
Series 2017G, Rev., 5.00%, 10/1/2024 |
|
|
Series 2022 A, Rev., 5.00%, 10/1/2024 |
|
|
New York State Dormitory Authority, State Personal Income Tax, General Purpose Series 2017 A, Rev., 5.00%, 2/15/2025 (b) |
|
|
New York State Dormitory Authority, State Sales Tax Series 2018C, Rev., 5.00%, 3/15/2025 (b) |
|
|
New York State Environmental Facilities Corp. Series 2005 B, Rev., 5.50%, 10/15/2024 (b) |
|
|
New York State Thruway Authority |
|
|
Series K, Rev., 5.00%, 1/1/2027 |
|
|
Series K, Rev., 5.00%, 1/1/2028 |
|
|
North Collins Central School District Series 2024 A, GO, BAN, 4.50%, 6/26/2025 |
|
|
North Rose-Wolcott Central School District GO, BAN, 4.50%, 7/25/2025 |
|
|
Otego-Unadilla Central School District GO, BAN, 4.50%, 7/17/2025 |
|
|
Port Authority of New York and New Jersey, Consolidated |
|
|
Series 213, Rev., 5.00%, 9/1/2024 |
|
|
Series 183, Rev., 5.00%, 12/15/2025 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2024 (Unaudited) (continued)
| |
|
|
Municipal Bonds — continued |
| |
Series 189, Rev., 5.00%, 5/1/2028 |
|
|
Series 189, Rev., 5.00%, 11/1/2028 |
|
|
Romulus Central School District GO, BAN, 4.50%, 7/24/2025 |
|
|
Sales Tax Asset Receivable Corp., Fiscal Year 2015 |
|
|
Series 2015A, Rev., 4.00%, 10/15/2024 (b) |
|
|
Series 2015A, Rev., 5.00%, 10/15/2024 (b) |
|
|
Sidney Central School District GO, BAN, 4.50%, 7/24/2025 |
|
|
Town of Cornwall Series 2024B, GO, BAN, 4.50%, 5/1/2025 |
|
|
Town of Dryden Series 2024, GO, BAN, 4.50%, 1/23/2025 |
|
|
Town of Eastchester Series 2020, GO, 5.00%, 9/1/2024 |
|
|
Town of Hempstead Series 2018 C, GO, 5.00%, 9/15/2024 |
|
|
Town of Milton GO, BAN, 4.50%, 7/25/2025 |
|
|
Town of Orangetown Series 2020 B, GO, 5.00%, 9/15/2024 |
|
|
Town of Putnam Valley Series 2024B, GO, BAN, 4.25%, 9/5/2025 (f) |
|
|
Town of Wawarsing GO, BAN, 4.50%, 7/24/2025 |
|
|
Triborough Bridge and Tunnel Authority |
|
|
Series 2016A, Rev., 5.00%, 11/15/2024 |
|
|
Series 2023 A, Rev., 5.00%, 11/15/2024 |
|
|
Series 2023 B-2, Rev., 5.00%, 11/15/2024 |
|
|
Series 2023A, Rev., 5.00%, 11/15/2024 |
|
|
Series A, Rev., 5.00%, 11/15/2024 |
|
|
Series A, Rev., 5.00%, 11/15/2026 |
|
|
Series 2024B, Rev., BAN, 5.00%, 3/15/2027 |
|
|
Series A, Rev., 5.00%, 11/15/2027 |
|
|
Triborough Bridge and Tunnel Authority, MTA Bridges and Tunnels Series 2017C-1, Rev., 5.00%, 11/15/2024 |
|
|
Village of Farmingdale Series l, GO, BAN, 4.25%, 1/30/2025 |
|
|
Village of Highland Falls Series 2024A, GO, BAN, 4.00%, 9/27/2024 |
|
|
Wayne Central School District GO, BAN, 4.50%, 6/27/2025 |
|
|
Yorkshire-Pioneer Central School District GO, BAN, 4.50%, 7/9/2025 |
|
|
| |
|
|
| |
|
|
| |
| |
Charlotte-Mecklenburg Hospital Authority (The), Atrium Health Care System Series 2021C, Rev., 5.00%, 12/1/2028 (d) |
|
|
Charlotte-Mecklenburg Hospital Authority (The), Atrium Health Variable Rate, Health Care Series 2021B, Rev., 5.00%, 12/2/2024 (d) |
|
|
| |
|
|
Series 2015C, COP, 5.00%, 12/1/2024 (b) |
|
|
Series 2021A, Rev., 5.00%, 7/1/2025 |
|
|
City of Greensboro Series 2018 B, GO, 5.00%, 10/1/2024 |
|
|
City of High Point Combined Water and Sewer System |
|
|
Series 2014, Rev., 5.00%, 11/1/2024 (b) |
|
|
Series 2019, Rev., 5.00%, 11/1/2024 |
|
|
City of Raleigh Series 2014B, Rev., 5.00%, 10/1/2024 |
|
|
Columbus County Industrial Facilities and Pollution Control Financing Authority, International Paper Co. Project |
|
|
Series 2019A, Rev., 2.00%, 10/1/2024 (d) |
|
|
Series 2019B, Rev., 2.00%, 10/1/2024 (d) |
|
|
Series 2020A, Rev., 1.38%, 6/16/2025 (d) |
|
|
County of Buncombe Series 2015, Rev., 5.00%, 6/1/2026 |
|
|
County of Guilford Series 2016 A, GO, 5.00%, 2/1/2025 |
|
|
County of Harnett Series 2020, Rev., 5.00%, 12/1/2026 |
|
|
| |
|
|
Series 2016 A, GO, 5.00%, 9/1/2024 |
|
|
Series 2015B, Rev., 5.00%, 10/1/2024 |
|
|
Series 2017 A, GO, 5.00%, 4/1/2025 |
|
|
County of New Hanover, New Hanover Regional Medical Center Series 2017, Rev., 5.00%, 10/1/2024 (b) |
|
|
County of Union Series 2017, GO, 5.00%, 9/1/2024 |
|
|
County of Union Enterprise System Series 2021, Rev., 5.00%, 6/1/2026 |
|
|
County of Wake Series 2014, GO, 5.00%, 9/1/2024 |
|
|
North Carolina Eastern Municipal Power Agency |
|
|
Series 1993 B, Rev., NATL - RE, 6.00%, 1/1/2025 (b) |
|
|
Series 1993 B, Rev., 6.00%, 1/1/2026 (b) |
|
|
North Carolina Medical Care Commission, Caromont Health Series 2021B, Rev., 5.00%, 2/1/2026 (d) |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
| |
|
|
Municipal Bonds — continued |
North Carolina — continued |
North Carolina Medical Care Commission, Vidant Health Series 2015, Rev., 5.00%, 6/1/2025 (b) |
|
|
North Carolina Municipal Power Agency No. 1 |
|
|
Series A, Rev., 5.00%, 1/1/2026 |
|
|
Series 2016 A, Rev., 5.00%, 1/1/2028 |
|
|
Series 2016 A, Rev., 5.00%, 1/1/2029 |
|
|
Orange County Public Facilities Co. Rev., 5.00%, 10/1/2026 |
|
|
Raleigh Durham Airport Authority |
|
|
Series 2020B, Rev., 5.00%, 5/1/2025 |
|
|
Series 2020B, Rev., 5.00%, 5/1/2026 |
|
|
| |
|
|
Series 2015, Rev., 5.00%, 3/1/2025 |
|
|
Series 2018 A, GO, 5.00%, 6/1/2026 |
|
|
Series 2014C, Rev., 5.00%, 5/1/2027 |
|
|
Series 2015, Rev., 5.00%, 3/1/2029 |
|
|
State of North Carolina, Limited Obligation Series 2017 B, Rev., 5.00%, 5/1/2029 |
|
|
| |
|
|
| |
North Dakota Public Finance Authority Series 2015A, Rev., 5.00%, 10/1/2024 |
|
|
| |
Akron Bath Copley Joint Township Hospital District, Children's Hospital Medical Center of Akron Series 2022A, Rev., 5.00%, 11/15/2024 |
|
|
American Municipal Power, Inc., AMP Fremont Energy Center Project Series 2017A, Rev., 5.00%, 2/15/2028 |
|
|
American Municipal Power, Inc., City of Wapakoneta Project Rev., BAN, 4.50%, 6/19/2025 |
|
|
American Municipal Power, Inc., Combined Hydroelectric Projects |
|
|
Series 2020A, Rev., 5.00%, 2/15/2025 |
|
|
Series 2020A, Rev., 5.00%, 2/15/2027 |
|
|
Cincinnati City School District Series 2014, COP, 5.00%, 12/15/2024 (b) |
|
|
City of Akron, Income Tax Series 2019, Rev., 4.00%, 12/1/2024 |
|
|
City of Hamilton Series 2023, GO, BAN, 4.50%, 12/19/2024 |
|
|
City of Huber Heights GO, BAN, 4.50%, 7/10/2025 |
|
|
City of New Albany GO, BAN, 4.00%, 9/10/2025 (f) |
|
|
City of Strongsville, Street Improvement GO, BAN, 4.75%, 6/5/2025 |
|
|
| |
|
|
| |
| |
Cleveland Department of Public Utilities Division of Water, Second Lien Series 2017B, Rev., 5.00%, 1/1/2026 |
|
|
Cleveland-Cuyahoga County Port Authority, The Cleveland Museum of Natural History Project Rev., 5.00%, 7/1/2026 |
|
|
County of Allen Series 2017 A, Rev., 5.00%, 8/1/2027 |
|
|
County of Cuyahoga Series 2020 D, Rev., 5.00%, 12/1/2025 |
|
|
County of Cuyahoga, Convention Hotel Project Series 2014, COP, 5.00%, 12/1/2028 |
|
|
County of Franklin, Hospital Facilities, Nationwide Children's Hospital Project Series 2016C, Rev., 5.00%, 11/1/2024 |
|
|
County of Hamilton Sales Tax Series 2016 A, Rev., 5.00%, 12/1/2029 |
|
|
County of Hamilton Sewer System Series 2020 A, Rev., 5.00%, 12/1/2026 |
|
|
County of Hamilton, Metropolitan Sewer district of Greater Cincinnati Series 2014A, Rev., 5.00%, 12/1/2028 |
|
|
County of Hamilton, Trihealth, Inc. Group Project Series 2020 A, Rev., 5.00%, 8/15/2027 |
|
|
County of Lorain Series 2024B, GO, BAN, 4.38%, 5/1/2025 |
|
|
County of Montgomery, Dayton Children's Hospital Series 2021, Rev., 5.00%, 8/1/2026 |
|
|
Dublin City School District GO, BAN, 5.00%, 12/18/2024 |
|
|
Gallia County Local School District Series 2014, GO, 5.00%, 11/1/2024 (b) |
|
|
Kings Local School District, Unlimited Tax GO, BAN, 4.50%, 7/16/2025 |
|
|
| |
|
|
Series 2014, Rev., 5.00%, 9/1/2024 |
|
|
Series 2017, Rev., 5.00%, 9/1/2024 |
|
|
Series 2014, Rev., 5.00%, 9/3/2024 |
|
|
New Albany Plain Local School District Series 2021 A, GO, 4.00%, 12/1/2024 |
|
|
Northeast Ohio Regional Sewer District Series 2014, Rev., 5.00%, 11/15/2024 (b) |
|
|
Northeast Ohio Regional Sewer District, Wastewater Improvement Series 2014, Rev., 5.00%, 11/15/2024 (b) |
|
|
Ohio Higher Educational Facility Commission Series 2018, Rev., 5.00%, 12/1/2026 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2024 (Unaudited) (continued)
| |
|
|
Municipal Bonds — continued |
| |
Ohio Higher Educational Facility Commission, Case Western Reserve University Project |
|
|
Series 2015A, Rev., 5.00%, 12/1/2024 |
|
|
Series 2018, Rev., 5.00%, 12/1/2029 |
|
|
Ohio Higher Educational Facility Commission, Denison University 2017 Project Series 2017 A, Rev., 5.00%, 11/1/2024 |
|
|
Ohio Higher Educational Facility Commission, Oberlin College 2017 Project Series 2017, Rev., 5.00%, 10/1/2024 (b) |
|
|
Ohio State University (The) |
|
|
Series 2010-D, Rev., 5.00%, 12/1/2025 |
|
|
Series 2021 A, Rev., 5.00%, 12/1/2026 |
|
|
Ohio Turnpike and Infrastructure Commission, Junior Lien Series 2022A, Rev., 5.00%, 2/15/2025 |
|
|
Ohio Water Development Authority Water Pollution Control Loan Fund Series 2020 B, Rev., 5.00%, 12/1/2025 |
|
|
| |
|
|
| |
|
|
Series 2015A, GO, 5.00%, 9/1/2024 |
|
|
Series 2018A, GO, 5.00%, 9/1/2024 |
|
|
Series 2017 V, GO, 5.00%, 10/1/2024 |
|
|
Series 2016A, Rev., 5.00%, 2/1/2025 |
|
|
Series A, Rev., 5.00%, 4/1/2025 |
|
|
Series 2015C, GO, 5.00%, 5/1/2025 (b) |
|
|
Series 2017 A, GO, 5.00%, 5/1/2025 |
|
|
Series 2017 V, GO, 5.00%, 10/1/2026 |
|
|
State of Ohio Department of Administrative Services COP, 5.00%, 9/1/2024 |
|
|
State of Ohio, Adult Correctional Building Fund Projects Series 2013A, Rev., 5.00%, 10/1/2024 |
|
|
State of Ohio, Capital Facilities Lease Appropriation Juvenile Correctional Building Fund Project Series 2017 A, Rev., 4.00%, 10/1/2024 |
|
|
State of Ohio, Capital Facilities Lease Appropriation, Park and Recreation Improvement Fund Project Series 2016 C, Rev., 5.00%, 12/1/2026 |
|
|
State of Ohio, Cleveland Clinic Health System Series 2019F, Rev., VRDO, LIQ : US Bank NA, 3.50%, 9/3/2024 (d) |
|
|
State of Ohio, Common School |
|
|
Series 2017B, GO, 5.00%, 9/15/2024 |
|
|
Series 2020 B, GO, 5.00%, 9/15/2024 |
|
|
Series 2015A, GO, 5.00%, 9/15/2026 |
|
|
Series 2017B, GO, 5.00%, 9/15/2026 |
|
|
| |
|
|
| |
| |
State of Ohio, Lease Appropriation Adult Correctional Building Fund Projects Series 2017B, Rev., 5.00%, 10/1/2024 |
|
|
State of Ohio, Major New State Infrastructure Project Series 2024-1, Rev., 5.00%, 12/15/2027 |
|
|
State of Ohio, State Infrastructure Improvement Series 2016-1, Rev., 5.00%, 12/15/2028 |
|
|
State of Ohio, State Infrastructure Project Series 2016-1, Rev., 5.00%, 12/15/2025 |
|
|
State of Ohio, University Hospitals Health System, Inc. Series 2015A, Rev., VRDO, 3.11%, 9/12/2024 (d) |
|
|
State of Ohio, Voting System Acquisition Project COP, 5.00%, 9/1/2026 |
|
|
University of Cincinnati Series 2019 A, Rev., 5.00%, 6/1/2027 |
|
|
| |
|
|
| |
Canadian County Independent School District No. 69 Mustang Series 2024 A, GO, 4.00%, 6/1/2027 |
|
|
City of Tulsa Series 2020, GO, 5.00%, 3/1/2025 |
|
|
Cleveland County Educational Facilities Authority, Norman Public Schools Project Rev., 5.00%, 6/1/2025 |
|
|
Garvin County Educational Facilities Authority, Pernell Public Schools Project Rev., 4.00%, 9/1/2024 |
|
|
Grady County School Finance Authority, Educational Facilities Lease, Tuttle Public Schools Project Rev., 4.00%, 9/1/2024 |
|
|
Grand River Dam Authority |
|
|
Series 2014A, Rev., 5.00%, 10/15/2024 |
|
|
Series 2014A, Rev., 5.00%, 6/1/2025 |
|
|
Series 2016 A, Rev., 5.00%, 6/1/2025 |
|
|
Series 2014A, Rev., 5.00%, 6/1/2026 |
|
|
Series 2016A, Rev., 5.00%, 6/1/2026 |
|
|
Series 2016 A, Rev., 5.00%, 6/1/2027 |
|
|
Series 2016 A, Rev., 5.00%, 6/1/2029 |
|
|
Oklahoma County Finance Authority, Educational Facilities, Lease Midwest City-Del City Public Schools Project Rev., 5.00%, 10/1/2024 |
|
|
Oklahoma County Independent School District No. 1 Putnam City Series 2023, GO, 4.00%, 4/1/2025 |
|
|
Oklahoma Municipal Power Authority, Power Supply System |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
| |
|
|
Municipal Bonds — continued |
| |
Series A, Rev., 5.00%, 1/1/2025 (b) |
|
|
Series B, Rev., 5.00%, 1/1/2025 |
|
|
Series 2021A, Rev., AGM, 5.00%, 1/1/2027 |
|
|
Oklahoma State University Series 2020 A, Rev., 5.00%, 9/1/2024 |
|
|
Oklahoma Water Resources Board, Clean Water Program Series 2023, Rev., 5.00%, 4/1/2025 |
|
|
Oklahoma Water Resources Board, State Loan Program |
|
|
Series 2020 A, Rev., 4.00%, 10/1/2024 |
|
|
Series 2018 A, Rev., 5.00%, 10/1/2024 |
|
|
Pittsburg County Educational Facilities Authority, McAlester Public Schools Project Rev., 4.00%, 12/1/2026 |
|
|
Tulsa County Industrial Authority, Sand Springs Public Schools Project Rev., 4.00%, 9/1/2024 |
|
|
| |
|
|
| |
City of Portland Sewer System Series 2018 A, Rev., 5.00%, 5/1/2025 |
|
|
County of Washington Series 2016B, GO, 5.00%, 3/1/2025 |
|
|
Hospital Facilities Authority of Multnomah County Oregon, Adventist Health System Rev., 5.00%, 3/1/2025 (d) |
|
|
Oregon State Lottery Series 2015C, Rev., 5.00%, 4/1/2026 |
|
|
State of Oregon Department of Transportation |
|
|
Series 2014A, Rev., 5.00%, 11/15/2024 (b) |
|
|
Series 2015A, Rev., 5.00%, 11/15/2024 (b) |
|
|
Series A, Rev., 5.00%, 11/15/2024 |
|
|
Series A, Rev., 5.00%, 11/15/2026 |
|
|
State of Oregon, Article XI-M Seismic Project & Article XI-Q State Project Series F, GO, 5.00%, 5/1/2028 |
|
|
Tri-County Metropolitan Transportation District of Oregon Series 2018 A, Rev., 5.00%, 10/1/2029 |
|
|
| |
|
|
| |
Abington School District Series 2017, GO, 5.00%, 10/1/2024 |
|
|
Allegheny County Higher Education Building Authority, University Refunding Duquesne University Series 2016, Rev., 5.00%, 3/1/2027 |
|
|
| |
|
|
| |
| |
Allegheny County Hospital Development Authority, UPMC Health Center Series 1997B, Rev., NATL - RE, 6.00%, 7/1/2027 |
|
|
Allegheny County Sanitary Authority, Sewer |
|
|
Series 2020A, Rev., 4.00%, 6/1/2025 |
|
|
Series 2020B, Rev., 4.00%, 6/1/2025 |
|
|
Series 2020A, Rev., 5.00%, 6/1/2026 |
|
|
Apollo-Ridge School District Series 2019A, GO, 4.00%, 9/1/2024 |
|
|
Chartiers Valley School District Series B, GO, 5.00%, 4/15/2025 (b) |
|
|
Chester County Health and Education Facilities Authority, Main Line Health System Series 2020A, Rev., 3.00%, 9/1/2024 |
|
|
| |
|
|
Series 2019B, GO, 5.00%, 2/1/2025 |
|
|
Series 2019 A, GO, 5.00%, 8/1/2025 |
|
|
Series 2021 A, GO, 5.00%, 5/1/2026 |
|
|
Series 1997A, Rev., AMBAC, 5.13%, 8/1/2027 (b) |
|
|
Series 2019B, GO, 5.00%, 2/1/2028 |
|
|
City of Philadelphia Water and Wastewater |
|
|
Series 2016, Rev., 5.00%, 10/1/2024 |
|
|
Series 2017, GO, AGM, 5.00%, 8/1/2027 |
|
|
City of Philadelphia, Water and Wastewater Series 2021 C, Rev., 5.00%, 10/1/2024 |
|
|
City of Pittsburgh Series 2020A, GO, 5.00%, 9/1/2026 |
|
|
Commonwealth Financing Authority |
|
|
Series B-1, Rev., AGM, 5.00%, 6/1/2025 |
|
|
Series 2019B, Rev., 5.00%, 6/1/2027 |
|
|
Series 2020A, Rev., 5.00%, 6/1/2027 |
|
|
Commonwealth Financing Authority, Tobacco Master Settlement Payment |
|
|
| |
|
|
| |
|
|
| |
|
|
Commonwealth of Pennsylvania |
|
|
Series 2016, GO, 5.00%, 9/15/2024 |
|
|
Series 2018A, COP, 5.00%, 7/1/2027 |
|
|
| |
|
|
Series C-75, GO, 5.00%, 11/1/2024 |
|
|
Series C-75, GO, 5.00%, 11/1/2025 |
|
|
County of Armstrong GO, AGM, 4.00%, 6/1/2025 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2024 (Unaudited) (continued)
| |
|
|
Municipal Bonds — continued |
| |
County of Chester Series 2014, GO, 5.00%, 7/15/2027 |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
County of Montgomery Series 2019 C, GO, 5.00%, 9/1/2024 |
|
|
County of Northampton Series 2019 A, GO, 5.00%, 10/1/2024 |
|
|
County of Somerset GO, 2.00%, 10/1/2024 |
|
|
Delaware Valley Regional Finance Authority, Local Government |
|
|
Series 1997B, Rev., AMBAC, 5.70%, 7/1/2027 |
|
|
Series 1998A, Rev., AMBAC, 5.50%, 8/1/2028 |
|
|
East Stroudsburg Area School District Series AA, GO, 5.00%, 9/1/2024 |
|
|
Erie City Water Authority Series 2014, Rev., AGM, 5.00%, 12/1/2024 (b) |
|
|
Geisinger Authority, Health System |
|
|
Series 2020B, Rev., 5.00%, 2/15/2027 (d) |
|
|
Series 2020 C, Rev., 5.00%, 4/1/2030 (d) |
|
|
General Authority of Southcentral Pennsylvania, Wellspan Health Obligated Group Series 2019E, Rev., VRDO, LIQ : US Bank NA, 2.60%, 9/3/2024 (d) |
|
|
Girard School District Series B, GO, AGM, 5.00%, 11/15/2024 (b) |
|
|
Lancaster County Hospital Authority, University of Pennsylvania Health System Series 2016A, Rev., 5.00%, 8/15/2026 |
|
|
Montgomery County Industrial Development Authority, Albert Einstein Healthcare Network |
|
|
Series 2015A, Rev., 4.00%, 1/15/2025 (b) |
|
|
Series 2015A, Rev., 5.25%, 1/15/2025 (b) |
|
|
Neshaminy School District Series 2023B, GO, 5.00%, 11/1/2024 |
|
|
Pennsylvania Economic Development Financing Authority Series 2017 A, Rev., 5.00%, 11/15/2024 |
|
|
Pennsylvania Economic Development Financing Authority, University of Pittsburgh Medical Center |
|
|
Series 2014A, Rev., 5.00%, 2/1/2025 |
|
|
Series 2017A, Rev., 5.00%, 11/15/2026 |
|
|
Series 2016, Rev., 5.00%, 3/15/2027 |
|
|
| |
|
|
| |
| |
Pennsylvania Economic Development Financing Authority, UPMC |
|
|
Series 2016, Rev., 5.00%, 3/15/2025 |
|
|
Series 2014A, Rev., 5.00%, 2/1/2028 |
|
|
Pennsylvania Higher Educational Facilities Authority |
|
|
Series AQ, Rev., 5.00%, 6/15/2025 |
|
|
Series AT-1, Rev., 5.00%, 6/15/2025 |
|
|
Series 2017 AU-2, Rev., 5.00%, 6/15/2027 (b) |
|
|
Series 2017 AU-2, Rev., 5.00%, 6/15/2027 |
|
|
Pennsylvania State University (The) |
|
|
Series B, Rev., 5.00%, 9/1/2024 |
|
|
Series B, Rev., 5.00%, 9/1/2028 |
|
|
Pennsylvania Turnpike Commission |
|
|
Rev., VRDO, LOC : TD Bank NA, 2.90%, 9/12/2024 (d) |
|
|
Series A-2, Rev., 5.00%, 12/1/2024 |
|
|
Series 2019, Rev., 5.00%, 12/1/2025 |
|
|
Series A-1, Rev., 5.00%, 12/1/2025 |
|
|
Series 2016, Rev., 5.00%, 6/1/2026 |
|
|
Series 2020B, Rev., 5.00%, 12/1/2026 |
|
|
Series 2021 C, Rev., 5.00%, 12/1/2026 |
|
|
Series 2019A, Rev., 4.00%, 12/1/2027 |
|
|
Series 2016A-1, Rev., 5.00%, 12/1/2027 |
|
|
Series 2016A-3, Rev., 5.00%, 12/1/2027 |
|
|
Series 2016 B, Rev., 5.00%, 6/1/2029 |
|
|
Series 2017, Rev., 5.00%, 12/1/2029 |
|
|
Series 2014C, Rev., 5.00%, 12/1/2030 |
|
|
Series 2014, Rev., 5.00%, 12/1/2031 |
|
|
Series 2014A, Rev., 5.00%, 12/1/2038 |
|
|
Series 2014C, Rev., 5.00%, 12/1/2039 |
|
|
Pennsylvania Turnpike Commission Oil Franchise Tax |
|
|
Series A, Rev., 5.00%, 12/1/2025 |
|
|
Series B, Rev., 5.00%, 12/1/2028 |
|
|
Pennsylvania Turnpike Commission, Motor License Fund, Enhanced, Subordinate Series 2017-1, Rev., 5.00%, 6/1/2025 |
|
|
Philadelphia Authority for Industrial Development |
|
|
Series 2019, Rev., 5.00%, 10/1/2024 |
|
|
Series 2019, Rev., 5.00%, 10/1/2028 |
|
|
Series 2019, Rev., 5.00%, 10/1/2029 |
|
|
Philadelphia Gas Works Co., 1998 General Ordinance |
|
|
Series A-2, Rev., VRDO, LOC : TD Bank NA, 2.83%, 9/12/2024 (d) |
|
|
Series 14TH, Rev., 5.00%, 10/1/2024 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
| |
|
|
Municipal Bonds — continued |
| |
Series 14TH, Rev., 5.00%, 10/1/2025 |
|
|
Series 14TH, Rev., 5.00%, 10/1/2026 |
|
|
Series 14TH, Rev., 5.00%, 10/1/2028 |
|
|
Series 14TH, Rev., 5.00%, 10/1/2029 |
|
|
School District of Philadelphia (The) |
|
|
Series 2019 A, GO, 5.00%, 9/1/2024 |
|
|
Series F, GO, 5.00%, 9/1/2024 |
|
|
Series 2019 B, GO, 5.00%, 9/1/2026 |
|
|
Series 2019 A, GO, 5.00%, 9/1/2028 |
|
|
Series F, GO, 5.00%, 9/1/2028 |
|
|
Southeastern Pennsylvania Transportation Authority |
|
|
| |
|
|
Series 2017, Rev., 5.00%, 6/1/2027 |
|
|
Series 2017, Rev., 5.00%, 6/1/2029 |
|
|
Spring-Benner-Walker Joint Authority Series 2020A, Rev., 4.00%, 9/1/2024 |
|
|
Township of East Coventry |
|
|
| |
|
|
| |
|
|
Township of East Pennsboro Series 2019, GO, 4.00%, 9/1/2024 |
|
|
Uniontown Area School District GO, 3.00%, 10/1/2024 (b) |
|
|
Unionville-Chadds Ford School District Series 2016, GO, 5.00%, 6/1/2025 |
|
|
West View Municipal Authority Water Series 2014, Rev., 5.00%, 11/15/2024 (b) |
|
|
Wyalusing Area School District GO, 3.00%, 4/1/2026 |
|
|
| |
|
|
| |
Narragansett Bay Commission Series 2014B, Rev., 5.00%, 9/1/2024 (b) |
|
|
Rhode Island Commerce Corp., Department of Transportation |
|
|
Series 2016 B, Rev., 5.00%, 6/15/2025 |
|
|
Series 2016B, Rev., 5.00%, 6/15/2027 |
|
|
Series 2020 A, Rev., 5.00%, 5/15/2028 |
|
|
Series 2016 B, Rev., 5.00%, 6/15/2029 |
|
|
Rhode Island Infrastructure Bank Water Pollution Control Revolving Fund |
|
|
Series 2015A, Rev., 5.00%, 10/1/2024 (b) |
|
|
| |
|
|
| |
| |
Series C, Rev., 5.00%, 10/1/2024 (b) |
|
|
State of Rhode Island Series B, GO, 5.00%, 11/1/2024 (b) |
|
|
| |
|
|
| |
Berkeley County School District Series 2013, Rev., 5.00%, 12/1/2024 |
|
|
Charleston Educational Excellence Finance Corp., Installment Purchase, Charleston County School District, South Carolina Project Series 2014, Rev., 5.00%, 12/1/2026 |
|
|
Charleston Public Facilities Corp. Series 2017A, Rev., 5.00%, 9/1/2024 |
|
|
City of Charleston Hospitality Tax Series 2022, Rev., 5.00%, 9/1/2024 |
|
|
County Square Redevelopment Corp., South Carolina Project Series 2024, Rev., BAN, 5.00%, 2/9/2025 |
|
|
Horry County School District |
|
|
Series 2015A, GO, SCSDE, 5.00%, 3/1/2026 |
|
|
Series 2015A, GO, SCSDE, 5.00%, 3/1/2027 |
|
|
Lexington County Health Services District, Inc., Lexmed Obligated Group Series 2017, Rev., 5.00%, 11/1/2024 |
|
|
Piedmont Municipal Power Agency Series 2015A, Rev., 5.00%, 1/1/2026 |
|
|
SCAGO Educational Facilities Corp. for Pickens School District |
|
|
Series 2015, Rev., 5.00%, 12/1/2024 |
|
|
Series 2015, Rev., 5.00%, 12/1/2025 |
|
|
| |
|
|
SCAGO Educational Facilities Corp. for Pickens School District, Installment Purchase Project Series 2015, Rev., 5.00%, 12/1/2026 |
|
|
South Carolina Public Service Authority Series 2014C, Rev., 5.00%, 12/1/2024 |
|
|
| |
|
|
| |
City of Sioux Falls Sales Tax Series 2017 A, Rev., 5.00%, 11/15/2026 |
|
|
South Dakota Health And Educational Facilities Authority, Sanford Obligated Group Series 2015, Rev., 5.00%, 11/1/2024 |
|
|
| |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2024 (Unaudited) (continued)
| |
|
|
Municipal Bonds — continued |
| |
City of Chattanooga Series A, Rev., 5.00%, 9/1/2024 |
|
|
City of Chattanooga Electric Series A, Rev., 4.00%, 9/1/2029 |
|
|
City of Memphis Series 2014A, GO, 5.00%, 11/1/2024 |
|
|
City of Memphis Sanitary Sewerage System Series 2020B, Rev., 5.00%, 10/1/2024 |
|
|
County of Hamilton Series 2018 A, GO, 5.00%, 4/1/2025 |
|
|
County of Montgomery Series 2017, GO, 5.00%, 4/1/2025 |
|
|
Knoxville's Community Development Corp. Series 2021, Rev., 4.25%, 10/1/2024 |
|
|
Memphis-Shelby County Industrial Development Board Series 2017B, Rev., 5.00%, 11/1/2025 |
|
|
Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board Series 2023 A, Rev., 5.00%, 7/1/2028 |
|
|
Metropolitan Government Nashville and Davidson County, Health and Educational Facilities Board, Shelby House Apartments Project Series 2021B, Rev., 1.25%, 12/1/2024 (d) |
|
|
| |
|
|
Series A, GO, 5.00%, 9/1/2024 |
|
|
Series A, GO, 5.00%, 9/1/2024 (b) |
|
|
Series 2018 A, GO, 5.00%, 2/1/2025 |
|
|
Tennessee Energy Acquisition Corp., Commodity Project Series 2021A, Rev., 5.00%, 11/1/2026 |
|
|
Tennessee State School Bond Authority Series 2014B, Rev., 5.00%, 11/1/2024 (b) |
|
|
Tennessee State School Bond Authority, Higher Educational Facilities Second Program |
|
|
Series 2014B, Rev., 5.00%, 11/1/2024 (b) |
|
|
Series 2014B, Rev., 5.00%, 11/1/2024 |
|
|
Series A, Rev., 5.00%, 11/1/2026 |
|
|
| |
|
|
| |
Alamo Community College District, Limited Tax Series 2017, GO, 5.00%, 8/15/2027 |
|
|
Alamo Community College District, Maintainance Tax |
|
|
| |
|
|
| |
|
|
Allen Independent School District, Unlimited Tax Series 2016, GO, PSF-GTD, 5.00%, 2/15/2025 |
|
|
| |
|
|
| |
| |
Arlington Housing Finance Corp. Series 2023, Rev., 4.50%, 4/1/2027 (d) |
|
|
Arlington Independent School District Series 2015, GO, PSF-GTD, 5.00%, 2/15/2027 |
|
|
Austin Community College District Public Facility Corp., Lease, Highland Campus Parking Garage Project Series 2018C, Rev., 5.00%, 8/1/2025 |
|
|
Austin Independent School District, Unlimited Tax |
|
|
Series A, GO, PSF-GTD, 4.00%, 8/1/2025 (b) |
|
|
Series 2019, GO, PSF-GTD, 5.00%, 8/1/2029 |
|
|
Birdville Independent School District, Unlimited Tax |
|
|
Series 2015B, GO, PSF-GTD, 5.00%, 2/15/2025 |
|
|
Series 2020, GO, PSF-GTD, 5.00%, 2/15/2025 |
|
|
Series 2021, GO, PSF-GTD, 5.00%, 2/15/2026 |
|
|
Board of Regents of the University of Texas System |
|
|
Series 2016 D, Rev., 5.00%, 8/15/2026 |
|
|
Series 2016B, Rev., 5.00%, 8/15/2026 |
|
|
Series 2021 A, Rev., 5.00%, 8/15/2027 |
|
|
Central Texas Regional Mobility Authority, Senior Lien Series A, Rev., 5.00%, 7/1/2025 (b) |
|
|
Central Texas Regional Mobility Authority, Subordinate Lien |
|
|
Series 2020F, Rev., BAN, 5.00%, 1/1/2025 |
|
|
Series 2021C, Rev., BAN, 5.00%, 1/1/2027 |
|
|
Central Texas Turnpike System Series C, Rev., 5.00%, 11/4/2024 |
|
|
| |
|
|
| |
|
|
Series 2016, GO, 5.00%, 9/1/2024 |
|
|
City of Austin Water and Wastewater System |
|
|
Series 2015A, Rev., 5.00%, 5/15/2025 (b) |
|
|
Series 2022, Rev., 5.00%, 11/15/2026 |
|
|
Series 2024, Rev., 5.00%, 11/15/2028 |
|
|
City of Austin, Airport System Series 2017 A, Rev., 5.00%, 11/15/2028 |
|
|
City of Austin, Water and Wastewater System Series 2017, Rev., 5.00%, 11/15/2028 |
|
|
City of Conroe, Limited Tax Series 2018, GO, 5.00%, 11/15/2024 |
|
|
City of Corpus Christi Series 2015, GO, 5.00%, 3/1/2025 |
|
|
| |
|
|
Series 2015, GO, 5.00%, 2/15/2025 |
|
|
Series 2019A, GO, 5.00%, 2/15/2025 |
|
|
Series 2017, GO, 5.00%, 2/15/2026 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
| |
|
|
Municipal Bonds — continued |
| |
City of Dallas Waterworks and Sewer System Series 2016 A, Rev., 5.00%, 10/1/2024 |
|
|
City of Denton Series 2019, GO, 5.00%, 2/15/2025 |
|
|
City of Denton Utility System Series 2017, Rev., 5.00%, 12/1/2028 |
|
|
City of Denton, Utility System Series 2017, Rev., 5.00%, 12/1/2027 |
|
|
City of El Paso Municipal Drainage Utility System Series 2017, Rev., 5.00%, 3/1/2025 |
|
|
| |
|
|
Series 2016, GO, 5.00%, 3/1/2025 |
|
|
Series 2015A, GO, 5.00%, 3/1/2026 |
|
|
Series 2016, GO, 5.00%, 3/1/2026 |
|
|
City of Fort Worth Water and Sewer System |
|
|
Series 2015A, Rev., 5.00%, 2/15/2025 |
|
|
Series 2015A, Rev., 5.00%, 2/15/2026 |
|
|
Series 2020A, Rev., 5.00%, 2/15/2026 |
|
|
Series 2020A, Rev., 5.00%, 2/15/2027 |
|
|
| |
|
|
Series 2015A, GO, 5.00%, 2/15/2025 |
|
|
Series 2015A, GO, 5.00%, 2/15/2027 |
|
|
City of Garland Series 2018, GO, 5.00%, 2/15/2027 |
|
|
City of Georgetown Utility System Series 2022, Rev., AGM, 5.00%, 8/15/2027 |
|
|
| |
|
|
Series 2019 A, GO, 5.00%, 3/1/2025 |
|
|
Series 2017 A, GO, 5.00%, 3/1/2026 |
|
|
Series 2017 A, GO, 5.00%, 3/1/2028 |
|
|
City of Houston Airport System, Subordinate Lien Series 2018D, Rev., 5.00%, 7/1/2027 |
|
|
City of Houston Combined Utility System, First Lien |
|
|
Series 2002 C, Rev., 5.00%, 11/15/2024 |
|
|
Series 2014D, Rev., 5.00%, 11/15/2024 |
|
|
Series 2016 B, Rev., 5.00%, 11/15/2024 |
|
|
Series 2017 B, Rev., 5.00%, 11/15/2024 |
|
|
Series 2021 A, Rev., 5.00%, 11/15/2024 |
|
|
Series 2015D, Rev., 5.00%, 11/15/2025 |
|
|
Series 2016 B, Rev., 5.00%, 11/15/2025 |
|
|
City of Houston, Airport System, Subordinate Lien |
|
|
Series 2018D, Rev., 5.00%, 7/1/2025 |
|
|
Series 2020B, Rev., 5.00%, 7/1/2027 |
|
|
Series 2023B, Rev., AGM, 5.00%, 7/1/2028 |
|
|
| |
|
|
| |
| |
City of Houston, Combined Utility System, First Lien |
|
|
Series 2014D, Rev., 5.00%, 11/15/2026 |
|
|
Series 2024 A, Rev., 5.00%, 11/15/2026 |
|
|
Series 2014D, Rev., 5.00%, 11/15/2027 |
|
|
City of Houston, Public Improvement |
|
|
Series 2017A, GO, 5.00%, 3/1/2025 |
|
|
Series 2019A, GO, 5.00%, 3/1/2027 |
|
|
City of Irving Series 2017 B, GO, 5.00%, 9/15/2024 |
|
|
City of Lubbock Series 2016, GO, 5.00%, 2/15/2025 |
|
|
City of Lubbock, Electric Light and Power System |
|
|
Series 2018, Rev., 5.00%, 4/15/2026 |
|
|
Series 2018, Rev., 5.00%, 4/15/2027 |
|
|
| |
|
|
Series 2022, GO, 4.00%, 9/1/2024 |
|
|
Series 2016, GO, 5.00%, 9/1/2024 |
|
|
City of Port Arthur, Combination Tax, Certificates of Obligation Series 2020A, GO, AGM, 5.00%, 2/15/2025 |
|
|
| |
|
|
Series 2015, GO, 5.00%, 2/1/2025 (b) |
|
|
| |
|
|
Series 2015, GO, 5.00%, 2/1/2027 |
|
|
City of San Antonio Electric and Gas Systems |
|
|
Series 2015, Rev., 5.00%, 2/1/2025 |
|
|
Series 2016, Rev., 5.00%, 2/1/2025 |
|
|
Series 2022, Rev., 5.00%, 2/1/2025 |
|
|
Series 2017, Rev., 5.00%, 2/1/2026 |
|
|
Series 2018 A, Rev., 5.00%, 2/1/2026 |
|
|
Series 2016, Rev., 5.00%, 2/1/2027 |
|
|
Series 2024D, Rev., 5.00%, 2/1/2030 (f) |
|
|
City of San Antonio, Combination Tax GO, 5.00%, 2/1/2029 (f) |
|
|
City of San Antonio, Electric and Gas Systems |
|
|
Series 2012, Rev., 5.25%, 2/1/2025 |
|
|
Series 2018, Rev., 5.00%, 2/1/2027 |
|
|
City of San Antonio, General Improvement GO, 5.00%, 8/1/2027 |
|
|
City of San Marcos Series 2014A, GO, 5.00%, 8/15/2025 |
|
|
Clint Independent School District Series 2015, GO, PSF-GTD, 5.00%, 8/15/2025 (b) |
|
|
Comal Independent School District, Unlimited Tax |
|
|
Series 2015A, GO, PSF-GTD, 5.00%, 2/1/2026 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2024 (Unaudited) (continued)
| |
|
|
Municipal Bonds — continued |
| |
Series 2017, GO, PSF-GTD, 5.00%, 2/1/2028 |
|
|
Conroe Independent School District, Unlimited Tax |
|
|
Series 2019, GO, PSF-GTD, 5.00%, 2/15/2026 |
|
|
Series 2014A, GO, PSF-GTD, 4.00%, 2/15/2028 |
|
|
County of Bastrop, Combination Tax GO, 5.00%, 8/1/2029 (f) |
|
|
County of Fort Bend, Unlimited Tax |
|
|
Series A, GO, 5.00%, 3/1/2027 |
|
|
Series A, GO, 5.00%, 3/1/2028 |
|
|
County of Harris Series 2022A, GO, 5.00%, 10/1/2024 |
|
|
County of Harris Toll Road Series 2023A, Rev., 5.00%, 8/15/2029 |
|
|
County of Harris Toll Road, First Lien Series 2022A, Rev., 5.00%, 8/15/2026 |
|
|
County of Harris, First Lien Series 2022A, Rev., 5.00%, 8/15/2027 |
|
|
County of Harris, Senior Lien Series 2016 A, Rev., 5.00%, 8/15/2026 |
|
|
County of Hays Series 2017, GO, 5.00%, 2/15/2028 |
|
|
County of Hays, Unlimited Tax Series 2015, GO, 5.00%, 2/15/2025 (b) |
|
|
County of Kaufman, Limited Tax Series 2020A, GO, 5.00%, 2/15/2025 |
|
|
County of Kaufman, Unlimited Tax GO, 5.00%, 2/15/2025 |
|
|
County of Williamson Series 2020, GO, 5.00%, 2/15/2025 |
|
|
County of Williamson, Limited Tax Series 2015, GO, 5.00%, 2/15/2028 |
|
|
Cypress-Fairbanks Independent School District, Unlimited Tax Series 2018, GO, PSF-GTD, 5.00%, 2/15/2025 |
|
|
Dallas Area Rapid Transit, Sales Tax, Senior Lien Series 2016A, Rev., 5.00%, 12/1/2025 (b) |
|
|
Dallas County Utility and Reclamation District, Unlimited Tax |
|
|
Series 2016, GO, 5.00%, 2/15/2025 |
|
|
Series 2016, GO, 5.00%, 2/15/2028 |
|
|
Dallas Fort Worth International Airport |
|
|
Series 2020 B, Rev., 5.00%, 11/1/2024 |
|
|
Series 2021B, Rev., 5.00%, 11/1/2024 |
|
|
Series 2023B, Rev., 5.00%, 11/1/2024 |
|
|
Series 2023B, Rev., 5.00%, 11/1/2025 |
|
|
Series 2021B, Rev., 5.00%, 11/1/2026 |
|
|
| |
|
|
| |
| |
Series 2020 A, Rev., 5.00%, 11/1/2027 |
|
|
Series 2020 B, Rev., 5.00%, 11/1/2027 |
|
|
Series 2023B, Rev., 5.00%, 11/1/2027 |
|
|
Series 2023B, Rev., 5.00%, 11/1/2028 |
|
|
Dallas Independent School District, Unlimited Tax |
|
|
Series 2015, GO, PSF-GTD, 4.00%, 2/15/2025 (b) |
|
|
Series 2015, GO, PSF-GTD, 5.00%, 2/15/2026 |
|
|
Series 2016 A, GO, PSF-GTD, 5.00%, 2/15/2026 |
|
|
Series 2020, GO, PSF-GTD, 5.00%, 2/15/2026 |
|
|
Denton County Housing Finance Corp., THF Pathway on Woodrow LP Series 2022, Rev., 5.00%, 2/1/2025 (d) |
|
|
Denton Independent School District Series 2015, GO, PSF-GTD, 4.00%, 2/15/2025 (b) |
|
|
Duncanville Independent School District Series 2015, GO, PSF-GTD, 5.00%, 2/15/2025 (b) |
|
|
El Paso Independent School District Series 2015A, GO, PSF-GTD, 5.00%, 8/15/2025 (b) |
|
|
Florence Independent School District, Unlimited Tax |
|
|
GO, PSF-GTD, 3.00%, 8/15/2026 |
|
|
GO, PSF-GTD, 3.00%, 8/15/2027 |
|
|
Fort Worth Independent School District Series 2015, GO, PSF-GTD, 5.00%, 2/15/2025 |
|
|
Frisco Independent School District, Unlimited Tax Series 2017, GO, PSF-GTD, 4.00%, 8/15/2028 |
|
|
Goose Creek Consolidated Independent School District Series 2015, GO, PSF-GTD, 5.00%, 2/15/2025 (b) |
|
|
Grady Independent School District, Unlimited Tax Series 2018B, GO, PSF-GTD, 5.00%, 2/15/2026 (b) |
|
|
Harris County Cultural Education Facilities Finance Corp., Memorial Hermann Health System |
|
|
Series 2020C-2, Rev., 5.00%, 9/24/2024 (d) |
|
|
Series 2014A, Rev., 5.00%, 12/1/2025 |
|
|
Series 2020C-3, Rev., 5.00%, 12/1/2026 (d) |
|
|
Series 2014A, Rev., 5.00%, 12/1/2027 |
|
|
Series 2019 A, Rev., 5.00%, 12/1/2027 |
|
|
Harris County Cultural Education Facilities Finance Corp., Texas Children's Hospital |
|
|
Series 2015-1, Rev., 5.00%, 10/1/2024 |
|
|
Series 2019 A, Rev., 5.00%, 10/1/2024 |
|
|
Harris County Flood Control District Series 2019 A, Rev., 5.00%, 10/1/2024 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
| |
|
|
Municipal Bonds — continued |
| |
Harris County Fresh Water Supply District No. 61, Unlimited Tax GO, AGM, 3.00%, 9/1/2024 |
|
|
Harris County-Houston Sports Authority, Senior Lien Series A, Rev., AGM, 5.00%, 11/15/2025 |
|
|
Harris County-Houston Sports Authority, Taxable Senior Lien Series A, Rev., AGM, 5.00%, 11/15/2024 |
|
|
Harris County-Houston Sports Authority, Third Lien Series 2004A-3, Rev., NATL - RE, Zero Coupon, 11/15/2024 (b) |
|
|
Housing Options, Inc., Multi Family Housing Estelle Village Apartments Project Series 2022, Rev., 3.90%, 2/1/2025 (d) |
|
|
Houston Housing Finance Corp. Multi Family Housing Sunset Garden Apartments Series 2022, Rev., FHA, 4.00%, 10/1/2024 (d) |
|
|
Humble Independent School District |
|
|
Series B, GO, PSF-GTD, 5.00%, 2/15/2025 |
|
|
Series 2016 C, GO, 5.00%, 2/15/2026 |
|
|
Irving Independent School District Series 2015, GO, PSF-GTD, 5.00%, 2/15/2028 |
|
|
Irving Independent School District, Unlimited Tax Series 2015 A, GO, PSF-GTD, 5.00%, 2/15/2025 |
|
|
Judson Independent School District Series 2016, GO, PSF-GTD, 5.00%, 2/1/2025 |
|
|
Katy Independent School District |
|
|
Series D, GO, PSF-GTD, 5.00%, 2/15/2026 |
|
|
Series A, GO, PSF-GTD, 5.00%, 2/15/2027 |
|
|
Keller Independent School District, Unlimited Tax |
|
|
Series 2015A, GO, PSF-GTD, 4.00%, 2/15/2025 (b) |
|
|
Series 2015, GO, PSF-GTD, 5.00%, 2/15/2025 (b) |
|
|
Series 2015A, GO, PSF-GTD, 5.00%, 2/15/2025 (b) |
|
|
Series 2014A, GO, PSF-GTD, 5.00%, 8/15/2026 |
|
|
Series 2015, GO, PSF-GTD, 5.00%, 8/15/2026 |
|
|
Killeen Independent School District Series 2018, GO, PSF-GTD, 5.00%, 2/15/2025 |
|
|
La Porte Independent School District, Unlimited Tax Series 2015, GO, 5.00%, 2/15/2025 |
|
|
Lamar Consolidated Independent School District, Unlimited Tax Series 2018, GO, PSF-GTD, 5.00%, 2/15/2026 |
|
|
Lewisville Independent School District, Unlimited Tax Series 2023, GO, PSF-GTD, 5.00%, 8/15/2026 |
|
|
| |
|
|
| |
| |
Lone Star College System, Limited Tax |
|
|
Series 2021 A, GO, 5.00%, 2/15/2025 |
|
|
Series B, GO, 5.00%, 2/15/2025 |
|
|
Lower Colorado River Authority, LCRA Transmission services Corp. Project Series 2023, Rev., AGM, 5.00%, 5/15/2028 |
|
|
Lower Colorado River Authority, LCRA Transmission Services Corp. Project |
|
|
| |
|
|
Series 2023A, Rev., AGM, 5.00%, 5/15/2026 |
|
|
Series 2019, Rev., 5.00%, 5/15/2027 |
|
|
Series 2021, Rev., 5.00%, 5/15/2027 |
|
|
Series 2022, Rev., 5.00%, 5/15/2027 |
|
|
Series 2023, Rev., AGM, 5.00%, 5/15/2027 |
|
|
Series 2023A, Rev., AGM, 5.00%, 5/15/2027 |
|
|
Series 2019, Rev., 5.00%, 5/15/2028 |
|
|
Series 2022, Rev., 5.00%, 5/15/2028 |
|
|
Lytle Independent School District, Unlimited Tax GO, PSF-GTD, 4.00%, 2/15/2028 |
|
|
Mansfield Independent School District Series 2015, GO, PSF-GTD, 4.00%, 2/15/2025 (b) |
|
|
Metropolitan Transit Authority of Harris County Sales and Use Tax |
|
|
| |
|
|
Rev., 5.00%, 11/1/2024 (b) |
|
|
Series 2015 B, Rev., 5.00%, 11/1/2024 |
|
|
Series 2017B, Rev., 5.00%, 11/1/2024 |
|
|
Series A, Rev., 5.00%, 11/1/2024 |
|
|
| |
|
|
Metropolitan Transit Authority of Harris County, Sales and Use Tax Series 2014, Rev., 5.00%, 11/1/2024 (b) |
|
|
Montgomery Independent School District Series 2015, GO, PSF-GTD, 5.00%, 2/15/2025 (b) |
|
|
New Hope Cultural Education Facilities Finance Corp., Children's Health System of Texas Project Series 2017A, Rev., 5.00%, 8/15/2029 |
|
|
New Hope Cultural Education Facilities Finance Corp., Morningside Ministries Project Series 2020A, Rev., 2.25%, 1/1/2025 |
|
|
New Hope Cultural Education Facilities Finance Corp., MRC Crestview Project Series 2016, Rev., 5.00%, 11/15/2024 (b) |
|
|
North Harris County Regional Water Authority, Senior Lien |
|
|
| |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2024 (Unaudited) (continued)
| |
|
|
Municipal Bonds — continued |
| |
Series 2016, Rev., 5.00%, 12/15/2027 |
|
|
Series 2016, Rev., 5.00%, 12/15/2028 |
|
|
Series 2016, Rev., 5.00%, 12/15/2029 |
|
|
North Texas Municipal Water District Water System Series 2019, Rev., 5.00%, 9/1/2024 |
|
|
North Texas Tollway Authority |
|
|
Series 2015 B, Rev., 5.00%, 1/1/2026 |
|
|
Series 2016 A, Rev., 5.00%, 1/1/2028 |
|
|
North Texas Tollway Authority, First Tier |
|
|
Series 2016A, Rev., 5.00%, 1/1/2025 |
|
|
Series A, Rev., 5.00%, 1/1/2025 |
|
|
Series A, Rev., 5.00%, 1/1/2028 |
|
|
Series 2015 B, Rev., 5.00%, 1/1/2029 |
|
|
North Texas Tollway Authority, Second Tier |
|
|
Series 2021B, Rev., 5.00%, 1/1/2025 |
|
|
Series 2015A, Rev., 5.00%, 1/1/2026 |
|
|
Series 2020 C, Rev., 5.00%, 1/1/2026 |
|
|
Series B, Rev., 5.00%, 1/1/2027 |
|
|
Series B, Rev., 5.00%, 1/1/2029 |
|
|
Northwest Independent School District Series 2015A, GO, PSF-GTD, 5.00%, 2/15/2025 (b) |
|
|
Pecan Grove Municipal Utility District, Unlimited Tax GO, AGM, 3.00%, 9/1/2024 |
|
|
Permanent University Fund - Texas A&M University System |
|
|
Series 2015A, Rev., 5.50%, 7/1/2026 |
|
|
Series 2017 A, Rev., 5.00%, 7/1/2027 |
|
|
Pharr San Juan Alamo Independent School District Series 2016, GO, PSF-GTD, 5.00%, 2/1/2025 (b) |
|
|
Plano Independent School District Series 2016 A, GO, PSF-GTD, 5.00%, 2/15/2026 |
|
|
Plano Public Facility Corp., K Avenue Lofts Rev., 0.65%, 12/1/2024 (d) |
|
|
Port Arthur Independent School District, Unlimited Tax Series A, GO, PSF-GTD, 5.00%, 2/15/2025 (b) |
|
|
San Antonio Independent School District Series 2015, GO, PSF-GTD, 5.00%, 2/15/2026 |
|
|
San Antonio Water System, Junior Lien Series 2016 A, Rev., 5.00%, 5/15/2025 |
|
|
Southwest Higher Education Authority, Inc., Southern Methodist University Project Series 2017, Rev., 5.00%, 10/1/2024 |
|
|
Spring Independent School District, Unlimited Tax Series 2024 B, GO, 5.00%, 8/15/2029 (f) |
|
|
State of Texas, Public Finance Authority |
|
|
| |
|
|
| |
| |
Series 2014A, GO, 4.00%, 10/1/2024 (b) |
|
|
Series 2014A, GO, 5.00%, 10/1/2024 (b) |
|
|
Series 2014A, GO, 5.00%, 10/1/2024 |
|
|
State of Texas, Transportation Commission Mobility Fund |
|
|
Series 2015-A, GO, 5.00%, 10/1/2024 |
|
|
Series A, GO, 5.00%, 10/1/2024 (b) |
|
|
Series 2016 A, GO, 5.00%, 4/1/2025 |
|
|
Series A, GO, 5.00%, 10/1/2026 |
|
|
Series A, GO, 5.00%, 10/1/2028 |
|
|
State of Texas, Veterans Series 2011A, GO, VRDO, LIQ : State Street Bank & Trust Co., 2.85%, 9/12/2024 (d) |
|
|
State of Texas, Veterans Housing Assistance Program Series 2008B, GO, VRDO, LIQ : State Street Bank & Trust Co., 2.85%, 9/12/2024 (d) |
|
|
State of Texas, Water Financial Assistance Series 2021 B, GO, 4.00%, 8/1/2029 |
|
|
State of Washington, Transportation Commission Series 2014, GO, 5.00%, 10/1/2025 |
|
|
Tarrant County College District Series 2020, GO, 5.00%, 8/15/2026 |
|
|
Tarrant Regional Water District Water Supply System Series 2015, Rev., 5.00%, 3/1/2028 |
|
|
Tarrant Regional, Water Control and Improvement District, Water System Rev., 5.00%, 3/1/2025 |
|
|
Texas Department of Transportation State Highway Fund, First Tier |
|
|
Series 2015, Rev., 5.00%, 10/1/2024 |
|
|
Series 2008, Rev., 5.25%, 4/1/2025 |
|
|
Series 2015, Rev., 5.00%, 10/1/2026 |
|
|
Texas Home Collaborative, 1518 Apartments Series 2023, Rev., 5.00%, 10/1/2026 (d) |
|
|
Texas Public Finance Authority Series 2019, Rev., 5.00%, 2/1/2026 |
|
|
Texas State Technical College Series 2022 A, Rev., AGM, 5.00%, 8/1/2028 |
|
|
Texas State University System Series 2017 A, Rev., 5.00%, 3/15/2026 |
|
|
Texas Tech University System Series 2017 A, Rev., 5.00%, 2/15/2026 |
|
|
Texas Water Development Board, State Revolving Fund Series 2020, Rev., 5.00%, 8/1/2026 |
|
|
Texas Water Development Board, State Water Implementation Fund |
|
|
Series A, Rev., 5.00%, 10/15/2024 |
|
|
Series 2017 A, Rev., 5.00%, 4/15/2025 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
| |
|
|
Municipal Bonds — continued |
| |
Series 2018 B, Rev., 5.00%, 4/15/2025 |
|
|
Series 2019 A, Rev., 5.00%, 4/15/2025 |
|
|
Travis County Water Control and Improvement District No. 17, Texas Steiner Ranch Defined Area Unlimited Tax |
|
|
| |
|
|
| |
|
|
Trinity River Authority Central Regional Wastewater System |
|
|
Series 2016, Rev., 5.00%, 8/1/2026 |
|
|
Series 2019, Rev., 5.00%, 8/1/2026 |
|
|
Trinity River Authority, Central Regional Wastewater System Series 2017, Rev., 5.00%, 8/1/2029 |
|
|
Trinity River Authority, Water Project Rev., 5.00%, 2/1/2026 |
|
|
| |
|
|
Series 2017A, Rev., 5.00%, 2/15/2025 |
|
|
Series 2016 A, Rev., 4.00%, 2/15/2026 |
|
|
Series 2016A, Rev., 4.00%, 2/15/2027 |
|
|
Series 2017 C, Rev., 5.00%, 2/15/2028 |
|
|
University of North Texas System |
|
|
Series 2018 A, Rev., 5.00%, 4/15/2025 |
|
|
Series 2017 A, Rev., 5.00%, 4/15/2028 |
|
|
Upper Trinity Regional Water District, Water Supply System Series 2020, Rev., 5.00%, 8/1/2025 |
|
|
| |
|
|
| |
Alpine School District, Utah School Bond Guaranty Program Series 2017, GO, 5.00%, 3/15/2026 |
|
|
Central Utah Water Conservancy District Series 2017 B, Rev., 5.00%, 10/1/2024 |
|
|
Provo City School District Municipal Building Authority Series 2022, Rev., 5.00%, 3/15/2027 |
|
|
University of Utah (The) Series 2017 A, Rev., 5.00%, 8/1/2026 |
|
|
Utah Housing Corp., Moda Shoreline Apartments Series 2022, Rev., VRDO, FHA, 4.00%, 9/1/2024 (d) |
|
|
Utah Infrastructure Agency, Tax-Exempt Telecommunications Rev., 3.00%, 10/15/2025 |
|
|
Utah Transit Authority, Sales Tax Series 2015 A, Rev., 5.00%, 6/15/2025 |
|
|
| |
|
|
| |
|
|
| |
| |
University of Vermont and State Agricultural College Series 2019 B, Rev., 5.00%, 10/1/2024 |
|
|
| |
Alexandria Industrial Development Authority, Alexandria Residential Care Facilities Mortgage, Goodwin House, Inc. Series 2015, Rev., 5.00%, 10/1/2024 (b) |
|
|
City of Charlottesville Series 2016, GO, 4.00%, 9/1/2024 |
|
|
| |
|
|
Series 2015A, GO, 5.00%, 9/1/2024 |
|
|
Series 2015B, GO, 5.00%, 9/1/2024 |
|
|
Series 2022A, GO, 5.00%, 9/1/2024 |
|
|
| |
|
|
Series 2017 A, GO, 5.00%, 9/1/2024 (b) |
|
|
Series 2017 A, GO, 5.00%, 9/1/2024 |
|
|
City of Portsmouth Series 2017A, GO, 5.00%, 7/15/2026 |
|
|
City of Richmond Series 2017 D, GO, 5.00%, 3/1/2027 |
|
|
| |
|
|
Series 2015C, GO, 5.00%, 10/1/2024 |
|
|
Series 2017 A, GO, 5.00%, 10/1/2024 |
|
|
Fairfax County Economic Development Authority, County Facilities Project Series 2014A, Rev., 5.00%, 10/1/2024 (b) |
|
|
Fairfax County Industrial Development Authority, Virginia Health Care, Inova Health System Project Series 2018C, Rev., VRDO, 2.90%, 9/12/2024 (d) |
|
|
Hampton Roads Sanitation District |
|
|
Series 2024 A, Rev., 5.00%, 11/1/2025 |
|
|
Series 2016 A, Rev., 5.00%, 8/1/2026 (b) |
|
|
Hampton Roads Transportation Accountability Commission, Transportation Fund, Senior Lien Series 2021A, Rev., BAN, 5.00%, 7/1/2026 (b) |
|
|
Lynchburg Economic Development Authority, Centra Health Obligated Group Series 2017 B, Rev., VRDO, LOC : Truist Bank, 2.50%, 9/3/2024 (d) |
|
|
Prince William County Industrial Development Authority Series 2020 A, Rev., 5.00%, 10/1/2024 |
|
|
Virginia College Building Authority Educational Facilities, 21St Century College and Equipment Programs |
|
|
Series 2014A, Rev., 5.00%, 9/1/2024 (b) |
|
|
Series 2015 D, Rev., 5.00%, 2/1/2025 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2024 (Unaudited) (continued)
| |
|
|
Municipal Bonds — continued |
| |
Series 2015A, Rev., 5.00%, 2/1/2025 (b) |
|
|
Series 2015A, Rev., 5.00%, 2/1/2025 |
|
|
Series 2017 E, Rev., 5.00%, 2/1/2025 |
|
|
Series 2019A, Rev., 5.00%, 2/1/2025 |
|
|
Series A, Rev., 5.00%, 2/1/2025 |
|
|
Series 2014B, Rev., 4.00%, 9/1/2025 |
|
|
Series 2020 A, Rev., 5.00%, 2/1/2026 |
|
|
Series 2020 A, Rev., 5.00%, 2/1/2027 |
|
|
Series 2017 A, Rev., 5.00%, 9/1/2027 |
|
|
Virginia College Building Authority, 21St Century College and Equipment Programs Series 2020 A, Rev., 5.00%, 2/1/2025 |
|
|
Virginia College Building Authority, Educational Facilities, Public Higher Education Financing Program |
|
|
Series 2019 A, Rev., 5.00%, 9/1/2024 |
|
|
Series B, Rev., 5.00%, 9/1/2024 |
|
|
Virginia Commonwealth Transportation Board, Capital Projects Series 2016, Rev., 5.00%, 5/15/2025 |
|
|
Virginia Commonwealth Transportation Board, Federal Transportation |
|
|
Rev., GAN, 5.00%, 9/15/2024 |
|
|
Rev., GAN, 5.00%, 9/15/2026 |
|
|
Rev., GAN, 5.00%, 9/15/2028 |
|
|
Virginia Public Building Authority |
|
|
Series 2017A, Rev., 4.00%, 8/1/2027 |
|
|
Series 2020 B, Rev., 5.00%, 8/1/2027 |
|
|
Virginia Public School Authority Series XI, Rev., 5.00%, 4/15/2025 |
|
|
Virginia Resources Authority Series 2014C, Rev., AMT, 5.00%, 11/1/2024 (b) |
|
|
Virginia Resources Authority Clean Water Revolving Fund |
|
|
Series 2014B, Rev., 5.00%, 10/1/2024 |
|
|
Series 2015, Rev., 5.00%, 10/1/2024 |
|
|
Virginia Resources Authority, Virginia Pooled Financing Program |
|
|
Series 2014 A, Rev., 5.00%, 11/1/2024 (b) |
|
|
Series 2014 A, Rev., 5.00%, 11/1/2024 |
|
|
Series 2021 B, Rev., 5.00%, 11/1/2024 |
|
|
Wise County Industrial Development Authority, Electric and Power Co. Project Series 2009A, Rev., 0.75%, 9/2/2025 (d) |
|
|
| |
|
|
| |
|
|
| |
| |
Auburn School District No. 408 of King & Pierce Counties Series 2020, GO, 5.00%, 12/1/2025 |
|
|
Bellevue Convention Center Authority Series 1994, Rev., NATL - RE, Zero Coupon, 2/1/2025 (b) |
|
|
Central Puget Sound Regional Transit Authority Series 2021 S 1, Rev., 5.00%, 11/1/2025 |
|
|
Central Puget Sound Regional Transit Authority, Sales and Use Tax Series 2015S-1, Rev., 5.00%, 11/1/2024 |
|
|
Central Puget Sound Regional Transit Authority, Sales Tax and Motor Vehicle Excise Tax |
|
|
Series 2016 S-1, Rev., 5.00%, 11/1/2024 |
|
|
Series 2021 S 1, Rev., 5.00%, 11/1/2024 |
|
|
City of Seattle Municipal Light and Power |
|
|
Series 2014, Rev., 5.00%, 9/1/2024 (b) |
|
|
Series 2017 C, Rev., 5.00%, 9/1/2024 |
|
|
Series 2016B, Rev., 5.00%, 4/1/2025 |
|
|
Series 2018 A, Rev., 5.00%, 1/1/2026 |
|
|
Series 2019 B, Rev., 5.00%, 2/1/2026 |
|
|
Energy Northwest, Project 1 |
|
|
Series 2024 B, Rev., 5.00%, 7/1/2026 |
|
|
Series 2017-A, Rev., 5.00%, 7/1/2027 |
|
|
Series 2020 A, Rev., 5.00%, 7/1/2027 |
|
|
Series 2024 B, Rev., 5.00%, 7/1/2027 |
|
|
Franklin County School District No. 1 Pasco, Unlimited Tax Series 2015, GO, 5.00%, 12/1/2025 |
|
|
FYI Properties Series 2019, Rev., 5.00%, 6/1/2027 |
|
|
Pierce County School District No. 10 Tacoma Series 2015, GO, 5.00%, 12/1/2025 (b) |
|
|
Pierce County School District No. 3 Puyallup Series 2022 B, GO, 5.00%, 12/1/2025 |
|
|
Pierce County School District No. 320 Sumner Series 2016, GO, 5.00%, 12/1/2025 |
|
|
Port of Seattle, Intermediate Lien |
|
|
Series B, Rev., 5.00%, 11/12/2024 |
|
|
Series 2016, Rev., 5.00%, 2/1/2025 |
|
|
Series 2016, Rev., 5.00%, 2/1/2026 |
|
|
Series 2022A, Rev., 5.00%, 8/1/2026 |
|
|
Series 2016, Rev., 5.00%, 2/1/2027 |
|
|
Series A, Rev., 5.00%, 5/1/2027 |
|
|
Series 2022A, Rev., 5.00%, 8/1/2027 |
|
|
| |
|
|
Series 2022A, Rev., 5.00%, 8/1/2028 |
|
|
Series 2016, Rev., 5.00%, 2/1/2029 |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
| |
|
|
Municipal Bonds — continued |
| |
State of Washington Series R-2022E, Rev., 5.00%, 9/1/2024 |
|
|
State of Washington Motor Vehicle Fuel Tax |
|
|
Series R-2015B, GO, 5.00%, 7/1/2026 |
|
|
Series R-2021A, GO, 5.00%, 6/1/2027 |
|
|
State of Washington, Various Purpose |
|
|
Series 2016C, GO, 5.00%, 2/1/2025 |
|
|
Series 2015B, GO, 5.00%, 2/1/2026 |
|
|
Series R-2018C, GO, 5.00%, 8/1/2026 |
|
|
Series 2020C, GO, 5.00%, 2/1/2027 |
|
|
Series 2021 C, GO, 5.00%, 2/1/2027 |
|
|
Series 2024 C, GO, 5.00%, 2/1/2027 |
|
|
Series 2018 A, GO, 5.00%, 8/1/2027 |
|
|
Series 2020A, GO, 5.00%, 8/1/2027 |
|
|
Series R-2017A, GO, 5.00%, 8/1/2027 |
|
|
Series R-2018 D, GO, 5.00%, 8/1/2027 |
|
|
Series 2015B, GO, 5.00%, 2/1/2028 |
|
|
Washington Health Care Facilities Authority, Catholic Health Initiatives Series B-2, Rev., (SIFMA Municipal Swap Index Yield + 1.40%), 4.24%, 9/12/2024 (c) |
|
|
Washington Health Care Facilities Authority, Seattle Cancer Care Alliance Rev., 5.00%, 3/1/2026 |
|
|
Washington State Housing Finance Commission Series A, Rev., 7.00%, 7/1/2025 (b) (e) |
|
|
Washington State Housing Finance Commission, Herons Key Senior Living Series A, Rev., 7.00%, 7/1/2025 (b) (e) |
|
|
| |
|
|
| |
Berkeley County Board of Education GO, 5.00%, 5/1/2025 |
|
|
West Virginia Commissioner of Highways |
|
|
Series 2017A, Rev., 5.00%, 9/1/2025 |
|
|
Series 2017A, Rev., 5.00%, 9/1/2027 |
|
|
Series 2017A, Rev., 5.00%, 9/1/2028 |
|
|
Series 2017A, Rev., 5.00%, 9/1/2029 |
|
|
West Virginia Economic Development Authority, Correctional Juvenile and Public Safety Facilities Series 2012A, Rev., 5.00%, 6/1/2025 |
|
|
| |
|
|
| |
West Virginia — continued |
West Virginia Economic Development Authority, Solid Waste Disposal Facilities, Appalachian Power Co. Amos Project Series 2011A, Rev., AMT, 1.00%, 9/1/2025 (d) |
|
|
West Virginia University Series 2014A, Rev., 5.00%, 10/1/2024 (b) |
|
|
| |
|
|
| |
| |
|
|
Series 2017 A, GO, 4.00%, 10/1/2024 |
|
|
Series 2018 A, GO, 4.00%, 10/1/2024 |
|
|
City of Milwaukee, Promissory Notes Series N2, GO, 4.00%, 3/15/2025 |
|
|
County of Dane Series 2023A, GO, 5.00%, 6/1/2027 |
|
|
County of Kenosha Series 2018 A, GO, 4.00%, 9/1/2024 |
|
|
Milwaukee Metropolitan Sewerage District Series 2017 A, GO, 5.00%, 10/1/2024 |
|
|
Public Finance Authority, KU Campus Development Corp., Center District Development Project Series 2016, Rev., 5.00%, 3/1/2026 |
|
|
Public Finance Authority, Rose Villa Project Series 2014A, Rev., 5.75%, 11/15/2024 (b) (e) |
|
|
| |
|
|
Series 2016-1, GO, 5.00%, 11/1/2024 |
|
|
Series 2016A, GO, 5.00%, 5/1/2025 (b) |
|
|
Series 2017 A, GO, 5.00%, 5/1/2025 |
|
|
Series 2017 B, GO, 5.00%, 5/1/2025 (b) |
|
|
Series 2016-2, GO, 5.00%, 11/1/2026 |
|
|
Wisconsin Health and Educational Facilities Authority, Advocate Aurora Health Credit Series 2018B-4, Rev., 5.00%, 1/29/2025 (d) |
|
|
Wisconsin Health and Educational Facilities Authority, Ascension Health Credit Group Series 2016 A, Rev., 5.00%, 11/15/2027 |
|
|
Wisconsin Health and Educational Facilities Authority, Ascension Senior Credit Group |
|
|
Series 2016A, Rev., 5.00%, 11/15/2024 |
|
|
Series 2019A, Rev., 5.00%, 11/15/2024 |
|
|
Series 2016A, Rev., 5.00%, 11/15/2026 |
|
|
Wisconsin Health and Educational Facilities Authority, Froedtert Health, Inc., Obligated Group Series 2021B, Rev., VRDO, LIQ : US Bank NA, 2.55%, 9/3/2024 (d) |
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
JPMorgan Ultra-Short Municipal Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF August 31, 2024 (Unaudited) (continued)
| |
|
|
Municipal Bonds — continued |
| |
Wisconsin Health and Educational Facilities Authority, Hospital Sisters Services, Inc., Obligated Group Series 2014A, Rev., 5.00%, 11/15/2025 |
|
|
Wisconsin Health and Educational Facilities Authority, Marquette University Series 2019, Rev., 5.00%, 10/1/2024 |
|
|
Wisconsin Health and Educational Facilities Authority, Unity Point Health Series 2014A, Rev., 5.00%, 12/1/2025 |
|
|
| |
|
|
Total Municipal Bonds
(Cost $1,601,437) |
|
|
| |
|
|
Short-Term Investments — 19.2% |
Investment Companies — 19.2% |
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 3.24% (g) (h)
(Cost $368,491) |
|
|
Total Investments — 102.6%
(Cost $1,969,928) |
|
|
Liabilities in Excess of Other Assets — (2.6)% |
|
|
| |
|
|
Percentages indicated are based on net assets. |
| |
|
| |
Insured by Assured Guaranty Corp. |
| |
Insured by Assured Guaranty Municipal Corp. |
| |
Insured by American Municipal Bond Assurance Corp. |
| |
|
| |
|
| |
Certificate of Participation |
| |
|
| |
Federal Housing Administration |
| |
|
| |
|
| |
|
| |
|
| |
|
| |
Insured by National Public Finance Guarantee Corp. |
| |
Permanent School Fund Guaranteed |
| |
Qualified School Bond Loan Fund |
| |
Revenue Anticipation Note |
| |
|
| |
|
| |
South Carolina School District Enhancement |
| |
The Securities Industry and Financial Markets Association |
| |
Secured Overnight Financing Rate |
| |
Variable Rate Demand Obligation |
| |
Amount rounds to less than 0.1% of net assets. |
| |
The date shown represents the earliest of the prerefunded date, next put date or final maturity date. |
|
| |
Security is prerefunded or escrowed to maturity. |
|
| |
Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of August 31, 2024. |
|
| |
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 August 31, 2024. |
|
| |
Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. |
|
| |
All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. |
|
| |
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. |
|
| |
The rate shown is the current yield as of August 31, 2024. |
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
STATEMENTS OF ASSETS AND LIABILITIES
AS OF August 31, 2024 (Unaudited)
(Amounts in thousands, except per share amounts)
| |
JPMorgan
California
Tax Free
Bond Fund |
JPMorgan
National Municipal
Income Fund |
JPMorgan
New York
Tax Free
|
| |
|
|
|
Investments in non-affiliates, at value |
|
|
|
Investments in affiliates, at value |
|
|
|
| |
|
|
|
Deposits at broker for futures contracts |
|
|
|
| |
|
|
|
Investment securities sold — delayed delivery securities |
|
|
|
| |
|
|
|
Interest from non-affiliates |
|
|
|
Dividends from affiliates |
|
|
|
Variation margin on futures contracts |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
Investment securities purchased |
|
|
|
Investment securities purchased — delayed delivery securities |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
Custodian and accounting fees |
|
|
|
Trustees’ and Chief Compliance Officer’s fees |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
STATEMENTS OF ASSETS AND LIABILITIES
AS OF August 31, 2024 (Unaudited) (continued)
(Amounts in thousands, except per share amounts)
| |
JPMorgan California Tax Free Bond Fund |
JPMorgan National Municipal Income Fund |
JPMorgan New York Tax Free |
| |
|
|
|
| |
|
|
|
Total distributable earnings (loss) |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized): |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
Class A — Redemption price per share |
|
|
|
Class C — Offering price per share (b) |
|
|
|
Class I — Offering and redemption price per share |
|
|
|
Class R6 — Offering and redemption price per share |
|
|
|
Class A maximum sales charge |
|
|
|
Class A maximum public offering price per share
[net asset value per share/(100% – maximum sales charge)] |
|
|
|
Cost of investments in non-affiliates |
|
|
|
Cost of investments in affiliates |
|
|
|
(a)
Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.
(b)
Redemption price for Class C Shares varies based upon length of time the shares are held.
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
| |
JPMorgan
Short-
Intermediate
Municipal
Bond Fund |
JPMorgan
Tax Free
Bond Fund |
JPMorgan
Ultra-Short
Municipal
|
| |
|
|
|
Investments in non-affiliates, at value |
|
|
|
Investments in affiliates, at value |
|
|
|
| |
|
|
|
Deposits at broker for futures contracts |
|
|
|
| |
|
|
|
Investment securities sold |
|
|
|
Investment securities sold — delayed delivery securities |
|
|
|
| |
|
|
|
Interest from non-affiliates |
|
|
|
Dividends from affiliates |
|
|
|
Variation margin on futures contracts |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
Investment securities purchased |
|
|
|
Investment securities purchased — delayed delivery securities |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
Custodian and accounting fees |
|
|
|
Trustees’ and Chief Compliance Officer’s fees |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
STATEMENTS OF ASSETS AND LIABILITIES
AS OF August 31, 2024 (Unaudited) (continued)
(Amounts in thousands, except per share amounts)
| |
JPMorgan Short- Intermediate Municipal Bond Fund |
JPMorgan Tax Free Bond Fund |
JPMorgan Ultra-Short Municipal |
| |
|
|
|
| |
|
|
|
Total distributable earnings (loss) |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized): |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
Class A — Redemption price per share |
|
|
|
Class C — Offering price per share (b) |
|
|
|
Class I — Offering and redemption price per share |
|
|
|
Class R6 — Offering and redemption price per share |
|
|
|
Class A maximum sales charge |
|
|
|
Class A maximum public offering price per share
[net asset value per share/(100% – maximum sales charge)] |
|
|
|
Cost of investments in non-affiliates |
|
|
|
Cost of investments in affiliates |
|
|
|
(a)
Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.
(b)
Redemption price for Class C Shares varies based upon length of time the shares are held.
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED August 31, 2024 (Unaudited)
(Amounts in thousands)
| |
JPMorgan
California
Tax Free
Bond Fund |
JPMorgan
National Municipal
Income Fund |
JPMorgan
New York
Tax Free
|
| |
|
|
|
Interest income from non-affiliates |
|
|
|
Interest income from affiliates |
|
|
|
Dividend income from affiliates |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
Custodian and accounting fees |
|
|
|
Interest expense to affiliates |
|
|
|
| |
|
|
|
Trustees’ and Chief Compliance Officer’s fees |
|
|
|
Printing and mailing costs |
|
|
|
Registration and filing fees |
|
|
|
Transfer agency fees (See Note 2.H.) |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
Less expense reimbursements |
|
|
|
| |
|
|
|
Net investment income (loss) |
|
|
|
REALIZED/UNREALIZED GAINS (LOSSES): |
|
|
|
Net realized gain (loss) on transactions from: |
|
|
|
Investments in non-affiliates |
|
|
|
Investments in affiliates |
|
|
|
| |
|
|
|
| |
|
|
|
Change in net unrealized appreciation/depreciation on: |
|
|
|
Investments in non-affiliates |
|
|
|
Investments in affiliates |
|
|
|
| |
|
|
|
Change in net unrealized appreciation/depreciation |
|
|
|
Net realized/unrealized gains (losses) |
|
|
|
Change in net assets resulting from operations |
|
|
|
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED August 31, 2024 (Unaudited) (continued)
(Amounts in thousands)
| |
JPMorgan
Short-
Intermediate
Municipal
Bond Fund |
JPMorgan
Tax Free
Bond Fund |
JPMorgan
Ultra-Short
Municipal
|
| |
|
|
|
Interest income from non-affiliates |
|
|
|
Interest income from affiliates |
|
|
|
Dividend income from affiliates |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
Custodian and accounting fees |
|
|
|
Interest expense to affiliates |
|
|
|
| |
|
|
|
Trustees’ and Chief Compliance Officer’s fees |
|
|
|
Printing and mailing costs |
|
|
|
Registration and filing fees |
|
|
|
Transfer agency fees (See Note 2.H.) |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
| |
|
|
|
Net investment income (loss) |
|
|
|
REALIZED/UNREALIZED GAINS (LOSSES): |
|
|
|
Net realized gain (loss) on transactions from: |
|
|
|
Investments in non-affiliates |
|
|
|
Investments in affiliates |
|
|
|
| |
|
|
|
| |
|
|
|
Change in net unrealized appreciation/depreciation on: |
|
|
|
Investments in non-affiliates |
|
|
|
Investments in affiliates |
|
|
|
| |
|
|
|
Change in net unrealized appreciation/depreciation |
|
|
|
Net realized/unrealized gains (losses) |
|
|
|
Change in net assets resulting from operations |
|
|
|
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED
(Amounts in thousands)
| |
JPMorgan California Tax Free Bond Fund |
JPMorgan National Municipal Income Fund |
| |
Six Months Ended
August 31, 2024
(Unaudited) |
Year Ended
February 29, 2024 |
Six Months Ended
August 31, 2024
(Unaudited) |
Year Ended
February 29, 2024 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: |
|
|
|
|
Net investment income (loss) |
|
|
|
|
| |
|
|
|
|
Change in net unrealized appreciation/depreciation |
|
|
|
|
Change in net assets resulting from operations |
|
|
|
|
DISTRIBUTIONS TO SHAREHOLDERS: |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Total distributions to shareholders |
|
|
|
|
| |
|
|
|
|
Change in net assets resulting from capital transactions |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| |
JPMorgan New York Tax Free Bond Fund |
JPMorgan Short-Intermediate
Municipal Bond Fund |
| |
Six Months Ended
August 31, 2024
(Unaudited) |
Year Ended
February 29, 2024 |
Six Months Ended
August 31, 2024
(Unaudited) |
Year Ended
February 29, 2024 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: |
|
|
|
|
Net investment income (loss) |
|
|
|
|
| |
|
|
|
|
Change in net unrealized appreciation/depreciation |
|
|
|
|
Change in net assets resulting from operations |
|
|
|
|
DISTRIBUTIONS TO SHAREHOLDERS: |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Total distributions to shareholders |
|
|
|
|
| |
|
|
|
|
Change in net assets resulting from capital transactions |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
| |
JPMorgan Tax Free Bond Fund |
JPMorgan Ultra-Short Municipal Fund |
| |
Six Months Ended
August 31, 2024
(Unaudited) |
Year Ended
February 29, 2024 |
Six Months Ended
August 31, 2024
(Unaudited) |
Year Ended
February 29, 2024 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: |
|
|
|
|
Net investment income (loss) |
|
|
|
|
| |
|
|
|
|
Change in net unrealized appreciation/depreciation |
|
|
|
|
Change in net assets resulting from operations |
|
|
|
|
DISTRIBUTIONS TO SHAREHOLDERS: |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Total distributions to shareholders |
|
|
|
|
| |
|
|
|
|
Change in net assets resulting from capital transactions |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| |
JPMorgan California Tax Free Bond Fund |
JPMorgan National Municipal Income Fund |
| |
Six Months Ended August 31, 2024
(Unaudited) |
Year Ended February 29, 2024 |
Six Months Ended August 31, 2024
(Unaudited) |
Year Ended February 29, 2024 |
| |
|
|
|
|
| |
|
|
|
|
Proceeds from shares issued |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Change in net assets resulting from Class A capital transactions |
|
|
|
|
| |
|
|
|
|
Proceeds from shares issued |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Change in net assets resulting from Class C capital transactions |
|
|
|
|
| |
|
|
|
|
Proceeds from shares issued |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Change in net assets resulting from Class I capital transactions |
|
|
|
|
| |
|
|
|
|
Proceeds from shares issued |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Change in net assets resulting from Class R6 capital transactions |
|
|
|
|
Total change in net assets resulting from capital transactions |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
| |
JPMorgan California Tax Free Bond Fund |
JPMorgan National Municipal Income Fund |
| |
Six Months Ended August 31, 2024 (Unaudited) |
Year Ended February 29, 2024 |
Six Months Ended August 31, 2024 (Unaudited) |
Year Ended February 29, 2024 |
SHARE TRANSACTIONS: (continued) |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Change in Class R6 Shares |
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| |
JPMorgan New York Tax Free Bond Fund |
JPMorgan Short-Intermediate
Municipal Bond Fund |
| |
Six Months Ended August 31, 2024
(Unaudited) |
Year Ended February 29, 2024 |
Six Months Ended August 31, 2024
(Unaudited) |
Year Ended February 29, 2024 |
| |
|
|
|
|
| |
|
|
|
|
Proceeds from shares issued |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Change in net assets resulting from Class A capital transactions |
|
|
|
|
| |
|
|
|
|
Proceeds from shares issued |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Change in net assets resulting from Class C capital transactions |
|
|
|
|
| |
|
|
|
|
Proceeds from shares issued |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Change in net assets resulting from Class I capital transactions |
|
|
|
|
| |
|
|
|
|
Proceeds from shares issued |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Change in net assets resulting from Class R6 capital transactions |
|
|
|
|
Total change in net assets resulting from capital transactions |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
| |
JPMorgan New York Tax Free Bond Fund |
JPMorgan Short-Intermediate Municipal Bond Fund |
| |
Six Months Ended August 31, 2024 (Unaudited) |
Year Ended February 29, 2024 |
Six Months Ended August 31, 2024 (Unaudited) |
Year Ended February 29, 2024 |
SHARE TRANSACTIONS: (continued) |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Change in Class R6 Shares |
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| |
JPMorgan Tax Free Bond Fund |
JPMorgan Ultra-Short Municipal Fund |
| |
Six Months Ended August 31, 2024
(Unaudited) |
Year Ended February 29, 2024 |
Six Months Ended August 31, 2024
(Unaudited) |
Year Ended February 29, 2024 |
| |
|
|
|
|
| |
|
|
|
|
Proceeds from shares issued |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Change in net assets resulting from Class A capital transactions |
|
|
|
|
| |
|
|
|
|
Proceeds from shares issued |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Change in net assets resulting from Class C capital transactions |
|
|
|
|
| |
|
|
|
|
Proceeds from shares issued |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Change in net assets resulting from Class I capital transactions |
|
|
|
|
| |
|
|
|
|
Proceeds from shares issued |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Change in net assets resulting from Class R6 capital transactions |
|
|
|
|
Total change in net assets resulting from capital transactions |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
| |
JPMorgan Tax Free Bond Fund |
JPMorgan Ultra-Short Municipal Fund |
| |
Six Months Ended August 31, 2024 (Unaudited) |
Year Ended February 29, 2024 |
Six Months Ended August 31, 2024 (Unaudited) |
Year Ended February 29, 2024 |
SHARE TRANSACTIONS: (continued) |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Change in Class R6 Shares |
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED
| |
Per share operating performance |
| |
|
|
|
| |
Net asset
value,
beginning
of period |
Net
investment
income
(loss)(b) |
Net realized
and unrealized
gains
(losses) on
investments |
Total from
investment
operations |
|
Net asset
value,
end of
period |
JPMorgan California Tax Free Bond Fund |
|
|
|
|
|
|
| |
|
|
|
|
|
|
Six Months Ended August 31, 2024 (Unaudited) |
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
Year Ended February 28, 2021 |
|
|
|
|
|
|
Year Ended February 29, 2020 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
Six Months Ended August 31, 2024 (Unaudited) |
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
Year Ended February 28, 2021 |
|
|
|
|
|
|
Year Ended February 29, 2020 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
Six Months Ended August 31, 2024 (Unaudited) |
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
Year Ended February 28, 2021 |
|
|
|
|
|
|
Year Ended February 29, 2020 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
Six Months Ended August 31, 2024 (Unaudited) |
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
Year Ended February 28, 2021 |
|
|
|
|
|
|
Year Ended February 29, 2020 |
|
|
|
|
|
|
| |
| |
Annualized for periods less than one year, unless otherwise noted. |
| |
Calculated based upon average shares outstanding. |
| |
Not annualized for periods less than one year. |
| |
Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| |
Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
| |
Amount rounds to less than $0.005. |
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
| |
| |
|
Ratios to average net assets(a) |
Total return
(excludes
sales charge)(c)(d) |
Net assets,
end of
period
(000's) |
|
Net
investment
income
(loss) |
Expenses without
waivers and reimbursements |
Portfolio
turnover
rate(c) |
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED
| |
Per share operating performance |
| |
|
|
|
| |
Net asset
value,
beginning
of period |
Net
investment
income
(loss)(b) |
Net realized
and unrealized
gains
(losses) on
investments |
Total from
investment
operations |
|
|
|
JPMorgan National Municipal Income Fund |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Six Months Ended August 31, 2024 (Unaudited) |
|
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
|
Year Ended February 28, 2021 |
|
|
|
|
|
|
|
Year Ended February 29, 2020 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Six Months Ended August 31, 2024 (Unaudited) |
|
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
|
Year Ended February 28, 2021 |
|
|
|
|
|
|
|
Year Ended February 29, 2020 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Six Months Ended August 31, 2024 (Unaudited) |
|
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
|
Year Ended February 28, 2021 |
|
|
|
|
|
|
|
Year Ended February 29, 2020 |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Six Months Ended August 31, 2024 (Unaudited) |
|
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
|
Year Ended February 28, 2021 |
|
|
|
|
|
|
|
Year Ended February 29, 2020 |
|
|
|
|
|
|
|
| |
| |
Annualized for periods less than one year, unless otherwise noted. |
| |
Calculated based upon average shares outstanding. |
| |
Not annualized for periods less than one year. |
| |
Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| |
Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
| |
|
| |
|
|
Ratios to average net assets(a) |
Net asset
value,
end of
period |
Total return
(excludes
sales charge)(c)(d) |
Net assets,
end of
period
(000's) |
|
Net
investment
income
(loss) |
Expenses without
waivers and reimbursements |
Portfolio
turnover
rate(c) |
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
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| |
|
|
|
|
|
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| |
|
|
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|
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| |
|
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|
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| |
|
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| |
|
|
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|
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| |
|
|
|
|
|
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| |
|
|
|
|
|
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| |
|
|
|
|
|
|
| |
|
|
|
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|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED
| |
Per share operating performance |
| |
|
|
|
| |
Net asset
value,
beginning
of period |
Net
investment
income
(loss)(b) |
Net realized
and unrealized
gains
(losses) on
investments |
Total from
investment
operations |
|
Net asset
value,
end of
period |
JPMorgan New York Tax Free Bond Fund |
|
|
|
|
|
|
| |
|
|
|
|
|
|
Six Months Ended August 31, 2024 (Unaudited) |
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
Year Ended February 28, 2021 |
|
|
|
|
|
|
Year Ended February 29, 2020 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
Six Months Ended August 31, 2024 (Unaudited) |
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
Year Ended February 28, 2021 |
|
|
|
|
|
|
Year Ended February 29, 2020 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
Six Months Ended August 31, 2024 (Unaudited) |
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
Year Ended February 28, 2021 |
|
|
|
|
|
|
Year Ended February 29, 2020 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
Six Months Ended August 31, 2024 (Unaudited) |
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
Year Ended February 28, 2021 |
|
|
|
|
|
|
Year Ended February 29, 2020 |
|
|
|
|
|
|
| |
| |
Annualized for periods less than one year, unless otherwise noted. |
| |
Calculated based upon average shares outstanding. |
| |
Not annualized for periods less than one year. |
| |
Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| |
Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
| |
Amount rounds to less than $0.005. |
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
| |
| |
|
Ratios to average net assets(a) |
| |
Net assets,
end of
period
(000's) |
|
Net
investment
income
(loss) |
Expenses without
waivers and reimbursements |
Portfolio
turnover
rate(c) |
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
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| |
|
|
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|
|
| |
|
|
|
|
|
| |
|
|
|
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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| |
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|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED
| |
Per share operating performance |
| |
|
|
|
| |
Net asset
value,
beginning
of period |
Net
investment
income
(loss)(b) |
Net realized
and unrealized
gains
(losses) on
investments |
Total from
investment
operations |
|
Net asset
value,
end of
period |
JPMorgan Short-Intermediate Municipal Bond Fund |
|
|
|
|
|
|
| |
|
|
|
|
|
|
Six Months Ended August 31, 2024 (Unaudited) |
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
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|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
Year Ended February 28, 2021 |
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|
|
|
|
Year Ended February 29, 2020 |
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|
|
|
|
| |
|
|
|
|
|
|
Six Months Ended August 31, 2024 (Unaudited) |
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
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|
|
|
Year Ended February 28, 2022 |
|
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|
|
|
Year Ended February 28, 2021 |
|
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|
|
|
|
Year Ended February 29, 2020 |
|
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|
|
|
|
| |
|
|
|
|
|
|
Six Months Ended August 31, 2024 (Unaudited) |
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
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|
|
|
Year Ended February 28, 2022 |
|
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|
Year Ended February 28, 2021 |
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|
|
Year Ended February 29, 2020 |
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| |
|
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|
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|
|
Six Months Ended August 31, 2024 (Unaudited) |
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
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|
|
Year Ended February 28, 2022 |
|
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|
|
Year Ended February 28, 2021 |
|
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|
|
|
Year Ended February 29, 2020 |
|
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|
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|
| |
| |
Annualized for periods less than one year, unless otherwise noted. |
| |
Calculated based upon average shares outstanding. |
| |
Not annualized for periods less than one year. |
| |
Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| |
Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
| |
| |
|
Ratios to average net assets(a) |
Total return
(excludes
sales charge)(c)(d) |
Net assets,
end of
period
(000's) |
|
Net
investment
income
(loss) |
Expenses without
waivers and reimbursements |
Portfolio
turnover
rate(c) |
| |
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| |
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|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED
| |
Per share operating performance |
| |
|
|
|
| |
Net asset
value,
beginning
of period |
Net
investment
income
(loss)(b) |
Net realized
and unrealized
gains
(losses) on
investments |
Total from
investment
operations |
|
Net asset
value,
end of
period |
JPMorgan Tax Free Bond Fund |
|
|
|
|
|
|
| |
|
|
|
|
|
|
Six Months Ended August 31, 2024 (Unaudited) |
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
Year Ended February 28, 2021 |
|
|
|
|
|
|
Year Ended February 29, 2020 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
Six Months Ended August 31, 2024 (Unaudited) |
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
Year Ended February 28, 2021 |
|
|
|
|
|
|
Year Ended February 29, 2020 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
Six Months Ended August 31, 2024 (Unaudited) |
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
Year Ended February 28, 2021 |
|
|
|
|
|
|
Year Ended February 29, 2020 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
Six Months Ended August 31, 2024 (Unaudited) |
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
Year Ended February 28, 2021 |
|
|
|
|
|
|
Year Ended February 29, 2020 |
|
|
|
|
|
|
| |
| |
Annualized for periods less than one year, unless otherwise noted. |
| |
Calculated based upon average shares outstanding. |
| |
Not annualized for periods less than one year. |
| |
Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| |
Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
| |
Amount rounds to less than $0.005. |
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
| |
| |
|
Ratios to average net assets(a) |
Total return
(excludes
sales charge)(c)(d) |
Net assets,
end of
period
(000's) |
|
Net
investment
income
(loss) |
Expenses without
waivers and reimbursements |
Portfolio
turnover
rate(c) |
| |
|
|
|
|
|
| |
|
|
|
|
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| |
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| |
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| |
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| |
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|
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|
|
| |
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED
| |
Per share operating performance |
| |
|
|
|
| |
Net asset
value,
beginning
of period |
Net
investment
income
(loss)(b) |
Net realized
and unrealized
gains
(losses) on
investments |
Total from
investment
operations |
|
Net asset
value,
end of
period |
JPMorgan Ultra-Short Municipal Fund |
|
|
|
|
|
|
| |
|
|
|
|
|
|
Six Months Ended August 31, 2024 (Unaudited) |
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
Year Ended February 28, 2021 |
|
|
|
|
|
|
Year Ended February 29, 2020 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
Six Months Ended August 31, 2024 (Unaudited) |
|
|
|
|
|
|
Year Ended February 29, 2024 |
|
|
|
|
|
|
Year Ended February 28, 2023 |
|
|
|
|
|
|
Year Ended February 28, 2022 |
|
|
|
|
|
|
Year Ended February 28, 2021 |
|
|
|
|
|
|
Year Ended February 29, 2020 |
|
|
|
|
|
|
| |
| |
Annualized for periods less than one year, unless otherwise noted. |
| |
Calculated based upon average shares outstanding. |
| |
Not annualized for periods less than one year. |
| |
Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
| |
Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
| |
Amount rounds to less than $0.005. |
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
| |
| |
|
Ratios to average net assets(a) |
Total return
(excludes
sales charge)(c)(d) |
Net assets,
end of
period
(000's) |
|
Net
investment
income
(loss) |
Expenses without
waivers and reimbursements |
Portfolio
turnover
rate(c) |
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
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| |
|
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| |
|
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| |
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|
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| |
|
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| |
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| |
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| |
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| |
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|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
| |
J.P. Morgan Municipal Bond Funds |
|
NOTES TO FINANCIAL STATEMENTS
AS OF August 31, 2024 (Unaudited)
(Dollar values in thousands)
1. Organization
JPMorgan Trust I (“JPM I”), JPMorgan Trust II (“JPM II”) and JPMorgan Trust IV (“JPM IV”) (collectively, the “Trusts”) were formed on November 12, 2004 for JPM I and JPM II and November 11, 2015 for JPM IV, as Delaware statutory trusts, pursuant to Declarations of Trust dated November 5, 2004 and November 11, 2015, respectively, and are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as open-end management investment companies.
The following are 6 separate funds of the Trusts (each, a "Fund" and collectively, the "Funds") covered by this report:
| |
|
|
Diversification Classification |
JPMorgan California Tax Free Bond Fund |
Class A, Class C, Class I and Class R6 |
|
|
JPMorgan National Municipal Income Fund |
Class A, Class C, Class I and Class R6 |
|
|
JPMorgan New York Tax Free Bond Fund |
Class A, Class C, Class I and Class R6 |
|
|
JPMorgan Short-Intermediate Municipal Bond Fund |
Class A, Class C, Class I and Class R6 |
|
|
JPMorgan Tax Free Bond Fund |
Class A, Class C, Class I and Class R6 |
|
|
JPMorgan Ultra-Short Municipal Fund |
|
|
|
The investment objective of JPMorgan California Tax Free Bond Fund (“California Tax Free Bond Fund”) is to seek to provide high after-tax total return for California residents consistent with moderate risk of capital.
The investment objective of JPMorgan National Municipal Income Fund ("National Municipal Income Fund") is to seek to provide monthly dividends, which are excluded from gross income, and to protect the value of your investment by investing primarily in municipal obligations. For purposes of the Fund’s investment objective, “gross income” means gross income for federal tax purposes.
The investment objective of JPMorgan New York Tax Free Bond Fund (“New York Tax Free Bond Fund”) is to seek to provide monthly dividends that are excluded from gross income for federal income tax purposes and are exempt from New York State and New York City personal income taxes. It also seeks to protect the value of your investment.
The investment objective of JPMorgan Short-Intermediate Municipal Bond Fund (“Short-Intermediate Bond Fund”), JPMorgan Tax Free Bond Fund (“Tax Free Bond Fund”) and JPMorgan Ultra-Short Municipal Fund (“Ultra-Short Municipal Fund”) is to seek as high a level of current income exempt from federal income tax as is consistent with relative stability of principal.
Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge ("CDSC"). No sales charges are assessed with respect to Class I and Class R6 Shares. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Funds' prospectus. Class C Shares automatically convert to Class A Shares after eight years. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements.
J.P. Morgan Investment Management Inc. (“JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), acts as adviser (the “Adviser”) and administrator (the “Administrator”) to the Funds.
2. Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
A. Valuation of Investments— Investments are valued in accordance with GAAP and the Funds' valuation policies set forth by, and under the supervision and responsibility of, the Boards of Trustees of the Trusts (the "Boards"), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Boards.
Under Section 2(a)(41) of the 1940 Act, the Boards are 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 Boards may designate the performance of these fair valuation determinations to a valuation designee. The Boards have designated the Adviser as the “Valuation Designee” to perform fair valuation determinations for the Funds on behalf of the Boards subject to appropriate oversight by the Boards. 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 Funds. The Adviser, as Valuation Designee, remains responsible for the valuation determinations.
| |
J.P. Morgan Municipal Bond Funds |
|
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 Boards.
Fixed income instruments are valued based on prices received from Pricing Services. The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.
Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s net asset value ("NAV") per share as of the report date.
Futures contracts are generally valued on the basis of available market quotations.
Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.
The various inputs that are used in determining the valuation of the Funds' investments are summarized into the three broad levels listed below.
•
Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.
•
Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.
•
Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Funds' assumptions in determining the fair value of investments).
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.
The following tables represent each valuation input as presented on the Schedules of Portfolio Investments ("SOIs"):
California Tax Free Bond Fund |
|
|
|
|
| |
|
Level 2
Other significant
observable inputs |
Level 3
Significant
unobservable inputs |
|
Investments in Securities |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Total Investments in Securities |
|
|
|
|
Appreciation in Other Financial Instruments |
|
|
|
|
| |
|
|
|
|
Depreciation in Other Financial Instruments |
|
|
|
|
| |
|
|
|
|
Total Net Appreciation/ Depreciation in Other
Financial Instruments |
|
|
|
|
National Municipal Income Fund |
|
|
|
|
| |
|
Level 2
Other significant
observable inputs |
Level 3
Significant
unobservable inputs |
|
Investments in Securities |
|
|
|
|
| |
|
|
|
|
| |
J.P. Morgan Municipal Bond Funds |
|
NOTES TO FINANCIAL STATEMENTS
AS OF August 31, 2024 (Unaudited) (continued)
(Dollar values in thousands)
National Municipal Income Fund (continued) |
|
|
|
|
| |
|
Level 2 Other significant observable inputs |
Level 3 Significant unobservable inputs |
|
| |
|
|
|
|
| |
|
|
|
|
Total Investments in Securities |
|
|
|
|
Appreciation in Other Financial Instruments |
|
|
|
|
| |
|
|
|
|
Depreciation in Other Financial Instruments |
|
|
|
|
| |
|
|
|
|
Total Net Appreciation/ Depreciation in Other
Financial Instruments |
|
|
|
|
New York Tax Free Bond Fund |
|
|
|
|
| |
|
Level 2
Other significant
observable inputs |
Level 3
Significant
unobservable inputs |
|
Investments in Securities |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Total Investments in Securities |
|
|
|
|
Appreciation in Other Financial Instruments |
|
|
|
|
| |
|
|
|
|
Depreciation in Other Financial Instruments |
|
|
|
|
| |
|
|
|
|
Total Net Appreciation/ Depreciation in Other
Financial Instruments |
|
|
|
|
Short-Intermediate Municipal Bond Fund |
|
|
|
|
| |
|
Level 2
Other significant
observable inputs |
Level 3
Significant
unobservable inputs |
|
Investments in Securities |
|
|
|
|
Collateralized Mortgage Obligations |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Total Investments in Securities |
|
|
|
|
| |
|
|
|
|
| |
|
Level 2
Other significant
observable inputs |
Level 3
Significant
unobservable inputs |
|
Investments in Securities |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Total Investments in Securities |
|
|
|
|
| |
J.P. Morgan Municipal Bond Funds |
|
Tax Free Bond Fund (continued) |
|
|
|
|
| |
|
Level 2 Other significant observable inputs |
Level 3 Significant unobservable inputs |
|
Appreciation in Other Financial Instruments |
|
|
|
|
| |
|
|
|
|
Depreciation in Other Financial Instruments |
|
|
|
|
| |
|
|
|
|
Total Net Appreciation/ Depreciation in Other
Financial Instruments |
|
|
|
|
Ultra-Short Municipal Fund |
|
|
|
|
| |
|
Level 2
Other significant
observable inputs |
Level 3
Significant
unobservable inputs |
|
Investments in Securities |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
| |
|
|
|
|
Total Investments in Securities |
|
|
|
|
B. Restricted Securities— Certain securities held by the Funds may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the NAVs of the Funds.
As of August 31, 2024, the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A and/or Regulation S under the Securities Act.
C. When-Issued Securities, Delayed Delivery Securities and Forward Commitments— The Funds purchased when-issued securities, including To-Be-Announced (“TBA”) securities, and entered into contracts to purchase or sell securities for a fixed price that may be settled a month or more after the trade date, or purchased delayed delivery securities which generally settle seven days after the trade date. When-issued securities are securities that have been authorized, but not issued in the market. A forward commitment involves entering into a contract to purchase or sell securities for a fixed price at a future date that may be settled a month or more after the trade date. A delayed delivery security is agreed upon in advance between the buyer and the seller of the security and is generally delivered beyond seven days of the agreed upon date. The purchase of securities on a when-issued, delayed delivery or forward commitment basis involves the risk that the value of the security to be purchased declines before the settlement date. The sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. The Funds may be exposed to credit risk if the counterparty fails to perform under the terms of the transaction. Interest income for securities purchased on a when-issued, delayed delivery or forward commitment basis is not accrued until the settlement date.
The Funds had when-issued securities, delayed delivery securities or forward commitments outstanding as of August 31, 2024, which are shown as a Receivable for Investment securities sold — delayed delivery securities and/or a Payable for Investment securities purchased — delayed delivery securities, respectively, on the Statements of Assets and Liabilities. The values of these securities held at August 31, 2024 are detailed on the SOIs, if any.
D. Securities Lending — The Funds are authorized to engage in securities lending in order to generate additional income. The Funds are able to lend to approved borrowers. Citibank N.A. (“Citibank”) serves as lending agent for the Funds, pursuant to a Securities Lending Agency Agreement (the “Securities Lending Agency Agreement”). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in an affiliated money market fund. The Funds retain the interest earned on cash collateral investments but are required to pay the borrower a rebate for the use of the cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Funds). Upon termination of a loan, the Funds are required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Funds or the borrower at any time.
The net income earned on the securities lending (after payment of rebates and Citibank’s fee) is included on the Statements of Operations as Income from securities lending (net). The Funds also receive payments from the borrower during the period of the loan, equivalent to dividends and interest earned on the securities loaned, which are recorded as Dividend or Interest income, respectively, on the Statements of Operations.
| |
J.P. Morgan Municipal Bond Funds |
|
NOTES TO FINANCIAL STATEMENTS
AS OF August 31, 2024 (Unaudited) (continued)
(Dollar values in thousands)
Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans of non-U.S. securities), Citibank requests additional cash from the borrower so as to maintain a collateralization level of at least 102% of the value of the loaned securities plus accrued interest (105% for loans of non-U.S. securities), subject to certain de minimis amounts.
The value of securities out on loan is recorded as an asset on the Statements of Assets and Liabilities. The value of the cash collateral received is recorded as a liability on the Statements of Assets and Liabilities and details of collateral investments are disclosed on the SOIs.
The Funds bear the risk of loss associated with the collateral investments and are not entitled to additional collateral from the borrower to cover any such losses. To the extent that the value of the collateral investments declines below the amount owed to a borrower, the Funds may incur losses that exceed the amount they earned on lending the security. Upon termination of a loan, the Funds may use leverage (borrow money) to repay the borrower for cash collateral posted if the Adviser does not believe that it is prudent to sell the collateral investments to fund the payment of this liability. Securities lending activity is subject to master netting arrangements.
Securities lending also involves counterparty risks, including the risk that the loaned securities may not be returned in a timely manner or at all. Subject to certain conditions, Citibank has agreed to indemnify the Funds from losses resulting from a borrower’s failure to return a loaned security.
The Funds did not lend out any securities during the six months ended August 31, 2024.
E. Investment Transactions with Affiliates— The Funds invested in Underlying Funds advised by the Adviser. An issuer which is under common control with a Fund may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed in the tables below to be affiliated issuers. The Underlying Funds’ distributions may be reinvested into such Underlying Funds. Reinvestment amounts are included in the purchases at cost amounts in the tables below.
California Tax Free Bond Fund |
For the six months ended August 31, 2024 |
| |
Value at
February 29,
2024 |
|
|
|
Change in
Unrealized
Appreciation/
(Depreciation) |
|
Shares at
August 31,
2024 |
|
Capital Gain
Distributions |
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 3.24% (a) (b) |
|
|
|
|
|
|
|
|
|
| |
| |
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. |
| |
The rate shown is the current yield as of August 31, 2024. |
National Municipal Income Fund |
For the six months ended August 31, 2024 |
| |
Value at
February 29,
2024 |
|
|
|
Change in
Unrealized
Appreciation/
(Depreciation) |
|
Shares at
August 31,
2024 |
|
Capital Gain
Distributions |
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 3.24% (a) (b) |
|
|
|
|
|
|
|
|
|
| |
| |
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. |
| |
The rate shown is the current yield as of August 31, 2024. |
| |
J.P. Morgan Municipal Bond Funds |
|
New York Tax Free Bond Fund |
For the six months ended August 31, 2024 |
| |
Value at
February 29,
2024 |
|
|
|
Change in
Unrealized
Appreciation/
(Depreciation) |
|
Shares at
August 31,
2024 |
|
Capital Gain
Distributions |
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 3.24% (a) (b) |
|
|
|
|
|
|
|
|
|
| |
| |
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. |
| |
The rate shown is the current yield as of August 31, 2024. |
| |
Amount rounds to less than one thousand. |
Short-Intermediate Municipal Bond Fund |
For the six months ended August 31, 2024 |
| |
Value at
February 29,
2024 |
|
|
|
Change in
Unrealized
Appreciation/
(Depreciation) |
|
Shares at
August 31,
2024 |
|
Capital Gain
Distributions |
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 3.24% (a) (b) |
|
|
|
|
|
|
|
|
|
| |
| |
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. |
| |
The rate shown is the current yield as of August 31, 2024. |
| |
For the six months ended August 31, 2024 |
| |
Value at
February 29,
2024 |
|
|
|
Change in
Unrealized
Appreciation/
(Depreciation) |
|
Shares at
August 31,
2024 |
|
Capital Gain
Distributions |
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 3.24% (a) (b) |
|
|
|
|
|
|
|
|
|
| |
| |
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. |
| |
The rate shown is the current yield as of August 31, 2024. |
Ultra-Short Municipal Fund |
For the six months ended August 31, 2024 |
| |
Value at
February 29,
2024 |
|
|
|
Change in
Unrealized
Appreciation/
(Depreciation) |
|
Shares at
August 31,
2024 |
|
Capital Gain
Distributions |
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 3.24% (a) (b) |
|
|
|
|
|
|
|
|
|
| |
| |
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. |
| |
The rate shown is the current yield as of August 31, 2024. |
| |
J.P. Morgan Municipal Bond Funds |
|
NOTES TO FINANCIAL STATEMENTS
AS OF August 31, 2024 (Unaudited) (continued)
(Dollar values in thousands)
F. Futures Contracts— California Tax Free Bond, National Municipal Income Fund, New York Tax Free Bond Fund, Short-Intermediate Municipal Bond Fund and Tax Free Bond Fund used interest rate and treasury futures contracts to manage and hedge interest rate risk associated with portfolio investments. The Funds also purchased futures contracts to invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity.
Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Funds are required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Funds periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on futures contracts on the Statements of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statements of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the SOIs, while cash deposited, which is considered restricted, is recorded on the Statements of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statements of Assets and Liabilities.
The use of futures contracts exposes the Funds to interest rate risk. The Funds may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Funds to risk of loss in excess of the amounts shown on the Statements of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Funds to unlimited risk of loss. The Funds may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Funds' credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.
The Funds' futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).
The table below discloses the volume of the Funds' futures contracts activity during the six months ended August 31, 2024 (amounts in thousands, except for number of contracts):
| |
California
Tax Free
Bond Fund |
National
Municipal
Income Fund |
New York
Tax Free
Bond Fund |
Short-Intermediate
Municipal
Bond
Fund |
|
| |
|
|
|
|
|
Average Notional Balance Long |
|
|
|
|
|
Average Notional Balance Short |
|
|
|
|
|
Ending Notional Balance Long |
|
|
|
|
|
Ending Notional Balance Short |
|
|
|
|
|
G. Security Transactions and Investment Income— Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis.
Interest income is determined on the basis of coupon interest accrued using the effective interest method, which adjusts for amortization of premiums and accretion of discounts.
H. Allocation of Income and Expenses— Expenses directly attributable to a Fund are charged directly to that Fund, while the expenses attributable to more than one fund of the Trusts are allocated among the applicable funds. Investment income, realized and unrealized gains and losses and expenses, other than class-specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.
Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each share class of the Funds for the six months ended August 31, 2024 are as follows:
| |
|
|
|
|
|
California Tax Free Bond Fund |
|
|
|
|
|
| |
|
|
|
|
|
National Municipal Income Fund |
|
|
|
|
|
| |
|
|
|
|
|
| |
J.P. Morgan Municipal Bond Funds |
|
| |
|
|
|
|
|
New York Tax Free Bond Fund |
|
|
|
|
|
| |
|
|
|
|
|
Short-Intermediate Municipal Bond Fund |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
Ultra-Short Municipal Fund |
|
|
|
|
|
| |
|
|
|
|
|
| |
| |
Amount rounds to less than one thousand. |
I. Federal Income Taxes— Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund's policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds' tax positions for all open tax years and has determined that as of August 31, 2024, no liability for Federal income tax is required in the Funds' financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each Fund's Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.
J. Distributions to Shareholders— Distributions from net investment income, if any, are generally declared and paid at least monthly and are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax basis treatment.
3. Fees and Other Transactions with Affiliates
A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser manages the investments of each Fund and for such services is paid a fee. The investment advisory fee is accrued daily and paid monthly at an annual rate based on each Fund's respective average daily net assets. The annual rate for each Fund is as follows:
| |
|
California Tax Free Bond Fund |
|
National Municipal Income Fund |
|
New York Tax Free Bond Fund |
|
Short-Intermediate Municipal Bond Fund |
|
| |
|
Ultra-Short Municipal Fund |
|
The Adviser waived investment advisory fees and/or reimbursed expenses as outlined in Note 3.F.
B. Administration Fee— Pursuant to an Administration Agreement, the Administrator provides certain administration services to each Fund. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of each Fund's respective average daily net assets, plus 0.050% of each Fund's respective average daily net assets between $10 billion and $20 billion, plus 0.025% of each Fund's respective average daily net assets between $20 billion and $25 billion, plus 0.010% of each Fund's respective average daily net assets in excess of $25 billion. For the six months ended August 31, 2024, the effective annualized rate was 0.075% of each Fund's average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.
The Administrator waived administration fees as outlined in Note 3.F.
JPMorgan Chase Bank, N.A. ("JPMCB"), a wholly-owned subsidiary of JPMorgan, serves as the Funds' sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.
C. Distribution Fees— Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (“JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, serves as each Fund's principal underwriter and promotes and arranges for the sale of each Fund's shares.
The Boards have adopted a Distribution Plan (the “Distribution Plan”) for Class A and Class C Shares of the Funds, as applicable, pursuant to Rule 12b-1 under the 1940 Act. Class I and Class R6 Shares of the Funds do not charge a distribution fee. The Distribution Plan provides that each
| |
J.P. Morgan Municipal Bond Funds |
|
NOTES TO FINANCIAL STATEMENTS
AS OF August 31, 2024 (Unaudited) (continued)
(Dollar values in thousands)
Fund shall pay, with respect to the applicable share classes, distribution fees, including payments to JPMDS, at annual rates of the average daily net assets as shown in the table below:
In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares, except for Ultra-Short Municipal Fund which has no sales charge, and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the six months ended August 31, 2024, JPMDS retained the following:
| |
|
|
California Tax Free Bond Fund |
|
|
National Municipal Income Fund |
|
|
New York Tax Free Bond Fund |
|
|
Short-Intermediate Municipal Bond Fund |
|
|
| |
|
|
| |
| |
Amount rounds to less than one thousand. |
D. Service Fees— The Trusts, on behalf of the Funds, has entered into a Shareholder Servicing Agreement with JPMDS under which JPMDS provides certain support services to fund shareholders. For performing these services, JPMDS receives a fee with respect to all share classes, except Class R6 Shares which do not charge a service fee, that is accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:
| |
|
|
|
California Tax Free Bond Fund |
|
|
|
National Municipal Income Fund |
|
|
|
New York Tax Free Bond Fund |
|
|
|
Short-Intermediate Municipal Bond Fund |
|
|
|
| |
|
|
|
Ultra-Short Municipal Fund |
|
|
|
JPMDS has entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Funds. Pursuant to such contracts, JPMDS will pay all or a portion of such fees earned to financial intermediaries for performing such services.
JPMDS waived service fees as outlined in Note 3.F.
E. Custodian and Accounting Fees— JPMCB provides portfolio custody and accounting services to the Funds. For performing these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees on the Statements of Operations.
Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statements of Operations.
Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statements of Operations.
| |
J.P. Morgan Municipal Bond Funds |
|
F. Waivers and Reimbursements—The Adviser, Administrator and/or JPMDS have contractually agreed to waive fees and/or reimburse the Funds to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections and extraordinary expenses) exceed the percentages of the Funds' respective average daily net assets as shown in the table below:
| |
|
|
|
|
California Tax Free Bond Fund |
|
|
|
|
National Municipal Income Fund |
|
|
|
|
New York Tax Free Bond Fund |
|
|
|
|
Short-Intermediate Municipal Bond Fund |
|
|
|
|
| |
|
|
|
|
Ultra-Short Municipal Fund |
|
|
|
|
The expense limitation agreements were in effect for the six months ended August 31, 2024 and the contractual expense limitation percentages in the table above are in place until at least June 30, 2025.
For the six months ended August 31, 2024, the Funds' service providers waived fees and/or reimbursed expenses for each of the Funds as follows. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.
| |
|
|
| |
|
|
|
|
Contractual
Reimbursements |
California Tax Free Bond Fund |
|
|
|
|
|
National Municipal Income Fund |
|
|
|
|
|
New York Tax Free Bond Fund |
|
|
|
|
|
Short-Intermediate Municipal Bond Fund |
|
|
|
|
|
| |
|
|
|
|
|
Ultra-Short Municipal Fund |
|
|
|
|
|
Additionally, the Funds may invest in one or more money market funds advised by the Adviser (affiliated money market funds). The Adviser, Administrator and/or JPMDS, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the applicable Fund’s investment in such affiliated money market fund, except for investments of securities lending cash collateral. None of these parties expect the Funds to repay any such waived fees and/ or reimbursed expenses in future years.
The amounts of these waivers resulting from investments in these money market funds for the six months ended August 31, 2024 were as follows:
| |
|
California Tax Free Bond Fund |
|
National Municipal Income Fund |
|
New York Tax Free Bond Fund |
|
Short-Intermediate Municipal Bond Fund |
|
| |
|
Ultra-Short Municipal Fund |
|
G. Other— Certain officers of the Trusts are affiliated with the Adviser, the Administrator and JPMDS. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Funds for serving in their respective roles.
The Boards designated and appointed a Chief Compliance Officer to the Funds pursuant to Rule 38a-1 under the 1940 Act. Each Fund, along with affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the Statements of Operations.
The Trusts adopted a Trustee Deferred Compensation Plan (the “Plan”) which allows the independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.
| |
J.P. Morgan Municipal Bond Funds |
|
NOTES TO FINANCIAL STATEMENTS
AS OF August 31, 2024 (Unaudited) (continued)
(Dollar values in thousands)
During the six months ended August 31, 2024, National Municipal Income Fund, New York Tax Free Bond Fund, Short-Intermediate Municipal Bond Fund, Tax Free Bond Fund and Ultra-Short Municipal Fund purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.
The Securities and Exchange Commission ("SEC") has granted an exemptive order permitting the Funds to engage in principal transactions with J.P. Morgan Securities LLC, an affiliated broker, involving taxable money market instruments, subject to certain conditions.
4. Investment Transactions
During the six months ended August 31, 2024, purchases and sales of investments (excluding short-term investments) were as follows:
| |
Purchases
(excluding
U.S. Government) |
Sales
(excluding
U.S. Government) |
California Tax Free Bond Fund |
|
|
National Municipal Income Fund |
|
|
New York Tax Free Bond Fund |
|
|
Short-Intermediate Municipal Bond Fund |
|
|
| |
|
|
Ultra-Short Municipal Fund |
|
|
During the six months ended August 31, 2024, there were no purchases or sales of U.S. Government securities.
5. Federal Income Tax Matters
For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at August 31, 2024 were as follows:
| |
|
Gross
Unrealized
Appreciation |
Gross
Unrealized
Depreciation |
Net Unrealized
Appreciation
(Depreciation) |
California Tax Free Bond Fund |
|
|
|
|
National Municipal Income Fund |
|
|
|
|
New York Tax Free Bond Fund |
|
|
|
|
Short-Intermediate Municipal Bond Fund |
|
|
|
|
| |
|
|
|
|
Ultra-Short Municipal Fund |
|
|
|
|
At February 29, 2024, the following Funds had net capital loss carryforwards, which are available to offset future realized gains:
| |
Capital Loss Carryforward Character |
| |
|
|
California Tax Free Bond Fund |
|
|
National Municipal Income Fund |
|
|
New York Tax Free Bond Fund |
|
|
Short-Intermediate Municipal Bond Fund |
|
|
| |
|
|
Ultra-Short Municipal Fund |
|
|
| |
J.P. Morgan Municipal Bond Funds |
|
Net capital losses (gains) incurred after October 31, and within the taxable year are deemed to arise on the first business day of the Funds' next taxable year. For the year ended June 30, 2023, the Funds deferred to July 1, 2023 the following net capital losses (gains) of:
| |
Net Capital Losses (Gains) |
| |
|
|
California Tax Free Bond Fund |
|
|
National Municipal Income Fund |
|
|
New York Tax Free Bond Fund |
|
|
Short-Intermediate Municipal Bond Fund |
|
|
| |
|
|
Ultra-Short Municipal Fund |
|
|
The Funds rely upon an exemptive order granted by the SEC (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The Facility allows the Funds to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund's borrowing restrictions. The interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPM II and may be relied upon by the Funds because the Funds and the series of JPM II are all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).
The Funds had no borrowings outstanding from another fund, or loans outstanding to another fund, during the six months ended August 31, 2024.
The Trusts and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund's borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until October 29, 2024.
The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended August 31, 2024.
The Trusts, along with certain other trusts for J.P. Morgan Funds (“Borrowers”), have entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25 million in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the fund must remediate within three business days with respect to the $25 million minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.
Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00%, plus the greater on the day of the borrowing, of the federal funds effective rate, or the Adjusted Secured Overnight Financing Rate (SOFR). Effective August 6, 2024, the Credit Facility was amended and restated for a term of 364 days, unless extended.
The Funds did not utilize the Credit Facility during the six months ended August 31, 2024.
7. Risks, Concentrations and Indemnifications
In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund's maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against each Fund. However, based on experience, the Funds expect the risk of loss to be remote.
| |
J.P. Morgan Municipal Bond Funds |
|
NOTES TO FINANCIAL STATEMENTS
AS OF August 31, 2024 (Unaudited) (continued)
(Dollar values in thousands)
As of August 31, 2024, the following Funds had individual shareholder and/or omnibus accounts each owning more than 10% of the respective Fund's outstanding shares as follows:
| |
Number of
Individual Shareholder
and/or Affiliated
Omnibus Accounts |
|
Number of
Individual Shareholder
and/or Non-Affiliated
Omnibus Accounts |
|
California Tax Free Bond Fund |
|
|
|
|
National Municipal Income Fund |
|
|
|
|
New York Tax Free Bond Fund |
|
|
|
|
Short-Intermediate Municipal Bond Fund |
|
|
|
|
| |
|
|
|
|
Ultra-Short Municipal Fund |
|
|
|
|
Significant shareholder transactions by these shareholders may impact the Funds' performance and liquidity.
The Funds are subject to interest rate risk. Investments in bonds and other debt securities will change in value based on changes in interest rates. If rates increase, the value of these investments generally declines. Securities with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in value. The Funds may face a heightened level of interest rate risk due to certain changes in monetary policy. It is difficult to predict the pace at which central banks or monetary authorities may change interest rates or the timing, frequency, or magnitude of such changes. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for Fund investments.
The Funds are subject to credit risk. The Funds' investments are subject to the risk that an issuer and/or a counterparty will fail to make payments when due or default completely. Prices of the Funds' investments may be adversely affected if any of the issuers or counterparties it is invested in are subject to an actual or perceived deterioration in their credit quality. Credit spreads may increase, which may reduce the market values of the Funds' securities. Credit spread risk is the risk that economic and market conditions or any actual or perceived credit deterioration may lead to an increase in the credit spreads (i.e., the difference in yield between two securities of similar maturity but different credit quality) and a decline in price of the issuer’s securities.
The Funds invest primarily in a portfolio of debt obligations issued by states, territories and possessions of the United States and by the District of Columbia, and by their political subdivisions and duly constituted authorities. California Tax Free Bond Fund and New York Tax Free Bond Fund primarily invest in issuers in the states of California and New York, respectively. An issuer’s ability to meet its payment obligations may be affected by economic or political developments in a specific state or region. These debt obligations may be insured by private insurers who guarantee the payment of principal and interest in the event of issuer default. The value of these investments may be impacted by changes to bond insurers’ ratings and the Funds’ ability to collect principal and interest, in the event of an issuer’s default, may be limited if the private insurer does not have the wherewithal to satisfy its obligation.
The Funds are subject to infectious disease epidemics/pandemics risk. The effects of any future pandemic or other global event to public health and business and market conditions, may have a significant negative impact on the performance of a Fund's investments, increase a Fund's volatility, exacerbate pre-existing political, social and economic risks to the Funds, and negatively impact broad segments of businesses and populations. In addition, governments, their regulatory agencies, or self-regulatory organizations have taken or may take actions in response to a pandemic or other global event that affect the instruments in which the Funds invest, or the issuers of such instruments, in ways that could have a significant negative impact on a Fund’s investment performance. The ultimate impact of any pandemic or other global event and the extent to which the associated conditions and governmental responses impact a Fund will also depend on future developments, which are highly uncertain, difficult to accurately predict and subject to frequent changes.
| |
J.P. Morgan Municipal Bond Funds |
|
J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the Funds.
Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.
Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure, by visiting www.sipc.org or by calling SIPC at 202-371-8300.
Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC as an exhibit to its report on Form N-PORT. The Funds' Form N-PORT reports are available on the SEC’s website at http://www.sec.gov. Each Fund's quarterly holdings can be found by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.
A description of each Fund's policies and procedures with respect to the disclosure of each Fund's holdings is available in the prospectuses and Statement of Additional Information.
A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 and on the Funds' website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser. A copy of the Funds' voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Funds' website at www.jpmorganfunds.com no later than August 31 of each year. The Funds' proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.
J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.
© JPMorgan Chase & Co., 2024. All rights reserved. August 2024.
SAN-MUNIBOND-824
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Proxy Disclosures for Open-End Management Investment Companies
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
Included in the Statements of Operations within the Funds' Financial Statements.
Statement Regarding Basis for Approval of Investment Advisory Agreements
The Board of Trustees (the “Board” or the “Trustees”) has established various standing committees composed of Trustees with diverse backgrounds, to which the Board has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board’s oversight and decision making. The Board and its investment committees (Money Market and Alternative Products Committee, Equity Committee, and Fixed Income Committee) met regularly throughout the year and, at each meeting, considered factors that are relevant to their annual consideration of the continuation of the investment advisory agreements. The Board also met for the specific purpose of considering investment advisory agreement annual renewals. The Board held meetings June 25-26, 2024 and August 20-22, 2024, at which the Trustees considered the continuation of the investment advisory agreements for each Fund whose semi-annual report is contained herein (each an “Advisory Agreement” and collectively, the “Advisory Agreements”). At the June meeting, the Board’s investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered each investment committee’s preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not parties to an Advisory Agreement or “interested persons” (as defined in the Investment Company Act of 1940) of any party to an Advisory Agreement or any of their affiliates, approved the continuation of each Advisory Agreement on August 22, 2024.
As part of their review of the Advisory Agreements, the Trustees considered and reviewed performance and other information about the Funds received from J.P. Morgan Investment Management Inc. (the “Adviser”). This information included the Funds’ performance as compared to the performance of their peers and benchmarks, and analyses by the Adviser of the Funds’ performance. In addition, at each of their regular meetings throughout the year, the Trustees considered reports on the performance of certain J.P. Morgan Funds provided by an independent investment consulting firm (the “independent consultant”). In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Broadridge, using data from Lipper Inc. and/or Morningstar Inc., independent providers of investment company data (together, “Broadridge”). The Trustees’ independent consultant also provided additional quantitative and statistical analyses of certain Funds, including risk and performance return assessments as compared to the Funds’ objectives, benchmarks, and peers. Before voting on the Advisory Agreements, the Trustees reviewed the Advisory Agreements with representatives of the
Adviser, counsel to the Funds and independent legal counsel to the Trustees and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the Advisory Agreements. The Trustees also discussed the Advisory Agreements with independent legal counsel in executive sessions at which no representatives of the Adviser were present.
A summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement is provided below. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. The Trustees considered information provided with respect to the Funds throughout the year as well as materials furnished specifically in connection with the annual review process. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions.
After considering and weighing the factors and information they had received, the Trustees found that the compensation to be received by the Adviser from each Fund under the applicable Advisory Agreement was fair and reasonable under the circumstances and determined that the continuance of each Advisory Agreement was in the best interests of each Fund and its shareholders.
Nature, Extent and Quality of Services Provided by the Adviser
The Trustees received and considered information regarding the nature, extent and quality of services provided to each Fund under the applicable Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. Among other things, the Trustees considered:
•
The background and experience of the Adviser’s senior management and investment personnel, including personnel changes, if any;
•
The qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of each Fund, including personnel changes, if any;
•
The investment strategy for each Fund, and the infrastructure supporting the portfolio management teams;
•
Information about the structure and distribution strategy for each Fund and how it fits within the Adviser’s other fund offerings within the J.P. Morgan Funds complex;
•
The administration services provided by the Adviser in its role as Administrator;
•
Their knowledge of the nature and quality of the services provided by the Adviser and its affiliates gained from their experience as Trustees of the Funds and in the financial industry generally;
•
The overall reputation and capabilities of the Adviser and its affiliates;
•
The commitment of the Adviser to provide high quality service to the Funds;
•
Their overall confidence in the Adviser’s integrity; and
•
The Adviser’s responsiveness to requests for additional information, questions or concerns raised by them, including the Adviser’s willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to each Fund.
Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of the services provided to the Funds by the Adviser.
Costs of Services Provided and Profitability to the Adviser and its Affiliates
The Trustees received and considered information regarding the profitability to the Adviser and its affiliates from providing services to each Fund. The Trustees reviewed and discussed this information. The Trustees recognized that this information is not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to the Funds, less expenses of providing such services. Expenses include direct and indirect costs and are calculated using an allocation methodology developed by the Adviser and reviewed with the Board. The Trustees also recognized that it is difficult to make comparisons of profitability from fund investment advisory contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-traded fund managers’ operating profits and net income are net of distribution and marketing expenses. Based upon their review, and taking into consideration the factors noted above, the Trustees concluded that the profitability to the Adviser under each Advisory Agreement was not unreasonable in light of the services and benefits provided to each Fund.
The Trustees also considered that JPMorgan Distribution Services, Inc. (“JPMDS”), an affiliate of the Adviser, and the Adviser earn fees from the Funds for providing shareholder and administration services, respectively. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, which also acts as the Funds’ distributor, and that these fees are in turn generally paid to
financial intermediaries that sell the Funds, including financial intermediaries that are affiliates of the Adviser (although they are retained by JPMDS in certain instances). The Trustees also considered the fees earned by JPMorgan Chase Bank, N.A. (“JPMCB”), an affiliate of the Adviser, for custody, fund accounting and other related services for each Fund, and the profitability of the arrangements to JPMCB.
The Trustees reviewed information regarding potential “fall-out” or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Funds. The Trustees considered that the J.P. Morgan Funds' operating accounts are held at JPMCB, which as a result, will receive float benefits for certain J.P. Morgan Funds, as applicable. The Trustees also noted that the Adviser supports a diverse set of products and services, which benefits the Adviser by allowing it to leverage its infrastructure to serve additional clients, including benefits that may be received by the Adviser and its affiliates in connection with the Fund’s potential investments in other funds advised by the Adviser. The Trustees also reviewed the Adviser’s allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser, as well as the Adviser’s use of affiliates to provide other services and the benefits to such affiliates of doing so. The Trustees also considered the benefit to the Adviser and its affiliates from allocating client assets to the Funds.
The Trustees considered the extent to which the Funds may benefit from potential economies of scale. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Funds and those realized by the Adviser as assets increase. The Trustees considered the extent to which the Funds were priced to scale and whether it would be appropriate to add advisory fee breakpoints. The Trustees noted certain Funds with contractual expense limitations and fee waivers (“Fee Caps”), which allow a Fund’s shareholders to share potential economies of scale from a Fund’s inception, prior to reaching scale. The Trustees also noted that certain other Funds that had achieved scale as asset levels had increased no longer had Fee Caps in place for some or all of their share classes, but shared economies of scale through lower average expenses. The Trustees noted that the fees remain fair and reasonable relative to peer funds. The Trustees considered the benefits to the Funds of the use of an affiliated distributor and custodian, including the ability to rely on existing infrastructure supporting distribution, custodial and transfer agent services and the ability to negotiate competitive fees for the Funds. The Trustees further considered the Adviser's and JPMDS's ongoing investments in their business in support of the Funds, including the Adviser's and/or JPMDS's
investments in trading systems, technology (including improvements to the J.P. Morgan Funds’ website, and cybersecurity improvements), retention of key talent, and regulatory support enhancements. The Trustees concluded that the current fee structure for each Fund, including any Fee Caps the Adviser has in place that serve to limit the overall net expense ratios of each Fund at competitive levels, was reasonable. The Trustees concluded that, for Funds with Fee Caps in place for some or all of their share classes, the relevant Fund’s shareholders received the benefits of potential economies of scale through the Fee Caps and for Funds that achieved scale and no longer had Fee Caps in place for some or all of their share classes, the relevant Fund’s shareholders benefitted from lower average expenses resulting from increased assets. The Trustees also concluded that all Funds benefitted from the Adviser’s reinvestment in its operations to serve the Funds and their shareholders. The Trustees noted that the Adviser’s reinvestment ensures sufficient resources in terms of personnel and infrastructure to support the Funds.
Independent Written Evaluation of the Funds’ Senior Officer
The Trustees noted that, upon their direction, the Senior Officer for the Short-Intermediate Municipal Bond Fund and Tax Free Bond Fund had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. In determining whether to continue the Advisory Agreements, the Trustees considered the Senior Officer’s report.
Fees Relative to Adviser’s Other Clients
The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser, including, to the extent possible, institutional separate accounts, collective investment trusts, other registered investment companies and/or private funds sub-advised by the Adviser, and for investment management styles substantially similar to that of each Fund. The Trustees considered the complexity of investment management for registered investment companies relative to the Adviser’s other clients and noted differences, as applicable, in the fee structure and the regulatory, legal and other risks and responsibilities of providing services to the different clients. The Trustees considered that serving as an adviser to a registered investment company involves greater responsibilities and risks than acting as a sub-adviser and observed that sub-advisory fees may be lower than those charged by the Adviser to each Fund. The Trustees also noted that the adviser, not the applicable registered investment company, typically bears the sub-advisory fee and that many responsibilities related to the advisory function are typically retained by the primary adviser. The Trustees concluded that the fee rates charged to each Fund in comparison to those charged to the Adviser’s other clients were reasonable.
Investment Performance
The Trustees receive and consider information about each Fund’s performance throughout the year. In addition, the Trustees received and considered absolute and/or relative performance information for the Funds in a report prepared by Broadridge. The Trustees considered the total return performance information, which included the ranking of the Funds within a performance universe comprised of funds’ selected share classes with the same Broadridge investment classification and objective (the “Universe”) by total return for applicable one-, three- and five-year periods. The Trustees reviewed a description of Broadridge’s methodology for selecting mutual funds in each Fund’s Universe and Peer Group, and noted that Universe quintile rankings were not calculated if the number of funds in the Universe did not meet a predetermined minimum. The Trustees also considered enhancements to the methodology employed by Broadridge for identifying funds in the Peer Groups for Class I shares, based upon discussions with the Adviser, Broadridge and certain Trustees in advance of, and preparation for, the June meeting. The Broadridge materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. As part of this review, the Trustees also reviewed each Fund’s performance against its benchmark and considered the performance information provided for the Funds at regular Board meetings by the Adviser and the Trustees’ independent consultant and also considered the special analysis prepared for certain Funds by the Trustees’ independent consultant. The Trustees also engaged with the Adviser to consider what steps might be taken to improve performance, as applicable. The Broadridge performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund’s performance for certain representative classes are summarized below:
The Trustees noted that the California Tax Free Bond Fund’s performance for Class A shares was in the third, fourth and fourth quintiles of the Universe for the one-, three- and five-year periods ended December 31, 2023, respectively. The Trustees noted that the performance for Class I shares was in the third, fifth and fourth quintiles of the Universe for the one-, three- and five-year periods ended December 31, 2023, respectively. The Trustees noted that the performance for Class R6 shares was in the second, fourth and fourth quintiles of the Universe for the one-, three- and five-year periods ended December 31, 2023, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances. The Trustees requested, however, that the
Adviser provide additional Fund performance information to be reviewed with members of the Fixed Income Committee at each of their regular meetings over the course of next year.
The Trustees noted that the National Municipal Income Fund’s performance for Class A shares was in the fifth quintile of the Universe for each of the one-, three- and five-year periods ended December 31, 2023. The Trustees noted that the performance for Class I shares was in the fifth quintile of the Universe for each of the one-, three- and five-year periods ended December 31, 2023. The Trustees noted that the performance for Class R6 shares was in the fifth, fourth and fifth quintiles of the Universe for the one-, three- and five- year periods ended December 31, 2023, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances. The Trustees requested, however, that the Adviser provide additional Fund performance information to be reviewed with members of the Fixed Income Committee at each of their regular meetings over the course of next year.
The Trustees noted that the New York Tax Free Bond Fund’s performance for Class A shares was in the fourth, second and third quintiles of the Universe for the one-, three- and five-year periods ended December 31, 2023, respectively. The Trustees noted that the performance for Class I shares was in the fourth, second and third quintiles of the Universe for the one-, three- and five-year periods ended December 31, 2023, respectively. The Trustees noted that the performance for Class R6 shares was in the third, second and second quintiles of the Universe for the one-, three- and five-year periods ended December 31, 2023, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances. The Trustees requested, however, that the Adviser provide additional Fund performance information to be reviewed with members of the Fixed Income Committee at each of their regular meetings over the course of next year.
The Trustees noted that the Short-Intermediate Municipal Bond Fund’s performance for Class A shares was in the fifth quintile of the Universe for each of the one-, three-, and five-year periods ended December 31, 2023. The Trustees noted that the performance for Class I shares was in the fourth, fifth and third quintiles of the Universe for the one-, three- and five-year periods ended December 31, 2023, respectively. The Trustees noted that the performance for Class R6 shares was in the fourth, fifth and third quintiles of the Universe for the one-,three- and five-year periods ended December 31, 2023,
respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances. The Trustees requested, however, that the Adviser provide additional Fund performance information to be reviewed with members of the Fixed Income Committee at each of their regular meetings over the course of next year.
The Trustees noted that the Tax Free Bond Fund’s performance for Class A and Class I shares was in the fifth quintile of the Universe for each of the one-, three- and five-year periods ended December 31, 2023. The Trustees noted that the performance for Class R6 shares was in the fourth, fifth and fifth quintiles of the Universe for the one-, three- and five-year periods ended December 31, 2023, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory under the circumstances. The Trustees requested, however, that the Adviser provide additional Fund performance information to be reviewed with members of the Fixed Income Committee at each of their regular meetings over the course of next year.
The Trustees noted that the Ultra-Short Municipal Fund’s performance for Class A shares was in the third, first and second quintiles of the Universe for the one-, three- and five-year periods ended December 31, 2023, respectively. The Trustees noted that the performance for Class I shares was in the fourth, second and fifth quintiles of the Universe for the one-, three- and five-year periods ended December 31, 2023, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Advisor and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, concluded that the performance was satisfactory under the circumstances. The Trustees requested, however, that the Adviser provide additional Fund performance information to be reviewed with members of the Fixed Income Committee at each of their regular meetings over the course of next year.
Advisory Fees and Expense Ratios
The Trustees considered the contractual advisory fee rate and administration fee rate paid by each Fund to the Adviser and compared the combined rate to the information prepared by Broadridge concerning management fee rates paid by other funds’ selected share classes in the Universe, as well as a subset of funds within the Universe (the “Peer Group”). The Trustees recognized that Broadridge reported each Fund’s management fee rate as the combined contractual advisory fee
and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for each Fund and noted that Universe and Peer Group quintile rankings were not calculated if the number of funds in the Universe and/or Peer Group did not meet a predetermined minimum. For each Fund that had a Fee Cap in place, the Trustees considered, the net advisory fee rate and net expense ratio for each share class, as applicable, taking into account any waivers and/or reimbursements. The Trustees recognized that it can be difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’ determinations as a result of the review of each Fund’s advisory fees and expense ratios for certain representative classes are summarized below:
The Trustees noted that the California Tax Free Bond Fund’s net advisory fee and actual total expenses for Class A shares were in the first quintile of both the Peer Group and Universe. The Trustees noted that the net advisory fee for Class I shares were in the second quintile of both the Peer Group and Universe, and that the actual total expenses for Class I shares were in the first and third quintiles of the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee and actual total expense for Class R6 shares were in the second and first quintiles, respectively, of the Universe. Broadridge did not calculate quintile rankings for the Peer Group for Class R6 shares due to the limited number of funds in the Peer Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was fair and reasonable in light of the services provided to the Fund.
The Trustees noted that the National Municipal Income Fund’s net advisory fee for Class A shares was in the first and second quintiles of the Peer Group and Universe, respectively, and that the actual total expenses for Class A shares were in the second and first quintiles of the Peer Group and Universe, respectively. The Trustees noted that both the net advisory fee and actual total expenses for Class I shares were in the first and second quintiles of the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class R6 shares was in the second quintile of both the Peer Group and Universe, and that the actual total expenses for Class R6 shares were in the second and first quintiles of the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the
advisory fee was fair and reasonable in light of the services provided to the Fund.
The Trustees noted that the New York Tax Free Bond Fund’s net advisory fee and actual total expenses for Class A shares was in the first quintile of both the Peer Group and Universe. The Trustees noted that the net advisory fee and actual total expenses for Class I and Class R6 shares were in the first quintile of the Universe. Broadridge did not calculate quintile rankings for the Peer Group for Class I and Class R6 shares due to the limited number of funds in the Peer Groups. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was fair and reasonable in light of the services provided to the Fund.
The Trustees noted that the Short-Intermediate Municipal Bond Fund’s net advisory fee for Class A shares was in the first quintile of both the Peer Group and Universe, and that the actual total expenses for Class A shares were in the fifth quintile of both the Peer Group and Universe. The Trustees noted that the net advisory fee and actual total expenses for Class I and Class R6 shares were in the first quintile of both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was fair and reasonable in light of the services provided to the Fund.
The Trustees noted that the Tax Free Bond Fund’s net advisory fee and actual total expenses for Class A and Class R6 shares were in the first quintile of both the Peer Group and Universe. The Trustees noted that the net advisory fee for Class I shares was in the second and first quintiles of the Peer Group and the Universe, respectively, and that the actual total expenses for Class I shares were in the first and second quintiles of the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was fair and reasonable in light of the services provided to the Fund.
The Trustees noted that the Ultra-Short Municipal Fund’s net advisory fee and actual total expenses for Class A and Class I shares were in the first quintile of both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was fair and reasonable in light of the services provided to the Fund.
ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
Refer to Item 7.
ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
Refer to Item 7.
ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.
Refer to Item 7.
ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.
Refer to Item 7.
ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101), or this Item.
No material changes to report.
ITEM 16. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant’s principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).
The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.
(b) Disclose any change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
There were no changes in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.
Not applicable.
ITEM 19. EXHIBITS
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(a) |
File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated. |
(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit.
Code of Ethics applicable to its Principal Executive and Principal Financial Officers pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 attached hereto.
(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2), exactly as set forth below:
Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 are attached hereto.
(1) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.
Not applicable.
(2) Change in the registrant’s independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period.
Not applicable.
Certifications pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 are attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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| JPMorgan Trust IV |
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| By: |
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/s/ Brian S. Shlissel |
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Brian S. Shlissel |
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President and Principal Executive Officer |
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November 5, 2024 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
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| By: |
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/s/ Brian S. Shlissel |
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Brian S. Shlissel |
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President and Principal Executive Officer |
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November 5, 2024 |
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| By: |
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/s/ Timothy J. Clemens |
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Timothy J. Clemens |
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Treasurer and Principal Financial Officer |
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November 5, 2024 |
